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, 2023
Date of reporting period: February 28, 2023
Item 1. | Reports to Stockholders. |
(a) The Report to Shareholders is attached herewith.
FEBRUARY 28, 2023 |
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2023 Semi-Annual Report (Unaudited)
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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,
Significant economic headwinds emerged during the 12-month reporting period ended February 28, 2023, as investors navigated changing economic conditions and volatile markets. The U.S. economy shrank in the first half of 2022 before returning to modest growth in the second half of the year, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high before beginning to moderate. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.
Equity prices fell as interest rates rose, particularly during the first half of the reporting period. Both large-and small-capitalization U.S. stocks fell, although equities began to recover in the second half of the period as inflation eased and economic growth resumed. Emerging market stocks and international equities from developed markets declined overall, pressured by rising interest rates and a strong U.S. dollar.
The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to fluctuating inflation data and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and higher interest rates led to rising borrowing costs for corporate issuers.
The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates eight times. Furthermore, the Fed wound down its bond-buying programs and accelerated the reduction of its balance sheet.
Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth slowed in the last year, we believe that taming inflation requires a more substantial decline that lowers demand to a level more in line with the economy’s productive capacity. Although the Fed has decelerated the pace of interest rate hikes, it still seems determined to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, but the dimming economic outlook has not yet been fully reflected in current market prices. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions. Turmoil in the banking sector shortly following the end of the period highlighted the potential for the knock-on effects of substantially higher interest rates to disrupt markets with little warning.
While we favor an overweight to equities in the long term, several factors lead us to take an underweight stance on equities overall in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with the possibility of a recession in a business environment characterized by higher costs and reduced pricing power. Nevertheless, we are overweight on emerging market stocks as a weaker U.S. dollar provides a supportive backdrop. We also see long-term opportunities in credit, where valuations are appealing and higher yields provide attractive income, although we are neutral on credit in the near term, as we believe that troubles in the banking sector will likely lead to reduced lending. However, we believe there are still some strong opportunities for a six- to twelve-month horizon, particularly short-term U.S. Treasuries, global inflation-linked bonds, and emerging market bonds denominated in local currency.
Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.
Rob Kapito
President, BlackRock, Inc.
Rob Kapito
President, BlackRock, Inc.
Total Returns as of February 28, 2023 | ||||||||
6-Month | 12-Month | |||||||
U.S. large cap equities | 1.26% | (7.69)% | ||||||
U.S. small cap equities | 3.63 | (6.02) | ||||||
International equities | 12.58 | (3.14) | ||||||
Emerging market equities | (2.29) | (15.28) | ||||||
3-month Treasury bills | 1.74 | 2.11 | ||||||
U.S. Treasury securities | (4.81) | (14.06) | ||||||
U.S. investment grade bonds | (2.13) | (9.72) | ||||||
Tax-exempt municipal bonds | 0.66 | (5.10) | ||||||
U.S. high yield bonds | 2.52 | (5.45) | ||||||
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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2 | THIS PAGE IS NOT PART OF YOUR FUND REPORT |
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Semi-Annual Report: | ||
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Financial Statements | ||
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Fund Summary as of February 28, 2023 | 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 | |||||||||||||||||||||||||||||||
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6-Month Total Returns | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | 26.12 | % | (0.01 | )% | (0.43 | )% | 4.38 | % | (0.01 | )% | (2.12 | )% | 53.55 | % | ||||||||||||||||||
Fund Market | 25.78 | 1.14 | (0.30 | ) | 4.44 | 1.14 | (1.49 | ) | 54.41 | |||||||||||||||||||||||
Index | 26.34 | (0.26 | ) | (0.33 | ) | 4.51 | (0.26 | ) | (1.66 | ) | 55.48 |
Certain sectors and markets performed exceptionally well based on market conditions during the six-months period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||||
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| | Beginning Account Value (09/01/22) |
| | Ending Account Value (02/28/23) |
| | Expenses Paid During the Period |
(a) | | Beginning Account Value (09/01/22) |
| | Ending Account Value (02/28/23) |
| | Expenses Paid During the Period | (a) | | Annualized Expense Ratio |
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$ 1,000.00 | $ 1,261.20 | $ 2.86 | $ 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 “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
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Sector | | Percent of Total Investments | (a) | |
Financials | 37.1 | % | ||
Industrials | 15.0 | |||
Energy | 14.6 | |||
Utilities | 12.5 | |||
Materials | 11.9 | |||
Real Estate | 5.0 | |||
Information Technology | 2.5 | |||
Consumer Staples | 1.4 |
TEN LARGEST HOLDINGS
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Security | | Percent of Total Investments | (a) | |
Erste Group Bank AG | 22.6 | % | ||
OMV AG | 12.4 | |||
Verbund AG | 10.1 | |||
Wienerberger AG | 4.6 | |||
ANDRITZ AG | 4.6 | |||
voestalpine AG | 4.5 | |||
BAWAG Group AG | 4.5 | |||
Raiffeisen Bank International AG | 4.2 | |||
CA Immobilien Anlagen AG | 3.1 | |||
Oesterreichische Post AG | 3.1 |
(a) | Excludes money market funds. |
4 | 2 0 2 3 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Fund Summary as of February 28, 2023 | 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 | |||||||||||||||||||||||||||||||
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6-Month Total Returns | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | 16.76 | % | (4.90 | )% | (0.65 | )% | 5.48 | % | (4.90 | )% | (3.19 | )% | 70.53 | % | ||||||||||||||||||
Fund Market | 17.07 | (4.09 | ) | (0.50 | ) | 5.55 | (4.09 | ) | (2.45 | ) | 71.67 | |||||||||||||||||||||
Index | 15.13 | (6.59 | ) | (1.82 | ) | 4.88 | (6.59 | ) | (8.79 | ) | 61.06 |
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||||
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| | Beginning Account Value (09/01/22) | | | Ending Account Value | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/22) |
| | Ending Account Value (02/28/23) |
| | Expenses Paid During the Period |
(a) | | Annualized Expense Ratio | | |||||||||||
$ 1,000.00 | $ 1,167.60 | $ 2.74 | $ 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 “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
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Sector | | Percent of Total Investments | (a) | |
Consumer Staples | 24.5 | % | ||
Financials | 21.6 | |||
Health Care | 17.9 | |||
Materials | 10.4 | |||
Real Estate | 10.1 | |||
Industrials | 3.4 | |||
Information Technology | 2.9 | |||
Consumer Discretionary | 2.7 | |||
Utilities | 2.5 | |||
Energy | 2.2 | |||
Communication Services | 1.8 |
TEN LARGEST HOLDINGS
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Security | | Percent of Total Investments | (a) | |
Anheuser-Busch InBev SA/NV | 23.2 | % | ||
Argenx SE | 10.7 | |||
KBC Group NV | 10.0 | |||
UCB SA | 4.8 | |||
Solvay SA | 4.4 | |||
Groupe Bruxelles Lambert NV | 4.3 | |||
Ageas SA/NV | 4.0 | |||
Umicore SA | 3.8 | |||
Warehouses De Pauw CVA | 2.7 | |||
D’ieteren Group | 2.7 |
(a) | Excludes money market funds. |
FUND SUMMARY | 5 |
Fund Summary as of February 28, 2023 | 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 | |||||||||||||||||||||||||||||||
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6-Month Total Returns | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | 24.13 | % | 6.23 | % | 5.58 | % | 7.25 | % | 6.23 | % | 31.21 | % | 101.29 | % | ||||||||||||||||||
Fund Market | 23.66 | 6.80 | 5.72 | 7.29 | 6.80 | 32.07 | 102.11 | |||||||||||||||||||||||||
Index | 24.15 | 4.79 | 5.23 | 7.05 | 4.79 | 29.03 | 97.68 |
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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| Beginning Account Value (09/01/22) | | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/22) | | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ 1,000.00 | $ 1,241.30 | $ 2.83 | $ 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 “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
Sector | | Percent of Total Investments | (a) | |
Industrials | 22.0 | % | ||
Consumer Discretionary | 20.9 | |||
Financials | 10.3 | |||
Consumer Staples | 10.3 | |||
Health Care | 9.9 | |||
Energy | 8.3 | |||
Information Technology | 6.1 | |||
Materials | 5.7 | |||
Communication Services | 2.9 | |||
Utilities | 2.5 | |||
Real Estate | 1.1 |
(a) | Excludes money market funds. |
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments | (a) | |
LVMH Moet Hennessy Louis Vuitton SE | 12.4 | % | ||
TotalEnergies SE | 8.3 | |||
Sanofi | 5.8 | |||
L’Oreal SA | 5.1 | |||
Schneider Electric SE | 4.7 | |||
Air Liquide SA | 4.5 | |||
BNP Paribas SA | 4.2 | |||
Airbus SE | 4.2 | |||
Vinci SA | 3.3 | |||
AXA SA | 3.2 |
6 | 2 0 2 3 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Fund Summary as of February 28, 2023 | 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 | |||||||||||||||||||||||||||||||
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6-Month Total Returns | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | 19.52 | % | (4.13 | )% | 6.80 | % | 9.26 | % | (4.13 | )% | 38.98 | % | 142.51 | % | ||||||||||||||||||
Fund Market | 19.83 | (2.89 | ) | 6.95 | 9.31 | (2.89 | ) | 39.94 | 143.64 | |||||||||||||||||||||||
Index | 19.96 | (3.63 | ) | 7.40 | 9.66 | (3.63 | ) | 42.91 | 151.40 |
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 not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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| Beginning Account Value (09/01/22) | | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/22) | | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ 1,000.00 | $ 1,195.20 | $ 2.78 | $ 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 “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
Sector | | Percent of Total Investments | (a) | |
Information Technology | 30.2 | % | ||
Financials | 16.6 | |||
Industrials | 14.2 | |||
Consumer Staples | 12.3 | |||
Consumer Discretionary | 10.1 | |||
Materials | 7.1 | |||
Communication Services | 4.5 | |||
Health Care | 2.7 | |||
Energy | 1.2 | |||
Real Estate | 1.1 |
(a) | Excludes money market funds. |
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments | (a) | |
ASML Holding NV | 21.7 | % | ||
Prosus NV | 8.6 | |||
ING Groep NV | 7.9 | |||
Koninklijke Ahold Delhaize NV | 4.6 | |||
Wolters Kluwer NV | 4.5 | |||
Adyen NV | 4.5 | |||
Heineken NV | 3.6 | |||
Koninklijke DSM NV | 3.2 | |||
Universal Music Group NV | 2.7 | |||
ASM International NV | 2.5 |
FUND SUMMARY | 7 |
Fund Summary as of February 28, 2023 | 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 | |||||||||||||||||||||||||||||||
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6-Month Total Returns | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | 18.04 | % | (3.66 | )% | 4.58 | % | 4.65 | % | (3.66 | )% | 25.11 | % | 57.49 | % | ||||||||||||||||||
Fund Market | 18.09 | (3.36 | ) | 4.71 | 4.70 | (3.36 | ) | 25.90 | 58.34 | |||||||||||||||||||||||
Index | 18.07 | (4.84 | ) | 4.22 | 4.17 | (4.84 | ) | 22.94 | 50.43 |
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 not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||||
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| Beginning Account Value (09/01/22) | | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/22) | | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||||
$ 1,000.00 | $ 1,180.40 | $ 2.81 | $ 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 “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
Sector | | Percent of Total Investments | (a) | |
Industrials | 40.1 | % | ||
Financials | 31.7 | |||
Information Technology | 7.3 | |||
Consumer Discretionary | 7.1 | |||
Materials | 4.5 | |||
Consumer Staples | 3.2 | |||
Communication Services | 2.9 | |||
Health Care | 1.7 | |||
Real Estate | 1.5 |
(a) | Excludes money market funds. |
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments | (a) | |
Nordea Bank Abp | 8.1 | % | ||
Investor AB, Class B | 6.8 | |||
Atlas Copco AB, Class A | 6.1 | |||
Volvo AB, Class B | 5.8 | |||
Assa Abloy AB, Class B | 4.7 | |||
Evolution AB | 4.3 | |||
Sandvik AB | 4.2 | |||
Hexagon AB, Class B | 4.2 | |||
Skandinaviska Enskilda Banken AB, Class A | 3.9 | |||
Swedbank AB, Class A | 3.6 |
8 | 2 0 2 3 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. 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 the Period.”
The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.
ABOUT FUND PERFORMANCE | 9 |
Schedule of Investments (unaudited) February 28, 2023 | iShares® MSCI Austria ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
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Common Stocks | ||||||||
Air Freight & Logistics — 3.1% | ||||||||
Oesterreichische Post AG(a) | 42,525 | $ | 1,502,288 | |||||
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Banks — 30.7% | ||||||||
BAWAG Group AG(b) | 34,610 | 2,154,341 | ||||||
Erste Group Bank AG | 279,150 | 10,957,473 | ||||||
Raiffeisen Bank International AG(c) | 121,320 | 2,025,491 | ||||||
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15,137,305 | ||||||||
Chemicals — 2.8% | ||||||||
Lenzing AG(a) | 17,911 | 1,358,769 | ||||||
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Commercial Services & Supplies — 2.4% | ||||||||
DO & CO AG(a)(c) | 10,388 | 1,178,408 | ||||||
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Construction & Engineering — 1.5% | ||||||||
Porr AG | 48,695 | 721,066 | ||||||
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Construction Materials — 4.5% | ||||||||
Wienerberger AG | 71,445 | 2,220,962 | ||||||
|
| |||||||
Electric Utilities — 12.3% | ||||||||
EVNAG | 54,410 | 1,192,800 | ||||||
Verbund AG | 56,379 | 4,875,792 | ||||||
|
| |||||||
6,068,592 | ||||||||
Electronic Equipment, Instruments & Components — 2.4% | ||||||||
AT&S Austria Technologie & Systemtechnik AG(a) | 36,456 | 1,202,797 | ||||||
|
| |||||||
Energy Equipment & Services — 2.2% | ||||||||
Schoeller-Bleckmann Oilfield Equipment AG | 15,298 | 1,105,084 | ||||||
|
| |||||||
Food Products — 1.4% | ||||||||
Agrana Beteiligungs AG | 37,394 | 672,378 | ||||||
|
| |||||||
Insurance — 5.7% | ||||||||
UNIQA Insurance Group AG(a) | 163,735 | 1,393,788 | ||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 50,701 | 1,417,426 | ||||||
|
| |||||||
2,811,214 | ||||||||
Machinery — 7.8% | ||||||||
ANDRITZ AG | 35,861 | 2,212,919 | ||||||
Palfinger AG | 28,324 | 941,665 | ||||||
Semperit AG Holding(a) | 29,306 | 701,909 | ||||||
|
| |||||||
3,856,493 |
Security | Shares | Value | ||||||
| ||||||||
Metals & Mining — 4.4% | ||||||||
voestalpine AG | 59,246 | $ | 2,188,255 | |||||
|
| |||||||
Oil, Gas & Consumable Fuels — 12.1% | ||||||||
OMV AG | 122,737 | 5,978,209 | ||||||
|
| |||||||
Real Estate Management & Development — 4.9% | ||||||||
CA Immobilien Anlagen AG | 53,245 | 1,518,418 | ||||||
IMMOFINANZ AG(c) | 67,990 | 885,082 | ||||||
|
| |||||||
2,403,500 | ||||||||
|
| |||||||
Total Long-Term Investments — 98.2% | 48,405,320 | |||||||
|
| |||||||
Short-Term Securities | ||||||||
Money Market Funds — 10.6% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%(d)(e)(f) | 5,212,045 | 5,215,172 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(d)(e) | 20,000 | 20,000 | ||||||
|
| |||||||
Total Short-Term Securities — 10.6% | 5,235,172 | |||||||
|
| |||||||
Total Investments — 108.8% | 53,640,492 | |||||||
Liabilities in Excess of Other Assets — (8.8)% |
| (4,330,893 | ) | |||||
|
| |||||||
Net Assets — 100.0% | $ 49,309,599 | |||||||
|
|
(a) | All or a portion of this security is on loan. |
(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) | 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. |
10 | 2 0 2 3 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Austria ETF |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| ||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 08/31/22 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/23 | Shares Held at 02/28/23 | Income | Capital Gain Distributions Underlying | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 1,916,168 | $ | 3,296,686 | (a) | $ | — | $ | 1,035 | $ | 1,283 | $ | 5,215,172 | 5,212,045 | $ | 93,240 | (b) | $ | — | |||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 20,000 | — | 0 | (a) | — | — | 20,000 | 20,000 | 672 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | 1,035 | $ | 1,283 | $ | 5,235,172 | $ | 93,912 | $ | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 | 20 | 03/17/23 | $ | 896 | $ | 53,246 | ||||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
| ||||||||||||||||||||||||||||
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Assets — Derivative Financial Instruments | ||||||||||||||||||||||||||||
Futures contracts | ||||||||||||||||||||||||||||
Unrealized appreciation on futures contracts(a) | $ | — | $ | — | $ | 53,246 | $ | — | $ | — | $ | — | $ | 53,246 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
| ||||||||||||||||||||||||||||
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Net Realized Gain (Loss) from | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | 109,722 | $ | — | $ | — | $ | — | $ | 109,722 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | 47,777 | $ | — | $ | — | $ | — | $ | 47,777 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| ||||
Futures contracts | ||||
Average notional value of contracts — long | $ | 866,453 | ||
|
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
SCHEDULE OF INVESTMENTS | 11 |
Schedule of Investments (unaudited) (continued) February 28, 2023 | 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 | |||||||||||||
| ||||||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Common Stocks | $ | 2,895,732 | $ | 45,509,588 | $ | — | $ | 48,405,320 | ||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 5,235,172 | — | — | 5,235,172 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 8,130,904 | $ | 45,509,588 | $ | — | $ | 53,640,492 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Financial Instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Equity Contracts | $ | — | $ | 53,246 | $ | — | $ | 53,246 | ||||||||
|
|
|
|
|
|
|
|
(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 3 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) February 28, 2023 | iShares® MSCI Belgium ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
| ||||||||
Common Stocks | ||||||||
Air Freight & Logistics — 0.4% | ||||||||
bpost SA | 17,440 | $ | 93,079 | |||||
|
| |||||||
Banks — 11.1% | ||||||||
KBC Ancora | 5,230 | 270,596 | ||||||
KBC Group NV | 31,734 | 2,369,755 | ||||||
|
| |||||||
2,640,351 | ||||||||
Beverages — 23.0% | ||||||||
Anheuser-Busch InBev SA/NV | 90,361 | 5,481,166 | ||||||
|
| |||||||
Biotechnology — 11.6% | ||||||||
Argenx SE(a) | 6,912 | 2,516,003 | ||||||
Galapagos NV(a) | 6,439 | 239,168 | ||||||
|
| |||||||
2,755,171 | ||||||||
Chemicals — 9.3% | ||||||||
Recticel SA | 7,237 | 131,049 | ||||||
Solvay SA | 9,153 | 1,045,528 | ||||||
Tessenderlo Group SA(a) | 4,375 | 146,903 | ||||||
Umicore SA | 26,820 | 893,873 | ||||||
|
| |||||||
2,217,353 | ||||||||
Construction & Engineering — 3.0% | ||||||||
Ackermans & van Haaren NV | 3,181 | 538,302 | ||||||
Deme Group NV(a) | 1,297 | 163,204 | ||||||
|
| |||||||
701,506 | ||||||||
Distributors — 2.6% | ||||||||
D’ieteren Group | 3,250 | 629,891 | ||||||
|
| |||||||
Diversified Financial Services — 6.4% | ||||||||
Groupe Bruxelles Lambert NV | 11,990 | 1,006,512 | ||||||
Sofina SA | 2,086 | 519,673 | ||||||
|
| |||||||
1,526,185 | ||||||||
Diversified Telecommunication Services — 0.8% | ||||||||
Proximus SADP | 21,539 | 198,350 | ||||||
|
| |||||||
Electric Utilities — 2.4% | ||||||||
Elia Group SA/NV | 4,412 | 581,185 | ||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 1.2% | ||||||||
Barco NV | 10,210 | 290,590 | ||||||
|
| |||||||
Entertainment — 0.5% | ||||||||
Kinepolis Group NV(a)(b) | 2,451 | 107,478 | ||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 8.3% | ||||||||
Aedifica SA | 5,301 | 448,060 | ||||||
Cofinimmo SA | 4,128 | 380,400 | ||||||
Intervest Offices & Warehouses NV | 3,960 | 83,770 | ||||||
Montea NV | 1,848 | 151,954 | ||||||
Retail Estates NV | 1,762 | 129,400 | ||||||
Warehouses De Pauw CVA | 21,096 | 643,809 | ||||||
Xior Student Housing NV | 3,892 | 130,034 | ||||||
|
| |||||||
1,967,427 | ||||||||
Food & Staples Retailing — 0.9% | ||||||||
Etablissements Franz Colruyt NV | 7,794 | 210,923 | ||||||
|
| |||||||
Health Care Equipment & Supplies — 0.4% | ||||||||
Ion Beam Applications | 4,599 | 89,796 | ||||||
|
|
Security | Shares | Value | ||||||
| ||||||||
Health Care Providers & Services — 0.7% | ||||||||
Fagron | 10,903 | $ | 176,284 | |||||
|
| |||||||
Health Care Technology — 0.3% | ||||||||
AGFA-Gevaert NV(a) | 26,103 | 77,149 | ||||||
|
| |||||||
Insurance — 4.0% | ||||||||
Ageas SA/NV | 21,013 | 948,297 | ||||||
|
| |||||||
IT Services — 0.3% | ||||||||
Econocom Group SA/NV | 21,987 | 71,190 | ||||||
|
| |||||||
Media — 0.5% | ||||||||
Telenet Group Holding NV | 7,362 | 113,795 | ||||||
|
| |||||||
Metals & Mining — 1.0% | ||||||||
Bekaert SA | 5,517 | 243,427 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 2.2% | ||||||||
Euronav NV | 24,592 | 450,337 | ||||||
Exmar NV | 7,201 | 63,268 | ||||||
|
| |||||||
513,605 | ||||||||
Personal Products — 0.4% | ||||||||
Ontex Group NV(a) | 12,870 | 101,902 | ||||||
|
| |||||||
Pharmaceuticals — 4.8% | ||||||||
Mithra Pharmaceuticals SA(a)(b) | 4,639 | 11,792 | ||||||
UCB SA | 13,086 | 1,124,980 | ||||||
|
| |||||||
1,136,772 | ||||||||
Real Estate Management & Development — 1.8% | ||||||||
Immobel SA(b) | 1,125 | 63,255 | ||||||
Shurgard Self Storage SA | 3,959 | 193,706 | ||||||
VGP NV | 1,894 | 169,881 | ||||||
|
| |||||||
426,842 | ||||||||
Semiconductors & Semiconductor Equipment — 1.3% | ||||||||
Melexis NV | 2,912 | 314,978 | ||||||
|
| |||||||
Total Long-Term Investments — 99.2% |
| 23,614,692 | ||||||
|
| |||||||
Short-Term Securities | ||||||||
Money Market Funds — 0.6% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%(c)(d)(e) | 142,560 | 142,646 | ||||||
|
| |||||||
Total Short-Term Securities — 0.6% |
| 142,646 | ||||||
|
| |||||||
Total Investments — 99.8% |
| 23,757,338 | ||||||
Other Assets Less Liabilities — 0.2% | 50,769 | |||||||
|
| |||||||
Net Assets — 100.0% | $ 23,808,107 | |||||||
|
|
(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. |
SCHEDULE OF INVESTMENTS | 13 |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Belgium ETF |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| ||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 08/31/22 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/23 | Shares Held at 02/28/23 | Income | Capital Gain from | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 26,013 | $ | 116,650 | (a) | $ | — | $ | (8 | ) | $ | (9 | ) | $ | 142,646 | 142,560 | $ | 2,178 | (b) | $ | — | |||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares(c) | — | — | 0 | (a) | — | — | — | — | 21 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | (8 | ) | $ | (9 | ) | $ | 142,646 | $ | 2,199 | $ | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 | 4 | 03/17/23 | $ | 179 | $ | 7,074 | ||||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
| ||||||||||||||||||||||||||||
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Assets — Derivative Financial Instruments | ||||||||||||||||||||||||||||
Futures contracts | ||||||||||||||||||||||||||||
Unrealized appreciation on futures contracts(a) | $ | — | $ | — | $ | 7,074 | $ | — | $ | — | $ | — | $ | 7,074 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
| ||||||||||||||||||||||||||||
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Net Realized Gain (Loss) from | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | 36,875 | $ | — | $ | — | $ | — | $ | 36,875 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | 2,279 | $ | — | $ | — | $ | — | $ | 2,279 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| ||||
Futures contracts | ||||
Average notional value of contracts — long | $ | 194,203 | ||
|
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
14 | 2 0 2 3 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Belgium 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 | |||||||||||||
| ||||||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Common Stocks | $ | 173,566 | $ | 23,441,126 | $ | — | $ | 23,614,692 | ||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 142,646 | — | — | 142,646 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 316,212 | $ | 23,441,126 | $ | — | $ | 23,757,338 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Financial Instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Equity Contracts | $ | — | $ | 7,074 | $ | — | $ | 7,074 | ||||||||
|
|
|
|
|
|
|
|
(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 | 15 |
Schedule of Investments (unaudited) February 28, 2023 | iShares® MSCI France ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
| |||||||
Aerospace & Defense — 7.8% | ||||||||
Airbus SE | 330,435 | $ | 43,277,233 | |||||
Dassault Aviation SA | 13,864 | 2,383,369 | ||||||
Safran SA | 191,108 | 26,984,702 | ||||||
Thales SA | 59,571 | 8,328,255 | ||||||
|
| |||||||
80,973,559 | ||||||||
Auto Components — 1.4% | ||||||||
Cie. Generale des Etablissements Michelin SCA | 378,737 | 11,898,416 | ||||||
Valeo | 115,747 | 2,404,614 | ||||||
|
| |||||||
14,303,030 | ||||||||
Automobiles — 0.5% | ||||||||
Renault SA(a) | 107,310 | 4,802,858 | ||||||
|
| |||||||
Banks — 6.2% | ||||||||
BNP Paribas SA | 620,954 | 43,411,600 | ||||||
Credit Agricole SA | 680,275 | 8,290,865 | ||||||
Societe Generale SA | 450,741 | 12,990,151 | ||||||
|
| |||||||
64,692,616 | ||||||||
Beverages — 2.5% | ||||||||
Pernod Ricard SA | 115,404 | 24,074,568 | ||||||
Remy Cointreau SA | 12,879 | 2,260,858 | ||||||
|
| |||||||
26,335,426 | ||||||||
Building Products — 1.6% | ||||||||
Cie. de Saint-Gobain | 275,818 | 16,389,831 | ||||||
|
| |||||||
Capital Markets — 0.6% | ||||||||
Amundi SA(b) | 34,242 | 2,252,204 | ||||||
Euronext NV(b) | 48,005 | 3,501,482 | ||||||
|
| |||||||
5,753,686 | ||||||||
Chemicals — 4.8% | ||||||||
Air Liquide SA | 292,562 | 46,481,188 | ||||||
Arkema SA | 33,557 | 3,401,977 | ||||||
|
| |||||||
49,883,165 | ||||||||
Construction & Engineering — 4.2% | ||||||||
Bouygues SA | 127,252 | 4,305,789 | ||||||
Eiffage SA | 46,564 | 5,110,356 | ||||||
Vinci SA | 300,829 | 34,206,611 | ||||||
|
| |||||||
43,622,756 | ||||||||
Diversified Financial Services — 0.3% | ||||||||
Eurazeo SE | 24,476 | 1,646,995 | ||||||
Wendel SE | 14,841 | 1,683,139 | ||||||
|
| |||||||
3,330,134 | ||||||||
Diversified Telecommunication Services — 1.2% | ||||||||
Orange SA | 1,114,350 | 12,721,744 | ||||||
|
| |||||||
Electrical Equipment — 6.0% | ||||||||
Legrand SA | 148,956 | 13,758,643 | ||||||
Schneider Electric SE | 303,260 | 48,660,206 | ||||||
|
| |||||||
62,418,849 | ||||||||
Entertainment — 0.3% | ||||||||
Bollore SE | 495,999 | 2,770,624 | ||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 1.1% | ||||||||
Covivio | 26,509 | 1,697,767 | ||||||
Gecina SA | 25,728 | 2,959,998 | ||||||
Klepierre SA | 120,726 | 3,010,866 | ||||||
Unibail-Rodamco-Westfield(a)(c) | 65,975 | 4,168,797 | ||||||
|
| |||||||
11,837,428 |
Security | Shares | Value | ||||||
Food & Staples Retailing — 0.6% | ||||||||
Carrefour SA | 332,377 | $ | 6,570,912 | |||||
|
| |||||||
Food Products — 1.9% | ||||||||
Danone SA | 358,408 | 20,146,942 | ||||||
|
| |||||||
Health Care Equipment & Supplies — 2.9% | ||||||||
BioMerieux | 23,328 | 2,284,289 | ||||||
EssilorLuxottica SA | 162,583 | 28,184,313 | ||||||
|
| |||||||
30,468,602 | ||||||||
Hotels, Restaurants & Leisure — 1.0% | ||||||||
Accor SA(a) | 95,943 | 3,184,281 | ||||||
La Francaise des Jeux SAEM(b) | 58,880 | 2,324,140 | ||||||
Sodexo SA | 49,498 | 4,584,391 | ||||||
|
| |||||||
10,092,812 | ||||||||
Household Durables — 0.2% | ||||||||
SEB SA | 13,959 | 1,610,270 | ||||||
|
| |||||||
Insurance — 3.2% | ||||||||
AXA SA | 1,051,408 | 33,131,404 | ||||||
|
| |||||||
IT Services — 2.9% | ||||||||
Capgemini SE | 91,429 | 17,146,235 | ||||||
Edenred | 139,337 | 7,842,755 | ||||||
Worldline SA/France(a)(b) | 133,155 | 5,546,231 | ||||||
|
| |||||||
30,535,221 | ||||||||
Life Sciences Tools & Services — 1.0% | ||||||||
Eurofins Scientific SE(c) | 75,215 | 5,242,079 | ||||||
Sartorius Stedim Biotech | 15,417 | 5,021,264 | ||||||
|
| |||||||
10,263,343 | ||||||||
Machinery — 0.5% | ||||||||
Alstom SA | 177,862 | 5,219,931 | ||||||
|
| |||||||
Media — 1.4% | ||||||||
Publicis Groupe SA | 127,731 | 10,140,199 | ||||||
Vivendi SE | 403,516 | 4,152,454 | ||||||
|
| |||||||
14,292,653 | ||||||||
Metals & Mining — 0.9% | ||||||||
ArcelorMittal SA | 294,538 | 8,838,907 | ||||||
|
| |||||||
Multi-Utilities — 2.5% | ||||||||
Engie SA | 1,019,659 | 14,880,262 | ||||||
Veolia Environnement SA | 371,773 | 11,095,306 | ||||||
|
| |||||||
25,975,568 | ||||||||
Oil, Gas & Consumable Fuels — 8.3% | ||||||||
TotalEnergies SE | 1,390,805 | 85,818,436 | ||||||
|
| |||||||
Personal Products — 5.2% | ||||||||
L’Oreal SA | 135,006 | 53,364,200 | ||||||
|
| |||||||
Pharmaceuticals — 6.0% | ||||||||
Ipsen SA | 21,165 | 2,418,282 | ||||||
Sanofi | 637,635 | 59,617,753 | ||||||
|
| |||||||
62,036,035 | ||||||||
Professional Services — 1.3% | ||||||||
Bureau Veritas SA | 164,545 | 4,700,482 | ||||||
Teleperformance | 33,049 | 8,579,110 | ||||||
|
| |||||||
13,279,592 | ||||||||
Semiconductors & Semiconductor Equipment — 1.8% | ||||||||
STMicroelectronics NV | 381,556 | 18,277,135 | ||||||
|
|
16 | 2 0 2 3 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI France ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
| ||||||||
Software — 1.4% | ||||||||
Dassault Systemes SE | 372,105 | $ | 14,359,596 | |||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 17.9% | ||||||||
Hermes International | 17,705 | 32,048,397 | ||||||
Kering SA | 41,870 | 24,549,245 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 154,717 | 128,620,307 | ||||||
|
| |||||||
185,217,949 | ||||||||
Transportation Infrastructure — 0.6% | ||||||||
Aeroports de Paris(a) | 16,630 | 2,409,545 | ||||||
Getlink SE | 246,341 | 4,137,256 | ||||||
|
| |||||||
6,546,801 | ||||||||
|
| |||||||
Total Long-Term Investments — 100.0% |
| 1,035,882,015 | ||||||
|
| |||||||
Short-Term Securities |
| |||||||
Money Market Funds — 1.3% | ||||||||
BlackRock Cash Funds: Institutional, | 5,489,452 | 5,492,746 |
Security | Shares | Value | ||||||
| ||||||||
Money Market Funds (continued) | ||||||||
BlackRock Cash Funds: Treasury, | 8,080,000 | $ | 8,080,000 | |||||
|
| |||||||
Total Short-Term Securities — 1.3% |
| 13,572,746 | ||||||
|
| |||||||
Total Investments — 101.3% | 1,049,454,761 | |||||||
Liabilities in Excess of Other Assets — (1.3)% |
| (13,810,900 | ) | |||||
|
| |||||||
Net Assets — 100.0% | $ | 1,035,643,861 | ||||||
|
|
(a) | Non-income producing security. |
(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) | All or a portion of this security is on loan. |
(d) | Affiliate of the Fund. |
(e) | Annualized 7-day yield as of period end. |
(f) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| ||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 08/31/22 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/23 | Shares Held at 02/28/23 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, | $ | 2,434,800 | $ | 3,057,049 | (a) | $ | — | $ | 1,608 | $ | (711 | ) | $ | 5,492,746 | 5,489,452 | $ | 4,298 | (b) | $ | — | ||||||||||||||||
BlackRock Cash Funds: Treasury, | 7,730,000 | 350,000 | (a) | — | — | — | 8,080,000 | 8,080,000 | 144,449 | 9 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | 1,608 | $ | (711 | ) | $ | 13,572,746 | $ | 148,747 | $ | 9 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 | ||||||||||||||||
CAC 40 10 Euro Index | 3 | 03/17/23 | $ | 230 | $ | 724 | ||||||||||
|
|
SCHEDULE OF INVESTMENTS | 17 |
Schedule of Investments (unaudited) (continued) February 28, 2023 | 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:
| ||||||||||||||||||||||||||||
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Assets — Derivative Financial Instruments | ||||||||||||||||||||||||||||
Futures contracts | ||||||||||||||||||||||||||||
Unrealized appreciation on futures contracts(a) | $ | — | $ | — | $ | 724 | $ | — | $ | — | $ | — | $ | 724 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
| ||||||||||||||||||||||||||||
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Net Realized Gain (Loss) from | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | 121,866 | $ | — | $ | — | $ | — | $ | 121,866 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | 29,707 | $ | — | $ | — | $ | — | $ | 29,707 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts | ||||
Average notional value of contracts — long | $ | 433,728 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Common Stocks | $ | — | $ | 1,035,882,015 | $ | — | $ | 1,035,882,015 | ||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 13,572,746 | — | — | 13,572,746 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 13,572,746 | $ | 1,035,882,015 | $ | — | $ | 1,049,454,761 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Financial Instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Equity Contracts | $ | — | $ | 724 | $ | — | $ | 724 | ||||||||
|
|
|
|
|
|
|
|
(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 3 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) February 28, 2023 | iShares® MSCI Netherlands ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
| |||||||
Air Freight & Logistics — 0.9% | ||||||||
InPost SA(a) | 192,250 | $ | 1,590,928 | |||||
PostNL NV | 523,817 | 914,408 | ||||||
|
| |||||||
2,505,336 | ||||||||
Banks — 9.3% | ||||||||
ABN AMRO Bank NV, CVA(b) | 231,066 | 4,077,430 | ||||||
ING Groep NV(a) | 1,629,417 | 22,803,879 | ||||||
|
| |||||||
26,881,309 | ||||||||
Beverages — 6.8% | ||||||||
Coca-Cola Europacific Partners PLC | 96,391 | 5,301,505 | ||||||
Heineken Holding NV | 44,316 | 3,791,191 | ||||||
Heineken NV | 102,588 | 10,456,640 | ||||||
|
| |||||||
19,549,336 | ||||||||
Biotechnology — 0.3% | ||||||||
Pharming Group NV(a) | 859,010 | 1,039,810 | ||||||
|
| |||||||
Capital Markets — 1.4% | ||||||||
Allfunds Group PLC | 186,108 | 1,621,032 | ||||||
Flow Trades Ltd., NVS | 45,034 | 1,092,688 | ||||||
Van Lanschot Kempen NV | 42,281 | 1,233,248 | ||||||
|
| |||||||
3,946,968 | ||||||||
Chemicals — 6.7% | ||||||||
Akzo Nobel NV | 83,661 | 6,120,208 | ||||||
Corbion NV | 46,880 | 1,761,247 | ||||||
Koninklijke DSM NV | 75,761 | 9,336,028 | ||||||
OCI NV | 61,204 | 2,033,055 | ||||||
|
| |||||||
19,250,538 | ||||||||
Construction & Engineering — 0.8% | ||||||||
Fugro NV(a) | 95,253 | 1,199,148 | ||||||
Koninklijke BAM Groep NV(a) | 422,579 | 1,080,142 | ||||||
|
| |||||||
2,279,290 | ||||||||
Distributors — 0.1% | ||||||||
B&S Group Sarl(b) | 47,344 | 202,306 | ||||||
|
| |||||||
Diversified Financial Services — 1.5% |
| |||||||
EXOR NV, NVS(a) | 52,466 | 4,329,197 | ||||||
SNS Real NV(c)(d) | 63,320 | 1 | ||||||
|
| |||||||
4,329,198 | ||||||||
Diversified Telecommunication Services — 1.8% | ||||||||
Koninklijke KPN NV | 1,560,313 | 5,348,765 | ||||||
|
| |||||||
Electrical Equipment — 1.9% | ||||||||
Alfen Beheer BV(a)(b) | 16,190 | 1,302,268 | ||||||
Signify NV(b) | 73,475 | 2,545,912 | ||||||
TKH Group NV | 34,309 | 1,582,274 | ||||||
|
| |||||||
5,430,454 | ||||||||
Energy Equipment & Services — 0.5% | ||||||||
SBM Offshore NV | 100,544 | 1,471,323 | ||||||
|
| |||||||
Entertainment — 2.7% | ||||||||
Universal Music Group NV | 326,523 | 7,693,319 | ||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 1.1% |
| |||||||
Eurocommercial Properties NV | 47,698 | 1,177,457 | ||||||
NSI NV | 31,982 | 786,486 | ||||||
Vastned Retail NV | 16,693 | 394,616 | ||||||
Wereldhave NV | 51,380 | 817,890 | ||||||
|
| |||||||
3,176,449 |
Security | Shares | Value | ||||||
Food & Staples Retailing — 4.8% | ||||||||
Koninklijke Ahold Delhaize NV | 420,344 | $ | 13,346,708 | |||||
Sligro Food Group NV | 34,924 | 588,070 | ||||||
|
| |||||||
13,934,778 | ||||||||
Food Products — 0.6% | ||||||||
JDE Peet’s NV | 64,257 | 1,891,537 | ||||||
|
| |||||||
Health Care Equipment & Supplies — 2.3% | ||||||||
Koninklijke Philips NV | 404,157 | 6,598,584 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure — 0.6% | ||||||||
Basic-Fit NV(a)(b)(d) | 47,733 | 1,672,508 | ||||||
|
| |||||||
Insurance — 4.4% | ||||||||
Aegon NV | 857,466 | 4,461,598 | ||||||
ASR Nederland NV | 70,180 | 3,193,951 | ||||||
NN Group NV | 128,088 | 5,184,561 | ||||||
|
| |||||||
12,840,110 | ||||||||
Internet & Direct Marketing Retail — 9.3% | ||||||||
Just Eat Takeaway.com NV(a)(b) | 105,364 | 2,291,698 | ||||||
Prosus NV | 345,376 | 24,759,720 | ||||||
|
| |||||||
27,051,418 | ||||||||
IT Services — 4.4% | ||||||||
Adyen NV(a)(b) | 9,090 | 12,884,433 | ||||||
|
| |||||||
Machinery — 1.1% | ||||||||
Aalberts NV | 57,655 | 2,802,691 | ||||||
Ebusco Holding NV(a)(d) | 23,877 | 328,975 | ||||||
|
| |||||||
3,131,666 | ||||||||
Metals & Mining — 0.5% | ||||||||
AMG Advanced Metallurgical Group NV | 34,828 | 1,371,345 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 0.6% | ||||||||
Koninklijke Vopak NV | 57,431 | 1,832,222 | ||||||
|
| |||||||
Professional Services — 6.6% | ||||||||
Arcadis NV | 48,129 | 1,990,208 | ||||||
Brunel International NV | 32,519 | 402,046 | ||||||
Randstad NV | 61,377 | 3,766,103 | ||||||
Wolters Kluwer NV | 111,307 | 12,885,737 | ||||||
|
| |||||||
19,044,094 | ||||||||
Semiconductors & Semiconductor Equipment — 25.4% | ||||||||
ASM International NV | 21,448 | 7,310,892 | ||||||
ASML Holding NV | 101,837 | 62,767,865 | ||||||
BE Semiconductor Industries NV | 41,895 | 3,233,936 | ||||||
|
| |||||||
73,312,693 | ||||||||
Software — 0.4% | ||||||||
CM.Com NV(a)(d) | 20,831 | 201,999 | ||||||
TomTom NV(a) | 112,301 | 865,060 | ||||||
|
| |||||||
1,067,059 | ||||||||
Specialty Retail — 0.1% | ||||||||
Fastned BV(a)(d) | 6,898 | 250,858 | ||||||
|
| |||||||
Trading Companies & Distributors — 3.0% | ||||||||
AerCap Holdings NV(a) | 68,652 | 4,286,631 | ||||||
IMCD NV | 27,979 | 4,428,825 | ||||||
|
| |||||||
8,715,456 | ||||||||
|
| |||||||
Total Long-Term Investments — 99.9% |
| 288,703,162 | ||||||
|
|
SCHEDULE OF INVESTMENTS | 19 |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Netherlands ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Short-Term Securities |
| |||||||
Money Market Funds — 0.9% | ||||||||
BlackRock Cash Funds: Institutional, | 2,463,517 | $ | 2,464,995 | |||||
BlackRock Cash Funds: Treasury, | 190,000 | 190,000 | ||||||
|
| |||||||
Total Short-Term Securities — 0.9% |
| 2,654,995 | ||||||
|
| |||||||
Total Investments — 100.8% |
| 291,358,157 | ||||||
Liabilities in Excess of Other Assets — (0.8)% |
| (2,364,981 | ) | |||||
|
| |||||||
Net Assets — 100.0% |
| $ | 288,993,176 | |||||
|
|
(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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| ||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 08/31/22 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/23 | Shares Held at 02/28/23 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 3,283,583 | $ | — | $ | (833,320 | )(a) | $ | 15,738 | $ | (1,006 | ) | $ | 2,464,995 | 2,463,517 | $ | 137,384 | (b) | $ | — | ||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 20,000 | 170,000 | (a) | — | — | — | 190,000 | 190,000 | 3,791 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | 15,738 | $ | (1,006 | ) | $ | 2,654,995 | $ | 141,175 | $ | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 | 5 | 03/17/23 | $ | 224 | $ | 1,992 | ||||||||||
|
|
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
| ||||||||||||||||||||||||||||
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Assets — Derivative Financial Instruments |
| |||||||||||||||||||||||||||
Futures contracts | ||||||||||||||||||||||||||||
Unrealized appreciation on futures contracts(a) | $ | — | $ | — | $ | 1,992 | $ | — | $ | — | $ | — | $ | 1,992 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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). |
20 | 2 0 2 3 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Netherlands ETF |
For the period ended February 28, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
| ||||||||||||||||||||||||||||
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Net Realized Gain (Loss) from | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | 36,602 | $ | — | $ | — | $ | — | $ | 36,602 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | 91,280 | $ | — | $ | — | $ | — | $ | 91,280 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts | ||||
Average notional value of contracts — long | $ | 300,261 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Common Stocks | $ | 12,652,302 | $ | 276,050,859 | $ | 1 | $ | 288,703,162 | ||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 2,654,995 | — | — | 2,654,995 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 15,307,297 | $ | 276,050,859 | $ | 1 | $ | 291,358,157 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Financial Instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Equity Contracts | $ | — | $ | 1,992 | $ | — | $ | 1,992 | ||||||||
|
|
|
|
|
|
|
|
(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 | 21 |
Schedule of Investments (unaudited) February 28, 2023 | iShares® MSCI Sweden ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
| ||||||||
Common Stocks | ||||||||
Automobiles — 0.5% | ||||||||
Volvo Car AB, Class B(a)(b) | 306,315 | $ | 1,444,218 | |||||
|
| |||||||
Banks — 17.9% | ||||||||
Nordea Bank Abp | 1,699,682 | 21,538,755 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 830,202 | 10,387,067 | ||||||
Svenska Handelsbanken AB, Class A | 749,117 | 7,945,855 | ||||||
Swedbank AB, Class A | 465,266 | 9,506,559 | ||||||
|
| |||||||
49,378,236 | ||||||||
Biotechnology — 0.7% | ||||||||
Swedish Orphan Biovitrum AB(a) | 86,929 | 2,002,600 | ||||||
|
| |||||||
Building Products — 7.5% | ||||||||
Assa Abloy AB, Class B | 514,942 | 12,530,473 | ||||||
Nibe Industrier AB, Class B | 778,604 | 8,050,549 | ||||||
|
| |||||||
20,581,022 | ||||||||
Capital Markets — 1.5% | ||||||||
EQTAB | 182,647 | 4,084,794 | ||||||
|
| |||||||
Commercial Services & Supplies — 0.8% | ||||||||
Securitas AB, Class B | 252,634 | 2,175,573 | ||||||
|
| |||||||
Communications Equipment — 3.0% | ||||||||
Telefonaktiebolaget LM Ericsson, Class B | 1,499,488 | 8,303,564 | ||||||
|
| |||||||
Construction & Engineering — 1.1% | ||||||||
Skanska AB, Class B | 175,178 | 3,183,686 | ||||||
|
| |||||||
Diversified Financial Services — 11.3% | ||||||||
Industrivarden AB, Class A | 67,085 | 1,844,001 | ||||||
Industrivarden AB, Class C | 78,992 | 2,165,696 | ||||||
Investor AB, Class A | 256,191 | 5,251,623 | ||||||
Investor AB, Class B | 936,040 | 18,080,890 | ||||||
Kinnevik AB, Class B(a) | 124,967 | 1,858,493 | ||||||
L E Lundbergforetagen AB, Class B | 39,110 | 1,814,441 | ||||||
|
| |||||||
31,015,144 | ||||||||
Diversified Telecommunication Services — 1.3% | ||||||||
Telia Co. AB | 1,365,755 | 3,526,903 | ||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 4.0% | ||||||||
Hexagon AB, Class B | 999,996 | 11,082,528 | ||||||
|
| |||||||
Entertainment — 0.6% | ||||||||
Embracer Group AB(a)(b) | 334,532 | 1,612,615 | ||||||
|
| |||||||
Health Care Equipment & Supplies — 0.9% | ||||||||
Getinge AB, Class B | 117,535 | 2,526,203 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure — 4.1% | ||||||||
Evolution AB(c) | 93,939 | 11,335,303 | ||||||
|
| |||||||
Household Durables — 0.5% | ||||||||
Electrolux AB, Class B(b) | 113,153 | 1,369,234 | ||||||
|
| |||||||
Household Products — 3.1% | ||||||||
Essity AB, Class B | 312,851 | 8,438,403 | ||||||
|
| |||||||
Industrial Conglomerates — 1.4% | ||||||||
Investment AB Latour, Class B | 76,117 | 1,574,760 | ||||||
Lifco AB, Class B | 119,730 | 2,391,848 | ||||||
|
| |||||||
3,966,608 |
Security | Shares | Value | ||||||
| ||||||||
Machinery — 28.0% | ||||||||
Alfa Laval AB | 149,066 | $ | 4,903,197 | |||||
Atlas Copco AB, Class A | 1,379,993 | 16,383,581 | ||||||
Atlas Copco AB, Class B | 801,871 | 8,447,305 | ||||||
Epiroc AB, Class A | 338,865 | 6,512,260 | ||||||
Epiroc AB, Class B | 200,194 | 3,293,574 | ||||||
Husqvarna AB, Class B | 215,697 | 1,909,791 | ||||||
Indutrade AB | 140,227 | 2,982,688 | ||||||
Sandvik AB | 547,787 | 11,269,028 | ||||||
SKF AB, Class B | 196,874 | 3,739,251 | ||||||
Volvo AB, Class A | 102,735 | 2,138,719 | ||||||
Volvo AB, Class B | 775,288 | 15,512,834 | ||||||
|
| |||||||
77,092,228 | ||||||||
Metals & Mining — 2.1% | ||||||||
Boliden AB | 140,520 | 5,752,453 | ||||||
|
| |||||||
Paper & Forest Products — 2.3% | ||||||||
Holmen AB, Class B | 48,368 | 1,952,962 | ||||||
Svenska Cellulosa AB SCA, Class B | 311,781 | 4,351,027 | ||||||
|
| |||||||
6,303,989 | ||||||||
Real Estate Management & Development — 1.5% | ||||||||
Fastighets AB Balder, Class B(a) | 324,401 | 1,604,768 | ||||||
Sagax AB, Class B | 98,300 | 2,418,299 | ||||||
|
| |||||||
4,023,067 | ||||||||
Specialty Retail — 1.7% | ||||||||
H & M Hennes & Mauritz AB, Class B | 375,014 | 4,725,321 | ||||||
|
| |||||||
Wireless Telecommunication Services — 1.0% | ||||||||
Tele2 AB, Class B | 291,622 | 2,680,531 | ||||||
|
| |||||||
Total Long-Term Investments — 96.8% |
| 266,604,223 | ||||||
|
| |||||||
Short-Term Securities | ||||||||
Money Market Funds — 3.3% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%(d)(e)(f) | 3,251,548 | 3,253,499 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(d)(e) | 5,940,000 | 5,940,000 | ||||||
|
| |||||||
Total Short-Term Securities — 3.3% |
| 9,193,499 | ||||||
|
| |||||||
Total Investments — 100.1% |
| 275,797,722 | ||||||
Liabilities in Excess of Other Assets — (0.1)% |
| (271,550 | ) | |||||
|
| |||||||
Net Assets — 100.0% | $ | 275,526,172 | ||||||
|
|
(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. |
22 | 2 0 2 3 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Sweden ETF |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| ||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 08/31/22 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/23 | Shares Held at 02/28/23 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 9,748,937 | $ | — | $ | (6,501,059 | )(a) | $ | 7,824 | $ | (2,203 | ) | $ | 3,253,499 | 3,251,548 | $ | 68,519 | (b) | $ | — | ||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 5,850,000 | 90,000 | (a) | — | — | — | 5,940,000 | 5,940,000 | 107,073 | 6 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | 7,824 | $ | (2,203 | ) | $ | 9,193,499 | $ | 175,592 | $ | 6 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 | 421 | 03/17/23 | $ | 8,945 | $ | (77,292 | ) | |||||||||
|
|
Forward Foreign Currency Exchange Contracts
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||||||||||||
SEK | 19,891,270 | USD | 1,940,829 | Standard Chartered Bank | 03/17/23 | $ | (39,173 | ) | ||||||||||||
USD | 2,444,693 | EUR | 2,301,364 | Standard Chartered Bank | 03/17/23 | 8,346 | ||||||||||||||
|
| |||||||||||||||||||
(30,827 | ) | |||||||||||||||||||
|
| |||||||||||||||||||
$(30,827 | ) | |||||||||||||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
| ||||||||||||||||||||||||||||
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Assets — Derivative Financial Instruments | ||||||||||||||||||||||||||||
Forward foreign currency exchange contracts | ||||||||||||||||||||||||||||
Unrealized appreciation on forward foreign currency exchange contracts | $ | — | $ | — | $ | — | $ | 8,346 | $ | — | $ | — | $ | 8,346 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SCHEDULE OF INVESTMENTS | 23 |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Sweden ETF |
Derivative Financial Instruments Categorized by Risk Exposure (continued)
| ||||||||||||||||||||||||||||
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Liabilities — Derivative Financial Instruments | ||||||||||||||||||||||||||||
Futures contracts | ||||||||||||||||||||||||||||
Unrealized depreciation on futures contracts(a) | $ | — | $ | — | $ | 77,292 | $ | — | $ | — | $ | — | $ | 77,292 | ||||||||||||||
Forward foreign currency exchange contracts | ||||||||||||||||||||||||||||
Unrealized depreciation on forward foreign currency exchange contracts | $ | — | $ | — | $ | — | $ | 39,173 | $ | — | $ | — | $ | 39,173 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | — | $ | — | $ | 77,292 | $ | 39,173 | $ | — | $ | — | $ | 116,465 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
| ||||||||||||||||||||||||||||
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Net Realized Gain (Loss) from | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | 942,224 | $ | — | $ | — | $ | — | $ | 942,224 | ||||||||||||||
Forward foreign currency exchange contracts | — | — | — | (43,917 | ) | — | — | (43,917 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | — | $ | — | $ | 942,224 | $ | (43,917 | ) | $ | — | $ | — | $ | 898,307 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | 455,228 | $ | — | $ | — | $ | — | $ | 455,228 | ||||||||||||||
Forward foreign currency exchange contracts | — | — | — | (33,786 | ) | — | — | (33,786 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | — | $ | — | $ | 455,228 | $ | (33,786 | ) | $ | — | $ | — | $ | 421,442 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts | ||||
Average notional value of contracts — long | $ | 8,907,784 | ||
Forward foreign currency exchange contracts | ||||
Average amounts purchased — in USD | $ | 1,913,446 | ||
Average amounts sold — in USD | $ | 2,390,362 |
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 | $ | — | $ | 77,292 | ||||
Forward foreign currency exchange contracts | 8,346 | 39,173 | ||||||
|
|
|
| |||||
Total derivative assets and liabilities in the Statement of Assets and Liabilities | 8,346 | 116,465 | ||||||
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | — | (77,292 | ) | |||||
|
|
|
| |||||
Total derivative assets and liabilities subject to an MNA | 8,346 | 39,173 | ||||||
|
|
|
|
24 | 2 0 2 3 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Sweden ETF |
Derivative Financial Instruments - Offsetting as of Period End (continued)
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 Liabilities Subject to an MNA by Counterparty |
| | Derivatives Available for Offset |
(a) | | Non-Cash Collateral Pledged |
| | Cash Collateral Pledged |
| | Net Amount of Derivative Liabilities |
(b) | |||||
Standard Chartered Bank | $ | 30,827 | $ | — | $ | — | $ | — | $ | 30,827 | ||||||||||
|
|
|
|
|
|
|
|
|
|
(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 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 | |||||||||||||
| ||||||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Common Stocks | $ | — | $ | 266,604,223 | $ | — | $ | 266,604,223 | ||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 9,193,499 | — | — | 9,193,499 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 9,193,499 | $ | 266,604,223 | $ | — | $ | 275,797,722 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Financial Instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Foreign Currency Exchange Contracts | $ | — | $ | 8,346 | $ | — | $ | 8,346 | ||||||||
Liabilities | ||||||||||||||||
Equity Contracts | — | (77,292 | ) | — | (77,292 | ) | ||||||||||
Foreign Currency Exchange Contracts | — | (39,173 | ) | — | (39,173 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | — | $ | (108,119 | ) | $ | — | (108,119 | ) | ||||||||
|
|
|
|
|
|
|
|
(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.
SCHEDULE OF INVESTMENTS | 25 |
Statements of Assets and Liabilities (unaudited)
February 28, 2023
iShares MSCI Austria ETF | iShares MSCI Belgium ETF | iShares MSCI France ETF | iShares MSCI Netherlands ETF | |||||||||||||
| ||||||||||||||||
ASSETS | ||||||||||||||||
Investments, at value — unaffiliated(a)(b) | $ | 48,405,320 | $ | 23,614,692 | $ | 1,035,882,015 | $ | 288,703,162 | ||||||||
Investments, at value — affiliated(c) | 5,235,172 | 142,646 | 13,572,746 | 2,654,995 | ||||||||||||
Cash | 2,911 | 7,901 | 2,292 | 381 | ||||||||||||
Foreign currency collateral pledged for futures contracts(d) | 69,808 | 20,096 | 52,885 | 30,673 | ||||||||||||
Foreign currency, at value(e) | 43,349 | 45,059 | 104,654 | 250,115 | ||||||||||||
Receivables: | ||||||||||||||||
Investments sold | 1,987,235 | 146,784 | 1,148,506 | 735,045 | ||||||||||||
Securities lending income — affiliated | 36,326 | 458 | 1,286 | 18,057 | ||||||||||||
Dividends — unaffiliated | — | 9,001 | 66,129 | — | ||||||||||||
Dividends — affiliated | 64 | 19 | 30,049 | 908 | ||||||||||||
Tax reclaims | 675,726 | 158,867 | 1,007,767 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total assets | 56,455,911 | 24,145,523 | 1,051,868,329 | 292,393,336 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES | ||||||||||||||||
Collateral on securities loaned, at value | 5,216,250 | 142,659 | 5,491,465 | 2,455,806 | ||||||||||||
Payables: | ||||||||||||||||
Investments purchased | 1,908,141 | 184,929 | 1,434,838 | 822,550 | ||||||||||||
Investment advisory fees | 18,462 | 8,932 | 402,215 | 120,449 | ||||||||||||
IRS compliance fee for foreign withholding tax claims | — | — | 8,869,981 | — | ||||||||||||
Professional fees | — | — | 22,667 | — | ||||||||||||
Variation margin on futures contracts | 3,459 | 896 | 3,302 | 1,355 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total liabilities | 7,146,312 | 337,416 | 16,224,468 | 3,400,160 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 49,309,599 | $ | 23,808,107 | $ | 1,035,643,861 | $ | 288,993,176 | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS CONSIST OF | ||||||||||||||||
Paid-in capital | $ | 109,764,481 | $ | 51,371,783 | $ | 1,091,139,227 | $ | 375,174,317 | ||||||||
Accumulated loss | (60,454,882 | ) | (27,563,676 | ) | (55,495,366 | ) | (86,181,141 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 49,309,599 | $ | 23,808,107 | $ | 1,035,643,861 | $ | 288,993,176 | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETVALUE | ||||||||||||||||
Shares outstanding | 2,300,000 | 1,280,000 | 28,400,000 | 7,100,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value | $ | 21.44 | $ | 18.60 | $ | 36.47 | $ | 40.70 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares authorized | 100 million | 136.2 million | 340.2 million | 255 million | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Par value | $ | 0.001 | $ | 0.001 | $ | 0.001 | $ | 0.001 | ||||||||
|
|
|
|
|
|
|
| |||||||||
(a) Investments, at cost — unaffiliated | $ | 55,371,342 | $ | 29,530,342 | $ | 1,001,661,733 | $ | 346,341,853 | ||||||||
(b) Securities loaned, at value | $ | 4,969,113 | $ | 138,961 | $ | 5,063,674 | $ | 2,318,066 | ||||||||
(c) Investments, at cost — affiliated | $ | 5,232,935 | $ | 142,641 | $ | 13,572,314 | $ | 2,654,272 | ||||||||
(d) Foreign currency collateral pledged, at cost | $ | 77,105 | $ | 20,017 | $ | 59,689 | $ | 31,545 | ||||||||
(e) Foreign currency, at cost | $ | 34,954 | $ | 45,578 | $ | 99,279 | $ | 253,862 |
See notes to financial statements.
26 | 2 0 2 3 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Statements of Assets and Liabilities (unaudited) (continued)
February 28, 2023
iShares MSCI Sweden ETF | ||||
| ||||
ASSETS | ||||
Investments, at value — unaffiliated(a)(b) | $ | 266,604,223 | ||
Investments, at value — affiliated(c) | 9,193,499 | |||
Cash | 9,151 | |||
Foreign currency collateral pledged for futures contracts(d) | 761,846 | |||
Foreign currency, at value(e) | 273,755 | |||
Receivables: | ||||
Investments sold | 730,835 | |||
Securities lending income — affiliated | 7,684 | |||
Dividends — affiliated | 21,566 | |||
Tax reclaims | 2,102,238 | |||
Variation margin on futures contracts | 48,882 | |||
Foreign withholding tax claims | 7,008,421 | |||
Unrealized appreciation on forward foreign currency exchange contracts | 8,346 | |||
|
| |||
Total assets | 286,770,446 | |||
|
| |||
LIABILITIES | ||||
Collateral on securities loaned, at value | 3,245,762 | |||
Payables: | ||||
Investments purchased | 670,791 | |||
Capital shares redeemed | 258,435 | |||
Investment advisory fees | 112,643 | |||
IRS compliance fee for foreign withholding tax claims | 6,192,034 | |||
Professional fees | 725,436 | |||
Unrealized depreciation on forward foreign currency exchange contracts | 39,173 | |||
|
| |||
Total liabilities | 11,244,274 | |||
|
| |||
NET ASSETS | $ | 275,526,172 | ||
|
| |||
NET ASSETS CONSIST OF | ||||
Paid-in capital | $ | 464,144,634 | ||
Accumulated loss | (188,618,462 | ) | ||
|
| |||
NET ASSETS | $ | 275,526,172 | ||
|
| |||
NET ASSETVALUE | ||||
Shares outstanding | 7,800,000 | |||
|
| |||
Net asset value | $ | 35.32 | ||
|
| |||
Shares authorized | 63.6 million | |||
|
| |||
Par value | $ | 0.001 | ||
|
| |||
(a) Investments, at cost — unaffiliated | $ | 348,071,283 | ||
(b) Securities loaned, at value | $ | 3,044,141 | ||
(c) Investments, at cost — affiliated | $ | 9,191,996 | ||
(d) Foreign currency collateral pledged, at cost | $ | 819,843 | ||
(e) Foreign currency, at cost | $ | 131,423 |
See notes to financial statements.
FINANCIAL STATEMENTS | 27 |
Statements of Operations (unaudited)
Six Months Ended February 28, 2023
iShares MSCI Austria ETF | iShares MSCI Belgium ETF | iShares MSCI France ETF | iShares MSCI Netherlands ETF | |||||||||||||
| ||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||
Dividends — unaffiliated | $ | 25,562 | $ | 73,664 | $ | 5,671,145 | $ | 1,377,005 | ||||||||
Dividends — affiliated | 672 | 21 | 144,449 | 3,791 | ||||||||||||
Interest — unaffiliated | 165 | — | 27 | — | ||||||||||||
Securities lending income — affiliated — net | 93,240 | 2,178 | 4,298 | 137,384 | ||||||||||||
Foreign taxes withheld | (3,835 | ) | (10,964 | ) | (6,775 | ) | (133,037 | ) | ||||||||
IRS compliance fee for foreign withholding tax claims | — | — | (127,999 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total investment income | 115,804 | 64,899 | 5,685,145 | 1,385,143 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
EXPENSES | ||||||||||||||||
Investment advisory | 118,645 | 40,671 | 2,312,360 | 716,885 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 118,645 | 40,671 | 2,312,360 | 716,885 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income (loss) | (2,841 | ) | 24,228 | 3,372,785 | 668,258 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments — unaffiliated | (2,167,587 | ) | (87,793 | ) | (3,834,020 | ) | (6,364,788 | ) | ||||||||
Investments — affiliated | 1,035 | (8 | ) | 1,608 | 15,738 | |||||||||||
Capital gain distributions from underlying funds — affiliated | — | — | 9 | — | ||||||||||||
Foreign currency transactions | 5,615 | 210 | 36,134 | 49,607 | ||||||||||||
Futures contracts | 109,722 | 36,875 | 121,866 | 36,602 | ||||||||||||
In-kind redemptions — unaffiliated(a) | (4,242,311 | ) | (1,379,592 | ) | 4,688,696 | 5,057,452 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
(6,293,526 | ) | (1,430,308 | ) | 1,014,293 | (1,205,389 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments — unaffiliated | 15,338,199 | 3,374,637 | 197,877,122 | 48,397,729 | ||||||||||||
Investments — affiliated | 1,283 | (9 | ) | (711 | ) | (1,006 | ) | |||||||||
Foreign currency translations | 37,137 | 7,890 | 49,165 | 16,457 | ||||||||||||
Futures contracts | 47,777 | 2,279 | 29,707 | 91,280 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
15,424,396 | 3,384,797 | 197,955,283 | 48,504,460 | |||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain | 9,130,870 | 1,954,489 | 198,969,576 | 47,299,071 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 9,128,029 | $ | 1,978,717 | $ | 202,342,361 | $ | 47,967,329 | ||||||||
|
|
|
|
|
|
|
|
(a) | See Note 2 of the Notes to Financial Statements. |
See notes to financial statements.
28 | 2 0 2 3 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Statements of Operations (unaudited) (continued)
Six Months Ended February 28, 2023
iShares MSCI Sweden ETF | ||||
| ||||
INVESTMENT INCOME | ||||
Dividends — unaffiliated | $ | 1,668,686 | ||
Dividends — affiliated | 107,073 | |||
Securities lending income — affiliated — net | 68,519 | |||
Foreign taxes withheld | (249,800 | ) | ||
Foreign withholding tax claims | 249,800 | |||
|
| |||
Total investment income | 1,844,278 | |||
|
| |||
EXPENSES | ||||
Investment advisory | 884,269 | |||
Professional | 24,980 | |||
|
| |||
Total expenses | 909,249 | |||
|
| |||
Net investment income | 935,029 | |||
|
| |||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||
Net realized gain (loss) from: | ||||
Investments — unaffiliated | (170,483 | ) | ||
Investments — affiliated | 7,824 | |||
Capital gain distributions from underlying funds — affiliated | 6 | |||
Forward foreign currency exchange contracts | (43,917 | ) | ||
Foreign currency transactions | 780,485 | |||
Futures contracts | 942,224 | |||
In-kind redemptions — unaffiliated(a) | (36,938,083 | ) | ||
|
| |||
(35,421,944 | ) | |||
|
| |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments — unaffiliated | 92,720,593 | |||
Investments — affiliated | (2,203 | ) | ||
Forward foreign currency exchange contracts | (33,786 | ) | ||
Foreign currency translations | 88,006 | |||
Futures contracts | 455,228 | |||
|
| |||
93,227,838 | ||||
|
| |||
Net realized and unrealized gain | 57,805,894 | |||
|
| |||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 58,740,923 | ||
|
|
(a) | See Note 2 of the Notes to Financial Statements. |
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 02/28/23 (unaudited) | Year Ended 08/31/22 | Six Months Ended 02/28/23 (unaudited) | Year Ended 08/31/22 | |||||||||||||
| ||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net investment income (loss) | $ | (2,841 | ) | $ | 3,389,447 | $ | 24,228 | $ | 570,689 | |||||||
Net realized gain (loss) | (6,293,526 | ) | 709,852 | (1,430,308 | ) | 432,153 | ||||||||||
Net change in unrealized appreciation (depreciation) | 15,424,396 | (28,065,488 | ) | 3,384,797 | (7,817,362 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in net assets resulting from operations | 9,128,029 | (23,966,189 | ) | 1,978,717 | (6,814,520 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (959,984 | )(b) | (3,126,620 | ) | — | (1,236,736 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | (21,360,905 | ) | (156,589 | ) | 3,984,845 | (15,105,822 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | ||||||||||||||||
Total increase (decrease) in net assets | (13,192,860 | ) | (27,249,398 | ) | 5,963,562 | (23,157,078 | ) | |||||||||
Beginning of period | 62,502,459 | 89,751,857 | 17,844,545 | 41,001,623 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 49,309,599 | $ | 62,502,459 | $ | 23,808,107 | $ | 17,844,545 | ||||||||
|
|
|
|
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(b) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
See notes to financial statements.
30 | 2 0 2 3 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Statements of Changes in Net Assets (continued)
iShares MSCI France ETF | iShares MSCI Netherlands ETF | |||||||||||||||||||
|
|
|
| |||||||||||||||||
Six Months Ended 02/28/23 (unaudited) | Year Ended 08/31/22 | Six Months Ended 02/28/23 (unaudited) | Year Ended 08/31/22 | |||||||||||||||||
| ||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Net investment income | $ | 3,372,785 | $ | 26,695,309 | $ | 668,258 | $ | 6,763,151 | ||||||||||||
Net realized gain (loss) | 1,014,293 | (7,808,943 | ) | (1,205,389 | ) | 16,107,143 | ||||||||||||||
Net change in unrealized appreciation (depreciation) | 197,955,283 | (191,302,533 | ) | 48,504,460 | (177,462,432 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | 202,342,361 | (172,416,167 | ) | 47,967,329 | (154,592,138 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (3,495,103 | ) | (40,550,194 | ) | (1,812,054 | )(b) | (5,799,889 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | 46,634,597 | 241,592,781 | (63,821,302 | ) | 136,616,774 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
NET ASSETS | ||||||||||||||||||||
Total increase (decrease) in net assets | 245,481,855 | 28,626,420 | (17,666,027 | ) | (23,775,253 | ) | ||||||||||||||
Beginning of period | 790,162,006 | 761,535,586 | 306,659,203 | 330,434,456 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 1,035,643,861 | $ | 790,162,006 | $ | 288,993,176 | $ | 306,659,203 | ||||||||||||
|
|
|
|
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(b) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
See notes to financial statements.
FINANCIAL STATEMENTS | 31 |
Statements of Changes in Net Assets (continued)
iShares MSCI Sweden ETF | ||||||||
|
| |||||||
Six Months Ended 02/28/23 (unaudited) | Year Ended 08/31/22 | |||||||
| ||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||
OPERATIONS | ||||||||
Net investment income | $ | 935,029 | $ | 21,837,279 | ||||
Net realized gain (loss) | (35,421,944 | ) | 15,555,074 | |||||
Net change in unrealized appreciation (depreciation) | 93,227,838 | (256,592,446 | ) | |||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from operations | 58,740,923 | (219,200,093 | ) | |||||
|
|
|
| |||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||
Decrease in net assets resulting from distributions to shareholders | (2,063,347 | )(b) | (35,964,040 | ) | ||||
|
|
|
| |||||
CAPITAL SHARE TRANSACTIONS | ||||||||
Net increase (decrease) in net assets derived from capital share transactions | (189,706,345 | ) | 10,322,580 | |||||
|
|
|
| |||||
NET ASSETS | ||||||||
Total decrease in net assets | (133,028,769 | ) | (244,841,553 | ) | ||||
Beginning of period | 408,554,941 | 653,396,494 | ||||||
|
|
|
| |||||
End of period | $ | 275,526,172 | $ | 408,554,941 | ||||
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(b) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
See notes to financial statements.
32 | 2 0 2 3 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
(For a share outstanding throughout each period)
iShares MSCI Austria ETF | ||||||||||||||||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||||||||||
Six Months Ended 02/28/23 (unaudited) | Year Ended 08/31/22 | Year Ended 08/31/21 | Year Ended 08/31/20 | Year Ended 08/31/19 | Year Ended 08/31/18 | |||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 17.36 | $ | 25.28 | $ | 15.67 | $ | 18.89 | $ | 22.88 | $ | 22.87 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Net investment income(a) | (0.00 | )(b) | 0.97 | 0.54 | 0.06 | 0.48 | 0.58 | |||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(c) | 4.49 | (8.01 | ) | 9.50 | (3.16 | ) | (3.69 | ) | 0.11 | |||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Net increase (decrease) from investment operations | 4.49 | (7.04 | ) | 10.04 | (3.10 | ) | (3.21 | ) | 0.69 | |||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Distributions from net investment income(d) | (0.41 | )(e) | (0.88 | ) | (0.43 | ) | (0.12 | ) | (0.78 | ) | (0.68 | ) | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 21.44 | $ | 17.36 | $ | 25.28 | $ | 15.67 | $ | 18.89 | $ | 22.88 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Total Return(f) | ||||||||||||||||||||||||||||||||||||||||||||
Based on net asset value | 26.12 | %(g) | (28.58 | )% | 64.50 | % | (16.58 | )% | (14.07 | )% | 3.03 | % | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Ratios to Average Net Assets(h) | ||||||||||||||||||||||||||||||||||||||||||||
Total expenses | 0.51 | %(i) | 0.50 | % | 0.50 | % | 0.51 | % | 0.49 | % | 0.47 | % | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Net investment income (loss) | (0.01 | )%(i) | 4.32 | % | 2.55 | % | 0.32 | % | 2.34 | % | 2.37 | % | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 49,310 | $ | 62,502 | $ | 89,752 | $ | 43,104 | $ | 54,767 | $ | 146,463 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
Portfolio turnover rate(j) | 13 | % | 19 | % | 14 | % | 16 | % | 17 | % | 19 | % | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Based on average shares outstanding. |
(b) | Rounds to less than $0.01. |
(c) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(d) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(e) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
(f) | Where applicable, assumes the reinvestment of distributions. |
(g) | Not annualized. |
(h) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(i) | Annualized. |
(j) | Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 33 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Belgium ETF | ||||||||||||||||||||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended 02/28/23 (unaudited) | Year Ended 08/31/22 | Year Ended 08/31/21 | Year Ended 08/31/20 | Year Ended 08/31/19 | Year Ended 08/31/18 | |||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 15.93 | $ | 22.28 | $ | 17.76 | $ | 18.48 | $ | 19.70 | $ | 20.59 | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||||
Net investment income(a) | 0.03 | 0.44 | 0.31 | 0.24 | 0.44 | 0.50 | ||||||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) | 2.64 | (5.80 | ) | 4.64 | (0.60 | ) | (1.22 | ) | (0.77 | ) | ||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||||
Net increase (decrease) from investment operations | 2.67 | (5.36 | ) | 4.95 | (0.36 | ) | (0.78 | ) | (0.27 | ) | ||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||||
Distributions from net investment income(c) | — | (0.99 | ) | (0.43 | ) | (0.36 | ) | (0.44 | ) | (0.62 | ) | |||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 18.60 | $ | 15.93 | $ | 22.28 | $ | 17.76 | $ | 18.48 | $ | 19.70 | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||||
Total Return(d) | ||||||||||||||||||||||||||||||||||||||||||||||||
Based on net asset value | 16.76 | %(e) | (24.77 | )% | 27.96 | %(f) | (2.02 | )% | (3.80 | )% | (1.34 | )% | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
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| |||||||||||||||||||||||||||||||||||||
Ratios to Average Net Assets(g) | ||||||||||||||||||||||||||||||||||||||||||||||||
Total expenses | 0.51 | %(h) | 0.50 | % | 0.50 | % | 0.51 | % | 0.49 | % | 0.47 | % | ||||||||||||||||||||||||||||||||||||
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Net investment income | 0.30 | %(h) | 2.22 | % | 1.52 | % | 1.34 | % | 2.43 | % | 2.40 | % | ||||||||||||||||||||||||||||||||||||
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Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 23,808 | $ | 17,845 | $ | 41,002 | $ | 32,685 | $ | 47,305 | $ | 59,903 | ||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||||
Portfolio turnover rate(i) | 4 | % | 7 | % | 16 | % | 18 | % | 11 | % | 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) | Includes payment received from a settlement of litigation, which impacted the Fund’ total return. Excluding the payment from a settlement of litigation, the Fund’s total return is 22.73%. |
(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 3 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI France ETF | ||||||||||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||||||||||
Six Months Ended 02/28/23 (unaudited) | Year Ended 08/31/22 | Year Ended 08/31/21 | Year Ended 08/31/20 | Year Ended 08/31/19 | Year Ended 08/31/18 | |||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 29.48 | $ | 38.85 | $ | 29.30 | $ | 29.41 | $ | 31.10 | $ | 29.64 | ||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||
Net investment income(a) | 0.12 | 1.27 | (b) | 0.72 | (b) | 0.32 | 0.83 | 0.80 | ||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(c) | 6.99 | (8.65 | ) | 9.43 | (0.18 | ) | (1.67 | ) | 1.40 | |||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||
Net increase (decrease) from investment operations | 7.11 | (7.38 | ) | 10.15 | 0.14 | (0.84 | ) | 2.20 | ||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||
Distributions from net investment income(d) | (0.12 | ) | (1.99 | ) | (0.60 | ) | (0.25 | ) | (0.85 | ) | (0.74 | ) | ||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 36.47 | $ | 29.48 | $ | 38.85 | $ | 29.30 | $ | 29.41 | $ | 31.10 | ||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||
Total Return(e) | ||||||||||||||||||||||||||||||||||||||||||||
Based on net asset value | 24.13 | %(f) | (19.71 | )%(b) | 34.74 | %(b) | 0.50 | % | (2.64 | )% | 7.46 | % | ||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||
Ratios to Average Net Assets(g) | ||||||||||||||||||||||||||||||||||||||||||||
Total expenses | 0.51 | %(h) | 0.76 | % | 0.60 | % | 0.51 | % | 0.50 | % | 0.47 | % | ||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||
Total expenses excluding professional fees for foreign withholding tax claims | N/A | 0.50 | % | 0.50 | % | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||
Net investment income | 0.74 | %(h) | 3.62 | %(b) | 2.13 | %(b) | 1.09 | % | 2.84 | % | 2.53 | % | ||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 1,035,644 | $ | 790,162 | $ | 761,536 | $ | 884,935 | $ | 1,129,200 | $ | 939,218 | ||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||
Portfolio turnover rate(i) | 0 | %(j) | 9 | % | 4 | % | 2 | % | 2 | % | 4 | % | ||||||||||||||||||||||||||||||||
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(a) | Based on average shares outstanding. |
(b) | Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended August 31, 2022 and August 31, 2021: |
• | Net investment income per share by $0.58 and $0.30. |
• | Total return by 1.24% and 1.25%. |
• | Ratio of net investment income to average net assets by 1.66% 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. |
(j) | Rounds to less than 1%. |
See notes to financial statements.
FINANCIAL HIGHLIGHTS | 35 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Netherlands ETF | ||||||||||||||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended 02/28/23 (unaudited) | Year Ended 08/31/22 | Year Ended 08/31/21 | Year Ended 08/31/20 | Year Ended 08/31/19 | Year Ended 08/31/18 | |||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 34.26 | $ | 52.87 | $ | 35.38 | $ | 30.58 | $ | 31.12 | $ | 30.56 | ||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||||
Net investment income(a) | 0.09 | 0.84 | 0.40 | 0.33 | 0.88 | 0.62 | ||||||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) | 6.60 | (18.78 | ) | 17.55 | 4.80 | (0.56 | ) | 0.62 | ||||||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||||
Net increase (decrease) from investment operations | 6.69 | (17.94 | ) | 17.95 | 5.13 | 0.32 | 1.24 | |||||||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||||
Distributions from net investment income(c) | (0.25 | )(d) | (0.67 | ) | (0.46 | ) | (0.33 | ) | (0.86 | ) | (0.68 | ) | ||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 40.70 | $ | 34.26 | $ | 52.87 | $ | 35.38 | $ | 30.58 | $ | 31.12 | ||||||||||||||||||||||||||||||||||||
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Total Return(e) | ||||||||||||||||||||||||||||||||||||||||||||||||
Based on net asset value | 19.52 | %(f) | (34.09 | )% | 50.92 | % | 16.88 | % | 1.16 | % | 4.08 | % | ||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||||
Ratios to Average Net Assets(g) | ||||||||||||||||||||||||||||||||||||||||||||||||
Total expenses | 0.51 | %(h) | 0.50 | % | 0.50 | % | 0.51 | % | 0.50 | % | 0.47 | % | ||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||||
Net investment income | 0.47 | %(h) | 1.94 | % | 0.90 | % | 1.03 | % | 2.97 | % | 1.95 | % | ||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 288,993 | $ | 306,659 | $ | 330,434 | $ | 187,519 | $ | 133,042 | $ | 129,168 | ||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||||
Portfolio turnover rate(i) | 7 | % | 10 | % | 36 | % | 19 | % | 13 | % | 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) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
(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.
36 | 2 0 2 3 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Sweden ETF | ||||||||||||||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended 02/28/23 (unaudited) | Year Ended 08/31/22 | Year Ended 08/31/21 | Year Ended 08/31/20 | Year Ended 08/31/19 | Year Ended | |||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 30.10 | $ | 47.87 | $ | 35.73 | $ | 28.25 | $ | 31.85 | $ | 34.68 | ||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||||
Net investment income(a) | 0.08 | (b) | 1.46 | 0.99 | 0.34 | 0.95 | 1.14 | |||||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(c) | 5.34 | (16.83 | ) | 12.57 | 7.65 | (3.58 | ) | (2.19 | ) | |||||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||||
Net increase (decrease) from investment operations | 5.42 | (15.37 | ) | 13.56 | 7.99 | (2.63 | ) | (1.05 | ) | |||||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||||
Distributions from net investment income(d) | (0.20 | )(e) | (2.40 | ) | (1.42 | ) | (0.51 | ) | (0.97 | ) | (1.78 | ) | ||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 35.32 | $ | 30.10 | $ | 47.87 | $ | 35.73 | $ | 28.25 | $ | 31.85 | ||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||||
Total Return(f) | ||||||||||||||||||||||||||||||||||||||||||||||||
Based on net asset value | 18.04 | %(b)(g) | (33.28 | )% | 38.09 | % | 28.51 | % | (8.41 | )% | (2.88 | )% | ||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||||
Ratios to Average Net Assets(h) | ||||||||||||||||||||||||||||||||||||||||||||||||
Total expenses | 0.52 | %(i)(j) | 0.54 | % | 0.54 | % | 0.55 | % | 0.55 | % | 0.53 | % | ||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||||
Total expenses excluding professional fees for foreign withholding tax claims | 0.51 | %(i) | 0.50 | % | 0.50 | % | 0.51 | % | 0.49 | % | 0.47 | % | ||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||||
Net investment income | 0.54 | %(b)(i) | 3.67 | % | 2.27 | % | 1.09 | % | 3.16 | % | 3.34 | % | ||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 275,526 | $ | 408,555 | $ | 653,396 | $ | 246,503 | $ | 205,516 | $ | 248,468 | ||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||||
Portfolio turnover rate(k) | 5 | % | 18 | % | 11 | % | 8 | % | 4 | % | 5 | % | ||||||||||||||||||||||||||||||||||||
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|
(a) | Based on average shares outstanding. |
(b) | Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended February 28, 2023: |
• | Net investment income per share by $0.02. |
• | Total return by 0.09%. |
• | Ratio of net investment income to average net assets by 0.13%. |
(c) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(d) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(e) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
(f) | Where applicable, assumes the reinvestment of distributions. |
(g) | Not annualized. |
(h) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(i) | Annualized. |
(j) | Professional fees were not annualized in the calculation of the expense ratio. If this expense was annualized, the total expense would have been 0.52%. |
(k) | 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, 2023, if any, are disclosed in the Statements of Assets and Liabilities.
The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.
Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.
In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.
38 | 2 0 2 3 I SHARES SEMI - ANNUAL REPORT TO 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. The Board of Directors of the Company (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
• | Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price. |
• | Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV. |
• | Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded. |
• | Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the New York Stock Exchange (“NYSE”) 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 NYSE. Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.
Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.
Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• | Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access; |
• | Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and |
• | Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification
NOTES TO FINANCIAL STATEMENTS | 39 |
Notes to Financial Statements (unaudited) (continued)
is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
4. | SECURITIES AND OTHER INVESTMENTS |
Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.
Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.
As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:
| ||||||||||||||||
iShares ETF and Counterparty | | Securities Loaned at Value |
| | Cash Collateral Received | (a) | | Non-Cash Collateral Received, at Fair Value | (a) | Net Amount | ||||||
| ||||||||||||||||
MSCI Austria | ||||||||||||||||
Barclays Capital, Inc. | $ | 1,064,057 | $ | (1,064,057 | ) | $ | — | $ | — | |||||||
BNP Paribas SA | 2,042 | (2,042 | ) | — | — | |||||||||||
BofA Securities, Inc. | 1,372,080 | (1,372,080 | ) | — | — | |||||||||||
Citigroup Global Markets, Inc. | 854,988 | (854,988 | ) | — | — | |||||||||||
Goldman Sachs & Co. LLC | 91,574 | (91,574 | ) | — | — | |||||||||||
HSBC Bank PLC | 227,583 | (227,583 | ) | — | — | |||||||||||
Morgan Stanley | 1,027,116 | (1,027,116 | ) | — | — | |||||||||||
UBS AG | 329,673 | (329,673 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 4,969,113 | $ | (4,969,113 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Belgium | ||||||||||||||||
BNP Paribas SA | $ | 10,482 | $ | (10,482 | ) | $ | — | $ | — | |||||||
BofA Securities, Inc. | 22,097 | (21,988 | ) | — | 109 | (b) | ||||||||||
Goldman Sachs & Co. LLC | 106,382 | (106,382 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 138,961 | $ | (138,852 | ) | $ | — | $ | 109 | ||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI France | ||||||||||||||||
BofA Securities, Inc. | $ | 3,709,565 | $ | (3,709,565 | ) | $ | — | $ | — | |||||||
Morgan Stanley | 1,354,109 | (1,354,109 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 5,063,674 | $ | (5,063,674 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
40 | 2 0 2 3 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
| ||||||||||||||||
iShares ETF and Counterparty | | Securities Loaned at Value |
| | Cash Collateral Received | (a) | | Non-Cash Collateral Received, at Fair Value | (a) | Net Amount | ||||||
| ||||||||||||||||
MSCI Netherlands | ||||||||||||||||
Barclays Capital, Inc. | $ | 237,948 | $ | (237,948 | ) | $ | — | $ | — | |||||||
BNP Paribas SA | 3,539 | (3,539 | ) | — | — | |||||||||||
BofA Securities, Inc. | 958,838 | (958,838 | ) | — | — | |||||||||||
Citigroup Global Markets, Inc. | 60,781 | (60,781 | ) | — | — | |||||||||||
J.P. Morgan Securities LLC | 156,518 | (156,518 | ) | — | — | |||||||||||
Morgan Stanley | 836,741 | (836,741 | ) | — | — | |||||||||||
UBS AG | 63,701 | (63,701 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 2,318,066 | $ | (2,318,066 | ) | $ | — | $ | — | ||||||||
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|
|
|
|
| |||||||||
MSCI Sweden | ||||||||||||||||
BofA Securities, Inc. | $ | 1,596,485 | $ | (1,596,485 | ) | $ | — | $ | — | |||||||
J.P. Morgan Securities LLC | 248,646 | (248,646 | ) | — | — | |||||||||||
Morgan Stanley | 1,199,010 | (1,199,010 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 3,044,141 | $ | (3,044,141 | ) | $ | — | $ | — | ||||||||
|
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|
|
|
|
|
(a) | Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s Statements of Assets and Liabilities. |
(b) | The market value of the loaned securities is determined as of February 28, 2023. 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.
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.
NOTES TO FINANCIAL STATEMENTS | 41 |
Notes to Financial Statements (unaudited) (continued)
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 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 Fees | |||
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.
42 | 2 0 2 3 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
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, 2023, the Funds paid BTC the following amounts for securities lending agent services:
iShares ETF | Amounts | |||
MSCI Austria | $ | 20,006 | ||
MSCI Belgium | 475 | |||
MSCI France | 1,438 | |||
MSCI Netherlands | 31,349 | |||
MSCI Sweden | 15,575 |
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, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:
iShares ETF | Purchases | Sales | Net Realized Gain (Loss) | |||||||||
MSCI Austria | $ | 82,804 | $ | 1,781,695 | $ | (308,968 | ) | |||||
MSCI Belgium | 213,528 | 219,106 | (111,363 | ) | ||||||||
MSCI France | 649,960 | 1,059,564 | (1,055,449 | ) | ||||||||
MSCI Netherlands | 8,256,476 | 5,696,178 | (1,329,735 | ) | ||||||||
MSCI Sweden | 676,666 | 27,819 | 2,546 |
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, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:
iShares ETF | Purchases | Sales | ||||||
MSCI Austria | $ | 6,010,099 | $ | 7,270,249 | ||||
MSCI Belgium | 896,899 | 600,721 | ||||||
MSCI France | 3,420,867 | 3,642,353 | ||||||
MSCI Netherlands | 21,685,265 | 20,125,581 | ||||||
MSCI Sweden | 16,042,272 | 20,811,368 |
For the six months ended February 28, 2023, in-kind transactions were as follows:
iShares ETF | In-kind Purchases | In-kind Sales | ||||||
MSCI Austria | $ | 1,034,545 | $ | 22,040,796 | ||||
MSCI Belgium | 8,906,848 | 4,974,270 | ||||||
MSCI France | 65,967,759 | 19,844,797 | ||||||
MSCI Netherlands | 43,744,912 | 109,222,599 | ||||||
MSCI Sweden | — | 107,491,001 |
NOTES TO FINANCIAL STATEMENTS | 43 |
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, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.
As of August 31, 2022, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:
iShares ETF | Amounts | |||
MSCI Austria | $ | 46,096,951 | ||
MSCI Belgium | 19,521,335 | |||
MSCI France | 75,649,889 | |||
MSCI Netherlands | 24,475,991 | |||
MSCI Sweden | 61,327,087 |
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, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:
iShares ETF | Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
MSCI Austria | $ | 61,712,708 | $ | 1,533,341 | $ | (9,552,311 | ) | $ | (8,018,970 | ) | ||||||
MSCI Belgium | 30,125,208 | 450,492 | (6,811,288 | ) | (6,360,796 | ) | ||||||||||
MSCI France | 1,030,745,685 | 104,101,166 | (85,391,366 | ) | 18,709,800 | |||||||||||
MSCI Netherlands | 352,090,311 | 2,698,330 | (63,428,492 | ) | (60,730,162 | ) | ||||||||||
MSCI Sweden | 359,866,369 | 890,307 | (85,067,073 | ) | (84,176,766 | ) |
9. | PRINCIPAL RISKS |
In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.
BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.
The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.
Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.
Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.
44 | 2 0 2 3 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
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 BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.
With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.
Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.
Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedule of Investments.
Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.
Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. These events and actions have adversely affected, and may in the future adversely affect, the value and exchange rate of the Euro and may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-European Union member states. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but have been, and may continue to be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.
Certain Funds invest a significant portion of their assets in securities 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 Funds may be exposed to financial instruments that are tied to the London Interbank Offered Rate (“LIBOR”) to determine payment obligations, financing terms, hedging strategies or investment value. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, announced that a majority of USD LIBOR settings will no longer be published after June 30, 2023. All other LIBOR settings and certain other interbank offered rates ceased to be published after December 31, 2021. The Secured Overnight Financing Rate (“SOFR”) has been used increasingly on a voluntary basis in new instruments and transactions. The Federal Reserve Board adopted regulations that provide a fallback mechanism by identifying benchmark rates based on SOFR that will replace LIBOR in certain financial contracts after June 30, 2023. The ultimate effect of the LIBOR transition process on the Funds is uncertain.
NOTES TO FINANCIAL STATEMENTS | 45 |
Notes to Financial Statements (unaudited) (continued)
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:
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Six Months Ended 02/28/23 | Year Ended 08/31/22 | |||||||||||||||||||
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iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||||||
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MSCI Austria | ||||||||||||||||||||
Shares sold | 50,000 | $ | 1,053,760 | 2,000,000 | $ | 42,379,768 | ||||||||||||||
Shares redeemed | (1,350,000 | ) | (22,414,665 | ) | (1,950,000 | ) | (42,536,357 | ) | ||||||||||||
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(1,300,000 | ) | $ | (21,360,905 | ) | 50,000 | $ | (156,589 | ) | ||||||||||||
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MSCI Belgium | ||||||||||||||||||||
Shares sold | 480,000 | $ | 9,024,958 | 240,000 | $ | 4,759,217 | ||||||||||||||
Shares redeemed | (320,000 | ) | (5,040,113 | ) | (960,000 | ) | (19,865,039 | ) | ||||||||||||
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160,000 | $ | 3,984,845 | (720,000 | ) | $ | (15,105,822 | ) | |||||||||||||
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MSCI France | ||||||||||||||||||||
Shares sold | 2,200,000 | $ | 66,529,019 | 10,200,000 | $ | 348,855,840 | ||||||||||||||
Shares redeemed | (600,000 | ) | (19,894,422 | ) | (3,000,000 | ) | (107,263,059 | ) | ||||||||||||
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1,600,000 | $ | 46,634,597 | 7,200,000 | $ | 241,592,781 | |||||||||||||||
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MSCI Netherlands | ||||||||||||||||||||
Shares sold | 1,100,000 | $ | 45,941,909 | 6,650,000 | $ | 293,965,547 | ||||||||||||||
Shares redeemed | (2,950,000 | ) | (109,763,211 | ) | (3,950,000 | ) | (157,348,773 | ) | ||||||||||||
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(1,850,000 | ) | $ | (63,821,302 | ) | 2,700,000 | $ | 136,616,774 | |||||||||||||
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MSCI Sweden | ||||||||||||||||||||
Shares sold | 150,000 | $ | 5,518,171 | 8,550,000 | $ | 345,947,502 | ||||||||||||||
Shares redeemed | (5,925,000 | ) | (195,224,516 | ) | (8,625,000 | ) | (335,624,922 | ) | ||||||||||||
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(5,775,000 | ) | $ | (189,706,345 | ) | (75,000 | ) | $ | 10,322,580 | ||||||||||||
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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.
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, 2023, is $6,282,985 or $0.80 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 and related interest associated with 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.
46 | 2 0 2 3 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 | 47 |
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, 2022 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2021 through September 30, 2022 (the “Program Reporting Period”).
The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays, the imposition of capital controls in certain non-U.S. countries, Russian sanctions and the closure of the Russian securities market.
The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:
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. The Committee also considered that ETFs generally do not engage in borrowing. |
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. However, there were no ETFs with persistent deviations of fund premium/discount or bid/ask spreads from long-term averages over the Program Reporting Period. |
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. |
There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.
48 | 2 0 2 3 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Supplemental Information (unaudited)
Section 19(a) Notices
The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.
February 28, 2023
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 | ||||||||||||||||||||||||||||
MSCI Austria(a) | $ | 0.381655 | $ | — | $ | 0.026849 | $ | 0.408504 | 93 | % | — | % | 7 | % | 100 | % | ||||||||||||||||||||
MSCI Netherlands(a) | 0.243211 | — | 0.003327 | 0.246538 | 99 | — | 1 | 100 | ||||||||||||||||||||||||||||
MSCI Sweden(a) | 0.160279 | — | 0.037644 | 0.197923 | 81 | — | 19 | 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 | 49 |
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.
50 | 2 0 2 3 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Glossary of Terms Used in this Report
Portfolio Abbreviation | ||
NVS | Non-Voting Shares |
Currency Abbreviations
EUR | Euro | |
SEK | Swedish Krona | |
USD | United States Dollar |
GLOSSARY OF TERMS USED IN THIS REPORT | 51 |
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.
©2023 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-802-0223
FEBRUARY 28, 2023 |
2023 Semi-Annual Report (Unaudited)
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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,
Significant economic headwinds emerged during the 12-month reporting period ended February 28, 2023, as investors navigated changing economic conditions and volatile markets. The U.S. economy shrank in the first half of 2022 before returning to modest growth in the second half of the year, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high before beginning to moderate. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.
Equity prices fell as interest rates rose, particularly during the first half of the reporting period. Both large-and small-capitalization U.S. stocks fell, although equities began to recover in the second half of the period as inflation eased and economic growth resumed. Emerging market stocks and international equities from developed markets declined overall, pressured by rising interest rates and a strong U.S. dollar.
The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to fluctuating inflation data and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and higher interest rates led to rising borrowing costs for corporate issuers.
The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates eight times. Furthermore, the Fed wound down its bond-buying programs and accelerated the reduction of its balance sheet.
Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth slowed in the last year, we believe that taming inflation requires a more substantial decline that lowers demand to a level more in line with the economy’s productive capacity. Although the Fed has decelerated the pace of interest rate hikes, it still seems determined to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, but the dimming economic outlook has not yet been fully reflected in current market prices. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions. Turmoil in the banking sector shortly following the end of the period highlighted the potential for the knock-on effects of substantially higher interest rates to disrupt markets with little warning.
While we favor an overweight to equities in the long term, several factors lead us to take an underweight stance on equities overall in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with the possibility of a recession in a business environment characterized by higher costs and reduced pricing power. Nevertheless, we are overweight on emerging market stocks as a weaker U.S. dollar provides a supportive backdrop. We also see long-term opportunities in credit, where valuations are appealing and higher yields provide attractive income, although we are neutral on credit in the near term, as we believe that troubles in the banking sector will likely lead to reduced lending. However, we believe there are still some strong opportunities for a six- to twelve-month horizon, particularly short-term U.S. Treasuries, global inflation-linked bonds, and emerging market bonds denominated in local currency.
Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.
Rob Kapito
President, BlackRock, Inc.
Rob Kapito
President, BlackRock, Inc.
Total Returns as of February 28, 2023 | ||||||||
6-Month | 12-Month | |||||||
U.S. large cap equities (S&P 500® Index) | 1.26% | (7.69)% | ||||||
U.S. small cap equities (Russell 2000® Index) | 3.63 | (6.02) | ||||||
International equities (MSCI Europe, Australasia, Far East Index) | 12.58 | (3.14) | ||||||
Emerging market equities (MSCI Emerging Markets Index) | (2.29) | (15.28) | ||||||
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index) | 1.74 | 2.11 | ||||||
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index) | (4.81) | (14.06) | ||||||
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index) | (2.13) | (9.72) | ||||||
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index) | 0.66 | (5.10) | ||||||
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index) | 2.52 | (5.45) | ||||||
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, 2023 | 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-Month Total Returns | | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||
Fund NAV | 23.89 | % | 1.26 | % | 2.56 | % | 5.42 | % | 1.26 | % | 13.45 | % | 69.58 | % | ||||||||||||||||||
Fund Market | 23.88 | 2.09 | 2.73 | 5.48 | 2.09 | 14.43 | 70.53 | |||||||||||||||||||||||||
Index | 24.10 | 0.68 | 2.50 | 5.46 | 0.68 | 13.13 | 70.14 |
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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| Beginning Account Value (09/01/22) | | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/22) | | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 1,238.90 | $ | 2.83 | $ | 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 “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
Sector | | Percent of Total Investments | (a) | |
Financials | 17.1 | % | ||
Consumer Discretionary | 16.0 | |||
Industrials | 15.9 | |||
Information Technology | 12.7 | |||
Consumer Staples | 7.9 | |||
Health Care | 7.8 | |||
Materials | 6.3 | |||
Utilities | 5.9 | |||
Energy | 5.0 | |||
Communication Services | 4.4 | |||
Real Estate | 1.0 |
GEOGRAPHIC ALLOCATION
Country/Geographic Region | | Percent of Total Investments | (a) | |
France | 36.2 | % | ||
Germany | 24.8 | |||
Netherlands | 13.3 | |||
Spain | 7.9 | |||
Italy | 7.0 | |||
Belgium | 3.0 | |||
Finland | 3.0 | |||
Ireland | 2.3 | |||
Switzerland | 0.8 | |||
Austria | 0.6 |
(a) | Excludes money market funds. |
4 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of February 28, 2023 | 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-Month Total Returns | | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||
Fund NAV | 24.85 | % | (4.11 | )% | (0.97 | )% | 3.35 | % | (4.11 | )% | (4.75 | )% | 39.00 | % | ||||||||||||||||||
Fund Market | 25.00 | (3.22 | ) | (0.84 | ) | 3.38 | (3.22 | ) | (4.13 | ) | 39.44 | |||||||||||||||||||||
Index | 25.30 | (4.48 | ) | (0.76 | ) | 3.54 | (4.48 | ) | (3.75 | ) | 41.64 |
Certain sectors and markets performed exceptionally well based on market conditions during the six-months period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
|
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| |||||||||||||||||||||||||||
| Beginning Account Value (09/01/22) | | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/22) | | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 1,248.50 | $ | 2.84 | $ | 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 “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
Sector | | Percent of Total Investments | (a) | |
Industrials | 18.8 | % | ||
Financials | 17.9 | |||
Consumer Discretionary | 16.5 | |||
Information Technology | 13.5 | |||
Health Care | 11.3 | |||
Materials | 6.6 | |||
Communication Services | 6.5 | |||
Utilities | 4.1 | |||
Consumer Staples | 2.8 | |||
Real Estate | 2.0 |
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments | (a) | |
SAP SE | 9.4 | % | ||
Siemens AG | 9.2 | |||
Allianz SE | 7.5 | |||
Deutsche Telekom AG | 5.7 | |||
Mercedes-Benz Group AG | 4.9 | |||
Bayer AG | 4.6 | |||
Muenchener Rueckversicherungs-Gesellschaft AG in | ||||
Muenchen | 3.8 | |||
BASF SE | 3.7 | |||
Infineon Technologies AG | 3.6 | |||
Deutsche Post AG | 3.3 |
(a) | Excludes money market funds. |
F U N D S U M M A R Y | 5 |
Fund Summary as of February 28, 2023 | 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-Month Total Returns | | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||
Fund NAV | 31.51 | % | 2.86 | % | 2.21 | % | 4.93 | % | 2.86 | % | 11.55 | % | 61.81 | % | ||||||||||||||||||
Fund Market | 31.64 | 3.79 | 2.36 | 4.98 | 3.79 | 12.38 | 62.63 | |||||||||||||||||||||||||
Index | 31.45 | 2.65 | 2.43 | 5.03 | 2.65 | 12.75 | 63.40 |
Certain sectors and markets performed exceptionally well based on market conditions during the six-months period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.
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 not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||
| Beginning Account Value (09/01/22) | | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/22) | | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 1,315.10 | $ | 2.93 | $ | 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 “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
Sector | | Percent of Total Investments | (a) | |
Financials | 31.5 | % | ||
Utilities | 17.8 | |||
Consumer Discretionary | 17.5 | |||
Energy | 10.8 | |||
Industrials | 8.2 | |||
Health Care | 5.7 | |||
Communication Services | 3.8 | |||
Consumer Staples | 2.5 | |||
Information Technology | 2.2 |
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments | (a) | |
Enel SpA | 10.5 | % | ||
Intesa Sanpaolo SpA | 9.9 | |||
Stellantis NV | 8.8 | |||
UniCredit SpA | 8.1 | |||
Eni SpA | 7.9 | |||
Assicurazioni Generali SpA | 4.7 | |||
CNH Industrial NV | 4.6 | |||
Ferrari NV | 4.5 | |||
Moncler SpA | 4.3 | |||
Terna - Rete Elettrica Nazionale | 3.7 |
(a) | Excludes money market funds. |
6 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of February 28, 2023 | 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-Month Total Returns | | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||
Fund NAV | 27.58 | % | 9.80 | % | (0.56 | )% | 2.54 | % | 9.80 | % | (2.75 | )% | 28.48 | % | ||||||||||||||||||
Fund Market | 27.83 | 10.41 | (0.41 | ) | 2.60 | 10.41 | (2.02 | ) | 29.23 | |||||||||||||||||||||||
Index | 27.88 | 9.82 | (0.21 | ) | 2.96 | 9.82 | (1.03 | ) | 33.85 |
Certain sectors and markets performed exceptionally well based on market conditions during the six-months period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.
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 not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||
| Beginning Account Value (09/01/22) | | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/22) | | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 1,275.80 | $ | 2.88 | $ | 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 “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
Sector | | Percent of Total Investments | (a) | |
Financials | 33.0 | % | ||
Utilities | 31.2 | |||
Industrials | 11.4 | |||
Communication Services | 8.8 | |||
Information Technology | 4.7 | |||
Consumer Discretionary | 4.6 | |||
Energy | 4.4 | |||
Health Care | 1.9 |
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments | (a) | |
Iberdrola SA | 17.9 | % | ||
Banco Santander SA | 16.7 | |||
Banco Bilbao Vizcaya Argentaria SA | 11.8 | |||
Amadeus IT Group SA | 4.6 | |||
Industria de Diseno Textil SA | 4.6 | |||
Telefonica SA | 4.6 | |||
CaixaBank SA | 4.5 | |||
Repsol SA | 4.4 | |||
Ferrovial SA | 4.3 | |||
Cellnex Telecom SA | 4.2 |
(a) | Excludes money market funds. |
F U N D S U M M A R Y | 7 |
Fund Summary as of February 28, 2023 | 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-Month Total Returns | | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||
Fund NAV | 6.68 | % | (8.34 | )% | 6.53 | % | 6.39 | % | (8.34 | )% | 37.17 | % | 85.78 | % | ||||||||||||||||||
Fund Market | 6.80 | (7.69 | ) | 6.55 | 6.45 | (7.69 | ) | 37.33 | 86.88 | |||||||||||||||||||||||
Index | 7.01 | (8.14 | ) | 6.74 | 6.60 | (8.14 | ) | 38.57 | 89.52 |
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 not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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| Beginning Account Value (09/01/22) | | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/22) | | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 1,066.80 | $ | 2.61 | $ | 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 “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
Sector | | Percent of Total Investments | (a) | |
Health Care | 32.7 | % | ||
Consumer Staples | 22.7 | |||
Financials | 17.1 | |||
Industrials | 9.8 | |||
Materials | 8.9 | |||
Consumer Discretionary | 5.6 | |||
Information Technology | 1.2 | |||
Communication Services | 1.2 | |||
Other (each representing less than 1%) | 0.8 |
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments | (a) | |
Nestle SA | 20.2 | % | ||
Roche Holding AG | 12.9 | |||
Novartis AG | 11.5 | |||
UBS Group AG | 4.5 | |||
Zurich Insurance Group AG | 4.5 | |||
Cie. Financiere Richemont SA, Class A | 4.4 | |||
ABB Ltd. | 3.7 | |||
Lonza Group AG | 3.1 | |||
Sika AG | 2.9 | |||
Holcim AG | 2.5 |
(a) | Excludes money market funds. |
8 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
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 the Period.”
The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.
A B O U T F U N D P E R F O R M A N C E / D I S C L O S U R E O F E X P E N S E S | 9 |
Schedule of Investments (unaudited) February 28, 2023 | iShares® MSCI Eurozone ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
| ||||||||
Common Stocks | ||||||||
Austria — 0.6% | ||||||||
Erste Group Bank AG | 496,308 | $ | 19,481,574 | |||||
OMV AG | 214,829 | 10,463,777 | ||||||
Verbund AG | 100,424 | 8,684,909 | ||||||
voestalpine AG | 172,001 | 6,352,870 | ||||||
|
| |||||||
44,983,130 | ||||||||
Belgium — 3.0% | ||||||||
Ageas SA/NV | 236,628 | 10,678,801 | ||||||
Anheuser-Busch InBev SA/NV | 1,263,375 | 76,634,484 | ||||||
Argenx SE(a) | 80,055 | 29,140,420 | ||||||
D’ieteren Group | 36,382 | 7,051,285 | ||||||
Elia Group SA/NV | 48,756 | 6,422,547 | ||||||
Groupe Bruxelles Lambert NV | 144,902 | 12,163,935 | ||||||
KBC Group NV | 362,787 | 27,091,326 | ||||||
Sofina SA | 22,493 | 5,603,547 | ||||||
Solvay SA | 108,755 | 12,422,848 | ||||||
UCB SA | 183,824 | 15,803,029 | ||||||
Umicore SA | 305,347 | 10,176,788 | ||||||
Warehouses De Pauw CVA | 240,380 | 7,335,928 | ||||||
|
| |||||||
220,524,938 | ||||||||
Finland — 3.0% | ||||||||
Elisa OYJ | 207,536 | 11,785,585 | ||||||
Fortum OYJ | 659,056 | 10,072,647 | ||||||
Kesko OYJ, Class B | 399,236 | 8,669,748 | ||||||
Kone OYJ, Class B | 495,489 | 25,731,542 | ||||||
Metso Outotec OYJ | 965,693 | 10,295,844 | ||||||
Neste OYJ | 617,434 | 29,779,606 | ||||||
Nokia OYJ | 7,862,518 | 36,376,321 | ||||||
Orion OYJ, Class B | 155,748 | 7,339,029 | ||||||
Sampo OYJ, Class A | 699,004 | 34,027,639 | ||||||
Stora Enso OYJ, Class R | 808,840 | 11,435,224 | ||||||
UPM-Kymmene OYJ | 776,554 | 28,139,550 | ||||||
Wartsila OYJ Abp | 698,488 | 6,746,433 | ||||||
|
| |||||||
220,399,168 | ||||||||
France — 36.1% | ||||||||
Accor SA(a) | 249,987 | 8,296,894 | ||||||
Aeroports de Paris(a) | 43,247 | 6,266,121 | ||||||
Air Liquide SA | 762,168 | 121,090,484 | ||||||
Airbus SE | 860,815 | 112,741,359 | ||||||
Alstom SA | 463,149 | 13,592,593 | ||||||
Amundi SA(b) | 89,785 | 5,905,442 | ||||||
ArcelorMittal SA | 767,437 | 23,030,321 | ||||||
Arkema SA | 87,871 | 8,908,280 | ||||||
AXA SA | 2,739,080 | 86,312,416 | ||||||
BioMerieux | 61,871 | 6,058,438 | ||||||
BNP Paribas SA | 1,615,755 | 112,959,268 | ||||||
Bollore SE | 1,294,750 | 7,232,406 | ||||||
Bouygues SA | 334,500 | 11,318,380 | ||||||
Bureau Veritas SA | 428,775 | 12,248,619 | ||||||
Capgemini SE | 238,279 | 44,685,907 | ||||||
Carrefour SA | 874,687 | 17,292,084 | ||||||
Cie. de Saint-Gobain | 718,527 | 42,696,764 | ||||||
Cie. Generale des Etablissements Michelin SCA | 989,928 | 31,099,617 | ||||||
Covivio | 70,254 | 4,499,413 | ||||||
Credit Agricole SA | 1,772,230 | 21,599,088 | ||||||
Danone SA | 932,107 | 52,395,890 | ||||||
Dassault Aviation SA | 37,008 | 6,362,069 | ||||||
Dassault Systemes SE | 969,397 | 37,409,197 | ||||||
Edenred | 363,802 | 20,477,044 |
Security | Shares | Value | ||||||
| ||||||||
France (continued) | ||||||||
Eiffage SA | 121,174 | $ | 13,298,735 | |||||
Engie SA | 2,656,531 | 38,767,741 | ||||||
EssilorLuxottica SA | 422,964 | 73,322,239 | ||||||
Eurazeo SE | 64,840 | 4,363,096 | ||||||
Eurofins Scientific SE | 196,889 | 13,722,100 | ||||||
Euronext NV(b) | 125,280 | 9,137,917 | ||||||
Gecina SA | 67,091 | 7,718,796 | ||||||
Getlink SE | 641,291 | 10,770,376 | ||||||
Hermes International | 46,107 | 83,459,783 | ||||||
Ipsen SA | 55,070 | 6,292,218 | ||||||
Kering SA | 108,872 | 63,833,899 | ||||||
Klepierre SA | 313,693 | 7,823,398 | ||||||
La Francaise des Jeux SAEM(b) | 153,169 | 6,045,961 | ||||||
Legrand SA | 388,534 | 35,887,784 | ||||||
L’Oreal SA | 351,705 | 139,019,420 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 403,039 | 335,056,910 | ||||||
Orange SA | 2,905,196 | 33,166,565 | ||||||
Pernod Ricard SA | 300,094 | 62,602,974 | ||||||
Publicis Groupe SA | 332,654 | 26,408,450 | ||||||
Remy Cointreau SA | 34,043 | 5,976,115 | ||||||
Renault SA(a) | 280,014 | 12,532,547 | ||||||
Safran SA | 497,114 | 70,193,154 | ||||||
Sanofi | 1,661,135 | 155,313,204 | ||||||
Sartorius Stedim Biotech | 40,047 | 13,043,171 | ||||||
Schneider Electric SE | 790,017 | 126,763,799 | ||||||
SEB SA | 37,201 | 4,291,400 | ||||||
Societe Generale SA | 1,174,329 | 33,843,630 | ||||||
Sodexo SA | 129,821 | 12,023,723 | ||||||
Teleperformance | 85,921 | 22,304,026 | ||||||
Thales SA | 155,551 | 21,746,627 | ||||||
TotalEnergies SE | 3,623,293 | 223,572,202 | ||||||
Unibail-Rodamco-Westfield(a) | 171,996 | 10,868,002 | ||||||
Valeo | 302,699 | 6,288,493 | ||||||
Veolia Environnement SA | 968,910 | 28,916,444 | ||||||
Vinci SA | 782,229 | 88,945,556 | ||||||
Vivendi SE | 1,050,987 | 10,815,371 | ||||||
Wendel SE | 39,179 | 4,443,345 | ||||||
Worldline SA/France(a)(b) | 346,586 | 14,436,153 | ||||||
|
| |||||||
2,651,493,418 | ||||||||
Germany — 23.3% | ||||||||
adidas AG | 235,878 | 35,227,617 | ||||||
Allianz SE, Registered | 587,279 | 137,900,957 | ||||||
Aroundtown SA(c) | 1,460,585 | 3,783,939 | ||||||
BASF SE | 1,335,857 | 68,398,897 | ||||||
Bayer AG, Registered | 1,430,614 | 84,951,587 | ||||||
Bayerische Motoren Werke AG | 481,723 | 49,697,131 | ||||||
Bechtle AG | 120,015 | 5,054,175 | ||||||
Beiersdorf AG | 146,335 | 17,464,432 | ||||||
Brenntag SE | 224,704 | 16,925,419 | ||||||
Carl Zeiss Meditec AG, Bearer | 58,619 | 7,813,622 | ||||||
Commerzbank AG(a) | 1,547,902 | 18,861,944 | ||||||
Continental AG | 160,667 | 11,534,610 | ||||||
Covestro AG(b) | 281,596 | 12,379,077 | ||||||
Daimler Truck Holding AG(a) | 659,233 | 20,880,605 | ||||||
Delivery Hero SE(a)(b) | 250,769 | 10,077,314 | ||||||
Deutsche Bank AG, Registered | 3,006,304 | 37,480,536 | ||||||
Deutsche Boerse AG | 276,396 | 48,196,232 | ||||||
Deutsche Lufthansa AG, Registered(a) | 871,838 | 9,032,904 | ||||||
Deutsche Post AG, Registered | 1,441,725 | 60,971,886 | ||||||
Deutsche Telekom AG, Registered | 4,719,842 | 105,927,631 |
10 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Eurozone ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Germany (continued) | ||||||||
E.ON SE | 3,264,192 | $ | 35,615,143 | |||||
Evonik Industries AG | 307,544 | 6,566,590 | ||||||
Fresenius Medical Care AG & Co. KGaA(c) | 299,611 | 11,707,460 | ||||||
Fresenius SE & Co. KGaA | 615,135 | 16,926,787 | ||||||
GEA Group AG | 222,677 | 9,788,852 | ||||||
Hannover Rueck SE | 87,959 | 17,081,513 | ||||||
HeidelbergCement AG | 211,159 | 14,496,582 | ||||||
HelloFresh SE(a) | 242,806 | 5,439,464 | ||||||
Henkel AG & Co. KGaA | 151,135 | 10,450,213 | ||||||
Infineon Technologies AG | 1,899,420 | 67,194,604 | ||||||
Knorr-Bremse AG | 105,761 | 7,188,035 | ||||||
LEG Immobilien SE | 108,610 | 7,865,265 | ||||||
Mercedes-Benz Group AG | 1,168,397 | 89,549,105 | ||||||
Merck KGaA | 187,667 | 35,561,580 | ||||||
MTU Aero Engines AG | 77,820 | 18,779,759 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered | 203,980 | 70,266,442 | ||||||
Nemetschek SE | 84,809 | 4,802,722 | ||||||
Puma SE | 154,429 | 9,830,090 | ||||||
Rational AG | 7,584 | 5,030,408 | ||||||
Rheinmetall AG | 63,248 | 16,076,213 | ||||||
RWE AG | 934,370 | 39,661,403 | ||||||
SAP SE | 1,520,602 | 172,756,879 | ||||||
Scout24 SE(b) | 117,615 | 6,446,026 | ||||||
Siemens AG, Registered | 1,113,976 | 169,760,797 | ||||||
Siemens Healthineers AG(b) | 411,275 | 21,464,500 | ||||||
Symrise AG | 193,559 | 19,775,786 | ||||||
Telefonica Deutschland Holding AG | 1,532,559 | 4,648,920 | ||||||
United Internet AG, Registered(c) | 142,071 | 3,104,676 | ||||||
Volkswagen AG | 42,967 | 7,633,519 | ||||||
Vonovia SE | 1,045,226 | 26,286,435 | ||||||
Zalando SE(a)(b) | 325,005 | 12,876,715 | ||||||
|
| |||||||
1,707,192,998 | ||||||||
Ireland — 2.2% | ||||||||
AIB Group PLC | 1,570,396 | 6,707,632 | ||||||
Bank of Ireland Group PLC | 1,556,738 | 17,150,758 | ||||||
CRH PLC | 1,098,538 | 51,602,138 | ||||||
Flutter Entertainment PLC, Class DI(a) | 243,235 | 39,053,407 | ||||||
Kerry Group PLC, Class A | 231,994 | 22,212,206 | ||||||
Kingspan Group PLC | 224,666 | 14,582,630 | ||||||
Smurfit Kappa Group PLC | 358,966 | 13,391,845 | ||||||
|
| |||||||
164,700,616 | ||||||||
Italy — 7.0% | ||||||||
Amplifon SpA | 182,564 | 5,278,851 | ||||||
Assicurazioni Generali SpA | 1,615,595 | 31,955,448 | ||||||
DiaSorin SpA | 36,845 | 4,441,580 | ||||||
Enel SpA | 11,856,677 | 66,510,737 | ||||||
Eni SpA | 3,630,253 | 51,273,776 | ||||||
Ferrari NV | 182,996 | 47,477,616 | ||||||
FinecoBank Banca Fineco SpA | 880,635 | 15,217,787 | ||||||
Infrastrutture Wireless Italiane SpA(b) | 492,482 | 5,420,294 | ||||||
Intesa Sanpaolo SpA | 23,503,882 | 63,490,647 | ||||||
Mediobanca Banca di Credito Finanziario SpA | 885,615 | 9,450,855 | ||||||
Moncler SpA | 298,496 | 18,195,114 | ||||||
Nexi SpA(a)(b) | 863,675 | 6,970,428 | ||||||
Poste Italiane SpA(b) | 763,818 | 8,236,070 | ||||||
Prysmian SpA | 370,924 | 14,260,156 | ||||||
Recordati Industria Chimica e Farmaceutica SpA | 152,800 | 6,479,722 | ||||||
Snam SpA | 2,964,269 | 14,563,369 |
Security | Shares | Value | ||||||
Italy (continued) | ||||||||
Stellantis NV | 3,275,525 | $ | 57,302,941 | |||||
Telecom Italia SpA/Milano(a)(c) | 14,819,977 | 4,839,055 | ||||||
Tenaris SA | 688,329 | 11,324,482 | ||||||
Terna - Rete Elettrica Nazionale | 2,060,450 | 15,489,312 | ||||||
UniCredit SpA | 2,794,229 | 57,165,787 | ||||||
|
| |||||||
515,344,027 | ||||||||
Netherlands — 13.3% | ||||||||
ABN AMRO Bank NV, CVA(b) | 608,391 | 10,735,770 | ||||||
Adyen NV(a)(b) | 31,483 | 44,624,928 | ||||||
Aegon NV | 2,604,308 | 13,550,829 | ||||||
AerCap Holdings NV(a) | 197,984 | 12,362,121 | ||||||
Akzo Nobel NV | 263,695 | 19,290,570 | ||||||
ASM International NV | 67,967 | 23,167,633 | ||||||
ASML Holding NV | 587,027 | 361,817,721 | ||||||
Davide Campari-Milano NV | 765,740 | 8,572,938 | ||||||
EXOR NV, NVS(a) | 158,101 | 13,045,599 | ||||||
Heineken Holding NV | 167,759 | 14,351,620 | ||||||
Heineken NV | 376,993 | 38,426,326 | ||||||
IMCD NV | 82,883 | 13,119,637 | ||||||
ING Groep NV(a) | 5,474,709 | 76,619,185 | ||||||
JDE Peet’s NV | 150,044 | 4,416,853 | ||||||
Just Eat Takeaway.com NV(a)(b) | 269,025 | 5,851,373 | ||||||
Koninklijke Ahold Delhaize NV | 1,516,822 | 48,161,935 | ||||||
Koninklijke DSM NV | 254,051 | 31,306,706 | ||||||
Koninklijke KPN NV | 4,804,649 | 16,470,374 | ||||||
Koninklijke Philips NV | 1,288,012 | 21,029,093 | ||||||
NN Group NV | 406,656 | 16,460,034 | ||||||
OCI NV | 153,502 | 5,098,980 | ||||||
Prosus NV | 1,167,189 | 83,674,815 | ||||||
QIAGEN NV(a) | 331,160 | 15,243,140 | ||||||
Randstad NV | 174,459 | 10,704,834 | ||||||
Universal Music Group NV | 1,051,997 | 24,786,458 | ||||||
Wolters Kluwer NV | 381,176 | 44,127,808 | ||||||
|
| |||||||
977,017,280 | ||||||||
Portugal — 0.5% | ||||||||
EDP - Energias de Portugal SA | 4,053,927 | 20,414,444 | ||||||
Galp Energia SGPS SA | 732,249 | 8,933,087 | ||||||
Jeronimo Martins SGPS SA | 414,431 | 8,506,587 | ||||||
|
| |||||||
37,854,118 | ||||||||
Spain — 7.9% | ||||||||
Acciona SA | 36,918 | 6,955,540 | ||||||
ACS Actividades de Construccion y Servicios SA | 322,956 | 9,790,599 | ||||||
Aena SME SA(a)(b) | 110,293 | 17,063,041 | ||||||
Amadeus IT Group SA(a) | 656,435 | 41,278,493 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 8,824,913 | 68,596,289 | ||||||
Banco Santander SA | 24,456,133 | 96,293,683 | ||||||
CaixaBank SA | 6,465,360 | 27,761,403 | ||||||
Cellnex Telecom SA(b) | 823,009 | 30,878,266 | ||||||
Corp. ACCIONA Energias Renovables SA | 97,697 | 3,787,818 | ||||||
EDP Renovaveis SA | 420,180 | 8,598,868 | ||||||
Enagas SA | 213,004 | 3,820,532 | ||||||
Endesa SA | 467,645 | 9,170,526 | ||||||
Ferrovial SA | 712,883 | 19,786,681 | ||||||
Grifols SA(a) | 446,821 | 5,443,297 | ||||||
Iberdrola SA | 8,947,967 | 102,574,280 | ||||||
Industria de Diseno Textil SA | 1,589,449 | 48,965,721 | ||||||
Naturgy Energy Group SA | 213,257 | 5,866,626 | ||||||
Red Electrica Corp. SA | 392,304 | 6,507,772 | ||||||
Repsol SA | 2,012,497 | 31,827,314 |
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, 2023 | iShares® MSCI Eurozone ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Spain (continued) | ||||||||
Telefonica SA | 7,592,917 | $ | 30,975,119 | |||||
|
| |||||||
575,941,868 | ||||||||
Switzerland — 0.8% | ||||||||
Siemens Energy AG(a)(c) | 636,063 | 12,745,658 | ||||||
STMicroelectronics NV | 995,122 | 47,667,915 | ||||||
|
| |||||||
60,413,573 | ||||||||
United Kingdom — 0.6% | ||||||||
CNH Industrial NV | 1,491,463 | 24,448,602 | ||||||
Coca-Cola Europacific Partners PLC | 299,953 | 16,497,415 | ||||||
|
| |||||||
40,946,017 | ||||||||
|
| |||||||
Total Common Stocks — 98.3% | 7,216,811,151 | |||||||
|
| |||||||
Preferred Stocks | ||||||||
Germany — 1.6% | ||||||||
Bayerische Motoren Werke AG, Preference Shares, NVS | 87,018 | 8,241,988 | ||||||
Dr Ing hc F Porsche AG, Preference Shares, NVS | 166,433 | 20,057,541 | ||||||
Henkel AG & Co. KGaA, Preference Shares, NVS | 260,133 | 18,924,235 | ||||||
Porsche Automobil Holding SE, Preference Shares, NVS | 222,536 | 12,630,860 | ||||||
Sartorius AG, Preference Shares, NVS | 35,355 | 15,017,668 | ||||||
Volkswagen AG, Preference Shares, NVS | 270,280 | 36,792,026 | ||||||
|
| |||||||
111,664,318 | ||||||||
|
| |||||||
Total Preferred Stocks — 1.6% | 111,664,318 | |||||||
|
| |||||||
Total Long-Term Investments — 99.9% | 7,328,475,469 | |||||||
|
|
Security | Shares | Value | ||||||
Short-Term Securities | ||||||||
Money Market Funds — 0.5% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%(d)(e)(f) | 11,561,046 | $ | 11,567,983 | |||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(d)(e) | 26,440,000 | 26,440,000 | ||||||
|
| |||||||
Total Short-Term Securities — 0.5% |
| 38,007,983 | ||||||
|
| |||||||
Total Investments — 100.4% |
| 7,366,483,452 | ||||||
Liabilities in Excess of Other Assets — (0.4)% |
| (25,899,558 | ) | |||||
|
| |||||||
Net Assets — 100.0% | $ | 7,340,583,894 | ||||||
|
|
(a) | Non-income producing security. |
(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) | All or a portion of this security is on loan. |
(d) | Affiliate of the Fund. |
(e) | Annualized 7-day yield as of period end. |
(f) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| ||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 08/31/22 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/23 | Shares Held at 02/28/23 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 13,209,554 | $ | — | $ | (1,671,933 | )(a) | $ | 33,546 | $ | (3,184 | ) | $ | 11,567,983 | 11,561,046 | $ | 101,063 | (b) | $ | — | ||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 24,890,000 | 1,550,000 | (a) | — | — | — | 26,440,000 | 26,440,000 | 456,686 | 24 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | 33,546 | $ | (3,184 | ) | $ | 38,007,983 | $ | 557,749 | $ | 24 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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. |
12 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 | 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 | 245 | 03/17/23 | $ | 10,981 | $ | (20,990 | ) | |||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
| ||||||||||||||||||||||||||||
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Liabilities — Derivative Financial Instruments | ||||||||||||||||||||||||||||
Futures contracts | ||||||||||||||||||||||||||||
Unrealized depreciation on futures contracts(a) | $ | — | $ | — | $ | 20,990 | $ | — | $ | — | $ | — | $ | 20,990 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
| ||||||||||||||||||||||||||||
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Net Realized Gain (Loss) from | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | 3,225,929 | $ | — | $ | — | $ | — | $ | 3,225,929 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | 36,254 | $ | — | $ | — | $ | — | $ | 36,254 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| ||||
Futures contracts | ||||
Average notional value of contracts — long | $ | 15,047,405 | ||
|
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Common Stocks | $ | 28,859,536 | $ | 7,187,951,615 | $ | — | $ | 7,216,811,151 | ||||||||
Preferred Stocks | — | 111,664,318 | — | 111,664,318 | ||||||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 38,007,983 | — | — | 38,007,983 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 66,867,519 | $ | 7,299,615,933 | $ | — | $ | 7,366,483,452 | |||||||||
|
|
|
|
|
|
|
|
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, 2023 | iShares® MSCI Eurozone ETF |
Fair Value Hierarchy as of Period End (continued)
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Derivative Financial Instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Equity Contracts | $ | — | $ | (20,990 | ) | $ | — | $ | (20,990 | ) | ||||||
|
|
|
|
|
|
|
|
(a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
14 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) February 28, 2023 | iShares® MSCI Germany ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
| ||||||||
Common Stocks | ||||||||
Aerospace & Defense — 1.9% | ||||||||
MTU Aero Engines AG | 67,833 | $ | 16,369,666 | |||||
Rheinmetall AG | 55,296 | 14,054,994 | ||||||
|
| |||||||
30,424,660 | ||||||||
Air Freight & Logistics — 3.3% | ||||||||
Deutsche Post AG, Registered | 1,259,627 | 53,270,793 | ||||||
|
| |||||||
Airlines — 0.5% | ||||||||
Deutsche Lufthansa AG, Registered(a) | 757,459 | 7,847,850 | ||||||
|
| |||||||
Auto Components — 0.6% | ||||||||
Continental AG | 139,774 | 10,034,659 | ||||||
|
| |||||||
Automobiles — 7.9% | ||||||||
Bayerische Motoren Werke AG | 420,742 | 43,406,003 | ||||||
Mercedes-Benz Group AG | 1,019,622 | 78,146,587 | ||||||
Volkswagen AG | 37,276 | 6,622,456 | ||||||
|
| |||||||
128,175,046 | ||||||||
Banks — 1.0% | ||||||||
Commerzbank AG(a) | 1,352,718 | 16,483,531 | ||||||
|
| |||||||
Capital Markets — 4.6% | ||||||||
Deutsche Bank AG, Registered | 2,626,351 | 32,743,542 | ||||||
Deutsche Boerse AG | 241,442 | 42,101,169 | ||||||
|
| |||||||
74,844,711 | ||||||||
Chemicals — 5.8% | ||||||||
BASF SE | 1,167,156 | 59,761,025 | ||||||
Covestro AG(b) | 245,695 | 10,800,854 | ||||||
Evonik Industries AG | 265,947 | 5,678,423 | ||||||
Symrise AG | 169,002 | 17,266,814 | ||||||
|
| |||||||
93,507,116 | ||||||||
Construction Materials — 0.8% | ||||||||
HeidelbergCement AG | 183,905 | 12,625,528 | ||||||
|
| |||||||
Diversified Telecommunication Services — 6.1% | ||||||||
Deutsche Telekom AG, Registered | 4,118,751 | 92,437,318 | ||||||
Telefonica Deutschland Holding AG | 1,324,249 | 4,017,025 | ||||||
United Internet AG, Registered | 123,455 | 2,697,861 | ||||||
|
| |||||||
99,152,204 | ||||||||
Electrical Equipment — 0.7% | ||||||||
Siemens Energy AG(a) | 553,362 | 11,088,466 | ||||||
|
| |||||||
Food & Staples Retailing — 0.3% | ||||||||
HelloFresh SE(a) | 210,200 | 4,709,008 | ||||||
|
| |||||||
Health Care Equipment & Supplies — 1.6% | ||||||||
Carl Zeiss Meditec AG, Bearer | 51,263 | 6,833,104 | ||||||
Siemens Healthineers AG(b) | 358,781 | 18,724,830 | ||||||
|
| |||||||
25,557,934 | ||||||||
Health Care Providers & Services — 1.5% | ||||||||
Fresenius Medical Care AG & Co. KGaA | 260,983 | 10,198,051 | ||||||
Fresenius SE & Co. KGaA | 537,750 | 14,797,369 | ||||||
|
| |||||||
24,995,420 | ||||||||
Household Products — 0.6% | ||||||||
Henkel AG & Co. KGaA | 131,494 | 9,092,138 | ||||||
|
| |||||||
Independent Power and Renewable Electricity Producers — 2.1% | ||||||||
RWE AG | 816,341 | 34,651,401 | ||||||
|
| |||||||
Industrial Conglomerates — 9.1% | ||||||||
Siemens AG, Registered | 972,123 | 148,143,564 | ||||||
|
|
Security | Shares | Value | ||||||
| ||||||||
Insurance — 12.1% | ||||||||
Allianz SE, Registered | 512,511 | $ | 120,344,432 | |||||
Hannover Rueck SE | 76,581 | 14,871,922 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered | 178,031 | 61,327,605 | ||||||
|
| |||||||
196,543,959 | ||||||||
Interactive Media & Services — 0.3% | ||||||||
Scout24 SE(b) | 101,502 | 5,562,934 | ||||||
|
| |||||||
Internet & Direct Marketing Retail — 1.2% | ||||||||
Delivery Hero SE(a)(b) | 218,361 | 8,774,977 | ||||||
Zalando SE(a)(b) | 283,997 | 11,251,976 | ||||||
|
| |||||||
20,026,953 | ||||||||
IT Services — 0.3% | ||||||||
Bechtle AG | 104,195 | 4,387,950 | ||||||
|
| |||||||
Life Sciences Tools & Services — 0.8% | ||||||||
QIAGEN NV(a) | 289,350 | 13,318,645 | ||||||
|
| |||||||
Machinery — 2.3% | ||||||||
Daimler Truck Holding AG(a) | 575,594 | 18,231,416 | ||||||
GEA Group AG | 192,644 | 8,468,605 | ||||||
Knorr-Bremse AG | 92,020 | 6,254,130 | ||||||
Rational AG | 6,503 | 4,313,389 | ||||||
|
| |||||||
37,267,540 | ||||||||
Multi-Utilities — 1.9% | ||||||||
E.ON SE | 2,852,987 | 31,128,542 | ||||||
|
| |||||||
Personal Products — 0.9% | ||||||||
Beiersdorf AG | 128,000 | 15,276,232 | ||||||
|
| |||||||
Pharmaceuticals — 6.5% | ||||||||
Bayer AG, Registered | 1,248,415 | 74,132,391 | ||||||
Merck KGaA | 164,235 | 31,121,380 | ||||||
|
| |||||||
105,253,771 | ||||||||
Real Estate Management & Development — 2.0% | ||||||||
Aroundtown SA | 1,271,522 | 3,294,133 | ||||||
LEG Immobilien SE | 94,434 | 6,838,674 | ||||||
Vonovia SE | 910,193 | 22,890,485 | ||||||
|
| |||||||
33,023,292 | ||||||||
Semiconductors & Semiconductor Equipment — 3.6% | ||||||||
Infineon Technologies AG | 1,659,499 | 58,707,068 | ||||||
|
| |||||||
Software — 9.5% | ||||||||
Nemetschek SE | 73,501 | 4,162,351 | ||||||
SAP SE | 1,326,953 | 150,756,253 | ||||||
|
| |||||||
154,918,604 | ||||||||
Textiles, Apparel & Luxury Goods — 2.4% | ||||||||
adidas AG | 205,861 | 30,744,675 | ||||||
Puma SE | 134,276 | 8,547,263 | ||||||
|
| |||||||
39,291,938 | ||||||||
Trading Companies & Distributors — 0.9% | ||||||||
Brenntag SE | 196,331 | 14,788,274 | ||||||
|
| |||||||
Total Common Stocks — 93.1% | 1,514,099,731 | |||||||
|
| |||||||
Preferred Stocks | ||||||||
Automobiles — 4.2% | ||||||||
Bayerische Motoren Werke AG, Preference Shares, NVS | 75,479 | 7,149,062 | ||||||
Dr Ing hc F Porsche AG, Preference Shares, NVS | 144,506 | 17,415,026 |
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, 2023 | iShares® MSCI Germany ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Automobiles (continued) | ||||||||
Porsche Automobil Holding SE, Preference Shares, NVS | 194,790 | $ | 11,056,032 | |||||
Volkswagen AG, Preference Shares, NVS | 235,832 | 32,102,772 | ||||||
|
| |||||||
67,722,892 | ||||||||
Household Products — 1.0% | ||||||||
Henkel AG & Co. KGaA, Preference Shares, NVS | 226,226 | 16,457,558 | ||||||
|
| |||||||
Life Sciences Tools & Services — 0.8% | ||||||||
Sartorius AG, Preference Shares, NVS | 30,912 | 13,130,424 | ||||||
|
| |||||||
Total Preferred Stocks — 6.0% | 97,310,874 | |||||||
|
| |||||||
Total Long-Term Investments — 99.1% | 1,611,410,605 | |||||||
|
| |||||||
Short-Term Securities | ||||||||
Money Market Funds — 0.0% | ||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(c)(d) | 720,000 | 720,000 | ||||||
|
| |||||||
Total Short-Term Securities — 0.0% |
| 720,000 | ||||||
|
| |||||||
Total Investments — 99.1% |
| 1,612,130,605 | ||||||
Other Assets Less Liabilities — 0.9% |
| 14,527,167 | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 1,626,657,772 | ||||||
|
|
(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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| ||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 08/31/22 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/23 | Shares Held at 02/28/23 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares(a) | $ | 8,462,684 | $ | — | $ | (8,465,240 | )(b) | $ | 5,387 | $ | (2,831 | ) | $ | — | — | $ | 18,894 | (c) | $ | — | ||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 920,000 | — | (200,000 | )(b) | — | — | 720,000 | 720,000 | 12,749 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | 5,387 | $ | (2,831 | ) | $ | 720,000 | $ | 31,643 | $ | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 | ||||||||||||||||
DAX Index | 37 | 03/17/23 | $ | 15,043 | $ | 1,019,250 | ||||||||||
|
|
16 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Germany ETF |
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
| ||||||||||||||||||||||||||||
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Assets — Derivative Financial Instruments | ||||||||||||||||||||||||||||
Futures contracts | ||||||||||||||||||||||||||||
Unrealized appreciation on futures contracts(a) | $ | — | $ | — | $ | 1,019,250 | $ | — | $ | — | $ | — | $ | 1,019,250 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
| ||||||||||||||||||||||||||||
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Net Realized Gain (Loss) from | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | 1,310,193 | $ | — | $ | — | $ | — | $ | 1,310,193 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | 1,630,717 | $ | — | $ | — | $ | — | $ | 1,630,717 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| ||||
Futures contracts | ||||
Average notional value of contracts — long | $ | 14,543,661 | ||
|
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Common Stocks | $ | — | $ | 1,514,099,731 | $ | — | $ | 1,514,099,731 | ||||||||
Preferred Stocks | — | 97,310,874 | — | 97,310,874 | ||||||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 720,000 | — | — | 720,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 720,000 | $ | 1,611,410,605 | $ | — | $ | 1,612,130,605 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Financial Instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Equity Contracts | $ | — | $ | 1,019,250 | $ | — | $ | 1,019,250 | ||||||||
|
|
|
|
|
|
|
|
(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 | 17 |
Schedule of Investments (unaudited) February 28, 2023 | iShares® MSCI Italy ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
| ||||||||
Common Stocks | ||||||||
Automobiles — 13.2% | ||||||||
Ferrari NV | 35,195 | $ | 9,131,209 | |||||
Stellantis NV | 1,017,175 | 17,794,741 | ||||||
|
| |||||||
26,925,950 | ||||||||
Banks — 24.3% | ||||||||
FinecoBank Banca Fineco SpA | 439,389 | 7,592,848 | ||||||
Intesa Sanpaolo SpA | 7,489,508 | 20,231,284 | ||||||
Mediobanca Banca di Credito Finanziario SpA | 500,951 | 5,345,907 | ||||||
UniCredit SpA | 808,669 | 16,544,170 | ||||||
|
| |||||||
49,714,209 | ||||||||
Beverages — 2.5% | ||||||||
Davide Campari-Milano NV | 458,449 | 5,132,623 | ||||||
|
| |||||||
Diversified Telecommunication Services — 3.8% | ||||||||
Infrastrutture Wireless Italiane SpA(a) | 359,600 | 3,957,785 | ||||||
Telecom Italia SpA/Milano(b)(c) | 11,419,111 | 3,728,596 | ||||||
|
| |||||||
7,686,381 | ||||||||
Electric Utilities — 14.2% | ||||||||
Enel SpA | 3,810,893 | 21,377,432 | ||||||
Terna - Rete Elettrica Nazionale | 1,012,275 | 7,609,718 | ||||||
|
| |||||||
28,987,150 | ||||||||
Electrical Equipment — 3.5% | ||||||||
Prysmian SpA | 186,630 | 7,174,982 | ||||||
|
| |||||||
Energy Equipment & Services — 2.9% | ||||||||
Tenaris SA | 362,134 | 5,957,877 | ||||||
|
| |||||||
Gas Utilities — 3.5% | ||||||||
Snam SpA | 1,477,289 | 7,257,879 | ||||||
|
| |||||||
Health Care Equipment & Supplies — 1.7% | ||||||||
DiaSorin SpA | 29,269 | 3,528,311 | ||||||
|
| |||||||
Health Care Providers & Services — 1.9% | ||||||||
Amplifon SpA | 132,867 | 3,841,859 | ||||||
|
| |||||||
Insurance — 7.1% | ||||||||
Assicurazioni Generali SpA | 481,823 | 9,530,154 | ||||||
Poste Italiane SpA(a) | 463,175 | 4,994,307 | ||||||
|
| |||||||
14,524,461 |
Security | Shares | Value | ||||||
| ||||||||
IT Services — 2.2% | ||||||||
Nexi SpA(a)(b) | 553,724 | $ | 4,468,919 | |||||
|
| |||||||
Machinery — 4.6% | ||||||||
CNH Industrial NV | 574,391 | 9,415,625 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 7.8% | ||||||||
Eni SpA | 1,136,731 | 16,055,214 | ||||||
|
| |||||||
Pharmaceuticals — 2.1% | ||||||||
Recordati Industria Chimica e Farmaceutica SpA | 101,171 | 4,290,314 | ||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 4.3% | ||||||||
Moncler SpA | 142,937 | 8,712,864 | ||||||
|
| |||||||
Total Long-Term Investments — 99.6% | 203,674,618 | |||||||
|
| |||||||
Short-Term Securities | ||||||||
Money Market Funds — 0.3% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%(d)(e)(f) | 566,370 | 566,710 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(d)(e) | 100,000 | 100,000 | ||||||
|
| |||||||
Total Short-Term Securities — 0.3% |
| 666,710 | ||||||
|
| |||||||
Total Investments — 99.9% |
| 204,341,328 | ||||||
Other Assets Less Liabilities — 0.1% |
| 134,130 | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 204,475,458 | ||||||
|
|
(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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| ||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 08/31/22 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/23 | Shares Held at 02/28/23 | Income | Capital Gain | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 372,069 | $ | 194,043 | (a) | $ | — | $ | 542 | $ | 56 | $ | 566,710 | 566,370 | $ | 1,210 | (b) | $ | — | |||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 40,000 | 60,000 | (a) | — | — | — | 100,000 | 100,000 | 2,951 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | 542 | $ | 56 | $ | 666,710 | $ | 4,161 | $ | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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. |
18 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Italy 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 | ||||||||||||||||
FTSE/MIB Index | 5 | 03/17/23 | $ | 726 | $ | 23,937 | ||||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
| ||||||||||||||||||||||||||||
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Assets — Derivative Financial Instruments | ||||||||||||||||||||||||||||
Futures contracts | ||||||||||||||||||||||||||||
Unrealized appreciation on futures contracts(a) | $ | — | $ | — | $ | 23,937 | $ | — | $ | — | $ | — | $ | 23,937 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
| ||||||||||||||||||||||||||||
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Net Realized Gain (Loss) from | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | 32,105 | $ | — | $ | — | $ | — | $ | 32,105 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | 17,455 | $ | — | $ | — | $ | — | $ | 17,455 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| ||||
Futures contracts | ||||
Average notional value of contracts — long | $ | 3,856,440 | ||
|
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Common Stocks | $ | — | $ | 203,674,618 | $ | — | $ | 203,674,618 | ||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 666,710 | — | — | 666,710 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 666,710 | $ | 203,674,618 | $ | — | $ | 204,341,328 | |||||||||
|
|
|
|
|
|
|
|
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, 2023 | iShares® MSCI Italy ETF |
Fair Value Hierarchy as of Period End (continued)
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Derivative Financial Instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Equity Contracts | $ | — | $ | 23,937 | $ | — | $ | 23,937 | ||||||||
|
|
|
|
|
|
|
|
(a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
20 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) February 28, 2023 | iShares® MSCI Spain ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
| ||||||||
Common Stocks | ||||||||
Banks — 32.6% | ||||||||
Banco Bilbao Vizcaya Argentaria SA | 7,797,924 | $ | 60,613,475 | |||||
Banco Santander SA | 21,880,275 | 86,151,488 | ||||||
CaixaBank SA | 5,368,112 | 23,049,965 | ||||||
|
| |||||||
169,814,928 | ||||||||
Biotechnology — 1.9% | ||||||||
Grifols SA(a)(b) | 799,642 | 9,741,460 | ||||||
|
| |||||||
Construction & Engineering — 7.1% | ||||||||
ACS Actividades de Construccion y Servicios SA | 493,134 | 14,949,644 | ||||||
Ferrovial SA | 803,545 | 22,303,083 | ||||||
|
| |||||||
37,252,727 | ||||||||
Diversified Telecommunication Services — 8.7% | ||||||||
Cellnex Telecom SA(c) | 578,442 | 21,702,419 | ||||||
Telefonica SA | 5,815,099 | 23,722,554 | ||||||
|
| |||||||
45,424,973 | ||||||||
Electric Utilities — 25.0% | ||||||||
Acciona SA | 63,435 | 11,951,479 | ||||||
Endesa SA | 721,678 | 14,152,117 | ||||||
Iberdrola SA | 8,020,447 | 91,941,732 | ||||||
Red Electrica Corp. SA | 747,742 | 12,403,989 | ||||||
|
| |||||||
130,449,317 | ||||||||
Gas Utilities — 4.0% | ||||||||
Enagas SA | 547,161 | 9,814,116 | ||||||
Naturgy Energy Group SA | 406,110 | 11,171,946 | ||||||
|
| |||||||
20,986,062 | ||||||||
Independent Power and Renewable Electricity Producers — 1.8% | ||||||||
Corp. ACCIONA Energias Renovables SA | 238,203 | 9,235,386 | ||||||
|
| |||||||
IT Services — 4.6% | ||||||||
Amadeus IT Group SA(a) | 379,653 | 23,873,657 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 4.3% | ||||||||
Repsol SA | 1,423,482 | 22,512,137 | ||||||
|
|
Security | Shares | Value | ||||||
| ||||||||
Specialty Retail — 4.5% | ||||||||
Industria de Diseno Textil SA | 770,240 | $ | 23,728,573 | |||||
|
| |||||||
Transportation Infrastructure — 4.1% | ||||||||
Aena SME SA(a)(c) | 139,267 | 21,545,506 | ||||||
|
| |||||||
Total Long-Term Investments — 98.6% | 514,564,726 | |||||||
|
| |||||||
Short-Term Securities | ||||||||
Money Market Funds — 0.6% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%(d)(e)(f) | 63,589 | 63,627 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(d)(e) | 3,010,000 | 3,010,000 | ||||||
|
| |||||||
Total Short-Term Securities — 0.6% |
| 3,073,627 | ||||||
|
| |||||||
Total Investments — 99.2% |
| 517,638,353 | ||||||
Other Assets Less Liabilities — 0.8% |
| 3,948,670 | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 521,587,023 | ||||||
|
|
(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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| ||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 08/31/22 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/23 | Shares Held at 02/28/23 | Income | Capital Gain | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 786,458 | $ | — | $ | (723,024 | )(a) | $ | 369 | $ | (176 | ) | $ | 63,627 | 63,589 | $ | 617 | (b) | $ | — | ||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 2,900,000 | 110,000 | (a) | — | — | — | 3,010,000 | 3,010,000 | 58,060 | 3 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | 369 | $ | (176 | ) | $ | 3,073,627 | $ | 58,677 | $ | 3 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 | 21 |
Schedule of Investments (unaudited) (continued) February 28, 2023 | 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 | 26 | 03/17/23 | $ | 2,586 | $ | 11,692 | ||||||||||
|
|
OTC Total Return Swaps
| ||||||||||||||||||||||||||||
Reference Entity | Payment Frequency | Counterparty(a) | Termination Date | Net Notional | Accrued Unrealized Appreciation (Depreciation) | Net Value of Reference Entity | Gross Notional Amount Net Asset Percentage | |||||||||||||||||||||
| ||||||||||||||||||||||||||||
Equity Securities Long | Monthly | Goldman Sachs Bank USA(b) | 08/29/26 | $ | 3,659,880 | $ | (22,812 | )(c) | $ | 3,658,123 | 0.7 | % | ||||||||||||||||
Monthly | HSBC Bank PLC(d) | 02/10/28 | 351 | 0 | (e) | 345 | 0.0 | (f) | ||||||||||||||||||||
Monthly | JPMorgan Chase Bank NA(g) | 02/08/24 | 769,028 | (26,736 | )(h) | 743,385 | 0.1 | |||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
$ | (49,548 | ) | $ | 4,401,853 | ||||||||||||||||||||||||
|
|
|
|
(a) | The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions. |
(c) | Amount includes $(21,055) of net dividends and financing fees. |
(e) | Amount includes $6 of net dividends, payable for referenced securities purchased and financing fees. |
(f) | Rounds to less than 0.1%. |
(h) | Amount includes $(1,093) of net dividends, payable for referenced securities purchased and financing fees. |
The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest:
(b) | (d) | (g) | ||||
Range: | 45 basis points | 45 basis points | 40 basis points | |||
Benchmarks: | EUR - 1D Euro Short Term Rate (ESTR) | EUR - 1D Euro Short Term Rate (ESTR) | EUR - 1D Euro Short Term Rate (ESTR) |
22 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Spain ETF |
The following table represents the individual long positions and related values of equity securities underlying the total return swap with Goldman Sachs Bank USA as of period end, termination date August 29, 2026.
Shares | Value | % of Basket Value | ||||||||||
Reference Entity — Long | ||||||||||||
Common Stocks | ||||||||||||
Electric Utilities | ||||||||||||
Red Electrica Corp. SA | 93,415 | $ | 1,549,624 | 42.4 | % | |||||||
|
| |||||||||||
Gas Utilities | ||||||||||||
Enagas SA | 117,554 | 2,108,499 | 57.6 | |||||||||
|
| |||||||||||
Total Reference Entity — Long | 3,658,123 | |||||||||||
|
| |||||||||||
Net Value of Reference Entity — Goldman Sachs Bank USA |
| $ | 3,658,123 | |||||||||
|
| |||||||||||
The following table represents the individual and related values of equity securities underlying the total return swap with HSBC Bank PLC as of period end, termination date February 10, 2028.
|
| |||||||||||
Shares | Value | % of Basket Value | ||||||||||
Reference Entity — Long | ||||||||||||
Common Stocks | ||||||||||||
Electric Utilities | ||||||||||||
Red Electrica Corp. SA | 10 | $ | 166 | 48.1 | % | |||||||
|
|
Shares | Value | % of Basket Value | ||||||||||
Gas Utilities | ||||||||||||
Enagas SA | 10 | $ | 179 | 51.9 | ||||||||
|
| |||||||||||
Total Reference Entity — Long | 345 | |||||||||||
|
| |||||||||||
Net Value of Reference Entity — HSBC Bank PLC | $ | 345 | ||||||||||
|
| |||||||||||
The following table represents the individual long positions and related values of equity securities underlying the total return swap with JPMorgan Chase Bank NA as of period end, termination date February 8, 2024.
|
| |||||||||||
Shares | Value | % of Basket Value | ||||||||||
Reference Entity — Long | ||||||||||||
Common Stocks | ||||||||||||
Electric Utilities | ||||||||||||
Red Electrica Corp. SA | 44,813 | $ | 743,385 | 100.0 | % | |||||||
|
| |||||||||||
Net Value of Reference Entity — JPMorgan Chase Bank NA |
| $ | 743,385 | |||||||||
|
|
Balances Reported in the Statements of Assets and Liabilities for Total Return Swaps
Description | Swap Premiums Paid | Swap Premiums Received | Unrealized Appreciation | Unrealized Depreciation | ||||||||||||
Total Return Swaps | $ | — | $ | — | $ | — | $ | (49,548 | ) |
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
| ||||||||||||||||||||||||||||
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Assets — Derivative Financial Instruments | ||||||||||||||||||||||||||||
Futures contracts | ||||||||||||||||||||||||||||
Unrealized appreciation on futures contracts(a) | $ | — | $ | — | $ | 11,692 | $ | — | $ | — | $ | — | $ | 11,692 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Liabilities — Derivative Financial Instruments | ||||||||||||||||||||||||||||
Swaps — OTC | ||||||||||||||||||||||||||||
Unrealized depreciation on OTC swaps; Swap premiums received | $ | — | $ | — | $ | 49,548 | $ | — | $ | — | $ | — | $ | 49,548 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 | 23 |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Spain ETF |
For the period ended February 28, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
| ||||||||||||||||||||||||||||
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Net Realized Gain (Loss) from | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | 272,444 | $ | — | $ | — | $ | — | $ | 272,444 | ||||||||||||||
Swaps | — | — | 24,399 | — | — | — | 24,399 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | — | $ | — | $ | 296,843 | $ | — | $ | — | $ | — | $ | 296,843 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | 101,311 | $ | — | $ | — | $ | — | $ | 101,311 | ||||||||||||||
Swaps | — | — | (49,548 | ) | — | — | — | (49,548 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | — | $ | — | $ | 51,763 | $ | — | $ | — | $ | — | $ | 51,763 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| ||||
Futures contracts | ||||
Average notional value of contracts — long | $ | 2,343,603 | ||
Total return swaps | ||||
Average notional value | $ | 2,214,630 | ||
|
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 | $ | 11,692 | $ | — | ||||
Swaps - OTC(a) | — | 49,548 | ||||||
|
|
|
| |||||
Total derivative assets and liabilities in the Statement of Assets and Liabilities | 11,692 | 49,548 | ||||||
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | (11,692 | ) | — | |||||
|
|
|
| |||||
Total derivative assets and liabilities subject to an MNA | — | 49,548 | ||||||
|
|
|
|
(a) | Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statements of Assets and Liabilities. |
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 |
(a) | | Non-Cash Collateral Pledged | | | Cash Collateral Pledged | | | Net Amount of Derivative Liabilities | (b) | |||||
| ||||||||||||||||||||
Goldman Sachs Bank USA | $ | 22,812 | $ | — | $ | — | $ | — | $ | 22,812 | ||||||||||
HSBC Bank PLC | 0 | — | — | — | — | |||||||||||||||
JPMorgan Chase Bank NA | 26,736 | — | — | — | 26,736 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 49,548 | $ | — | $ | — | $ | — | $ | 49,548 | |||||||||||
|
|
|
|
|
|
|
|
|
|
(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 payable due to the counterparty in the event of default. |
24 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Spain 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 | |||||||||||||
| ||||||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Common Stocks | $ | — | $ | 514,564,726 | $ | — | $ | 514,564,726 | ||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 3,073,627 | — | — | 3,073,627 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 3,073,627 | $ | 514,564,726 | $ | — | $ | 517,638,353 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Financial Instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Equity Contracts | $ | — | $ | 11,692 | $ | — | $ | 11,692 | ||||||||
Liabilities | ||||||||||||||||
Equity Contracts | — | (49,548 | ) | — | (49,548 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | — | $ | (37,856 | ) | $ | — | (37,856 | ) | ||||||||
|
|
|
|
|
|
|
|
(a) | Derivative financial instruments are swaps and futures contracts. Swaps and 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, 2023 | iShares® MSCI Switzerland ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
| ||||||||
Common Stocks | ||||||||
Banks — 0.2% | ||||||||
Banque Cantonale Vaudoise, Registered | 24,051 | $ | 2,150,645 | |||||
|
| |||||||
Building Products — 1.4% | ||||||||
Geberit AG, Registered | 34,609 | 18,678,401 | ||||||
|
| |||||||
Capital Markets — 8.0% | ||||||||
Credit Suisse Group AG, Registered | 3,781,697 | 11,400,597 | ||||||
Julius Baer Group Ltd | 213,950 | 14,184,424 | ||||||
Partners Group Holding AG | 21,642 | 20,493,530 | ||||||
UBS Group AG, Registered | 2,699,822 | 58,681,260 | ||||||
|
| |||||||
104,759,811 | ||||||||
Chemicals — 5.7% | ||||||||
Clariant AG, Registered | 292,880 | 4,737,227 | ||||||
EMS-Chemie Holding AG, Registered(a) | 8,435 | 6,391,358 | ||||||
Givaudan SA, Registered | 8,655 | 26,088,596 | ||||||
Sika AG, Registered | 134,111 | 37,608,071 | ||||||
|
| |||||||
74,825,252 | ||||||||
Construction Materials — 2.4% | ||||||||
Holcim AG | 514,468 | 31,755,540 | ||||||
|
| |||||||
Containers & Packaging — 0.6% | ||||||||
SIG Group AG(b) | 342,341 | 8,280,184 | ||||||
|
| |||||||
Diversified Telecommunication Services — 1.2% |
| |||||||
Swisscom AG, Registered | 25,588 | 15,788,899 | ||||||
|
| |||||||
Electric Utilities — 0.2% | ||||||||
BKW AG | 17,112 | 2,497,914 | ||||||
|
| |||||||
Electrical Equipment — 3.6% | ||||||||
ABB Ltd., Registered | 1,428,324 | 47,530,419 | ||||||
|
| |||||||
Food Products — 22.4% | ||||||||
Barry Callebaut AG, Registered | 3,980 | 7,924,752 | ||||||
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS | 1,073 | 11,755,409 | ||||||
Chocoladefabriken Lindt & Spruengli AG, Registered | 111 | 12,295,661 | ||||||
Nestle SA, Registered | 2,312,884 | 260,594,078 | ||||||
|
| |||||||
292,569,900 | ||||||||
Health Care Equipment & Supplies — 4.5% |
| |||||||
Alcon Inc | 461,324 | 31,454,345 | ||||||
Sonova Holding AG, Registered | 52,385 | 12,883,387 | ||||||
Straumann Holding AG | 110,244 | 14,615,682 | ||||||
|
| |||||||
58,953,414 | ||||||||
Insurance — 8.7% | ||||||||
Baloise Holding AG, Registered | 50,981 | 8,489,699 | ||||||
Swiss Life Holding AG, Registered | 29,991 | 18,047,140 | ||||||
Swiss Re AG | 281,245 | 29,381,007 | ||||||
Zurich Insurance Group AG | 121,350 | 57,562,768 | ||||||
|
| |||||||
113,480,614 | ||||||||
Life Sciences Tools & Services — 3.5% |
| |||||||
Bachem Holding AG, Class A | 48,298 | 4,813,871 | ||||||
Lonza Group AG, Registered | 68,167 | 40,603,076 | ||||||
|
| |||||||
45,416,947 | ||||||||
Machinery — 1.9% | ||||||||
Schindler Holding AG, Participation Certificates, NVS | 43,913 | 9,876,186 |
Security | Shares | Value | ||||||
| ||||||||
Machinery (continued) | ||||||||
Schindler Holding AG, Registered | 29,191 | $ | 6,290,846 | |||||
VAT Group AG(c) | 29,369 | 8,864,933 | ||||||
|
| |||||||
25,031,965 | ||||||||
Marine — 1.1% | ||||||||
Kuehne + Nagel International AG, Registered | 54,377 | 13,922,538 | ||||||
|
| |||||||
Pharmaceuticals — 24.3% | ||||||||
Novartis AG, Registered | 1,765,632 | 148,595,793 | ||||||
Roche Holding AG, NVS | 578,064 | 166,678,317 | ||||||
Roche Holding AG, Bearer | 7,534 | 2,333,888 | ||||||
|
| |||||||
317,607,998 | ||||||||
Professional Services — 1.6% | ||||||||
Adecco Group AG, Registered | 187,740 | 6,694,110 | ||||||
SGS SA, Registered | 6,329 | 14,508,190 | ||||||
|
| |||||||
21,202,300 | ||||||||
Real Estate Management & Development — 0.6% | ||||||||
Swiss Prime Site AG, Registered | 87,346 | 7,360,323 | ||||||
|
| |||||||
Software — 0.5% | ||||||||
Temenos AG, Registered | 79,518 | 5,848,713 | ||||||
|
| |||||||
Technology Hardware, Storage & Peripherals — 0.8% | ||||||||
Logitech International SA, Registered | 182,124 | 9,947,695 | ||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 5.5% | ||||||||
Cie. Financiere Richemont SA, Class A, Registered | 375,876 | 56,793,474 | ||||||
Swatch Group AG (The), Bearer | 30,359 | 10,564,773 | ||||||
Swatch Group AG (The), Registered | 73,432 | 4,677,726 | ||||||
|
| |||||||
72,035,973 | ||||||||
|
| |||||||
Total Long-Term Investments — 98.7% | 1,289,645,445 | |||||||
|
| |||||||
Short-Term Securities | ||||||||
Money Market Funds — 0.1% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%(d)(e)(f) | 671,762 | 672,165 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(d)(e) | 810,000 | 810,000 | ||||||
|
| |||||||
Total Short-Term Securities — 0.1% |
| 1,482,165 | ||||||
|
| |||||||
Total Investments — 98.8% |
| 1,291,127,610 | ||||||
Other Assets Less Liabilities — 1.2% |
| 15,259,983 | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 1,306,387,593 | ||||||
|
|
(a) | All or a portion of this security is on loan. |
(b) | Non-income producing security. |
(c) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(d) | 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. |
26 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Switzerland ETF |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| ||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 08/31/22 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/23 | Shares Held at 02/28/23 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | — | $ | 671,431 | (a) | $ | — | $ | 670 | $ | 64 | $ | 672,165 | 671,762 | $ | 232 | (b) | $ | — | |||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 50,000 | 760,000 | (a) | — | — | — | 810,000 | 810,000 | 5,624 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | 670 | $ | 64 | $ | 1,482,165 | $ | 5,856 | $ | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 | ||||||||||||||||
Swiss Market Index | 141 | 03/17/23 | $ | 16,477 | $ | (5,606 | ) | |||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
| ||||||||||||||||||||||||||||
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Liabilities — Derivative Financial Instruments | ||||||||||||||||||||||||||||
Futures contracts | ||||||||||||||||||||||||||||
Unrealized depreciation on futures contracts(a) | $ | — | $ | — | $ | 5,606 | $ | — | $ | — | $ | — | $ | 5,606 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
| ||||||||||||||||||||||||||||
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Net Realized Gain (Loss) from | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | 220,220 | $ | — | $ | — | $ | — | $ | 220,220 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | 103,631 | $ | — | $ | — | $ | — | $ | 103,631 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts | ||||
Average notional value of contracts — long | $ | 15,028,145 |
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 | 27 |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Switzerland 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 | |||||||||||||
| ||||||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Common Stocks | $ | — | $ | 1,289,645,445 | $ | — | $ | 1,289,645,445 | ||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 1,482,165 | — | — | 1,482,165 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 1,482,165 | $ | 1,289,645,445 | $ | — | $ | 1,291,127,610 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Financial Instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Equity Contracts | $ | — | $ | (5,606 | ) | $ | — | $ | (5,606 | ) | ||||||
|
|
|
|
|
|
|
|
(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 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Assets and Liabilities (unaudited)
February 28, 2023
iShares MSCI Eurozone ETF | iShares MSCI Germany ETF | iShares MSCI Italy ETF | iShares MSCI Spain ETF | |||||||||||||
| ||||||||||||||||
ASSETS | ||||||||||||||||
Investments, at value — unaffiliated(a)(b) | $ | 7,328,475,469 | $ | 1,611,410,605 | $ | 203,674,618 | $ | 514,564,726 | ||||||||
Investments, at value — affiliated(c) | 38,007,983 | 720,000 | 666,710 | 3,073,627 | ||||||||||||
Cash | 2,212 | 7,435 | 4,657 | 2,019 | ||||||||||||
Foreign currency collateral pledged for futures contracts(d) | 1,462,799 | 1,188,009 | 59,231 | 112,116 | ||||||||||||
Foreign currency, at value(e) | 10,131,931 | 2,341,909 | 391,542 | 1,856,543 | ||||||||||||
Receivables: | ||||||||||||||||
Investments sold | 14,104,284 | 3,262,430 | 16,232,626 | 21,455,815 | ||||||||||||
Securities lending income — affiliated | 7,857 | 628 | 154 | 34 | ||||||||||||
Capital shares sold | 2,721,439 | — | — | — | ||||||||||||
Dividends — unaffiliated | — | — | — | 22,814 | ||||||||||||
Dividends — affiliated | 93,548 | 2,917 | 318 | 11,011 | ||||||||||||
Tax reclaims | 6,322,964 | 11,716,916 | — | 222,424 | ||||||||||||
Variation margin on futures contracts | — | — | — | 5,956 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total assets | 7,401,330,486 | 1,630,650,849 | 221,029,856 | 541,327,085 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES | ||||||||||||||||
Collateral on securities loaned, at value | 11,543,208 | — | 565,960 | 63,627 | ||||||||||||
Payables: | ||||||||||||||||
Investments purchased | 22,562,500 | 3,314,663 | 15,908,431 | 16,471,133 | ||||||||||||
Investment advisory fees | 2,732,806 | 631,254 | 79,068 | 199,022 | ||||||||||||
IRS compliance fee for foreign withholding tax claims | 23,820,372 | — | — | 2,934,065 | ||||||||||||
Professional fees | 22,666 | — | — | 22,667 | ||||||||||||
Variation margin on futures contracts | 65,040 | 47,160 | 939 | — | ||||||||||||
Unrealized depreciation on OTC swaps | — | — | — | 49,548 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total liabilities | 60,746,592 | 3,993,077 | 16,554,398 | 19,740,062 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 7,340,583,894 | $ | 1,626,657,772 | $ | 204,475,458 | $ | 521,587,023 | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS CONSIST OF | ||||||||||||||||
Paid-in capital | $ | 8,970,751,377 | $ | 2,661,144,088 | $ | 483,658,053 | $ | 1,012,158,897 | ||||||||
Accumulated loss | (1,630,167,483 | ) | (1,034,486,316 | ) | (279,182,595 | ) | (490,571,874 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 7,340,583,894 | $ | 1,626,657,772 | $ | 204,475,458 | $ | 521,587,023 | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSET VALUE | ||||||||||||||||
Shares outstanding | 168,900,000 | 59,700,000 | 6,825,000 | 19,050,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value | $ | 43.46 | $ | 27.25 | $ | 29.96 | $ | 27.38 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares authorized | 1 billion | 482.2 million | 295.4 million | 127.8 million | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Par value | $ | 0.001 | $ | 0.001 | $ | 0.001 | $ | 0.001 | ||||||||
|
|
|
|
|
|
|
| |||||||||
(a) Investments, at cost — unaffiliated | $ | 7,989,127,956 | $ | 2,150,673,967 | $ | 239,863,949 | $ | 601,875,174 | ||||||||
(b) Securities loaned, at value | $ | 10,920,088 | $ | — | $ | 527,996 | $ | 54,857 | ||||||||
(c) Investments, at cost — affiliated | $ | 38,005,962 | $ | 720,000 | $ | 666,512 | $ | 3,073,627 | ||||||||
(d) Foreign currency collateral pledged, at cost | $ | 1,499,560 | $ | 1,247,912 | $ | 60,811 | $ | 113,559 | ||||||||
(e) Foreign currency, at cost | $ | 10,251,773 | $ | 2,297,177 | $ | 400,496 | $ | 1,890,378 |
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, 2023
iShares MSCI Switzerland ETF | ||||
| ||||
ASSETS | ||||
Investments, at value — unaffiliated(a)(b) | $ | 1,289,645,445 | ||
Investments, at value — affiliated(c) | 1,482,165 | |||
Cash | 3,150 | |||
Foreign currency collateral pledged for futures contracts(d) | 814,429 | |||
Foreign currency, at value(e) | 1,174,539 | |||
Receivables: | ||||
Investments sold | 47,285,668 | |||
Securities lending income — affiliated | 233 | |||
Dividends — affiliated | 1,631 | |||
Tax reclaims | 10,976,665 | |||
|
| |||
Total assets | 1,351,383,925 | |||
|
| |||
LIABILITIES | ||||
Collateral on securities loaned, at value | 671,431 | |||
Payables: | ||||
Investments purchased | 43,737,102 | |||
Investment advisory fees | 501,472 | |||
Variation margin on futures contracts | 86,327 | |||
|
| |||
Total liabilities | 44,996,332 | |||
|
| |||
NET ASSETS | $ | 1,306,387,593 | ||
|
| |||
NET ASSETS CONSIST OF | ||||
Paid-in capital | $ | 1,401,612,810 | ||
Accumulated loss | (95,225,217 | ) | ||
|
| |||
NET ASSETS | $ | 1,306,387,593 | ||
|
| |||
NET ASSET VALUE | ||||
Shares outstanding | 30,125,000 | |||
|
| |||
Net asset value | $ | 43.37 | ||
|
| |||
Shares authorized | 318.625 million | |||
|
| |||
Par value | $ | 0.001 | ||
|
| |||
(a) Investments, at cost — unaffiliated | $ | 1,293,296,328 | ||
(b) Securities loaned, at value | $ | 625,876 | ||
(c) Investments, at cost — affiliated | $ | 1,482,101 | ||
(d) Foreign currency collateral pledged, at cost | $ | 833,272 | ||
(e) Foreign currency, at cost | $ | 1,141,494 |
See notes to financial statements.
30 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Operations (unaudited)
Six Months Ended February 28, 2023
iShares MSCI Eurozone ETF | iShares MSCI Germany ETF | iShares MSCI Italy ETF | iShares MSCI Spain ETF | |||||||||||||
| ||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||
Dividends — unaffiliated | $ | 43,723,648 | $ | 9,866,534 | (a) | $ | 3,337,387 | $ | 5,293,428 | |||||||
Dividends — affiliated | 456,686 | 12,749 | 2,951 | 58,060 | ||||||||||||
Securities lending income — affiliated — net | 101,063 | 18,894 | 1,210 | 617 | ||||||||||||
Non-cash dividends — unaffiliated | — | — | — | 2,310,172 | ||||||||||||
Foreign taxes withheld | (3,993,443 | ) | (1,479,137 | ) | (490,951 | ) | (788,039 | ) | ||||||||
IRS compliance fee for foreign withholding tax claims | (350,914 | ) | — | — | (41,460 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total investment income | 39,937,040 | 8,419,040 | 2,850,597 | 6,832,778 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
EXPENSES | ||||||||||||||||
Investment advisory | 14,496,403 | 3,342,351 | 515,291 | 1,194,864 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 14,496,403 | 3,342,351 | 515,291 | 1,194,864 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income | 25,440,637 | 5,076,689 | 2,335,306 | 5,637,914 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments — unaffiliated | (53,385,337 | ) | (23,255,978 | ) | (9,231,782 | ) | (23,145,703 | ) | ||||||||
Investments — affiliated | 33,546 | 5,387 | 542 | 369 | ||||||||||||
Capital gain distributions from underlying funds — affiliated | 24 | — | — | 3 | ||||||||||||
Foreign currency transactions | 400,408 | 148,217 | 74,841 | 304,997 | ||||||||||||
Futures contracts | 3,225,929 | 1,310,193 | 32,105 | 272,444 | ||||||||||||
In-kind redemptions — unaffiliated(b) | — | (56,984,247 | ) | (207,463 | ) | 9,826,277 | ||||||||||
Swaps | — | — | — | 24,399 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
(49,725,430 | ) | (78,776,428 | ) | (9,331,757 | ) | (12,717,214 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments — unaffiliated | 1,256,954,475 | 340,869,190 | 65,091,960 | 129,055,494 | ||||||||||||
Investments — affiliated | (3,184 | ) | (2,831 | ) | 56 | (176 | ) | |||||||||
Foreign currency translations | 298,202 | 646,856 | (230 | ) | (7,480 | ) | ||||||||||
Futures contracts | 36,254 | 1,630,717 | 17,455 | 101,311 | ||||||||||||
Swaps | — | — | — | (49,548 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
1,257,285,747 | 343,143,932 | 65,109,241 | 129,099,601 | |||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain | 1,207,560,317 | 264,367,504 | 55,777,484 | 116,382,387 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 1,233,000,954 | $ | 269,444,193 | $ | 58,112,790 | $ | 122,020,301 | ||||||||
|
|
|
|
|
|
|
|
(a) | Includes $3,976,345 related to a special distribution from Volkswagen AG. |
(b) | See Note 2 of the Notes to Financial Statements. |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S | 31 |
Statements of Operations (unaudited) (continued)
Six Months Ended February 28, 2023
iShares MSCI Switzerland ETF | ||||
| ||||
INVESTMENT INCOME | ||||
Dividends — unaffiliated | $ | 2,260,157 | ||
Dividends — affiliated | 5,624 | |||
Securities lending income — affiliated — net | 232 | |||
Foreign taxes withheld | (339,474 | ) | ||
|
| |||
Total investment income | 1,926,539 | |||
|
| |||
EXPENSES | ||||
Investment advisory | 3,217,250 | |||
|
| |||
Total expenses | 3,217,250 | |||
|
| |||
Net investment loss | (1,290,711 | ) | ||
|
| |||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||
Net realized gain (loss) from: | ||||
Investments — unaffiliated | (11,382,835 | ) | ||
Investments — affiliated | 670 | |||
Foreign currency transactions | 68,897 | |||
Futures contracts | 220,220 | |||
In-kind redemptions — unaffiliated(a) | 22,503,502 | |||
|
| |||
11,410,454 | ||||
|
| |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments — unaffiliated | 63,765,708 | |||
Investments — affiliated | 64 | |||
Foreign currency translations | 513,288 | |||
Futures contracts | 103,631 | |||
|
| |||
64,382,691 | ||||
|
| |||
Net realized and unrealized gain | 75,793,145 | |||
|
| |||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 74,502,434 | ||
|
|
(a) | See Note 2 of the Notes to Financial Statements. |
See notes to financial statements.
32 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Changes in Net Assets
iShares MSCI Eurozone ETF | iShares MSCI Germany ETF | |||||||||||||||||||
Six Months Ended 02/28/23 (unaudited) | Year Ended 08/31/22 | Six Months Ended 02/28/23 (unaudited) | Year Ended 08/31/22 | |||||||||||||||||
| ||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Net investment income | $ | 25,440,637 | $ | 156,099,727 | $ | 5,076,689 | $ | 41,259,156 | ||||||||||||
Net realized gain (loss) | (49,725,430 | ) | 107,065,534 | (78,776,428 | ) | (80,964,653 | ) | |||||||||||||
Net change in unrealized appreciation (depreciation) | 1,257,285,747 | (2,351,608,785 | ) | 343,143,932 | (817,231,213 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | 1,233,000,954 | (2,088,443,524 | ) | 269,444,193 | (856,936,710 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (26,497,199 | )(b) | (235,713,618 | ) | (443,027 | ) | (70,317,271 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | 1,346,108,170 | (1,131,813,613 | ) | 152,539,087 | (740,026,164 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
NET ASSETS | ||||||||||||||||||||
Total increase (decrease) in net assets | 2,552,611,925 | (3,455,970,755 | ) | 421,540,253 | (1,667,280,145 | ) | ||||||||||||||
Beginning of period | 4,787,971,969 | 8,243,942,724 | 1,205,117,519 | 2,872,397,664 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 7,340,583,894 | $ | 4,787,971,969 | $ | 1,626,657,772 | $ | 1,205,117,519 | ||||||||||||
|
|
|
|
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(b) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
See notes to financial statements.
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 Italy ETF | iShares MSCI Spain ETF | |||||||||||||||||||
Six Months Ended 02/28/23 (unaudited) | Year Ended 08/31/22 | Six Months Ended 02/28/23 (unaudited) | Year Ended 08/31/22 | |||||||||||||||||
| ||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Net investment income | $ | 2,335,306 | $ | 16,501,890 | $ | 5,637,914 | $ | 15,767,766 | ||||||||||||
Net realized loss | (9,331,757 | ) | (45,701,591 | ) | (12,717,214 | ) | (31,166,482 | ) | ||||||||||||
Net change in unrealized appreciation (depreciation) | 65,109,241 | (88,705,876 | ) | 129,099,601 | (98,174,865 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | 58,112,790 | (117,905,577 | ) | 122,020,301 | (113,573,581 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (3,088,228 | ) | (18,046,739 | ) | (7,646,657 | ) | (16,400,476 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||
Net decrease in net assets derived from capital share transactions | (44,797,373 | ) | (264,344,191 | ) | (7,842,184 | ) | (162,616,436 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
NET ASSETS | ||||||||||||||||||||
Total increase (decrease) in net assets | 10,227,189 | (400,296,507 | ) | 106,531,460 | (292,590,493 | ) | ||||||||||||||
Beginning of period | 194,248,269 | 594,544,776 | 415,055,563 | 707,646,056 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 204,475,458 | $ | 194,248,269 | $ | 521,587,023 | $ | 415,055,563 | ||||||||||||
|
|
|
|
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
34 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Changes in Net Assets (continued)
iShares MSCI Switzerland ETF | ||||||||
|
| |||||||
Six Months Ended 02/28/23 (unaudited) | Year Ended 08/31/22 | |||||||
| ||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||
OPERATIONS | ||||||||
Net investment income (loss) | $ | (1,290,711 | ) | $ | 25,515,952 | |||
Net realized gain | 11,410,454 | 92,850,960 | ||||||
Net change in unrealized appreciation (depreciation) | 64,382,691 | (441,212,857 | ) | |||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from operations | 74,502,434 | (322,845,945 | ) | |||||
|
|
|
| |||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||
Decrease in net assets resulting from distributions to shareholders | — | (28,291,725 | ) | |||||
|
|
|
| |||||
CAPITAL SHARE TRANSACTIONS | ||||||||
Net decrease in net assets derived from capital share transactions | (119,923,340 | ) | (60,433,692 | ) | ||||
|
|
|
| |||||
NET ASSETS | ||||||||
Total decrease in net assets | (45,420,906 | ) | (411,571,362 | ) | ||||
Beginning of period | 1,351,808,499 | 1,763,379,861 | ||||||
|
|
|
| |||||
End of period | $ | 1,306,387,593 | $ | 1,351,808,499 | ||||
|
|
|
|
(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 Eurozone ETF | ||||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Six Months Ended 02/28/23 (unaudited) | Year Ended 08/31/22 | Year Ended 08/31/21 | Year Ended 08/31/20 | Year Ended 08/31/19 | Year Ended 08/31/18 | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 35.23 | $ | 50.86 | $ | 39.52 | $ | 37.91 | $ | 41.29 | $ | 41.71 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Net investment income(a) | 0.17 | 1.06 | (b) | 1.21 | (b) | 0.55 | 1.05 | 1.03 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss)(c) | 8.23 | (15.04 | ) | 11.24 | 1.55 | (3.22 | ) | (0.23 | ) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Net increase (decrease) from investment operations | 8.40 | (13.98 | ) | 12.45 | 2.10 | (2.17 | ) | 0.80 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Distributions from net investment income(d) | (0.17 | )(e) | (1.65 | ) | (1.11 | ) | (0.49 | ) | (1.21 | ) | (1.22 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Net asset value, end of period | $ | 43.46 | $ | 35.23 | $ | 50.86 | $ | 39.52 | $ | 37.91 | $ | 41.29 | ||||||||||||||||||||
|
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|
|
|
|
|
|
|
| |||||||||||||||||||||
Total Return(f) | ||||||||||||||||||||||||||||||||
Based on net asset value | 23.89 | %(g) | (27.98 | )%(b) | 31.72 | %(b) | 5.61 | % | (5.22 | )% | 1.87 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Ratios to Average Net Assets(h) | ||||||||||||||||||||||||||||||||
Total expenses | 0.51 | %(i) | 0.53 | % | 0.65 | % | 0.51 | % | 0.49 | % | 0.47 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Total expenses excluding professional fees for foreign withholding tax claims | N/A | 0.50 | % | 0.50 | % | 0.51 | % | 0.49 | % | N/A | ||||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Net investment income | 0.89 | %(i) | 2.39 | %(b) | 2.64 | %(b) | 1.46 | % | 2.74 | % | 2.36 | % | ||||||||||||||||||||
|
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|
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| |||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 7,340,584 | $ | 4,787,972 | $ | 8,243,943 | $ | 4,477,240 | $ | 5,231,511 | $ | 9,558,234 | ||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Portfolio turnover rate(j) | 1 | % | 6 | % | 5 | % | 5 | % | 6 | % | 5 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Based on average shares outstanding. |
(b) | Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2022 and for the year ended August 31, 2021, respectively: |
• Net investment income per share by $0.10 and $0.53, respectively.
• Total return by 0.22% and 1.07%, respectively.
• Ratio of net investment income to average net assets by 0.22% 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) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
(f) | Where applicable, assumes the reinvestment of distributions. |
(g) | Not annualized. |
(h) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(i) | Annualized. |
(j) | Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
36 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Germany ETF | ||||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Six Months Ended 02/28/23 (unaudited) | Year Ended 08/31/22 | Year Ended 08/31/21 | Year Ended 08/31/20 | Year Ended 08/31/19 | Year Ended 08/31/18 | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 21.83 | $ | 34.94 | $ | 30.16 | $ | 26.28 | $ | 30.36 | $ | 30.71 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Net investment income(a) | 0.09 | (b) | 0.59 | 0.56 | 0.50 | 0.65 | 0.64 | |||||||||||||||||||||||||
Net realized and unrealized gain (loss)(c) | 5.34 | (12.63 | ) | 5.21 | 3.66 | (3.99 | ) | (0.16 | ) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Net increase (decrease) from investment operations | 5.43 | (12.04 | ) | 5.77 | 4.16 | (3.34 | ) | 0.48 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Distributions from net investment income(d) | (0.01 | ) | (1.07 | ) | (0.99 | ) | (0.28 | ) | (0.74 | ) | (0.83 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Net asset value, end of period | $ | 27.25 | $ | 21.83 | $ | 34.94 | $ | 30.16 | $ | 26.28 | $ | 30.36 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Total Return(e) | ||||||||||||||||||||||||||||||||
Based on net asset value | 24.85 | %(f) | (35.02 | )% | 19.30 | % | 15.98 | % | (11.07 | )% | 1.52 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Ratios to Average Net Assets(g) | ||||||||||||||||||||||||||||||||
Total expenses | 0.51 | %(h) | 0.50 | % | 0.50 | % | 0.51 | % | 0.49 | % | 0.47 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Net investment income | 0.77 | %(b)(h) | 1.98 | % | 1.72 | % | 1.85 | % | 2.38 | % | 1.99 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 1,626,658 | $ | 1,205,118 | $ | 2,872,398 | $ | 2,913,852 | $ | 2,002,685 | $ | 3,351,228 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Portfolio turnover rate(i) | 2 | % | 7 | % | 6 | % | 4 | % | 9 | % | 6 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Based on average shares outstanding. |
(b) | Includes a special distribution from Volkswagen AG. Excluding such special distribution, the net investment income would have been $0.02 per share and 0.17% 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) | 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 | 37 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Italy ETF | ||||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Six Months Ended 02/28/23 (unaudited) | Year Ended 08/31/22 | Year Ended 08/31/21 | Year Ended 08/31/20 | Year Ended 08/31/19 | Year Ended 08/31/18 | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 23.12 | $ | 32.89 | $ | 25.76 | $ | 26.83 | $ | 27.18 | $ | 30.21 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Net investment income(a) | 0.30 | 1.08 | 0.83 | 0.43 | 1.00 | 0.82 | ||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) | 6.96 | (9.58 | ) | 6.95 | (1.05 | ) | (0.12 | ) | (2.86 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Net increase (decrease) from investment operations | 7.26 | (8.50 | ) | 7.78 | (0.62 | ) | 0.88 | (2.04 | ) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Distributions from net investment income(c) | (0.42 | ) | (1.27 | ) | (0.65 | ) | (0.45 | ) | (1.23 | ) | (0.99 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Net asset value, end of period | $ | 29.96 | $ | 23.12 | $ | 32.89 | $ | 25.76 | $ | 26.83 | $ | 27.18 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Total Return(d) | ||||||||||||||||||||||||||||||||
Based on net asset value | 31.51 | %(e) | (26.50 | )% | 30.30 | % | (2.29 | )% | 3.46 | % | (6.98 | )% | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Ratios to Average Net Assets(f) | ||||||||||||||||||||||||||||||||
Total expenses | 0.51 | %(g) | 0.50 | % | 0.50 | % | 0.51 | % | 0.49 | % | 0.47 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Net investment income | 2.30 | %(g) | 3.56 | % | 2.70 | % | 1.64 | % | 3.72 | % | 2.64 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 204,475 | $ | 194,248 | $ | 594,545 | $ | 208,645 | $ | 235,457 | $ | 405,625 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Portfolio turnover rate(h) | 21 | % | 14 | % | 13 | % | 16 | % | 13 | % | 10 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(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 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Spain ETF | ||||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Six Months Ended 02/28/23 (unaudited) | Year Ended 08/31/22 | Year Ended 08/31/21 | Year Ended 08/31/20 | Year Ended 08/31/19 | Year Ended 08/31/18 | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 21.79 | $ | 28.08 | $ | 23.15 | $ | 26.71 | $ | 29.85 | $ | 33.63 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Net investment income(a) | 0.28 | 0.75 | 0.84 | (b) | 0.77 | 1.04 | 0.99 | |||||||||||||||||||||||||
Net realized and unrealized gain (loss)(c) | 5.68 | �� | (6.23 | ) | 5.00 | (3.44 | ) | (3.26 | ) | (3.72 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Net increase (decrease) from investment operations | 5.96 | (5.48 | ) | 5.84 | (2.67 | ) | (2.22 | ) | (2.73 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Distributions from net investment income(d) | (0.37 | ) | (0.81 | ) | (0.91 | ) | (0.89 | ) | (0.92 | ) | (1.05 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Net asset value, end of period | $ | 27.38 | $ | 21.79 | $ | 28.08 | $ | 23.15 | $ | 26.71 | $ | 29.85 | ||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Total Return(e) | ||||||||||||||||||||||||||||||||
Based on net asset value | 27.58 | %(f) | (19.89 | )% | 25.25 | %(b) | (10.44 | )% | (7.53 | )% | (8.28 | )% | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Ratios to Average Net Assets(g) | ||||||||||||||||||||||||||||||||
Total expenses | 0.51 | %(h) | 0.50 | % | 0.62 | % | 0.51 | % | 0.50 | % | 0.47 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Total expenses excluding professional fees for foreign withholding tax claims | N/A | 0.50 | % | 0.50 | % | 0.51 | % | N/A | N/A | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Net investment income | 2.39 | %(h) | 2.90 | % | 3.10 | %(b) | 2.99 | % | 3.65 | % | 3.02 | % | ||||||||||||||||||||
|
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|
|
|
|
|
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|
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| |||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 521,587 | $ | 415,056 | $ | 707,646 | $ | 468,824 | $ | 825,211 | $ | 875,442 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Portfolio turnover rate(i) | 10 | % | 14 | % | 34 | % | 19 | % | 12 | % | 21 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Based on average shares outstanding. |
(b) | Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended 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.
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 Switzerland ETF | ||||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Six Months Ended 02/28/23 (unaudited) | Year Ended 08/31/22 | Year Ended 08/31/21 | Year Ended 08/31/20 | Year Ended 08/31/19 | Year Ended 08/31/18 | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 40.66 | $ | 50.74 | $ | 41.87 | $ | 37.31 | $ | 34.91 | $ | 34.27 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Net investment income (loss)(a) | (0.04 | ) | 0.76 | 0.75 | 0.73 | 0.72 | 0.66 | |||||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) | 2.75 | (9.98 | ) | 9.06 | 4.45 | 2.43 | 0.79 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Net increase (decrease) from investment operations | 2.71 | (9.22 | ) | 9.81 | 5.18 | 3.15 | 1.45 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Distributions from net investment income(c) | — | (0.86 | ) | (0.94 | ) | (0.62 | ) | (0.75 | ) | (0.81 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Net asset value, end of period | $ | 43.37 | $ | 40.66 | $ | 50.74 | $ | 41.87 | $ | 37.31 | $ | 34.91 | ||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Total Return(d) | ||||||||||||||||||||||||||||||||
Based on net asset value | 6.68 | %(e) | (18.24 | )% | 23.49 | % | 14.07 | % | 9.07 | % | 4.43 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Ratios to Average Net Assets(f) | ||||||||||||||||||||||||||||||||
Total expenses | 0.51 | %(g) | 0.50 | % | 0.50 | % | 0.51 | % | 0.50 | % | 0.47 | % | ||||||||||||||||||||
|
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Net investment income (loss) | (0.20 | )%(g) | 1.62 | % | 1.66 | % | 1.89 | % | 2.06 | % | 1.91 | % | ||||||||||||||||||||
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Supplemental Data | ||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 1,306,388 | $ | 1,351,808 | $ | 1,763,380 | $ | 1,721,701 | $ | 1,138,036 | $ | 1,034,086 | ||||||||||||||||||||
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Portfolio turnover rate(h) | 5 | % | 8 | % | 7 | % | 16 | % | 11 | % | 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.
40 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
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, 2023, if any, are disclosed in the Statements of Assets and Liabilities.
The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.
Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.
In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.
Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.
The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.
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)
Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.
3. | INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS |
Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Directors of the Company (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
• | Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price. |
• | Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV. |
• | Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded. |
• | Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments. |
Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.
Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.
Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• | Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access; |
• | Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and |
• | Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
42 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
4. | SECURITIES AND OTHER INVESTMENTS |
Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.
Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.
As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:
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iShares ETF and Counterparty | | Securities Loaned at Value | | | Cash Collateral Received | (a) | | Non-Cash Collateral Received, at Fair Value | (a) | Net Amount | ||||||
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MSCI Eurozone | ||||||||||||||||
Barclays Capital, Inc. | $ | 2,904,044 | $ | (2,904,044 | ) | $ | — | $ | — | |||||||
BofA Securities, Inc. | 31,748 | (31,748 | ) | — | — | |||||||||||
Citigroup Global Markets, Inc. | 96,931 | (96,931 | ) | — | — | |||||||||||
Goldman Sachs & Co. LLC | 7,453,627 | (7,453,627 | ) | — | — | |||||||||||
SG Americas Securities LLC | 433,738 | (433,738 | ) | — | — | |||||||||||
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$ | 10,920,088 | $ | (10,920,088 | ) | $ | — | $ | — | ||||||||
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MSCI Italy | ||||||||||||||||
BofA Securities, Inc. | $ | 527,996 | $ | (527,996 | ) | $ | — | $ | — | |||||||
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MSCI Spain | ||||||||||||||||
Goldman Sachs & Co. LLC | $ | 30,846 | $ | (30,846 | ) | $ | — | $ | — | |||||||
SG Americas Securities LLC | 24,011 | (24,011 | ) | — | — | |||||||||||
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$ | 54,857 | $ | (54,857 | ) | $ | — | $ | — | ||||||||
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MSCI Switzerland | ||||||||||||||||
Goldman Sachs & Co. LLC | $ | 625,876 | $ | (625,876 | ) | $ | — | $ | — | |||||||
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(a) | Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s Statements of Assets and Liabilities. |
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.
5. | DERIVATIVE FINANCIAL INSTRUMENTS |
Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).
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)
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.
Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”). For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statements of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the Statements of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Funds’ basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.
Total return swaps are entered into by the iShares MSCI Spain ETF to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).
Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket or underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instruments or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Fund receives payment from or makes a payment to the counterparty.
Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap’s market value. The market value also includes interest charges and credits (“financing fees”) related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.
Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Fund and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Statements of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.
Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.
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
44 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
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 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 Fees | |||
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.
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)
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, 2023, the Funds paid BTC the following amounts for securities lending agent services:
iShares ETF | Amounts | |||
MSCI Eurozone | $ | 27,134 | ||
MSCI Germany | 5,045 | |||
MSCI Italy | 401 | |||
MSCI Spain | 190 | |||
MSCI Switzerland | 82 |
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, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:
iShares ETF | Purchases | Sales | Net Realized Gain (Loss) | |||||||||
MSCI Eurozone | $ | 23,437,903 | $ | 4,449,643 | $ | (9,806,136 | ) | |||||
MSCI Germany | 3,534,369 | 1,267,177 | (3,458,211 | ) | ||||||||
MSCI Italy | 9,936,565 | 10,520,845 | (3,842,853 | ) | ||||||||
MSCI Spain | 10,613,845 | 10,760,487 | (5,423,401 | ) | ||||||||
MSCI Switzerland | 10,661,550 | 31,428,419 | (5,700,966 | ) |
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, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:
iShares ETF | Purchases | Sales | ||||||
MSCI Eurozone | $ | 97,550,363 | $ | 73,831,675 | ||||
MSCI Germany | 30,971,263 | 22,067,134 | ||||||
MSCI Italy | 43,202,775 | 42,271,302 | ||||||
MSCI Spain | 46,944,604 | 51,384,663 | ||||||
MSCI Switzerland | 62,060,172 | 69,339,240 |
For the six months ended February 28, 2023, in-kind transactions were as follows:
iShares ETF | In-kind Purchases | In-kind Sales | ||||||
MSCI Eurozone | $ | 1,320,286,025 | $ | — | ||||
MSCI Germany | 548,115,541 | 397,310,438 | ||||||
MSCI Italy | 14,864,094 | 61,524,157 | ||||||
MSCI Spain | 33,014,558 | 45,708,875 | ||||||
MSCI Switzerland | 93,273,352 | 209,668,170 |
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, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.
46 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
As of August 31, 2022, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:
iShares ETF | Amounts | |||
MSCI Eurozone | $ | 838,371,199 | ||
MSCI Germany | 382,927,043 | |||
MSCI Italy | 230,600,363 | |||
MSCI Spain | 383,538,120 | |||
MSCI Switzerland | 87,369,974 |
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, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:
iShares ETF | Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
MSCI Eurozone | $ | 8,115,130,084 | $ | 505,933,009 | $ | (1,254,600,631 | ) | $ | (748,667,622 | ) | ||||||
MSCI Germany | 2,185,350,310 | 62,399,529 | (634,599,984 | ) | (572,200,455 | ) | ||||||||||
MSCI Italy | 244,415,729 | 8,418,184 | (48,468,648 | ) | (40,050,464 | ) | ||||||||||
MSCI Spain | 614,029,301 | 21,330,893 | (117,759,697 | ) | (96,428,804 | ) | ||||||||||
MSCI Switzerland | 1,309,097,002 | 99,558,506 | (117,533,504 | ) | (17,974,998 | ) |
9. | PRINCIPAL RISKS |
In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.
BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.
The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.
Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.
Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.
Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.
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)
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 Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.
Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. These events and actions have adversely affected, and may in the future adversely affect, the value and exchange rate of the Euro and may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-European Union member states. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but have been, and may continue to be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.
Certain Funds invest a significant portion of their assets in securities 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.
Financials Sector Risk: Certain Funds invest a significant portion of their assets within the financials sector. Performance of companies in the financials sector may be adversely impacted by many factors, including, among others, changes in government regulations, economic conditions, and interest rates, credit rating downgrades, adverse public perception, exposure concentration and decreased liquidity in credit markets.The impact of changes in capital requirements and recent or future regulation of any individual financial company, or of the financials sector as a whole, cannot be predicted, but may negatively impact the Funds.
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 Funds may be exposed to financial instruments that are tied to the London Interbank Offered Rate (“LIBOR”) to determine payment obligations, financing terms, hedging strategies or investment value. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, announced that a majority of USD LIBOR settings will no longer be published after June 30, 2023. All other LIBOR settings and certain other interbank offered rates ceased to be published after December 31, 2021. The Secured Overnight Financing Rate (“SOFR”) has been used increasingly on a voluntary basis in new instruments and transactions. The Federal Reserve Board adopted regulations that provide a fallback mechanism by identifying benchmark rates based on SOFR that will replace LIBOR in certain financial contracts after June 30, 2023. 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.
48 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
Transactions in capital shares were as follows:
| ||||||||||||||||
Six Months Ended 02/28/23 | Year Ended 08/31/22 | |||||||||||||||
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iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
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MSCI Eurozone | ||||||||||||||||
Shares sold | 33,000,000 | $ | 1,346,108,170 | 10,000,000 | $ | 449,784,384 | ||||||||||
Shares redeemed | — | — | (36,200,000 | ) | (1,581,597,997 | ) | ||||||||||
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33,000,000 | $ | 1,346,108,170 | (26,200,000 | ) | $ | (1,131,813,613 | ) | |||||||||
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MSCI Germany | ||||||||||||||||
Shares sold | 21,000,000 | $ | 554,824,198 | 12,300,000 | $ | 352,508,408 | ||||||||||
Shares redeemed | (16,500,000 | ) | (402,285,111 | ) | (39,300,000 | ) | (1,092,534,572 | ) | ||||||||
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4,500,000 | $ | 152,539,087 | (27,000,000 | ) | $ | (740,026,164 | ) | |||||||||
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MSCI Italy | ||||||||||||||||
Shares sold | 600,000 | $ | 16,995,042 | 6,375,000 | $ | 198,941,840 | ||||||||||
Shares redeemed | (2,175,000 | ) | (61,792,415 | ) | (16,050,000 | ) | (463,286,031 | ) | ||||||||
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(1,575,000 | ) | $ | (44,797,373 | ) | (9,675,000 | ) | $ | (264,344,191 | ) | |||||||
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MSCI Spain | ||||||||||||||||
Shares sold | 1,800,000 | $ | 40,455,924 | 3,675,000 | $ | 96,182,803 | ||||||||||
Shares redeemed | (1,800,000 | ) | (48,298,108 | ) | (9,825,000 | ) | (258,799,239 | ) | ||||||||
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— | $ | (7,842,184 | ) | (6,150,000 | ) | $ | (162,616,436 | ) | ||||||||
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MSCI Switzerland | ||||||||||||||||
Shares sold | 2,125,000 | $ | 95,441,662 | 7,625,000 | $ | 371,978,601 | ||||||||||
Shares redeemed | (5,250,000 | ) | (215,365,002 | ) | (9,125,000 | ) | (432,412,293 | ) | ||||||||
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(3,125,000 | ) | $ | (119,923,340 | ) | (1,500,000 | ) | $ | (60,433,692 | ) | |||||||
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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.
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 Funds 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 Funds 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 | 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 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, 2022 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40Act Liquidity Risk Management Committee (the “Committee”).At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2021 through September 30, 2022 (the “Program Reporting Period”).
The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays, the imposition of capital controls in certain non-U.S. countries, Russian sanctions and the closure of the Russian securities market.
The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:
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. The Committee also considered that ETFs generally do not engage in borrowing. |
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. However, there were no ETFs with persistent deviations of fund premium/discount or bid/ask spreads from long-term averages over the Program Reporting Period. |
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. |
There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.
50 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Supplemental Information (unaudited)
Section 19(a) Notices
The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.
February 28, 2023
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) | $ | 0.165979 | $ | — | $ | 0.008920 | $ | 0.174899 | 95 | % | — | % | 5 | % | 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 | 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 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Glossary of Terms Used in this Report
Portfolio Abbreviation
NVS | Non-Voting Shares |
GLOSSARY OF TERMS USED IN THIS REPORT | 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.
©2023 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-807-0223
FEBRUARY 28, 2023 |
| 2023 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,
Significant economic headwinds emerged during the 12-month reporting period ended February 28, 2023, as investors navigated changing economic conditions and volatile markets. The U.S. economy shrank in the first half of 2022 before returning to modest growth in the second half of the year, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high before beginning to moderate. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.
Equity prices fell as interest rates rose, particularly during the first half of the reporting period. Both large-and small-capitalization U.S. stocks fell, although equities began to recover in the second half of the period as inflation eased and economic growth resumed. Emerging market stocks and international equities from developed markets declined overall, pressured by rising interest rates and a strong U.S. dollar.
The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to fluctuating inflation data and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and higher interest rates led to rising borrowing costs for corporate issuers.
The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates eight times. Furthermore, the Fed wound down its bond-buying programs and accelerated the reduction of its balance sheet.
Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth slowed in the last year, we believe that taming inflation requires a more substantial decline that lowers demand to a level more in line with the economy’s productive capacity. Although the Fed has decelerated the pace of interest rate hikes, it still seems determined to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, but the dimming economic outlook has not yet been fully reflected in current market prices. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions. Turmoil in the banking sector shortly following the end of the period highlighted the potential for the knock-on effects of substantially higher interest rates to disrupt markets with little warning.
While we favor an overweight to equities in the long term, several factors lead us to take an underweight stance on equities overall in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with the possibility of a recession in a business environment characterized by higher costs and reduced pricing power. Nevertheless, we are overweight on emerging market stocks as a weaker U.S. dollar provides a supportive backdrop. We also see long-term opportunities in credit, where valuations are appealing and higher yields provide attractive income, although we are neutral on credit in the near term, as we believe that troubles in the banking sector will likely lead to reduced lending. However, we believe there are still some strong opportunities for a six- to twelve-month horizon, particularly short-term U.S. Treasuries, global inflation-linked bonds, and emerging market bonds denominated in local currency.
Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.
Rob Kapito
President, BlackRock, Inc.
Rob Kapito
President, BlackRock, Inc.
Total Returns as of February 28, 2023 | ||||
6-Month | 12-Month | |||
U.S. large cap equities (S&P 500® Index) | 1.26% | (7.69)% | ||
U.S. small cap equities (Russell 2000® Index) | 3.63 | (6.02) | ||
International equities (MSCI Europe, Australasia, Far East Index) | 12.58 | (3.14) | ||
Emerging market equities (MSCI Emerging Markets Index) | (2.29) | (15.28) | ||
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index) | 1.74 | 2.11 | ||
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index) | (4.81) | (14.06) | ||
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index) | (2.13) | (9.72) | ||
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index) | 0.66 | (5.10) | ||
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index) | 2.52 | (5.45) | ||
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, 2023 | 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-Month Total Returns | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | 1.30 | % | (7.54 | )% | (1.88 | )% | 3.24 | % | (7.54 | )% | (9.05 | )% | 37.60 | % | ||||||||||||||||||
Fund Market | 1.01 | (7.58 | ) | (1.83 | ) | 3.19 | (7.58 | ) | (8.80 | ) | 36.84 | |||||||||||||||||||||
Index | 1.13 | (7.00 | ) | (1.37 | ) | 3.81 | (7.00 | ) | (6.69 | ) | 45.28 |
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 not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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| Beginning Account Value (09/01/22) | | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/22) | | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ 1,000.00 | $ 1,013.00 | $ 2.55 | $ 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 “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
Sector | | Percent of Total Investments | (a) | |
Financials | 42.3 | % | ||
Real Estate | 24.2 | |||
Industrials | 14.2 | |||
Utilities | 8.9 | |||
Consumer Discretionary | 6.1 | |||
Consumer Staples | 2.9 | |||
Communication Services | 1.4 |
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments | (a) | |
AIA Group Ltd. | 22.9 | % | ||
Hong Kong Exchanges & Clearing Ltd. | 11.8 | |||
Sun Hung Kai Properties Ltd. | 5.0 | |||
CK Hutchison Holdings Ltd. | 4.1 | |||
Galaxy Entertainment Group Ltd. | 3.8 | |||
Link REIT | 3.6 | |||
Techtronic Industries Co. Ltd. | 3.5 | |||
BOC Hong Kong Holdings Ltd. | 3.3 | |||
Hang Seng Bank Ltd. | 3.3 | |||
CK Asset Holdings Ltd. | 3.3 |
(a) | Excludes money market funds. |
4 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of February 28, 2023 | 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-Month Total Returns | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | 5.31 | % | (8.64 | )% | (2.44 | )% | 5.49 | % | (8.64 | )% | (11.60 | )% | 70.67 | % | ||||||||||||||||||
Fund Market | 5.41 | (9.10 | ) | (2.24 | ) | 5.53 | (9.10 | ) | (10.73 | ) | 71.27 | |||||||||||||||||||||
Index | 4.57 | (7.79 | ) | (2.13 | ) | 5.85 | (7.79 | ) | (10.19 | ) | 76.54 |
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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| Beginning Account Value (09/01/22) | | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/22) | | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ 1,000.00 | $ 1,053.10 | $ 2.60 | $ 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 “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
Sector | | Percent of Total Investments | (a) | |
Industrials | 23.6 | % | ||
Consumer Discretionary | 17.2 | |||
Information Technology | 10.9 | |||
Materials | 10.4 | |||
Real Estate | 10.3 | |||
Consumer Staples | 9.2 | |||
Financials | 7.5 | |||
Health Care | 5.5 | |||
Communication Services | 2.5 | |||
Utilities | 2.0 | |||
Energy | 0.9 |
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments | (a) | |
Sojitz Corp. | 0.6 | % | ||
Asics Corp. | 0.5 | |||
Ebara Corp. | 0.5 | |||
Fukuoka Financial Group Inc. | 0.5 | |||
IHI Corp. | 0.5 | |||
Kawasaki Kisen Kaisha Ltd. | 0.5 | |||
Taiyo Yuden Co. Ltd. | 0.5 | |||
Isetan Mitsukoshi Holdings Ltd. | 0.5 | |||
Orix JREIT Inc. | 0.5 | |||
Rohto Pharmaceutical Co. Ltd. | 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, 2023 | 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-Month Total Returns | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | (1.81 | )% | (12.21 | )% | (5.74 | )% | (2.90 | )% | (12.21 | )% | (25.59 | )% | (25.48 | )% | ||||||||||||||||||
Fund Market | (1.66 | ) | (13.62 | ) | (5.72 | ) | (2.99 | ) | (13.62 | ) | (25.50 | ) | (26.16 | ) | ||||||||||||||||||
Index | (1.82 | ) | (11.61 | ) | (5.41 | ) | (2.60 | ) | (11.61 | ) | (24.28 | ) | (23.14 | ) |
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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| Beginning Account Value (09/01/22) | | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/22) | | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ 1,000.00 | $ 981.90 | $ 2.51 | $ 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 “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
Sector | | Percent of Total Investments | (a) | |
Financials | 40.6 | % | ||
Consumer Staples | 12.7 | |||
Utilities | 8.7 | |||
Communication Services | 8.6 | |||
Materials | 8.5 | |||
Industrials | 7.5 | |||
Consumer Discretionary | 5.1 | |||
Energy | 3.4 | |||
Health Care | 3.3 | |||
Information Technology | 1.6 |
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments | (a) | |
Public Bank Bhd | 14.0 | % | ||
Malayan Banking Bhd | 9.9 | |||
CIMB Group Holdings Bhd | 9.0 | |||
Tenaga Nasional Bhd | 5.6 | |||
Press Metal Aluminium Holdings Bhd | 4.5 | |||
Petronas Chemicals Group Bhd | 4.0 | |||
DiGi.Com Bhd | 3.1 | |||
Hong Leong Bank Bhd | 3.1 | |||
Petronas Gas Bhd | 3.1 | |||
PPB Group Bhd | 2.6 |
(a) | Excludes money market funds. |
6 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of February 28, 2023 | 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-Month Total Returns | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | 5.42 | % | (2.62 | )% | 1.92 | % | 2.76 | % | (2.62 | )% | 9.99 | % | 31.33 | % | ||||||||||||||||||
Fund Market | 5.72 | (2.90 | ) | 2.10 | 2.79 | (2.90 | ) | 10.95 | 31.70 | |||||||||||||||||||||||
Index | 5.06 | (1.54 | ) | 2.41 | 3.22 | (1.54 | ) | 12.65 | 37.27 |
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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| Beginning Account Value (09/01/22) | | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/22) | | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ 1,000.00 | $ 1,054.20 | $ 2.44 | $ 1,000.00 | $ 1,022.40 | $ 2.41 | 0.48 | % |
(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 “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
Sector | | Percent of Total Investments | (a) | |
Financials | 37.7 | % | ||
Materials | 15.6 | |||
Real Estate | 10.3 | |||
Health Care | 7.6 | |||
Industrials | 7.4 | |||
Consumer Discretionary | 5.0 | |||
Consumer Staples | 4.1 | |||
Energy | 3.9 | |||
Communication Services | 3.8 | |||
Utilities | 3.2 | |||
Information Technology | 1.4 |
GEOGRAPHIC ALLOCATION
Country/Geographic Region | | Percent of Total Investments | (a) | |
Australia | 63.5 | % | ||
Hong Kong | 22.7 | |||
Singapore | 12.0 | |||
New Zealand | 1.8 |
(a) | Excludes money market funds. |
F U N D S U M M A R Y | 7 |
Fund Summary as of February 28, 2023 | 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-Month Total Returns | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | 6.26 | % | (6.26 | )% | (2.76 | )% | 0.21 | % | (6.26 | )% | (13.08 | )% | 2.11 | % | ||||||||||||||||||
Fund Market | 6.46 | (6.51 | ) | (2.66 | ) | 0.26 | (6.51 | ) | (12.60 | ) | 2.64 | |||||||||||||||||||||
Index | 6.37 | (4.91 | ) | (2.24 | ) | 0.69 | (4.91 | ) | (10.72 | ) | 7.07 |
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 not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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| Beginning Account Value (09/01/22) | | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/22) | | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ 1,000.00 | $ 1,062.60 | $ 2.61 | $ 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 “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
Sector | | Percent of Total Investments | (a) | |
Financials | 48.3 | % | ||
Real Estate | 18.2 | |||
Industrials | 15.6 | |||
Communication Services | 8.7 | |||
Consumer Staples | 3.5 | |||
Consumer Discretionary | 3.1 | |||
Information Technology | 2.6 |
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments | (a) | |
DBS Group Holdings Ltd. | 20.1 | % | ||
Oversea-Chinese Banking Corp. Ltd. | 13.6 | |||
United Overseas Bank Ltd. | 11.1 | |||
Singapore Telecommunications Ltd. | 4.4 | |||
Sea Ltd. | 4.3 | |||
CapitaLand Ascendas REIT | 4.2 | |||
Singapore Airlines Ltd. | 3.6 | |||
Wilmar International Ltd. | 3.5 | |||
Singapore Exchange Ltd. | 3.5 | |||
Keppel Corp. Ltd. | 3.3 |
(a) | Excludes money market funds. |
8 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of February 28, 2023 | 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-Month Total Returns | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | 2.86 | % | (18.94 | )% | 8.89 | % | 9.18 | % | (18.94 | )% | 53.12 | % | 140.67 | % | ||||||||||||||||||
Fund Market | 2.65 | (19.33 | ) | 9.27 | 9.06 | (19.33 | ) | 55.75 | 138.11 | |||||||||||||||||||||||
Index | 3.26 | (16.88 | ) | 9.71 | 9.95 | (16.88 | ) | 58.95 | 158.27 |
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 not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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| Beginning Account Value (09/01/22) | | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/22) | | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ 1,000.00 | $ 1,028.60 | $ 2.97 | $ 1,000.00 | $ 1,021.90 | $ 2.96 | 0.59 | % |
(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 “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
Sector | | Percent of Total Investments | (a) | |
Information Technology | 57.7 | % | ||
Financials | 19.3 | |||
Materials | 7.3 | |||
Industrials | 4.8 | |||
Consumer Discretionary | 4.1 | |||
Communication Services | 3.2 | |||
Consumer Staples | 2.1 | |||
Other (each representing less than 1%) | 1.5 |
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments | (a) | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 21.8 | % | ||
Hon Hai Precision Industry Co. Ltd. | 4.6 | |||
MediaTek Inc. | 3.9 | |||
United Microelectronics Corp. | 2.3 | |||
Delta Electronics Inc. | 2.2 | |||
Fubon Financial Holding Co. Ltd. | 1.9 | |||
Chunghwa Telecom Co. Ltd. | 1.8 | |||
CTBC Financial Holding Co. Ltd. | 1.6 | |||
China Steel Corp. | 1.6 | |||
Cathay Financial Holding Co. Ltd. | 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, 2023 | 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-Month Total Returns | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | 1.76 | % | (8.24 | )% | (4.33 | )% | 0.21 | % | (8.24 | )% | (19.85 | )% | 2.11 | % | ||||||||||||||||||
Fund Market | 2.59 | (8.85 | ) | (4.26 | ) | 0.25 | (8.85 | ) | (19.57 | ) | 2.52 | |||||||||||||||||||||
Index | 1.64 | (7.62 | ) | (4.10 | ) | 0.41 | (7.62 | ) | (18.88 | ) | 4.23 |
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 not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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| Beginning Account Value (09/01/22) | | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/22) | | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ 1,000.00 | $ 1,017.60 | $ 2.95 | $ 1,000.00 | $ 1,021.90 | $ 2.96 | 0.59 | % |
(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 “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
Sector | | Percent of Total Investments | (a) | |
Energy | 12.9 | % | ||
Consumer Staples | 11.3 | |||
Industrials | 9.7 | |||
Materials | 9.3 | |||
Utilities | 9.2 | |||
Health Care | 9.1 | |||
Financials | 8.6 | |||
Consumer Discretionary | 8.5 | |||
Communication Services | 7.8 | |||
Real Estate | 7.1 | |||
Information Technology | 6.5 |
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments | (a) | |
CP ALL PCL | 6.0 | % | ||
PTT Public Company Ltd. | 5.3 | |||
Airports of Thailand PCL | 5.2 | |||
Bangkok Dusit Medical Services PCL | 4.8 | |||
Delta Electronics Thailand PCL | 4.7 | |||
Siam Cement PCL (The) | 4.2 | |||
Advanced Info Service PCL | 4.0 | |||
PTT Exploration & Production PCL | 3.4 | |||
Gulf Energy Development PCL | 2.6 | |||
Central Pattana PCL | 2.4 |
(a) | Excludes money market funds. |
10 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
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 the Period.”
The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.
A B O U T F U N D P E R F O R M A N C E / D I S C L O S U R E O F E X P E N S E S | 11 |
Schedule of Investments (unaudited) February 28, 2023 | iShares® MSCI Hong Kong ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Banks — 6.5% | ||||||||
BOC Hong Kong Holdings Ltd. | 8,149,000 | $ | 27,579,030 | |||||
Hang Seng Bank Ltd. | 1,687,100 | 27,443,247 | ||||||
|
| |||||||
55,022,277 | ||||||||
Beverages — 1.5% | ||||||||
Budweiser Brewing Co. APAC Ltd.(a) | 4,179,900 | 12,533,855 | ||||||
|
| |||||||
Building Products — 1.0% | ||||||||
Xinyi Glass Holdings Ltd. | 4,797,000 | 8,969,166 | ||||||
|
| |||||||
Capital Markets — 12.6% | ||||||||
Futu Holdings Ltd., ADR(b)(c) | 161,628 | 7,953,714 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 2,470,126 | 98,935,075 | ||||||
|
| |||||||
106,888,789 | ||||||||
Diversified Telecommunication Services — 1.4% | ||||||||
HKT Trust & HKT Ltd., Class SS | 9,228,500 | 11,997,952 | ||||||
|
| |||||||
Electric Utilities — 6.1% | ||||||||
CK Infrastructure Holdings Ltd. | 1,652,000 | 8,714,100 | ||||||
CLP Holdings Ltd. | 3,627,200 | 25,650,887 | ||||||
Power Assets Holdings Ltd. | 3,192,500 | 17,075,963 | ||||||
|
| |||||||
51,440,950 | ||||||||
Equity Real Estate Investment Trusts (REITs) — 3.6% | ||||||||
Link REIT | 4,599,400 | 30,270,866 | ||||||
|
| |||||||
Food Products — 1.4% | ||||||||
WH Group Ltd.(a) | 20,416,500 | 11,880,952 | ||||||
|
| |||||||
Gas Utilities — 2.8% | ||||||||
Hong Kong & China Gas Co. Ltd. | 24,908,495 | 23,414,052 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure — 6.0% | ||||||||
Galaxy Entertainment Group Ltd. | 4,753,000 | 31,643,754 | ||||||
Sands China Ltd.(b) | 5,609,600 | 19,468,739 | ||||||
|
| |||||||
51,112,493 | ||||||||
Industrial Conglomerates — 6.5% | ||||||||
CK Hutchison Holdings Ltd. | 5,803,767 | 34,655,732 | ||||||
Jardine Matheson Holdings Ltd. | 414,900 | 20,566,435 | ||||||
|
| |||||||
55,222,167 | ||||||||
Insurance — 22.7% | ||||||||
AIA Group Ltd. | 18,096,200 | 192,326,575 | ||||||
|
| |||||||
Machinery — 3.5% | ||||||||
Techtronic Industries Co. Ltd. | 2,954,647 | 29,426,113 | ||||||
|
| |||||||
Marine — 0.9% | ||||||||
SITC International Holdings Co. Ltd. | 3,672,000 | 7,681,631 | ||||||
|
| |||||||
Real Estate Management & Development — 20.4% | ||||||||
CK Asset Holdings Ltd. | 4,356,267 | 27,322,644 | ||||||
ESR Group Ltd.(a) | 5,150,000 | 8,760,353 |
Security | Shares | Value | ||||||
Real Estate Management & Development (continued) | ||||||||
Hang Lung Properties Ltd. | 5,152,000 | $ | 9,936,552 | |||||
Henderson Land Development Co. Ltd. | 3,540,762 | 12,428,725 | ||||||
Hongkong Land Holdings Ltd. | 2,700,700 | 12,354,528 | ||||||
New World Development Co. Ltd. | 3,785,266 | 10,304,116 | ||||||
Sino Land Co. Ltd. | 8,604,000 | 11,033,345 | ||||||
Sun Hung Kai Properties Ltd. | 3,097,500 | 42,331,702 | ||||||
Swire Pacific Ltd., Class A | 1,234,000 | 10,070,310 | ||||||
Swire Properties Ltd. | 3,139,600 | 8,261,859 | ||||||
Wharf Real Estate Investment Co. Ltd. | 3,765,150 | 20,643,662 | ||||||
|
| |||||||
173,447,796 | ||||||||
Road & Rail — 2.1% | ||||||||
MTR Corp. Ltd. | 3,552,583 | 17,902,413 | ||||||
|
| |||||||
Total Common Stocks — 99.0% |
| 839,538,047 | ||||||
|
| |||||||
Rights | ||||||||
Equity Real Estate Investment Trusts (REITs) — 0.1% | ||||||||
Link REIT (Expires 03/28/23, Strike Price HKD 44.20)(b) | 910,900 | 858,748 | ||||||
|
| |||||||
Total Rights — 0.1% |
| 858,748 | ||||||
|
| |||||||
Total Long-Term Investments — 99.1% |
| 840,396,795 | ||||||
|
| |||||||
Short-Term Securities | ||||||||
Money Market Funds — 0.8% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%(d)(e)(f) | 6,286,059 | 6,289,831 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(d)(e) | 520,000 | 520,000 | ||||||
|
| |||||||
Total Short-Term Securities — 0.8% |
| 6,809,831 | ||||||
|
| |||||||
Total Investments — 99.9% |
| 847,206,626 | ||||||
Other Assets Less Liabilities — 0.1% |
| 1,114,712 | ||||||
|
| |||||||
Net Assets — 100.0% |
| $ | 848,321,338 | |||||
|
|
(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 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Hong Kong ETF |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| ||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 08/31/22 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/23 | Shares Held at 02/28/23 | Income | Capital Gain | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | — | $ | 6,288,690 | (a) | $ | — | $ | 418 | $ | 723 | $ | 6,289,831 | 6,286,059 | $ | 6,465 | (b) | $ | — | |||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 1,540,000 | — | (1,020,000 | )(a) | — | — | 520,000 | 520,000 | 22,413 | 1 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | 418 | $ | 723 | $ | 6,809,831 | $ | 28,878 | $ | 1 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 | 12 | 03/17/23 | $ | 1,228 | $ | 1,880 | ||||||||||
|
|
OTC Total Return Swaps
| ||||||||||||||||||||||||||
Reference Entity | Payment Frequency | Counterparty(a) | Termination Date | Net Notional | Accrued Appreciation | Net Value of Reference Entity | Gross Notional Amount Net Asset Percentage | |||||||||||||||||||
| ||||||||||||||||||||||||||
Equity Securities Long | Monthly | Goldman Sachs Bank USA(b) | 08/19/26 | $ | 698,489 | $(1,573)(c) | $ | 696,916 | 0.1 | % | ||||||||||||||||
Monthly | HSBC Bank PLC(d) | 02/10/28 | 703,370 | (88,906)(e) | 656,863 | 0.1 | ||||||||||||||||||||
Monthly | JPMorgan Chase Bank NA(f) | 02/08/24 | 8,501 | 4,665(g) | 8,011 | 0.0 | (h) | |||||||||||||||||||
|
|
|
| |||||||||||||||||||||||
$ | (85,814 | ) | $ | 1,361,790 | ||||||||||||||||||||||
|
|
|
|
(a) | The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions. |
(c) | Amount includes $0 of net dividends and financing fees. |
(e) | Amount includes $(42,399) of net dividends, payable for referenced securities purchased and financing fees. |
(g) | Amount includes $5,155 of net dividends, payable for referenced securities purchased and financing fees. |
(h) | Rounds to less than 0.1%. |
The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest:
(b) | (d) | (f) | ||||
Range: | 55 basis points | 55 basis points | 55 basis points | |||
Benchmarks: | HKD - Overnight Index Average (HONIA) | HKD - Overnight Index Average (HONIA) | HKD - Overnight Index Average (HONIA) |
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, 2023 | iShares® MSCI Hong Kong ETF |
The following table represents the individual long positions and related values of equity securities underlying the total return swap with Goldman Sachs Bank USA as of period end, termination date August 19, 2026.
Shares | Value | %of Basket Value | ||||||||||
Reference Entity — Long | ||||||||||||
Common Stocks | ||||||||||||
Capital Markets | ||||||||||||
Hong Kong Exchanges & Clearing Ltd. | 17,400 | $ | 696,916 | 100.0 | % | |||||||
|
| |||||||||||
Net Value of Reference Entity — Goldman Sachs Bank USA |
| $ | 696,916 | |||||||||
|
|
The following table represents the individual long positions and related values of equity securities underlying the total return swap with HSBC Bank PLC as of period end, termination date February 10, 2028.
Shares | Value | %of Basket Value | ||||||||||
Reference Entity — Long | ||||||||||||
Common Stocks | ||||||||||||
Capital Markets | ||||||||||||
Hong Kong Exchanges & Clearing Ltd. | 16,400 | $ | 656,863 | 100.0 | % | |||||||
|
| |||||||||||
Net Value of Reference Entity — HSBC Bank PLC |
| $ | 656,863 | |||||||||
|
|
The following table represents the individual long positions and related values of equity securities underlying the total return swap with JPMorgan Chase Bank NA as of period end, termination date February 8, 2024.
Shares | Value | %of Basket Value | ||||||||||
Reference Entity — Long | ||||||||||||
Common Stocks | ||||||||||||
Capital Markets | ||||||||||||
Hong Kong Exchanges & Clearing Ltd. | 200 | $ | 8,011 | 100.0 | % | |||||||
|
| |||||||||||
Net Value of Reference Entity — JPMorgan Chase Bank NA |
| $ | 8,011 | |||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
| ||||||||||||||||||||||||||||
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Assets — Derivative Financial Instruments | ||||||||||||||||||||||||||||
Futures contracts | ||||||||||||||||||||||||||||
Unrealized appreciation on futures contracts(a) | $ | — | $ | — | $ | 1,880 | $ | — | $ | — | $ | — | $ | 1,880 | ||||||||||||||
Swaps — OTC | ||||||||||||||||||||||||||||
Unrealized appreciation on OTC swaps; Swap premiums paid | $ | — | $ | — | $ | 4,665 | $ | — | $ | — | $ | — | $ | 4,665 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | — | $ | — | $ | 6,545 | $ | — | $ | — | $ | — | $ | 6,545 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Liabilities — Derivative Financial Instruments | ||||||||||||||||||||||||||||
Swaps — OTC | ||||||||||||||||||||||||||||
Unrealized depreciation on OTC swaps; Swap premiums received | $ | — | $ | — | $ | 90,479 | $ | — | $ | — | $ | — | $ | 90,479 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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). |
14 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Hong Kong ETF |
For the period ended February 28, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
| ||||||||||||||||||||||||||||
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Net Realized Gain (Loss) from | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | (106,095 | ) | $ | — | $ | — | $ | — | $ | (106,095 | ) | ||||||||||||
Swaps | — | — | 1,187,999 | — | — | — | 1,187,999 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | — | $ | — | $ | 1,081,904 | $ | — | $ | — | $ | — | $ | 1,081,904 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | 114,832 | $ | — | $ | — | $ | — | $ | 114,832 | ||||||||||||||
Swaps | — | — | (85,814 | ) | — | — | — | (85,814 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | — | $ | — | $ | 29,018 | $ | — | $ | — | $ | — | $ | 29,018 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts | ||||
Average notional value of contracts — long | $ | 1,801,860 | ||
Total return swaps | ||||
Average notional value | $ | 705,180 |
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 | $ | 1,880 | $ | — | ||||
Swaps—OTC(a) | 4,665 | 90,479 | ||||||
|
|
|
| |||||
Total derivative assets and liabilities in the Statement of Assets and Liabilities | 6,545 | 90,479 | ||||||
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | (1,880 | ) | — | |||||
|
|
|
| |||||
Total derivative assets and liabilities subject to an MNA | 4,665 | 90,479 | ||||||
|
|
|
|
(a) | Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statements of Assets and Liabilities. |
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 | | | Non-Cash Collateral Received | | | Cash Collateral Received | | | Net Amount of Derivative Assets | (a) | |||||
| ||||||||||||||||||||
JPMorgan Chase Bank NA | $ | 4,665 | $ | — | $ | — | $ | — | $ | 4,665 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
| ||||||||||||||||||||
Counterparty | | Derivative Liabilities Subject to an MNA by Counterparty | | | Derivatives Available for Offset | | | Non-Cash Collateral Pledged | | | Cash Collateral Pledged | | | Net Amount of Derivative Liabilities | (b) | |||||
| ||||||||||||||||||||
Goldman Sachs Bank USA | $ | 1,573 | $ | — | $ | — | $ | — | $ | 1,573 | ||||||||||
HSBC Bank PLC | 88,906 | — | — | — | 88,906 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 90,479 | $ | — | $ | — | $ | — | $ | 90,479 | |||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Net amount represents the net amount receivable from the counterparty in the event of default. |
(b) | Net amount represents the net amount payable due to the counterparty in the event of default. |
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, 2023 | 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 | |||||||||||||
| ||||||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Common Stocks | $ | 7,953,714 | $ | 831,584,333 | $ | — | $ | 839,538,047 | ||||||||
Rights | — | 858,748 | — | 858,748 | ||||||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 6,809,831 | — | — | 6,809,831 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 14,763,545 | $ | 832,443,081 | $ | — | $ | 847,206,626 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Financial Instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Equity Contracts | $ | 1,880 | $ | 4,665 | $ | — | $ | 6,545 | ||||||||
Liabilities | ||||||||||||||||
Equity Contracts | — | (90,479 | ) | — | (90,479 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 1,880 | $ | (85,814 | ) | $ | — | (83,934 | ) | ||||||||
|
|
|
|
|
|
|
|
(a) | Derivative financial instruments are swaps and futures contracts. Swaps and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
16 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) February 28, 2023 | iShares® MSCI Japan Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Air Freight & Logistics — 0.6% | ||||||||
AZ-COM MARUWA Holdings Inc. | 3,000 | $ | 39,264 | |||||
Hamakyorex Co. Ltd. | 1,000 | 23,163 | ||||||
Konoike Transport Co. Ltd. | 2,000 | 21,978 | ||||||
Mitsui-Soko Holdings Co. Ltd. | 2,000 | 57,910 | ||||||
Sankyu Inc. | 4,000 | 147,162 | ||||||
SBS Holdings Inc. | 1,000 | 23,504 | ||||||
Senko Group Holdings Co. Ltd. | 9,000 | 63,677 | ||||||
Trancom Co. Ltd. | 1,000 | 49,024 | ||||||
|
| |||||||
425,682 | ||||||||
Auto Components — 3.4% | ||||||||
Exedy Corp. | 3,000 | 39,802 | ||||||
FCC Co. Ltd. | 3,000 | 32,887 | ||||||
G-Tekt Corp. | 2,000 | 20,901 | ||||||
JTEKT Corp. | 18,000 | 134,478 | ||||||
KYB Corp. | 1,000 | 27,628 | ||||||
Musashi Seimitsu Industry Co. Ltd. | 4,000 | 51,644 | ||||||
NGK Spark Plug Co. Ltd. | 13,000 | 261,419 | ||||||
NHK Spring Co. Ltd. | 17,000 | 113,220 | ||||||
Nifco Inc./Japan | 7,000 | 184,544 | ||||||
Nippon Seiki Co. Ltd. | 4,000 | 26,116 | ||||||
NOK Corp. | 7,000 | 68,640 | ||||||
Pacific Industrial Co. Ltd. | 4,000 | 34,154 | ||||||
Piolax Inc. | 2,000 | 29,511 | ||||||
Seiren Co. Ltd. | 4,000 | 70,302 | ||||||
Shoei Co. Ltd. | 2,000 | 79,304 | ||||||
Stanley Electric Co. Ltd. | 11,000 | 229,386 | ||||||
Sumitomo Riko Co. Ltd. | 3,000 | 15,532 | ||||||
Sumitomo Rubber Industries Ltd. | 15,000 | 135,054 | ||||||
Tokai Rika Co. Ltd. | 4,000 | 45,843 | ||||||
Topre Corp. | 3,000 | 26,351 | ||||||
Toyo Tire Corp. | 9,000 | 106,538 | ||||||
Toyoda Gosei Co. Ltd. | 6,000 | 97,737 | ||||||
Toyota Boshoku Corp. | 6,000 | 93,335 | ||||||
TS Tech Co. Ltd. | 8,000 | 101,486 | ||||||
Yokohama Rubber Co. Ltd. (The) | 10,000 | 189,770 | ||||||
|
| |||||||
2,215,582 | ||||||||
Automobiles — 0.4% | ||||||||
Mitsubishi Motors Corp.(a) | 57,000 | 224,781 | ||||||
Nissan Shatai Co. Ltd. | 6,000 | 37,048 | ||||||
|
| |||||||
261,829 | ||||||||
Banks — 4.8% | ||||||||
77 Bank Ltd. (The) | 5,000 | 89,078 | ||||||
Aichi Financial Group Inc., NVS | 3,000 | 55,396 | ||||||
Aozora Bank Ltd. | 10,000 | 193,659 | ||||||
Awa Bank Ltd. (The) | 3,000 | 48,979 | ||||||
Bank of Kyoto Ltd. (The) | 5,000 | 238,695 | ||||||
Chugin Financial Group Inc., NVS | 12,000 | 84,181 | ||||||
Daishi Hokuetsu Financial Group Inc. | 3,000 | 71,573 | ||||||
Fukuoka Financial Group Inc. | 15,000 | 334,851 | ||||||
Gunma Bank Ltd. (The) | 29,000 | 108,853 | ||||||
Hachijuni Bank Ltd. (The) | 29,000 | 131,234 | ||||||
Hirogin Holdings Inc. | 21,000 | 106,246 | ||||||
Hokkoku Financial Holdings Inc. | 2,000 | 61,322 | ||||||
Hokuhoku Financial Group Inc. | 10,000 | 77,163 | ||||||
Hyakugo Bank Ltd. (The) | 17,000 | 52,313 | ||||||
Iyogin Holdings Inc., NVS | 19,000 | 113,176 | ||||||
Juroku Financial Group Inc. | 3,000 | 70,835 | ||||||
Keiyo Bank Ltd. (The) | 8,000 | 38,045 |
Security | Shares | Value | ||||||
Banks (continued) | ||||||||
Kiyo Bank Ltd. (The) | 5,000 | $ | 59,844 | |||||
Kyushu Financial Group Inc. | 29,000 | 110,527 | ||||||
Mebuki Financial Group Inc. | 78,000 | 209,678 | ||||||
Musashino Bank Ltd. (The) | 2,000 | 37,250 | ||||||
Nanto Bank Ltd. (The) | 2,000 | 39,523 | ||||||
Nishi-Nippon Financial Holdings Inc. | 10,000 | 85,278 | ||||||
North Pacific Bank Ltd. | 23,000 | 53,543 | ||||||
Ogaki Kyoritsu Bank Ltd. (The) | 3,000 | 44,288 | ||||||
Okinawa Financial Group Inc. | 2,000 | 35,091 | ||||||
San-in Godo Bank Ltd. (The) | 12,000 | 74,758 | ||||||
Seven Bank Ltd. | 50,000 | 100,586 | ||||||
Shiga Bank Ltd. (The) | 3,000 | 64,115 | ||||||
Shinsei Bank Ltd. | 5,000 | 91,027 | ||||||
Suruga Bank Ltd. | 14,000 | 44,010 | ||||||
Toho Bank Ltd. (The) | 15,000 | 26,669 | ||||||
Tokyo Kiraboshi Financial Group Inc. | 2,000 | 42,716 | ||||||
TOMONY Holdings Inc. | 12,000 | 34,717 | ||||||
Yamaguchi Financial Group Inc. | 17,000 | 114,799 | ||||||
|
| |||||||
3,144,018 | ||||||||
Beverages — 0.8% | ||||||||
Coca-Cola Bottlers Japan Holdings Inc. | 11,000 | 115,795 | ||||||
Ito En Ltd. | 5,000 | 168,558 | ||||||
Sapporo Holdings Ltd. | 5,000 | 117,489 | ||||||
Takara Holdings Inc. | 12,000 | 94,696 | ||||||
|
| |||||||
496,538 | ||||||||
Biotechnology — 0.3% | ||||||||
GNI Group Ltd.(a) | 3,997 | 31,620 | ||||||
PeptiDream Inc.(a) | 8,000 | 108,563 | ||||||
Pharma Foods International Co. Ltd. | 2,000 | 22,953 | ||||||
SanBio Co. Ltd.(a) | 3,000 | 15,149 | ||||||
Takara Bio Inc. | 4,000 | 50,954 | ||||||
|
| |||||||
229,239 | ||||||||
Building Products — 0.8% | ||||||||
Bunka Shutter Co. Ltd. | 4,000 | 32,775 | ||||||
Central Glass Co. Ltd. | 2,000 | 49,149 | ||||||
Nichias Corp. | 5,000 | 98,597 | ||||||
Nichiha Corp. | 2,000 | 38,632 | ||||||
Nitto Boseki Co. Ltd. | 2,000 | 30,568 | ||||||
Noritz Corp. | 2,000 | 24,183 | ||||||
Sanwa Holdings Corp. | 16,000 | 168,659 | ||||||
Sekisui Jushi Corp. | 2,000 | 29,017 | ||||||
Takara Standard Co. Ltd. | 2,000 | 21,133 | ||||||
Takasago Thermal Engineering Co. Ltd. | 4,000 | 61,518 | ||||||
|
| |||||||
554,231 | ||||||||
Capital Markets — 0.6% | ||||||||
GMO Financial Holdings Inc. | 3,000 | 12,842 | ||||||
JAFCO Group Co. Ltd. | 5,000 | 80,881 | ||||||
M&A Capital Partners Co. Ltd.(a) | 1,000 | 28,906 | ||||||
Matsui Securities Co. Ltd. | 10,000 | 59,535 | ||||||
Monex Group Inc. | 15,000 | 54,960 | ||||||
Okasan Securities Group Inc. | 14,000 | 44,926 | ||||||
SPARX Group Co. Ltd. | 2,000 | 23,447 | ||||||
Strike Co. Ltd. | 1,000 | 27,843 | ||||||
Tokai Tokyo Financial Holdings Inc. | 17,000 | 47,563 | ||||||
WealthNavi Inc.(a)(b) | 2,000 | 18,745 | ||||||
|
| |||||||
399,648 | ||||||||
Chemicals — 6.7% | ||||||||
ADEKA Corp. | 8,000 | 129,806 | ||||||
Aica Kogyo Co. Ltd. | 4,000 | 90,899 |
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, 2023 | iShares® MSCI Japan Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Chemicals (continued) | ||||||||
Air Water Inc. | 16,000 | $ | 192,366 | |||||
C Uyemura & Co. Ltd. | 1,000 | 45,527 | ||||||
C.I. Takiron Corp. | 4,000 | 14,924 | ||||||
Chugoku Marine Paints Ltd. | 3,000 | 24,694 | ||||||
Daicel Corp. | 22,000 | 152,747 | ||||||
Denka Co. Ltd. | 6,000 | 126,705 | ||||||
DIC Corp. | 6,000 | 107,111 | ||||||
Fujimi Inc. | 1,000 | 47,934 | ||||||
Fujimori Kogyo Co. Ltd. | 1,000 | 23,121 | ||||||
Fuso Chemical Co. Ltd. | 2,000 | 54,487 | ||||||
JCU Corp. | 2,000 | 46,949 | ||||||
Kaneka Corp. | 4,000 | 100,511 | ||||||
Kansai Paint Co. Ltd. | 15,000 | 201,219 | ||||||
Kanto Denka Kogyo Co. Ltd. | 3,000 | 22,278 | ||||||
KeePer Technical Laboratory Co. Ltd. | 1,000 | 28,674 | ||||||
KH Neochem Co. Ltd. | 3,000 | 56,348 | ||||||
Konishi Co. Ltd. | 3,000 | 40,953 | ||||||
Kumiai Chemical Industry Co. Ltd. | 6,049 | 38,346 | ||||||
Kuraray Co. Ltd. | 27,000 | 242,176 | ||||||
Kureha Corp. | 1,400 | 86,750 | ||||||
Lintec Corp. | 3,000 | 49,166 | ||||||
Mitsubishi Gas Chemical Co. Inc. | 13,000 | 184,165 | ||||||
Nihon Parkerizing Co. Ltd. | 7,000 | 52,358 | ||||||
Nippon Kayaku Co. Ltd. | 11,000 | 96,597 | ||||||
Nippon Pillar Packing Co. Ltd. | 1,000 | 25,302 | ||||||
Nippon Shokubai Co. Ltd. | 2,000 | 83,011 | ||||||
Nippon Soda Co. Ltd. | 2,000 | 67,842 | ||||||
NOF Corp. | 6,000 | 255,235 | ||||||
Okamoto Industries Inc. | 1,000 | 28,636 | ||||||
Osaka Organic Chemical Industry Ltd. | 1,000 | 14,689 | ||||||
Osaka Soda Co. Ltd. | 1,000 | 31,606 | ||||||
Sakata INX Corp. | 3,000 | 22,776 | ||||||
Sanyo Chemical Industries Ltd. | 1,000 | 31,532 | ||||||
Shikoku Chemicals Corp. | 2,000 | 18,710 | ||||||
Shin-Etsu Polymer Co. Ltd. | 4,000 | 39,730 | ||||||
Showa Denko KK | 15,000 | 246,337 | ||||||
Sumitomo Bakelite Co. Ltd. | 3,000 | 104,770 | ||||||
T Hasegawa Co. Ltd. | 3,000 | 64,647 | ||||||
Taiyo Holdings Co. Ltd. | 3,000 | 52,084 | ||||||
Takasago International Corp. | 1,000 | 18,619 | ||||||
Teijin Ltd. | 15,000 | 155,859 | ||||||
Tenma Corp. | 1,000 | 17,258 | ||||||
Toagosei Co. Ltd. | 8,000 | 73,619 | ||||||
Tokai Carbon Co. Ltd. | 17,000 | 165,992 | ||||||
Tokuyama Corp. | 5,000 | 79,706 | ||||||
Tokyo Ohka Kogyo Co. Ltd. | 3,000 | 158,353 | ||||||
Toyo Gosei Co. Ltd. | 400 | 26,926 | ||||||
Toyo Ink SC Holdings Co. Ltd. | 3,000 | 42,608 | ||||||
Toyobo Co. Ltd. | 7,000 | 55,065 | ||||||
UBE Corp. | 8,000 | 119,980 | ||||||
W-Scope Corp.(a)(b) | 4,000 | 37,634 | ||||||
Zeon Corp. | 11,000 | 104,042 | ||||||
|
| |||||||
4,399,379 | ||||||||
Commercial Services & Supplies — 1.8% | ||||||||
Aeon Delight Co. Ltd. | 2,000 | 43,634 | ||||||
Daiseki Co. Ltd. | 4,012 | 120,535 | ||||||
Duskin Co. Ltd. | 4,000 | 91,062 | ||||||
Japan Elevator Service Holdings Co. Ltd. | 5,000 | 73,220 | ||||||
Kokuyo Co. Ltd. | 7,000 | 96,320 | ||||||
Matsuda Sangyo Co. Ltd. | 1,060 | 17,868 |
Security | Shares | Value | ||||||
Commercial Services & Supplies (continued) |
| |||||||
Midac Holdings Co. Ltd. | 1,000 | $ | 20,253 | |||||
Mitsubishi Pencil Co. Ltd. | 3,000 | 32,463 | ||||||
Nippon Kanzai Co. Ltd. | 2,000 | 38,029 | ||||||
Nippon Parking Development Co. Ltd. | 16,000 | 30,177 | ||||||
Okamura Corp. | 5,000 | 50,348 | ||||||
Park24 Co. Ltd.(a) | 11,000 | 161,167 | ||||||
Pilot Corp. | 2,000 | 64,273 | ||||||
Prestige International Inc. | 8,000 | 37,240 | ||||||
Raksul Inc.(a)(b) | 4,000 | 39,980 | ||||||
Sato Holdings Corp. | 2,000 | 33,199 | ||||||
Sohgo Security Services Co. Ltd. | 6,000 | 157,484 | ||||||
TRE Holdings Corp. | 4,000 | 44,555 | ||||||
|
| |||||||
1,151,807 | ||||||||
Construction & Engineering — 3.5% | ||||||||
Chiyoda Corp.(a) | 13,000 | 39,667 | ||||||
Chudenko Corp. | 2,000 | 31,672 | ||||||
COMSYS Holdings Corp. | 9,000 | 163,728 | ||||||
Daiho Corp. | 1,000 | 28,216 | ||||||
EXEO Group Inc. | 8,000 | 140,374 | ||||||
Hazama Ando Corp. | 14,000 | 90,242 | ||||||
INFRONEER Holdings Inc. | 21,040 | 159,523 | ||||||
JDC Corp. | 4,000 | 16,419 | ||||||
JGC Holdings Corp. | 19,000 | 244,533 | ||||||
Kandenko Co. Ltd. | 8,000 | 52,491 | ||||||
Kinden Corp. | 10,000 | 112,279 | ||||||
Kumagai Gumi Co. Ltd. | 3,000 | 61,275 | ||||||
Kyudenko Corp. | 4,000 | 101,032 | ||||||
MIRAIT ONE corp. | 8,000 | 89,520 | ||||||
Nippon Densetsu Kogyo Co. Ltd. | 3,000 | 33,547 | ||||||
Nippon Road Co. Ltd. (The) | 400 | 20,610 | ||||||
Nishimatsu Construction Co. Ltd. | 3,000 | 80,147 | ||||||
Okumura Corp. | 3,000 | 72,368 | ||||||
Penta-Ocean Construction Co. Ltd. | 23,000 | 109,611 | ||||||
Raito Kogyo Co. Ltd. | 3,000 | 43,114 | ||||||
Raiznext Corp. | 2,000 | 20,241 | ||||||
Sanki Engineering Co. Ltd. | 3,000 | 33,659 | ||||||
SHO-BOND Holdings Co. Ltd. | 3,000 | 118,331 | ||||||
Sumitomo Densetsu Co. Ltd. | 1,000 | 17,805 | ||||||
Sumitomo Mitsui Construction Co. Ltd. | 12,000 | 37,609 | ||||||
Taihei Dengyo Kaisha Ltd. | 1,000 | 28,506 | ||||||
Taikisha Ltd. | 2,000 | 52,627 | ||||||
Takamatsu Construction Group Co. Ltd. | 1,000 | 14,728 | ||||||
Toa Corp./Tokyo | 1,000 | 19,488 | ||||||
Toda Corp. | 18,000 | 93,813 | ||||||
Toenec Corp. | 1,000 | 25,046 | ||||||
Tokyu Construction Co. Ltd. | 7,040 | 35,755 | ||||||
Totetsu Kogyo Co. Ltd. | 2,000 | 40,276 | ||||||
Toyo Construction Co. Ltd. | 5,000 | 32,549 | ||||||
Yokogawa Bridge Holdings Corp. | 3,000 | 45,238 | ||||||
Yurtec Corp. | 3,000 | 16,650 | ||||||
|
| |||||||
2,322,689 | ||||||||
Construction Materials — 0.5% | ||||||||
Maeda Kosen Co. Ltd. | 1,000 | 24,189 | ||||||
Mitani Sekisan Co. Ltd. | 1,000 | 32,170 | ||||||
Sumitomo Osaka Cement Co. Ltd. | 3,000 | 83,806 | ||||||
Taiheiyo Cement Corp. | 10,000 | 183,857 | ||||||
|
| |||||||
324,022 | ||||||||
Consumer Finance — 1.0% | ||||||||
AEON Financial Service Co. Ltd. | 9,000 | 85,440 |
18 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Japan Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Consumer Finance (continued) | ||||||||
Aiful Corp. | 27,000 | $ | 73,771 | |||||
Credit Saison Co. Ltd. | 13,000 | 177,181 | ||||||
J Trust Co. Ltd. | 6,000 | 21,416 | ||||||
Jaccs Co. Ltd. | 2,000 | 65,132 | ||||||
Marui Group Co. Ltd. | 15,000 | 228,454 | ||||||
Orient Corp. | 4,300 | 36,880 | ||||||
|
| |||||||
688,274 | ||||||||
Containers & Packaging — 0.6% | ||||||||
FP Corp. | 4,100 | 103,924 | ||||||
Fuji Seal International Inc. | 4,000 | 48,562 | ||||||
Rengo Co. Ltd. | 16,000 | 103,962 | ||||||
Toyo Seikan Group Holdings Ltd. | 11,000 | 143,141 | ||||||
|
| |||||||
399,589 | ||||||||
Distributors — 0.3% | ||||||||
Arata Corp. | 1,000 | 29,654 | ||||||
Doshisha Co. Ltd. | 2,000 | 26,887 | ||||||
PALTAC Corp. | 3,000 | 109,115 | ||||||
|
| |||||||
165,656 | ||||||||
Diversified Consumer Services — 0.2% | ||||||||
Benesse Holdings Inc. | 6,000 | 88,794 | ||||||
LITALICO Inc. | 2,000 | 37,733 | ||||||
Riso Kyoiku Co. Ltd. | 9,000 | 22,143 | ||||||
|
| |||||||
148,670 | ||||||||
Diversified Financial Services — 1.0% | ||||||||
eGuarantee Inc. | 3,000 | 50,078 | ||||||
Financial Products Group Co. Ltd. | 5,000 | 43,119 | ||||||
Fuyo General Lease Co. Ltd. | 1,500 | 103,328 | ||||||
Japan Securities Finance Co. Ltd. | 8,000 | 61,614 | ||||||
Mizuho Leasing Co. Ltd. | 2,000 | 53,817 | ||||||
Ricoh Leasing Co. Ltd. | 1,000 | 29,553 | ||||||
Tokyo Century Corp. | 3,000 | 100,337 | ||||||
Zenkoku Hosho Co. Ltd. | 5,000 | 190,492 | ||||||
|
| |||||||
632,338 | ||||||||
Diversified Telecommunication Services — 0.4% | ||||||||
ARTERIA Networks Corp. | 2,000 | 19,006 | ||||||
Internet Initiative Japan Inc. | 9,000 | 180,278 | ||||||
JTOWER Inc.(a)(b) | 1,000 | 40,372 | ||||||
Usen-Next Holdings Co. Ltd. | 1,000 | 18,381 | ||||||
Vision Inc./Tokyo Japan(a) | 3,000 | 35,861 | ||||||
|
| |||||||
293,898 | ||||||||
Electric Utilities — 1.0% | ||||||||
Chugoku Electric Power Co. Inc. (The) | 23,000 | 113,119 | ||||||
Hokkaido Electric Power Co. Inc. | 15,000 | 51,944 | ||||||
Hokuriku Electric Power Co. | 14,000 | 55,667 | ||||||
Kyushu Electric Power Co. Inc. | 35,000 | 185,831 | ||||||
Okinawa Electric Power Co. Inc. (The) | 4,092 | 30,946 | ||||||
Shikoku Electric Power Co. Inc. | 13,000 | 69,674 | ||||||
Tohoku Electric Power Co. Inc. | 38,000 | 180,871 | ||||||
|
| |||||||
688,052 | ||||||||
Electrical Equipment — 1.3% | ||||||||
Daihen Corp. | 2,000 | 62,794 | ||||||
Fujikura Ltd. | 20,000 | 141,797 | ||||||
Furukawa Electric Co. Ltd. | 6,000 | 104,880 | ||||||
GS Yuasa Corp. | 5,000 | 90,108 | ||||||
Idec Corp./Japan | 2,000 | 47,927 | ||||||
Mabuchi Motor Co. Ltd. | 4,000 | 110,744 | ||||||
Nippon Carbon Co. Ltd. | 1,000 | 30,590 | ||||||
Nissin Electric Co. Ltd. | 4,000 | 49,784 |
Security | Shares | Value | ||||||
Electrical Equipment (continued) | ||||||||
Nitto Kogyo Corp. | 2,000 | $ | 38,912 | |||||
Sanyo Denki Co. Ltd. | 1,000 | 41,534 | ||||||
Toyo Tanso Co. Ltd. | 1,000 | 32,847 | ||||||
Ushio Inc. | 8,000 | 91,405 | ||||||
|
| |||||||
843,322 | ||||||||
Electronic Equipment, Instruments & Components — 4.0% | ||||||||
Ai Holdings Corp. | 3,000 | 49,794 | ||||||
Alps Alpine Co. Ltd. | 17,000 | 161,481 | ||||||
Amano Corp. | 4,000 | 73,973 | ||||||
Anritsu Corp. | 11,000 | 100,409 | ||||||
Canon Electronics Inc. | 2,000 | 25,948 | ||||||
Canon Marketing Japan Inc. | 4,000 | 88,396 | ||||||
Citizen Watch Co. Ltd. | 20,000 | 121,062 | ||||||
Daiwabo Holdings Co. Ltd. | 7,000 | 108,175 | ||||||
Dexerials Corp. | 5,000 | 97,964 | ||||||
Hakuto Co. Ltd. | 1,000 | 37,457 | ||||||
Hioki E.E. Corp. | 1,000 | 58,592 | ||||||
Horiba Ltd. | 3,000 | 159,952 | ||||||
Hosiden Corp. | 4,000 | 48,963 | ||||||
Iriso Electronics Co. Ltd. | 2,000 | 69,954 | ||||||
Japan Aviation Electronics Industry Ltd. | 4,000 | 66,403 | ||||||
Japan Display Inc.(a) | 64,000 | 19,313 | ||||||
Kaga Electronics Co. Ltd. | 1,000 | 35,870 | ||||||
Koa Corp. | 2,000 | 27,188 | ||||||
Macnica Holdings Inc. | 4,000 | 110,659 | ||||||
Maruwa Co. Ltd./Aichi | 1,000 | 128,577 | ||||||
Maxell Ltd. | 4,000 | 42,667 | ||||||
Meiko Electronics Co. Ltd. | 2,000 | 40,606 | ||||||
Nichicon Corp. | 4,000 | 39,628 | ||||||
Nippon Ceramic Co. Ltd. | 1,600 | 31,152 | ||||||
Nippon Electric Glass Co. Ltd. | 7,000 | 130,282 | ||||||
Nippon Signal Company Ltd. | 3,000 | 22,801 | ||||||
Nissha Co. Ltd. | 3,000 | 39,909 | ||||||
Nohmi Bosai Ltd. | 2,000 | 24,212 | ||||||
Oki Electric Industry Co. Ltd. | 6,000 | 31,307 | ||||||
Optex Group Co. Ltd. | 3,000 | 45,169 | ||||||
Restar Holdings Corp. | 1,000 | 17,033 | ||||||
Riken Keiki Co. Ltd. | 1,000 | 36,948 | ||||||
Ryosan Co. Ltd. | 1,300 | 29,596 | ||||||
Ryoyo Electro Corp. | 1,000 | 18,538 | ||||||
Siix Corp. | 2,000 | 21,881 | ||||||
Taiyo Yuden Co. Ltd. | 10,000 | 302,820 | ||||||
Topcon Corp. | 9,000 | 118,373 | ||||||
Yokowo Co. Ltd. | 1,000 | 14,588 | ||||||
|
| |||||||
2,597,640 | ||||||||
Energy Equipment & Services — 0.0% | ||||||||
Modec Inc.(a) | 2,000 | 22,123 | ||||||
|
| |||||||
Entertainment — 0.9% | ||||||||
Avex Inc. | 3,000 | 35,500 | ||||||
Bushiroad Inc. | 2,000 | 10,647 | ||||||
COLOPL Inc. | 5,000 | 21,841 | ||||||
Daiichikosho Co. Ltd. | 3,000 | 95,360 | ||||||
DeNA Co. Ltd. | 7,000 | 89,903 | ||||||
GungHo Online Entertainment Inc. | 4,000 | 72,043 | ||||||
Mixi Inc. | 3,000 | 58,957 | ||||||
Shochiku Co. Ltd. | 1,000 | 80,515 | ||||||
Toei Animation Co. Ltd.(b) | 700 | 70,014 | ||||||
Toei Co. Ltd. | 500 | 63,535 | ||||||
|
| |||||||
598,315 |
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, 2023 | iShares® MSCI Japan Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Equity Real Estate Investment Trusts (REITs) — 8.4% |
| |||||||
Activia Properties Inc. | 60 | $ | 172,930 | |||||
Advance Logistics Investment Corp. | 50 | 50,089 | ||||||
Advance Residence Investment Corp. | 110 | 270,229 | ||||||
AEON REIT Investment Corp. | 140 | 152,992 | ||||||
Comforia Residential REIT Inc. | 50 | 115,120 | ||||||
CRE Logistics REIT Inc. | 50 | 64,923 | ||||||
Daiwa Office Investment Corp. | 30 | 134,795 | ||||||
Daiwa Securities Living Investments Corp. | 160 | 133,100 | ||||||
Frontier Real Estate Investment Corp. | 40 | 147,454 | ||||||
Fukuoka REIT Corp. | 50 | 60,433 | ||||||
Global One Real Estate Investment Corp. | 80 | 63,957 | ||||||
Hankyu Hanshin REIT Inc. | 50 | 52,749 | ||||||
Heiwa Real Estate REIT Inc. | 80 | 92,308 | ||||||
Hoshino Resorts REIT Inc. | 20 | 110,906 | ||||||
Hulic Reit Inc. | 110 | 123,174 | ||||||
Ichigo Office REIT Investment Corp. | 100 | 65,088 | ||||||
Industrial & Infrastructure Fund Investment Corp. | 170 | 179,218 | ||||||
Invincible Investment Corp. | 520 | 209,566 | ||||||
Japan Excellent Inc. | 100 | 89,284 | ||||||
Japan Hotel REIT Investment Corp. | 380 | 214,775 | ||||||
Japan Logistics Fund Inc. | 70 | 151,307 | ||||||
Japan Prime Realty Investment Corp. | 70 | 184,748 | ||||||
Kenedix Office Investment Corp. | 80 | 187,708 | ||||||
Kenedix Residential Next Investment Corp. | 80 | 120,843 | ||||||
Kenedix Retail REIT Corp. | 50 | 90,964 | ||||||
LaSalle Logiport REIT | 150 | 170,527 | ||||||
Mirai Corp. | 150 | 49,294 | ||||||
Mitsubishi Estate Logistics REIT Investment Corp. | 40 | 118,383 | ||||||
Mitsui Fudosan Logistics Park Inc. | 51 | 170,023 | ||||||
Mori Hills REIT Investment Corp. | 130 | 146,232 | ||||||
Mori Trust Hotel Reit Inc.(a) | 30 | 30,734 | ||||||
Mori Trust Sogo REIT Inc. | 160 | 89,064 | ||||||
Nippon Accommodations Fund Inc. | 43 | 191,613 | ||||||
NIPPON REIT Investment Corp. | 40 | 97,803 | ||||||
NTT UD REIT Investment Corp. | 120 | 119,749 | ||||||
One REIT Inc. | 20 | 35,245 | ||||||
Orix JREIT Inc. | 220 | 294,567 | ||||||
Samty Residential Investment Corp. | 30 | 24,878 | ||||||
Sekisui House Reit Inc. | 360 | 190,604 | ||||||
SOSiLA Logistics REIT Inc. | 60 | 57,923 | ||||||
Star Asia Investment Corp. | 150 | 60,456 | ||||||
Starts Proceed Investment Corp. | 20 | 34,557 | ||||||
Takara Leben Real Estate Investment Corp. | 50 | 33,181 | ||||||
Tokyu REIT Inc. | 80 | 114,733 | ||||||
United Urban Investment Corp. | 250 | 276,136 | ||||||
|
| |||||||
5,544,362 | ||||||||
Food & Staples Retailing — 2.8% | ||||||||
Aeon Hokkaido Corp. | 4,000 | 25,057 | ||||||
Ain Holdings Inc. | 2,000 | 83,138 | ||||||
Arcs Co. Ltd. | 3,000 | 47,752 | ||||||
Axial Retailing Inc. | 1,000 | 25,464 | ||||||
Belc Co. Ltd. | 1,000 | 39,416 | ||||||
Cawachi Ltd. | 1,000 | 17,140 | ||||||
Cosmos Pharmaceutical Corp. | 2,000 | 183,328 | ||||||
Create SD Holdings Co. Ltd. | 2,000 | 49,573 | ||||||
Daikokutenbussan Co. Ltd. | 500 | 18,760 | ||||||
Fuji Co. Ltd./Ehime | 2,000 | 26,080 | ||||||
G-7 Holdings Inc. | 2,000 | 21,096 | ||||||
Genky DrugStores Co. Ltd. | 1,000 | 29,779 | ||||||
Halows Co. Ltd. | 1,000 | 23,768 |
Security | Shares | Value | ||||||
Food & Staples Retailing (continued) | ||||||||
Heiwado Co. Ltd. | 2,000 | $ | 31,307 | |||||
Inageya Co. Ltd. | 2,000 | 20,105 | ||||||
Kato Sangyo Co. Ltd. | 2,000 | 52,836 | ||||||
Kusuri no Aoki Holdings Co. Ltd. | 1,400 | 71,854 | ||||||
Lawson Inc. | 4,000 | 157,316 | ||||||
Life Corp. | 1,000 | 20,295 | ||||||
Maxvalu Tokai Co. Ltd. | 1,000 | 20,021 | ||||||
Mitsubishi Shokuhin Co. Ltd. | 1,000 | 23,804 | ||||||
Oisix ra daichi Inc.(a) | 2,000 | 35,029 | ||||||
Retail Partners Co. Ltd. | 2,000 | 18,856 | ||||||
San-A Co. Ltd. | 2,000 | 61,644 | ||||||
Shoei Foods Corp. | 1,000 | 31,090 | ||||||
Sugi Holdings Co. Ltd. | 3,000 | 125,582 | ||||||
Sundrug Co. Ltd. | 6,000 | 162,448 | ||||||
Tsuruha Holdings Inc. | 3,000 | 211,271 | ||||||
United Super Markets Holdings Inc. | 4,000 | 32,913 | ||||||
Valor Holdings Co. Ltd. | 3,000 | 43,219 | ||||||
Yaoko Co. Ltd. | 2,000 | 100,743 | ||||||
Yokorei Co. Ltd. | 4,000 | 29,455 | ||||||
|
| |||||||
1,840,139 | ||||||||
Food Products — 3.9% | ||||||||
Ariake Japan Co. Ltd. | 2,000 | 70,052 | ||||||
Calbee Inc. | 7,000 | 138,800 | ||||||
DyDo Group Holdings Inc. | 1,000 | 34,945 | ||||||
Ezaki Glico Co. Ltd. | 4,000 | 100,429 | ||||||
Fuji Oil Holdings Inc. | 4,000 | 57,393 | ||||||
Fujicco Co. Ltd. | 2,000 | 27,181 | ||||||
Fujiya Co. Ltd.(b) | 1,000 | 17,753 | ||||||
Hokuto Corp. | 2,000 | 27,673 | ||||||
House Foods Group Inc. | 5,000 | 99,125 | ||||||
Itoham Yonekyu Holdings Inc. | 13,000 | 68,161 | ||||||
J-Oil Mills Inc. | 2,000 | 23,202 | ||||||
Kagome Co. Ltd. | 6,000 | 132,577 | ||||||
Kameda Seika Co. Ltd. | 1,000 | 30,908 | ||||||
Kewpie Corp. | 8,000 | 129,297 | ||||||
Kotobuki Spirits Co. Ltd. | 2,000 | 128,553 | ||||||
Maruha Nichiro Corp. | 4,000 | 71,209 | ||||||
Megmilk Snow Brand Co. Ltd. | 4,000 | 51,900 | ||||||
Mitsui DM Sugar Holdings Co. Ltd. | 1,000 | 15,288 | ||||||
Morinaga & Co. Ltd./Japan | 3,000 | 86,530 | ||||||
Morinaga Milk Industry Co. Ltd. | 3,000 | 101,762 | ||||||
NH Foods Ltd. | 7,000 | 193,286 | ||||||
Nichirei Corp. | 9,000 | 177,680 | ||||||
Nippn Corp., New | 4,000 | 47,557 | ||||||
Nippon Suisan Kaisha Ltd. | 24,000 | 96,195 | ||||||
Nisshin Oillio Group Ltd. (The) | 2,000 | 48,905 | ||||||
Prima Meat Packers Ltd. | 2,000 | 31,444 | ||||||
Riken Vitamin Co. Ltd. | 2,000 | 30,491 | ||||||
S Foods Inc. | 1,000 | 20,467 | ||||||
Sakata Seed Corp. | 2,000 | 59,689 | ||||||
Showa Sangyo Co. Ltd. | 1,000 | 18,915 | ||||||
Toyo Suisan Kaisha Ltd. | 7,000 | 283,192 | ||||||
Yamazaki Baking Co. Ltd. | 10,000 | 116,092 | ||||||
|
| |||||||
2,536,651 | ||||||||
Gas Utilities — 0.4% | ||||||||
Nippon Gas Co. Ltd. | 9,000 | 125,728 | ||||||
Saibu Gas Holdings Co. Ltd. | 2,000 | 26,888 | ||||||
Shizuoka Gas Co. Ltd. | 3,000 | 24,863 |
20 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Japan Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Gas Utilities (continued) | ||||||||
Toho Gas Co. Ltd. | 6,000 | $ | 112,557 | |||||
|
| |||||||
290,036 | ||||||||
Health Care Equipment & Supplies — 1.4% | ||||||||
CYBERDYNE Inc.(a)(b) | 9,000 | 19,615 | ||||||
Eiken Chemical Co. Ltd. | 3,000 | 34,383 | ||||||
Hogy Medical Co. Ltd. | 2,000 | 47,256 | ||||||
Japan Lifeline Co. Ltd. | 5,000 | 33,942 | ||||||
Jeol Ltd. | 4,000 | 124,509 | ||||||
Mani Inc. | 6,000 | 81,491 | ||||||
Menicon Co. Ltd. | 5,000 | 107,128 | ||||||
Nagaileben Co. Ltd. | 2,000 | 28,813 | ||||||
Nakanishi Inc. | 6,000 | 124,206 | ||||||
Nihon Kohden Corp. | 7,000 | 175,354 | ||||||
Nipro Corp. | 12,000 | 91,271 | ||||||
Paramount Bed Holdings Co. Ltd. | 3,000 | 52,472 | ||||||
PHC Holdings Corp. | 2,000 | 21,137 | ||||||
|
| |||||||
941,577 | ||||||||
Health Care Providers & Services — 1.6% | ||||||||
Alfresa Holdings Corp. | 14,000 | 169,074 | ||||||
Amvis Holdings Inc.(b) | 2,000 | 48,140 | ||||||
As One Corp. | 2,000 | 83,366 | ||||||
BML Inc. | 2,000 | 46,485 | ||||||
Elan Corp. | 3,000 | 23,745 | ||||||
H.U. Group Holdings Inc. | 4,000 | 78,718 | ||||||
Medipal Holdings Corp. | 16,000 | 209,701 | ||||||
Ship Healthcare Holdings Inc. | 7,000 | 126,342 | ||||||
Solasto Corp. | 4,000 | 19,906 | ||||||
Suzuken Co. Ltd. | 5,000 | 126,263 | ||||||
Toho Holdings Co. Ltd. | 5,000 | 80,849 | ||||||
Tokai Corp./Gifu | 2,000 | 27,996 | ||||||
|
| |||||||
1,040,585 | ||||||||
Health Care Technology — 0.2% | ||||||||
EM Systems Co. Ltd. | 3,000 | 18,821 | ||||||
JMDC Inc. | 2,200 | 69,462 | ||||||
Medley Inc.(a) | 2,000 | 58,668 | ||||||
|
| |||||||
146,951 | ||||||||
Hotels, Restaurants & Leisure — 3.5% | ||||||||
Airtrip Corp. | 1,000 | 18,008 | ||||||
Arcland Service Holdings Co. Ltd. | 1,000 | 16,193 | ||||||
Atom Corp.(a)(b) | 10,000 | 59,778 | ||||||
Colowide Co. Ltd. | 6,000 | 84,649 | ||||||
Create Restaurants Holdings Inc. | 10,000 | 72,512 | ||||||
Curves Holdings Co. Ltd. | 4,000 | 22,556 | ||||||
Doutor Nichires Holdings Co. Ltd. | 3,000 | 41,135 | ||||||
Food & Life Companies Ltd. | 9,000 | 227,760 | ||||||
Fuji Kyuko Co. Ltd. | 2,000 | 61,624 | ||||||
Fujio Food Group Inc.(a) | 1,000 | 9,809 | ||||||
Heiwa Corp. | 5,016 | 94,129 | ||||||
Hiday Hidaka Corp. | 2,084 | 30,549 | ||||||
HIS Co. Ltd.(a)(b) | 4,000 | 59,845 | ||||||
Ichibanya Co. Ltd. | 1,000 | 34,297 | ||||||
Kappa Create Co. Ltd.(a) | 2,000 | 21,281 | ||||||
KFC Holdings Japan Ltd. | 1,000 | 20,582 | ||||||
Kisoji Co. Ltd. | 2,000 | 32,233 | ||||||
KOMEDA Holdings Co. Ltd. | 4,000 | 69,096 | ||||||
Koshidaka Holdings Co. Ltd. | 4,000 | 27,474 | ||||||
Kura Sushi Inc.(b) | 2,000 | 46,982 | ||||||
Kyoritsu Maintenance Co. Ltd. | 2,480 | 98,194 | ||||||
Matsuyafoods Holdings Co. Ltd. | 1,000 | 28,970 |
Security | Shares | Value | ||||||
Hotels, Restaurants & Leisure (continued) |
| |||||||
Monogatari Corp. (The) | 3,000 | $ | 55,384 | |||||
MOS Food Services Inc. | 2,000 | 45,300 | ||||||
Ohsho Food Service Corp. | 1,000 | 44,722 | ||||||
Open Door Inc.(a)(b) | 1,000 | 11,641 | ||||||
Resorttrust Inc. | 7,000 | 109,438 | ||||||
Ringer Hut Co. Ltd.(a)(b) | 2,000 | 32,375 | ||||||
Round One Corp. | 18,000 | 68,381 | ||||||
Royal Holdings Co. Ltd. | 3,000 | 57,349 | ||||||
Saizeriya Co. Ltd. | 2,000 | 45,013 | ||||||
Skylark Holdings Co. Ltd.(a) | 19,000 | 222,386 | ||||||
Tokyotokeiba Co. Ltd. | 1,000 | 27,748 | ||||||
Toridoll Holdings Corp. | 4,000 | 80,046 | ||||||
Yoshinoya Holdings Co. Ltd. | 6,000 | 103,168 | ||||||
Zensho Holdings Co. Ltd. | 8,000 | 225,239 | ||||||
|
| |||||||
2,305,846 | ||||||||
Household Durables — 2.4% | ||||||||
Casio Computer Co. Ltd. | 16,000 | 156,821 | ||||||
Chofu Seisakusho Co. Ltd. | 1,000 | 15,530 | ||||||
ES-Con Japan Ltd. | 3,000 | 18,744 | ||||||
Fujitsu General Ltd. | 5,000 | 140,027 | ||||||
Haseko Corp. | 20,000 | 229,505 | ||||||
Ki-Star Real Estate Co. Ltd. | 1,000 | 31,329 | ||||||
Nagawa Co. Ltd.(b) | 1,000 | 55,924 | ||||||
Nikon Corp. | 25,000 | 247,617 | ||||||
Pressance Corp. | 2,000 | 25,112 | ||||||
Rinnai Corp. | 3,000 | 210,428 | ||||||
Sangetsu Corp. | 3,000 | 54,485 | ||||||
Sumitomo Forestry Co. Ltd. | 12,000 | 230,268 | ||||||
Tama Home Co. Ltd. | 1,000 | 24,941 | ||||||
Tamron Co. Ltd. | 1,000 | 23,818 | ||||||
Token Corp. | 1,000 | 56,786 | ||||||
Zojirushi Corp. | 3,000 | 36,264 | ||||||
|
| |||||||
1,557,599 | ||||||||
Household Products — 0.6% | ||||||||
Earth Corp. | 1,000 | 35,215 | ||||||
Lion Corp. | 20,000 | 215,766 | ||||||
Pigeon Corp. | 10,000 | 154,254 | ||||||
|
| |||||||
405,235 | ||||||||
Independent Power and Renewable Electricity Producers — 0.5% | ||||||||
Electric Power Development Co. Ltd. | 12,000 | 191,257 | ||||||
eRex Co. Ltd. | 3,000 | 41,872 | ||||||
RENOVA Inc.(a) | 3,000 | 46,238 | ||||||
West Holdings Corp. | 2,080 | 51,195 | ||||||
|
| |||||||
330,562 | ||||||||
Industrial Conglomerates — 0.6% | ||||||||
Katakura Industries Co. Ltd. | 1,000 | 12,942 | ||||||
Keihan Holdings Co. Ltd. | 8,000 | 196,856 | ||||||
Mie Kotsu Group Holdings Inc. | 4,000 | 14,976 | ||||||
Nisshinbo Holdings Inc. | 11,000 | 81,615 | ||||||
Noritsu Koki Co. Ltd. | 2,000 | 32,681 | ||||||
TOKAI Holdings Corp. | 8,000 | 51,524 | ||||||
|
| |||||||
390,594 | ||||||||
Insurance — 0.1% | ||||||||
Anicom Holdings Inc. | 6,000 | 24,197 | ||||||
LIFENET INSURANCE Co.(a) | 4,000 | 34,255 | ||||||
|
| |||||||
58,452 | ||||||||
Interactive Media & Services — 0.4% | ||||||||
Bengo4.com Inc.(a)(b) | 1,000 | 17,773 | ||||||
Gree Inc. | 5,000 | 26,763 |
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, 2023 | iShares® MSCI Japan Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Interactive Media & Services (continued) | ||||||||
Infocom Corp. | 2,000 | $ | 35,257 | |||||
Kakaku.com Inc. | 11,000 | 164,166 | ||||||
|
| |||||||
243,959 | ||||||||
Internet & Direct Marketing Retail — 0.4% | ||||||||
ASKUL Corp. | 3,000 | 37,926 | ||||||
Belluna Co. Ltd. | 4,000 | 20,389 | ||||||
Demae-Can Co. Ltd.(a)(b) | 4,000 | 14,113 | ||||||
Mercari Inc.(a) | 9,000 | 159,520 | ||||||
|
| |||||||
231,948 | ||||||||
IT Services — 2.5% | ||||||||
Argo Graphics Inc. | 1,000 | 27,563 | ||||||
Bell System24 Holdings Inc. | 3,000 | 31,826 | ||||||
BIPROGY Inc. | 6,000 | 132,955 | ||||||
Change Inc. | 3,000 | 55,099 | ||||||
Comture Corp. | 2,000 | 32,715 | ||||||
Digital Garage Inc. | 3,000 | 99,049 | ||||||
DTS Corp. | 3,000 | 69,719 | ||||||
Future Corp. | 4,000 | 51,586 | ||||||
GMO GlobalSign Holdings KK(b) | 1,000 | 29,669 | ||||||
GMO internet group Inc. | 6,000 | 111,341 | ||||||
Infomart Corp. | 17,000 | 37,737 | ||||||
Information Services International-Dentsu Ltd. | 2,000 | 69,135 | ||||||
Kanematsu Electronics Ltd. | 1,000 | 45,442 | ||||||
Mitsubishi Research Institute Inc. | 1,000 | 38,054 | ||||||
NEC Networks & System Integration Corp. | 6,000 | 73,571 | ||||||
NET One Systems Co. Ltd. | 7,000 | 159,756 | ||||||
NS Solutions Corp. | 3,000 | 78,182 | ||||||
NSD Co. Ltd. | 5,000 | 86,281 | ||||||
Relia Inc. | 3,000 | 32,113 | ||||||
SB Technology Corp. | 1,000 | 14,761 | ||||||
SHIFT Inc.(a) | 1,000 | 165,556 | ||||||
Simplex Holdings Inc. | 2,000 | 33,525 | ||||||
TechMatrix Corp. | 3,000 | 32,554 | ||||||
TKC Corp. | 2,000 | 53,957 | ||||||
Transcosmos Inc. | 2,000 | 49,183 | ||||||
Zuken Inc. | 1,000 | 25,751 | ||||||
|
| |||||||
1,637,080 | ||||||||
Leisure Products — 1.0% | ||||||||
Fields Corp. | 1,000 | 30,627 | ||||||
GLOBERIDE Inc. | 2,000 | 37,676 | ||||||
Mizuno Corp. | 2,000 | 46,209 | ||||||
Roland Corp. | 1,000 | 28,760 | ||||||
Sankyo Co. Ltd. | 3,000 | 122,260 | ||||||
Sega Sammy Holdings Inc. | 13,000 | 222,251 | ||||||
Snow Peak Inc.(b) | 2,000 | 32,396 | ||||||
Tomy Co. Ltd. | 7,000 | 68,407 | ||||||
Universal Entertainment Corp.(a) | 2,000 | 34,630 | ||||||
Yonex Co. Ltd. | 5,000 | 48,504 | ||||||
|
| |||||||
671,720 | ||||||||
Life Sciences Tools & Services — 0.1% | ||||||||
Shin Nippon Biomedical Laboratories Ltd. | 2,000 | 41,446 | ||||||
|
| |||||||
Machinery — 7.2% | ||||||||
Aichi Corp. | 2,000 | 11,585 | ||||||
Aida Engineering Ltd. | 4,000 | 23,561 | ||||||
Amada Co. Ltd. | 29,000 | 263,904 | ||||||
CKD Corp. | 4,000 | 61,795 | ||||||
Daiwa Industries Ltd. | 2,000 | 19,827 | ||||||
DMG Mori Co. Ltd. | 10,000 | 160,857 | ||||||
Ebara Corp. | 8,000 | 339,977 |
Security | Shares | Value | ||||||
Machinery (continued) | ||||||||
Fuji Corp./Aichi | 6,000 | $ | 90,871 | |||||
Fujitec Co. Ltd.(b) | 5,000 | 115,598 | ||||||
Fukushima Galilei Co. Ltd. | 1,000 | 31,932 | ||||||
Furukawa Co. Ltd. | 2,000 | 20,376 | ||||||
Giken Ltd. | 2,000 | 41,139 | ||||||
Glory Ltd. | 4,000 | 81,372 | ||||||
Harmonic Drive Systems Inc. | 4,000 | 141,931 | ||||||
Hino Motors Ltd.(a) | 24,000 | 97,603 | ||||||
Hirata Corp. | 1,000 | 49,330 | ||||||
Hitachi Zosen Corp. | 14,000 | 93,067 | ||||||
IHI Corp. | 12,000 | 311,627 | ||||||
Japan Steel Works Ltd. (The) | 5,000 | 94,007 | ||||||
Kawasaki Heavy Industries Ltd. | 13,000 | 284,078 | ||||||
Kitz Corp. | 5,000 | 32,500 | ||||||
Kyokuto Kaihatsu Kogyo Co. Ltd. | 3,000 | 32,230 | ||||||
Makino Milling Machine Co. Ltd. | 2,000 | 72,419 | ||||||
Max Co. Ltd. | 2,000 | 31,806 | ||||||
Meidensha Corp. | 3,000 | 43,224 | ||||||
METAWATER Co. Ltd. | 2,000 | 24,484 | ||||||
Mitsubishi Logisnext Co. Ltd. | 2,000 | 11,834 | ||||||
Mitsuboshi Belting Ltd. | 2,000 | 58,305 | ||||||
Miura Co. Ltd. | 7,000 | 168,917 | ||||||
Morita Holdings Corp. | 3,000 | 26,800 | ||||||
Nabtesco Corp. | 9,000 | 232,603 | ||||||
Nachi-Fujikoshi Corp. | 1,000 | 28,912 | ||||||
Nikkiso Co. Ltd. | 4,000 | 28,401 | ||||||
Nitta Corp. | 2,000 | 44,001 | ||||||
Noritake Co. Ltd./Nagoya Japan | 1,000 | 33,260 | ||||||
NSK Ltd. | 33,000 | 182,783 | ||||||
NTN Corp. | 34,000 | 84,087 | ||||||
Obara Group Inc. | 1,000 | 28,672 | ||||||
Oiles Corp. | 2,096 | 25,354 | ||||||
OKUMA Corp. | 2,000 | 80,516 | ||||||
Organo Corp. | 2,400 | 59,882 | ||||||
OSG Corp. | 7,000 | 99,723 | ||||||
Shibaura Machine Co. Ltd. | 2,000 | 46,492 | ||||||
Shibuya Corp. | 1,000 | 17,601 | ||||||
Shima Seiki Manufacturing Ltd. | 2,000 | 27,265 | ||||||
Shinmaywa Industries Ltd. | 4,000 | 33,011 | ||||||
Star Micronics Co. Ltd. | 3,000 | 38,054 | ||||||
Sumitomo Heavy Industries Ltd. | 9,000 | 211,887 | ||||||
Tadano Ltd. | 8,000 | 60,891 | ||||||
Takeuchi Manufacturing Co. Ltd. | 3,000 | 64,082 | ||||||
Takuma Co. Ltd. | 5,000 | 50,346 | ||||||
THK Co. Ltd. | 10,000 | 223,957 | ||||||
Tocalo Co. Ltd. | 5,000 | 46,350 | ||||||
Tsubakimoto Chain Co. | 2,000 | 46,851 | ||||||
Tsugami Corp. | 3,000 | 32,381 | ||||||
Union Tool Co. | 1,000 | 23,733 | ||||||
YAMABIKO Corp. | 3,000 | 27,820 | ||||||
|
| |||||||
4,715,871 | ||||||||
Marine — 0.6% | ||||||||
Iino Kaiun Kaisha Ltd. | 7,000 | 55,687 | ||||||
Kawasaki Kisen Kaisha Ltd. | 13,000 | 311,326 | ||||||
NS United Kaiun Kaisha Ltd. | 1,000 | 32,428 | ||||||
|
| |||||||
399,441 | ||||||||
Media — 0.7% | ||||||||
Direct Marketing MiX Inc. | 2,000 | 21,612 | ||||||
Fuji Media Holdings Inc. | 4,000 | 33,568 | ||||||
Kadokawa Corp. | 8,016 | 159,651 |
22 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Japan Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Media (continued) | ||||||||
Nippon Television Holdings Inc. | 5,000 | $ | 41,159 | |||||
Septeni Holdings Co. Ltd. | 5,000 | 12,284 | ||||||
SKY Perfect JSAT Holdings Inc. | 14,000 | 53,134 | ||||||
TBS Holdings Inc. | 3,000 | 39,408 | ||||||
TV Asahi Holdings Corp. | 2,000 | 21,336 | ||||||
ValueCommerce Co. Ltd. | 1,000 | 12,310 | ||||||
Vector Inc. | 2,000 | 20,427 | ||||||
Zenrin Co. Ltd. | 3,000 | 18,531 | ||||||
|
| |||||||
433,420 | ||||||||
Metals & Mining — 2.2% | ||||||||
Asahi Holdings Inc. | 6,000 | 87,783 | ||||||
Daido Steel Co. Ltd. | 2,000 | 78,569 | ||||||
Daiki Aluminium Industry Co. Ltd. | 2,000 | 21,247 | ||||||
Dowa Holdings Co. Ltd. | 5,000 | 163,129 | ||||||
Kobe Steel Ltd. | 29,000 | 196,669 | ||||||
Kyoei Steel Ltd. | 2,000 | 23,924 | ||||||
Maruichi Steel Tube Ltd. | 5,000 | 108,635 | ||||||
Mitsubishi Materials Corp. | 10,000 | 155,670 | ||||||
Mitsui Mining & Smelting Co. Ltd. | 5,000 | 123,373 | ||||||
Nippon Light Metal Holdings Co. Ltd. | 5,000 | 54,485 | ||||||
Nittetsu Mining Co. Ltd. | 1,000 | 26,935 | ||||||
OSAKA Titanium Technologies Co. Ltd.(b) | 2,000 | 40,132 | ||||||
Pacific Metals Co. Ltd. | 1,000 | 14,267 | ||||||
Sanyo Special Steel Co. Ltd. | 2,000 | 38,509 | ||||||
Toho Titanium Co. Ltd. | 3,000 | 43,564 | ||||||
Tokyo Steel Manufacturing Co. Ltd. | 5,000 | 55,262 | ||||||
UACJ Corp. | 3,014 | 59,085 | ||||||
Yamato Kogyo Co. Ltd. | 3,000 | 120,257 | ||||||
Yodogawa Steel Works Ltd. | 2,000 | 39,753 | ||||||
|
| |||||||
1,451,248 | ||||||||
Multiline Retail — 1.7% | ||||||||
H2O Retailing Corp. | 7,035 | 71,709 | ||||||
Isetan Mitsukoshi Holdings Ltd. | 29,000 | 296,229 | ||||||
Izumi Co. Ltd. | 3,000 | 65,576 | ||||||
J Front Retailing Co. Ltd. | 21,000 | 194,927 | ||||||
Kintetsu Department Store Co. Ltd.(a) | 1,000 | 17,402 | ||||||
Ryohin Keikaku Co. Ltd. | 21,000 | 211,407 | ||||||
Seria Co. Ltd. | 4,000 | 77,607 | ||||||
Takashimaya Co. Ltd. | 12,000 | 167,124 | ||||||
|
| |||||||
1,101,981 | ||||||||
Oil, Gas & Consumable Fuels — 0.8% | ||||||||
Cosmo Energy Holdings Co. Ltd. | 6,000 | 179,344 | ||||||
Itochu Enex Co. Ltd. | 4,000 | 32,638 | ||||||
Iwatani Corp. | 4,000 | 165,359 | ||||||
Japan Petroleum Exploration Co. Ltd. | 3,000 | 108,092 | ||||||
Mitsuuroko Group Holdings Co. Ltd. | 2,000 | 19,176 | ||||||
San-Ai Obbli Co. Ltd. | 4,000 | 41,009 | ||||||
|
| |||||||
545,618 | ||||||||
Paper & Forest Products — 0.3% | ||||||||
Daiken Corp. | 1,000 | 16,258 | ||||||
Daio Paper Corp. | 7,000 | 55,527 | ||||||
Hokuetsu Corp. | 10,000 | 60,194 | ||||||
Nippon Paper Industries Co. Ltd. | 8,000 | 63,983 | ||||||
Tokushu Tokai Paper Co. Ltd. | 1,000 | 22,202 | ||||||
|
| |||||||
218,164 | ||||||||
Personal Products — 1.2% | ||||||||
Euglena Co. Ltd.(a)(b) | 8,000 | 55,820 | ||||||
Fancl Corp. | 7,000 | 129,819 | ||||||
Mandom Corp. | 3,000 | 31,639 |
Security | Shares | Value | ||||||
Personal Products (continued) | ||||||||
Milbon Co. Ltd. | 2,000 | $ | 83,841 | |||||
Noevir Holdings Co. Ltd. | 1,000 | 39,677 | ||||||
Pola Orbis Holdings Inc. | 8,000 | 102,137 | ||||||
Rohto Pharmaceutical Co. Ltd. | 16,000 | 290,862 | ||||||
YA-MAN Ltd. | 3,000 | 34,588 | ||||||
|
| |||||||
768,383 | ||||||||
Pharmaceuticals — 1.8% | ||||||||
Hisamitsu Pharmaceutical Co. Inc. | 4,000 | 112,192 | ||||||
JCR Pharmaceuticals Co. Ltd. | 6,000 | 64,647 | ||||||
Kaken Pharmaceutical Co. Ltd. | 3,000 | 79,834 | ||||||
Kissei Pharmaceutical Co. Ltd. | 2,000 | 35,967 | ||||||
KYORIN Holdings Inc. | 3,000 | 37,175 | ||||||
Mochida Pharmaceutical Co. Ltd. | 2,000 | 49,903 | ||||||
Santen Pharmaceutical Co. Ltd. | 31,000 | 236,661 | ||||||
Sawai Group Holdings Co. Ltd. | 3,000 | 83,061 | ||||||
Sosei Group Corp.(a) | 6,000 | 97,181 | ||||||
Sumitomo Pharma Co., Ltd. | 15,000 | 93,916 | ||||||
Taisho Pharmaceutical Holdings Co. Ltd. | 3,000 | 118,269 | ||||||
Torii Pharmaceutical Co. Ltd. | 1,000 | 23,053 | ||||||
Towa Pharmaceutical Co. Ltd. | 2,000 | 28,109 | ||||||
Tsumura & Co. | 5,000 | 95,079 | ||||||
ZERIA Pharmaceutical Co. Ltd. | 2,000 | 32,180 | ||||||
|
| |||||||
1,187,227 | ||||||||
Professional Services — 2.0% | ||||||||
Benefit One Inc. | 7,000 | 107,318 | ||||||
BeNext-Yumeshin Group Co. | 5,016 | 68,567 | ||||||
Dip Corp. | 3,000 | 77,511 | ||||||
en Japan Inc. | 3,000 | 52,239 | ||||||
Fullcast Holdings Co. Ltd. | 2,000 | 37,051 | ||||||
Funai Soken Holdings Inc. | 3,000 | 62,265 | ||||||
Insource Co. Ltd. | 4,000 | 36,328 | ||||||
JAC Recruitment Co. Ltd. | 1,000 | 17,752 | ||||||
Link And Motivation Inc. | 3,000 | 12,661 | ||||||
Management Solutions Co. Ltd. | 1,000 | 24,481 | ||||||
Meitec Corp. | 6,000 | 107,472 | ||||||
Nomura Co. Ltd. | 7,000 | 45,773 | ||||||
Outsourcing Inc. | 10,000 | 96,894 | ||||||
Pasona Group Inc. | 2,000 | 28,069 | ||||||
SMS Co. Ltd. | 6,000 | 143,681 | ||||||
S-Pool Inc. | 6,000 | 28,341 | ||||||
TechnoPro Holdings Inc. | 9,000 | 228,367 | ||||||
UT Group Co. Ltd. | 2,000 | 36,384 | ||||||
Visional Inc.(a)(b) | 1,000 | 66,999 | ||||||
WDB Holdings Co. Ltd. | 1,000 | 15,116 | ||||||
Weathernews Inc. | 1,000 | 49,191 | ||||||
|
| |||||||
1,342,460 | ||||||||
Real Estate Management & Development — 1.8% | ||||||||
Aeon Mall Co. Ltd. | 9,000 | 117,514 | ||||||
Goldcrest Co. Ltd. | 1,000 | 12,341 | ||||||
Heiwa Real Estate Co. Ltd. | 3,000 | 82,506 | ||||||
Ichigo Inc. | 22,000 | 46,853 | ||||||
Katitas Co. Ltd. | 4,000 | 79,286 | ||||||
Keihanshin Building Co. Ltd. | 2,000 | 17,682 | ||||||
Leopalace21 Corp.(a) | 14,000 | 32,984 | ||||||
Relo Group Inc. | 9,000 | 143,729 | ||||||
SAMTY Co. Ltd. | 2,000 | 30,740 | ||||||
SRE Holdings Corp.(a) | 1,000 | 25,510 | ||||||
Starts Corp. Inc. | 3,000 | 56,636 | ||||||
Sun Frontier Fudousan Co. Ltd. | 2,000 | 18,144 |
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, 2023 | iShares® MSCI Japan Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Real Estate Management & Development (continued) |
| |||||||
TKP Corp.(a)(b) | 1,000 | $ | 22,311 | |||||
TOC Co. Ltd. | 3,000 | 14,846 | ||||||
Tokyo Tatemono Co. Ltd. | 16,000 | 195,934 | ||||||
Tokyu Fudosan Holdings Corp. | 52,000 | 251,190 | ||||||
Tosei Corp. | 2,000 | 21,645 | ||||||
|
| |||||||
1,169,851 | ||||||||
Road & Rail — 2.3% | ||||||||
Fukuyama Transporting Co. Ltd. | 2,000 | 50,212 | ||||||
Keikyu Corp. | 19,000 | 177,070 | ||||||
Kyushu Railway Co. | 11,000 | 240,683 | ||||||
Maruzen Showa Unyu Co. Ltd. | 1,000 | 22,909 | ||||||
Nagoya Railroad Co. Ltd. | 16,000 | 242,843 | ||||||
Nankai Electric Railway Co. Ltd. | 9,000 | 182,482 | ||||||
Nikkon Holdings Co. Ltd. | 5,000 | 90,954 | ||||||
Nishi-Nippon Railroad Co. Ltd. | 5,000 | 87,145 | ||||||
Sakai Moving Service Co. Ltd. | 1,000 | 32,857 | ||||||
Seibu Holdings Inc. | 19,000 | 191,258 | ||||||
Seino Holdings Co. Ltd. | 10,000 | 103,222 | ||||||
Sotetsu Holdings Inc. | 7,000 | 119,068 | ||||||
|
| |||||||
1,540,703 | ||||||||
Semiconductors & Semiconductor Equipment — 2.3% | ||||||||
Ferrotec Holdings Corp. | 4,000 | 95,006 | ||||||
Japan Material Co. Ltd. | 6,000 | 106,121 | ||||||
Megachips Corp. | 1,000 | 21,035 | ||||||
Micronics Japan Co. Ltd. | 2,000 | 19,264 | ||||||
Mimasu Semiconductor Industry Co. Ltd. | 1,000 | 19,024 | ||||||
Mitsui High-Tec Inc. | 2,000 | 102,994 | ||||||
Optorun Co. Ltd. | 3,000 | 49,062 | ||||||
Rorze Corp. | 1,000 | 77,830 | ||||||
RS Technologies Co. Ltd. | 1,000 | 25,233 | ||||||
Sanken Electric Co. Ltd. | 2,000 | 136,347 | ||||||
SCREEN Holdings Co. Ltd. | 3,008 | 240,069 | ||||||
Shinko Electric Industries Co. Ltd. | 6,000 | 164,592 | ||||||
Socionext Inc.(a) | 2,000 | 141,163 | ||||||
Tokyo Seimitsu Co. Ltd. | 3,000 | 109,525 | ||||||
Tri Chemical Laboratories Inc. | 2,000 | 33,953 | ||||||
Ulvac Inc. | 4,000 | 153,332 | ||||||
|
| |||||||
1,494,550 | ||||||||
Software — 1.5% | ||||||||
Alpha Systems Inc. | 1,000 | 30,032 | ||||||
Appier Group Inc.(a) | 5,000 | 61,988 | ||||||
Cybozu Inc. | 2,000 | 39,202 | ||||||
Digital Arts Inc. | 1,000 | 39,217 | ||||||
Freee KK(a) | 3,000 | 70,335 | ||||||
Fuji Soft Inc. | 2,000 | 117,953 | ||||||
Fukui Computer Holdings Inc. | 1,000 | 20,523 | ||||||
Justsystems Corp. | 3,000 | 73,226 | ||||||
Money Forward Inc.(a) | 4,000 | 131,965 | ||||||
OBIC Business Consultants Co. Ltd. | 3,000 | 104,395 | ||||||
PKSHA Technology Inc.(a) | 1,000 | 15,169 | ||||||
Plus Alpha Consulting Co. Ltd. | 1,000 | 21,147 | ||||||
Rakus Co. Ltd. | 7,000 | 87,124 | ||||||
Sansan Inc.(a) | 6,000 | 67,914 | ||||||
Systena Corp. | 23,000 | 54,073 | ||||||
WingArc1st Inc. | 2,000 | 25,917 | ||||||
|
| |||||||
960,180 | ||||||||
Specialty Retail — 2.8% | ||||||||
ABC-Mart Inc. | 3,000 | 147,804 | ||||||
Adastria Co. Ltd. | 2,000 | 31,817 |
Security | Shares | Value | ||||||
Specialty Retail (continued) | ||||||||
Alpen Co. Ltd. | 1,000 | $ | 14,462 | |||||
AOKI Holdings Inc. | 3,000 | 18,080 | ||||||
ARCLANDS Corp. | 2,000 | 21,179 | ||||||
Autobacs Seven Co. Ltd. | 6,000 | 64,086 | ||||||
Bic Camera Inc. | 8,000 | 68,517 | ||||||
DCM Holdings Co. Ltd. | 9,000 | 75,826 | ||||||
EDION Corp. | 7,000 | 67,747 | ||||||
Geo Holdings Corp. | 2,000 | 23,762 | ||||||
IDOM Inc. | 4,000 | 24,877 | ||||||
JINS Holdings Inc. | 1,000 | 26,176 | ||||||
Joshin Denki Co. Ltd. | 1,000 | 14,954 | ||||||
Joyful Honda Co. Ltd. | 4,000 | 51,004 | ||||||
Keiyo Co. Ltd. | 3,000 | 18,451 | ||||||
Kohnan Shoji Co. Ltd. | 2,000 | 46,529 | ||||||
Komeri Co. Ltd. | 3,000 | 58,381 | ||||||
K’s Holdings Corp. | 13,000 | 112,010 | ||||||
Nafco Co. Ltd. | 1,000 | 13,350 | ||||||
Nextage Co. Ltd. | 4,000 | 89,936 | ||||||
Nishimatsuya Chain Co. Ltd. | 3,000 | 34,510 | ||||||
Nojima Corp. | 5,000 | 49,768 | ||||||
PAL GROUP Holdings Co. Ltd. | 2,000 | 40,853 | ||||||
Sanrio Co. Ltd. | 4,000 | 121,180 | ||||||
Shimamura Co. Ltd. | 2,000 | 186,838 | ||||||
T-Gaia Corp. | 2,000 | 24,086 | ||||||
United Arrows Ltd. | 2,000 | 25,612 | ||||||
VT Holdings Co. Ltd. | 6,000 | 22,453 | ||||||
Workman Co. Ltd. | 2,000 | 84,475 | ||||||
Yamada Holdings Co. Ltd. | 62,000 | 218,116 | ||||||
Yellow Hat Ltd. | 3,000 | 39,179 | ||||||
|
| |||||||
1,836,018 | ||||||||
Technology Hardware, Storage & Peripherals — 0.7% | ||||||||
Eizo Corp. | 1,000 | 28,001 | ||||||
Elecom Co. Ltd. | 4,000 | 39,105 | ||||||
Konica Minolta Inc. | 39,000 | 169,949 | ||||||
MCJ Co. Ltd. | 6,000 | 42,287 | ||||||
Melco Holdings Inc. | 1,000 | 24,779 | ||||||
Riso Kagaku Corp. | 2,000 | 36,390 | ||||||
Toshiba TEC Corp. | 2,000 | 55,828 | ||||||
Wacom Co. Ltd. | 13,000 | 62,393 | ||||||
|
| |||||||
458,732 | ||||||||
Textiles, Apparel & Luxury Goods — 1.2% | ||||||||
Asics Corp. | 14,000 | 354,477 | ||||||
Descente Ltd. | 2,000 | 58,417 | ||||||
Goldwin Inc. | 2,000 | 173,826 | ||||||
Gunze Ltd. | 1,000 | 32,758 | ||||||
Japan Wool Textile Co. Ltd. (The) | 4,000 | 28,962 | ||||||
Seiko Group Corp. | 2,000 | 42,372 | ||||||
Wacoal Holdings Corp. | 4,000 | 71,973 | ||||||
|
| |||||||
762,785 | ||||||||
Trading Companies & Distributors — 1.9% | ||||||||
Hanwa Co. Ltd. | 3,000 | 87,284 | ||||||
Inaba Denki Sangyo Co. Ltd. | 4,000 | 82,707 | ||||||
Inabata & Co. Ltd. | 3,000 | 59,134 | ||||||
Japan Pulp & Paper Co. Ltd. | 1,000 | 39,630 | ||||||
Kanamoto Co. Ltd. | 3,000 | 49,938 | ||||||
Kanematsu Corp. | 6,000 | 71,895 | ||||||
MARUKA FURUSATO Corp. | 2,000 | 42,234 | ||||||
Nagase & Co. Ltd. | 8,000 | 118,850 | ||||||
Nichiden Corp. | 1,000 | 13,875 |
24 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Japan Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Trading Companies & Distributors (continued) | ||||||||
Nippon Steel Trading Corp. | 1,044 | $ | 71,046 | |||||
Nishio Rent All Co. Ltd. | 2,000 | 46,770 | ||||||
Sojitz Corp. | 20,000 | 383,955 | ||||||
Trusco Nakayama Corp. | 4,000 | 66,342 | ||||||
Wakita & Co. Ltd. | 3,000 | 24,833 | ||||||
Yamazen Corp. | 4,000 | 30,752 | ||||||
Yuasa Trading Co. Ltd. | 1,000 | 26,863 | ||||||
|
| |||||||
1,216,108 | ||||||||
Transportation Infrastructure — 0.9% | ||||||||
Japan Airport Terminal Co. Ltd.(a) | 5,000 | 244,826 | ||||||
Kamigumi Co. Ltd. | 9,000 | 177,979 | ||||||
Mitsubishi Logistics Corp. | 4,000 | 92,803 | ||||||
Sumitomo Warehouse Co. Ltd. (The) | 4,000 | 62,538 | ||||||
|
| |||||||
578,146 | ||||||||
Wireless Telecommunication Services — 0.1% | ||||||||
Okinawa Cellular Telephone Co. | 2,000 | 47,007 | ||||||
|
| |||||||
Total Long-Term Investments — 99.7% | 65,445,176 | |||||||
|
| |||||||
Short-Term Securities | ||||||||
Money Market Funds — 1.5% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%(c)(d)(e) | 971,039 | 971,622 |
Security | Shares | Value | ||||||
Money Market Funds (continued) | ||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, | 30,000 | $ | 30,000 | |||||
|
| |||||||
Total Short-Term Securities — 1.5% | 1,001,622 | |||||||
|
| |||||||
Total Investments — 101.2% | 66,446,798 | |||||||
Liabilities in Excess of Other Assets — (1.2)% | (763,761 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 65,683,037 | ||||||
|
|
(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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| ||||||||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 08/31/22 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/23 | Shares Held at 02/28/23 | Income | Capital Gain | |||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | — | $ | 971,408 | (a) | $ | — | $ | 30 | $ | 184 | $ | 971,622 | 971,039 | $ | 3,334 | (b) | $ | — | |||||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 10,000 | 20,000 | (a) | — | — | — | 30,000 | 30,000 | 346 | — | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
$ | 30 | $ | 184 | $ | 1,001,622 | $ | 3,680 | $ | — | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Represents net amount purchased (sold). |
(b) | All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| ||||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
| ||||||||||||||||
Long Contracts | ||||||||||||||||
Mini TOPIX Index | 19 | 03/09/23 | $ | 277 | $ | 8,381 | ||||||||||
|
|
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, 2023 | iShares® MSCI Japan Small-Cap ETF |
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
| ||||||||||||||||||||||||||||
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Assets — Derivative Financial Instruments | ||||||||||||||||||||||||||||
Futures contracts | ||||||||||||||||||||||||||||
Unrealized appreciation on futures contracts(a) | $ | — | $ | — | $ | 8,381 | $ | — | $ | — | $ | — | $ | 8,381 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
| ||||||||||||||||||||||||||||
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Net Realized Gain (Loss) from | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | 19,606 | $ | — | $ | — | $ | — | $ | 19,606 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on |
| |||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | 5,845 | $ | — | $ | — | $ | — | $ | 5,845 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| ||||
Futures contracts | ||||
Average notional value of contracts — long | $ | 394,154 | ||
|
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Common Stocks | $ | 231,347 | $ | 65,213,829 | $ | — | $ | 65,445,176 | ||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 1,001,622 | — | — | 1,001,622 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 1,232,969 | $ | 65,213,829 | $ | — | $ | 66,446,798 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Financial Instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Equity Contracts | $ | — | $ | 8,381 | $ | — | $ | 8,381 | ||||||||
|
|
|
|
|
|
|
|
(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 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) February 28, 2023 | iShares® MSCI Malaysia ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Banks — 40.6% | ||||||||
AMMB Holdings Bhd | 4,394,837 | $ | 3,926,156 | |||||
CIMB Group Holdings Bhd | 16,714,212 | 20,894,985 | ||||||
Hong Leong Bank Bhd | 1,567,940 | 7,176,473 | ||||||
Hong Leong Financial Group Bhd | 553,300 | 2,246,300 | ||||||
Malayan Banking Bhd | 11,625,281 | 22,796,045 | ||||||
Public Bank Bhd | 35,100,300 | 32,303,070 | ||||||
RHB Bank Bhd(a) | 3,584,202 | 4,536,457 | ||||||
|
| |||||||
93,879,486 | ||||||||
Chemicals — 4.0% | ||||||||
Petronas Chemicals Group Bhd | 5,786,500 | 9,230,625 | ||||||
|
| |||||||
Construction & Engineering — 1.8% | ||||||||
Gamuda Bhd | 4,418,400 | 4,135,327 | ||||||
|
| |||||||
Diversified Telecommunication Services — 1.3% | ||||||||
Telekom Malaysia Bhd | 2,764,400 | 3,098,545 | ||||||
|
| |||||||
Electric Utilities — 5.6% | ||||||||
Tenaga Nasional Bhd | 6,241,912 | 13,034,111 | ||||||
|
| |||||||
Energy Equipment & Services — 1.9% | ||||||||
Dialog Group Bhd(a) | 8,848,154 | 4,436,986 | ||||||
|
| |||||||
Food Products — 12.7% | ||||||||
IOI Corp. Bhd | 6,061,630 | 5,173,408 | ||||||
Kuala Lumpur Kepong Bhd | 1,042,600 | 4,831,045 | ||||||
Nestle Malaysia Bhd | 169,600 | 5,105,952 | ||||||
PPB Group Bhd | 1,543,519 | 6,019,294 | ||||||
QL Resources Bhd | 2,640,450 | 3,418,610 | ||||||
Sime Darby Plantation Bhd | 5,002,255 | 4,716,764 | ||||||
|
| |||||||
29,265,073 | ||||||||
Gas Utilities — 3.1% | ||||||||
Petronas Gas Bhd | 1,908,300 | 7,084,630 | ||||||
|
| |||||||
Health Care Equipment & Supplies — 1.0% | ||||||||
Hartalega Holdings Bhd | 208,400 | 68,256 | ||||||
Top Glove Corp. Bhd(a)(b) | 12,862,100 | 2,163,478 | ||||||
|
| |||||||
2,231,734 | ||||||||
Health Care Providers & Services — 2.4% | ||||||||
IHH Healthcare Bhd | 4,246,400 | 5,478,350 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure — 4.2% | ||||||||
Genting Bhd | 5,141,100 | 5,337,838 | ||||||
Genting Malaysia Bhd | 7,158,500 | 4,306,279 | ||||||
|
| |||||||
9,644,117 | ||||||||
Industrial Conglomerates — 2.3% | ||||||||
HAP Seng Consolidated Bhd | 1,500,700 | 2,039,488 | ||||||
Sime Darby Bhd | 6,567,655 | 3,322,251 | ||||||
|
| |||||||
5,361,739 |
Security | Shares | Value | ||||||
Marine — 2.3% | ||||||||
MISC Bhd | 3,228,720 | $ | 5,437,112 | |||||
|
| |||||||
Metals & Mining — 4.4% | ||||||||
Press Metal Aluminium Holdings Bhd | 8,939,800 | 10,276,122 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 1.5% | ||||||||
Petronas Dagangan Bhd | 718,600 | 3,366,011 | ||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 1.6% | ||||||||
Inari Amertron Bhd | 6,750,000 | 3,682,642 | ||||||
|
| |||||||
Specialty Retail — 0.9% | ||||||||
MR DIY Group M Bhd(c) | 5,683,700 | 2,152,465 | ||||||
|
| |||||||
Transportation Infrastructure — 1.0% | ||||||||
Malaysia Airports Holdings Bhd(b) | 1,600,200 | 2,421,445 | ||||||
|
| |||||||
Wireless Telecommunication Services — 7.3% | ||||||||
Axiata Group Bhd | 6,637,900 | 4,688,090 | ||||||
DiGi.Com Bhd | 7,498,400 | 7,183,320 | ||||||
Maxis Bhd | 5,663,700 | 4,933,945 | ||||||
|
| |||||||
16,805,355 | ||||||||
Total Long-Term Investments — 99.9% | 231,021,875 | |||||||
|
| |||||||
Short-Term Securities | ||||||||
Money Market Funds — 0.7% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%(d)(e)(f) | 1,307,018 | 1,307,803 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(d)(e) | 270,000 | 270,000 | ||||||
|
| |||||||
Total Short-Term Securities — 0.7% |
| 1,577,803 | ||||||
|
| |||||||
Total Investments — 100.6% |
| 232,599,678 | ||||||
Liabilities in Excess of Other Assets — (0.6)% |
| (1,421,458 | ) | |||||
|
| |||||||
Net Assets — 100.0% |
| $ | 231,178,220 | |||||
|
|
(a) | All or a portion of this security is on loan. |
(b) | Non-income producing security. |
(c) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(d) | 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 | 27 |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Malaysia ETF |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| ||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 08/31/22 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/23 | Shares Held at | Income | Capital Gain | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | — | $ | 1,290,673 | (a) | $ | — | $ | 17,052 | $ | 78 | $ | 1,307,803 | 1,307,018 | $ | 48,734 | (b) | $ | — | |||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 110,000 | 160,000 | (a) | — | — | — | 270,000 | 270,000 | 5,911 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | 17,052 | $ | 78 | $ | 1,577,803 | $ | 54,645 | $ | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 | 3 | 03/17/23 | $ | 144 | $ | (5,602 | ) | |||||||||
|
|
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:
| ||||||||||||||||||||||||||||
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Liabilities — Derivative Financial Instruments | ||||||||||||||||||||||||||||
Futures contracts | ||||||||||||||||||||||||||||
Unrealized depreciation on futures contracts(a) | $ | — | $ | — | $ | 5,602 | $ | — | $ | — | $ | — | $ | 5,602 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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). |
For the period ended February 28, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
| ||||||||||||||||||||||||||||
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Net Realized Gain (Loss) from | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | (121,158 | ) | $ | — | $ | — | $ | — | $ | (121,158 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on |
| |||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | (2,596 | ) | $ | — | $ | — | $ | — | $ | (2,596 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| ||||
Futures contracts | ||||
Average notional value of contracts — long | $391,530 | |||
|
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
28 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 | 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 | |||||||||||||
| ||||||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Common Stocks | $ | 24,994,497 | $ | 206,027,378 | $ | — | $ | 231,021,875 | ||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 1,577,803 | — | — | 1,577,803 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 26,572,300 | $ | 206,027,378 | $ | — | $ | 232,599,678 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Financial Instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Equity Contracts | $ | (5,602 | ) | $ | — | $ | — | $ | (5,602 | ) | ||||||
|
|
|
|
|
|
|
|
(a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
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, 2023 | iShares® MSCI Pacific ex Japan ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Australia — 63.0% | ||||||||
Ampol Ltd. | 275,632 | $ | 6,076,803 | |||||
APA Group | 1,374,537 | 9,903,206 | ||||||
Aristocrat Leisure Ltd. | 692,376 | 16,966,147 | ||||||
ASX Ltd. | 225,231 | 10,287,717 | ||||||
Aurizon Holdings Ltd. | 2,139,137 | 4,753,467 | ||||||
Australia & New Zealand Banking Group Ltd. | 3,486,278 | 57,668,160 | ||||||
BHP Group Ltd. | 5,898,933 | 178,531,446 | ||||||
BlueScope Steel Ltd. | 547,528 | 7,005,452 | ||||||
Brambles Ltd. | 1,614,853 | 13,953,450 | ||||||
Cochlear Ltd. | 76,536 | 11,413,404 | ||||||
Coles Group Ltd. | 1,563,580 | 19,096,942 | ||||||
Commonwealth Bank of Australia | 1,973,191 | 133,306,467 | ||||||
Computershare Ltd. | 632,150 | 10,514,614 | ||||||
CSL Ltd. | 562,675 | 111,953,837 | ||||||
Dexus | 1,251,288 | 7,070,477 | ||||||
Endeavour Group Ltd./Australia | 1,667,110 | 7,649,416 | ||||||
Fortescue Metals Group Ltd. | 1,977,359 | 28,335,389 | ||||||
Goodman Group | 1,976,946 | 26,299,421 | ||||||
GPT Group (The) | 2,222,791 | 7,016,691 | ||||||
IDP Education Ltd. | 242,008 | 4,654,103 | ||||||
IGO Ltd. | 792,947 | 6,970,440 | ||||||
Insurance Australia Group Ltd. | 2,872,672 | 8,966,049 | ||||||
James Hardie Industries PLC | 518,477 | 10,802,276 | ||||||
Lendlease Corp. Ltd. | 796,882 | 4,080,844 | ||||||
Lottery Corp. Ltd. (The)(a) | 2,589,563 | 9,019,832 | ||||||
Macquarie Group Ltd. | 428,094 | 54,360,419 | ||||||
Medibank Pvt Ltd. | 3,203,993 | 7,181,637 | ||||||
Mineral Resources Ltd. | 198,332 | 10,953,593 | ||||||
Mirvac Group | 4,590,363 | 6,989,186 | ||||||
National Australia Bank Ltd. | 3,675,918 | 73,989,888 | ||||||
Newcrest Mining Ltd. | 1,040,276 | 15,925,310 | ||||||
Northern Star Resources Ltd. | 1,358,708 | 9,482,866 | ||||||
Orica Ltd. | 521,852 | 5,669,692 | ||||||
Origin Energy Ltd. | 2,004,349 | 10,752,187 | ||||||
Pilbara Minerals Ltd.(a) | 2,951,726 | 8,225,182 | ||||||
Qantas Airways Ltd.(a) | 1,075,150 | 4,624,225 | ||||||
QBE Insurance Group Ltd. | 1,727,655 | 17,477,372 | ||||||
Ramsay Health Care Ltd. | 213,470 | 9,678,057 | ||||||
REA Group Ltd. | 61,287 | 5,046,654 | ||||||
Reece Ltd. | 260,840 | 2,888,389 | ||||||
Rio Tinto Ltd. | 433,170 | 33,854,007 | ||||||
Santos Ltd. | 3,679,605 | 17,181,583 | ||||||
Scentre Group | 6,038,931 | 12,061,282 | ||||||
SEEK Ltd. | 390,622 | 6,329,122 | ||||||
Sonic Healthcare Ltd. | 530,615 | 11,478,859 | ||||||
South32 Ltd. | 5,348,443 | 15,539,498 | ||||||
Stockland | 2,775,944 | 7,150,689 | ||||||
Suncorp Group Ltd. | 1,469,056 | 12,672,095 | ||||||
Telstra Corp. Ltd. | 4,710,907 | 13,162,213 | ||||||
Transurban Group | 3,587,522 | 34,137,855 | ||||||
Treasury Wine Estates Ltd. | 839,783 | 7,898,614 | ||||||
Vicinity Ltd. | 4,500,560 | 6,157,621 | ||||||
Washington H Soul Pattinson & Co. Ltd. | 251,039 | 4,910,656 | ||||||
Wesfarmers Ltd. | 1,325,875 | 42,921,111 | ||||||
Westpac Banking Corp | 4,082,252 | 61,729,480 | ||||||
WiseTech Global Ltd. | 170,341 | 7,198,403 | ||||||
Woodside Energy Group Ltd. | 2,218,206 | 53,747,073 | ||||||
Woolworths Group Ltd. | 1,416,586 | 35,133,184 |
Security | Shares | Value | ||||||
Australia (continued) | ||||||||
Xero Ltd.(a) | 157,128 | $ | 8,183,818 | |||||
|
| |||||||
1,346,987,870 | ||||||||
Hong Kong — 22.5% | ||||||||
AIA Group Ltd. | 13,768,214 | 146,328,701 | ||||||
BOC Hong Kong Holdings Ltd. | 4,311,000 | 14,589,913 | ||||||
Budweiser Brewing Co. APAC Ltd.(b) | 2,027,600 | 6,079,965 | ||||||
CK Asset Holdings Ltd. | 2,311,732 | 14,499,256 | ||||||
CK Hutchison Holdings Ltd. | 3,123,732 | 18,652,578 | ||||||
CK Infrastructure Holdings Ltd. | 729,708 | 3,849,121 | ||||||
CLP Holdings Ltd. | 1,925,500 | 13,616,780 | ||||||
ESR Group Ltd.(b) | 2,320,800 | 3,947,772 | ||||||
Futu Holdings Ltd., ADR(a)(c) | 69,125 | 3,401,641 | ||||||
Galaxy Entertainment Group Ltd. | 2,540,000 | 16,910,401 | ||||||
Hang Lung Properties Ltd. | 2,351,736 | 4,535,743 | ||||||
Hang Seng Bank Ltd. | 895,900 | 14,573,176 | ||||||
Henderson Land Development Co. Ltd. | 1,687,442 | 5,923,232 | ||||||
HKT Trust & HKT Ltd., Class SS | 4,467,338 | 5,807,976 | ||||||
Hong Kong & China Gas Co. Ltd. | 13,026,253 | 12,244,713 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 1,405,600 | 56,297,995 | ||||||
Hongkong Land Holdings Ltd.(c) | 1,297,000 | 5,933,211 | ||||||
Jardine Matheson Holdings Ltd. | 185,300 | 9,185,250 | ||||||
Link REIT | 2,471,386 | 16,265,381 | ||||||
MTR Corp. Ltd. | 1,807,286 | 9,107,396 | ||||||
New World Development Co. Ltd. | 1,785,480 | 4,860,370 | ||||||
Power Assets Holdings Ltd. | 1,614,500 | 8,635,596 | ||||||
Sands China Ltd.(a) | 2,824,800 | 9,803,782 | ||||||
Sino Land Co. Ltd. | 4,064,800 | 5,212,499 | ||||||
SITC International Holdings Co. Ltd. | 1,562,000 | 3,267,622 | ||||||
Sun Hung Kai Properties Ltd. | 1,688,500 | 23,075,731 | ||||||
Swire Pacific Ltd., Class A | 560,500 | 4,574,075 | ||||||
Swire Properties Ltd. | 1,352,000 | 3,557,789 | ||||||
Techtronic Industries Co. Ltd. | 1,602,207 | 15,956,804 | ||||||
WH Group Ltd.(b) | 9,702,500 | 5,646,166 | ||||||
Wharf Real Estate Investment Co. Ltd. | 1,943,600 | 10,656,421 | ||||||
Xinyi Glass Holdings Ltd. | 2,146,000 | 4,012,472 | ||||||
|
| |||||||
481,009,528 | ||||||||
New Zealand — 1.8% | ||||||||
Auckland International Airport Ltd.(a) | 1,456,250 | 7,868,813 | ||||||
EBOS Group Ltd. | 188,942 | 5,172,404 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. | 678,683 | 10,863,287 | ||||||
Mercury NZ Ltd. | 807,934 | 3,131,567 | ||||||
Meridian Energy Ltd. | 1,490,646 | 4,892,814 | ||||||
Spark New Zealand Ltd. | 2,175,811 | 6,717,970 | ||||||
|
| |||||||
38,646,855 | ||||||||
Singapore — 12.0% | ||||||||
CapitaLand Ascendas REIT | 3,909,980 | 8,030,556 | ||||||
CapitaLand Integrated Commercial Trust | 6,173,338 | 8,880,345 | ||||||
Capitaland Investment Ltd./Singapore | 3,026,800 | 8,347,896 | ||||||
City Developments Ltd. | 476,200 | 2,724,031 | ||||||
DBS Group Holdings Ltd. | 2,112,300 | 53,591,417 | ||||||
Genting Singapore Ltd. | 7,010,600 | 5,303,324 | ||||||
Grab Holdings Ltd., Class A(a)(c) | 1,523,846 | 4,891,546 | ||||||
Jardine Cycle & Carriage Ltd. | 116,900 | 2,577,081 | ||||||
Keppel Corp. Ltd. | 1,713,400 | 6,957,795 | ||||||
Mapletree Logistics Trust | 3,893,484 | 4,878,426 | ||||||
Mapletree Pan Asia Commercial Trust | 2,739,600 | 3,494,657 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 3,955,224 | 37,173,137 | ||||||
Sea Ltd., ADR(a)(c) | 421,959 | 26,368,218 | ||||||
Sembcorp Marine Ltd.(a)(d) | 32,700,296 | 3,077,337 |
30 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Pacific ex Japan ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Singapore (continued) | ||||||||
Singapore Airlines Ltd. | 1,555,950 | $ | 6,569,321 | |||||
Singapore Exchange Ltd. | 1,000,100 | 6,459,003 | ||||||
Singapore Technologies Engineering Ltd. | 1,806,200 | 4,782,765 | ||||||
Singapore Telecommunications Ltd. | 9,659,828 | 16,971,131 | ||||||
United Overseas Bank Ltd. | 1,378,500 | 30,555,319 | ||||||
UOL Group Ltd. | 550,700 | 2,788,893 | ||||||
Venture Corp. Ltd. | 321,200 | 4,090,358 | ||||||
Wilmar International Ltd. | 2,261,500 | 6,607,320 | ||||||
|
| |||||||
255,119,876 | ||||||||
|
| |||||||
Total Common Stocks — 99.3% |
| 2,121,764,129 | ||||||
|
| |||||||
Rights | ||||||||
Hong Kong — 0.0% | ||||||||
Link REIT, (Expires 03/28/23, Strike Price HKD 44.20)(a) | 494,277 | 465,978 | ||||||
|
| |||||||
Total Rights — 0.0% |
| 465,978 | ||||||
|
| |||||||
Total Long-Term Investments — 99.3% |
| 2,122,230,107 | ||||||
|
| |||||||
Short-Term Securities | ||||||||
Money Market Funds — 0.5% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%(e)(f)(g) | 10,847,504 | 10,854,012 |
Security | Shares | Value | ||||||
Money Market Funds (continued) | ||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(e)(f) | 740,000 | $ | 740,000 | |||||
|
| |||||||
Total Short-Term Securities — 0.5% |
| 11,594,012 | ||||||
|
| |||||||
Total Investments — 99.8% |
| 2,133,824,119 | ||||||
Other Assets Less Liabilities — 0.2% |
| 3,238,239 | ||||||
|
| |||||||
Net Assets — 100.0% |
| $ | 2,137,062,358 | |||||
|
|
(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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| ||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 08/31/22 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/23 | Shares Held at | Income | Capital Gain | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 34,033,387 | $ | — | $ | (23,185,523 | )(a) | $ | 11,056 | $ | (4,908 | ) | $ | 10,854,012 | 10,847,504 | $ | 38,787 | (b) | $ | — | ||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 910,000 | — | (170,000 | )(a) | — | — | 740,000 | 740,000 | 27,966 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | 11,056 | $ | (4,908 | ) | $ | 11,594,012 | $ | 66,753 | $ | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 | ||||||||||||||||
SPI 200 Index | 69 | 03/16/23 | $ | 8,330 | $ | (136,245 | ) | |||||||||
MSCI Singapore Index | 170 | 03/30/23 | 3,703 | (52,226 | ) | |||||||||||
|
| |||||||||||||||
$ | (188,471 | ) | ||||||||||||||
|
|
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, 2023 | iShares® MSCI Pacific ex 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:
| ||||||||||||||||||||||||||||
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Liabilities — Derivative Financial Instruments | ||||||||||||||||||||||||||||
Futures contracts | ||||||||||||||||||||||||||||
Unrealized depreciation on futures contracts(a) | $ | — | $ | — | $ | 188,471 | $ | — | $ | — | $ | — | $ | 188,471 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
| ||||||||||||||||||||||||||||
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Net Realized Gain (Loss) from | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | (1,172,533 | ) | $ | — | $ | — | $ | — | $ | (1,172,533 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on |
| |||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | (77,983 | ) | $ | — | $ | — | $ | — | $ | (77,983 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| ||||
Futures contracts | ||||
Average notional value of contracts — long | $ | 12,008,753 | ||
|
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Common Stocks | $ | 34,661,405 | $ | 2,084,025,387 | $ | 3,077,337 | $ | 2,121,764,129 | ||||||||
Rights | — | 465,978 | — | 465,978 | ||||||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 11,594,012 | — | — | 11,594,012 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 46,255,417 | $ | 2,084,491,365 | $ | 3,077,337 | $ | 2,133,824,119 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Financial Instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Equity Contracts | $ | — | $ | (188,471 | ) | $ | — | $ | (188,471 | ) | ||||||
|
|
|
|
|
|
|
|
(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 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) February 28, 2023 | iShares® MSCI Singapore ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Aerospace & Defense — 2.9% | ||||||||
Singapore Technologies Engineering Ltd. | 6,027,700 | $ | 15,961,172 | |||||
|
| |||||||
Airlines — 3.6% | ||||||||
Singapore Airlines Ltd. | 4,674,067 | 19,734,213 | ||||||
|
| |||||||
Banks — 44.6% | ||||||||
DBS Group Holdings Ltd. | 4,335,300 | 109,991,417 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 7,953,550 | 74,751,367 | ||||||
United Overseas Bank Ltd. | 2,734,500 | 60,611,912 | ||||||
|
| |||||||
245,354,696 | ||||||||
Capital Markets — 3.4% | ||||||||
Singapore Exchange Ltd. | 2,937,300 | 18,970,131 | ||||||
|
| |||||||
Diversified Telecommunication Services — 4.4% | ||||||||
Singapore Telecommunications Ltd. | 13,692,968 | 24,056,863 | ||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 2.6% | ||||||||
Venture Corp. Ltd.(a) | 1,114,000 | 14,186,361 | ||||||
|
| |||||||
Entertainment — 4.3% | ||||||||
Sea Ltd., ADR(a)(b) | 378,579 | 23,657,402 | ||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 11.8% | ||||||||
CapitaLand Ascendas REIT | 11,134,094 | 22,867,882 | ||||||
CapitaLand Integrated Commercial Trust(a) | 9,071,094 | 13,048,766 | ||||||
Mapletree Logistics Trust(a) | 12,946,413 | 16,221,492 | ||||||
Mapletree Pan Asia Commercial Trust | 10,187,000 | 12,994,622 | ||||||
|
| |||||||
65,132,762 | ||||||||
Food Products — 3.5% | ||||||||
Wilmar International Ltd. | 6,632,500 | 19,377,868 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure — 3.1% | ||||||||
Genting Singapore Ltd. | 22,793,442 | 17,242,606 | ||||||
|
| |||||||
Industrial Conglomerates — 4.7% | ||||||||
Jardine Cycle & Carriage Ltd. | 343,200 | 7,565,904 | ||||||
Keppel Corp. Ltd. | 4,507,200 | 18,302,892 | ||||||
|
| |||||||
25,868,796 |
Security | Shares | Value | ||||||
Machinery — 1.5% | ||||||||
Sembcorp Marine Ltd.(b)(c) | 86,121,215 | $ | 8,104,636 | |||||
|
| |||||||
Real Estate Management & Development — 6.3% | ||||||||
Capitaland Investment Ltd/Singapore | 4,309,700 | 11,886,127 | ||||||
City Developments Ltd. | 1,942,500 | 11,111,783 | ||||||
UOL Group Ltd. | 2,292,300 | 11,608,824 | ||||||
|
| |||||||
34,606,734 | ||||||||
Road & Rail — 2.8% | ||||||||
Grab Holdings Ltd., Class A(a)(b) | 4,836,444 | 15,524,985 | ||||||
|
| |||||||
Total Long-Term Investments — 99.5% | 547,779,225 | |||||||
|
| |||||||
Short-Term Securities |
| |||||||
Money Market Funds — 7.0% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%(d)(e)(f) | 38,219,492 | 38,242,424 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(d)(e) | 230,000 | 230,000 | ||||||
|
| |||||||
Total Short-Term Securities — 7.0% |
| 38,472,424 | ||||||
|
| |||||||
Total Investments — 106.5% |
| 586,251,649 | ||||||
Liabilities in Excess of Other Assets — (6.5)% |
| (35,956,795 | ) | |||||
|
| |||||||
Net Assets — 100.0% |
| $ | 550,294,854 | |||||
|
|
(a) | All or a portion of this security is on loan. |
(b) | Non-income producing security. |
(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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| ||||||||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 08/31/22 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/23 | Shares Held at 02/28/23 | Income | Capital Gain | |||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $52,770,952 | $ | — | $ | (14,534,522 | )(a) | $ | 12,398 | $ | (6,404 | ) | $ | 38,242,424 | 38,219,492 | $ | 63,252 | (b) | $ | — | |||||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 180,000 | 50,000 | (a) | — | — | — | 230,000 | 230,000 | 6,381 | — | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||
$ | 12,398 | $ | (6,404 | ) | $ | 38,472,424 | $ | 69,633 | $ | — | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 | 33 |
Schedule of Investments (unaudited) (continued) February 28, 2023 | 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 | 101 | 03/30/23 | $ | 2,200 | $ | (36,737 | ) | |||||||||
|
|
OTC Total Return Swaps
| ||||||||||||||||||||||||||||
Reference Entity | Payment Frequency | Counterparty(a) | Termination Date | Net Notional | Accrued Unrealized Appreciation (Depreciation) | Net Value of Reference Entity | Gross Notional Amount Net Asset Percentage | |||||||||||||||||||||
| ||||||||||||||||||||||||||||
Equity Securities Long | Monthly | HSBC Bank PLC | (b) | 02/10/28 | $ | 43,346 | $ | (7,668 | )(c) | $ | 41,333 | 0.0 | %(d) | |||||||||||||||
|
|
|
| |||||||||||||||||||||||||
$ | (7,668 | ) | $ | 41,333 | ||||||||||||||||||||||||
|
|
|
|
(a) | The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions. |
(c) | Amount includes $(5,655) of net dividends, payable for referenced securities purchased and financing fees. |
(d) | Rounds to less than 0.1%. |
The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest:
(b) | ||
Range: | 55 basis points | |
Benchmarks: | SGD - Overnight Rate Average (SORA) |
34 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Singapore ETF |
The following table represents the individual long positions and related values of equity securities underlying the total return swap with HSBC Bank PLC as of period end, termination date February 10, 2028.
Shares | Value | % of Basket Value | ||||||||||
Reference Entity — Long | ||||||||||||
Common Stocks | ||||||||||||
Capital Markets | ||||||||||||
Singapore Exchange Ltd. | 6,400 | $ | 41,333 | 100.0 | % | |||||||
|
| |||||||||||
Net Value of Reference Entity — HSBC Bank PLC | $ | 41,333 | ||||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
| ||||||||||||||||||||||||||||
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Liabilities — Derivative Financial Instruments |
| |||||||||||||||||||||||||||
Futures contracts | ||||||||||||||||||||||||||||
Unrealized depreciation on futures contracts(a) | $ | — | $ | — | $ | 36,737 | $ | — | $ | — | $ | — | $ | 36,737 | ||||||||||||||
Swaps — OTC | ||||||||||||||||||||||||||||
Unrealized depreciation on OTC swaps; Swap premiums received | $ | — | $ | — | $ | 7,668 | $ | — | $ | — | $ | — | $ | 7,668 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | — | $ | — | $ | 44,405 | $ | — | $ | — | $ | — | $ | 44,405 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
| ||||||||||||||||||||||||||||
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Net Realized Gain (Loss) from | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | (2,485 | ) | $ | — | $ | — | $ | — | $ | (2,485 | ) | ||||||||||||
Swaps | — | — | 2,945 | — | — | — | 2,945 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | — | $ | — | $ | 460 | $ | — | $ | — | $ | — | $ | 460 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on |
| |||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | 49,063 | $ | — | $ | — | $ | — | $ | 49,063 | ||||||||||||||
Swaps | — | — | (7,668 | ) | — | — | — | (7,668 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | — | $ | — | $ | 41,395 | $ | — | $ | — | $ | — | $ | 41,395 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| ||||
Futures contracts | ||||
Average notional value of contracts — long | $ | 2,297,563 | ||
Total return swaps | ||||
Average notional value | $ | 21,673 | ||
|
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 | 35 |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Singapore ETF |
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 | $ | — | $ | 36,737 | ||||
Swaps - OTC(a) | — | 7,668 | ||||||
|
|
|
| |||||
Total derivative assets and liabilities in the Statement of Assets and Liabilities | — | 44,405 | ||||||
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | — | (36,737 | ) | |||||
|
|
|
| |||||
Total derivative assets and liabilities subject to an MNA | — | 7,668 | ||||||
|
|
|
|
(a) | Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statements of Assets and Liabilities. |
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 | | | Net Amount of Derivative Liabilities | (a) | |||||
| ||||||||||||||||||||
HSBC Bank PLC | $ | 7,668 | — | $ | — | $ | — | $ | 7,668 | |||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | 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 | |||||||||||||
| ||||||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Common Stocks | $ | 39,182,387 | $ | 500,492,202 | $ | 8,104,636 | $ | 547,779,225 | ||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 38,472,424 | — | — | 38,472,424 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 77,654,811 | $ | 500,492,202 | $ | 8,104,636 | $ | 586,251,649 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Financial Instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Equity Contracts | $ | — | $ | (44,405 | ) | $ | — | $ | (44,405 | ) | ||||||
|
|
|
|
|
|
|
|
(a) | Derivative financial instruments are swaps and futures contracts. Swaps and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
36 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) February 28, 2023 | iShares® MSCI Taiwan ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Airlines — 0.5% | ||||||||
China Airlines Ltd.(a) | 14,387,000 | $ | 9,521,760 | |||||
Eva Airways Corp.(a) | 12,279,000 | 11,372,225 | ||||||
|
| |||||||
20,893,985 | ||||||||
Auto Components — 0.4% | ||||||||
Cheng Shin Rubber Industry Co. Ltd. | 15,862,670 | 17,776,142 | ||||||
|
| |||||||
Banks — 11.8% | ||||||||
Chang Hwa Commercial Bank Ltd. | 42,049,708 | 23,997,501 | ||||||
CTBC Financial Holding Co. Ltd. | 89,556,325 | 66,489,611 | ||||||
E.Sun Financial Holding Co. Ltd. | 68,789,771 | 56,141,211 | ||||||
First Financial Holding Co. Ltd. | 59,614,385 | 52,241,950 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 55,357,387 | 41,372,076 | ||||||
Mega Financial Holding Co. Ltd.(a) | 57,194,652 | 62,394,302 | ||||||
Shanghai Commercial & Savings Bank Ltd. (The) | 24,338,218 | 37,781,444 | ||||||
SinoPac Financial Holdings Co. Ltd. | 65,781,441 | 36,826,309 | ||||||
Taishin Financial Holding Co. Ltd. | 73,983,207 | 39,732,941 | ||||||
Taiwan Business Bank | 23,752,000 | 11,154,250 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd.(a) | 56,251,933 | 48,933,075 | ||||||
|
| |||||||
477,064,670 | ||||||||
Biotechnology — 0.3% | ||||||||
PharmaEssentia Corp.(b) | 735,000 | 12,073,928 | ||||||
|
| |||||||
Chemicals — 4.1% | ||||||||
Formosa Chemicals & Fibre Corp. | 18,782,610 | 43,587,751 | ||||||
Formosa Plastics Corp. | 20,103,518 | 59,678,653 | ||||||
Nan Ya Plastics Corp. | 24,943,938 | 61,372,742 | ||||||
|
| |||||||
164,639,146 | ||||||||
Communications Equipment — 0.7% | ||||||||
Accton Technology Corp.(a) | 3,318,000 | 30,386,955 | ||||||
|
| |||||||
Construction Materials — 1.6% | ||||||||
Asia Cement Corp. | 17,137,136 | 25,125,432 | ||||||
Taiwan Cement Corp.(a) | 30,967,645 | 39,699,619 | ||||||
|
| |||||||
64,825,051 | ||||||||
Diversified Financial Services — 2.5% | ||||||||
Chailease Holding Co. Ltd.(a) | 7,821,167 | 57,326,743 | ||||||
Yuanta Financial Holding Co. Ltd. | 56,935,306 | 42,334,315 | ||||||
|
| |||||||
99,661,058 | ||||||||
Diversified Telecommunication Services — 1.7% | ||||||||
Chunghwa Telecom Co. Ltd.(a) | 18,790,648 | 71,044,631 | ||||||
|
| |||||||
Electrical Equipment — 1.0% | ||||||||
Voltronic Power Technology Corp. | 337,000 | 17,596,057 | ||||||
Walsin Lihwa Corp. | 12,198,178 | 22,466,697 | ||||||
Ya Hsin Industrial Co. Ltd.(c) | 6,845,461 | 2 | ||||||
|
| |||||||
40,062,756 | ||||||||
Electronic Equipment, Instruments & Components — 13.3% | ||||||||
AUO Corp.(a) | 42,920,664 | 26,119,389 | ||||||
Delta Electronics Inc. | 9,467,180 | 88,572,270 | ||||||
E Ink Holdings Inc.(a) | 4,418,000 | 27,956,732 | ||||||
Hon Hai Precision Industry Co. Ltd. | 55,848,296 | 184,746,248 | ||||||
Innolux Corp. | 52,877,210 | 25,329,746 | ||||||
Largan Precision Co. Ltd. | 518,794 | 37,296,122 | ||||||
Nan Ya Printed Circuit Board Corp.(a) | 1,950,000 | 14,780,798 | ||||||
Pacific Electric Wire & Cable Co. Ltd.(c) | 197 | — | ||||||
Synnex Technology International Corp. | 11,821,364 | 24,120,324 | ||||||
Unimicron Technology Corp.(a) | 7,154,000 | 29,547,509 | ||||||
WPG Holdings Ltd.(a) | 15,222,604 | 24,606,062 |
Security | Shares | Value | ||||||
Electronic Equipment, Instruments & Components (continued) | ||||||||
Yageo Corp.(a) | 2,116,767 | $ | 37,097,570 | |||||
Zhen Ding Technology Holding Ltd.(a) | 5,434,072 | 19,892,464 | ||||||
|
| |||||||
540,065,234 | ||||||||
Food & Staples Retailing — 0.8% | ||||||||
President Chain Store Corp. | 3,657,215 | 31,955,755 | ||||||
|
| |||||||
Food Products — 1.3% | ||||||||
Uni-President Enterprises Corp. | 24,613,189 | 54,335,005 | ||||||
|
| |||||||
Household Durables — 0.4% | ||||||||
Nien Made Enterprise Co. Ltd. | 1,531,000 | 16,300,771 | ||||||
|
| |||||||
Industrial Conglomerates — 0.7% | ||||||||
Far Eastern New Century Corp. | 25,111,843 | 26,695,878 | ||||||
|
| |||||||
Insurance — 5.1% | ||||||||
Cathay Financial Holding Co. Ltd.(a) | 44,168,798 | 62,635,346 | ||||||
China Development Financial Holding | 91,460,587 | 39,380,510 | ||||||
Fubon Financial Holding Co. Ltd.(a) | 38,161,823 | 74,622,155 | ||||||
Shin Kong Financial Holding Co. Ltd.(a) | 98,989,273 | 28,738,653 | ||||||
|
| |||||||
205,376,664 | ||||||||
Internet & Direct Marketing Retail — 0.2% | ||||||||
momo.com Inc(a) | 356,800 | 9,170,017 | ||||||
|
| |||||||
Leisure Products — 0.4% | ||||||||
Giant Manufacturing Co. Ltd.(a) | 2,542,372 | 16,914,850 | ||||||
|
| |||||||
Machinery — 0.8% | ||||||||
Airtac International Group(a) | 968,826 | 33,819,552 | ||||||
|
| |||||||
Marine — 1.4% | ||||||||
Evergreen Marine Corp. Taiwan Ltd.(a) | 5,490,013 | 28,055,259 | ||||||
Wan Hai Lines Ltd.(a) | 3,703,830 | 9,585,594 | ||||||
Yang Ming Marine Transport Corp.(a) | 8,236,000 | 17,334,878 | ||||||
|
| |||||||
54,975,731 | ||||||||
Metals & Mining — 1.6% | ||||||||
China Steel Corp.(a) | 62,012,977 | 63,794,618 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 0.6% | ||||||||
Formosa Petrochemical Corp.(a) | 8,434,950 | 23,464,713 | ||||||
|
| |||||||
Real Estate Management & Development — 0.6% | ||||||||
Ruentex Development Co. Ltd. | 15,983,188 | 23,154,586 | ||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 35.8% | ||||||||
ASE Technology Holding Co. Ltd.(a) | 17,716,432 | 61,006,067 | ||||||
eMemory Technology Inc.(a) | 343,000 | 20,614,018 | ||||||
Globalwafers Co. Ltd.(a) | 1,427,000 | 23,595,418 | ||||||
MediaTek Inc. | 6,780,175 | 159,191,873 | ||||||
Nanya Technology Corp.(a) | 9,974,000 | 18,985,656 | ||||||
Novatek Microelectronics Corp.(a) | 3,247,544 | 42,918,246 | ||||||
Parade Technologies Ltd.(a) | 375,000 | 11,660,988 | ||||||
Powerchip Semiconductor Manufacturing Corp. | 13,901,000 | 15,121,523 | ||||||
Realtek Semiconductor Corp.(a) | 2,775,063 | 34,210,882 | ||||||
Silergy Corp.(a) | 1,848,000 | 34,772,116 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 53,350,882 | 882,631,245 | ||||||
United Microelectronics Corp.(a) | 57,463,501 | 93,591,086 | ||||||
Vanguard International Semiconductor | 6,643,000 | 20,013,661 | ||||||
Win Semiconductors Corp. | 2,324,000 | 12,755,433 | ||||||
Winbond Electronics Corp. | 26,959,000 | 20,182,654 | ||||||
|
| |||||||
1,451,250,866 | ||||||||
Specialty Retail — 0.9% | ||||||||
Hotai Motor Co. Ltd.(a) | 1,826,000 | 36,804,230 |
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, 2023 | iShares® MSCI Taiwan ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Technology Hardware, Storage & Peripherals — 7.6% |
| |||||||
Acer Inc.(a) | 24,386,737 | $ | 20,222,392 | |||||
Advantech Co. Ltd. | 2,542,827 | 29,496,871 | ||||||
Asustek Computer Inc.(a) | 4,081,857 | 36,970,831 | ||||||
Catcher Technology Co. Ltd.(a) | 4,529,743 | 27,373,392 | ||||||
Compal Electronics Inc.(a) | 32,237,554 | 25,495,037 | ||||||
Inventec Corp. | 24,943,868 | 21,669,027 | ||||||
Lite-On Technology Corp. | 14,211,071 | 32,337,709 | ||||||
Micro-Star International Co. Ltd.(a) | 5,263,000 | 23,478,641 | ||||||
Pegatron Corp. | 12,285,037 | 27,218,563 | ||||||
Quanta Computer Inc. | 15,616,240 | 40,874,960 | ||||||
Wiwynn Corp. | 743,000 | 23,298,628 | ||||||
|
| |||||||
308,436,051 | ||||||||
Textiles, Apparel & Luxury Goods — 1.7% | ||||||||
Eclat Textile Co. Ltd.(a) | 1,496,601 | 23,526,786 | ||||||
Feng TAY Enterprise Co. Ltd. | 3,553,747 | 21,407,776 | ||||||
Pou Chen Corp. | 21,008,103 | 23,019,528 | ||||||
|
| |||||||
67,954,090 | ||||||||
Transportation Infrastructure — 0.5% | ||||||||
Taiwan High Speed Rail Corp.(a) | 20,086,000 | 19,312,960 | ||||||
|
| |||||||
Wireless Telecommunication Services — 1.4% | ||||||||
Far EasTone Telecommunications Co. Ltd.(a) | 11,600,259 | 26,175,381 | ||||||
Taiwan Mobile Co. Ltd.(a) | 10,183,609 | 32,260,763 | ||||||
|
| |||||||
58,436,144 | ||||||||
|
| |||||||
Total Long-Term Investments — 99.7% | 4,040,646,037 | |||||||
|
|
Security | Shares | Value | ||||||
Short-Term Securities | ||||||||
Money Market Funds — 9.4% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%(d)(e)(f) | 375,267,028 | $ | 375,492,189 | |||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(d)(e) | 3,580,000 | 3,580,000 | ||||||
|
| |||||||
Total Short-Term Securities — 9.4% | 379,072,189 | |||||||
|
| |||||||
Total Investments — 109.1% | 4,419,718,226 | |||||||
Liabilities in Excess of Other Assets — (9.1)% |
| (368,634,504 | ) | |||||
|
| |||||||
Net Assets — 100.0% | $ | 4,051,083,722 | ||||||
|
|
(a) | All or a portion of this security is on loan. |
(b) | Non-income producing security. |
(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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| ||||||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 08/31/22 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/23 | Shares Held at | Income | Capital Gain | |||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 407,562,083 | $ | — | $ | (32,231,810 | )(a) | $ | 141,064 | $ | 20,852 | $ | 375,492,189 | 375,267,028 | $ | 2,777,645 | (b) | $ | — | |||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 3,220,000 | 360,000 | (a) | — | — | — | 3,580,000 | 3,580,000 | 341,910 | 4 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||
$ | 141,064 | $ | 20,852 | $ | 379,072,189 | $ | 3,119,555 | $ | 4 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 | 164 | 03/30/23 | $ | 8,795 | $ | (69,724 | ) | |||||||||
|
|
38 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 | 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:
| ||||||||||||||||||||||||||||
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Liabilities — Derivative Financial Instruments |
| |||||||||||||||||||||||||||
Futures contracts | ||||||||||||||||||||||||||||
Unrealized depreciation on futures contracts(a) | $ | — | $ | — | $ | 69,724 | $ | — | $ | — | $ | — | $ | 69,724 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
| ||||||||||||||||||||||||||||
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Net Realized Gain (Loss) from | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | 573,299 | $ | — | $ | — | $ | — | $ | 573,299 | ||||||||||||||
Forward foreign currency exchange contracts | — | — | — | (428 | ) | — | — | (428 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | — | $ | — | $ | 573,299 | $ | (428 | ) | $ | — | $ | — | $ | 572,871 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on |
| |||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | 426,041 | $ | — | $ | — | $ | — | $ | 426,041 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| ||||
Futures contracts | ||||
Average notional value of contracts — long | $ | 9,815,798 | ||
|
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Common Stocks | $ | — | $ | 4,040,646,035 | $ | 2 | $ | 4,040,646,037 | ||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 379,072,189 | — | — | 379,072,189 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 379,072,189 | $ | 4,040,646,035 | $ | 2 | $ | 4,419,718,226 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Financial Instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Equity Contracts | $ | — | $ | (69,724 | ) | $ | — | $ | (69,724 | ) | ||||||
|
|
|
|
|
|
|
|
(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 |
Schedule of Investments (unaudited) February 28, 2023 | iShares® MSCI Thailand ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Air Freight & Logistics — 0.2% | ||||||||
JWD Infologistics PCL(a) | 725,800 | $ | 390,004 | |||||
Kerry Express Thailand PCL, NVS(a)(b) | 887,100 | 388,960 | ||||||
|
| |||||||
778,964 | ||||||||
Airlines — 0.3% | ||||||||
Asia Aviation PCL, NVDR(b) | 7,410,047 | 599,422 | ||||||
Bangkok Airways PCL, NVDR(b) | 1,471,200 | 545,078 | ||||||
|
| |||||||
1,144,500 | ||||||||
Auto Components — 0.4% | ||||||||
Sri Trang Agro-Industry PCL, NVDR(a) | 1,876,845 | 1,340,265 | ||||||
|
| |||||||
Banks — 4.2% | ||||||||
Kasikornbank PCL, NVDR | 1,202,200 | 4,659,114 | ||||||
Kiatnakin Phatra Bank PCL, NVDR(a) | 431,673 | 814,947 | ||||||
Krung Thai Bank PCL, NVDR | 7,076,200 | 3,463,493 | ||||||
SCB X PCL, NVS | 1,710,000 | 5,030,304 | ||||||
Thanachart Capital PCL, NVDR | 583,200 | 705,350 | ||||||
|
| |||||||
14,673,208 | ||||||||
Beverages — 1.3% | ||||||||
Carabao Group PCL, NVDR | 609,300 | 1,741,304 | ||||||
Osotspa PCL, NVDR | 3,041,000 | 2,774,172 | ||||||
|
| |||||||
4,515,476 | ||||||||
Building Products — 0.1% | ||||||||
Dynasty Ceramic PCL, NVDR(a) | 7,434,140 | 475,349 | ||||||
|
| |||||||
Capital Markets — 0.7% | ||||||||
Bangkok Commercial Asset Management PCL, NVDR | 3,599,500 | 1,507,186 | ||||||
Beyond Securities PC, NVS(a)(b) | 2,531,700 | 773,356 | ||||||
|
| |||||||
2,280,542 | ||||||||
Chemicals — 3.2% | ||||||||
Eastern Polymer Group PCL, NVDR(a) | 1,708,300 | 403,473 | ||||||
Indorama Ventures PCL, NVDR | 3,424,210 | 3,558,685 | ||||||
PTT Global Chemical PCL, NVDR | 4,577,007 | 6,116,047 | ||||||
TOA Paint Thailand PCL, NVDR(a) | 1,239,300 | 1,139,606 | ||||||
|
| |||||||
11,217,811 | ||||||||
Construction & Engineering — 0.6% | ||||||||
CH Karnchang PCL, NVDR(a) | 2,241,000 | 1,350,477 | ||||||
Sino-Thai Engineering & Construction PCL, NVDR | 2,313,428 | 883,409 | ||||||
|
| |||||||
2,233,886 | ||||||||
Construction Materials — 4.8% | ||||||||
Siam Cement PCL (The), NVDR | 1,582,900 | 14,642,685 | ||||||
Siam City Cement PCL, NVDR | 181,500 | 747,133 | ||||||
Tipco Asphalt PCL, NVDR | 1,451,100 | 812,981 | ||||||
TPI Polene PCL, NVDR | 11,694,400 | 569,092 | ||||||
|
| |||||||
16,771,891 | ||||||||
Consumer Finance — 2.9% | ||||||||
AEON Thana Sinsap Thailand PCL, NVDR(a) | 178,200 | 1,018,254 | ||||||
Asia Sermkij Leasing PCL, NVS(a) | 428,300 | 357,317 | ||||||
JMT Network Services PCL, NVDR | 1,328,500 | 1,747,089 | ||||||
Krungthai Card PCL, NVDR | 1,835,300 | 3,049,681 | ||||||
Muangthai Capital PCL, NVDR | 1,502,100 | 1,486,461 | ||||||
Ratchthani Leasing PCL, NVDR(a) | 4,037,927 | 452,290 | ||||||
Srisawad Corp. PCL, NVDR | 1,388,860 | 2,120,551 | ||||||
|
| |||||||
10,231,643 | ||||||||
Containers & Packaging — 1.2% | ||||||||
Polyplex Thailand PCL, NVDR(a) | 445,100 | 243,044 | ||||||
SCG Packaging PCL, NVDR | 2,618,200 | 3,851,131 | ||||||
|
| |||||||
4,094,175 |
Security | Shares | Value | ||||||
Diversified Telecommunication Services — 1.3% | ||||||||
Jasmine International PCL, NVDR(a)(b) | 7,081,368 | $ | 444,701 | |||||
Thaicom PCL, NVDR | 1,220,000 | 541,973 | ||||||
True Corp. PCL, NVDR | 23,651,818 | 3,446,592 | ||||||
|
| |||||||
4,433,266 | ||||||||
Electrical Equipment — 0.2% | ||||||||
STARK Corp. PCL, NVS(a)(b) | 9,415,000 | 634,014 | ||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 6.3% | ||||||||
Delta Electronics Thailand PCL, NVDR | 633,200 | 16,325,165 | ||||||
Forth Corp. PCL, NVS(a) | 493,600 | 509,472 | ||||||
Hana Microelectronics PCL, NVDR(a) | 1,144,500 | 1,868,541 | ||||||
Jay Mart PCL, NVDR | 1,035,700 | 826,898 | ||||||
KCE Electronics PCL, NVDR(a) | 1,562,700 | 2,054,715 | ||||||
Nex Point Parts PCL(a)(b) | 1,029,000 | 445,216 | ||||||
|
| |||||||
22,030,007 | ||||||||
Entertainment — 0.4% | ||||||||
Major Cineplex Group PCL, NVDR(a) | 1,166,600 | 564,322 | ||||||
One Enterprise Public Co. Ltd. (The), NVS | 1,900,000 | 397,835 | ||||||
RS PCL, NVDR | 986,200 | 429,689 | ||||||
|
| |||||||
1,391,846 | ||||||||
Food & Staples Retailing — 6.7% | ||||||||
Berli Jucker PCL, NVDR | 2,445,700 | 2,663,283 | ||||||
CP ALL PCL, NVDR | 11,853,900 | 20,790,423 | ||||||
|
| |||||||
23,453,706 | ||||||||
Food Products — 3.3% | ||||||||
Betagro PCL, NVS | 1,272,400 | 1,206,109 | ||||||
Charoen Pokphand Foods PCL, NVDR | 7,874,200 | 4,945,678 | ||||||
GFPT PCL, NVDR | 887,200 | 306,264 | ||||||
Ichitan Group PCL, NVDR(a) | 1,308,300 | 470,074 | ||||||
Khon Kaen Sugar Industry PCL, NVDR | 4,018,678 | 420,671 | ||||||
R&B Food Supply PCL, NVDR(a) | 1,010,200 | 365,868 | ||||||
Thai Union Group PCL, NVDR | 5,828,200 | 2,621,709 | ||||||
Thai Vegetable Oil PCL, NVDR | 819,688 | 649,419 | ||||||
Thaifoods Group PCL, NVDR(a) | 2,303,100 | 345,472 | ||||||
|
| |||||||
11,331,264 | ||||||||
Health Care Equipment & Supplies — 0.2% | ||||||||
Sri Trang Gloves Thailand PCL, NVDR(a) | 2,040,900 | 640,745 | ||||||
|
| |||||||
Health Care Providers & Services — 8.6% | ||||||||
Bangkok Chain Hospital PCL, NVDR(a) | 2,790,525 | 1,570,697 | ||||||
Bangkok Dusit Medical Services PCL, NVDR | 20,972,100 | 16,611,856 | ||||||
Bumrungrad Hospital PCL, NVDR | 1,209,776 | 7,221,159 | ||||||
Chularat Hospital PCL, NVDR | 10,081,200 | 1,066,935 | ||||||
Ramkhamhaeng Hospital PCL, NVS(a) | 732,100 | 1,159,740 | ||||||
Thonburi Healthcare Group PCL, NVDR(a) | 775,700 | 1,530,784 | ||||||
Vibhavadi Medical Center PCL, NVDR(a) | 9,537,900 | 712,345 | ||||||
|
| |||||||
29,873,516 | ||||||||
Hotels, Restaurants & Leisure — 3.6% | ||||||||
Asset World Corp. PCL, NVDR | 16,201,900 | 2,703,496 | ||||||
Central Plaza Hotel PCL, NVDR(b) | 960,700 | 1,535,355 | ||||||
Erawan Group PCL (The), NVDR(b) | 6,014,700 | 893,223 | ||||||
Minor International PCL, NVDR(b) | 6,426,210 | 6,087,944 | ||||||
MK Restaurants Group PCL, NVDR | 559,400 | 878,322 | ||||||
Srinanaporn Marketing PCL | 700,000 | 471,404 | ||||||
|
| |||||||
12,569,744 | ||||||||
Independent Power and Renewable Electricity Producers — 8.9% | ||||||||
Absolute Clean Energy PCL, NVDR(a) | 4,024,100 | 282,480 | ||||||
B Grimm Power PCL, NVDR | 1,856,400 | 2,049,455 | ||||||
Banpu Power PCL, NVDR | 1,529,300 | 674,966 |
40 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Thailand ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Independent Power and Renewable Electricity Producers (continued) |
| |||||||
BCPG PCL, NVDR(a) | 2,661,750 | $ | 726,520 | |||||
CK Power PCL, NVDR | 4,139,060 | 496,423 | ||||||
Electricity Generating PCL, NVDR | 535,400 | 2,590,064 | ||||||
Energy Absolute PCL, NVDR | 3,405,100 | 7,540,672 | ||||||
Global Power Synergy PCL, NVDR | 1,434,400 | 2,759,442 | ||||||
Gulf Energy Development PCL, NVDR | 5,952,000 | 8,845,161 | ||||||
Gunkul Engineering PCL, NVDR(a) | 8,141,022 | 962,190 | ||||||
Ratch Group PCL, NVDR | 2,201,100 | 2,538,220 | ||||||
SPCG PCL, NVDR(a) | 963,700 | 398,166 | ||||||
Super Energy Corp. PCL, NVDR | 32,913,550 | 539,755 | ||||||
TPI Polene Power PCL, NVDR(a) | 5,087,400 | 498,070 | ||||||
|
| |||||||
30,901,584 | ||||||||
Industrial Conglomerates — 0.2% | ||||||||
Thoresen Thai Agencies PCL, NVDR(a) | 2,426,100 | 538,701 | ||||||
|
| |||||||
Insurance — 0.8% | ||||||||
Bangkok Life Assurance PCL, NVDR | 1,217,100 | 1,093,423 | ||||||
Dhipaya Group Holdings PCL, NVDR(a) | 725,200 | 969,113 | ||||||
TQM Corp. PCL, NVDR(a) | 541,900 | 589,958 | ||||||
|
| |||||||
2,652,494 | ||||||||
IT Services — 0.1% | ||||||||
Ditto Thailand PCL, NVS(a) | 268,200 | 345,111 | ||||||
|
| |||||||
Machinery — 0.1% | ||||||||
Sabuy Technology PCL, NVDR(a) | 908,400 | 310,862 | ||||||
|
| |||||||
Marine — 0.4% | ||||||||
Precious Shipping PCL, NVDR(a) | 1,905,300 | 803,071 | ||||||
Regional Container Lines PCL, NVDR | 757,300 | 669,308 | ||||||
|
| |||||||
1,472,379 | ||||||||
Media — 0.8% | ||||||||
BEC World PCL, NVDR(a) | 1,647,900 | 456,931 | ||||||
Plan B Media PCL, NVDR(a) | 4,777,560 | 1,323,927 | ||||||
VGI PCL, NVDR(a) | 9,119,550 | 1,124,258 | ||||||
|
| |||||||
2,905,116 | ||||||||
Multiline Retail — 1.3% | ||||||||
Central Retail Corp. PCL, NVDR | 3,676,534 | 4,651,928 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 12.9% | ||||||||
Bangchak Corp. PCL, NVDR | 2,100,700 | 1,914,319 | ||||||
Banpu PCL, NVDR | 16,350,700 | 5,040,234 | ||||||
Esso Thailand PCL, NVDR(a) | 1,764,100 | 445,796 | ||||||
IRPC PCL, NVDR(a) | 22,760,700 | 1,841,057 | ||||||
Prima Marine PCL, NVDR | 2,038,600 | 444,005 | ||||||
PTT Exploration & Production PCL, NVDR(a) | 2,819,984 | 11,935,423 | ||||||
PTT Public Company Ltd., NVDR | 20,296,400 | 18,221,736 | ||||||
Siamgas & Petrochemicals PCL, NVDR(a) | 1,132,300 | 317,031 | ||||||
Star Petroleum Refining PCL, NVDR | 3,533,100 | 1,098,180 | ||||||
Thai Oil PCL, NVDR | 2,494,700 | 3,557,596 | ||||||
|
| |||||||
44,815,377 | ||||||||
Pharmaceuticals — 0.3% | ||||||||
Mega Lifesciences PCL, NVDR | 710,100 | 924,068 | ||||||
|
| |||||||
Real Estate Management & Development — 7.1% | ||||||||
Amata Corp. PCL, NVDR | 1,638,800 | 922,418 | ||||||
AP Thailand PCL, NVDR | 4,797,686 | 1,682,647 | ||||||
Bangkok Land PCL, NVDR | 22,624,300 | 640,020 | ||||||
Central Pattana PCL, NVDR | 4,098,800 | 8,143,561 | ||||||
Land & Houses PCL, NVDR | 16,998,100 | 4,713,082 | ||||||
MBK PCL, NVDR(a) | 1,923,600 | 909,180 |
Security | Shares | Value | ||||||
Real Estate Management & Development (continued) | ||||||||
Origin Property PCL, NVDR(a) | 1,749,200 | $ | 588,760 | |||||
Pruksa Holding PCL, NVDR | 1,336,700 | 510,542 | ||||||
Quality Houses PCL, NVDR | 15,274,832 | 1,037,144 | ||||||
Sansiri PCL, NVDR | 24,118,237 | 1,303,067 | ||||||
SC Asset Corp. PCL, NVDR | 2,986,204 | 391,972 | ||||||
Singha Estate PCL, NVDR(b) | 4,978,500 | 281,698 | ||||||
Supalai PCL, NVDR | 2,577,700 | 1,662,616 | ||||||
WHA Corp. PCL, NVDR | 16,647,540 | 1,855,387 | ||||||
|
| |||||||
24,642,094 | ||||||||
Road & Rail — 1.0% | ||||||||
BTS Group Holdings PCL, NVDR | 16,064,900 | 3,658,302 | ||||||
|
| |||||||
Specialty Retail — 3.1% | ||||||||
Aurora Design PCL, NVS | 950,000 | 494,606 | ||||||
Dohome PCL, NVDR(a) | 1,771,192 | 751,377 | ||||||
Home Product Center PCL, NVDR | 12,022,973 | 4,759,828 | ||||||
PTG Energy PCL, NVDR(a) | 1,853,700 | 734,141 | ||||||
PTT Oil & Retail Business PCL, NVDR | 6,098,100 | 3,778,749 | ||||||
Singer Thailand PCL, NVDR(a) | 591,824 | 376,398 | ||||||
|
| |||||||
10,895,099 | ||||||||
Transportation Infrastructure — 6.4% | ||||||||
Airports of Thailand PCL, NVDR(b) | 8,700,000 | 17,904,392 | ||||||
Bangkok Aviation Fuel Services PCL, | 451,300 | 411,823 | ||||||
Bangkok Expressway & Metro PCL, NVDR | 15,537,453 | 4,066,807 | ||||||
|
| |||||||
22,383,022 | ||||||||
Water Utilities — 0.3% | ||||||||
TTW PCL, NVDR(a) | 2,835,366 | 750,134 | ||||||
WHA Utilities and Power PCL, NVDR(a) | 2,343,900 | 263,930 | ||||||
|
| |||||||
1,014,064 | ||||||||
Wireless Telecommunication Services — 5.3% | ||||||||
Advanced Info Service PCL, NVDR | 2,415,019 | 13,800,102 | ||||||
Intouch Holdings PCL, NVDR | 2,279,200 | 4,561,681 | ||||||
|
| |||||||
18,361,783 | ||||||||
|
| |||||||
Total Long-Term Investments — 99.5% | 346,587,802 | |||||||
|
| |||||||
Short-Term Securities | ||||||||
Money Market Funds — 4.9% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%(c)(d)(e) | 16,660,831 | 16,670,827 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(c)(d) | 480,000 | 480,000 | ||||||
|
| |||||||
Total Short-Term Securities — 4.9% | 17,150,827 | |||||||
|
| |||||||
Total Investments — 104.4% | 363,738,629 | |||||||
Liabilities in Excess of Other Assets — (4.4)% |
| (15,347,065 | ) | |||||
|
| |||||||
Net Assets — 100.0% | $ | 348,391,564 | ||||||
|
|
(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 | 41 |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Thailand ETF |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| ||||||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 08/31/22 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/23 | Shares Held at 02/28/23 | Income | Capital Gain | |||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 26,494,555 | $ | — | $ | (9,826,324 | )(a) | $ | 3,331 | $ | (735 | ) | $ | 16,670,827 | 16,660,831 | $ | 1,081,230 | (b) | $ | — | ||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 600,000 | — | (120,000 | )(a) | — | — | 480,000 | 480,000 | 3,381 | — | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||
$ | 3,331 | $ | (735 | ) | $ | 17,150,827 | $ | 1,084,611 | $ | — | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 | 29 | 03/17/23 | $ | 1,396 | $ | (52,577 | ) | |||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
| ||||||||||||||||||||||||||||
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Liabilities — Derivative Financial Instruments |
| |||||||||||||||||||||||||||
Futures contracts | ||||||||||||||||||||||||||||
Unrealized depreciation on futures contracts | $ | — | $ | — | $ | 52,577 | $ | — | $ | — | $ | — | $ | 52,577 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the period ended February 28, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
| ||||||||||||||||||||||||||||
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Net Realized Gain (Loss) from | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | (157,063 | ) | $ | — | $ | — | $ | — | $ | (157,063 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on |
| |||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | (14,182 | ) | $ | — | $ | — | $ | — | $ | (14,182 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| ||||
Futures contracts | ||||
Average notional value of contracts — long | $ | 1,041,978 | ||
|
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
42 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 | 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 | |||||||||||||
| ||||||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Common Stocks | $ | 6,915,954 | $ | 339,671,848 | $ | — | $ | 346,587,802 | ||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 17,150,827 | — | — | 17,150,827 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 24,066,781 | $ | 339,671,848 | $ | — | $ | 363,738,629 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Financial Instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Equity Contracts | $ | (52,577 | ) | $ | — | $ | — | $ | (52,577 | ) | ||||||
|
|
|
|
|
|
|
|
(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 | 43 |
Statements of Assets and Liabilities (unaudited)
February 28, 2023
iShares MSCI Hong Kong ETF | iShares MSCI Japan ETF | iShares MSCI Malaysia ETF | iShares MSCI Pacific ex | |||||||||||||
| ||||||||||||||||
ASSETS | ||||||||||||||||
Investments, at value — unaffiliated(a)(b) | $ | 840,396,795 | $ | 65,445,176 | $ | 231,021,875 | $ | 2,122,230,107 | ||||||||
Investments, at value — affiliated(c) | 6,809,831 | 1,001,622 | 1,577,803 | 11,594,012 | ||||||||||||
Cash | 4,797 | 952 | 8,618 | 7,210 | ||||||||||||
Cash pledged for futures contracts | 31,000 | — | 19,000 | — | ||||||||||||
Foreign currency collateral pledged for futures contracts(d) | — | 9,614 | — | 697,021 | ||||||||||||
Foreign currency, at value(e) | 6,826,411 | 61,934 | 377,282 | 5,010,718 | ||||||||||||
Receivables: | ||||||||||||||||
Investments sold | 6,491,780 | 938,934 | 3,711,552 | 6,223,167 | ||||||||||||
Securities lending income — affiliated | 3,666 | 1,277 | 4,950 | 6,300 | ||||||||||||
Dividends — unaffiliated | 196 | 219,934 | 88,099 | 8,104,592 | ||||||||||||
Dividends — affiliated | 2,548 | 61 | 1,175 | 1,657 | ||||||||||||
Tax reclaims | — | 684 | — | — | ||||||||||||
Variation margin on futures contracts | — | 1,077 | — | — | ||||||||||||
Unrealized appreciation on OTC swaps | 4,665 | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total assets | 860,571,689 | 67,681,265 | 236,810,354 | 2,153,874,784 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES | ||||||||||||||||
Collateral on securities loaned, at value | 6,288,689 | 971,405 | 1,290,673 | 10,889,104 | ||||||||||||
Payables: | ||||||||||||||||
Investments purchased | 5,539,997 | 1,001,363 | 4,245,301 | 5,009,412 | ||||||||||||
Investment advisory fees | 323,939 | 25,460 | 92,939 | 810,460 | ||||||||||||
Variation margin on futures contracts | 7,247 | — | 3,221 | 103,450 | ||||||||||||
Unrealized depreciation on OTC swaps | 90,479 | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total liabilities | 12,250,351 | 1,998,228 | 5,632,134 | 16,812,426 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 848,321,338 | $ | 65,683,037 | $ | 231,178,220 | $ | 2,137,062,358 | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS CONSIST OF | ||||||||||||||||
Paid-in capital | $ | 1,541,548,501 | $ | 98,772,177 | $ | 296,326,743 | $ | 2,888,631,555 | ||||||||
Accumulated loss | (693,227,163 | ) | (33,089,140 | ) | (65,148,523 | ) | (751,569,197 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 848,321,338 | $ | 65,683,037 | $ | 231,178,220 | $ | 2,137,062,358 | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSET VALUE | ||||||||||||||||
Shares outstanding | 41,475,000 | 1,000,000 | 10,575,000 | 49,200,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value | $ | 20.45 | $ | 65.68 | $ | 21.86 | $ | 43.44 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares authorized | 375 million | 500 million | 300 million | 1 billion | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Par value | $ | 0.001 | $ | 0.001 | $ | 0.001 | $ | 0.001 | ||||||||
|
|
|
|
|
|
|
| |||||||||
(a) Investments, at cost — unaffiliated | $ | 1,021,244,306 | $ | 82,980,974 | $ | 148,569,150 | $ | 2,191,068,074 | ||||||||
(b) Securities loaned, at value | $ | 6,515,256 | $ | 929,223 | $ | 1,214,150 | $ | 8,217,915 | ||||||||
(c) Investments, at cost — affiliated | $ | 6,809,108 | $ | 1,001,438 | $ | 1,577,725 | $ | 11,585,535 | ||||||||
(d) Foreign currency collateral pledged, at cost | $ | — | $ | 9,638 | $ | — | $ | 730,949 | ||||||||
(e) Foreign currency, at cost | $ | 6,827,973 | $ | 62,762 | $ | 385,050 | $ | 5,002,042 |
See notes to financial statements.
44 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Assets and Liabilities (unaudited) (continued)
February 28, 2023
iShares MSCI Singapore ETF | iShares MSCI Taiwan ETF | iShares MSCI Thailand ETF | ||||||||||
| ||||||||||||
ASSETS | ||||||||||||
Investments, at value — unaffiliated(a)(b) | $ | 547,779,225 | $ | 4,040,646,037 | $ | 346,587,802 | ||||||
Investments, at value — affiliated(c) | 38,472,424 | 379,072,189 | 17,150,827 | |||||||||
Cash | 689 | 2,261 | 1,150 | |||||||||
Cash pledged for futures contracts | — | 550,000 | 49,000 | |||||||||
Foreign currency collateral pledged for futures contracts(d) | 115,214 | — | — | |||||||||
Foreign currency, at value(e) | 766,510 | 9,541,316 | 43,992 | |||||||||
Receivables: | ||||||||||||
Investments sold | 4,750,525 | 41,006,461 | 4,850,015 | |||||||||
Securities lending income — affiliated | 7,866 | 440,000 | 166,854 | |||||||||
Dividends — unaffiliated | 1,318,200 | 69,971 | 1,074,407 | |||||||||
Dividends — affiliated | 695 | 14,082 | 1,006 | |||||||||
|
|
|
|
|
| |||||||
Total assets | 593,211,348 | 4,471,342,317 | 369,925,053 | |||||||||
|
|
|
|
|
| |||||||
LIABILITIES | ||||||||||||
Due to broker | 8,572 | — | — | |||||||||
Collateral on securities loaned, at value | 38,222,530 | 375,533,365 | 16,672,651 | |||||||||
Payables: | ||||||||||||
Investments purchased | 4,434,434 | 42,355,989 | 4,685,727 | |||||||||
Foreign taxes | — | 461,188 | — | |||||||||
Investment advisory fees | 218,474 | 1,844,787 | 165,541 | |||||||||
Variation margin on futures contracts | 24,816 | 63,266 | 9,570 | |||||||||
Unrealized depreciation on OTC swaps | 7,668 | — | — | |||||||||
|
|
|
|
|
| |||||||
Total liabilities | 42,916,494 | 420,258,595 | 21,533,489 | |||||||||
|
|
|
|
|
| |||||||
NET ASSETS | $ | 550,294,854 | $ | 4,051,083,722 | $ | 348,391,564 | ||||||
|
|
|
|
|
| |||||||
NET ASSETS CONSIST OF | ||||||||||||
Paid-in capital | $ | 877,069,971 | $ | 1,952,586,071 | $ | 576,446,579 | ||||||
Accumulated earnings (loss) | (326,775,117 | ) | 2,098,497,651 | (228,055,015 | ) | |||||||
|
|
|
|
|
| |||||||
NET ASSETS | $ | 550,294,854 | $ | 4,051,083,722 | $ | 348,391,564 | ||||||
|
|
|
|
|
| |||||||
NET ASSET VALUE | ||||||||||||
Shares outstanding | 28,750,000 | 92,200,000 | 4,900,000 | |||||||||
|
|
|
|
|
| |||||||
Net asset value | $ | 19.14 | $ | 43.94 | $ | 71.10 | ||||||
|
|
|
|
|
| |||||||
Shares authorized | 300 million | 900 million | 200 million | |||||||||
|
|
|
|
|
| |||||||
Par value | $ | 0.001 | $ | 0.001 | $ | 0.001 | ||||||
|
|
|
|
|
| |||||||
(a) Investments, at cost — unaffiliated | $ | 549,785,071 | $ | 1,847,747,424 | $ | 434,920,150 | ||||||
(b) Securities loaned, at value | $ | 30,982,026 | $ | 341,529,418 | $ | 14,490,556 | ||||||
(c) Investments, at cost — affiliated | $ | 38,460,275 | $ | 378,925,293 | $ | 17,137,501 | ||||||
(d) Foreign currency collateral pledged, at cost | $ | 119,094 | $ | — | $ | — | ||||||
(e) Foreign currency, at cost | $ | 766,319 | $ | 9,680,058 | $ | 44,709 |
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 Operations (unaudited)
Six Months Ended February 28, 2023
iShares MSCI Hong Kong ETF | iShares MSCI Japan ETF | iShares MSCI Malaysia ETF | iShares MSCI Pacific ex Japan ETF | |||||||||||||
| ||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||
Dividends — unaffiliated | $ | 6,829,617 | $ | 752,221 | $ | 4,887,486 | $ | 42,059,162 | ||||||||
Dividends — affiliated | 22,413 | 346 | 5,911 | 27,966 | ||||||||||||
Securities lending income — affiliated — net | 6,465 | 3,334 | 48,734 | 38,787 | ||||||||||||
Foreign taxes withheld | — | (75,163 | ) | — | (484,853 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total investment income | 6,858,495 | 680,738 | 4,942,131 | 41,641,062 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
EXPENSES | ||||||||||||||||
Investment advisory | 1,868,380 | 157,812 | 590,300 | 5,010,030 | ||||||||||||
Commitment costs | — | — | 1,498 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 1,868,380 | 157,812 | 591,798 | 5,010,030 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income | 4,990,115 | 522,926 | 4,350,333 | 36,631,032 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments — unaffiliated | (11,532,085 | ) | (29,357 | ) | (1,040,134 | ) | (24,207,765 | ) | ||||||||
Investments — affiliated | 418 | 30 | 17,052 | 11,056 | ||||||||||||
Capital gain distributions from underlying funds — affiliated | 1 | — | — | — | ||||||||||||
Foreign currency transactions | 16,077 | 19,440 | (79,761 | ) | (1,286,146 | ) | ||||||||||
Futures contracts | (106,095 | ) | 19,606 | (121,158 | ) | (1,172,533 | ) | |||||||||
In-kind redemptions — unaffiliated(a) | — | — | — | 51,508,009 | ||||||||||||
Swaps | 1,187,999 | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
(10,433,685 | ) | 9,719 | (1,224,001 | ) | 24,852,621 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments — unaffiliated | 13,834,947 | 2,776,056 | (7,051,368 | ) | 53,523,545 | |||||||||||
Investments — affiliated | 723 | 184 | 78 | (4,908 | ) | |||||||||||
Foreign currency translations | (911 | ) | (734 | ) | (2,208 | ) | 16,988 | |||||||||
Futures contracts | 114,832 | 5,845 | (2,596 | ) | (77,983 | ) | ||||||||||
Swaps | (85,814 | ) | — | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
13,863,777 | 2,781,351 | (7,056,094 | ) | 53,457,642 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) | 3,430,092 | 2,791,070 | (8,280,095 | ) | 78,310,263 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 8,420,207 | $ | 3,313,996 | $ | (3,929,762 | ) | $ | 114,941,295 | |||||||
|
|
|
|
|
|
|
|
(a) | See Note 2 of the Notes to Financial Statements. |
See notes to financial statements.
46 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Operations (unaudited) (continued)
Six Months Ended February 28, 2023
iShares MSCI Singapore | iShares MSCI Taiwan ETF | iShares MSCI Thailand ETF | ||||||||||
| ||||||||||||
INVESTMENT INCOME | ||||||||||||
Dividends — unaffiliated | $ | 4,830,616 | $ | 20,335,739 | $ | 3,223,769 | ||||||
Dividends — affiliated | 6,381 | 341,910 | 3,381 | |||||||||
Securities lending income — affiliated — net(a) | 63,252 | 2,777,645 | 1,081,230 | |||||||||
Foreign taxes withheld | (116,867 | ) | (2,887,740 | ) | (318,449 | ) | ||||||
Other foreign taxes | — | (1,221,314 | ) | — | ||||||||
|
|
|
|
|
| |||||||
Total investment income | 4,783,382 | 19,346,240 | 3,989,931 | |||||||||
|
|
|
|
|
| |||||||
EXPENSES | ||||||||||||
Investment advisory | 1,345,543 | 10,419,193 | 934,414 | |||||||||
Commitment costs | — | 20,812 | — | |||||||||
|
|
|
|
|
| |||||||
Total expenses | 1,345,543 | 10,440,005 | 934,414 | |||||||||
|
|
|
|
|
| |||||||
Net investment income | 3,437,839 | 8,906,235 | 3,055,517 | |||||||||
|
|
|
|
|
| |||||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments — unaffiliated | (71,285,361 | ) | 103,614,563 | (2,554,900 | ) | |||||||
Investments — affiliated | 12,398 | 141,064 | 3,331 | |||||||||
Capital gain distributions from underlying funds — affiliated | — | 4 | — | |||||||||
Forward foreign currency exchange contracts | — | (428 | ) | — | ||||||||
Foreign currency transactions | 113,822 | (898,638 | ) | 12,578 | ||||||||
Futures contracts | (2,485 | ) | 573,299 | (157,063 | ) | |||||||
In-kind redemptions — unaffiliated(b) | 5,075,296 | — | (8,682,722 | ) | ||||||||
Swaps | 2,945 | — | — | |||||||||
|
|
|
|
|
| |||||||
(66,083,385 | ) | 103,429,864 | (11,378,776 | ) | ||||||||
|
|
|
|
|
| |||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||
Investments — unaffiliated | 94,701,572 | (5,305,751 | ) | 4,937,075 | ||||||||
Investments — affiliated | (6,404 | ) | 20,852 | (735 | ) | |||||||
Foreign currency translations | 3,952 | 186,327 | (5,447 | ) | ||||||||
Futures contracts | 49,063 | 426,041 | (14,182 | ) | ||||||||
Swaps | (7,668 | ) | — | — | ||||||||
|
|
|
|
|
| |||||||
94,740,515 | (4,672,531 | ) | 4,916,711 | |||||||||
|
|
|
|
|
| |||||||
Net realized and unrealized gain (loss) | 28,657,130 | 98,757,333 | (6,462,065 | ) | ||||||||
|
|
|
|
|
| |||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 32,094,969 | $ | 107,663,568 | $ | (3,406,548 | ) | |||||
|
|
|
|
|
| |||||||
(a) Net of securities lending income tax paid of | $ | — | $ | 687,092 | $ | — | ||||||
(b) See Note 2 of the Notes to Financial Statements. |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S | 47 |
Statements of Changes in Net Assets
iShares MSCI Hong Kong ETF | iShares MSCI Japan Small-Cap ETF | |||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||
Six Months Ended 02/28/23 | Year Ended 08/31/22 | Six Months 02/28/23 | Year Ended 08/31/22 | |||||||||||||||||||||||
| ||||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||
Net investment income | $ | 4,990,115 | $ | 23,509,272 | $ | 522,926 | $ | 1,326,492 | ||||||||||||||||||
Net realized gain (loss) | (10,433,685 | ) | (39,866,499 | ) | 9,719 | (4,386,210 | ) | |||||||||||||||||||
Net change in unrealized appreciation (depreciation) | 13,863,777 | (165,567,467 | ) | 2,781,351 | (15,017,720 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 8,420,207 | (181,924,694 | ) | 3,313,996 | (18,077,438 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (10,481,456 | ) | (22,238,487 | ) | — | (1,582,668 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | 121,623,246 | (90,850,529 | ) | — | 8,692,269 | |||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||
Total increase (decrease) in net assets | 119,561,997 | (295,013,710 | ) | 3,313,996 | (10,967,837 | ) | ||||||||||||||||||||
Beginning of period | 728,759,341 | 1,023,773,051 | 62,369,041 | 73,336,878 | ||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
End of period | $ | 848,321,338 | $ | 728,759,341 | $ | 65,683,037 | $ | 62,369,041 | ||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
48 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Changes in Net Assets (continued)
iShares MSCI Malaysia ETF | iShares MSCI Pacific ex Japan ETF | |||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||
Six Months Ended 02/28/23 (unaudited) | Year Ended 08/31/22 | Six Months Ended (unaudited) | Year Ended 08/31/22 | |||||||||||||||||||||||
| ||||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||
Net investment income | $ | 4,350,333 | $ | 9,403,534 | $ | 36,631,032 | $ | 83,246,279 | ||||||||||||||||||
Net realized gain (loss) | (1,224,001 | ) | (18,111,963 | ) | 24,852,621 | (96,016,513 | ) | |||||||||||||||||||
Net change in unrealized appreciation (depreciation) | (7,056,094 | ) | (26,003,838 | ) | 53,457,642 | (319,988,865 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (3,929,762 | ) | (34,712,267 | ) | 114,941,295 | (332,759,099 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (2,381,277 | ) | (12,037,624 | ) | (35,085,105 | )(b) | (133,885,979 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | 3,102,079 | 15,838,006 | (77,801,566 | ) | 160,889,087 | |||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||
Total increase (decrease) in net assets | (3,208,960 | ) | (30,911,885 | ) | 2,054,624 | (305,755,991 | ) | |||||||||||||||||||
Beginning of period | 234,387,180 | 265,299,065 | 2,135,007,734 | 2,440,763,725 | ||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
End of period | $ | 231,178,220 | $ | 234,387,180 | $ | 2,137,062,358 | $ | 2,135,007,734 | ||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(b) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S | 49 |
Statements of Changes in Net Assets (continued)
iShares MSCI Singapore ETF | iShares MSCI Taiwan ETF | |||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||
Six Months Ended 02/28/23 (unaudited) | Year Ended 08/31/22 | Six Months Ended (unaudited) | Year Ended 08/31/22 | |||||||||||||||||||||||
| ||||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||
Net investment income | $ | 3,437,839 | $ | 19,353,471 | $ | 8,906,235 | $ | 164,859,796 | ||||||||||||||||||
Net realized gain (loss) | (66,083,385 | ) | (4,063,733 | ) | 103,429,864 | 479,013,440 | ||||||||||||||||||||
Net change in unrealized appreciation (depreciation) | 94,740,515 | (119,586,079 | ) | (4,672,531 | ) | (1,899,409,530 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 32,094,969 | (104,296,341 | ) | 107,663,568 | (1,255,536,294 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (5,794,273 | )(b) | (34,423,217 | ) | (610,656,019 | ) | (190,635,508 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | (29,494,771 | ) | 73,970,467 | 803,924,715 | (2,358,740,941 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||
Total increase (decrease) in net assets | (3,194,075 | ) | (64,749,091 | ) | 300,932,264 | (3,804,912,743 | ) | |||||||||||||||||||
Beginning of period | 553,488,929 | 618,238,020 | 3,750,151,458 | 7,555,064,201 | ||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
End of period | $ | 550,294,854 | $ | 553,488,929 | $ | 4,051,083,722 | $ | 3,750,151,458 | ||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(b) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
See notes to financial statements.
50 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Changes in Net Assets (continued)
iShares MSCI Thailand ETF | ||||||||||||
|
| |||||||||||
Six Months Ended 02/28/23 | Year Ended 08/31/22 | |||||||||||
| ||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||
OPERATIONS | ||||||||||||
Net investment income | $ | 3,055,517 | $ | 10,505,169 | ||||||||
Net realized loss | (11,378,776 | ) | (8,377,412 | ) | ||||||||
Net change in unrealized appreciation (depreciation) | 4,916,711 | (42,097,798 | ) | |||||||||
|
|
|
| |||||||||
Net decrease in net assets resulting from operations | (3,406,548 | ) | (39,970,041 | ) | ||||||||
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||
Decrease in net assets resulting from distributions to shareholders | (2,310,604 | ) | (12,119,104 | ) | ||||||||
|
|
|
| |||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | 19,573,960 | (25,114,292 | ) | |||||||||
|
|
|
| |||||||||
NET ASSETS | ||||||||||||
Total increase (decrease) in net assets | 13,856,808 | (77,203,437 | ) | |||||||||
Beginning of period | 334,534,756 | 411,738,193 | ||||||||||
|
|
|
| |||||||||
End of period | $ | 348,391,564 | $ | 334,534,756 | ||||||||
|
|
|
|
(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 | 51 |
(For a share outstanding throughout each period)
iShares MSCI Hong Kong ETF | ||||||||||||||||||||||||||
| ||||||||||||||||||||||||||
Six Months Ended 02/28/23 (unaudited) | Year Ended 08/31/22 | Year Ended 08/31/21 | Year Ended 08/31/20 | Year Ended 08/31/19 | Year Ended 08/31/18 | |||||||||||||||||||||
| ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 20.46 | $ | 25.80 | $ | 22.91 | $ | 23.00 | $ | 24.18 | $ | 24.69 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net investment income(a) | 0.14 | 0.62 | 0.57 | 0.54 | 0.62 | 0.71 | ||||||||||||||||||||
Net realized and unrealized gain (loss)(b) | 0.13 | (5.37 | ) | 2.92 | (0.01 | ) | (1.08 | ) | (0.12 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net increase (decrease) from investment operations | 0.27 | (4.75 | ) | 3.49 | 0.53 | (0.46 | ) | 0.59 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Distributions from net investment income(c) | (0.28 | ) | (0.59 | ) | (0.60 | ) | (0.62 | ) | (0.72 | ) | (1.10 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net asset value, end of period | $ | 20.45 | $ | 20.46 | $ | 25.80 | $ | 22.91 | $ | 23.00 | $ | 24.18 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total Return(d) | ||||||||||||||||||||||||||
Based on net asset value | 1.30 | %(e) | (18.61 | )% | 15.24 | % | 2.46 | % | (2.00 | )% | 2.33 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Ratios to Average Net Assets(f) | ||||||||||||||||||||||||||
Total expenses | 0.51 | %(g) | 0.50 | % | 0.50 | % | 0.51 | % | 0.49 | % | 0.48 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net investment income | 1.36 | %(g) | 2.70 | % | 2.26 | % | 2.37 | % | 2.52 | % | 2.83 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 848,321 | $ | 728,759 | $ | 1,023,773 | $ | 1,328,281 | $ | 1,424,663 | $ | 2,729,621 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Portfolio turnover rate(h) | 6 | % | 8 | % | 21 | % | 16 | % | 12 | % | 7 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(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 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Japan Small-Cap ETF | ||||||||||||||||||||||||||
| ||||||||||||||||||||||||||
Six Months Ended 02/28/23 (unaudited) | Year Ended 08/31/22 | Year Ended 08/31/21 | Year Ended 08/31/20 | Year Ended 08/31/19 | Year Ended 08/31/18 | |||||||||||||||||||||
| ||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 62.37 | $ | 81.49 | $ | 69.91 | $ | 68.75 | $ | 77.00 | $ | 72.78 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net investment income(a) | 0.52 | 1.33 | 1.04 | 1.21 | 1.37 | 0.94 | ||||||||||||||||||||
Net realized and unrealized gain (loss)(b) | 2.79 | (18.87 | ) | 11.13 | 2.78 | (7.90 | ) | 4.24 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net increase (decrease) from investment operations | 3.31 | (17.54 | ) | 12.17 | 3.99 | (6.53 | ) | 5.18 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Distributions from net investment income(c) | — | (1.58 | ) | (0.59 | ) | (2.83 | ) | (1.72 | ) | (0.96 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net asset value, end of period | $ | 65.68 | $ | 62.37 | $ | 81.49 | $ | 69.91 | $ | 68.75 | $ | 77.00 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total Return(d) | ||||||||||||||||||||||||||
Based on net asset value | 5.31 | %(e) | (21.70 | )% | 17.41 | % | 5.72 | % | (8.42 | )% | 7.09 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Ratios to Average Net Assets(f) | ||||||||||||||||||||||||||
Total expenses | 0.51 | %(g) | 0.50 | % | 0.50 | % | 0.51 | % | 0.49 | % | 0.47 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net investment income | 1.68 | %(g) | 1.87 | % | 1.33 | % | 1.75 | % | 1.94 | % | 1.18 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 65,683 | $ | 62,369 | $ | 73,337 | $ | 62,921 | $ | 109,995 | $ | 284,912 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Portfolio turnover rate(h) | 3 | % | 16 | % | 21 | % | 10 | % | 10 | % | 9 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(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 | 53 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Malaysia ETF | ||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
02/28/23 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||||||||||||||||||
(unaudited) | 08/31/22 | 08/31/21 | 08/31/20 | 08/31/19 | 08/31/18 | |||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 22.48 | $ | 26.60 | $ | 26.51 | $ | 28.02 | $ | 32.87 | $ | 32.03 | ||||||||||||||||||||||||||||||||
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Net investment income(a) | 0.41 | 0.90 | 0.98 | 0.76 | 1.03 | 0.91 | ||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (0.81 | ) | (3.77 | ) | (0.05 | ) | (1.41 | ) | (4.85 | ) | 2.06 | |||||||||||||||||||||||||||||||||
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Net increase (decrease) from investment operations | (0.40 | ) | (2.87 | ) | 0.93 | (0.65 | ) | (3.82 | ) | 2.97 | ||||||||||||||||||||||||||||||||||
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Distributions from net investment income(c) | (0.22 | ) | (1.25 | ) | (0.84 | ) | (0.86 | ) | (1.03 | ) | (2.13 | ) | ||||||||||||||||||||||||||||||||
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Net asset value, end of period | $ | 21.86 | $ | 22.48 | $ | 26.60 | $ | 26.51 | $ | 28.02 | $ | 32.87 | ||||||||||||||||||||||||||||||||
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Total Return(d) | ||||||||||||||||||||||||||||||||||||||||||||
Based on net asset value | (1.81 | )%(e) | (10.92 | )% | 3.51 | % | (2.27 | )% | (11.69 | )% | 9.59 | % | ||||||||||||||||||||||||||||||||
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Ratios to Average Net Assets(f) | ||||||||||||||||||||||||||||||||||||||||||||
Total expenses | 0.51 | %(g) | 0.50 | % | 0.50 | % | 0.51 | % | 0.49 | % | 0.47 | % | ||||||||||||||||||||||||||||||||
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Net investment income | 3.74 | %(g) | 3.68 | % | 3.62 | % | 2.86 | % | 3.41 | % | 2.69 | % | ||||||||||||||||||||||||||||||||
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Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 231,178 | $ | 234,387 | $ | 265,299 | $ | 341,922 | $ | 390,889 | $ | 557,220 | ||||||||||||||||||||||||||||||||
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Portfolio turnover rate(h) | 5 | %(i) | 48 | %(i) | 28 | %(i) | 58 | %(i) | 48 | %(i) | 63 | %(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: | 3 | % | 11 | % | 7 | % | 16 | % | 9 | % | 17 | % | ||||||||||||||||||||||||||||||||
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See notes to financial statements.
54 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Pacific ex Japan ETF | ||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||||||
02/28/23 (unaudited) | Year Ended 08/31/22 | Year Ended 08/31/21 | Year Ended 08/31/20 | Year Ended 08/31/19 | Year Ended 08/31/18 | |||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 41.86 | $ | 51.17 | $ | 42.98 | $ | 44.17 | $ | 46.02 | $ | 46.43 | ||||||||||||||||
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Net investment income(a) | 0.73 | 1.69 | 1.30 | 1.29 | 1.74 | 1.66 | ||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) | 1.56 | (8.28 | ) | 8.06 | (0.98 | ) | (1.58 | ) | 0.03 | |||||||||||||||||||
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Net increase (decrease) from investment operations | 2.29 | (6.59 | ) | 9.36 | 0.31 | 0.16 | 1.69 | |||||||||||||||||||||
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Distributions from net investment income(c) | (0.71 | )(d) | (2.72 | ) | (1.17 | ) | (1.50 | ) | (2.01 | ) | (2.10 | ) | ||||||||||||||||
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Net asset value, end of period | $ | 43.44 | $ | 41.86 | $ | 51.17 | $ | 42.98 | $ | 44.17 | $ | 46.02 | ||||||||||||||||
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Total Return(e) | ||||||||||||||||||||||||||||
Based on net asset value | 5.42 | %(f) | (13.22 | )% | 21.82 | % | 0.72 | % | 0.56 | % | 3.63 | % | ||||||||||||||||
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Ratios to Average Net Assets(g) | ||||||||||||||||||||||||||||
Total expenses | 0.48 | %(h) | 0.47 | % | 0.47 | % | 0.48 | % | 0.48 | % | 0.48 | % | ||||||||||||||||
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Net investment income | 3.49 | %(h) | 3.61 | % | 2.66 | % | 3.04 | % | 3.89 | % | 3.52 | % | ||||||||||||||||
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Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 2,137,062 | $ | 2,135,008 | $ | 2,440,764 | $ | 1,882,380 | $ | 2,266,116 | $ | 2,374,834 | ||||||||||||||||
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Portfolio turnover rate(i) | 3 | % | 15 | % | 9 | % | 8 | % | 7 | % | 6 | % | ||||||||||||||||
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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) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
(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 | 55 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Singapore ETF | ||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||||||
| 02/28/23 (unaudited) | | | Year Ended 08/31/22 | | | Year Ended 08/31/21 | | | Year Ended 08/31/20 | | | Year Ended 08/31/19 | | | Year Ended 08/31/18 | | |||||||||||
| ||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 18.21 | $ | 23.03 | $ | 19.12 | $ | 22.83 | $ | 23.84 | $ | 24.70 | ||||||||||||||||
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| |||||||||||||||||
Net investment income(a) | 0.12 | 0.67 | 0.63 | 0.76 | 0.91 | 1.04 | ||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) | 1.02 | (4.21 | ) | 3.92 | (3.57 | ) | (1.02 | ) | (0.77 | ) | ||||||||||||||||||
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Net increase (decrease) from investment operations | 1.14 | (3.54 | ) | 4.55 | (2.81 | ) | (0.11 | ) | 0.27 | |||||||||||||||||||
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Distributions from net investment income(c) | (0.21 | )(d) | (1.28 | ) | (0.64 | ) | (0.90 | ) | (0.90 | ) | (1.13 | ) | ||||||||||||||||
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Net asset value, end of period | $ | 19.14 | $ | 18.21 | $ | 23.03 | $ | 19.12 | $ | 22.83 | $ | 23.84 | ||||||||||||||||
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Total Return(e) | ||||||||||||||||||||||||||||
Based on net asset value | 6.26 | %(f) | (15.92 | )% | 23.91 | % | (12.84 | )% | (0.41 | )% | 0.91 | % | ||||||||||||||||
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Ratios to Average Net Assets(g) | ||||||||||||||||||||||||||||
Total expenses | 0.51 | %(h) | 0.50 | % | 0.50 | % | 0.51 | % | 0.50 | % | 0.47 | % | ||||||||||||||||
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Net investment income | 1.30 | %(h) | 3.25 | % | 2.87 | % | 3.59 | % | 3.86 | % | 4.03 | % | ||||||||||||||||
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Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 550,295 | $ | 553,489 | $ | 618,238 | $ | 525,733 | $ | 513,651 | $ | 579,292 | ||||||||||||||||
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Portfolio turnover rate(i) | 9 | % | 36 | % | 17 | % | 22 | % | 9 | % | 26 | % | ||||||||||||||||
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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) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
(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.
56 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Taiwan ETF | ||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||||||
| 02/28/23 (unaudited) | | | Year Ended 08/31/22 | | | Year Ended 08/31/21 | | | Year Ended 08/31/20 | | | Year Ended 08/31/19 | | | Year Ended 08/31/18 | | |||||||||||
| ||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 50.47 | $ | 64.79 | $ | 44.08 | $ | 34.94 | $ | 37.91 | $ | 37.35 | ||||||||||||||||
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| |||||||||||||||||
Net investment income(a) | 0.11 | 1.60 | 1.22 | 1.05 | 0.92 | 0.98 | ||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) | 0.92 | (14.16 | ) | 20.46 | 9.11 | (2.89 | ) | 0.60 | ||||||||||||||||||||
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Net increase (decrease) from investment operations | 1.03 | (12.56 | ) | 21.68 | 10.16 | (1.97 | ) | 1.58 | ||||||||||||||||||||
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Distributions(c) | ||||||||||||||||||||||||||||
From net investment income | (2.37 | ) | (1.39 | ) | (0.97 | ) | (1.02 | ) | (1.00 | ) | (1.02 | ) | ||||||||||||||||
From net realized gain | (5.19 | ) | (0.37 | ) | — | — | — | — | ||||||||||||||||||||
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Total distributions | (7.56 | ) | (1.76 | ) | (0.97 | ) | (1.02 | ) | (1.00 | ) | (1.02 | ) | ||||||||||||||||
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Net asset value, end of period | $ | 43.94 | $ | 50.47 | $ | 64.79 | $ | 44.08 | $ | 34.94 | $ | 37.91 | ||||||||||||||||
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Total Return(d) | ||||||||||||||||||||||||||||
Based on net asset value | 2.86 | %(e) | (19.96 | )% | 49.79 | % | 29.34 | % | (4.92 | )% | 4.43 | % | ||||||||||||||||
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Ratios to Average Net Assets(f) | ||||||||||||||||||||||||||||
Total expenses | 0.59 | %(g) | 0.58 | % | 0.57 | % | 0.59 | % | 0.59 | % | 0.59 | % | ||||||||||||||||
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Net investment income | 0.51 | %(g) | 2.65 | % | 2.16 | % | 2.68 | % | 2.70 | % | 2.65 | % | ||||||||||||||||
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Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 4,051,084 | $ | 3,750,151 | $ | 7,555,064 | $ | 4,231,455 | $ | 2,662,495 | $ | 4,082,891 | ||||||||||||||||
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Portfolio turnover rate(h) | 26 | %(i) | 12 | %(i) | 12 | % | 15 | % | 7 | % | 12 | %(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: | 4 | % | 12 | % | 12 | % | 14 | % | 6 | % | 11 | % | ||||||||||||||||
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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 | 57 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Thailand ETF | ||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||||||
02/28/23 (unaudited) | Year Ended 08/31/22 | Year Ended 08/31/21 | Year Ended 08/31/20 | Year Ended 08/31/19 | Year Ended 08/31/18 | |||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 70.43 | $ | 79.95 | $ | 68.25 | $ | 90.53 | $ | 90.80 | $ | 82.70 | ||||||||||||||||
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| |||||||||||||||||
Net investment income(a) | 0.69 | 2.00 | 1.70 | 1.97 | 2.10 | 2.12 | ||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) | 0.57 | (9.17 | ) | 11.73 | (22.24 | ) | (0.33 | ) | 8.13 | |||||||||||||||||||
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Net increase (decrease) from investment operations | 1.26 | (7.17 | ) | 13.43 | (20.27 | ) | 1.77 | 10.25 | ||||||||||||||||||||
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| |||||||||||||||||
Distributions from net investment income(c) | (0.59 | ) | (2.35 | ) | (1.73 | ) | (2.01 | ) | (2.04 | ) | (2.15 | ) | ||||||||||||||||
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Net asset value, end of period | $ | 71.10 | $ | 70.43 | $ | 79.95 | $ | 68.25 | $ | 90.53 | $ | 90.80 | ||||||||||||||||
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Total Return(d) | ||||||||||||||||||||||||||||
Based on net asset value | 1.76 | %(e) | (9.07 | )% | 19.65 | % | (22.57 | )% | 2.03 | % | 12.55 | % | ||||||||||||||||
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| |||||||||||||||||
Ratios to Average Net Assets(f) | ||||||||||||||||||||||||||||
Total expenses | 0.59 | %(g) | 0.58 | % | 0.57 | % | 0.59 | % | 0.59 | % | 0.59 | % | ||||||||||||||||
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| |||||||||||||||||
Net investment income | 1.94 | %(g) | 2.67 | % | 2.26 | % | 2.57 | % | 2.36 | % | 2.30 | % | ||||||||||||||||
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Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 348,392 | $ | 334,535 | $ | 411,738 | $ | 436,789 | $ | 466,237 | $ | 435,842 | ||||||||||||||||
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| |||||||||||||||||
Portfolio turnover rate(h) | 3 | % | 9 | % | 17 | % | 11 | % | 17 | % | 10 | % | ||||||||||||||||
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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.
58 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited)
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, 2023, if any, are disclosed in the Statements of Assets and Liabilities.
The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.
Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.
In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.
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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. The Board of Directors of the Company (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
• | Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price. |
• | Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV. |
• | Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded. |
• | Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the New York Stock Exchange (“NYSE”) based on that day’s prevailing forward exchange rate for the underlying currencies. |
• | Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments. |
Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.
Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.
Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• | Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access; |
• | Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and |
• | Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
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Notes to Financial Statements (unaudited) (continued)
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
4. SECURITIES AND OTHER INVESTMENTS
Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.
Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.
As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:
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iShares ETF and Counterparty | | Securities Loaned at Value | | | Cash Collateral Received | (a) | | Non-Cash Collateral Received, at Fair Value | (a) | Net Amount | ||||||
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MSCI Hong Kong | ||||||||||||||||
Barclays Capital, Inc. | $ | 1,449,825 | $ | (1,399,699 | ) | $ | — | $ | 50,126 | (b) | ||||||
BofA Securities, Inc. | 2,256,377 | (2,178,365 | ) | — | 78,012 | (b) | ||||||||||
J.P. Morgan Securities LLC | 2,726,234 | (2,631,978 | ) | — | 94,256 | (b) | ||||||||||
UBS AG | 82,820 | (79,789 | ) | — | 3,031 | (b) | ||||||||||
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$ | 6,515,256 | $ | (6,289,831 | ) | $ | — | $ | 225,425 | ||||||||
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MSCI Japan Small-Cap | ||||||||||||||||
Barclays Capital, Inc. | $ | 79,711 | $ | (79,711 | ) | $ | — | $ | — | |||||||
BofA Securities, Inc. | 51,255 | (51,255 | ) | — | — | |||||||||||
Citigroup Global Markets, Inc. | 237,927 | (229,725 | ) | — | 8,202 | (b) | ||||||||||
Credit Suisse Securities (USA) LLC | 32,072 | (32,072 | ) | — | — | |||||||||||
Goldman Sachs & Co. LLC | 166,371 | (166,371 | ) | — | — | |||||||||||
J.P. Morgan Securities LLC | 124,317 | (124,317 | ) | — | — | |||||||||||
Macquarie Bank Ltd. | 46,512 | (46,512 | ) | — | — | |||||||||||
Morgan Stanley | 73,922 | (73,922 | ) | — | — | |||||||||||
State Street Bank & Trust Co. | 69,314 | (69,314 | ) | — | — | |||||||||||
UBS AG | 47,822 | (47,822 | ) | — | — | |||||||||||
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$ | 929,223 | $ | (921,021 | ) | $ | — | $ | 8,202 | ||||||||
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MSCI Malaysia | ||||||||||||||||
Macquarie Bank Ltd. | $ | 297,991 | $ | (297,991 | ) | $ | — | $ | — | |||||||
UBS AG | 916,159 | (916,159 | ) | — | — | |||||||||||
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$ | 1,214,150 | $ | (1,214,150 | ) | $ | — | $ | — | ||||||||
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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 | 61 |
Notes to Financial Statements (unaudited) (continued)
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iShares ETF and Counterparty | | Securities Loaned at Value | | | Cash Collateral Received | (a) | | Non-Cash Collateral Received, at Fair Value | (a) | Net Amount | ||||||
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MSCI Pacific ex Japan | ||||||||||||||||
HSBC Bank PLC | $ | 33,028 | $ | (33,028 | ) | $ | — | $ | — | |||||||
J.P. Morgan Securities LLC | 3,331,300 | (3,331,300 | ) | — | — | |||||||||||
Toronto-Dominion Bank | 3,725,841 | (3,640,140 | ) | — | 85,701 | (b) | ||||||||||
UBS AG | 1,127,746 | (1,082,765 | ) | — | 44,981 | (b) | ||||||||||
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$ | 8,217,915 | $ | (8,087,233 | ) | $ | — | $ | 130,682 | ||||||||
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MSCI Singapore | ||||||||||||||||
Barclays Capital, Inc. | $ | 490,109 | $ | (480,634 | ) | $ | — | $ | 9,475 | (b) | ||||||
BNP Paribas SA | 8,541,946 | (8,376,804 | ) | — | 165,142 | (b) | ||||||||||
BofA Securities, Inc. | 611,262 | (611,262 | ) | — | — | |||||||||||
J.P. Morgan Securities LLC | 3,432,774 | (3,432,774 | ) | — | — | |||||||||||
Morgan Stanley | 3,517,175 | (3,517,175 | ) | — | — | |||||||||||
Toronto-Dominion Bank | 14,388,760 | (14,110,582 | ) | — | 278,178 | (b) | ||||||||||
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$ | 30,982,026 | $ | (30,529,231 | ) | $ | — | $ | 452,795 | ||||||||
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MSCI Taiwan | ||||||||||||||||
Citigroup Global Markets Ltd. | $ | 31,499,035 | $ | (31,499,035 | ) | $ | — | $ | — | |||||||
Goldman Sachs International | 102,243,774 | (102,243,774 | ) | — | — | |||||||||||
J.P. Morgan Securities PLC | 64,868,700 | (64,868,700 | ) | — | — | |||||||||||
Macquarie Bank Ltd. | 3,815,865 | (3,815,865 | ) | — | — | |||||||||||
Morgan Stanley | 139,102,044 | (139,102,044 | ) | — | — | |||||||||||
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$ | 341,529,418 | $ | (341,529,418 | ) | $ | — | $ | — | ||||||||
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MSCI Thailand | ||||||||||||||||
Barclays Capital, Inc. | $ | 5,205,161 | $ | (5,205,161 | ) | $ | — | $ | — | |||||||
BofA Securities, Inc. | 295,217 | (295,217 | ) | — | — | |||||||||||
Credit Suisse Securities (USA) LLC | 362 | (362 | ) | — | — | |||||||||||
Goldman Sachs & Co. LLC | 179,499 | (179,499 | ) | — | — | |||||||||||
J.P. Morgan Securities LLC | 5,141,457 | (5,141,457 | ) | — | — | |||||||||||
Macquarie Bank Ltd. | 166,356 | (166,356 | ) | — | — | |||||||||||
Morgan Stanley | 3,342,541 | (3,342,541 | ) | — | — | |||||||||||
SG Americas Securities LLC | 85,834 | (85,834 | ) | — | — | |||||||||||
UBS AG | 74,129 | (74,129 | ) | — | — | |||||||||||
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$ | 14,490,556 | $ | (14,490,556 | ) | $ | — | $ | — | ||||||||
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(a) | Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s Statements of Assets and Liabilities. |
(b) | The market value of the loaned securities is determined as of February 28, 2023. 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
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Notes to Financial Statements (unaudited) (continued)
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.
Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”). For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statements of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the Statements of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Funds’ basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.
Total return swaps are entered into by the ziShares S&P Small-Cap 600 Value ETF to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).
Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket or underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instruments or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Fund receives payment from or makes a payment to the counterparty.
Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap’s market value. The market value also includes interest charges and credits (“financing fees”) related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.
Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Fund and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Statements of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.
Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.
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
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Notes to Financial Statements (unaudited) (continued)
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 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 Fees | |||
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 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 Fees | |||
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 |
64 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
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 Fees | |||
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, 2023, the Funds paid BTC the following amounts for securities lending agent services:
iShares ETF | Amounts | |||
MSCI Hong Kong | $ | 1,724 | ||
MSCI Japan Small-Cap | 770 | |||
MSCI Malaysia | 12,976 | |||
MSCI Pacific ex Japan | 13,347 | |||
MSCI Singapore | 21,546 | |||
MSCI Taiwan | 795,842 | |||
MSCI Thailand | 232,140 |
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 | 65 |
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, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:
iShares ETF | Purchases | Sales | Net Realized Gain (Loss) | |||||||||
MSCI Hong Kong | $ | 9,664,772 | $ | 8,051,360 | $ | (965,956) | ||||||
MSCI Japan Small-Cap | 332,581 | 889,540 | 345,949 | |||||||||
MSCI Pacific ex Japan | 10,722,678 | 9,995,367 | (4,692,369) | |||||||||
MSCI Singapore | 18,133,150 | 11,643,678 | (9,290,919) |
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, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:
iShares ETF | Purchases | Sales | ||||||
MSCI Hong Kong | $ | 154,867,166 | $ | 46,194,305 | ||||
MSCI Japan Small-Cap | 2,162,596 | 1,610,757 | ||||||
MSCI Malaysia | 17,927,486 | 12,835,509 | ||||||
MSCI Pacific ex Japan | 95,682,962 | 72,268,143 | ||||||
MSCI Singapore | 55,356,973 | 50,048,382 | ||||||
MSCI Taiwan | 1,141,193,003 | 914,849,854 | ||||||
MSCI Thailand | 12,061,333 | 10,576,806 |
For the six months ended February 28, 2023, in-kind transactions were as follows:
iShares ETF | In-kind Purchases | In-kind Sales | ||||||
MSCI Hong Kong | $ | 5,561,444 | $ | — | ||||
MSCI Pacific ex Japan | 110,176,761 | 208,685,815 | ||||||
MSCI Singapore | 30,625,420 | (58,547,014) | ||||||
MSCI Thailand | 86,438,322 | 66,846,610 |
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, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.
As of August 31, 2022, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:
iShares ETF | Amounts | |||
MSCI Hong Kong | $ | 490,801,361 | ||
MSCI Japan Small-Cap | 15,018,782 | |||
MSCI Malaysia | 120,857,520 | |||
MSCI Pacific ex Japan | 604,135,134 | |||
MSCI Singapore | 242,407,265 | |||
MSCI Thailand | 124,796,565 |
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.
66 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
As of February 28, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:
iShares ETF | Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
MSCI Hong Kong | $ | 1,038,775,375 | $ | 42,984,408 | $ | (234,637,091 | ) | $ | (191,652,683 | ) | ||||||
MSCI Japan Small-Cap | 84,646,219 | 3,358,179 | (21,549,219 | ) | (18,191,040 | ) | ||||||||||
MSCI Malaysia | 176,927,551 | 90,558,638 | (34,892,113 | ) | 55,666,525 | |||||||||||
MSCI Pacific ex Japan | 2,312,546,235 | 268,587,434 | (447,498,021 | ) | (178,910,587 | ) | ||||||||||
MSCI Singapore | 606,827,272 | 45,255,874 | (65,875,902 | ) | (20,620,028 | ) | ||||||||||
MSCI Taiwan | 2,338,396,202 | 2,223,401,529 | (142,149,229 | ) | 2,081,252,300 | |||||||||||
MSCI Thailand | 457,221,570 | 10,405,645 | (103,941,163 | ) | (93,535,518 | ) |
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 onAugust 11, 2023. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.
During the six months ended February 28, 2023, 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.
Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.
Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.
The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.
Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit
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 | 67 |
Notes to Financial Statements (unaudited) (continued)
risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.
With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.
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.
LIBOR Transition Risk: The Funds may be exposed to financial instruments that are tied to the London Interbank Offered Rate (“LIBOR”) to determine payment obligations, financing terms, hedging strategies or investment value. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, announced that a majority of USD LIBOR settings will no longer be published after June 30, 2023. All other LIBOR settings and certain other interbank offered rates ceased to be published after December 31, 2021. SOFR has been used increasingly on a voluntary basis in new instruments and transactions. The Federal Reserve Board adopted regulations that provide a fallback mechanism by identifying benchmark rates based on SOFR that will replace LIBOR in certain financial contracts after June 30, 2023. 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 02/28/23 | Year Ended 08/31/22 | |||||||||||||||
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iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
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MSCI Hong Kong | ||||||||||||||||
Shares sold | 5,850,000 | $ | 121,623,246 | 2,025,000 | $ | 48,803,341 | ||||||||||
Shares redeemed | — | — | (6,075,000 | ) | (139,653,870 | ) | ||||||||||
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5,850,000 | $ | 121,623,246 | (4,050,000 | ) | $ | (90,850,529 | ) | |||||||||
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MSCI Japan Small-Cap | ||||||||||||||||
Shares sold | — | $ | — | 100,000 | $ | 8,692,269 | ||||||||||
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68 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
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Six Months Ended 02/28/23 | Year Ended 08/31/22 | |||||||||||||||
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iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
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MSCI Malaysia | ||||||||||||||||
Shares sold | 450,000 | $ | 9,852,074 | 4,650,000 | $ | 117,878,462 | ||||||||||
Shares redeemed | (300,000 | ) | (6,749,995 | ) | (4,200,000 | ) | (102,040,456 | ) | ||||||||
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150,000 | $ | 3,102,079 | 450,000 | $ | 15,838,006 | |||||||||||
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MSCI Pacific ex Japan | ||||||||||||||||
Shares sold | 3,000,000 | $ | 139,193,079 | 4,500,000 | $ | 215,646,290 | ||||||||||
Shares redeemed | (4,800,000 | ) | (216,994,645 | ) | (1,200,000 | ) | (54,757,203 | ) | ||||||||
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(1,800,000 | ) | $ | (77,801,566 | ) | 3,300,000 | $ | 160,889,087 | |||||||||
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MSCI Singapore | ||||||||||||||||
Shares sold | 1,650,000 | $ | 32,058,024 | 9,250,000 | $ | 189,839,642 | ||||||||||
Shares redeemed | (3,300,000 | ) | (61,552,795 | ) | (5,700,000 | ) | (115,869,175 | ) | ||||||||
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(1,650,000 | ) | $ | (29,494,771 | ) | 3,550,000 | $ | 73,970,467 | |||||||||
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MSCI Taiwan | ||||||||||||||||
Shares sold | 23,900,000 | $ | 1,094,321,669 | 1,000,000 | $ | 76,329,985 | ||||||||||
Shares redeemed | (6,000,000 | ) | (290,396,954 | ) | (43,300,000 | ) | (2,435,070,926 | ) | ||||||||
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17,900,000 | $ | 803,924,715 | (42,300,000 | ) | $ | (2,358,740,941 | ) | |||||||||
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MSCI Thailand | ||||||||||||||||
Shares sold | 1,100,000 | $ | 86,802,748 | 1,600,000 | $ | 124,280,513 | ||||||||||
Shares redeemed | (950,000 | ) | (67,228,788 | ) | (2,000,000 | ) | (149,394,805 | ) | ||||||||
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150,000 | $ | 19,573,960 | (400,000 | ) | $ | (25,114,292 | ) | |||||||||
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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.
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 | 69 |
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, 2022 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40Act Liquidity Risk Management Committee (the “Committee”).At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2021 through September 30, 2022 (the “Program Reporting Period”).
The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays, the imposition of capital controls in certain non-U.S. countries, Russian sanctions and the closure of the Russian securities market.
The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:
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. The Committee also considered that ETFs generally do not engage in borrowing. |
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. However, there were no ETFs with persistent deviations of fund premium/discount or bid/ask spreads from long-term averages over the Program Reporting Period. |
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. |
There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.
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Supplemental Information (unaudited)
Section 19(a) Notices
The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.
February 28, 2023
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 Pacific ex Japan(a) | $ | 0.701361 | $ | — | $ | 0.007429 | $ | 0.708790 | 99 | % | — | % | 1 | % | 100 | % | ||||||||||||||||||||
MSCI Singapore(a) | 0.078053 | — | 0.127054 | 0.205107 | 38 | — | 62 | 100 | ||||||||||||||||||||||||||||
MSCI Taiwan | 2.367686 | 5.189938 | — | 7.557624 | 31 | 69 | — | 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 | 71 |
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.
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Glossary of Terms Used in this Report
Portfolio Abbreviation
ADR | American Depositary Receipt | |
NVDR | Non-Voting Depositary Receipt | |
NVS | Non-Voting Shares | |
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 | 73 |
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.
©2023 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-803-0223
FEBRUARY 28, 2023 |
2023 Semi-Annual Report (Unaudited)
|
iShares, Inc.
· | iShares MSCI Brazil ETF | EWZ | NYSE Arca |
· | iShares MSCI Chile ETF | ECH | Cboe BZX |
· | iShares MSCI Israel ETF | EIS | NYSE Arca |
· | iShares MSCI South Africa ETF | EZA | NYSE Arca |
· | iShares MSCI Turkey ETF | TUR | NASDAQ |
Dear Shareholder,
Significant economic headwinds emerged during the 12-month reporting period ended February 28, 2023, as investors navigated changing economic conditions and volatile markets. The U.S. economy shrank in the first half of 2022 before returning to modest growth in the second half of the year, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high before beginning to moderate. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.
Equity prices fell as interest rates rose, particularly during the first half of the reporting period. Both large-and small-capitalization U.S. stocks fell, although equities began to recover in the second half of the period as inflation eased and economic growth resumed. Emerging market stocks and international equities from developed markets declined overall, pressured by rising interest rates and a strong U.S. dollar.
The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to fluctuating inflation data and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and higher interest rates led to rising borrowing costs for corporate issuers.
The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates eight times. Furthermore, the Fed wound down its bond-buying programs and accelerated the reduction of its balance sheet.
Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth slowed in the last year, we believe that taming inflation requires a more substantial decline that lowers demand to a level more in line with the economy’s productive capacity. Although the Fed has decelerated the pace of interest rate hikes, it still seems determined to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, but the dimming economic outlook has not yet been fully reflected in current market prices. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions. Turmoil in the banking sector shortly following the end of the period highlighted the potential for the knock-on effects of substantially higher interest rates to disrupt markets with little warning.
While we favor an overweight to equities in the long term, several factors lead us to take an underweight stance on equities overall in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with the possibility of a recession in a business environment characterized by higher costs and reduced pricing power. Nevertheless, we are overweight on emerging market stocks as a weaker U.S. dollar provides a supportive backdrop. We also see long-term opportunities in credit, where valuations are appealing and higher yields provide attractive income, although we are neutral on credit in the near term, as we believe that troubles in the banking sector will likely lead to reduced lending. However, we believe there are still some strong opportunities for a six- to twelve-month horizon, particularly short-term U.S. Treasuries, global inflation-linked bonds, and emerging market bonds denominated in local currency.
Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.
Rob Kapito
President, BlackRock, Inc.
Rob Kapito
President, BlackRock, Inc.
Total Returns as of February 28, 2023 | ||||
6-Month | 12-Month | |||
U.S. large cap equities (S&P 500® Index) | 1.26% | (7.69)% | ||
U.S. small cap equities (Russell 2000® Index) | 3.63 | (6.02) | ||
International equities (MSCI Europe, Australasia, Far East Index) | 12.58 | (3.14) | ||
Emerging market equities (MSCI Emerging Markets Index) | (2.29) | (15.28) | ||
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index) | 1.74 | 2.11 | ||
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index) | (4.81) | (14.06) | ||
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index) | (2.13) | (9.72) | ||
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index) | 0.66 | (5.10) | ||
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index) | 2.52 | (5.45) | ||
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, 2023 | 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-Month Total Returns | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | (3.54 | )% | (7.13 | )% | (4.34 | )% | (2.83 | )% | (7.13 | )% | (19.90 | )% | (24.95 | )% | ||||||||||||||||||
Fund Market | (3.83 | ) | (6.51 | ) | (4.40 | ) | (2.80 | ) | (6.51 | ) | (20.13 | ) | (24.72 | ) | ||||||||||||||||||
Index | (3.34 | ) | (5.56 | ) | (3.54 | ) | (2.13 | ) | (5.56 | ) | (16.51 | ) | (19.34 | ) |
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 not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
| Beginning Account Value (09/01/22) | | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/22) | | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 964.60 | $ | 2.87 | $ | 1,000.00 | $ | 1,021.90 | $ | 2.96 | 0.59 | % |
(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 “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
Sector | | Percent of Total Investments | (a) | |
Materials | 25.6 | % | ||
Financials | 23.5 | |||
Energy | 16.3 | |||
Industrials | 9.2 | |||
Utilities | 8.7 | |||
Consumer Staples | 8.1 | |||
Health Care | 3.1 | |||
Consumer Discretionary | 2.8 | |||
Communication Services | 2.0 | |||
Information Technology | 0.7 |
(a) | Excludes money market funds. |
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments | (a) | |
Vale SA | 19.5 | % | ||
Itau Unibanco Holding SA (Preferred) | 7.2 | |||
Petroleo Brasileiro SA (Preferred) | 7.0 | |||
Petroleo Brasileiro SA | 6.3 | |||
WEG SA | 4.1 | |||
B3 SA - Brasil, Bolsa, Balcao | 3.7 | |||
Banco Bradesco SA (Preferred) | 3.7 | |||
Ambev SA | 3.6 | |||
Localiza Rent a Car SA | 2.6 | |||
Itausa SA (Preferred) | 2.4 |
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Fund Summary as of February 28, 2023 | 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-Month Total Returns | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | 5.33 | %(a) | 15.89 | % | (8.91 | )% | (5.73 | )% | 15.89 | % | (37.29 | )% | (44.57 | )% | ||||||||||||||||||
Fund Market | 3.83 | 15.26 | (8.92 | ) | (5.74 | ) | 15.26 | (37.32 | ) | (44.65 | ) | |||||||||||||||||||||
Index | 4.17 | 13.58 | (9.10 | ) | (5.72 | ) | 13.58 | (37.95 | ) | (44.52 | ) |
(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 not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
| Beginning Account Value (09/01/22) | | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/22) | | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 1,053.30 | $ | 3.00 | $ | 1,000.00 | $ | 1,021.90 | $ | 2.96 | 0.59 | % |
(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 “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
Sector | | Percent of Total Investments | (a) | |
Materials | 28.2 | % | ||
Financials | 23.5 | |||
Utilities | 16.9 | |||
Consumer Staples | 14.4 | |||
Energy | 4.6 | |||
Real Estate | 3.6 | |||
Consumer Discretionary | 3.4 | |||
Industrials | 3.4 | |||
Communication Services | 2.0 |
(a) | Excludes money market funds. |
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments | (a) | |
Sociedad Quimica y Minera de Chile SA (Preferred), Class B | 22.0 | % | ||
Banco de Chile | 10.4 | |||
Enel Americas SA | 6.0 | |||
Banco Santander Chile | 4.6 | |||
Empresas COPEC SA | 4.6 | |||
Banco de Credito e Inversiones SA | 4.4 | |||
Empresas CMPC SA | 4.2 | |||
Cencosud SA | 4.2 | |||
Falabella SA | 3.4 | |||
Cia. Sud Americana de Vapores SA | 3.4 |
F U N D S U M M A R Y | 5 |
Fund Summary as of February 28, 2023 | 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-Month Total Returns | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | (18.03 | )% | (25.87 | )% | 2.08 | % | 3.85 | % | (25.87 | )% | 10.84 | % | 45.85 | % | ||||||||||||||||||
Fund Market | (17.93 | ) | (25.93 | ) | 2.19 | 3.82 | (25.93 | ) | 11.43 | 45.52 | ||||||||||||||||||||||
Index | (18.30 | ) | (25.50 | ) | 2.61 | 4.31 | (25.50 | ) | 13.76 | 52.54 |
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
| Beginning Account Value (09/01/22) | | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/22) | | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 819.70 | $ | 2.66 | $ | 1,000.00 | $ | 1,021.90 | $ | 2.96 | 0.59 | % |
(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 “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
Sector | | Percent of Total Investments | (a) | |
Information Technology | 31.8 | % | ||
Financials | 25.4 | |||
Real Estate | 8.8 | |||
Health Care | 8.8 | |||
Industrials | 8.1 | |||
Materials | 4.0 | |||
Communication Services | 3.6 | |||
Utilities | 2.7 | |||
Consumer Discretionary | 2.6 | |||
Consumer Staples | 2.2 | |||
Energy | 2.0 |
(a) | Excludes money market funds. |
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments | (a) | |
Nice Ltd. | 8.1 | % | ||
Check Point Software Technologies Ltd. | 7.6 | |||
Bank Leumi Le-Israel BM | 7.3 | |||
Teva Pharmaceutical Industries Ltd. | 6.7 | |||
Bank Hapoalim BM | 6.5 | |||
CyberArk Software Ltd. | 3.6 | |||
Israel Discount Bank Ltd., Class A | 3.6 | |||
Wix.com Ltd. | 3.2 | |||
ICL Group Ltd. | 3.1 | |||
Mizrahi Tefahot Bank Ltd. | 2.8 |
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Fund Summary as of February 28, 2023 | 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-Month Total Returns | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | 4.14 | % | (18.23 | )% | (5.63 | )% | (0.53 | )% | (18.23 | )% | (25.14 | )% | (5.16 | )% | ||||||||||||||||||
Fund Market | 4.43 | (19.22 | ) | (5.49 | ) | (0.48 | ) | (19.22 | ) | (24.60 | ) | (4.71 | ) | |||||||||||||||||||
Index | 3.79 | (17.24 | ) | (5.20 | ) | 0.02 | (17.24 | ) | (23.44 | ) | 0.20 |
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 not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
| Beginning Account Value (09/01/22) | | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/22) | | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 1,041.40 | $ | 2.99 | $ | 1,000.00 | $ | 1,021.90 | $ | 2.96 | 0.59 | % |
(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 “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
Sector | | Percent of Total Investments | (a) | |
Financials | 33.9 | % | ||
Consumer Discretionary | 21.5 | |||
Materials | 21.3 | |||
Communication Services | 9.2 | |||
Consumer Staples | 7.6 | |||
Real Estate | 2.3 | |||
Industrials | 1.7 | |||
Health Care | 1.3 | |||
Energy | 1.2 |
(a) | Excludes money market funds. |
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments | (a) | |
Naspers Ltd., Class N | 17.1 | % | ||
FirstRand Ltd. | 8.0 | |||
Standard Bank Group Ltd. | 6.0 | |||
MTN Group Ltd. | 6.0 | |||
Absa Group Ltd. | 4.1 | |||
Sasol Ltd. | 3.7 | |||
Capitec Bank Holdings Ltd. | 3.7 | |||
Gold Fields Ltd. | 3.6 | |||
Impala Platinum Holdings Ltd. | 3.5 | |||
Bid Corp. Ltd. | 3.3 |
F U N D S U M M A R Y | 7 |
Fund Summary as of February 28, 2023 | 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-Month Total Returns | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | 58.56 | % | 93.71 | % | (1.60 | )% | (3.57 | )% | 93.71 | % | (7.74 | )% | (30.45 | )% | ||||||||||||||||||
Fund Market | 58.55 | 95.88 | (1.62 | ) | (3.55 | ) | 95.88 | (7.82 | ) | (30.33 | ) | |||||||||||||||||||||
Index | 58.42 | 94.51 | (1.40 | ) | (3.30 | ) | 94.51 | (6.80 | ) | (28.48 | ) |
Certain sectors and markets performed exceptionally well based on market conditions during the six-months and one-year periods. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.
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 not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
| Beginning Account Value (09/01/22) | | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/22) | | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 1,585.60 | $ | 3.78 | $ | 1,000.00 | $ | 1,021.90 | $ | 2.96 | 0.59 | % |
(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 “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
Sector | | Percent of Total Investments | (a) | |
Industrials | 28.3 | % | ||
Materials | 21.7 | |||
Financials | 14.8 | |||
Consumer Staples | 9.6 | |||
Consumer Discretionary | 9.2 | |||
Energy | 6.5 | |||
Communication Services | 3.5 | |||
Real Estate | 2.4 | |||
Utilities | 2.0 | |||
Health Care | 1.3 | |||
Information Technology | 0.7 |
(a) | Excludes money market funds. |
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments | (a) | |
Turkiye Petrol Rafinerileri AS | 6.5 | % | ||
Turk Hava Yollari AO | 6.0 | |||
Turkiye Sise ve Cam Fabrikalari AS | 5.5 | |||
BIM Birlesik Magazalar AS | 5.2 | |||
KOC Holding AS | 5.0 | |||
Akbank TAS | 4.6 | |||
Eregli Demir ve Celik Fabrikalari TAS | 4.3 | |||
Sasa Polyester Sanayi AS | 3.9 | |||
Haci Omer Sabanci Holding AS | 3.7 | |||
Ford Otomotiv Sanayi AS | 3.5 |
8 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
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 the Period.”
The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.
A B O U T F U N D P E R F O R M A N C E / D I S C L O S U R E O F E X P E N S E S | 9 |
Schedule of Investments (unaudited) February 28, 2023 | iShares® MSCI Brazil ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
| ||||||||
Common Stocks | ||||||||
Banks — 3.6% | ||||||||
Banco Bradesco SA | 12,787,482 | $ | 28,430,467 | |||||
Banco do Brasil SA | 13,020,392 | 100,224,775 | ||||||
Banco Santander Brasil SA | 6,643,310 | 35,948,194 | ||||||
|
| |||||||
164,603,436 | ||||||||
Beverages — 3.6% | ||||||||
Ambev SA | 63,297,889 | 161,888,421 | ||||||
|
| |||||||
Capital Markets — 5.0% | ||||||||
B3 SA - Brasil, Bolsa, Balcao | 82,424,612 | 166,094,540 | ||||||
Banco BTG Pactual SA | 14,975,316 | 57,779,443 | ||||||
XP Inc.(a) | 1 | 12 | ||||||
|
| |||||||
223,873,995 | ||||||||
Containers & Packaging — 1.0% | ||||||||
Klabin SA | 11,713,456 | 43,538,541 | ||||||
|
| |||||||
Diversified Telecommunication Services — 1.2% | ||||||||
Telefonica Brasil SA | 7,399,072 | 55,032,493 | ||||||
|
| |||||||
Electric Utilities — 4.6% | ||||||||
Centrais Eletricas Brasileiras SA | 14,542,196 | 95,328,609 | ||||||
CPFL Energia SA | 3,207,773 | 18,558,757 | ||||||
Energisa SA | 2,478,900 | 18,319,083 | ||||||
Equatorial Energia SA | 15,864,237 | 77,056,900 | ||||||
|
| |||||||
209,263,349 | ||||||||
Electrical Equipment — 4.1% | ||||||||
WEG SA | 24,558,184 | 183,689,747 | ||||||
|
| |||||||
Food & Staples Retailing — 2.6% | ||||||||
Atacadao SA | 7,801,577 | 20,042,444 | ||||||
Raia Drogasil SA | 16,802,316 | 72,787,731 | ||||||
Sendas Distribuidora SA | 7,031,164 | 24,361,863 | ||||||
|
| |||||||
117,192,038 | ||||||||
Food Products — 1.0% | ||||||||
JBS SA. | 12,145,735 | 44,518,934 | ||||||
|
| |||||||
Health Care Providers & Services — 1.9% | ||||||||
Hapvida Participacoes e Investimentos | 59,309,004 | 50,864,286 | ||||||
Rede D’Or Sao Luiz SA(b) | 6,812,329 | 33,245,472 | ||||||
|
| |||||||
84,109,758 | ||||||||
Independent Power and Renewable Electricity Producers — 1.0% | ||||||||
Eneva SA(a) | 8,479,097 | 18,511,509 | ||||||
Engie Brasil Energia SA | 3,848,566 | 28,874,628 | ||||||
|
| |||||||
47,386,137 | ||||||||
Insurance — 1.6% | ||||||||
BB Seguridade Participacoes SA | 11,064,208 | 72,296,852 | ||||||
|
| |||||||
Metals & Mining — 20.0% | ||||||||
Cia. Siderurgica Nacional SA | 10,939,233 | 34,831,201 | ||||||
Vale SA | 53,410,504 | 870,409,268 | ||||||
|
| |||||||
905,240,469 | ||||||||
Multiline Retail — 0.7% | ||||||||
Magazine Luiza SA(a) | 43,177,047 | 29,606,930 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 9.1% | ||||||||
Cosan SA | 16,582,857 | 47,447,917 | ||||||
Petro Rio SA(a) | 8,413,417 | 54,156,214 | ||||||
Petroleo Brasileiro SA | 50,875,188 | 279,376,492 | ||||||
Ultrapar Participacoes SA | 12,721,569 | 32,025,954 | ||||||
|
| |||||||
413,006,577 |
Security | Shares | Value | ||||||
| ||||||||
Paper & Forest Products — 2.3% | ||||||||
Suzano SA | 11,288,428 | $ | 102,934,715 | |||||
|
| |||||||
Personal Products — 0.9% | ||||||||
Natura & Co. Holding SA | 13,375,694 | 39,140,023 | ||||||
|
| |||||||
Pharmaceuticals — 1.1% | ||||||||
Hypera SA | 6,518,784 | 51,859,411 | ||||||
|
| |||||||
Road & Rail — 4.1% | ||||||||
Localiza Rent a Car SA | 11,021,808 | 116,819,018 | ||||||
Localiza Rent a Car SA, NVS | 47,257 | 478,396 | ||||||
Rumo SA | 20,261,230 | 69,505,332 | ||||||
|
| |||||||
186,802,746 | ||||||||
Software — 0.7% | ||||||||
TOTVS SA | 5,989,613 | 31,221,106 | ||||||
|
| |||||||
Specialty Retail — 2.1% | ||||||||
Lojas Renner SA | 15,134,752 | 53,913,823 | ||||||
Vibra Energia SA | 14,419,590 | 40,734,939 | ||||||
|
| |||||||
94,648,762 | ||||||||
Transportation Infrastructure — 0.9% | ||||||||
CCR SA | 19,886,161 | 41,744,054 | ||||||
|
| |||||||
Water Utilities — 1.2% | ||||||||
Cia. de Saneamento Basico do Estado de Sao Paulo | 5,607,584 | 55,428,372 | ||||||
|
| |||||||
Wireless Telecommunication Services — 0.8% | ||||||||
Tim SA | 15,235,502 | 35,677,402 | ||||||
|
| |||||||
Total Common Stocks — 75.1% | 3,394,704,268 | |||||||
|
| |||||||
Preferred Stocks | ||||||||
Banks — 13.1% | ||||||||
Banco Bradesco SA, Preference Shares, NVS | 65,890,962 | 164,618,855 | ||||||
Itau Unibanco Holding SA, Preference Shares, NVS | 66,067,311 | 320,906,841 | ||||||
Itausa SA, Preference Shares, NVS | 66,872,219 | 105,121,501 | ||||||
|
| |||||||
590,647,197 | ||||||||
Electric Utilities — 1.7% | ||||||||
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS | 4,351,248 | 29,895,117 | ||||||
Cia Energetica de Minas Gerais, Preference Shares, NVS | 22,728,825 | 45,497,156 | ||||||
|
| |||||||
75,392,273 | ||||||||
Metals & Mining — 2.0% | ||||||||
Gerdau SA, Preference Shares, NVS | 16,943,806 | 92,657,014 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 6.9% | ||||||||
Petroleo Brasileiro SA, Preference Shares, NVS | 65,281,976 | 314,723,104 | ||||||
|
| |||||||
Total Preferred Stocks — 23.7% | 1,073,419,588 | |||||||
|
| |||||||
Total Long-Term Investments — 98.8% |
| 4,468,123,856 | ||||||
|
|
10 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Brazil ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Short-Term Securities |
| |||||||
Money Market Funds — 0.2% |
| |||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(c)(d) | 9,730,000 | $ | 9,730,000 | |||||
|
| |||||||
Total Short-Term Securities — 0.2% |
| 9,730,000 | ||||||
|
| |||||||
Total Investments — 99.0% |
| 4,477,853,856 | ||||||
Other Assets Less Liabilities — 1.0% |
| 44,515,793 | ||||||
|
| |||||||
Net Assets — 100.0% |
| $ | 4,522,369,649 | |||||
|
|
(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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 08/31/22 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/23 | Shares Held at 02/28/23 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | $ | 6,880,000 | $ | 2,850,000 | (a) | $ | — | $ | — | $ | — | $ | 9,730,000 | 9,730,000 | $ | 303,820 | $ | 11 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
(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 | 1,200 | 03/17/23 | $ | 55,769 | $ | (956,981 | ) | |||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
Liabilities — Derivative Financial Instruments | ||||||||||||||||||||||||||||
Futures contracts | ||||||||||||||||||||||||||||
Unrealized depreciation on futures contracts(a) | $ | — | $ | — | $ | 956,981 | $ | — | $ | — | $ | — | $ | 956,981 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2023 | iShares® MSCI Brazil ETF |
For the period ended February 28, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
Net Realized Gain (Loss) from | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | (4,384,143 | ) | $ | — | $ | — | $ | — | $ | (4,384,143 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | 4,602,372 | $ | — | $ | — | $ | — | $ | 4,602,372 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts | ||||
Average notional value of contracts — long | $ | 92,057,430 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Common Stocks | $ | 3,394,225,872 | $ | 478,396 | $ | — | $ | 3,394,704,268 | ||||||||
Preferred Stocks | 1,073,419,588 | — | — | 1,073,419,588 | ||||||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 9,730,000 | — | — | 9,730,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 4,477,375,460 | $ | 478,396 | $ | — | $ | 4,477,853,856 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Financial Instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Equity Contracts | $ | (956,981 | ) | $ | — | $ | — | $ | (956,981 | ) | ||||||
|
|
|
|
|
|
|
|
(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 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) February 28, 2023 | iShares® MSCI Chile ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Banks — 22.4% | ||||||||
Banco de Chile | 560,535,083 | $ | 58,243,040 | |||||
Banco de Credito e Inversiones SA | 785,369 | 24,576,289 | ||||||
Banco Santander Chile | 607,724,192 | 25,765,150 | ||||||
Grupo Security SA | 29,276,794 | 6,435,327 | ||||||
Itau CorpBanca Chile SA | 4,520,139,117 | 9,715,621 | ||||||
|
| |||||||
124,735,427 | ||||||||
Beverages — 5.3% | ||||||||
Cia. Cervecerias Unidas SA | 2,257,330 | 17,227,675 | ||||||
Vina Concha y Toro SA | 9,549,688 | 12,495,695 | ||||||
|
| |||||||
29,723,370 | ||||||||
Capital Markets — 1.1% | ||||||||
Sociedad de Inversiones Oro Blanco SA | 606,903,208 | 6,262,101 | ||||||
|
| |||||||
Electric Utilities — 10.3% | ||||||||
Enel Americas SA | 267,534,585 | 33,309,700 | ||||||
Enel Chile SA | 354,865,829 | 15,975,401 | ||||||
Engie Energia Chile SA(a) | 13,835,088 | 8,441,431 | ||||||
|
| |||||||
57,726,532 | ||||||||
Food & Staples Retailing — 6.1% | ||||||||
Cencosud SA | 12,465,659 | 23,570,694 | ||||||
SMU SA | 64,177,067 | 10,538,196 | ||||||
|
| |||||||
34,108,890 | ||||||||
Independent Power and Renewable Electricity Producers — 2.8% | ||||||||
Colbun SA | 137,472,242 | 15,779,070 | ||||||
|
| |||||||
Marine — 3.4% | ||||||||
Cia. Sud Americana de Vapores SA | 195,653,281 | 18,850,833 | ||||||
|
| |||||||
Metals & Mining — 2.0% | ||||||||
CAP SA | 1,359,760 | 11,304,062 | ||||||
|
| |||||||
Multiline Retail — 3.4% | ||||||||
Falabella SA | 8,663,465 | 19,064,980 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 4.6% | ||||||||
Empresas COPEC SA | 3,523,899 | 25,460,529 | ||||||
|
| |||||||
Paper & Forest Products — 4.2% | ||||||||
Empresas CMPC SA | 14,218,209 | 23,625,724 | ||||||
|
| |||||||
Real Estate Management & Development — 3.6% | ||||||||
Cencosud Shopping SA | 1,822,017 | 2,597,630 | ||||||
Parque Arauco SA | 9,762,583 | 11,972,189 |
Security | Shares | Value | ||||||
Real Estate Management & Development (continued) | ||||||||
Plaza SA | 4,336,267 | $ | 5,396,299 | |||||
|
| |||||||
19,966,118 | ||||||||
Water Utilities — 3.7% | ||||||||
Aguas Andinas SA, Class A | 54,653,696 | 13,074,573 | ||||||
Inversiones Aguas Metropolitanas SA | 13,197,159 | 7,494,128 | ||||||
|
| |||||||
20,568,701 | ||||||||
Wireless Telecommunication Services — 2.1% | ||||||||
Empresa Nacional de Telecomunicaciones SA | 2,910,606 | 11,464,201 | ||||||
|
| |||||||
Total Common Stocks — 75.0% | 418,640,538 | |||||||
|
| |||||||
Preferred Stocks | ||||||||
Beverages — 3.0% | ||||||||
Embotelladora Andina SA, Class B, Preference Shares, NVS | 6,812,661 | 16,750,353 | ||||||
|
| |||||||
Chemicals — 22.0% | ||||||||
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares | 1,375,098 | 122,728,352 | ||||||
|
| |||||||
Total Preferred Stocks — 25.0% | 139,478,705 | |||||||
|
| |||||||
Total Long-Term Investments — 100.0% | 558,119,243 | |||||||
|
| |||||||
Short-Term Securities | ||||||||
Money Market Funds — 0.2% | ||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(b)(c) | 1,090,000 | 1,090,000 | ||||||
|
| |||||||
Total Short-Term Securities — 0.2% | 1,090,000 | |||||||
|
| |||||||
Total Investments — 100.2% |
| 559,209,243 | ||||||
Liabilities in Excess of Other Assets — (0.2)% |
| (1,253,656 | ) | |||||
|
| |||||||
Net Assets — 100.0% | $ | 557,955,587 | ||||||
|
|
(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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| ||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 08/31/22 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/23 | Shares Held at 02/28/23 | Income | Capital Gain | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | $ | — | $ | 1,090,000 | (a) | $ | — | $ | — | $ | — | $ | 1,090,000 | 1,090,000 | $ | 9,325 | $ | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | 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 | 13 |
Schedule of Investments (unaudited) (continued) February 28, 2023 | 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 | 24 | 03/17/23 | $ | 1,155 | $ | (23,690 | ) | |||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
Liabilities — Derivative Financial Instruments | ||||||||||||||||||||||||||||
Futures contracts | �� | |||||||||||||||||||||||||||
Unrealized depreciation on futures contracts(a) | $ | — | $ | — | $ | 23,690 | $ | — | $ | — | $ | — | $ | 23,690 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
Net Realized Gain (Loss) from | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | (132,406 | ) | $ | — | $ | — | $ | — | $ | (132,406 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | 9,073 | $ | — | $ | — | $ | — | $ | 9,073 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts | ||||
Average notional value of contracts — long | $ | 921,615 |
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 | |||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Common Stocks | $ | 325,679,391 | $ | 92,961,147 | $ | — | $ | 418,640,538 | ||||||||
Preferred Stocks | 16,750,353 | 122,728,352 | — | 139,478,705 | ||||||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 1,090,000 | — | — | 1,090,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 343,519,744 | $ | 215,689,499 | $ | — | $ | 559,209,243 | |||||||||
|
|
|
|
|
|
|
|
14 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Chile ETF |
Fair Value Hierarchy as of Period End (continued)
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Derivative Financial Instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Equity Contracts | $ | (23,690 | ) | $ | — | $ | — | $ | (23,690 | ) | ||||||
|
|
|
|
|
|
|
|
(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, 2023 | iShares® MSCI Israel ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
| |||||||
Aerospace & Defense — 2.8% | ||||||||
Elbit Systems Ltd. | 22,889 | $ | 3,875,448 | |||||
|
| |||||||
Banks — 21.8% | ||||||||
Bank Hapoalim BM | 1,091,553 | 9,129,995 | ||||||
Bank Leumi Le-Israel BM | 1,326,891 | 10,315,946 | ||||||
FIBI Holdings Ltd. | 15,243 | 559,177 | ||||||
First International Bank Of Israel Ltd. (The) | 47,513 | 1,682,435 | ||||||
Israel Discount Bank Ltd., Class A | 1,064,537 | 5,049,611 | ||||||
Mizrahi Tefahot Bank Ltd. | 132,711 | 3,946,417 | ||||||
|
| |||||||
30,683,581 | ||||||||
Capital Markets — 0.4% | ||||||||
Altshuler Shaham Penn Ltd. | 60,650 | 114,652 | ||||||
Tel Aviv Stock Exchange Ltd. | 86,684 | 423,937 | ||||||
|
| |||||||
538,589 | ||||||||
Chemicals — 4.0% | ||||||||
ICL Group Ltd. | 609,226 | 4,421,374 | ||||||
Israel Corp Ltd.(a) | 3,316 | 1,130,520 | ||||||
Turpaz Industries Ltd., NVS | 30,123 | 119,865 | ||||||
|
| |||||||
5,671,759 | ||||||||
Communications Equipment — 1.1% | ||||||||
AudioCodes Ltd. | 21,695 | 355,634 | ||||||
Gilat Satellite Networks Ltd.(b) | 36,076 | 213,292 | ||||||
Ituran Location and Control Ltd. | 13,242 | 295,826 | ||||||
Radware Ltd.(b) | 34,704 | 722,885 | ||||||
|
| |||||||
1,587,637 | ||||||||
Construction & Engineering — 2.1% | ||||||||
Ashtrom Group Ltd.(a) | 34,818 | 534,277 | ||||||
Elco Ltd. | 8,138 | 299,795 | ||||||
Electra Ltd./Israel(a) | 1,813 | 734,971 | ||||||
Shapir Engineering and Industry Ltd. | 122,936 | 811,317 | ||||||
Shikun & Binui Ltd.(b) | 228,805 | 522,683 | ||||||
|
| |||||||
2,903,043 | ||||||||
Consumer Finance — 0.4% | ||||||||
Isracard Ltd. | 172,198 | 610,217 | ||||||
|
| |||||||
Distributors — 0.2% | ||||||||
Tadiran Group Ltd. | 2,944 | 251,046 | ||||||
|
| |||||||
Diversified Telecommunication Services — 1.8% | ||||||||
Bezeq The Israeli Telecommunication Corp. Ltd. | 1,787,598 | 2,474,323 | ||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 0.4% | ||||||||
Innoviz Technologies Ltd.(a)(b) | 93,430 | 443,792 | ||||||
Nayax Ltd.(b) | 7,010 | 122,146 | ||||||
|
| |||||||
565,938 | ||||||||
Equity Real Estate Investment Trusts (REITs) — 0.7% | ||||||||
Reit 1 Ltd. | 166,406 | 688,281 | ||||||
Sella Capital Real Estate Ltd. | 178,582 | 361,510 | ||||||
|
| |||||||
1,049,791 | ||||||||
Food & Staples Retailing — 1.3% | ||||||||
M Yochananof & Sons Ltd. | 4,327 | 205,714 | ||||||
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 7,700 | 426,053 | ||||||
Shufersal Ltd. | 228,468 | 1,179,608 | ||||||
|
| |||||||
1,811,375 | ||||||||
Food Products — 0.9% | ||||||||
Mehadrin Ltd.(b) | 0 | 19 | ||||||
Neto Malinda Trading Ltd.(b) | 9,872 | 206,637 |
Security | Shares | Value | ||||||
Food Products (continued) | ||||||||
Strauss Group Ltd. | 45,177 | $ | 1,028,051 | |||||
|
| |||||||
1,234,707 | ||||||||
Health Care Equipment & Supplies — 1.9% | ||||||||
Inmode Ltd.(a)(b) | 60,657 | 2,141,798 | ||||||
Nano-X Imaging Ltd.(a)(b) | 33,951 | 247,503 | ||||||
Sisram Medical Ltd.(c) | 120,000 | 228,015 | ||||||
|
| |||||||
2,617,316 | ||||||||
Hotels, Restaurants & Leisure — 0.5% | ||||||||
Fattal Holdings 1998 Ltd.(b) | 5,531 | 460,453 | ||||||
NEOGAMES SA(b) | 12,956 | 201,466 | ||||||
|
| |||||||
661,919 | ||||||||
Household Durables — 0.8% | ||||||||
Azorim-Investment Development & Construction Co. Ltd. | 71,839 | 189,915 | ||||||
Danya Cebus Ltd. | 6,850 | 128,326 | ||||||
Electra Consumer Products 1970 Ltd. | 10,206 | 268,102 | ||||||
Maytronics Ltd. | 42,258 | 509,327 | ||||||
|
| |||||||
1,095,670 | ||||||||
Independent Power and Renewable Electricity Producers — 2.7% | ||||||||
Doral Group Renewable Energy | 77,819 | 147,886 | ||||||
Energix-Renewable Energies Ltd. | 211,953 | 582,991 | ||||||
Enlight Renewable Energy Ltd.(a)(b) | 99,188 | 1,623,425 | ||||||
Kenon Holdings Ltd./Singapore | 16,198 | 453,560 | ||||||
OPC Energy Ltd.(b). | 86,798 | 703,164 | ||||||
OY Nofar Energy Ltd.(b) | 13,020 | 313,307 | ||||||
|
| |||||||
3,824,333 | ||||||||
Industrial Conglomerates — 0.2% | ||||||||
Arad Investment & Industrial Development Ltd.(a) | 2,631 | 267,830 | ||||||
|
| |||||||
Insurance — 2.7% | ||||||||
Clal Insurance Enterprises Holdings Ltd.(b) | 54,134 | 776,252 | ||||||
Harel Insurance Investments & Financial Services Ltd. | 100,115 | 842,944 | ||||||
IDI Insurance Co. Ltd. | 7,050 | 163,011 | ||||||
Menora Mivtachim Holdings Ltd. | 21,360 | 410,687 | ||||||
Migdal Insurance & Financial Holdings Ltd.(b) | 362,166 | 404,392 | ||||||
Phoenix Holdings Ltd. (The) | 129,765 | 1,239,252 | ||||||
|
| |||||||
3,836,538 | ||||||||
Interactive Media & Services — 0.3% | ||||||||
Taboola.com Ltd.(b) | 113,835 | 356,304 | ||||||
|
| |||||||
IT Services — 4.3% | ||||||||
Formula Systems 1985 Ltd. | 8,561 | 585,030 | ||||||
Malam - Team Ltd. | 6,686 | 121,238 | ||||||
Matrix IT Ltd. | 29,708 | 543,977 | ||||||
One Software Technologies Ltd. | 33,825 | 378,005 | ||||||
Wix.com Ltd.(b) | 49,270 | 4,460,413 | ||||||
|
| |||||||
6,088,663 | ||||||||
Machinery — 0.6% | ||||||||
Kornit Digital Ltd.(b) | 42,825 | 877,913 | ||||||
|
| |||||||
Marine — 1.3% | ||||||||
ZIM Integrated Shipping Services Ltd.(a) | 77,385 | 1,830,929 | ||||||
|
| |||||||
Media — 0.8% | ||||||||
Perion Network Ltd.(b) | 34,634 | 1,199,281 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 2.0% | ||||||||
Delek Group Ltd.(b) | 7,890 | 737,536 | ||||||
Equital Ltd.(b) | 18,745 | 442,855 | ||||||
Naphtha Israel Petroleum Corp. Ltd. | 28,573 | 106,139 | ||||||
Oil Refineries Ltd. | 1,792,337 | 540,800 |
16 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Israel ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Oil, Gas & Consumable Fuels (continued) | ||||||||
Paz Oil Co. Ltd.(b) | 8,712 | $ | 923,231 | |||||
|
| |||||||
2,750,561 | ||||||||
Pharmaceuticals — 6.9% | ||||||||
Taro Pharmaceutical Industries Ltd.(b) | 7,991 | 241,488 | ||||||
Teva Pharmaceutical Industries Ltd., ADR(a)(b) | 954,596 | 9,460,046 | ||||||
|
| |||||||
9,701,534 | ||||||||
Professional Services — 1.0% | ||||||||
Danel Adir Yeoshua Ltd. | 4,644 | 349,868 | ||||||
Fiverr International Ltd.(b) | 27,205 | 1,077,590 | ||||||
|
| |||||||
1,427,458 | ||||||||
Real Estate Management & Development — 8.1% | ||||||||
AFI Properties Ltd.(a)(b) | 4,941 | 131,433 | ||||||
Africa Israel Residences Ltd. | 5,388 | 198,882 | ||||||
Airport City Ltd.(b) | 58,761 | 776,722 | ||||||
Alony Hetz Properties & Investments Ltd. | 131,300 | 1,142,722 | ||||||
Amot Investments Ltd. | 201,998 | 1,001,216 | ||||||
Azrieli Group Ltd. | 36,507 | 2,048,811 | ||||||
Big Shopping Centers Ltd.(b) | 10,302 | 893,519 | ||||||
Blue Square Real Estate Ltd. | 4,229 | 212,235 | ||||||
Brack Capital Properties NV(b) | 0 | 28 | ||||||
Electra Real Estate Ltd. | 21,863 | 182,203 | ||||||
G City Ltd. | 72,333 | 251,589 | ||||||
Gav-Yam Lands Corp. Ltd. | 0 | 1 | ||||||
Israel Canada T.R Ltd. | 113,490 | 229,457 | ||||||
Israel Land Development Co. Ltd. (The) | 14,788 | 137,448 | ||||||
Isras Investment Co. Ltd. | 1,637 | 254,866 | ||||||
Mega Or Holdings Ltd. | 20,322 | 436,096 | ||||||
Melisron Ltd. | 20,420 | 1,221,906 | ||||||
Mivne Real Estate KD Ltd. | 507,413 | 1,311,660 | ||||||
Prashkovsky Investments and Construction Ltd. | 6,236 | 127,710 | ||||||
Property & Building Corp. Ltd.(b) | 2,568 | 126,543 | ||||||
Summit Real Estate Holdings Ltd. | 31,573 | 341,434 | ||||||
YH Dimri Construction & Development Ltd. | 6,482 | 331,543 | ||||||
|
| |||||||
11,358,024 | ||||||||
Semiconductors & Semiconductor Equipment — 4.8% | ||||||||
Camtek Ltd./Israel(b) | 24,797 | 671,317 | ||||||
Nova Ltd.(b) | 24,691 | 2,252,104 | ||||||
Tower Semiconductor Ltd.(b) | 94,039 | 3,846,742 | ||||||
|
| |||||||
6,770,163 | ||||||||
Software — 20.6% | ||||||||
Cellebrite DI Ltd.(a)(b) | 32,625 | 200,644 | ||||||
Check Point Software Technologies Ltd.(b) | 86,339 | 10,681,861 | ||||||
CyberArk Software Ltd.(b) | 35,038 | 5,072,451 | ||||||
Hilan Ltd. | 12,795 | 517,129 | ||||||
Magic Software Enterprises Ltd. | 23,327 | 316,536 | ||||||
Nice Ltd.(b) | 54,605 | 11,350,470 | ||||||
Riskified Ltd.(b) | 43,916 | 241,538 |
Security | Shares | Value | ||||||
Software (continued) | ||||||||
Sapiens International Corp. NV | 28,566 | $ | 593,475 | |||||
|
| |||||||
28,974,104 | ||||||||
Specialty Retail — 0.9% | ||||||||
Carasso Motors Ltd. | 27,511 | 133,812 | ||||||
Delek Automotive Systems Ltd. | 45,246 | 457,001 | ||||||
Fox Wizel Ltd.(a) | 7,039 | 559,071 | ||||||
Retailors Ltd. | 10,575 | 169,241 | ||||||
|
| |||||||
1,319,125 | ||||||||
Technology Hardware, Storage & Peripherals — 0.5% | ||||||||
Nano Dimension Ltd., ADR(a)(b) | 223,241 | 656,329 | ||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 0.3% | ||||||||
Delta Galil Industries Ltd.(a) | 9,937 | 403,504 | ||||||
|
| |||||||
Trading Companies & Distributors — 0.1% | ||||||||
Scope Metals Group Ltd.(a) | 6,320 | 208,663 | ||||||
|
| |||||||
Wireless Telecommunication Services — 0.7% | ||||||||
Cellcom Israel Ltd.(b) | 77,507 | 311,408 | ||||||
Partner Communications Co. Ltd.(b) | 119,539 | 668,144 | ||||||
|
| |||||||
979,552 | ||||||||
Total Long-Term Investments — 99.9% |
| 140,463,167 | ||||||
|
| |||||||
Short-Term Securities | ||||||||
Money Market Funds — 5.9% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%(d)(e)(f) | 8,238,579 | 8,243,522 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(d)(e) | 140,000 | 140,000 | ||||||
|
| |||||||
Total Short-Term Securities — 5.9% |
| 8,383,522 | ||||||
|
| |||||||
Total Investments — 105.8% |
| 148,846,689 | ||||||
Liabilities in Excess of Other Assets — (5.8)% | (8,211,029) | |||||||
|
| |||||||
Net Assets — 100.0% | $140,635,660 | |||||||
|
|
(a) | All or a portion of this security is on loan. |
(b) | Non-income producing security. |
(c) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(d) | 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 | 17 |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Israel ETF |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| ||||||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 08/31/22 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/23 | Shares Held at 02/28/23 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 7,068,470 | $ | 1,174,810 | (a) | $ | — | $ | 3,734 | $ | (3,492 | ) | $ | 8,243,522 | 8,238,579 | $ | 47,337 | (b) | $ | — | ||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 80,000 | 60,000 | (a) | — | — | — | 140,000 | 140,000 | 1,864 | — | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||
$ | 3,734 | $ | (3,492 | ) | $ | 8,383,522 | $ | 49,201 | $ | — | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 | 4 | 03/17/23 | $ | 179 | $ | 958 | ||||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
| ||||||||||||||||||||||||||||
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Assets — Derivative Financial Instruments | ||||||||||||||||||||||||||||
Futures contracts | ||||||||||||||||||||||||||||
Unrealized appreciation on futures contracts(a) | $ | — | $ | — | $ | 958 | $ | — | $ | — | $ | — | $ | 958 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
| ||||||||||||||||||||||||||||
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Net Realized Gain (Loss) from | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | 18,932 | $ | — | $ | — | $ | — | $ | 18,932 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | 42,990 | $ | — | $ | — | $ | — | $ | 42,990 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| ||||
Futures contracts | ||||
Average notional value of contracts — long | $ | 549,708 | ||
|
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
18 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 | 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 | |||||||||||||
| ||||||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Common Stocks | $ | 39,678,934 | $ | 100,784,233 | $ | — | $ | 140,463,167 | ||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 8,383,522 | — | — | 8,383,522 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 48,062,456 | $ | 100,784,233 | $ | — | $ | 148,846,689 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Financial Instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Equity Contracts | $ | — | $ | 958 | $ | — | $ | 958 | ||||||||
|
|
|
|
|
|
|
|
(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 | 19 |
Schedule of Investments (unaudited) February 28, 2023 | iShares® MSCI South Africa ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
| ||||||||
Common Stocks | ||||||||
Banks — 16.3% | ||||||||
Absa Group Ltd. | 1,361,490 | $ | 14,699,461 | |||||
Capitec Bank Holdings Ltd. | 139,842 | 13,341,523 | ||||||
Nedbank Group Ltd. | 740,176 | 9,293,209 | ||||||
Standard Bank Group Ltd. | 2,156,116 | 21,537,466 | ||||||
|
| |||||||
58,871,659 | ||||||||
Capital Markets — 1.2% | ||||||||
Reinet Investments SCA | 219,980 | 4,348,094 | ||||||
|
| |||||||
Chemicals — 3.7% | ||||||||
Sasol Ltd. | 916,871 | 13,444,482 | ||||||
|
| |||||||
Diversified Financial Services — 9.8% | ||||||||
FirstRand Ltd. | 8,107,968 | 28,919,195 | ||||||
Remgro Ltd. | 850,466 | 6,473,081 | ||||||
|
| |||||||
35,392,276 | ||||||||
Equity Real Estate Investment Trusts (REITs) — 1.1% | ||||||||
Growthpoint Properties Ltd. | 5,501,971 | 4,026,490 | ||||||
|
| |||||||
Food & Staples Retailing — 7.6% | ||||||||
Bid Corp. Ltd. | 538,561 | 11,794,676 | ||||||
Clicks Group Ltd. | 391,953 | 5,709,089 | ||||||
Shoprite Holdings Ltd. | 806,987 | 9,771,962 | ||||||
|
| |||||||
27,275,727 | ||||||||
Industrial Conglomerates — 1.6% | ||||||||
Bidvest Group Ltd. (The) | 464,746 | 5,929,972 | ||||||
|
| |||||||
Insurance — 6.6% | ||||||||
Discovery Ltd.(a) | 802,293 | 6,541,975 | ||||||
Old Mutual Ltd. | 7,891,705 | 5,118,907 | ||||||
OUTsurance Group Ltd., NVS | 1,353,048 | 2,630,947 | ||||||
Sanlam Ltd. | 2,859,850 | 9,316,898 | ||||||
|
| |||||||
23,608,727 | ||||||||
Internet & Direct Marketing Retail — 17.1% | ||||||||
Naspers Ltd., Class N | 349,716 | 61,495,332 | ||||||
|
| |||||||
Media — 1.3% | ||||||||
MultiChoice Group | 604,771 | 4,643,219 | ||||||
|
| |||||||
Metals & Mining — 17.6% | ||||||||
African Rainbow Minerals Ltd. | 180,653 | 2,502,386 | ||||||
Anglo American Platinum Ltd. | 85,242 | 4,713,579 | ||||||
AngloGold Ashanti Ltd. | 672,738 | 11,330,603 | ||||||
Gold Fields Ltd. | 1,431,555 | 12,991,533 | ||||||
Harmony Gold Mining Co. Ltd. | 891,449 | 2,738,216 | ||||||
Impala Platinum Holdings Ltd. | 1,367,804 | 12,771,031 | ||||||
Kumba Iron Ore Ltd. | 103,761 | 2,705,866 |
Security | Shares | Value | ||||||
| ||||||||
Metals & Mining (continued) | ||||||||
Northam Platinum Holdings Ltd.(a) | 541,272 | $ | 4,457,794 | |||||
Sibanye Stillwater Ltd. | 4,544,097 | 9,174,836 | ||||||
|
| |||||||
63,385,844 | ||||||||
Multiline Retail — 1.8% | ||||||||
Woolworths Holdings Ltd. | 1,551,833 | 6,506,460 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 1.2% | ||||||||
Exxaro Resources Ltd. | 392,327 | 4,296,477 | ||||||
|
| |||||||
Pharmaceuticals — 1.3% | ||||||||
Aspen Pharmacare Holdings Ltd. | 609,142 | 4,703,695 | ||||||
|
| |||||||
Real Estate Management & Development — 1.2% | ||||||||
NEPI Rockcastle NV | 732,597 | 4,388,724 | ||||||
|
| |||||||
Specialty Retail — 2.7% | ||||||||
Foschini Group Ltd. (The) | 531,931 | 2,938,090 | ||||||
Mr. Price Group Ltd. | 413,179 | 3,425,797 | ||||||
Pepkor Holdings Ltd.(b) | 3,244,750 | 3,312,772 | ||||||
|
| |||||||
9,676,659 | ||||||||
Wireless Telecommunication Services — 7.9% | ||||||||
MTN Group Ltd. | 2,723,528 | 21,459,892 | ||||||
Vodacom Group Ltd. | 1,032,784 | 7,117,601 | ||||||
|
| |||||||
28,577,493 | ||||||||
Total Long-Term Investments — 100.0% | 360,571,330 | |||||||
|
| |||||||
Short-Term Securities | ||||||||
Money Market Funds — 0.0% | ||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(c)(d) | 20,000 | 20,000 | ||||||
|
| |||||||
Total Short-Term Securities — 0.0% | 20,000 | |||||||
|
| |||||||
Total Investments — 100.0% | 360,591,330 | |||||||
Other Assets Less Liabilities — 0.0% | 169,811 | |||||||
|
| |||||||
Net Assets — 100.0% | $ | 360,761,141 | ||||||
|
|
(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. |
20 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI South Africa ETF |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| ||||||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 08/31/22 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/23 | Shares Held at 02/28/23 | Income | Capital Gain from Underlying Funds | |||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | $ | 180,000 | $ | — | $ | (160,000 | )(a) | $ | — | $ | — | $ | 20,000 | 20,000 | $ | 3,941 | $ | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 | 9 | 03/16/23 | $ | 351 | $ | 9,323 | ||||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
| ||||||||||||||||||||||||||||
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Assets — Derivative Financial Instruments | ||||||||||||||||||||||||||||
Futures contracts | ||||||||||||||||||||||||||||
Unrealized appreciation on futures contracts(a) | $ | — | $ | — | $ | 9,323 | $ | — | $ | — | $ | — | $ | 9,323 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
| ||||||||||||||||||||||||||||
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Net Realized Gain (Loss) from | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | 31,104 | $ | — | $ | — | $ | — | $ | 31,104 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | 27,525 | $ | — | $ | — | $ | — | $ | 27,525 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| ||||
Futures contracts | ||||
Average notional value of contracts — long | $ | 496,375 | ||
|
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, 2023 | iShares® MSCI South Africa 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 | |||||||||||||
| ||||||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Common Stocks | $ | 95,209,336 | $ | 265,361,994 | $ | — | $ | 360,571,330 | ||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 20,000 | — | — | 20,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 95,229,336 | $ | 265,361,994 | $ | — | $ | 360,591,330 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Financial Instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Equity Contracts | $ | — | $ | 9,323 | $ | — | $ | 9,323 | ||||||||
|
|
|
|
|
|
|
|
(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 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) February 28, 2023 | 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 | 3,829,089 | $ | 11,177,513 | |||||
|
| |||||||
Airlines — 7.9% | ||||||||
Pegasus Hava Tasimaciligi AS(a) | 233,636 | 6,284,239 | ||||||
Turk Hava Yollari AO(a) | 2,578,519 | 19,591,927 | ||||||
|
| |||||||
25,876,166 | ||||||||
Auto Components — 0.6% | ||||||||
EGE Endustri VE Ticaret AS | 2,957 | 870,236 | ||||||
Kordsa Teknik Tekstil AS | 251,855 | 1,091,855 | ||||||
|
| |||||||
1,962,091 | ||||||||
Automobiles — 3.5% | ||||||||
Ford Otomotiv Sanayi AS(b) | 392,986 | 11,463,648 | ||||||
|
| |||||||
Banks — 13.7% | ||||||||
Akbank TAS | 16,113,923 | 14,900,150 | ||||||
Haci Omer Sabanci Holding AS | 5,258,809 | 12,133,569 | ||||||
Turkiye Is Bankasi AS, Class C | 18,030,744 | 10,820,938 | ||||||
Yapi ve Kredi Bankasi AS | 12,859,071 | 6,814,653 | ||||||
|
| |||||||
44,669,310 | ||||||||
Beverages — 1.2% | ||||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS | 1,372,137 | 4,041,899 | ||||||
|
| |||||||
Building Products — 0.3% | ||||||||
Qua Granite Hayal(a) | 233,973 | 925,485 | ||||||
|
| |||||||
Capital Markets — 0.7% | ||||||||
Is Yatirim Menkul Degerler AS | 495,501 | 1,310,531 | ||||||
Oyak Yatirim Menkul Degerler AS, NVS | 477,961 | 981,991 | ||||||
|
| |||||||
2,292,522 | ||||||||
Chemicals — 9.2% | ||||||||
Hektas Ticaret TAS(a) | 5,663,767 | 10,664,736 | ||||||
Kimteks Poliuretan Sanayi VE Ticaret AS, NVS | 169,857 | 998,365 | ||||||
Petkim Petrokimya Holding AS(a)(b) | 6,264,411 | 5,577,509 | ||||||
Sasa Polyester Sanayi AS(a) | 2,190,852 | 12,761,118 | ||||||
|
| |||||||
30,001,728 | ||||||||
Construction & Engineering — 1.8% | ||||||||
Girisim Elektrik Taahhut Ticaret Ve Sanayi AS(a) | 81,254 | 1,078,224 | ||||||
Kontrolmatik Enerji Ve Muhendislik AS, NVS | 258,882 | 2,207,043 | ||||||
Tekfen Holding AS(b) | 1,369,783 | 2,610,300 | ||||||
|
| |||||||
5,895,567 | ||||||||
Construction Materials — 3.3% | ||||||||
Cimsa Cimento Sanayi VE Ticaret AS | 129,068 | 850,885 | ||||||
Nuh Cimento Sanayi AS | 423,016 | 3,709,370 | ||||||
Oyak Cimento Fabrikalari AS(a)(b) | 2,315,794 | 6,217,144 | ||||||
|
| |||||||
10,777,399 | ||||||||
Diversified Financial Services — 0.4% | ||||||||
Turkiye Sinai Kalkinma Bankasi AS(a)(b) | 5,857,983 | 1,228,599 | ||||||
|
| |||||||
Electric Utilities — 1.4% | ||||||||
Enerjisa Enerji AS(b)(c) | 1,743,071 | 2,967,627 | ||||||
ODAS Elektrik Uretim ve Sanayi Ticaret AS(a) | 4,163,800 | 1,658,178 | ||||||
|
| |||||||
4,625,805 | ||||||||
Electrical Equipment — 0.4% | ||||||||
Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret AS | 730,061 | 1,293,505 | ||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 0.4% | ||||||||
Penta Teknoloji Urunleri Dagitim Ticaret AS(a) | 645,785 | 1,340,470 | ||||||
|
|
Security | Shares | Value | ||||||
Equity Real Estate Investment Trusts (REITs) — 2.4% | ||||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi AS | 12,961,964 | $ | 5,753,459 | |||||
Is Gayrimenkul Yatirim Ortakligi AS(a)(b) | 2,004,321 | 1,101,660 | ||||||
Ziraat Gayrimenkul Yatirim Ortakligi AS | 3,534,352 | 941,371 | ||||||
|
| |||||||
7,796,490 | ||||||||
Food & Staples Retailing — 7.4% | ||||||||
BIM Birlesik Magazalar AS(b) | 2,355,547 | 16,988,915 | ||||||
Migros Ticaret AS(a) | 587,103 | 4,494,823 | ||||||
Sok Marketler Ticaret AS(a)(b) | 2,022,970 | 2,735,857 | ||||||
|
| |||||||
24,219,595 | ||||||||
Food Products — 0.7% | ||||||||
Ulker Biskuvi Sanayi AS(a) | 1,352,731 | 2,204,769 | ||||||
|
| |||||||
Gas Utilities — 0.3% | ||||||||
Aygaz AS | 248,517 | 1,018,545 | ||||||
|
| |||||||
Health Care Providers & Services — 1.0% | ||||||||
MLP Saglik Hizmetleri AS(a)(c) | 623,500 | 2,554,884 | ||||||
Selcuk Ecza Deposu Ticaret ve Sanayi AS | 360,001 | 746,499 | ||||||
|
| |||||||
3,301,383 | ||||||||
Household Durables — 1.3% | ||||||||
Vestel Beyaz Esya Sanayi ve Ticaret AS | 2,733,441 | 1,785,580 | ||||||
Vestel Elektronik Sanayi ve Ticaret AS(a)(b) | 791,377 | 2,343,889 | ||||||
|
| |||||||
4,129,469 | ||||||||
Independent Power and Renewable Electricity Producers — 0.3% | ||||||||
Zorlu Enerji Elektrik Uretim AS(a) | 3,385,916 | 928,729 | ||||||
|
| |||||||
Industrial Conglomerates — 11.7% | ||||||||
Alarko Holding AS(b) | 998,294 | 4,165,294 | ||||||
Enka Insaat ve Sanayi AS | 1 | 2 | ||||||
KOC Holding AS | 3,933,119 | 16,110,199 | ||||||
Turkiye Sise ve Cam Fabrikalari AS | 7,131,033 | 17,842,040 | ||||||
|
| |||||||
38,117,535 | ||||||||
Machinery — 1.3% | ||||||||
Otokar Otomotiv Ve Savunma Sanayi AS(b) | 25,954 | 1,306,977 | ||||||
Turk Traktor ve Ziraat Makineleri AS | 96,688 | 2,893,831 | ||||||
|
| |||||||
4,200,808 | ||||||||
Metals & Mining — 9.2% | ||||||||
Eregli Demir ve Celik Fabrikalari TAS | 5,966,852 | 13,907,881 | ||||||
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D(b) | 4,649,856 | 5,548,867 | ||||||
Koza Altin Isletmeleri AS | 5,611,128 | 7,260,389 | ||||||
Koza Anadolu Metal Madencilik Isletmeleri AS(a)(b) | 1,337,052 | 3,225,013 | ||||||
|
| |||||||
29,942,150 | ||||||||
Oil, Gas & Consumable Fuels — 6.5% | ||||||||
Turkiye Petrol Rafinerileri AS(a) | 677,953 | 21,259,111 | ||||||
|
| |||||||
Personal Products — 0.3% | ||||||||
EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS | 588,968 | 867,001 | ||||||
|
| |||||||
Pharmaceuticals — 0.3% | ||||||||
GEN Ilac VE Saglik Urunleri Sanayi VE Ticaret AS | 310,547 | 859,205 | ||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 0.3% | ||||||||
Smart Gunes Enerjisi Teknolojileri ArGE Uretim Sanayi ve Ticaret AS, NVS(a) | 231,468 | 968,499 | ||||||
|
| |||||||
Specialty Retail — 1.4% | ||||||||
Dogan Sirketler Grubu Holding AS | 7,285,144 | 3,611,293 | ||||||
Dogus Otomotiv Servis ve Ticaret AS | 118,817 | 1,062,869 | ||||||
|
| |||||||
4,674,162 |
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, 2023 | iShares® MSCI Turkey ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Textiles, Apparel & Luxury Goods — 2.3% | ||||||||
Aksa Akrilik Kimya Sanayii AS | 961,573 | $ | 4,664,024 | |||||
Mavi Giyim Sanayi Ve Ticaret AS, Class B(c) | 538,282 | 2,978,579 | ||||||
|
| |||||||
7,642,603 | ||||||||
Transportation Infrastructure — 1.4% | ||||||||
TAV Havalimanlari Holding AS(a) | 1,156,134 | 4,586,893 | ||||||
|
| |||||||
Wireless Telecommunication Services — 3.5% | ||||||||
Turkcell Iletisim Hizmetleri AS | 6,732,188 | 11,348,771 | ||||||
|
| |||||||
Total Long-Term Investments — 99.8% |
| 325,637,425 | ||||||
|
| |||||||
Short-Term Securities |
| |||||||
Money Market Funds — 3.3% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%(d)(e)(f) | 10,694,753 | 10,701,170 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(d)(e) | 100,000 | 100,000 | ||||||
|
| |||||||
Total Short-Term Securities — 3.3% |
| 10,801,170 | ||||||
|
| |||||||
Total Investments — 103.1% |
| 336,438,595 | ||||||
Liabilities in Excess of Other Assets — (3.1)% |
| (10,186,599 | ) | |||||
|
| |||||||
Net Assets — 100.0% |
| $ | 326,251,996 | |||||
|
|
(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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 08/31/22 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/23 | Shares Held at 02/28/23 | Income | Capital Gain | |||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 33,780,557 | $ | — | $ | (23,089,903 | )(a) | $ | 10,868 | $ | (352 | ) | $ | 10,701,170 | 10,694,753 | $ | 1,156,940 | (b) | $ | — | ||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 260,000 | — | (160,000 | )(a) | — | — | 100,000 | 100,000 | 5,610 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | 10,868 | $ | (352 | ) | $ | 10,801,170 | $ | 1,162,550 | $ | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 | 17 | 03/17/23 | $ | 818 | $ | (11,167 | ) | |||||||||
|
|
24 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Turkey ETF |
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
Liabilities — Derivative Financial Instruments | ||||||||||||||||||||||||||||
Futures contracts | ||||||||||||||||||||||||||||
Unrealized depreciation on futures contracts(a) | $ | — | $ | — | $ | 11,167 | $ | — | $ | — | $ | — | $ | 11,167 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
Net Realized Gain (Loss) from | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | (42,119 | ) | $ | — | $ | — | $ | — | $ | (42,119 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | (5,762 | ) | $ | — | $ | — | $ | — | $ | (5,762 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts | ||||
Average notional value of contracts — long | $ | 4,732,233 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Common Stocks | $ | 64,251,788 | $ | 261,385,637 | $ | — | $ | 325,637,425 | ||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 10,801,170 | — | — | 10,801,170 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 75,052,958 | $ | 261,385,637 | $ | — | $ | 336,438,595 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Financial Instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Equity Contracts | $ | (11,167 | ) | $ | — | $ | — | $ | (11,167 | ) | ||||||
|
|
|
|
|
|
|
|
(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 |
Statements of Assets and Liabilities (unaudited)
February 28, 2023
iShares MSCI Brazil ETF | iShares MSCI Chile ETF | iShares MSCI Israel ETF | iShares MSCI South | |||||||||||||
| ||||||||||||||||
ASSETS | ||||||||||||||||
Investments, at value — unaffiliated(a)(b) | $ | 4,468,123,856 | $ | 558,119,243 | $ | 140,463,167 | $ | 360,571,330 | ||||||||
Investments, at value — affiliated(c) | 9,730,000 | 1,090,000 | 8,383,522 | 20,000 | ||||||||||||
Cash | 2,137 | 7,079 | 4,554 | 5,299 | ||||||||||||
Cash pledged for futures contracts | 9,939,000 | 41,000 | — | — | ||||||||||||
Foreign currency collateral pledged for futures contracts(d) | — | — | 20,096 | 34,467 | ||||||||||||
Foreign currency, at value(e) | 9,144,339 | 191,486 | 89,138 | 411,319 | ||||||||||||
Receivables: | ||||||||||||||||
Investments sold | 87,697,430 | 23,856,509 | 157,558 | 2,817,580 | ||||||||||||
Securities lending income — affiliated | — | — | 10,785 | — | ||||||||||||
Dividends — unaffiliated | 35,061,859 | 554,004 | 8,800 | — | ||||||||||||
Dividends — affiliated | 47,294 | 3,066 | 228 | 317 | ||||||||||||
Variation margin on futures contracts | — | — | — | 3,155 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total assets | 4,619,745,915 | 583,862,387 | 149,137,848 | 363,863,467 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES | ||||||||||||||||
Collateral on securities loaned, at value | — | — | 8,235,802 | — | ||||||||||||
Payables: | ||||||||||||||||
Investments purchased | 35,252,161 | 25,640,079 | 194,392 | 2,932,480 | ||||||||||||
Capital shares redeemed | 59,280,538 | — | — | — | ||||||||||||
Deferred foreign capital gain tax | — | — | 1,093 | — | ||||||||||||
Foreign taxes | — | — | 4,646 | — | ||||||||||||
Investment advisory fees | 2,135,116 | 258,809 | 65,306 | 169,846 | ||||||||||||
Variation margin on futures contracts | 708,451 | 7,912 | 949 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total liabilities | 97,376,266 | 25,906,800 | 8,502,188 | 3,102,326 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 4,522,369,649 | $ | 557,955,587 | $ | 140,635,660 | $ | 360,761,141 | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS CONSIST OF | ||||||||||||||||
Paid-in capital | $ | 8,338,430,022 | $ | 831,982,328 | $ | 231,475,473 | $ | 755,342,223 | ||||||||
Accumulated loss | (3,816,060,373 | ) | (274,026,741 | ) | (90,839,813 | ) | (394,581,082 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 4,522,369,649 | $ | 557,955,587 | $ | 140,635,660 | $ | 360,761,141 | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSET VALUE | ||||||||||||||||
Shares outstanding | 165,550,000 | 19,700,000 | 2,600,000 | 8,800,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value | $ | 27.32 | $ | 28.32 | $ | 54.09 | $ | 41.00 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares authorized | 800 million | 200 million | 500 million | 400 million | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Par value | $ | 0.001 | $ | 0.001 | $ | 0.001 | $ | 0.001 | ||||||||
|
|
|
|
|
|
|
| |||||||||
(a) Investments, at cost — unaffiliated | $ | 3,224,362,416 | $ | 473,008,765 | $ | 176,955,574 | $ | 477,856,526 | ||||||||
(b) Securities loaned, at value | $ | — | $ | — | $ | 7,635,022 | $ | — | ||||||||
(c) Investments, at cost — affiliated | $ | 9,730,000 | $ | 1,090,000 | $ | 8,382,785 | $ | 20,000 | ||||||||
(d) Foreign currency collateral pledged, at cost | $ | — | $ | — | $ | 20,954 | $ | 37,310 | ||||||||
(e) Foreign currency, at cost | $ | 9,270,838 | $ | 200,287 | $ | 90,249 | $ | 416,502 |
See notes to financial statements.
26 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Assets and Liabilities (unaudited) (continued) February 28, 2023 |
|
iShares MSCI Turkey ETF | ||||
| ||||
ASSETS | ||||
Investments, at value — unaffiliated(a)(b) | $ | 325,637,425 | ||
Investments, at value — affiliated(c) | 10,801,170 | |||
Cash | 2,745 | |||
Cash pledged for futures contracts | 7,000 | |||
Foreign currency, at value(d) | 240,476 | |||
Receivables: | ||||
Investments sold | 11,375,592 | |||
Securities lending income — affiliated | 74,964 | |||
Dividends — unaffiliated | 108,250 | |||
Dividends — affiliated | 605 | |||
|
| |||
Total assets | 348,248,227 | |||
|
| |||
LIABILITIES | ||||
Collateral on securities loaned, at value | 10,688,382 | |||
Payables: | ||||
Investments purchased | 11,162,938 | |||
Investment advisory fees | 142,645 | |||
Variation margin on futures contracts | 2,266 | |||
|
| |||
Total liabilities | 21,996,231 | |||
|
| |||
NET ASSETS | $ | 326,251,996 | ||
|
| |||
NET ASSETS CONSIST OF | ||||
Paid-in capital | $ | 548,301,999 | ||
Accumulated loss | (222,050,003 | ) | ||
|
| |||
NET ASSETS | $ | 326,251,996 | ||
|
| |||
NET ASSET VALUE | ||||
Shares outstanding | 9,150,000 | |||
|
| |||
Net asset value | $ | 35.66 | ||
|
| |||
Shares authorized | 200 million | |||
|
| |||
Par value | $ | 0.001 | ||
|
| |||
(a) Investments, at cost — unaffiliated | $ | 282,982,161 | ||
(b) Securities loaned, at value | $ | 10,185,588 | ||
(c) Investments, at cost — affiliated | $ | 10,791,605 | ||
(d) Foreign currency, at cost | $ | 240,544 |
F I N A N C I A L S T A T E M E N T S | 27 |
Statements of Operations (unaudited)
Six Months Ended February 28, 2023
iShares MSCI Brazil ETF | iShares MSCI Chile ETF | iShares MSCI Israel | iShares MSCI South | |||||||||||||
| ||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||
Dividends — unaffiliated | $ | 168,354,727 | $ | 11,722,399 | $ | 1,158,510 | $ | 6,929,426 | ||||||||
Dividends — affiliated | 303,820 | 9,325 | 1,864 | 3,941 | ||||||||||||
Securities lending income — affiliated — net | — | — | 47,337 | — | ||||||||||||
Foreign taxes withheld | (11,040,887 | ) | (1,688,636 | ) | (289,318 | ) | (1,014,282 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total investment income | 157,617,660 | 10,043,088 | 918,393 | 5,919,085 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
EXPENSES | ||||||||||||||||
Investment advisory | 14,998,566 | 1,519,389 | 437,742 | 1,048,007 | ||||||||||||
Commitment costs | 26,256 | 3,221 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 15,024,822 | 1,522,610 | 437,742 | 1,048,007 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income | 142,592,838 | 8,520,478 | 480,651 | 4,871,078 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments — unaffiliated(a) | (247,875,101 | ) | (8,242,661 | ) | (2,614,323 | ) | (2,395,884 | ) | ||||||||
Investments — affiliated | — | — | 3,734 | — | ||||||||||||
Capital gain distributions from underlying funds — affiliated | 11 | — | — | — | ||||||||||||
Foreign currency transactions | 2,530,031 | (292,547 | ) | (23,976 | ) | (74,875 | ) | |||||||||
Futures contracts | (4,384,143 | ) | (132,406 | ) | 18,932 | 31,104 | ||||||||||
In-kind redemptions — unaffiliated(b) | — | — | 3,514,481 | 6,354,798 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
(249,729,202 | ) | (8,667,614 | ) | 898,848 | 3,915,143 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments — unaffiliated(c) | (114,824,588 | ) | 22,901,595 | (31,569,356 | ) | 5,744,086 | ||||||||||
Investments — affiliated | — | — | (3,492 | ) | — | |||||||||||
Foreign currency translations | 3,182,434 | 82,812 | 5,157 | 16,465 | ||||||||||||
Futures contracts | 4,602,372 | 9,073 | 42,990 | 27,525 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
(107,039,782 | ) | 22,993,480 | (31,524,701 | ) | 5,788,076 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) | (356,768,984 | ) | 14,325,866 | (30,625,853 | ) | 9,703,219 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (214,176,146 | ) | $ | 22,846,344 | $ | (30,145,202 | ) | $ | 14,574,297 | ||||||
|
|
|
|
|
|
|
| |||||||||
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable | $ | — | $ | — | $ | (296 | ) | $ | — | |||||||
(b) See Note 2 of the Notes to Financial Statements. | ||||||||||||||||
(c) Net of reduction in deferred foreign capital gain tax of | $ | — | $ | — | $ | 48,819 | $ | — |
See notes to financial statements.
28 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Operations (unaudited) (continued) Six Months Ended February 28, 2023 |
|
iShares MSCI Turkey ETF | ||||
| ||||
INVESTMENT INCOME | ||||
Dividends — unaffiliated | $ | 775,198 | ||
Dividends — affiliated | 5,610 | |||
Securities lending income — affiliated — net | 1,156,940 | |||
Foreign taxes withheld | (76,337 | ) | ||
|
| |||
Total investment income | 1,861,411 | |||
|
| |||
EXPENSES | ||||
Investment advisory | 992,455 | |||
|
| |||
Total expenses | 992,455 | |||
|
| |||
Net investment income | 868,956 | |||
|
| |||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||
Net realized gain (loss) from: | ||||
Investments — unaffiliated | 1,474,203 | |||
Investments — affiliated | 10,868 | |||
Foreign currency transactions | (26,054 | ) | ||
Futures contracts | (42,119 | ) | ||
In-kind redemptions — unaffiliated(a) | 43,409,125 | |||
|
| |||
44,826,023 | ||||
|
| |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments — unaffiliated | 103,103,063 | |||
Investments — affiliated | (352 | ) | ||
Foreign currency translations | 10,096 | |||
Futures contracts | (5,762 | ) | ||
|
| |||
103,107,045 | ||||
|
| |||
Net realized and unrealized gain | 147,933,068 | |||
|
| |||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 148,802,024 | ||
|
|
(a) | See Note 2 of the Notes to Financial Statements. |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S | 29 |
Statements of Changes in Net Assets
iShares MSCI Brazil ETF | iShares MSCI Chile ETF | |||||||||||||||||||
Six Months Ended 02/28/23 (unaudited) | Year Ended 08/31/22 | Six Months Ended 02/28/23 (unaudited) | Year Ended 08/31/22 | |||||||||||||||||
| ||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Net investment income | $ | 142,592,838 | $ | 685,966,799 | $ | 8,520,478 | $ | 37,889,845 | ||||||||||||
Net realized loss | (249,729,202 | ) | (360,712,916 | ) | (8,667,614 | ) | (40,857,408 | ) | ||||||||||||
Net change in unrealized appreciation (depreciation) | (107,039,782 | ) | (638,012,906 | ) | 22,993,480 | 6,032,130 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | (214,176,146 | ) | (312,759,023 | ) | 22,846,344 | 3,064,567 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (347,128,809 | ) | (625,994,951 | ) | (12,877,493 | ) | (33,283,803 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | (152,498,291 | ) | 1,130,241,523 | 54,907,400 | 47,012,941 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
NET ASSETS | ||||||||||||||||||||
Total increase (decrease) in net assets | (713,803,246 | ) | 191,487,549 | 64,876,251 | 16,793,705 | |||||||||||||||
Beginning of period | 5,236,172,895 | 5,044,685,346 | 493,079,336 | 476,285,631 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 4,522,369,649 | $ | 5,236,172,895 | $ | 557,955,587 | $ | 493,079,336 | ||||||||||||
|
|
|
|
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
30 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Changes in Net Assets (continued)
iShares MSCI Israel ETF | iShares MSCI South Africa ETF | |||||||||||||||||||
Six Months Ended 02/28/23 (unaudited) | Year Ended 08/31/22 | Six Months Ended 02/28/23 (unaudited) | Year Ended 08/31/22 | |||||||||||||||||
| ||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Net investment income | $ | 480,651 | $ | 2,837,507 | $ | 4,871,078 | $ | 10,188,312 | ||||||||||||
Net realized gain | 898,848 | 4,094,236 | 3,915,143 | 2,807,895 | ||||||||||||||||
Net change in unrealized appreciation (depreciation) | (31,524,701 | ) | (17,631,290 | ) | 5,788,076 | (87,072,715 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | (30,145,202 | ) | (10,699,547 | ) | 14,574,297 | (74,076,508 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (827,165 | ) | (3,115,054 | ) | (5,784,170 | ) | (10,603,688 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||
Net increase in net assets derived from capital share transactions | 9,045,757 | 13,891,409 | 36,209,785 | 124,068,086 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
NET ASSETS | ||||||||||||||||||||
Total increase (decrease) in net assets | (21,926,610 | ) | 76,808 | 44,999,912 | 39,387,890 | |||||||||||||||
Beginning of period | 162,562,270 | 162,485,462 | 315,761,229 | 276,373,339 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 140,635,660 | $ | 162,562,270 | $ | 360,761,141 | $ | 315,761,229 | ||||||||||||
|
|
|
|
|
|
|
|
(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 | 31 |
Statements of Changes in Net Assets (continued)
iShares MSCI Turkey ETF | ||||||||
Six Months 02/28/23 | Year Ended 08/31/22 | |||||||
| ||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||
OPERATIONS | ||||||||
Net investment income | $ | 868,956 | $ | 8,644,532 | ||||
Net realized gain (loss) | 44,826,023 | (20,379,878 | ) | |||||
Net change in unrealized appreciation (depreciation) | 103,107,045 | 8,462,581 | ||||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from operations | 148,802,024 | (3,272,765 | ) | |||||
|
|
|
| |||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||
Decrease in net assets resulting from distributions to shareholders | (1,931,679 | ) | (7,792,049 | ) | ||||
|
|
|
| |||||
CAPITAL SHARE TRANSACTIONS | ||||||||
Net increase (decrease) in net assets derived from capital share transactions | (111,026,584 | ) | 211,393 | |||||
|
|
|
| |||||
NET ASSETS | ||||||||
Total increase (decrease) in net assets | 35,843,761 | (10,853,421 | ) | |||||
Beginning of period | 290,408,235 | 301,261,656 | ||||||
|
|
|
| |||||
End of period | $ | 326,251,996 | $ | 290,408,235 | ||||
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
32 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
(For a share outstanding throughout each period)
iShares MSCI Brazil ETF | ||||||||||||||||||||||||
Six Months Ended 02/28/23 (unaudited) | Year Ended 08/31/22 | Year Ended 08/31/21 | Year Ended 08/31/20 | Year Ended 08/31/19 | Year Ended 08/31/18 | |||||||||||||||||||
| ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 30.48 | $ | 36.58 | $ | 29.62 | $ | 40.92 | $ | 32.03 | $ | 40.06 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income(a) | 0.84 | 4.10 | 1.34 | 0.86 | 1.12 | 1.14 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (1.98 | ) | (6.56 | ) | 6.52 | (11.13 | ) | 8.88 | (8.22 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) from investment operations | (1.14 | ) | (2.46 | ) | 7.86 | (10.27 | ) | 10.00 | (7.08 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions from net investment income(c) | (2.02 | ) | (3.64 | ) | (0.90 | ) | (1.03 | ) | (1.11 | ) | (0.95 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 27.32 | $ | 30.48 | $ | 36.58 | $ | 29.62 | $ | 40.92 | $ | 32.03 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return(d) | ||||||||||||||||||||||||
Based on net asset value | (3.54 | )%(e) | (6.05 | )% | 26.35 | % | (25.63 | )% | 31.36 | % | (17.87 | )% | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios to Average Net Assets(f) | ||||||||||||||||||||||||
Total expenses | 0.59 | %(g) | 0.58 | % | 0.57 | % | 0.59 | % | 0.59 | % | 0.59 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income | 5.64 | %(g) | 13.01 | % | 3.84 | % | 2.35 | % | 2.75 | % | 2.86 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 4,522,370 | $ | 5,236,173 | $ | 5,044,685 | $ | 5,312,367 | $ | 8,205,744 | $ | 5,501,031 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Portfolio turnover rate(h) | 14 | %(e)(i) | 27 | %(i) | 17 | %(i) | 29 | %(i) | 16 | %(i) | 30 | %(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: | 8 | % | 22 | % | 12 | % | 11 | % | 10 | % | 13 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
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 Chile ETF | ||||||||||||||||||||||||
Six Months Ended 02/28/23 (unaudited) | Year Ended 08/31/22 | Year Ended 08/31/21 | Year Ended 08/31/20 | Year Ended 08/31/19 | Year Ended 08/31/18 | |||||||||||||||||||
| ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 27.62 | $ | 28.52 | $ | 25.37 | $ | 35.88 | $ | 43.71 | $ | 47.96 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income(a) | 0.44 | 2.17 | 0.63 | 0.61 | 0.74 | 0.78 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | 0.95 | (1.16 | ) | 3.16 | (10.54 | ) | (7.76 | ) | (4.06 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) from investment operations | 1.39 | 1.01 | 3.79 | (9.93 | ) | (7.02 | ) | (3.28 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions(c) | ||||||||||||||||||||||||
From net investment income | (0.69 | ) | (1.91 | ) | (0.64 | ) | (0.58 | ) | (0.79 | ) | (0.92 | ) | ||||||||||||
Return of capital | — | — | — | — | (0.02 | ) | (0.05 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total distributions | (0.69 | ) | (1.91 | ) | (0.64 | ) | (0.58 | ) | (0.81 | ) | (0.97 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 28.32 | $ | 27.62 | $ | 28.52 | $ | 25.37 | $ | 35.88 | $ | 43.71 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return(d) | ||||||||||||||||||||||||
Based on net asset value | 5.18 | %(e) | 4.03 | % | 14.90 | % | (27.72 | )% | (16.22 | )% | (7.03 | )% | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios to Average Net Assets(f) | ||||||||||||||||||||||||
Total expenses | 0.59 | %(g) | 0.58 | % | 0.57 | % | 0.59 | % | 0.59 | % | 0.59 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income | 3.32 | %(g) | 8.30 | % | 2.17 | % | 2.10 | % | 1.74 | % | 1.55 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 557,956 | $ | 493,079 | $ | 476,286 | $ | 441,423 | $ | 330,140 | $ | 393,351 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Portfolio turnover rate(h) | 24 | %(e)(i) | 94 | % | 62 | % | 51 | % | 75 | % | 54 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(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 | % | 36 | % | 17 | % | 21 | % | 12 | % | 11 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
See notes to financial statements.
34 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Israel ETF | ||||||||||||||||||||||||
Six Months Ended 02/28/23 (unaudited) | Year Ended 08/31/22 | Year Ended 08/31/21 | Year Ended 08/31/20 | Year Ended 08/31/19 | Year Ended 08/31/18 | |||||||||||||||||||
| ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 66.35 | $ | 72.22 | $ | 56.70 | $ | 53.28 | $ | 56.62 | $ | 48.19 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income(a) | 0.19 | 1.16 | 0.26 | 0.23 | 0.33 | 0.59 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (12.12 | ) | (5.74 | ) | 15.38 | 4.31 | (3.42 | ) | 8.88 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) from investment operations | (11.93 | ) | (4.58 | ) | 15.64 | 4.54 | (3.09 | ) | 9.47 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions from net investment income(c) | (0.33 | ) | (1.29 | ) | (0.12 | ) | (1.12 | ) | (0.25 | ) | (1.04 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 54.09 | $ | 66.35 | $ | 72.22 | $ | 56.70 | $ | 53.28 | $ | 56.62 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return(d) | ||||||||||||||||||||||||
Based on net asset value | (18.03 | )%(e) | (6.38 | )% | 27.59 | % | 8.53 | % | (5.45 | )% | 19.91 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios to Average Net Assets(f) | ||||||||||||||||||||||||
Total expenses | 0.59 | %(g) | 0.58 | % | 0.57 | % | 0.59 | % | 0.59 | % | 0.59 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income. | 0.65 | %(g) | 1.64 | % | 0.40 | % | 0.43 | % | 0.60 | % | 1.15 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 140,636 | $ | 162,562 | $ | 162,485 | $ | 104,903 | $ | 114,553 | $ | 121,735 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Portfolio turnover rate(h) | 4 | %(e) | 13 | % | 21 | % | 7 | % | 17 | % | 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 | 35 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI South Africa ETF | ||||||||||||||||||||||||
Six Months Ended 02/28/23 (unaudited) | Year Ended 08/31/22 | Year Ended 08/31/21 | Year Ended 08/31/20 | Year Ended 08/31/19 | Year Ended 08/31/18 | |||||||||||||||||||
| ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 39.97 | $ | 49.35 | $ | 37.17 | $ | 47.96 | $ | 54.87 | $ | 62.62 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income(a) | 0.57 | 1.43 | 0.77 | 4.94 | 1.31 | 1.41 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | 1.12 | (9.35 | ) | 13.67 | (10.38 | ) | (5.84 | ) | (7.69 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) from investment operations | 1.69 | (7.92 | ) | 14.44 | (5.44 | ) | (4.53 | ) | (6.28 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions from net investment income(c) | (0.66 | ) | (1.46 | ) | (2.26 | ) | (5.35 | ) | (2.38 | ) | (1.47 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 41.00 | $ | 39.97 | $ | 49.35 | $ | 37.17 | $ | 47.96 | $ | 54.87 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return(d) | ||||||||||||||||||||||||
Based on net asset value | 4.14 | %(e) | (16.34 | )% | 39.49 | % | (13.09 | )% | (8.45 | )% | (10.20 | )% | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios to Average Net Assets(f) | ||||||||||||||||||||||||
Total expenses | 0.59 | %(g) | 0.58 | % | 0.57 | % | 0.59 | % | 0.59 | % | 0.59 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income | 2.75 | %(g) | 3.02 | % | 1.69 | % | 11.79 | % | 2.48 | % | 2.20 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 360,761 | $ | 315,761 | $ | 276,373 | $ | 323,418 | $ | 374,067 | $ | 373,114 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Portfolio turnover rate(h) | 2 | % | 8 | % | 20 | % | 46 | % | 12 | % | 15 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(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 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Turkey ETF | ||||||||||||||||||||||||
Six Months Ended 02/28/23 (unaudited) | Year Ended 08/31/22 | Year Ended 08/31/21 | Year Ended 08/31/20 | Year Ended 08/31/19 | Year Ended 08/31/18 | |||||||||||||||||||
| ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 22.60 | $ | 23.91 | $ | 19.99 | $ | 24.08 | $ | 20.09 | $ | 46.17 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income(a) | 0.08 | 0.66 | 0.70 | 0.30 | 0.60 | 1.01 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | 13.16 | (1.33 | ) | 3.99 | (3.94 | ) | 4.06 | (26.05 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) from investment operations | 13.24 | (0.67 | ) | 4.69 | (3.64 | ) | 4.66 | (25.04 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions from net investment income(c) | (0.18 | ) | (0.64 | ) | (0.77 | ) | (0.45 | ) | (0.67 | ) | (1.04 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 35.66 | $ | 22.60 | $ | 23.91 | $ | 19.99 | $ | 24.08 | $ | 20.09 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return(d) | ||||||||||||||||||||||||
Based on net asset value | 58.56 | %(e) | (2.41 | )% | 23.59 | % | (15.48 | )% | 23.38 | % | (54.97 | )% | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios to Average Net Assets(f) | ||||||||||||||||||||||||
Total expenses | 0.59 | %(g) | 0.58 | % | 0.57 | % | 0.59 | % | 0.59 | % | 0.59 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income | 0.52 | %(g) | 3.23 | % | 2.98 | % | 1.22 | % | 2.43 | % | 2.76 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 326,252 | $ | 290,408 | $ | 301,262 | $ | 178,947 | $ | 314,190 | $ | 386,797 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Portfolio turnover rate(h) | 19 | %(e) | 18 | % | 22 | % | 12 | % | 20 | % | 7 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
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 Brazil | Non-diversified | |
MSCI Chile | Non-diversified | |
MSCI Israel | Non-diversified | |
MSCI South Africa | Non-diversified | |
MSCI Turkey | 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, 2023, if any, are disclosed in the Statements of Assets and Liabilities.
The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.
Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.
In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.
38 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
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. The Board of Directors of the Company (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
• | Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price. |
• | Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV. |
• | Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded. |
Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.
Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.
Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• | Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access; |
• | Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and |
• | Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately
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)
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 BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.
Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.
As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:
| ||||||||||||||||
iShares ETF and Counterparty | | Securities Loaned at Value | | | Cash Collateral Received | (a) | | Non-Cash Collateral Received, at Fair Value | (a) | Net Amount | ||||||
| ||||||||||||||||
MSCI Israel | ||||||||||||||||
Barclays Bank PLC | $ | 107,274 | $ | (107,274 | ) | $ | — | $ | — | |||||||
Barclays Capital, Inc. | 50,982 | (50,982 | ) | — | — | |||||||||||
BNP Paribas SA | 372,672 | (372,672 | ) | — | — | |||||||||||
BofA Securities, Inc. | 768,476 | (768,476 | ) | — | — | |||||||||||
Goldman Sachs & Co. LLC | 477,149 | (477,149 | ) | — | — | |||||||||||
J.P. Morgan Securities LLC | 4,092,514 | (4,092,514 | ) | — | — | |||||||||||
Morgan Stanley | 1,572,510 | (1,572,510 | ) | — | — | |||||||||||
National Financial Services LLC | 13,827 | (13,827 | ) | — | — | |||||||||||
State Street Bank & Trust Co. | 179,618 | (178,800 | ) | — | 818 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 7,635,022 | $ | (7,634,204 | ) | $ | — | $ | 818 | ||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Turkey | ||||||||||||||||
BNP Paribas SA | $ | 1,351,828 | $ | (1,351,828 | ) | $ | — | $ | — | |||||||
BofA Securities, Inc. | 792,893 | (792,893 | ) | — | — | |||||||||||
Goldman Sachs & Co. LLC. | 109,171 | (109,171 | ) | — | — | |||||||||||
HSBC Bank PLC | 620,064 | (620,064 | ) | — | — | |||||||||||
Morgan Stanley | 7,311,632 | (7,311,632 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 10,185,588 | $ | (10,185,588 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
(a) | Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s Statements of Assets and Liabilities. |
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.
40 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
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.
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 Fees
| |||
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.
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)
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, 2023, the Funds paid BTC the following amounts for securities lending agent services:
iShares ETF | Amounts | |||
MSCI Israel | $ | 11,387 | ||
MSCI Turkey | 245,384 |
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, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:
iShares ETF
| Purchases
| Sales
| Net Realized
| |||||||||
MSCI Israel | $ | 121,878 | $ | 252,419 | $(166,068) |
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, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:
iShares ETF | Purchases | Sales | ||||||
MSCI Brazil | $ | 681,732,875 | $ | 834,338,784 | ||||
MSCI Chile | 176,332,371 | 121,277,316 | ||||||
MSCI Israel | 5,451,197 | 5,350,574 | ||||||
MSCI South Africa | 9,787,559 | 5,709,262 | ||||||
MSCI Turkey | 60,980,794 | 67,668,716 |
For the six months ended February 28, 2023, in-kind transactions were as follows:
iShares ETF | In-kind Purchases | In-kind Sales | ||||||
MSCI Israel | $ | 23,410,965 | $ | 13,873,437 | ||||
MSCI South Africa | 72,246,877 | 40,411,001 | ||||||
MSCI Turkey | 25,266,170 | 130,610,563 |
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, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.
As of August 31, 2022, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:
iShares ETF | Amounts | |||
MSCI Brazil | $ | 4,000,561,732 | ||
MSCI Chile | 232,039,320 | |||
MSCI Israel | 52,397,432 | |||
MSCI South Africa | 268,477,240 | |||
MSCI Turkey | 294,462,822 |
42 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
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, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:
iShares ETF | Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
MSCI Brazil | $ | 4,065,289,273 | $ | 1,460,292,822 | $ | (1,048,685,220 | ) | $ | 411,607,602 | |||||||
MSCI Chile | 592,652,948 | 102,420,270 | (135,887,665 | ) | (33,467,395 | ) | ||||||||||
MSCI Israel | 188,631,629 | 6,019,061 | (45,803,043 | ) | (39,783,982 | ) | ||||||||||
MSCI South Africa | 490,659,652 | 3,514,090 | (133,573,089 | ) | (130,058,999 | ) | ||||||||||
MSCI Turkey
|
| 309,714,857
|
|
| 78,239,817
|
|
| (51,527,246
| )
|
| 26,712,571
|
|
9. | LINE OF CREDIT |
The iShares MSCI Brazil ETF and iShares MSCI Chile 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 11, 2023. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.
During the six months ended February 28, 2023, 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.
Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.
Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.
Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and
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)
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. These events and actions have adversely affected, and may in the future adversely affect, the value and exchange rate of the Euro and may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-European Union member states. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but have been, and may continue to be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.
Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.
Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.
Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.
LIBOR Transition Risk: The Funds may be exposed to financial instruments that are tied to the London Interbank Offered Rate (“LIBOR”) to determine payment obligations, financing terms, hedging strategies or investment value. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, announced that a majority of USD LIBOR settings will no longer be published after June 30, 2023. All other LIBOR settings and certain other interbank offered rates ceased to be published after December 31, 2021. SOFR has been used increasingly on a voluntary basis in new instruments and transactions. The Federal Reserve Board adopted regulations that provide a fallback mechanism by identifying benchmark rates based on SOFR that will replace LIBOR in certain financial contracts after June 30, 2023. The ultimate effect of the LIBOR transition process on the Funds is uncertain.
44 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
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 02/28/23 | Year Ended 08/31/22 | |||||||||||||||
iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
| ||||||||||||||||
MSCI Brazil | ||||||||||||||||
Shares sold | 7,700,000 | $ | 252,679,903 | 42,250,000 | $ | 1,382,799,589 | ||||||||||
Shares redeemed | (13,950,000 | ) | (405,178,194 | ) | (8,350,000 | ) | (252,558,066 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(6,250,000 | ) | $ | (152,498,291 | ) | 33,900,000 | $ | 1,130,241,523 | |||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Chile | ||||||||||||||||
Shares sold | 3,900,000 | $ | 109,912,706 | 11,650,000 | $ | 314,296,499 | ||||||||||
Shares redeemed | (2,050,000 | ) | (55,005,306 | ) | (10,500,000 | ) | (267,283,558 | ) | ||||||||
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|
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| |||||||||
1,850,000 | $ | 54,907,400 | 1,150,000 | $ | 47,012,941 | |||||||||||
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| |||||||||
MSCI Israel | ||||||||||||||||
Shares sold | 400,000 | $ | 23,913,375 | 850,000 | $ | 59,552,306 | ||||||||||
Shares redeemed | (250,000 | ) | (14,867,618 | ) | (650,000 | ) | (45,660,897 | ) | ||||||||
|
|
|
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|
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| |||||||||
150,000 | $ | 9,045,757 | �� | 200,000 | $ | 13,891,409 | ||||||||||
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| |||||||||
MSCI South Africa | ||||||||||||||||
Shares sold | 1,800,000 | $ | 76,680,837 | 4,800,000 | $ | 240,296,504 | ||||||||||
Shares redeemed | (900,000 | ) | (40,471,052 | ) | (2,500,000 | ) | (116,228,418 | ) | ||||||||
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| |||||||||
900,000 | $ | 36,209,785 | 2,300,000 | $ | 124,068,086 | |||||||||||
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| |||||||||
MSCI Turkey | ||||||||||||||||
Shares sold | 750,000 | $ | 25,981,513 | 7,900,000 | $ | 157,544,620 | ||||||||||
Shares redeemed | (4,450,000 | ) | (137,008,097 | ) | (7,650,000 | ) | (157,333,227 | ) | ||||||||
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|
|
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| |||||||||
(3,700,000 | ) | $ | (111,026,584 | ) | 250,000 | $ | 211,393 | |||||||||
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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.
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 |
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 Israel ETF, iShares MSCI South Africa ETF and iShares MSCI Turkey 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, 2022 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2021 through September 30, 2022 (the “Program Reporting Period”).
The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays, the imposition of capital controls in certain non-U.S. countries, Russian sanctions and the closure of the Russian securities market.
The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:
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. The Committee also considered that ETFs generally do not engage in borrowing. |
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. However, there were no ETFs with persistent deviations of fund premium/discount or bid/ask spreads from long-term averages over the Program Reporting Period. |
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. |
There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.
46 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
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 | 47 |
Glossary of Terms Used in this Report
Portfolio Abbreviation | ||
ADR | American Depositary Receipt | |
NVS | Non-Voting Shares |
48 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
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.
©2023 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-804-0223
FEBRUARY 28, 2023 |
2023 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,
Significant economic headwinds emerged during the 12-month reporting period ended February 28, 2023, as investors navigated changing economic conditions and volatile markets. The U.S. economy shrank in the first half of 2022 before returning to modest growth in the second half of the year, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high before beginning to moderate. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.
Equity prices fell as interest rates rose, particularly during the first half of the reporting period. Both large-and small-capitalization U.S. stocks fell, although equities began to recover in the second half of the period as inflation eased and economic growth resumed. Emerging market stocks and international equities from developed markets declined overall, pressured by rising interest rates and a strong U.S. dollar.
The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to fluctuating inflation data and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and higher interest rates led to rising borrowing costs for corporate issuers.
The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates eight times. Furthermore, the Fed wound down its bond-buying programs and accelerated the reduction of its balance sheet.
Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth slowed in the last year, we believe that taming inflation requires a more substantial decline that lowers demand to a level more in line with the economy’s productive capacity. Although the Fed has decelerated the pace of interest rate hikes, it still seems determined to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, but the dimming economic outlook has not yet been fully reflected in current market prices. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions. Turmoil in the banking sector shortly following the end of the period highlighted the potential for the knock-on effects of substantially higher interest rates to disrupt markets with little warning.
While we favor an overweight to equities in the long term, several factors lead us to take an underweight stance on equities overall in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with the possibility of a recession in a business environment characterized by higher costs and reduced pricing power. Nevertheless, we are overweight on emerging market stocks as a weaker U.S. dollar provides a supportive backdrop. We also see long-term opportunities in credit, where valuations are appealing and higher yields provide attractive income, although we are neutral on credit in the near term, as we believe that troubles in the banking sector will likely lead to reduced lending. However, we believe there are still some strong opportunities for a six- to twelve-month horizon, particularly short-term U.S. Treasuries, global inflation-linked bonds, and emerging market bonds denominated in local currency.
Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.
Rob Kapito
President, BlackRock, Inc.
Rob Kapito
President, BlackRock, Inc.
Total Returns as of February 28, 2023
| ||||
6-Month
|
12-Month
| |||
U.S. large cap equities
| 1.26% | (7.69)% | ||
U.S. small cap equities
| 3.63 | (6.02) | ||
International equities
| 12.58 | (3.14) | ||
Emerging market equities
| (2.29) | (15.28) | ||
3-month Treasury bills
| 1.74 | 2.11 | ||
U.S. Treasury securities
| (4.81) | (14.06) | ||
U.S. investment grade bonds
| (2.13) | (9.72) | ||
Tax-exempt municipal bonds
| 0.66 | (5.10) | ||
U.S. high yield bonds
| 2.52 | (5.45) | ||
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, 2023 | 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-Month
|
1 Year
|
5 Years
|
10 Years
|
1 Year
|
5 Years
|
10 Years
| ||||||||||||||||||||||||||
Fund NAV | 6.30 | % | 0.10 | % | 4.33 | % | 2.92% | 0.10 | % | 23.63 | % | 33.31% | ||||||||||||||||||||
Fund Market | 6.37 | 0.04 | 4.55 | 2.96 | 0.04 | 24.92 | 33.87 | |||||||||||||||||||||||||
Index | 5.81 | 1.47 | 4.88 | 3.37 | 1.47 | 26.90 | 39.30 |
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
| Beginning Account Value (09/01/22) | | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/22) | | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 1,063.00 | $ | 2.61 | $ | 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 “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
Sector | | Percent of Total Investments | (a) | |
Financials | 32.5 | % | ||
Materials | 24.6 | |||
Health Care | 10.7 | |||
Energy | 6.1 | |||
Real Estate | 5.7 | |||
Consumer Discretionary | 5.5 | |||
Consumer Staples | 5.2 | |||
Industrials | 4.5 | |||
Information Technology | 1.9 | |||
Communication Services | 1.8 | |||
Utilities | 1.5 |
(a) | Excludes money market funds. |
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments | (a) | |
BHP Group Ltd. | 13.3 | % | ||
Commonwealth Bank of Australia | 9.9 | |||
CSL Ltd. | 8.3 | |||
National Australia Bank Ltd. | 5.5 | |||
Westpac Banking Corp. | 4.6 | |||
Australia & New Zealand Banking Group Ltd. | 4.3 | |||
Macquarie Group Ltd. | 4.0 | |||
Woodside Energy Group Ltd. | 4.0 | |||
Wesfarmers Ltd. | 3.2 | |||
Woolworths Group Ltd. | 2.6 |
4 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of February 28, 2023 | 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-Month
| 1 Year
| 5 Years
| 10 Years
| 1 Year
| 5 Years
| 10 Years
| ||||||||||||||||||||||||||
Fund NAV | 2.43 | % | (8.96 | )% | 6.48 | % | 4.05% | (8.96 | )% | 36.87 | % | 48.79% | ||||||||||||||||||||
Fund Market | 2.54 | (8.94 | ) | 6.50 | 4.11 | (8.94 | ) | 36.99 | 49.65 | |||||||||||||||||||||||
Index | 2.46 | (8.54 | ) | 6.66 | 4.23 | (8.54 | ) | 38.05 | 51.36 |
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 not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
| Beginning Account Value (09/01/22) | | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/22) | | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 1,024.30 | $ | 2.56 | $ | 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 “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
Sector | | Percent of Total Investments | (a) | |
Financials | 37.3 | % | ||
Energy | 18.0 | |||
Industrials | 11.9 | |||
Materials | 10.9 | |||
Information Technology | 6.8 | |||
Consumer Staples | 4.7 | |||
Consumer Discretionary | 3.7 | |||
Utilities | 3.5 | |||
Communication Services | 2.6 | |||
Real Estate | 0.6 |
(a) | Excludes money market funds. |
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments | (a) | |
Royal Bank of Canada | 7.9 | % | ||
Toronto-Dominion Bank (The) | 6.8 | |||
Enbridge Inc. | 4.3 | |||
Canadian Pacific Railway Ltd. | 4.0 | |||
Canadian National Railway Co. | 3.7 | |||
Bank of Montreal | 3.6 | |||
Canadian Natural Resources Ltd. | 3.5 | |||
Bank of Nova Scotia (The) | 3.3 | |||
Shopify Inc., Class A | 2.8 | |||
Brookfield Corp. | 2.7 |
F U N D S U M M A R Y | 5 |
Fund Summary as of February 28, 2023 | 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-Month
|
1 Year
|
5 Years
|
10 Years
|
1 Year
|
5 Years
|
10 Years
| ||||||||||||||||||||||||||
Fund NAV | 4.32 | % | (10.03 | )% | (0.33 | )% | 4.72% | (10.03 | )% | (1.63 | )% | 58.54% | ||||||||||||||||||||
Fund Market | 4.62 | (10.05 | ) | (0.14 | ) | 4.76 | (10.05 | ) | (0.68 | ) | 59.13 | |||||||||||||||||||||
Index | 3.67 | (9.30 | ) | 0.06 | 5.12 | (9.30 | ) | 0.29 | 64.75 |
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
| Beginning Account Value (09/01/22) | | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/22) | | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$1,000.00 | $1,043.20 | $2.58 | $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 “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
Sector | | Percent of Total Investments | (a) | |
Industrials | 22.3 | % | ||
Consumer Discretionary | 18.1 | |||
Information Technology | 13.6 | |||
Financials | 12.4 | |||
Health Care | 9.2 | |||
Communication Services | 8.0 | |||
Consumer Staples | 6.7 | |||
Materials | 4.8 | |||
Real Estate | 3.1 | |||
Utilities | 1.0 | |||
Energy | 0.8 |
(a) | Excludes money market funds. |
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments | (a) | |
Toyota Motor Corp. | 4.5 | % | ||
Sony Group Corp. | 3.3 | |||
Mitsubishi UFJ Financial Group Inc. | 2.7 | |||
Keyence Corp. | 2.6 | |||
Sumitomo Mitsui Financial Group Inc. | 1.8 | |||
Daiichi Sankyo Co. Ltd. | 1.7 | |||
Shin-Etsu Chemical Co. Ltd. | 1.6 | |||
Tokyo Electron Ltd. | 1.6 | |||
Hitachi Ltd. | 1.5 | |||
SoftBank Group Corp. | 1.5 |
6 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of February 28, 2023 | 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-Month
|
1 Year
|
5 Years
|
10 Years
|
1 Year
|
5 Years
|
10 Years
| ||||||||||||||||||||||||||
Fund NAV | 32.92 | % | 18.74 | % | 5.50 | % | 0.04% | 18.74 | % | 30.69 | % | 0.35% | ||||||||||||||||||||
Fund Market | 32.93 | 18.64 | 5.49 | 0.03 | 18.64 | 30.61 | 0.29 | |||||||||||||||||||||||||
Index | 32.84 | 18.82 | 5.89 | 0.36 | 18.82 | 33.12 | 3.63 |
Certain sectors and markets performed exceptionally well based on market conditions during the six-months period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
| Beginning Account Value (09/01/22) | | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/22) | | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 1,329.20 | $ | 2.95 | $ | 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 “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
Sector | | Percent of Total Investments | (a) | |
Consumer Staples | 30.9 | % | ||
Financials | 18.4 | |||
Communication Services | 16.7 | |||
Industrials | 13.6 | |||
Materials | 11.7 | |||
Real Estate | 7.0 | |||
Consumer Discretionary | 1.2 | |||
Health Care | 0.5 |
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments | (a) | |
America Movil SAB de CV, Series L | 14.3 | % | ||
Grupo Financiero Banorte SAB de CV, Class O | 10.8 | |||
Wal-Mart de Mexico SAB de CV | 10.1 | |||
Fomento Economico Mexicano SAB de CV | 8.7 | |||
Grupo Mexico SAB de CV, Series B | 4.5 | |||
Cemex SAB de CV | 4.1 | |||
Grupo Aeroportuario del Pacifico SAB de CV, Class B | 3.7 | |||
Grupo Bimbo SAB de CV, Series A | 3.5 | |||
Grupo Aeroportuario del Sureste SAB de CV, Class B | 3.1 | |||
Grupo Financiero Inbursa SAB de CV, Class O | 2.5 |
(a) | Excludes money market funds. |
F U N D S U M M A R Y | 7 |
Fund Summary as of February 28, 2023 | 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-Month
|
1 Year
|
5 Years
|
10 Years
|
1 Year
|
5 Years
|
10 Years
| ||||||||||||||||||||||||||
Fund NAV | 1.55 | % | (17.65 | )% | (2.82 | )% | 1.07% | (17.65 | )% | (13.32 | )% | 11.22% | ||||||||||||||||||||
Fund Market | 2.23 | (18.24 | ) | (2.63 | ) | 1.15 | (18.24 | ) | (12.47 | ) | 12.11 | |||||||||||||||||||||
Index | 0.91 | (16.63 | ) | (2.44 | ) | 1.50 | (16.63 | ) | (11.63 | ) | 16.10 |
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
| Beginning Account Value (09/01/22) | | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/22) | | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 1,015.50 | $ | 2.95 | $ | 1,000.00 | $ | 1,021.90 | $ | 2.96 | 0.59 | % |
(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 “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
Sector | | Percent of Total Investments | (a) | |
Information Technology | 35.0 | % | ||
Industrials | 12.0 | |||
Financials | 11.7 | |||
Consumer Discretionary | 10.9 | |||
Materials | 10.5 | |||
Communication Services | 7.8 | |||
Health Care | 5.6 | |||
Consumer Staples | 4.0 | |||
Energy | 1.9 | |||
Utilities | 0.6 |
(a) | Excludes money market funds. |
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments | (a) | |
Samsung Electronics Co. Ltd. | 21.8 | % | ||
SK Hynix Inc. | 5.1 | |||
Samsung SDI Co. Ltd. | 4.1 | |||
LG Chem Ltd. | 3.5 | |||
NAVER Corp. | 2.8 | |||
Hyundai Motor Co. | 2.7 | |||
POSCO Holdings Inc. | 2.5 | |||
KB Financial Group Inc. | 2.2 | |||
Kia Corp. | 2.2 | |||
Shinhan Financial Group Co. Ltd. | 2.0 |
8 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
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 the Period.”
The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.
A B O U T F U N D P E R F O R M A N C E / D I S C L O S U R E O F E X P E N S E S | 9 |
Schedule of Investments (unaudited) February 28, 2023 | iShares® MSCI Australia ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Airlines — 0.3% | ||||||||
Qantas Airways Ltd.(a) | 1,764,241 | $ | 7,588,009 | |||||
|
| |||||||
Banks — 24.1% | ||||||||
Australia & New Zealand Banking Group Ltd. | 5,685,899 | 94,053,123 | ||||||
Commonwealth Bank of Australia | 3,221,406 | 217,634,407 | ||||||
National Australia Bank Ltd. | 6,013,596 | 121,043,314 | ||||||
Westpac Banking Corp. | 6,652,842 | 100,600,472 | ||||||
|
| |||||||
533,331,316 | ||||||||
Beverages — 0.6% | ||||||||
Treasury Wine Estates Ltd. | 1,375,799 | 12,940,134 | ||||||
|
| |||||||
Biotechnology — 8.2% | ||||||||
CSL Ltd. | 916,647 | 182,382,635 | ||||||
|
| |||||||
Capital Markets — 4.8% | ||||||||
ASX Ltd. | 368,179 | 16,817,051 | ||||||
Macquarie Group Ltd. | 697,616 | 88,584,979 | ||||||
|
| |||||||
105,402,030 | ||||||||
Chemicals — 0.4% | ||||||||
Orica Ltd. | 856,948 | 9,310,362 | ||||||
|
| |||||||
Commercial Services & Supplies — 1.0% | ||||||||
Brambles Ltd. | 2,633,943 | 22,759,095 | ||||||
|
| |||||||
Construction Materials — 0.8% | ||||||||
James Hardie Industries PLC | 847,683 | 17,661,161 | ||||||
|
| |||||||
Diversified Consumer Services — 0.4% | ||||||||
IDP Education Ltd. | 397,624 | 7,646,784 | ||||||
|
| |||||||
Diversified Telecommunication Services — 1.0% | ||||||||
Telstra Corp. Ltd. | 7,684,384 | 21,470,069 | ||||||
|
| |||||||
Electric Utilities — 0.8% | ||||||||
Origin Energy Ltd. | 3,278,161 | 17,585,460 | ||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 5.4% | ||||||||
Dexus | 2,036,648 | 11,508,201 | ||||||
Goodman Group | 3,216,452 | 42,788,636 | ||||||
GPT Group (The) | 3,620,371 | 11,428,436 | ||||||
Mirvac Group | 7,502,266 | 11,422,786 | ||||||
Scentre Group | 9,864,463 | 19,701,844 | ||||||
Stockland | 4,552,872 | 11,727,964 | ||||||
Vicinity Ltd. | 7,360,566 | 10,070,653 | ||||||
|
| |||||||
118,648,520 | ||||||||
Food & Staples Retailing — 4.6% | ||||||||
Coles Group Ltd. | 2,536,903 | 30,984,720 | ||||||
Endeavour Group Ltd./Australia | 2,714,115 | 12,453,524 | ||||||
Woolworths Group Ltd. | 2,311,256 | 57,322,169 | ||||||
|
| |||||||
100,760,413 | ||||||||
Gas Utilities — 0.7% | ||||||||
APA Group | 2,244,736 | 16,172,780 | ||||||
|
| |||||||
Health Care Equipment & Supplies — 0.8% | ||||||||
Cochlear Ltd. | 125,097 | 18,655,047 | ||||||
|
| |||||||
Health Care Providers & Services — 1.6% | ||||||||
Ramsay Health Care Ltd. | 348,471 | 15,798,576 | ||||||
Sonic Healthcare Ltd. | 867,166 | 18,759,508 | ||||||
|
| |||||||
34,558,084 |
Security | Shares | Value | ||||||
Hotels, Restaurants & Leisure — 1.9% | ||||||||
Aristocrat Leisure Ltd. | 1,136,031 | $ | 27,837,576 | |||||
Lottery Corp. Ltd. (The)(a) | 4,206,475 | 14,651,776 | ||||||
|
| |||||||
42,489,352 | ||||||||
Insurance — 3.4% | ||||||||
Insurance Australia Group Ltd. | 4,665,428 | 14,561,514 | ||||||
Medibank Pvt Ltd. | 5,248,959 | 11,765,357 | ||||||
QBE Insurance Group Ltd. | 2,815,559 | 28,482,869 | ||||||
Suncorp Group Ltd. | 2,399,726 | 20,700,066 | ||||||
|
| |||||||
75,509,806 | ||||||||
Interactive Media & Services — 0.8% | ||||||||
REA Group Ltd. | 100,315 | 8,260,400 | ||||||
SEEK Ltd. | 636,830 | 10,318,351 | ||||||
|
| |||||||
18,578,751 | ||||||||
IT Services — 0.8% | ||||||||
Computershare Ltd. | 1,032,917 | 17,180,611 | ||||||
|
| |||||||
Metals & Mining — 23.2% | ||||||||
BHP Group Ltd. | 9,629,815 | 291,446,741 | ||||||
BlueScope Steel Ltd. | 889,349 | 11,378,947 | ||||||
Fortescue Metals Group Ltd. | 3,217,827 | 46,111,191 | ||||||
IGO Ltd. | 1,299,419 | 11,422,608 | ||||||
Mineral Resources Ltd. | 323,936 | 17,890,522 | ||||||
Newcrest Mining Ltd. | 1,695,557 | 25,956,833 | ||||||
Northern Star Resources Ltd. | 2,217,024 | 15,473,333 | ||||||
Pilbara Minerals Ltd.(a) | 4,807,224 | 13,395,651 | ||||||
Rio Tinto Ltd. | 704,830 | 55,085,346 | ||||||
South32 Ltd. | 8,785,885 | 25,526,726 | ||||||
|
| |||||||
513,687,898 | ||||||||
Multiline Retail — 3.2% | ||||||||
Wesfarmers Ltd. | 2,153,399 | 69,709,647 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 6.0% | ||||||||
Ampol Ltd. | 450,341 | 9,928,576 | ||||||
Santos Ltd. | 6,049,962 | 28,249,751 | ||||||
Washington H Soul Pattinson & Co. Ltd. | 411,753 | 8,054,435 | ||||||
Woodside Energy Group Ltd. | 3,608,012 | 87,422,036 | ||||||
|
| |||||||
133,654,798 | ||||||||
Real Estate Management & Development — 0.3% | ||||||||
Lendlease Corp. Ltd. | 1,302,038 | 6,667,754 | ||||||
|
| |||||||
Road & Rail — 0.4% | ||||||||
Aurizon Holdings Ltd. | 3,499,075 | 7,775,443 | ||||||
|
| |||||||
Software — 1.1% | ||||||||
WiseTech Global Ltd. | 278,253 | 11,758,632 | ||||||
Xero Ltd.(a) | 255,178 | 13,290,631 | ||||||
|
| |||||||
25,049,263 | ||||||||
Trading Companies & Distributors — 0.2% | ||||||||
Reece Ltd. | 433,408 | 4,799,307 | ||||||
|
| |||||||
Transportation Infrastructure — 2.5% | ||||||||
Transurban Group | 5,842,371 | 55,594,366 | ||||||
|
| |||||||
Total Long-Term Investments — 99.3% | ||||||||
(Cost: $2,480,340,996) | 2,197,568,895 | |||||||
|
|
10 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Australia ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Short-Term Securities | ||||||||
Money Market Funds — 0.1% | ||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(b)(c) | 1,110,000 | $ | 1,110,000 | |||||
|
| |||||||
Total Short-Term Securities — 0.1% |
| 1,110,000 | ||||||
|
| |||||||
Total Investments — 99.4% |
| 2,198,678,895 | ||||||
Other Assets Less Liabilities — 0.6% |
| 13,926,374 | ||||||
|
| |||||||
Net Assets — 100.0% |
| $ | 2,212,605,269 | |||||
|
|
(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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 08/31/22 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/23 | Shares Held at 02/28/23 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | $ | 130,000 | $ | 980,000 | (a) | $ | — | $ | — | $ | — | $ | 1,110,000 | 1,110,000 | $ | 27,590 | $ | 1 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 | 126 | 03/16/23 | $ | 15,211 | $ | (74,031 | ) | |||||||||
|
|
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:
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
Liabilities — Derivative Financial Instruments | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | 74,031 | $ | — | $ | — | $ | — | $ | 74,031 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2023 | iShares® MSCI Australia ETF |
For the period ended February 28, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
Net Realized Gain (Loss) from |
| |||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | (1,558,594 | ) | $ | — | $ | — | $ | — | $ | (1,558,594 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | (78,588 | ) | $ | — | $ | — | $ | — | $ | (78,588 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| ||||
Futures contracts | ||||
Average notional value of contracts — long | $ | 13,792,429 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Common Stocks | $ | — | $ | 2,197,568,895 | $ | — | $ | 2,197,568,895 | ||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 1,110,000 | — | — | 1,110,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 1,110,000 | $ | 2,197,568,895 | $ | — | $ | 2,198,678,895 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Financial Instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Equity Contracts | $ | — | $ | (74,031 | ) | $ | — | $ | (74,031) | |||||||
|
|
|
|
|
|
|
|
(a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
12 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) February 28, 2023 | iShares® MSCI Canada ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
| |||||||
Aerospace & Defense — 0.4% | ||||||||
CAE Inc.(a) | 674,399 | $ | 15,207,957 | |||||
|
| |||||||
Airlines — 0.1% | ||||||||
Air Canada(a)(b) | 373,747 | 5,511,022 | ||||||
|
| |||||||
Auto Components — 0.8% | ||||||||
Magna International Inc. | 576,929 | 32,154,966 | ||||||
|
| |||||||
Banks — 25.3% | ||||||||
Bank of Montreal | 1,439,116 | 136,391,705 | ||||||
Bank of Nova Scotia (The) | 2,529,714 | 125,030,350 | ||||||
Canadian Imperial Bank of Commerce | 1,925,396 | 88,050,356 | ||||||
National Bank of Canada | 715,304 | 52,537,755 | ||||||
Royal Bank of Canada | 2,938,427 | 298,343,479 | ||||||
Toronto-Dominion Bank (The) | 3,852,807 | 256,524,379 | ||||||
|
| |||||||
956,878,024 | ||||||||
Capital Markets — 4.0% | ||||||||
Brookfield Asset Management Ltd. | 748,747 | 25,192,360 | ||||||
Brookfield Corp. | 3,010,682 | 100,172,197 | ||||||
IGM Financial Inc. | 174,953 | 5,323,597 | ||||||
Onex Corp. | 153,051 | 8,183,658 | ||||||
TMX Group Ltd. | 117,207 | 11,688,059 | ||||||
|
| |||||||
150,559,871 | ||||||||
Chemicals — 2.3% | ||||||||
Nutrien Ltd. | 1,104,810 | 86,085,305 | ||||||
|
| |||||||
Commercial Services & Supplies — 0.7% | ||||||||
GFL Environmental Inc. | 386,675 | 11,754,693 | ||||||
Ritchie Bros Auctioneers Inc. | 235,733 | 14,422,126 | ||||||
|
| |||||||
26,176,819 | ||||||||
Construction & Engineering — 0.9% | ||||||||
WSP Global Inc. | 264,501 | 33,226,908 | ||||||
|
| |||||||
Containers & Packaging — 0.4% | ||||||||
CCL Industries Inc., Class B, NVS | 315,420 | 15,171,136 | ||||||
|
| |||||||
Diversified Financial Services — 0.3% | ||||||||
Element Fleet Management Corp. | 831,664 | 11,879,173 | ||||||
|
| |||||||
Diversified Telecommunication Services — 0.7% | ||||||||
BCE Inc. | 153,783 | 6,803,869 | ||||||
TELUS Corp. | 992,635 | 19,736,305 | ||||||
|
| |||||||
26,540,174 | ||||||||
Electric Utilities — 2.1% | ||||||||
Emera Inc. | 570,105 | 22,582,759 | ||||||
Fortis Inc. | 1,020,778 | 40,397,224 | ||||||
Hydro One Ltd.(c) | 699,823 | 18,161,035 | ||||||
|
| |||||||
81,141,018 | ||||||||
Equity Real Estate Investment Trusts (REITs) — 0.3% | ||||||||
Canadian Apartment Properties REIT | 178,438 | 6,462,738 | ||||||
RioCan REIT | 313,406 | 4,963,506 | ||||||
|
| |||||||
11,426,244 | ||||||||
Food & Staples Retailing — 4.3% | ||||||||
Alimentation Couche-Tard Inc. | 1,722,889 | 80,822,371 | ||||||
Empire Co. Ltd., Class A, NVS | 343,300 | 9,105,186 | ||||||
George Weston Ltd. | 151,824 | 19,021,116 | ||||||
Loblaw Companies Ltd. | 346,509 | 29,612,616 | ||||||
Metro Inc. | 500,665 | 26,003,759 | ||||||
|
| |||||||
164,565,048 |
Security | Shares | Value | ||||||
Food Products — 0.4% | ||||||||
Saputo Inc. | 532,239 | $ | 14,252,849 | |||||
|
| |||||||
Gas Utilities — 0.3% | ||||||||
AltaGas Ltd. | 598,303 | 10,269,151 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure — 1.1% | ||||||||
Restaurant Brands International Inc. | 619,267 | 39,960,762 | ||||||
|
| |||||||
Independent Power and Renewable Electricity Producers — 0.5% | ||||||||
Brookfield Renewable Corp., Class A | 272,284 | 7,582,845 | ||||||
Northland Power Inc. | 519,067 | 12,610,532 | ||||||
|
| |||||||
20,193,377 | ||||||||
Insurance — 7.6% | ||||||||
Fairfax Financial Holdings Ltd. | 48,453 | 33,875,198 | ||||||
Great-West Lifeco Inc. | 593,004 | 16,179,948 | ||||||
iA Financial Corp. Inc. | 223,366 | 14,994,742 | ||||||
Intact Financial Corp. | 372,435 | 53,500,172 | ||||||
Manulife Financial Corp. | 4,002,110 | 79,132,963 | ||||||
Power Corp. of Canada | 1,169,230 | 31,208,030 | ||||||
Sun Life Financial Inc. | 1,246,032 | 60,214,987 | ||||||
|
| |||||||
289,106,040 | ||||||||
IT Services — 3.9% | ||||||||
CGI Inc.(a) | 448,631 | 40,223,904 | ||||||
Nuvei Corp.(a)(c) | 139,129 | 4,260,029 | ||||||
Shopify Inc., Class A(a) | 2,529,230 | 104,134,951 | ||||||
|
| |||||||
148,618,884 | ||||||||
Leisure Products — 0.2% | ||||||||
BRP Inc. | 77,574 | 6,721,564 | ||||||
|
| |||||||
Media — 1.0% | ||||||||
Quebecor Inc., Class B | 331,327 | 7,838,208 | ||||||
Shaw Communications Inc., Class B, NVS | 1,014,079 | 29,378,192 | ||||||
|
| |||||||
37,216,400 | ||||||||
Metals & Mining — 7.9% | ||||||||
Agnico Eagle Mines Ltd. | 968,889 | 44,606,528 | ||||||
Barrick Gold Corp. | 3,744,675 | 60,513,070 | ||||||
First Quantum Minerals Ltd. | 1,250,816 | 27,326,365 | ||||||
Franco-Nevada Corp. | 407,306 | 51,990,096 | ||||||
Ivanhoe Mines Ltd., Class A(a) | 1,289,995 | 10,777,532 | ||||||
Kinross Gold Corp. | 2,667,392 | 9,852,441 | ||||||
Lundin Mining Corp. | 1,393,061 | 8,667,708 | ||||||
Pan American Silver Corp. | 443,784 | 6,615,292 | ||||||
Teck Resources Ltd., Class B | 964,079 | 38,485,440 | ||||||
Wheaton Precious Metals Corp. | 960,490 | 40,017,484 | ||||||
|
| |||||||
298,851,956 | ||||||||
Multi-Utilities — 0.5% | ||||||||
Algonquin Power & Utilities Corp. | 1,440,668 | 11,001,657 | ||||||
Canadian Utilities Ltd., Class A, NVS | 273,458 | 7,172,636 | ||||||
|
| |||||||
18,174,293 | ||||||||
Multiline Retail — 1.3% | ||||||||
Canadian Tire Corp. Ltd., Class A, NVS | 116,710 | 14,548,336 | ||||||
Dollarama Inc. | 582,173 | 33,629,077 | ||||||
|
| |||||||
48,177,413 | ||||||||
Oil, Gas & Consumable Fuels — 18.0% | ||||||||
ARC Resources Ltd. | 1,343,355 | 14,629,722 | ||||||
Cameco Corp. | 915,254 | 25,019,402 | ||||||
Canadian Natural Resources Ltd. | 2,352,054 | 132,918,200 | ||||||
Cenovus Energy Inc. | 3,060,118 | 56,425,481 | ||||||
Enbridge Inc. | 4,302,931 | 161,426,924 | ||||||
Imperial Oil Ltd. | 449,495 | 22,232,625 |
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, 2023 | iShares® MSCI Canada ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Oil, Gas & Consumable Fuels (continued) | ||||||||
Keyera Corp. | 469,950 | $ | 10,370,241 | |||||
Parkland Corp. | 298,581 | 6,529,613 | ||||||
Pembina Pipeline Corp. | 1,172,756 | 38,504,558 | ||||||
Suncor Energy Inc. | 2,876,984 | 96,693,651 | ||||||
TC Energy Corp. | 2,150,508 | 85,594,789 | ||||||
Tourmaline Oil Corp. | 681,956 | 29,887,115 | ||||||
|
| |||||||
680,232,321 | ||||||||
Paper & Forest Products — 0.2% | ||||||||
West Fraser Timber Co. Ltd. | 124,316 | 9,338,505 | ||||||
|
| |||||||
Professional Services — 1.1% | ||||||||
Thomson Reuters Corp. | 357,503 | 43,298,604 | ||||||
|
| |||||||
Real Estate Management & Development — 0.3% | ||||||||
FirstService Corp. | 83,853 | 11,495,450 | ||||||
|
| |||||||
Road & Rail — 8.2% | ||||||||
Canadian National Railway Co. | 1,220,636 | 139,024,581 | ||||||
Canadian Pacific Railway Ltd. | 1,976,624 | 150,119,125 | ||||||
TFI International Inc. | 167,875 | 20,485,794 | ||||||
|
| |||||||
309,629,500 | ||||||||
Software — 2.9% | ||||||||
Constellation Software Inc./Canada | 42,787 | 73,569,181 | ||||||
Descartes Systems Group Inc. (The)(a) | 180,266 | 13,295,691 | ||||||
Lumine Group Inc., NVS(a) | 129,886 | 1,329,627 | ||||||
Open Text Corp. | 574,317 | 19,769,637 | ||||||
|
| |||||||
107,964,136 | ||||||||
Textiles, Apparel & Luxury Goods — 0.3% | ||||||||
Gildan Activewear Inc. | 385,022 | 12,234,924 | ||||||
|
| |||||||
Trading Companies & Distributors — 0.4% | ||||||||
Toromont Industries Ltd. | 174,804 | 14,417,327 | ||||||
|
|
Security | Shares | Value | ||||||
Wireless Telecommunication Services — 0.9% | ||||||||
Rogers Communications Inc., Class B, NVS | 749,347 | $ | 35,795,117 | |||||
|
| |||||||
Total Long-Term Investments — 99.6% | ||||||||
(Cost: $4,248,083,672) | 3,772,472,238 | |||||||
|
| |||||||
Short-Term Securities |
| |||||||
Money Market Funds — 0.0% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, | 28,587 | 28,604 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, | 1,380,000 | 1,380,000 | ||||||
|
| |||||||
Total Short-Term Securities — 0.0% |
| 1,408,604 | ||||||
|
| |||||||
Total Investments — 99.6% |
| 3,773,880,842 | ||||||
Other Assets Less Liabilities — 0.4% |
| 15,365,910 | ||||||
|
| |||||||
Net Assets — 100.0% |
| $ | 3,789,246,752 | |||||
|
|
(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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 08/31/22 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/23 | Shares Held at 02/28/23 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 9,240,164 | $ | — | $ | (9,202,133 | )(a) | $ | (3,823 | ) | $ | (5,604 | ) | $ | 28,604 | 28,587 | $ | 28,150 | (b) | $ | — | |||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 1,160,000 | 220,000 | (a) | — | — | — | 1,380,000 | 1,380,000 | 52,805 | 2 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | (3,823 | ) | $ | (5,604 | ) | $ | 1,408,604 | $ | 80,955 | $ | 2 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 | 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 | 91 | 03/16/23 | $ | 16,227 | $ | 308,241 | ||||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
Assets — Derivative Financial Instruments | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | 308,241 | $ | — | $ | — | $ | — | $ | 308,241 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
Net Realized Gain (Loss) from | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | 140,436 | $ | — | $ | — | $ | — | $ | 140,436 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | 378,335 | $ | — | $ | — | $ | — | $ | 378,335 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts | ||||
Average notional value of contracts — long | $ | 15,674,476 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Common Stocks | $ | 3,771,142,611 | $ | 1,329,627 | $ | — | $ | 3,772,472,238 | ||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 1,408,604 | — | — | 1,408,604 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 3,772,551,215 | $ | 1,329,627 | $ | — | $ | 3,773,880,842 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Financial Instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Equity Contracts | $ | 308,241 | $ | — | $ | — | $ | 308,241 | ||||||||
|
|
|
|
|
|
|
|
(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, 2023 | iShares® MSCI Japan ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
| |||||||
Air Freight & Logistics — 0.4% | ||||||||
Nippon Express Holdings Inc. | 227,200 | $ | 12,674,357 | |||||
SG Holdings Co. Ltd. | 856,500 | 12,349,311 | ||||||
Yamato Holdings Co. Ltd. | 851,600 | 14,384,146 | ||||||
|
| |||||||
39,407,814 | ||||||||
Airlines — 0.2% | ||||||||
ANA Holdings Inc.(a) | 474,800 | 9,633,009 | ||||||
Japan Airlines Co. Ltd.(a) | 428,100 | 8,061,087 | ||||||
|
| |||||||
17,694,096 | ||||||||
Auto Components — 1.9% | ||||||||
Aisin Corp. | 436,200 | 11,953,416 | ||||||
Bridgestone Corp. | 1,693,400 | 64,785,822 | ||||||
Denso Corp. | 1,286,900 | 68,422,768 | ||||||
Koito Manufacturing Co. Ltd. | 618,600 | 10,396,256 | ||||||
Sumitomo Electric Industries Ltd. | 2,123,400 | 26,130,482 | ||||||
|
| |||||||
181,688,744 | ||||||||
Automobiles — 7.5% | ||||||||
Honda Motor Co. Ltd. | 4,837,800 | 125,798,177 | ||||||
Isuzu Motors Ltd. | 1,724,600 | 20,623,489 | ||||||
Mazda Motor Corp. | 1,687,700 | 15,099,932 | ||||||
Nissan Motor Co. Ltd. | 6,893,600 | 26,763,556 | ||||||
Subaru Corp. | 1,824,900 | 29,237,143 | ||||||
Suzuki Motor Corp. | 1,094,400 | 38,403,668 | ||||||
Toyota Motor Corp. | 31,468,900 | 428,907,445 | ||||||
Yamaha Motor Co. Ltd. | 883,100 | 22,594,296 | ||||||
|
| |||||||
707,427,706 | ||||||||
Banks — 6.9% | ||||||||
Chiba Bank Ltd. (The) | 1,571,700 | 11,507,864 | ||||||
Concordia Financial Group Ltd. | 3,234,900 | 13,897,958 | ||||||
Japan Post Bank Co. Ltd. | 1,216,900 | 10,512,456 | ||||||
Mitsubishi UFJ Financial Group Inc. | 35,472,180 | 251,479,755 | ||||||
Mizuho Financial Group Inc. | 7,163,258 | 111,655,794 | ||||||
Resona Holdings Inc. | 6,417,800 | 35,348,477 | ||||||
Shizuoka Financial Group Inc., NVS | 1,324,500 | 10,583,398 | ||||||
Sumitomo Mitsui Financial Group Inc. | 3,875,300 | 169,249,184 | ||||||
Sumitomo Mitsui Trust Holdings Inc. | 983,232 | 36,428,769 | ||||||
|
| |||||||
650,663,655 | ||||||||
Beverages — 1.0% | ||||||||
Asahi Group Holdings Ltd. | 1,353,700 | 47,872,710 | ||||||
Kirin Holdings Co. Ltd. | 2,440,200 | 36,526,087 | ||||||
Suntory Beverage & Food Ltd. | 412,200 | 14,459,577 | ||||||
|
| |||||||
98,858,374 | ||||||||
Building Products — 1.8% | ||||||||
AGC Inc. | 573,300 | 21,210,199 | ||||||
Daikin Industries Ltd. | 739,300 | 126,416,373 | ||||||
Lixil Corp. | 852,000 | 13,582,802 | ||||||
TOTO Ltd. | 419,600 | 14,022,330 | ||||||
|
| |||||||
175,231,704 | ||||||||
Capital Markets — 1.0% | ||||||||
Daiwa Securities Group Inc. | 3,960,500 | 18,930,965 | ||||||
Japan Exchange Group Inc. | 1,491,400 | 22,243,636 | ||||||
Nomura Holdings Inc. | 8,627,700 | 35,557,371 | ||||||
SBI Holdings Inc. | 727,210 | 15,675,214 | ||||||
|
| |||||||
92,407,186 | ||||||||
Chemicals — 3.7% | ||||||||
Asahi Kasei Corp. | 3,720,100 | 25,910,540 | ||||||
JSR Corp. | 528,700 | 12,011,926 | ||||||
Mitsubishi Chemical Group Corp. | 3,798,600 | 22,126,320 |
Security | Shares | Value | ||||||
Chemicals (continued) | ||||||||
Mitsui Chemicals Inc. | 545,600 | $ | 13,162,670 | |||||
Nippon Paint Holdings Co. Ltd. | 2,464,600 | 21,536,933 | ||||||
Nippon Sanso Holdings Corp. | 514,200 | 9,167,166 | ||||||
Nissan Chemical Corp. | 379,700 | 16,674,041 | ||||||
Nitto Denko Corp. | 423,300 | 25,484,930 | ||||||
Shin-Etsu Chemical Co. Ltd. | 1,097,500 | 152,147,592 | ||||||
Sumitomo Chemical Co. Ltd. | 4,419,300 | 15,485,202 | ||||||
Toray Industries Inc. | 4,104,100 | 23,497,668 | ||||||
Tosoh Corp. | 772,900 | 10,518,543 | ||||||
|
| |||||||
347,723,531 | ||||||||
Commercial Services & Supplies — 0.7% | ||||||||
Dai Nippon Printing Co. Ltd. | 657,400 | 17,624,745 | ||||||
Secom Co. Ltd. | 623,000 | 36,230,210 | ||||||
Toppan Inc. | 778,000 | 14,069,702 | ||||||
|
| |||||||
67,924,657 | ||||||||
Construction & Engineering — 0.6% | ||||||||
Kajima Corp. | 1,249,900 | 14,937,573 | ||||||
Obayashi Corp. | 1,928,300 | 14,263,670 | ||||||
Shimizu Corp. | 1,644,400 | 8,876,276 | ||||||
Taisei Corp. | 534,200 | 17,416,616 | ||||||
|
| |||||||
55,494,135 | ||||||||
Diversified Financial Services — 0.8% | ||||||||
Mitsubishi HC Capital Inc. | 1,962,400 | 10,244,814 | ||||||
ORIX Corp. | 3,550,200 | 63,630,236 | ||||||
|
| |||||||
73,875,050 | ||||||||
Diversified Telecommunication Services — 1.1% | ||||||||
Nippon Telegraph & Telephone Corp. | 3,546,500 | 102,766,276 | ||||||
|
| |||||||
Electric Utilities — 0.6% | ||||||||
Chubu Electric Power Co. Inc. | 1,911,000 | 19,786,975 | ||||||
Kansai Electric Power Co. Inc. (The) | 2,089,900 | 19,631,986 | ||||||
Tokyo Electric Power Co. Holdings Inc.(a) | 4,534,700 | 15,024,877 | ||||||
|
| |||||||
54,443,838 | ||||||||
Electrical Equipment — 1.5% | ||||||||
Fuji Electric Co. Ltd. | 376,700 | 14,544,327 | ||||||
Mitsubishi Electric Corp. | 5,733,100 | 64,424,076 | ||||||
Nidec Corp. | 1,328,600 | 67,425,726 | ||||||
|
| |||||||
146,394,129 | ||||||||
Electronic Equipment, Instruments & Components — 5.7% | ||||||||
Azbil Corp. | 339,500 | 8,829,000 | ||||||
Hamamatsu Photonics KK | 417,000 | 20,462,445 | ||||||
Hirose Electric Co. Ltd. | 88,358 | 10,803,001 | ||||||
Ibiden Co. Ltd. | 333,500 | 11,439,572 | ||||||
Keyence Corp. | 577,404 | 249,569,721 | ||||||
Kyocera Corp. | 953,600 | 46,932,324 | ||||||
Murata Manufacturing Co. Ltd. | 1,704,300 | 91,226,695 | ||||||
Omron Corp. | 551,400 | 29,600,916 | ||||||
Shimadzu Corp. | 702,300 | 20,281,706 | ||||||
TDK Corp. | 1,153,500 | 38,620,789 | ||||||
Yokogawa Electric Corp. | 677,200 | 10,114,166 | ||||||
|
| |||||||
537,880,335 | ||||||||
Entertainment — 2.2% | ||||||||
Capcom Co. Ltd. | 514,600 | 16,194,676 | ||||||
Koei Tecmo Holdings Co. Ltd. | 347,320 | 5,817,983 | ||||||
Konami Group Corp. | 278,200 | 12,270,706 | ||||||
Nexon Co. Ltd. | 1,411,300 | 30,614,336 | ||||||
Nintendo Co. Ltd. | 3,275,700 | 122,632,567 | ||||||
Square Enix Holdings Co. Ltd. | 254,900 | 11,361,994 |
16 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Japan ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Entertainment (continued) | ||||||||
Toho Co. Ltd./Tokyo | 331,900 | $ | 11,553,390 | |||||
|
| |||||||
210,445,652 | ||||||||
Equity Real Estate Investment Trusts (REITs) — 1.1% | ||||||||
Daiwa House REIT Investment Corp. | 6,526 | 13,470,858 | ||||||
GLP J-Reit | 13,284 | 13,949,444 | ||||||
Japan Metropolitan Fund Invest | 20,748 | 15,576,795 | ||||||
Japan Real Estate Investment Corp. | 3,697 | 15,310,593 | ||||||
Nippon Building Fund Inc. | 4,540 | 19,162,648 | ||||||
Nippon Prologis REIT Inc. | 6,330 | 13,502,433 | ||||||
Nomura Real Estate Master Fund Inc. | 12,581 | 13,945,453 | ||||||
|
| |||||||
104,918,224 | ||||||||
Food & Staples Retailing — 1.8% | ||||||||
Aeon Co. Ltd. | 1,944,300 | 36,264,831 | ||||||
Kobe Bussan Co. Ltd. | 446,400 | 12,202,917 | ||||||
MatsukiyoCocokara & Co. | 339,400 | 15,779,090 | ||||||
Seven & i Holdings Co. Ltd. | 2,235,880 | 99,958,908 | ||||||
Welcia Holdings Co. Ltd. | 276,100 | 6,044,137 | ||||||
|
| |||||||
170,249,883 | ||||||||
Food Products — 1.3% | ||||||||
Ajinomoto Co. Inc. | 1,353,800 | 39,946,739 | ||||||
Kikkoman Corp. | 430,700 | 20,137,105 | ||||||
MEIJI Holdings Co. Ltd. | 330,556 | 15,138,059 | ||||||
Nisshin Seifun Group Inc. | 590,675 | 6,825,298 | ||||||
Nissin Foods Holdings Co. Ltd. | 183,100 | 15,248,617 | ||||||
Yakult Honsha Co. Ltd. | 380,700 | 25,950,836 | ||||||
|
| |||||||
123,246,654 | ||||||||
Gas Utilities — 0.4% | ||||||||
Osaka Gas Co. Ltd. | 1,112,400 | 18,069,078 | ||||||
Tokyo Gas Co. Ltd. | 1,161,400 | 22,400,434 | ||||||
|
| |||||||
40,469,512 | ||||||||
Health Care Equipment & Supplies — 2.7% | ||||||||
Asahi Intecc Co. Ltd. | 643,600 | 10,957,962 | ||||||
Hoya Corp. | 1,059,300 | 104,873,554 | ||||||
Olympus Corp. | 3,628,500 | 61,124,617 | ||||||
Sysmex Corp. | 497,300 | 29,788,757 | ||||||
Terumo Corp. | 1,918,200 | 51,567,669 | ||||||
|
| |||||||
258,312,559 | ||||||||
Health Care Technology — 0.3% | ||||||||
M3 Inc. | 1,312,500 | 31,299,465 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure — 1.1% | ||||||||
McDonald’s Holdings Co. Japan Ltd. | 256,600 | 10,158,206 | ||||||
Oriental Land Co. Ltd./Japan | 593,900 | 94,836,888 | ||||||
|
| |||||||
104,995,094 | ||||||||
Household Durables — 4.6% | ||||||||
Iida Group Holdings Co. Ltd. | 432,080 | 7,180,314 | ||||||
Open House Group Co. Ltd. | 232,600 | 8,371,838 | ||||||
Panasonic Holdings Corp. | 6,549,915 | 57,194,014 | ||||||
Sekisui Chemical Co. Ltd. | 1,083,700 | 14,528,299 | ||||||
Sekisui House Ltd. | 1,827,500 | 34,600,483 | ||||||
Sharp Corp./Japan | 675,500 | 4,660,672 | ||||||
Sony Group Corp. | 3,742,200 | 312,909,386 | ||||||
|
| |||||||
439,445,006 | ||||||||
Household Products — 0.5% | ||||||||
Unicharm Corp. | 1,197,200 | 44,311,167 | ||||||
|
| |||||||
Industrial Conglomerates — 1.9% | ||||||||
Hitachi Ltd. | 2,874,200 | 145,485,985 |
Security | Shares | Value | ||||||
Industrial Conglomerates (continued) | ||||||||
Toshiba Corp. | 1,156,000 | $ | 35,775,517 | |||||
|
| |||||||
181,261,502 | ||||||||
Insurance — 3.7% | ||||||||
Dai-ichi Life Holdings Inc. | 2,906,900 | 62,016,679 | ||||||
Japan Post Holdings Co. Ltd. | 7,063,700 | 62,790,555 | ||||||
Japan Post Insurance Co. Ltd. | 594,700 | 10,325,375 | ||||||
MS&AD Insurance Group Holdings Inc. | 1,272,340 | 41,636,208 | ||||||
Sompo Holdings Inc. | 927,950 | 39,837,906 | ||||||
T&D Holdings Inc. | 1,568,600 | 23,755,190 | ||||||
Tokio Marine Holdings Inc. | 5,448,200 | 115,668,705 | ||||||
|
| |||||||
356,030,618 | ||||||||
Interactive Media & Services — 0.2% | ||||||||
Z Holdings Corp. | 7,917,800 | 21,256,517 | ||||||
|
| |||||||
Internet & Direct Marketing Retail — 0.2% | ||||||||
Rakuten Group Inc. | 2,587,600 | 12,754,745 | ||||||
ZOZO Inc. | 368,100 | 8,181,265 | ||||||
|
| |||||||
20,936,010 | ||||||||
IT Services — 2.5% | ||||||||
Fujitsu Ltd. | 584,000 | 75,002,111 | ||||||
GMO Payment Gateway Inc. | 124,148 | 10,196,982 | ||||||
Itochu Techno-Solutions Corp. | 286,000 | 6,364,563 | ||||||
NEC Corp. | 723,000 | 25,874,923 | ||||||
Nomura Research Institute Ltd. | 1,178,412 | 26,327,905 | ||||||
NTT Data Corp. | 1,875,100 | 26,016,346 | ||||||
Obic Co. Ltd. | 207,600 | 30,415,334 | ||||||
Otsuka Corp. | 338,100 | 11,397,406 | ||||||
SCSK Corp. | 464,800 | 6,744,259 | ||||||
TIS Inc. | 668,900 | 16,604,908 | ||||||
|
| |||||||
234,944,737 | ||||||||
Leisure Products — 0.9% | ||||||||
Bandai Namco Holdings Inc. | 593,998 | 36,703,826 | ||||||
Shimano Inc. | 216,700 | 33,696,851 | ||||||
Yamaha Corp. | 416,400 | 15,799,413 | ||||||
|
| |||||||
86,200,090 | ||||||||
Machinery — 5.2% | ||||||||
Daifuku Co. Ltd. | 301,800 | 16,458,437 | ||||||
FANUC Corp. | 569,000 | 96,713,415 | ||||||
Hitachi Construction Machinery Co. Ltd. | 319,200 | 7,138,844 | ||||||
Hoshizaki Corp. | 322,400 | 11,429,306 | ||||||
Komatsu Ltd. | 2,746,200 | 65,703,907 | ||||||
Kubota Corp. | 3,004,100 | 45,343,166 | ||||||
Kurita Water Industries Ltd. | 309,300 | 13,974,225 | ||||||
Makita Corp. | 666,100 | 16,289,661 | ||||||
MINEBEA MITSUMI Inc. | 1,073,200 | 18,599,625 | ||||||
MISUMI Group Inc. | 841,900 | 20,019,972 | ||||||
Mitsubishi Heavy Industries Ltd. | 950,400 | 35,021,891 | ||||||
NGK Insulators Ltd. | 701,700 | 9,314,322 | ||||||
SMC Corp. | 169,900 | 86,361,207 | ||||||
Toyota Industries Corp. | 436,000 | 25,580,185 | ||||||
Yaskawa Electric Corp. | 712,400 | 28,028,684 | ||||||
|
| |||||||
495,976,847 | ||||||||
Marine — 0.7% | ||||||||
Mitsui OSK Lines Ltd. | 1,020,000 | 26,642,508 | ||||||
Nippon Yusen KK | 1,437,200 | 37,357,115 | ||||||
|
| |||||||
63,999,623 | ||||||||
Media — 0.4% | ||||||||
CyberAgent Inc. | 1,269,800 | 10,856,560 | ||||||
Dentsu Group Inc. | 601,300 | 19,282,823 |
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, 2023 | iShares® MSCI Japan ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Media (continued) | ||||||||
Hakuhodo DY Holdings Inc. | 688,500 | $ | 7,675,489 | |||||
|
| |||||||
37,814,872 | ||||||||
Metals & Mining — 1.0% | ||||||||
JFE Holdings Inc. | 1,458,050 | 18,091,461 | ||||||
Nippon Steel Corp. | 2,395,670 | 53,537,839 | ||||||
Sumitomo Metal Mining Co. Ltd. | 735,100 | 27,364,285 | ||||||
|
| |||||||
98,993,585 | ||||||||
Multiline Retail — 0.2% | ||||||||
Pan Pacific International Holdings Corp. | 1,126,200 | 20,585,523 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 0.8% | ||||||||
ENEOS Holdings Inc. | 9,114,595 | 31,334,875 | ||||||
Idemitsu Kosan Co. Ltd. | 618,029 | 13,677,911 | ||||||
Inpex Corp. | 3,083,400 | 32,327,556 | ||||||
|
| |||||||
77,340,342 | ||||||||
Paper & Forest Products — 0.1% | ||||||||
Oji Holdings Corp. | 2,410,600 | 9,781,436 | ||||||
|
| |||||||
Personal Products — 1.3% | ||||||||
Kao Corp. | 1,382,500 | 51,500,854 | ||||||
Kobayashi Pharmaceutical Co. Ltd. | 150,500 | 9,060,463 | ||||||
Kose Corp. | 98,900 | 11,181,249 | ||||||
Shiseido Co. Ltd. | 1,186,800 | 54,684,849 | ||||||
|
| |||||||
126,427,415 | ||||||||
Pharmaceuticals — 6.1% | ||||||||
Astellas Pharma Inc. | 5,445,650 | 76,470,951 | ||||||
Chugai Pharmaceutical Co. Ltd. | 1,992,300 | 49,563,379 | ||||||
Daiichi Sankyo Co. Ltd. | 5,199,907 | 163,778,022 | ||||||
Eisai Co. Ltd. | 749,100 | 40,460,933 | ||||||
Kyowa Kirin Co. Ltd. | 800,700 | 17,135,308 | ||||||
Nippon Shinyaku Co. Ltd. | 146,200 | 6,547,448 | ||||||
Ono Pharmaceutical Co. Ltd. | 1,076,300 | 21,922,039 | ||||||
Otsuka Holdings Co. Ltd. | 1,159,600 | 35,131,161 | ||||||
Shionogi & Co. Ltd. | 785,600 | 34,803,661 | ||||||
Takeda Pharmaceutical Co. Ltd. | 4,460,600 | 137,494,753 | ||||||
|
| |||||||
583,307,655 | ||||||||
Professional Services — 1.6% | ||||||||
BayCurrent Consulting Inc. | 392,000 | 15,403,033 | ||||||
Nihon M&A Center Holdings Inc. | 900,200 | 7,505,529 | ||||||
Persol Holdings Co. Ltd. | 526,100 | 10,536,964 | ||||||
Recruit Holdings Co. Ltd. | 4,277,800 | 114,712,681 | ||||||
|
| |||||||
148,158,207 | ||||||||
Real Estate Management & Development — 2.0% | ||||||||
Daito Trust Construction Co. Ltd. | 184,100 | 17,341,982 | ||||||
Daiwa House Industry Co. Ltd. | 1,781,500 | 41,119,102 | ||||||
Hulic Co. Ltd. | 1,140,900 | 9,080,104 | ||||||
Mitsubishi Estate Co. Ltd. | 3,340,300 | 41,520,613 | ||||||
Mitsui Fudosan Co. Ltd. | 2,687,800 | 51,225,777 | ||||||
Nomura Real Estate Holdings Inc. | 352,800 | 7,865,466 | ||||||
Sumitomo Realty & Development Co. Ltd. | 919,200 | 21,700,605 | ||||||
|
| |||||||
189,853,649 | ||||||||
Road & Rail — 2.3% | ||||||||
Central Japan Railway Co. | 428,100 | 48,064,888 | ||||||
East Japan Railway Co. | 896,600 | 45,282,076 | ||||||
Hankyu Hanshin Holdings Inc. | 680,400 | 19,362,236 | ||||||
Keio Corp. | 304,300 | 10,602,486 | ||||||
Keisei Electric Railway Co. Ltd. | 384,200 | 11,105,763 | ||||||
Kintetsu Group Holdings Co. Ltd. | 511,300 | 15,489,472 | ||||||
Odakyu Electric Railway Co. Ltd. | 874,600 | 10,602,617 |
Security | Shares | Value | ||||||
Road & Rail (continued) | ||||||||
Tobu Railway Co. Ltd. | 558,800 | $ | 12,475,768 | |||||
Tokyu Corp. | 1,576,000 | 18,986,032 | ||||||
West Japan Railway Co. | 652,700 | 25,333,282 | ||||||
|
| |||||||
217,304,620 | ||||||||
Semiconductors & Semiconductor Equipment — 3.6% | ||||||||
Advantest Corp. | 540,000 | 42,805,114 | ||||||
Disco Corp. | 85,700 | 26,872,240 | ||||||
Lasertec Corp. | 224,100 | 36,437,621 | ||||||
Renesas Electronics Corp.(a) | 3,477,000 | 44,914,099 | ||||||
Rohm Co. Ltd. | 259,800 | 20,007,890 | ||||||
SUMCO Corp. | 1,040,300 | 14,354,496 | ||||||
Tokyo Electron Ltd. | 443,152 | 152,046,311 | ||||||
|
| |||||||
337,437,771 | ||||||||
Software — 0.3% | ||||||||
Oracle Corp. Japan | 113,200 | 7,712,580 | ||||||
Trend Micro Inc./Japan | 399,100 | 18,765,922 | ||||||
|
| |||||||
26,478,502 | ||||||||
Specialty Retail — 1.6% | ||||||||
Fast Retailing Co. Ltd. | 521,100 | 102,873,390 | ||||||
Hikari Tsushin Inc. | 60,700 | 8,810,519 | ||||||
Nitori Holdings Co. Ltd. | 237,500 | 26,838,966 | ||||||
USS Co. Ltd. | 605,700 | 9,826,657 | ||||||
|
| |||||||
148,349,532 | ||||||||
Technology Hardware, Storage & Peripherals — 1.6% | ||||||||
Brother Industries Ltd. | 688,400 | 10,125,633 | ||||||
Canon Inc. | 2,971,050 | 63,943,664 | ||||||
FUJIFILM Holdings Corp. | 1,069,900 | 49,912,826 | ||||||
Ricoh Co. Ltd. | 1,627,800 | 12,646,254 | ||||||
Seiko Epson Corp. | 828,400 | 11,421,722 | ||||||
|
| |||||||
148,050,099 | ||||||||
Tobacco — 0.8% | ||||||||
Japan Tobacco Inc. | 3,563,900 | 72,473,324 | ||||||
|
| |||||||
Trading Companies & Distributors — 5.3% | ||||||||
ITOCHU Corp. | 3,527,100 | 105,427,403 | ||||||
Marubeni Corp. | 4,588,800 | 58,580,885 | ||||||
Mitsubishi Corp. | 3,718,300 | 126,314,579 | ||||||
Mitsui & Co. Ltd. | 4,253,000 | 119,364,126 | ||||||
MonotaRO Co. Ltd. | 745,000 | 10,133,010 | ||||||
Sumitomo Corp. | 3,341,800 | 56,953,536 | ||||||
Toyota Tsusho Corp. | 629,500 | 25,673,214 | ||||||
|
| |||||||
502,446,753 | ||||||||
Wireless Telecommunication Services — 4.0% | ||||||||
KDDI Corp. | 4,783,200 | 139,946,213 | ||||||
SoftBank Corp. | 8,521,400 | 96,129,592 | ||||||
SoftBank Group Corp. | 3,578,900 | 144,735,244 | ||||||
|
| |||||||
380,811,049 | ||||||||
|
| |||||||
Total Long-Term Investments — 99.7% |
| 9,463,794,724 | ||||||
|
|
18 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Japan ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Short-Term Securities | ||||||||
Money Market Funds — 0.0% | ||||||||
BlackRock Cash Funds: Treasury, | 4,680,000 | $ | 4,680,000 | |||||
|
| |||||||
Total Short-Term Securities — 0.0% |
| 4,680,000 | ||||||
|
| |||||||
Total Investments — 99.7% |
| 9,468,474,724 | ||||||
Other Assets Less Liabilities — 0.3% |
| 26,324,262 | ||||||
|
| |||||||
Net Assets — 100.0% |
| $ | 9,494,798,986 | |||||
|
|
(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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 08/31/22 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/23 | Shares Held at 02/28/23 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares(a) | $ | 1,575,176 | $ | — | $ | (1,573,339 | )(b) | $ | (1,319 | ) | $ | (518 | ) | $ | — | — | $ | 15,075 | (c) | $ | — | |||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 1,910,000 | 2,770,000 | (b) | — | — | — | 4,680,000 | 4,680,000 | 78,548 | 3 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | (1,319 | ) | $ | (518 | ) | $ | 4,680,000 | $ | 93,623 | $ | 3 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 | 201 | 03/09/23 | $ | 29,408 | $ | 1,041,376 | ||||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
Assets — Derivative Financial Instruments | ||||||||||||||||||||||||||||
Futures contracts | ||||||||||||||||||||||||||||
Unrealized appreciation on futures contracts(a) | $ | — | $ | — | $ | 1,041,376 | $ | — | $ | — | $ | — | $ | 1,041,376 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 | 19 |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Japan ETF |
For the period ended February 28, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
Net Realized Gain (Loss) from | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | 4,733,134 | $ | — | $ | — | $ | — | $ | 4,733,134 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | 629,863 | $ | — | $ | — | $ | — | $ | 629,863 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts | ||||
Average notional value of contracts — long | $ | 64,132,232 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Common Stocks | $ | — | $ | 9,463,794,724 | $ | — | $ | 9,463,794,724 | ||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 4,680,000 | — | — | 4,680,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 4,680,000 | $ | 9,463,794,724 | $ | — | $ | 9,468,474,724 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Financial Instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Equity Contracts | $ | — | $ | 1,041,376 | $ | — | $ | 1,041,376 | ||||||||
|
|
|
|
|
|
|
|
(a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
20 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) February 28, 2023 | iShares® MSCI Mexico ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
| |||||||
Airlines — 0.7% | ||||||||
Controladora Vuela Cia. de Aviacion SAB de CV, Class A(a)(b) | 6,583,105 | $ | 7,811,287 | |||||
|
| |||||||
Auto Components — 0.4% | ||||||||
Nemak SAB de CV(a)(c) | 19,090,989 | 4,841,483 | ||||||
|
| |||||||
Banks — 16.2% | ||||||||
Banco del Bajio SA(c) | 5,370,760 | 20,553,691 | ||||||
Grupo Financiero Banorte SAB de CV, Class O | 15,288,761 | 129,051,799 | ||||||
Grupo Financiero Inbursa SAB de CV, Class O(a)(b) | 14,368,366 | 29,818,100 | ||||||
Regional SAB de CV | 1,770,000 | 14,717,028 | ||||||
|
| |||||||
194,140,618 | ||||||||
Beverages — 12.1% | ||||||||
Arca Continental SAB de CV | 2,972,029 | 25,083,525 | ||||||
Coca-Cola Femsa SAB de CV | 2,144,878 | 15,514,069 | ||||||
Fomento Economico Mexicano SAB de CV | 11,293,810 | 104,231,561 | ||||||
|
| |||||||
144,829,155 | ||||||||
Building Products — 0.3% | ||||||||
Grupo Rotoplas SAB de CV(b) | 2,400,471 | 3,916,271 | ||||||
|
| |||||||
Capital Markets — 0.6% | ||||||||
Bolsa Mexicana de Valores SAB de CV | 3,702,387 | 7,199,788 | ||||||
|
| |||||||
Chemicals — 1.2% | ||||||||
Orbia Advance Corp. SAB de CV | 7,032,742 | 14,687,021 | ||||||
|
| |||||||
Construction Materials — 4.9% | ||||||||
Cemex SAB de CV, NVS(a)(b) | 97,518,029 | 48,821,641 | ||||||
GCC SAB de CV | 1,304,600 | 10,257,686 | ||||||
|
| |||||||
59,079,327 | ||||||||
Consumer Finance — 0.8% | ||||||||
Gentera SAB de CV | 8,783,377 | 9,485,942 | ||||||
|
| |||||||
Diversified Telecommunication Services — 1.1% | ||||||||
Operadora De Sites Mexicanos SAB de CV(b) | 9,702,646 | 9,911,319 | ||||||
Sitios Latinoamerica SAB de CV(a)(b) | 8,222,523 | 3,312,109 | ||||||
|
| |||||||
13,223,428 | ||||||||
Equity Real Estate Investment Trusts (REITs) — 5.9% | ||||||||
Concentradora Fibra Danhos SA de CV(b) | 3,559,654 | 4,659,564 | ||||||
FIBRA Macquarie Mexico(c) | 5,963,100 | 10,240,243 | ||||||
Fibra Uno Administracion SA de CV | 20,650,800 | 29,413,267 | ||||||
PLA Administradora Industrial S. de RL de CV(b) | 5,920,904 | 10,915,317 | ||||||
Prologis Property Mexico SA de CV | 4,057,338 | 14,879,752 | ||||||
|
| |||||||
70,108,143 | ||||||||
Food & Staples Retailing — 11.5% | ||||||||
Grupo Comercial Chedraui SA de CV | 1,644,000 | 8,422,844 | ||||||
La Comer SAB de CV(b) | 3,953,171 | 8,661,909 | ||||||
Wal-Mart de Mexico SAB de CV(b) | 30,601,733 | 120,440,018 | ||||||
|
| |||||||
137,524,771 | ||||||||
Food Products — 5.5% | ||||||||
Gruma SAB de CV, Class B | 1,422,615 | 20,854,238 | ||||||
Grupo Bimbo SAB de CV, Series A(b) | 8,700,904 | 41,301,534 | ||||||
Grupo Herdez SAB de CV | 1,840,124 | 4,305,507 | ||||||
|
| |||||||
66,461,279 | ||||||||
Hotels, Restaurants & Leisure — 0.8% | ||||||||
Alsea SAB de CV(a) | 4,200,766 | 9,284,780 | ||||||
|
| |||||||
Household Products — 1.8% | ||||||||
Kimberly-Clark de Mexico SAB de CV, Class A | 10,540,354 | 21,148,110 | ||||||
|
|
Security | Shares | Value | ||||||
Industrial Conglomerates — 2.4% | ||||||||
Alfa SAB de CV, Class A | 20,754,300 | $ | 13,543,921 | |||||
Grupo Carso SAB de CV, Series A1 | 3,242,220 | 15,491,207 | ||||||
|
| |||||||
29,035,128 | ||||||||
Insurance — 0.8% | ||||||||
Qualitas Controladora SAB de CV | 1,588,620 | 9,905,160 | ||||||
|
| |||||||
Media — 1.3% | ||||||||
Grupo Televisa SAB, CPO | 15,985,547 | 15,997,342 | ||||||
|
| |||||||
Metals & Mining — 5.5% | ||||||||
Grupo Mexico SAB de CV, Series B | 12,041,086 | 54,024,144 | ||||||
Industrias Penoles SAB de CV(a)(b) | 1,001,408 | 11,981,429 | ||||||
|
| |||||||
66,005,573 | ||||||||
Pharmaceuticals — 0.5% | ||||||||
Genomma Lab Internacional SAB de CV, Class B | 7,085,813 | 5,720,081 | ||||||
|
| |||||||
Real Estate Management & Development — 1.1% | ||||||||
Corp Inmobiliaria Vesta SAB de CV | 4,645,149 | 13,483,664 | ||||||
|
| |||||||
Road & Rail — 0.4% | ||||||||
Grupo Traxion SAB de CV(a)(b)(c) | 2,700,000 | 5,012,926 | ||||||
|
| |||||||
Transportation Infrastructure — 9.7% | ||||||||
Grupo Aeroportuario del Centro Norte SAB de CV | 2,024,805 | 19,347,780 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B | 2,343,949 | 44,578,140 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B | 1,285,655 | 36,877,952 | ||||||
Promotora y Operadora de Infraestructura SAB de CV(b) | 1,643,985 | 16,034,166 | ||||||
|
| |||||||
116,838,038 | ||||||||
Wireless Telecommunication Services — 14.2% | ||||||||
America Movil SAB de CV, Series L, NVS | 164,377,218 | 170,517,837 | ||||||
|
| |||||||
Total Long-Term Investments — 99.7% |
| 1,196,257,152 | ||||||
|
| |||||||
Short-Term Securities | ||||||||
Money Market Funds — 1.5% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%(d)(e)(f) | 17,820,359 | 17,831,051 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(d)(e) | 390,000 | 390,000 | ||||||
|
| |||||||
Total Short-Term Securities — 1.5% |
| 18,221,051 | ||||||
Total Investments — 101.2% |
| 1,214,478,203 | ||||||
Liabilities in Excess of Other Assets — (1.2)% |
| (14,397,206 | ) | |||||
|
| |||||||
Net Assets — 100.0% |
| $ | 1,200,080,997 | |||||
|
|
(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. |
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, 2023 | iShares® MSCI Mexico ETF |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 08/31/22 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/23 | Shares Held at 02/28/23 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 18,525,691 | $ | — | $ | (699,304 | )(a) | $ | 2,198 | $ | 2,466 | $ | 17,831,051 | 17,820,359 | $ | 79,305 | (b) | $ | — | |||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 250,000 | 140,000 | (a) | — | — | — | 390,000 | 390,000 | 17,892 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | 2,198 | $ | 2,466 | $ | 18,221,051 | $ | 97,197 | $ | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 | 94 | 03/17/23 | $ | 2,718 | $ | 109,484 | ||||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
Assets — Derivative Financial Instruments | ||||||||||||||||||||||||||||
Futures contracts | ||||||||||||||||||||||||||||
Unrealized appreciation on futures contracts(a) | $ | — | $ | — | $ | 109,484 | $ | — | $ | — | $ | — | $ | 109,484 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
Net Realized Gain (Loss) from | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | (348,367 | ) | $ | — | $ | — | $ | — | $ | (348,367 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | 461,257 | $ | — | $ | — | $ | — | $ | 461,257 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts | ||||
Average notional value of contracts — long | $ | 4,129,458 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
22 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Mexico 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 | |||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Common Stocks | $ | 1,196,257,152 | $ | — | $ | — | $ | 1,196,257,152 | ||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 18,221,051 | — | — | 18,221,051 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 1,214,478,203 | $ | — | $ | — | $ | 1,214,478,203 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Financial Instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Equity Contracts | $ | 109,484 | $ | — | $ | — | $ | 109,484 | ||||||||
|
|
|
|
|
|
|
|
(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, 2023 | iShares® MSCI South Korea ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Aerospace & Defense — 0.5% | ||||||||
Korea Aerospace Industries Ltd.(a) | 539,559 | $ | 18,371,707 | |||||
|
| |||||||
Air Freight & Logistics — 0.4% | ||||||||
Hyundai Glovis Co. Ltd. | 140,328 | 16,805,974 | ||||||
|
| |||||||
Airlines — 0.6% | ||||||||
Korean Air Lines Co. Ltd. | 1,243,765 | 21,371,221 | ||||||
|
| |||||||
Auto Components — 2.2% | ||||||||
Hankook Tire & Technology Co. Ltd. | 597,799 | 16,815,819 | ||||||
Hanon Systems | 1,511,198 | 10,302,656 | ||||||
Hyundai Mobis Co. Ltd. | 353,521 | 56,783,895 | ||||||
|
| |||||||
83,902,370 | ||||||||
Automobiles — 4.8% | ||||||||
Hyundai Motor Co. | 747,317 | 99,462,619 | ||||||
Kia Corp. | 1,446,711 | 82,216,757 | ||||||
|
| |||||||
181,679,376 | ||||||||
Banks — 7.4% | ||||||||
Hana Financial Group Inc. | 1,736,212 | 59,547,299 | ||||||
Industrial Bank of Korea | 1,940,135 | 15,213,779 | ||||||
KakaoBank Corp.(a) | 721,341 | 14,509,596 | ||||||
KB Financial Group Inc. | 2,155,211 | 83,469,312 | ||||||
Shinhan Financial Group Co. Ltd. | 2,586,750 | 75,959,970 | ||||||
Woori Financial Group Inc. | 3,436,042 | 31,676,794 | ||||||
|
| |||||||
280,376,750 | ||||||||
Biotechnology — 1.8% | ||||||||
Celltrion Inc. | 563,907 | 61,842,645 | ||||||
SK Bioscience Co. Ltd.(a)(b) | 118,125 | 6,215,083 | ||||||
|
| |||||||
68,057,728 | ||||||||
Capital Markets — 1.8% | ||||||||
Korea Investment Holdings Co. Ltd.(a) | 304,442 | 14,252,217 | ||||||
Meritz Securities Co. Ltd. | 3,063,502 | 16,256,536 | ||||||
Mirae Asset Securities Co. Ltd.(b) | 2,854,464 | 15,412,662 | ||||||
NH Investment & Securities Co. Ltd.(a) | 1,345,849 | 9,660,342 | ||||||
Samsung Securities Co. Ltd. | 493,384 | 12,486,412 | ||||||
|
| |||||||
68,068,169 | ||||||||
Chemicals — 5.5% | ||||||||
Hanwha Solutions Corp.(a)(c) | 784,324 | 24,655,235 | ||||||
Kumho Petrochemical Co. Ltd.(a) | 165,733 | 19,706,563 | ||||||
LG Chem Ltd. | 254,396 | 130,592,297 | ||||||
Lotte Chemical Corp. | 142,120 | 19,134,178 | ||||||
SK IE Technology Co. Ltd.(a)(b)(d) | 128,194 | 6,319,921 | ||||||
SKC Co. Ltd. | 106,392 | 7,869,188 | ||||||
|
| |||||||
208,277,382 | ||||||||
Commercial Services & Supplies — 0.2% | ||||||||
S-1 Corp. | 156,484 | 6,671,540 | ||||||
|
| |||||||
Construction & Engineering — 1.0% | ||||||||
Hyundai Engineering & Construction Co. Ltd. | 561,822 | 15,439,285 | ||||||
Samsung Engineering Co. Ltd.(a) | 1,192,996 | 23,653,801 | ||||||
|
| |||||||
39,093,086 | ||||||||
Construction Materials — 0.8% | ||||||||
POSCO Chemical Co. Ltd.(b) | 185,089 | 30,881,580 | ||||||
|
| |||||||
Diversified Financial Services — 0.3% | ||||||||
Meritz Financial Group Inc. | 351,621 | 11,953,621 | ||||||
|
| |||||||
Diversified Telecommunication Services — 0.3% | ||||||||
LG Uplus Corp. | 1,530,381 | 12,801,593 | ||||||
|
|
Security | Shares | Value | ||||||
Electric Utilities — 0.6% | ||||||||
Korea Electric Power Corp.(a) | 1,581,006 | $ | 21,502,924 | |||||
|
| |||||||
Electrical Equipment — 3.3% | ||||||||
Doosan Enerbility Co. Ltd.(a) | 2,082,518 | 25,561,886 | ||||||
Ecopro BM Co. Ltd. | 246,076 | 30,902,634 | ||||||
LG Energy Solution(a)(b) | 175,310 | 69,249,646 | ||||||
|
| |||||||
125,714,166 | ||||||||
Electronic Equipment, Instruments & Components — 6.8% | ||||||||
Iljin Materials Co. Ltd.(a) | 119,030 | 5,714,823 | ||||||
L&F Co. Ltd. | 117,640 | 23,277,129 | ||||||
LG Display Co. Ltd.(a)(b) | 1,600,814 | 18,503,453 | ||||||
LG Innotek Co. Ltd. | 100,311 | 20,960,488 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 346,639 | 37,688,676 | ||||||
Samsung SDI Co. Ltd. | 290,235 | 152,482,500 | ||||||
|
| |||||||
258,627,069 | ||||||||
Entertainment — 2.4% | ||||||||
HYBE Co. Ltd.(a)(b) | 94,050 | 13,141,301 | ||||||
Kakao Games Corp.(a) | 181,961 | 6,735,995 | ||||||
Krafton Inc.(a)(b) | 148,130 | 18,972,255 | ||||||
NCSoft Corp. | 104,085 | 34,151,634 | ||||||
Netmarble Corp.(a)(b)(d) | 197,603 | 9,210,566 | ||||||
Pearl Abyss Corp.(a)(b) | 276,457 | 9,347,958 | ||||||
|
| |||||||
91,559,709 | ||||||||
Food & Staples Retailing — 0.6% | ||||||||
BGF retail Co. Ltd. | 75,612 | 10,341,747 | ||||||
E-MART Inc. | 163,275 | 13,811,416 | ||||||
|
| |||||||
24,153,163 | ||||||||
Food Products — 0.9% | ||||||||
CJ CheilJedang Corp.(b) | 64,970 | 15,765,430 | ||||||
Orion Corp./Republic of Korea | 179,265 | 16,944,878 | ||||||
|
| |||||||
32,710,308 | ||||||||
Health Care Equipment & Supplies — 0.6% | ||||||||
HLB Inc.(a)(b) | 785,902 | 19,155,755 | ||||||
SD Biosensor Inc. | 188,840 | 3,279,043 | ||||||
|
| |||||||
22,434,798 | ||||||||
Health Care Providers & Services — 0.5% | ||||||||
Celltrion Healthcare Co. Ltd.(b) | 455,218 | 18,722,519 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure — 0.3% | ||||||||
Kangwon Land Inc.(a) | 843,084 | 12,860,992 | ||||||
|
| |||||||
Household Durables — 1.7% | ||||||||
Coway Co. Ltd. | 350,051 | 14,123,096 | ||||||
LG Electronics Inc. | 629,547 | 52,803,737 | ||||||
|
| |||||||
66,926,833 | ||||||||
Industrial Conglomerates — 3.3% | ||||||||
CJ Corp. | 138,305 | 9,079,874 | ||||||
GS Holdings Corp. | 396,400 | 12,183,461 | ||||||
LG Corp. | 527,405 | 32,814,146 | ||||||
Samsung C&T Corp. | 502,757 | 41,821,010 | ||||||
SK Inc. | 227,861 | 30,731,650 | ||||||
|
| |||||||
126,630,141 | ||||||||
Insurance — 2.0% | ||||||||
DB Insurance Co. Ltd. | 383,487 | 22,316,627 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 190,784 | 30,942,523 | ||||||
Samsung Life Insurance Co. Ltd. | 456,143 | 23,490,598 | ||||||
|
| |||||||
76,749,748 | ||||||||
Interactive Media & Services — 4.7% | ||||||||
Kakao Corp. | 1,559,352 | 73,402,221 |
24 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI South Korea ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Interactive Media & Services (continued) | ||||||||
NAVER Corp. | 665,124 | $ | 104,558,815 | |||||
|
| |||||||
177,961,036 | ||||||||
IT Services — 0.6% | ||||||||
Kakao Pay Corp.(a) | 71,221 | 3,374,688 | ||||||
Samsung SDS Co. Ltd. | 213,216 | 20,164,946 | ||||||
|
| |||||||
23,539,634 | ||||||||
Life Sciences Tools & Services — 1.5% | ||||||||
Samsung Biologics Co. Ltd.(a)(b)(d) | 100,524 | 58,729,986 | ||||||
|
| |||||||
Machinery — 1.6% | ||||||||
Doosan Bobcat Inc.(b) | 457,255 | 13,090,413 | ||||||
Hyundai Heavy Industries Co. Ltd.(a) | 90,773 | 7,285,154 | ||||||
Hyundai Mipo Dockyard Co. Ltd.(a) | 122,679 | 6,502,775 | ||||||
Korea Shipbuilding & Offshore Engineering Co. Ltd.(a) | 255,946 | 15,710,275 | ||||||
Samsung Heavy Industries Co. Ltd.(a) | 4,260,369 | 17,690,797 | ||||||
|
| |||||||
60,279,414 | ||||||||
Marine — 1.0% | ||||||||
HMM Co. Ltd.(a)(b) | 1,351,313 | 22,990,005 | ||||||
Pan Ocean Co. Ltd. | 2,874,071 | 13,731,894 | ||||||
|
| |||||||
36,721,899 | ||||||||
Media — 0.2% | ||||||||
Cheil Worldwide Inc. | 629,639 | 9,519,656 | ||||||
|
| |||||||
Metals & Mining — 3.6% | ||||||||
Hyundai Steel Co. | 624,202 | 16,508,774 | ||||||
Korea Zinc Co. Ltd. | 61,177 | 27,012,401 | ||||||
POSCO Holdings Inc. | 395,028 | 95,210,918 | ||||||
|
| |||||||
138,732,093 | ||||||||
Multiline Retail — 0.2% | ||||||||
Lotte Shopping Co. Ltd. | 110,731 | 7,277,874 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 1.9% | ||||||||
HD Hyundai Co. Ltd. | 356,529 | 16,012,227 | ||||||
SK Innovation Co. Ltd.(a) | 326,181 | 36,892,818 | ||||||
S-Oil Corp. | 312,342 | 18,938,320 | ||||||
|
| |||||||
71,843,365 | ||||||||
Personal Products — 1.3% | ||||||||
Amorepacific Corp.(b) | 201,446 | 21,057,950 | ||||||
LG H&H Co. Ltd.(b) | 54,673 | 27,588,360 | ||||||
|
| |||||||
48,646,310 | ||||||||
Pharmaceuticals — 1.1% | ||||||||
Celltrion Pharm Inc.(a)(b) | 101,611 | 4,394,723 | ||||||
Hanmi Pharm Co. Ltd.(a) | 57,948 | 11,339,634 | ||||||
SK Biopharmaceuticals Co. Ltd.(a) | 159,447 | 8,034,023 | ||||||
Yuhan Corp. | 439,586 | 17,507,226 | ||||||
|
| |||||||
41,275,606 | ||||||||
Semiconductors & Semiconductor Equipment — 5.4% | ||||||||
SK Hynix Inc. | 2,831,483 | 191,365,151 | ||||||
SK Square Co. Ltd.(a) | 500,241 | 14,484,368 | ||||||
|
| |||||||
205,849,519 | ||||||||
Specialty Retail — 0.4% | ||||||||
Hotel Shilla Co. Ltd. | 228,864 | 13,858,433 | ||||||
|
|
Security | Shares | Value | ||||||
Technology Hardware, Storage & Peripherals — 21.5% | ||||||||
Samsung Electronics Co. Ltd. | 17,879,396 | $ | 818,069,781 | |||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 0.2% | ||||||||
F&F Co. Ltd./New(b) | 87,579 | 9,177,685 | ||||||
|
| |||||||
Tobacco — 1.2% | ||||||||
KT&G Corp. | 669,861 | 44,950,345 | ||||||
|
| |||||||
Total Common Stocks — 97.0% |
| 3,693,337,103 | ||||||
|
| |||||||
Preferred Stocks | ||||||||
Automobiles — 0.8% | ||||||||
Hyundai Motor Co. | ||||||||
Preference Shares, NVS | 199,467 | 13,887,492 | ||||||
Series 2, Preference Shares, NVS | 261,734 | 18,594,897 | ||||||
|
| |||||||
32,482,389 | ||||||||
Chemicals — 0.4% | ||||||||
LG Chem Ltd., Preference Shares, NVS | 69,008 | 15,307,851 | ||||||
|
| |||||||
Technology Hardware, Storage & Peripherals — 0.1% | ||||||||
Samsung Electronics Co. Ltd., Preference Shares, NVS | 95,556 | 3,853,203 | ||||||
|
| |||||||
Total Preferred Stocks — 1.3% | 51,643,443 | |||||||
|
| |||||||
Total Long-Term Investments — 98.3% | 3,744,980,546 | |||||||
|
| |||||||
Short-Term Securities | ||||||||
Money Market Funds — 4.8% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%(e)(f)(g) | 176,961,339 | 177,067,516 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(e)(f) | 4,000,000 | 4,000,000 | ||||||
|
| |||||||
Total Short-Term Securities — 4.8% |
| 181,067,516 | ||||||
|
| |||||||
Total Investments — 103.1% |
| 3,926,048,062 | ||||||
Liabilities in Excess of Other Assets — (3.1)% |
| (118,231,918 | ) | |||||
|
| |||||||
Net Assets — 100.0% |
| $ | 3,807,816,144 | |||||
|
|
(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) | 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, 2023 | iShares® MSCI South Korea ETF |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 08/31/22 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/23 | Shares Held at 02/28/23 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 132,934,661 | $ | 44,094,689 | (a) | $ | — | $ | 40,927 | $ | (2,761 | ) | $ | 177,067,516 | 176,961,339 | $ | 1,149,499 | (b) | $ | — | ||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 1,750,000 | 2,250,000 | (a) | — | — | — | 4,000,000 | 4,000,000 | 54,727 | 1 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | 40,927 | $ | (2,761 | ) | $ | 181,067,516 | $ | 1,204,226 | $ | 1 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 | ||||||||||||||||
KOSPI 200 Index | 1,058 | 03/09/23 | $ | 63,082 | $ | 2,474,109 | ||||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
Assets — Derivative Financial Instruments |
| |||||||||||||||||||||||||||
Futures contracts | ||||||||||||||||||||||||||||
Unrealized appreciation on futures contracts(a) | $ | — | $ | — | $ | 2,474,109 | $ | — | $ | — | $ | — | $ | 2,474,109 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
Net Realized Gain (Loss) from | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | 361,326 | $ | — | $ | — | $ | — | $ | 361,326 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | 2,305,857 | $ | — | $ | — | $ | — | $ | 2,305,857 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts | ||||
Average notional value of contracts — long | $ | 46,285,670 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
26 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI South Korea 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 | |||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Common Stocks | $ | 3,374,688 | $ | 3,665,307,180 | $ | 24,655,235 | $ | 3,693,337,103 | ||||||||
Preferred Stocks | — | 51,643,443 | — | 51,643,443 | ||||||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 181,067,516 | — | — | 181,067,516 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 184,442,204 | $ | 3,716,950,623 | $ | 24,655,235 | $ | 3,926,048,062 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Financial Instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Equity Contracts | $ | — | $ | 2,474,109 | $ | — | $ | 2,474,109 | ||||||||
|
|
|
|
|
|
|
|
(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, 2023
iShares MSCI Australia ETF | iShares MSCI Canada ETF | iShares MSCI Japan ETF | iShares MSCI Mexico ETF | |||||||||||||
ASSETS | ||||||||||||||||
Investments, at value — unaffiliated(a)(b) | $ | 2,197,568,895 | $ | 3,772,472,238 | $ | 9,463,794,724 | $ | 1,196,257,152 | ||||||||
Investments, at value — affiliated(c) | 1,110,000 | 1,408,604 | 4,680,000 | 18,221,051 | ||||||||||||
Cash | 9,175 | 3,869 | 5,703 | 204 | ||||||||||||
Foreign currency collateral pledged for futures contracts(d) | 1,056,453 | 993,771 | 1,207,734 | 391,168 | ||||||||||||
Foreign currency, at value(e) | 2,114,223 | 9,097,421 | 13,211,174 | 4,509,228 | ||||||||||||
Receivables: | ||||||||||||||||
Investments sold | 674,997 | 12,985,591 | 32,749,306 | 9,424,636 | ||||||||||||
Securities lending income — affiliated | — | 131 | — | 23,690 | ||||||||||||
Capital shares sold | 655,017 | — | — | — | ||||||||||||
Dividends — unaffiliated | 12,016,888 | 8,667,301 | 16,896,122 | 1,150,762 | ||||||||||||
Dividends — affiliated | 3,541 | 5,334 | 13,528 | 1,107 | ||||||||||||
Tax reclaims | — | — | 34,192 | — | ||||||||||||
Variation margin on futures contracts | 19,992 | — | 31,046 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total assets | 2,215,229,181 | 3,805,634,260 | 9,532,623,529 | 1,229,978,998 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES | ||||||||||||||||
Collateral on securities loaned, at value | — | 38,864 | — | 17,822,889 | ||||||||||||
Payables: | ||||||||||||||||
Investments purchased | 1,792,384 | 14,618,297 | 34,082,028 | 11,598,792 | ||||||||||||
Capital shares redeemed | — | 169,580 | — | — | ||||||||||||
Investment advisory fees | 831,528 | 1,514,460 | 3,742,515 | 462,269 | ||||||||||||
Variation margin on futures contracts | — | 46,307 | — | 14,051 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total liabilities | 2,623,912 | 16,387,508 | 37,824,543 | 29,898,001 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 2,212,605,269 | $ | 3,789,246,752 | $ | 9,494,798,986 | $ | 1,200,080,997 | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS CONSIST OF | ||||||||||||||||
Paid-in capital | $ | 2,903,368,141 | $ | 5,196,979,603 | $ | 13,232,454,152 | $ | 1,735,576,035 | ||||||||
Accumulated loss | (690,762,872 | ) | (1,407,732,851 | ) | (3,737,655,166 | ) | (535,495,038 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 2,212,605,269 | $ | 3,789,246,752 | $ | 9,494,798,986 | $ | 1,200,080,997 | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSET VALUE | ||||||||||||||||
Shares outstanding | 96,600,000 | 111,300,000 | 169,800,000 | 20,800,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value | $ | 22.90 | $ | 34.05 | $ | 55.92 | $ | 57.70 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares authorized | 627.8 million | 340.2 million | 2.5246 billion | 255 million | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Par value | $ | 0.001 | $ | 0.001 | $ | 0.001 | $ | 0.001 | ||||||||
|
|
|
|
|
|
|
| |||||||||
(a) Investments, at cost — unaffiliated | $ | 2,480,340,996 | $ | 4,248,083,672 | $ | 11,507,686,275 | $ | 1,296,756,212 | ||||||||
(b) Securities loaned, at value | $ | — | $ | 36,996 | $ | — | $ | 16,584,487 | ||||||||
(c) Investments, at cost — affiliated | $ | 1,110,000 | $ | 1,408,576 | $ | 4,680,000 | $ | 18,209,612 | ||||||||
(d) Foreign currency collateral pledged, at cost | $ | 1,080,888 | $ | 1,021,590 | $ | 1,223,114 | $ | 383,554 | ||||||||
(e) Foreign currency, at cost | $ | 2,149,103 | $ | 9,222,651 | $ | 13,408,915 | $ | 4,327,975 |
See notes to financial statements.
28 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Assets and Liabilities (unaudited) (continued)
February 28, 2023
iShares MSCI South Korea ETF | ||||
ASSETS | ||||
Investments, at value — unaffiliated(a)(b) | $ | 3,744,980,546 | ||
Investments, at value — affiliated(c) | 181,067,516 | |||
Cash | 469 | |||
Foreign currency, at value(d) | 7,606,795 | |||
Receivables: | ||||
Investments sold | 13,812,167 | |||
Securities lending income — affiliated | 283,147 | |||
Dividends — unaffiliated | 43,914,964 | |||
Dividends — affiliated | 16,333 | |||
Variation margin on futures contracts | 8,694,290 | |||
|
| |||
Total assets | 4,000,376,227 | |||
|
| |||
LIABILITIES | ||||
Collateral on securities loaned, at value | 177,164,261 | |||
Payables: | ||||
Investments purchased | 13,570,336 | |||
Foreign taxes | 28,377 | |||
Investment advisory fees | 1,797,109 | |||
|
| |||
Total liabilities | 192,560,083 | |||
|
| |||
NET ASSETS | $ | 3,807,816,144 | ||
|
| |||
NET ASSETS CONSIST OF | ||||
Paid-in capital | $ | 2,739,050,678 | ||
Accumulated earnings | 1,068,765,466 | |||
|
| |||
NET ASSETS | $ | 3,807,816,144 | ||
|
| |||
NET ASSET VALUE | ||||
Shares outstanding | 64,950,000 | |||
|
| |||
Net asset value | $ | 58.63 | ||
|
| |||
Shares authorized | 300 million | |||
|
| |||
Par value | $ | 0.001 | ||
|
| |||
(a) Investments, at cost — unaffiliated | $ | 2,199,636,016 | ||
(b) Securities loaned, at value | $ | 168,446,588 | ||
(c) Investments, at cost — affiliated | $ | 181,025,005 | ||
(d) Foreign currency, at cost | $ | 8,670,087 |
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 Operations (unaudited)
Six Months Ended February 28, 2023
iShares MSCI Australia ETF | iShares MSCI Canada ETF | iShares MSCI Japan ETF | iShares MSCI Mexico ETF | |||||||||||||
INVESTMENT INCOME | ||||||||||||||||
Dividends — unaffiliated | $ | 44,415,445 | $ | 61,552,657 | $ | 109,115,836 | $ | 15,457,476 | ||||||||
Dividends — affiliated | 27,590 | 52,805 | 78,548 | 17,892 | ||||||||||||
Securities lending income — affiliated — net | — | 28,150 | 15,075 | 79,305 | ||||||||||||
Foreign taxes withheld | (474,865 | ) | (9,238,778 | ) | (10,913,089 | ) | (1,826,239 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total investment income | 43,968,170 | 52,394,834 | 98,296,370 | 13,728,434 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
EXPENSES | ||||||||||||||||
Investment advisory | 4,264,939 | 9,427,702 | 23,095,728 | 2,402,213 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 4,264,939 | 9,427,702 | 23,095,728 | 2,402,213 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income | 39,703,231 | 42,967,132 | 75,200,642 | 11,326,221 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments — unaffiliated | (15,217,762 | ) | (101,870,860 | ) | (31,116,458 | ) | (6,783,967 | ) | ||||||||
Investments — affiliated | — | (3,823 | ) | (1,319 | ) | 2,198 | ||||||||||
Capital gain distributions from underlying funds — affiliated | 1 | 2 | 3 | — | ||||||||||||
Foreign currency transactions | (1,689,496 | ) | (427,065 | ) | 4,578,934 | 103,953 | ||||||||||
Futures contracts | (1,558,594 | ) | 140,436 | 4,733,134 | (348,367 | ) | ||||||||||
In-kind redemptions — unaffiliated(a) | 3,226,535 | 66,246,412 | 46,953,057 | 39,241,221 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
(15,239,316 | ) | (35,914,898 | ) | 25,147,351 | 32,215,038 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments — unaffiliated | 41,099,406 | 76,645,155 | 245,632,923 | 217,542,929 | ||||||||||||
Investments — affiliated | — | (5,604 | ) | (518 | ) | 2,466 | ||||||||||
Foreign currency translations | (25,498 | ) | 58,081 | 50,540 | 230,099 | |||||||||||
Futures contracts | (78,588 | ) | 378,335 | 629,863 | 461,257 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
40,995,320 | 77,075,967 | 246,312,808 | 218,236,751 | |||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain | 25,756,004 | 41,161,069 | 271,460,159 | 250,451,789 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 65,459,235 | $ | 84,128,201 | $ | 346,660,801 | $ | 261,778,010 | ||||||||
|
|
|
|
|
|
|
|
(a) | See Note 2 of the Notes to Financial Statements. |
See notes to financial statements.
30 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Operations (unaudited) (continued)
Six Months Ended February 28, 2023
iShares MSCI South Korea ETF | ||||
INVESTMENT INCOME | ||||
Dividends — unaffiliated | $ | 61,202,933 | ||
Dividends — affiliated | 54,727 | |||
Interest — unaffiliated | 7,549 | |||
Securities lending income — affiliated — net | 1,149,499 | |||
Foreign taxes withheld | (10,091,684 | ) | ||
Other foreign taxes | (201 | ) | ||
|
| |||
Total investment income | 52,322,823 | |||
|
| |||
EXPENSES | ||||
Investment advisory | 9,316,913 | |||
Commitment costs | 18,447 | |||
|
| |||
Total expenses | 9,335,360 | |||
|
| |||
Net investment income | 42,987,463 | |||
|
| |||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||
Net realized gain (loss) from: | ||||
Investments — unaffiliated | 925,573 | |||
Investments — affiliated | 40,927 | |||
Capital gain distributions from underlying funds — affiliated | 1 | |||
Foreign currency transactions | 762,116 | |||
Futures contracts | 361,326 | |||
|
| |||
2,089,943 | ||||
|
| |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments — unaffiliated | (39,248,150 | ) | ||
Investments — affiliated | (2,761 | ) | ||
Foreign currency translations | (2,424,710 | ) | ||
Futures contracts | 2,305,857 | |||
|
| |||
(39,369,764 | ) | |||
|
| |||
Net realized and unrealized loss | (37,279,821 | ) | ||
|
| |||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 5,707,642 | ||
|
|
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 Changes in Net Assets
iShares MSCI Australia ETF | iShares MSCI Canada ETF | |||||||||||||||||||
|
|
|
| |||||||||||||||||
Six Months Ended 02/28/23 (unaudited) | Year Ended 08/31/22 | Six Months Ended 02/28/23 (unaudited) | Year Ended 08/31/22 | |||||||||||||||||
| ||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Net investment income | $ | 39,703,231 | $ | 61,496,735 | $ | 42,967,132 | $ | 85,010,809 | ||||||||||||
Net realized gain (loss) | (15,239,316 | ) | 8,916,274 | (35,914,898 | ) | 326,061,141 | ||||||||||||||
Net change in unrealized appreciation (depreciation) | 40,995,320 | (255,643,037 | ) | 77,075,967 | (822,916,803 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | 65,459,235 | (185,230,028 | ) | 84,128,201 | (411,844,853 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (31,143,295 | ) | (106,984,698 | ) | (56,324,983 | )(b) | (82,366,108 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | 562,879,620 | 401,744,493 | 99,218,956 | (699,962 | ) | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
NET ASSETS | ||||||||||||||||||||
Total increase (decrease) in net assets | 597,195,560 | 109,529,767 | 127,022,174 | (494,910,923 | ) | |||||||||||||||
Beginning of period | 1,615,409,709 | 1,505,879,942 | 3,662,224,578 | 4,157,135,501 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 2,212,605,269 | $ | 1,615,409,709 | $ | 3,789,246,752 | $ | 3,662,224,578 | ||||||||||||
|
|
|
|
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(b) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
See notes to financial statements.
32 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Changes in Net Assets (continued)
iShares MSCI Japan ETF | iShares MSCI Mexico ETF | |||||||||||||||||||
|
|
|
| |||||||||||||||||
Six Months Ended 02/28/23 (unaudited) | Year Ended 08/31/22 | Six Months Ended 02/28/23 (unaudited) | Year Ended 08/31/22 | |||||||||||||||||
| ||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Net investment income | $ | 75,200,642 | $ | 182,980,235 | $ | 11,326,221 | $ | 26,721,621 | ||||||||||||
Net realized gain | 25,147,351 | 76,051,487 | 32,215,038 | 21,405,809 | ||||||||||||||||
Net change in unrealized appreciation (depreciation) | 246,312,808 | (2,606,037,778 | ) | 218,236,751 | (180,892,349 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | 346,660,801 | (2,347,006,056 | ) | 261,778,010 | (132,764,919 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (20,935,135 | ) | (257,114,030 | ) | (21,726,307 | ) | (23,801,719 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | (492,446,252 | ) | 359,345,461 | 153,885,975 | (215,815,964 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
NET ASSETS | ||||||||||||||||||||
Total increase (decrease) in net assets | (166,720,586 | ) | (2,244,774,625 | ) | 393,937,678 | (372,382,602 | ) | |||||||||||||
Beginning of period | 9,661,519,572 | 11,906,294,197 | 806,143,319 | 1,178,525,921 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 9,494,798,986 | $ | 9,661,519,572 | $ | 1,200,080,997 | $ | 806,143,319 | ||||||||||||
|
|
|
|
|
|
|
|
(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 South Korea ETF | ||||||||
|
| |||||||
Six Months Ended 02/28/23 (unaudited) | Year Ended 08/31/22 | |||||||
| ||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||
OPERATIONS | ||||||||
Net investment income | $ | 42,987,463 | $ | 57,940,037 | ||||
Net realized gain | 2,089,943 | 477,482,996 | ||||||
Net change in unrealized appreciation (depreciation) | (39,369,764 | ) | (2,202,610,846 | ) | ||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from operations | 5,707,642 | (1,667,187,813 | ) | |||||
|
|
|
| |||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||
Decrease in net assets resulting from distributions to shareholders | (39,264,408 | ) | (97,857,600 | ) | ||||
|
|
|
| |||||
CAPITAL SHARE TRANSACTIONS | ||||||||
Net increase (decrease) in net assets derived from capital share transactions | 881,924,774 | (1,412,230,161 | ) | |||||
|
|
|
| |||||
NET ASSETS | ||||||||
Total increase (decrease) in net assets | 848,368,008 | (3,177,275,574 | ) | |||||
Beginning of period | 2,959,448,136 | 6,136,723,710 | ||||||
|
|
|
| |||||
End of period | $ | 3,807,816,144 | $ | 2,959,448,136 | ||||
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
34 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
(For a share outstanding throughout each period)
iShares MSCI Australia ETF | ||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||
Six Months Ended 02/28/23 (unaudited) | Year Ended 08/31/22 | Year Ended 08/31/21 | Year Ended 08/31/20 | Year Ended 08/31/19 | Year Ended 08/31/18 | |||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 21.95 | $ | 25.96 | $ | 21.12 | $ | 21.67 | $ | 22.56 | $ | 22.58 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income(a) | 0.52 | 0.93 | 0.65 | 0.67 | 1.00 | 0.90 | ||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) | 0.86 | (3.31 | ) | 4.77 | (0.48 | ) | (0.70 | ) | 0.07 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase (decrease) from investment operations | 1.38 | (2.38 | ) | 5.42 | 0.19 | 0.30 | 0.97 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions from net investment income(c) | (0.43 | ) | (1.63 | ) | (0.58 | ) | (0.74 | ) | (1.19 | ) | (0.99 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value, end of period | $ | 22.90 | $ | 21.95 | $ | 25.96 | $ | 21.12 | $ | 21.67 | $ | 22.56 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total Return(d) | ||||||||||||||||||||||||||||
Based on net asset value | 6.30 | %(e) | (9.53 | )% | 25.69 | % | 0.99 | % | 1.75 | % | 4.43 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets(f) | ||||||||||||||||||||||||||||
Total expenses | 0.51 | %(g) | 0.50 | % | 0.50 | % | 0.51 | % | 0.50 | % | 0.47 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 4.72 | %(g) | 3.86 | % | 2.69 | % | 3.23 | % | 4.68 | % | 3.95 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 2,212,605 | $ | 1,615,410 | $ | 1,505,880 | $ | 1,263,259 | $ | 1,399,590 | $ | 1,362,770 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Portfolio turnover rate(h) | 3 | % | 15 | % | 4 | % | 8 | % | 9 | % | 3 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Canada ETF | ||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||
Six Months Ended 02/28/23 (unaudited) | Year Ended 08/31/22 | Year Ended 08/31/21 | Year Ended 08/31/20 | Year Ended 08/31/19 | Year Ended 08/31/18 | |||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 33.72 | $ | 37.38 | $ | 28.76 | $ | 28.22 | $ | 28.79 | $ | 27.83 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income(a) | 0.39 | 0.77 | 0.64 | 0.65 | 0.62 | 0.58 | ||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) | 0.43 | (3.68 | ) | 8.60 | 0.54 | (0.53 | ) | 0.97 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase (decrease) from investment operations | 0.82 | (2.91 | ) | 9.24 | 1.19 | 0.09 | 1.55 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions from net investment income(c) | (0.49 | )(d) | (0.75 | ) | (0.62 | ) | (0.65 | ) | (0.66 | ) | (0.59 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value, end of period | $ | 34.05 | $ | 33.72 | $ | 37.38 | $ | 28.76 | $ | 28.22 | $ | 28.79 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total Return(e) | ||||||||||||||||||||||||||||
Based on net asset value | 2.43 | %(f) | (7.94 | )% | 32.41 | % | 4.32 | % | 0.56 | % | 5.61 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets(g) | ||||||||||||||||||||||||||||
Total expenses | 0.51 | %(h) | 0.50 | % | 0.50 | % | 0.51 | % | 0.49 | % | 0.47 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 2.31 | %(h) | 2.05 | % | 1.91 | % | 2.37 | % | 2.26 | % | 2.01 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 3,789,247 | $ | 3,662,225 | $ | 4,157,136 | $ | 2,266,034 | $ | 2,618,586 | $ | 2,994,627 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Portfolio turnover rate(i) | 2 | % | 5 | % | 8 | % | 9 | % | 6 | % | 3 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(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) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
(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.
36 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Japan ETF | ||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||
Six Months Ended 02/28/23 (unaudited) | Year Ended 08/31/22 | Year Ended 08/31/21 | Year Ended 08/31/20 | Year Ended 08/31/19 | Year Ended 08/31/18 | |||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 53.72 | $ | 68.55 | $ | 58.15 | $ | 54.05 | $ | 58.45 | $ | 54.57 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income(a) | 0.44 | 1.04 | 0.91 | 0.90 | 0.92 | 0.87 | ||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) | 1.88 | (14.44 | ) | 10.25 | 4.36 | (4.43 | ) | 3.87 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase (decrease) from investment operations | 2.32 | (13.40 | ) | 11.16 | 5.26 | (3.51 | ) | 4.74 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions from net investment income(c) | (0.12 | ) | (1.43 | ) | (0.76 | ) | (1.16 | ) | (0.89 | ) | (0.86 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value, end of period | $ | 55.92 | $ | 53.72 | $ | 68.55 | $ | 58.15 | $ | 54.05 | $ | 58.45 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total Return(d) | ||||||||||||||||||||||||||||
Based on net asset value | 4.32 | %(e) | (19.81 | )% | 19.21 | % | 9.76 | % | (5.96 | )% | 8.67 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets(f) | ||||||||||||||||||||||||||||
Total expenses | 0.51 | %(g) | 0.50 | % | 0.50 | % | 0.51 | % | 0.49 | % | 0.47 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 1.65 | %(g) | 1.66 | % | 1.37 | % | 1.60 | % | 1.68 | % | 1.46 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 9,494,799 | $ | 9,661,520 | $ | 11,906,294 | $ | 9,909,026 | $ | 12,170,174 | $ | 16,973,038 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Portfolio turnover rate(h) | 1 | % | 4 | % | 6 | % | 4 | % | 7 | % | 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.
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 Mexico ETF | ||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||
Six Months Ended 02/28/23 (unaudited) | Year Ended 08/31/22 | Year Ended 08/31/21 | Year Ended 08/31/20 | Year Ended 08/31/19 | Year Ended 08/31/18 | |||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 44.29 | $ | 51.24 | $ | 33.00 | $ | 41.47 | $ | 50.38 | $ | 56.68 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income(a) | 0.62 | 1.50 | 0.80 | 0.61 | 1.09 | 0.95 | ||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) | 13.83 | (7.04 | ) | 18.32 | (8.52 | ) | (8.75 | ) | (6.17 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net increase (decrease) from investment operations | 14.45 | (5.54 | ) | 19.12 | (7.91 | ) | (7.66 | ) | (5.22 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Distributions from net investment income(c) | (1.04 | ) | (1.41 | ) | (0.88 | ) | (0.56 | ) | (1.25 | ) | (1.08 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net asset value, end of period | $ | 57.70 | $ | 44.29 | $ | 51.24 | $ | 33.00 | $ | 41.47 | $ | 50.38 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Total Return(d) | ||||||||||||||||||||||||||||
Based on net asset value | 32.92 | %(e) | (10.98 | )% | 58.30 | % | (19.36 | )% | (15.23 | )% | (9.02 | )% | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Ratios to Average Net Assets(f) | ||||||||||||||||||||||||||||
Total expenses | 0.51 | %(g) | 0.50 | % | 0.50 | % | 0.51 | % | 0.49 | % | 0.47 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Net investment income | 2.39 | %(g) | 3.06 | % | 1.85 | % | 1.59 | % | 2.46 | % | 1.87 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 1,200,081 | $ | 806,143 | $ | 1,178,526 | $ | 834,927 | $ | 626,243 | $ | 1,168,930 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Portfolio turnover rate(h) | 2 | % | 11 | % | 15 | % | 12 | % | 5 | % | 7 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(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 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI South Korea ETF | ||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
Six Months Ended 02/28/23 (unaudited) | Year Ended 08/31/22 | Year Ended 08/31/21 | Year Ended 08/31/20 | Year Ended 08/31/19 | Year Ended 08/31/18 | |||||||||||||||||||||||||
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Net asset value, beginning of period | $ | 58.43 | $ | 86.98 | $ | 63.04 | $ | 53.34 | $ | 67.65 | $ | 68.19 | ||||||||||||||||||
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Net investment income(a) | 0.77 | 0.97 | 1.23 | 0.83 | 0.97 | 0.94 | ||||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) | 0.13 | (27.84 | ) | 23.34 | 10.18 | (14.49 | ) | 0.70 | ||||||||||||||||||||||
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Net increase (decrease) from investment operations | 0.90 | (26.87 | ) | 24.57 | 11.01 | (13.52 | ) | 1.64 | ||||||||||||||||||||||
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Distributions from net investment income(c) | (0.70 | ) | (1.68 | ) | (0.63 | ) | (1.31 | ) | (0.79 | ) | (2.18 | ) | ||||||||||||||||||
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Net asset value, end of period | $ | 58.63 | $ | 58.43 | $ | 86.98 | $ | 63.04 | $ | 53.34 | $ | 67.65 | ||||||||||||||||||
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Total Return(d) | ||||||||||||||||||||||||||||||
Based on net asset value | 1.55 | %(e) | (31.39 | )% | 39.05 | % | 20.77 | % | (20.08 | )% | 2.15 | % | ||||||||||||||||||
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Ratios to Average Net Assets(f) | ||||||||||||||||||||||||||||||
Total expenses | 0.59 | %(g) | 0.58 | % | 0.57 | % | 0.59 | % | 0.59 | % | 0.59 | % | ||||||||||||||||||
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Net investment income | 2.73 | %(g) | 1.35 | % | 1.45 | % | 1.45 | % | 1.62 | % | 1.31 | % | ||||||||||||||||||
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Supplemental Data | ||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 3,807,816 | $ | 2,959,448 | $ | 6,136,724 | $ | 4,857,482 | $ | 3,848,564 | $ | 3,906,891 | ||||||||||||||||||
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Portfolio turnover rate(h) | 5 | %(i) | 24 | %(i) | 20 | %(i) | 15 | %(i) | 16 | %(i) | 18 | %(i) | ||||||||||||||||||
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(a) Based on average shares outstanding. |
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(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. |
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(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
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(d) Where applicable, assumes the reinvestment of distributions. |
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(e) Not annualized. |
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(f) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
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(g) Annualized. |
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(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”). |
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(i) Portfolio turnover rate excluding cash creations was as follows: | 4 | % | 10 | % | 8 | % | 9 | % | 5 | % | 11 | % | ||||||||||||||||||
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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 | 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, 2023, if any, are disclosed in the Statements of Assets and Liabilities.
The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.
Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.
In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.
40 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
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. The Board of Directors of the Company (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.
• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.
• Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.
Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.
Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.
Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• | Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access; |
• | Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and |
• | Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately
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)
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 BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.
Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.
As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:
iShares ETF and Counterparty | | Securities Loaned at Value | | | Cash Collateral Received | (a) | | Non-Cash Collateral Received, at Fair Value | (a) | Net Amount | ||||||
MSCI Canada | ||||||||||||||||
Barclays Capital, Inc. | $ | 36,996 | $ | (28,604 | ) | $ | — | $ | 8,392 | (b) | ||||||
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MSCI Mexico | ||||||||||||||||
BofA Securities, Inc. | $ | 428,357 | $ | (428,357 | ) | $ | — | $ | — | |||||||
Goldman Sachs & Co. LLC | 9,038,968 | (9,038,968 | ) | — | — | |||||||||||
J.P. Morgan Securities LLC | 743,518 | (743,518 | ) | — | — | |||||||||||
Morgan Stanley | 6,373,644 | (6,373,644 | ) | — | — | |||||||||||
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$ | 16,584,487 | $ | (16,584,487 | ) | $ | — | $ | — | ||||||||
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MSCI South Korea | ||||||||||||||||
BofA Securities, Inc. | $ | 3,517,128 | $ | (3,517,128 | ) | $ | — | $ | — | |||||||
Citigroup Global Markets, Inc. | 10,946,576 | (10,946,576 | ) | — | — | |||||||||||
Goldman Sachs & Co. LLC | 67,121,425 | (67,121,425 | ) | — | — | |||||||||||
J.P. Morgan Securities LLC | 61,952,449 | (61,952,449 | ) | — | — | |||||||||||
Morgan Stanley | 24,024,540 | (24,024,540 | ) | — | — | |||||||||||
SG Americas Securities LLC | 884,470 | (884,470 | ) | — | — | |||||||||||
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$ | 168,446,588 | $ | (168,446,588 | ) | $ | — | $ | — | ||||||||
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(a) | Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s Statements of Assets and Liabilities. |
(b) | The market value of the loaned securities is determined as of February 28, 2023. 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.
42 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
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.
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 Fees | |||
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, BFAis 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 Fees | |||
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
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)
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, 2023, the Funds paid BTC the following amounts for securities lending agent services:
iShares ETF | Amounts | |||
MSCI Canada | $ | 9,225 | ||
MSCI Japan | 4,963 | |||
MSCI Mexico | 20,053 | |||
MSCI South Korea | 267,994 |
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, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:
iShares ETF | Purchases | Sales | Net Realized Gain (Loss) | |||||||||
MSCI Australia | $ | 9,326,099 | $ | 8,685,717 | $ | (4,335,283 | ) | |||||
MSCI Japan | 17,491,093 | 11,983,658 | (5,848,890 | ) | ||||||||
MSCI South Korea | 14,079,026 | 12,019,093 | (5,592,074 | ) |
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, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:
iShares ETF | Purchases | Sales | ||||||
MSCI Australia | $ | 62,451,216 | $ | 44,241,301 | ||||
MSCI Canada | 92,126,495 | 103,011,887 | ||||||
MSCI Japan | 120,064,289 | 54,810,673 | ||||||
MSCI Mexico | 33,605,584 | 22,107,834 | ||||||
MSCI South Korea | 984,196,897 | 145,714,241 |
44 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
For the six months ended February 28, 2023, in-kind transactions were as follows:
iShares ETF | In-kind Purchases | In-kind Sales | ||||||
MSCI Australia | $ | 701,348,796 | $ | 153,176,430 | ||||
MSCI Canada | 639,503,646 | 545,000,520 | ||||||
MSCI Japan | 385,262,956 | 877,030,023 | ||||||
MSCI Mexico | 951,858,564 | 813,749,631 |
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, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.
As of August 31, 2022, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:
iShares ETF | Amounts | |||
MSCI Australia | $ | 351,439,179 | ||
MSCI Canada | 885,682,966 | |||
MSCI Japan | 1,673,845,141 | |||
MSCI Mexico | 454,243,024 | |||
MSCI South Korea | 157,839,433 |
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, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:
iShares ETF | Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
MSCI Australia | $ | 2,533,169,680 | $ | 40,831,820 | $ | (375,396,636 | ) | $ | (334,564,816 | ) | ||||||
MSCI Canada | 4,262,027,165 | 95,440,139 | (583,278,221 | ) | (487,838,082 | ) | ||||||||||
MSCI Japan | 11,561,500,627 | 315,332,417 | (2,407,316,944 | ) | (2,091,984,527 | ) | ||||||||||
MSCI Mexico | 1,328,239,711 | 57,737,174 | (171,389,198 | ) | (113,652,024 | ) | ||||||||||
MSCI South Korea | 2,693,006,139 | 1,673,663,255 | (438,147,223 | ) | 1,235,516,032 |
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 11, 2023. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.
During the six months ended February 28, 2023, 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.
Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.
Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.
The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.
Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.
With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.
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.
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.
46 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
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 Funds may be exposed to financial instruments that are tied to the London Interbank Offered Rate (“LIBOR”) to determine payment obligations, financing terms, hedging strategies or investment value. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, announced that a majority of USD LIBOR settings will no longer be published after June 30, 2023. All other LIBOR settings and certain other interbank offered rates ceased to be published after December 31, 2021. SOFR has been used increasingly on a voluntary basis in new instruments and transactions. The Federal Reserve Board adopted regulations that provide a fallback mechanism by identifying benchmark rates based on SOFR that will replace LIBOR in certain financial contracts after June 30, 2023. 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 02/28/23 | Year Ended 08/31/22 | |||||||||||||||
iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
MSCI Australia | ||||||||||||||||
Shares sold | 30,200,000 | $ | 717,424,856 | 50,400,000 | $ | 1,230,056,700 | ||||||||||
Shares redeemed | (7,200,000 | ) | (154,545,236 | ) | (34,800,000 | ) | (828,312,207 | ) | ||||||||
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23,000,000 | $ | 562,879,620 | 15,600,000 | $ | 401,744,493 | |||||||||||
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MSCI Canada | ||||||||||||||||
Shares sold | 18,900,000 | $ | 646,733,103 | 46,800,000 | $ | 1,807,843,156 | ||||||||||
Shares redeemed | (16,200,000 | ) | (547,514,147 | ) | (49,400,000 | ) | (1,808,543,118 | ) | ||||||||
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2,700,000 | $ | 99,218,956 | (2,600,000 | ) | $ | (699,962 | ) | |||||||||
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MSCI Japan | ||||||||||||||||
Shares sold | 7,200,000 | $ | 385,670,369 | 32,550,000 | $ | 2,097,875,029 | ||||||||||
Shares redeemed | (17,250,000 | ) | (878,116,621 | ) | (26,400,000 | ) | (1,738,529,568 | ) | ||||||||
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(10,050,000 | ) | $ | (492,446,252 | ) | 6,150,000 | $ | 359,345,461 | |||||||||
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MSCI Mexico | ||||||||||||||||
Shares sold | 18,700,000 | $ | 971,468,424 | 25,800,000 | $ | 1,275,235,600 | ||||||||||
Shares redeemed | (16,100,000 | ) | (817,582,449 | ) | (30,600,000 | ) | (1,491,051,564 | ) | ||||||||
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2,600,000 | $ | 153,885,975 | (4,800,000 | ) | $ | (215,815,964 | ) | |||||||||
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MSCI South Korea | ||||||||||||||||
Shares sold | 14,400,000 | $ | 887,424,723 | 7,900,000 | $ | 580,748,793 | ||||||||||
Shares redeemed | (100,000 | ) | (5,499,949 | ) | (27,800,000 | ) | (1,992,978,954 | ) | ||||||||
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14,300,000 | $ | 881,924,774 | (19,900,000 | ) | $ | (1,412,230,161 | ) | |||||||||
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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.
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 |
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, 2022 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40Act Liquidity Risk Management Committee (the “Committee”).At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2021 through September 30, 2022 (the “Program Reporting Period”).
The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays, the imposition of capital controls in certain non-U.S. countries, Russian sanctions and the closure of the Russian securities market.
The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:
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. The Committee also considered that ETFs generally do not engage in borrowing. |
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. However, there were no ETFs with persistent deviations of fund premium/discount or bid/ask spreads from long-term averages over the Program Reporting Period. |
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. |
There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.
48 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Supplemental Information (unaudited)
Section 19(a) Notices
The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.
February 28, 2023
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 Canada(a) | $ | 0.421189 | $ | — | $ | 0.070303 | $ | 0.491492 | 86 | % | — | % | 14 | % | 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 | 49 |
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.
50 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Glossary of Terms Used in this Report
Portfolio Abbreviation | ||
CPO | Certificates of Participation (Ordinary) | |
NVS | Non-Voting Shares | |
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 | 51 |
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.
©2023 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-815-0223
FEBRUARY 28, 2023 |
2023 Semi-Annual Report (Unaudited) |
iShares, Inc.
· | iShares MSCI Russia ETF | ERUS | |
Table of Contents
Page | ||||
Semi-Annual Report: | ||||
3 | ||||
4 | ||||
4 | ||||
5 | ||||
Financial Statements | ||||
7 | ||||
8 | ||||
9 | ||||
10 | ||||
11 | ||||
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18 | ||||
19 |
Fund Summary as of February 28, 2023 | 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”). Effective June 1, 2022, the index was discontinued by the index provider, MSCI, Inc. Due to the discontinuation of the Fund’s underlying index and ongoing restrictions relating to Russian securities, the Fund will be unable to meet its investment objective. The Fund is in the process of liquidating its assets and winding up its business pursuant to a plan of liquidation.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6-Month Total Returns | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | (0.07 | )% | (99.13 | )% | (70.63 | )% | (45.80 | )% | (99.13 | )% | (99.78 | )% | (99.78 | )% | ||||||||||||||||||
Fund Market(a) | N/A | (81.42 | ) | (22.27 | ) | (12.32 | ) | (81.42 | ) | (67.86 | ) | (71.34 | ) | |||||||||||||||||||
Index(b) | N/A | (99.99 | ) | (91.92 | ) | (71.67 | ) | (99.99 | ) | (99.99 | ) | (99.99 | ) |
(a) | Effective March 4, 2022, the NYSE Arca, Inc. halted trading of the Fund and the Fund Market returns are as follows: 1 Year return, 5 Years return, and 10 Years return from September 1, 2021, September 1, 2017, and September 1, 2012, respectively through March 4, 2022. A6 Month Fund Market return is not shown as NYSE Arca, Inc. halted trading of the Fund prior to September 1, 2022. |
(b) | Effective June 1, 2022, the Index was discontinued by the index provider, MSCI, Inc and the Index returns are as follows: 1 Year return, 5 Years return, and 10 Years return from September 1, 2021, September 1, 2017, and September 1, 2012, respectively through May 31, 2022. A6 Month Index return is not shown as MSCI, Inc discontinued the Index prior to September 1, 2022. |
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
| Beginning Account Value (09/01/22) | | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/22) | | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ | 1,000.00 | $ | 999.30 | $ | 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 “Disclosure of Expenses” for more information. Effective March 3, 2022, BFA implemented a voluntary waiver of its investment advisory fee for the Fund, which was applied to management fees for the six months ended February 28, 2023. |
Portfolio Information
TEN LARGEST HOLDINGS
Security | Percent of Total Investments | |||
BlackRock Cash Funds: Treasury, SL Agency Shares | 90.8 | % | ||
Inter RAO UES PJSC | 3.8 | |||
Gazprom PJSC | 0.7 | |||
Surgutneftegas PJSC | 0.6 | |||
Surgutneftegas PJSC (Preferred) | 0.6 | |||
Sberbank of Russia PJSC | 0.5 | |||
VTB Bank PJSC | 0.2 | |||
Alrosa PJSC | 0.2 | |||
United Co. RUSAL International PJSC | 0.2 | |||
Moscow Exchange MICEX-RTS PJSC | 0.1 |
F U N D S U M M A R Y | 3 |
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. The NYSE ARCA, Inc. halted trading of the Fund effective March 4, 2022, and delisted the Fund effective August 29, 2022 therefore, there is no longer a Market Price.
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. Effective June 1, 2022, the index was discontinued by the index provider, MSCI, Inc.
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 the Period.”
The expense example also provides information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the 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.
4 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) February 28, 2023 | iShares® MSCI Russia ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
| |||||||
Banks — 0.8% | ||||||||
Sberbank of Russia PJSC(a)(b) | 18,835,860 | $ | 2,510 | |||||
TCS Group Holding PLC, GDR(a)(b) | 289,152 | 38 | ||||||
VTB Bank PJSC(a)(b) | 8,307,845,016 | 1,107 | ||||||
|
| |||||||
3,655 | ||||||||
Capital Markets — 0.1% | ||||||||
Moscow Exchange MICEX-RTS PJSC(a)(b) | 4,737,800 | 631 | ||||||
|
| |||||||
Chemicals — 0.0% | ||||||||
PhosAgro PJSC(a)(b) | 148,802 | 20 | ||||||
PhosAgro PJSC, New(a)(b) | 2,875 | 29 | ||||||
PhosAgro PJSC, GDR(a)(b) | 2 | — | ||||||
|
| |||||||
49 | ||||||||
Electric Utilities — 3.8% | ||||||||
Inter RAO UES PJSC(a)(b) | 136,938,300 | 18,246 | ||||||
|
| |||||||
Food & Staples Retailing — 0.0% | ||||||||
Magnit PJSC, GDR(a)(b) | 1 | — | ||||||
Magnit PJSC(a)(b) | 198,139 | 26 | ||||||
X5 Retail Group NV, GDR(a)(b) | 374,475 | 50 | ||||||
|
| |||||||
76 | ||||||||
Interactive Media & Services — 0.0% | ||||||||
VK Co. Ltd.(a)(b) | 393,252 | 53 | ||||||
Yandex NV(a)(b) | 361,376 | 48 | ||||||
|
| |||||||
101 | ||||||||
Internet & Direct Marketing Retail — 0.0% | ||||||||
Ozon Holdings PLC, ADR(a)(b) | 106,824 | 14 | ||||||
|
| |||||||
Metals & Mining — 0.5% | ||||||||
Alrosa PJSC(a)(b) | 7,486,250 | 998 | ||||||
MMC Norilsk Nickel PJSC(a)(b) | 96,437 | 13 | ||||||
Novolipetsk Steel PJSC(a)(b) | 4,388,590 | 585 | ||||||
Polymetal International PLC(a)(b) | 834,056 | 111 | ||||||
Polyus PJSC(a)(b) | 89,129 | 12 | ||||||
Severstal PAO(a)(b) | 604,068 | 80 | ||||||
United Co. RUSAL International PJSC(a)(b) | 5,811,330 | 774 | ||||||
|
| |||||||
2,573 | ||||||||
Oil, Gas & Consumable Fuels — 1.5% | ||||||||
Gazprom PJSC(a)(b) | 24,553,290 | 3,271 |
Security | Shares | Value | ||||||
Oil, Gas & Consumable Fuels (continued) | ||||||||
LUKOIL PJSC(a)(b) | 856,438 | $ | 114 | |||||
Novatek PJSC(a)(b) | 1,250,860 | 167 | ||||||
Rosneft Oil Co. PJSC(a)(b) | 2,566,222 | 342 | ||||||
Surgutneftegas PJSC(a)(b) | 21,799,946 | 2,905 | ||||||
Tatneft PJSC(a)(b) | 3,516,781 | 469 | ||||||
|
| |||||||
7,268 | ||||||||
Wireless Telecommunication Services — 0.1% | ||||||||
Mobile TeleSystems PJSC(a)(b) | 2,776,444 | 370 | ||||||
|
| |||||||
Total Common Stocks — 6.8% | 32,983 | |||||||
|
| |||||||
Preferred Stocks |
| |||||||
Oil, Gas & Consumable Fuels — 0.6% | ||||||||
Surgutneftegas PJSC, Preference Shares, NVS(a)(b) | 21,745,700 | 2,898 | ||||||
|
| |||||||
Total Preferred Stocks — 0.6% | 2,898 | |||||||
|
| |||||||
Total Long-Term Investments — 7.4% | 35,881 | |||||||
|
| |||||||
Short-Term Securities |
| |||||||
Money Market Funds — 90.8% | ||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(c)(d) | 440,000 | 440,000 | ||||||
|
| |||||||
Total Short-Term Securities — 90.8% |
| 440,000 | ||||||
|
| |||||||
Total Investments — 98.2% |
| 475,881 | ||||||
Other Assets Less Liabilities — 1.8% |
| 8,799 | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 484,680 | ||||||
|
|
(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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 08/31/22 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized | Value at 02/28/23 | Shares Held at | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | $ | 430,000 | $ | 10,000 | $ | — | $ | — | $ | — |
| $ | 440,000 | $ | 440,000 | $ | 7,888 | $ | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
S C H E D U L E O F I N V E S T M E N T S | 5 |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Russia 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 | |||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Common Stocks | $ | — | $ | — | $ | 32,983 | $ | 32,983 | ||||||||
Preferred Stocks | — | — | 2,898 | 2,898 | ||||||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 440,000 | — | — | 440,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 440,000 | $ | — | $ | 35,881 | $ | 475,881 | |||||||||
|
|
|
|
|
|
|
|
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, 2022 | $ | 40,573 | $ | 3,565 | $ | 44,138 | |||||||||
Transfers into Level 3 | — | — | — | ||||||||||||
Transfers out of Level 3 | — | — | — | ||||||||||||
Accrued discounts/premiums | — | — | — | ||||||||||||
Net realized gain (loss) | — | — | — | ||||||||||||
Net change in unrealized appreciation (depreciation)(a)(b) | (7,590 | ) | (667 | ) | (8,257 | ) | |||||||||
Purchases | — | — | — | ||||||||||||
Sales | — | — | — | ||||||||||||
|
|
|
|
|
| ||||||||||
Closing balance, as of February 28, 2023 | $ | 32,983 | $ | 2,898 | $ | 35,881 | |||||||||
|
|
|
|
|
| ||||||||||
Net change in unrealized appreciation (depreciation) on investment still held at February 28, 2023 | $ | (7,590 | ) | $ | (667 | ) | $ | (8,257 | ) | ||||||
|
|
|
|
|
|
(a) | Included in the related net change in unrealized appreciation (depreciation) in the Statement of Operations. |
(b) | Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at February 28, 2023 is generally due to investments no longer held or categorized as Level 3 at period end. |
See notes to financial statements.
6 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statement of Assets and Liabilities (unaudited)
February 28, 2023
iShares MSCI Russia ETF | ||||
ASSETS | ||||
Investments, at value — unaffiliated(a) | $ | 35,881 | ||
Investments, at value — affiliated(b) | 440,000 | |||
Cash | 6,914 | |||
Foreign currency, at value(c) | 283 | |||
Receivables: | ||||
Dividends — affiliated | 1,602 | |||
|
| |||
Total assets | 484,680 | |||
|
| |||
NET ASSETS | $ | 484,680 | ||
|
| |||
NET ASSETS CONSIST OF | ||||
Paid-in capital | $ | 615,262,124 | ||
Accumulated loss | (614,777,444 | ) | ||
|
| |||
NET ASSETS | $ | 484,680 | ||
|
| |||
NET ASSET VALUE | ||||
Shares outstanding | 13,750,000 | |||
|
| |||
Net asset value | $ | 0.04 | ||
|
| |||
Shares authorized | 1 billion | |||
|
| |||
Par value | $ | 0.001 | ||
|
| |||
(a) Investments, at cost — unaffiliated | $ | 465,451,576 | ||
(b) Investments, at cost — affiliated | $ | 440,000 | ||
(c) Foreign currency, at cost | $ | 272 |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S | 7 |
Statements of Operations (unaudited)
Six Months Ended February 28, 2023
iShares MSCI Russia ETF | ||||
INVESTMENT INCOME | ||||
Dividends — affiliated | $ | 7,888 | ||
Interest — unaffiliated | 64 | |||
|
| |||
Total investment income | 7,952 | |||
|
| |||
EXPENSES | ||||
Investment advisory | 1,427 | |||
|
| |||
Total expenses | 1,427 | |||
Less: | ||||
Investment advisory fees waived | (1,427 | ) | ||
|
| |||
Total expenses after fees waived | — | |||
|
| |||
Net investment income | 7,952 | |||
|
| |||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments — unaffiliated | (8,257 | ) | ||
Foreign currency translations | 14 | |||
|
| |||
(8,243 | ) | |||
|
| |||
Net realized and unrealized loss | (8,243 | ) | ||
|
| |||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (291 | ) | |
|
|
See notes to financial statements.
8 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Changes in Net Assets
iShares MSCI Russia ETF | ||||||||
Six Months Ended 02/28/23 (unaudited) | Year Ended 08/31/22 | |||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||
OPERATIONS | ||||||||
Net investment income | $ | 7,952 | $ | 11,545,224 | ||||
Net realized loss | — | (1,223,228 | ) | |||||
Net change in unrealized appreciation (depreciation) | (8,243 | ) | (606,314,168 | ) | ||||
|
|
|
| |||||
Net decrease in net assets resulting from operations | (291 | ) | (595,992,172 | ) | ||||
|
|
|
| |||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||
From net investment income | — | (22,039,990 | ) | |||||
Liquidating distribution | — | (450,000 | ) | |||||
|
|
|
| |||||
Decrease in net assets resulting from distributions to shareholders | — | (22,489,990 | ) | |||||
|
|
|
| |||||
CAPITAL SHARE TRANSACTIONS | ||||||||
Net increase in net assets derived from capital share transactions | — | 32,469,779 | ||||||
|
|
|
| |||||
NET ASSETS | ||||||||
Total decrease in net assets | (291 | ) | (586,012,383 | ) | ||||
Beginning of period | 484,971 | 586,497,354 | ||||||
|
|
|
| |||||
End of period | $ | 484,680 | $ | 484,971 | ||||
|
|
|
|
(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 | 9 |
Statement of Cash Flows (unaudited)
Six Months Ended February 28, 2023
iShares MSCI Russia ETF |
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES | ||||
Net decrease in net assets resulting from operations | $ | (291 | ) | |
Adjustments to reconcile net decrease in net assets resulting from operations to net cash used for operating activities: | ||||
Net purchases of short-term securities | (10,000 | ) | ||
Net change in unrealized (appreciation) depreciation on investments | 8,257 | |||
(Increase) decrease in assets: | ||||
Receivables: | ||||
Dividends — affiliated | (456 | ) | ||
|
| |||
Net cash used for operating activities | (2,490 | ) | ||
|
| |||
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES | ||||
Net cash provided by financing activities | — | |||
|
| |||
CASH AND FOREIGN CURRENCY | ||||
Net decrease in restricted and unrestricted cash and foreign currency | $ | (2,490 | ) | |
Restricted and unrestricted cash and foreign currency at beginning of period | 9,687 | |||
|
| |||
Restricted and unrestricted cash and foreign currency at end of period | $ | 7,197 | ||
|
| |||
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY ATTHE END OF PERIOD TO THE STATEMENT OF ASSETS AND LIABILITIES | ||||
Cash | $ | 6,914 | ||
Foreign currency, at value | 283 | |||
|
| |||
$ | 7,197 | |||
|
|
See notes to financial statements.
10 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
(For a share outstanding throughout each period)
iShares MSCI Russia ETF | ||||||||||||||||||||||||||||||||||||
Six Months Ended 02/28/23 (unaudited) |
| Year Ended 08/31/22 | Year Ended 08/31/21 | Year Ended 08/31/20 | Year Ended 08/31/19 | Year Ended 08/31/18 | ||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 0.04 | $ | 45.29 | $ | 34.87 | $ | 37.81 | $ | 32.47 | $ | 32.13 | ||||||||||||||||||||||||
Net investment income(a) | 0.00 | (b) | 0.86 | 2.05 | 1.87 | 2.33 | 1.21 | |||||||||||||||||||||||||||||
Net realized and unrealized gain (loss) | (0.00 | )(b) | (44.38 | )(c) | 10.24 | (c) | (1.99 | )(c) | 5.04 | (c) | 0.22 | (c) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
Net increase (decrease) from investment operations | (0.00 | )(b) | (43.52 | ) | 12.29 | (0.12 | ) | 7.37 | 1.43 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
Distributions(d) | ||||||||||||||||||||||||||||||||||||
From net investment income | — | (1.70 | ) | (1.87 | ) | (2.82 | ) | (2.03 | ) | (1.09 | ) | |||||||||||||||||||||||||
Liquidating distribution | — | (0.03 | ) | — | — | — | — | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
Total distributions | — | (1.73 | ) | (1.87 | ) | (2.82 | ) | (2.03 | ) | (1.09 | ) | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
Net asset value, end of period | $ | 0.04 | $ | 0.04 | $ | 45.29 | $ | 34.87 | $ | 37.81 | $ | 32.47 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
Total Return(e) | ||||||||||||||||||||||||||||||||||||
Based on net asset value | (0.07 | )%(f) | (99.85 | )% | 36.07 | % | (1.28 | )% | 23.64 | % | 4.37 | % | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
Ratios to Average Net Assets(g) | ||||||||||||||||||||||||||||||||||||
Total expenses | 0.59 | %(h) | 0.58 | % | 0.57 | % | 0.59 | % | 0.59 | % | 0.59 | % | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
Total expenses after fees waived(i) | 0.00 | %(h) | 0.50 | % | 0.57 | % | 0.59 | % | 0.59 | % | 0.59 | % | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
Net investment income | 3.30 | %(h) | 4.01 | % | 5.26 | % | 4.97 | % | 6.60 | % | 3.50 | % | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 485 | $ | 485 | $ | 586,497 | $ | 467,203 | $ | 627,581 | $ | 478,860 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
Portfolio turnover rate(j) | 0 | % | 7 | % | 25 | % | 30 | % | 18 | % | 32 | % | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Based on average shares outstanding. |
(b) | Rounds to less than $0.01. |
(c) | The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(d) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(e) | Where applicable, assumes the reinvestment of distributions. |
(f) | Not annualized. |
(g) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(h) | Annualized. |
(i) | Effective March 3, 2022, BFA implemented a voluntary waiver of its investment advisory fee for the Fund which was applied to management fees starting with February 1, 2022 for the year ended August 31, 2022 and six months ended February 28, 2023. |
(j) | 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 | 11 |
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. | PLAN OF LIQUIDATION |
Russia launched a large-scale invasion of Ukraine on February 24, 2022, creating circumstances that have significantly impacted the Fund’s operations. The United States, and many other countries, imposed economic sanctions on certain Russian individuals and Russian corporate and 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 has closed trading sessions for local Russian equities to non-residents. In addition, trading of depository receipts for Russian-based companies halted on primary trading platforms subsequent to Russia’s invasion.
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 company held by the Fund. As a result, the fair value of Russian securities and currency experienced significant declines.
Additionally, since February 24, 2022, the following events occurred: (i) the Fund suspended new creations of its shares; (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) BFA implemented a voluntary waiver of its investment advisory fee for the Fund; (v) Russia signed into law a requirement of Russian issuers to terminate deposit agreements related to their depository receipt program, with holders receiving local shares of most Russian issuers in place of the depository receipts; (vi) 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; (vii) the Fund’s underlying index, the MSCI Russia 25/50 Index, was discontinued by the index provider, (viii) the Fund suspended redemptions pursuant to an order of the SEC; (ix) NYSE Arca, Inc. delisted the Fund.
On June 15, 2022, the Board unanimously voted to close and liquidate the Fund, contingent on receiving any necessary relief from the SEC, due to the discontinuation of the MSCI Russia 25/50 Index and ongoing restrictions relating to Russian securities. On August 3, 2022, the SEC granted exemptive relief to the Fund permitting the Fund to suspend the right of redemption with respect to shares of the Fund.
BlackRock expects that the Fund will remain in existence until at least December 31, 2023, to allow the Fund to sell the securities and depositary receipts, if conditions permit. The Fund may be terminated at the discretion of the Fund’s Board upon the recommendation of BFA on or after December 31, 2023. If the Fund’s Russian securities and depositary receipts have not been sold or are unable to be converted as of the date the Fund is terminated, the Fund’s remaining portfolio assets will be permanently written off, in each case as determined by BFA and approved by the Board. The Fund may be terminated sooner if all of the Russian securities and depositary receipts have been sold before that date (or they cease to represent valid interests in their issuers). While the Fund is in the process of liquidating its portfolio, the Fund will hold cash and securities that may not be consistent with the Fund’s investment objective and prior investment strategies. As a result of the delisting by NYSE Arca, Inc. the Fund is no longer considered an exchange-traded fund.
On August 17, 2022, the Fund made an initial liquidating distribution to shareholders of available cash, less a reserve estimated to meet the Fund’s expected transaction costs associated with the liquidation.
3. | 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. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis. Certain Russian securities held by the Fund declared dividends during the period, however there is no assurance these dividends can be collected by the Fund due to restrictions imposed by the Russian government. As a result, the Fund has not accrued any investment income associated with these Russian securities.
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Notes to Financial Statements (unaudited) (continued)
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.
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.
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.
4. | 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 Board of Directors of the Company (the “Board”) of the Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Fund’s investment adviser, as the valuation designee for the Fund. The Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of 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. |
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, war or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that 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 Valuation Committee deems relevant and consistent with the principles of fair value measurement.
Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.
During the period, the Valuation Committee determined that the local Russian equities and Russian exposed ADR and GDR securities did not have a market for which the Fund could transact and deemed them illiquid. As of February 28, 2023, the securities are being fair valued at a nominal value using a discount of 99% or higher due to illiquidity and uncertainty measures.
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 | 13 |
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 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 Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
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 Fees | |
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 |
Expense Waivers: Effective March 3, 2022, BFA implemented a voluntary waiver of its investment advisory fee for the Fund, which was applied to management fees for the six months ended February 28, 2023.
This amount is included in investment advisory fees waived in the Statement of Operations. For the six months ended February 28, 2023, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:
iShares ETF | Amounts Waived | |||
MSCI Russia | $ | 1,427 |
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.
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.
6. | PURCHASES AND SALES |
There were no purchases and sales transactions for the six months ended February 28, 2023.
There were no in-kind transactions for the six months ended February 28, 2023.
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Notes to Financial Statements (unaudited) (continued)
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, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund’s financial statements.
As of August 31, 2022, the Fund had non-expiring capital loss carryforwards of $122,219,861 available to offset future realized capital gains.
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, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:
iShares ETF | Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
MSCI Russia | $ | 492,363,246 | $ | — | $ | (491,887,365 | ) | $ | (491,887,365 | ) |
8. | 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.
Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.
Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.
The price 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.
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.
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 | 15 |
Notes to Financial Statements (unaudited) (continued)
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. These events and actions have adversely affected, and may in the future adversely affect, the value and exchange rate of the Euro and may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-European Union member states. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but have been, and may continue to be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.
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 have been, and may continue to 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.
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.
9. | 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:
Six Months Ended 02/28/23 | Year Ended 08/31/22 | |||||||||||||||||||
iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||||||
MSCI Russia | ||||||||||||||||||||
Shares sold | — | $ | — | 800,000 | $ | 32,469,779 | ||||||||||||||
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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.
10. | SUBSEQUENT EVENTS |
Management has evaluated the impact of all subsequent events on the Fund 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 Russia ETF (the “Fund”), 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, 2022 (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, 2021 through September 30, 2022 (the “Program Reporting Period”). As part of its review of the Program with respect to the Fund, the Board was provided information on the current status of the Fund’s liquidation, including the significant holdings of cash and cash equivalents pending liquidation.
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, the imposition of capital controls in certain non-U.S. countries, Russian sanctions and the closure of the Russian securities market.
There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.
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 | 17 |
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.
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Glossary of Terms Used in this Report
Portfolio Abbreviation
ADR | American Depositary Receipt | |
GDR | Global Depositary Receipt | |
NVS | Non-Voting Shares | |
PJSC | Public Joint Stock Company |
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 | 19 |
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.
©2023 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-821-0223
FEBRUARY 28, 2023 |
2023 Semi-Annual Report (Unaudited) |
iShares, Inc.
· | iShares Core MSCI Emerging Markets ETF | IEMG | NYSE Arca |
· | iShares MSCI BIC ETF | BKF | NYSE Arca |
· | iShares MSCI Emerging Markets Asia ETF | EEMA | NASDAQ |
· | iShares MSCI Emerging Markets Small-Cap ETF | EEMS | NYSE Arca |
Dear Shareholder,
Significant economic headwinds emerged during the 12-month reporting period ended February 28, 2023, as investors navigated changing economic conditions and volatile markets. The U.S. economy shrank in the first half of 2022 before returning to modest growth in the second half of the year, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high before beginning to moderate. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers. Equity prices fell as interest rates rose, particularly during the first half of the reporting period. Both large-and small-capitalization U.S. stocks fell, although equities began to recover in the second half of the period as inflation eased and economic growth resumed. Emerging market stocks and international equities from developed markets declined overall, pressured by rising interest rates and a strong U.S. dollar.
The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to fluctuating inflation data and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and higher interest rates led to rising borrowing costs for corporate issuers.
The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates eight times. Furthermore, the Fed wound down its bond-buying programs and accelerated the reduction of its balance sheet.
Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth slowed in the last year, we believe that taming inflation requires a more substantial decline that lowers demand to a level more in line with the economy’s productive capacity. Although the Fed has decelerated the pace of interest rate hikes, it still seems determined to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, but the dimming economic outlook has not yet been fully reflected in current market prices. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions. Turmoil in the banking sector shortly following the end of the period highlighted the potential for the knock-on effects of substantially higher interest rates to disrupt markets with little warning.
While we favor an overweight to equities in the long term, several factors lead us to take an underweight stance on equities overall in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with the possibility of a recession in a business environment characterized by higher costs and reduced pricing power. Nevertheless, we are overweight on emerging market stocks as a weaker U.S. dollar provides a supportive backdrop. We also see long-term opportunities in credit, where valuations are appealing and higher yields provide attractive income, although we are neutral on credit in the near term, as we believe that troubles in the banking sector will likely lead to reduced lending. However, we believe there are still some strong opportunities for a six- to twelve-month horizon, particularly short-term U.S. Treasuries, global inflation-linked bonds, and emerging market bonds denominated in local currency.
Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.
Rob Kapito
President, BlackRock, Inc.
Rob Kapito
President, BlackRock, Inc.
Total Returns as of February 28, 2023
| ||||||||
6-Month | 12-Month | |||||||
U.S. large cap equities | 1.26 | % | (7.69 | )% | ||||
U.S. small cap equities | 3.63 | (6.02 | ) | |||||
International equities | 12.58 | (3.14 | ) | |||||
Emerging market equities | (2.29 | ) | (15.28 | ) | ||||
3-month Treasury bills | 1.74 | 2.11 | ||||||
U.S. Treasury securities | (4.81 | ) | (14.06 | ) | ||||
U.S. investment grade bonds | (2.13 | ) | (9.72 | ) | ||||
Tax-exempt municipal bonds | 0.66 | (5.10 | ) | |||||
U.S. high yield bonds | 2.52 | (5.45 | ) | |||||
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, 2023 | 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-Month Total Returns | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | (1.52 | )% | (14.39 | )% | (1.53 | )% | 1.68 | % | (14.39 | )% | (7.40 | )% | 18.13 | % | ||||||||||||||||||
Fund Market | (0.94 | ) | (15.12 | ) | (1.32 | ) | 1.68 | (15.12 | ) | (6.45 | ) | 18.12 | ||||||||||||||||||||
Index | (1.97 | ) | (14.56 | ) | (1.48 | ) | 1.71 | (14.56 | ) | (7.17 | ) | 18.43 |
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||
| Beginning Account Value (09/01/22) | | Ending Account Value (02/28/23) | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/22) | | Ending Account Value (02/28/23) | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | |||||||||||||||||
$ 1,000.00 | $ 984.80 | $ 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 “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
Sector | | Percent of Total Investments | (a) | |
Financials | 20.2 | % | ||
Information Technology | 19.7 | |||
Consumer Discretionary | 13.4 | |||
Materials | 9.4 | |||
Communication Services | 9.3 | |||
Industrials | 7.3 | |||
Consumer Staples | 6.4 | |||
Health Care | 4.6 | |||
Energy | 4.4 | |||
Utilities | 2.7 | |||
Real Estate | 2.6 |
GEOGRAPHIC ALLOCATION
Country/Geographic Region | | Percent of Total Investments | (a) | |
China | 29.2 | % | ||
Taiwan | 15.9 | |||
India | 14.4 | |||
South Korea | 12.1 | |||
Brazil | 5.0 | |||
Saudi Arabia | 3.9 | |||
South Africa | 3.4 | |||
Mexico | 2.6 | |||
Thailand | 2.3 | |||
Indonesia | 2.0 | |||
Malaysia | 1.7 | |||
United Arab Emirates | 1.3 | |||
Kuwait | 1.0 | |||
Qatar | 1.0 | |||
Other (each representing less than 1%) | 4.2 |
(a) | Excludes money market funds. |
4 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of February 28, 2023 | iShares® MSCI BIC ETF |
Investment Objective
The iShares MSCI BIC ETF (the “Fund”) seeks to track the investment results of an index composed of Chinese equities that are available to international investors, and Brazilian, and Indian equities, as represented by the MSCI BIC 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-Month Total Returns | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Fund NAV | (4.81 | )% | (15.22 | )% | (4.57 | )% | 0.48 | % | (15.22 | )% | (20.86 | )% | 4.89% | |||||||||||||||||||
Fund Market | (4.53 | ) | (17.11 | ) | (4.38) | 0.50 | (17.11 | ) | (20.08 | ) | 5.09 | |||||||||||||||||||||
Index | (5.43 | ) | (16.28 | ) | (4.10) | 1.02 | (16.28 | ) | (18.90 | ) | 10.63 | |||||||||||||||||||||
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Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
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| |||||||||||||||||||||||||
Beginning Account Value (09/01/22) | | Ending Account Value (02/28/23) | | Expenses Paid During the Period | (a) | Beginning Account Value (09/01/22) | | Ending Account Value (02/28/23) | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | |||||||||||||
| ||||||||||||||||||||||||||
$ 1,000.00 | $ 951.90 | $ 3.39 | $ 1,000.00 | $ 1,021.30 | $ 3.51 | 0.70% | ||||||||||||||||||||
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(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 “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
Sector
|
Percent of
Total Investments(a)
| |
Consumer Discretionary | 21.5% | |
Financials | 19.2 | |
Communication Services | 13.1 | |
Information Technology | 8.3 | |
Materials | 7.3 | |
Consumer Staples | 7.1 | |
Energy | 6.5 | |
Industrials | 5.6 | |
Health Care | 5.5 | |
Utilities | 3.5 | |
Real Estate | 2.4 |
(a) | Excludes money market funds. |
(b) | Rounds to less than 0.1% |
GEOGRAPHIC ALLOCATION
Country/Geographic Region
|
Percent of
Total Investments(a)
| |
China | 63.8% | |
India | 26.2 | |
Brazil | 10.0 | |
Russia | 0.0(b) |
F U N D S U M M A R Y | 5 |
Fund Summary as of February 28, 2023 | 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 | |||||||||||||||||||||||||||||||
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6-Month Total Returns | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Fund NAV | (2.15 | )% | (16.04 | )% | (1.34 | )% | 3.14 | % | (16.04 | )% | (6.51 | )% | 36.23% | |||||||||||||||||||
Fund Market | (1.46 | ) | (15.97 | ) | (1.10 | ) | 3.17 | (15.97 | ) | (5.36 | ) | 36.65 | ||||||||||||||||||||
Index | (2.71 | ) | (15.31 | ) | (0.81 | ) | 3.58 | (15.31 | ) | (3.99 | ) | 42.16 | ||||||||||||||||||||
|
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 not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
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| |||||||||||||||||||||||||
Beginning Account Value (09/01/22) | | Ending Account Value (02/28/23) | | Expenses Paid During the Period | (a) | Beginning Account Value (09/01/22) | | Ending Account Value (02/28/23) | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | |||||||||||||
| ||||||||||||||||||||||||||
$ 1,000.00 | $ 978.50 | $ 2.40 | $ 1,000.00 | $ 1,022.40 | $ 2.46 | 0.49% | ||||||||||||||||||||
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(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 “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
Sector
|
Percent of
Total Investments(a)
| |
Information Technology | 25.5% | |
Financials | 17.6 | |
Consumer Discretionary | 16.0 | |
Communication Services | 10.5 | |
Materials | 6.1 | |
Industrials | 6.0 | |
Consumer Staples | 5.6 | |
Health Care | 4.5 | |
Energy | 4.0 | |
Utilities | 2.3 | |
Real Estate | 1.9 |
(a) | Excludes money market funds. |
GEOGRAPHIC ALLOCATION
Country/Geographic Region
|
Percent of
Total Investments(a)
| |
China | 41.0% | |
Taiwan | 19.3 | |
India | 16.8 | |
South Korea | 14.9 | |
Thailand | 2.7 | |
Indonesia | 2.5 | |
Malaysia | 1.9 | |
Philippines | 0.9 |
6 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of February 28, 2023 | 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-Month Total Returns | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Fund NAV | 0.56 | % | (10.33 | )% | 1.08 | % | 2.75 | % | (10.33 | )% | 5.52 | % | 31.12% | |||||||||||||||||||
Fund Market | 0.79 | (10.77 | ) | 1.26 | 2.57 | (10.77 | ) | 6.45 | 28.89 | |||||||||||||||||||||||
Index | 0.18 | (9.48 | ) | 1.35 | 3.12 | (9.48 | ) | 6.92 | 35.91 | |||||||||||||||||||||||
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Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
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| |||||||||||||||||||||||||
Beginning Account Value (09/01/22) | | Ending Account Value (02/28/23) | | Expenses Paid During the Period | (a) | Beginning Account Value (09/01/22) | | Ending Account Value (02/28/23) | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | |||||||||||||
| ||||||||||||||||||||||||||
$ 1,000.00 | $ 1,005.60 | $ 3.48 | $ 1,000.00 | $ 1,021.30 | $ 3.51 | 0.70% | ||||||||||||||||||||
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(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 “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
Sector
|
Percent of
Total Investments(a)
| |
Information Technology | 17.4% | |
Industrials | 15.9 | |
Materials | 13.7 | |
Consumer Discretionary | 10.9 | |
Financials | 10.3 | |
Health Care | 9.2 | |
Real Estate | 6.7 | |
Consumer Staples | 6.7 | |
Communication Services | 4.2 | |
Utilities | 3.0 | |
Energy | 2.0 |
GEOGRAPHIC ALLOCATION
Country/Geographic Region
|
Percent of
Total Investments(a)
| |
India | 22.0% | |
Taiwan | 21.5 | |
South Korea | 14.5 | |
China | 9.9 | |
Brazil | 4.9 | |
Thailand | 3.7 | |
South Africa | 3.6 | |
Saudi Arabia | 3.2 | |
Malaysia | 2.8 | |
Indonesia | 2.7 | |
Mexico | 2.4 | |
Turkey | 1.9 | |
Philippines | 1.1 | |
Poland | 1.1 | |
Kuwait | 1.1 | |
United Arab Emirates | 1.0 | |
Other (each representing less than 1%) | 2.6 |
(a) | Excludes money market funds. |
F U N D S U M M A R Y | 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 the Period.”
The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.
8 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Consolidated Schedule of Investments (unaudited) February 28, 2023 | iShares® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
| |||||||
Brazil — 3.8% | ||||||||
3R Petroleum Oleo E Gas SA(a) | 1,680,271 | $ | 11,685,465 | |||||
AES Brasil Energia SA | 3,174,181 | 6,014,359 | ||||||
Aliansce Sonae Shopping Centers SA | 4,434,164 | 14,465,905 | ||||||
Alupar Investimento SA | 2,022,662 | 10,489,122 | ||||||
Ambev SA | 42,857,558 | 109,610,960 | ||||||
Anima Holding SA(a) | 3,239,114 | 1,973,617 | ||||||
Arezzo Industria e Comercio SA | 634,828 | 9,045,673 | ||||||
Atacadao SA | 4,688,972 | 12,046,085 | ||||||
Auren Energia SA | 3,324,648 | 9,398,388 | ||||||
B3 SA - Brasil, Bolsa, Balcao | 55,779,716 | 112,402,182 | ||||||
Banco Bradesco SA | 14,297,850 | 31,788,475 | ||||||
Banco BTG Pactual SA | 11,057,804 | 42,664,459 | ||||||
Banco do Brasil SA | 7,811,720 | 60,130,899 | ||||||
Banco Santander Brasil SA | 3,247,120 | 17,570,774 | ||||||
BB Seguridade Participacoes SA | 6,231,591 | 40,719,084 | ||||||
Boa Vista Servicos SA | 2,163,133 | 3,135,963 | ||||||
BR Properties SA | 65,396 | 3,001,323 | ||||||
BRF SA(a) | 5,840,183 | 6,871,525 | ||||||
Camil Alimentos SA | 1,635,078 | 2,507,841 | ||||||
CCR SA | 11,350,888 | 23,827,228 | ||||||
Centrais Eletricas Brasileiras SA | 11,284,016 | 73,970,228 | ||||||
Cia. Brasileira de Aluminio | 1,591,113 | 3,166,757 | ||||||
Cia. Brasileira de Distribuicao | 1,674,561 | 4,970,476 | ||||||
Cia. de Saneamento Basico do Estado de Sao Paulo | 3,095,424 | 30,596,833 | ||||||
Cia. de Saneamento de Minas Gerais-COPASA | 2,127,936 | 5,779,685 | ||||||
Cia. de Saneamento do Parana | 1,938,059 | 6,315,271 | ||||||
Cia. Siderurgica Nacional SA | 6,134,837 | 19,533,704 | ||||||
Cielo SA | 12,457,972 | 11,421,801 | ||||||
Cogna Educacao(a) | 18,437,843 | 7,113,895 | ||||||
Cosan SA | 10,592,329 | 30,307,440 | ||||||
CPFL Energia SA | 1,545,631 | 8,942,338 | ||||||
Cyrela Brazil Realty SA Empreendimentos e Participacoes | 2,872,876 | 8,220,054 | ||||||
Dexco SA | 4,520,121 | 5,629,161 | ||||||
EcoRodovias Infraestrutura e Logistica SA | 2,917,491 | 2,284,754 | ||||||
EDP - Energias do Brasil SA | 2,420,704 | 9,076,282 | ||||||
Embraer SA(a) | 6,723,227 | 21,304,441 | ||||||
Enauta Participacoes SA | 1,325,165 | 3,487,909 | ||||||
Energisa SA | 1,508,930 | 11,151,000 | ||||||
Eneva SA(a) | 9,417,326 | 20,559,844 | ||||||
Engie Brasil Energia SA | 1,509,172 | 11,322,862 | ||||||
Equatorial Energia SA | 9,322,708 | 45,282,920 | ||||||
Ez Tec Empreendimentos e Participacoes SA | 1,302,926 | 3,163,088 | ||||||
Fleury SA | 2,846,328 | 7,714,598 | ||||||
GPS Participacoes e Empreendimentos SA(a)(b) | 2,428,855 | 5,474,312 | ||||||
Grendene SA | 3,971,649 | 4,999,220 | ||||||
Grupo De Moda Soma SA | 4,690,212 | 7,865,620 | ||||||
Grupo Mateus SA(a) | 5,653,344 | 6,090,185 | ||||||
Grupo SBF SA | 1,282,555 | 2,008,796 | ||||||
Guararapes Confeccoes SA | 1,056,801 | 892,198 | ||||||
Hapvida Participacoes e Investimentos SA(a)(b) | 42,071,638 | 36,081,264 | ||||||
Hypera SA | 3,412,280 | 27,145,988 | ||||||
Iguatemi SA | 2,060,224 | 7,606,630 | ||||||
Instituto Hermes Pardini SA | 701,685 | 2,581,336 | ||||||
Intelbras SA Industria de Telecomunicacao Eletronica Brasileira | 885,591 | 4,792,099 | ||||||
Iochpe Maxion SA | 1,551,810 | 3,340,477 | ||||||
IRB Brasil Resseguros S/A(a) | 711,992 | 2,567,575 |
Security | Shares | Value | ||||||
Brazil (continued) | ||||||||
JBS SA | 6,821,761 | $ | 25,004,459 | |||||
JHSF Participacoes SA | 3,985,880 | 3,220,406 | ||||||
Klabin SA | 6,903,336 | 25,659,479 | ||||||
Light SA | 3,154,846 | 1,506,483 | ||||||
Localiza Rent a Car SA | 6,885,573 | 72,979,485 | ||||||
Localiza Rent a Car SA, NVS | 28,443 | 287,937 | ||||||
Locaweb Servicos de Internet SA(a)(b) | 4,684,729 | 4,375,617 | ||||||
LOG Commercial Properties e Participacoes SA | 713,719 | 2,005,330 | ||||||
Lojas Renner SA | 9,128,071 | 32,516,503 | ||||||
M. Dias Branco SA | 1,069,269 | 6,856,213 | ||||||
Magazine Luiza SA(a) | 27,971,931 | 19,180,631 | ||||||
Marfrig Global Foods SA | 3,611,649 | 4,394,313 | ||||||
Minerva SA | 2,943,993 | 6,371,074 | ||||||
Movida Participacoes SA | 1,904,151 | 2,393,168 | ||||||
MRV Engenharia e Participacoes SA | 3,473,513 | 3,914,416 | ||||||
Multiplan Empreendimentos Imobiliarios SA | 2,552,496 | 12,271,404 | ||||||
Natura & Co. Holding SA | 8,162,663 | 23,885,625 | ||||||
Odontoprev SA | 3,316,095 | 7,309,350 | ||||||
Omega Energia SA(a) | 3,409,331 | 6,010,586 | ||||||
Pet Center Comercio e Participacoes SA | 3,810,220 | 4,694,137 | ||||||
Petro Rio SA(a) | 6,589,848 | 42,418,107 | ||||||
Petroleo Brasileiro SA | 34,678,363 | 190,433,093 | ||||||
Petroreconcavo SA | 1,355,917 | 7,329,351 | ||||||
Qualicorp Consultoria e Corretora de Seguros SA | 1,991,849 | 1,776,721 | ||||||
Raia Drogasil SA | 10,157,645 | 44,002,977 | ||||||
Rede D’Or Sao Luiz SA(b) | 5,491,334 | 26,798,763 | ||||||
Rumo SA | 12,168,238 | 41,742,650 | ||||||
Santos Brasil Participacoes SA | 5,614,064 | 8,589,262 | ||||||
Sao Martinho SA | 1,731,462 | 8,995,553 | ||||||
Sendas Distribuidora SA | 8,745,726 | 30,302,547 | ||||||
SIMPAR SA | 4,195,484 | 5,753,770 | ||||||
SLC Agricola SA | 1,195,552 | 11,251,153 | ||||||
Smartfit Escola de Ginastica e Danca SA(a) | 2,026,804 | 6,012,141 | ||||||
Suzano SA | 6,851,764 | 62,478,529 | ||||||
Telefonica Brasil SA | 4,351,147 | 32,362,770 | ||||||
Tim SA | 7,361,442 | 17,238,495 | ||||||
TOTVS SA | 5,002,997 | 26,078,329 | ||||||
Transmissora Alianca de Energia Eletrica SA | 1,867,031 | 12,656,205 | ||||||
Ultrapar Participacoes SA | 6,635,998 | 16,705,814 | ||||||
Vale SA | 34,935,782 | 569,334,235 | ||||||
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA | 3,162,628 | 8,022,176 | ||||||
Via S/A(a) | 13,111,576 | 4,833,461 | ||||||
Vibra Energia SA | 10,654,891 | 30,099,769 | ||||||
Vivara Participacoes SA | 1,382,269 | 5,721,336 | ||||||
WEG SA | 15,563,010 | 116,407,849 | ||||||
YDUQS Participacoes SA | 2,830,297 | 3,811,247 | ||||||
|
| |||||||
2,588,103,287 | ||||||||
Chile — 0.4% | ||||||||
Aguas Andinas SA, Class A | 32,391,758 | 7,748,944 | ||||||
Banco de Chile | 408,691,811 | 42,465,591 | ||||||
Banco de Credito e Inversiones SA | 536,882 | 16,800,469 | ||||||
Banco Santander Chile | 588,470,918 | 24,948,886 | ||||||
CAP SA | 754,387 | 6,271,429 | ||||||
Cencosud SA | 12,756,381 | 24,120,406 | ||||||
Cencosud Shopping SA | 4,928,111 | 7,025,954 | ||||||
Cia. Cervecerias Unidas SA | 1,170,864 | 8,935,895 | ||||||
Cia. Sud Americana de Vapores SA | 142,417,783 | 13,721,691 | ||||||
Colbun SA | 76,157,720 | 8,741,387 | ||||||
Empresa Nacional de Telecomunicaciones SA | 1,725,123 | 6,794,859 |
S C H E D U L E O F I N V E S T M E N T S | 9 |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Chile (continued) | ||||||||
Empresas CMPC SA | 10,222,530 | $ | 16,986,293 | |||||
Empresas COPEC SA | 3,560,743 | 25,726,731 | ||||||
Enel Americas SA | 198,559,119 | 24,721,830 | ||||||
Enel Chile SA | 229,543,872 | 10,333,639 | ||||||
Engie Energia Chile SA(a) | 6,774,851 | 4,133,652 | ||||||
Falabella SA | 6,605,026 | 14,535,141 | ||||||
Inversiones Aguas Metropolitanas SA | 5,347,069 | 3,036,382 | ||||||
Itau CorpBanca Chile SA | 2,838,858,517 | 6,101,863 | ||||||
Parque Arauco SA | 6,232,773 | 7,643,462 | ||||||
SMU SA | 28,407,419 | 4,664,640 | ||||||
Vina Concha y Toro SA | 5,681,100 | 7,433,677 | ||||||
|
| |||||||
292,892,821 | ||||||||
China — 29.1% | ||||||||
360 DigiTech Inc. | 1,063,440 | 21,651,638 | ||||||
360 Security Technology Inc., Class A | 4,651,388 | 7,217,389 | ||||||
361 Degrees International Ltd.(a) | 9,639,000 | 4,622,993 | ||||||
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A | 1,531,237 | 4,830,929 | ||||||
3SBio Inc.(b) | 12,375,000 | 12,271,548 | ||||||
AAC Technologies Holdings Inc.(a)(c) | 6,311,000 | 14,104,730 | ||||||
Advanced Micro-Fabrication Equipment Inc., Class A(a) | 396,217 | 6,002,362 | ||||||
AECC Aviation Power Co. Ltd., Class A | 1,442,377 | 9,520,347 | ||||||
Agile Group Holdings Ltd.(a) | 10,634,500 | 2,930,951 | ||||||
Agora Inc., ADR(a)(c) | 638,780 | 1,954,667 | ||||||
Agricultural Bank of China Ltd., Class A | 42,936,235 | 18,099,917 | ||||||
Agricultural Bank of China Ltd., Class H | 268,675,000 | 93,148,870 | ||||||
Aier Eye Hospital Group Co. Ltd., Class A | 3,914,901 | 17,575,943 | ||||||
Air China Ltd., Class A(a) | 3,795,500 | 6,066,517 | ||||||
Air China Ltd., Class H(a) | 17,568,000 | 16,198,269 | ||||||
AK Medical Holdings Ltd.(b) | 5,606,000 | 6,693,329 | ||||||
Akeso Inc.(a)(b)(c) | 4,293,000 | 21,909,581 | ||||||
Alibaba Group Holding Ltd.(a) | 135,722,704 | 1,491,788,215 | ||||||
Alibaba Health Information Technology Ltd.(a)(c) | 43,322,000 | 31,019,731 | ||||||
Alibaba Pictures Group Ltd.(a)(c) | 123,080,000 | 7,757,831 | ||||||
A-Living Smart City Services Co. Ltd., Class A(b) | 6,797,500 | 6,968,809 | ||||||
Alphamab Oncology(a)(b)(c) | 4,600,000 | 8,516,248 | ||||||
Aluminum Corp. of China Ltd., Class A | 6,054,900 | 4,817,747 | ||||||
Aluminum Corp. of China Ltd., Class H | 37,132,000 | 18,960,812 | ||||||
Amlogic Shanghai Co. Ltd.(a) | 217,786 | 2,494,123 | ||||||
Anhui Conch Cement Co. Ltd., Class A | 2,041,629 | 9,014,459 | ||||||
Anhui Conch Cement Co. Ltd., Class H | 11,072,000 | 40,648,766 | ||||||
Anhui Gujing Distillery Co. Ltd., Class A | 249,855 | 9,827,818 | ||||||
Anhui Gujing Distillery Co. Ltd., Class B | 991,980 | 17,052,183 | ||||||
Anhui Kouzi Distillery Co. Ltd., Class A | 426,348 | 4,228,717 | ||||||
Anhui Yingjia Distillery Co. Ltd., Class A | 480,000 | 4,845,483 | ||||||
Anjoy Foods Group Co. Ltd., Class A | 228,600 | 5,384,407 | ||||||
ANTA Sports Products Ltd. | 11,167,400 | 147,468,072 | ||||||
Ascentage Pharma Group International(a)(b)(c) | 1,894,900 | 6,030,976 | ||||||
Asia - Potash International Investment Guangzhou Co. Ltd.(a) | 848,900 | 3,478,669 | ||||||
Asia Cement China Holdings Corp. | 5,891,500 | 2,974,670 | ||||||
Asymchem Laboratories Tianjin Co. Ltd., Class A | 215,040 | 4,423,571 | ||||||
Autobio Diagnostics Co. Ltd., Class A | 321,000 | 3,244,710 | ||||||
Autohome Inc., ADR | 703,040 | 21,442,720 | ||||||
Avary Holding Shenzhen Co. Ltd., Class A | 929,900 | 3,800,420 | ||||||
AVIC Industry-Finance Holdings Co. Ltd., Class A | 6,811,491 | 4,263,748 | ||||||
AviChina Industry & Technology Co. Ltd., Class H | 23,931,000 | 11,409,963 | ||||||
Baidu Inc.(a) | 20,088,062 | 345,380,299 | ||||||
Bank of Beijing Co. Ltd., Class A | 16,225,506 | 10,108,157 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Bank of Chengdu Co. Ltd., Class A | 2,895,108 | $ | 5,987,596 | |||||
Bank of China Ltd., Class A | 16,551,700 | 7,692,946 | ||||||
Bank of China Ltd., Class H | 728,132,000 | 267,043,668 | ||||||
Bank of Communications Co. Ltd., Class A | 21,679,280 | 15,284,709 | ||||||
Bank of Communications Co. Ltd., Class H | 77,501,000 | 45,823,081 | ||||||
Bank of Hangzhou Co. Ltd., Class A | 4,114,397 | 7,184,255 | ||||||
Bank of Jiangsu Co. Ltd., Class A | 7,686,708 | 7,952,502 | ||||||
Bank of Nanjing Co. Ltd., Class A | 5,393,789 | 7,691,119 | ||||||
Bank of Ningbo Co. Ltd., Class A | 3,554,893 | 15,085,905 | ||||||
Bank of Shanghai Co. Ltd., Class A | 12,246,265 | 10,536,953 | ||||||
Baoshan Iron & Steel Co. Ltd., Class A | 10,902,630 | 10,321,041 | ||||||
Baozun Inc., ADR(a)(c) | 570,376 | 3,587,665 | ||||||
BBMG Corp., Class A | 16,133,636 | 6,059,627 | ||||||
BeiGene Ltd.(a) | 5,644,264 | 97,833,807 | ||||||
Beijing Capital International Airport Co. Ltd., Class H(a) | 17,786,000 | 13,019,083 | ||||||
Beijing Dabeinong Technology Group Co. Ltd., Class A(a) | 3,067,600 | 3,634,474 | ||||||
Beijing Easpring Material Technology Co. Ltd., Class A | 401,300 | 3,442,475 | ||||||
Beijing Enlight Media Co. Ltd., Class A | 2,607,794 | 2,848,231 | ||||||
Beijing Enterprises Holdings Ltd. | 4,064,500 | 13,313,965 | ||||||
Beijing Enterprises Water Group Ltd. | 38,768,000 | 9,734,372 | ||||||
Beijing Kingsoft Office Software Inc., Class A | 250,651 | 10,498,101 | ||||||
Beijing New Building Materials PLC, Class A | 1,199,919 | 5,187,525 | ||||||
Beijing Shiji Information Technology Co. Ltd., Class A | 1,254,242 | 2,995,893 | ||||||
Beijing Tong Ren Tang Chinese Medicine Co. Ltd | 3,056,000 | 4,713,596 | ||||||
Beijing Tongrentang Co. Ltd., Class A | 789,700 | 5,562,855 | ||||||
Beijing United Information Technology Co. Ltd., Class A | 344,000 | 3,998,021 | ||||||
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A | 350,799 | 6,403,764 | ||||||
Bethel Automotive Safety Systems Co. Ltd. | 281,000 | 2,959,757 | ||||||
Betta Pharmaceuticals Co. Ltd., Class A | 319,894 | 2,681,965 | ||||||
BGI Genomics Co. Ltd., Class A | 366,000 | 2,929,607 | ||||||
Bilibili Inc.(a) | 1,706,157 | 33,023,142 | ||||||
Bloomage Biotechnology Corp. Ltd. | 273,586 | 4,994,481 | ||||||
BOC Aviation Ltd.(b)(c) | 1,848,200 | 13,352,295 | ||||||
BOE Technology Group Co. Ltd., Class A | 16,702,800 | 10,009,238 | ||||||
BOE Varitronix Ltd. | 3,501,000 | 7,757,905 | ||||||
Bosideng International Holdings Ltd. | 30,770,000 | 17,068,800 | ||||||
Brii Biosciences Ltd.(a)(c) | 3,305,500 | 2,504,047 | ||||||
BYD Co. Ltd., Class A | 1,008,786 | 37,742,391 | ||||||
BYD Co. Ltd., Class H | 7,564,000 | 203,352,365 | ||||||
BYD Electronic International Co. Ltd. | 6,223,000 | 18,145,611 | ||||||
By-health Co. Ltd., Class A | 1,361,200 | 4,491,584 | ||||||
C&D International Investment Group | 5,790,000 | 18,702,781 | ||||||
Caitong Securities Co. Ltd., Class A | 6,051,950 | 6,710,312 | ||||||
Canaan Inc., ADR(a)(c) | 1,494,770 | 4,185,356 | ||||||
Canvest Environmental Protection Group Co. Ltd | 11,726,000 | 5,779,239 | ||||||
CGN New Energy Holdings Co. Ltd.(c) | 14,480,000 | 5,043,290 | ||||||
CGN Power Co. Ltd., Class H(b) | 94,970,000 | 21,300,943 | ||||||
Changchun High & New Technology Industry Group Inc., Class A | 283,742 | 8,043,834 | ||||||
Changjiang Securities Co. Ltd., Class A | 7,718,228 | 6,276,638 | ||||||
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A | 249,069 | 5,406,939 | ||||||
Chaozhou Three-Circle Group Co. Ltd., Class A | 1,596,453 | 7,307,625 | ||||||
Chengxin Lithium Group Co. Ltd., Class A | 767,100 | 4,183,816 | ||||||
China Aircraft Leasing Group Holdings Ltd.(c) | 5,456,000 | 3,560,703 |
10 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
China Animal Healthcare Ltd.(d) | 1,237,000 | $ | 2 | |||||
China Aoyuan Group Ltd.(a)(c)(d) | 10,538,000 | 914,272 | ||||||
China Baoan Group Co. Ltd., Class A | 1,944,000 | 3,574,021 | ||||||
China BlueChemical Ltd., Class H | 16,754,000 | 3,781,613 | ||||||
China Cinda Asset Management Co. Ltd., Class H | 70,783,000 | 9,199,905 | ||||||
China CITIC Bank Corp. Ltd., Class H | 80,249,000 | 37,127,824 | ||||||
China Coal Energy Co. Ltd., Class H | 19,061,000 | 14,750,126 | ||||||
China Communications Services Corp. Ltd., Class H | 22,222,000 | 8,639,804 | ||||||
China Conch Environment Protection Holdings Ltd.(a)(c) | 17,205,000 | 6,366,426 | ||||||
China Conch Venture Holdings Ltd. | 15,077,000 | 30,342,100 | ||||||
China Construction Bank Corp., Class A | 3,029,168 | 2,458,565 | ||||||
China Construction Bank Corp., Class H | 877,330,000 | 536,292,021 | ||||||
China CSSC Holdings Ltd., Class A | 2,727,001 | 9,368,464 | ||||||
China Datang Corp. Renewable Power Co. Ltd., Class H | 23,237,000 | 8,090,395 | ||||||
China East Education Holdings Ltd.(b)(c) | 5,599,500 | 4,217,916 | ||||||
China Eastern Airlines Corp. Ltd., Class A(a) | 8,194,075 | 6,403,087 | ||||||
China Education Group Holdings Ltd. | 8,693,000 | 9,983,934 | ||||||
China Energy Engineering Corp. Ltd. | 29,605,544 | 10,138,052 | ||||||
China Everbright Bank Co. Ltd., Class A | 22,347,682 | 9,582,108 | ||||||
China Everbright Bank Co. Ltd., Class H | 23,299,000 | 6,709,464 | ||||||
China Everbright Environment Group Ltd. | 33,815,148 | 13,714,301 | ||||||
China Everbright Greentech Ltd.(b)(c) | 15,882,000 | 3,625,909 | ||||||
China Everbright Ltd.(c) | 8,828,000 | 6,325,277 | ||||||
China Everbright Water Ltd. | 3,220,600 | 513,409 | ||||||
China Evergrande Group(a)(c)(d) | 34,001,000 | 4,094,510 | ||||||
China Feihe Ltd.(b) | 31,870,000 | 25,544,048 | ||||||
China Fiber Optic Network System Group Ltd.(d) | 10,394,800 | 13 | ||||||
China Foods Ltd. | 11,634,000 | 4,109,209 | ||||||
China Galaxy Securities Co. Ltd., Class A | 2,352,000 | 3,255,644 | ||||||
China Galaxy Securities Co. Ltd., Class H | 37,787,500 | 18,834,840 | ||||||
China Gas Holdings Ltd. | 26,971,800 | 37,716,434 | ||||||
China Greatwall Technology Group Co. Ltd., Class A | 2,612,200 | 4,887,483 | ||||||
China High Speed Transmission Equipment Group Co. Ltd.(a) | 5,878,000 | 2,429,929 | ||||||
China Hongqiao Group Ltd. | 21,602,500 | 23,106,088 | ||||||
China Huiyuan Juice Group Ltd.(d) | 10,877,000 | 14 | ||||||
China International Capital Corp. Ltd., Class A | 1,062,300 | 6,404,115 | ||||||
China International Capital Corp. Ltd., Class H(b) | 13,433,200 | 28,922,675 | ||||||
China Jinmao Holdings Group Ltd. | 51,092,000 | 9,914,474 | ||||||
China Jushi Co. Ltd., Class A | 2,966,862 | 6,468,351 | ||||||
China Lesso Group Holdings Ltd. | 10,630,000 | 11,212,361 | ||||||
China Life Insurance Co. Ltd., Class A | 1,653,421 | 8,508,715 | ||||||
China Life Insurance Co. Ltd., Class H | 66,702,000 | 113,147,383 | ||||||
China Lilang Ltd.(c) | 6,012,000 | 3,063,576 | ||||||
China Literature Ltd.(a)(b)(c) | 3,643,400 | 15,599,761 | ||||||
China Longyuan Power Group Corp. Ltd., Class H | 30,616,000 | 37,556,175 | ||||||
China Maple Leaf Educational Systems Ltd.(a)(d) | 19,720,000 | 636,264 | ||||||
China Medical System Holdings Ltd. | 12,813,000 | 19,289,360 | ||||||
China Meheco Co. Ltd., Class A | 1,082,300 | 2,455,862 | ||||||
China Meidong Auto Holdings Ltd.(c) | 5,786,000 | 12,456,231 | ||||||
China Mengniu Dairy Co. Ltd. | 28,841,000 | 126,948,581 | ||||||
China Merchants Bank Co. Ltd., Class A | 11,134,282 | 59,804,325 | ||||||
China Merchants Bank Co. Ltd., Class H | 35,773,464 | 194,124,729 | ||||||
China Merchants Energy Shipping Co. Ltd., Class A | 5,561,400 | 5,630,334 | ||||||
China Merchants Port Holdings Co. Ltd. | 12,708,270 | 17,814,649 | ||||||
China Merchants Securities Co. Ltd., Class A | 3,516,381 | 7,073,731 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A | 4,392,066 | $ | 9,359,856 | |||||
China Metal Recycling Holdings Ltd.(d) | 62,400 | — | ||||||
China Minmetals Rare Earth Co. Ltd., Class A(a) | 670,800 | 3,885,649 | ||||||
China Minsheng Banking Corp. Ltd., Class A | 19,704,117 | 9,667,295 | ||||||
China Minsheng Banking Corp. Ltd., Class H | 50,484,720 | 17,435,096 | ||||||
China Modern Dairy Holdings Ltd.(c) | 33,965,000 | 4,632,233 | ||||||
China National Building Material Co. Ltd., Class H | 35,132,850 | 31,149,590 | ||||||
China National Chemical Engineering Co. Ltd., Class A | 4,698,822 | 6,097,660 | ||||||
China National Nuclear Power Co. Ltd., Class A | 9,037,909 | 7,882,881 | ||||||
China National Software & Service Co. Ltd., Class A | 429,200 | 4,411,314 | ||||||
China New Higher Education Group | 10,035,000 | 4,069,233 | ||||||
China Nonferrous Mining Corp Ltd.(c) | 15,897,000 | 8,008,425 | ||||||
China Northern Rare Earth Group High-Tech Co. Ltd., Class A | 1,954,500 | 8,169,550 | ||||||
China Oilfield Services Ltd., Class H | 15,662,000 | 16,712,799 | ||||||
China Oriental Group Co. Ltd. | 15,500,000 | 3,144,634 | ||||||
China Overseas Grand Oceans Group Ltd.(c) | 17,238,500 | 6,706,263 | ||||||
China Overseas Land & Investment Ltd. | 34,859,500 | 86,538,271 | ||||||
China Overseas Property Holdings Ltd. | 12,880,000 | 15,029,620 | ||||||
China Pacific Insurance Group Co. Ltd., Class A | 3,547,242 | 14,102,913 | ||||||
China Pacific Insurance Group Co. Ltd., Class H | 24,135,200 | 64,020,077 | ||||||
China Petroleum & Chemical Corp., Class A | 16,325,300 | 10,936,653 | ||||||
China Petroleum & Chemical Corp., Class H | 231,384,200 | 118,046,857 | ||||||
China Power International Development Ltd. | 47,075,000 | 18,667,726 | ||||||
China Railway Group Ltd., Class A | 11,992,666 | 10,424,868 | ||||||
China Railway Group Ltd., Class H | 36,231,000 | 18,883,111 | ||||||
China Renaissance Holdings Ltd.(b)(c) | 2,502,500 | 2,326,651 | ||||||
China Renewable Energy Investment | 8,046 | — | ||||||
China Resources Beer Holdings Co. Ltd. | 14,760,000 | 109,195,531 | ||||||
China Resources Cement Holdings Ltd. | 21,680,000 | 11,665,568 | ||||||
China Resources Gas Group Ltd. | 8,425,100 | 35,551,179 | ||||||
China Resources Land Ltd. | 29,447,777 | 130,844,325 | ||||||
China Resources Medical Holdings Co. Ltd.(c) | 10,397,500 | 9,014,601 | ||||||
China Resources Microelectronics Ltd. | 731,711 | 5,703,235 | ||||||
China Resources Mixc Lifestyle Services Ltd.(b) | 6,258,200 | 34,357,841 | ||||||
China Resources Pharmaceutical Group Ltd.(b) | 15,844,000 | 13,031,277 | ||||||
China Resources Power Holdings Co. Ltd. | 17,558,000 | 35,852,108 | ||||||
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A | 791,227 | 5,795,615 | ||||||
China Ruyi Holdings Ltd.(a)(c) | 49,319,200 | 12,256,859 | ||||||
China Shenhua Energy Co. Ltd., Class A | 3,301,129 | 13,302,114 | ||||||
China Shenhua Energy Co. Ltd., Class H | 30,822,500 | 92,710,290 | ||||||
China Shineway Pharmaceutical Group Ltd. | 4,632,000 | 4,047,337 | ||||||
China South City Holdings Ltd.(a)(c) | 50,310,000 | 3,335,148 | ||||||
China Southern Airlines Co. Ltd., Class A(a) | 7,038,984 | 8,000,559 | ||||||
China Southern Airlines Co. Ltd., Class H(a)(c) | 14,382,000 | 10,486,868 | ||||||
China State Construction Engineering Corp. Ltd., Class A | 21,686,819 | 17,543,283 | ||||||
China State Construction International Holdings Ltd. | 19,162,000 | 21,822,966 | ||||||
China Taiping Insurance Holdings Co. Ltd. | 12,932,708 | 15,285,697 | ||||||
China Three Gorges Renewables Group Co. Ltd., Class A | 15,469,070 | 12,445,022 | ||||||
China Tobacco International HK Co. Ltd. | 4,087,000 | 5,750,260 | ||||||
China Tourism Group Duty Free Corp. Ltd.(a)(b)(c) | 721,100 | 18,237,340 | ||||||
China Tourism Group Duty Free Corp. Ltd., Class A | 1,019,279 | 28,992,955 | ||||||
China Tower Corp. Ltd., Class H(b) | 384,414,000 | 41,632,329 |
S C H E D U L E O F I N V E S T M E N T S | 11 |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
China Traditional Chinese Medicine Holdings Co. Ltd. | 25,744,000 | $ | 13,357,448 | |||||
China Travel International Investment Hong Kong Ltd.(a)(c) | 34,806,000 | 6,918,600 | ||||||
China United Network Communications Ltd., Class A | 15,847,225 | 12,042,901 | ||||||
China Vanke Co. Ltd., Class A | 5,403,468 | 13,307,553 | ||||||
China Vanke Co. Ltd., Class H | 15,135,887 | 26,463,402 | ||||||
China Water Affairs Group Ltd.(c) | 8,946,000 | 7,959,380 | ||||||
China XLX Fertiliser Ltd. | 4,945,000 | 2,610,438 | ||||||
China Yangtze Power Co. Ltd., Class A | 11,951,125 | 36,400,731 | ||||||
China Youzan Ltd.(a) | 86,180,000 | 2,327,587 | ||||||
China Yuchai International Ltd. | 135,587 | 1,102,322 | ||||||
China Yuhua Education Corp. Ltd.(a)(b)(c) | 15,646,000 | 2,611,188 | ||||||
China Zhenhua Group Science & Technology Co. Ltd., Class A | 367,900 | 5,499,131 | ||||||
China Zheshang Bank Co. Ltd., Class A(a) | 17,355,200 | 7,292,573 | ||||||
China Zhongwang Holdings Ltd.(a)(c)(d) | 15,649,600 | 1,519,403 | ||||||
Chinasoft International Ltd. | 24,472,000 | 17,575,572 | ||||||
Chindata Group Holdings Ltd., ADR(a)(c) | 1,185,884 | 8,028,435 | ||||||
Chongqing Brewery Co. Ltd., Class A | 318,200 | 6,296,537 | ||||||
Chongqing Changan Automobile Co. Ltd., Class A | 4,663,364 | 8,988,054 | ||||||
Chongqing Zhifei Biological Products Co. Ltd., Class A | 851,176 | 10,969,094 | ||||||
Chow Tai Fook Jewellery Group Ltd.(c) | 19,800,600 | 38,376,572 | ||||||
CIFI Ever Sunshine Services Group Ltd. | 7,140,000 | 2,886,026 | ||||||
CIFI Holdings Group Co. Ltd.(c) | 38,960,600 | 4,184,008 | ||||||
CIMC Enric Holdings Ltd. | 7,674,000 | 7,876,657 | ||||||
CITIC Ltd. | 53,310,000 | 58,820,095 | ||||||
CITIC Securities Co. Ltd., Class A | 6,151,049 | 18,272,768 | ||||||
CITIC Securities Co. Ltd., Class H | 18,947,400 | 40,140,436 | ||||||
CMGE Technology Group Ltd.(a)(c) | 18,626,000 | 5,183,699 | ||||||
CMOC Group Ltd., Class A | 10,135,033 | 8,617,612 | ||||||
CMOC Group Ltd., Class H | 32,823,000 | 18,482,555 | ||||||
CNGR Advanced Material Co. Ltd. | 369,000 | 3,728,777 | ||||||
COFCO Joycome Foods Ltd. | 23,131,000 | 6,753,769 | ||||||
Colour Life Services Group Co. Ltd.(a)(c)(d) | 4,592,000 | 209,329 | ||||||
Concord New Energy Group Ltd. | 81,200,000 | 7,762,155 | ||||||
Contemporary Amperex Technology Co. Ltd., Class A | 1,344,251 | 77,883,765 | ||||||
COSCO SHIPPING Energy Transportation Co. Ltd., Class A(a) | 2,280,900 | 4,752,251 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class A | 6,770,846 | 10,500,118 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class H | 29,723,100 | 30,829,486 | ||||||
COSCO SHIPPING International Hong Kong Co. Ltd. | 12,796,000 | 4,012,664 | ||||||
COSCO SHIPPING Ports Ltd.(c) | 17,392,000 | 11,321,839 | ||||||
Country Garden Holdings Co. Ltd.(c) | 112,422,733 | 34,475,856 | ||||||
Country Garden Services Holdings Co. Ltd. | 20,064,000 | 37,358,302 | ||||||
CRRC Corp. Ltd., Class A | 11,309,000 | 9,275,448 | ||||||
CRRC Corp. Ltd., Class H | 37,923,000 | 17,351,355 | ||||||
CSC Financial Co. Ltd., Class A | 2,470,194 | 9,515,327 | ||||||
CSPC Pharmaceutical Group Ltd. | 81,799,760 | 87,877,332 | ||||||
CStone Pharmaceuticals(a)(b)(c) | 6,704,000 | 3,361,420 | ||||||
Dada Nexus Ltd., ADR(a)(c) | 611,712 | 5,480,940 | ||||||
Dajin Heavy Industry Co. Ltd. | 478,600 | 2,698,415 | ||||||
Dali Foods Group Co. Ltd.(b)(c) | 19,665,500 | 7,954,073 | ||||||
Daqin Railway Co. Ltd., Class A | 8,120,900 | 7,932,916 | ||||||
Daqo New Energy Corp., ADR(a)(c) | 543,023 | 23,990,756 | ||||||
DaShenLin Pharmaceutical Group Co. Ltd., Class A | 877,528 | 4,876,768 | ||||||
DHC Software Co. Ltd., Class A | 4,639,498 | 4,388,051 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Digital China Holdings Ltd. | 10,235,000 | $ | 4,761,682 | |||||
Do-Fluoride New Materials Co. Ltd., Class A | 626,900 | 3,287,225 | ||||||
Dongfang Electric Corp. Ltd., Class A | 1,773,624 | 5,033,236 | ||||||
Dongfeng Motor Group Co. Ltd., Class H | 24,622,000 | 12,578,569 | ||||||
Dongxing Securities Co. Ltd., Class A | 3,877,667 | 4,792,870 | ||||||
Dongyue Group Ltd. | 13,468,000 | 15,252,331 | ||||||
DouYu International Holdings Ltd., ADR(a) | 1,378,623 | 1,723,279 | ||||||
East Money Information Co. Ltd., Class A | 7,138,740 | 21,434,326 | ||||||
Ecovacs Robotics Co. Ltd., Class A | 370,700 | 4,824,193 | ||||||
ENN Energy Holdings Ltd. | 7,269,600 | 103,488,180 | ||||||
ENN Natural Gas Co. Ltd., Class A | 1,642,872 | 4,563,783 | ||||||
Eve Energy Co. Ltd., Class A | 1,103,177 | 11,516,080 | ||||||
Everbright Securities Co. Ltd., Class A | 2,791,486 | 6,280,934 | ||||||
Everest Medicines Ltd.(a)(b)(c) | 1,773,500 | 3,848,307 | ||||||
Excellence Commercial Property & Facilities Management Group Ltd.(c) | 5,205,000 | 2,333,123 | ||||||
Fangda Carbon New Material Co. Ltd., Class A(a) | 3,032,384 | 2,918,690 | ||||||
Far East Horizon Ltd.(c) | 13,309,000 | 11,772,756 | ||||||
FinVolution Group, ADR | 1,244,219 | 6,308,190 | ||||||
Fire Rock Holdings Ltd.(a)(c)(d) | 19,668,000 | 973,427 | ||||||
First Capital Securities Co. Ltd., Class A | 5,620,700 | 4,837,259 | ||||||
Flat Glass Group Co. Ltd., Class A | 1,114,500 | 5,536,603 | ||||||
Flat Glass Group Co. Ltd., Class H | 3,792,000 | 10,044,825 | ||||||
Focus Media Information Technology Co. Ltd., Class A | 7,838,099 | 7,360,826 | ||||||
Foshan Haitian Flavouring & Food Co. Ltd., Class A | 2,077,695 | 24,582,795 | ||||||
Fosun International Ltd. | 23,289,500 | 19,054,142 | ||||||
Foxconn Industrial Internet Co. Ltd., Class A | 4,990,425 | 6,893,928 | ||||||
Fu Shou Yuan International Group Ltd.(c) | 11,414,000 | 8,605,198 | ||||||
Fufeng Group Ltd.(c) | 17,029,400 | 10,920,446 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class A | 1,026,500 | 5,477,418 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class H(b) | 5,525,600 | 24,762,120 | ||||||
Ganfeng Lithium Co. Ltd., Class H(b)(c) | 3,354,000 | 23,428,669 | ||||||
Ganfeng Lithium Group Co. Ltd., Class A | 884,957 | 9,206,531 | ||||||
GCL-Poly Energy Holdings Ltd.(a)(c) | 189,164,000 | 48,712,441 | ||||||
GD Power Development Co. Ltd., Class A(a) | 12,563,700 | 7,101,292 | ||||||
GDS Holdings Ltd., Class A(a) | 7,758,676 | 18,768,739 | ||||||
Geely Automobile Holdings Ltd.(c) | 54,964,000 | 71,407,993 | ||||||
Gemdale Corp., Class A | 3,258,796 | 4,535,199 | ||||||
Gemdale Properties & Investment Corp. Ltd. | 71,132,000 | 5,629,364 | ||||||
Genertec Universal Medical Group Co. Ltd.(b) | 12,957,500 | 7,481,067 | ||||||
Genscript Biotech Corp.(a) | 10,792,000 | 29,539,823 | ||||||
GF Securities Co. Ltd., Class A | 2,513,230 | 5,893,155 | ||||||
GF Securities Co. Ltd., Class H | 11,119,000 | 15,786,882 | ||||||
GigaDevice Semiconductor Inc., Class A | 463,735 | 6,990,705 | ||||||
Ginlong Technologies Co. Ltd., Class A(a) | 272,850 | 6,221,678 | ||||||
GoerTek Inc., Class A | 2,060,162 | 6,376,994 | ||||||
GOME Retail Holdings Ltd.(a)(c) | 277,697,000 | 5,601,594 | ||||||
Gotion High-tech Co. Ltd., Class A | 1,249,200 | 5,302,853 | ||||||
Grand Pharmaceutical Group Ltd., Class A(c) | 15,004,000 | 8,535,285 | ||||||
Great Wall Motor Co. Ltd., Class A | 1,392,400 | 6,908,048 | ||||||
Great Wall Motor Co. Ltd., Class H(c) | 27,079,500 | 35,936,063 | ||||||
Gree Electric Appliances Inc. of Zhuhai, Class A | 1,354,400 | 6,912,673 | ||||||
Greentown China Holdings Ltd. | 8,003,500 | 10,943,321 | ||||||
Greentown Management Holdings Co. Ltd.(b) | 8,104,000 | 6,521,235 | ||||||
Greentown Service Group Co. Ltd. | 13,352,000 | 8,909,322 | ||||||
Guangdong Haid Group Co. Ltd., Class A | 946,320 | 8,644,325 | ||||||
Guangdong Investment Ltd. | 26,820,000 | 27,102,711 | ||||||
Guangdong Kinlong Hardware Products Co. Ltd., Class A | 241,300 | 3,333,938 |
12 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Guanghui Energy Co. Ltd., Class A | 4,901,780 | $ | 7,593,713 | |||||
Guangzhou Automobile Group Co. Ltd., Class A | 2,402,699 | 3,966,049 | ||||||
Guangzhou Automobile Group Co. Ltd., Class H | 26,541,200 | 16,923,320 | ||||||
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A | 1,634,088 | 7,424,142 | ||||||
Guangzhou Great Power Energy & Technology Co. Ltd. | 377,600 | 3,636,268 | ||||||
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A | 340,000 | 4,124,331 | ||||||
Guangzhou R&F Properties Co. Ltd., Class H(a)(c) | 15,104,400 | 3,721,989 | ||||||
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A | 443,483 | 4,381,068 | ||||||
Guangzhou Tinci Materials Technology Co. Ltd., Class A | 1,290,396 | 8,336,248 | ||||||
Guolian Securities Co. Ltd., Class A | 2,987,700 | 4,877,850 | ||||||
Guosen Securities Co. Ltd., Class A | 5,748,467 | 7,980,427 | ||||||
Guotai Junan Securities Co. Ltd., Class A | 2,901,491 | 5,964,234 | ||||||
Guoyuan Securities Co. Ltd., Class A | 3,936,671 | 3,986,935 | ||||||
Gushengtang Holdings Ltd.(a) | 948,100 | 6,680,130 | ||||||
H World Group Ltd., ADR | 1,769,924 | 83,841,300 | ||||||
Haichang Ocean Park Holdings Ltd.(a)(b)(c) | 31,228,000 | 7,607,177 | ||||||
Haidilao International Holding Ltd.(a)(b)(c) | 10,111,000 | 28,004,699 | ||||||
Haier Smart Home Co. Ltd., Class A | 3,566,237 | 13,506,808 | ||||||
Haier Smart Home Co. Ltd., Class H | 21,074,000 | 74,582,450 | ||||||
Hainan Meilan International Airport Co. Ltd., Class H(a)(c) | 1,953,000 | 4,814,913 | ||||||
Haitian International Holdings Ltd. | 5,948,000 | 15,546,686 | ||||||
Haitong Securities Co. Ltd., Class A | 4,726,731 | 6,221,074 | ||||||
Haitong Securities Co. Ltd., Class H | 22,743,200 | 14,636,408 | ||||||
Hangzhou Binjiang Real Estate Group Co. Ltd. | 2,307,294 | 3,409,405 | ||||||
Hangzhou Chang Chuan Technology Co. Ltd. | 443,426 | 2,815,986 | ||||||
Hangzhou First Applied Material Co. Ltd., Class A | 853,220 | 8,430,201 | ||||||
Hangzhou Lion Electronics Co. Ltd. | 469,600 | 3,012,341 | ||||||
Hangzhou Oxygen Plant Group Co. Ltd., Class A | 613,600 | 3,439,799 | ||||||
Hangzhou Robam Appliances Co. Ltd., Class A | 885,909 | 3,920,178 | ||||||
Hangzhou Silan Microelectronics Co. Ltd., Class A | 899,000 | 4,357,515 | ||||||
Hangzhou Steam Turbine Power Group Co. Ltd., Class B | 5,604,862 | 8,111,605 | ||||||
Hangzhou Tigermed Consulting Co. Ltd., Class A | 267,474 | 4,434,185 | ||||||
Hangzhou Tigermed Consulting Co. Ltd., Class H(b) | 1,072,100 | 12,312,361 | ||||||
Hansoh Pharmaceutical Group Co. Ltd.(b) | 10,702,000 | 19,239,357 | ||||||
Harbin Electric Co. Ltd., Class H(a) | 8,374,000 | 4,165,104 | ||||||
Helens International Holdings Co. Ltd. (a)(c) | 2,988,500 | 5,250,141 | ||||||
Hello Group Inc., ADR | 1,408,994 | 12,413,237 | ||||||
Henan Shenhuo Coal & Power Co. Ltd. | 1,548,000 | 4,159,098 | ||||||
Henan Shuanghui Investment & Development Co. Ltd., Class A | 2,008,232 | 7,645,828 | ||||||
Hengan International Group Co. Ltd. | 5,652,000 | 25,995,156 | ||||||
Hengdian Group DMEGC Magnetics Co. Ltd. | 1,309,955 | 4,093,422 | ||||||
Hengli Petrochemical Co. Ltd., Class A | 3,017,830 | 7,666,320 | ||||||
Hengtong Optic-Electric Co. Ltd., Class A | 1,513,000 | 3,205,536 | ||||||
Hengyi Petrochemical Co. Ltd., Class A | 3,627,461 | 4,235,171 | ||||||
Hithink RoyalFlush Information Network Co. Ltd., Class A | 384,402 | 6,536,912 | ||||||
Hongfa Technology Co. Ltd., Class A | 677,868 | 3,418,042 | ||||||
Hope Education Group Co. Ltd.(a)(b)(c) | 40,580,000 | 3,418,147 | ||||||
Hopson Development Holdings Ltd.(c) | 8,168,236 | 8,336,200 | ||||||
Hoshine Silicon Industry Co. Ltd., Class A | 432,023 | 6,091,315 | ||||||
Hua Han Health Industry Holdings Ltd.(d) | 19,424,288 | 25 | ||||||
Hua Hong Semiconductor Ltd.(a)(b)(c) | 5,189,000 | 19,898,139 | ||||||
Hua Medicine(a)(b) | 7,668,500 | 3,968,217 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Huabao International Holdings Ltd.(c) | 9,040,000 | $ | 4,532,462 | |||||
Huadian Power International Corp. Ltd., Class A | 5,152,600 | 4,250,705 | ||||||
Huadong Medicine Co. Ltd., Class A | 1,217,551 | 8,406,941 | ||||||
Huafon Chemical Co. Ltd., Class A | 4,241,055 | 4,974,673 | ||||||
Hualan Biological Engineering Inc., Class A | 1,216,820 | 3,881,222 | ||||||
Huaneng Power International Inc., Class A(a) | 5,100,526 | 5,993,013 | ||||||
Huaneng Power International Inc., Class H(a)(c) | 36,882,000 | 18,150,958 | ||||||
Huatai Securities Co. Ltd., Class A | 3,259,051 | 5,907,772 | ||||||
Huatai Securities Co. Ltd., Class H(b) | 13,557,800 | 15,261,842 | ||||||
Huaxia Bank Co. Ltd., Class A | 10,477,930 | 7,869,570 | ||||||
Huaxin Cement Co. Ltd., Class A | 1,239,024 | 3,110,493 | ||||||
Huayu Automotive Systems Co. Ltd., Class A | 2,192,160 | 5,963,980 | ||||||
Hubei Xingfa Chemicals Group Co. Ltd., Class A | 1,044,900 | 5,276,665 | ||||||
Huizhou Desay Sv Automotive Co. Ltd., Class A | 359,000 | 5,881,752 | ||||||
Humanwell Healthcare Group Co. Ltd., Class A | 1,524,800 | 5,852,637 | ||||||
Hundsun Technologies Inc., Class A | 1,407,549 | 8,994,841 | ||||||
HUTCHMED China Ltd.(a) | 4,287,580 | 14,155,494 | ||||||
HUYA Inc., ADR(a) | 771,466 | 3,317,304 | ||||||
Hygeia Healthcare Holdings Co. Ltd.(a)(b)(c) | 3,239,600 | 23,602,483 | ||||||
iDreamSky Technology Holdings Ltd.(a)(b) | 6,827,600 | 3,120,389 | ||||||
Iflytek Co. Ltd., Class A | 1,259,996 | 8,752,593 | ||||||
I-Mab, ADR(a) | 411,836 | 1,770,895 | ||||||
Imeik Technology Development Co. Ltd., Class A | 113,200 | 9,569,965 | ||||||
Industrial & Commercial Bank of China Ltd., Class A | 31,476,680 | 19,473,059 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 512,786,000 | 255,860,576 | ||||||
Industrial Bank Co. Ltd., Class A | 10,581,890 | 25,742,185 | ||||||
Industrial Securities Co. Ltd., Class A | 7,680,351 | 7,103,883 | ||||||
Ingenic Semiconductor Co. Ltd., Class A | 322,603 | 3,505,547 | ||||||
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A | 28,944,300 | 8,544,625 | ||||||
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A | 7,482,200 | 4,758,504 | ||||||
Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 3,304,062 | 14,487,494 | ||||||
Inner Mongolia Yitai Coal Co. Ltd., Class B | 10,949,495 | 14,764,376 | ||||||
Innovent Biologics Inc.(a)(b) | 9,778,500 | 47,558,962 | ||||||
Inspur Electronic Information Industry Co. Ltd., Class A | 1,065,172 | 5,967,144 | ||||||
International Alliance Financial Leasing Co. Ltd.(a)(b)(c) | 6,349,000 | 14,328,656 | ||||||
iQIYI Inc., ADR(a)(c) | 3,997,158 | 30,898,031 | ||||||
JA Solar Technology Co. Ltd., Class A | 1,325,700 | 11,628,177 | ||||||
Jafron Biomedical Co. Ltd., Class A | 603,573 | 2,812,575 | ||||||
Jason Furniture Hangzhou Co. Ltd., Class A | 851,557 | 5,771,981 | ||||||
JCET Group Co. Ltd., Class A | 1,284,500 | 5,198,803 | ||||||
JD Health International Inc.(a)(b)(c) | 10,276,350 | 71,937,012 | ||||||
JD.com Inc., Class A | 19,793,204 | 440,001,382 | ||||||
Jiangsu Eastern Shenghong Co. Ltd., Class A | 2,774,000 | 6,189,150 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 10,716,000 | 10,244,139 | ||||||
Jiangsu GoodWe Power Supply Technology Co. Ltd., NVS | 85,706 | 4,789,686 | ||||||
Jiangsu Hengli Hydraulic Co. Ltd., Class A | 861,396 | 8,541,712 | ||||||
Jiangsu Hengrui Medicine Co. Ltd., Class A | 3,326,855 | 20,823,419 | ||||||
Jiangsu King’s Luck Brewery JSC Ltd., Class A | 905,056 | 8,350,561 | ||||||
Jiangsu Pacific Quartz Co. Ltd., NVS | 197,682 | 4,084,852 | ||||||
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A | 816,251 | 19,931,316 | ||||||
Jiangsu Yangnong Chemical Co. Ltd., Class A | 266,000 | 4,108,436 | ||||||
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A | 664,300 | 3,011,919 |
S C H E D U L E O F I N V E S T M E N T S | 13 |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Jiangsu Zhongtian Technology Co. Ltd., Class A | 2,199,400 | $ | 5,080,960 | |||||
Jiangxi Copper Co. Ltd., Class H | 12,595,000 | 19,863,225 | ||||||
Jiangxi Special Electric Motor Co. Ltd., NVS(a) | 1,208,100 | 3,104,043 | ||||||
Jinan Acetate Chemical Co. Ltd. | 303,000 | 3,332,535 | ||||||
Jinchuan Group International Resources Co. Ltd.(c) | 36,943,000 | 2,873,486 | ||||||
Jinke Smart Services Group Co. Ltd. | 1,414,000 | 2,187,466 | ||||||
JinkoSolar Holding Co. Ltd., ADR(a)(c) | 391,149 | 20,730,897 | ||||||
Jinxin Fertility Group Ltd.(b)(c) | 14,439,500 | 11,494,454 | ||||||
JiuGui Liquor Co. Ltd., Class A | 247,600 | 5,403,293 | ||||||
Jiumaojiu International Holdings Ltd.(b)(c) | 6,820,000 | 16,479,889 | ||||||
JNBY Design Ltd. | 2,800,500 | 3,505,926 | ||||||
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A | 655,842 | 3,593,900 | ||||||
Joy Spreader Group Inc.(a)(c) | 15,998,000 | 2,492,180 | ||||||
JOYY Inc., ADR | 432,183 | 13,570,546 | ||||||
Juewei Food Co. Ltd., Class A | 507,700 | 3,829,238 | ||||||
Kaisa Group Holdings Ltd.(a)(c)(d) | 28,384,000 | 1,021,649 | ||||||
Kangji Medical Holdings Ltd.(c) | 4,546,500 | 5,562,089 | ||||||
Kanzhun Ltd., ADR(a) | 1,683,047 | 33,913,397 | ||||||
KE Holdings Inc., ADR(a)(c) | 6,127,944 | 111,834,978 | ||||||
Keda Industrial Group Co. Ltd. | 1,549,200 | 3,652,716 | ||||||
Keymed Biosciences Inc.(a)(b) | 1,483,500 | 11,930,532 | ||||||
Kingboard Holdings Ltd. | 6,276,700 | 22,408,659 | ||||||
Kingboard Laminates Holdings Ltd.(c) | 9,037,000 | 11,269,728 | ||||||
Kingdee International Software Group Co. Ltd.(a)(c) | 23,873,000 | 44,605,825 | ||||||
Kingsoft Cloud Holdings Ltd., ADR(a)(c) | 990,725 | 3,814,291 | ||||||
Kingsoft Corp. Ltd. | 8,763,800 | 28,934,708 | ||||||
Kintor Pharmaceutical Ltd. (a)(b)(c) | 3,920,000 | 4,833,469 | ||||||
Konka Group Co. Ltd., Class B | 10,758,618 | 2,603,542 | ||||||
Koolearn Technology Holding Ltd.(a)(b)(c) | 3,818,500 | 21,746,002 | ||||||
Kuaishou Technology(a)(b) | 16,162,400 | 108,311,759 | ||||||
Kuang-Chi Technologies Co. Ltd., Class A | 1,555,650 | 3,916,425 | ||||||
Kunlun Energy Co. Ltd. | 35,876,000 | 28,745,445 | ||||||
Kweichow Moutai Co. Ltd., Class A | 685,020 | 178,943,036 | ||||||
KWG Group Holdings Ltd.(a)(c) | 11,998,500 | 2,560,862 | ||||||
LB Group Co. Ltd., Class A | 1,746,507 | 5,497,804 | ||||||
Lee & Man Paper Manufacturing Ltd.(c) | 14,343,000 | 6,208,096 | ||||||
Legend Biotech Corp., ADR(a)(c) | 510,457 | 23,572,904 | ||||||
Lenovo Group Ltd.(c) | 66,202,000 | 59,575,297 | ||||||
Lens Technology Co. Ltd., Class A | 3,126,615 | 5,726,043 | ||||||
Lepu Medical Technology Beijing Co. Ltd., Class A | 1,605,082 | 5,418,361 | ||||||
LexinFintech Holdings Ltd., ADR(a) | 1,231,832 | 3,412,175 | ||||||
Li Auto Inc.(a) | 10,295,204 | 121,474,756 | ||||||
Li Ning Co. Ltd. | 21,778,000 | 185,825,253 | ||||||
Lifetech Scientific Corp.(a) | 35,666,000 | 13,283,179 | ||||||
Lingyi iTech Guangdong Co., Class A(a) | 5,871,133 | 4,835,379 | ||||||
LK Technology Holdings Ltd.(c) | 5,460,000 | 7,360,001 | ||||||
Longfor Group Holdings Ltd.(b)(c) | 17,140,000 | 49,065,537 | ||||||
LONGi Green Energy Technology Co. Ltd., Class A | 4,145,449 | 26,398,819 | ||||||
Lonking Holdings Ltd. | 23,142,000 | 4,189,408 | ||||||
Lufax Holding Ltd., ADR | 6,360,299 | 13,738,246 | ||||||
Luoyang Xinqianglian Slewing Bearing Co. Ltd. | 215,100 | 1,726,281 | ||||||
Luxshare Precision Industry Co. Ltd., Class A | 3,839,889 | 16,502,929 | ||||||
Luye Pharma Group Ltd.(a)(b)(c) | 18,253,500 | 8,400,768 | ||||||
Luzhou Laojiao Co. Ltd., Class A | 810,508 | 29,101,801 | ||||||
Mango Excellent Media Co. Ltd., Class A | 1,212,432 | 5,839,654 | ||||||
Maoyan Entertainment(a)(b)(c) | 6,086,000 | 6,811,655 | ||||||
Maxscend Microelectronics Co. Ltd., Class A | 350,912 | 5,909,205 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A(a) | 2,980,252 | $ | 2,814,431 | |||||
Meitu Inc.(a)(b)(c) | 25,423,500 | 9,491,095 | ||||||
Meituan, Class B(a)(b) | 46,075,160 | 799,630,991 | ||||||
Metallurgical Corp. of China Ltd., Class A | 12,715,700 | 6,240,358 | ||||||
MH Development Ltd.(d) | 3,308,000 | 94,780 | ||||||
Microport Scientific Corp.(a)(c) | 6,148,100 | 17,442,390 | ||||||
Midea Real Estate Holding Ltd.(b)(c) | 3,506,200 | 4,344,029 | ||||||
Ming Yang Smart Energy Group Ltd., Class A | 1,432,000 | 5,230,612 | ||||||
Ming Yuan Cloud Group Holdings Ltd.(c) | 6,727,000 | 4,593,439 | ||||||
MINISO Group Holding Ltd. | 686,942 | 12,296,262 | ||||||
Minth Group Ltd.(c) | 6,930,000 | 18,008,243 | ||||||
MMG Ltd.(a)(c) | 27,915,999 | 7,873,735 | ||||||
Mobvista Inc.(a)(b) | 6,423,000 | 3,299,501 | ||||||
Montage Technology Co. Ltd., Class A | 698,800 | 5,804,681 | ||||||
Muyuan Foods Co. Ltd., Class A | 2,916,683 | 20,761,355 | ||||||
NARI Technology Co. Ltd., Class A | 3,570,447 | 13,488,773 | ||||||
NAURA Technology Group Co. Ltd., Class A | 288,575 | 9,656,886 | ||||||
NavInfo Co. Ltd., Class A | 2,506,150 | 4,695,827 | ||||||
NetDragon Websoft Holdings Ltd.(c) | 3,027,000 | 6,889,575 | ||||||
NetEase Inc. | 17,983,335 | 279,469,058 | ||||||
New China Life Insurance Co. Ltd., Class A | 1,015,501 | 4,554,461 | ||||||
New China Life Insurance Co. Ltd., Class H | 7,966,400 | 19,307,021 | ||||||
New Hope Liuhe Co. Ltd., Class A(a) | 3,493,344 | 6,627,586 | ||||||
New Horizon Health Ltd.(a)(b) | 1,910,000 | 7,992,780 | ||||||
New Oriental Education & Technology Group Inc.(a) | 14,207,790 | 54,789,198 | ||||||
Nexteer Automotive Group Ltd.(c) | 8,754,000 | 5,561,248 | ||||||
Nine Dragons Paper Holdings Ltd.(c) | 15,260,000 | 12,435,043 | ||||||
Ninestar Corp., Class A | 971,934 | 7,539,911 | ||||||
Ningbo Deye Technology Co. Ltd., NVS | 130,000 | 6,181,132 | ||||||
Ningbo Orient Wires & Cables Co. Ltd. | 459,600 | 3,637,183 | ||||||
Ningbo Ronbay New Energy Technology Co. Ltd. | 339,717 | 3,523,668 | ||||||
Ningbo Shanshan Co. Ltd. | 1,634,300 | 4,203,035 | ||||||
Ningbo Tuopu Group Co. Ltd., Class A | 813,200 | 7,831,271 | ||||||
Ningxia Baofeng Energy Group Co. Ltd., Class A | 3,974,900 | 9,038,267 | ||||||
NIO Inc., ADR(a)(c) | 12,538,892 | 117,740,196 | ||||||
Noah Holdings Ltd., ADR(a)(c) | 319,373 | 5,975,469 | ||||||
Nongfu Spring Co. Ltd., Class H(b) | 16,347,000 | 91,758,397 | ||||||
North Industries Group Red Arrow Co. Ltd., Class A | 1,138,000 | 3,706,789 | ||||||
Offshore Oil Engineering Co. Ltd., Class A | 2,789,000 | 2,733,779 | ||||||
Oppein Home Group Inc., Class A | 402,280 | 8,196,418 | ||||||
Orient Overseas International Ltd.(c) | 1,253,000 | 20,127,222 | ||||||
Orient Securities Co. Ltd., Class A | 5,423,767 | 7,959,142 | ||||||
Ovctek China Inc., Class A | 613,365 | 3,036,532 | ||||||
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A(a) | 5,162,600 | 4,146,549 | ||||||
Peijia Medical Ltd.(a)(b)(c) | 4,346,000 | 6,313,002 | ||||||
People’s Insurance Co. Group of China Ltd. (The), Class H | 79,643,000 | 25,180,780 | ||||||
Perfect World Co. Ltd., Class A | 1,459,386 | 2,984,875 | ||||||
PetroChina Co. Ltd., Class A | 8,053,637 | 6,049,188 | ||||||
PetroChina Co. Ltd., Class H | 192,440,000 | 98,170,951 | ||||||
Pharmaron Beijing Co. Ltd., Class A | 560,950 | 4,817,670 | ||||||
Pharmaron Beijing Co. Ltd., Class H(b) | 1,848,050 | 10,363,124 | ||||||
PICC Property & Casualty Co. Ltd., Class H | 62,137,040 | 54,578,113 | ||||||
Pinduoduo Inc., ADR(a) | 4,634,822 | 406,612,934 | ||||||
Ping An Bank Co. Ltd., Class A | 10,415,936 | 20,618,563 | ||||||
Ping An Healthcare and Technology Co. | 4,500,100 | 10,312,851 |
14 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Ping An Insurance Group Co. of China Ltd., Class A | 5,607,716 | $ | 38,919,919 | |||||
Ping An Insurance Group Co. of China Ltd., Class H | 58,099,500 | 396,618,205 | ||||||
Poly Developments and Holdings Group Co. Ltd., Class A | 6,297,411 | 13,676,797 | ||||||
Poly Property Group Co. Ltd. | 19,249,000 | 4,617,877 | ||||||
Pop Mart International Group Ltd.(b)(c) | 5,344,800 | 14,890,717 | ||||||
Postal Savings Bank of China Co. Ltd., Class A | 12,702,500 | 8,262,487 | ||||||
Postal Savings Bank of China Co. Ltd., Class H(b) | 72,366,000 | 43,477,672 | ||||||
Pou Sheng International Holdings Ltd. | 27,024,000 | 2,899,157 | ||||||
Power Construction Corp. of China Ltd., Class A | 8,557,044 | 8,840,568 | ||||||
Powerlong Real Estate Holdings Ltd.(c) | 10,815,000 | 2,250,316 | ||||||
Pylon Technologies Co. Ltd., NVS | 131,837 | 5,086,621 | ||||||
Q Technology Group Co. Ltd.(a)(c) | 5,338,000 | 3,220,222 | ||||||
Qinghai Salt Lake Industry Co. Ltd., Class A(a) | 2,929,200 | 10,434,937 | ||||||
Redco Properties Group Ltd.(a)(b)(c) | 11,872,000 | 1,982,733 | ||||||
RLX Technology Inc., ADR(a)(c) | 4,763,679 | 9,289,174 | ||||||
Rongsheng Petrochemical Co. Ltd., Class A | 5,477,971 | 10,652,232 | ||||||
SAIC Motor Corp. Ltd., Class A | 2,504,300 | 5,414,981 | ||||||
Sangfor Technologies Inc., Class A | 287,100 | 5,894,696 | ||||||
Sany Heavy Equipment International Holdings Co. Ltd. | 11,491,000 | 11,467,757 | ||||||
Sany Heavy Industry Co. Ltd., Class A | 4,377,711 | 11,798,559 | ||||||
Satellite Chemical Co. Ltd., Class A | 2,413,707 | 6,037,072 | ||||||
SDIC Capital Co. Ltd., Class A | 1,842,238 | 1,866,135 | ||||||
Seazen Group Ltd.(a) | 18,406,000 | 6,195,952 | ||||||
Seazen Holdings Co. Ltd., Class A(a) | 1,391,526 | 3,915,951 | ||||||
SF Holding Co. Ltd., Class A | 2,694,492 | 20,866,070 | ||||||
SG Micro Corp., Class A | 247,500 | 5,581,158 | ||||||
Shaanxi Coal Industry Co. Ltd., Class A | 5,463,790 | 15,723,523 | ||||||
Shan Xi Hua Yang Group New Energy Co. Ltd. | 1,495,700 | 3,424,927 | ||||||
Shandong Gold Mining Co. Ltd., Class A | 2,004,401 | 5,476,745 | ||||||
Shandong Gold Mining Co. Ltd., Class H(b)(c) | 5,821,500 | 9,982,904 | ||||||
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A | 1,552,799 | 8,070,985 | ||||||
Shandong Linglong Tyre Co. Ltd., Class A | 1,020,541 | 3,308,730 | ||||||
Shandong Nanshan Aluminum Co. Ltd., Class A | 8,337,300 | 4,330,729 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H(c) | 23,370,800 | 37,724,334 | ||||||
Shanghai Aiko Solar Energy Co. Ltd.(a) | 566,900 | 2,984,650 | ||||||
Shanghai Bairun Investment Holding Group Co. Ltd., Class A | 859,204 | 5,186,364 | ||||||
Shanghai Baosight Software Co. Ltd., Class A | 922,692 | 6,569,743 | ||||||
Shanghai Baosight Software Co. Ltd., Class B | 4,731,831 | 15,424,099 | ||||||
Shanghai Chlor-Alkali Chemical Co. Ltd., Class B | 7,693,709 | 5,163,417 | ||||||
Shanghai Construction Group Co. Ltd., Class A | 7,974,700 | 3,109,940 | ||||||
Shanghai Electric Group Co. Ltd., Class A(a) | 10,155,700 | 6,119,814 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A | 1,030,200 | 4,995,336 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H | 4,616,000 | 13,504,651 | ||||||
Shanghai Fudan Microelectronics Group Co. Ltd. | 327,380 | 3,388,690 | ||||||
Shanghai Fudan Microelectronics Group Co. Ltd., Class H | 2,775,000 | 11,386,598 | ||||||
Shanghai Haixin Group Co., Class B | 8,095,091 | 2,671,712 | ||||||
Shanghai Industrial Holdings Ltd. | 5,577,000 | 7,220,486 | ||||||
Shanghai International Airport Co. Ltd., Class A(a) | 967,003 | 8,165,574 | ||||||
Shanghai International Port Group Co. Ltd., Class A | 7,071,670 | 5,412,493 | ||||||
Shanghai Jinjiang International Hotels Co. Ltd., Class A | 665,378 | 5,939,626 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Shanghai Junshi Biosciences Co. Ltd., Class A(a) | 527,400 | $ | 4,008,576 | |||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B | 11,484,913 | 8,962,126 | ||||||
Shanghai M&G Stationery Inc., Class A | 737,047 | 5,745,363 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class A | 1,512,000 | 4,297,807 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 7,188,000 | 12,675,941 | ||||||
Shanghai Pudong Development Bank Co. Ltd., Class A | 14,574,846 | 15,056,344 | ||||||
Shanghai Putailai New Energy Technology Co. Ltd., Class A | 911,720 | 6,590,962 | ||||||
Shanghai RAAS Blood Products Co. Ltd., Class A | 5,919,534 | 5,280,849 | ||||||
Shanxi Coking Coal Energy Group Co. Ltd., Class A | 2,701,300 | 5,058,250 | ||||||
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A | 2,088,200 | 6,703,923 | ||||||
Shanxi Meijin Energy Co. Ltd., Class A | 2,950,769 | 3,988,887 | ||||||
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A | 675,619 | 27,502,390 | ||||||
Shengyi Technology Co. Ltd., Class A | 1,835,208 | 4,786,650 | ||||||
Shennan Circuits Co. Ltd., Class A | 332,371 | 3,813,573 | ||||||
Shenwan Hongyuan Group Co. Ltd., Class A | 16,200,392 | 9,827,307 | ||||||
Shenzhen Dynanonic Co. Ltd. | 120,582 | 3,921,291 | ||||||
Shenzhen Inovance Technology Co. Ltd., Class A | 1,528,142 | 16,098,603 | ||||||
Shenzhen International Holdings Ltd. | 11,132,750 | 9,675,940 | ||||||
Shenzhen Investment Ltd. | 29,122,000 | 5,315,513 | ||||||
Shenzhen Kangtai Biological Products Co. Ltd., Class A | 684,800 | 3,414,989 | ||||||
Shenzhen Kstar Science & Technology Co. Ltd. | 418,900 | 3,020,430 | ||||||
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 654,946 | 29,548,352 | ||||||
Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A | 461,800 | 4,069,972 | ||||||
Shenzhen Overseas Chinese Town Co. Ltd., Class A | 5,398,802 | 4,119,401 | ||||||
Shenzhen SC New Energy Technology Corp., Class A | 231,800 | 4,297,984 | ||||||
Shenzhen Senior Technology Co. Ltd., Class A | 1,070,500 | 3,267,117 | ||||||
Shenzhen Transsion Holding Co. Ltd., Class A | 445,734 | 5,172,197 | ||||||
Shenzhou International Group Holdings Ltd. | 7,491,300 | 81,966,510 | ||||||
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A | 1,070,318 | 4,620,151 | ||||||
Shimao Group Holdings Ltd.(a)(c) | 8,435,727 | 2,149,394 | ||||||
Shimao Services Holdings Ltd.(a)(b)(c) | 9,031,000 | 2,617,008 | ||||||
Shoucheng Holdings Ltd. | 27,136,800 | 5,674,943 | ||||||
Shougang Fushan Resources Group Ltd. | 20,596,000 | 6,616,188 | ||||||
Shui On Land Ltd. | 49,918,666 | 6,170,915 | ||||||
Sichuan Chuantou Energy Co. Ltd., Class A | 3,150,647 | 5,884,410 | ||||||
Sichuan Kelun Pharmaceutical Co. Ltd., Class A | 1,606,020 | 6,666,198 | ||||||
Sichuan New Energy Power Co. Ltd., Class A(a) | 1,299,383 | 3,398,192 | ||||||
Sichuan Road & Bridge Co. Ltd., Class A | 3,917,400 | 7,162,808 | ||||||
Sichuan Swellfun Co. Ltd., Class A | 355,500 | 4,234,931 | ||||||
Sichuan Yahua Industrial Group Co. Ltd., Class A | 1,017,800 | 3,582,491 | ||||||
Sihuan Pharmaceutical Holdings Group Ltd.(c) | 39,200,000 | 4,550,194 | ||||||
Sino Biopharmaceutical Ltd. | 93,771,000 | 48,413,176 | ||||||
Sinofert Holdings Ltd.(c) | 27,686,000 | 3,352,350 | ||||||
Sinoma Science & Technology Co. Ltd., Class A | 1,083,200 | 3,585,559 | ||||||
Sinomine Resource Group Co. Ltd., Class A | 363,300 | 3,913,402 | ||||||
Sino-Ocean Group Holding Ltd.(c) | 31,241,500 | 3,947,333 | ||||||
Sinopec Engineering Group Co. Ltd., Class H | 16,969,000 | 8,501,505 | ||||||
Sinopec Kantons Holdings Ltd.(c) | 14,412,000 | 4,962,596 |
S C H E D U L E O F I N V E S T M E N T S | 15 |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Sinopharm Group Co. Ltd., Class H | 12,104,000 | $ | 32,418,288 | |||||
Skshu Paint Co. Ltd., Class A(a) | 299,820 | 5,279,931 | ||||||
Skyworth Group Ltd. | 15,242,000 | 8,362,008 | ||||||
Smoore International Holdings Ltd.(b)(c) | 16,457,000 | 20,403,795 | ||||||
SOHO China Ltd.(a) | 21,666,000 | 4,035,183 | ||||||
Sohu.com Ltd., ADR(a)(c) | 308,711 | 4,420,742 | ||||||
Songcheng Performance Development Co. Ltd., Class A | 2,360,456 | 5,325,596 | ||||||
SSY Group Ltd. | 13,276,411 | 7,960,774 | ||||||
StarPower Semiconductor Ltd., Class A | 109,900 | 4,663,185 | ||||||
Sun King Technology Group Ltd.(a) | 11,032,000 | 2,602,459 | ||||||
Sunac China Holdings Ltd.(a)(c)(d) | 26,936,000 | 4,889,858 | ||||||
Sunac Services Holdings Ltd.(b)(c) | 9,834,000 | 3,932,352 | ||||||
Sungrow Power Supply Co. Ltd., Class A | 838,400 | 14,394,585 | ||||||
Sunny Optical Technology Group Co. Ltd. | 6,470,600 | 73,582,541 | ||||||
Sunwoda Electronic Co. Ltd., Class A | 1,283,400 | 3,984,379 | ||||||
Superb Summit International Group Ltd.(d) | 998,771 | 1 | ||||||
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A | 1,524,400 | 6,389,651 | ||||||
Suzhou Maxwell Technologies Co. Ltd., Class A | 120,920 | 6,377,081 | ||||||
SuZhou TA&A Ultra Clean Technology Co. Ltd., Class A | 508,600 | 4,199,066 | ||||||
SY Holdings Group Ltd.(c) | 7,609,500 | 5,751,935 | ||||||
TAL Education Group, ADR(a) | 4,095,717 | 28,792,891 | ||||||
TBEA Co. Ltd., Class A | 2,728,001 | 8,462,467 | ||||||
TCL Electronics Holdings Ltd. | 10,325,000 | 4,462,247 | ||||||
TCL Technology Group Corp., Class A | 10,596,102 | 6,761,418 | ||||||
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A | 1,783,791 | 11,181,629 | ||||||
Tencent Holdings Ltd. | 57,011,400 | 2,504,419,221 | ||||||
Tencent Music Entertainment Group, ADR(a) | 6,474,591 | 48,818,416 | ||||||
Thunder Software Technology Co. Ltd., Class A | 352,200 | 4,835,482 | ||||||
Tiangong International Co. Ltd.(c) | 13,184,000 | 4,859,021 | ||||||
Tianjin Port Development Holdings Ltd. | 52,552,000 | 4,019,933 | ||||||
Tianma Microelectronics Co. Ltd., Class A | 4,415,105 | 6,073,513 | ||||||
Tianneng Power International Ltd.(c) | 6,834,000 | 8,767,210 | ||||||
Tianqi Lithium Corp., Class A(a) | 819,700 | 9,650,196 | ||||||
Tianshui Huatian Technology Co. Ltd., Class A | 3,070,936 | 4,228,068 | ||||||
Tingyi Cayman Islands Holding Corp.(c) | 17,944,000 | 28,989,991 | ||||||
Toly Bread Co. Ltd., Class A | 1,291,200 | 3,274,704 | ||||||
Tong Ren Tang Technologies Co. Ltd., Class H | 6,984,000 | 5,015,315 | ||||||
Tongcheng Travel Holdings Ltd.(a) | 10,880,000 | 21,596,553 | ||||||
Tongdao Liepin Group(a)(c) | 2,513,000 | 4,155,268 | ||||||
Tongwei Co. Ltd., Class A | 2,487,277 | 15,000,645 | ||||||
Topchoice Medical Corp., Class A(a) | 251,299 | 5,281,637 | ||||||
Topsports International Holdings Ltd.(b) | 15,594,000 | 13,639,543 | ||||||
Towngas Smart Energy Co. Ltd. | 10,556,000 | 5,341,178 | ||||||
TravelSky Technology Ltd., Class H | 8,167,000 | 16,120,923 | ||||||
Trina Solar Co. Ltd. | 1,195,016 | 10,612,000 | ||||||
Trip.com Group Ltd., ADR(a)(c) | 4,997,685 | 177,667,702 | ||||||
Truly International Holdings Ltd. | 20,546,000 | 2,882,256 | ||||||
Tsingtao Brewery Co. Ltd., Class A | 523,200 | 8,393,660 | ||||||
Tsingtao Brewery Co. Ltd., Class H | 5,436,000 | 53,652,107 | ||||||
Tuya Inc.(a)(c) | 2,172,720 | 4,497,530 | ||||||
Unigroup Guoxin Microelectronics Co. Ltd., Class A | 457,173 | 7,279,820 | ||||||
Uni-President China Holdings Ltd. | 11,773,000 | 10,322,327 | ||||||
Unisplendour Corp. Ltd., Class A | 2,096,861 | 7,651,673 | ||||||
Untrade Cteg(d) | 33,362,000 | 212,598 | ||||||
Untrade SMI Holdings(d) | 12,466,353 | 16 | ||||||
Untradelumena Newmat, NVS(d) | 43,450 | — |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Up Fintech Holding Ltd., ADR(a)(c) | 976,891 | $ | 3,643,803 | |||||
Venus MedTech Hangzhou Inc., | 2,599,500 | 4,527,966 | ||||||
Vinda International Holdings Ltd. | 3,689,000 | 10,160,760 | ||||||
Vipshop Holdings Ltd., ADR(a) | 3,854,095 | 57,387,475 | ||||||
Viva Biotech Holdings(a)(b)(c) | 11,425,500 | 2,302,999 | ||||||
Vnet Group Inc., ADR(a) | 935,658 | 3,714,562 | ||||||
Walvax Biotechnology Co. Ltd., Class A | 1,017,489 | 5,592,791 | ||||||
Wanhua Chemical Group Co. Ltd., Class A | 1,719,486 | 25,802,879 | ||||||
Want Want China Holdings Ltd. | 43,459,000 | 27,340,552 | ||||||
Weibo Corp., ADR(a)(c) | 598,463 | 12,376,215 | ||||||
Weichai Power Co. Ltd., Class A | 3,418,600 | 6,108,410 | ||||||
Weichai Power Co. Ltd., Class H | 17,509,000 | 25,987,664 | ||||||
Weihai Guangwei Composites Co. Ltd., Class A | 317,000 | 3,036,914 | ||||||
Weimob Inc.(a)(b)(c) | 18,171,000 | 10,927,921 | ||||||
Wens Foodstuffs Group Co. Ltd., Class A | 3,529,641 | 10,039,579 | ||||||
West China Cement Ltd. | 32,870,000 | 3,980,145 | ||||||
Western Securities Co. Ltd., Class A | 4,863,391 | 4,633,473 | ||||||
Western Superconducting Technologies Co. Ltd., Class A | 393,800 | 5,134,364 | ||||||
Westone Information Industry Inc., Class A | 563,100 | 2,536,314 | ||||||
Will Semiconductor Co. Ltd. Shanghai, Class A | 557,969 | 6,898,947 | ||||||
Wingtech Technology Co. Ltd., Class A | 829,600 | 6,426,209 | ||||||
Wuhan Guide Infrared Co. Ltd., Class A | 3,264,459 | 5,595,076 | ||||||
Wuliangye Yibin Co. Ltd., Class A | 2,129,174 | 62,481,909 | ||||||
WUS Printed Circuit Kunshan Co. Ltd., Class A | 1,647,196 | 3,882,363 | ||||||
WuXi AppTec Co. Ltd., Class A | 1,457,639 | 17,360,023 | ||||||
WuXi AppTec Co. Ltd., Class H(b)(c) | 3,206,507 | 34,210,055 | ||||||
Wuxi Biologics Cayman Inc., New(a)(b) | 32,955,500 | 230,693,412 | ||||||
Wuxi Shangji Automation Co. Ltd., Class A | 305,860 | 4,887,113 | ||||||
XCMG Construction Machinery Co. Ltd., Class A | 11,585,609 | 11,825,521 | ||||||
XD Inc.(a)(c) | 2,335,400 | 7,559,307 | ||||||
Xiabuxiabu Catering Management China Holdings Co. Ltd.(b)(c) | 6,757,000 | 7,211,810 | ||||||
Xiamen C & D Inc., Class A | 2,148,500 | 4,081,782 | ||||||
Xiaomi Corp., Class B(a)(b) | 139,302,600 | 211,040,954 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class A | 2,013,737 | 3,288,360 | ||||||
Xinyi Solar Holdings Ltd. | 44,682,800 | 47,778,183 | ||||||
XPeng Inc.(a)(c) | 7,726,450 | 34,344,425 | ||||||
Xtep International Holdings Ltd. | 12,432,500 | 14,062,791 | ||||||
Yadea Group Holdings Ltd.(b)(c) | 11,436,000 | 24,543,857 | ||||||
Yangzhou Yangjie Electronic Technology Co. Ltd. | 367,200 | 2,886,137 | ||||||
Yankuang Energy Group Co. Ltd., Class A | 1,260,306 | 6,469,649 | ||||||
Yankuang Energy Group Co. Ltd., Class H | 14,274,000 | 43,055,246 | ||||||
Yantai Jereh Oilfield Services Group Co. Ltd., Class A | 836,968 | 3,714,569 | ||||||
Yeahka Ltd.(a)(c) | 2,338,000 | 7,761,556 | ||||||
Yealink Network Technology Corp. Ltd., Class A | 668,576 | 6,406,733 | ||||||
Yifeng Pharmacy Chain Co. Ltd., Class A | 628,614 | 5,469,648 | ||||||
Yihai International Holding Ltd.(c) | 4,185,000 | 12,183,512 | ||||||
Yihai Kerry Arawana Holdings Co. Ltd., Class A | 956,101 | 6,321,485 | ||||||
YongXing Special Materials Technology Co. Ltd., Class A | 307,200 | 4,051,555 | ||||||
Yonyou Network Technology Co. Ltd., Class A | 2,133,883 | 7,149,303 | ||||||
Youdao Inc., ADR(a)(c) | 380,950 | 3,104,743 | ||||||
Youngy Co. Ltd.(a) | 198,600 | 2,835,958 | ||||||
Youyuan International Holdings Ltd.(d) | 5,307,000 | 36,192 | ||||||
YTO Express Group Co. Ltd., Class A | 2,602,353 | 6,797,538 | ||||||
Yuexiu Property Co. Ltd. | 12,020,576 | 17,703,273 | ||||||
Yuexiu REIT(c) | 24,675,000 | 7,457,383 | ||||||
Yuexiu Transport Infrastructure Ltd. | 11,778,000 | 6,645,858 |
16 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Yum China Holdings Inc. | 3,849,527 | $ | 226,082,721 | |||||
Yunda Holding Co. Ltd., Class A | 2,235,737 | 4,099,870 | ||||||
Yunnan Aluminium Co. Ltd., Class A | 2,574,254 | 4,930,505 | ||||||
Yunnan Baiyao Group Co. Ltd., Class A | 797,892 | 6,527,499 | ||||||
Yunnan Botanee Bio-Technology Group Co. Ltd. | 168,600 | 3,355,736 | ||||||
Yunnan Energy New Material Co. Ltd., Class A | 482,032 | 8,699,419 | ||||||
Yunnan Yuntianhua Co. Ltd.(a) | 1,179,000 | 4,116,616 | ||||||
Zai Lab Ltd., ADR(a)(c) | 807,169 | 29,986,328 | ||||||
Zangge Mining Co. Ltd. | 1,183,946 | 4,748,768 | ||||||
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A | 315,469 | 14,020,970 | ||||||
Zhaojin Mining Industry Co. Ltd., Class H(a) | 11,118,000 | 11,675,166 | ||||||
Zhejiang Century Huatong Group Co. Ltd., Class A(a) | 6,210,595 | 3,926,101 | ||||||
Zhejiang Chint Electrics Co. Ltd., Class A | 1,410,273 | 6,087,531 | ||||||
Zhejiang Dahua Technology Co. Ltd., Class A | 2,365,958 | 4,926,706 | ||||||
Zhejiang Dingli Machinery Co. Ltd., Class A | 405,916 | 3,419,335 | ||||||
Zhejiang Expressway Co. Ltd., Class H | 13,506,000 | 10,892,856 | ||||||
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A | 1,239,262 | 3,698,252 | ||||||
Zhejiang Huayou Cobalt Co. Ltd., Class A | 1,003,091 | 8,535,679 | ||||||
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A | 897,694 | 8,848,301 | ||||||
Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A | 622,500 | 3,528,925 | ||||||
Zhejiang Juhua Co. Ltd., Class A | 1,777,800 | 4,817,103 | ||||||
Zhejiang NHU Co. Ltd., Class A | 2,413,190 | 6,583,056 | ||||||
Zhejiang Supcon Technology Co. Ltd. | 384,869 | 5,424,588 | ||||||
Zhejiang Supor Co. Ltd., Class A | 437,240 | 3,577,279 | ||||||
Zhejiang Weiming Environment Protection Co. Ltd., Class A | 1,246,483 | 3,517,989 | ||||||
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A | 383,198 | 2,904,703 | ||||||
Zheshang Securities Co. Ltd., Class A | 3,370,800 | 5,003,410 | ||||||
ZhongAn Online P&C Insurance Co. Ltd., Class H(a)(b)(c) | 6,444,200 | 18,554,308 | ||||||
Zhongji Innolight Co. Ltd., Class A | 775,474 | 3,955,725 | ||||||
Zhongsheng Group Holdings Ltd.(c) | 5,458,500 | 27,266,455 | ||||||
Zhongtai Securities Co. Ltd. | 4,719,900 | 4,730,531 | ||||||
Zhou Hei Ya International Holdings Co. Ltd.(b)(c) | 9,180,500 | 4,637,789 | ||||||
Zhuguang Holdings Group Co. Ltd.(a)(c) | 22,166,000 | 2,485,383 | ||||||
Zhuzhou CRRC Times Electric Co. Ltd. | 5,527,500 | 25,187,974 | ||||||
Zijin Mining Group Co. Ltd., Class A | 10,280,800 | 16,893,700 | ||||||
Zijin Mining Group Co. Ltd., Class H | 53,978,000 | 81,688,208 | ||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A | 5,889,700 | 5,680,676 | ||||||
ZTE Corp., Class A | 1,723,139 | 7,980,612 | ||||||
ZTE Corp., Class H | 7,208,440 | 21,417,051 | ||||||
ZTO Express Cayman Inc., ADR | 3,895,409 | 93,723,541 | ||||||
|
| |||||||
19,710,533,341 | ||||||||
Colombia — 0.1% | ||||||||
Bancolombia SA | 2,229,217 | 16,468,782 | ||||||
Cementos Argos SA | 5,164,856 | 3,201,311 | ||||||
Corp. Financiera Colombiana SA(a) | 242,445 | 523,862 | ||||||
Grupo Argos SA | 3,207,834 | 6,403,218 | ||||||
Interconexion Electrica SA ESP | 4,353,023 | 15,416,525 | ||||||
|
| |||||||
42,013,698 | ||||||||
Czech Republic — 0.2% | ||||||||
CEZ AS(c) | 1,524,321 | 71,155,085 | ||||||
Komercni Banka AS | 702,124 | 23,652,064 | ||||||
Moneta Money Bank AS(b) | 3,833,376 | 14,603,086 | ||||||
|
| |||||||
109,410,235 |
Security | Shares | Value | ||||||
Egypt — 0.1% | ||||||||
Commercial International Bank Egypt SAE | 22,032,406 | $ | 38,196,377 | |||||
Eastern Co. SAE | 9,701,630 | 5,865,954 | ||||||
E-Finance for Digital & Financial Investments, NVS | 5,307,474 | 3,222,952 | ||||||
Egyptian Financial Group-Hermes Holding Co.(a) | 11,330,654 | 7,638,851 | ||||||
EISewedy Electric Co.(a) | 8,670,920 | 3,906,585 | ||||||
Ezz Steel Co. SAE | 448,115 | 422,334 | ||||||
Fawry for Banking & Payment Technology Services SAE(a) | 18,156,721 | 3,418,753 | ||||||
Talaat Moustafa Group | 9,739,310 | 3,109,389 | ||||||
Telecom Egypt Co. | 4,401,223 | 3,747,434 | ||||||
|
| |||||||
69,528,629 | ||||||||
Greece — 0.4% | ||||||||
Alpha Services and Holdings SA(a) | 20,225,170 | 31,645,436 | ||||||
Athens Water Supply & Sewage Co. SA | 444,043 | 3,331,160 | ||||||
Eurobank Ergasias Services and Holdings SA, Class A(a) | 23,741,435 | 36,393,742 | ||||||
FF Group(a)(d) | 343,633 | 4 | ||||||
GEK Terna Holding Real Estate Construction SA | 686,373 | 8,630,118 | ||||||
Hellenic Telecommunications Organization SA | 1,912,091 | 29,331,532 | ||||||
Holding Co. ADMIE IPTO SA | 1,740,473 | 3,507,385 | ||||||
JUMBO SA | 943,610 | 18,841,951 | ||||||
LAMDA Development SA(a) | 742,176 | 5,115,497 | ||||||
Motor Oil Hellas Corinth Refineries SA | 623,945 | 16,520,637 | ||||||
Mytilineos SA | 939,762 | 25,355,054 | ||||||
National Bank of Greece SA(a) | 5,143,539 | 28,779,398 | ||||||
OPAP SA | 1,809,411 | 28,083,766 | ||||||
Piraeus Financial Holdings SA(a) | 6,382,825 | 16,182,003 | ||||||
Public Power Corp. SA(a) | 1,638,696 | 14,373,947 | ||||||
Sarantis SA(c) | 254,153 | 1,967,744 | ||||||
Terna Energy SA | 532,328 | 11,068,445 | ||||||
Titan Cement International SA | 427,111 | 7,230,193 | ||||||
|
| |||||||
286,358,012 | ||||||||
Hungary — 0.2% | ||||||||
Magyar Telekom Telecommunications PLC | 5,523,709 | 6,037,766 | ||||||
MOL Hungarian Oil & Gas PLC | 3,777,425 | 28,684,547 | ||||||
OTP Bank Nyrt | 2,039,764 | 61,790,303 | ||||||
Richter Gedeon Nyrt | 1,260,421 | 26,420,523 | ||||||
|
| |||||||
122,933,139 | ||||||||
India — 14.3% | ||||||||
3M India Ltd. | 32,248 | 8,924,357 | ||||||
Aarti Industries Ltd. | 1,905,520 | 12,186,429 | ||||||
Aarti Pharmalabs Ltd., NVS(a) | 492,169 | 1,801,559 | ||||||
Aavas Financiers Ltd.(a) | 383,985 | 8,485,735 | ||||||
ABB India Ltd. | 547,245 | 21,283,558 | ||||||
ACC Ltd. | 608,351 | 12,734,206 | ||||||
Adani Enterprises Ltd. | 1,576,818 | 25,990,232 | ||||||
Adani Green Energy Ltd.(a) | 2,785,186 | 16,311,045 | ||||||
Adani Ports & Special Economic Zone Ltd. | 4,435,050 | 31,751,447 | ||||||
Adani Power Ltd.(a) | 6,038,366 | 10,665,234 | ||||||
Adani Total Gas Ltd. | 2,406,517 | 19,726,229 | ||||||
Adani Transmission Ltd.(a) | 2,356,759 | 18,286,946 | ||||||
Aditya Birla Capital Ltd.(a) | 5,686,357 | 10,020,452 | ||||||
Aditya Birla Fashion and Retail Ltd.(a) | 3,245,279 | 9,009,031 | ||||||
Aegis Logistics Ltd. | 1,599,474 | 7,041,579 | ||||||
Affle India Ltd.(a) | 670,768 | 8,301,534 | ||||||
AIA Engineering Ltd. | 440,377 | 14,109,626 | ||||||
Ajanta Pharma Ltd. | 485,382 | 6,937,737 | ||||||
Alembic Pharmaceuticals Ltd. | 561,486 | 3,470,742 | ||||||
Alkyl Amines Chemicals | 164,097 | 4,963,070 |
S C H E D U L E O F I N V E S T M E N T S | 17 |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
India (continued) | ||||||||
Alok Industries Ltd.(a) | 8,748,668 | $ | 1,322,421 | |||||
Amara Raja Batteries Ltd. | 1,234,598 | 8,285,283 | ||||||
Amber Enterprises India Ltd.(a) | 195,773 | 4,461,823 | ||||||
Ambuja Cements Ltd. | 5,796,774 | 23,967,571 | ||||||
Angel One Ltd. | 311,643 | 3,838,352 | ||||||
APL Apollo Tubes Ltd. | 1,472,447 | 21,181,099 | ||||||
Apollo Hospitals Enterprise Ltd. | 953,167 | 50,711,197 | ||||||
Apollo Tyres Ltd. | 3,857,657 | 14,609,322 | ||||||
Ashok Leyland Ltd. | 14,592,029 | 25,661,213 | ||||||
Asian Paints Ltd. | 3,569,045 | 121,993,012 | ||||||
Astral Ltd. | 909,265 | 20,754,094 | ||||||
AstraZeneca Pharma India Ltd. | 80,149 | 3,241,220 | ||||||
Atul Ltd. | 125,367 | 10,659,878 | ||||||
AU Small Finance Bank Ltd.(b) | 1,690,366 | 12,111,965 | ||||||
Aurobindo Pharma Ltd. | 2,324,754 | 13,004,552 | ||||||
Avanti Feeds Ltd. | 737,845 | 3,262,516 | ||||||
Avenue Supermarts Ltd.(a)(b) | 1,557,360 | 64,312,547 | ||||||
Axis Bank Ltd. | 20,798,878 | 212,125,227 | ||||||
Bajaj Auto Ltd. | 663,908 | 29,382,926 | ||||||
Bajaj Electricals Ltd. | 504,232 | 6,655,428 | ||||||
Bajaj Finance Ltd. | 2,524,937 | 186,443,350 | ||||||
Bajaj Finserv Ltd. | 3,530,262 | 56,933,927 | ||||||
Bajaj Holdings & Investment Ltd. | 275,854 | 20,856,492 | ||||||
Balaji Amines Ltd. | 115,009 | 3,056,448 | ||||||
Balkrishna Industries Ltd. | 881,484 | 21,462,937 | ||||||
Balrampur Chini Mills Ltd. | 1,516,478 | 6,545,669 | ||||||
Bandhan Bank Ltd.(a)(b) | 5,854,772 | 16,334,682 | ||||||
Bank of Baroda | 9,455,971 | 18,187,309 | ||||||
BASF India Ltd. | 128,484 | 3,574,460 | ||||||
Bata India Ltd. | 539,752 | 9,207,515 | ||||||
Bayer CropScience Ltd. | 143,724 | 7,439,514 | ||||||
Berger Paints India Ltd. | 2,373,245 | 16,621,005 | ||||||
Bharat Dynamics Ltd. | 490,700 | 5,544,207 | ||||||
Bharat Electronics Ltd. | 35,708,366 | 40,835,660 | ||||||
Bharat Forge Ltd. | 2,377,235 | 23,442,870 | ||||||
Bharat Heavy Electricals Ltd. | 10,258,145 | 8,653,216 | ||||||
Bharat Petroleum Corp. Ltd. | 8,023,077 | 30,804,899 | ||||||
Bharti Airtel Ltd. | 20,504,829 | 183,974,605 | ||||||
Biocon Ltd. | 3,910,058 | 10,831,226 | ||||||
Birla Corp. Ltd. | 309,425 | 3,255,536 | ||||||
Birlasoft Ltd. | 1,814,833 | 6,034,462 | ||||||
Blue Dart Express Ltd. | 70,813 | 5,315,918 | ||||||
Blue Star Ltd. | 540,905 | 9,390,431 | ||||||
Borosil Renewables Ltd.(a) | 506,588 | 2,873,967 | ||||||
Brigade Enterprises Ltd. | 1,057,441 | 6,232,147 | ||||||
Brightcom Group Ltd. | 9,776,977 | 2,709,060 | ||||||
Britannia Industries Ltd. | 1,041,611 | 56,201,774 | ||||||
BSE Ltd. | 659,787 | 3,514,526 | ||||||
Can Fin Homes Ltd. | 636,426 | 4,424,365 | ||||||
Carborundum Universal Ltd. | 999,057 | 11,814,004 | ||||||
Ceat Ltd. | 277,415 | 4,639,161 | ||||||
Central Depository Services India Ltd. | 638,950 | 7,638,203 | ||||||
Century Plyboards India Ltd. | 445,022 | 2,718,918 | ||||||
Century Textiles & Industries Ltd. | 490,101 | 3,600,014 | ||||||
CESC Ltd. | 7,328,564 | 6,144,891 | ||||||
CG Power and Industrial Solutions Ltd.(a) | 5,761,352 | 21,240,198 | ||||||
Chambal Fertilisers and Chemicals Ltd. | 2,044,863 | 6,787,295 | ||||||
Cholamandalam Financial Holdings Ltd. | 1,049,320 | 7,296,544 | ||||||
Cholamandalam Investment and Finance Co. Ltd. | 4,066,229 | 37,175,338 | ||||||
Cipla Ltd. | 4,579,428 | 50,172,797 |
Security | Shares | Value | ||||||
India (continued) | ||||||||
City Union Bank Ltd. | 4,387,235 | $ | 7,341,179 | |||||
Clean Science and Technology | 256,271 | 4,266,371 | ||||||
Coal India Ltd. | 14,314,146 | 37,280,388 | ||||||
Coforge Ltd. | 233,792 | 12,145,830 | ||||||
Colgate-Palmolive India Ltd. | 1,163,903 | 20,735,520 | ||||||
Computer Age Management Services Ltd. | 312,304 | 8,528,827 | ||||||
Container Corp. of India Ltd. | 2,587,807 | 18,470,107 | ||||||
Coromandel International Ltd. | 916,876 | 9,960,523 | ||||||
CreditAccess Grameen Ltd.(a) | 468,644 | 5,466,692 | ||||||
CRISIL Ltd. | 172,710 | 7,071,762 | ||||||
Crompton Greaves Consumer Electricals Ltd. | 5,127,401 | 18,830,147 | ||||||
Cummins India Ltd. | 1,250,149 | 23,729,728 | ||||||
Cyient Ltd. | 912,373 | 10,414,549 | ||||||
Dabur India Ltd. | 5,997,921 | 38,617,357 | ||||||
Dalmia Bharat Ltd. | 738,111 | 16,364,091 | ||||||
Deepak Fertilisers & Petrochemicals Corp. Ltd. | 638,321 | 4,765,125 | ||||||
Deepak Nitrite Ltd. | 680,353 | 14,792,586 | ||||||
Delhivery Ltd.(a) | 1,997,393 | 8,350,307 | ||||||
Devyani International Ltd.(a) | 2,693,267 | 4,959,259 | ||||||
Dhani Services Ltd.(a) | 3,323,867 | 1,228,867 | ||||||
Dilip Buildcon Ltd.(b) | 413,559 | 977,803 | ||||||
Divi’s Laboratories Ltd. | 1,233,824 | 42,136,080 | ||||||
Dixon Technologies India Ltd. | 308,486 | 10,775,173 | ||||||
DLF Ltd. | 6,061,169 | 25,758,948 | ||||||
Dr Lal PathLabs Ltd.(b) | 297,304 | 7,149,492 | ||||||
Dr. Reddy’s Laboratories Ltd. | 1,087,143 | 56,656,576 | ||||||
Easy Trip Planners Ltd., NVS(a) | 4,493,877 | 2,536,769 | ||||||
Edelweiss Financial Services Ltd. | 5,271,636 | 4,108,693 | ||||||
Eicher Motors Ltd. | 1,304,479 | 48,957,982 | ||||||
EID Parry India Ltd. | 736,099 | 4,471,142 | ||||||
EIH Ltd.(a) | 1,767,867 | 3,359,834 | ||||||
Elgi Equipments Ltd. | 1,791,130 | 10,129,259 | ||||||
Emami Ltd. | 1,959,269 | 9,459,589 | ||||||
Embassy Office Parks REIT | 5,247,274 | 19,355,486 | ||||||
Endurance Technologies Ltd.(b) | 358,449 | 5,412,618 | ||||||
Engineers India Ltd. | 4,099,623 | 3,536,065 | ||||||
Escorts Kubota Ltd. | 294,387 | 7,390,523 | ||||||
Exide Industries Ltd. | 4,998,960 | 10,595,740 | ||||||
Federal Bank Ltd. | 15,836,448 | 24,709,240 | ||||||
Fine Organic Industries Ltd. | 89,640 | 5,012,419 | ||||||
Finolex Cables Ltd. | 936,899 | 7,995,988 | ||||||
Finolex Industries Ltd. | 2,684,699 | 5,485,346 | ||||||
Firstsource Solutions Ltd. | 3,863,812 | 5,259,689 | ||||||
Fortis Healthcare Ltd.(a) | 4,640,496 | 14,994,660 | ||||||
GAIL India Ltd. | 22,978,831 | 28,524,945 | ||||||
GHCL Ltd. | 716,794 | 4,458,062 | ||||||
Gillette India Ltd. | 67,595 | 3,812,893 | ||||||
GlaxoSmithKline Pharmaceuticals Ltd. | 339,417 | 5,484,138 | ||||||
Glenmark Pharmaceuticals Ltd. | 1,638,941 | 8,495,321 | ||||||
GMM Pfaudler Ltd. | 312,331 | 6,162,212 | ||||||
GMR Airports Infrastructure Ltd.(a) | 22,988,752 | 10,532,792 | ||||||
Godrej Consumer Products Ltd.(a) | 3,736,067 | 41,710,089 | ||||||
Godrej Industries Ltd.(a) | 988,258 | 5,009,656 | ||||||
Godrej Properties Ltd.(a) | 1,176,744 | 15,648,723 | ||||||
Granules India Ltd. | 1,693,940 | 5,735,828 | ||||||
Graphite India Ltd. | 774,122 | 2,696,541 | ||||||
Grasim Industries Ltd. | 2,616,254 | 49,906,010 | ||||||
Great Eastern Shipping Co. Ltd. (The) | 1,087,288 | 7,249,095 | ||||||
Grindwell Norton Ltd. | 432,098 | 9,424,643 | ||||||
Gujarat Fluorochemicals Ltd. | 295,321 | 11,226,012 |
18 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
India (continued) | ||||||||
Gujarat Gas Ltd. | 1,724,890 | $ | 10,530,439 | |||||
Gujarat Narmada Valley Fertilizers & Chemicals Ltd. | 878,322 | 5,582,083 | ||||||
Gujarat Pipavav Port Ltd. | 3,861,643 | 4,902,176 | ||||||
Gujarat State Fertilizers & Chemicals Ltd. | 2,341,135 | 3,540,659 | ||||||
Gujarat State Petronet Ltd. | 2,576,828 | 8,812,977 | ||||||
Happiest Minds Technologies Ltd. | 733,146 | 7,581,514 | ||||||
Havells India Ltd. | 2,486,181 | 35,974,036 | ||||||
HCL Technologies Ltd. | 9,096,892 | 118,454,667 | ||||||
HDFC Life Insurance Co. Ltd.(b) | 8,967,298 | 52,983,684 | ||||||
Hero MotoCorp Ltd. | 1,054,453 | 30,836,568 | ||||||
HFCL Ltd. | 7,954,756 | 6,137,236 | ||||||
Hindalco Industries Ltd. | 12,840,673 | 61,943,097 | ||||||
Hindustan Petroleum Corp. Ltd. | 5,868,326 | 15,288,790 | ||||||
Hindustan Unilever Ltd. | 7,614,866 | 226,479,708 | ||||||
Hitachi Energy India Ltd. | 103,486 | 4,161,483 | ||||||
Housing Development Finance Corp. Ltd. | 15,868,642 | 500,247,670 | ||||||
ICICI Bank Ltd. | 47,186,154 | 488,089,570 | ||||||
ICICI Lombard General Insurance Co. Ltd.(b) | 2,131,494 | 28,399,212 | ||||||
ICICI Prudential Life Insurance Co. Ltd.(b) | 3,291,728 | 16,264,066 | ||||||
ICICI Securities Ltd.(b) | 853,788 | 4,811,301 | ||||||
IDFC First Bank Ltd.(a) | 29,800,876 | 19,857,033 | ||||||
IDFC Ltd. | 11,841,865 | 10,877,632 | ||||||
IIFL Finance Ltd. | 1,290,927 | 6,685,072 | ||||||
IIFL Wealth Management Ltd. | 384,516 | 8,010,151 | ||||||
India Cements Ltd. (The) | 2,201,003 | 4,975,706 | ||||||
Indiabulls Housing Finance Ltd.(a) | 3,219,521 | 3,920,808 | ||||||
Indiabulls Real Estate Ltd.(a) | 4,245,123 | 2,955,138 | ||||||
IndiaMART Intermesh Ltd.(b) | 161,273 | 9,450,709 | ||||||
Indian Bank | 2,528,137 | 7,854,807 | ||||||
Indian Energy Exchange Ltd.(b) | 5,025,204 | 8,777,972 | ||||||
Indian Hotels Co. Ltd. (The) | 7,790,939 | 29,258,705 | ||||||
Indian Oil Corp. Ltd. | 25,560,449 | 23,516,462 | ||||||
Indian Railway Catering & Tourism Corp. Ltd. | 2,452,282 | 18,049,271 | ||||||
Indraprastha Gas Ltd. | 2,922,348 | 15,498,567 | ||||||
Indus Towers Ltd. | 6,144,660 | 12,692,219 | ||||||
Info Edge India Ltd. | 699,946 | 29,535,085 | ||||||
Infosys Ltd. | 30,883,607 | 554,758,122 | ||||||
Intellect Design Arena Ltd. | 876,139 | 4,763,405 | ||||||
InterGlobe Aviation Ltd.(a)(b) | 992,841 | 22,270,158 | ||||||
Ipca Laboratories Ltd. | 1,355,510 | 13,241,797 | ||||||
IRB Infrastructure Developers Ltd., NVS | 14,540,040 | 5,147,115 | ||||||
ITC Ltd. | 27,877,288 | 126,972,404 | ||||||
Jindal Steel & Power Ltd. | 3,274,353 | 21,749,819 | ||||||
JK Cement Ltd. | 327,917 | 10,957,790 | ||||||
JK Paper Ltd. | 894,675 | 4,193,173 | ||||||
JM Financial Ltd. | 4,218,519 | 3,328,191 | ||||||
JSW Steel Ltd. | 7,007,997 | 56,560,974 | ||||||
Jubilant Foodworks Ltd. | 3,880,255 | 20,665,283 | ||||||
Jubilant Ingrevia Ltd. | 736,209 | 3,966,588 | ||||||
Jubilant Pharmova Ltd. | 733,918 | 2,715,074 | ||||||
Just Dial Ltd.(a) | 272,568 | 1,902,076 | ||||||
Jyothy Labs Ltd. | 1,767,316 | 4,065,324 | ||||||
Kajaria Ceramics Ltd. | 886,128 | 11,508,910 | ||||||
Kansai Nerolac Paints Ltd. | 1,298,078 | 6,319,770 | ||||||
Karur Vysya Bank Ltd. (The) | 5,059,808 | 6,235,858 | ||||||
Kaveri Seed Co. Ltd. | 347,151 | 2,166,319 | ||||||
KEC International Ltd. | 1,226,689 | 6,662,145 | ||||||
KEI Industries Ltd. | 526,127 | 10,334,154 | ||||||
Kotak Mahindra Bank Ltd. | 5,229,975 | 109,274,532 |
Security | Shares | Value | ||||||
India (continued) | ||||||||
KPIT Technologies Ltd. | 1,580,950 | $ | 15,845,467 | |||||
KPR Mill Ltd. | 937,295 | 6,517,368 | ||||||
Krishna Institute Of Medical Sciences Ltd.(a)(b) | 260,571 | 4,234,736 | ||||||
L&T Finance Holdings Ltd. | 8,277,467 | 8,736,511 | ||||||
Lakshmi Machine Works Ltd. | 49,172 | 6,409,410 | ||||||
Larsen & Toubro Infotech Ltd.(b) | 818,629 | 46,702,500 | ||||||
Larsen & Toubro Ltd. | 6,426,100 | 163,781,142 | ||||||
Laurus Labs Ltd.(b) | 3,215,844 | 12,219,060 | ||||||
Lemon Tree Hotels Ltd.(a)(b) | 4,423,195 | 4,163,800 | ||||||
LIC Housing Finance Ltd. | 2,901,099 | 12,291,526 | ||||||
Linde India Ltd. | 217,956 | 9,805,474 | ||||||
Lupin Ltd. | 1,786,464 | 14,237,742 | ||||||
Mahanagar Gas Ltd. | 768,656 | 8,325,571 | ||||||
Mahindra & Mahindra Financial Services Ltd. | 5,396,141 | 16,418,472 | ||||||
Mahindra & Mahindra Ltd. | 8,255,887 | 126,670,431 | ||||||
Mahindra CIE Automotive Ltd. | 1,288,910 | 6,608,874 | ||||||
Mahindra Lifespace Developers Ltd. | 718,968 | 3,235,854 | ||||||
Manappuram Finance Ltd. | 5,724,951 | 7,105,486 | ||||||
Marico Ltd. | 5,144,815 | 30,587,424 | ||||||
Maruti Suzuki India Ltd. | 1,139,418 | 118,745,719 | ||||||
Mastek Ltd. | 135,860 | 2,706,131 | ||||||
Max Financial Services Ltd.(a) | 2,135,302 | 17,872,126 | ||||||
Max Healthcare Institute Ltd.(a) | 7,317,632 | 37,692,535 | ||||||
Medplus Health Services Ltd.(a) | 295,938 | 2,381,818 | ||||||
Metropolis Healthcare Ltd.(b) | 288,145 | 4,566,050 | ||||||
Mindspace Business Parks REIT(b) | 1,635,215 | 5,778,119 | ||||||
Motherson Sumi Wiring India Ltd. | 21,481,421 | 12,858,943 | ||||||
Motilal Oswal Financial Services Ltd. | 403,636 | 2,928,082 | ||||||
Mphasis Ltd. | 803,584 | 19,762,058 | ||||||
MRF Ltd. | 18,438 | 19,002,823 | ||||||
Multi Commodity Exchange of India Ltd. | 224,717 | 3,809,002 | ||||||
Muthoot Finance Ltd. | 1,182,804 | 13,905,507 | ||||||
Narayana Hrudayalaya Ltd. | 785,210 | 7,113,197 | ||||||
Natco Pharma Ltd. | 1,011,955 | 6,581,443 | ||||||
National Aluminium Co. Ltd. | 10,131,471 | 9,580,821 | ||||||
Navin Fluorine International Ltd. | 332,947 | 16,616,196 | ||||||
Nestle India Ltd. | 321,625 | 72,592,855 | ||||||
NIIT Ltd. | 722,025 | 2,770,131 | ||||||
Nippon Life India Asset Management Ltd.(b) | 1,705,496 | 4,563,767 | ||||||
NTPC Ltd. | 37,096,311 | 76,514,196 | ||||||
Nuvoco Vistas Corp. Ltd.(a) | 1,083,036 | 4,581,568 | ||||||
Oberoi Realty Ltd. | 1,052,086 | 10,900,562 | ||||||
Oil & Natural Gas Corp. Ltd. | 22,885,765 | 41,991,913 | ||||||
Oil India Ltd. | 2,995,567 | 8,929,286 | ||||||
Oracle Financial Services Software Ltd. | 191,878 | 7,350,723 | ||||||
Orient Electric Ltd. | 1,265,892 | 4,184,387 | ||||||
Page Industries Ltd. | 55,361 | 25,409,490 | ||||||
PB Fintech Ltd.(a) | 1,599,218 | 10,783,477 | ||||||
Persistent Systems Ltd. | 489,132 | 28,326,267 | ||||||
Petronet LNG Ltd. | 7,116,256 | 19,135,616 | ||||||
Phoenix Mills Ltd. (The) | 897,989 | 15,015,402 | ||||||
PI Industries Ltd. | 772,811 | 28,952,211 | ||||||
Pidilite Industries Ltd. | 1,531,082 | 42,574,049 | ||||||
Piramal Enterprises Ltd. | 1,086,747 | 10,120,460 | ||||||
Piramal Pharma Ltd., NVS(a) | 4,882,889 | 4,664,577 | ||||||
PNB Housing Finance Ltd.(a)(b) | 673,200 | 4,859,334 | ||||||
Polycab India Ltd. | 451,537 | 16,815,569 | ||||||
Polyplex Corporation Ltd. | 182,341 | 2,980,684 | ||||||
Poonawalla Fincorp Ltd. | 2,256,401 | 7,879,963 | ||||||
Power Grid Corp. of India Ltd. | 29,821,036 | 80,108,427 |
S C H E D U L E O F I N V E S T M E N T S | 19 |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
India (continued) | ||||||||
Praj Industries Ltd. | 1,406,522 | $ | 5,967,918 | |||||
Prestige Estates Projects Ltd. | 1,722,588 | 8,451,821 | ||||||
Procter & Gamble Health Ltd. | 69,697 | 3,941,812 | ||||||
PVR Ltd.(a) | 516,353 | 9,473,259 | ||||||
PVR Ltd., NVS | 196,648 | 3,607,791 | ||||||
Quess Corp. Ltd.(b) | 886,431 | 3,787,517 | ||||||
Radico Khaitan Ltd. | 811,380 | 11,387,810 | ||||||
Rain Industries Ltd. | 1,912,470 | 3,547,103 | ||||||
Rajesh Exports Ltd. | 728,443 | 5,793,840 | ||||||
Rallis India Ltd. | 1,115,240 | 2,649,134 | ||||||
Ramco Cements Ltd. (The) | 1,174,316 | 10,141,369 | ||||||
Raymond Ltd. | 382,881 | 5,879,558 | ||||||
RBL Bank Ltd.(a)(b) | 4,481,075 | 8,437,733 | ||||||
REC Ltd. | 10,709,179 | 14,797,527 | ||||||
Redington Ltd. | 5,568,072 | 11,464,523 | ||||||
Relaxo Footwears Ltd. | 658,062 | 6,188,583 | ||||||
Reliance Industries Ltd. | 27,905,872 | 782,707,604 | ||||||
Reliance Power Ltd.(a) | 23,235,009 | 2,752,900 | ||||||
Route Mobile Ltd. | 338,862 | 5,504,826 | ||||||
Samvardhana Motherson International Ltd. | 18,577,818 | 17,884,339 | ||||||
Sanofi India Ltd. | 94,269 | 6,661,506 | ||||||
Sarda Energy & Minerals Ltd. | 23,559 | 313,431 | ||||||
Saregama India Ltd. | 565,381 | 2,258,031 | ||||||
SBI Cards & Payment Services Ltd. | 2,257,889 | 20,482,289 | ||||||
SBI Life Insurance Co. Ltd.(b) | 4,355,805 | 59,008,284 | ||||||
Sheela Foam Ltd.(a) | 296,990 | 4,211,663 | ||||||
Shree Cement Ltd. | 106,569 | 33,602,461 | ||||||
Shree Renuka Sugars Ltd.(a) | 7,398,738 | 3,897,121 | ||||||
Shriram Transport Finance Co. Ltd. | 2,139,280 | 31,107,123 | ||||||
Siemens Ltd. | 721,169 | 28,305,300 | ||||||
SKF India Ltd. | 141,642 | 7,642,667 | ||||||
Solar Industries India Ltd. | 265,448 | 12,579,854 | ||||||
Sonata Software Ltd. | 836,531 | 7,344,823 | ||||||
Spandana Sphoorty Financial Ltd.(a) | 50,272 | 351,100 | ||||||
SRF Ltd. | 1,459,776 | 38,252,921 | ||||||
State Bank of India | 16,959,232 | 107,137,088 | ||||||
Sterlite Technologies Ltd. | 2,037,684 | 3,905,927 | ||||||
Strides Pharma Science Ltd.(a) | 616,010 | 2,230,622 | ||||||
Sumitomo Chemical India Ltd. | 939,987 | 5,084,164 | ||||||
Sun Pharma Advanced Research Co. Ltd.(a) | 1,203,258 | 2,766,979 | ||||||
Sun Pharmaceutical Industries Ltd. | 8,812,982 | 101,920,743 | ||||||
Sun TV Network Ltd. | 914,152 | 4,737,512 | ||||||
Sundram Fasteners Ltd. | 829,979 | 9,869,193 | ||||||
Sunteck Realty Ltd. | 646,819 | 2,353,088 | ||||||
Supreme Industries Ltd. | 634,169 | 21,170,791 | ||||||
Suven Pharmaceuticals Ltd. | 1,325,440 | 7,690,591 | ||||||
Suzlon Energy Ltd.(a) | 59,616,024 | 5,906,198 | ||||||
Symphony Ltd. | 200,730 | 2,837,883 | ||||||
Syngene International Ltd.(b) | 1,281,180 | 8,994,202 | ||||||
Tanla Platforms Ltd. | 658,171 | 5,368,099 | ||||||
Tata Chemicals Ltd. | 1,337,141 | 15,756,032 | ||||||
Tata Communications Ltd. | 1,033,932 | 15,105,620 | ||||||
Tata Consultancy Services Ltd. | 8,389,052 | 335,864,112 | ||||||
Tata Consumer Products Ltd. | 5,210,806 | 45,058,644 | ||||||
Tata Elxsi Ltd. | 329,505 | 24,405,679 | ||||||
Tata Motors Ltd.(a) | 15,452,226 | 78,498,535 | ||||||
Tata Power Co. Ltd. (The) | 13,907,296 | 34,053,732 | ||||||
Tata Steel Ltd. | 68,873,467 | 86,619,890 | ||||||
Tata Teleservices Maharashtra Ltd.(a) | 4,720,194 | 3,196,805 | ||||||
TeamLease Services Ltd.(a) | 121,289 | 3,685,623 |
Security | Shares | Value | ||||||
India (continued) | ||||||||
Tech Mahindra Ltd. | 5,372,776 | $ | 71,421,086 | |||||
Tejas Networks Ltd.(a)(b) | 628,903 | 4,249,580 | ||||||
Thermax Ltd. | 439,727 | 11,443,690 | ||||||
Timken India Ltd. | 200,163 | 7,139,683 | ||||||
Titan Co. Ltd. | 3,356,681 | 96,274,438 | ||||||
Torrent Pharmaceuticals Ltd. | 961,690 | 16,969,235 | ||||||
Torrent Power Ltd. | 1,647,735 | 10,085,230 | ||||||
Trent Ltd. | 1,838,695 | 28,408,469 | ||||||
Trident Ltd. | 13,154,548 | 4,816,995 | ||||||
TTK Prestige Ltd. | 635,480 | 5,814,784 | ||||||
Tube Investments of India Ltd. | 999,939 | 33,517,062 | ||||||
TV18 Broadcast Ltd.(a) | 5,581,274 | 2,150,771 | ||||||
TVS Motor Co. Ltd. | 2,086,169 | 27,237,549 | ||||||
UltraTech Cement Ltd. | 966,214 | 84,793,278 | ||||||
United Spirits Ltd.(a) | 2,900,532 | 25,966,625 | ||||||
UNO Minda Ltd. | 1,506,129 | 9,229,411 | ||||||
UPL Ltd. | 4,805,058 | 40,315,593 | ||||||
UTI Asset Management Co. Ltd.(a) | 446,234 | 3,528,971 | ||||||
Vardhman Textiles Ltd.(a) | 1,265,063 | 4,707,110 | ||||||
Varun Beverages Ltd. | 2,348,582 | 36,921,909 | ||||||
Vedanta Ltd. | 7,407,696 | 24,043,892 | ||||||
V-Guard Industries Ltd. | 2,002,984 | 5,954,615 | ||||||
Vinati Organics Ltd. | 306,751 | 6,988,553 | ||||||
VIP Industries Ltd. | 606,212 | 4,673,797 | ||||||
V-Mart Retail Ltd. | 120,389 | 3,506,691 | ||||||
Vodafone Idea Ltd.(a) | 90,992,286 | 7,478,156 | ||||||
Voltas Ltd. | 2,090,391 | 22,535,984 | ||||||
Welspun Corp. Ltd. | 1,335,022 | 2,971,750 | ||||||
Welspun India Ltd. | 2,889,769 | 2,320,525 | ||||||
Westlife Development Ltd.(a) | 564,971 | 4,430,891 | ||||||
Whirlpool of India Ltd. | 373,426 | 5,886,356 | ||||||
Wipro Ltd. | 12,492,412 | 58,419,810 | ||||||
Yes Bank Ltd., (Acquired 03/16/20, | 12,578,231 | 2,641,820 | ||||||
Yes Bank Ltd.(a) | 95,623,989 | 20,169,983 | ||||||
Zee Entertainment Enterprises Ltd. | 8,208,082 | 19,404,988 | ||||||
Zensar Technologies Ltd. | 1,091,257 | 3,827,485 | ||||||
Zomato Ltd.(a) | 26,693,511 | 17,232,576 | ||||||
|
| |||||||
9,701,673,443 | ||||||||
Indonesia — 2.0% | ||||||||
Ace Hardware Indonesia Tbk PT | 72,922,300 | 2,414,558 | ||||||
Adaro Energy Indonesia Tbk PT | 136,083,000 | 26,661,741 | ||||||
AKR Corporindo Tbk PT | 114,876,300 | 10,426,299 | ||||||
Aneka Tambang Tbk | 76,621,843 | 9,998,582 | ||||||
Astra Agro Lestari Tbk PT | 6,269,800 | 3,412,699 | ||||||
Astra International Tbk PT | 185,251,800 | 74,102,128 | ||||||
Astrindo Nusantara Infrastructure Tbk PT(a) | 449,034,100 | 4,445,667 | ||||||
Bank Aladin Syariah Tbk PT(a) | 47,302,900 | 4,032,378 | ||||||
Bank BTPN Syariah Tbk PT | 27,780,200 | 4,261,755 | ||||||
Bank Central Asia Tbk PT | 504,047,900 | 289,090,971 | ||||||
Bank Mandiri Persero Tbk PT | 173,101,500 | 113,476,717 | ||||||
Bank Negara Indonesia Persero Tbk PT | 69,471,400 | 39,954,819 | ||||||
Bank Neo Commerce Tbk PT(a) | 50,186,994 | 2,103,925 | ||||||
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT | 25,049,519 | 2,168,045 | ||||||
Bank Rakyat Indonesia Persero Tbk PT | 620,820,295 | 190,011,593 | ||||||
Bank Tabungan Negara Persero Tbk PT | 52,421,976 | 4,553,535 | ||||||
Barito Pacific Tbk PT | 266,734,815 | 16,351,566 | ||||||
Berkah Beton Sadaya Tbk PT(d) | 179,871,000 | 7,017,918 | ||||||
BFI Finance Indonesia Tbk PT | 79,950,300 | 7,154,833 |
20 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Indonesia (continued) | ||||||||
Bukalapak.com PT Tbk(a) | 566,420,300 | $ | 9,729,107 | |||||
Bukit Asam Tbk PT | 40,443,300 | 10,233,756 | ||||||
Bumi Resources Minerals Tbk PT(a) | 451,562,900 | 4,824,582 | ||||||
Bumi Resources Tbk PT(a) | 628,758,750 | 5,607,291 | ||||||
Bumi Serpong Damai Tbk PT(a) | 94,747,300 | 6,148,065 | ||||||
Charoen Pokphand Indonesia Tbk PT | 71,104,300 | 25,058,720 | ||||||
Ciputra Development Tbk PT | 100,865,927 | 6,548,018 | ||||||
Digital Mediatama Maxima Tbk PT(a) | 26,859,600 | 1,743,672 | ||||||
Gudang Garam Tbk PT | 4,169,800 | 6,835,738 | ||||||
Hanson International Tbk PT(a)(d) | 783,666,700 | — | ||||||
Harum Energy Tbk PT | 27,645,900 | 2,953,645 | ||||||
Indah Kiat Pulp & Paper Tbk PT | 26,122,200 | 13,569,672 | ||||||
Indika Energy Tbk PT | 15,660,400 | 2,360,949 | ||||||
Indo Tambangraya Megah Tbk PT | 3,774,600 | 9,200,855 | ||||||
Indocement Tunggal Prakarsa Tbk PT | 14,681,100 | 10,707,155 | ||||||
Indofood CBP Sukses Makmur Tbk PT | 21,098,500 | 14,011,144 | ||||||
Indofood Sukses Makmur Tbk PT | 38,728,000 | 16,442,311 | ||||||
Industri Jamu Dan Farmasi Sido Muncul Tbk PT | 26,327,900 | 1,519,249 | ||||||
Inti Agri Resources Tbk PT(a)(d) | 291,349,000 | — | ||||||
Japfa Comfeed Indonesia Tbk PT | 53,906,500 | 4,753,578 | ||||||
Jasa Marga Persero Tbk PT(a) | 22,957,380 | 4,892,126 | ||||||
Kalbe Farma Tbk PT | 193,696,700 | 26,795,125 | ||||||
Matahari Department Store Tbk PT | 9,589,800 | 3,254,244 | ||||||
Medco Energi Internasional Tbk PT | 106,483,180 | 7,989,641 | ||||||
Media Nusantara Citra Tbk PT(a) | 66,856,700 | 2,848,664 | ||||||
Medikaloka Hermina Tbk PT | 42,378,200 | 4,140,559 | ||||||
Merdeka Copper Gold Tbk PT(a) | 114,268,885 | 34,013,034 | ||||||
Metro Healthcare Indonesia TBK PT(a) | 229,959,300 | 7,238,193 | ||||||
Mitra Adiperkasa Tbk PT(a) | 106,960,200 | 10,590,866 | ||||||
Pabrik Kertas Tjiwi Kimia Tbk PT | 15,057,900 | 6,910,600 | ||||||
Pakuwon Jati Tbk PT | 204,533,100 | 6,197,264 | ||||||
Panin Financial Tbk PT | 191,640,800 | 5,001,406 | ||||||
Perusahaan Gas Negara Tbk PT | 99,087,000 | 10,164,330 | ||||||
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT | 37,122,700 | 2,592,542 | ||||||
Pool Advista Indonesia Tbk PT(a)(d) | 12,679,400 | — | ||||||
PP Persero Tbk PT(a) | 38,899,450 | 1,631,891 | ||||||
Sarana Menara Nusantara Tbk PT | 213,786,700 | 14,717,223 | ||||||
Semen Indonesia Persero Tbk PT | 30,644,709 | 14,515,176 | ||||||
Smartfren Telecom Tbk PT(a) | 973,681,800 | 4,276,604 | ||||||
Sugih Energy Tbk PT(a)(d) | 27,492,211 | — | ||||||
Sumber Alfaria Trijaya Tbk PT | 150,967,800 | 28,709,808 | ||||||
Summarecon Agung Tbk PT | 133,199,141 | 5,282,201 | ||||||
Surya Citra Media Tbk PT | 260,318,700 | 3,687,638 | ||||||
Surya Esa Perkasa Tbk PT | 76,747,900 | 5,385,161 | ||||||
Telkom Indonesia Persero Tbk PT | 445,680,100 | 113,530,706 | ||||||
Temas Tbk PT | 2,388,900 | 523,208 | ||||||
Trada Alam Minera Tbk PT(a)(d) | 280,960,700 | — | ||||||
Transcoal Pacific Tbk PT | 10,543,100 | 6,135,739 | ||||||
Unilever Indonesia Tbk PT | 67,666,500 | 18,541,546 | ||||||
United Tractors Tbk PT | 15,462,500 | 28,281,698 | ||||||
Vale Indonesia Tbk PT(a) | 20,781,900 | 9,296,129 | ||||||
Waskita Karya Persero Tbk PT(a)(d) | 135,029,644 | 3,058,345 | ||||||
Wijaya Karya Persero Tbk PT(a) | 43,583,823 | 1,799,929 | ||||||
XL Axiata Tbk PT | 39,451,300 | 5,406,001 | ||||||
|
| |||||||
1,361,294,833 | ||||||||
Kuwait — 0.9% | ||||||||
Agility Public Warehousing Co. KSC | 14,035,015 | 27,550,277 | ||||||
Al Ahli Bank of Kuwait KSCP | 5,578,988 | 6,233,492 | ||||||
Boubyan Bank KSCP | 13,594,653 | 33,878,274 |
Security | Shares | Value | ||||||
Kuwait (continued) | ||||||||
Boubyan Petrochemicals Co. KSCP | 4,325,277 | $ | 10,973,622 | |||||
Gulf Bank KSCP | 15,107,277 | 14,906,946 | ||||||
Gulf Cable & Electrical Industries Co. KSCP | 1,031,360 | 4,037,643 | ||||||
Humansoft Holding Co. KSC | 827,241 | 9,916,639 | ||||||
Jazeera Airways Co. KSCP | 861,239 | 4,881,289 | ||||||
Kuwait Finance House KSCP | 68,793,223 | 191,992,250 | ||||||
Kuwait International Bank KSCP | 11,605,718 | 7,446,486 | ||||||
Kuwait Projects Co. Holding KSCP | 20,435,018 | 7,519,887 | ||||||
Mabanee Co. KPSC | 5,987,020 | 15,319,146 | ||||||
Mobile Telecommunications Co. KSCP | 20,687,774 | 37,664,619 | ||||||
National Bank of Kuwait SAKP | 67,196,352 | 234,162,214 | ||||||
National Industries Group Holding SAK | 20,311,066 | 13,626,410 | ||||||
National Investments Co. KSCP | 2,500,436 | 1,872,827 | ||||||
National Real Estate Co. KPSC(a) | 9,605,637 | 2,780,441 | ||||||
Salhia Real Estate Co. KSCP | 4,327,128 | 7,738,399 | ||||||
Shamal Az-Zour Al-Oula for the First Phase of Az-Zour Power Plant KSC | 6,406,756 | 3,798,142 | ||||||
Warba Bank KSCP(a) | 11,286,372 | 8,453,934 | ||||||
|
| |||||||
644,752,937 | ||||||||
Malaysia — 1.7% | ||||||||
AEON Credit Service M Bhd(c) | 2,549,700 | 6,816,939 | ||||||
AGMO HOLDINGS BHD(a) | 539,376 | 85,874 | ||||||
Alliance Bank Malaysia Bhd(c) | 10,112,300 | 7,840,982 | ||||||
AMMB Holdings Bhd | 15,915,300 | 14,218,036 | ||||||
Axiata Group Bhd | 25,582,400 | 18,067,850 | ||||||
Bermaz Auto Bhd | 10,844,400 | 5,194,205 | ||||||
British American Tobacco Malaysia Bhd(c) | 1,573,000 | 4,129,259 | ||||||
Bursa Malaysia Bhd | 6,103,600 | 8,976,883 | ||||||
Carlsberg Brewery Malaysia Bhd(c) | 1,877,600 | 9,605,032 | ||||||
CIMB Group Holdings Bhd | 61,732,400 | 77,173,699 | ||||||
CTOS Digital Bhd(c) | 14,725,500 | 4,724,367 | ||||||
D&O Green Technologies Bhd(c) | 6,347,700 | 6,388,768 | ||||||
Dagang NeXchange Bhd(c) | 26,782,500 | 3,608,819 | ||||||
Dialog Group Bhd | 32,912,196 | 16,504,115 | ||||||
DiGi.Com Bhd | 29,741,300 | 28,491,582 | ||||||
DRB-Hicom Bhd | 10,557,800 | 3,340,544 | ||||||
Fraser & Neave Holdings Bhd | 1,493,000 | 9,148,068 | ||||||
Frontken Corp. Bhd(c) | 13,086,000 | 9,123,696 | ||||||
Gamuda Bhd | 17,311,200 | 16,199,225 | ||||||
Genting Bhd | 19,254,800 | 19,991,636 | ||||||
Genting Malaysia Bhd | 28,077,700 | 16,890,468 | ||||||
Genting Plantations Bhd | 5,057,800 | 6,785,060 | ||||||
Greatech Technology Bhd(a)(c) | 4,575,300 | 5,095,396 | ||||||
HAP Seng Consolidated Bhd | 6,305,300 | 8,569,055 | ||||||
Hartalega Holdings Bhd | 15,723,800 | 5,149,901 | ||||||
Heineken Malaysia Bhd | 761,400 | 4,855,993 | ||||||
Hibiscus Petroleum Bhd | 16,053,200 | 3,803,963 | ||||||
Hong Leong Bank Bhd | 5,966,000 | 27,306,428 | ||||||
Hong Leong Financial Group Bhd | 2,626,900 | 10,664,746 | ||||||
IGB Real Estate Investment Trust | 17,909,400 | 7,025,964 | ||||||
IHH Healthcare Bhd | 16,515,500 | 21,306,916 | ||||||
IJM Corp. Bhd | 27,516,000 | 9,871,282 | ||||||
Inari Amertron Bhd | 26,183,900 | 14,285,323 | ||||||
IOI Corp. Bhd | 22,708,100 | 19,380,639 | ||||||
Kossan Rubber Industries Bhd(c) | 12,682,200 | 3,079,721 | ||||||
KPJ Healthcare Bhd | 34,695,200 | 8,118,630 | ||||||
Kuala Lumpur Kepong Bhd | 3,974,500 | 18,416,447 | ||||||
Lotte Chemical Titan Holding Bhd(b)(c) | 5,547,500 | 1,705,972 | ||||||
Magnum Bhd | 11,622,386 | 3,107,845 | ||||||
Malayan Banking Bhd | 42,754,900 | 83,838,200 |
S C H E D U L E O F I N V E S T M E N T S | 21 |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Malaysia (continued) | ||||||||
Malaysia Airports Holdings Bhd(a) | 7,204,200 | $ | 10,901,498 | |||||
Malaysia Building Society Bhd(a)(c) | 35,022,900 | 4,720,767 | ||||||
Malaysian Pacific Industries Bhd(c) | 957,000 | 6,379,491 | ||||||
Malaysian Resources Corp. Bhd | 32,636,900 | 2,254,117 | ||||||
Maxis Bhd(c) | 21,865,500 | 19,048,181 | ||||||
Mega First Corp. Bhd | 8,189,900 | 6,728,269 | ||||||
MISC Bhd | 12,069,700 | 20,325,179 | ||||||
MR DIY Group M Bhd(b) | 17,953,050 | 6,798,971 | ||||||
My EG Services Bhd | 58,119,000 | 9,321,977 | ||||||
Nestle Malaysia Bhd | 573,400 | 17,262,694 | ||||||
Padini Holdings Bhd | 4,020,000 | 3,493,194 | ||||||
Pentamaster Corp. Bhd | 7,218,800 | 8,137,974 | ||||||
Petronas Chemicals Group Bhd | 21,747,100 | 34,690,974 | ||||||
Petronas Dagangan Bhd | 2,789,800 | 13,067,765 | ||||||
Petronas Gas Bhd | 7,077,400 | 26,275,094 | ||||||
PPB Group Bhd | 6,483,520 | 25,283,922 | ||||||
Press Metal Aluminium Holdings Bhd | 32,939,600 | 37,863,415 | ||||||
Public Bank Bhd | 128,247,700 | 118,027,323 | ||||||
QL Resources Bhd | 11,598,343 | 15,016,462 | ||||||
RHB Bank Bhd | 12,447,066 | 15,754,016 | ||||||
Scientex Bhd | 8,883,800 | 7,165,777 | ||||||
Sime Darby Bhd | 24,679,400 | 12,484,086 | ||||||
Sime Darby Plantation Bhd | 18,563,500 | 17,504,034 | ||||||
Sime Darby Property Bhd | 38,462,500 | 4,113,469 | ||||||
SKP Resources Bhd(c) | 12,008,325 | 3,584,545 | ||||||
SP Setia Bhd Group | 21,491,500 | 2,967,805 | ||||||
Sports Toto Bhd(c) | 8,594,950 | 2,911,435 | ||||||
Sunway REIT | 24,356,400 | 8,412,557 | ||||||
Supermax Corp. Bhd(c) | 13,863,627 | 2,331,975 | ||||||
Telekom Malaysia Bhd | 10,274,400 | 11,516,312 | ||||||
Tenaga Nasional Bhd | 24,235,300 | 50,607,184 | ||||||
TIME dotCom Bhd(c) | 12,736,900 | 15,184,939 | ||||||
Top Glove Corp. Bhd(a)(c) | 45,418,400 | 7,639,633 | ||||||
Tropicana Corp. Bhd(a) | 1,357,400 | 429,528 | ||||||
UMW Holdings Bhd | 3,616,500 | 3,142,263 | ||||||
UWC Bhd(c) | 4,771,600 | 4,255,359 | ||||||
ViTrox Corp. Bhd | 3,724,800 | 6,637,410 | ||||||
VS Industry Bhd(c) | 33,549,550 | 6,573,447 | ||||||
Yinson Holdings Bhd | 16,771,160 | 10,097,322 | ||||||
YTL Corp. Bhd | 11,064,900 | 1,392,851 | ||||||
YTL Power International Bhd | 8,118,800 | 1,374,711 | ||||||
|
| |||||||
1,130,565,453 | ||||||||
Mexico — 2.6% | ||||||||
Alfa SAB de CV, Class A | 25,625,700 | 16,722,917 | ||||||
Alsea SAB de CV(a) | 5,303,395 | 11,721,875 | ||||||
America Movil SAB de CV, Series L, NVS | 250,678,172 | 260,042,724 | ||||||
Arca Continental SAB de CV | 3,508,338 | 29,609,901 | ||||||
Banco del Bajio SA(b) | 7,454,297 | 28,527,307 | ||||||
Bolsa Mexicana de Valores SAB de CV | 4,028,978 | 7,834,889 | ||||||
Cemex SAB de CV, NVS(a)(c) | 140,938,883 | 70,559,952 | ||||||
Coca-Cola Femsa SAB de CV | 4,398,400 | 31,813,968 | ||||||
Controladora Vuela Cia. de Aviacion SAB de CV, Class A(a)(c) | 7,736,759 | 9,180,173 | ||||||
Corp Inmobiliaria Vesta SAB de CV | 5,492,300 | 15,942,724 | ||||||
FIBRA Macquarie Mexico(b) | 10,155,200 | 17,439,203 | ||||||
Fibra Uno Administracion SA de CV | 28,925,200 | 41,198,629 | ||||||
Fomento Economico Mexicano SAB de CV | 17,572,345 | 162,176,710 | ||||||
GCC SAB de CV | 1,711,257 | 13,455,111 | ||||||
Genomma Lab Internacional SAB de CV, Class B | 8,854,824 | 7,148,129 | ||||||
Gentera SAB de CV | 11,075,092 | 11,960,966 |
Security | Shares | Value | ||||||
Mexico (continued) | ||||||||
Gruma SAB de CV, Class B(c) | 1,859,575 | $ | 27,259,673 | |||||
Grupo Aeroportuario del Centro Norte SAB de CV | 2,584,052 | 24,691,597 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B | 3,269,100 | 62,173,024 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B | 1,829,135 | 52,467,228 | ||||||
Grupo Bimbo SAB de CV, Series A(c) | 12,903,702 | 61,251,415 | ||||||
Grupo Carso SAB de CV, Series A1(c) | 4,561,636 | 21,795,328 | ||||||
Grupo Comercial Chedraui SA de CV | 3,261,536 | 16,710,102 | ||||||
Grupo Financiero Banorte SAB de CV, Class O | 23,841,178 | 201,242,398 | ||||||
Grupo Financiero Inbursa SAB de CV, Class O(a)(c) | 20,500,242 | 42,543,338 | ||||||
Grupo Herdez SAB de CV(c) | 2,455,100 | 5,744,423 | ||||||
Grupo Mexico SAB de CV, Series B | 28,616,420 | 128,391,874 | ||||||
Grupo Televisa SAB, CPO | 21,759,756 | 21,775,811 | ||||||
Industrias Penoles SAB de CV(a)(c) | 1,307,870 | 15,648,120 | ||||||
Kimberly-Clark de Mexico SAB de CV, Class A | 13,222,975 | 26,530,507 | ||||||
La Comer SAB de CV(c) | 5,545,896 | 12,151,776 | ||||||
Nemak SAB de CV(a)(b) | 15,346,224 | 3,891,809 | ||||||
Operadora De Sites Mexicanos SAB de CV(c) | 12,782,795 | 13,057,713 | ||||||
Orbia Advance Corp. SAB de CV | 9,245,783 | 19,308,686 | ||||||
PLA Administradora Industrial S. de RL de CV(c) | 8,557,849 | 15,776,583 | ||||||
Prologis Property Mexico SA de CV | 5,125,049 | 18,795,441 | ||||||
Promotora y Operadora de Infraestructura SAB de CV(c) | 1,822,545 | 17,775,703 | ||||||
Qualitas Controladora SAB de CV | 1,765,878 | 11,010,377 | ||||||
Regional SAB de CV | 2,166,147 | 18,010,873 | ||||||
Sitios Latinoamerica SAB de CV(a)(c) | 12,963,919 | 5,221,987 | ||||||
Wal-Mart de Mexico SAB de CV | 47,536,396 | 187,090,202 | ||||||
|
| |||||||
1,765,651,166 | ||||||||
Peru — 0.2% | ||||||||
Cia. de Minas Buenaventura SAA, ADR | 2,069,239 | 15,684,832 | ||||||
Credicorp Ltd. | 651,319 | 82,991,067 | ||||||
Southern Copper Corp. | 770,197 | 56,755,817 | ||||||
|
| |||||||
155,431,716 | ||||||||
Philippines — 0.8% | ||||||||
Aboitiz Equity Ventures Inc. | 16,628,360 | 16,219,497 | ||||||
ACEN Corp. | 7,574,835 | 866,800 | ||||||
Alliance Global Group Inc. | 40,481,000 | 9,195,600 | ||||||
Ayala Corp. | 2,384,475 | 26,883,986 | ||||||
Ayala Land Inc. | 67,466,240 | 34,677,922 | ||||||
Bank of the Philippine Islands | 16,985,443 | 33,680,514 | ||||||
BDO Unibank Inc. | 22,861,915 | 50,917,433 | ||||||
Bloomberry Resorts Corp.(a) | 46,271,400 | 7,636,791 | ||||||
Cebu Air Inc.(a) | 3,119,930 | 2,365,831 | ||||||
Converge Information and Communications Technology Solutions Inc.(a) | 20,748,100 | 6,087,627 | ||||||
Cosco Capital Inc. | 17,837,600 | 1,343,863 | ||||||
D&L Industries Inc. | 35,359,400 | 5,032,986 | ||||||
DMCI Holdings Inc. | 37,884,500 | 7,218,005 | ||||||
Globe Telecom Inc. | 6,650 | 213,070 | ||||||
GT Capital Holdings Inc. | 939,060 | 8,799,924 | ||||||
International Container Terminal Services Inc. | 10,323,330 | 37,240,071 | ||||||
JG Summit Holdings Inc. | 30,042,301 | 26,723,544 | ||||||
Jollibee Foods Corp. | 4,368,410 | 18,929,739 | ||||||
Manila Electric Co. | 1,988,280 | 11,414,238 | ||||||
Manila Water Co. Inc. | 13,016,200 | 4,465,164 | ||||||
Megaworld Corp. | 118,619,200 | 4,326,470 | ||||||
Metro Pacific Investments Corp. | 144,562,800 | 10,652,965 | ||||||
Metropolitan Bank & Trust Co. | 16,469,833 | 17,300,919 |
22 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Philippines (continued) | ||||||||
Monde Nissin Corp.(b) | 53,821,100 | $ | 11,719,028 | |||||
MREIT Inc. | 2,239,000 | 604,136 | ||||||
PLDT Inc. | 776,750 | 18,021,949 | ||||||
Puregold Price Club Inc. | 10,050,750 | 5,720,585 | ||||||
Robinsons Land Corp. | 23,749,713 | 6,456,599 | ||||||
Security Bank Corp. | 3,388,870 | 6,288,149 | ||||||
Semirara Mining & Power Corp. | 8,062,400 | 4,364,927 | ||||||
SM Investments Corp. | 2,353,222 | 36,175,151 | ||||||
SM Prime Holdings Inc. | 97,757,696 | 60,084,920 | ||||||
Universal Robina Corp. | 8,289,370 | 20,441,168 | ||||||
Wilcon Depot Inc. | 13,466,200 | 7,680,601 | ||||||
|
| |||||||
519,750,172 | ||||||||
Poland — 0.8% | ||||||||
Alior Bank SA(a)(c) | 988,568 | 9,000,506 | ||||||
Allegro.eu SA (a)(b)(c) | 3,343,833 | 21,794,704 | ||||||
AmRest Holdings SE(a) | 820,267 | 3,836,841 | ||||||
Asseco Poland SA | 606,050 | 10,868,389 | ||||||
Bank Millennium SA(a)(c) | 7,084,894 | 7,204,094 | ||||||
Bank Polska Kasa Opieki SA | 1,693,188 | 34,072,312 | ||||||
Budimex SA | 142,548 | 9,017,505 | ||||||
CCC SA(a)(c) | 396,710 | 3,153,358 | ||||||
CD Projekt SA(c) | 590,320 | 17,562,024 | ||||||
Cyfrowy Polsat SA | 2,220,502 | 8,601,311 | ||||||
Dino Polska SA(a)(b) | 477,271 | 39,844,238 | ||||||
Enea SA(a) | 2,768,449 | 4,025,826 | ||||||
Eurocash SA(a) | 991,900 | 3,329,872 | ||||||
Grupa Azoty SA(a) | 507,097 | 4,412,647 | ||||||
Jastrzebska Spolka Weglowa SA(a)(c) | 547,061 | 6,721,605 | ||||||
KGHM Polska Miedz SA | 1,293,781 | 36,897,276 | ||||||
KRUK SA | 174,892 | 12,998,201 | ||||||
LPP SA | 10,525 | 22,231,298 | ||||||
mBank SA(a)(c) | 148,575 | 10,941,778 | ||||||
Orange Polska SA | 6,029,916 | 9,105,281 | ||||||
Pepco Group NV(a) | 1,500,384 | 14,862,053 | ||||||
PGE Polska Grupa Energetyczna SA(a) | 8,000,321 | 12,003,077 | ||||||
Polski Koncern Naftowy ORLEN SA | 5,793,168 | 86,524,255 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA | 8,021,396 | 55,975,332 | ||||||
Powszechny Zaklad Ubezpieczen SA | 5,464,052 | 44,925,216 | ||||||
Santander Bank Polska SA | 332,545 | 22,315,304 | ||||||
Tauron Polska Energia SA(a) | 11,332,239 | 5,481,115 | ||||||
Warsaw Stock Exchange(c) | 466,895 | 3,895,947 | ||||||
|
| |||||||
521,601,365 | ||||||||
Qatar — 0.9% | ||||||||
Al Meera Consumer Goods Co. QSC | 1,335,156 | 5,812,815 | ||||||
Baladna | 7,898,251 | 2,909,941 | ||||||
Barwa Real Estate Co. | 15,663,474 | 11,786,416 | ||||||
Commercial Bank PSQC (The) | 29,960,842 | 50,411,412 | ||||||
Doha Bank QPSC | 14,966,454 | 6,761,767 | ||||||
Estithmar Holding QPSC(a) | 6,796,460 | 3,532,959 | ||||||
Gulf International Services QSC(a) | 9,170,753 | 4,584,294 | ||||||
Industries Qatar QSC | 14,648,217 | 55,864,812 | ||||||
Masraf Al Rayan QSC | 51,047,738 | 37,704,669 | ||||||
Medicare Group | 1,719,872 | 2,821,427 | ||||||
Mesaieed Petrochemical Holding Co. | 44,172,872 | 25,398,766 | ||||||
Ooredoo QPSC | 6,920,849 | 17,439,984 | ||||||
Qatar Aluminum Manufacturing Co. | 30,870,542 | 14,290,328 | ||||||
Qatar Electricity & Water Co. QSC | 4,718,711 | 22,533,424 | ||||||
Qatar Fuel QSC | 3,661,760 | 16,274,945 | ||||||
Qatar Gas Transport Co. Ltd. | 22,450,206 | 22,428,857 | ||||||
Qatar Insurance Co. SAQ | 16,120,747 | 7,503,976 |
Security | Shares | Value | ||||||
Qatar (continued) | ||||||||
Qatar International Islamic Bank QSC | 9,256,928 | $ | 26,565,062 | |||||
Qatar Islamic Bank SAQ | 15,786,316 | 80,371,744 | ||||||
Qatar National Bank QPSC | 42,661,126 | 196,851,058 | ||||||
Qatar National Cement Co. QSC | 3,033,177 | 3,509,818 | ||||||
Qatar Navigation QSC | 3,970,276 | 9,774,387 | ||||||
United Development Co. QSC | 20,114,937 | 6,345,246 | ||||||
Vodafone Qatar QSC | 24,307,281 | 10,575,774 | ||||||
|
| |||||||
642,053,881 | ||||||||
Russia — 0.0% | ||||||||
Aeroflot PJSC(a)(d) | 12,448,217 | 1,659 | ||||||
Alrosa PJSC(a)(d) | 22,555,750 | 3,005 | ||||||
Credit Bank of Moscow PJSC(a)(d) | 131,641,331 | 17,541 | ||||||
Detsky Mir PJSC(a)(b)(d) | 5,639,776 | 751 | ||||||
Federal Grid Co. Unified Energy System PJSC(a)(d) | 2,175,770,000 | 290 | ||||||
Gazprom PJSC(a)(d) | 101,307,770 | 13,499 | ||||||
Globaltrans Investment PLC, GDR(a)(d)(f) | 1,523,220 | 203 | ||||||
Inter RAO UES PJSC(a)(d) | 270,997,905 | 36,109 | ||||||
LSR Group PJSC(a)(d) | 498,324 | 66 | ||||||
LUKOIL PJSC(a)(d) | 3,545,225 | 472 | ||||||
Magnit PJSC(a)(d) | 582,606 | 78 | ||||||
Magnit PJSC, GDR(a)(d)(f) | 2 | — | ||||||
MMC Norilsk Nickel PJSC(a)(d) | 542,170 | 72 | ||||||
Mobile TeleSystems PJSC(a)(d) | 7,617,292 | 1,015 | ||||||
Moscow Exchange MICEX-RTS PJSC(a)(d) | 12,320,031 | 1,642 | ||||||
Novatek PJSC(a)(d) | 7,792,960 | 1,038 | ||||||
Novolipetsk Steel PJSC(a)(d) | 12,759,568 | 1,700 | ||||||
OGK-2 PJSC(d) | 319,608,000 | 42,586 | ||||||
Ozon Holdings PLC, ADR(a)(d) | 453,223 | 60 | ||||||
PhosAgro PJSC(a)(d) | 409,067 | 55 | ||||||
PhosAgro PJSC, GDR(a)(d)(f) | 1 | — | ||||||
PhosAgro PJSC, New(a)(d) | 7,905 | 79 | ||||||
Polymetal International PLC(a)(d) | 3,035,664 | 405 | ||||||
Polyus PJSC(a)(d) | 290,787 | 39 | ||||||
Ros Agro PLC, GDR(a)(d)(f) | 300,309 | 40 | ||||||
Rosneft Oil Co. PJSC(a)(d) | 9,721,202 | 1,295 | ||||||
Rostelecom PJSC(d) | 8,098,021 | 1,079 | ||||||
Sberbank of Russia PJSC(a)(d) | 91,862,230 | 12,240 | ||||||
Segezha Group PJSC(b)(d) | 34,454,100 | 4,591 | ||||||
Severstal PAO(a)(d) | 1,835,503 | 245 | ||||||
Sistema PJSFC(a)(d) | 30,748,700 | 4,097 | ||||||
Sovcomflot PJSC(a)(d) | 4,464,400 | 595 | ||||||
Surgutneftegas PJSC(a)(d) | 60,550,132 | 8,068 | ||||||
Tatneft PJSC(a)(d) | 11,775,415 | 1,569 | ||||||
TCS Group Holding PLC, | 1,042,828 | 139 | ||||||
Unipro PJSC(a)(d) | 160,829,082 | 21,430 | ||||||
United Co. RUSAL International PJSC(a)(d) | 26,465,860 | 3,526 | ||||||
VK Co. Ltd.(a)(d) | 956,753 | 127 | ||||||
VTB Bank PJSC(a)(d) | 25,685,534,000 | 3,422 | ||||||
X5 Retail Group NV, GDR(a)(d) | 1,023,928 | 136 | ||||||
Yandex NV(a)(d) | 2,640,123 | 352 | ||||||
|
| |||||||
185,315 | ||||||||
Saudi Arabia — 3.9% | ||||||||
Abdullah Al Othaim Markets Co. | 431,566 | 12,979,147 | ||||||
ACWA Power Co. | 736,068 | 27,315,354 | ||||||
Advanced Petrochemical Co. | 1,245,784 | 16,032,042 | ||||||
Al Hammadi Holding | 1,052,078 | 13,336,040 | ||||||
Al Masane Al Kobra Mining Co. | 262,741 | 5,235,817 | ||||||
Al Moammar Information Systems Co. | 135,755 | 3,537,125 | ||||||
Al Rajhi Bank(a) | 17,957,373 | 335,815,800 |
S C H E D U L E O F I N V E S T M E N T S | 23 |
Consiolidated Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Saudi Arabia (continued) | ||||||||
Aldrees Petroleum and Transport Services Co. | 602,579 | $ | 13,520,900 | |||||
Alinma Bank | 9,152,169 | 71,709,286 | ||||||
Almarai Co. JSC | 2,275,086 | 31,791,408 | ||||||
Alujain Corp. | 557,570 | 5,398,351 | ||||||
AngloGold Ashanti Ltd. | 3,824,408 | 64,412,665 | ||||||
Arab National Bank | 5,774,703 | 35,374,172 | ||||||
Arabian Cement Co./Saudi Arabia | 738,998 | 6,763,548 | ||||||
Arabian Contracting Services Co. | 186,575 | 5,412,417 | ||||||
Arabian Internet & Communications Services Co. | 247,818 | 16,326,973 | ||||||
Arriyadh Development Co. | 1,405,586 | 6,907,617 | ||||||
Astra Industrial Group | 338,896 | 5,353,110 | ||||||
Bank AlBilad(a) | 4,543,686 | 43,105,194 | ||||||
Bank Al-Jazira | 3,673,047 | 17,696,771 | ||||||
Banque Saudi Fransi | 5,679,460 | 49,398,015 | ||||||
Bupa Arabia for Cooperative Insurance Co. | 753,700 | 30,999,580 | ||||||
City Cement Co. | 949,120 | 5,198,908 | ||||||
Co. for Cooperative Insurance (The)(a) | 614,832 | 15,245,915 | ||||||
Dallah Healthcare Co. | 334,430 | 13,007,085 | ||||||
Dar Al Arkan Real Estate Development Co.(a) | 4,845,779 | 18,526,125 | ||||||
Dr Sulaiman Al Habib Medical Services Group Co. | 800,908 | 49,426,072 | ||||||
Eastern Province Cement Co. | 667,283 | 7,125,642 | ||||||
Elm Co. | 217,192 | 21,912,053 | ||||||
Emaar Economic City(a) | 4,106,424 | 8,253,838 | ||||||
Etihad Etisalat Co. | 3,526,698 | 36,709,837 | ||||||
Fawaz Abdulaziz Al Hokair & Co.(a) | 525,621 | 2,053,050 | ||||||
Herfy Food Services Co.(a) | 347,600 | 3,173,279 | ||||||
Jarir Marketing Co. | 539,544 | 21,242,263 | ||||||
Leejam Sports Co. JSC | 313,063 | 7,623,588 | ||||||
Methanol Chemicals Co.(a) | 411,525 | 2,726,561 | ||||||
Middle East Healthcare Co.(a) | 374,626 | 3,316,062 | ||||||
Middle East Paper Co. | 476,551 | 3,851,908 | ||||||
Mobile Telecommunications Co.(a) | 3,944,259 | 10,896,220 | ||||||
Mouwasat Medical Services Co. | 481,073 | 23,139,451 | ||||||
Nahdi Medical Co. | 402,787 | 19,971,867 | ||||||
National Agriculture Development Co. (The)(a) | 774,380 | 4,943,652 | ||||||
National Gas & Industrialization Co. | 408,670 | 5,811,903 | ||||||
National Industrialization Co.(a) | 3,154,425 | 10,124,319 | ||||||
National Medical Care Co. | 315,862 | 6,548,456 | ||||||
Qassim Cement Co. (The) | 547,614 | 9,850,091 | ||||||
Rabigh Refining & Petrochemical Co.(a) | 3,974,218 | 10,713,556 | ||||||
Reinet Investments SCA | 1,348,201 | 26,648,351 | ||||||
Riyad Bank | 12,466,251 | 86,398,496 | ||||||
SABIC Agri-Nutrients Co. | 2,000,433 | 71,159,961 | ||||||
Sahara International Petrochemical Co. | 3,508,488 | 33,057,949 | ||||||
Saudi Airlines Catering Co.(a) | 589,652 | 12,412,959 | ||||||
Saudi Arabian Mining Co.(a) | 7,963,293 | 134,691,747 | ||||||
Saudi Arabian Oil Co.(b) | 22,100,570 | 186,701,038 | ||||||
Saudi Basic Industries Corp. | 8,282,474 | 195,178,536 | ||||||
Saudi British Bank (The) | 8,393,454 | 74,052,461 | ||||||
Saudi Cement Co. | 697,844 | 9,737,890 | ||||||
Saudi Ceramic Co. | 431,813 | 3,475,656 | ||||||
Saudi Electricity Co. | 7,653,716 | 45,235,168 | ||||||
Saudi Ground Services Co.(a) | 1,003,171 | 5,701,279 | ||||||
Saudi Industrial Investment Group | 2,952,603 | 17,580,822 | ||||||
Saudi Investment Bank (The) | 4,312,838 | 18,151,450 | ||||||
Saudi Kayan Petrochemical Co.(a) | 6,950,280 | 23,475,015 | ||||||
Saudi National Bank (The) | 20,228,554 | 254,426,754 | ||||||
Saudi Pharmaceutical Industries & Medical Appliances Corp. | 830,686 | 4,783,856 | ||||||
Saudi Real Estate Co.(a) | 1,640,506 | 5,397,880 |
Security | Shares | Value | ||||||
Saudi Arabia (continued) | ||||||||
Saudi Research & Media Group(a) | 359,334 | $ | 17,814,804 | |||||
Saudi Tadawul Group Holding Co. | 441,475 | 16,775,574 | ||||||
Saudi Telecom Co. | 13,805,138 | 129,185,032 | ||||||
Saudia Dairy & Foodstuff Co. | 209,063 | 13,535,323 | ||||||
Savola Group (The) | 2,275,895 | 16,478,252 | ||||||
Seera Group Holding(a) | 2,025,875 | 10,485,819 | ||||||
Southern Province Cement Co. | 658,140 | 8,796,886 | ||||||
Theeb Rent A Car Co. | 187,413 | 3,822,520 | ||||||
United Electronics Co. | 539,082 | 11,478,607 | ||||||
United International Transportation Co. | 319,655 | 4,557,276 | ||||||
Yamama Cement Co.(a) | 1,309,173 | 10,605,535 | ||||||
Yanbu Cement Co. | 998,660 | 9,412,101 | ||||||
Yanbu National Petrochemical Co. | 2,319,916 | 25,941,628 | ||||||
|
| |||||||
2,626,969,658 | ||||||||
South Africa — 3.4% | ||||||||
Absa Group Ltd. | 7,699,845 | 83,132,135 | ||||||
Adcock Ingram Holdings Ltd. | 783,297 | 2,298,496 | ||||||
AECI Ltd. | 1,363,884 | 6,925,248 | ||||||
African Rainbow Minerals Ltd. | 1,121,740 | 15,538,222 | ||||||
Anglo American Platinum Ltd. | 487,060 | 26,932,686 | ||||||
Aspen Pharmacare Holdings Ltd. | 3,493,541 | 26,976,554 | ||||||
Astral Foods Ltd. | 500,608 | 4,456,815 | ||||||
AVI Ltd. | 2,593,856 | 10,739,079 | ||||||
Barloworld Ltd. | 1,559,929 | 7,780,533 | ||||||
Bid Corp. Ltd. | 3,088,831 | 67,646,492 | ||||||
Bidvest Group Ltd. (The) | 2,587,824 | 33,019,592 | ||||||
Capitec Bank Holdings Ltd. | 796,973 | 76,034,622 | ||||||
Clicks Group Ltd. | 2,318,687 | 33,773,415 | ||||||
Coronation Fund Managers Ltd. | 2,818,791 | 4,801,077 | ||||||
DataTec Ltd. | 2,136,141 | 3,958,229 | ||||||
Dis-Chem Pharmacies Ltd.(b) | 3,875,430 | 5,708,161 | ||||||
Discovery Ltd.(a) | 4,656,112 | 37,966,391 | ||||||
Distell Group Holdings Ltd.(a) | 1,058,992 | 10,111,889 | ||||||
DRDGOLD Ltd. | 5,207,651 | 3,822,716 | ||||||
Equites Property Fund Ltd. | 5,754,425 | 4,844,182 | ||||||
Exxaro Resources Ltd. | 2,343,764 | 25,667,183 | ||||||
FirstRand Ltd. | 46,001,077 | 164,074,908 | ||||||
Fortress REIT Ltd., Series A(a) | 12,672,278 | 7,252,145 | ||||||
Foschini Group Ltd. (The) | 3,109,592 | 17,175,647 | ||||||
Gold Fields Ltd. | 8,179,413 | 74,229,152 | ||||||
Grindrod Ltd. | 2,733,478 | 1,528,604 | ||||||
Growthpoint Properties Ltd. | 33,737,570 | 24,690,059 | ||||||
Harmony Gold Mining Co. Ltd. | 5,201,157 | 15,976,117 | ||||||
Impala Platinum Holdings Ltd. | 7,762,373 | 72,476,397 | ||||||
Investec Ltd. | 2,945,535 | 18,832,819 | ||||||
JSE Ltd. | 1,052,160 | 6,525,512 | ||||||
KAP Industrial Holdings Ltd. | 29,987,035 | 5,690,266 | ||||||
Kumba Iron Ore Ltd. | 588,227 | 15,339,708 | ||||||
Life Healthcare Group Holdings Ltd. | 12,477,108 | 13,303,618 | ||||||
Momentum Metropolitan Holdings | 10,482,267 | 11,334,803 | ||||||
Motus Holdings Ltd. | 1,525,962 | 9,194,825 | ||||||
Mr. Price Group Ltd. | 2,378,605 | 19,721,763 | ||||||
MTN Group Ltd. | 15,488,520 | 122,040,957 | ||||||
MultiChoice Group | 3,616,123 | 27,763,318 | ||||||
Naspers Ltd., Class N | 2,001,944 | 352,029,107 | ||||||
Nedbank Group Ltd. | 4,230,629 | 53,117,258 | ||||||
NEPI Rockcastle NV | 4,044,300 | 24,227,939 | ||||||
Netcare Ltd. | 10,270,856 | 8,512,430 | ||||||
Ninety One Ltd. | 2,119,322 | 5,308,403 | ||||||
Northam Platinum Holdings Ltd.(a) | 3,218,916 | 26,510,267 |
24 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
South Africa (continued) | ||||||||
Oceana Group Ltd. | 799,025 | $ | 3,154,332 | |||||
Old Mutual Ltd. | 43,871,050 | 28,456,691 | ||||||
Omnia Holdings Ltd. | 1,392,363 | 4,530,771 | ||||||
OUTsurance Group Ltd., NVS | 7,379,041 | 14,348,247 | ||||||
Pepkor Holdings Ltd.(b) | 13,861,785 | 14,152,381 | ||||||
Pick n Pay Stores Ltd. | 3,104,794 | 7,754,800 | ||||||
PSG Konsult Ltd. | 5,541,414 | 3,919,574 | ||||||
Redefine Properties Ltd. | 57,839,574 | 12,019,706 | ||||||
Remgro Ltd. | 4,763,158 | 36,253,429 | ||||||
Resilient REIT Ltd. | 3,512,539 | 9,744,833 | ||||||
Reunert Ltd. | 1,949,664 | 6,316,635 | ||||||
Royal Bafokeng Platinum Ltd. | 937,257 | 7,934,405 | ||||||
Sanlam Ltd. | 16,624,176 | 54,158,696 | ||||||
Santam Ltd. | 225,361 | 3,627,252 | ||||||
Sappi Ltd.(c) | 5,471,584 | 14,560,104 | ||||||
Sasol Ltd. | 5,215,258 | 76,473,617 | ||||||
Shoprite Holdings Ltd. | 4,695,483 | 56,858,511 | ||||||
Sibanye Stillwater Ltd. | 25,549,056 | 51,585,252 | ||||||
SPAR Group Ltd. (The)(c) | 1,654,433 | 12,973,710 | ||||||
Standard Bank Group Ltd. | 12,315,639 | 123,021,055 | ||||||
Super Group Ltd./South Africa | 4,302,761 | 8,106,618 | ||||||
Telkom SA SOC Ltd.(a)(c) | 3,161,019 | 6,597,433 | ||||||
Thungela Resources Ltd. | 1,237,282 | 14,386,218 | ||||||
Tiger Brands Ltd. | 1,434,367 | 17,338,931 | ||||||
Transaction Capital Ltd.(c) | 4,246,690 | 7,214,633 | ||||||
Truworths International Ltd. | 3,618,845 | 11,654,283 | ||||||
Vodacom Group Ltd. | 5,655,215 | 38,973,846 | ||||||
Vukile Property Fund Ltd. | 9,233,146 | 6,747,009 | ||||||
Wilson Bayly Holmes-Ovcon Ltd.(a) | 686,928 | 3,890,036 | ||||||
Woolworths Holdings Ltd. | 9,285,184 | 38,930,529 | ||||||
|
| |||||||
2,284,673,276 | ||||||||
South Korea — 11.5% | ||||||||
ABLBio Inc.(a)(c) | 325,776 | 5,115,168 | ||||||
Advanced Nano Products Co. Ltd.(c) | 78,729 | 8,258,006 | ||||||
AfreecaTV Co. Ltd.(c) | 89,111 | 6,006,549 | ||||||
Ahnlab Inc.(c) | 65,532 | 3,748,440 | ||||||
Alteogen Inc.(a) | 323,515 | 9,184,275 | ||||||
Amorepacific Corp.(c) | 263,809 | 27,577,001 | ||||||
AMOREPACIFIC Group(c) | 261,145 | 7,898,509 | ||||||
Ananti Inc.(a)(c) | 766,460 | 4,204,311 | ||||||
Asiana Airlines Inc.(a) | 406,680 | 4,307,111 | ||||||
BGF retail Co. Ltd.(c) | 76,785 | 10,502,183 | ||||||
BH Co. Ltd.(c) | 281,227 | 5,019,414 | ||||||
Bioneer Corp.(a)(c) | 222,693 | 8,982,983 | ||||||
BNK Financial Group Inc. | 2,179,692 | 11,031,394 | ||||||
Boryung | 360,642 | 2,450,188 | ||||||
Bukwang Pharmaceutical Co. Ltd.(a) | 453,585 | 2,844,995 | ||||||
Cellivery Therapeutics Inc.(a)(c) | 290,576 | 2,851,262 | ||||||
Celltrion Healthcare Co. Ltd. | 819,997 | 33,725,401 | ||||||
Celltrion Inc.(c) | 933,329 | 102,356,478 | ||||||
Celltrion Pharm Inc.(a)(c) | 166,693 | 7,209,550 | ||||||
Chabiotech Co. Ltd.(a)(c) | 498,087 | 5,276,192 | ||||||
Cheil Worldwide Inc. | 594,461 | 8,987,792 | ||||||
Chong Kun Dang Pharmaceutical Corp.(c) | 79,288 | 4,738,590 | ||||||
Chunbo Co. Ltd.(c) | 48,264 | 9,180,919 | ||||||
CJ CGV Co. Ltd.(a) | 270,370 | 3,453,906 | ||||||
CJ CheilJedang Corp.(c) | 74,208 | 18,007,096 | ||||||
CJ Corp.(c) | 136,384 | 8,953,758 | ||||||
CJ ENM Co. Ltd.(a) | 94,502 | 6,613,121 | ||||||
CJ Logistics Corp.(c) | 86,747 | 5,356,061 |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
Com2uSCorp.(c) | 85,911 | $ | 4,414,340 | |||||
Cosmax Inc.(a)(c) | 91,346 | 5,332,025 | ||||||
CosmoAM&T Co. Ltd.(a) | 209,683 | 12,249,627 | ||||||
Cosmochemical Co. Ltd.(a) | 250,368 | 7,880,121 | ||||||
Coway Co. Ltd.(c) | 504,913 | 20,371,131 | ||||||
Creative & Innovative System(a)(c) | 541,673 | 4,207,692 | ||||||
CS Wind Corp.(c) | 227,581 | 11,485,858 | ||||||
Cuckoo Holdings Co. Ltd.(a)(c) | 88,875 | 1,071,849 | ||||||
Cuckoo Homesys Co. Ltd.(a) | 71,844 | 1,626,199 | ||||||
Daeduck Electronics Co. Ltd./New | 379,687 | 6,011,069 | ||||||
Daejoo Electronic Materials Co. Ltd.(c) | 125,107 | 8,990,781 | ||||||
Daesang Corp.(a)(c) | 272,140 | 4,101,413 | ||||||
Daewoo Engineering & Construction Co. Ltd.(a) | 1,867,103 | 6,067,154 | ||||||
Daewoo Shipbuilding & Marine Engineering Co. Ltd.(a)(c) | 409,180 | 7,948,013 | ||||||
Daewoong Co. Ltd.(a)(c) | 204,307 | 2,644,540 | ||||||
Daewoong Pharmaceutical Co. Ltd.(a)(c) | 54,649 | 4,818,599 | ||||||
Daishin Securities Co. Ltd.(a) | 438,296 | 4,333,822 | ||||||
Danal Co. Ltd.(a)(c) | 624,455 | 2,648,488 | ||||||
Daou Technology Inc. | 317,146 | 5,171,630 | ||||||
Dawonsys Co. Ltd.(a) | 290,875 | 3,206,980 | ||||||
DB HiTek Co. Ltd. | 340,905 | 11,646,383 | ||||||
DB Insurance Co. Ltd. | 432,093 | 25,145,203 | ||||||
Dentium Co. Ltd.(a) | 66,213 | 6,047,316 | ||||||
Devsisters Co. Ltd.(a) | 60,148 | 2,564,195 | ||||||
DGB Financial Group Inc. | 1,309,304 | 7,816,099 | ||||||
DL E&C Co. Ltd. | 262,028 | 6,525,802 | ||||||
DL Holdings Co. Ltd.(c) | 115,122 | 5,120,218 | ||||||
Dong-A Socio Holdings Co. Ltd. | 42,147 | 3,054,702 | ||||||
Dong-A ST Co. Ltd.(c) | 81,626 | 3,655,269 | ||||||
Dongjin Semichem Co. Ltd.(a)(c) | 318,776 | 8,576,087 | ||||||
DongKook Pharmaceutical Co. Ltd.(c) | 316,106 | 3,850,782 | ||||||
Dongkuk Steel Mill Co. Ltd.(c) | 678,076 | 7,011,894 | ||||||
Dongsuh Cos. Inc. | 327,939 | 4,789,360 | ||||||
Dongwon F&B Co. Ltd. | 11,994 | 1,470,881 | ||||||
Dongwon Industries Co. Ltd. | 105,858 | 4,123,313 | ||||||
Doosan Bobcat Inc.(c) | 472,428 | 13,524,789 | ||||||
Doosan Co. Ltd.(c) | 66,042 | 5,033,105 | ||||||
Doosan Enerbility Co. Ltd.(a)(c) | 3,742,990 | 45,943,365 | ||||||
Doosan Fuel Cell Co. Ltd.(a)(c) | 399,840 | 10,375,552 | ||||||
DoubleUGames Co. Ltd. | 109,395 | 3,823,849 | ||||||
Douzone Bizon Co. Ltd. | 212,463 | 5,514,390 | ||||||
Duk San Neolux Co. Ltd.(a)(c) | 138,908 | 4,646,332 | ||||||
Echo Marketing Inc. | 214,475 | 2,121,170 | ||||||
Ecopro BM Co. Ltd.(c) | 450,778 | 56,609,452 | ||||||
Ecopro Co. Ltd.(c) | 184,111 | 39,662,597 | ||||||
Ecopro HN Co. Ltd. | 130,243 | 5,113,029 | ||||||
E-MART Inc. | 165,760 | 14,021,622 | ||||||
Enchem Co. Ltd.(a)(c) | 77,733 | 3,565,964 | ||||||
Eo Technics Co. Ltd.(a) | 99,781 | 5,757,142 | ||||||
Eugene Technology Co. Ltd. | 192,362 | 3,849,531 | ||||||
F&F Co. Ltd./New(c) | 161,246 | 16,897,487 | ||||||
Fila Holdings Corp.(c) | 441,006 | 12,992,665 | ||||||
Foosung Co. Ltd.(c) | 534,158 | 5,358,525 | ||||||
GC Cell Corp.(c) | 98,690 | 3,311,181 | ||||||
GemVax & Kael Co. Ltd.(a)(c) | 368,906 | 4,382,017 | ||||||
Geneone Life Science Inc.(a) | 725,734 | 3,914,393 | ||||||
Genexine Inc.(a)(c) | 304,236 | 3,316,250 | ||||||
GOLFZON Co. Ltd.(a) | 43,648 | 4,727,477 | ||||||
Grand Korea Leisure Co. Ltd.(a) | 418,804 | 6,517,976 |
S C H E D U L E O F I N V E S T M E N T S | 25 |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
Green Cross Corp. | 54,919 | $ | 4,968,081 | |||||
Green Cross Holdings Corp.(c) | 214,962 | 2,582,865 | ||||||
GS Engineering & Construction Corp.(c) | 468,485 | 7,864,237 | ||||||
GS Holdings Corp.(c) | 387,652 | 11,914,589 | ||||||
GS Retail Co. Ltd.(c) | 342,157 | 7,456,391 | ||||||
HAESUNG DS Co. Ltd. | 107,393 | 3,255,930 | ||||||
Hana Financial Group Inc. | 2,686,082 | 92,125,229 | ||||||
Hana Materials Inc.(c) | 67,888 | 1,924,272 | ||||||
Hana Micron Inc.(a)(c) | 341,721 | 2,836,303 | ||||||
Hana Tour Service Inc.(a)(c) | 134,672 | 6,556,150 | ||||||
Hanall Biopharma Co. Ltd.(a)(c) | 354,475 | 4,164,414 | ||||||
Handsome Co. Ltd.(c) | 147,060 | 2,856,981 | ||||||
Hanil Cement Co. Ltd./New | 273,202 | 2,461,639 | ||||||
Hankook & Co. Co. Ltd. | 289,511 | 2,920,851 | ||||||
Hankook Tire & Technology Co. Ltd. | 674,030 | 18,960,163 | ||||||
Hanmi Pharm Co. Ltd.(a) | 62,525 | 12,235,290 | ||||||
Hanmi Semiconductor Co. Ltd. | 463,889 | 5,587,578 | ||||||
Hanon Systems | 1,760,043 | 11,999,168 | ||||||
Hansae Co. Ltd. | 213,617 | 2,690,092 | ||||||
Hansol Chemical Co. Ltd.(c) | 88,393 | 13,653,495 | ||||||
Hanssem Co. Ltd.(c) | 99,718 | 3,377,431 | ||||||
Hanwha Aerospace Co. Ltd. | 339,102 | 23,030,155 | ||||||
Hanwha Corp.(c) | 367,713 | 7,483,665 | ||||||
Hanwha Investment & Securities Co. Ltd.(a) | 1,162,775 | 2,675,431 | ||||||
Hanwha Life Insurance Co. Ltd.(a)(c) | 3,327,435 | 7,476,702 | ||||||
Hanwha Solutions Corp.(a)(d) | 1,054,443 | 33,146,429 | ||||||
Hanwha Systems Co. Ltd.(c) | 677,351 | 6,324,012 | ||||||
HD Hyundai Co. Ltd. | 443,499 | 19,918,173 | ||||||
HDC Hyundai Development Co-Engineering & Construction, Class E(a) | 402,189 | 3,146,356 | ||||||
Helixmith Co. Ltd.(a)(c) | 378,409 | 3,017,234 | ||||||
Hite Jinro Co. Ltd.(a)(c) | 352,654 | 6,366,658 | ||||||
HK inno N Corp.(a) | 67,264 | 1,850,059 | ||||||
HL Mando Co. Ltd.(c) | 297,377 | 10,651,220 | ||||||
HLB Inc.(a)(c) | 1,024,427 | 24,969,617 | ||||||
HLB Life Science Co. Ltd.(a)(c) | 870,233 | 7,251,485 | ||||||
HMM Co. Ltd.(a)(c) | 2,471,197 | 42,042,689 | ||||||
Hotel Shilla Co. Ltd.(c) | 277,557 | 16,806,947 | ||||||
Hugel Inc.(a)(c) | 69,764 | 6,790,738 | ||||||
Humasis Co. Ltd.(a) | 301,955 | 3,375,978 | ||||||
Hwaseung Enterprise Co. Ltd.(a)(c) | 246,689 | 1,734,480 | ||||||
HYBE Co. Ltd.(a) | 166,636 | 23,283,508 | ||||||
Hyosung Advanced Materials Corp.(c) | 25,856 | 8,020,526 | ||||||
Hyosung Corp.(c) | 102,166 | 5,182,822 | ||||||
Hyosung TNC Corp.(c) | 25,304 | 8,745,281 | ||||||
Hyundai Autoever Corp. | 73,224 | 6,276,525 | ||||||
Hyundai Bioscience Co. Ltd.(a)(c) | 363,825 | 7,233,890 | ||||||
Hyundai Construction Equipment Co. Ltd. | 147,277 | 6,107,383 | ||||||
Hyundai Department Store Co. Ltd.(c) | 147,109 | 6,033,895 | ||||||
Hyundai Doosan Infracore Co. Ltd. | 1,167,759 | 7,529,558 | ||||||
Hyundai Electric & Energy System Co. Ltd. | 227,853 | 7,232,902 | ||||||
Hyundai Elevator Co. Ltd.(a) | 283,307 | 5,938,483 | ||||||
Hyundai Energy Solutions Co. Ltd. | 63,296 | 2,335,683 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 688,580 | 18,922,689 | ||||||
Hyundai Glovis Co. Ltd. | 173,222 | 20,745,428 | ||||||
Hyundai Greenfood Co. Ltd.(c)(d) | 769,082 | 4,214,513 | ||||||
Hyundai Heavy Industries Co. Ltd.(a)(c) | 152,783 | 12,261,881 | ||||||
Hyundai Home Shopping Network Corp. | 62,448 | 2,431,299 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 503,604 | 13,400,462 | ||||||
Hyundai Mipo Dockyard Co. Ltd.(a)(c) | 229,917 | 12,187,078 |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
Hyundai Mobis Co. Ltd.(c) | 555,827 | $ | 89,279,058 | |||||
Hyundai Motor Co. | 1,270,415 | 169,083,272 | ||||||
Hyundai Rotem Co. Ltd.(a)(c) | 686,469 | 12,939,462 | ||||||
Hyundai Steel Co. | 790,206 | 20,899,215 | ||||||
Hyundai Wia Corp. | 164,020 | 6,920,160 | ||||||
Il Dong Pharmaceutical Co. Ltd.(a) | 158,724 | 2,825,357 | ||||||
Iljin Hysolus Co. Ltd.(a)(c) | 91,760 | 2,132,377 | ||||||
Iljin Materials Co. Ltd.(a)(c) | 216,362 | 10,387,890 | ||||||
Industrial Bank of Korea | 1,976,943 | 15,502,413 | ||||||
Innocean Worldwide Inc. | 98,990 | 3,183,727 | ||||||
Innox Advanced Materials Co. Ltd.(c) | 156,563 | 4,603,456 | ||||||
Intellian Technologies Inc.(c) | 68,708 | 4,205,350 | ||||||
INTOPS Co. Ltd.(c) | 112,869 | 2,390,286 | ||||||
IS Dongseo Co. Ltd.(a)(c) | 170,805 | 5,667,594 | ||||||
ISU Chemical Co. Ltd.(a) | 197,812 | 3,638,309 | ||||||
ITM Semiconductor Co. Ltd.(a)(c) | 98,718 | 2,078,239 | ||||||
JB Financial Group Co. Ltd.(c) | 1,311,363 | 9,156,840 | ||||||
Jeju Air Co. Ltd.(a) | 313,298 | 3,805,582 | ||||||
Jusung Engineering Co. Ltd. | 381,279 | 3,373,124 | ||||||
JW Pharmaceutical Corp. | 201,267 | 3,158,189 | ||||||
JYP Entertainment Corp.(a) | 284,825 | 16,916,865 | ||||||
Kakao Corp.(c) | 2,835,188 | 133,458,703 | ||||||
Kakao Games Corp.(a)(c) | 309,411 | 11,454,052 | ||||||
Kakao Pay Corp.(a) | 180,882 | 8,570,793 | ||||||
KakaoBank Corp.(a)(c) | 1,301,387 | 26,177,079 | ||||||
Kangwon Land Inc.(a) | 832,867 | 12,705,135 | ||||||
KB Financial Group Inc. | 3,541,609 | 137,163,213 | ||||||
KCC Corp. | 43,662 | 8,083,175 | ||||||
KCC Glass Corp. | 111,069 | 3,411,895 | ||||||
KEPCO Engineering & Construction Co. | 138,391 | 6,608,642 | ||||||
KEPCO Plant Service & Engineering Co. | 244,726 | 5,987,562 | ||||||
Kia Corp. | 2,409,444 | 136,928,986 | ||||||
KIWOOM Securities Co. Ltd.(a)(c) | 124,959 | 9,738,004 | ||||||
KMW Co. Ltd.(a)(c) | 272,877 | 5,184,863 | ||||||
Koh Young Technology Inc.(c) | 575,766 | 7,278,557 | ||||||
Kolmar BNH Co. Ltd.(a)(c) | 131,102 | 2,676,462 | ||||||
Kolmar Korea Co. Ltd.(a) | 162,373 | 4,988,921 | ||||||
Kolon Industries Inc. | 175,782 | 5,964,628 | ||||||
Komipharm International Co. Ltd.(a)(c) | 437,546 | 2,255,425 | ||||||
Korea Aerospace Industries Ltd.(a)(c) | 683,672 | 23,278,680 | ||||||
Korea Electric Power Corp.(a) | 2,310,181 | 31,420,277 | ||||||
Korea Investment Holdings Co. Ltd.(a) | 353,135 | 16,531,743 | ||||||
Korea Line Corp.(a) | 1,569,716 | 2,769,593 | ||||||
Korea Petrochemical Ind Co. Ltd.(a)(c) | 35,490 | 4,661,002 | ||||||
Korea Shipbuilding & Offshore Engineering Co. Ltd.(a) | 367,016 | 22,527,885 | ||||||
Korea Zinc Co. Ltd.(c) | 81,705 | 36,076,438 | ||||||
Korean Air Lines Co. Ltd. | 1,626,259 | 27,943,495 | ||||||
Korean Reinsurance Co. | 1,099,616 | 6,775,140 | ||||||
Krafton Inc.(a)(c) | 262,198 | 33,581,903 | ||||||
KT&G Corp. | 997,689 | 66,948,911 | ||||||
Kum Yang Co. Ltd.(a) | 336,346 | 9,764,967 | ||||||
Kumho Petrochemical Co. Ltd.(a) | 166,508 | 19,798,715 | ||||||
Kumho Tire Co. Inc.(a)(c) | 993,226 | 2,495,168 | ||||||
Kyung Dong Navien Co. Ltd. | 82,064 | 2,338,602 | ||||||
L&C Bio Co. Ltd.(c) | 183,166 | 3,150,066 | ||||||
L&F Co. Ltd.(c) | 217,591 | 43,054,180 | ||||||
LEENO Industrial Inc. | 94,244 | 11,548,980 | ||||||
LegoChem Biosciences Inc.(a)(c) | 231,922 | 6,524,324 | ||||||
LF Corp. | 218,790 | 2,867,890 |
26 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
LG Chem Ltd. | 451,162 | $ | 231,600,662 | |||||
LG Corp. | 814,103 | 50,651,955 | ||||||
LG Display Co. Ltd.(a)(c) | 2,077,407 | 24,012,286 | ||||||
LG Electronics Inc. | 969,199 | 81,292,310 | ||||||
LG Energy Solution(a)(c) | 321,476 | 126,987,046 | ||||||
LG H&H Co. Ltd.(c) | 84,094 | 42,434,393 | ||||||
LG Innotek Co. Ltd. | 130,456 | 27,259,437 | ||||||
LG Uplus Corp. | 1,617,877 | 13,533,495 | ||||||
LIG Nex1 Co. Ltd. | 136,180 | 7,681,464 | ||||||
Lotte Chemical Corp.(c) | 177,524 | 23,900,758 | ||||||
Lotte Chilsung Beverage Co. Ltd. | 44,958 | 5,686,237 | ||||||
Lotte Confectionery Co. Ltd.(c) | 24,482 | 2,223,503 | ||||||
Lotte Fine Chemical Co. Ltd.(c) | 171,247 | 7,509,830 | ||||||
LOTTE Reit Co. Ltd. | 1,965,418 | 5,866,139 | ||||||
Lotte Rental Co. Ltd. | 99,785 | 2,003,834 | ||||||
Lotte Shopping Co. Ltd.(c) | 110,831 | 7,284,447 | ||||||
Lotte Tour Development Co. Ltd.(a)(c) | 485,867 | 5,274,468 | ||||||
LS Corp.(c) | 175,720 | 8,948,131 | ||||||
LS Electric Co. Ltd. | 193,889 | 7,352,399 | ||||||
Lutronic Corp.(a) | 214,363 | 4,307,637 | ||||||
LX Holdings Corp.(c) | 534,133 | 3,442,242 | ||||||
LX International Corp.(c) | 298,017 | 7,050,621 | ||||||
LX Semicon Co. Ltd.(c) | 109,315 | 7,626,295 | ||||||
Mcnex Co. Ltd. | 147,550 | 3,085,235 | ||||||
MedPacto Inc.(a)(c) | 154,235 | 2,248,762 | ||||||
Medytox Inc.(c) | 52,681 | 8,692,325 | ||||||
MegaStudyEdu Co. Ltd.(c) | 103,569 | 5,407,969 | ||||||
Meritz Financial Group Inc.(c) | 629,018 | 21,383,940 | ||||||
Meritz Securities Co. Ltd.(c) | 2,631,556 | 13,964,406 | ||||||
Mirae Asset Securities Co. Ltd.(c) | 2,090,660 | 11,288,506 | ||||||
Myoung Shin Industrial Co. Ltd.(a)(c) | 296,542 | 4,516,004 | ||||||
Namhae Chemical Corp. | 288,944 | 1,966,426 | ||||||
Naturecell Co. Ltd.(a)(c) | 522,178 | 6,380,570 | ||||||
NAVER Corp. | 1,183,279 | 186,013,811 | ||||||
NCSoft Corp. | 146,776 | 48,159,103 | ||||||
Neowiz Games Corp.(a) | 125,470 | 4,436,063 | ||||||
NEPES Corp.(a)(c) | 220,105 | 2,931,871 | ||||||
Netmarble Corp.(a)(b)(c) | 164,028 | 7,645,586 | ||||||
Nexen Tire Corp.(a) | 333,705 | 1,891,489 | ||||||
Nexon Games Co. Ltd.(a)(c) | 295,901 | 3,255,562 | ||||||
NH Investment & Securities Co. Ltd.(a) | 1,030,341 | 7,395,663 | ||||||
NHN Corp.(a) | 198,063 | 4,332,745 | ||||||
NHN KCP Corp.(c) | 314,321 | 3,230,893 | ||||||
NICE Holdings Co. Ltd.(a) | 271,193 | 2,805,695 | ||||||
NICE Information Service Co. Ltd.(a)(c) | 398,981 | 3,911,951 | ||||||
NKMax Co. Ltd.(a)(c) | 360,995 | 3,366,583 | ||||||
NongShim Co. Ltd. | 36,054 | 9,976,975 | ||||||
OCI Co. Ltd.(c) | 176,684 | 12,107,633 | ||||||
Orion Corp./Republic of Korea | 221,637 | 20,950,056 | ||||||
Orion Holdings Corp.(c) | 268,851 | 3,205,376 | ||||||
Oscotec Inc.(a)(c) | 302,498 | 4,100,627 | ||||||
Ottogi Corp.(a)(c) | 15,839 | 5,270,333 | ||||||
Pan Ocean Co. Ltd. | 2,584,854 | 12,350,057 | ||||||
Paradise Co. Ltd.(a) | 416,884 | 5,265,936 | ||||||
Park Systems Corp.(c) | 52,587 | 5,434,093 | ||||||
Partron Co. Ltd. | 499,927 | 3,051,170 | ||||||
Pearl Abyss Corp.(a)(c) | 247,533 | 8,369,939 | ||||||
People & Technology Inc.(c) | 208,795 | 6,858,582 | ||||||
PharmaResearch Co. Ltd. | 71,190 | 3,996,772 | ||||||
Pharmicell Co. Ltd.(a) | 607,811 | 4,432,013 |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
PI Advanced Materials Co. Ltd.(a)(c) | 177,389 | $ | 4,675,343 | |||||
Poongsan Corp. | 302,586 | 8,207,609 | ||||||
POSCO Chemical Co. Ltd.(c) | 252,005 | 42,046,327 | ||||||
POSCO Holdings Inc. | 680,405 | 163,993,399 | ||||||
Posco ICT Co. Ltd.(c) | 625,466 | 3,224,932 | ||||||
Posco International Corp.(c) | 481,709 | 8,214,730 | ||||||
PSK Inc.(c) | 126,441 | 1,691,969 | ||||||
Rainbow Robotics(a) | 71,658 | 5,014,571 | ||||||
RFHIC Corp.(c) | 190,749 | 3,229,544 | ||||||
S&S Tech Corp.(c) | 203,360 | 4,826,563 | ||||||
S-1 Corp.(c) | 142,872 | 6,091,206 | ||||||
Sam Chun Dang Pharm Co. Ltd.(a)(c) | 156,308 | 6,099,528 | ||||||
Sam Kang M&T Co. Ltd.(a)(c) | 338,838 | 5,078,130 | ||||||
Samchully Co. Ltd.(a) | 18,031 | 6,992,619 | ||||||
Samsung Biologics Co. Ltd.(a)(b)(c) | 163,477 | 95,509,550 | ||||||
Samsung C&T Corp.(c) | 755,447 | 62,840,610 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 497,325 | 54,072,164 | ||||||
Samsung Electronics Co. Ltd. | 43,646,369 | 1,997,034,773 | ||||||
Samsung Engineering Co. Ltd.(a) | 1,440,562 | 28,562,348 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 276,390 | 44,826,631 | ||||||
Samsung Heavy Industries Co. Ltd.(a)(c) | 5,659,134 | 23,499,042 | ||||||
Samsung Life Insurance Co. Ltd. | 727,966 | 37,489,025 | ||||||
Samsung SDI Co. Ltd. | 503,859 | 264,715,420 | ||||||
Samsung SDS Co. Ltd. | 293,157 | 27,725,382 | ||||||
Samsung Securities Co. Ltd. | 516,589 | 13,073,677 | ||||||
Samyang Foods Co. Ltd. | 45,578 | 4,105,099 | ||||||
Samyang Holdings Corp. | 44,689 | 2,658,954 | ||||||
SD Biosensor Inc.(c) | 335,098 | 5,818,687 | ||||||
Sebang Co. Ltd. | 37,402 | 1,218,233 | ||||||
Sebang Global Battery Co. Ltd. | 65,569 | 2,568,590 | ||||||
Seegene Inc. | 338,401 | 6,227,392 | ||||||
Seobu T&D(c) | 511,000 | 3,039,837 | ||||||
Seojin System Co. Ltd.(a)(c) | 306,036 | 3,933,704 | ||||||
Seoul Semiconductor Co. Ltd.(a)(c) | 468,176 | 3,871,772 | ||||||
SFA Engineering Corp.(c) | 205,651 | 5,580,519 | ||||||
SFA Semicon Co. Ltd.(a)(c) | 945,198 | 3,046,095 | ||||||
Shin Poong Pharmaceutical Co. Ltd.(a)(c) | 321,242 | 4,703,513 | ||||||
Shinhan Financial Group Co. Ltd. | 4,124,205 | 121,107,369 | ||||||
Shinsegae Inc.(c) | 64,649 | 9,962,265 | ||||||
Shinsegae International Inc. | 157,277 | 2,666,762 | ||||||
SIMMTECH Co. Ltd.(a)(c) | 217,687 | 4,723,945 | ||||||
SK Biopharmaceuticals Co. Ltd.(a) | 255,163 | 12,856,845 | ||||||
SK Bioscience Co. Ltd.(a)(c) | 209,491 | 11,022,254 | ||||||
SK Chemicals Co. Ltd. | 110,291 | 6,522,108 | ||||||
SK D&D Co. Ltd. | 80,645 | 1,248,063 | ||||||
SK Discovery Co. Ltd. | 97,764 | 2,370,517 | ||||||
SK Gas Ltd. | 39,317 | 3,742,420 | ||||||
SK Hynix Inc. | 4,986,693 | 337,024,542 | ||||||
SK IE Technology Co. Ltd.(a)(b)(c) | 209,836 | 10,344,844 | ||||||
SK Inc.(c) | 332,732 | 44,875,619 | ||||||
SK Innovation Co. Ltd.(a) | 504,587 | 57,071,492 | ||||||
SK Networks Co. Ltd.(c) | 1,504,956 | 4,677,522 | ||||||
SK Square Co. Ltd.(a)(c) | 899,045 | 26,031,649 | ||||||
SKC Co. Ltd.(c) | 191,481 | 14,162,719 | ||||||
SL Corp.(a) | 160,964 | 3,316,780 | ||||||
SM Entertainment Co. Ltd.(c) | 181,599 | 17,468,709 | ||||||
SNT Motiv Co. Ltd. | 96,153 | 3,504,866 | ||||||
S-Oil Corp. | 391,747 | 23,752,906 | ||||||
SOLUM Co. Ltd.(a) | 375,957 | 6,285,897 | ||||||
Solus Advanced Materials Co. Ltd. | 170,224 | 6,314,895 |
S C H E D U L E O F I N V E S T M E N T S | 27 |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
Soulbrain Co. Ltd.(c) | 45,862 | $ | 8,092,628 | |||||
ST Pharm Co. Ltd.(c) | 102,312 | 6,057,248 | ||||||
STCUBE(a)(c) | 409,866 | 5,421,156 | ||||||
Studio Dragon Corp.(a)(c) | 124,516 | 7,173,182 | ||||||
Taihan Electric Wire Co. Ltd.(a)(c) | 5,569,798 | 6,137,040 | ||||||
Tera Resource Co. Ltd.(a)(d) | 49,111 | — | ||||||
TKG Huchems Co. Ltd.(c) | 240,176 | 3,665,041 | ||||||
Tokai Carbon Korea Co. Ltd.(c) | 55,096 | 4,412,027 | ||||||
Tongyang Life Insurance Co. Ltd.(a) | 633,193 | 2,090,982 | ||||||
TY Holdings Co. Ltd./Korea(a) | 242,555 | 2,291,542 | ||||||
Unid Co. Ltd. | 36,631 | 2,263,265 | ||||||
Vaxcell-Bio Therapeutics Co. Ltd.(a)(c) | 115,901 | 2,991,458 | ||||||
Webzen Inc. | 156,475 | 2,121,180 | ||||||
Wemade Co. Ltd.(c) | 179,462 | 7,216,846 | ||||||
Wonik Holdings Co. Ltd.(a) | 1 | 3 | ||||||
WONIK IPS Co. Ltd.(c) | 282,576 | 6,628,100 | ||||||
Wonik QnC Corp.(a)(c) | 160,631 | 2,886,463 | ||||||
Woori Financial Group Inc. | 5,013,900 | 46,223,031 | ||||||
Woori Investment Bank Co. Ltd.(c) | 3,781,847 | 2,295,244 | ||||||
Wysiwyg Studious Co. Ltd.(a)(c) | 287,995 | 3,884,500 | ||||||
YG Entertainment Inc.(c) | 132,860 | 5,813,148 | ||||||
Youlchon Chemical Co. Ltd.(c) | 125,108 | 4,570,663 | ||||||
Youngone Corp.(a) | 227,350 | 7,320,161 | ||||||
Youngone Holdings Co. Ltd.(a) | 67,950 | 3,541,899 | ||||||
Yuanta Securities Korea Co. Ltd.(a) | 1,123,259 | 2,345,005 | ||||||
Yuhan Corp. | 490,548 | 19,536,871 | ||||||
Yungjin Pharmaceutical Co. Ltd.(a)(c) | 1,039,725 | 2,539,738 | ||||||
Zinus Inc. | 122,228 | 2,829,170 | ||||||
|
| |||||||
7,798,693,525 | ||||||||
Taiwan — 15.9% | ||||||||
AcBel Polytech Inc.(c) | 6,608,000 | 8,190,954 | ||||||
Accton Technology Corp. | 4,666,000 | 42,732,227 | ||||||
Acer Inc.(c) | 27,270,872 | 22,614,024 | ||||||
Actron Technology Corp.(c) | 592,000 | 3,283,555 | ||||||
ADATA Technology Co. Ltd.(c) | 2,763,820 | 5,978,550 | ||||||
Adimmune Corp.(a)(c) | 3,299,000 | 4,377,925 | ||||||
Advanced Ceramic X Corp.(c) | 444,000 | 3,377,700 | ||||||
Advanced Energy Solution Holding Co. | 217,000 | 5,808,001 | ||||||
Advanced Wireless Semiconductor Co.(c) | 1,537,000 | 3,835,076 | ||||||
Advantech Co. Ltd.(c) | 3,549,110 | 41,169,785 | ||||||
Airtac International Group | 1,249,292 | 43,609,994 | ||||||
Alchip Technologies Ltd.(c) | 654,000 | 20,079,597 | ||||||
Alexander Marine Co. Ltd. | 188,000 | 2,368,525 | ||||||
Allied Supreme Corp. | 389,000 | 4,452,579 | ||||||
Amazing Microelectronic Corp.(c) | 888,448 | 3,752,357 | ||||||
Andes Technology Corp.(c) | 398,000 | 6,938,069 | ||||||
AP Memory Technology Corp.(c) | 891,000 | 8,187,369 | ||||||
Apex International Co. Ltd.(c) | 1,327,000 | 2,655,219 | ||||||
Arcadyan Technology Corp. | 1,748,391 | 6,077,824 | ||||||
Ardentec Corp.(c) | 5,227,546 | 9,576,940 | ||||||
ASE Technology Holding Co. Ltd.(c) | 30,165,222 | 103,873,147 | ||||||
Asia Cement Corp. | 19,060,050 | 27,944,692 | ||||||
Asia Optical Co. Inc.(c) | 2,876,000 | 6,103,529 | ||||||
Asia Pacific Telecom Co. Ltd.(a) | 20,929,173 | 4,260,715 | ||||||
Asia Vital Components Co. Ltd.(c) | 3,238,000 | 12,691,244 | ||||||
ASMedia Technology Inc.(c) | 252,000 | 8,089,696 | ||||||
ASPEED Technology Inc.(c) | 237,800 | 21,374,083 | ||||||
ASROCK Inc.(c) | 556,000 | 2,877,886 | ||||||
Asustek Computer Inc.(c) | 6,367,000 | 57,668,184 | ||||||
AUO Corp. | 59,313,400 | 36,095,196 |
Security | Shares | Value | ||||||
Taiwan (continued) | ||||||||
AURAS Technology Co. Ltd.(c) | 796,000 | $ | 4,172,137 | |||||
Bank of Kaohsiung Co. Ltd.(c) | 23,884,720 | 9,813,444 | ||||||
BES Engineering Corp. | 19,623,000 | 5,654,824 | ||||||
Bizlink Holding Inc.(c) | 1,093,926 | 9,901,565 | ||||||
Bora Pharmaceuticals Co. Ltd.(c) | 365,000 | 6,004,541 | ||||||
Brighton-Best International Taiwan Inc.(c) | 5,079,000 | 6,320,872 | ||||||
Capital Securities Corp. | 25,693,050 | 10,188,237 | ||||||
Career Technology MFG. Co. Ltd.(a)(c) | 4,990,498 | 3,924,325 | ||||||
Catcher Technology Co. Ltd. | 5,887,000 | 35,575,343 | ||||||
Cathay Financial Holding Co. Ltd.(c) | 76,013,951 | 107,794,651 | ||||||
Cathay Real Estate Development Co. Ltd.(c) | 8,813,900 | 4,986,929 | ||||||
Center Laboratories Inc.(c) | 4,226,230 | 6,548,406 | ||||||
Century Iron & Steel Industrial Co. Ltd.(c) | 1,800,000 | 6,119,943 | ||||||
Chailease Holding Co. Ltd.(c) | 12,920,957 | 94,706,632 | ||||||
Chang Hwa Commercial Bank Ltd. | 43,404,203 | 24,770,503 | ||||||
Charoen Pokphand Enterprise(c) | 2,421,700 | 6,385,204 | ||||||
Cheng Loong Corp.(c) | 8,335,000 | 7,884,398 | ||||||
Cheng Shin Rubber Industry Co. Ltd.(c) | 14,423,650 | 16,163,537 | ||||||
Cheng Uei Precision Industry Co. Ltd.(c) | 4,181,000 | 5,472,155 | ||||||
Chicony Electronics Co. Ltd. | 4,426,787 | 13,296,846 | ||||||
Chicony Power Technology Co. Ltd.(c) | 1,220,000 | 3,142,062 | ||||||
Chief Telecom Inc. | 260,000 | 3,033,627 | ||||||
China Airlines Ltd.(c) | 25,526,000 | 16,893,893 | ||||||
China Bills Finance Corp.(c) | 16,839,000 | 8,565,871 | ||||||
China Development Financial Holding Corp.(c) | 141,428,649 | 60,895,436 | ||||||
China General Plastics Corp.(c) | 4,140,386 | 3,881,915 | ||||||
China Man-Made Fiber Corp.(a)(c) | 18,733,574 | 5,329,248 | ||||||
China Metal Products(c) | 4,797,146 | 5,233,305 | ||||||
China Motor Corp.(c) | 2,761,800 | 5,164,808 | ||||||
China Petrochemical Development Corp.(c) | 33,130,490 | 11,050,624 | ||||||
China Steel Chemical Corp.(c) | 1,507,000 | 5,587,498 | ||||||
China Steel Corp.(c) | 107,789,529 | 110,886,337 | ||||||
Chin-Poon Industrial Co. Ltd. | 4,524,000 | 4,364,350 | ||||||
Chipbond Technology Corp.(c) | 3,786,000 | 8,327,041 | ||||||
ChipMOS Technologies Inc.(c) | 4,591,000 | 5,463,968 | ||||||
Chlitina Holding Ltd.(c) | 513,000 | 3,588,914 | ||||||
Chong Hong Construction Co. Ltd.(c) | 1,724,122 | 4,303,352 | ||||||
Chroma ATE Inc.(c) | 3,223,000 | 19,407,691 | ||||||
Chung Hung Steel Corp.(c) | 8,362,000 | 7,880,644 | ||||||
Chung-Hsin Electric & Machinery Manufacturing Corp.(c) | 4,540,000 | 14,110,431 | ||||||
Chunghwa Precision Test Tech Co. Ltd. | 198,000 | 3,795,341 | ||||||
Chunghwa Telecom Co. Ltd.(c) | 33,652,000 | 127,233,181 | ||||||
Cleanaway Co. Ltd.(c) | 1,038,000 | 6,401,560 | ||||||
Clevo Co.(c) | 5,055,175 | 5,134,389 | ||||||
Compal Electronics Inc.(c) | 38,428,000 | 30,390,745 | ||||||
Compeq Manufacturing Co. Ltd.(c) | 8,047,000 | 11,990,231 | ||||||
Continental Holdings Corp.(c) | 5,493,600 | 5,611,621 | ||||||
Coretronic Corp.(c) | 3,252,200 | 6,852,556 | ||||||
Co-Tech Development Corp.(c) | 2,685,000 | 5,489,970 | ||||||
CSBC Corp. Taiwan(a)(c) | 7,119,316 | 5,494,878 | ||||||
CTBC Financial Holding Co. Ltd. | 158,722,599 | 117,840,967 | ||||||
CTCI Corp. | 5,228,000 | 7,602,388 | ||||||
Cub Elecparts Inc.(c) | 713,076 | 3,680,652 | ||||||
Darfon Electronics Corp.(c) | 3,123,000 | 4,217,297 | ||||||
Delta Electronics Inc.(c) | 17,881,000 | 167,289,601 | ||||||
E Ink Holdings Inc.(c) | 8,025,000 | 50,781,525 | ||||||
E.Sun Financial Holding Co. Ltd.(c) | 117,649,373 | 96,016,866 | ||||||
Eclat Textile Co. Ltd.(c) | 1,636,683 | 25,728,895 | ||||||
EirGenix Inc.(a)(c) | 1,959,000 | 7,619,272 |
28 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Taiwan (continued) | ||||||||
Elan Microelectronics Corp.(c) | 2,499,100 | $ | 8,846,956 | |||||
Elite Material Co. Ltd.(c) | 2,574,000 | 16,035,350 | ||||||
Elite Semiconductor Microelectronics Technology Inc.(c) | 2,317,000 | 5,941,315 | ||||||
eMemory Technology Inc.(c) | 577,000 | 34,677,225 | ||||||
Ennoconn Corp.(c) | 746,219 | 5,686,271 | ||||||
ENNOSTAR Inc.(c) | 5,258,185 | 8,444,122 | ||||||
Episil Technologies Inc(c) | 2,660,036 | 8,048,061 | ||||||
Episil-Precision Inc.(c) | 1,170,077 | 2,889,486 | ||||||
Eternal Materials Co. Ltd.(c) | 7,873,369 | 8,299,700 | ||||||
Etron Technology Inc.(c) | 2,396,660 | 3,685,833 | ||||||
Eva Airways Corp.(c) | 23,203,326 | 21,489,816 | ||||||
Evergreen International Storage & Transport Corp.(c) | 4,709,000 | 4,305,261 | ||||||
Evergreen Marine Corp. Taiwan Ltd. | 9,269,979 | 47,371,776 | ||||||
Everlight Chemical Industrial Corp.(c) | 6,270,781 | 3,846,802 | ||||||
Everlight Electronics Co. Ltd.(c) | 3,831,000 | 4,822,250 | ||||||
Far Eastern Department Stores Ltd.(c) | 10,983,167 | 8,085,775 | ||||||
Far Eastern International Bank | 34,543,441 | 13,392,011 | ||||||
Far Eastern New Century Corp. | 29,225,916 | 31,069,464 | ||||||
Far EasTone Telecommunications Co. | 13,782,000 | 31,098,366 | ||||||
Faraday Technology Corp.(c) | 1,874,000 | 11,265,935 | ||||||
Farglory Land Development Co. Ltd.(c) | 2,797,782 | 5,406,377 | ||||||
Feng Hsin Steel Co. Ltd.(c) | 4,812,000 | 11,267,858 | ||||||
Feng TAY Enterprise Co. Ltd. | 3,763,387 | 22,670,648 | ||||||
First Financial Holding Co. Ltd. | 98,326,783 | 86,166,836 | ||||||
Fitipower Integrated Technology Inc.(c) | 1,101,161 | 5,958,160 | ||||||
FLEXium Interconnect Inc.(c) | 2,456,616 | 7,902,910 | ||||||
FocalTech Systems Co. Ltd. | 1,790,000 | 4,216,212 | ||||||
Formosa Chemicals & Fibre Corp.(c) | 30,898,210 | 71,703,745 | ||||||
Formosa International Hotels Corp.(c) | 792,000 | 8,112,228 | ||||||
Formosa Petrochemical Corp.(c) | 9,395,000 | 26,135,422 | ||||||
Formosa Plastics Corp. | 36,402,800 | 108,064,174 | ||||||
Formosa Sumco Technology Corp.(c) | 736,000 | 3,607,041 | ||||||
Formosa Taffeta Co. Ltd.(c) | 7,633,000 | 6,923,099 | ||||||
Foxconn Technology Co. Ltd.(c) | 7,079,424 | 12,873,926 | ||||||
Foxsemicon Integrated Technology Inc.(c) | 728,000 | 4,923,992 | ||||||
Fubon Financial Holding Co. Ltd.(c) | 66,975,323 | 130,964,469 | ||||||
Fulgent Sun International Holding Co. Ltd.(c) | 1,509,221 | 6,718,704 | ||||||
Fusheng Precision Co. Ltd.(c) | 1,046,000 | 8,506,162 | ||||||
General Interface Solution Holding Ltd.(c) | 2,421,000 | 6,822,959 | ||||||
Genius Electronic Optical Co. Ltd.(c) | 683,287 | 8,639,941 | ||||||
Getac Holdings Corp.(c) | 5,015,000 | 8,063,598 | ||||||
Giant Manufacturing Co. Ltd.(c) | 2,953,575 | 19,650,656 | ||||||
Gigabyte Technology Co. Ltd.(c) | 4,598,000 | 17,804,750 | ||||||
Global Mixed Mode Technology Inc. | 654,000 | 3,730,947 | ||||||
Global PMX Co. Ltd.(c) | 481,000 | 2,344,671 | ||||||
Global Unichip Corp.(c) | 777,000 | 29,240,253 | ||||||
Globalwafers Co. Ltd.(c) | 1,850,000 | 30,589,715 | ||||||
Gloria Material Technology Corp. | 2,078,000 | 3,058,208 | ||||||
Gold Circuit Electronics Ltd.(c) | 3,367,800 | 10,146,126 | ||||||
Goldsun Building Materials Co. Ltd.(c) | 10,170,425 | 9,230,136 | ||||||
Gourmet Master Co. Ltd.(c) | 1,107,471 | 5,714,855 | ||||||
Grand Pacific Petrochemical(c) | 10,011,000 | 6,508,360 | ||||||
Grape King Bio Ltd. | 1,223,000 | 7,264,630 | ||||||
Great Tree Pharmacy Co. Ltd. | 582,720 | 6,366,200 | ||||||
Great Wall Enterprise Co. Ltd. | 6,200,412 | 10,273,951 | ||||||
Greatek Electronics Inc.(c) | 3,367,000 | 5,872,302 | ||||||
Gudeng Precision Industrial Co. Ltd.(c) | 680,356 | 6,429,426 | ||||||
Hannstar Board Corp. | 3,455,000 | 3,901,310 |
Security | Shares | Value | ||||||
Taiwan (continued) | ||||||||
HannStar Display Corp.(a)(c) | 21,623,640 | $ | 9,031,409 | |||||
Highwealth Construction Corp.(c) | 6,775,119 | 9,419,921 | ||||||
Hiwin Technologies Corp.(c) | 2,485,498 | 20,269,640 | ||||||
Holtek Semiconductor Inc.(c) | 1,855,000 | 4,485,084 | ||||||
Holy Stone Enterprise Co. Ltd.(c) | 1,350,330 | 4,238,205 | ||||||
Hon Hai Precision Industry Co. Ltd. | 113,712,928 | 376,162,537 | ||||||
Hota Industrial Manufacturing Co. Ltd.(c) | 2,629,261 | 6,251,046 | ||||||
Hotai Finance Co. Ltd.(c) | 1,809,000 | 6,535,835 | ||||||
Hotai Motor Co. Ltd.(c) | 2,821,000 | 56,859,109 | ||||||
Hsin Kuang Steel Co. Ltd.(c) | 2,879,000 | 4,218,411 | ||||||
HTC Corp.(a)(c) | 6,263,000 | 13,337,054 | ||||||
Hu Lane Associate Inc.(c) | 545,000 | 2,722,606 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 83,710,650 | 62,562,262 | ||||||
Huaku Development Co. Ltd.(c) | 2,763,000 | 8,348,080 | ||||||
IBF Financial Holdings Co. Ltd.(c) | 24,028,076 | 9,914,568 | ||||||
Innodisk Corp.(c) | 1,060,484 | 7,787,238 | ||||||
Innolux Corp. | 80,288,973 | 38,460,791 | ||||||
International CSRC Investment Holdings Co.(c) | 8,859,685 | 6,017,024 | ||||||
International Games System Co. Ltd.(c) | 1,028,000 | 16,937,548 | ||||||
Inventec Corp.(c) | 22,951,000 | 19,937,799 | ||||||
ITE Technology Inc.(c) | 1,697,000 | 4,925,458 | ||||||
ITEQ Corp. | 1,864,604 | 4,589,516 | ||||||
Jentech Precision Industrial Co. Ltd.(c) | 733,670 | 10,134,914 | ||||||
Johnson Health Tech Co. Ltd.(c) | 1,222,000 | 2,797,090 | ||||||
Kaori Heat Treatment Co. Ltd. | 741,000 | 5,772,970 | ||||||
Kenda Rubber Industrial Co. Ltd.(c) | 5,870,337 | 5,965,350 | ||||||
Kindom Development Co. Ltd.(c) | 3,848,300 | 3,662,299 | ||||||
King Slide Works Co. Ltd.(c) | 657,000 | 8,960,079 | ||||||
King Yuan Electronics Co. Ltd.(c) | 8,440,000 | 11,535,194 | ||||||
King’s Town Bank Co. Ltd.(c) | 6,651,000 | 7,419,973 | ||||||
Kinik Co.(c) | 1,248,000 | 4,631,858 | ||||||
Kinpo Electronics(c) | 12,713,000 | 5,699,820 | ||||||
Kinsus Interconnect Technology Corp.(c) | 2,432,000 | 8,516,546 | ||||||
LandMark Optoelectronics Corp.(c) | 775,900 | 3,330,024 | ||||||
Largan Precision Co. Ltd.(c) | 872,000 | 62,688,116 | ||||||
Lien Hwa Industrial Holdings Corp.(c) | 9,070,048 | 16,169,025 | ||||||
Lite-On Technology Corp. | 18,805,238 | 42,791,871 | ||||||
Longchen Paper & Packaging Co. Ltd.(c) | 7,616,863 | 4,715,116 | ||||||
Lotes Co. Ltd.(c) | 654,848 | 18,395,328 | ||||||
Lotus Pharmaceutical Co. Ltd.(c) | 1,310,000 | 12,057,220 | ||||||
M31 Technology Corp. | 152,000 | 2,962,968 | ||||||
Macronix International Co. Ltd.(c) | 15,648,554 | 17,522,675 | ||||||
Makalot Industrial Co. Ltd.(c) | 1,740,510 | 12,181,369 | ||||||
Marketech International Corp.(c) | 1,126,000 | 4,648,936 | ||||||
MediaTek Inc.(c) | 13,776,572 | 323,460,428 | ||||||
Medigen Vaccine Biologics Corp.(a)(c) | 2,292,607 | 4,602,028 | ||||||
Mega Financial Holding Co. Ltd.(c) | 101,558,131 | 110,790,930 | ||||||
Mercuries Life Insurance Co. Ltd.(a)(c) | 23,781,285 | 4,187,788 | ||||||
Merida Industry Co. Ltd. | 1,703,850 | 10,040,772 | ||||||
Merry Electronics Co. Ltd.(c) | 1,814,751 | 5,050,850 | ||||||
Microbio Co. Ltd.(c) | 3,698,527 | 7,824,684 | ||||||
Micro-Star International Co. Ltd.(c) | 6,230,000 | 27,792,501 | ||||||
Mitac Holdings Corp.(c) | 10,451,053 | 10,797,573 | ||||||
momo.com Inc(c) | 578,880 | 14,877,632 | ||||||
Nan Kang Rubber Tire Co. Ltd.(a)(c) | 4,914,000 | 5,905,625 | ||||||
Nan Pao Resins Chemical Co. Ltd.(c) | 457,000 | 2,069,168 | ||||||
Nan Ya Plastics Corp. | 42,309,440 | 104,099,293 | ||||||
Nan Ya Printed Circuit Board Corp.(c) | 1,919,000 | 14,545,821 | ||||||
Nantex Industry Co. Ltd. | 2,608,000 | 3,704,325 | ||||||
Nanya Technology Corp.(c) | 10,513,000 | 20,011,650 |
S C H E D U L E O F I N V E S T M E N T S | 29 |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Taiwan (continued) | ||||||||
Nien Made Enterprise Co. Ltd.(c) | 1,299,000 | $ | 13,830,635 | |||||
Novatek Microelectronics Corp.(c) | 5,300,000 | 70,042,685 | ||||||
Nuvoton Technology Corp.(c) | 1,818,000 | 8,728,751 | ||||||
OBI Pharma Inc.(a)(c) | 1,596,339 | 4,268,335 | ||||||
Oneness Biotech Co. Ltd.(a)(c) | 2,134,000 | 18,272,140 | ||||||
Oriental Union Chemical Corp.(c) | 7,590,000 | 4,693,540 | ||||||
Pan Jit International Inc.(c) | 3,179,200 | 6,925,910 | ||||||
Pan-International Industrial Corp. | 4,723,366 | 5,959,005 | ||||||
Parade Technologies Ltd.(c) | 664,000 | 20,647,723 | ||||||
Pegatron Corp. | 17,719,000 | 39,257,979 | ||||||
Pegavision Corp.(c) | 252,000 | 3,697,977 | ||||||
PharmaEngine Inc.(c) | 961,000 | 3,583,428 | ||||||
PharmaEssentia Corp.(a)(c) | 1,818,000 | 29,864,492 | ||||||
Pharmally International Holding Co. Ltd.(d) | 597,543 | — | ||||||
Phison Electronics Corp.(c) | 1,357,000 | 15,451,890 | ||||||
Pixart Imaging Inc.(c) | 1,249,000 | 4,518,350 | ||||||
Polaris Group/Tw(a)(c) | 2,674,000 | 8,711,094 | ||||||
Pou Chen Corp. | 19,392,000 | 21,248,691 | ||||||
Powerchip Semiconductor Manufacturing Corp.(c) | 26,200,000 | 28,500,388 | ||||||
Powertech Technology Inc.(c) | 4,632,000 | 13,393,762 | ||||||
Poya International Co. Ltd. | 478,790 | 9,258,373 | ||||||
President Chain Store Corp. | 5,149,000 | 44,990,568 | ||||||
President Securities Corp.(c) | 8,501,603 | 4,790,037 | ||||||
Primax Electronics Ltd.(c) | 4,695,000 | 9,127,101 | ||||||
Prince Housing & Development Corp.(c) | 14,442,995 | 5,426,248 | ||||||
Qisda Corp. | 13,794,000 | 13,543,599 | ||||||
Quanta Computer Inc. | 24,713,000 | 64,685,409 | ||||||
Radiant Opto-Electronics Corp. | 3,276,000 | 11,309,415 | ||||||
Raydium Semiconductor Corp.(c) | 565,000 | 7,572,908 | ||||||
RDC Semiconductor Co. Ltd.(a)(c) | 525,000 | 3,359,879 | �� | |||||
Realtek Semiconductor Corp.(c) | 4,037,110 | 49,769,355 | ||||||
RichWave Technology Corp.(a)(c) | 776,226 | 3,340,585 | ||||||
Ritek Corp.(a) | 1 | — | ||||||
Ruentex Development Co. Ltd.(c) | 16,229,680 | 23,511,675 | ||||||
Ruentex Industries Ltd.(c) | 5,599,788 | 12,358,507 | ||||||
Sanyang Motor Co. Ltd.(c) | 5,830,000 | 7,600,506 | ||||||
ScinoPharm Taiwan Ltd.(c) | 2,864,027 | 2,450,448 | ||||||
SDI Corp.(c) | 1,379,000 | 5,586,453 | ||||||
Sensortek Technology Corp.(c) | 258,000 | 3,017,897 | ||||||
Sercomm Corp. | 2,503,000 | 6,893,440 | ||||||
Shanghai Commercial & Savings Bank Ltd. (The) | 35,475,542 | 55,070,475 | ||||||
Shin Kong Financial Holding Co. Ltd.(c) | 118,201,255 | 34,316,292 | ||||||
Shin Zu Shing Co. Ltd. | 1,571,904 | 4,581,243 | ||||||
Shinkong Synthetic Fibers Corp.(c) | 13,698,000 | 8,158,981 | ||||||
Shiny Chemical Industrial Co. Ltd. | 784,750 | 3,103,154 | ||||||
Sigurd Microelectronics Corp.(c) | 5,629,700 | 9,836,126 | ||||||
Silergy Corp.(c) | 2,913,000 | 54,811,242 | ||||||
Simplo Technology Co. Ltd. | 1,302,400 | 12,581,522 | ||||||
Sinbon Electronics Co. Ltd. | 1,943,809 | 18,923,778 | ||||||
Sino-American Silicon Products Inc.(c) | 4,499,000 | 23,216,096 | ||||||
SinoPac Financial Holdings Co. Ltd. | 99,055,406 | 55,454,015 | ||||||
Sinyi Realty Inc. | 5,000,704 | 4,656,016 | ||||||
Sitronix Technology Corp.(c) | 1,043,000 | 7,766,008 | ||||||
Soft-World International Corp. | 917,000 | 2,416,901 | ||||||
Solar Applied Materials Technology Corp.(c) | 4,846,710 | 5,866,438 | ||||||
Sporton International Inc. | 776,050 | 6,747,199 | ||||||
St. Shine Optical Co. Ltd. | 436,000 | 3,720,760 | ||||||
Standard Foods Corp.(c) | 4,455,096 | 6,108,436 | ||||||
Sunny Friend Environmental Technology Co. Ltd.(c) | 647,000 | 3,483,755 |
Security | Shares | Value | ||||||
Taiwan (continued) | ||||||||
Sunplus Technology Co. Ltd.(c) | 4,614,000 | $ | 3,930,485 | |||||
Supreme Electronics Co. Ltd.(c) | 5,735,512 | 7,249,558 | ||||||
Synmosa Biopharma Corp. | 2,063,000 | 3,217,348 | ||||||
Synnex Technology International Corp.(c) | 12,808,250 | 26,133,967 | ||||||
Systex Corp.(c) | 1,638,000 | 4,032,941 | ||||||
T3EX Global Holdings Corp.(c) | 1,063,000 | 2,406,632 | ||||||
TA Chen Stainless Pipe(c) | 14,591,010 | 20,727,659 | ||||||
Ta Ya Electric Wire & Cable(c) | 5,008,760 | 3,973,035 | ||||||
Taichung Commercial Bank Co. Ltd.(c) | 30,321,725 | 13,672,832 | ||||||
TaiDoc Technology Corp.(c) | 581,000 | 3,607,715 | ||||||
Taigen Biopharmaceuticals Holdings | 3,630,000 | 1,837,401 | ||||||
TaiMed Biologics Inc.(a) | 1,810,000 | 4,703,456 | ||||||
Tainan Spinning Co. Ltd.(c) | 11,086,894 | 6,455,714 | ||||||
Taishin Financial Holding Co. Ltd. | 99,625,553 | 53,504,253 | ||||||
Taiwan Business Bank | 52,584,790 | 24,694,506 | ||||||
Taiwan Cement Corp.(c) | 55,941,182 | 71,714,967 | ||||||
Taiwan Cogeneration Corp.(c) | 5,572,000 | 6,715,168 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 92,019,031 | 80,046,567 | ||||||
Taiwan Fertilizer Co. Ltd. | 7,180,000 | 13,480,742 | ||||||
Taiwan Glass Industry Corp.(c) | 10,614,053 | 8,114,977 | ||||||
Taiwan High Speed Rail Corp. | 16,106,000 | 15,486,136 | ||||||
Taiwan Hon Chuan Enterprise Co. Ltd.(c) | 2,676,674 | 8,454,749 | ||||||
Taiwan Mask Corp.(c) | 2,403,000 | 6,474,313 | ||||||
Taiwan Mobile Co. Ltd. | 14,588,000 | 46,213,480 | ||||||
Taiwan Paiho Ltd. | 2,944,000 | 5,970,117 | ||||||
Taiwan Secom Co. Ltd.(c) | 2,989,185 | 9,868,847 | ||||||
Taiwan Semiconductor Co. Ltd.(c) | 2,086,000 | 6,366,625 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 225,468,000 | 3,730,118,306 | ||||||
Taiwan Shin Kong Security Co. Ltd. | 6,367,577 | 8,561,424 | ||||||
Taiwan Surface Mounting Technology Corp.(c) | 2,464,000 | 7,139,689 | ||||||
Taiwan TEA Corp.(a)(c) | 10,074,000 | 7,228,423 | ||||||
Taiwan Union Technology Corp.(c) | 2,492,000 | 4,783,373 | ||||||
Taiwan-Asia Semiconductor Corp.(c) | 2,756,000 | 3,377,230 | ||||||
Tanvex BioPharma Inc.(a) | 1,717,950 | 2,129,001 | ||||||
Tatung Co. Ltd.(a)(c) | 16,487,000 | 18,085,796 | ||||||
TCI Co. Ltd.(c) | 929,444 | 6,436,781 | ||||||
Teco Electric and Machinery Co. Ltd.(c) | 15,745,000 | 15,797,706 | ||||||
Test Research Inc. | 1,985,400 | 4,123,947 | ||||||
Thinking Electronic Industrial Co. Ltd.(c) | 798,000 | 3,692,567 | ||||||
Ton Yi Industrial Corp. | 12,031,000 | 6,903,907 | ||||||
Tong Hsing Electronic Industries Ltd.(c) | 1,146,385 | 8,201,856 | ||||||
Tong Yang Industry Co. Ltd.(c) | 4,123,400 | 5,889,244 | ||||||
Topco Scientific Co. Ltd. | 1,934,639 | 11,439,057 | ||||||
TPK Holding Co. Ltd. | 3,304,000 | 3,692,575 | ||||||
Transcend Information Inc.(c) | 2,839,000 | 6,524,306 | ||||||
Tripod Technology Corp. | 3,227,000 | 11,051,785 | ||||||
TSEC Corp.(a)(c) | 4,729,749 | 5,721,233 | ||||||
TSRC Corp.(c) | 6,356,900 | 6,038,529 | ||||||
TTY Biopharm Co. Ltd. | 2,523,124 | 6,477,983 | ||||||
Tung Ho Steel Enterprise Corp.(c) | 5,320,560 | 10,370,390 | ||||||
Tung Thih Electronic Co. Ltd.(c) | 714,000 | 3,565,442 | ||||||
TXC Corp.(c) | 3,042,000 | 8,569,808 | ||||||
U-Ming Marine Transport Corp.(c) | 4,345,000 | 8,673,446 | ||||||
Unimicron Technology Corp.(c) | 11,301,000 | 46,675,482 | ||||||
Union Bank of Taiwan(c) | 13,494,772 | 7,158,350 | ||||||
Uni-President Enterprises Corp. | 43,647,369 | 96,354,032 | ||||||
United Integrated Services Co. Ltd.(c) | 1,338,400 | 9,867,183 | ||||||
United Microelectronics Corp.(c) | 107,266,000 | 174,704,660 | ||||||
United Renewable Energy Co. Ltd.(a)(c) | 13,274,238 | 9,001,391 | ||||||
Universal Vision Biotechnology Co. Ltd.(c) | 493,950 | 5,243,241 |
30 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Taiwan (continued) | ||||||||
UPC Technology Corp.(c) | 9,544,365 | $ | 4,848,433 | |||||
UPI Semiconductor Corp.(a)(c) | 428,000 | 4,069,839 | ||||||
USI Corp.(c) | 7,561,300 | 6,216,200 | ||||||
Vanguard International Semiconductor Corp.(c) | 7,976,000 | 24,029,649 | ||||||
VIA Labs Inc.(c) | 314,000 | 2,210,586 | ||||||
Via Technologies Inc.(c) | 2,082,000 | 6,194,947 | ||||||
Visco Vision Inc. | 243,000 | 2,993,911 | ||||||
VisEra Technologies Co. Ltd.(c) | 1,071,000 | 8,108,438 | ||||||
Visual Photonics Epitaxy Co. Ltd.(c) | 1,554,000 | 4,276,047 | ||||||
Vivotek Inc. | 313,000 | 2,367,853 | ||||||
Voltronic Power Technology Corp. | 564,493 | 29,474,335 | ||||||
Wafer Works Corp.(c) | 5,200,839 | 7,591,510 | ||||||
Wah Lee Industrial Corp.(c) | 2,674,580 | 7,675,854 | ||||||
Walsin Lihwa Corp.(c) | 24,057,570 | 44,309,415 | ||||||
Walsin Technology Corp. | 2,665,597 | 8,695,571 | ||||||
Wan Hai Lines Ltd.(c) | 6,350,620 | 16,435,545 | ||||||
Win Semiconductors Corp.(c) | 2,951,427 | 16,199,109 | ||||||
Winbond Electronics Corp.(c) | 27,001,480 | 20,214,457 | ||||||
Wisdom Marine Lines Co. Ltd.(c) | 3,975,000 | 8,804,606 | ||||||
Wistron Corp. | 24,158,004 | 26,174,659 | ||||||
Wistron NeWeb Corp.(c) | 2,919,654 | 8,039,628 | ||||||
Wiwynn Corp.(c) | 753,000 | 23,612,203 | ||||||
WPG Holdings Ltd.(c) | 14,069,200 | 22,741,681 | ||||||
WT Microelectronics Co. Ltd.(c) | 4,011,734 | 8,521,372 | ||||||
XinTec Inc.(c) | 1,639,000 | 5,499,713 | ||||||
XPEC Entertainment Inc.(d) | 31,000 | — | ||||||
Xxentria Technology Materials Corp.(c) | 1,835,000 | 4,075,414 | ||||||
Yageo Corp.(c) | 3,140,824 | 55,044,763 | ||||||
Yang Ming Marine Transport Corp.(c) | 15,995,677 | 33,667,207 | ||||||
YFY Inc.(c) | 10,531,000 | 9,341,126 | ||||||
Yieh Phui Enterprise Co. Ltd.(c) | 10,802,077 | 6,111,342 | ||||||
Yuanta Financial Holding Co. Ltd. | 88,596,519 | 65,876,047 | ||||||
Yulon Finance Corp.(c) | 2,058,184 | 11,417,713 | ||||||
Yulon Motor Co. Ltd.(c) | 5,164,088 | 13,710,252 | ||||||
YungShin Global Holding Corp.(c) | 3,646,650 | 5,148,532 | ||||||
Zhen Ding Technology Holding Ltd.(c) | 5,656,950 | 20,708,352 | ||||||
|
| |||||||
10,758,486,023 | ||||||||
Thailand — 2.3% | ||||||||
Advanced Info Service PCL, NVDR | 10,696,500 | 61,122,828 | ||||||
Airports of Thailand PCL, NVDR(a) | 39,770,800 | 81,847,356 | ||||||
Amata Corp. PCL, NVDR | 14,125,930 | 7,950,946 | ||||||
AP Thailand PCL, NVDR | 27,911,490 | 9,789,134 | ||||||
Asset World Corp. PCL, NVDR | 66,844,800 | 11,153,918 | ||||||
B Grimm Power PCL, NVDR | 9,394,500 | 10,371,474 | ||||||
Bangchak Corp. PCL, NVDR | 13,621,400 | 12,412,864 | ||||||
Bangkok Airways PCL, NVDR(a) | 16,642,000 | 6,165,837 | ||||||
Bangkok Chain Hospital PCL, NVDR(c) | 18,852,950 | 10,611,721 | ||||||
Bangkok Commercial Asset Management | 18,399,600 | 7,704,297 | ||||||
Bangkok Dusit Medical Services PCL, NVDR | 93,578,100 | 74,122,567 | ||||||
Bangkok Expressway & Metro PCL, NVDR | 69,807,685 | 18,271,616 | ||||||
Bangkok Land PCL, NVDR | 183,062,400 | 5,178,659 | ||||||
Banpu PCL, NVDR | 73,485,500 | 22,652,493 | ||||||
BCPG PCL, NVDR(c) | 16,971,725 | 4,632,403 | ||||||
Berli Jucker PCL, NVDR | 11,137,700 | 12,128,573 | ||||||
Betagro PCL, NVS | 7,082,700 | 6,713,697 | ||||||
BTS Group Holdings PCL, NVDR(c) | 77,250,900 | 17,591,587 | ||||||
Bumrungrad Hospital PCL, NVDR(c) | 5,504,100 | 32,854,001 | ||||||
Carabao Group PCL, NVDR | 3,408,700 | 9,741,642 | ||||||
Central Pattana PCL, NVDR | 19,192,200 | 38,131,370 |
Security | Shares | Value | ||||||
Thailand (continued) | ||||||||
Central Plaza Hotel PCL, NVDR(a) | 5,219,300 | $ | 8,341,291 | |||||
Central Retail Corp. PCL, NVDR | 18,072,717 | 22,867,457 | ||||||
CH Karnchang PCL, NVDR(c) | 15,523,000 | 9,354,505 | ||||||
Charoen Pokphand Foods PCL, NVDR | 33,434,000 | 20,999,440 | ||||||
Chularat Hospital PCL, NVDR(c) | 86,998,400 | 9,207,399 | ||||||
CK Power PCL, NVDR(c) | 30,214,400 | 3,623,799 | ||||||
CP ALL PCL, NVDR | 54,654,900 | 95,858,619 | ||||||
Delta Electronics Thailand PCL, NVDR(c) | 2,902,900 | 74,842,580 | ||||||
Dynasty Ceramic PCL, NVDR(c) | 79,320,720 | 5,071,878 | ||||||
Eastern Polymer Group PCL, NVDR(c) | 15,702,700 | 3,708,725 | ||||||
Electricity Generating PCL, NVDR | 2,176,700 | 10,530,056 | ||||||
Energy Absolute PCL, NVDR(c) | 15,731,900 | 34,838,652 | ||||||
Esso Thailand PCL, NVDR(c) | 12,371,500 | 3,126,336 | ||||||
GFPT PCL, NVDR | 10,255,700 | 3,540,297 | ||||||
Global Power Synergy PCL, NVDR | 6,623,200 | 12,741,451 | ||||||
Gulf Energy Development PCL, NVDR | 28,709,444 | 42,664,593 | ||||||
Gunkul Engineering PCL, NVDR(c) | 52,508,341 | 6,205,978 | ||||||
Hana Microelectronics PCL, NVDR(c) | 5,839,200 | 9,533,233 | ||||||
Home Product Center PCL, NVDR | 58,497,675 | 23,158,904 | ||||||
Indorama Ventures PCL, NVDR | 16,707,700 | 17,363,840 | ||||||
Intouch Holdings PCL, NVDR | 11,064,825 | 22,145,578 | ||||||
IRPC PCL, NVDR | 103,744,700 | 8,391,654 | ||||||
Jasmine International PCL, NVDR(a)(c) | 73,519,800 | 4,616,957 | ||||||
Jay Mart PCL, NVDR(c) | 5,237,000 | 4,181,193 | ||||||
JMT Network Services PCL, NVDR | 6,463,700 | 8,500,307 | ||||||
Kasikornbank PCL, NVDR | 5,291,100 | 20,505,604 | ||||||
KCE Electronics PCL, NVDR(c) | 7,244,000 | 9,524,770 | ||||||
Khon Kaen Sugar Industry PCL, NVDR(c) | 26,009,886 | 2,722,685 | ||||||
Kiatnakin Phatra Bank PCL, NVDR | 5,266,800 | 9,943,085 | ||||||
Krung Thai Bank PCL, NVDR | 32,725,800 | 16,017,861 | ||||||
Krungthai Card PCL, NVDR(c) | 8,228,700 | 13,673,467 | ||||||
Land & Houses PCL, NVDR | 69,372,700 | 19,235,046 | ||||||
Major Cineplex Group PCL, NVDR(c) | 11,049,000 | 5,344,754 | ||||||
MBK PCL, NVDR(c) | 11,934,800 | 5,640,927 | ||||||
Mega Lifesciences PCL, NVDR | 5,109,700 | 6,649,358 | ||||||
Minor International PCL, NVDR(a) | 31,381,060 | 29,729,207 | ||||||
Muangthai Capital PCL, NVDR | 7,757,200 | 7,676,436 | ||||||
Origin Property PCL, NVDR(c) | 17,269,100 | 5,812,578 | ||||||
Osotspa PCL, NVDR | 12,485,800 | 11,390,255 | ||||||
Plan B Media PCL, NVDR(c) | 31,929,288 | 8,848,040 | ||||||
Precious Shipping PCL, NVDR | 9,986,800 | 4,209,368 | ||||||
Prima Marine PCL, NVDR(c) | 20,268,600 | 4,414,476 | ||||||
PTG Energy PCL, NVDR(c) | 12,026,500 | 4,762,987 | ||||||
PTT Exploration & Production PCL, NVDR | 12,391,501 | 52,446,330 | ||||||
PTT Global Chemical PCL, NVDR | 20,483,400 | 27,371,039 | ||||||
PTT Oil & Retail Business PCL, NVDR | 27,893,700 | 17,284,613 | ||||||
PTT Public Company Ltd., NVDR | 90,045,400 | 80,841,111 | ||||||
Quality Houses PCL, NVDR(c) | 117,039,517 | 7,946,855 | ||||||
Ratch Group PCL, NVDR | 8,039,100 | 9,270,368 | ||||||
Ratchthani Leasing PCL, NVDR(c) | 36,117,225 | 4,045,507 | ||||||
Regional Container Lines PCL, NVDR(c) | 5,050,000 | 4,463,234 | ||||||
RS PCL, NVDR(c) | 7,075,900 | 3,082,979 | ||||||
SCB X PCL, NVS(c) | 8,002,400 | 23,540,645 | ||||||
SCG Packaging PCL, NVDR | 12,029,100 | 17,693,698 | ||||||
Siam Cement PCL (The), NVDR | 7,189,400 | 66,505,858 | ||||||
Siamgas & Petrochemicals PCL, NVDR(c) | 12,291,700 | 3,441,537 | ||||||
Singha Estate PCL, NVDR(a)(c) | 60,630,200 | 3,430,632 | ||||||
Sino-Thai Engineering & Construction PCL, NVDR | 14,443,828 | 5,515,542 | ||||||
Sri Trang Agro-Industry PCL, NVDR(c) | 10,165,260 | 7,259,066 | ||||||
Sri Trang Gloves Thailand PCL, NVDR(c) | 10,869,200 | 3,412,408 |
S C H E D U L E O F I N V E S T M E N T S | 31 |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Thailand (continued) | ||||||||
Srisawad Corp. PCL, NVDR | 6,948,749 | $ | 10,609,551 | |||||
Supalai PCL, NVDR | 15,495,200 | 9,994,400 | ||||||
Super Energy Corp. PCL, NVDR(c) | 205,802,700 | 3,374,993 | ||||||
Thai Oil PCL, NVDR(c) | 10,298,700 | 14,686,580 | ||||||
Thai Union Group PCL, NVDR | 25,861,700 | 11,633,413 | ||||||
Thai Vegetable Oil PCL, NVDR(c) | 7,975,610 | 6,318,879 | ||||||
Thanachart Capital PCL, NVDR | 5,345,000 | 6,464,501 | ||||||
Thonburi Healthcare Group PCL, NVDR(c) | 3,891,700 | 7,679,970 | ||||||
Thoresen Thai Agencies PCL, NVDR(c) | 15,203,100 | 3,375,758 | ||||||
TPI Polene PCL, NVDR(c) | 80,091,000 | 3,897,518 | ||||||
True Corp. PCL, NVDR | 113,277,611 | 16,507,048 | ||||||
TTW PCL, NVDR(c) | 28,109,600 | 7,436,770 | ||||||
WHA Corp. PCL, NVDR | 102,301,400 | 11,401,603 | ||||||
|
| |||||||
1,563,597,015 | ||||||||
Turkey — 0.8% | ||||||||
Akbank TAS | 29,779,729 | 27,536,586 | ||||||
Aksa Akrilik Kimya Sanayii AS(c) | 1,462,464 | 7,093,551 | ||||||
Alarko Holding AS(c) | 1,669,557 | 6,966,080 | ||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS | 2,502,635 | 7,372,004 | ||||||
Aselsan Elektronik Sanayi Ve Ticaret AS(c) | 6,627,493 | 19,346,349 | ||||||
BIM Birlesik Magazalar AS | 4,234,188 | 30,538,241 | ||||||
Dogan Sirketler Grubu Holding AS(c) | 16,902,061 | 8,378,461 | ||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi AS(c) | 41,399,560 | 18,376,126 | ||||||
Enerjisa Enerji AS(b) | 3,641,460 | 6,199,688 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 13,498,679 | 31,463,493 | ||||||
Ford Otomotiv Sanayi AS(c) | 679,100 | 19,809,772 | ||||||
Girisim Elektrik Taahhut Ticaret Ve Sanayi AS(a) | 263,276 | 3,493,617 | ||||||
Haci Omer Sabanci Holding AS | 10,031,800 | 23,146,218 | ||||||
Hektas Ticaret TAS(a) | 10,338,972 | 19,468,035 | ||||||
Is Gayrimenkul Yatirim Ortakligi AS(a)(c) | 6,768,107 | 3,720,040 | ||||||
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D(c) | 8,985,781 | 10,723,107 | ||||||
KOC Holding AS | 7,145,507 | 29,268,255 | ||||||
Kontrolmatik Enerji Ve Muhendislik AS, NVS | 641,266 | 5,466,975 | ||||||
Koza Altin Isletmeleri AS | 10,185,272 | 13,178,997 | ||||||
Koza Anadolu Metal Madencilik Isletmeleri AS(a)(c) | 2,789,862 | 6,729,237 | ||||||
Mavi Giyim Sanayi Ve Ticaret AS, Class B(b) | 878,161 | 4,859,297 | ||||||
Migros Ticaret AS(a) | 1,290,588 | 9,880,660 | ||||||
MLP Saglik Hizmetleri AS(a)(b) | 864,455 | 3,542,233 | ||||||
ODAS Elektrik Uretim ve Sanayi Ticaret AS(a) | 9,945,678 | 3,960,733 | ||||||
Pegasus Hava Tasimaciligi AS(a) | 522,592 | 14,056,450 | ||||||
Petkim Petrokimya Holding AS(a)(c) | 11,532,055 | 10,267,547 | ||||||
Sasa Polyester Sanayi AS(a) | 4,016,072 | 23,392,530 | ||||||
Smart Gunes Enerjisi Teknolojileri ArGE Uretim Sanayi ve Ticaret AS, NVS(a) | 596,648 | 2,496,471 | ||||||
Sok Marketler Ticaret AS(a)(c) | 3,149,819 | 4,259,803 | ||||||
TAV Havalimanlari Holding AS(a) | 2,591,690 | 10,282,376 | ||||||
Tekfen Holding AS(c) | 2,768,134 | 5,275,041 | ||||||
Turk Hava Yollari AO(a) | 5,642,638 | 42,873,508 | ||||||
Turkcell Iletisim Hizmetleri AS | 11,084,819 | 18,686,210 | ||||||
Turkiye Is Bankasi AS, Class C | 32,708,763 | 19,629,778 | ||||||
Turkiye Petrol Rafinerileri AS(a)(c) | 1,282,631 | 40,220,480 | ||||||
Turkiye Sinai Kalkinma Bankasi AS(a) | 17,703,080 | 3,712,880 | ||||||
Turkiye Sise ve Cam Fabrikalari AS | 13,846,979 | 34,645,521 | ||||||
Ulker Biskuvi Sanayi AS(a) | 2,334,620 | 3,805,115 | ||||||
Yapi ve Kredi Bankasi AS | 27,084,640 | 14,353,480 | ||||||
|
| |||||||
568,474,945 | ||||||||
United Arab Emirates — 1.3% | ||||||||
Abu Dhabi Commercial Bank PJSC | 26,625,297 | 60,702,104 | ||||||
Abu Dhabi Islamic Bank PJSC | 13,298,907 | 37,778,353 |
Security | Shares | Value | ||||||
United Arab Emirates (continued) | ||||||||
Abu Dhabi National Oil Co. for Distribution PJSC | 28,241,241 | $ | 33,215,039 | |||||
Agthia Group PJSC | 2,852,408 | 3,183,599 | ||||||
Air Arabia PJSC | 25,222,017 | 15,443,083 | ||||||
Al Yah Satellite Communications Co. | 12,256,351 | 8,940,209 | ||||||
Aldar Properties PJSC | 36,502,376 | 46,646,918 | ||||||
Amanat Holdings PJSC | 25,189,049 | 6,583,400 | ||||||
Aramex PJSC | 6,132,112 | 6,010,074 | ||||||
Dana Gas PJSC | 42,434,889 | 9,124,859 | ||||||
Dubai Financial Market PJSC | 15,542,734 | 6,082,066 | ||||||
Dubai Investments PJSC | 22,838,310 | 14,230,815 | ||||||
Dubai Islamic Bank PJSC | 24,935,727 | 38,947,697 | ||||||
Emaar Properties PJSC | 60,676,923 | 92,411,031 | ||||||
Emirates Central Cooling Systems | 17,230,732 | 7,411,875 | ||||||
Emirates NBD Bank PJSC | 18,116,781 | 67,001,549 | ||||||
Emirates Telecommunications Group Co. PJSC | 32,154,008 | 223,224,852 | ||||||
First Abu Dhabi Bank PJSC | 40,922,752 | 156,786,248 | ||||||
Multiply Group(a) | 30,857,917 | 33,559,965 | ||||||
National Central Cooling Co. PJSC | 1,524,932 | 1,236,413 | ||||||
Q Holding PJSC(a) | 18,888,372 | 14,223,318 | ||||||
Taaleem Holdings PSC, NVS | 597,529 | 432,721 | ||||||
|
| |||||||
883,176,188 | ||||||||
|
| |||||||
Total Common Stocks — 97.6% | 66,148,804,073 | |||||||
|
| |||||||
Preferred Stocks | ||||||||
Brazil — 1.2% | ||||||||
Alpargatas SA, Preference Shares, NVS | 2,258,340 | 4,067,682 | ||||||
Azul SA, Preference Shares, NVS | 2,905,028 | 3,956,269 | ||||||
Banco ABC Brasil SA, Preference Shares, NVS | 1,473,411 | 5,107,949 | ||||||
Banco Bradesco SA, Preference Shares, NVS | 48,520,705 | 121,221,828 | ||||||
Banco do Estado do Rio Grande do Sul SA, Class B, Preference Shares, NVS | 2,590,860 | 4,943,738 | ||||||
Banco Pan SA, Preference Shares, NVS | 3,552,274 | 3,487,511 | ||||||
Bradespar SA, Preference Shares, NVS | 2,396,325 | 12,660,297 | ||||||
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS | 2,364,196 | 16,243,137 | ||||||
Cia de Saneamento do Parana, Preference Shares, NVS | 2,405,834 | 1,566,989 | ||||||
Cia Energetica de Minas Gerais, Preference Shares, NVS | 12,416,881 | 24,855,344 | ||||||
Cia Ferro Ligas da Bahia - FERBASA, Preference Shares, NVS | 380,961 | 4,180,387 | ||||||
Gerdau SA, Preference Shares, NVS | 10,342,340 | 56,556,971 | ||||||
Gol Linhas Aereas Inteligentes SA, Preference Shares, NVS | 2,635,530 | 2,783,807 | ||||||
Itau Unibanco Holding SA, Preference Shares, NVS | 44,085,565 | 214,135,541 | ||||||
Itausa SA, Preference Shares, NVS | 47,354,357 | 74,439,897 | ||||||
Marcopolo SA, Preference Shares, NVS | 6,952,663 | 4,196,471 | ||||||
Metalurgica Gerdau SA, Preference Shares, NVS | 7,233,919 | 17,382,021 | ||||||
Petroleo Brasileiro SA, Preference Shares, NVS | 43,008,036 | 207,340,884 | ||||||
Randon SA Implementos e Participacoes, Preference Shares, NVS | 2,642,170 | 4,017,166 | ||||||
Unipar Carbocloro SA, Class B, Preference Shares, NVS | 547,084 | 8,285,494 | ||||||
Usinas Siderurgicas de Minas Gerais SA Usiminas, Class A, Preference Shares, NVS | 5,309,254 | 6,926,282 | ||||||
|
| |||||||
798,355,665 |
32 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Chile — 0.2% | ||||||||
Embotelladora Andina SA, Class B, Preference Shares, NVS | 4,799,828 | $ | 11,801,382 | |||||
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares | 1,327,259 | 118,458,691 | ||||||
|
| |||||||
130,260,073 | ||||||||
Colombia — 0.0% | ||||||||
Bancolombia SA, Preference Shares, NVS | 4,435,054 | 28,128,477 | ||||||
|
| |||||||
Russia — 0.0% | ||||||||
Surgutneftegas PJSC, Preference Shares, NVS(a)(d) | 58,972,077 | 7,858 | ||||||
|
| |||||||
South Korea — 0.5% | ||||||||
Hyundai Motor Co. | 204,226 | 14,218,827 | ||||||
Series 2, Preference Shares, NVS | 317,599 | 22,563,827 | ||||||
LG Chem Ltd., Preference Shares, NVS | 73,050 | 16,204,477 | ||||||
Samsung Electronics Co. Ltd., Preference Shares, NVS | 7,538,910 | 303,999,247 | ||||||
|
| |||||||
356,986,378 | ||||||||
|
| |||||||
Total Preferred Stocks — 1.9% | 1,313,738,451 | |||||||
|
| |||||||
Rights | ||||||||
China — 0.0% | ||||||||
Kangmei Pharmaceutical Co. Ltd., | 576,845 | 1 | ||||||
|
| |||||||
Total Rights — 0.0% | 1 | |||||||
|
| |||||||
Total Long-Term Investments — 99.5% | 67,462,542,525 | |||||||
|
|
Security | Shares | Value | ||||||
Short-Term Securities | ||||||||
Money Market Funds — 4.0% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%(g)(h)(i) | 2,645,010,204 | $ | 2,646,597,210 | |||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(g)(h) | 40,420,000 | 40,420,000 | ||||||
|
| |||||||
Total Short-Term Securities — 4.0% | 2,687,017,210 | |||||||
|
| |||||||
Total Investments — 103.5% | 70,149,559,735 | |||||||
Liabilities in Excess of Other Assets — (3.5)% |
| (2,367,614,113 | ) | |||||
|
| |||||||
Net Assets — 100.0% | $ | 67,781,945,622 | ||||||
|
|
(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) | Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $2,641,820, representing less than 0.05% of its net assets as of period end, and an original cost of $35,983,750. |
(f) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
(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. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| ||||||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 08/31/22 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/23 | Shares Held at 02/28/23 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 2,638,128,613 | $ | 7,638,995 | (a) | $ | — | $ | 214,466 | $ | 615,136 | $ | 2,646,597,210 | 2,645,010,204 | $ | 32,707,204 | (b) | $ | — | |||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 589,510,000 | — | (549,090,000 | )(a) | — | — | 40,420,000 | 40,420,000 | 4,206,395 | 109 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||
$ | 214,466 | $ | 615,136 | $ | 2,687,017,210 | $ | 36,913,599 | $ | 109 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 | 33 |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® Core MSCI Emerging Markets 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 | 5,844 | 03/17/23 | $ | 281,359 | $ | (2,356,143 | ) | |||||||||
|
|
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:
| ||||||||||||||||||||||||||||
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Liabilities — Derivative Financial Instruments | ||||||||||||||||||||||||||||
Futures contracts | ||||||||||||||||||||||||||||
Unrealized depreciation on futures contracts(a) | $ | — | $ | — | $ | 2,356,143 | $ | — | $ | — | $ | — | $ | 2,356,143 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2023, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:
| ||||||||||||||||||||||||||||
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Net Realized Gain (Loss) from | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | (9,184,391 | ) | $ | — | $ | — | $ | — | $ | (9,184,391 | ) | ||||||||||||
Forward foreign currency exchange contracts | — | — | — | (7,682 | ) | — | — | (7,682 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | — | $ | — | $ | (9,184,391 | ) | $ | (7,682 | ) | $ | — | $ | — | $ | (9,192,073 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | 5,089,746 | $ | — | $ | — | $ | — | $ | 5,089,746 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| ||||
Futures contracts | ||||
Average notional value of contracts — long | $ | 508,650,503 | | |
|
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.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Common Stocks | $ | 8,063,390,437 | $ | 58,023,188,759 | $ | 62,224,877 | $ | 66,148,804,073 | ||||||||
Preferred Stocks | 838,285,524 | 475,445,069 | 7,858 | 1,313,738,451 | ||||||||||||
Rights | — | 1 | — | 1 | ||||||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 2,687,017,210 | — | — | 2,687,017,210 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 11,588,693,171 | $ | 58,498,633,829 | $ | 62,232,735 | $ | 70,149,559,735 | |||||||||
|
|
|
|
|
|
|
|
34 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® Core MSCI Emerging Markets ETF |
Fair Value Hierarchy as of Period End (continued)
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Derivative Financial Instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Equity Contracts | $ | (2,356,143 | ) | $ | — | $ | — | $ | (2,356,143 | ) | ||||||
|
|
|
|
|
|
|
|
(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, 2023 | iShares® MSCI BIC ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Brazil — 7.6% | ||||||||
Ambev SA | 108,158 | $ | 276,621 | |||||
Atacadao SA | 12,502 | 32,118 | ||||||
B3 SA - Brasil, Bolsa, Balcao | 153,455 | 309,228 | ||||||
Banco Bradesco SA | 23,829 | 52,979 | ||||||
Banco BTG Pactual SA | 31,868 | 122,957 | ||||||
Banco do Brasil SA | 21,103 | 162,441 | ||||||
Banco Santander Brasil SA | 8,742 | 47,305 | ||||||
BB Seguridade Participacoes SA | 18,330 | 119,774 | ||||||
CCR SA | 36,284 | 76,166 | ||||||
Centrais Eletricas Brasileiras SA | 31,067 | 203,654 | ||||||
Cia. de Saneamento Basico do Estado de Sao Paulo | 8,225 | 81,300 | ||||||
Cia. Siderurgica Nacional SA | 15,933 | 50,732 | ||||||
Cosan SA | 31,725 | 90,774 | ||||||
CPFL Energia SA | 5,781 | 33,446 | ||||||
Energisa SA | 5,261 | 38,879 | ||||||
Eneva SA(a) | 21,432 | 46,790 | ||||||
Engie Brasil Energia SA | 7,823 | 58,694 | ||||||
Equatorial Energia SA | 26,179 | 127,158 | ||||||
Hapvida Participacoes e Investimentos SA(a)(b) | 115,150 | 98,754 | ||||||
Hypera SA | 11,045 | 87,867 | ||||||
JBS SA | 17,108 | 62,708 | ||||||
Klabin SA | 19,411 | 72,150 | ||||||
Localiza Rent a Car SA | 18,621 | 197,362 | ||||||
Localiza Rent a Car SA, NVS | 81 | 820 | ||||||
Lojas Renner SA | 24,205 | 86,224 | ||||||
Magazine Luiza SA(a) | 81,874 | 56,142 | ||||||
Natura & Co. Holding SA | 20,915 | 61,202 | ||||||
Petro Rio SA(a) | 19,834 | 127,669 | ||||||
Petroleo Brasileiro SA | 92,919 | 510,256 | ||||||
Raia Drogasil SA | 23,359 | 101,191 | ||||||
Rede D’Or Sao Luiz SA(b) | 14,272 | 69,650 | ||||||
Rumo SA | 36,002 | 123,503 | ||||||
Sendas Distribuidora SA | 22,090 | 76,538 | ||||||
Suzano SA | 18,988 | 173,144 | ||||||
Telefonica Brasil SA | 12,361 | 91,938 | ||||||
Tim SA | 20,868 | 48,867 | ||||||
TOTVS SA | 13,959 | 72,762 | ||||||
Ultrapar Participacoes SA | 17,296 | 43,542 | ||||||
Vale SA | 93,154 | 1,518,093 | ||||||
Vibra Energia SA | 27,871 | 78,735 | ||||||
WEG SA | 43,710 | 326,941 | ||||||
|
| |||||||
6,017,074 | ||||||||
China — 63.5% | ||||||||
360 DigiTech Inc. | 1,974 | 40,191 | ||||||
360 Security Technology Inc., Class A | 23,531 | 36,512 | ||||||
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A | 4,700 | 14,828 | ||||||
3SBio Inc.(b) | 47,000 | 46,607 | ||||||
AAC Technologies Holdings Inc.(a) | 24,500 | 54,756 | ||||||
Advanced Micro-Fabrication Equipment Inc., Class A(a) | 2,300 | 34,843 | ||||||
AECC Aviation Power Co. Ltd., Class A | 4,700 | 31,022 | ||||||
Agricultural Bank of China Ltd., Class A | 112,800 | 47,551 | ||||||
Agricultural Bank of China Ltd., Class H | 705,000 | 244,422 | ||||||
Aier Eye Hospital Group Co. Ltd., Class A | 13,809 | 61,995 | ||||||
Air China Ltd., Class A(a) | 18,800 | 30,049 | ||||||
Alibaba Group Holding Ltd.(a) | 366,620 | 4,029,682 | ||||||
Alibaba Health Information Technology Ltd.(a) | 128,000 | 91,651 | ||||||
Aluminum Corp. of China Ltd., Class A | 28,200 | 22,438 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Aluminum Corp. of China Ltd., Class H | 94,000 | $ | 47,999 | |||||
Anhui Conch Cement Co. Ltd., Class A | 4,700 | 20,752 | ||||||
Anhui Conch Cement Co. Ltd., Class H | 23,500 | 86,276 | ||||||
Anhui Gujing Distillery Co. Ltd., Class B | 4,700 | 80,793 | ||||||
ANTA Sports Products Ltd. | 29,440 | 388,762 | ||||||
Autohome Inc., ADR | 1,833 | 55,906 | ||||||
AVIC Industry-Finance Holdings Co. Ltd., Class A | 42,399 | 26,540 | ||||||
AviChina Industry & Technology Co. Ltd., Class H | 76,000 | 36,236 | ||||||
Baidu Inc.(a) | 54,056 | 929,402 | ||||||
Bank of Beijing Co. Ltd., Class A | 32,990 | 20,552 | ||||||
Bank of Chengdu Co. Ltd., Class A | 4,700 | 9,720 | ||||||
Bank of China Ltd., Class A | 52,800 | 24,541 | ||||||
Bank of China Ltd., Class H | 1,927,000 | 706,731 | ||||||
Bank of Communications Co. Ltd., Class A | 65,800 | 46,391 | ||||||
Bank of Communications Co. Ltd., Class H | 188,200 | 111,275 | ||||||
Bank of Hangzhou Co. Ltd., Class A | 14,199 | 24,793 | ||||||
Bank of Jiangsu Co. Ltd., Class A | 18,860 | 19,512 | ||||||
Bank of Nanjing Co. Ltd., Class A | 23,500 | 33,509 | ||||||
Bank of Ningbo Co. Ltd., Class A | 10,310 | 43,753 | ||||||
Bank of Shanghai Co. Ltd., Class A | 37,690 | 32,429 | ||||||
Baoshan Iron & Steel Co. Ltd., Class A | 47,000 | 44,493 | ||||||
BBMG Corp., Class A | 18,800 | 7,061 | ||||||
BeiGene Ltd.(a) | 15,886 | 275,357 | ||||||
Beijing Dabeinong Technology Group Co. Ltd., Class A(a) | 14,100 | 16,706 | ||||||
Beijing Enlight Media Co. Ltd., Class A | 9,400 | 10,267 | ||||||
Beijing Enterprises Water Group Ltd. | 94,000 | 23,603 | ||||||
Beijing Kingsoft Office Software Inc., Class A | 378 | 15,832 | ||||||
Beijing New Building Materials PLC, Class A | 4,700 | 20,319 | ||||||
Bilibili Inc.(a) | 4,845 | 93,776 | ||||||
BOC Aviation Ltd.(b) | 4,700 | 33,955 | ||||||
BOE Technology Group Co. Ltd., Class A | 70,500 | 42,247 | ||||||
Bosideng International Holdings Ltd. | 94,000 | 52,144 | ||||||
BYD Co. Ltd., Class A | 3,900 | 145,913 | ||||||
BYD Co. Ltd., Class H | 23,500 | 631,780 | ||||||
BYD Electronic International Co. Ltd. | 24,500 | 71,439 | ||||||
Caitong Securities Co. Ltd., Class A | 12,820 | 14,215 | ||||||
CGN Power Co. Ltd., Class H(b) | 282,000 | 63,250 | ||||||
Changchun High & New Technology Industry Group Inc., Class A | 810 | 22,963 | ||||||
Changjiang Securities Co. Ltd., Class A | 23,500 | 19,111 | ||||||
Chaozhou Three-Circle Group Co. Ltd., Class A | 4,700 | 21,514 | ||||||
China Baoan Group Co. Ltd., Class A | 9,400 | 17,282 | ||||||
China Cinda Asset Management Co. Ltd., Class H | 141,000 | 18,326 | ||||||
China CITIC Bank Corp. Ltd., Class H | 188,000 | 86,980 | ||||||
China Coal Energy Co. Ltd., Class H | 47,000 | 36,370 | ||||||
China Communications Services Corp. Ltd., Class H | 94,800 | 36,858 | ||||||
China Conch Venture Holdings Ltd. | 47,000 | 94,586 | ||||||
China Construction Bank Corp., Class A | 9,400 | 7,629 | ||||||
China Construction Bank Corp., Class H | 2,397,370 | 1,465,458 | ||||||
China CSSC Holdings Ltd., Class A | 9,400 | 32,293 | ||||||
China Eastern Airlines Corp. Ltd., Class A(a) | 23,500 | 18,364 | ||||||
China Energy Engineering Corp. Ltd. | 37,600 | 12,876 | ||||||
China Everbright Bank Co. Ltd., Class A | 75,200 | 32,244 | ||||||
China Everbright Environment Group Ltd. | 94,000 | 38,123 | ||||||
China Evergrande Group(a)(c)(d) | 114,000 | 13,728 | ||||||
China Feihe Ltd.(b) | 96,000 | 76,945 | ||||||
China Galaxy Securities Co. Ltd., Class H | 47,000 | 23,427 | ||||||
China Gas Holdings Ltd. | 76,400 | 106,835 | ||||||
China Greatwall Technology Group Co. Ltd., Class A | 9,400 | 17,588 | ||||||
China Hongqiao Group Ltd. | 70,500 | 75,407 |
36 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI BIC ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
China International Capital Corp. Ltd., Class H(b) | 37,600 | $ | 80,956 | |||||
China Jinmao Holdings Group Ltd. | 152,000 | 29,496 | ||||||
China Jushi Co. Ltd., Class A | 9,473 | 20,653 | ||||||
China Lesso Group Holdings Ltd. | 27,000 | 28,479 | ||||||
China Life Insurance Co. Ltd., Class A | 4,793 | 24,665 | ||||||
China Life Insurance Co. Ltd., Class H | 188,000 | 318,907 | ||||||
China Literature Ltd.(a)(b) | 9,400 | 40,248 | ||||||
China Longyuan Power Group Corp. Ltd., Class H | 94,000 | 115,308 | ||||||
China Medical System Holdings Ltd. | 47,000 | 70,756 | ||||||
China Mengniu Dairy Co. Ltd. | 94,000 | 413,757 | ||||||
China Merchants Bank Co. Ltd., Class A | 32,300 | 173,489 | ||||||
China Merchants Bank Co. Ltd., Class H | 94,456 | 512,566 | ||||||
China Merchants Port Holdings Co. Ltd. | 48,000 | 67,287 | ||||||
China Merchants Securities Co. Ltd., Class A | 14,150 | 28,465 | ||||||
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A | 10,581 | 22,549 | ||||||
China Minsheng Banking Corp. Ltd., Class A | 47,000 | 23,059 | ||||||
China Minsheng Banking Corp. Ltd., Class H | 141,000 | 48,695 | ||||||
China National Building Material Co. Ltd., Class H | 94,000 | 83,343 | ||||||
China National Chemical Engineering Co. Ltd., Class A | 18,800 | 24,397 | ||||||
China National Nuclear Power Co. Ltd., Class A | 37,600 | 32,795 | ||||||
China Northern Rare Earth Group High-Tech Co. Ltd., Class A | 4,700 | 19,645 | ||||||
China Oilfield Services Ltd., Class H | 44,000 | 46,952 | ||||||
China Overseas Land & Investment Ltd. | 94,300 | 234,099 | ||||||
China Pacific Insurance Group Co. Ltd., Class A | 9,400 | 37,372 | ||||||
China Pacific Insurance Group Co. Ltd., Class H | 56,400 | 149,604 | ||||||
China Petroleum & Chemical Corp., Class A | 47,000 | 31,486 | ||||||
China Petroleum & Chemical Corp., Class H | 658,600 | 336,002 | ||||||
China Power International Development Ltd. | 141,000 | 55,914 | ||||||
China Railway Group Ltd., Class A | 32,900 | 28,599 | ||||||
China Railway Group Ltd., Class H | 94,000 | 48,992 | ||||||
China Renewable Energy Investment Ltd.(c) | 7,709 | — | ||||||
China Resources Beer Holdings Co. Ltd. | 38,000 | 281,127 | ||||||
China Resources Cement Holdings Ltd. | 96,000 | 51,656 | ||||||
China Resources Gas Group Ltd. | 18,800 | 79,330 | ||||||
China Resources Land Ltd. | 94,444 | 419,640 | ||||||
China Resources Mixc Lifestyle Services Ltd.(b) | 18,800 | 103,213 | ||||||
China Resources Pharmaceutical Group Ltd.(b) | 47,000 | 38,656 | ||||||
China Resources Power Holdings Co. Ltd. | 48,200 | 98,421 | ||||||
China Ruyi Holdings Ltd.(a)(d) | 188,000 | 46,722 | ||||||
China Shenhua Energy Co. Ltd., Class A | 9,400 | 37,878 | ||||||
China Shenhua Energy Co. Ltd., Class H | 70,500 | 212,055 | ||||||
China Southern Airlines Co. Ltd., Class A(a) | 14,100 | 16,026 | ||||||
China Southern Airlines Co. Ltd., Class H(a) | 46,000 | 33,542 | ||||||
China State Construction Engineering Corp. Ltd., Class A | 70,500 | 57,030 | ||||||
China Taiping Insurance Holdings Co. Ltd. | 37,640 | 44,488 | ||||||
China Three Gorges Renewables Group Co. Ltd., Class A | 56,400 | 45,374 | ||||||
China Tourism Group Duty Free Corp. Ltd., Class A | 4,000 | 113,778 | ||||||
China Tower Corp. Ltd., Class H(b) | 940,000 | 101,803 | ||||||
China Traditional Chinese Medicine Holdings Co. Ltd. | 94,000 | 48,773 | ||||||
China United Network Communications Ltd., Class A | 57,000 | 43,316 | ||||||
China Vanke Co. Ltd., Class A | 14,138 | 34,819 | ||||||
China Vanke Co. Ltd., Class H | 42,301 | 73,959 | ||||||
China Yangtze Power Co. Ltd., Class A | 37,656 | 114,693 | ||||||
China Zheshang Bank Co. Ltd., Class A(a) | 28,200 | 11,850 | ||||||
Chinasoft International Ltd. | 94,000 | 67,510 | ||||||
Chongqing Changan Automobile Co. Ltd., Class A | 18,652 | 35,949 | ||||||
Chongqing Zhifei Biological Products Co. Ltd., Class A | 4,300 | 55,414 | ||||||
Chow Tai Fook Jewellery Group Ltd. | 47,000 | 91,093 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
CITIC Ltd. | 141,000 | $ | 155,574 | |||||
CITIC Securities Co. Ltd., Class A | 18,975 | 56,369 | ||||||
CITIC Securities Co. Ltd., Class H | 47,050 | 99,676 | ||||||
CMOC Group Ltd., Class A | 42,300 | 35,967 | ||||||
CMOC Group Ltd., Class H | 108,000 | 60,815 | ||||||
Contemporary Amperex Technology Co. Ltd., Class A | 4,300 | 249,135 | ||||||
COSCO SHIPPING Energy Transportation Co. Ltd., Class A(a) | 9,400 | 19,585 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class A | 18,970 | 29,418 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class H | 70,849 | 73,486 | ||||||
Country Garden Holdings Co. Ltd.(d) | 241,046 | 73,920 | ||||||
Country Garden Services Holdings Co. Ltd. | 47,000 | 87,512 | ||||||
CRRC Corp. Ltd., Class A | 45,600 | 37,400 | ||||||
CRRC Corp. Ltd., Class H | 114,000 | 52,160 | ||||||
CSC Financial Co. Ltd., Class A | 9,400 | 36,209 | ||||||
CSPC Pharmaceutical Group Ltd. | 188,160 | 202,140 | ||||||
Dali Foods Group Co. Ltd.(b) | 70,500 | 28,515 | ||||||
Daqin Railway Co. Ltd., Class A | 23,500 | 22,956 | ||||||
Daqo New Energy Corp., ADR(a)(d) | 1,966 | 86,858 | ||||||
DHC Software Co. Ltd., Class A | 23,500 | 22,226 | ||||||
Dongfang Electric Corp. Ltd., Class A | 9,400 | 26,676 | ||||||
Dongfeng Motor Group Co. Ltd., Class H | 94,000 | 48,022 | ||||||
Dongxing Securities Co. Ltd., Class A | 9,499 | 11,741 | ||||||
Dongyue Group Ltd. | 47,000 | 53,227 | ||||||
East Money Information Co. Ltd., Class A | 23,374 | 70,181 | ||||||
ENN Energy Holdings Ltd. | 19,500 | 277,597 | ||||||
ENN Natural Gas Co. Ltd., Class A | 9,400 | 26,113 | ||||||
Eve Energy Co. Ltd., Class A | 4,700 | 49,063 | ||||||
Everbright Securities Co. Ltd., Class A | 9,497 | 21,369 | ||||||
Fangda Carbon New Material Co. Ltd., Class A(a) | 18,840 | 18,134 | ||||||
Far East Horizon Ltd. | 51,000 | 45,113 | ||||||
First Capital Securities Co. Ltd., Class A | 9,400 | 8,090 | ||||||
Flat Glass Group Co. Ltd., Class A | 4,700 | 23,349 | ||||||
Focus Media Information Technology Co. Ltd., Class A | 32,939 | 30,933 | ||||||
Foshan Haitian Flavouring & Food Co. Ltd., Class A | 5,351 | 63,312 | ||||||
Fosun International Ltd.(d) | 47,000 | 38,453 | ||||||
Foxconn Industrial Internet Co. Ltd., Class A | 18,800 | 25,971 | ||||||
Fujian Sunner Development Co. Ltd., Class A | 4,700 | 16,780 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class A | 4,700 | 25,079 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class H(b) | 19,600 | 87,834 | ||||||
Ganfeng Lithium Co. Ltd., Class H(b)(d) | 9,400 | 65,662 | ||||||
Ganfeng Lithium Group Co. Ltd., Class A | 4,700 | 48,896 | ||||||
GCL-Poly Energy Holdings Ltd.(a) | 517,000 | 133,135 | ||||||
GD Power Development Co. Ltd., Class A(a) | 51,700 | 29,222 | ||||||
GDS Holdings Ltd., Class A(a) | 20,232 | 48,943 | ||||||
Geely Automobile Holdings Ltd. | 141,000 | 183,184 | ||||||
GEM Co. Ltd., Class A | 14,199 | 16,100 | ||||||
Gemdale Corp., Class A | 9,400 | 13,082 | ||||||
Genscript Biotech Corp.(a) | 42,000 | 114,962 | ||||||
GF Securities Co. Ltd., Class A | 14,100 | 33,062 | ||||||
GF Securities Co. Ltd., Class H | 18,800 | 26,692 | ||||||
GoerTek Inc., Class A | 9,400 | 29,097 | ||||||
Great Wall Motor Co. Ltd., Class A | 4,700 | 23,318 | ||||||
Great Wall Motor Co. Ltd., Class H | 70,500 | 93,558 | ||||||
Gree Electric Appliances Inc. of Zhuhai, Class A | 4,700 | 23,988 | ||||||
Greentown China Holdings Ltd. | 23,500 | 32,132 | ||||||
Greentown Service Group Co. Ltd. | 56,000 | 37,367 | ||||||
Guangdong Haid Group Co. Ltd., Class A | 4,700 | 42,933 | ||||||
Guangdong Investment Ltd. | 94,000 | 94,991 | ||||||
Guanghui Energy Co. Ltd., Class A | 18,800 | 29,124 |
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, 2023 | iShares® MSCI BIC ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Guangzhou Automobile Group Co. Ltd., Class H | 94,235 | $ | 60,087 | |||||
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A | 4,700 | 21,353 | ||||||
Guangzhou Tinci Materials Technology Co. Ltd., Class A | 4,700 | 30,363 | ||||||
Guosen Securities Co. Ltd., Class A | 18,800 | 26,099 | ||||||
Guotai Junan Securities Co. Ltd., Class A | 18,800 | 38,645 | ||||||
Guoyuan Securities Co. Ltd., Class A | 14,120 | 14,300 | ||||||
H World Group Ltd., ADR | 4,841 | 229,318 | ||||||
Haidilao International Holding Ltd.(a)(b) | 22,000 | 60,934 | ||||||
Haier Smart Home Co. Ltd., Class A | 9,479 | 35,901 | ||||||
Haier Smart Home Co. Ltd., Class H | 56,400 | 199,604 | ||||||
Haitian International Holdings Ltd. | 16,000 | 41,820 | ||||||
Haitong Securities Co. Ltd., Class A | 14,100 | 18,558 | ||||||
Haitong Securities Co. Ltd., Class H | 37,600 | 24,198 | ||||||
Hangzhou Tigermed Consulting Co. Ltd., Class A | 100 | 1,658 | ||||||
Hangzhou Tigermed Consulting Co. Ltd., Class H(b) | 4,700 | 53,976 | ||||||
Henan Shuanghui Investment & Development Co. Ltd., Class A | 4,700 | 17,894 | ||||||
Hengan International Group Co. Ltd. | 23,500 | 108,083 | ||||||
Hengli Petrochemical Co. Ltd., Class A | 9,400 | 23,879 | ||||||
Hengyi Petrochemical Co. Ltd., Class A | 28,230 | 32,959 | ||||||
Hesteel Co. Ltd., Class A | 56,400 | 20,446 | ||||||
Huadian Power International Corp. Ltd., Class A | 14,100 | 11,632 | ||||||
Huadong Medicine Co. Ltd., Class A | 4,700 | 32,453 | ||||||
Hualan Biological Engineering Inc., Class A | 4,750 | 15,151 | ||||||
Huaneng Power International Inc., Class A(a) | 14,100 | 16,567 | ||||||
Huaneng Power International Inc., Class H(a) | 94,000 | 46,261 | ||||||
Huatai Securities Co. Ltd., Class A | 18,800 | 34,079 | ||||||
Huatai Securities Co. Ltd., Class H(b) | 9,400 | 10,581 | ||||||
Huaxia Bank Co. Ltd., Class A | 23,500 | 17,650 | ||||||
Huaxin Cement Co. Ltd., Class A | 4,700 | 11,799 | ||||||
Huayu Automotive Systems Co. Ltd., Class A | 9,499 | 25,843 | ||||||
Hunan Valin Steel Co. Ltd., Class A | 14,100 | 11,384 | ||||||
Hundsun Technologies Inc., Class A | 6,200 | 39,621 | ||||||
Hygeia Healthcare Holdings Co. Ltd.(a)(b)(d) | 9,400 | 68,485 | ||||||
Iflytek Co. Ltd., Class A | 4,729 | 32,850 | ||||||
Industrial & Commercial Bank of China Ltd., Class A | 65,800 | 40,707 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 1,410,050 | 703,561 | ||||||
Industrial Bank Co. Ltd., Class A | 28,200 | 68,601 | ||||||
Industrial Securities Co. Ltd., Class A | 18,600 | 17,204 | ||||||
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A | 75,200 | 22,200 | ||||||
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A | 37,600 | 23,913 | ||||||
Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 9,400 | 41,217 | ||||||
Inner Mongolia Yitai Coal Co. Ltd., Class B | 28,200 | 38,025 | ||||||
Innovent Biologics Inc.(a)(b) | 23,500 | 114,295 | ||||||
Inspur Electronic Information Industry Co. Ltd., Class A | 7,383 | 41,360 | ||||||
iQIYI Inc., ADR(a) | 7,822 | 60,464 | ||||||
JA Solar Technology Co. Ltd., Class A | 6,700 | 58,768 | ||||||
JD Health International Inc.(a)(b) | 28,200 | 197,407 | ||||||
JD.com Inc., Class A | 51,720 | 1,149,732 | ||||||
Jiangsu Eastern Shenghong Co. Ltd., Class A | 9,400 | 20,973 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 38,000 | 36,327 | ||||||
Jiangsu Hengrui Medicine Co. Ltd., Class A | 9,168 | 57,384 | ||||||
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A | 2,900 | 70,813 | ||||||
Jiangsu Zhongtian Technology Co. Ltd., Class A | 9,400 | 21,715 | ||||||
Jiumaojiu International Holdings Ltd.(b) | 28,000 | 67,659 | ||||||
JOYY Inc., ADR | 1,269 | 39,847 | ||||||
Kanzhun Ltd., ADR(a) | 4,888 | 98,493 | ||||||
KE Holdings Inc., ADR(a) | 16,544 | 301,928 | ||||||
Kingboard Holdings Ltd. | 23,500 | 83,898 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Kingboard Laminates Holdings Ltd.(d) | 23,500 | $ | 29,306 | |||||
Kingdee International Software Group Co. Ltd.(a) | 47,000 | 87,818 | ||||||
Kingsoft Corp. Ltd. | 27,600 | 91,125 | ||||||
Kuaishou Technology(a)(b) | 42,300 | 283,472 | ||||||
Kunlun Energy Co. Ltd. | 94,000 | 75,317 | ||||||
Kweichow Moutai Co. Ltd., Class A | 2,000 | 522,446 | ||||||
LB Group Co. Ltd., Class A | 4,700 | 14,795 | ||||||
Legend Biotech Corp., ADR(a) | 1,410 | 65,114 | ||||||
Lenovo Group Ltd. | 188,000 | 169,182 | ||||||
Lens Technology Co. Ltd., Class A | 14,100 | 25,823 | ||||||
Lepu Medical Technology Beijing Co. Ltd., Class A | 9,400 | 31,732 | ||||||
Li Auto Inc.(a) | 27,918 | 329,409 | ||||||
Li Ning Co. Ltd. | 61,000 | 520,495 | ||||||
Lingyi iTech Guangdong Co., Class A(a) | 18,800 | 15,483 | ||||||
Longfor Group Holdings Ltd.(b) | 47,000 | 134,544 | ||||||
LONGi Green Energy Technology Co. Ltd., Class A | 9,548 | 60,803 | ||||||
Lufax Holding Ltd., ADR | 17,860 | 38,578 | ||||||
Luxshare Precision Industry Co. Ltd., Class A | 9,902 | 42,556 | ||||||
Luzhou Laojiao Co. Ltd., Class A | 2,800 | 100,536 | ||||||
Mango Excellent Media Co. Ltd., Class A | 4,700 | 22,637 | ||||||
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A(a) | 18,853 | 17,804 | ||||||
Meituan, Class B(a)(b) | 123,560 | 2,144,375 | ||||||
Metallurgical Corp. of China Ltd., Class A | 28,200 | 13,839 | ||||||
Microport Scientific Corp.(a) | 18,800 | 53,336 | ||||||
Muyuan Foods Co. Ltd., Class A | 9,878 | 70,313 | ||||||
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A | 6,245 | 15,519 | ||||||
NARI Technology Co. Ltd., Class A | 14,124 | 53,359 | ||||||
NavInfo Co. Ltd., Class A | 9,408 | 17,628 | ||||||
NetEase Inc. | 47,075 | 731,567 | ||||||
New China Life Insurance Co. Ltd., Class A | 4,700 | 21,079 | ||||||
New China Life Insurance Co. Ltd., Class H | 14,100 | 34,172 | ||||||
New Hope Liuhe Co. Ltd., Class A(a) | 9,400 | 17,834 | ||||||
New Oriental Education & Technology Group Inc.(a) | 32,930 | 126,987 | ||||||
Nine Dragons Paper Holdings Ltd. | 47,000 | 38,299 | ||||||
Ninestar Corp., Class A | 4,700 | 36,461 | ||||||
Ningbo Shanshan Co. Ltd. | 4,700 | 12,087 | ||||||
Ningxia Baofeng Energy Group Co. Ltd., Class A | 14,100 | 32,061 | ||||||
NIO Inc., ADR(a) | 34,733 | 326,143 | ||||||
Nongfu Spring Co. Ltd., Class H(b) | 47,000 | 263,819 | ||||||
Offshore Oil Engineering Co. Ltd., Class A | 4,724 | 4,630 | ||||||
Orient Overseas International Ltd.(d) | 4,000 | 64,253 | ||||||
Orient Securities Co. Ltd., Class A | 18,888 | 27,717 | ||||||
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A(a) | 23,500 | 18,875 | ||||||
People’s Insurance Co. Group of China Ltd. (The), Class A | 23,500 | 17,649 | ||||||
People’s Insurance Co. Group of China Ltd. (The), Class H | 141,000 | 44,580 | ||||||
Perfect World Co. Ltd., Class A | 9,450 | 19,328 | ||||||
PetroChina Co. Ltd., Class A | 23,500 | 17,651 | ||||||
PetroChina Co. Ltd., Class H | 470,000 | 239,765 | ||||||
Pharmaron Beijing Co. Ltd., Class H(b) | 7,750 | 43,459 | ||||||
PICC Property & Casualty Co. Ltd., Class H | 188,322 | 165,413 | ||||||
Pinduoduo Inc., ADR(a) | 12,408 | 1,088,554 | ||||||
Ping An Bank Co. Ltd., Class A | 28,200 | 55,822 | ||||||
Ping An Healthcare and Technology Co. Ltd.(a)(b)(d) | 14,700 | 33,688 | ||||||
Ping An Insurance Group Co. of China Ltd., Class A | 14,100 | 97,860 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 164,500 | 1,122,965 | ||||||
Poly Developments and Holdings Group Co. Ltd., Class A | 14,100 | 30,623 |
38 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI BIC ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Pop Mart International Group Ltd.(b)(d) | 18,800 | $ | 52,377 | |||||
Postal Savings Bank of China Co. Ltd., Class A | 42,300 | 27,515 | ||||||
Postal Savings Bank of China Co. Ltd., Class H(b) | 188,000 | 112,951 | ||||||
Power Construction Corp. of China Ltd., Class A | 28,200 | 29,134 | ||||||
Qinghai Salt Lake Industry Co. Ltd., Class A(a) | 9,400 | 33,486 | ||||||
Rongsheng Petrochemical Co. Ltd., Class A | 18,850 | 36,655 | ||||||
SAIC Motor Corp. Ltd., Class A | 14,100 | 30,488 | ||||||
Sany Heavy Equipment International Holdings Co. Ltd. | 47,000 | 46,905 | ||||||
Sany Heavy Industry Co. Ltd., Class A | 14,153 | 38,144 | ||||||
Sealand Securities Co. Ltd., Class A | 14,100 | 7,072 | ||||||
SF Holding Co. Ltd., Class A | 4,700 | 36,397 | ||||||
Shaanxi Coal Industry Co. Ltd., Class A | 18,805 | 54,116 | ||||||
Shandong Gold Mining Co. Ltd., Class A | 9,480 | 25,903 | ||||||
Shandong Gold Mining Co. Ltd., Class H(b) | 23,500 | 40,299 | ||||||
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A | 6,740 | 35,033 | ||||||
Shandong Nanshan Aluminum Co. Ltd., Class A | 51,700 | 26,855 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 56,400 | 91,039 | ||||||
Shanghai Baosight Software Co. Ltd., Class B | 18,600 | 60,629 | ||||||
Shanghai Construction Group Co. Ltd., Class A | 14,100 | 5,499 | ||||||
Shanghai Electric Group Co. Ltd., Class A(a) | 47,000 | 28,322 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A | 4,700 | 22,790 | ||||||
Shanghai Fudan Microelectronics Group Co. Ltd. | 3,196 | 33,082 | ||||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B | 28,276 | 22,065 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class A | 4,700 | 13,360 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 23,500 | 41,442 | ||||||
Shanghai Pudong Development Bank Co. Ltd., Class A | 42,300 | 43,697 | ||||||
Shanghai RAAS Blood Products Co. Ltd., Class A | 28,600 | 25,514 | ||||||
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A | 9,400 | 10,605 | ||||||
Shanxi Coking Coal Energy Group Co. Ltd., Class A | 14,100 | 26,403 | ||||||
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A | 9,452 | 30,345 | ||||||
Shanxi Meijin Energy Co. Ltd., Class A | 9,400 | 12,707 | ||||||
Shanxi Securities Co. Ltd., Class A | 14,560 | 12,134 | ||||||
Shanxi Taigang Stainless Steel Co. Ltd., Class A | 14,100 | 9,695 | ||||||
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A | 2,360 | 96,068 | ||||||
Shenghe Resources Holding Co. Ltd., Class A | 4,700 | 10,834 | ||||||
Shengyi Technology Co. Ltd., Class A | 9,400 | 24,517 | ||||||
Shenwan Hongyuan Group Co. Ltd., Class A | 61,194 | 37,121 | ||||||
Shenzhen Energy Group Co. Ltd., Class A | 10,820 | 9,693 | ||||||
Shenzhen Inovance Technology Co. Ltd., Class A | 4,797 | 50,535 | ||||||
Shenzhen International Holdings Ltd. | 23,500 | 20,425 | ||||||
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 2,200 | 99,255 | ||||||
Shenzhen Overseas Chinese Town Co. Ltd., Class A | 14,100 | 10,759 | ||||||
Shenzhen Transsion Holding Co. Ltd., Class A | 2,100 | 24,368 | ||||||
Shenzhou International Group Holdings Ltd. | 18,800 | 205,701 | ||||||
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A | 4,700 | 20,288 | ||||||
Shimao Group Holdings Ltd.(a) | 17,478 | 4,453 | ||||||
Sichuan Chuantou Energy Co. Ltd., Class A | 14,105 | 26,344 | ||||||
Sichuan Kelun Pharmaceutical Co. Ltd., Class A | 9,400 | 39,017 | ||||||
Sichuan Road & Bridge Co. Ltd., Class A | 14,120 | 25,818 | ||||||
Sino Biopharmaceutical Ltd. | 252,000 | 130,105 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class A | 18,800 | 8,838 | ||||||
Sinopharm Group Co. Ltd., Class H | 37,600 | 100,705 | ||||||
Smoore International Holdings Ltd.(b)(d) | 47,000 | 58,272 | ||||||
Songcheng Performance Development Co. Ltd., Class A | 9,580 | 21,614 | ||||||
SooChow Securities Co. Ltd., Class A | 18,852 | 19,091 | ||||||
Sunac China Holdings Ltd.(a)(c) | 114,000 | 20,695 | ||||||
Sunny Optical Technology Group Co. Ltd. | 18,900 | 214,928 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Sunwoda Electronic Co. Ltd., Class A | 3,000 | $ | 9,314 | |||||
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A | 4,700 | 19,700 | ||||||
TAL Education Group, ADR(a) | 9,492 | 66,729 | ||||||
TBEA Co. Ltd., Class A | 9,400 | 29,160 | ||||||
TCL Technology Group Corp., Class A | 23,500 | 14,995 | ||||||
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A | 9,400 | 58,924 | ||||||
Tencent Holdings Ltd. | 154,600 | 6,791,330 | ||||||
Tencent Music Entertainment Group, ADR(a) | 15,604 | 117,654 | ||||||
Tianma Microelectronics Co. Ltd., Class A | 14,100 | 19,396 | ||||||
Tianshui Huatian Technology Co. Ltd., Class A | 23,700 | 32,630 | ||||||
Tingyi Cayman Islands Holding Corp.(d) | 64,000 | 103,397 | ||||||
Tongcheng Travel Holdings Ltd.(a) | 37,600 | 74,635 | ||||||
TongFu Microelectronics Co. Ltd., Class A(a) | 4,700 | 15,083 | ||||||
Tongling Nonferrous Metals Group Co. Ltd., Class A | 51,700 | 25,107 | ||||||
Tongwei Co. Ltd., Class A | 9,495 | 57,264 | ||||||
Topsports International Holdings Ltd.(b) | 47,000 | 41,109 | ||||||
TravelSky Technology Ltd., Class H | 30,000 | 59,217 | ||||||
Trina Solar Co. Ltd. | 4,300 | 38,185 | ||||||
Trip.com Group Ltd., ADR(a) | 13,630 | 484,546 | ||||||
Tsingtao Brewery Co. Ltd., Class H | 16,000 | 157,916 | ||||||
Uni-President China Holdings Ltd. | 47,000 | 41,209 | ||||||
Unisplendour Corp. Ltd., Class A | 7,180 | 26,201 | ||||||
Vipshop Holdings Ltd., ADR(a) | 11,045 | 164,460 | ||||||
Walvax Biotechnology Co. Ltd., Class A | 4,700 | 25,834 | ||||||
Wanhua Chemical Group Co. Ltd., Class A | 5,400 | 81,033 | ||||||
Want Want China Holdings Ltd. | 94,000 | 59,136 | ||||||
Weibo Corp., ADR(a) | 1,363 | 28,187 | ||||||
Weichai Power Co. Ltd., Class A | 11,400 | 20,370 | ||||||
Weichai Power Co. Ltd., Class H | 47,100 | 69,908 | ||||||
Wens Foodstuffs Group Co. Ltd., Class A | 14,140 | 40,219 | ||||||
Western Securities Co. Ltd., Class A | 14,100 | 13,433 | ||||||
Will Semiconductor Co. Ltd. Shanghai, Class A | 3,375 | 41,730 | ||||||
Wingtech Technology Co. Ltd., Class A | 3,000 | 23,238 | ||||||
Wuhan Guide Infrared Co. Ltd., Class A | 16,380 | 28,074 | ||||||
Wuliangye Yibin Co. Ltd., Class A | 6,100 | 179,008 | ||||||
WUS Printed Circuit Kunshan Co. Ltd., Class A | 14,160 | 33,374 | ||||||
WuXi AppTec Co. Ltd., Class A | 4,728 | 56,309 | ||||||
WuXi AppTec Co. Ltd., Class H(b) | 9,487 | 101,216 | ||||||
Wuxi Biologics Cayman Inc., New(a)(b) | 94,000 | 658,014 | ||||||
XCMG Construction Machinery Co. Ltd., Class A | 33,100 | 33,785 | ||||||
Xiamen C & D Inc., Class A | 9,400 | 17,858 | ||||||
Xiaomi Corp., Class B(a)(b) | 385,400 | 583,874 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class A | 10,853 | 17,723 | ||||||
Xinyi Solar Holdings Ltd. | 136,000 | 145,421 | ||||||
XPeng Inc.(a) | 21,526 | 95,684 | ||||||
Xtep International Holdings Ltd. | 47,000 | 53,163 | ||||||
Yankuang Energy Group Co. Ltd., Class H | 58,000 | 174,948 | ||||||
Yihai International Holding Ltd. | 19,000 | 55,313 | ||||||
Yihai Kerry Arawana Holdings Co. Ltd., Class A | 4,700 | 31,075 | ||||||
Yonyou Network Technology Co. Ltd., Class A | 9,230 | 30,924 | ||||||
Youngor Group Co. Ltd., Class A | 4,700 | 4,451 | ||||||
Yuexiu Property Co. Ltd. | 47,400 | 69,808 | ||||||
Yum China Holdings Inc. | 10,340 | 607,268 | ||||||
Yunda Holding Co. Ltd., Class A | 6,830 | 12,525 | ||||||
Yunnan Baiyao Group Co. Ltd., Class A | 4,708 | 38,516 | ||||||
Yunnan Energy New Material Co. Ltd., Class A | 1,700 | 30,681 | ||||||
Zai Lab Ltd., ADR(a) | 2,303 | 85,556 |
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, 2023 | iShares® MSCI BIC ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A | 1,400 | $ | 62,223 | |||||
Zhaojin Mining Industry Co. Ltd., Class H(a) | 23,500 | 24,678 | ||||||
Zhejiang Century Huatong Group Co. Ltd., Class A(a) | 14,100 | 8,913 | ||||||
Zhejiang Chint Electrics Co. Ltd., Class A | 4,700 | 20,288 | ||||||
Zhejiang Dahua Technology Co. Ltd., Class A | 9,400 | 19,574 | ||||||
Zhejiang Huayou Cobalt Co. Ltd., Class A | 4,700 | 39,994 | ||||||
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A | 4,700 | 46,326 | ||||||
Zhejiang Juhua Co. Ltd., Class A | 9,400 | 25,470 | ||||||
Zhejiang NHU Co. Ltd., Class A | 9,243 | 25,214 | ||||||
Zheshang Securities Co. Ltd., Class A | 9,400 | 13,953 | ||||||
ZhongAn Online P&C Insurance Co. Ltd., Class H(a)(b) | 18,800 | 54,129 | ||||||
Zhongsheng Group Holdings Ltd. | 23,500 | 117,388 | ||||||
Zhongtai Securities Co. Ltd. | 18,800 | 18,842 | ||||||
Zhuzhou CRRC Times Electric Co. Ltd. | 14,100 | 64,252 | ||||||
Zijin Mining Group Co. Ltd., Class A | 28,200 | 46,339 | ||||||
Zijin Mining Group Co. Ltd., Class H | 157,000 | 237,598 | ||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A | 23,600 | 22,762 | ||||||
ZTE Corp., Class A | 4,700 | 21,768 | ||||||
ZTE Corp., Class H | 18,848 | 55,999 | ||||||
ZTO Express Cayman Inc., ADR | 10,810 | 260,089 | ||||||
|
| |||||||
50,568,064 | ||||||||
India — 26.1% | ||||||||
ABB India Ltd. | 1,551 | 60,322 | ||||||
ACC Ltd. | 1,622 | 33,952 | ||||||
Adani Enterprises Ltd. | 4,220 | 69,557 | ||||||
Adani Green Energy Ltd.(a) | 7,896 | 46,242 | ||||||
Adani Ports & Special Economic Zone Ltd. | 12,831 | 91,860 | ||||||
Adani Power Ltd.(a) | 19,364 | 34,202 | ||||||
Adani Total Gas Ltd. | 6,672 | 54,690 | ||||||
Adani Transmission Ltd.(a) | 6,543 | 50,769 | ||||||
Ambuja Cements Ltd. | 15,369 | 63,545 | ||||||
Apollo Hospitals Enterprise Ltd. | 2,538 | 135,029 | ||||||
Asian Paints Ltd. | 9,165 | 313,268 | ||||||
AU Small Finance Bank Ltd.(b) | 6,768 | 48,495 | ||||||
Aurobindo Pharma Ltd. | 6,486 | 36,282 | ||||||
Avenue Supermarts Ltd.(a)(b) | 4,230 | 174,682 | ||||||
Axis Bank Ltd. | 55,638 | 567,445 | ||||||
Bajaj Auto Ltd. | 1,645 | 72,804 | ||||||
Bajaj Finance Ltd. | 6,862 | 506,696 | ||||||
Bajaj Finserv Ltd. | 9,310 | 150,146 | ||||||
Bajaj Holdings & Investment Ltd. | 656 | 49,598 | ||||||
Balkrishna Industries Ltd. | 1,905 | 46,384 | ||||||
Bandhan Bank Ltd.(a)(b) | 15,886 | 44,322 | ||||||
Bank of Baroda | 25,380 | 48,815 | ||||||
Berger Paints India Ltd. | 8,502 | 59,544 | ||||||
Bharat Electronics Ltd. | 97,479 | 111,476 | ||||||
Bharat Forge Ltd. | 6,139 | 60,539 | ||||||
Bharat Petroleum Corp. Ltd. | 16,732 | 64,243 | ||||||
Bharti Airtel Ltd. | 52,734 | 473,143 | ||||||
Britannia Industries Ltd. | 2,397 | 129,334 | ||||||
Cholamandalam Investment and Finance Co. Ltd. | 10,947 | 100,083 | ||||||
Cipla Ltd. | 11,750 | 128,734 | ||||||
Coal India Ltd. | 37,271 | 97,070 | ||||||
Colgate-Palmolive India Ltd. | 1,974 | 35,168 | ||||||
Container Corp. of India Ltd. | 7,097 | 50,654 | ||||||
Dabur India Ltd. | 11,468 | 73,836 | ||||||
Divi’s Laboratories Ltd. | 3,290 | 112,356 |
Security | Shares | Value | ||||||
India (continued) | ||||||||
DLF Ltd. | 16,638 | $ | 70,709 | |||||
Dr. Reddy’s Laboratories Ltd. | 2,679 | 139,616 | ||||||
Eicher Motors Ltd. | 3,478 | 130,532 | ||||||
GAIL India Ltd. | 52,678 | 65,392 | ||||||
Godrej Consumer Products Ltd.(a) | 9,306 | 103,894 | ||||||
Godrej Properties Ltd.(a) | 3,760 | 50,002 | ||||||
Grasim Industries Ltd. | 6,674 | 127,309 | ||||||
Havells India Ltd. | 6,815 | 98,610 | ||||||
HCL Technologies Ltd. | 26,179 | 340,888 | ||||||
HDFC Life Insurance Co. Ltd.(b) | 23,876 | 141,072 | ||||||
Hero MotoCorp Ltd. | 2,538 | 74,222 | ||||||
Hindalco Industries Ltd. | 36,566 | 176,393 | ||||||
Hindustan Petroleum Corp. Ltd. | 19,364 | 50,449 | ||||||
Hindustan Unilever Ltd. | 20,257 | 602,479 | ||||||
Housing Development Finance Corp. Ltd. | 42,347 | 1,334,959 | ||||||
ICICI Bank Ltd. | 127,417 | 1,317,991 | ||||||
ICICI Lombard General Insurance Co. Ltd.(b) | 6,753 | 89,974 | ||||||
ICICI Prudential Life Insurance Co. Ltd.(b) | 4,777 | 23,603 | ||||||
Indian Hotels Co. Ltd. (The) | 25,239 | 94,785 | ||||||
Indian Oil Corp. Ltd. | 36,942 | 33,988 | ||||||
Indian Railway Catering & Tourism Corp. Ltd. | 8,742 | 64,343 | ||||||
Indraprastha Gas Ltd. | 10,293 | 54,589 | ||||||
Indus Towers Ltd. | 18,377 | 37,959 | ||||||
Info Edge India Ltd. | 1,786 | 75,362 | ||||||
Infosys Ltd. | 82,814 | 1,487,577 | ||||||
InterGlobe Aviation Ltd.(a)(b) | 3,102 | 69,580 | ||||||
ITC Ltd. | 74,260 | 338,231 | ||||||
Jindal Steel & Power Ltd. | 11,233 | 74,615 | ||||||
JSW Steel Ltd. | 17,014 | 137,319 | ||||||
Jubilant Foodworks Ltd. | 9,870 | 52,565 | ||||||
Kotak Mahindra Bank Ltd. | 13,301 | 277,910 | ||||||
Larsen & Toubro Infotech Ltd.(b) | 2,517 | 143,594 | ||||||
Larsen & Toubro Ltd. | 16,826 | 428,842 | ||||||
Lupin Ltd. | 3,901 | 31,090 | ||||||
Mahindra & Mahindra Ltd. | 21,244 | 325,948 | ||||||
Marico Ltd. | 9,870 | 58,680 | ||||||
Maruti Suzuki India Ltd. | 2,961 | 308,584 | ||||||
Mphasis Ltd. | 1,833 | 45,078 | ||||||
MRF Ltd. | 47 | 48,440 | ||||||
Muthoot Finance Ltd. | 3,525 | 41,441 | ||||||
Nestle India Ltd. | 846 | 190,948 | ||||||
NTPC Ltd. | 81,075 | 167,224 | ||||||
Oil & Natural Gas Corp. Ltd. | 65,048 | 119,353 | ||||||
Page Industries Ltd. | 141 | 64,716 | ||||||
Petronet LNG Ltd. | 16,920 | 45,498 | ||||||
PI Industries Ltd. | 2,256 | 84,518 | ||||||
Pidilite Industries Ltd. | 4,136 | 115,008 | ||||||
Power Grid Corp. of India Ltd. | 68,244 | 183,324 | ||||||
Reliance Industries Ltd. | 74,824 | 2,098,673 | ||||||
Samvardhana Motherson International Ltd. | 50,760 | 48,865 | ||||||
SBI Cards & Payment Services Ltd. | 5,029 | 45,620 | ||||||
SBI Life Insurance Co. Ltd.(b) | 10,857 | 147,080 | ||||||
Shree Cement Ltd. | 282 | 88,918 | ||||||
Shriram Transport Finance Co. Ltd. | 5,546 | 80,644 | ||||||
Siemens Ltd. | 1,974 | 77,478 | ||||||
SRF Ltd. | 4,230 | 110,846 | ||||||
State Bank of India | 45,120 | 285,038 | ||||||
Sun Pharmaceutical Industries Ltd. | 24,158 | 279,383 | ||||||
Tata Consultancy Services Ltd. | 22,513 | 901,331 | ||||||
Tata Consumer Products Ltd. | 11,515 | 99,572 |
40 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI BIC ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
India (continued) | ||||||||
Tata Elxsi Ltd. | 846 | $ | 62,661 | |||||
Tata Motors Ltd.(a) | 41,313 | 209,873 | ||||||
Tata Power Co. Ltd. (The) | 38,540 | 94,370 | ||||||
Tata Steel Ltd. | 178,600 | 224,619 | ||||||
Tech Mahindra Ltd. | 14,100 | 187,433 | ||||||
Titan Co. Ltd. | 9,118 | 261,517 | ||||||
Torrent Pharmaceuticals Ltd. | 2,632 | 46,442 | ||||||
Trent Ltd. | 5,029 | 77,700 | ||||||
Tube Investments of India Ltd. | 3,713 | 124,456 | ||||||
TVS Motor Co. Ltd. | 5,123 | 66,887 | ||||||
UltraTech Cement Ltd. | 2,538 | 222,730 | ||||||
United Spirits Ltd.(a) | 6,392 | 57,224 | ||||||
UPL Ltd. | 13,113 | 110,021 | ||||||
Varun Beverages Ltd. | 5,217 | 82,016 | ||||||
Vedanta Ltd. | 20,304 | 65,903 | ||||||
Wipro Ltd. | 33,464 | 156,492 | ||||||
Yes Bank Ltd.(a) | 324,300 | 68,405 | ||||||
Zomato Ltd.(a) | 67,774 | 43,753 | ||||||
|
| |||||||
20,760,438 | ||||||||
Russia — 0.0% | ||||||||
Alrosa PJSC(a)(c) | 83,790 | 11 | ||||||
Gazprom PJSC(a)(c) | 376,774 | 50 | ||||||
Inter RAO UES PJSC(a)(c) | 1,065,900 | 142 | ||||||
LUKOIL PJSC(a)(c) | 12,996 | 2 | ||||||
Magnit PJSC(a)(c) | 2,131 | — | ||||||
Magnit PJSC, GDR(a)(c) | 4 | — | ||||||
MMC Norilsk Nickel PJSC(a)(c) | 1,995 | — | ||||||
Mobile TeleSystems PJSC(a)(c) | 16,644 | 2 | ||||||
Moscow Exchange MICEX-RTS PJSC(a)(c) | 41,040 | 6 | ||||||
Novatek PJSC(a)(c) | 29,170 | 4 | ||||||
Novolipetsk Steel PJSC(a)(c) | 41,610 | 6 | ||||||
Ozon Holdings PLC, ADR(a)(c) | 1,881 | — | ||||||
PhosAgro PJSC(a)(c) | 1,464 | — | ||||||
PhosAgro PJSC, GDR(a)(c)(e) | 1 | — | ||||||
PhosAgro PJSC, New(a)(c) | 28 | — | ||||||
Polymetal International PLC(a)(c) | 10,488 | 1 | ||||||
Polyus PJSC(a)(c) | 1,083 | — | ||||||
Rosneft Oil Co. PJSC(a)(c) | 37,278 | 5 | ||||||
Sberbank of Russia PJSC(a)(c) | 331,170 | 44 | ||||||
Severstal PAO(a)(c) | 6,669 | 1 | ||||||
Surgutneftegas PJSC(a)(c) | 182,410 | 24 | ||||||
Tatneft PJSC(a)(c) | 41,097 | 6 | ||||||
TCS Group Holding PLC, GDR(a)(c)(e) | 3,884 | 1 | ||||||
United Co. RUSAL International PJSC(a)(c) | 95,760 | 13 | ||||||
VK Co. Ltd.(a)(c) | 4,446 | 1 | ||||||
VTB Bank PJSC(a)(c) | 153,340,001 | 21 | ||||||
X5 Retail Group NV, GDR(a)(c) | 2,622 | — | ||||||
Yandex NV(a)(c) | 9,690 | 1 | ||||||
|
| |||||||
341 | ||||||||
|
| |||||||
Total Common Stocks — 97.2% | 77,345,917 | |||||||
|
| |||||||
Preferred Stocks | ||||||||
Brazil — 2.4% | ||||||||
Banco Bradesco SA, Preference Shares, NVS | 131,318 | 328,079 |
Security | Shares | Value | ||||||
Brazil (continued) | ||||||||
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS | 5,170 | $ | 35,520 | |||||
Cia Energetica de Minas Gerais, Preference Shares, NVS | 35,601 | 71,264 | ||||||
Gerdau SA, Preference Shares, NVS | 26,367 | 144,188 | ||||||
Itau Unibanco Holding SA, Preference Shares, NVS | 118,722 | 576,665 | ||||||
Itausa SA, Preference Shares, NVS | 121,389 | 190,820 | ||||||
Petroleo Brasileiro SA, Preference Shares, NVS | 116,043 | 559,441 | ||||||
|
| |||||||
1,905,977 | ||||||||
Russia — 0.0% | ||||||||
Surgutneftegas PJSC, Preference Shares, | 193,800 | 26 | ||||||
|
| |||||||
Total Preferred Stocks — 2.4% |
| 1,906,003 | ||||||
|
| |||||||
Rights | ||||||||
China — 0.0% | ||||||||
Kangmei Pharmaceutical Co. Ltd., (Expires 12/31/49)(a) | 2,454 | — | ||||||
|
| |||||||
Total Rights — 0.0% |
| — | ||||||
|
| |||||||
Total Long-Term Investments — 99.6% |
| 79,251,920 | ||||||
|
| |||||||
Short-Term Securities | ||||||||
Money Market Funds — 1.5% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%(f)(g)(h) | 692,834 | 693,249 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(f)(g) | 490,000 | 490,000 | ||||||
|
| |||||||
Total Short-Term Securities — 1.5% |
| 1,183,249 | ||||||
|
| |||||||
Total Investments — 101.1% |
| 80,435,169 | ||||||
Liabilities in Excess of Other Assets — (1.1)% |
| (838,706 | ) | |||||
|
| |||||||
Net Assets — 100.0% | $ | 79,596,463 | ||||||
|
|
(a) | Non-income producing security. |
(b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(d) | All or a portion of this security is on loan. |
(e) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
(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. |
S C H E D U L E O F I N V E S T M E N T S | 41 |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI BIC ETF |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| ||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 08/31/22 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/23 | Shares Held at 02/28/23 | Income | Capital Gain | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 1,973,504 | $ | — | $ | (1,280,231 | )(a) | $ | 449 | $ | (473 | ) | $ | 693,249 | 692,834 | $ | 6,593 | (b) | $ | — | ||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 160,000 | 330,000 | (a) | — | — | — | 490,000 | 490,000 | 9,119 | 1 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | 449 | $ | (473 | ) | $ | 1,183,249 | $ | 15,712 | $ | 1 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 | 5 | 03/17/23 | $ | 121 | $ | (10,065 | ) | |||||||||
MSCI Emerging Markets Index | 3 | 03/17/23 | 145 | (1,393 | ) | |||||||||||
|
| |||||||||||||||
$ | (11,458 | ) | ||||||||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
Liabilities — Derivative Financial Instruments | ||||||||||||||||||||||||||||
Futures contracts | ||||||||||||||||||||||||||||
Unrealized depreciation on futures contracts(a) | $ | — | $ | — | $ | 11,458 | $ | — | $ | — | $ | — | $ | 11,458 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||||||
Net Realized Gain (Loss) from | ||||||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | 14,215 | $ | — | $ | — | $ | — | $ | 14,215 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on | ||||||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | (5,758 | ) | $ | — | $ | — | $ | — | $ | (5,758 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts | ||||
Average notional value of contracts — long | $ | 362,510 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
42 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI BIC 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 | |||||||||||||
| ||||||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Common Stocks | $ | 10,356,051 | $ | 66,955,102 | $ | 34,764 | $ | 77,345,917 | ||||||||
Preferred Stocks | 1,905,977 | — | 26 | 1,906,003 | ||||||||||||
Rights | — | — | — | — | ||||||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 1,183,249 | — | — | 1,183,249 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 13,445,277 | $ | 66,955,102 | $ | 34,790 | $ | 80,435,169 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Financial Instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Equity Contracts | $ | (1,393 | ) | $ | (10,065 | ) | $ | — | $ | (11,458 | ) | |||||
|
|
|
|
|
|
|
|
(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 | 43 |
Schedule of Investments (unaudited) February 28, 2023 | iShares® MSCI Emerging Markets Asia ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
China — 40.9% | ||||||||
360 DigiTech Inc. | 13,162 | $ | 267,978 | |||||
360 Security Technology Inc., Class A | 78,399 | 121,649 | ||||||
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A | 14,200 | 44,800 | ||||||
3SBio Inc.(a) | 174,500 | 173,041 | ||||||
AAC Technologies Holdings Inc.(b) | 87,500 | 195,558 | ||||||
Advanced Micro-Fabrication Equipment Inc., Class A(b) | 4,600 | 69,686 | ||||||
AECC Aero-Engine Control Co. Ltd., Class A | 9,000 | 32,755 | ||||||
AECC Aviation Power Co. Ltd., Class A | 20,400 | 134,649 | ||||||
Agricultural Bank of China Ltd., Class A | 600,300 | 253,059 | ||||||
Agricultural Bank of China Ltd., Class H | 3,165,000 | 1,097,297 | ||||||
Aier Eye Hospital Group Co. Ltd., Class A | 43,711 | 196,241 | ||||||
Air China Ltd., Class A(b) | 80,100 | 128,027 | ||||||
Air China Ltd., Class H(b) | 174,000 | 160,434 | ||||||
Akeso Inc.(a)(b) | 52,000 | 264,988 | ||||||
Alibaba Group Holding Ltd.(b) | 1,647,720 | 18,110,819 | ||||||
Alibaba Health Information Technology Ltd.(b) | 522,000 | 373,766 | ||||||
Aluminum Corp. of China Ltd., Class A | 108,000 | 85,933 | ||||||
Aluminum Corp. of China Ltd., Class H | 468,000 | 238,976 | ||||||
Amlogic Shanghai Co. Ltd.(b) | 2,875 | 32,925 | ||||||
Anhui Conch Cement Co. Ltd., Class A | 27,300 | 120,538 | ||||||
Anhui Conch Cement Co. Ltd., Class H | 136,000 | 499,298 | ||||||
Anhui Gujing Distillery Co. Ltd., Class A | 3,000 | 118,002 | ||||||
Anhui Gujing Distillery Co. Ltd., Class B | 9,025 | 155,140 | ||||||
ANTA Sports Products Ltd. | 139,200 | 1,838,168 | ||||||
Apeloa Pharmaceutical Co. Ltd., Class A | 8,700 | 30,012 | ||||||
Asymchem Laboratories Tianjin Co. Ltd., Class A | 3,220 | 66,238 | ||||||
Autohome Inc., ADR | 7,663 | 233,723 | ||||||
Avary Holding Shenzhen Co. Ltd., Class A | 13,900 | 56,808 | ||||||
AVIC Industry-Finance Holdings Co. Ltd., Class A | 60,900 | 38,121 | ||||||
AviChina Industry & Technology Co. Ltd., Class H | 306,000 | 145,896 | ||||||
Baidu Inc.(b) | 245,542 | 4,221,680 | ||||||
Bank of Beijing Co. Ltd., Class A | 143,000 | 89,086 | ||||||
Bank of Chengdu Co. Ltd., Class A | 26,300 | 54,393 | ||||||
Bank of China Ltd., Class A | 291,000 | 135,252 | ||||||
Bank of China Ltd., Class H | 8,717,000 | 3,196,975 | ||||||
Bank of Communications Co. Ltd., Class A | 267,000 | 188,245 | ||||||
Bank of Communications Co. Ltd., Class H | 957,000 | 565,834 | ||||||
Bank of Hangzhou Co. Ltd., Class A | 40,800 | 71,242 | ||||||
Bank of Jiangsu Co. Ltd., Class A | 101,358 | 104,863 | ||||||
Bank of Nanjing Co. Ltd., Class A | 69,700 | 99,387 | ||||||
Bank of Ningbo Co. Ltd., Class A | 43,500 | 184,601 | ||||||
Bank of Shanghai Co. Ltd., Class A | 96,570 | 83,091 | ||||||
Baoshan Iron & Steel Co. Ltd., Class A | 165,300 | 156,482 | ||||||
BBMG Corp., Class A | 57,100 | 21,446 | ||||||
BeiGene Ltd.(b) | 67,175 | 1,164,365 | ||||||
Beijing Capital International Airport Co. Ltd., Class H(b) | 242,000 | 177,140 | ||||||
Beijing Dabeinong Technology Group Co. Ltd., Class A(b) | 45,500 | 53,908 | ||||||
Beijing Enlight Media Co. Ltd., Class A | 44,800 | 48,931 | ||||||
Beijing Enterprises Holdings Ltd. | 62,500 | 204,729 | ||||||
Beijing Enterprises Water Group Ltd. | 482,000 | 121,027 | ||||||
Beijing Kingsoft Office Software Inc., Class A | 3,400 | 142,403 | ||||||
Beijing New Building Materials PLC, Class A | 11,700 | 50,582 | ||||||
Beijing Shiji Information Technology Co. Ltd., Class A | 14,874 | 35,528 | ||||||
Beijing Tongrentang Co. Ltd., Class A | 8,700 | 61,285 | ||||||
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A | 4,400 | 80,321 | ||||||
Betta Pharmaceuticals Co. Ltd., Class A | 5,300 | 44,435 | ||||||
Bilibili Inc.(b) | 20,887 | 404,274 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Bloomage Biotechnology Corp. Ltd. | 2,244 | $ | 40,966 | |||||
BOC Aviation Ltd.(a) | 26,100 | 188,559 | ||||||
BOE Technology Group Co. Ltd., Class A | 296,400 | 177,619 | ||||||
Bosideng International Holdings Ltd. | 370,000 | 205,247 | ||||||
BYD Co. Ltd., Class A | 11,700 | 437,740 | ||||||
BYD Co. Ltd., Class H | 93,000 | 2,500,234 | ||||||
BYD Electronic International Co. Ltd. | 87,000 | 253,683 | ||||||
C&D International Investment Group Ltd. | 63,000 | 203,502 | ||||||
Caitong Securities Co. Ltd., Class A | 70,980 | 78,702 | ||||||
CGN Power Co. Ltd., Class H(a) | 1,218,000 | 273,187 | ||||||
Changchun High & New Technology Industry Group Inc., Class A | 3,400 | 96,387 | ||||||
Changjiang Securities Co. Ltd., Class A | 37,800 | 30,740 | ||||||
Chaozhou Three-Circle Group Co. Ltd., Class A | 18,099 | 82,847 | ||||||
Chengxin Lithium Group Co. Ltd., Class A | 6,400 | 34,906 | ||||||
China Cinda Asset Management Co. Ltd., Class H | 846,000 | 109,957 | ||||||
China CITIC Bank Corp. Ltd., Class H | 1,006,000 | 465,434 | ||||||
China Coal Energy Co. Ltd., Class H | 264,000 | 204,293 | ||||||
China Communications Services Corp. Ltd., Class H | 298,000 | 115,861 | ||||||
China Conch Venture Holdings Ltd. | 201,500 | 405,514 | ||||||
China Construction Bank Corp., Class A | 104,500 | 84,815 | ||||||
China Construction Bank Corp., Class H | 10,668,000 | 6,521,108 | ||||||
China CSSC Holdings Ltd., Class A | 39,300 | 135,013 | ||||||
China Eastern Airlines Corp. Ltd., Class A(b) | 122,472 | 95,703 | ||||||
China Energy Engineering Corp. Ltd. | 219,000 | 74,994 | ||||||
China Everbright Bank Co. Ltd., Class A | 281,000 | 120,486 | ||||||
China Everbright Bank Co. Ltd., Class H | 352,000 | 101,366 | ||||||
China Everbright Environment Group Ltd. | 364,481 | 147,821 | ||||||
China Evergrande Group(b)(c) | 518,000 | 62,379 | ||||||
China Feihe Ltd.(a) | 349,000 | 279,726 | ||||||
China Galaxy Securities Co. Ltd., Class A | 26,100 | 36,116 | ||||||
China Galaxy Securities Co. Ltd., Class H | 327,000 | 162,990 | ||||||
China Gas Holdings Ltd. | 330,600 | 462,300 | ||||||
China Great Wall Securities Co. Ltd., Class A | 35,500 | 44,358 | ||||||
China Hongqiao Group Ltd. | 277,000 | 296,280 | ||||||
China International Capital Corp. Ltd., Class A | 8,700 | 52,448 | ||||||
China International Capital Corp. Ltd., Class H(a) | 164,400 | 353,965 | ||||||
China Jinmao Holdings Group Ltd. | 522,000 | 101,295 | ||||||
China Jushi Co. Ltd., Class A | 27,100 | 59,083 | ||||||
China Lesso Group Holdings Ltd. | 140,000 | 147,670 | ||||||
China Life Insurance Co. Ltd., Class A | 19,000 | 97,776 | ||||||
China Life Insurance Co. Ltd., Class H | 804,000 | 1,363,835 | ||||||
China Literature Ltd.(a)(b) | 31,200 | 133,587 | ||||||
China Longyuan Power Group Corp. Ltd., Class H | 391,000 | 479,634 | ||||||
China Medical System Holdings Ltd. | 175,000 | 263,454 | ||||||
China Meidong Auto Holdings Ltd. | 62,000 | 133,475 | ||||||
China Mengniu Dairy Co. Ltd. | 359,000 | 1,580,200 | ||||||
China Merchants Bank Co. Ltd., Class A | 139,200 | 747,669 | ||||||
China Merchants Bank Co. Ltd., Class H | 435,331 | 2,362,324 | ||||||
China Merchants Energy Shipping Co. Ltd., Class A | 61,100 | 61,857 | ||||||
China Merchants Port Holdings Co. Ltd. | 178,000 | 249,523 | ||||||
China Merchants Securities Co. Ltd., Class A | 60,970 | 122,650 | ||||||
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A | 56,475 | 120,353 | ||||||
China Minsheng Banking Corp. Ltd., Class A | 304,900 | 149,591 | ||||||
China Minsheng Banking Corp. Ltd., Class H | 536,660 | 185,338 | ||||||
China National Building Material Co. Ltd., Class H | 448,000 | 397,207 | ||||||
China National Chemical Engineering Co. Ltd., Class A | 63,200 | 82,015 | ||||||
China National Nuclear Power Co. Ltd., Class A | 139,700 | 121,847 | ||||||
China Northern Rare Earth Group High-Tech Co. Ltd., Class A | 28,800 | 120,380 |
44 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Emerging Markets Asia ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
China Oilfield Services Ltd., Class H | 220,000 | $ | 234,760 | |||||
China Overseas Land & Investment Ltd. | 436,000 | 1,082,365 | ||||||
China Overseas Property Holdings Ltd. | 165,000 | 192,538 | ||||||
China Pacific Insurance Group Co. Ltd., Class A | 54,600 | 217,075 | ||||||
China Pacific Insurance Group Co. Ltd., Class H | 285,400 | 757,041 | ||||||
China Petroleum & Chemical Corp., Class A | 244,100 | 163,528 | ||||||
China Petroleum & Chemical Corp., Class H | 2,840,600 | 1,449,208 | ||||||
China Power International Development Ltd. | 624,000 | 247,449 | ||||||
China Railway Group Ltd., Class A | 183,496 | 159,508 | ||||||
China Railway Group Ltd., Class H | 403,000 | 210,038 | ||||||
China Renewable Energy Investment Ltd.(c) | 2,513 | — | ||||||
China Resources Beer Holdings Co. Ltd. | 176,000 | 1,302,061 | ||||||
China Resources Cement Holdings Ltd. | 296,000 | 159,272 | ||||||
China Resources Gas Group Ltd. | 100,100 | 422,389 | ||||||
China Resources Land Ltd. | 369,777 | 1,643,018 | ||||||
China Resources Microelectronics Ltd. | 7,681 | 59,869 | ||||||
China Resources Mixc Lifestyle Services Ltd.(a) | 70,000 | 384,304 | ||||||
China Resources Pharmaceutical Group Ltd.(a) | 130,500 | 107,333 | ||||||
China Resources Power Holdings Co. Ltd. | 216,000 | 441,056 | ||||||
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A | 8,990 | 65,850 | ||||||
China Ruyi Holdings Ltd.(b) | 496,000 | 123,266 | ||||||
China Shenhua Energy Co. Ltd., Class A | 44,900 | 180,927 | ||||||
China Shenhua Energy Co. Ltd., Class H | 379,500 | 1,141,489 | ||||||
China Southern Airlines Co. Ltd., Class A(b) | 122,100 | 138,780 | ||||||
China Southern Airlines Co. Ltd., Class H(b) | 176,000 | 128,333 | ||||||
China State Construction Engineering Corp. Ltd., Class A | 314,340 | 254,281 | ||||||
China State Construction International Holdings Ltd. | 244,000 | 277,884 | ||||||
China Taiping Insurance Holdings Co. Ltd. | 157,500 | 186,156 | ||||||
China Three Gorges Renewables Group Co. Ltd., Class A | 217,500 | 174,981 | ||||||
China Tourism Group Duty Free Corp. Ltd.(a)(b)(d) | 8,700 | 220,032 | ||||||
China Tourism Group Duty Free Corp. Ltd., Class A | 12,800 | 364,091 | ||||||
China Tower Corp. Ltd., Class H(a) | 4,698,000 | 508,797 | ||||||
China Traditional Chinese Medicine Holdings Co. Ltd. | 358,000 | 185,751 | ||||||
China United Network Communications Ltd., Class A | 189,400 | 143,932 | ||||||
China Vanke Co. Ltd., Class A | 81,400 | 200,470 | ||||||
China Vanke Co. Ltd., Class H | 156,600 | 273,798 | ||||||
China Yangtze Power Co. Ltd., Class A | 165,500 | 504,080 | ||||||
China Zhenhua Group Science & Technology Co. Ltd., Class A | 3,900 | 58,295 | ||||||
China Zheshang Bank Co. Ltd., Class A(b) | 113,200 | 47,566 | ||||||
Chinasoft International Ltd. | 358,000 | 257,112 | ||||||
Chongqing Brewery Co. Ltd., Class A | 3,199 | 63,302 | ||||||
Chongqing Changan Automobile Co. Ltd., Class A | 67,112 | 129,350 | ||||||
Chongqing Zhifei Biological Products Co. Ltd., Class A | 12,900 | 166,242 | ||||||
Chow Tai Fook Jewellery Group Ltd.(d) | 226,200 | 438,410 | ||||||
CITIC Ltd. | 609,000 | 671,946 | ||||||
CITIC Securities Co. Ltd., Class A | 87,090 | 258,716 | ||||||
CITIC Securities Co. Ltd., Class H | 218,225 | 462,314 | ||||||
CMOC Group Ltd., Class A | 107,500 | 91,405 | ||||||
CMOC Group Ltd., Class H | 390,000 | 219,608 | ||||||
Contemporary Amperex Technology Co. Ltd., Class A | 18,100 | 1,048,685 | ||||||
COSCO SHIPPING Energy Transportation Co. Ltd., Class A(b) | 26,100 | 54,379 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class A | 87,650 | 135,926 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class H | 348,950 | 361,939 | ||||||
COSCO SHIPPING Ports Ltd.(d) | 242,000 | 157,537 | ||||||
Country Garden Holdings Co. Ltd.(d) | 1,305,828 | 400,449 | ||||||
Country Garden Services Holdings Co. Ltd. | 227,000 | 422,664 | ||||||
CRRC Corp. Ltd., Class A | 221,100 | 181,342 | ||||||
CRRC Corp. Ltd., Class H | 456,000 | 208,639 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
CSC Financial Co. Ltd., Class A | 35,300 | $ | 135,978 | |||||
CSPC Pharmaceutical Group Ltd. | 1,045,200 | 1,122,856 | ||||||
Dali Foods Group Co. Ltd.(a) | 219,500 | 88,781 | ||||||
Daqin Railway Co. Ltd., Class A | 100,800 | 98,467 | ||||||
Daqo New Energy Corp., ADR(b)(d) | 6,531 | 288,540 | ||||||
DHC Software Co. Ltd., Class A | 62,100 | 58,734 | ||||||
Dong-E-E-Jiao Co. Ltd., Class A | 9,000 | 61,881 | ||||||
Dongfang Electric Corp. Ltd., Class A | 24,100 | 68,392 | ||||||
Dongfeng Motor Group Co. Ltd., Class H | 356,000 | 181,869 | ||||||
Dongxing Securities Co. Ltd., Class A | 60,900 | 75,274 | ||||||
Dongyue Group Ltd. | 179,000 | 202,715 | ||||||
East Money Information Co. Ltd., Class A | 87,415 | 262,467 | ||||||
Ecovacs Robotics Co. Ltd., Class A | 3,600 | 46,849 | ||||||
ENN Energy Holdings Ltd. | 87,100 | 1,239,934 | ||||||
ENN Natural Gas Co. Ltd., Class A | 26,100 | 72,504 | ||||||
Eve Energy Co. Ltd., Class A | 15,300 | 159,717 | ||||||
Everbright Securities Co. Ltd., Class A | 34,800 | 78,301 | ||||||
Fangda Carbon New Material Co. Ltd., Class A(b) | 43,940 | 42,293 | ||||||
Far East Horizon Ltd.(d) | 182,000 | 160,992 | ||||||
First Capital Securities Co. Ltd., Class A | 55,800 | 48,022 | ||||||
Flat Glass Group Co. Ltd., Class A | 11,700 | 58,123 | ||||||
Flat Glass Group Co. Ltd., Class H | 51,000 | 135,097 | ||||||
Focus Media Information Technology Co. Ltd., Class A | 109,000 | 102,363 | ||||||
Foshan Haitian Flavouring & Food Co. Ltd., Class A | 28,074 | 332,165 | ||||||
Fosun International Ltd.(d) | 263,500 | 215,581 | ||||||
Foxconn Industrial Internet Co. Ltd., Class A | 87,000 | 120,185 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class A | 8,700 | 46,423 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class H(a) | 73,600 | 329,827 | ||||||
Ganfeng Lithium Co. Ltd., Class H(a)(d) | 40,880 | 285,559 | ||||||
Ganfeng Lithium Group Co. Ltd., Class A | 13,420 | 139,613 | ||||||
G-Bits Network Technology Xiamen Co. Ltd., Class A | 1,000 | 50,827 | ||||||
GCL-Poly Energy Holdings Ltd.(b) | 2,262,000 | 582,497 | ||||||
GD Power Development Co. Ltd., Class A(b) | 165,600 | 93,601 | ||||||
GDS Holdings Ltd., Class A(b) | 96,068 | 232,395 | ||||||
Geely Automobile Holdings Ltd.(d) | 702,000 | 912,023 | ||||||
GEM Co. Ltd., Class A | 63,200 | 71,661 | ||||||
Gemdale Corp., Class A | 26,100 | 36,323 | ||||||
Genscript Biotech Corp.(b) | 122,000 | 333,938 | ||||||
GF Securities Co. Ltd., Class A | 57,200 | 134,126 | ||||||
GF Securities Co. Ltd., Class H | 94,800 | 134,598 | ||||||
GigaDevice Semiconductor Inc., Class A | 5,000 | 75,374 | ||||||
Ginlong Technologies Co. Ltd., Class A(b) | 2,800 | 63,847 | ||||||
GoerTek Inc., Class A | 29,200 | 90,385 | ||||||
Gotion High-tech Co. Ltd., Class A | 11,600 | 49,242 | ||||||
Great Wall Motor Co. Ltd., Class A | 26,300 | 130,481 | ||||||
Great Wall Motor Co. Ltd., Class H | 308,000 | 408,734 | ||||||
Gree Electric Appliances Inc. of Zhuhai, Class A | 26,100 | 133,211 | ||||||
Greentown China Holdings Ltd. | 103,500 | 141,517 | ||||||
Greentown Service Group Co. Ltd. | 182,000 | 121,442 | ||||||
Guangdong Haid Group Co. Ltd., Class A | 11,500 | 105,049 | ||||||
Guangdong Investment Ltd. | 356,000 | 359,753 | ||||||
Guanghui Energy Co. Ltd., Class A | 54,900 | 85,050 | ||||||
Guangzhou Automobile Group Co. Ltd., Class A | 69,700 | 115,051 | ||||||
Guangzhou Automobile Group Co. Ltd., Class H | 266,800 | 170,118 | ||||||
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A | 9,600 | 43,616 | ||||||
Guangzhou Haige Communications Group Inc. Co., Class A | 34,800 | 47,681 | ||||||
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A | 5,000 | 49,394 | ||||||
Guangzhou Tinci Materials Technology Co. Ltd., Class A | 17,400 | 112,408 |
S C H E D U L E O F I N V E S T M E N T S | 45 |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Emerging Markets Asia ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Guosen Securities Co. Ltd., Class A | 43,500 | $ | 60,390 | |||||
Guotai Junan Securities Co. Ltd., Class A | 52,800 | 108,534 | ||||||
Guoyuan Securities Co. Ltd., Class A | 43,740 | 44,298 | ||||||
H World Group Ltd., ADR | 21,291 | 1,008,555 | ||||||
Haidilao International Holding Ltd.(a)(b) | 130,000 | 360,064 | ||||||
Haier Smart Home Co. Ltd., Class A | 52,200 | 197,703 | ||||||
Haier Smart Home Co. Ltd., Class H | 243,600 | 862,118 | ||||||
Haitian International Holdings Ltd. | 89,000 | 232,625 | ||||||
Haitong Securities Co. Ltd., Class A | 96,500 | 127,008 | ||||||
Haitong Securities Co. Ltd., Class H | 243,600 | 156,769 | ||||||
Hangzhou First Applied Material Co. Ltd., Class A | 12,260 | 121,134 | ||||||
Hangzhou Robam Appliances Co. Ltd., Class A | 8,800 | 38,940 | ||||||
Hangzhou Silan Microelectronics Co. Ltd., Class A | 13,400 | 64,951 | ||||||
Hangzhou Tigermed Consulting Co. Ltd., Class A | 6,600 | 109,415 | ||||||
Hangzhou Tigermed Consulting Co. Ltd., Class H(a) | 8,700 | 99,914 | ||||||
Hansoh Pharmaceutical Group Co. Ltd.(a) | 116,000 | 208,537 | ||||||
Henan Shuanghui Investment & Development Co. Ltd., Class A | 28,356 | 107,958 | ||||||
Hengan International Group Co. Ltd. | 69,500 | 319,650 | ||||||
Hengli Petrochemical Co. Ltd., Class A | 52,200 | 132,606 | ||||||
Hengyi Petrochemical Co. Ltd., Class A | 52,290 | 61,050 | ||||||
Hesteel Co. Ltd., Class A | 101,900 | 36,941 | ||||||
Hithink RoyalFlush Information Network Co. Ltd., Class A | 6,000 | 102,032 | ||||||
Hongfa Technology Co. Ltd., Class A | 5,840 | 29,447 | ||||||
Hoshine Silicon Industry Co. Ltd., Class A | 12,400 | 174,834 | ||||||
Hua Hong Semiconductor Ltd.(a)(b) | 89,000 | 341,286 | ||||||
Huadian Power International Corp. Ltd., Class A | 54,600 | 45,043 | ||||||
Huadong Medicine Co. Ltd., Class A | 17,572 | 121,331 | ||||||
Hualan Biological Engineering Inc., Class A | 17,400 | 55,500 | ||||||
Huaneng Power International Inc., Class A(b) | 88,000 | 103,398 | ||||||
Huaneng Power International Inc., Class H(b)(d) | 380,000 | 187,012 | ||||||
Huatai Securities Co. Ltd., Class A | 69,700 | 126,347 | ||||||
Huatai Securities Co. Ltd., Class H(a) | 124,200 | 139,810 | ||||||
Huaxi Securities Co. Ltd., Class A | 61,300 | 72,823 | ||||||
Huaxia Bank Co. Ltd., Class A | 87,100 | 65,417 | ||||||
Huayu Automotive Systems Co. Ltd., Class A | 29,000 | 78,897 | ||||||
Huizhou Desay Sv Automotive Co. Ltd., Class A | 4,100 | 67,173 | ||||||
Hunan Valin Steel Co. Ltd., Class A | 67,700 | 54,662 | ||||||
Hundsun Technologies Inc., Class A | 11,475 | 73,330 | ||||||
Hygeia Healthcare Holdings Co. Ltd.(a)(b)(d) | 42,200 | 307,453 | ||||||
Iflytek Co. Ltd., Class A | 20,900 | 145,182 | ||||||
Imeik Technology Development Co. Ltd., Class A | 1,500 | 126,811 | ||||||
Industrial & Commercial Bank of China Ltd., Class A | 444,000 | 274,681 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 6,277,000 | 3,131,983 | ||||||
Industrial Bank Co. Ltd., Class A | 147,900 | 359,791 | ||||||
Industrial Securities Co. Ltd., Class A | 104,540 | 96,694 | ||||||
Ingenic Semiconductor Co. Ltd., Class A | 3,600 | 39,119 | ||||||
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A | 365,400 | 107,869 | ||||||
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A | 81,300 | 51,705 | ||||||
Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 43,600 | 191,175 | ||||||
Inner Mongolia Yitai Coal Co. Ltd., Class B | 113,100 | 152,505 | ||||||
Innovent Biologics Inc.(a)(b) | 119,000 | 578,771 | ||||||
Inspur Electronic Information Industry Co. Ltd., Class A | 8,500 | 47,699 | ||||||
iQIYI Inc., ADR(b) | 47,590 | 367,871 | ||||||
JA Solar Technology Co. Ltd., Class A | 19,420 | 170,340 | ||||||
JCET Group Co. Ltd., Class A | 12,400 | 50,187 | ||||||
JD Health International Inc.(a)(b) | 124,450 | 871,181 | ||||||
JD.com Inc., Class A | 237,944 | 5,289,477 | ||||||
Jiangsu Eastern Shenghong Co. Ltd., Class A | 35,500 | 79,205 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Jiangsu Expressway Co. Ltd., Class H | 184,000 | $ | 175,898 | |||||
Jiangsu Hengli Hydraulic Co. Ltd., Class A | 12,520 | 124,150 | ||||||
Jiangsu Hengrui Medicine Co. Ltd., Class A | 46,876 | 293,406 | ||||||
Jiangsu King’s Luck Brewery JSC Ltd., Class A | 8,800 | 81,194 | ||||||
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A | 11,203 | 273,556 | ||||||
Jiangsu Yangnong Chemical Co. Ltd., Class A | 2,300 | 35,524 | ||||||
Jiangsu Zhongtian Technology Co. Ltd., Class A | 27,800 | 64,222 | ||||||
Jiangxi Copper Co. Ltd., Class A | 32,000 | 90,376 | ||||||
Jiangxi Copper Co. Ltd., Class H | 103,000 | 162,438 | ||||||
JiuGui Liquor Co. Ltd., Class A | 2,400 | 52,374 | ||||||
Jiumaojiu International Holdings Ltd.(a)(d) | 91,000 | 219,893 | ||||||
Joincare Pharmaceutical Group Industry Co. Ltd., Class A | 35,329 | 67,050 | ||||||
Jointown Pharmaceutical Group Co. Ltd., Class A | 28,300 | 58,922 | ||||||
JOYY Inc., ADR | 5,097 | 160,046 | ||||||
Kanzhun Ltd., ADR(b) | 19,923 | 401,448 | ||||||
KE Holdings Inc., ADR(b) | 74,677 | 1,362,855 | ||||||
Kingboard Holdings Ltd. | 87,000 | 310,602 | ||||||
Kingboard Laminates Holdings Ltd. | 88,000 | 109,742 | ||||||
Kingdee International Software Group Co. Ltd.(b) | 300,000 | 560,539 | ||||||
Kingsoft Corp. Ltd. | 107,000 | 353,273 | ||||||
Koolearn Technology Holding Ltd.(a)(b)(d) | 43,500 | 247,728 | ||||||
Kuaishou Technology(a)(b) | 195,400 | 1,309,466 | ||||||
Kunlun Energy Co. Ltd. | 456,000 | 365,367 | ||||||
Kweichow Moutai Co. Ltd., Class A | 8,718 | 2,277,343 | ||||||
LB Group Co. Ltd., Class A | 23,900 | 75,234 | ||||||
Legend Biotech Corp., ADR(b) | 6,587 | 304,188 | ||||||
Lenovo Group Ltd. | 704,000 | 633,531 | ||||||
Lens Technology Co. Ltd., Class A | 26,200 | 47,982 | ||||||
Lepu Medical Technology Beijing Co. Ltd., Class A | 14,000 | 47,261 | ||||||
Li Auto Inc.(b) | 127,848 | 1,508,499 | ||||||
Li Ning Co. Ltd. | 266,500 | 2,273,966 | ||||||
Longfor Group Holdings Ltd.(a) | 218,000 | 624,054 | ||||||
LONGi Green Energy Technology Co. Ltd., Class A | 52,456 | 334,047 | ||||||
Lufax Holding Ltd., ADR | 76,473 | 165,182 | ||||||
Luxshare Precision Industry Co. Ltd., Class A | 52,341 | 224,949 | ||||||
Luzhou Laojiao Co. Ltd., Class A | 10,800 | 387,781 | ||||||
Mango Excellent Media Co. Ltd., Class A | 17,500 | 84,288 | ||||||
Maxscend Microelectronics Co. Ltd., Class A | 5,120 | 86,219 | ||||||
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A(b) | 49,684 | 46,920 | ||||||
Meituan, Class B(a)(b) | 557,250 | 9,671,033 | ||||||
Metallurgical Corp. of China Ltd., Class A | 182,700 | 89,662 | ||||||
Microport Scientific Corp.(b)(d) | 78,500 | 222,707 | ||||||
Ming Yang Smart Energy Group Ltd., Class A | 14,800 | 54,059 | ||||||
MINISO Group Holding Ltd. | 10,455 | 187,145 | ||||||
Minth Group Ltd. | 76,000 | 197,493 | ||||||
Montage Technology Co. Ltd., Class A | 8,400 | 69,776 | ||||||
Muyuan Foods Co. Ltd., Class A | 39,211 | 279,109 | ||||||
NARI Technology Co. Ltd., Class A | 45,828 | 173,133 | ||||||
NAURA Technology Group Co. Ltd., Class A | 3,400 | 113,778 | ||||||
NavInfo Co. Ltd., Class A | 31,027 | 58,136 | ||||||
NetEase Inc. | 217,600 | 3,381,601 | ||||||
New China Life Insurance Co. Ltd., Class A | 17,400 | 78,038 | ||||||
New China Life Insurance Co. Ltd., Class H | 74,900 | 181,524 | ||||||
New Hope Liuhe Co. Ltd., Class A(b) | 41,300 | 78,355 | ||||||
New Oriental Education & Technology Group Inc.(b) | 174,160 | 671,610 | ||||||
Nine Dragons Paper Holdings Ltd. | 174,000 | 141,789 | ||||||
Ninestar Corp., Class A | 9,700 | 75,249 | ||||||
Ningbo Deye Technology Co. Ltd., NVS | 1,500 | 71,321 | ||||||
Ningbo Orient Wires & Cables Co. Ltd. | 8,700 | 68,850 |
46 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Emerging Markets Asia ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Ningbo Ronbay New Energy Technology Co. Ltd. | 4,496 | $ | 46,634 | |||||
Ningbo Shanshan Co. Ltd. | 23,800 | 61,208 | ||||||
Ningbo Tuopu Group Co. Ltd., Class A | 9,200 | 88,598 | ||||||
Ningxia Baofeng Energy Group Co. Ltd., Class A | 61,000 | 138,704 | ||||||
NIO Inc., ADR(b)(d) | 153,614 | 1,442,435 | ||||||
Nongfu Spring Co. Ltd., Class H(a) | 204,400 | 1,147,331 | ||||||
Oppein Home Group Inc., Class A | 3,800 | 77,425 | ||||||
Orient Overseas International Ltd.(d) | 14,500 | 232,917 | ||||||
Orient Securities Co. Ltd., Class A | 69,644 | 102,200 | ||||||
Ovctek China Inc., Class A | 8,900 | 44,060 | ||||||
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A(b) | 69,600 | 55,902 | ||||||
People’s Insurance Co. Group of China Ltd. (The), Class A | 26,100 | 19,602 | ||||||
People’s Insurance Co. Group of China Ltd. (The), Class H | 873,000 | 276,017 | ||||||
Perfect World Co. Ltd., Class A | 17,996 | 36,807 | ||||||
PetroChina Co. Ltd., Class A | 147,900 | 111,090 | ||||||
PetroChina Co. Ltd., Class H | 2,298,000 | 1,172,297 | ||||||
Pharmaron Beijing Co. Ltd., Class A | 9,600 | 82,449 | ||||||
Pharmaron Beijing Co. Ltd., Class H(a) | 17,400 | 97,572 | ||||||
PICC Property & Casualty Co. Ltd., Class H | 784,740 | 689,277 | ||||||
Pinduoduo Inc., ADR(b) | 56,332 | 4,942,006 | ||||||
Ping An Bank Co. Ltd., Class A | 136,436 | 270,078 | ||||||
Ping An Healthcare and Technology Co. | 54,800 | 125,585 | ||||||
Ping An Insurance Group Co. of China Ltd., Class A | 69,600 | 483,053 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 708,000 | 4,833,186 | ||||||
Poly Developments and Holdings Group Co. Ltd., Class A | 90,800 | 197,201 | ||||||
Pop Mart International Group Ltd.(a)(d) | 59,400 | 165,490 | ||||||
Postal Savings Bank of China Co. Ltd., Class A | 208,800 | 135,816 | ||||||
Postal Savings Bank of China Co. Ltd., Class H(a) | 806,000 | 484,247 | ||||||
Power Construction Corp. of China Ltd., Class A | 122,200 | 126,249 | ||||||
Pylon Technologies Co. Ltd., NVS | 1,361 | 52,511 | ||||||
Qinghai Salt Lake Industry Co. Ltd., Class A(b) | 35,000 | 124,683 | ||||||
Rongsheng Petrochemical Co. Ltd., Class A | 83,828 | 163,008 | ||||||
SAIC Motor Corp. Ltd., Class A | 61,922 | 133,892 | ||||||
Sany Heavy Equipment International Holdings Co. Ltd. | 150,000 | 149,697 | ||||||
Sany Heavy Industry Co. Ltd., Class A | 69,600 | 187,582 | ||||||
Satellite Chemical Co. Ltd., Class A | 26,112 | 65,310 | ||||||
Seazen Holdings Co. Ltd., Class A(b) | 19,900 | 56,001 | ||||||
SF Holding Co. Ltd., Class A | 35,100 | 271,813 | ||||||
SG Micro Corp., Class A | 2,700 | 60,885 | ||||||
Shaanxi Coal Industry Co. Ltd., Class A | 78,373 | 225,539 | ||||||
Shan Xi Hua Yang Group New Energy Co. Ltd. | 26,100 | 59,765 | ||||||
Shandong Buchang Pharmaceuticals Co. Ltd., Class A | 8,853 | 26,073 | ||||||
Shandong Gold Mining Co. Ltd., Class A | 34,960 | 95,523 | ||||||
Shandong Gold Mining Co. Ltd., Class H(a)(d) | 65,250 | 111,893 | ||||||
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A | 14,900 | 77,446 | ||||||
Shandong Linglong Tyre Co. Ltd., Class A | 17,405 | 56,429 | ||||||
Shandong Nanshan Aluminum Co. Ltd., Class A | 130,600 | 67,839 | ||||||
Shandong Weigao Group Medical Polymer Co. | 301,600 | 486,832 | ||||||
Shanghai Baosight Software Co. Ltd., Class A | 10,550 | 75,118 | ||||||
Shanghai Baosight Software Co. Ltd., Class B | 61,180 | 199,425 | ||||||
Shanghai Electric Group Co. Ltd., Class A(b) | 157,100 | 94,668 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A | 8,700 | 42,185 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H | 56,000 | 163,835 | ||||||
Shanghai Fudan Microelectronics Group Co. Ltd., Class H | 35,000 | 143,615 | ||||||
Shanghai International Airport Co. Ltd., Class A(b) | 9,400 | 79,376 | ||||||
Shanghai International Port Group Co. Ltd., Class A | 101,000 | 77,303 | ||||||
Shanghai Jinjiang International Hotels Co. Ltd., Class A | 9,556 | 85,304 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Shanghai Junshi Biosciences Co. Ltd., Class A(b) | 5,200 | $ | 39,523 | |||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B | 127,416 | 99,428 | ||||||
Shanghai M&G Stationery Inc., Class A | 6,900 | 53,786 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class A | 26,100 | 74,188 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 72,000 | 126,971 | ||||||
Shanghai Pudong Development Bank Co. Ltd., Class A | 217,700 | 224,892 | ||||||
Shanghai Putailai New Energy Technology Co. Ltd., Class A | 9,500 | 68,677 | ||||||
Shanghai Rural Commercial Bank Co. Ltd. | 26,100 | 22,267 | ||||||
Shanxi Coking Coal Energy Group Co. Ltd., Class A | 26,280 | 49,210 | ||||||
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A | 26,100 | 83,791 | ||||||
Shanxi Meijin Energy Co. Ltd., Class A | 29,300 | 39,608 | ||||||
Shanxi Securities Co. Ltd., Class A | 78,830 | 65,693 | ||||||
Shanxi Taigang Stainless Steel Co. Ltd., Class A | 58,900 | 40,499 | ||||||
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A | 9,220 | 375,318 | ||||||
Shennan Circuits Co. Ltd., Class A | 3,800 | 43,601 | ||||||
Shenwan Hongyuan Group Co. Ltd., Class A | 196,700 | 119,320 | ||||||
Shenzhen Dynanonic Co. Ltd. | 1,200 | 39,024 | ||||||
Shenzhen Energy Group Co. Ltd., Class A | 44,320 | 39,705 | ||||||
Shenzhen Inovance Technology Co. Ltd., Class A | 17,850 | 188,045 | ||||||
Shenzhen International Holdings Ltd. | 130,500 | 113,423 | ||||||
Shenzhen Kangtai Biological Products Co. Ltd., Class A | 9,820 | 48,971 | ||||||
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 8,900 | 401,530 | ||||||
Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A | 8,500 | 74,961 | ||||||
Shenzhen Overseas Chinese Town Co. Ltd., Class A | 78,300 | 59,745 | ||||||
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A | 8,700 | 46,402 | ||||||
Shenzhen Transsion Holding Co. Ltd., Class A | 4,668 | 54,166 | ||||||
Shenzhou International Group Holdings Ltd. | 89,200 | 975,987 | ||||||
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A | 13,120 | 56,634 | ||||||
Shimao Group Holdings Ltd.(b)(d) | 92,601 | 23,594 | ||||||
Sichuan Chuantou Energy Co. Ltd., Class A | 48,900 | 91,330 | ||||||
Sichuan Kelun Pharmaceutical Co. Ltd., Class A | 18,500 | 76,789 | ||||||
Sichuan Road & Bridge Co. Ltd., Class A | 32,900 | 60,156 | ||||||
Sichuan Swellfun Co. Ltd., Class A | 3,700 | 44,077 | ||||||
Sino Biopharmaceutical Ltd. | 1,133,250 | 585,087 | ||||||
Sinopharm Group Co. Ltd., Class H | 152,800 | 409,246 | ||||||
Smoore International Holdings Ltd.(a)(d) | 203,000 | 251,684 | ||||||
Songcheng Performance Development Co. Ltd., Class A | 30,500 | 68,813 | ||||||
SooChow Securities Co. Ltd., Class A | 52,436 | 53,101 | ||||||
StarPower Semiconductor Ltd., Class A | 1,300 | 55,161 | ||||||
Sunac China Holdings Ltd.(b)(c)(d) | 432,000 | 78,424 | ||||||
Sungrow Power Supply Co. Ltd., Class A | 11,600 | 199,162 | ||||||
Sunny Optical Technology Group Co. Ltd. | 78,500 | 892,688 | ||||||
Sunwoda Electronic Co. Ltd., Class A | 18,600 | 57,745 | ||||||
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A | 17,400 | 72,934 | ||||||
Suzhou Maxwell Technologies Co. Ltd., Class A | 1,300 | 68,559 | ||||||
SuZhou TA&A Ultra Clean Technology Co. Ltd., Class A | 4,200 | 34,676 | ||||||
TAL Education Group, ADR(b) | 47,415 | 333,327 | ||||||
TBEA Co. Ltd., Class A | 32,800 | 101,748 | ||||||
TCL Technology Group Corp., Class A | 139,700 | 89,143 | ||||||
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A | 22,300 | 139,787 | ||||||
Tencent Holdings Ltd. | 694,400 | 30,503,877 | ||||||
Tencent Music Entertainment Group, ADR(b) | 79,288 | 597,832 | ||||||
Thunder Software Technology Co. Ltd., Class A | 3,200 | 43,934 | ||||||
Tianma Microelectronics Co. Ltd., Class A | 17,400 | 23,936 |
S C H E D U L E O F I N V E S T M E N T S | 47 |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Emerging Markets Asia ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Tianqi Lithium Corp., Class A(b) | 9,800 | $ | 115,374 | |||||
Tingyi Cayman Islands Holding Corp.(d) | 230,000 | 371,584 | ||||||
Toly Bread Co. Ltd., Class A | 9,252 | 23,465 | ||||||
Tongcheng Travel Holdings Ltd.(b) | 127,200 | 252,489 | ||||||
Tongling Nonferrous Metals Group Co. Ltd., Class A | 133,300 | 64,734 | ||||||
Tongwei Co. Ltd., Class A | 35,100 | 211,686 | ||||||
Topsports International Holdings Ltd.(a) | 186,000 | 162,688 | ||||||
TravelSky Technology Ltd., Class H | 105,000 | 207,261 | ||||||
Trina Solar Co. Ltd. | 17,400 | 154,516 | ||||||
Trip.com Group Ltd., ADR(b)(d) | 60,747 | 2,159,556 | ||||||
Tsingtao Brewery Co. Ltd., Class A | 3,800 | 60,954 | ||||||
Tsingtao Brewery Co. Ltd., Class H | 62,000 | 611,926 | ||||||
Unigroup Guoxin Microelectronics Co. Ltd., Class A | 6,159 | 98,073 | ||||||
Uni-President China Holdings Ltd. | 185,000 | 162,204 | ||||||
Unisplendour Corp. Ltd., Class A | 26,180 | 95,534 | ||||||
Vinda International Holdings Ltd. | 48,000 | 132,208 | ||||||
Vipshop Holdings Ltd., ADR(b) | 46,199 | 687,903 | ||||||
Walvax Biotechnology Co. Ltd., Class A | 13,700 | 75,304 | ||||||
Wanhua Chemical Group Co. Ltd., Class A | 20,900 | 313,629 | ||||||
Want Want China Holdings Ltd. | 522,000 | 328,396 | ||||||
Weibo Corp., ADR(b) | 7,074 | 146,290 | ||||||
Weichai Power Co. Ltd., Class A | 69,724 | 124,584 | ||||||
Weichai Power Co. Ltd., Class H | 212,200 | 314,957 | ||||||
Wens Foodstuffs Group Co. Ltd., Class A | 52,560 | 149,500 | ||||||
Western Securities Co. Ltd., Class A | 30,800 | 29,344 | ||||||
Will Semiconductor Co. Ltd. Shanghai, Class A | 10,030 | 124,015 | ||||||
Wingtech Technology Co. Ltd., Class A | 11,400 | 88,306 | ||||||
Wuhan Guide Infrared Co. Ltd., Class A | 47,689 | 81,736 | ||||||
Wuliangye Yibin Co. Ltd., Class A | 26,600 | 780,593 | ||||||
WuXi AppTec Co. Ltd., Class A | 17,404 | 207,276 | ||||||
WuXi AppTec Co. Ltd., Class H(a) | 41,296 | 440,585 | ||||||
Wuxi Biologics Cayman Inc., New(a)(b) | 408,000 | 2,856,061 | ||||||
XCMG Construction Machinery Co. Ltd., Class A | 113,200 | 115,544 | ||||||
XiamenC & D Inc., Class A | 19,700 | 37,427 | ||||||
Xiamen Faratronic Co. Ltd. | 1,700 | 37,251 | ||||||
Xiaomi Corp., Class B(a)(b) | 1,688,800 | 2,558,502 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class A | 52,302 | 85,407 | ||||||
Xinyi Solar Holdings Ltd. | 564,000 | 603,071 | ||||||
XPeng Inc.(b)(d) | 96,952 | 430,956 | ||||||
Xtep International Holdings Ltd. | 174,000 | 196,817 | ||||||
Yadea Group Holdings Ltd.(a) | 122,000 | 261,836 | ||||||
Yankuang Energy Group Co. Ltd., Class A | 9,300 | 47,741 | ||||||
Yankuang Energy Group Co. Ltd., Class H | 180,000 | 542,941 | ||||||
Yantai Jereh Oilfield Services Group Co. Ltd., Class A | 11,700 | 51,926 | ||||||
Yealink Network Technology Corp. Ltd., Class A | 6,700 | 64,204 | ||||||
Yifeng Pharmacy Chain Co. Ltd., Class A | 8,700 | 75,700 | ||||||
Yihai International Holding Ltd.(d) | 55,000 | 160,118 | ||||||
Yihai Kerry Arawana Holdings Co. Ltd., Class A | 9,900 | 65,456 | ||||||
Yintai Gold Co. Ltd., Class A | 26,100 | 43,522 | ||||||
YongXing Special Materials Technology Co. Ltd., Class A | 3,000 | 39,566 | ||||||
Yonyou Network Technology Co. Ltd., Class A | 26,118 | 87,505 | ||||||
Youngy Co. Ltd.(b) | 1,900 | 27,132 | ||||||
YTO Express Group Co. Ltd., Class A | 23,800 | 62,167 | ||||||
Yuexiu Property Co. Ltd. | 174,600 | 257,142 | ||||||
Yum China Holdings Inc. | 46,601 | 2,736,877 | ||||||
Yunda Holding Co. Ltd., Class A | 12,380 | 22,702 | ||||||
Yunnan Baiyao Group Co. Ltd., Class A | 15,480 | 126,641 | ||||||
Yunnan Botanee Bio-Technology Group Co. Ltd. | 2,100 | 41,797 | ||||||
Yunnan Energy New Material Co. Ltd., Class A | 5,600 | 101,065 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Zai Lab Ltd., ADR(b) | 10,092 | $ | 374,918 | |||||
Zangge Mining Co. Ltd. | 17,400 | 69,791 | ||||||
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A | 3,800 | 168,890 | ||||||
Zhaojin Mining Industry Co. Ltd., Class H(b) | 130,500 | 137,040 | ||||||
Zhejiang Chint Electrics Co. Ltd., Class A | 18,600 | 80,288 | ||||||
Zhejiang Dahua Technology Co. Ltd., Class A | 38,200 | 79,545 | ||||||
Zhejiang Expressway Co. Ltd., Class H | 206,000 | 166,143 | ||||||
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A | 10,300 | 30,738 | ||||||
Zhejiang Huayou Cobalt Co. Ltd., Class A | 13,020 | 110,792 | ||||||
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A | 8,700 | 85,753 | ||||||
Zhejiang Juhua Co. Ltd., Class A | 34,800 | 94,294 | ||||||
Zhejiang NHU Co. Ltd., Class A | 26,560 | 72,454 | ||||||
Zhejiang Supcon Technology Co. Ltd. | 5,312 | 74,871 | ||||||
Zheshang Securities Co. Ltd., Class A | 34,800 | 51,655 | ||||||
ZhongAn Online P&C Insurance Co. Ltd., Class H(a)(b) | 78,300 | 225,443 | ||||||
Zhongsheng Group Holdings Ltd. | 69,500 | 347,168 | ||||||
Zhongtai Securities Co. Ltd. | 52,200 | 52,318 | ||||||
Zhuzhou CRRC Times Electric Co. Ltd. | 66,700 | 303,942 | ||||||
Zijin Mining Group Co. Ltd., Class A | 154,600 | 254,043 | ||||||
Zijin Mining Group Co. Ltd., Class H | 696,000 | 1,053,299 | ||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A | 99,100 | 95,583 | ||||||
ZTE Corp., Class A | 26,100 | 120,881 | ||||||
ZTE Corp., Class H | 77,760 | 231,033 | ||||||
ZTO Express Cayman Inc., ADR | 46,651 | 1,122,423 | ||||||
|
| |||||||
228,570,711 | ||||||||
India — 16.8% | ||||||||
ABB India Ltd. | 6,786 | 263,922 | ||||||
ACC Ltd. | 7,330 | 153,434 | ||||||
Adani Enterprises Ltd. | 19,072 | 314,358 | ||||||
Adani Green Energy Ltd.(b) | 32,954 | 192,990 | ||||||
Adani Ports & Special Economic Zone Ltd. | 55,391 | 396,556 | ||||||
Adani Power Ltd.(b) | 77,269 | 136,476 | ||||||
Adani Total Gas Ltd. | 29,198 | 239,336 | ||||||
Adani Transmission Ltd.(b) | 27,649 | 214,539 | ||||||
Ambuja Cements Ltd. | 66,034 | 273,027 | ||||||
Apollo Hospitals Enterprise Ltd. | 11,310 | 601,724 | ||||||
Asian Paints Ltd. | 42,688 | 1,459,112 | ||||||
AU Small Finance Bank Ltd.(a) | 17,418 | 124,805 | ||||||
Aurobindo Pharma Ltd. | 27,407 | 153,313 | ||||||
Avenue Supermarts Ltd.(a)(b) | 17,897 | 739,072 | ||||||
Axis Bank Ltd. | 252,560 | 2,575,829 | ||||||
Bajaj Auto Ltd. | 7,744 | 342,730 | ||||||
Bajaj Finance Ltd. | 30,316 | 2,238,558 | ||||||
Bajaj Finserv Ltd. | 43,385 | 699,687 | ||||||
Bajaj Holdings & Investment Ltd. | 2,871 | 217,068 | ||||||
Balkrishna Industries Ltd. | 9,241 | 225,006 | ||||||
Bandhan Bank Ltd.(a)(b) | 69,691 | 194,436 | ||||||
Bank of Baroda | 117,470 | 225,938 | ||||||
Berger Paints India Ltd. | 27,995 | 196,063 | ||||||
Bharat Electronics Ltd. | 416,264 | 476,035 | ||||||
Bharat Forge Ltd. | 28,897 | 284,965 | ||||||
Bharat Petroleum Corp. Ltd. | 92,829 | 356,420 | ||||||
Bharti Airtel Ltd. | 248,328 | 2,228,063 | ||||||
Britannia Industries Ltd. | 12,359 | 666,849 | ||||||
CG Power and Industrial Solutions Ltd.(b) | 69,785 | 257,681 | ||||||
Cholamandalam Investment and Finance Co. Ltd. | 47,681 | 435,922 | ||||||
Cipla Ltd. | 53,244 | 583,348 |
48 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Emerging Markets Asia ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
India (continued) | ||||||||
Coal India Ltd. | 176,329 | $ | 459,239 | |||||
Colgate-Palmolive India Ltd. | 12,702 | 226,293 | ||||||
Container Corp. of India Ltd. | 30,972 | 221,058 | ||||||
Dabur India Ltd. | 72,507 | 466,833 | ||||||
Divi’s Laboratories Ltd. | 14,910 | 509,188 | ||||||
DLF Ltd. | 68,316 | 290,332 | ||||||
Dr. Reddy’s Laboratories Ltd. | 12,395 | 645,967 | ||||||
Eicher Motors Ltd. | 15,407 | 578,235 | ||||||
GAIL India Ltd. | 263,352 | 326,914 | ||||||
Godrej Consumer Products Ltd.(b) | 46,461 | 518,699 | ||||||
Godrej Properties Ltd.(b) | 14,483 | 192,600 | ||||||
Grasim Industries Ltd. | 30,383 | 579,567 | ||||||
Havells India Ltd. | 28,452 | 411,689 | ||||||
HCL Technologies Ltd. | 106,763 | 1,390,208 | ||||||
HDFC Life Insurance Co. Ltd.(a) | 106,668 | 630,253 | ||||||
Hero MotoCorp Ltd. | 12,132 | 354,790 | ||||||
Hindalco Industries Ltd. | 150,858 | 727,735 | ||||||
Hindustan Petroleum Corp. Ltd. | 72,732 | 189,489 | ||||||
Hindustan Unilever Ltd. | 92,450 | 2,749,628 | ||||||
Housing Development Finance Corp. Ltd. | 192,911 | 6,081,382 | ||||||
ICICI Bank Ltd. | 573,060 | 5,927,684 | ||||||
ICICI Lombard General Insurance Co. Ltd.(a) | 22,881 | 304,858 | ||||||
ICICI Prudential Life Insurance Co. Ltd.(a) | 36,402 | 179,858 | ||||||
Indian Hotels Co. Ltd. (The) | 95,178 | 357,439 | ||||||
Indian Oil Corp. Ltd. | 279,710 | 257,343 | ||||||
Indian Railway Catering & Tourism Corp. Ltd. | 26,187 | 192,741 | ||||||
Indraprastha Gas Ltd. | 37,451 | 198,620 | ||||||
Indus Towers Ltd. | 70,962 | 146,577 | ||||||
Info Edge India Ltd. | 8,285 | 349,596 | ||||||
Infosys Ltd. | 374,972 | 6,735,572 | ||||||
InterGlobe Aviation Ltd.(a)(b) | 10,804 | 242,342 | ||||||
ITC Ltd. | 340,481 | 1,550,785 | ||||||
Jindal Steel & Power Ltd. | 39,783 | 264,258 | ||||||
JSW Steel Ltd. | 81,606 | 658,635 | ||||||
Jubilant Foodworks Ltd. | 44,808 | 238,636 | ||||||
Kotak Mahindra Bank Ltd. | 62,557 | 1,307,059 | ||||||
Larsen & Toubro Infotech Ltd.(a) | 10,279 | 586,413 | ||||||
Larsen & Toubro Ltd. | 75,615 | 1,927,189 | ||||||
Lupin Ltd. | 21,440 | 170,872 | ||||||
Mahindra & Mahindra Ltd. | 98,410 | 1,509,909 | ||||||
Marico Ltd. | 55,655 | 330,885 | ||||||
Maruti Suzuki India Ltd. | 13,572 | 1,414,421 | ||||||
Mphasis Ltd. | 8,880 | 218,381 | ||||||
MRF Ltd. | 193 | 198,912 | ||||||
Muthoot Finance Ltd. | 14,303 | 168,152 | ||||||
Nestle India Ltd. | 3,801 | 857,910 | ||||||
NTPC Ltd. | 428,567 | 883,955 | ||||||
Oil & Natural Gas Corp. Ltd. | 274,920 | 504,437 | ||||||
Page Industries Ltd. | 650 | 298,336 | ||||||
Petronet LNG Ltd. | 84,094 | 226,129 | ||||||
PI Industries Ltd. | 8,581 | 321,474 | ||||||
Pidilite Industries Ltd. | 16,991 | 472,460 | ||||||
Power Grid Corp. of India Ltd. | 353,308 | 949,093 | ||||||
Reliance Industries Ltd. | 337,620 | 9,469,611 | ||||||
Samvardhana Motherson International Ltd. | 219,104 | 210,925 | ||||||
SBI Cards & Payment Services Ltd. | 25,928 | 235,204 | ||||||
SBI Life Insurance Co. Ltd.(a) | 51,356 | 695,722 | ||||||
Shree Cement Ltd. | 1,137 | 358,510 | ||||||
Shriram Transport Finance Co. Ltd. | 27,492 | 399,759 | ||||||
Siemens Ltd. | 8,281 | 325,023 |
Security | Shares | Value | ||||||
India (continued) | ||||||||
SRF Ltd. | 16,489 | $ | 432,089 | |||||
State Bank of India | 202,014 | 1,276,189 | ||||||
Sun Pharmaceutical Industries Ltd. | 106,601 | 1,232,824 | ||||||
Tata Consultancy Services Ltd. | 101,671 | 4,070,501 | ||||||
Tata Consumer Products Ltd. | 62,110 | 537,075 | ||||||
Tata Elxsi Ltd. | 3,915 | 289,975 | ||||||
Tata Motors Ltd.(b) | 186,376 | 946,805 | ||||||
Tata Power Co. Ltd. (The) | 164,436 | 402,642 | ||||||
Tata Steel Ltd. | 821,197 | 1,032,792 | ||||||
Tech Mahindra Ltd. | 64,155 | 852,822 | ||||||
Titan Co. Ltd. | 39,706 | 1,138,825 | ||||||
Torrent Pharmaceuticals Ltd. | 10,880 | 191,980 | ||||||
Trent Ltd. | 21,316 | 329,340 | ||||||
Tube Investments of India Ltd. | 12,945 | 433,905 | ||||||
TVS Motor Co. Ltd. | 24,012 | 313,507 | ||||||
UltraTech Cement Ltd. | 11,116 | 975,521 | ||||||
United Spirits Ltd.(b) | 31,671 | 283,530 | ||||||
UPL Ltd. | 54,520 | 457,436 | ||||||
Varun Beverages Ltd. | 25,665 | 403,478 | ||||||
Vedanta Ltd. | 86,792 | 281,709 | ||||||
Wipro Ltd. | 151,850 | 710,115 | ||||||
Yes Bank Ltd.(b) | 1,287,024 | 271,472 | ||||||
Zomato Ltd.(b) | 321,639 | 207,641 | ||||||
|
| |||||||
93,735,219 | ||||||||
Indonesia — 2.4% | ||||||||
Adaro Energy Indonesia Tbk PT | 1,719,700 | 336,928 | ||||||
Aneka Tambang Tbk | 1,018,200 | 132,868 | ||||||
Astra International Tbk PT | 2,218,500 | 887,417 | ||||||
Bank Central Asia Tbk PT | 6,150,900 | 3,527,779 | ||||||
Bank Mandiri Persero Tbk PT | 2,085,300 | 1,367,019 | ||||||
Bank Negara Indonesia Persero Tbk PT | 827,900 | 476,147 | ||||||
Bank Rakyat Indonesia Persero Tbk PT | 7,586,577 | 2,321,988 | ||||||
Barito Pacific Tbk PT | 3,472,993 | 212,904 | ||||||
Charoen Pokphand Indonesia Tbk PT | 754,800 | 266,008 | ||||||
Indah Kiat Pulp & Paper Tbk PT | 306,100 | 159,009 | ||||||
Indofood CBP Sukses Makmur Tbk PT | 235,000 | 156,059 | ||||||
Indofood Sukses Makmur Tbk PT | 509,300 | 216,228 | ||||||
Kalbe Farma Tbk PT | 2,290,700 | 316,885 | ||||||
Merdeka Copper Gold Tbk PT(b) | 1,346,466 | 400,786 | ||||||
Sarana Menara Nusantara Tbk PT | 2,597,200 | 178,793 | ||||||
Semen Indonesia Persero Tbk PT | 410,125 | 194,260 | ||||||
Sumber Alfaria Trijaya Tbk PT | 1,861,800 | 354,062 | ||||||
Telkom Indonesia Persero Tbk PT | 5,550,600 | 1,413,937 | ||||||
Unilever Indonesia Tbk PT | 862,400 | 236,309 | ||||||
United Tractors Tbk PT | 189,000 | 345,691 | ||||||
Vale Indonesia Tbk PT(b) | 305,100 | 136,477 | ||||||
|
| |||||||
13,637,554 | ||||||||
Malaysia — 1.9% | ||||||||
AMMB Holdings Bhd | 196,100 | 175,187 | ||||||
Axiata Group Bhd | 308,200 | 217,670 | ||||||
CIMB Group Holdings Bhd | 762,200 | 952,851 | ||||||
Dialog Group Bhd | 409,278 | 205,236 | ||||||
DiGi.Com Bhd | 356,800 | 341,807 | ||||||
Gamuda Bhd | 153,000 | 143,198 | ||||||
Genting Bhd | 237,400 | 246,485 | ||||||
Genting Malaysia Bhd | 343,500 | 206,636 | ||||||
HAP Seng Consolidated Bhd | 100,800 | 136,990 | ||||||
Hartalega Holdings Bhd | 9,500 | 3,111 | ||||||
Hong Leong Bank Bhd | 70,800 | 324,052 | ||||||
Hong Leong Financial Group Bhd | 34,800 | 141,282 |
S C H E D U L E O F I N V E S T M E N T S | 49 |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Emerging Markets Asia ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Malaysia (continued) | ||||||||
IHH Healthcare Bhd | 205,500 | $ | 265,119 | |||||
Inari Amertron Bhd | 304,700 | 166,237 | ||||||
IOI Corp. Bhd | 287,300 | 245,201 | ||||||
Kuala Lumpur Kepong Bhd | 47,600 | 220,562 | ||||||
Malayan Banking Bhd | 534,900 | 1,048,887 | ||||||
Malaysia Airports Holdings Bhd(b) | 87,056 | 131,734 | ||||||
Maxis Bhd | 270,300 | 235,473 | ||||||
MISC Bhd | 116,800 | 196,689 | ||||||
MR DIY Group M Bhd(a) | 287,100 | 108,727 | ||||||
Nestle Malaysia Bhd | 8,800 | 264,932 | ||||||
Petronas Chemicals Group Bhd | 265,000 | 422,728 | ||||||
Petronas Dagangan Bhd | 39,100 | 183,149 | ||||||
Petronas Gas Bhd | 83,000 | 308,140 | ||||||
PPB Group Bhd | 69,680 | 271,733 | ||||||
Press Metal Aluminium Holdings Bhd | 444,000 | 510,369 | ||||||
Public Bank Bhd | 1,617,550 | 1,488,643 | ||||||
QL Resources Bhd | 122,650 | 158,796 | ||||||
RHB Bank Bhd | 154,262 | 195,247 | ||||||
Sime Darby Bhd | 273,400 | 138,300 | ||||||
Sime Darby Plantation Bhd | 228,900 | 215,836 | ||||||
Telekom Malaysia Bhd | 127,700 | 143,136 | ||||||
Tenaga Nasional Bhd | 256,900 | 536,448 | ||||||
Top Glove Corp. Bhd(b)(d) | 607,200 | 102,135 | ||||||
|
| |||||||
10,652,726 | ||||||||
Philippines — 0.9% | ||||||||
Aboitiz Equity Ventures Inc. | 188,500 | 183,865 | ||||||
ACEN Corp. | 101,940 | 11,665 | ||||||
Ayala Corp. | 28,220 | 318,169 | ||||||
Ayala Land Inc. | 837,960 | 430,715 | ||||||
Bank of the Philippine Islands | 182,702 | 362,281 | ||||||
BDO Unibank Inc. | 278,454 | 620,165 | ||||||
Globe Telecom Inc. | 90 | 2,884 | ||||||
International Container Terminal Services Inc. | 117,040 | 422,207 | ||||||
JG Summit Holdings Inc. | 360,405 | 320,591 | ||||||
Jollibee Foods Corp. | 48,870 | 211,770 | ||||||
Manila Electric Co. | 26,420 | 151,671 | ||||||
Metropolitan Bank & Trust Co. | 223,132 | 234,391 | ||||||
Monde Nissin Corp.(a) | 702,200 | 152,897 | ||||||
PLDT Inc. | 9,395 | 217,980 | ||||||
SM Investments Corp. | 25,674 | 394,676 | ||||||
SM Prime Holdings Inc. | 1,226,850 | 754,060 | ||||||
Universal Robina Corp. | 105,300 | 259,665 | ||||||
|
| |||||||
5,049,652 | ||||||||
South Korea — 14.1% | ||||||||
Amorepacific Corp. | 3,137 | 327,923 | ||||||
BGF retail Co. Ltd. | 960 | 131,303 | ||||||
Celltrion Healthcare Co. Ltd. | 9,962 | 409,724 | ||||||
Celltrion Inc. | 11,399 | 1,250,107 | ||||||
Celltrion Pharm Inc.(b) | 2,098 | 90,739 | ||||||
Cheil Worldwide Inc. | 9,168 | 138,613 | ||||||
CJ CheilJedang Corp. | 999 | 242,414 | ||||||
CJ Corp. | 1,623 | 106,552 | ||||||
Coway Co. Ltd. | 6,814 | 274,916 | ||||||
DB Insurance Co. Ltd. | 4,930 | 286,896 | ||||||
Doosan Bobcat Inc. | 5,763 | 164,985 | ||||||
Doosan Enerbility Co. Ltd.(b) | 45,501 | 558,502 | ||||||
Ecopro BM Co. Ltd. | 5,442 | 683,415 | ||||||
E-MART Inc. | 1,951 | 165,035 | ||||||
F&F Co. Ltd./New | 2,004 | 210,006 | ||||||
GS Holdings Corp. | 5,615 | 172,579 |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
Hana Financial Group Inc. | 33,024 | $ | 1,132,632 | |||||
Hankook Tire & Technology Co. Ltd. | 8,568 | 241,014 | ||||||
Hanmi Pharm Co. Ltd.(b) | 849 | 166,138 | ||||||
Hanon Systems | 20,881 | 142,357 | ||||||
Hanwha Solutions Corp.(b)(c) | 12,894 | 405,323 | ||||||
HD Hyundai Co. Ltd. | 5,663 | 254,333 | ||||||
HLB Inc.(b) | 12,651 | 308,358 | ||||||
HMM Co. Ltd.(b) | 29,950 | 509,542 | ||||||
Hotel Shilla Co. Ltd. | 3,396 | 205,638 | ||||||
HYBE Co. Ltd.(b) | 2,061 | 287,977 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 8,100 | 222,594 | ||||||
Hyundai Glovis Co. Ltd. | 2,053 | 245,872 | ||||||
Hyundai Heavy Industries Co. Ltd.(b) | 1,827 | 146,629 | ||||||
Hyundai Mipo Dockyard Co. Ltd.(b) | 2,784 | 147,570 | ||||||
Hyundai Mobis Co. Ltd. | 6,720 | 1,079,392 | ||||||
Hyundai Motor Co. | 15,693 | 2,088,628 | ||||||
Hyundai Steel Co. | 9,771 | 258,422 | ||||||
Iljin Materials Co. Ltd.(b) | 2,437 | 117,004 | ||||||
Industrial Bank of Korea | 28,317 | 222,051 | ||||||
Kakao Corp. | 34,911 | 1,643,340 | ||||||
Kakao Games Corp.(b) | 4,120 | 152,518 | ||||||
Kakao Pay Corp.(b) | 2,670 | 126,514 | ||||||
KakaoBank Corp.(b) | 15,660 | 314,997 | ||||||
Kangwon Land Inc.(b) | 10,935 | 166,810 | ||||||
KB Financial Group Inc. | 43,444 | 1,682,546 | ||||||
Kia Corp. | 28,653 | 1,628,353 | ||||||
Korea Aerospace Industries Ltd.(b) | 8,508 | 289,693 | ||||||
Korea Electric Power Corp.(b) | 28,684 | 390,125 | ||||||
Korea Investment Holdings Co. Ltd.(b) | 4,217 | 197,416 | ||||||
Korea Shipbuilding & Offshore Engineering Co. | 5,012 | 307,643 | ||||||
Korea Zinc Co. Ltd. | 994 | 438,896 | ||||||
Korean Air Lines Co. Ltd. | 19,166 | 329,323 | ||||||
Krafton Inc.(b)(d) | 3,343 | 428,166 | ||||||
KT&G Corp. | 12,185 | 817,662 | ||||||
Kumho Petrochemical Co. Ltd.(b) | 2,052 | 243,994 | ||||||
L&F Co. Ltd. | 2,733 | 540,772 | ||||||
LG Chem Ltd. | 5,549 | 2,848,538 | ||||||
LG Corp. | 10,728 | 667,476 | ||||||
LG Display Co. Ltd.(b) | 24,623 | 284,612 | ||||||
LG Electronics Inc. | 11,936 | 1,001,141 | ||||||
LG Energy Solution(b) | 3,920 | 1,548,449 | ||||||
LG H&H Co. Ltd. | 1,008 | 508,644 | ||||||
LG Innotek Co. Ltd. | 1,626 | 339,761 | ||||||
LG Uplus Corp. | 22,185 | 185,577 | ||||||
Lotte Chemical Corp. | 2,824 | 380,206 | ||||||
Lotte Shopping Co. Ltd. | 1,412 | 92,805 | ||||||
Meritz Financial Group Inc. | 7,596 | 258,232 | ||||||
Meritz Securities Co. Ltd. | 27,519 | 146,030 | ||||||
Mirae Asset Securities Co. Ltd. | 28,973 | 156,440 | ||||||
NAVER Corp. | 14,533 | 2,284,617 | ||||||
NCSoft Corp. | 1,843 | 604,712 | ||||||
Netmarble Corp.(a)(b) | 2,555 | 119,092 | ||||||
NH Investment & Securities Co. Ltd.(b) | 14,581 | 104,661 | ||||||
Orion Corp./Republic of Korea | 2,759 | 260,792 | ||||||
Pan Ocean Co. Ltd. | 25,470 | 121,692 | ||||||
Pearl Abyss Corp.(b) | 3,414 | 115,439 | ||||||
POSCO Chemical Co. Ltd. | 2,889 | 482,022 | ||||||
POSCO Holdings Inc. | 8,147 | 1,963,616 | ||||||
S-1 Corp. | 2,007 | 85,566 | ||||||
Samsung Biologics Co. Ltd.(a)(b) | 1,920 | 1,121,738 |
50 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Emerging Markets Asia ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
Samsung C&T Corp. | 9,486 | $ | 789,077 | |||||
Samsung Electro-Mechanics Co. Ltd. | 6,006 | 653,008 | ||||||
Samsung Electronics Co. Ltd. | 530,799 | 24,286,649 | ||||||
Samsung Engineering Co. Ltd.(b) | 18,204 | 360,935 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 3,177 | 515,265 | ||||||
Samsung Heavy Industries Co. Ltd.(b) | 69,632 | 289,141 | ||||||
Samsung Life Insurance Co. Ltd. | 9,139 | 470,643 | ||||||
Samsung SDI Co. Ltd. | 6,141 | 3,226,334 | ||||||
Samsung SDS Co. Ltd. | 3,028 | 286,374 | ||||||
Samsung Securities Co. Ltd. | 6,703 | 169,638 | ||||||
SD Biosensor Inc. | 4,226 | 73,381 | ||||||
Shinhan Financial Group Co. Ltd. | 50,586 | 1,485,459 | ||||||
SK Biopharmaceuticals Co. Ltd.(b) | 3,794 | 191,167 | ||||||
SK Bioscience Co. Ltd.(b) | 2,638 | 138,797 | ||||||
SK Hynix Inc. | 60,465 | 4,086,514 | ||||||
SK IE Technology Co. Ltd.(a)(b) | 2,790 | 137,546 | ||||||
SK Inc. | 4,265 | 575,221 | ||||||
SK Innovation Co. Ltd.(b) | 6,399 | 723,761 | ||||||
SK Square Co. Ltd.(b) | 11,422 | 330,722 | ||||||
SKC Co. Ltd. | 2,523 | 186,611 | ||||||
S-Oil Corp. | 5,331 | 323,236 | ||||||
Woori Financial Group Inc. | 60,465 | 557,425 | ||||||
Yuhan Corp. | 6,043 | 240,672 | ||||||
|
| |||||||
78,873,385 | ||||||||
Taiwan — 19.2% | ||||||||
Accton Technology Corp. | 52,000 | 476,227 | ||||||
Acer Inc. | 350,062 | 290,284 | ||||||
Advantech Co. Ltd. | 45,604 | 529,008 | ||||||
Airtac International Group | 15,161 | 529,237 | ||||||
ASE Technology Holding Co. Ltd. | 364,484 | 1,255,091 | ||||||
Asia Cement Corp. | 229,229 | 336,082 | ||||||
Asustek Computer Inc. | 74,000 | 670,244 | ||||||
AUO Corp. | 711,200 | 432,801 | ||||||
Catcher Technology Co. Ltd. | 87,000 | 525,744 | ||||||
Cathay Financial Holding Co. Ltd. | 981,888 | 1,392,406 | ||||||
Chailease Holding Co. Ltd. | 158,465 | 1,161,500 | ||||||
Chang Hwa Commercial Bank Ltd. | 484,164 | 276,309 | ||||||
Cheng Shin Rubber Industry Co. Ltd. | 225,776 | 253,011 | ||||||
China Airlines Ltd. | 348,000 | 230,317 | ||||||
China Development Financial Holding Corp. | 1,742,400 | 750,231 | ||||||
China Steel Corp. | 1,272,867 | 1,309,437 | ||||||
Chunghwa Telecom Co. Ltd. | 437,000 | 1,652,232 | ||||||
Compal Electronics Inc. | 470,000 | 371,699 | ||||||
CTBC Financial Holding Co. Ltd. | 1,893,265 | 1,405,623 | ||||||
Delta Electronics Inc. | 212,000 | 1,983,412 | ||||||
E Ink Holdings Inc. | 94,000 | 594,824 | ||||||
E.Sun Financial Holding Co. Ltd. | 1,392,713 | 1,136,631 | ||||||
Eclat Textile Co. Ltd. | 20,604 | 323,898 | ||||||
eMemory Technology Inc. | 7,000 | 420,694 | ||||||
Eva Airways Corp. | 261,000 | 241,726 | ||||||
Evergreen Marine Corp. Taiwan Ltd. | 111,746 | 571,048 | ||||||
Far Eastern New Century Corp. | 348,460 | 370,441 | ||||||
Far EasTone Telecommunications Co. Ltd. | 152,000 | 342,980 | ||||||
Feng TAY Enterprise Co. Ltd. | 48,564 | 292,550 | ||||||
First Financial Holding Co. Ltd. | 1,220,100 | 1,069,212 | ||||||
Formosa Chemicals & Fibre Corp. | 396,950 | 921,180 | ||||||
Formosa Petrochemical Corp. | 126,000 | 350,512 | ||||||
Formosa Plastics Corp. | 467,400 | 1,387,508 | ||||||
Fubon Financial Holding Co. Ltd. | 828,748 | 1,620,545 | ||||||
Giant Manufacturing Co. Ltd. | 36,269 | 241,304 |
Security | Shares | Value | ||||||
Taiwan (continued) | ||||||||
Globalwafers Co. Ltd. | 23,000 | $ | 380,305 | |||||
Hon Hai Precision Industry Co. Ltd. | 1,392,651 | 4,606,892 | ||||||
Hotai Motor Co. Ltd. | 33,000 | 665,137 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 1,068,033 | 798,209 | ||||||
Innolux Corp. | 1,016,466 | 486,917 | ||||||
Inventec Corp. | 301,980 | 262,334 | ||||||
Largan Precision Co. Ltd. | 11,000 | 790,790 | ||||||
Lite-On Technology Corp. | 261,032 | 593,986 | ||||||
MediaTek Inc. | 165,176 | 3,878,171 | ||||||
Mega Financial Holding Co. Ltd. | 1,279,455 | 1,395,772 | ||||||
Micro-Star International Co. Ltd. | 90,000 | 401,497 | ||||||
momo.com Inc. | 7,200 | 185,045 | ||||||
Nan Ya Plastics Corp. | 536,090 | 1,319,010 | ||||||
Nan Ya Printed Circuit Board Corp. | 24,000 | 181,917 | ||||||
Nanya Technology Corp. | 178,000 | 338,826 | ||||||
Nien Made Enterprise Co. Ltd. | 21,000 | 223,590 | ||||||
Novatek Microelectronics Corp. | 63,000 | 832,583 | ||||||
Parade Technologies Ltd. | 8,000 | 248,768 | ||||||
Pegatron Corp. | 222,000 | 491,860 | ||||||
PharmaEssentia Corp.(b) | 22,000 | 361,396 | ||||||
Pou Chen Corp. | 242,000 | 265,170 | ||||||
Powerchip Semiconductor Manufacturing Corp. | 348,000 | 378,555 | ||||||
President Chain Store Corp. | 61,000 | 533,001 | ||||||
Quanta Computer Inc. | 305,000 | 798,327 | ||||||
Realtek Semiconductor Corp. | 48,140 | 593,468 | ||||||
Ruentex Development Co. Ltd. | 213,381 | 309,122 | ||||||
Shanghai Commercial & Savings Bank Ltd. (The) | 459,981 | 714,052 | ||||||
Shin Kong Financial Holding Co. Ltd. | 1,305,033 | 378,878 | ||||||
Silergy Corp. | 37,000 | 696,195 | ||||||
SinoPac Financial Holdings Co. Ltd. | 1,112,215 | 622,649 | ||||||
Synnex Technology International Corp. | 174,050 | 355,132 | ||||||
Taishin Financial Holding Co. Ltd. | 1,218,629 | 654,469 | ||||||
Taiwan Business Bank | 696,000 | 326,851 | ||||||
Taiwan Cement Corp. | 696,754 | 893,218 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 1,131,405 | 984,200 | ||||||
Taiwan High Speed Rail Corp. | 187,000 | 179,803 | ||||||
Taiwan Mobile Co. Ltd. | 177,000 | 560,720 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 2,744,000 | 45,396,440 | ||||||
Unimicron Technology Corp. | 143,000 | 590,620 | ||||||
Uni-President Enterprises Corp. | 537,650 | 1,186,893 | ||||||
United Microelectronics Corp. | 1,321,000 | 2,151,519 | ||||||
Vanguard International Semiconductor Corp. | 102,000 | 307,300 | ||||||
Voltronic Power Technology Corp. | 7,000 | 365,497 | ||||||
Walsin Lihwa Corp. | 279,884 | 515,492 | ||||||
Wan Hai Lines Ltd. | 87,000 | 225,158 | ||||||
Win Semiconductors Corp. | 36,000 | 197,588 | ||||||
Winbond Electronics Corp. | 291,000 | 217,855 | ||||||
Wiwynn Corp. | 9,000 | 282,218 | ||||||
WPG Holdings Ltd. | 179,320 | 289,856 | ||||||
Yageo Corp. | 35,936 | 629,799 | ||||||
Yang Ming Marine Transport Corp. | 201,000 | 423,059 | ||||||
Yuanta Financial Holding Co. Ltd. | 1,044,787 | 776,853 | ||||||
Zhen Ding Technology Holding Ltd. | 88,455 | 323,806 | ||||||
|
| |||||||
107,282,716 | ||||||||
Thailand — 2.7% | ||||||||
Advanced Info Service PCL, NVDR | 127,200 | 726,857 | ||||||
Airports of Thailand PCL, NVDR(b) | 463,300 | 953,460 | ||||||
Asset World Corp. PCL, NVDR | 948,300 | 158,236 | ||||||
B Grimm Power PCL, NVDR | 126,000 | 139,103 | ||||||
Bangkok Dusit Medical Services PCL, NVDR | 1,158,700 | 917,798 |
S C H E D U L E O F I N V E S T M E N T S | 51 |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Emerging Markets Asia ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Thailand (continued) | ||||||||
Bangkok Expressway & Metro PCL, NVDR | 841,500 | $ | 220,256 | |||||
Banpu PCL, NVDR | 872,300 | 269,036 | ||||||
Berli Jucker PCL, NVDR | 151,000 | 164,434 | ||||||
BTS Group Holdings PCL, NVDR | 809,100 | 184,248 | ||||||
Bumrungrad Hospital PCL, NVDR | 70,600 | 421,412 | ||||||
Carabao Group PCL, NVDR | 36,100 | 103,169 | ||||||
Central Pattana PCL, NVDR | 226,200 | 449,418 | ||||||
Central Retail Corp. PCL, NVDR | 205,974 | 260,619 | ||||||
Charoen Pokphand Foods PCL, NVDR | 408,900 | 256,825 | ||||||
CP ALL PCL, NVDR | 652,600 | 1,144,588 | ||||||
Delta Electronics Thailand PCL, NVDR | 35,500 | 915,261 | ||||||
Electricity Generating PCL, NVDR | 34,800 | 168,349 | ||||||
Energy Absolute PCL, NVDR | 193,000 | 427,403 | ||||||
Global Power Synergy PCL, NVDR | 87,100 | 167,560 | ||||||
Gulf Energy Development PCL, NVDR | 342,500 | 508,983 | ||||||
Home Product Center PCL, NVDR | 638,449 | 252,758 | ||||||
Indorama Ventures PCL, NVDR | 208,900 | 217,104 | ||||||
Intouch Holdings PCL, NVDR | 122,900 | 245,977 | ||||||
JMT Network Services PCL, NVDR | 95,300 | 125,328 | ||||||
Kasikornbank PCL, NVDR | 62,800 | 243,381 | ||||||
Krung Thai Bank PCL, NVDR | 400,250 | 195,905 | ||||||
Krungthai Card PCL, NVDR(d) | 104,600 | 173,812 | ||||||
Land & Houses PCL, NVDR | 859,000 | 238,176 | ||||||
Minor International PCL, NVDR(b) | 366,880 | 347,568 | ||||||
Muangthai Capital PCL, NVDR | 93,400 | 92,428 | ||||||
Osotspa PCL, NVDR | 147,900 | 134,923 | ||||||
PTT Exploration & Production PCL, NVDR | 157,810 | 667,922 | ||||||
PTT Global Chemical PCL, NVDR | 229,600 | 306,804 | ||||||
PTT Oil & Retail Business PCL, NVDR | 332,400 | 205,975 | ||||||
PTT Public Company Ltd., NVDR | 1,113,700 | 999,859 | ||||||
Ratch Group PCL, NVDR(d) | 131,100 | 151,179 | ||||||
SCB X PCL, NVS | 87,500 | 257,399 | ||||||
SCG Packaging PCL, NVDR | 136,900 | 201,367 | ||||||
Siam Cement PCL (The), NVDR | 81,500 | 753,919 | ||||||
Srisawad Corp. PCL, NVDR | 87,000 | 132,834 | ||||||
Thai Oil PCL, NVDR | 164,700 | 234,872 | ||||||
Thai Union Group PCL, NVDR | 316,500 | 142,372 | ||||||
True Corp. PCL, NVDR | 1,326,005 | 193,228 | ||||||
|
| |||||||
15,072,105 | ||||||||
|
| |||||||
Total Common Stocks — 98.9% | 552,874,068 | |||||||
|
| |||||||
Preferred Stocks | ||||||||
South Korea — 0.8% | ||||||||
Hyundai Motor Co. Preference Shares, NVS | 1,726 | 120,169 |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
Series 2, Preference Shares, NVS | 3,662 | $ | 260,167 | |||||
LG Chem Ltd., Preference Shares, NVS | 851 | 188,775 | ||||||
Samsung Electronics Co. Ltd., Preference Shares, NVS | 90,919 | 3,666,221 | ||||||
|
| |||||||
4,235,332 | ||||||||
|
| |||||||
Total Preferred Stocks — 0.8% |
| 4,235,332 | ||||||
|
| |||||||
Rights | ||||||||
China — 0.0% | ||||||||
Kangmei Pharmaceutical Co. Ltd., (Expires 12/31/49)(b) | 1,493 | — | ||||||
|
| |||||||
Total Rights — 0.0% |
| — | ||||||
|
| |||||||
Total Long-Term Investments — 99.7% |
| 557,109,400 | ||||||
|
| |||||||
Short-Term Securities | ||||||||
Money Market Funds — 1.3% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%(e)(f)(g) | 6,077,556 | 6,081,202 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(e)(f) | 1,310,000 | 1,310,000 | ||||||
|
| |||||||
Total Short-Term Securities — 1.3% |
| 7,391,202 | ||||||
|
| |||||||
Total Investments — 101.0% |
| 564,500,602 | ||||||
Liabilities in Excess of Other Assets — (1.0)% |
| (5,736,495 | ) | |||||
|
| |||||||
Net Assets — 100.0% | $ | 558,764,107 | ||||||
|
|
(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) | 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. |
52 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Emerging Markets Asia ETF |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| ||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 08/31/22 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/23 | Shares Held at 02/28/23 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 9,197,703 | $ | — | $ | (3,118,268 | )(a) | $ | 1,035 | $ | 732 | $ | 6,081,202 | 6,077,556 | $ | 50,478 | (b) | $ | — | |||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 4,800,000 | — | (3,490,000 | )(a) | — | — | 1,310,000 | 1,310,000 | 34,923 | 9 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | 1,035 | $ | 732 | $ | 7,391,202 | $ | 85,401 | $ | 9 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 | 9 | 03/17/23 | $ | 218 | $ | (7,414 | ) | |||||||||
MSCI Emerging Markets Index | 21 | 03/17/23 | 1,011 | (32,354 | ) | |||||||||||
|
| |||||||||||||||
$ | (39,768 | ) | ||||||||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
| ||||||||||||||||||||||||||||
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Liabilities — Derivative Financial Instruments | ||||||||||||||||||||||||||||
Futures contracts | ||||||||||||||||||||||||||||
Unrealized depreciation on futures contracts(a) | $ | — | $ | — | $ | 39,768 | $ | — | $ | — | $ | — | $ | 39,768 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
| ||||||||||||||||||||||||||||
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Net Realized Gain (Loss) from | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | 59,481 | $ | — | $ | — | $ | — | $ | 59,481 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | (36,324 | ) | $ | — | $ | — | $ | — | $ | (36,324 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| ||||
Futures contracts | ||||
Average notional value of contracts — long | $ | 956,376 | ||
|
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 | 53 |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Emerging Markets Asia 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 | |||||||||||||
| ||||||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Common Stocks | $ | 20,915,417 | $ | 531,412,525 | $ | 546,126 | $ | 552,874,068 | ||||||||
Preferred Stocks | — | 4,235,332 | — | 4,235,332 | ||||||||||||
Rights | — | — | — | — | ||||||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 7,391,202 | — | — | 7,391,202 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 28,306,619 | $ | 535,647,857 | $ | 546,126 | $ | 564,500,602 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Financial Instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Equity Contracts | $ | (32,354) | $ | (7,414) | $ | — | $ | (39,768) | ||||||||
|
|
|
|
|
|
|
|
(a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
54 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Brazil — 4.1% | ||||||||
3R Petroleum Oleo E Gas SA(a) | 66,150 | $ | 460,041 | |||||
AES Brasil Energia SA | 135,713 | 257,146 | ||||||
Aliansce Sonae Shopping Centers SA | 188,581 | 615,222 | ||||||
Alliar Medicos A Frente SA(a) | 6,675 | 26,456 | ||||||
Alupar Investimento SA | 49,914 | 258,844 | ||||||
Ambipar Participacoes e Empreendimentos SA | 40,670 | 157,927 | ||||||
Anima Holding SA(a) | 95,229 | 58,024 | ||||||
Arezzo Industria e Comercio SA | 28,515 | 406,311 | ||||||
Armac Locacao Logistica E Servicos SA | 54,975 | 142,597 | ||||||
Auren Energia SA | 109,437 | 309,366 | ||||||
Boa Vista Servicos SA | 116,553 | 168,971 | ||||||
BR Properties SA | 1,940 | 89,014 | ||||||
BrasilAgro - Co. Brasileira de Propriedades Agricolas | 5,775 | 28,613 | ||||||
BRF SA(a) | 172,725 | 203,227 | ||||||
Cia. Brasileira de Aluminio | 60,600 | 120,611 | ||||||
Cia. Brasileira de Distribuicao | 74,325 | 220,613 | ||||||
Cia. de Saneamento de Minas Gerais-COPASA | 78,450 | 213,078 | ||||||
Cia. de Saneamento do Parana | 66,450 | 216,531 | ||||||
Cielo SA | 531,786 | 487,556 | ||||||
CM Hospitalar SA | 48,675 | 163,724 | ||||||
Cogna Educacao(a) | 728,724 | 281,165 | ||||||
Cury Construtora e Incorporadora SA | 8,025 | 19,314 | ||||||
Cyrela Brazil Realty SA Empreendimentos e Participacoes | 122,025 | 349,146 | ||||||
Dexco SA | 148,087 | 184,421 | ||||||
EcoRodovias Infraestrutura e Logistica SA | 203,625 | 159,463 | ||||||
EDP - Energias do Brasil SA | 100,939 | 378,465 | ||||||
Embraer SA(a) | 283,875 | 899,538 | ||||||
Enauta Participacoes SA | 43,425 | 114,297 | ||||||
Ez Tec Empreendimentos e Participacoes SA | 59,625 | 144,750 | ||||||
Fleury SA | 94,426 | 255,929 | ||||||
GPS Participacoes e Empreendimentos SA(a)(b) | 112,350 | 253,222 | ||||||
Grendene SA | 146,775 | 184,750 | ||||||
Grupo De Moda Soma SA | 224,985 | 377,306 | ||||||
Grupo Mateus SA(a) | 206,146 | 222,075 | ||||||
Grupo SBF SA | 52,125 | 81,641 | ||||||
Iguatemi SA | 102,458 | 378,289 | ||||||
Intelbras SA Industria de Telecomunicacao Eletronica Brasileira | 30,300 | 163,959 | ||||||
Iochpe Maxion SA | 52,625 | 113,282 | ||||||
IRB Brasil Resseguros S/A(a) | 28,693 | 103,472 | ||||||
JHSF Participacoes SA | 125,220 | 101,172 | ||||||
Light SA | 100,987 | 48,223 | ||||||
Locaweb Servicos de Internet SA(a)(b) | 194,347 | 181,523 | ||||||
LOG Commercial Properties e Participacoes SA | 22,580 | 63,443 | ||||||
M. Dias Branco SA | 38,925 | 249,589 | ||||||
Mahle-Metal Leve SA | 18,975 | 116,848 | ||||||
Marfrig Global Foods SA | 131,400 | 159,875 | ||||||
Mills Estruturas e Servicos de Engenharia SA | 10,950 | 23,697 | ||||||
Minerva SA | 114,600 | 248,005 | ||||||
Movida Participacoes SA | 74,175 | 93,224 | ||||||
MRV Engenharia e Participacoes SA | 86,884 | 97,912 | ||||||
Multiplan Empreendimentos Imobiliarios SA | 109,740 | 527,587 | ||||||
Odontoprev SA | 123,750 | 272,770 | ||||||
Omega Energia SA(a) | 128,070 | 225,785 | ||||||
Orizon Valorizacao de Residuos SA(a) | 3,450 | 25,772 | ||||||
Pet Center Comercio e Participacoes SA | 177,075 | 218,154 | ||||||
Petroreconcavo SA | 50,775 | 274,462 | ||||||
Santos Brasil Participacoes SA | 225,120 | 344,423 |
Security | Shares | Value | ||||||
Brazil (continued) | ||||||||
Sao Martinho SA | 73,395 | $ | 381,313 | |||||
SIMPAR SA | 164,189 | 225,172 | ||||||
SLC Agricola SA | 44,713 | 420,787 | ||||||
Smartfit Escola de Ginastica e Danca SA(a) | 91,161 | 270,412 | ||||||
Transmissora Alianca de Energia Eletrica SA | 74,655 | 506,070 | ||||||
Tres Tentos Agroindustrial SA | 27,450 | 66,797 | ||||||
Tupy SA | 30,000 | 155,574 | ||||||
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA | 121,275 | 307,621 | ||||||
Via S/A(a) | 497,132 | 183,263 | ||||||
Vivara Participacoes SA | 45,000 | 186,259 | ||||||
YDUQS Participacoes SA | 113,980 | 153,484 | ||||||
|
| |||||||
15,397,572 | ||||||||
Chile — 0.7% | ||||||||
Aguas Andinas SA, Class A | 1,244,446 | 297,704 | ||||||
CAP SA | 37,208 | 309,320 | ||||||
Cencosud Shopping SA | 255,995 | 364,969 | ||||||
Colbun SA | 3,264,750 | 374,728 | ||||||
Empresa Nacional de Telecomunicaciones SA | 65,506 | 258,013 | ||||||
Itau CorpBanca Chile SA | 100,052,989 | 215,055 | ||||||
Parque Arauco SA | 51,346 | 62,967 | ||||||
Plaza SA | 194,204 | 241,679 | ||||||
SMU SA | 533,625 | 87,748 | ||||||
Sociedad de Inversiones Oro Blanco SA | 8,025,096 | 82,804 | ||||||
Vina Concha y Toro SA | 235,130 | 307,666 | ||||||
|
| |||||||
2,602,653 | ||||||||
China — 9.8% | ||||||||
361 Degrees International Ltd.(a) | 375,000 | 179,855 | ||||||
Agora Inc., ADR(a)(c) | 26,325 | 80,555 | ||||||
AK Medical Holdings Ltd.(b) | 300,000 | 358,187 | ||||||
Alibaba Pictures Group Ltd.(a)(c) | 2,940,000 | 185,311 | ||||||
A-Living Smart City Services Co. Ltd., Class A(b) | 194,250 | 199,145 | ||||||
Alphamab Oncology(a)(b)(c) | 220,000 | 407,299 | ||||||
Antengene Corp. Ltd.(a)(b)(c) | 203,500 | 103,267 | ||||||
Anxin-China Holdings Ltd.(d) | 1,084,000 | 1 | ||||||
Ascentage Pharma Group International(a)(b)(c) | 80,800 | 257,166 | ||||||
Asia Cement China Holdings Corp. | 322,000 | 162,581 | ||||||
Ausnutria Dairy Corp. Ltd. | 150,000 | 81,421 | ||||||
Bairong Inc. (a)(b) | 75,000 | 101,926 | ||||||
Baozun Inc., ADR(a)(c) | 22,725 | 142,940 | ||||||
Beijing Chunlizhengda Medical Instruments Co. Ltd., Class H | 36,750 | 97,292 | ||||||
Beijing Jingneng Clean Energy Co. Ltd., Class H | 600,000 | 149,918 | ||||||
Beijing Tong Ren Tang Chinese Medicine Co. Ltd. | 150,000 | 231,361 | ||||||
Binjiang Service Group Co. Ltd. | 45,000 | 138,968 | ||||||
BOE Varitronix Ltd. | 75,000 | 166,193 | ||||||
Boshiwa International Holding Ltd.(d) | 32,000 | — | ||||||
Brii Biosciences Ltd.(a)(c) | 166,500 | 126,130 | ||||||
Canaan Inc., ADR(a)(c) | 74,050 | 207,340 | ||||||
Canvest Environmental Protection Group Co. Ltd. | 265,000 | 130,607 | ||||||
CARsgen Therapeutics Holdings Ltd., | 73,000 | 147,417 | ||||||
Central China New Life Ltd. | 262,000 | 94,030 | ||||||
CGN Mining Co. Ltd.(a) | 1,005,000 | 119,141 | ||||||
CGN New Energy Holdings Co. Ltd. | 532,000 | 185,292 | ||||||
Chervon Holdings Ltd. | 7,500 | 37,885 | ||||||
China Animal Healthcare Ltd.(d) | 126,000 | — | ||||||
China Aoyuan Group Ltd.(a)(c)(d) | 603,000 | 52,316 | ||||||
China BlueChemical Ltd., Class H | 570,000 | 128,657 | ||||||
China Conch Environment Protection | 675,000 | 249,773 | ||||||
China Datang Corp. Renewable Power Co. Ltd., Class H | 975,000 | 339,464 |
S C H E D U L E O F I N V E S T M E N T S | 55 |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
China East Education Holdings Ltd.(b) | 75,000 | $ | 56,374 | |||||
China Education Group Holdings Ltd.(c) | 428,000 | 491,559 | ||||||
China Everbright Greentech Ltd.(b)(c) | 600,000 | 136,982 | ||||||
China Everbright Ltd.(c) | 450,000 | 322,426 | ||||||
China Foods Ltd. | 530,000 | 187,200 | ||||||
China High Speed Transmission Equipment Group Co. Ltd.(a) | 238,000 | 98,388 | ||||||
China Huiyuan Juice Group Ltd.(d) | 379,000 | — | ||||||
China Lilang Ltd. | 327,000 | 166,632 | ||||||
China Metal Recycling Holdings Ltd.(d) | 12,000 | — | ||||||
China Modern Dairy Holdings Ltd.(c) | 2,550,000 | 347,775 | ||||||
China New Higher Education Group Ltd.(b) | 75,000 | 30,385 | ||||||
China Nonferrous Mining Corp Ltd. | 636,000 | 320,397 | ||||||
China Oriental Group Co. Ltd. | 900,000 | 182,592 | ||||||
China Overseas Grand Oceans Group Ltd. | 912,000 | 354,794 | ||||||
China Renaissance Holdings Ltd.(b)(c) | 172,500 | 160,379 | ||||||
China Shineway Pharmaceutical Group Ltd. | 183,000 | 159,901 | ||||||
China South City Holdings Ltd.(a) | 2,550,000 | 169,044 | ||||||
China Tobacco International HK Co. Ltd. | 129,000 | 181,498 | ||||||
China Travel International Investment Hong Kong Ltd.(a)(c) | 1,588,000 | 315,656 | ||||||
China Water Affairs Group Ltd.(c) | 406,000 | 361,224 | ||||||
China XLX Fertiliser Ltd. | 322,000 | 169,982 | ||||||
China Youran Dairy Group Ltd.(a)(b)(c) | 772,000 | 189,076 | ||||||
China Youzan Ltd.(a) | 1,800,000 | 48,615 | ||||||
China Yuhua Education Corp. Ltd.(a)(b)(c) | 750,000 | 125,169 | ||||||
China Zhongwang Holdings Ltd.(a)(c)(d) | 696,800 | 67,652 | ||||||
Chindata Group Holdings Ltd., ADR(a)(c) | 46,050 | 311,759 | ||||||
CIFI Ever Sunshine Services Group Ltd. | 64,000 | 25,869 | ||||||
CIFI Holdings Group Co. Ltd.(c) | 854,000 | 91,712 | ||||||
CIMC Enric Holdings Ltd. | 340,000 | 348,979 | ||||||
CMGE Technology Group Ltd.(a) | 900,000 | 250,474 | ||||||
COFCO Joycome Foods Ltd.(c) | 1,050,000 | 306,578 | ||||||
Concord New Energy Group Ltd. | 3,000,000 | 286,779 | ||||||
Cosmopolitan International Holdings Ltd.(a) | 950,000 | 157,760 | ||||||
CStone Pharmaceuticals(a)(b)(c) | 305,500 | 153,179 | ||||||
Dada Nexus Ltd., ADR(a)(c) | 37,082 | 332,255 | ||||||
Digital China Holdings Ltd. | 514,000 | 239,131 | ||||||
DingDong Cayman Ltd.(a) | 21,300 | 96,489 | ||||||
Everest Medicines Ltd.(a)(b)(c) | 112,500 | 244,113 | ||||||
Excellence Commercial Property & Facilities Management Group Ltd.(c) | 312,000 | 139,853 | ||||||
FIH Mobile Ltd. (a) | 1,500,000 | 160,614 | ||||||
FinVolution Group, ADR | 51,450 | 260,852 | ||||||
Fu Shou Yuan International Group Ltd. | 599,000 | 451,596 | ||||||
Fufeng Group Ltd. | 720,400 | 461,971 | ||||||
Gemdale Properties & Investment Corp. Ltd. | 3,268,000 | 258,628 | ||||||
Genertec Universal Medical Group Co. Ltd.(b) | 525,000 | 303,111 | ||||||
Global New Material International Holdings Ltd. | 75,000 | 47,392 | ||||||
Golden Solar New Energy Technology Holdings Ltd. (a)(c) | 216,800 | 235,077 | ||||||
GOME Retail Holdings Ltd.(a)(c) | 5,175,000 | 104,388 | ||||||
Grand Pharmaceutical Group Ltd., Class A | 562,500 | 319,988 | ||||||
Greentown Management Holdings Co. Ltd.(b) | 300,000 | 241,408 | ||||||
Guangzhou R&F Properties Co. Ltd., Class H(a) | 180,000 | 44,355 | ||||||
Guizhou Zhongyida Co. Ltd.(a) | 232,600 | 125,583 | ||||||
Gushengtang Holdings Ltd.(a) | 22,500 | 158,372 | ||||||
Haichang Ocean Park Holdings Ltd.(a)(b) | 900,000 | 218,998 | ||||||
Hainan Meilan International Airport Co. Ltd., Class H(a)(c) | 111,000 | 273,659 | ||||||
Hangzhou Steam Turbine Power Group Co. Ltd., Class B | 155,464 | 224,994 | ||||||
Harbin Electric Co. Ltd., Class H(a) | 356,000 | 177,069 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Helens International Holdings Co. Ltd. (a)(c) | 138,500 | $ | 243,314 | |||||
Hello Group Inc., ADR | 57,344 | 505,201 | ||||||
Hope Education Group Co. Ltd.(a)(b) | 1,932,000 | 162,737 | ||||||
Hopson Development Holdings Ltd. | 211,800 | 216,155 | ||||||
Hua Han Health Industry Holdings Ltd.(d) | 1,112,400 | 1 | ||||||
Hua Medicine(a)(b) | 375,000 | 194,051 | ||||||
Huabao International Holdings Ltd.(c) | 300,000 | 150,414 | ||||||
HUTCHMED China Ltd.(a) | 145,500 | 480,370 | ||||||
HUYA Inc., ADR(a) | 8,850 | 38,055 | ||||||
iDreamSky Technology Holdings Ltd.(a)(b)(c) | 420,000 | 191,951 | ||||||
I-Mab, ADR(a) | 32,280 | 138,804 | ||||||
Inspur International Ltd.(a) | 150,000 | 115,232 | ||||||
International Alliance Financial Leasing Co. | 281,200 | 634,623 | ||||||
Jinchuan Group International Resources Co. Ltd.(c) | 1,875,000 | 145,841 | ||||||
JinkoSolar Holding Co. Ltd., ADR(a)(c) | 17,250 | 914,250 | ||||||
Jinxin Fertility Group Ltd.(b)(c) | 432,000 | 343,890 | ||||||
Joy Spreader Group Inc.(a)(c) | 750,000 | 116,836 | ||||||
Kangji Medical Holdings Ltd. | 153,000 | 187,177 | ||||||
Keymed Biosciences Inc.(a)(b) | 38,000 | 305,602 | ||||||
Kingsoft Cloud Holdings Ltd., ADR(a) | 42,075 | 161,989 | ||||||
Kintor Pharmaceutical Ltd. (a)(b)(c) | 75,000 | 92,477 | ||||||
KWG Group Holdings Ltd.(a) | 262,500 | 56,026 | ||||||
Lee & Man Paper Manufacturing Ltd.(c) | 651,000 | 281,773 | ||||||
LexinFintech Holdings Ltd., ADR(a) | 68,626 | 190,094 | ||||||
Lifetech Scientific Corp. (a)(c) | 1,568,000 | 583,974 | ||||||
LK Technology Holdings Ltd.(c) | 72,500 | 97,729 | ||||||
Lonking Holdings Ltd. | 1,184,000 | 214,340 | ||||||
Luoyang Glass Co. Ltd., Class H (a)(c) | 150,000 | 165,001 | ||||||
Luye Pharma Group Ltd. (a)(b)(c) | 343,000 | 157,858 | ||||||
Meitu Inc.(a)(b)(c) | 1,222,500 | 456,383 | ||||||
MH Development Ltd.(d) | 32,500 | 931 | ||||||
Midea Real Estate Holding Ltd.(b)(c) | 157,600 | 195,260 | ||||||
Ming Yuan Cloud Group Holdings Ltd. | 134,000 | 91,500 | ||||||
MMG Ltd.(a) | 544,000 | 153,436 | ||||||
Mobvista Inc.(a)(b) | 300,000 | 154,110 | ||||||
National Agricultural Holdings Ltd., NVS(d) | 354,000 | 451 | ||||||
Nayuki Holdings Ltd.(a)(c) | 198,000 | 183,354 | ||||||
NetDragon Websoft Holdings Ltd. | 127,500 | 290,195 | ||||||
New Horizon Health Ltd.(a)(b) | 104,500 | 437,301 | ||||||
Nexteer Automotive Group Ltd. | 451,000 | 286,512 | ||||||
Noah Holdings Ltd., ADR(a)(c) | 11,922 | 223,061 | ||||||
Ocumension Therapeutics(a)(b) | 146,000 | 187,398 | ||||||
Peijia Medical Ltd.(a)(b) | 217,000 | 315,214 | ||||||
Pou Sheng International Holdings Ltd. | 1,230,000 | 131,955 | ||||||
Powerlong Real Estate Holdings Ltd.(c) | 150,000 | 31,211 | ||||||
Productive Technologies Co. Ltd.(a)(c) | 586,000 | 73,909 | ||||||
Radiance Holdings Group Co. Ltd.(c) | 377,000 | 230,060 | ||||||
Redco Properties Group Ltd.(a)(b)(c) | 570,000 | 95,195 | ||||||
ReneSola Ltd., ADR(a)(c) | 26,965 | 122,151 | ||||||
RLX Technology Inc., ADR(a)(c) | 131,608 | 256,636 | ||||||
Seazen Group Ltd.(a) | 430,000 | 144,750 | ||||||
Shanghai Industrial Holdings Ltd. | 225,000 | 291,305 | ||||||
Shenzhen Investment Ltd. | 900,000 | 164,273 | ||||||
Shoucheng Holdings Ltd. | 1,343,200 | 280,895 | ||||||
Shougang Fushan Resources Group Ltd. | 900,000 | 289,113 | ||||||
Shui On Land Ltd. | 1,767,000 | 218,435 | ||||||
Sihuan Pharmaceutical Holdings Group Ltd. | 1,964,000 | 227,974 | ||||||
Sino-Ocean Group Holding Ltd.(c) | 1,425,000 | 180,047 | ||||||
Sinopec Engineering Group Co. Ltd., Class H | 622,500 | 311,874 | ||||||
Sinopec Kantons Holdings Ltd.(c) | 450,000 | 154,952 |
56 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Skyworth Group Ltd. | 648,000 | $ | 355,503 | |||||
SOHO China Ltd.(a) | 1,312,500 | 244,447 | ||||||
SSY Group Ltd. | 706,000 | 423,330 | ||||||
Sun King Technology Group Ltd.(a) | 470,000 | 110,873 | ||||||
Sunac Services Holdings Ltd.(b)(c) | 375,000 | 149,952 | ||||||
Superb Summit International Group Ltd.(d) | 11,913 | — | ||||||
SY Holdings Group Ltd. | 223,000 | 168,563 | ||||||
TCL Electronics Holdings Ltd. | 490,000 | 211,768 | ||||||
Tiangong International Co. Ltd. | 750,000 | 276,416 | ||||||
Tianjin Port Development Holdings Ltd. | 902,000 | 68,998 | ||||||
Tianneng Power International Ltd.(c) | 328,000 | 420,785 | ||||||
Tong Ren Tang Technologies Co. Ltd., Class H | 265,000 | 190,300 | ||||||
Tongdao Liepin Group(a) | 90,000 | 148,816 | ||||||
Towngas Smart Energy Co. Ltd. | 450,000 | 227,693 | ||||||
Truly International Holdings Ltd.(c) | 900,000 | 126,255 | ||||||
Tuya Inc.(a)(c) | 123,981 | 256,641 | ||||||
Untrade SMI Holdings(d) | 468,800 | 1 | ||||||
Untradelumena Newmat, NVS(d) | 5,249 | — | ||||||
Up Fintech Holding Ltd., ADR(a)(c) | 52,029 | 194,068 | ||||||
Venus MedTech Hangzhou Inc., Class H(a)(b)(c) | 126,000 | 219,474 | ||||||
Vnet Group Inc., ADR(a) | 38,260 | 151,892 | ||||||
Weimob Inc.(a)(b)(c) | 883,000 | 531,030 | ||||||
West China Cement Ltd. | 1,760,000 | 213,114 | ||||||
Wuling Motors Holdings Ltd.(c) | 750,000 | 88,999 | ||||||
XD Inc.(a)(c) | 109,600 | 354,757 | ||||||
Xiabuxiabu Catering Management China Holdings | ||||||||
Co. Ltd.(b) | 187,000 | 199,587 | ||||||
Yeahka Ltd.(a) | 107,600 | 357,204 | ||||||
Yidu Tech Inc. (a)(b)(c) | 212,800 | 233,215 | ||||||
Youdao Inc., ADR(a) | 6,750 | 55,013 | ||||||
Yuexiu REIT(c) | 1,260,000 | 380,803 | ||||||
Yuexiu Transport Infrastructure Ltd. | 554,000 | 312,600 | ||||||
Zhou Hei Ya International Holdings Co. | 498,500 | 251,831 | ||||||
Zhuguang Holdings Group Co. Ltd.(a)(c) | 1,050,000 | 117,732 | ||||||
|
| |||||||
36,865,389 | ||||||||
Colombia — 0.1% | ||||||||
Cementos Argos SA | 222,518 | 137,922 | ||||||
Corp. Financiera Colombiana SA(a) | 8,631 | 18,649 | ||||||
Grupo Argos SA | 125,625 | 250,763 | ||||||
|
| |||||||
407,334 | ||||||||
Czech Republic — 0.1% | ||||||||
Colt CZ Group SE | 3,267 | 86,619 | ||||||
Philip Morris CR AS | 171 | 132,458 | ||||||
|
| |||||||
219,077 | ||||||||
Egypt — 0.2% | ||||||||
Abou Kir Fertilizers & Chemical Industries | 49,650 | 67,594 | ||||||
Cairo Investment & Real Estate Development Co. SAE | 134,772 | 58,539 | ||||||
Cleopatra Hospital(a) | 470,267 | 81,283 | ||||||
E-Finance for Digital & Financial Investments, NVS | 136,613 | 82,958 | ||||||
EISewedy Electric Co.(a) | 267,345 | 120,449 | ||||||
Ezz Steel Co. SAE | 19,350 | 18,219 | ||||||
Fawry for Banking & Payment Technology Services SAE(a) | 339,221 | 63,873 | ||||||
Misr Fertilizers Production Co. SAE | 17,546 | 81,791 | ||||||
Talaat Moustafa Group | 499,040 | 159,324 | ||||||
Telecom Egypt Co. | 212,632 | 181,046 | ||||||
|
| |||||||
915,076 | ||||||||
Greece — 0.5% | ||||||||
Aegean Airlines SA(a) | 16,104 | 129,180 |
Security | Shares | Value | ||||||
Greece (continued) | ||||||||
Athens Water Supply & Sewage Co. SA | 16,959 | $ | 127,224 | |||||
GEK Terna Holding Real Estate Construction SA | 18,832 | 236,784 | ||||||
Hellenic Energy Holdings SA | 10,949 | 96,818 | ||||||
Holding Co. ADMIE IPTO SA | 31,841 | 64,166 | ||||||
LAMDA Development SA(a) | 33,211 | 228,909 | ||||||
Piraeus Financial Holdings SA(a) | 285,977 | 725,021 | ||||||
Sarantis SA | 12,374 | 95,804 | ||||||
Titan Cement International SA | 17,897 | 302,963 | ||||||
|
| |||||||
2,006,869 | ||||||||
Hungary — 0.0% | ||||||||
Magyar Telekom Telecommunications PLC | 154,732 | 169,132 | ||||||
|
| |||||||
India — 21.9% | ||||||||
3M India Ltd. | 1,275 | 352,845 | ||||||
Aarti Drugs Ltd. | 14,775 | 65,422 | ||||||
Aarti Industries Ltd. | 78,600 | 502,673 | ||||||
Aarti Pharmalabs Ltd., NVS(a) | 19,126 | 70,010 | ||||||
Aavas Financiers Ltd.(a) | 18,906 | 417,806 | ||||||
Aditya Birla Capital Ltd.(a) | 195,750 | 344,949 | ||||||
Aditya Birla Fashion and Retail Ltd.(a) | 126,525 | 351,239 | ||||||
Advanced Enzyme Technologies Ltd. | 24,150 | 81,514 | ||||||
Aegis Logistics Ltd. | 59,100 | 260,184 | ||||||
Affle India Ltd.(a) | 24,750 | 306,310 | ||||||
AIA Engineering Ltd. | 19,275 | 617,569 | ||||||
Ajanta Pharma Ltd. | 17,775 | 254,064 | ||||||
Alembic Pharmaceuticals Ltd. | 23,775 | 146,962 | ||||||
Alkyl Amines Chemicals | 5,400 | 163,322 | ||||||
Allcargo Logistics Ltd. | 44,331 | 198,245 | ||||||
Alok Industries Ltd.(a) | 647,025 | 97,802 | ||||||
Amara Raja Batteries Ltd. | 35,850 | 240,586 | ||||||
Amber Enterprises India Ltd.(a) | 7,575 | 172,640 | ||||||
Angel One Ltd. | 11,550 | 142,256 | ||||||
Apar Industries Ltd. | 4,650 | 129,357 | ||||||
APL Apollo Tubes Ltd. | 64,356 | 925,759 | ||||||
Apollo Tyres Ltd. | 136,425 | 516,655 | ||||||
Asahi India Glass Ltd. | 29,331 | 170,820 | ||||||
Ashok Leyland Ltd. | 591,900 | 1,040,902 | ||||||
Aster DM Healthcare Ltd.(a)(b) | 64,350 | 173,295 | ||||||
Astral Ltd. | 36,869 | 841,540 | ||||||
AstraZeneca Pharma India Ltd. | 2,775 | 112,221 | ||||||
Atul Ltd. | 6,300 | 535,685 | ||||||
Avanti Feeds Ltd. | 19,261 | 85,166 | ||||||
Bajaj Electricals Ltd. | 19,125 | 252,434 | ||||||
Balaji Amines Ltd. | 4,200 | 111,618 | ||||||
Balrampur Chini Mills Ltd. | 54,687 | 236,049 | ||||||
BASF India Ltd. | 4,987 | 138,740 | ||||||
Bata India Ltd. | 19,641 | 335,052 | ||||||
Bayer CropScience Ltd. | 5,925 | 306,693 | ||||||
BEML Ltd., (Acquired 02/10/22, Cost: $206,481)(e) | 9,075 | 136,399 | ||||||
BEML Ltd., NVS | 8,107 | 28,616 | ||||||
Bharat Dynamics Ltd. | 18,470 | 208,685 | ||||||
Bharat Heavy Electricals Ltd. | 363,750 | 306,840 | ||||||
Biocon Ltd. | 81,150 | 224,944 | ||||||
Birla Corp. Ltd. | 11,325 | 119,153 | ||||||
Birlasoft Ltd. | 70,125 | 233,171 | ||||||
BLS International Services Ltd. | 10,500 | 19,744 | ||||||
Blue Dart Express Ltd. | 2,325 | 174,537 | ||||||
Blue Star Ltd. | 25,050 | 434,883 | ||||||
Borosil Renewables Ltd.(a) | 20,625 | 117,009 | ||||||
Brigade Enterprises Ltd. | 47,700 | 281,125 |
S C H E D U L E O F I N V E S T M E N T S | 57 |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
India (continued) | ||||||||
Brightcom Group Ltd. | 392,250 | $ | 108,687 | |||||
Brookfield India Real Estate Trust(b) | 55,842 | 179,954 | ||||||
BSE Ltd. | 25,192 | 134,192 | ||||||
Campus Activewear Ltd.(a) | 6,675 | 32,665 | ||||||
Can Fin Homes Ltd. | 29,550 | 205,428 | ||||||
Carborundum Universal Ltd. | 44,700 | 528,584 | ||||||
Castrol India Ltd. | 175,800 | 243,960 | ||||||
CCL Products India Ltd. | 38,865 | 257,004 | ||||||
CE Info Systems Ltd. | 8,406 | 116,525 | ||||||
Ceat Ltd. | 10,644 | 177,998 | ||||||
Central Depository Services India Ltd. | 20,325 | 242,971 | ||||||
Century Plyboards India Ltd. | 19,875 | 121,429 | ||||||
Century Textiles & Industries Ltd. | 25,500 | 187,309 | ||||||
CESC Ltd. | 244,500 | 205,010 | ||||||
Chalet Hotel Ltd.(a) | 3,525 | 15,636 | ||||||
Chambal Fertilisers and Chemicals Ltd. | 74,100 | 245,952 | ||||||
Chemplast Sanmar Ltd.(a) | 27,659 | 129,563 | ||||||
Cholamandalam Financial Holdings Ltd. | 42,375 | 294,658 | ||||||
City Union Bank Ltd. | 137,850 | 230,665 | ||||||
Clean Science and Technology | 10,650 | 177,300 | ||||||
Coforge Ltd. | 10,575 | 549,386 | ||||||
Computer Age Management Services Ltd. | 11,475 | 313,375 | ||||||
Coromandel International Ltd. | 45,225 | 491,304 | ||||||
CreditAccess Grameen Ltd.(a) | 21,460 | 250,329 | ||||||
CRISIL Ltd. | 6,450 | 264,101 | ||||||
Crompton Greaves Consumer Electricals Ltd. | 231,826 | 851,370 | ||||||
Cummins India Ltd. | 50,250 | 953,821 | ||||||
Cyient Ltd. | 37,350 | 426,342 | ||||||
Dalmia Bharat Ltd. | 31,125 | 690,048 | ||||||
Data Patterns India Ltd.(a) | 4,500 | 71,087 | ||||||
Deepak Fertilisers & Petrochemicals Corp. Ltd. | 24,176 | 180,476 | ||||||
Deepak Nitrite Ltd. | 28,050 | 609,878 | ||||||
Delhivery Ltd.(a) | 65,025 | 271,844 | ||||||
Delta Corp. Ltd. | 47,457 | 107,697 | ||||||
Devyani International Ltd.(a) | 100,875 | 185,747 | ||||||
Dixon Technologies India Ltd. | 13,125 | 458,446 | ||||||
Dr Lal PathLabs Ltd.(b) | 15,307 | 368,099 | ||||||
Easy Trip Planners Ltd., NVS(a) | 209,400 | 118,205 | ||||||
eClerx Services Ltd. | 10,137 | 170,905 | ||||||
EID Parry India Ltd. | 41,084 | 249,548 | ||||||
Elecon Engineering Co. Ltd. | 5,850 | 27,906 | ||||||
Elgi Equipments Ltd. | 64,587 | 365,255 | ||||||
Emami Ltd. | 68,574 | 331,084 | ||||||
Embassy Office Parks REIT | 176,550 | 651,235 | ||||||
Endurance Technologies Ltd.(b) | 15,150 | 228,767 | ||||||
Engineers India Ltd. | 225,835 | 194,790 | ||||||
EPL Ltd. | 51,675 | 100,264 | ||||||
Eris Lifesciences Ltd.(b) | 18,375 | 140,993 | ||||||
Escorts Kubota Ltd. | 4,027 | 101,097 | ||||||
Exide Industries Ltd. | 187,050 | 396,469 | ||||||
Federal Bank Ltd. | 642,150 | 1,001,932 | ||||||
Fine Organic Industries Ltd. | 3,298 | 184,415 | ||||||
Finolex Cables Ltd. | 31,650 | 270,118 | ||||||
Finolex Industries Ltd. | 109,650 | 224,036 | ||||||
Firstsource Solutions Ltd. | 120,184 | 163,603 | ||||||
Fortis Healthcare Ltd.(a) | 192,450 | 621,856 | ||||||
GHCL Ltd. | 24,089 | 149,820 | ||||||
Gillette India Ltd. | 3,546 | 200,022 | ||||||
GlaxoSmithKline Pharmaceuticals Ltd. | 11,625 | 187,831 | ||||||
Glenmark Pharmaceuticals Ltd. | 59,025 | 305,951 |
Security | Shares | Value | ||||||
India (continued) | ||||||||
Global Health Ltd., NVS | 7,908 | $ | 49,810 | |||||
GMM Pfaudler Ltd. | 13,500 | 266,352 | ||||||
GMR Airports Infrastructure Ltd.(a) | 962,869 | 441,159 | ||||||
Go Fashion India Ltd.(a) | 7,246 | 80,331 | ||||||
Godawari Power and Ispat Ltd. | 23,925 | 98,857 | ||||||
Godfrey Phillips India Ltd. | 1,200 | 25,773 | ||||||
Godrej Industries Ltd.(a) | 18,486 | 93,709 | ||||||
Granules India Ltd. | 58,725 | 198,848 | ||||||
Graphite India Ltd. | 39,525 | 137,680 | ||||||
Great Eastern Shipping Co. Ltd. (The) | 45,525 | 303,521 | ||||||
Greaves Cotton Ltd. | 67,990 | 105,230 | ||||||
Greenpanel Industries Ltd. | 20,850 | 70,678 | ||||||
Grindwell Norton Ltd. | 17,475 | 381,153 | ||||||
Gujarat Ambuja Exports Ltd. | 32,025 | 88,306 | ||||||
Gujarat Fluorochemicals Ltd. | 8,850 | 336,414 | ||||||
Gujarat Gas Ltd. | 71,025 | 433,607 | ||||||
Gujarat Mineral Development Corp. Ltd. | 53,746 | 86,689 | ||||||
Gujarat Narmada Valley Fertilizers & Chemicals Ltd. | 31,575 | 200,672 | ||||||
Gujarat State Petronet Ltd. | 127,230 | 435,138 | ||||||
Happiest Minds Technologies Ltd. | 24,900 | 257,493 | ||||||
HFCL Ltd. | 301,800 | 232,844 | ||||||
HG Infra Engineering Ltd. | 1,725 | 14,933 | ||||||
Hindustan Foods Ltd.(a) | 9,375 | 65,209 | ||||||
Hitachi Energy India Ltd. | 4,093 | 164,592 | ||||||
ICICI Securities Ltd.(b) | 41,300 | 232,735 | ||||||
IDFC First Bank Ltd.(a) | 1,261,575 | 840,617 | ||||||
IDFC Ltd. | 498,225 | 457,657 | ||||||
IIFL Finance Ltd. | 52,275 | 270,706 | ||||||
IIFL Wealth Management Ltd. | 15,900 | 331,225 | ||||||
India Cements Ltd. (The) | 64,575 | 145,982 | ||||||
Indiabulls Housing Finance Ltd.(a) | 41,025 | 50,024 | ||||||
Indiabulls Real Estate Ltd.(a) | 235,836 | 164,171 | ||||||
IndiaMART Intermesh Ltd.(b) | 6,375 | 373,579 | ||||||
Indian Bank | 116,058 | 360,587 | ||||||
Indian Energy Exchange Ltd.(b) | 173,250 | 302,631 | ||||||
Indigo Paints Ltd. | 5,025 | 60,633 | ||||||
Intellect Design Arena Ltd. | 37,500 | 203,881 | ||||||
ION Exchange India Ltd. | 1,275 | 51,990 | ||||||
Ipca Laboratories Ltd. | 55,500 | 542,172 | ||||||
IRB Infrastructure Developers Ltd., NVS | 543,070 | 192,245 | ||||||
Jaiprakash Power Ventures Ltd.(a) | 1,541,472 | 123,814 | ||||||
JB Chemicals & Pharmaceuticals Ltd. | 14,672 | 343,899 | ||||||
JBM Auto Ltd. | 3,075 | 21,364 | ||||||
Jindal Stainless Hisar Ltd.(a) | 20,475 | 121,425 | ||||||
Jindal Stainless Ltd.(a) | 32,550 | 105,130 | ||||||
JK Cement Ltd. | 14,775 | 493,727 | ||||||
JK Lakshmi Cement Ltd. | 28,200 | 229,209 | ||||||
JK Paper Ltd. | 43,247 | 202,691 | ||||||
JM Financial Ltd. | 278,666 | 219,853 | ||||||
Jubilant Ingrevia Ltd. | 30,386 | 163,715 | ||||||
Jubilant Pharmova Ltd. | 34,425 | 127,353 | ||||||
Just Dial Ltd.(a) | 12,365 | 86,287 | ||||||
Jyothy Labs Ltd. | 11,947 | 27,495 | ||||||
Kajaria Ceramics Ltd. | 32,550 | 422,755 | ||||||
Kansai Nerolac Paints Ltd. | 56,204 | 273,633 | ||||||
Karnataka Bank Ltd. (The) | 25,848 | 44,243 | ||||||
Karur Vysya Bank Ltd. (The) | 168,150 | 207,233 | ||||||
Kaveri Seed Co. Ltd. | 20,100 | 125,430 | ||||||
KEC International Ltd. | 54,430 | 295,609 | ||||||
KEI Industries Ltd. | 26,325 | 517,074 |
58 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
India (continued) | ||||||||
Kirloskar Ferrous Industries Ltd. | 6,675 | $ | 35,011 | |||||
Kirloskar Oil Engines Ltd. | 8,250 | 31,451 | ||||||
KNR Constructions Ltd. | 95,770 | 296,400 | ||||||
KPIT Technologies Ltd. | 65,175 | 653,233 | ||||||
KPR Mill Ltd. | 36,575 | 254,320 | ||||||
KRBL Ltd. | 12,225 | 50,095 | ||||||
Krishna Institute Of Medical Sciences | 13,575 | 220,618 | ||||||
L&T Finance Holdings Ltd. | 312,625 | 329,962 | ||||||
Lakshmi Machine Works Ltd. | 2,013 | 262,388 | ||||||
Laurus Labs Ltd.(b) | 136,223 | 517,599 | ||||||
Laxmi Organic Industries Ltd. | 26,475 | 82,644 | ||||||
Lemon Tree Hotels Ltd.(a)(b) | 221,146 | 208,177 | ||||||
LIC Housing Finance Ltd. | 116,132 | 492,034 | ||||||
Linde India Ltd. | 8,769 | 394,503 | ||||||
LT Foods Ltd. | 49,875 | 58,251 | ||||||
Mahanagar Gas Ltd. | 27,091 | 293,432 | ||||||
Mahindra & Mahindra Financial Services Ltd. | 252,825 | 769,253 | ||||||
Mahindra CIE Automotive Ltd. | 54,623 | 280,079 | ||||||
Mahindra Lifespace Developers Ltd. | 37,411 | 168,375 | ||||||
Manappuram Finance Ltd. | 222,218 | 275,804 | ||||||
Mastek Ltd. | 6,900 | 137,438 | ||||||
Max Financial Services Ltd.(a) | 85,950 | 719,387 | ||||||
Max Healthcare Institute Ltd.(a) | 313,029 | 1,612,387 | ||||||
Medplus Health Services Ltd.(a) | 20,046 | 161,338 | ||||||
Metropolis Healthcare Ltd.(b) | 11,325 | 179,460 | ||||||
Mindspace Business Parks REIT(b) | 60,000 | 212,013 | ||||||
Motherson Sumi Wiring India Ltd. | 869,246 | 520,337 | ||||||
Motilal Oswal Financial Services Ltd. | 17,400 | 126,224 | ||||||
MTAR Technologies Ltd. | 1,125 | 23,092 | ||||||
Multi Commodity Exchange of India Ltd. | 9,552 | 161,908 | ||||||
Narayana Hrudayalaya Ltd. | 36,596 | 331,522 | ||||||
Natco Pharma Ltd. | 30,801 | 200,320 | ||||||
National Aluminium Co. Ltd. | 338,850 | 320,433 | ||||||
Navin Fluorine International Ltd. | 13,200 | 658,765 | ||||||
Nazara Technologies Ltd.(a) | 10,350 | 65,994 | ||||||
NCC Ltd./India | 261,690 | 281,466 | ||||||
Network18 Media & Investments Ltd.(a) | 67,050 | 47,311 | ||||||
NIIT Ltd. | 36,900 | 141,571 | ||||||
Nippon Life India Asset Management | 49,875 | 133,461 | ||||||
Nuvoco Vistas Corp. Ltd.(a) | 47,775 | 202,103 | ||||||
Oberoi Realty Ltd. | 53,956 | 559,033 | ||||||
Oil India Ltd. | 101,475 | 302,480 | ||||||
Olectra Greentech Ltd. | 23,100 | 139,053 | ||||||
Oracle Financial Services Software Ltd. | 8,700 | 333,291 | ||||||
Orient Electric Ltd. | 64,200 | 212,212 | ||||||
Paisalo Digital Ltd. | 126,750 | 90,778 | ||||||
PB Fintech Ltd.(a) | 76,579 | 516,370 | ||||||
Persistent Systems Ltd. | 20,025 | 1,159,674 | ||||||
Phoenix Mills Ltd. (The) | 44,325 | 741,165 | ||||||
Piramal Enterprises Ltd. | 46,146 | 429,740 | ||||||
Piramal Pharma Ltd., NVS(a) | 203,263 | 194,175 | ||||||
PNB Housing Finance Ltd.(a)(b) | 11,400 | 82,355 | ||||||
PNC Infratech Ltd. | 8,325 | 27,563 | ||||||
Poly Medicure Ltd. | 17,395 | 197,012 | ||||||
Polycab India Ltd. | 17,250 | 642,403 | ||||||
Polyplex Corporation Ltd. | 7,823 | 127,881 | ||||||
Poonawalla Fincorp Ltd. | 102,525 | 358,045 | ||||||
Praj Industries Ltd. | 48,525 | 205,893 | ||||||
Prestige Estates Projects Ltd. | 66,591 | 326,727 | ||||||
Procter & Gamble Health Ltd. | 3,450 | 195,120 |
Security | Shares | Value | ||||||
India (continued) | ||||||||
PVR Ltd.(a) | 25,875 | $ | 474,715 | |||||
PVR Ltd., NVS | 9,878 | 181,217 | ||||||
Quess Corp. Ltd.(b) | 30,300 | 129,465 | ||||||
Radico Khaitan Ltd. | 32,700 | 458,948 | ||||||
Rain Industries Ltd. | 88,641 | 164,405 | ||||||
Rainbow Children’s Medicare Ltd. | 6,600 | 59,124 | ||||||
Rajesh Exports Ltd. | 25,275 | 201,031 | ||||||
Rajratan Global Wire Ltd. | 3,300 | 28,810 | ||||||
Ramco Cements Ltd. (The) | 44,296 | 382,539 | ||||||
Ratnamani Metals & Tubes Ltd. | 12,258 | 324,229 | ||||||
RattanIndia Enterprises Ltd.(a) | 191,325 | 88,686 | ||||||
Raymond Ltd. | 16,957 | 260,393 | ||||||
RBL Bank Ltd.(a)(b) | 192,742 | 362,928 | ||||||
REC Ltd. | 474,634 | 655,831 | ||||||
Redington Ltd. | 237,238 | 488,467 | ||||||
Relaxo Footwears Ltd. | 21,525 | 202,427 | ||||||
Reliance Infrastructure Ltd.(a) | 91,438 | 144,530 | ||||||
Reliance Power Ltd.(a) | 1,032,825 | 122,370 | ||||||
Rhi Magnesita India Ltd. | 19,500 | 151,037 | ||||||
Route Mobile Ltd. | 14,325 | 232,710 | ||||||
Safari Industries India Ltd. | 445 | 10,880 | ||||||
Sanofi India Ltd. | 3,150 | 222,594 | ||||||
Saregama India Ltd. | 41,542 | 165,911 | ||||||
Sharda Cropchem Ltd. | 8,100 | 46,033 | ||||||
Sheela Foam Ltd.(a) | 11,250 | 159,538 | ||||||
Shoppers Stop Ltd.(a) | 20,523 | 161,173 | ||||||
Shree Renuka Sugars Ltd.(a) | 295,500 | 155,648 | ||||||
SKF India Ltd. | 10,689 | 576,753 | ||||||
Sobha Ltd. | 21,900 | 152,495 | ||||||
Solar Industries India Ltd. | 11,625 | 550,921 | ||||||
Sonata Software Ltd. | 33,697 | 295,863 | ||||||
South Indian Bank Ltd. (The)(a) | 164,835 | 33,399 | ||||||
Sterlite Technologies Ltd. | 93,075 | 178,410 | ||||||
Sumitomo Chemical India Ltd. | 38,502 | 208,248 | ||||||
Sun TV Network Ltd. | 31,650 | 164,023 | ||||||
Sundram Fasteners Ltd. | 41,250 | 490,499 | ||||||
Suprajit Engineering Ltd. | 36,750 | 156,841 | ||||||
Supreme Industries Ltd. | 25,875 | 863,798 | ||||||
Supreme Petrochem Ltd., NVS | 27,750 | 124,746 | ||||||
Suven Pharmaceuticals Ltd. | 43,425 | 251,965 | ||||||
Suzlon Energy Ltd.(a) | 2,415,816 | 239,336 | ||||||
Syngene International Ltd.(b) | 47,925 | 336,445 | ||||||
Tanla Platforms Ltd. | 26,550 | 216,544 | ||||||
Tata Chemicals Ltd. | 55,554 | 654,614 | ||||||
Tata Communications Ltd. | 45,314 | 662,032 | ||||||
Tata Investment Corp. Ltd. | 3,225 | 79,463 | ||||||
Tata Teleservices Maharashtra Ltd.(a) | 207,000 | 140,193 | ||||||
TCI Express Ltd. | 5,925 | 113,157 | ||||||
TeamLease Services Ltd.(a) | 5,700 | 173,207 | ||||||
Tejas Networks Ltd.(a)(b) | 29,250 | 197,646 | ||||||
Thermax Ltd. | 17,250 | 448,923 | ||||||
Thyrocare Technologies Ltd.(b) | 10,125 | 55,282 | ||||||
Timken India Ltd. | 9,225 | 329,050 | ||||||
Torrent Power Ltd. | 66,528 | 407,195 | ||||||
Transport Corp. of India Ltd. | 2,025 | 15,953 | ||||||
Trident Ltd. | 500,850 | 183,404 | ||||||
Triveni Engineering & Industries Ltd. | 42,300 | 137,974 | ||||||
TTK Prestige Ltd. | 19,500 | 178,429 | ||||||
TV18 Broadcast Ltd.(a) | 282,525 | 108,872 | ||||||
UNO Minda Ltd. | 73,500 | 450,401 |
S C H E D U L E O F I N V E S T M E N T S | 59 |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
India (continued) | ||||||||
Usha Martin Ltd. | 30,225 | $ | 64,240 | |||||
UTI Asset Management Co. Ltd.(a) | 18,075 | 142,943 | ||||||
Vakrangee Ltd. | 237,750 | 62,491 | ||||||
Vardhman Textiles Ltd.(a) | 45,480 | 169,224 | ||||||
V-Guard Industries Ltd. | 69,900 | 207,804 | ||||||
Vijaya Diagnostic Centre Pvt Ltd. | 19,514 | 89,101 | ||||||
Vinati Organics Ltd. | 12,225 | 278,516 | ||||||
VIP Industries Ltd. | 30,525 | 235,343 | ||||||
V-Mart Retail Ltd. | 5,400 | 157,291 | ||||||
Vodafone Idea Ltd.(a) | 3,784,971 | 311,066 | ||||||
Voltas Ltd. | 85,294 | 919,533 | ||||||
Welspun Corp. Ltd. | 63,727 | 141,856 | ||||||
West Coast Paper Mills Ltd. | 2,550 | 14,857 | ||||||
Westlife Development Ltd.(a) | 31,384 | 246,135 | ||||||
Whirlpool of India Ltd. | 13,050 | 205,709 | ||||||
Yes Bank Ltd., (Acquired 03/16/20, Cost: $336,376)(e) | 433,083 | 90,961 | ||||||
Yes Bank Ltd.(a) | 100 | 21 | ||||||
Zee Entertainment Enterprises Ltd. | 332,987 | 787,225 | ||||||
Zensar Technologies Ltd. | 45,300 | 158,886 | ||||||
ZF Commercial Vehicle Control Systems India Ltd. | 1,558 | 198,803 | ||||||
|
| |||||||
81,995,058 | ||||||||
Indonesia — 2.7% | ||||||||
Ace Hardware Indonesia Tbk PT | 1,830,000 | 60,594 | ||||||
AKR Corporindo Tbk PT | 3,938,000 | 357,417 | ||||||
Astra Agro Lestari Tbk PT | 210,000 | 114,305 | ||||||
Astrindo Nusantara Infrastructure Tbk PT(a) | 20,061,600 | 198,620 | ||||||
Bank Aladin Syariah Tbk PT(a) | 2,085,000 | 177,738 | ||||||
Bank BTPN Syariah Tbk PT | 945,000 | 144,972 | ||||||
Bank Bukopin Tbk PT(a) | 7,215,000 | 56,301 | ||||||
Bank Neo Commerce Tbk PT(a) | 2,664,166 | 111,686 | ||||||
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT | 1,266,664 | 109,630 | ||||||
Bank Tabungan Negara Persero Tbk PT | 1,890,000 | 164,171 | ||||||
Berkah Beton Sadaya Tbk PT(d) | 7,350,000 | 286,771 | ||||||
BFI Finance Indonesia Tbk PT | 3,277,500 | 293,307 | ||||||
Bukalapak.com PT Tbk(a) | 13,249,200 | 227,575 | ||||||
Bukit Asam Tbk PT | 1,552,500 | 392,844 | ||||||
Bumi Resources Minerals Tbk PT(a) | 16,117,500 | 172,202 | ||||||
Bumi Resources Tbk PT(a) | 26,406,400 | 235,493 | ||||||
Bumi Serpong Damai Tbk PT(a) | 3,232,500 | 209,754 | ||||||
Ciputra Development Tbk PT | 4,117,763 | 267,317 | ||||||
Cisarua Mountain Dairy PT TBK | 420,000 | 122,557 | ||||||
Digital Mediatama Maxima Tbk PT(a) | 750,000 | 48,689 | ||||||
Energi Mega Persada Tbk PT, NVS | 1,972,500 | 35,182 | ||||||
Erajaya Swasembada Tbk PT | 3,240,000 | 109,387 | ||||||
Gudang Garam Tbk PT | 114,600 | 187,869 | ||||||
Hanson International Tbk PT(a)(d) | 25,794,200 | — | ||||||
Harum Energy Tbk PT | 1,050,000 | 112,180 | ||||||
Indika Energy Tbk PT | 720,000 | 108,547 | ||||||
Indo Tambangraya Megah Tbk PT | 165,100 | 402,443 | ||||||
Indocement Tunggal Prakarsa Tbk PT | 495,000 | 361,011 | ||||||
Industri Jamu Dan Farmasi Sido Muncul Tbk PT | 2,318,857 | 133,809 | ||||||
Inti Agri Resources Tbk PT(a)(d) | 12,327,500 | — | ||||||
Japfa Comfeed Indonesia Tbk PT | 1,950,000 | 171,955 | ||||||
Jasa Marga Persero Tbk PT(a) | 945,000 | 201,376 | ||||||
Lippo Karawaci Tbk PT(a) | 10,142,400 | 53,871 | ||||||
Map Aktif Adiperkasa PT(a) | 90,000 | 28,859 | ||||||
Matahari Department Store Tbk PT | 382,500 | 129,799 | ||||||
Medco Energi Internasional Tbk PT | 3,377,712 | 253,436 | ||||||
Media Nusantara Citra Tbk PT(a) | 2,850,300 | 121,447 |
Security | Shares | Value | ||||||
Indonesia (continued) | ||||||||
Medikaloka Hermina Tbk PT | 2,697,700 | $ | 263,579 | |||||
Metro Healthcare Indonesia TBK PT(a) | 8,287,500 | 260,857 | ||||||
Mitra Adiperkasa Tbk PT(a) | 4,012,500 | 397,305 | ||||||
Pabrik Kertas Tjiwi Kimia Tbk PT | 660,000 | 302,897 | ||||||
Pacific Strategic Financial Tbk PT(a) | 2,992,500 | 220,758 | ||||||
Pakuwon Jati Tbk PT | 7,335,000 | 222,247 | ||||||
Panin Financial Tbk PT | 4,675,000 | 122,007 | ||||||
Perusahaan Gas Negara Tbk PT | 4,440,000 | 455,455 | ||||||
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT | 1,605,000 | 112,089 | ||||||
Sawit Sumbermas Sarana Tbk PT | 1,012,500 | 107,889 | ||||||
Siloam International Hospitals Tbk PT | 180,000 | 15,462 | ||||||
Smartfren Telecom Tbk PT(a) | 39,585,000 | 173,865 | ||||||
Sugih Energy Tbk PT(a)(d) | 1,824,800 | — | ||||||
Summarecon Agung Tbk PT | 4,440,050 | 176,077 | ||||||
Surya Citra Media Tbk PT | 9,840,000 | 139,392 | ||||||
Surya Esa Perkasa Tbk PT | 3,397,500 | 238,392 | ||||||
Temas Tbk PT | 279,900 | 61,303 | ||||||
Timah Tbk PT | 1,080,000 | 84,284 | ||||||
Transcoal Pacific Tbk PT | 397,500 | 231,332 | ||||||
Waskita Karya Persero Tbk PT(a)(d) | 3,225,094 | 73,047 | ||||||
XL Axiata Tbk PT | 1,312,600 | 179,865 | ||||||
|
| |||||||
10,001,216 | ||||||||
Kuwait — 1.1% | ||||||||
Al Ahli Bank of Kuwait KSCP | 300,000 | 335,195 | ||||||
Boubyan Petrochemicals Co. KSCP | 204,525 | 518,899 | ||||||
Boursa Kuwait Securities Co. KPSC | 42,975 | 282,793 | ||||||
Burgan Bank SAK | 341,500 | 251,370 | ||||||
Gulf Cable & Electrical Industries Co. KSCP | 24,675 | 96,600 | ||||||
Humansoft Holding Co. KSC | 36,111 | 432,884 | ||||||
Jazeera Airways Co. KSCP | 25,950 | 147,078 | ||||||
Kuwait International Bank KSCP | 432,425 | 277,453 | ||||||
Kuwait Projects Co. Holding KSCP | 745,228 | 274,237 | ||||||
National Industries Group Holding SAK | 872,569 | 585,394 | ||||||
National Investments Co. KSCP | 166,351 | 124,597 | ||||||
National Real Estate Co. KPSC(a) | 399,109 | 115,526 | ||||||
Salhia Real Estate Co. KSCP | 62,574 | 111,904 | ||||||
Shamal Az-Zour Al-Oula for the First Phase of Az-Zour | ||||||||
Power Plant KSC | 246,071 | 145,879 | ||||||
Warba Bank KSCP(a) | 540,832 | 405,104 | ||||||
|
| |||||||
4,104,913 | ||||||||
Malaysia — 2.8% | ||||||||
AFFIN Bank Bhd(c) | 105,800 | 49,039 | ||||||
AGMO HOLDINGS BHD(a) | 21,287 | 3,389 | ||||||
Alliance Bank Malaysia Bhd | 412,700 | 320,004 | ||||||
Axis Real Estate Investment Trust | 630,000 | 269,549 | ||||||
Bank Islam Malaysia Bhd | 208,600 | 105,520 | ||||||
Bermaz Auto Bhd | 532,600 | 255,103 | ||||||
British American Tobacco Malaysia Bhd(c) | 67,644 | 177,571 | ||||||
Bumi Armada Bhd(a)(c) | 1,050,000 | 135,327 | ||||||
Bursa Malaysia Bhd | 285,150 | 419,385 | ||||||
Carlsberg Brewery Malaysia Bhd(c) | 75,000 | 383,669 | ||||||
Chin Hin Group Bhd, NVS(c) | 383,200 | 338,046 | ||||||
D&O Green Technologies Bhd(c) | 202,500 | 203,810 | ||||||
Dagang NeXchange Bhd(c) | 930,000 | 125,313 | ||||||
DRB-Hicom Bhd | 502,500 | 158,994 | ||||||
Fraser & Neave Holdings Bhd | 47,100 | 288,596 | ||||||
Frontken Corp. Bhd | 467,950 | 326,260 | ||||||
Genting Plantations Bhd | 60,000 | 80,490 | ||||||
Greatech Technology Bhd(a) | 240,100 | 267,393 |
60 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Malaysia (continued) | ||||||||
Hartalega Holdings Bhd | 472,500 | $ | 154,780 | |||||
Heineken Malaysia Bhd | 58,400 | 372,459 | ||||||
Hibiscus Petroleum Bhd | 796,700 | 188,786 | ||||||
IGB Real Estate Investment Trust | 491,800 | 192,936 | ||||||
IJM Corp. Bhd | 1,192,500 | 427,806 | ||||||
IOI Properties Group Bhd | 555,000 | 138,553 | ||||||
Kossan Rubber Industries Bhd(c) | 585,000 | 142,060 | ||||||
Lotte Chemical Titan Holding Bhd(b) | 262,500 | 80,724 | ||||||
Magnum Bhd | 155,950 | 41,701 | ||||||
Malaysia Building Society Bhd(a)(c) | 1,342,600 | 180,970 | ||||||
Malaysian Pacific Industries Bhd(c) | 37,500 | 249,980 | ||||||
My EG Services Bhd(c) | 2,289,000 | 367,143 | ||||||
Padini Holdings Bhd | 225,000 | 195,515 | ||||||
Pentamaster Corp. Bhd | 307,550 | 346,711 | ||||||
PMB Technology Bhd | 60,000 | 58,830 | ||||||
Scientex Bhd | 383,300 | 309,174 | ||||||
Sime Darby Property Bhd | 1,343,000 | 143,631 | ||||||
SKP Resources Bhd | 495,000 | 147,760 | ||||||
SP Setia Bhd Group(c) | 757,600 | 104,619 | ||||||
Sports Toto Bhd | 124,693 | 42,238 | ||||||
Sunway REIT | 696,300 | 240,498 | ||||||
Supermax Corp. Bhd(c) | 784,616 | 131,979 | ||||||
Syarikat Takaful Malaysia Keluarga Bhd | 37,444 | 27,619 | ||||||
TIME dotCom Bhd(c) | 485,400 | 578,694 | ||||||
TSH Resources Bhd | 172,500 | 39,595 | ||||||
UMW Holdings Bhd | 157,600 | 136,934 | ||||||
Unisem M Bhd | 243,700 | 160,628 | ||||||
United Plantations Bhd | 15,000 | 55,153 | ||||||
UWC Bhd(c) | 300,000 | 267,543 | ||||||
ViTrox Corp. Bhd | 143,900 | 256,423 | ||||||
VS Industry Bhd | 1,260,250 | 246,924 | ||||||
Yinson Holdings Bhd | 528,800 | 318,372 | ||||||
YTL Corp. Bhd | 1,179,900 | 148,526 | ||||||
|
| |||||||
10,402,722 | ||||||||
Mexico — 2.4% | ||||||||
Alsea SAB de CV(a) | 225,100 | 497,529 | ||||||
Bolsa Mexicana de Valores SAB de CV | 155,500 | 302,391 | ||||||
Concentradora Fibra Danhos SA de CV(c) | 79,000 | 103,411 | ||||||
Controladora Vuela Cia. de Aviacion SAB de | 382,500 | 453,861 | ||||||
Corp Inmobiliaria Vesta SAB de CV | 248,000 | 719,880 | ||||||
FIBRA Macquarie Mexico(b) | 330,100 | 566,870 | ||||||
GCC SAB de CV | 69,220 | 544,257 | ||||||
Genomma Lab Internacional SAB de CV, Class B | 230,400 | 185,992 | ||||||
Gentera SAB de CV | 442,500 | 477,895 | ||||||
Grupo Aeroportuario del Centro Norte SAB de CV | 116,808 | 1,116,145 | ||||||
Grupo Comercial Chedraui SA de CV | 92,300 | 472,888 | ||||||
Grupo Herdez SAB de CV | 7,500 | 17,548 | ||||||
Grupo Rotoplas SAB de CV | 87,267 | 142,373 | ||||||
Grupo Traxion SAB de CV(a)(b) | 97,500 | 181,022 | ||||||
La Comer SAB de CV(c) | 195,000 | 427,270 | ||||||
Nemak SAB de CV(a)(b) | 720,096 | 182,617 | ||||||
PLA Administradora Industrial S. de RL de CV(c) | 275,600 | 508,075 | ||||||
Prologis Property Mexico SA de CV | 210,031 | 770,261 | ||||||
Qualitas Controladora SAB de CV | 67,300 | 419,620 | ||||||
Regional SAB de CV | 97,200 | 808,189 | ||||||
Sitios Latinoamerica SAB de CV(a) | 260,600 | 104,972 | ||||||
|
| |||||||
9,003,066 | ||||||||
Philippines — 1.1% | ||||||||
Alliance Global Group Inc. | 1,422,600 | 323,155 |
Security | Shares | Value | ||||||
Philippines (continued) | ||||||||
AREIT Inc. | 135,000 | $ | 87,766 | |||||
Bloomberry Resorts Corp.(a) | 1,860,000 | 306,981 | ||||||
Century Pacific Food Inc. | 551,100 | 261,362 | ||||||
Converge Information and Communications Technology Solutions Inc.(a) | 601,700 | 176,543 | ||||||
Cosco Capital Inc. | 1,437,000 | 108,262 | ||||||
D&L Industries Inc. | 1,050,100 | 149,469 | ||||||
DMCI Holdings Inc. | 1,604,300 | 305,662 | ||||||
GT Capital Holdings Inc. | 11,390 | 106,735 | ||||||
LT Group Inc. | 1,080,000 | 204,744 | ||||||
Manila Water Co. Inc. | 542,600 | 186,137 | ||||||
Megaworld Corp. | 4,892,000 | 178,429 | ||||||
Metro Pacific Investments Corp. | 1,263,000 | 93,071 | ||||||
Puregold Price Club Inc. | 455,400 | 259,200 | ||||||
RL Commercial REIT Inc. | 2,311,600 | 238,051 | ||||||
Robinsons Land Corp. | 884,200 | 240,379 | ||||||
Robinsons Retail Holdings Inc. | 129,880 | 127,564 | ||||||
Security Bank Corp. | 193,740 | 359,490 | ||||||
Semirara Mining & Power Corp. | 251,500 | 136,160 | ||||||
Wilcon Depot Inc. | 693,400 | 395,489 | ||||||
|
| |||||||
4,244,649 | ||||||||
Poland — 1.1% | ||||||||
Alior Bank SA(a) | 36,900 | 335,959 | ||||||
AmRest Holdings SE(a) | 44,615 | 208,689 | ||||||
Asseco Poland SA | 25,889 | 464,271 | ||||||
Bank Handlowy w Warszawie SA | 2,813 | 52,754 | ||||||
Bank Millennium SA(a)(c) | 236,775 | 240,759 | ||||||
Budimex SA | 5,175 | 327,368 | ||||||
CCC SA(a) | 17,303 | 137,538 | ||||||
Ciech SA(c) | 15,628 | 182,126 | ||||||
Enea SA(a) | 116,374 | 169,229 | ||||||
Grupa Azoty SA(a) | 22,028 | 191,683 | ||||||
Jastrzebska Spolka Weglowa SA(a)(c) | 22,934 | 281,784 | ||||||
KRUK SA | 7,275 | 540,687 | ||||||
LiveChat Software SA | 7,650 | 240,753 | ||||||
Neuca SA(c) | 1,050 | 139,023 | ||||||
Orange Polska SA | 248,400 | 375,088 | ||||||
Tauron Polska Energia SA(a)(c) | 434,894 | 210,347 | ||||||
Warsaw Stock Exchange | 10,500 | 87,616 | ||||||
|
| |||||||
4,185,674 | ||||||||
Qatar — 0.9% | ||||||||
Aamal Co. | 773,325 | 204,645 | ||||||
Al Meera Consumer Goods Co. QSC | 36,141 | 157,346 | ||||||
Baladna | 466,350 | 171,817 | ||||||
Doha Bank QPSC | 672,104 | 303,653 | ||||||
Estithmar Holding QPSC(a) | 163,350 | 84,983 | ||||||
Gulf International Services QSC(a) | 276,656 | 138,295 | ||||||
Gulf Warehousing Co. | 151,500 | 143,116 | ||||||
Mannai Corp. QSC | 34,944 | 66,102 | ||||||
Medicare Group | 85,441 | 140,165 | ||||||
Qatar Aluminum Manufacturing Co. | 1,140,618 | 528,005 | ||||||
Qatar Insurance Co. SAQ | 554,227 | 257,985 | ||||||
Qatar National Cement Co. QSC | 116,175 | 134,431 | ||||||
Qatar Navigation QSC | 240,560 | 592,232 | ||||||
Qatari Investors Group QSC | 142,850 | 76,973 | ||||||
United Development Co. QSC | 700,700 | 221,035 | ||||||
Vodafone Qatar QSC | 749,853 | 326,251 | ||||||
|
| |||||||
3,547,034 | ||||||||
Russia — 0.0% | ||||||||
Credit Bank of Moscow PJSC(a)(d) | 4,743,600 | 632 |
S C H E D U L E O F I N V E S T M E N T S | 61 |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Russia (continued) | ||||||||
Detsky Mir PJSC(a)(b)(d) | 238,520 | $ | 32 | |||||
Federal Grid Co. Unified Energy System PJSC(a)(d) | 142,040,000 | 19 | ||||||
Globaltrans Investment PLC, GDR(a)(d)(f) | 36,180 | 5 | ||||||
Lenta PJSC, GDR(a)(d) | 58,692 | 8 | ||||||
LSR Group PJSC(a)(d) | 16,818 | 2 | ||||||
Mosenergo PJSC(d) | 4,900,000 | 653 | ||||||
QIWI PJSC, ADR(a)(d) | 20,971 | 3 | ||||||
Rostelecom PJSC(d) | 373,860 | 50 | ||||||
Segezha Group PJSC(b)(d) | 1,675,000 | 223 | ||||||
Sistema PJSFC(a)(d) | 1,865,280 | 248 | ||||||
Sovcomflot PJSC(a)(d) | 338,350 | 45 | ||||||
Unipro PJSC(a)(d) | 4,288,000 | 571 | ||||||
United Medical Group, GDR(a)(d) | 11,658 | 2 | ||||||
|
| |||||||
2,493 | ||||||||
Saudi Arabia — 3.2% | ||||||||
Abdullah Al Othaim Markets Co. | 17,732 | 533,282 | ||||||
Al Hammadi Holding | 38,409 | 486,869 | ||||||
Al Jouf Agricultural Development Co. | 9,385 | 131,548 | ||||||
Al Masane Al Kobra Mining Co. | 2,244 | 44,718 | ||||||
Al Moammar Information Systems Co. | 6,565 | 171,052 | ||||||
Al Rajhi Co. for Co-operative Insurance(a) | 8,175 | 217,846 | ||||||
Alamar Foods, NVS | 750 | 31,258 | ||||||
Al-Dawaa Medical Services Co. | 9,746 | 195,249 | ||||||
Aldrees Petroleum and Transport Services Co. | 16,952 | 380,376 | ||||||
AlKhorayef Water & Power Technologies Co. | 5,812 | 210,395 | ||||||
Almunajem Foods Co. | 7,125 | 110,671 | ||||||
Alujain Corp. | 17,665 | 171,031 | ||||||
Arabian Cement Co./Saudi Arabia | 23,850 | 218,283 | ||||||
Arabian Contracting Services Co. | 6,338 | 183,861 | ||||||
Arriyadh Development Co. | 44,975 | 221,025 | ||||||
Astra Industrial Group | 16,382 | 258,766 | ||||||
City Cement Co. | 34,227 | 187,482 | ||||||
Co. for Cooperative Insurance (The)(a) | 23,678 | 587,141 | ||||||
Dur Hospitality Co.(a) | 21,750 | 134,013 | ||||||
Eastern Province Cement Co. | 22,179 | 236,840 | ||||||
Fawaz Abdulaziz Al Hokair & Co.(a) | 20,077 | 78,420 | ||||||
Halwani Brothers Co. | 6,075 | 84,582 | ||||||
Herfy Food Services Co.(a) | 10,875 | 99,279 | ||||||
Jadwa REIT Saudi Fund | 68,333 | 221,921 | ||||||
Leejam Sports Co. JSC | 11,947 | 290,929 | ||||||
Maharah Human Resources Co. | 13,190 | 200,911 | ||||||
Methanol Chemicals Co.(a) | 17,005 | 112,667 | ||||||
Middle East Paper Co. | 12,038 | 97,302 | ||||||
National Agriculture Development Co. (The)(a) | 28,275 | 180,508 | ||||||
National Co. for Learning & Education Ltd. | 2,250 | 53,842 | ||||||
National Gas & Industrialization Co. | 16,324 | 232,152 | ||||||
National Medical Care Co. | 11,029 | 228,653 | ||||||
Perfect Presentation For Commercial Services Co., NVS | 375 | 17,907 | ||||||
Qassim Cement Co. (The) | 20,250 | 364,243 | ||||||
Saudi Airlines Catering Co.(a) | 19,324 | 406,796 | ||||||
Saudi Arabia Refineries Co. | 2,700 | 55,893 | ||||||
Saudi Cement Co. | 29,295 | 408,790 | ||||||
Saudi Ceramic Co. | 16,863 | 135,730 | ||||||
Saudi Chemical Co. Holding | 24,001 | 177,941 | ||||||
Saudi Fisheries Co.(a) | 24,248 | 172,300 | ||||||
Saudi Ground Services Co.(a) | 42,450 | 241,254 | ||||||
Saudi Industrial Services Co. | 26,598 | 169,927 | ||||||
Saudi Pharmaceutical Industries & Medical Appliances Corp. | 29,025 | 167,153 | ||||||
Saudi Public Transport Co.(a) | 42,789 | 196,473 |
Security | Shares | Value | ||||||
Saudi Arabia (continued) | ||||||||
Saudi Real Estate Co.(a) | 78,896 | $ | 259,598 | |||||
Saudia Dairy & Foodstuff Co. | 6,867 | 444,589 | ||||||
Seera Group Holding(a) | 68,625 | 355,199 | ||||||
Sinad Holding Co.(a) | 19,650 | 53,416 | ||||||
Southern Province Cement Co. | 29,100 | 388,959 | ||||||
Tanmiah Food Co. | 1,800 | 57,943 | ||||||
Theeb Rent A Car Co. | 956 | 19,514 | ||||||
United Electronics Co. | 15,925 | 339,089 | ||||||
United International Transportation Co. | 22,870 | 326,054 | ||||||
Yamama Cement Co.(a) | 46,035 | 372,927 | ||||||
Yanbu Cement Co. | 33,490 | 315,634 | ||||||
|
| |||||||
12,040,201 | ||||||||
South Africa — 3.6% | ||||||||
Adcock Ingram Holdings Ltd. | 27,225 | 79,889 | ||||||
AECI Ltd. | 42,675 | 216,686 | ||||||
Astral Foods Ltd. | 14,639 | 130,328 | ||||||
AVI Ltd. | 126,561 | 523,988 | ||||||
Barloworld Ltd. | 63,450 | 316,473 | ||||||
Coronation Fund Managers Ltd. | 94,350 | 160,701 | ||||||
Dis-Chem Pharmacies Ltd.(b) | 142,200 | 209,448 | ||||||
Distell Group Holdings Ltd.(a) | 63,075 | 602,278 | ||||||
DRDGOLD Ltd. | 195,525 | 143,527 | ||||||
Equites Property Fund Ltd. | 273,793 | 230,484 | ||||||
Fortress REIT Ltd., Series A(a) | 466,875 | 267,185 | ||||||
Grindrod Ltd. | 106,050 | 59,305 | ||||||
Hosken Consolidated Investments Ltd. | 9,000 | 91,642 | ||||||
Hyprop Investments Ltd. | 148,454 | 277,023 | ||||||
Investec Ltd. | 111,029 | 709,884 | ||||||
Investec Property Fund Ltd. | 197,821 | 93,498 | ||||||
JSE Ltd. | 40,112 | 248,775 | ||||||
KAP Industrial Holdings Ltd. | 1,013,887 | 192,393 | ||||||
Life Healthcare Group Holdings Ltd. | 506,941 | 540,522 | ||||||
Momentum Metropolitan Holdings | 447,706 | 484,118 | ||||||
Motus Holdings Ltd. | 57,668 | 347,484 | ||||||
Netcare Ltd. | 403,350 | 334,294 | ||||||
Ninety One Ltd. | 69,065 | 172,992 | ||||||
Oceana Group Ltd. | 43,751 | 172,717 | ||||||
Omnia Holdings Ltd. | 74,806 | 243,420 | ||||||
Pick n Pay Stores Ltd. | 146,254 | 365,297 | ||||||
PSG Konsult Ltd. | 425,841 | �� | 301,207 | |||||
Redefine Properties Ltd. | 2,689,989 | 559,010 | ||||||
Resilient REIT Ltd. | 116,925 | 324,385 | ||||||
Reunert Ltd. | 60,000 | 194,391 | ||||||
Royal Bafokeng Platinum Ltd. | 41,542 | 351,676 | ||||||
Santam Ltd. | 17,400 | 280,058 | ||||||
Sappi Ltd. | 202,806 | 539,675 | ||||||
SPAR Group Ltd. (The) | 55,350 | 433,999 | ||||||
Super Group Ltd./South Africa | 162,300 | 305,781 | ||||||
Telkom SA SOC Ltd.(a) | 115,425 | 240,906 | ||||||
Thungela Resources Ltd.(c) | 49,835 | 579,445 | ||||||
Tiger Brands Ltd. | 64,290 | 777,151 | ||||||
Transaction Capital Ltd. | 235,815 | 400,622 | ||||||
Truworths International Ltd.(c) | 146,625 | 472,197 | ||||||
Vukile Property Fund Ltd. | 340,608 | 248,895 | ||||||
Wilson Bayly Holmes-Ovcon Ltd.(a) | 21,940 | 124,245 | ||||||
|
| |||||||
13,347,994 | ||||||||
South Korea — 14.4% | ||||||||
ABLBio Inc.(a) | 15,783 | 247,817 | ||||||
Advanced Nano Products Co. Ltd. | 2,925 | 306,808 | ||||||
AfreecaTV Co. Ltd. | 3,375 | 227,493 |
62 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
Ahnlab Inc.(c) | 2,959 | $ | 169,255 | |||||
Alteogen Inc.(a) | 8,438 | 239,547 | ||||||
AMOREPACIFIC Group | 10,875 | 328,922 | ||||||
Ananti Inc.(a)(c) | 42,734 | 234,411 | ||||||
Asiana Airlines Inc.(a) | 17,078 | 180,872 | ||||||
BH Co. Ltd.(c) | 11,325 | 202,132 | ||||||
Bioneer Corp.(a) | 9,811 | 395,756 | ||||||
BNK Financial Group Inc.(c) | 103,343 | 523,018 | ||||||
Boryung | 13,818 | 93,879 | ||||||
Bukwang Pharmaceutical Co. Ltd.(a) | 31,650 | 198,516 | ||||||
Caregen Co. Ltd. | 750 | 100,151 | ||||||
Cellivery Therapeutics Inc.(a) | 10,519 | 103,217 | ||||||
Chabiotech Co. Ltd.(a)(c) | 21,012 | 222,578 | ||||||
Chong Kun Dang Pharmaceutical Corp.(c) | 3,622 | 216,466 | ||||||
Chunbo Co. Ltd.(c) | 2,210 | 420,393 | ||||||
CJ CGV Co. Ltd.(a) | 14,700 | 187,789 | ||||||
CJ ENM Co. Ltd.(a) | 1,650 | 115,465 | ||||||
CJ Logistics Corp. | 1,697 | 104,779 | ||||||
Com2uSCorp | 3,600 | 184,978 | ||||||
Cosmax Inc.(a) | 4,875 | 284,562 | ||||||
CosmoAM&T Co. Ltd.(a) | 9,000 | 525,778 | ||||||
Cosmochemical Co. Ltd.(a) | 9,225 | 291,059 | ||||||
Creative & Innovative System(a)(c) | 19,800 | 153,806 | ||||||
CS Wind Corp.(c) | 11,284 | 569,496 | ||||||
Cuckoo Homesys Co. Ltd.(a) | 7,775 | 175,988 | ||||||
Daeduck Electronics Co. Ltd./New | 14,175 | 224,414 | ||||||
Daejoo Electronic Materials Co. Ltd. | 4,650 | 334,171 | ||||||
Daesang Corp.(a) | 11,850 | 178,591 | ||||||
Daewoo Engineering & Construction Co. Ltd.(a)(c) | 86,906 | 282,401 | ||||||
Daewoo Shipbuilding & Marine Engineering Co. Ltd.(a)(c) | 17,775 | 345,266 | ||||||
Daewoong Co. Ltd.(a) | 10,125 | 131,057 | ||||||
Daewoong Pharmaceutical Co. Ltd.(a) | 2,025 | 178,552 | ||||||
Daishin Securities Co. Ltd.(a) | 16,050 | 158,701 | ||||||
Danal Co. Ltd.(a) | 23,400 | 99,246 | ||||||
Daou Technology Inc. | 12,383 | 201,927 | ||||||
Dawonsys Co. Ltd.(a) | 14,852 | 163,748 | ||||||
DB HiTek Co. Ltd.(c) | 15,318 | 523,311 | ||||||
Dentium Co. Ltd.(a) | 4,125 | 376,741 | ||||||
DGB Financial Group Inc. | 59,373 | 354,437 | ||||||
DL E&C Co. Ltd. | 14,400 | 358,632 | ||||||
DL Holdings Co. Ltd. | 5,998 | 266,770 | ||||||
Dong-A Socio Holdings Co. Ltd. | 1,875 | 135,895 | ||||||
Dong-A ST Co. Ltd. | 3,595 | 160,987 | ||||||
Dongjin Semichem Co. Ltd.(a)(c) | 14,285 | 384,312 | ||||||
DongKook Pharmaceutical Co. Ltd. | 12,554 | 152,932 | ||||||
Dongkuk Steel Mill Co. Ltd. | 31,242 | 323,069 | ||||||
Dongsuh Cos. Inc. | 12,548 | 183,256 | ||||||
Dongwha Enterprise Co. Ltd.(a) | 2,100 | 89,984 | ||||||
Dongwon F&B Co. Ltd. | 845 | 103,626 | ||||||
Dongwon Industries Co. Ltd. | 1,533 | 59,712 | ||||||
Doosan Co. Ltd.(c) | 2,550 | 194,337 | ||||||
Doosan Fuel Cell Co. Ltd.(a) | 17,475 | 453,463 | ||||||
DoubleUGames Co. Ltd. | 4,800 | 167,782 | ||||||
Douzone Bizon Co. Ltd. | 8,311 | 215,709 | ||||||
Duk San Neolux Co. Ltd.(a)(c) | 4,350 | 145,503 | ||||||
Ecopro Co. Ltd.(c) | 7,663 | 1,650,822 | ||||||
Ecopro HN Co. Ltd. | 5,025 | 197,269 | ||||||
Enchem Co. Ltd.(a) | 2,550 | 116,980 | ||||||
Eo Technics Co. Ltd.(a) | 3,375 | 194,730 | ||||||
ESR Kendall Square REIT Co. Ltd. | 63,506 | 191,960 |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
Eugene Technology Co. Ltd. | 5,775 | $ | 115,569 | |||||
Fila Holdings Corp. | 18,825 | 554,611 | ||||||
Foosung Co. Ltd. | 22,065 | 221,350 | ||||||
GC Cell Corp. | 4,500 | 150,981 | ||||||
GemVax & Kael Co. Ltd.(a) | 13,050 | 155,013 | ||||||
Geneone Life Science Inc.(a) | 31,050 | 167,474 | ||||||
Genexine Inc.(a) | 18,787 | 204,783 | ||||||
GOLFZON Co. Ltd.(a) | 1,425 | 154,340 | ||||||
Grand Korea Leisure Co. Ltd.(a) | 16,510 | 256,950 | ||||||
Green Cross Corp. | 419 | 37,904 | ||||||
Green Cross Holdings Corp. | 12,075 | 145,087 | ||||||
GS Engineering & Construction Corp.(c) | 15,309 | 256,985 | ||||||
GS Retail Co. Ltd. | 16,875 | 367,745 | ||||||
HAESUNG DS Co. Ltd. | 4,582 | 138,917 | ||||||
Hana Materials Inc.(c) | 3,675 | 104,167 | ||||||
Hana Tour Service Inc.(a) | 5,230 | 254,609 | ||||||
Hanall Biopharma Co. Ltd.(a) | 18,450 | 216,753 | ||||||
Handsome Co. Ltd. | 7,352 | 142,830 | ||||||
Hanil Cement Co. Ltd./New | 9,600 | 86,499 | ||||||
Hankook & Co. Co. Ltd. | 9,853 | 99,406 | ||||||
Hanmi Semiconductor Co. Ltd. | 17,400 | 209,584 | ||||||
Hansae Co. Ltd. | 6,750 | 85,003 | ||||||
Hansol Chemical Co. Ltd.(c) | 3,750 | 579,238 | ||||||
Hanssem Co. Ltd. | 4,500 | 152,414 | ||||||
Hanwha Aerospace Co. Ltd. | 14,280 | 969,828 | ||||||
Hanwha Corp. | 14,475 | 294,594 | ||||||
Hanwha Investment & Securities Co. Ltd.(a) | 51,150 | 117,691 | ||||||
Hanwha Life Insurance Co. Ltd.(a) | 127,950 | 287,502 | ||||||
Hanwha Systems Co. Ltd. | 21,197 | 197,903 | ||||||
HDC Hyundai Development Co-Engineering & Construction, Class E(a) | 14,062 | 110,008 | ||||||
Helixmith Co. Ltd.(a) | 18,230 | 145,356 | ||||||
Hite Jinro Co. Ltd.(a) | 13,500 | 243,723 | ||||||
HL Mando Co. Ltd. | 13,128 | 470,209 | ||||||
HLB Life Science Co. Ltd.(a) | 36,375 | 303,106 | ||||||
Hugel Inc.(a) | 2,850 | 277,415 | ||||||
Humasis Co. Ltd.(a) | 8,700 | 97,306 | ||||||
Hwaseung Enterprise Co. Ltd.(a) | 11,025 | 77,517 | ||||||
Hyosung Advanced Materials Corp. | 1,063 | 329,742 | ||||||
Hyosung Corp. | 3,161 | 160,356 | ||||||
Hyosung Heavy Industries Corp.(a) | 2,661 | 142,826 | ||||||
Hyosung TNC Corp.(c) | 1,125 | 388,810 | ||||||
Hyundai Autoever Corp. | 2,775 | 237,864 | ||||||
Hyundai Bioscience Co. Ltd.(a) | 16,125 | 320,612 | ||||||
Hyundai Construction Equipment Co. Ltd. | 3,683 | 152,729 | ||||||
Hyundai Department Store Co. Ltd.(c) | 6,038 | 247,658 | ||||||
Hyundai Doosan Infracore Co. Ltd. | 50,925 | 328,358 | ||||||
Hyundai Electric & Energy System Co. Ltd. | 10,747 | 341,150 | ||||||
Hyundai Elevator Co. Ltd.(a) | 12,225 | 256,252 | ||||||
Hyundai Feed Inc.(a)(c) | 7,280 | 98,019 | ||||||
Hyundai Marine & Fire Insurance Co. Ltd. | 20,982 | 558,313 | ||||||
Hyundai Rotem Co. Ltd.(a) | 31,200 | 588,098 | ||||||
Hyundai Wia Corp. | 6,414 | 270,613 | ||||||
Il Dong Pharmaceutical Co. Ltd.(a) | 7,665 | 136,440 | ||||||
Iljin Hysolus Co. Ltd.(a) | 5,850 | 135,946 | ||||||
Innocean Worldwide Inc. | 4,294 | 138,104 | ||||||
Innox Advanced Materials Co. Ltd.(c) | 5,254 | 154,484 | ||||||
Intellian Technologies Inc.(c) | 3,366 | 206,020 | ||||||
IS Dongseo Co. Ltd.(a)(c) | 6,900 | 228,953 | ||||||
JB Financial Group Co. Ltd. | 39,811 | 277,988 |
S C H E D U L E O F I N V E S T M E N T S | 63 |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
Jeisys Medical Inc.(a) | 13,285 | $ | 97,987 | |||||
Jin Air Co. Ltd.(a) | 14,400 | 184,458 | ||||||
Jusung Engineering Co. Ltd. | 14,775 | 130,712 | ||||||
JW Pharmaceutical Corp. | 8,202 | 128,702 | ||||||
JYP Entertainment Corp.(a) | 13,233 | 785,959 | ||||||
K Car Co. Ltd., NVS(c) | 7,863 | 73,148 | ||||||
KCC Corp.(c) | 1,875 | 347,120 | ||||||
KCC Glass Corp. | 4,408 | 135,408 | ||||||
KEPCO Engineering & Construction Co. Inc.(a)(c) | 5,520 | 263,599 | ||||||
KEPCO Plant Service & Engineering Co. Ltd.(a) | 9,750 | 238,547 | ||||||
KG Dongbu Steel Co. Ltd. | 13,725 | 89,693 | ||||||
KIWOOM Securities Co. Ltd.(a) | 7,637 | 595,148 | ||||||
KMW Co. Ltd.(a) | 13,425 | 255,085 | ||||||
Koh Young Technology Inc. | 23,062 | 291,539 | ||||||
Kolmar Korea Co. Ltd.(a) | 7,950 | 244,264 | ||||||
Kolon Industries Inc.(c) | 7,725 | 262,124 | ||||||
KoMiCo Ltd. | 2,782 | 95,995 | ||||||
Korea Electric Terminal Co. Ltd. | 2,819 | 119,947 | ||||||
Korea Line Corp.(a) | 95,625 | 168,720 | ||||||
Korean Reinsurance Co. | 36,487 | 224,810 | ||||||
Kum Yang Co. Ltd.(a) | 12,758 | 370,397 | ||||||
Kumho Tire Co. Inc.(a) | 44,250 | 111,164 | ||||||
Kyung Dong Navien Co. Ltd. | 3,678 | 104,813 | ||||||
L&C Bio Co. Ltd.(c) | 10,355 | 178,084 | ||||||
LEENO Industrial Inc. | 4,064 | 498,016 | ||||||
LegoChem Biosciences Inc.(a) | 12,296 | 345,905 | ||||||
LIG Nex1 Co. Ltd. | 4,994 | 281,695 | ||||||
Lotte Fine Chemical Co. Ltd. | 7,529 | 330,175 | ||||||
LOTTE Reit Co. Ltd. | 52,950 | 158,039 | ||||||
Lotte Rental Co. Ltd. | 7,875 | 158,142 | ||||||
Lotte Tour Development Co. Ltd.(a)(c) | 24,825 | 269,495 | ||||||
LS Corp.(c) | 7,010 | 356,968 | ||||||
LS Electric Co. Ltd. | 7,425 | 281,561 | ||||||
Lutronic Corp.(a) | 5,925 | 119,063 | ||||||
LX International Corp. | 11,925 | 282,127 | ||||||
LX Semicon Co. Ltd. | 4,575 | 319,172 | ||||||
Mcnex Co. Ltd. | 5,721 | 119,625 | ||||||
MedPacto Inc.(a) | 9,675 | 141,062 | ||||||
Medytox Inc.(c) | 2,441 | 402,763 | ||||||
MegaStudyEdu Co. Ltd. | 3,525 | 184,062 | ||||||
Myoung Shin Industrial Co. Ltd.(a)(c) | 11,775 | 179,320 | ||||||
Namhae Chemical Corp. | 17,325 | 117,906 | ||||||
Naturecell Co. Ltd.(a)(c) | 21,716 | 265,351 | ||||||
NEPES Corp.(a) | 11,102 | 147,882 | ||||||
Nexon Games Co. Ltd.(a) | 10,425 | 114,698 | ||||||
NEXTIN Inc.(c) | 2,748 | 124,748 | ||||||
NHN Corp.(a) | 8,716 | 190,668 | ||||||
NICE Information Service Co. Ltd.(a) | 16,594 | 162,702 | ||||||
NKMax Co. Ltd.(a) | 15,675 | 146,183 | ||||||
NongShim Co. Ltd.(c) | 1,295 | 358,356 | ||||||
OCI Co. Ltd.(c) | 7,500 | 513,953 | ||||||
Orion Holdings Corp. | 8,850 | 105,514 | ||||||
Oscotec Inc.(a) | 14,563 | 197,414 | ||||||
Ottogi Corp.(a) | 450 | 149,735 | ||||||
Paradise Co. Ltd.(a) | 20,850 | 263,370 | ||||||
Park Systems Corp. | 1,950 | 201,504 | ||||||
Partron Co. Ltd. | 16,575 | 101,161 | ||||||
People & Technology Inc. | 7,827 | 257,104 | ||||||
PharmaResearch Co. Ltd. | 4,271 | 239,784 | ||||||
Pharmicell Co. Ltd.(a) | 25,800 | 188,127 |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
PI Advanced Materials Co. Ltd.(a) | 8,025 | $ | 211,510 | |||||
Poongsan Corp. | 8,270 | 224,323 | ||||||
Posco ICT Co. Ltd. | 27,020 | 139,316 | ||||||
Posco International Corp. | 21,300 | 363,235 | ||||||
PSK Inc. | 12,643 | 169,182 | ||||||
Rainbow Robotics(a) | 2,175 | 152,205 | ||||||
RFHIC Corp. | 8,833 | 149,550 | ||||||
Sam Chun Dang Pharm Co. Ltd.(a) | 5,400 | 210,721 | ||||||
Sam Kang M&T Co. Ltd.(a) | 13,686 | 205,111 | ||||||
Samchully Co. Ltd.(a) | 702 | 272,243 | ||||||
Samyang Holdings Corp. | 1,575 | 93,711 | ||||||
Sang-A Frontec Co. Ltd., NVS | 4,919 | 120,493 | ||||||
Sebang Co. Ltd. | 1,635 | 53,254 | ||||||
Sebang Global Battery Co. Ltd. | 2,775 | 108,707 | ||||||
Seegene Inc. | 7,239 | 133,215 | ||||||
Seojin System Co. Ltd.(a)(c) | 11,700 | 150,389 | ||||||
Seoul Semiconductor Co. Ltd.(a) | 18,860 | 155,970 | ||||||
SFA Engineering Corp.(c) | 8,775 | 238,117 | ||||||
SFA Semicon Co. Ltd.(a)(c) | 33,300 | 107,316 | ||||||
Shin Poong Pharmaceutical Co. Ltd.(a) | 14,356 | 210,196 | ||||||
Shinsegae Inc.(c) | 2,925 | 450,736 | ||||||
Shinsegae International Inc. | 5,625 | 95,377 | ||||||
SIMMTECH Co. Ltd.(a) | 8,625 | 187,168 | ||||||
SK Chemicals Co. Ltd. | 1,680 | 99,348 | ||||||
SK Networks Co. Ltd. | 54,375 | 169,002 | ||||||
SL Corp.(a) | 6,717 | 138,409 | ||||||
SM Entertainment Co. Ltd. | 8,190 | 787,828 | ||||||
SNT Motiv Co. Ltd. | 4,575 | 166,763 | ||||||
SOLUM Co. Ltd.(a) | 18,174 | 303,864 | ||||||
Solus Advanced Materials Co. Ltd. | 7,511 | 278,640 | ||||||
Soulbrain Co. Ltd. | 1,849 | 326,267 | ||||||
ST Pharm Co. Ltd. | 3,900 | 230,894 | ||||||
STCUBE(a)(c) | 13,651 | 180,557 | ||||||
Studio Dragon Corp.(a)(c) | 2,128 | 122,591 | ||||||
Taekwang Industrial Co. Ltd.(a) | 150 | 88,636 | ||||||
Taihan Electric Wire Co. Ltd.(a) | 227,422 | 250,583 | ||||||
TKG Huchems Co. Ltd. | 9,177 | 140,039 | ||||||
Tokai Carbon Korea Co. Ltd. | 2,100 | 168,166 | ||||||
Tongyang Life Insurance Co. Ltd.(a) | 23,427 | 77,363 | ||||||
TY Holdings Co. Ltd./Korea(a) | 12,233 | 115,571 | ||||||
Unid Co. Ltd. | 1,610 | 99,475 | ||||||
Vaxcell-Bio Therapeutics Co. Ltd.(a) | 4,650 | 120,019 | ||||||
Webzen Inc. | 12,450 | 168,773 | ||||||
Wemade Co. Ltd. | 7,351 | 295,612 | ||||||
WONIK IPS Co. Ltd. | 12,301 | 288,532 | ||||||
Wonik QnC Corp.(a) | 7,350 | 132,076 | ||||||
Wysiwyg Studious Co. Ltd.(a) | 11,008 | 148,477 | ||||||
YG Entertainment Inc. | 4,962 | 217,107 | ||||||
Youngone Corp.(a) | 10,829 | 348,670 | ||||||
Zinus Inc. | 7,555 | 174,873 | ||||||
|
| |||||||
54,065,882 | ||||||||
Taiwan — 21.4% | ||||||||
AcBel Polytech Inc. | 150,000 | 185,933 | ||||||
ADATA Technology Co. Ltd. | 93,000 | 201,173 | ||||||
Adimmune Corp.(a) | 133,000 | 176,497 | ||||||
Advanced Ceramic X Corp. | 18,000 | 136,934 | ||||||
Advanced Energy Solution Holding Co. Ltd. | 11,000 | 294,415 | ||||||
Advanced Wireless Semiconductor Co. | 75,596 | 188,625 | ||||||
Alchip Technologies Ltd. | 27,000 | 828,974 | ||||||
Andes Technology Corp. | 8,000 | 139,459 |
64 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Taiwan (continued) | ||||||||
AP Memory Technology Corp. | 44,000 | $ | 404,315 | |||||
Arcadyan Technology Corp. | 75,541 | 262,599 | ||||||
Ardentec Corp. | 225,000 | 412,203 | ||||||
Asia Optical Co. Inc. | 119,000 | 252,545 | ||||||
Asia Pacific Telecom Co. Ltd.(a) | 825,910 | 168,137 | ||||||
Asia Vital Components Co. Ltd. | 134,000 | 525,209 | ||||||
ASMedia Technology Inc. | 8,000 | 256,816 | ||||||
ASPEED Technology Inc. | 11,800 | 1,060,615 | ||||||
BES Engineering Corp. | 1,082,000 | 311,803 | ||||||
Bizlink Holding Inc. | 53,770 | 486,694 | ||||||
Bora Pharmaceuticals Co. Ltd. | 9,000 | 148,057 | ||||||
Brighton-Best International Taiwan Inc. | 150,000 | 186,677 | ||||||
Capital Securities Corp. | 750,530 | 297,613 | ||||||
Career Technology MFG. Co. Ltd.(a) | 151,000 | 118,740 | ||||||
Cathay Real Estate Development Co. Ltd. | 225,300 | 127,475 | ||||||
Center Laboratories Inc. | 185,968 | 288,151 | ||||||
Century Iron & Steel Industrial Co. Ltd. | 75,000 | 254,998 | ||||||
Chang Wah Electromaterials Inc. | 150,000 | 161,986 | ||||||
Chang Wah Technology Co. Ltd. | 183,500 | 206,873 | ||||||
Charoen Pokphand Enterprise | 88,300 | 232,817 | ||||||
Cheng Loong Corp. | 300,000 | 283,782 | ||||||
Cheng Uei Precision Industry Co. Ltd. | 150,000 | 196,322 | ||||||
Chicony Electronics Co. Ltd. | 225,000 | 675,838 | ||||||
Chicony Power Technology Co. Ltd. | 49,000 | 126,198 | ||||||
China General Plastics Corp. | 156,700 | 146,918 | ||||||
China Man-Made Fiber Corp.(a) | 621,031 | 176,668 | ||||||
China Motor Corp. | 75,200 | 140,631 | ||||||
China Petrochemical Development Corp. | 1,513,145 | 504,707 | ||||||
China Steel Chemical Corp. | 75,000 | 278,077 | ||||||
Chin-Poon Industrial Co. Ltd. | 150,000 | 144,707 | ||||||
Chipbond Technology Corp. | 205,000 | 450,883 | ||||||
ChipMOS Technologies Inc. | 225,000 | 267,783 | ||||||
Chong Hong Construction Co. Ltd. | 75,424 | 188,256 | ||||||
Chroma ATE Inc. | 150,000 | 903,243 | ||||||
Chung Hung Steel Corp. | 375,000 | 353,413 | ||||||
Chung Hwa Pulp Corp. | 150,000 | 85,136 | ||||||
Chung-Hsin Electric & Machinery Manufacturing Corp. | 159,000 | 494,176 | ||||||
Cleanaway Co. Ltd. | 40,000 | 246,688 | ||||||
Clevo Co. | 150,000 | 152,350 | ||||||
Compeq Manufacturing Co. Ltd. | 412,000 | 613,890 | ||||||
Coretronic Corp. | 150,400 | 316,901 | ||||||
Co-Tech Development Corp. | 118,000 | 241,272 | ||||||
CSBC Corp. Taiwan(a) | 410,548 | 316,872 | ||||||
CTCI Corp. | 225,000 | 327,188 | ||||||
Cub Elecparts Inc. | 33,397 | 172,384 | ||||||
Darfon Electronics Corp. | 150,000 | 202,560 | ||||||
Dynapack International Technology Corp. | 58,000 | 155,004 | ||||||
EirGenix Inc.(a) | 86,000 | 334,486 | ||||||
Elan Microelectronics Corp. | 104,000 | 368,166 | ||||||
Elite Material Co. Ltd. | 111,000 | 691,501 | ||||||
Elite Semiconductor Microelectronics Technology Inc. | 99,000 | 253,859 | ||||||
ENNOSTAR Inc. | 239,184 | 384,106 | ||||||
Episil Technologies Inc. | 116,425 | 352,249 | ||||||
Eternal Materials Co. Ltd. | 336,129 | 354,330 | ||||||
Etron Technology Inc. | 101,342 | 155,854 | ||||||
Evergreen International Storage & Transport Corp. | 225,000 | 205,709 | ||||||
Everlight Electronics Co. Ltd. | 150,000 | 188,812 | ||||||
Far Eastern Department Stores Ltd. | 525,000 | 386,503 | ||||||
Far Eastern International Bank | 869,102 | 336,939 | ||||||
Faraday Technology Corp. | 83,000 | 498,972 |
Security | Shares | Value | ||||||
Taiwan (continued) | ||||||||
Farglory Land Development Co. Ltd. | 107,000 | $ | 206,765 | |||||
Feng Hsin Steel Co. Ltd. | 203,000 | 475,348 | ||||||
Fitipower Integrated Technology Inc. | 42,512 | 230,024 | ||||||
FLEXium Interconnect Inc. | 132,418 | 425,987 | ||||||
Formosa International Hotels Corp. | 11,000 | 112,670 | ||||||
Formosa Sumco Technology Corp. | 29,000 | 142,125 | ||||||
Formosa Taffeta Co. Ltd. | 287,000 | 260,308 | ||||||
Foxconn Technology Co. Ltd. | 375,000 | 681,937 | ||||||
Foxsemicon Integrated Technology Inc. | 51,200 | 346,303 | ||||||
Fulgent Sun International Holding Co. Ltd. | 75,330 | 335,352 | ||||||
Fusheng Precision Co. Ltd. | 54,000 | 439,133 | ||||||
General Interface Solution Holding Ltd. | 94,000 | 264,915 | ||||||
Genius Electronic Optical Co. Ltd. | 30,585 | 386,737 | ||||||
Getac Holdings Corp. | 150,000 | 241,184 | ||||||
Gigabyte Technology Co. Ltd. | 209,000 | 809,307 | ||||||
Global Mixed Mode Technology Inc. | 24,000 | 136,915 | ||||||
Global Unichip Corp. | 33,000 | 1,241,864 | ||||||
Gloria Material Technology Corp. | 75,000 | 110,378 | ||||||
Gold Circuit Electronics Ltd. | 155,600 | 468,774 | ||||||
Goldsun Building Materials Co. Ltd. | 442,426 | 401,522 | ||||||
Gourmet Master Co. Ltd. | 49,821 | 257,090 | ||||||
Grand Pacific Petrochemical | 375,000 | 243,795 | ||||||
Grape King Bio Ltd. | 62,000 | 368,280 | ||||||
Great Tree Pharmacy Co. Ltd. | 13,000 | 142,025 | ||||||
Great Wall Enterprise Co. Ltd. | 314,284 | 520,762 | ||||||
Greatek Electronics Inc. | 78,000 | 136,038 | ||||||
Hannstar Board Corp. | 150,481 | 169,920 | ||||||
HannStar Display Corp.(a) | 900,320 | 376,031 | ||||||
Highwealth Construction Corp. | 408,554 | 568,041 | ||||||
Hiwin Technologies Corp. | 121,044 | 987,133 | ||||||
Holtek Semiconductor Inc. | 75,000 | 181,338 | ||||||
Holy Stone Enterprise Co. Ltd. | 62,050 | 194,753 | ||||||
Hota Industrial Manufacturing Co. Ltd. | 75,773 | 180,150 | ||||||
Hotai Finance Co. Ltd. | 75,000 | 270,972 | ||||||
Hsin Kuang Steel Co. Ltd. | 145,000 | 212,459 | ||||||
HTC Corp.(a) | 270,000 | 574,965 | ||||||
Huaku Development Co. Ltd. | 104,080 | 314,466 | ||||||
IBF Financial Holdings Co. Ltd. | 1,010,172 | 416,822 | ||||||
International CSRC Investment Holdings Co. | 375,945 | 255,322 | ||||||
International Games System Co. Ltd. | 52,000 | 856,763 | ||||||
ITE Technology Inc. | 75,000 | 217,684 | ||||||
ITEQ Corp. | 106,559 | 262,283 | ||||||
Jentech Precision Industrial Co. Ltd. | 33,399 | 461,374 | ||||||
Johnson Health Tech Co. Ltd. | 55,000 | 125,892 | ||||||
Kaori Heat Treatment Co. Ltd. | 25,047 | 195,136 | ||||||
Kenda Rubber Industrial Co. Ltd. | 232,675 | 236,441 | ||||||
Kindom Development Co. Ltd. | 163,400 | 155,502 | ||||||
King Slide Works Co. Ltd. | 24,000 | 327,309 | ||||||
King Yuan Electronics Co. Ltd. | 450,000 | 615,028 | ||||||
King’s Town Bank Co. Ltd. | 375,000 | 418,357 | ||||||
Kinpo Electronics | 525,000 | 235,382 | ||||||
Kinsus Interconnect Technology Corp. | 118,000 | 413,221 | ||||||
KMC Kuei Meng International Inc. | 27,000 | 133,459 | ||||||
Lien Hwa Industrial Holdings Corp. | 392,301 | 699,349 | ||||||
Longchen Paper & Packaging Co. Ltd. | 309,775 | 191,762 | ||||||
Lotes Co. Ltd. | 30,392 | 853,741 | ||||||
Lotus Pharmaceutical Co. Ltd. | 57,000 | 524,627 | ||||||
Lung Yen Life Service Corp. | 51,000 | 64,169 | ||||||
Macronix International Co. Ltd. | 716,000 | 801,750 | ||||||
Makalot Industrial Co. Ltd. | 84,391 | 590,630 |
S C H E D U L E O F I N V E S T M E N T S | 65 |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Taiwan (continued) | ||||||||
Medigen Vaccine Biologics Corp.(a) | 98,071 | $ | 196,861 | |||||
Mercuries & Associates Holding Ltd. | 151,924 | 83,813 | ||||||
Mercuries Life Insurance Co. Ltd.(a) | 683,644 | 120,387 | ||||||
Merida Industry Co. Ltd. | 89,000 | 524,476 | ||||||
Merry Electronics Co. Ltd. | 76,616 | 213,239 | ||||||
Microbio Co. Ltd. | 157,127 | 332,421 | ||||||
Mitac Holdings Corp. | 325,383 | 336,172 | ||||||
Nan Kang Rubber Tire Co. Ltd.(a) | 190,000 | 228,341 | ||||||
Nantex Industry Co. Ltd. | 123,000 | 174,705 | ||||||
Nuvoton Technology Corp. | 75,000 | 360,097 | ||||||
OBI Pharma Inc.(a) | 82,769 | 221,310 | ||||||
Oneness Biotech Co. Ltd.(a) | 91,000 | 779,177 | ||||||
Oriental Union Chemical Corp. | 300,000 | 185,515 | ||||||
Pan Jit International Inc. | 130,000 | 283,206 | ||||||
Pan-International Industrial Corp. | 150,722 | 190,151 | ||||||
PharmaEngine Inc. | 36,000 | 134,239 | ||||||
Pharmally International Holding Co. Ltd.(d) | 21,603 | — | ||||||
Phison Electronics Corp. | 65,000 | 740,142 | ||||||
Pixart Imaging Inc. | 75,635 | 273,615 | ||||||
Polaris Group/Tw(a) | 69,000 | 224,781 | ||||||
Powertech Technology Inc. | 225,000 | 650,604 | ||||||
Poya International Co. Ltd. | 25,155 | 486,423 | ||||||
President Securities Corp. | 388,623 | 218,961 | ||||||
Primax Electronics Ltd. | 150,000 | 291,601 | ||||||
Prince Housing & Development Corp. | 600,917 | 225,765 | ||||||
Qisda Corp. | 675,000 | 662,747 | ||||||
Radiant Opto-Electronics Corp. | 165,000 | 569,613 | ||||||
Raydium Semiconductor Corp. | 20,000 | 268,068 | ||||||
RDC Semiconductor Co. Ltd.(a) | 25,000 | 159,994 | ||||||
RichWave Technology Corp.(a) | 34,490 | 148,432 | ||||||
Ruentex Industries Ltd. | 266,735 | 588,673 | ||||||
Run Long Construction Co. Ltd. | 80,220 | 186,154 | ||||||
Sanyang Motor Co. Ltd. | 225,820 | 294,399 | ||||||
ScinoPharm Taiwan Ltd. | 150,708 | 128,945 | ||||||
SDI Corp. | 58,000 | 234,963 | ||||||
Sercomm Corp. | 107,000 | 294,686 | ||||||
Shin Zu Shing Co. Ltd. | 75,856 | 221,079 | ||||||
Shinkong Synthetic Fibers Corp. | 525,135 | 312,788 | ||||||
Sigurd Microelectronics Corp. | 150,124 | 262,294 | ||||||
Simplo Technology Co. Ltd. | 71,600 | 691,675 | ||||||
Sinbon Electronics Co. Ltd. | 89,000 | 866,451 | ||||||
Sincere Navigation Corp. | 165,000 | 138,949 | ||||||
Sino-American Silicon Products Inc. | 205,000 | 1,057,857 | ||||||
Sinyi Realty Inc. | 150,778 | 140,385 | ||||||
Sitronix Technology Corp. | 47,000 | 349,954 | ||||||
Solar Applied Materials Technology Corp. | 259,943 | 314,634 | ||||||
Sporton International Inc. | 26,000 | 226,051 | ||||||
Standard Foods Corp. | 225,000 | 308,500 | ||||||
Sunny Friend Environmental Technology Co. Ltd. | 33,000 | 177,688 | ||||||
Sunplus Technology Co. Ltd. | 225,000 | 191,669 | ||||||
Supreme Electronics Co. Ltd. | 168,705 | 213,239 | ||||||
Synmosa Biopharma Corp. | 75,000 | 116,966 | ||||||
Systex Corp. | 75,000 | 184,658 | ||||||
TA Chen Stainless Pipe | 590,527 | 838,889 | ||||||
Ta Ya Electric Wire & Cable | 237,060 | 188,040 | ||||||
Taichung Commercial Bank Co. Ltd. | 1,292,994 | 583,044 | ||||||
Tainan Spinning Co. Ltd. | 450,190 | 262,138 | ||||||
Taiwan Cogeneration Corp. | 136,000 | 163,902 | ||||||
Taiwan Fertilizer Co. Ltd. | 343,000 | 643,996 | ||||||
Taiwan Glass Industry Corp. | 482,000 | 368,513 |
Security | Shares | Value | ||||||
Taiwan (continued) | ||||||||
Taiwan Hon Chuan Enterprise Co. Ltd. | 124,004 | $ | 391,689 | |||||
Taiwan Mask Corp. | 83,000 | 223,624 | ||||||
Taiwan Paiho Ltd. | 121,050 | 245,476 | ||||||
Taiwan Secom Co. Ltd. | 95,450 | 315,130 | ||||||
Taiwan Semiconductor Co. Ltd. | 88,000 | 268,582 | ||||||
Taiwan Shin Kong Security Co. Ltd. | 124,366 | 167,214 | ||||||
Taiwan Surface Mounting Technology Corp. | 116,000 | 336,122 | ||||||
Taiwan TEA Corp.(a) | 376,000 | 269,792 | ||||||
Taiwan Union Technology Corp. | 150,000 | 287,924 | ||||||
Taiwan-Asia Semiconductor Corp. | 150,000 | 183,811 | ||||||
Tanvex BioPharma Inc.(a) | 81,862 | 101,449 | ||||||
Tatung Co. Ltd.(a) | 685,000 | 751,427 | ||||||
TCI Co. Ltd. | 37,528 | 259,897 | ||||||
Teco Electric and Machinery Co. Ltd. | 556,000 | 557,861 | ||||||
Test Research Inc. | 75,000 | 155,785 | ||||||
Ton Yi Industrial Corp. | 300,000 | 172,153 | ||||||
Tong Hsing Electronic Industries Ltd. | 62,676 | 448,418 | ||||||
Tong Yang Industry Co. Ltd. | 150,133 | 214,427 | ||||||
Topco Scientific Co. Ltd. | 59,000 | 348,853 | ||||||
TPK Holding Co. Ltd. | 150,000 | 167,641 | ||||||
Transcend Information Inc. | 75,000 | 172,358 | ||||||
Tripod Technology Corp. | 150,000 | 513,718 | ||||||
TSEC Corp.(a) | 169,931 | 205,553 | ||||||
TSRC Corp. | 242,000 | 229,880 | ||||||
TTY Biopharm Co. Ltd. | 102,450 | 263,035 | ||||||
Tung Ho Steel Enterprise Corp. | 214,750 | 418,573 | ||||||
TXC Corp. | 150,000 | 422,574 | ||||||
U-Ming Marine Transport Corp. | 245,000 | 489,067 | ||||||
Union Bank of Taiwan | 777,974 | 412,679 | ||||||
United Integrated Services Co. Ltd. | 75,400 | 555,877 | ||||||
United Renewable Energy Co. Ltd.(a) | 536,059 | 363,507 | ||||||
UPC Technology Corp. | 375,741 | 190,872 | ||||||
UPI Semiconductor Corp.(a) | 18,000 | 171,161 | ||||||
USI Corp. | 300,070 | 246,690 | ||||||
Via Technologies Inc. | 83,000 | 246,965 | ||||||
VisEra Technologies Co. Ltd. | 30,000 | 227,127 | ||||||
Visual Photonics Epitaxy Co. Ltd. | 75,425 | 207,542 | ||||||
Wafer Works Corp. | 234,918 | 342,903 | ||||||
Wah Lee Industrial Corp. | 76,340 | 219,090 | ||||||
Walsin Technology Corp. | 150,000 | 489,322 | ||||||
Wisdom Marine Lines Co. Ltd. | 172,000 | 380,979 | ||||||
Wistron Corp. | 1,091,000 | 1,182,074 | ||||||
Wistron NeWeb Corp. | 123,481 | 340,020 | ||||||
WT Microelectronics Co. Ltd. | 150,757 | 320,225 | ||||||
XinTec Inc. | 75,000 | 251,665 | ||||||
Xxentria Technology Materials Corp. | 113,000 | 250,966 | ||||||
YFY Inc. | 450,000 | 399,156 | ||||||
Yieh Phui Enterprise Co. Ltd. | 392,586 | 222,108 | ||||||
Yulon Finance Corp. | 100,896 | 559,717 | ||||||
Yulon Motor Co. Ltd. | 217,026 | 576,187 | ||||||
YungShin Global Holding Corp. | 75,200 | 106,171 | ||||||
|
| |||||||
80,138,506 | ||||||||
Thailand — 3.6% | ||||||||
AEON Thana Sinsap Thailand PCL, NVDR(c) | 57,500 | 328,561 | ||||||
Amata Corp. PCL, NVDR | 616,376 | 346,934 | ||||||
AP Thailand PCL, NVDR | 1,294,000 | 453,832 | ||||||
Bangchak Corp. PCL, NVDR | 444,100 | 404,698 | ||||||
Bangkok Chain Hospital PCL, NVDR | 705,000 | 396,822 | ||||||
Bangkok Commercial Asset Management PCL, NVDR(c) | 427,600 | 179,045 | ||||||
Bangkok Land PCL, NVDR | 7,571,600 | 214,193 |
66 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Thailand (continued) | ||||||||
Bangkok Life Assurance PCL, NVDR | 244,500 | $ | 219,655 | |||||
Betagro PCL, NVS | 227,800 | 215,932 | ||||||
Central Plaza Hotel PCL, NVDR(a)(c) | 240,600 | 384,518 | ||||||
CH Karnchang PCL, NVDR | 641,300 | 386,462 | ||||||
Chularat Hospital PCL, NVDR | 2,895,000 | 306,390 | ||||||
CK Power PCL, NVDR | 1,370,500 | 164,373 | ||||||
Dhipaya Group Holdings PCL, NVDR(c) | 147,900 | 197,645 | ||||||
Ditto Thailand PCL, NVS(c) | 76,500 | 98,438 | ||||||
Eastern Polymer Group PCL, NVDR | 601,900 | 142,159 | ||||||
Erawan Group PCL (The), NVDR(a)(c) | 1,561,900 | 231,952 | ||||||
Esso Thailand PCL, NVDR(c) | 368,600 | 93,147 | ||||||
GFPT PCL, NVDR(c) | 283,300 | 97,796 | ||||||
Gunkul Engineering PCL, NVDR(c) | 1,981,399 | 234,182 | ||||||
Hana Microelectronics PCL, NVDR(c) | 251,400 | 410,442 | ||||||
IRPC PCL, NVDR | 3,610,700 | 292,061 | ||||||
Jasmine International PCL, NVDR(a)(c) | 2,347,500 | 147,420 | ||||||
Jay Mart PCL, NVDR(c) | 232,500 | 185,627 | ||||||
KCE Electronics PCL, NVDR(c) | 319,100 | 419,568 | ||||||
Khon Kaen Sugar Industry PCL, NVDR | 1,328,530 | 139,069 | ||||||
Kiatnakin Phatra Bank PCL, NVDR(c) | 135,032 | 254,924 | ||||||
Major Cineplex Group PCL, NVDR(c) | 336,500 | 162,776 | ||||||
MBK PCL, NVDR(c) | 563,500 | 266,336 | ||||||
Mega Lifesciences PCL, NVDR | 195,000 | 253,758 | ||||||
MK Restaurants Group PCL, NVDR | 97,500 | 153,114 | ||||||
Plan B Media PCL, NVDR | 1,609,680 | 446,064 | ||||||
Pruksa Holding PCL, NVDR | 375,000 | 143,228 | ||||||
PTG Energy PCL, NVDR | 448,600 | 177,664 | ||||||
Quality Houses PCL, NVDR | 3,151,467 | 213,981 | ||||||
Ramkhamhaeng Hospital PCL, NVS | 179,400 | 284,192 | ||||||
Sabuy Technology PCL, NVDR(c) | 307,300 | 105,161 | ||||||
Sansiri PCL, NVDR | 7,118,200 | 384,584 | ||||||
Siam Global House PCL, NVDR | 1 | 1 | ||||||
Siamgas & Petrochemicals PCL, NVDR | 472,600 | 132,323 | ||||||
Sino-Thai Engineering & Construction PCL, NVDR | 581,628 | 222,101 | ||||||
Sri Trang Agro-Industry PCL, NVDR(c) | 420,080 | 299,981 | ||||||
Star Petroleum Refining PCL, NVDR(c) | 780,000 | 242,444 | ||||||
Supalai PCL, NVDR | 644,800 | 415,896 | ||||||
Super Energy Corp. PCL, NVDR(c) | 8,490,000 | 139,229 | ||||||
Thai Vegetable Oil PCL, NVDR(c) | 307,760 | 243,831 | ||||||
Thanachart Capital PCL, NVDR | 157,500 | 190,488 | ||||||
Thonburi Healthcare Group PCL, NVDR(c) | 153,400 | 302,723 | ||||||
Thoresen Thai Agencies PCL, NVDR | 649,300 | 144,173 | ||||||
Tipco Asphalt PCL, NVDR | 421,200 | 235,978 | ||||||
TOA Paint Thailand PCL, NVDR(c) | 325,300 | 299,132 | ||||||
TPI Polene Power PCL, NVDR | 1,865,700 | 182,657 | ||||||
TTW PCL, NVDR(c) | 982,500 | 259,934 | ||||||
VGI PCL, NVDR | 2,807,150 | 346,065 | ||||||
WHA Corp. PCL, NVDR | 4,218,200 | 470,123 | ||||||
|
| |||||||
13,663,782 | ||||||||
Turkey — 1.9% | ||||||||
Aksa Akrilik Kimya Sanayii AS | 73,677 | 357,364 | ||||||
Alarko Holding AS | 82,501 | 344,228 | ||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS | 123,244 | 363,039 | ||||||
Cimsa Cimento Sanayi VE Ticaret AS | 11,550 | 76,144 | ||||||
Dogan Sirketler Grubu Holding AS | 651,525 | 322,965 | ||||||
Dogus Otomotiv Servis ve Ticaret AS | 1,875 | 16,759 | ||||||
EGE Endustri VE Ticaret AS | 288 | 84,758 | ||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi AS | 1,104,390 | 490,208 | ||||||
Enerjisa Enerji AS(b) | 100,875 | 171,743 | ||||||
GEN Ilac VE Saglik Urunleri Sanayi VE Ticaret AS | 19,350 | 53,537 |
Security | Shares | Value | ||||||
Turkey (continued) | ||||||||
Girisim Elektrik Taahhut Ticaret Ve Sanayi AS(a) | 11,044 | $ | 146,552 | |||||
Hektas Ticaret TAS(a) | 1 | 1 | ||||||
Is Gayrimenkul Yatirim Ortakligi AS(a) | 248,617 | 136,651 | ||||||
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D | 384,450 | 458,780 | ||||||
Kimteks Poliuretan Sanayi VE Ticaret AS, NVS | 6,000 | 35,266 | ||||||
Kizilbuk Gayrimenkul Yatirim Ortakligi AS, NVS(a) | 1 | 1 | ||||||
Kontrolmatik Enerji Ve Muhendislik AS, NVS | 24,899 | 212,271 | ||||||
Koza Anadolu Metal Madencilik Isletmeleri AS(a) | 113,897 | 274,723 | ||||||
Mavi Giyim Sanayi Ve Ticaret AS, Class B(b) | 52,350 | 289,678 | ||||||
Migros Ticaret AS(a) | 42,415 | 324,727 | ||||||
MLP Saglik Hizmetleri AS(a)(b) | 55,425 | 227,112 | ||||||
Nuh Cimento Sanayi AS | 26,444 | 231,884 | ||||||
ODAS Elektrik Uretim ve Sanayi Ticaret AS(a) | 392,478 | 156,299 | ||||||
Otokar Otomotiv Ve Savunma Sanayi AS | 4,575 | 230,385 | ||||||
Oyak Cimento Fabrikalari AS(a) | 207,525 | 557,136 | ||||||
Petkim Petrokimya Holding AS(a) | 474,300 | 422,292 | ||||||
Qua Granite Hayal(a) | 14,325 | 56,663 | ||||||
Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret AS | 33,750 | 59,797 | ||||||
Selcuk Ecza Deposu Ticaret ve Sanayi AS | 39,825 | 82,581 | ||||||
Smart Gunes Enerjisi Teknolojileri ArGE Uretim Sanayi ve Ticaret AS, NVS(a) | 29,442 | 123,190 | ||||||
TAV Havalimanlari Holding AS(a) | 96,450 | 382,660 | ||||||
Turk Traktor ve Ziraat Makineleri AS | 5,025 | 150,604 | ||||||
Turkiye Sinai Kalkinma Bankasi AS(a) | 294,825 | 61,978 | ||||||
Ulker Biskuvi Sanayi AS(a) | 40,800 | 66,498 | ||||||
Vestel Elektronik Sanayi ve Ticaret AS(a) | 21,225 | 62,939 | ||||||
Zorlu Enerji Elektrik Uretim AS(a) | 214,875 | 58,938 | ||||||
|
| |||||||
7,090,351 | ||||||||
United Arab Emirates — 1.0% | ||||||||
Agthia Group PJSC | 142,711 | 159,281 | ||||||
Air Arabia PJSC | 1,129,167 | 691,373 | ||||||
Ajman Bank PJSC(a) | 173,250 | 50,941 | ||||||
Al Waha Capital PJSC | 528,687 | 192,735 | ||||||
Al Yah Satellite Communications Co. | 393,450 | 286,996 | ||||||
Amanat Holdings PJSC | 474,433 | 123,998 | ||||||
Aramex PJSC | 307,736 | 301,612 | ||||||
Dana Gas PJSC | 1,322,925 | 284,471 | ||||||
Drake & Scull International PJSC(a)(d) | 241,185 | 2,429 | ||||||
Dubai Financial Market PJSC | 436,745 | 170,904 | ||||||
Dubai Investments PJSC | 895,832 | 558,203 | ||||||
Emirates Central Cooling Systems Corp.(a) | 580,490 | 249,700 | ||||||
National Central Cooling Co. PJSC | 110,078 | 89,251 | ||||||
Ras Al Khaimah Ceramics | 217,958 | 172,053 | ||||||
Sharjah Islamic Bank | 425,621 | 260,608 | ||||||
Taaleem Holdings PSC, NVS | 48,525 | 35,141 | ||||||
|
| |||||||
3,629,696 | ||||||||
|
| |||||||
Total Common Stocks — 98.6% |
| 370,046,339 | ||||||
|
| |||||||
Preferred Stocks | ||||||||
Brazil — 0.8% | ||||||||
Alpargatas SA, Preference Shares, NVS | 100,350 | 180,749 | ||||||
Azul SA, Preference Shares, NVS | 97,099 | 132,236 | ||||||
Banco ABC Brasil SA, Preference Shares, NVS | 36,839 | 127,712 | ||||||
Banco do Estado do Rio Grande do Sul SA, Class B, Preference Shares, NVS | 78,564 | 149,911 | ||||||
Banco Pan SA, Preference Shares, NVS | 159,280 | 156,376 | ||||||
Bradespar SA, Preference Shares, NVS | 100,650 | 531,755 |
S C H E D U L E O F I N V E S T M E N T S | 67 |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Brazil (continued) | ||||||||
Cia de Saneamento do Parana, Preference Shares, NVS | 144,825 | $ | 94,329 | |||||
Gol Linhas Aereas Inteligentes SA, Preference Shares, NVS | 60,000 | 63,376 | ||||||
Marcopolo SA, Preference Shares, NVS | 242,264 | 146,225 | ||||||
Metalurgica Gerdau SA, Preference Shares, NVS | 323,100 | 776,361 | ||||||
Randon SA Implementos e Participacoes, Preference Shares, NVS | 95,100 | 144,590 | ||||||
Unipar Carbocloro SA, Class B, Preference Shares, NVS | 21,064 | 319,011 | ||||||
Usinas Siderurgicas de Minas Gerais SA Usiminas, Class A, Preference Shares, NVS | 71,643 | 93,463 | ||||||
|
| |||||||
2,916,094 | ||||||||
Chile — 0.1% | ||||||||
Embotelladora Andina SA, Class B, Preference Shares, NVS | 217,673 | 535,195 | ||||||
|
| |||||||
Total Preferred Stocks — 0.9% | 3,451,289 | |||||||
|
| |||||||
Total Long-Term Investments — 99.5% | 373,497,628 | |||||||
|
| |||||||
Short-Term Securities | ||||||||
Money Market Funds — 6.6% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%(g)(h)(i) | 24,572,091 | 24,586,834 | ||||||
|
| |||||||
Total Short-Term Securities — 6.6% | 24,586,834 | |||||||
|
| |||||||
Total Investments — 106.1% | 398,084,462 | |||||||
Liabilities in Excess of Other Assets — (6.1)% |
| (22,747,957 | ) | |||||
|
| |||||||
Net Assets — 100.0% | $ | 375,336,505 | ||||||
|
|
(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) | Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $227,360, representing 0.1% of its net assets as of period end, and an original cost of $542,857. |
(f) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
(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. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| ||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 08/31/22 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/23 | Shares Held at 02/28/23 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 25,516,997 | $ | — | $ | (932,998 | )(a) | $ | 1,809 | $ | 1,026 | $ | 24,586,834 | 24,572,091 | $ | 501,433 | (b) | $ | — | |||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares(c) | 490,000 | — | (490,000 | )(a) | — | — | — | — | 10,449 | 1 | ||||||||||||||||||||||||||
|
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|
| |||||||||||||||||||||||||||
$ | 1,809 | $ | 1,026 | $ | 24,586,834 | $ | 511,882 | $ | 1 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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. |
68 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2023 |
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 | 40 | 03/17/23 | $ | 1,926 | $ | (20,258 | ) | |||||||||
|
|
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:
| ||||||||||||||||||||||||||||
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Liabilities — Derivative Financial Instruments | ||||||||||||||||||||||||||||
Futures contracts | ||||||||||||||||||||||||||||
Unrealized depreciation on futures contracts(a) | $ | — | $ | — | $ | 20,258 | $ | — | $ | — | $ | — | $ | 20,258 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2023, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:
| ||||||||||||||||||||||||||||
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Net Realized Gain (Loss) from | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | 13,458 | $ | — | $ | — | $ | — | $ | 13,458 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | 304 | $ | — | $ | — | $ | — | $ | 304 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| ||||
Futures contracts | ||||
Average notional value of contracts — long | $ | 1,675,213 | ||
|
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.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Common Stocks | $ | 55,784,282 | $ | 313,775,964 | $ | 486,093 | $ | 370,046,339 | ||||||||
Preferred Stocks | 3,451,289 | — | — | 3,451,289 | ||||||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 24,586,834 | — | — | 24,586,834 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 83,822,405 | $ | 313,775,964 | $ | 486,093 | $ | 398,084,462 | |||||||||
|
|
|
|
|
|
|
|
S C H E D U L E O F I N V E S T M E N T S | 69 |
Consolidated Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Emerging Markets Small-Cap ETF |
Fair Value Hierarchy as of Period End (continued)
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Derivative Financial Instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Equity Contracts | $ | (20,258) | $ | — | $ | — | $ | (20,258) | ||||||||
|
|
|
|
|
|
|
|
(a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
70 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Assets and Liabilities (unaudited) (continued)
February 28, 2023
iShares Core MSCI Emerging Markets ETF (Consolidated) | iShares MSCI BIC ETF | iShares MSCI Emerging Markets Asia ETF | iShares MSCI Emerging Markets Small-Cap ETF | |||||||||||||
| ||||||||||||||||
ASSETS | ||||||||||||||||
Investments, at value — unaffiliated(a)(b) | $ | 67,462,542,525 | $ | 79,251,920 | $ | 557,109,400 | $ | 373,497,628 | ||||||||
Investments, at value — affiliated(c) | 2,687,017,210 | 1,183,249 | 7,391,202 | 24,586,834 | ||||||||||||
Cash | 135,453,620 | 125,625 | 552,368 | 2,744,338 | ||||||||||||
Cash pledged for futures contracts | 12,757,000 | 20,000 | 72,000 | 56,000 | ||||||||||||
Foreign currency, at value(d) | 133,008,282 | 246,824 | 676,175 | 709,951 | ||||||||||||
Receivables: | ||||||||||||||||
Investments sold | 280,720,559 | 177,057 | 1,768,962 | 9,124,436 | ||||||||||||
Securities lending income — affiliated | 5,455,915 | 1,234 | 7,026 | 66,055 | ||||||||||||
Capital shares sold | 27,299,285 | — | — | — | ||||||||||||
Dividends — unaffiliated | 131,522,505 | 67,491 | 860,028 | 1,013,518 | ||||||||||||
Dividends — affiliated | 458,958 | 2,200 | 3,814 | 785 | ||||||||||||
Tax reclaims | 668,963 | — | — | 10,511 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total assets | 70,876,904,822 | 81,075,600 | 568,440,975 | 411,810,056 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES | ||||||||||||||||
Collateral on securities loaned, at value | 2,646,217,198 | 692,909 | 6,082,341 | 24,582,234 | ||||||||||||
Payables: | ||||||||||||||||
Investments purchased | 439,580,745 | 260,525 | 2,747,059 | 9,114,624 | ||||||||||||
Bank borrowings | — | — | — | 2,560,403 | ||||||||||||
Deferred foreign capital gain tax | — | 479,541 | 623,303 | — | ||||||||||||
Foreign taxes | 1,979,379 | 70 | 454 | 590 | ||||||||||||
Investment advisory fees | 4,860,507 | 44,703 | 214,714 | 204,163 | ||||||||||||
Variation margin on futures contracts | 2,321,371 | 1,389 | 8,997 | 11,537 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total liabilities | 3,094,959,200 | 1,479,137 | 9,676,868 | 36,473,551 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 67,781,945,622 | $ | 79,596,463 | $ | 558,764,107 | $ | 375,336,505 | ||||||||
NET ASSETS CONSIST OF | ||||||||||||||||
Paid-in capital | $ | 76,511,296,867 | $ | 336,032,774 | $ | 712,552,490 | $ | 403,744,884 | ||||||||
Accumulated loss | (8,729,351,245 | ) | (256,436,311 | ) | (153,788,383 | ) | (28,408,379 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 67,781,945,622 | $ | 79,596,463 | $ | 558,764,107 | $ | 375,336,505 | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETVALUE | ||||||||||||||||
Shares outstanding | 1,431,600,000 | 2,350,000 | 8,700,000 | 7,500,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value | $ | 47.35 | $ | 33.87 | $ | 64.23 | $ | 50.04 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares authorized | 4.30 billion | 500 million | 500 million | 500 million | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Par value | $ | 0.001 | $ | 0.001 | $ | 0.001 | $ | 0.001 | ||||||||
|
|
|
|
|
|
|
| |||||||||
(a) Investments, at cost — unaffiliated | $ | 68,136,624,945 | $ | 119,074,420 | $ | 643,642,574 | $ | 380,351,978 | ||||||||
(b) Securities loaned, at value | $ | 2,447,970,120 | $ | 657,056 | $ | 5,799,620 | $ | 22,776,155 | ||||||||
(c) Investments, at cost — affiliated | $ | 2,685,200,067 | $ | 1,182,750 | $ | 7,385,227 | $ | 24,574,696 | ||||||||
(d) Foreign currency, at cost | $ | 132,941,708 | $ | 248,011 | $ | 676,976 | $ | 713,864 |
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 Operations (unaudited)
Six Months Ended February 28, 2023
iShares Core MSCI Emerging Markets ETF (Consolidated) | iShares MSCI BIC ETF | iShares MSCI Emerging Markets Asia ETF | iShares MSCI Emerging ETF (Consolidated) | |||||||||||||
| ||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||
Dividends — unaffiliated | $ | 618,116,377 | $ | 588,023 | $ | 3,559,050 | $ | 3,880,066 | ||||||||
Dividends — affiliated | 4,206,395 | 9,119 | 34,923 | 10,449 | ||||||||||||
Interest — unaffiliated | 735,853 | — | — | 1,611 | ||||||||||||
Securities lending income — affiliated — net(a) | 32,707,204 | 6,593 | 50,478 | 501,433 | ||||||||||||
Foreign taxes withheld | (71,504,683 | ) | (52,275 | ) | (475,641 | ) | (457,949 | ) | ||||||||
Other foreign taxes | (2,135,149 | ) | — | (20,682 | ) | (17,621 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total investment income | 582,125,997 | 551,460 | 3,148,128 | 3,917,989 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
EXPENSES | ||||||||||||||||
Investment advisory | 28,505,327 | 279,925 | 1,200,750 | 1,235,198 | ||||||||||||
Interest expense | 3,693,631 | 492 | 2,006 | 5,367 | ||||||||||||
Commitment costs | 26,256 | 854 | 4,861 | 3,699 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 32,225,214 | 281,271 | 1,207,617 | 1,244,264 | ||||||||||||
Less: | ||||||||||||||||
Investment advisory fees waived | (3,719,930 | ) | — | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses after fees waived | 28,505,284 | 281,271 | 1,207,617 | 1,244,264 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income | 553,620,713 | 270,189 | 1,940,511 | 2,673,725 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments — unaffiliated(b) | 1,358,594,241 | 3,474,457 | 4,907,600 | (1,840,033 | ) | |||||||||||
Investments — affiliated | 214,466 | 449 | 1,035 | 1,809 | ||||||||||||
Capital gain distributions from underlying funds — affiliated | 109 | 1 | 9 | 1 | ||||||||||||
Forward foreign currency exchange contracts | (7,682 | ) | — | — | — | |||||||||||
Foreign currency transactions | (41,065,647 | ) | (13,521 | ) | (136,677 | ) | (46,177 | ) | ||||||||
Futures contracts | (9,184,391 | ) | 14,215 | 59,481 | 13,458 | |||||||||||
In-kind redemptions — unaffiliated(c) | 107,855,751 | (925,811 | ) | (3,953,972 | ) | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
1,416,406,847 | 2,549,790 | 877,476 | (1,870,942 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments — unaffiliated(d) | (3,092,948,607 | ) | (7,000,914 | ) | (24,990,498 | ) | 4,457,533 | |||||||||
Investments — affiliated | 615,136 | (473 | ) | 732 | 1,026 | |||||||||||
Foreign currency translations | (186,802 | ) | 5,597 | (28,229 | ) | (11,527 | ) | |||||||||
Futures contracts | 5,089,746 | (5,758 | ) | (36,324 | ) | 304 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
(3,087,430,527 | ) | (7,001,548 | ) | (25,054,319 | ) | 4,447,336 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) | (1,671,023,680 | ) | (4,451,758 | ) | (24,176,843 | ) | 2,576,394 | |||||||||
|
|
|
|
|
|
|
| |||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (1,117,402,967 | ) | $ | (4,181,569 | ) | $ | (22,236,332 | ) | $ | 5,250,119 | |||||
|
|
|
|
|
|
|
| |||||||||
(a) Net of securities lending income tax paid of | $ | 3,011,760 | $ | — | $ | — | $ | — | ||||||||
(b) Net of foreign capital gain tax and capital gain tax refund, if applicable | $ | (314,369,845 | ) | $ | (70,313 | ) | $ | (427,933 | ) | $ | (89,410 | ) | ||||
(c) See Note 2 of the Notes to Financial Statements | ||||||||||||||||
(d) Net of reduction in deferred foreign capital gain tax of | $ | 318,342,115 | $ | 252,592 | $ | 1,297,959 | $ | — |
See notes to financial statements.
72 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Changes in Net Assets
iShares Core MSCI Emerging Markets ETF (Consolidated) | iShares MSCI BIC ETF | |||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
| Six Months Ended 02/28/23 | | | Year Ended 08/31/22 |
| | Six Months Ended 02/28/23 | | | Year Ended 08/31/22 | | |||||||||||||||||
| ||||||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||
Net investment income | $ | 553,620,713 | $ | 2,169,479,207 | $ | 270,189 | $ | 2,569,924 | ||||||||||||||||||||
Net realized gain (loss) | 1,416,406,847 | (1,562,142,082 | ) | 2,549,790 | 2,216,546 | |||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) | (3,087,430,527 | ) | (18,155,064,694 | ) | (7,001,548 | ) | (40,883,759 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
Net decrease in net assets resulting from operations | (1,117,402,967 | ) | (17,547,727,569 | ) | (4,181,569 | ) | (36,097,289 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (885,544,128 | ) | (2,536,239,296 | ) | (924,501 | )(b) | (4,109,073 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | 4,552,809,673 | 4,716,727,779 | (5,277,803 | ) | (28,155,755 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||
Total increase (decrease) in net assets | 2,549,862,578 | (15,367,239,086 | ) | (10,383,873 | ) | (68,362,117 | ) | |||||||||||||||||||||
Beginning of period | 65,232,083,044 | 80,599,322,130 | 89,980,336 | 158,342,453 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
End of period | $ | 67,781,945,622 | $ | 65,232,083,044 | $ | 79,596,463 | $ | 89,980,336 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(b) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S | 73 |
Statements of Changes in Net Assets (continued)
iShares MSCI Emerging Markets Asia ETF | iShares MSCI Emerging Markets Small-Cap (Consolidated) | |||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
| Six Months Ended 02/28/23 (unaudited) | | | Year Ended 08/31/22 | | | Six Months Ended 02/28/23 (unaudited) | | | Year Ended 08/31/22 | | |||||||||||||||||
| ||||||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||
Net investment income | $ | 1,940,511 | $ | 12,162,204 | $ | 2,673,725 | $ | 8,220,774 | ||||||||||||||||||||
Net realized gain (loss) | 877,476 | (12,314,788 | ) | (1,870,942 | ) | 10,662,566 | ||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) | (25,054,319 | ) | (194,721,516 | ) | 4,447,336 | (88,079,938 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (22,236,332 | ) | (194,874,100 | ) | 5,250,119 | (69,196,598 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (6,045,578 | ) | (19,262,046 | ) | (2,980,538 | ) | (11,668,171 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | 15,665,323 | (96,411,936 | ) | 36,933,108 | (275,821 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||
Total increase (decrease) in net assets | (12,616,587 | ) | (310,548,082 | ) | 39,202,689 | (81,140,590 | ) | |||||||||||||||||||||
Beginning of period | 571,380,694 | 881,928,776 | 336,133,816 | 417,274,406 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||
End of period | $ | 558,764,107 | $ | 571,380,694 | $ | 375,336,505 | $ | 336,133,816 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
74 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
(For a share outstanding throughout each period)
iShares Core MSCI Emerging Markets ETF (Consolidated) | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||
Six Months Ended 02/28/23 (unaudited) | Year Ended 08/31/22 | Year Ended 08/31/21 | Year Ended 08/31/20 | Year Ended 08/31/19 | Year Ended 08/31/18 | |||||||||||||||||||
| ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 48.75 | $ | 64.18 | $ | 53.34 | $ | 48.31 | $ | 52.27 | $ | 53.91 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income(a) | 0.41 | 1.67 | 1.33 | 1.46 | 1.40 | 1.39 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (1.15 | ) | (15.13 | ) | 10.70 | 5.21 | (4.01 | ) | (1.61 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) from investment operations | (0.74 | ) | (13.46 | ) | 12.03 | 6.67 | (2.61 | ) | (0.22 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions from net investment income(c) | (0.66 | ) | (1.97 | ) | (1.19 | ) | (1.64 | ) | (1.35 | ) | (1.42 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 47.35 | $ | 48.75 | $ | 64.18 | $ | 53.34 | $ | 48.31 | $ | 52.27 | ||||||||||||
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| |||||||||||||
Total Return(d) | ||||||||||||||||||||||||
Based on net asset value | (1.52 | )%(e) | (21.40 | )% | 22.67 | % | 13.97 | % | (4.93 | )%(f) | (0.52 | )% | ||||||||||||
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| |||||||||||||
Ratios to Average Net Assets(g) | ||||||||||||||||||||||||
Total expenses | 0.10 | %(h) | 0.10 | % | 0.12 | % | 0.14 | % | 0.14 | % | 0.14 | % | ||||||||||||
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| |||||||||||||
Total expenses after fees waived | 0.09 | %(h) | 0.10 | % | 0.12 | % | 0.14 | % | 0.14 | % | 0.14 | % | ||||||||||||
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| |||||||||||||
Total expenses excluding professional fees for foreign withholding tax claims | N/A | 0.10 | % | 0.11 | % | 0.14 | % | 0.14 | % | N/A | ||||||||||||||
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| |||||||||||||
Net investment income | 1.75 | %(h) | 2.97 | % | 2.12 | % | 2.97 | % | 2.79 | % | 2.48 | % | ||||||||||||
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| |||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 67,781,946 | $ | 65,232,083 | $ | 80,599,322 | $ | 54,628,381 | $ | 53,020,298 | $ | 49,079,726 | ||||||||||||
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| |||||||||||||
Portfolio turnover rate(i) | 14 | % | 7 | % | 9 | % | 15 | % | 15 | % | 6 | % | ||||||||||||
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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 | 75 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI BIC ETF | ||||||||||||||||||||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||||||||||||||
| Six Months Ended 02/28/23 (unaudited) | | | Year Ended 08/31/22 | | | Year Ended 08/31/21 | (a) | | Year Ended 08/31/20 | (a) | | Year Ended 08/31/19 | (a) | | Year Ended 08/31/18 | (a) | |||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 35.99 | $ | 50.27 | $ | 47.46 | $ | 40.23 | $ | 41.01 | $ | 42.21 | ||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||||
Net investment income(b) | 0.11 | 0.91 | 0.62 | 0.55 | 0.69 | 0.68 | ||||||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(c) | (1.84 | ) | (13.74 | ) | 2.74 | 7.34 | (0.59 | ) | (1.13 | ) | ||||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||||
Net increase (decrease) from investment operations | (1.73 | ) | (12.83 | ) | 3.36 | 7.89 | 0.10 | (0.45 | ) | |||||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||||
Distributions from net investment income(d) | (0.39 | )(e) | (1.45 | ) | (0.55 | ) | (0.66 | ) | (0.88 | ) | (0.75 | ) | ||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 33.87 | $ | 35.99 | $ | 50.27 | $ | 47.46 | $ | 40.23 | $ | 41.01 | ||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||||
Total Return(f) | ||||||||||||||||||||||||||||||||||||||||||||||||
Based on net asset value | (4.81 | )%(g) | (26.03 | )% | 7.09 | % | 19.78 | % | 0.35 | % | (1.16 | )% | ||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||||
Ratios to Average Net Assets(h) | ||||||||||||||||||||||||||||||||||||||||||||||||
Total expenses | 0.70 | %(i) | 0.69 | % | 0.70 | % | 0.70 | % | 0.69 | % | 0.67 | % | ||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||||
Net investment income | 0.67 | %(i) | 2.15 | % | 1.20 | % | 1.29 | % | 1.69 | % | 1.51 | % | ||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 79,596 | $ | 89,980 | $ | 158,342 | $ | 147,123 | $ | 160,926 | $ | 205,064 | ||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||||
Portfolio turnover rate(j) | 3 | % | 12 | % | 80 | % | 42 | % | 53 | % | 22 | % | ||||||||||||||||||||||||||||||||||||
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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) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
(f) | Where applicable, assumes the reinvestment of distributions. |
(g) | Not annualized. |
(h) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(i) | Annualized. |
(j) | Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
76 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Emerging Markets Asia ETF | ||||||||||||||||||||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||||||||||||||
| Six Months Ended 02/28/23 (unaudited) | | | Year Ended 08/31/22 | | | Year Ended 08/31/21 | (a) | | Year Ended 08/31/20 | (a) | | Year Ended 08/31/19 | (a) | | Year Ended 08/31/18 | (a) | |||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 66.44 | $ | 88.19 | $ | 75.48 | $ | 62.82 | $ | 69.38 | $ | 69.15 | ||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||||
Net investment income(b) | 0.25 | 1.25 | 1.28 | 1.12 | 1.26 | 1.16 | ||||||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(c) | (1.67 | ) | (20.98 | ) | 12.32 | 12.79 | (6.52 | ) | 0.42 | |||||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||||
Net increase (decrease) from investment operations | (1.42 | ) | (19.73 | ) | 13.60 | 13.91 | (5.26 | ) | 1.58 | |||||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||||
Distributions from net investment income(d) | (0.79 | ) | (2.02 | ) | (0.89 | ) | (1.25 | ) | (1.30 | ) | (1.35 | ) | ||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 64.23 | $ | 66.44 | $ | 88.19 | $ | 75.48 | $ | 62.82 | $ | 69.38 | ||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||||
Total Return(e) | ||||||||||||||||||||||||||||||||||||||||||||||||
Based on net asset value | (2.15 | )%(f) | (22.77 | )% | 18.11 | % | 22.31 | % | (7.52 | )% | 2.22 | % | ||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||||
Ratios to Average Net Assets(g) | ||||||||||||||||||||||||||||||||||||||||||||||||
Total expenses | 0.49 | %(h) | 0.49 | % | 0.50 | % | 0.50 | % | 0.50 | % | 0.50 | % | ||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||||
Net investment income | 0.79 | %(h) | 1.62 | % | 1.46 | % | 1.68 | % | 1.94 | % | 1.58 | % | ||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 558,764 | $ | 571,381 | $ | 881,929 | $ | 558,558 | $ | 452,328 | $ | 440,538 | ||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||||
Portfolio turnover rate(i) | 16 | % | 24 | % | 48 | % | 20 | % | 16 | % | 33 | % | ||||||||||||||||||||||||||||||||||||
|
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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 | 77 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Emerging Markets Small-Cap ETF (Consolidated) | ||||||||||||||||||||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||||||||||||||
| Six Months Ended 02/28/23 (unaudited) | | | Year Ended 08/31/22 | | | Year Ended 08/31/21 | | | Year Ended 08/31/20 | | | Year Ended 08/31/19 | | | Year Ended 08/31/18 | | |||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 50.17 | $ | 62.28 | $ | 44.74 | $ | 41.51 | $ | 47.64 | $ | 49.23 | ||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||||
Net investment income(a) | 0.37 | 1.24 | 0.96 | 0.85 | 0.99 | 1.10 | ||||||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (0.10 | ) | (11.56 | ) | 17.81 | 3.52 | (5.98 | ) | (1.22 | ) | ||||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||||
Net increase (decrease) from investment operations | 0.27 | (10.32 | ) | 18.77 | 4.37 | (4.99 | ) | (0.12 | ) | |||||||||||||||||||||||||||||||||||||||
|
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| |||||||||||||||||||||||||||||||||||||
Distributions from net investment income(c) | (0.40 | ) | (1.79 | ) | (1.23 | ) | (1.14 | ) | (1.14 | ) | (1.47 | ) | ||||||||||||||||||||||||||||||||||||
|
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| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 50.04 | $ | 50.17 | $ | 62.28 | $ | 44.74 | $ | 41.51 | $ | 47.64 | ||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||||
Total Return(d) | ||||||||||||||||||||||||||||||||||||||||||||||||
Based on net asset value | 0.56 | %(e) | (17.00 | )% | 42.38 | % | 10.68 | % | (10.50 | )% | (0.38 | )% | ||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||||
Ratios to Average Net Assets(f) | ||||||||||||||||||||||||||||||||||||||||||||||||
Total expenses | 0.70 | %(g) | 0.70 | % | 0.69 | % | 0.71 | % | 0.69 | % | 0.67 | % | ||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||||
Net investment income | 1.51 | %(g) | 2.20 | % | 1.72 | % | 2.07 | % | 2.25 | % | 2.14 | % | ||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 375,337 | $ | 336,134 | $ | 417,274 | $ | 212,511 | $ | 238,702 | $ | 262,024 | ||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||||
Portfolio turnover rate(h) | 12 | % | 53 | % | 34 | % | 46 | % | 29 | % | 39 | % | ||||||||||||||||||||||||||||||||||||
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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.
78 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited)
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 BIC | Diversified | |||
MSCI Emerging Markets Asia | Diversified | |||
MSCI Emerging Markets Small-Cap | Diversified |
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 $4,488,951 and $125,239, which is 0.0% and 0.0% of each respective Fund’s consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated.
Effective September 19, 2022, Core MSCI Emerging Markets transferred substantially all of the assets of Core MSCI Emerging Market’s wholly owned Mauritius Subsidiary to Core MSCI Emerging Markets through on-exchange transactions in India. Core MSCI Emerging Markets recognized a realized gain of $3,063,669,255 as a result of this transaction. After the transfer, Core 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. 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, 2023, 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, where applicable, 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, 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.
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)
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.
Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.
In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.
Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.
The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.
Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.
3. | INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS |
Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Directors of the Company (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
• | Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price. |
• | Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV. |
• | Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded. |
Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.
Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.
Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• | Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access; |
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Notes to Financial Statements (unaudited) (continued)
• | Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and |
• | Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
4. | SECURITIES AND OTHER INVESTMENTS |
Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.
Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.
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)
As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:
| ||||||||||||||||
iShares ETF and Counterparty | | Securities Loaned at Value | | | Cash Collateral Received | (a) | | Non-Cash Collateral Received, at Fair Value | (a) | Net Amount | ||||||
| ||||||||||||||||
Core MSCI Emerging Markets | ||||||||||||||||
Barclays Bank PLC | $ | 3,648,328 | $ | (3,648,328 | ) | $ | — | $ | — | |||||||
Barclays Capital, Inc. | 62,153,221 | (62,153,221 | ) | — | — | |||||||||||
BNP Paribas SA | 29,431,720 | (29,431,720 | ) | — | — | |||||||||||
BofA Securities, Inc. | 155,006,135 | (155,006,135 | ) | — | — | |||||||||||
Citigroup Global Markets Ltd. | 88,439,690 | (88,439,690 | ) | — | — | |||||||||||
Citigroup Global Markets, Inc. | 49,156,736 | (49,156,736 | ) | — | — | |||||||||||
Credit Suisse Securities (USA) LLC | 6,700,201 | (6,700,201 | ) | — | — | |||||||||||
Goldman Sachs & Co. LLC | 183,275,237 | (183,275,237 | ) | — | — | |||||||||||
Goldman Sachs International | 397,683,995 | (397,683,995 | ) | — | — | |||||||||||
HSBC Bank PLC | 27,514,101 | (27,514,101 | ) | — | — | |||||||||||
J.P. Morgan Securities LLC | 335,475,970 | (335,475,970 | ) | — | — | |||||||||||
J.P. Morgan Securities PLC | 314,700,922 | (314,700,922 | ) | — | — | |||||||||||
Jefferies LLC | 370,616 | (370,616 | ) | — | — | |||||||||||
Macquarie Bank Ltd. | 31,147,876 | (31,147,876 | ) | — | — | |||||||||||
Morgan Stanley | 711,244,557 | (711,244,557 | ) | — | — | |||||||||||
Nomura Securities International, Inc. | 1,334,776 | (1,334,776 | ) | — | — | |||||||||||
Scotia Capital (USA), Inc. | 222,644 | (222,644 | ) | — | — | |||||||||||
SG Americas Securities LLC | 16,754,227 | (16,754,227 | ) | — | — | |||||||||||
State Street Bank & Trust Co. | 4,530,944 | (4,530,944 | ) | — | — | |||||||||||
UBS AG | 18,522,705 | (18,522,705 | ) | — | — | |||||||||||
UBS Europe SE | 6,921,512 | (6,921,512 | ) | — | — | |||||||||||
UBS Securities LLC | 2,329,058 | (2,329,058 | ) | — | — | |||||||||||
Virtu Americas LLC | 1,378,349 | (1,378,349 | ) | — | — | |||||||||||
Wells Fargo Securities LLC | 26,600 | (26,600 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 2,447,970,120 | $ | (2,447,970,120 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI BIC | ||||||||||||||||
BofA Securities, Inc. | $ | 144,306 | $ | (144,306 | ) | $ | — | $ | — | |||||||
Goldman Sachs & Co. LLC | 44,386 | (44,386 | ) | — | — | |||||||||||
J.P. Morgan Securities LLC | 97,065 | (97,065 | ) | — | — | |||||||||||
Macquarie Bank Ltd. | 26,544 | (26,544 | ) | — | — | |||||||||||
Morgan Stanley | 267,617 | (267,617 | ) | — | — | |||||||||||
Scotia Capital (USA), Inc. | 77,138 | (77,138 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 657,056 | $ | (657,056 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Emerging Markets Asia | ||||||||||||||||
Barclays Bank PLC | $ | 24,034 | $ | (24,034 | ) | $ | — | $ | — | |||||||
BofA Securities, Inc. | 603,592 | (603,592 | ) | — | — | |||||||||||
Citigroup Global Markets, Inc. | 333,462 | (333,462 | ) | — | — | |||||||||||
Credit Suisse Securities (USA) LLC | 8,403 | (8,403 | ) | — | — | |||||||||||
Goldman Sachs & Co. LLC | 1,280,193 | (1,280,193 | ) | — | — | |||||||||||
HSBC Bank PLC | 39,816 | (39,816 | ) | — | — | |||||||||||
J.P. Morgan Securities LLC | 523,884 | (523,884 | ) | — | — | |||||||||||
Macquarie Bank Ltd. | 226,156 | (226,156 | ) | — | — | |||||||||||
Morgan Stanley | 1,557,378 | (1,557,378 | ) | — | — | |||||||||||
Natixis SA | 707,445 | (707,445 | ) | — | — | |||||||||||
Nomura Securities International, Inc. | 74,502 | (74,502 | ) | — | — | |||||||||||
SG Americas Securities LLC | 179,950 | (179,950 | ) | — | — | |||||||||||
State Street Bank & Trust Co. | 132,603 | (132,603 | ) | — | — | |||||||||||
UBS AG | 4,912 | (4,912 | ) | — | — | |||||||||||
UBS Securities LLC | 103,290 | (103,290 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 5,799,620 | $ | (5,799,620 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
82 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
| ||||||||||||||||
iShares ETF and Counterparty | | Securities Loaned at Value | | | Cash Collateral Received | (a) | | Non-Cash Collateral Received, at Fair Value | (a) | Net Amount | ||||||
| ||||||||||||||||
MSCI Emerging Markets Small-Cap | ||||||||||||||||
Barclays Capital, Inc. | $ | 1,403,490 | $ | (1,403,490 | ) | $ | — | $ | — | |||||||
BNP Paribas SA | 789,722 | (789,722 | ) | — | — | |||||||||||
BofA Securities, Inc. | 2,064,381 | (2,064,381 | ) | — | — | |||||||||||
Citigroup Global Markets, Inc. | 926,630 | (926,630 | ) | — | — | |||||||||||
Credit Suisse Securities (USA) LLC | 126,511 | (126,511 | ) | — | — | |||||||||||
Goldman Sachs & Co. LLC | 3,915,384 | (3,915,384 | ) | — | — | |||||||||||
HSBC Bank PLC | 337,019 | (337,019 | ) | — | — | |||||||||||
J.P. Morgan Securities LLC | 2,771,630 | (2,771,630 | ) | — | — | |||||||||||
J.P. Morgan Securities PLC | 61,001 | (61,001 | ) | — | — | |||||||||||
Jefferies LLC | 63,178 | (63,178 | ) | — | — | |||||||||||
Macquarie Bank Ltd. | 989,847 | (989,847 | ) | — | — | |||||||||||
Morgan Stanley | 6,060,423 | (6,060,423 | ) | — | — | |||||||||||
SG Americas Securities LLC | 1,416,805 | (1,416,805 | ) | — | — | |||||||||||
State Street Bank & Trust Co. | 394,070 | (394,070 | ) | — | — | |||||||||||
UBS AG | 1,341,586 | (1,341,586 | ) | — | — | |||||||||||
UBS Securities LLC | 114,478 | (114,478 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 22,776,155 | $ | (22,776,155 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
(a) | Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s Statements of Assets and Liabilities. |
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.
5. | DERIVATIVE FINANCIAL INSTRUMENTS |
Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).
Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the 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, BFAis entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:
iShares ETF | Investment Advisory Fees | |||
Core MSCI Emerging Markets | 0.09 | % | ||
MSCI Emerging Markets Asia | 0.49 |
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)
For its investment advisory services to each of the iShares MSCI BIC 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 Fees | |||
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 |
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 0.09% 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, 2023, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:
iShares ETF | Amounts Waived | |||
Core MSCI Emerging Markets | $ | 3,719,930 |
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, 2023, the Funds paid BTC the following amounts for securities lending agent services:
iShares ETF | Amounts | |||
Core MSCI Emerging Markets | $ | 7,986,736 | ||
MSCI BIC | 1,670 | |||
MSCI Emerging Markets Asia | 12,071 | |||
MSCI Emerging Markets Small-Cap | 109,978 |
Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.
84 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
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, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:
iShares ETF
| Purchases
| Sales
| Net Realized
| |||||||||
Core MSCI Emerging Markets | $ | 44,926,196 | $ | 87,814,239 | $ | (69,198,794 | ) | |||||
MSCI BIC | 93,003 | 255,650 | (209,770 | ) | ||||||||
MSCI Emerging Markets Asia | 742,336 | 1,035,005 | (1,087,049 | ) | ||||||||
MSCI Emerging Markets Small-Cap | 3,497,990 | 4,526,054 | 2,140,978 |
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, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:
iShares ETF | Purchases | Sales | ||||||
Core MSCI Emerging Markets | $ | 12,986,361,868 | $ | 8,823,790,291 | ||||
MSCI BIC | 2,578,828 | 5,470,290 | ||||||
MSCI Emerging Markets Asia | 119,482,364 | 81,456,471 | ||||||
MSCI Emerging Markets Small-Cap | 71,728,753 | 42,153,535 |
For the six months ended February 28, 2023, in-kind transactions were as follows:
iShares ETF | In-kind Purchases | In-kind Sales | ||||||
Core MSCI Emerging Markets | $ | 806,243,147 | $ | 396,911,124 | ||||
MSCI BIC | — | 2,507,276 | ||||||
MSCI Emerging Markets Asia | 9,800,313 | 38,054,613 | ||||||
MSCI Emerging Markets Small-Cap | 6,765,370 | — |
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, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.
As of August 31, 2022, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:
iShares ETF | Amounts | |||
Core MSCI Emerging Markets | $ | 7,947,439,378 | ||
MSCI BIC | 225,356,121 | |||
MSCI Emerging Markets Asia | 86,856,550 | |||
MSCI Emerging Markets Small-Cap | 9,868,279 |
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 | 85 |
Notes to Financial Statements (unaudited) (continued)
As of February 28, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:
iShares ETF
| Tax Cost
| Gross Unrealized
| Gross Unrealized
| Net Unrealized
| ||||||||||||
Core MSCI Emerging Markets | $ | 72,922,197,209 | $ | 10,558,708,851 | $ | (13,333,702,468 | ) | $ | (2,774,993,617 | ) | ||||||
MSCI BIC | 113,591,403 | 5,835,982 | (39,003,674 | ) | (33,167,692 | ) | ||||||||||
MSCI Emerging Markets Asia | 634,405,042 | 31,156,133 | (101,100,341 | ) | (69,944,208 | ) | ||||||||||
MSCI Emerging Markets Small-Cap | 415,565,631 | 50,468,992 | (67,970,419 | ) | (17,501,427 | ) |
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 11, 2023. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.
During the six months ended February 28, 2023, the iShares Core MSCI Emerging Markets ETF did not borrow under the Syndicated Credit Agreement.
For the six months ended February 28, 2023, 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 BIC | $ | 515,000 | $ | 19,917 | 4.91 | % | ||||||
MSCI Emerging Markets Asia | 2,100,000 | 81,215 | 4.91 | |||||||||
MSCI Emerging Markets Small-Cap | 4,500,000 | 227,956 | 4.29 |
Effective April 21, 2022, the iShares Core MSCI Emerging Markets ETF, along with certain other iShares funds (“Mauritius Participating Funds”), was a party to a $1.50 billion unsecured and uncommitted line of credit (“Uncommitted Liquidity Facility”) with State Street Bank and Trust Company, which was used solely to facilitate trading associated with the closure of the Fund’s Mauritius subsidiary. The Uncommitted Liquidity Facility had 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. The Uncommitted Liquidity Facility was terminated on December 7, 2022.
For the six months ended February 28, 2023, 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 | |||||||||
Core MSCI Emerging Markets | $ | 1,160,000,000 | $ | 164,276,243 | 4.43 | % |
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
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Notes to Financial Statements (unaudited) (continued)
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.
Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.
Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.
The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.
Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.
With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.
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 China or with significant exposure to Chinese issuers. Investments in Chinese securities, including certain Hong Kong-listed securities, involve 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 | 87 |
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 Funds may be exposed to financial instruments that are tied to the London Interbank Offered Rate (“LIBOR”) to determine payment obligations, financing terms, hedging strategies or investment value. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, announced that a majority of USD LIBOR settings will no longer be published after June 30, 2023. All other LIBOR settings and certain other interbank offered rates ceased to be published after December 31, 2021. SOFR has been used increasingly on a voluntary basis in new instruments and transactions. The Federal Reserve Board adopted regulations that provide a fallback mechanism by identifying benchmark rates based on SOFR that will replace LIBOR in certain financial contracts after June 30, 2023. 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 02/28/23 | Year Ended 08/31/22 | |||||||||||||||
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iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
| ||||||||||||||||
Core MSCI Emerging Markets | ||||||||||||||||
Shares sold | 119,400,000 | $ | 5,723,123,253 | 82,200,000 | $ | 4,716,727,779 | ||||||||||
Shares redeemed | (25,800,000 | ) | (1,170,313,580 | ) | — | — | ||||||||||
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93,600,000 | $ | 4,552,809,673 | 82,200,000 | $ | 4,716,727,779 | |||||||||||
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MSCI BIC | ||||||||||||||||
Shares sold | — | $ | (20,401 | ) | — | $ | (14,320 | ) | ||||||||
Shares redeemed | (150,000 | ) | (5,257,402 | ) | (650,000 | ) | (28,141,435 | ) | ||||||||
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(150,000 | ) | $ | (5,277,803 | ) | (650,000 | ) | $ | (28,155,755 | ) | |||||||
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MSCI Emerging Markets Asia | ||||||||||||||||
Shares sold | 1,700,000 | $ | 116,960,146 | 600,000 | $ | 46,304,002 | ||||||||||
Shares redeemed | (1,600,000 | ) | (101,294,823 | ) | (2,000,000 | ) | (142,715,938 | ) | ||||||||
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100,000 | $ | 15,665,323 | (1,400,000 | ) | $ | (96,411,936 | ) | |||||||||
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MSCI Emerging Markets Small-Cap | ||||||||||||||||
Shares sold | 800,000 | $ | 36,933,108 | 200,000 | $ | 11,860,118 | ||||||||||
Shares redeemed | — | — | (200,000 | ) | (12,135,939 | ) | ||||||||||
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800,000 | $ | 36,933,108 | — | $ | (275,821 | ) | ||||||||||
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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:
On March 16, 2023 and March 17, 2023, respectively, Core MSCI Emerging Markets and MSCI Emerging Markets Small Cap finalized their transfer of assets of the Funds’ wholly owned Mauritius Subsidiaries to the Funds through on-exchange transactions in India.
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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 Core MSCI Emerging Markets ETF, iShares MSCI BIC 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, 2022 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40Act Liquidity Risk Management Committee (the “Committee”).At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2021 through September 30, 2022 (the “Program Reporting Period”).
The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays, the imposition of capital controls in certain non-U.S. countries, Russian sanctions and the closure of the Russian securities market.
The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:
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. The Committee also considered that ETFs generally do not engage in borrowing. |
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. However, there were no ETFs with persistent deviations of fund premium/discount or bid/ask spreads from long-term averages over the Program Reporting Period. |
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. |
There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.
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 | 89 |
Supplemental Information (unaudited)
Section 19(a) Notices
The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.
February 28, 2023
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 BIC(a) | $ | 0.294075 | $ | — | $ | 0.099330 | $ | 0.393405 | 75 | % | — | % | 25 | % | 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 | 91 |
Glossary of Terms Used in this Report
Portfolio Abbreviation
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 |
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Want to know more?
iShares.com | 1-800-474-2737
This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.
Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., 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.
©2023 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-810-0223
FEBRUARY 28, 2023 |
2023 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,
Significant economic headwinds emerged during the 12-month reporting period ended February 28, 2023, as investors navigated changing economic conditions and volatile markets. The U.S. economy shrank in the first half of 2022 before returning to modest growth in the second half of the year, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high before beginning to moderate. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.
Equity prices fell as interest rates rose, particularly during the first half of the reporting period. Both large-and small-capitalization U.S. stocks fell, although equities began to recover in the second half of the period as inflation eased and economic growth resumed. Emerging market stocks and international equities from developed markets declined overall, pressured by rising interest rates and a strong U.S. dollar.
The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to fluctuating inflation data and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and higher interest rates led to rising borrowing costs for corporate issuers.
The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates eight times. Furthermore, the Fed wound down its bond-buying programs and accelerated the reduction of its balance sheet.
Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth slowed in the last year, we believe that taming inflation requires a more substantial decline that lowers demand to a level more in line with the economy’s productive capacity. Although the Fed has decelerated the pace of interest rate hikes, it still seems determined to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, but the dimming economic outlook has not yet been fully reflected in current market prices. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions. Turmoil in the banking sector shortly following the end of the period highlighted the potential for the knock-on effects of substantially higher interest rates to disrupt markets with little warning.
While we favor an overweight to equities in the long term, several factors lead us to take an underweight stance on equities overall in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with the possibility of a recession in a business environment characterized by higher costs and reduced pricing power. Nevertheless, we are overweight on emerging market stocks as a weaker U.S. dollar provides a supportive backdrop. We also see long-term opportunities in credit, where valuations are appealing and higher yields provide attractive income, although we are neutral on credit in the near term, as we believe that troubles in the banking sector will likely lead to reduced lending. However, we believe there are still some strong opportunities for a six- to twelve-month horizon, particularly short-term U.S. Treasuries, global inflation-linked bonds, and emerging market bonds denominated in local currency.
Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.
Rob Kapito
President, BlackRock, Inc.
Rob Kapito
President, BlackRock, Inc.
Total Returns as of February 28, 2023 |
6-Month | 12-Month | |||||||||
U.S. large cap equities (S&P 500® Index) | 1.26% | (7.69)% | ||||||||
U.S. small cap equities (Russell 2000® Index) | 3.63 | (6.02) | ||||||||
International equities (MSCI Europe, Australasia, Far East Index) | 12.58 | (3.14) | ||||||||
Emerging market equities (MSCI Emerging Markets Index) | (2.29) | (15.28) | ||||||||
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index) | 1.74 | 2.11 | ||||||||
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index) | (4.81) | (14.06) | ||||||||
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index) | (2.13) | (9.72) | ||||||||
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index) | 0.66 | (5.10) | ||||||||
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index) | 2.52 | (5.45) |
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 |
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Fund Summary as of February 28, 2023 | 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.
On March 29, 2023, the Board approved a proposal to change the name of MSCI Frontier and Select EM to Frontier and Select EM as well as the Fund’s investment objective. The Board also approved a proposal to change the Fund from tracking an underlying index to operating as a transparent active ETF. These changes are expected to become effective on June 1, 2023.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||
6-Month Total Returns | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||
Fund NAV | (8.79 | )% | (24.20 | )% | (3.62 | )% | 2.13 | % | (24.20 | )% | (16.83 | )% | 23.42 | % | ||||||||||||||
Fund Market | (8.97 | ) | (24.95 | ) | (3.50 | ) | 1.90 | (24.95 | ) | (16.33 | ) | 20.75 | ||||||||||||||||
Index | (6.69 | ) | (20.54 | ) | (1.34 | ) | 4.04 | (20.54 | ) | (6.54 | ) | 48.59 |
The inception date of the Fund was September 12, 2012. The first day of secondary market trading was September 13, 2012.
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 not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||
Beginning Account Value (09/01/22) | Ending Account Value (02/28/23) | Expenses the Period(a) | Beginning Account Value (09/01/22) | Ending Account Value (02/28/23) | Expenses the Period(a) | Annualized Expense Ratio | ||||||||||||||||||||||
$ | 1,000.00 | $ | 912.10 | $ | 3.79 | $ | 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 “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
Sector | Percent of Total Investments(a) | |||
Financials | 41.0 | % | ||
Materials | 11.3 | |||
Real Estate | 10.1 | |||
Consumer Staples | 10.0 | |||
Energy | 8.1 | |||
Communication Services | 6.9 | |||
Industrials | 5.9 | |||
Utilities | 3.6 | |||
Health Care | 1.9 | |||
Other (each representing less than 1%) | 1.2 |
(a) | Excludes money market funds. |
GEOGRAPHIC ALLOCATION
Country/Geographic Region | Percent of Total Investments(a) | |||
Vietnam | 31.5 | % | ||
Kazakhstan | 8.2 | |||
Romania | 7.8 | |||
Morocco | 7.0 | |||
Philippines | 6.9 | |||
Colombia | 5.4 | |||
Peru | 5.3 | |||
Egypt | 4.9 | |||
Oman | 4.5 | |||
Bangladesh | 3.6 |
4 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of February 28, 2023 | 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-Month Total Returns | | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||
Fund NAV | 4.16 | % | (7.22 | )% | 7.09 | % | 8.95 | % | (7.22 | )% | 40.86 | % | 135.69 | % | ||||||||||||||||||
Fund Market | 4.11 | (7.03 | ) | 7.15 | 8.89 | (7.03 | ) | 41.26 | 134.32 | |||||||||||||||||||||||
Index | 4.04 | (7.33 | ) | 6.88 | 8.77 | (7.33 | ) | 39.48 | 131.88 |
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
Beginning Account Value (09/01/22) | Ending Account Value (02/28/23) | Expenses the Period(a) | Beginning Account Value (09/01/22) | Ending Account Value (02/28/23) | Expenses the Period(a) | Annualized Expense Ratio | ||||||||||||||||||||||||
$ | 1,000.00 | $ | 1,041.60 | $ | 1.21 | $ | 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 “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
Sector | Percent of Total Investments(a) | |||
Information Technology | 21.3 | % | ||
Financials | 14.6 | |||
Health Care | 13.3 | |||
Industrials | 10.8 | |||
Consumer Discretionary | 10.7 | |||
Consumer Staples | 7.5 | |||
Communication Services | 6.6 | |||
Energy | 5.2 | |||
Materials | 4.5 | |||
Utilities | 2.9 | |||
Real Estate | 2.6 |
(a) | Excludes money market funds. |
GEOGRAPHIC ALLOCATION
Country/Geographic Region | Percent of Total Investments(a) | |||
United States | 67.3 | % | ||
Japan | 6.1 | |||
United Kingdom | 4.5 | |||
France | 3.5 | |||
Canada | 3.5 | |||
Switzerland | 3.0 | |||
Germany | 2.4 | |||
Australia | 2.2 | |||
Netherlands | 1.4 | |||
Sweden | 1.0 | |||
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 the Period.”
The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.
6 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) February 28, 2023 | iShares® MSCI Frontier and Select EM ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Bahrain — 0.5% | ||||||||
Aluminium Bahrain BSC | 950,571 | $ | 3,050,500 | |||||
Ithmaar Holding BSC, NVS(a) | 7,141,331 | 279,968 | ||||||
|
| |||||||
|
3,330,468 |
| ||||||
Bangladesh — 3.5% | ||||||||
Bangladesh Export Import Co. Ltd. | 2,820,442 | 3,049,412 | ||||||
Beacon Pharmaceuticals Ltd./Bangladesh | 686,541 | 1,923,711 | ||||||
Beximco Pharmaceuticals Ltd. | 1,561,396 | 2,134,922 | ||||||
BRAC Bank Ltd. | 2,400,934 | 864,534 | ||||||
British American Tobacco Bangladesh Co. Ltd. | 314,507 | 1,525,553 | ||||||
City Bank Ltd. (The) | 3,168,117 | 645,957 | ||||||
Eastern Bank Ltd. | 1,548,831 | 460,651 | ||||||
GrameenPhone Ltd. | 321,524 | 861,848 | ||||||
International Finance Investment & Commerce Bank Ltd.(a) | 6,726,577 | 723,491 | ||||||
LafargeHolcim Bangladesh Ltd. | 2,655,963 | 1,609,575 | ||||||
National Bank Ltd.(a) | 6,888,003 | 534,703 | ||||||
Olympic Industries Ltd. | 600,255 | 834,206 | ||||||
Renata Ltd. | 85,181 | 970,276 | ||||||
Robi Axiata Ltd., NVS | 5,148,805 | 1,444,670 | ||||||
Square Pharmaceuticals Ltd. | 2,870,284 | 5,631,635 | ||||||
Summit Power Ltd. | 1,314,517 | 418,009 | ||||||
|
| |||||||
|
23,633,153 |
| ||||||
Colombia — 3.2% | ||||||||
Bancolombia SA | 1,162,771 | 8,590,201 | ||||||
Cementos Argos SA | 2,879,889 | 1,785,029 | ||||||
Corp. Financiera Colombiana SA(a) | 79,206 | 171,144 | ||||||
Grupo Argos SA | 1,744,691 | 3,482,611 | ||||||
Interconexion Electrica SA ESP | 2,229,413 | 7,895,617 | ||||||
|
| |||||||
|
21,924,602 |
| ||||||
Egypt — 4.8% | ||||||||
Abou Kir Fertilizers & Chemical Industries | 2,419,215 | 3,295,847 | ||||||
Commercial International Bank Egypt SAE | 12,255,325 | 21,246,386 | ||||||
Eastern Co. SAE | 7,198,002 | 4,352,171 | ||||||
Egyptian Financial Group-Hermes Holding Co.(a) | 5,550,173 | 3,741,791 | ||||||
|
| |||||||
|
32,636,195 |
| ||||||
Estonia — 1.0% | ||||||||
Enefit Green AS, NVS | 534,352 | 2,486,696 | ||||||
LHV Group AS, NVS | 780,999 | 3,079,345 | ||||||
Tallink Grupp AS(a) | 1,513,628 | 912,171 | ||||||
Tallinna Sadam AS(b) | 367,258 | 574,153 | ||||||
|
| |||||||
|
7,052,365 |
| ||||||
Jordan — 3.1% | ||||||||
Arab Bank PLC | 845,622 | 5,780,910 | ||||||
Capital Bank of Jordan | 479,332 | 1,668,607 | ||||||
Jordan Islamic Bank | 304,284 | 1,754,020 | ||||||
Jordan Petroleum Refinery Co. | 615,488 | 5,352,824 | ||||||
Jordan Phosphate Mines Co. | 85,351 | 5,258,192 | ||||||
Jordanian Electric Power Co. | 350,047 | 1,045,599 | ||||||
|
| |||||||
|
20,860,152 |
| ||||||
Kazakhstan — 8.0% | ||||||||
Halyk Savings Bank of Kazakhstan JSC, GDR | 866,107 | 9,700,398 | ||||||
Kaspi.KZ JSC | 387,539 | 28,832,900 | ||||||
NAC Kazatomprom JSC, GDR | 549,656 | 15,720,162 | ||||||
|
| |||||||
|
54,253,460 |
| ||||||
Kenya — 1.6% | ||||||||
Equity Group Holdings PLC/Kenya | 8,677,066 | 2,733,472 | ||||||
KCB Group PLC | 7,276,516 | 1,925,768 |
Security | Shares | Value | ||||||
Kenya (continued) | ||||||||
Safaricom PLC | 36,957,905 | $ | 5,960,540 | |||||
|
| |||||||
|
10,619,780 |
| ||||||
Lithuania — 0.8% | ||||||||
AB Ignitis Grupe | 138,409 | 2,941,686 | ||||||
Siauliu Bankas AB | 2,846,790 | 2,245,171 | ||||||
|
| |||||||
|
5,186,857 |
| ||||||
Malta — 0.7% | ||||||||
MAS P.L.C | 3,760,298 | 4,373,535 | ||||||
|
| |||||||
Morocco — 6.8% | ||||||||
Attijariwafa Bank | �� | 355,932 | 14,429,375 | |||||
Banque Centrale Populaire | 155,586 | 3,603,521 | ||||||
Co. Sucrerie Marocaine et de Raffinage | 211,216 | 3,652,308 | ||||||
Hightech Payment Systems SA | 2,075 | 1,295,486 | ||||||
Itissalat Al-Maghrib | 1,630,199 | 14,548,706 | ||||||
Label Vie | 9,725 | 4,110,648 | ||||||
Managem SA | 6,178 | 1,546,051 | ||||||
Societe d’Exploitation des Ports | 147,697 | 3,093,116 | ||||||
|
| |||||||
|
46,279,211 |
| ||||||
Nigeria — 3.1% | ||||||||
Access Bank PLC | 87,072,126 | 1,271,466 | ||||||
Afriland Properties PLC(a) | 8,020 | 24 | ||||||
Dangote Cement PLC | 11,938,113 | 5,074,611 | ||||||
FBN Holdings PLC | 84,216,832 | 1,500,193 | ||||||
Guaranty Trust Holding Co. PLC | 63,861,123 | 2,602,292 | ||||||
MTN Nigeria Communications PLC | 11,008,838 | 4,124,106 | ||||||
Nestle Nigeria PLC | 1,310,924 | 2,165,430 | ||||||
United Bank for Africa PLC | 79,997,106 | 1,064,182 | ||||||
Zenith Bank PLC | 69,373,073 | 2,810,988 | ||||||
|
| |||||||
|
20,613,292 |
| ||||||
Oman — 4.4% | ||||||||
Bank Muscat SAOG | 17,104,043 | 12,974,153 | ||||||
National Bank of Oman SAOG | 3,941,063 | 2,722,563 | ||||||
Oman Telecommunications Co. SAOG | 3,840,377 | 9,574,761 | ||||||
Omani Qatari Telecommunications Co. SAOG | 3,032,075 | 3,335,338 | ||||||
Renaissance Services SAOG | 815,534 | 929,937 | ||||||
|
| |||||||
|
29,536,752 |
| ||||||
Pakistan — 3.4% | ||||||||
Engro Corp. Ltd./Pakistan | 2,126,272 | 2,440,375 | ||||||
Engro Fertilizers Ltd. | 3,622,125 | 1,169,394 | ||||||
Fauji Fertilizer Co. Ltd. | 2,978,095 | 1,159,350 | ||||||
Habib Bank Ltd. | 3,954,891 | 1,049,143 | ||||||
Hub Power Co. Ltd. (The) | 8,277,817 | 2,227,505 | ||||||
Lucky Cement Ltd.(a) | 1,074,199 | 1,699,247 | ||||||
Mari Petroleum Co. Ltd. | 213,301 | 1,174,257 | ||||||
MCB Bank Ltd. | 3,139,806 | 1,403,127 | ||||||
Millat Tractors Ltd. | 408,785 | 877,113 | ||||||
Oil & Gas Development Co. Ltd. | 4,363,627 | 1,378,673 | ||||||
Pakistan Oilfields Ltd. | 943,270 | 1,550,426 | ||||||
Pakistan Petroleum Ltd. | 3,962,458 | 953,566 | ||||||
Pakistan State Oil Co. Ltd. | 1,693,062 | 729,349 | ||||||
Systems Ltd. | 1,225,317 | 2,246,711 | ||||||
TRG Pakistan(a) | 3,022,591 | 1,265,789 | ||||||
United Bank Ltd./Pakistan | 3,907,198 | 1,688,820 | ||||||
|
| |||||||
|
23,012,845 |
| ||||||
Peru — 5.2% | ||||||||
Cia. de Minas Buenaventura SAA, ADR | 413,857 | 3,137,041 | ||||||
Credicorp Ltd. | 140,160 | 17,859,187 |
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, 2023 | iShares® MSCI Frontier and Select EM ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Peru (continued) | ||||||||
Southern Copper Corp. | 189,977 | $ | 13,999,405 | |||||
|
| |||||||
|
34,995,633 |
| ||||||
Philippines — 6.8% | ||||||||
Aboitiz Equity Ventures Inc. | 1,250,090 | 1,219,354 | ||||||
ACEN Corp. | 306,570 | 35,081 | ||||||
Alliance Global Group Inc. | 2,635,100 | 598,585 | ||||||
Ayala Corp. | 142,490 | 1,606,517 | ||||||
Ayala Land Inc. | 4,871,200 | 2,503,817 | ||||||
Bank of the Philippine Islands | 1,556,180 | 3,085,757 | ||||||
BDO Unibank Inc. | 1,868,698 | 4,161,913 | ||||||
Bloomberry Resorts Corp.(a) | 2,129,500 | 351,460 | ||||||
Century Pacific Food Inc. | 1,256,000 | 595,664 | ||||||
Converge Information and Communications Technology Solutions Inc.(a) | 2,461,400 | 722,191 | ||||||
DMCI Holdings Inc. | 4,636,000 | 883,281 | ||||||
Globe Telecom Inc. | 2,400 | 76,898 | ||||||
GT Capital Holdings Inc. | 106,060 | 993,888 | ||||||
International Container Terminal Services Inc. | 864,320 | 3,117,922 | ||||||
JG Summit Holdings Inc. | 2,178,300 | 1,937,664 | ||||||
Jollibee Foods Corp. | 445,230 | 1,929,326 | ||||||
LT Group Inc. | 5,046,300 | 956,666 | ||||||
Manila Electric Co. | 164,020 | 941,600 | ||||||
Megaworld Corp. | 290,000 | 10,577 | ||||||
Metro Pacific Investments Corp. | 15,117,000 | 1,113,986 | ||||||
Metropolitan Bank & Trust Co. | 1,870,110 | 1,964,478 | ||||||
Monde Nissin Corp.(b) | 3,985,100 | 867,717 | ||||||
PLDT Inc. | 207,935 | 4,824,453 | ||||||
Puregold Price Club Inc. | 1,493,800 | 850,226 | ||||||
RL Commercial REIT Inc. | 9,032,100 | 930,135 | ||||||
Robinsons Land Corp. | 564,500 | 153,465 | ||||||
Security Bank Corp. | 585,240 | 1,085,930 | ||||||
SM Prime Holdings Inc. | 9,717,000 | 5,972,370 | ||||||
Universal Robina Corp. | 618,230 | 1,524,524 | ||||||
Wilcon Depot Inc. | 1,457,600 | 831,359 | ||||||
|
| |||||||
|
45,846,804 |
| ||||||
Romania — 7.6% | ||||||||
Banca Transilvania SA | 4,605,842 | 19,422,531 | ||||||
BRD-Groupe Societe Generale SA | 1,780,848 | 5,064,874 | ||||||
MED Life SA(a) | 573,361 | 2,219,655 | ||||||
OMV Petrom SA | 114,580,484 | 11,725,031 | ||||||
Societatea Energetica Electrica SA | 945,059 | 1,836,918 | ||||||
Societatea Nationala de Gaze Naturale ROMGAZ SA | 938,043 | 8,134,707 | ||||||
Teraplast SA | 6,806,705 | 850,332 | ||||||
Transgaz SA Medias | 30,208 | 2,040,445 | ||||||
|
| |||||||
|
51,294,493 |
| ||||||
Slovenia — 0.2% | ||||||||
Pozavarovalnica Sava dd | 49,211 | 1,313,297 | ||||||
|
| |||||||
Sri Lanka — 0.3% | ||||||||
Commercial Bank of Ceylon PLC | 1,482,825 | 266,371 | ||||||
Expolanka Holdings PLC | 992,043 | 489,387 | ||||||
John Keells Holdings PLC | 2,732,474 | 1,019,467 | ||||||
Sampath Bank PLC | 2,891,749 | 413,175 | ||||||
|
| |||||||
|
2,188,400 |
| ||||||
Vietnam — 30.7% | ||||||||
Bank for Foreign Trade of Vietnam JSC(a) | 5,461,795 | 21,490,762 | ||||||
Bank for Investment and Development of Vietnam JSC(a) | 1,858,324 | 3,448,907 |
|Security | Shares | Value | ||||||
Vietnam (continued) | ||||||||
Bao Viet Holdings | 944,310 | $ | 1,927,322 | |||||
Dat Xanh Group JSC(a) | 2,090,780 | 879,424 | ||||||
Development Investment Construction(a) | 2,164,754 | 1,229,530 | ||||||
Digiworld Corp., NVS | 783,500 | 1,203,528 | ||||||
Duc Giang Chemicals JSC | 1,616,094 | 3,406,623 | ||||||
Gelex Group JSC | 4,329,284 | 2,095,304 | ||||||
Ha Do Group JSC | 833,848 | 1,030,270 | ||||||
Hoa Phat Group JSC | 22,004,403 | 18,520,095 | ||||||
Hoa Sen Group(a) | 2,020,790 | 1,239,194 | ||||||
IDICO Corp. JSC | 1,659,050 | 2,681,293 | ||||||
Khang Dien House Trading and Investment JSC(a) | 2,694,597 | 2,884,295 | ||||||
KIDO Group Corp. | 1,180,372 | 2,752,214 | ||||||
Kinh Bac City Development Share Holding Corp.(a) | 2,757,060 | 2,467,043 | ||||||
Masan Group Corp. | 4,652,556 | 16,056,753 | ||||||
Nam Long Investment Corp., NVS | 1,172,000 | 1,267,244 | ||||||
National Citizen Commercial JSC, NVS(a) | 957,100 | 636,455 | ||||||
No Va Land Investment Group Corp.(a) | 4,812,333 | 2,146,916 | ||||||
PetroVietnam Drilling & Well Services JSC(a) | 1,997,534 | 1,778,239 | ||||||
PetroVietnam Fertilizer & Chemicals JSC | 1,215,800 | 1,790,414 | ||||||
PetroVietnam Gas JSC | 413,400 | 1,800,270 | ||||||
PetroVietnam Power Corp.(a) | 4,048,740 | 2,061,508 | ||||||
PetroVietnam Technical Services Corp. | 1,718,498 | 1,880,511 | ||||||
Phat Dat Real Estate Development Corp.(a) | 1,871,836 | 795,688 | ||||||
Saigon—Hanoi Commercial Joint Stock Bank(a) | 15,068,105 | 6,208,648 | ||||||
Saigon Beer Alcohol Beverage Corp. | 671,080 | 5,310,333 | ||||||
Saigon Thuong Tin Commercial JSB(a) | 9,597,280 | 9,591,840 | ||||||
Saigon-Hanoi Securities(a) | 2,747,550 | 936,665 | ||||||
SSI Securities Corp. | 10,466,841 | 8,039,998 | ||||||
Thaiholdings JSC(a) | 1,071,900 | 1,746,067 | ||||||
Thanh Thanh Cong—Bien Hoa JSC(a) | 2,764,452 | 1,698,218 | ||||||
Van Phu—Invest Investment JSC | 784,380 | 1,683,856 | ||||||
Viet Capital Securities JSC | 2,276,170 | 2,461,869 | ||||||
Vietjet Aviation JSC(a) | 1,476,890 | 6,215,867 | ||||||
Vietnam Construction and Import-Export JSC | 2,238,471 | 1,809,390 | ||||||
Vietnam Dairy Products JSC | 5,578,074 | 17,728,025 | ||||||
Vincom Retail JSC(a) | 7,483,180 | 8,409,760 | ||||||
Vingroup JSC(a) | 7,809,734 | 17,283,607 | ||||||
Vinh Hoan Corp. | 828,700 | 1,953,565 | ||||||
Vinhomes JSC(b) | 8,475,788 | 14,801,796 | ||||||
Vndirect Securities Corp. | 7,847,140 | 4,442,258 | ||||||
|
| |||||||
|
207,791,564 |
| ||||||
Total Common Stocks — 95.7% | 646,742,858 | |||||||
|
| |||||||
Preferred Stocks | ||||||||
Colombia — 2.0% | ||||||||
Bancolombia SA, Preference Shares, NVS | 2,165,581 | 13,734,781 | ||||||
|
| |||||||
Total Preferred Stocks — 2.0% | 13,734,781 | |||||||
|
|
8 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Frontier and Select EM ETF |
Security | Par | Value | ||||||||
Corporate Bonds & Notes | ||||||||||
Oman — 0.0% | ||||||||||
Bank Muscat SAOG, 4.25%, 11/20/50 (c) | OMR | 276,375 | $ | — | ||||||
|
| |||||||||
Total Corporate Bonds & Notes — 0.0% | — | |||||||||
|
| |||||||||
Total Investments — 97.7% | 660,477,639 | |||||||||
Other Assets Less Liabilities — 2.3% | 15,664,761 | |||||||||
|
| |||||||||
Net Assets — 100.0% | $ | 676,142,400 | ||||||||
|
|
(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. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 08/31/22 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/23 | Shares Held at 02/28/23 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares(a) | $ | — | $ | — | $ | 0 | (b) | $ | — | $ | — | $ | — | — | $ | 38 | (c) | $ | — | |||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares(a) | — | — | 0 | (b) | — | — | — | — | 18,667 | 2 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | — | $ | — | $ | — | $ | 18,705 | $ | 2 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 | ||||||||||||
| ||||||||||||||||
Long Contracts | ||||||||||||||||
MSCI Emerging Markets Index | 373 | 03/17/23 | $ | 17,958 | $ | (402,788 | ) | |||||||||
|
|
Forward Foreign Currency Exchange Contracts
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||||||||||||
USD | 781,570 | NGN | 458,000,000 | Citibank N.A. | 10/27/23 | $ | 7,296 | |||||||||||||
USD | 11,480,375 | NGN | 6,673,541,718 | JPMorgan Chase Bank N.A. | 10/27/23 | 198,395 | ||||||||||||||
|
| |||||||||||||||||||
205,691 | ||||||||||||||||||||
|
| |||||||||||||||||||
$ | 205,691 | |||||||||||||||||||
|
|
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, 2023 | 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:
| ||||||||||||||||||||||||||||
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Assets — Derivative Financial Instruments | ||||||||||||||||||||||||||||
Forward foreign currency exchange contracts | ||||||||||||||||||||||||||||
Unrealized appreciation on forward foreign currency exchange contracts | $ | — | $ | — | $ | — | $ | 205,691 | $ | — | $ | — | $ | 205,691 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Liabilities — Derivative Financial Instruments | ||||||||||||||||||||||||||||
Futures contracts | ||||||||||||||||||||||||||||
Unrealized depreciation on futures contracts(a) | $ | — | $ | — | $ | 402,788 | $ | — | $ | — | $ | — | $ | 402,788 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
| ||||||||||||||||||||||||||||
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Net Realized Gain (Loss) from | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | (421,840 | ) | $ | — | $ | — | $ | — | $ | (421,840 | ) | ||||||||||||
Forward foreign currency exchange contracts | — | — | — | (692,724 | ) | — | — | (692,724 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | — | $ | — | $ | (421,840 | ) | $ | (692,724 | ) | $ | — | $ | — | $ | (1,114,564 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | (1,042 | ) | $ | — | $ | — | $ | — | $ | (1,042 | ) | ||||||||||||
Forward foreign currency exchange contracts | — | — | — | 1,159,501 | — | — | 1,159,501 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
$ | — | $ | — | $ | (1,042 | ) | $ | 1,159,501 | $ | — | $ | — | $ | 1,158,459 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| ||||
Futures contracts | ||||
Average notional value of contracts — long | $ | 21,555,043 | ||
Forward foreign currency exchange contracts | ||||
Average amounts sold — in USD | $ | 12,261,945 | ||
|
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 | $ | — | $ | 402,788 | ||||
Forward foreign currency exchange contracts | 205,691 | — | ||||||
|
|
|
| |||||
Total derivative assets and liabilities in the Statement of Assets and Liabilities | 205,691 | 402,788 | ||||||
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | — | (402,788 | ) | |||||
|
|
|
| |||||
Total derivative assets and liabilities subject to an MNA | 205,691 | — | ||||||
|
|
|
|
10 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Frontier and Select EM ETF |
Derivative Financial Instruments—Offsetting as of Period End (continued)
The following table presents the Fund’s derivative assets by counterparty net of amounts available for offset under an MNA and net of the related collateral received by the Fund:
| ||||||||||||||||||||
Counterparty | Derivative Assets Subject to an MNA by Counterparty | Derivatives for Offset(a) | Non-Cash Collateral Received | Cash Received(b) | Net Assets(c)(d) | |||||||||||||||
| ||||||||||||||||||||
Citibank N.A | $ | 7,296 | $ | — | $ | — | $ | — | $ | 7,296 | ||||||||||
JPMorgan Chase Bank N.A | 198,395 | — | — | (198,395 | ) | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
$ | 205,691 | $ | — | $ | — | $ | (198,395 | ) | $ | 7,296 | ||||||||||
|
|
|
|
|
|
|
|
|
|
(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) | Excess of collateral received from the individual counterparty is not shown for financial reporting purposes. |
(c) | Net amount represents the net amount receivable from the counterparty in the event of default. |
(d) | Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized. |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Common Stocks | $ | 251,201,490 | $ | 395,541,368 | $ | — | $ | 646,742,858 | ||||||||
Preferred Stocks | 13,734,781 | — | — | 13,734,781 | ||||||||||||
Corporate Bonds & Notes | — | — | — | — | ||||||||||||
Oman | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 264,936,271 | $ | 395,541,368 | $ | — | $ | 660,477,639 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Financial Instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Foreign Currency Exchange Contracts | $ | — | $ | 205,691 | $ | — | $ | 205,691 | ||||||||
Liabilities | ||||||||||||||||
Equity Contracts | (402,788 | ) | — | — | (402,788 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | (402,788 | ) | $ | 205,691 | $ | — | (197,097 | ) | ||||||||
|
|
|
|
|
|
|
|
(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, 2023 | iShares® MSCI World ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Australia — 2.2% | ||||||||
Ampol Ltd. | 11,723 | $ | 258,455 | |||||
APA Group | 57,547 | 414,612 | ||||||
Aristocrat Leisure Ltd. | 29,191 | 715,303 | ||||||
ASX Ltd. | 9,364 | 427,713 | ||||||
Aurizon Holdings Ltd. | 90,914 | 202,024 | ||||||
Australia & New Zealand Banking Group Ltd. | 147,335 | 2,437,137 | ||||||
BHP Group Ltd. | 247,319 | 7,485,120 | ||||||
BlueScope Steel Ltd. | 24,657 | 315,479 | ||||||
Brambles Ltd. | 70,010 | 604,935 | ||||||
Cochlear Ltd. | 3,149 | 469,594 | ||||||
Coles Group Ltd. | 64,554 | 788,437 | ||||||
Commonwealth Bank of Australia | 84,142 | 5,684,535 | ||||||
Computershare Ltd. | 26,495 | 440,694 | ||||||
CSL Ltd. | 23,652 | 4,705,971 | ||||||
Dexus | 50,762 | 286,834 | ||||||
Endeavour Group Ltd./Australia | 64,382 | 295,412 | ||||||
Fortescue Metals Group Ltd. | 83,102 | 1,190,845 | ||||||
Goodman Group | 80,267 | 1,067,796 | ||||||
GPT Group (The) | 91,659 | 289,340 | ||||||
IDP Education Ltd. | 10,285 | 197,793 | ||||||
IGO Ltd. | 38,771 | 340,818 | ||||||
Insurance Australia Group Ltd. | 124,441 | 388,399 | ||||||
James Hardie Industries PLC | 21,750 | 453,153 | ||||||
Lendlease Corp. Ltd. | 33,997 | 174,099 | ||||||
Lottery Corp. Ltd. (The)(a) | 108,524 | 378,005 | ||||||
Macquarie Group Ltd. | 18,200 | 2,311,080 | ||||||
Medibank Pvt Ltd. | 135,219 | 303,089 | ||||||
Mineral Resources Ltd. | 8,266 | 456,519 | ||||||
Mirvac Group | 188,438 | 286,912 | ||||||
National Australia Bank Ltd. | 158,939 | 3,199,168 | ||||||
Newcrest Mining Ltd. | 41,002 | 627,689 | ||||||
Northern Star Resources Ltd. | 55,037 | 384,121 | ||||||
Orica Ltd. | 20,412 | 221,767 | ||||||
Origin Energy Ltd. | 86,021 | 461,454 | ||||||
Pilbara Minerals Ltd.(a) | 121,058 | 337,336 | ||||||
Qantas Airways Ltd.(a) | 46,060 | 198,104 | ||||||
QBE Insurance Group Ltd. | 72,521 | 733,640 | ||||||
Ramsay Health Care Ltd. | 9,489 | 430,201 | ||||||
REA Group Ltd. | 2,560 | 210,802 | ||||||
Reece Ltd.(b) | 14,460 | 160,122 | ||||||
Rio Tinto Ltd. | 18,019 | 1,408,259 | ||||||
Santos Ltd. | 152,081 | 710,128 | ||||||
Scentre Group | 245,996 | 491,317 | ||||||
SEEK Ltd. | 16,454 | 266,599 | ||||||
Sonic Healthcare Ltd. | 22,084 | 477,746 | ||||||
South32 Ltd. | 226,624 | 658,439 | ||||||
Stockland | 122,251 | 314,912 | ||||||
Suncorp Group Ltd. | 62,416 | 538,401 | ||||||
Telstra Corp. Ltd. | 202,179 | 564,885 | ||||||
Transurban Group | 147,121 | 1,399,962 | ||||||
Treasury Wine Estates Ltd. | 36,707 | 345,249 | ||||||
Vicinity Ltd. | 190,738 | 260,966 | ||||||
Washington H Soul Pattinson & Co. Ltd. | 10,684 | 208,993 | ||||||
Wesfarmers Ltd. | 54,569 | 1,766,503 | ||||||
Westpac Banking Corp. | 170,748 | 2,581,954 | ||||||
WiseTech Global Ltd. | 7,143 | 301,854 | ||||||
Woodside Energy Group Ltd. | 91,197 | 2,209,701 | ||||||
Woolworths Group Ltd. | 61,063 | 1,514,442 |
Security | Shares | Value | ||||||
Australia (continued) | ||||||||
Xero Ltd.(a) | 6,455 | $ | 336,201 | |||||
|
| |||||||
|
56,691,018 |
| ||||||
Austria — 0.1% | ||||||||
Erste Group Bank AG | 16,672 | 654,426 | ||||||
OMV AG | 7,145 | 348,015 | ||||||
Verbund AG | 3,304 | 285,738 | ||||||
voestalpine AG | 5,741 | 212,044 | ||||||
|
| |||||||
1,500,223 | ||||||||
Belgium — 0.3% | ||||||||
Ageas SA/NV | 8,364 | 377,459 | ||||||
Anheuser-Busch InBev SA/NV | 41,964 | 2,545,475 | ||||||
Argenx SE(a) | 2,730 | 993,734 | ||||||
D’ieteren Group | 1,129 | 218,814 | ||||||
Elia Group SA/NV | 1,602 | 211,029 | ||||||
Groupe Bruxelles Lambert NV | 5,470 | 459,184 | ||||||
KBC Group NV | 12,189 | 910,221 | ||||||
Sofina SA(b) | 713 | 177,625 | ||||||
Solvay SA | 3,591 | 410,192 | ||||||
UCB SA | 6,089 | 523,461 | ||||||
Umicore SA | 9,345 | 311,456 | ||||||
Warehouses De Pauw CVA | 7,374 | 225,040 | ||||||
|
| |||||||
|
7,363,690 |
| ||||||
Brazil — 0.1% | ||||||||
MercadoLibre Inc.(a) | 2,183 | 2,663,260 | ||||||
|
| |||||||
Canada — 3.5% | ||||||||
Agnico Eagle Mines Ltd. | 22,214 | 1,022,707 | ||||||
Air Canada(a) | 8,877 | 130,894 | ||||||
Algonquin Power & Utilities Corp. | 32,239 | 246,193 | ||||||
Alimentation Couche-Tard Inc. | 39,385 | 1,847,588 | ||||||
AltaGas Ltd. | 13,863 | 237,942 | ||||||
ARC Resources Ltd. | 33,753 | 367,585 | ||||||
Bank of Montreal | 32,754 | 3,104,249 | ||||||
Bank of Nova Scotia (The) | 58,482 | 2,890,455 | ||||||
Barrick Gold Corp. | 85,727 | 1,385,328 | ||||||
BCE Inc. | 3,677 | 162,683 | ||||||
Brookfield Asset Management Ltd. | 16,984 | 571,444 | ||||||
Brookfield Corp. | 67,913 | 2,259,619 | ||||||
Brookfield Renewable Corp., Class A | 6,759 | 188,232 | ||||||
BRP Inc. | 1,682 | 145,740 | ||||||
CAE Inc.(a) | 15,591 | 351,583 | ||||||
Cameco Corp. | 19,474 | 532,342 | ||||||
Canadian Apartment Properties REIT | 4,242 | 153,638 | ||||||
Canadian Imperial Bank of Commerce | 43,286 | 1,979,514 | ||||||
Canadian National Railway Co. | 28,746 | 3,274,031 | ||||||
Canadian Natural Resources Ltd. | 54,528 | 3,081,461 | ||||||
Canadian Pacific Railway Ltd. | 45,504 | 3,455,903 | ||||||
Canadian Tire Corp. Ltd., Class A, NVS | 2,822 | 351,773 | ||||||
Canadian Utilities Ltd., Class A, NVS | 6,388 | 167,553 | ||||||
CCL Industries Inc., Class B, NVS | 7,455 | 358,572 | ||||||
Cenovus Energy Inc. | 69,779 | 1,286,654 | ||||||
CGI Inc.(a) | 10,593 | 949,760 | ||||||
Constellation Software Inc./Canada | 997 | 1,714,270 | ||||||
Descartes Systems Group Inc. (The)(a) | 4,753 | 350,562 | ||||||
Dollarama Inc. | 14,047 | 811,421 | ||||||
Element Fleet Management Corp. | 22,689 | 324,081 | ||||||
Emera Inc. | 14,912 | 590,688 | ||||||
Empire Co. Ltd., Class A, NVS | 8,295 | 220,004 | ||||||
Enbridge Inc. | 99,818 | 3,744,730 |
12 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI World ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Canada (continued) | ||||||||
Fairfax Financial Holdings Ltd. | 1,116 | $ | 780,235 | |||||
First Quantum Minerals Ltd. | 28,576 | 624,295 | ||||||
FirstService Corp. | 1,948 | 267,052 | ||||||
Fortis Inc. | 22,800 | 902,309 | ||||||
Franco-Nevada Corp. | 9,747 | 1,244,144 | ||||||
George Weston Ltd. | 3,723 | 466,432 | ||||||
GFL Environmental Inc. | 7,642 | 232,312 | ||||||
Gildan Activewear Inc. | 10,474 | 332,834 | ||||||
Great-West Lifeco Inc. | 14,698 | 401,031 | ||||||
Hydro One Ltd.(c) | 16,333 | 423,856 | ||||||
iA Financial Corp. Inc. | 5,261 | 353,175 | ||||||
IGM Financial Inc. | 4,221 | 128,440 | ||||||
Imperial Oil Ltd. | 12,016 | 594,327 | ||||||
Intact Financial Corp. | 8,460 | 1,215,276 | ||||||
Ivanhoe Mines Ltd., Class A(a) | 30,138 | 251,794 | ||||||
Keyera Corp. | 10,964 | 241,939 | ||||||
Kinross Gold Corp. | 62,370 | 230,374 | ||||||
Loblaw Companies Ltd. | 8,419 | 719,487 | ||||||
Lumine Group Inc., NVS(a) | 2,853 | 29,206 | ||||||
Lundin Mining Corp. | 32,982 | 205,216 | ||||||
Magna International Inc. | 13,917 | 775,660 | ||||||
Manulife Financial Corp. | 94,468 | 1,867,898 | ||||||
Metro Inc. | 11,879 | 616,977 | ||||||
National Bank of Canada | 16,296 | 1,196,911 | ||||||
Northland Power Inc. | 11,093 | 269,500 | ||||||
Nutrien Ltd. | 25,622 | 1,996,432 | ||||||
Nuvei Corp.(a)(c) | 2,840 | 86,959 | ||||||
Onex Corp. | 3,749 | 200,460 | ||||||
Open Text Corp. | 13,077 | 450,148 | ||||||
Pan American Silver Corp. | 10,465 | 155,997 | ||||||
Parkland Corp. | 7,583 | 165,831 | ||||||
Pembina Pipeline Corp. | 26,670 | 875,644 | ||||||
Power Corp. of Canada | 26,454 | 706,086 | ||||||
Quebecor Inc., Class B | 8,385 | 198,364 | ||||||
Restaurant Brands International Inc. | 13,852 | 893,858 | ||||||
RioCan REIT | 8,280 | 131,133 | ||||||
Ritchie Bros Auctioneers Inc. | 5,420 | 331,595 | ||||||
Rogers Communications Inc., Class B, NVS | 17,183 | 820,805 | ||||||
Royal Bank of Canada | 68,185 | 6,922,939 | ||||||
Saputo Inc. | 12,213 | 327,052 | ||||||
Shaw Communications Inc., Class B, NVS | 22,034 | 638,332 | ||||||
Shopify Inc., Class A(a) | 58,514 | 2,409,173 | ||||||
Sun Life Financial Inc. | 28,492 | 1,376,887 | ||||||
Suncor Energy Inc. | 66,642 | 2,239,796 | ||||||
TC Energy Corp. | 49,736 | 1,979,599 | ||||||
Teck Resources Ltd., Class B | 22,939 | 915,711 | ||||||
TELUS Corp. | 21,234 | 422,190 | ||||||
TFI International Inc. | 4,043 | 493,367 | ||||||
Thomson Reuters Corp. | 8,381 | 1,015,056 | ||||||
TMX Group Ltd. | 2,705 | 269,747 | ||||||
Toromont Industries Ltd. | 4,006 | 330,403 | ||||||
Toronto-Dominion Bank (The) | 89,423 | 5,953,888 | ||||||
Tourmaline Oil Corp. | 15,056 | 659,838 | ||||||
Waste Connections Inc. | 12,535 | 1,678,687 | ||||||
West Fraser Timber Co. Ltd. | 2,981 | 223,930 | ||||||
Wheaton Precious Metals Corp. | 21,815 | 908,892 | ||||||
WSP Global Inc. | 5,652 | 710,011 | ||||||
|
| |||||||
|
89,118,689 |
| ||||||
Denmark — 0.8% | ||||||||
AP Moller - Maersk A/S, Class A | 172 | 393,139 |
Security | Shares | Value | ||||||
Denmark (continued) | ||||||||
AP Moller - Maersk A/S, Class B, NVS | 200 | $ | 465,870 | |||||
Carlsberg AS, Class B | 4,850 | 685,358 | ||||||
Chr Hansen Holding A/S | 5,485 | 380,253 | ||||||
Coloplast A/S, Class B | 5,738 | 663,003 | ||||||
Danske Bank A/S | 32,717 | 759,795 | ||||||
Demant A/S(a) | 5,305 | 158,646 | ||||||
DSV A/S | 9,809 | 1,782,355 | ||||||
Genmab A/S(a) | 3,140 | 1,181,421 | ||||||
Novo Nordisk A/S, Class B | 81,832 | 11,559,200 | ||||||
Novozymes A/S, Class B | 9,908 | 477,208 | ||||||
Orsted AS(c) | 9,187 | 799,665 | ||||||
Pandora A/S | 4,822 | 456,757 | ||||||
Rockwool A/S, Class B | 420 | 95,356 | ||||||
Tryg A/S | 17,475 | 387,132 | ||||||
Vestas Wind Systems A/S | 48,996 | 1,398,098 | ||||||
|
| |||||||
|
21,643,256 |
| ||||||
Finland — 0.3% | ||||||||
Elisa OYJ | 6,884 | 390,930 | ||||||
Fortum OYJ | 21,636 | 330,673 | ||||||
Kesko OYJ, Class B | 12,981 | 281,893 | ||||||
Kone OYJ, Class B | 16,402 | 851,782 | ||||||
Metso Outotec OYJ | 32,665 | 348,262 | ||||||
Neste OYJ | 20,438 | 985,750 | ||||||
Nokia OYJ | 264,362 | 1,223,084 | ||||||
Orion OYJ, Class B | 5,178 | 243,993 | ||||||
Sampo OYJ, Class A | 24,057 | 1,171,099 | ||||||
Stora Enso OYJ, Class R | 28,300 | 400,100 | ||||||
UPM-Kymmene OYJ | 25,787 | 934,429 | ||||||
Wartsila OYJ Abp | 23,770 | 229,585 | ||||||
|
| |||||||
|
7,391,580 |
| ||||||
France — 3.5% | ||||||||
Accor SA(a) | 8,384 | 278,259 | ||||||
Aeroports de Paris(a) | 1,396 | 202,268 | ||||||
Air Liquide SA | 25,939 | 4,121,094 | ||||||
Airbus SE | 28,800 | 3,771,950 | ||||||
Alstom SA | 15,427 | 452,755 | ||||||
Amundi SA(c) | 2,991 | 196,728 | ||||||
ArcelorMittal SA | 25,893 | 777,033 | ||||||
Arkema SA | 2,932 | 297,243 | ||||||
AXA SA | 93,116 | 2,934,221 | ||||||
BioMerieux | 2,002 | 196,037 | ||||||
BNP Paribas SA | 54,121 | 3,783,661 | ||||||
Bollore SE | 43,818 | 244,765 | ||||||
Bouygues SA | 11,157 | 377,516 | ||||||
Bureau Veritas SA | 14,325 | 409,216 | ||||||
Capgemini SE | 7,741 | 1,451,717 | ||||||
Carrefour SA | 30,385 | 600,695 | ||||||
Cie. de Saint-Gobain | 24,410 | 1,450,506 | ||||||
Cie. Generale des Etablissements Michelin SCA | 32,759 | 1,029,158 | ||||||
Covivio | 2,566 | 164,339 | ||||||
Credit Agricole SA | 60,258 | 734,396 | ||||||
Danone SA | 31,575 | 1,774,904 | ||||||
Dassault Aviation SA | 1,188 | 204,230 | ||||||
Dassault Systemes SE | 32,070 | 1,237,587 | ||||||
Edenred | 12,091 | 680,557 | ||||||
Eiffage SA | 4,010 | 440,094 | ||||||
Engie SA | 88,189 | 1,286,975 | ||||||
EssilorLuxottica SA | 14,535 | 2,519,691 | ||||||
Eurazeo SE | 1,946 | 130,947 |
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, 2023 | iShares® MSCI World ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
France (continued) | ||||||||
Eurofins Scientific SE(b) | 6,628 | $ | 461,936 | |||||
Euronext NV(c) | 4,262 | 310,870 | ||||||
Gecina SA | 2,217 | 255,065 | ||||||
Getlink SE | 21,558 | 362,063 | ||||||
Hermes International | 1,539 | 2,785,794 | ||||||
Ipsen SA | 1,803 | 206,008 | ||||||
Kering SA | 3,595 | 2,107,823 | ||||||
Klepierre SA | 10,421 | 259,896 | ||||||
La Francaise des Jeux SAEM(c) | 4,720 | 186,310 | ||||||
Legrand SA | 12,902 | 1,191,721 | ||||||
L’Oreal SA | 12,016 | 4,749,598 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 13,583 | 11,291,905 | ||||||
Orange SA | 96,474 | 1,101,375 | ||||||
Pernod Ricard SA | 10,025 | 2,091,327 | ||||||
Publicis Groupe SA | 11,061 | 878,101 | ||||||
Remy Cointreau SA | 1,102 | 193,452 | ||||||
Renault SA(a) | 9,500 | 425,190 | ||||||
Safran SA | 16,549 | 2,336,741 | ||||||
Sanofi | 56,231 | 5,257,500 | ||||||
Sartorius Stedim Biotech | 1,336 | 435,131 | ||||||
Schneider Electric SE | 27,011 | 4,334,105 | ||||||
SEB SA | 1,338 | 154,348 | ||||||
Societe Generale SA | 39,185 | 1,129,294 | ||||||
Sodexo SA | 4,252 | 393,810 | ||||||
Teleperformance | 2,855 | 741,123 | ||||||
Thales SA | 5,121 | 715,935 | ||||||
TotalEnergies SE | 123,127 | 7,597,446 | ||||||
Unibail-Rodamco-Westfield(a)(b) | 6,148 | 388,477 | ||||||
Valeo | 11,330 | 235,378 | ||||||
Veolia Environnement SA | 31,721 | 946,691 | ||||||
Vinci SA | 26,903 | 3,059,082 | ||||||
Vivendi SE | 38,150 | 392,589 | ||||||
Wendel SE | 1,310 | 148,569 | ||||||
Worldline SA/France(a)(c) | 11,555 | 481,294 | ||||||
|
| |||||||
|
89,354,489 |
| ||||||
Germany — 2.2% | ||||||||
adidas AG | 8,360 | 1,248,539 | ||||||
Allianz SE, Registered | 20,260 | 4,757,319 | ||||||
Aroundtown SA(b) | 49,604 | 128,509 | ||||||
BASF SE | 44,535 | 2,280,293 | ||||||
Bayer AG, Registered | 49,421 | 2,934,679 | ||||||
Bayerische Motoren Werke AG | 15,936 | 1,644,043 | ||||||
Bechtle AG | 4,014 | 169,041 | ||||||
Beiersdorf AG | 4,868 | 580,974 | ||||||
Brenntag SE | 7,475 | 563,041 | ||||||
Carl Zeiss Meditec AG, Bearer | 1,964 | 261,791 | ||||||
Commerzbank AG(a) | 48,895 | 595,809 | ||||||
Continental AG | 5,237 | 375,975 | ||||||
Covestro AG(c) | 9,011 | 396,127 | ||||||
Daimler Truck Holding AG(a) | 25,070 | 794,069 | ||||||
Delivery Hero SE(a)(c) | 7,869 | 316,221 | ||||||
Deutsche Bank AG, Registered | 100,822 | 1,256,980 | ||||||
Deutsche Boerse AG | 9,144 | 1,594,474 | ||||||
Deutsche Lufthansa AG, Registered(a) | 32,054 | 332,104 | ||||||
Deutsche Post AG, Registered | 47,673 | 2,016,135 | ||||||
Deutsche Telekom AG, Registered | 160,377 | 3,599,348 | ||||||
E.ON SE | 108,288 | 1,181,515 | ||||||
Evonik Industries AG | 10,267 | 219,218 | ||||||
Fresenius Medical Care AG & Co. KGaA(b) | 9,938 | 388,333 | ||||||
Fresenius SE & Co. KGaA | 22,844 | 628,603 |
Security | Shares | Value | ||||||
Germany (continued) | ||||||||
GEA Group AG | 7,464 | $ | 328,116 | |||||
Hannover Rueck SE | 2,900 | 563,176 | ||||||
HeidelbergCement AG | 6,989 | 479,812 | ||||||
HelloFresh SE(a) | 8,138 | 182,312 | ||||||
Henkel AG & Co. KGaA | 5,029 | 347,730 | ||||||
Infineon Technologies AG | 62,915 | 2,225,705 | ||||||
Knorr-Bremse AG | 3,515 | 238,897 | ||||||
LEG Immobilien SE | 3,524 | 255,199 | ||||||
Mercedes-Benz Group AG | 39,066 | 2,994,124 | ||||||
Merck KGaA | 6,229 | 1,180,352 | ||||||
MTU Aero Engines AG | 2,631 | 634,921 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered | 6,721 | 2,315,231 | ||||||
Nemetschek SE | 2,798 | 158,450 | ||||||
Puma SE | 5,109 | 325,210 | ||||||
Rational AG | 237 | 157,200 | ||||||
Rheinmetall AG | 2,051 | 521,318 | ||||||
RWE AG | 30,988 | 1,315,354 | ||||||
SAP SE | 51,487 | 5,849,482 | ||||||
Scout24 SE(c) | 4,433 | 242,956 | ||||||
Siemens AG, Registered | 37,993 | 5,789,821 | ||||||
Siemens Healthineers AG(c) | 13,180 | 687,866 | ||||||
Symrise AG | 6,206 | 634,063 | ||||||
Telefonica Deutschland Holding AG | 52,221 | 158,409 | ||||||
United Internet AG, Registered | 4,810 | 105,113 | ||||||
Volkswagen AG | 1,562 | 277,505 | ||||||
Vonovia SE | 34,922 | 878,255 | ||||||
Zalando SE(a)(c) | 10,774 | 426,866 | ||||||
|
| |||||||
|
57,536,583 |
| ||||||
Hong Kong — 0.8% | ||||||||
AIA Group Ltd. | 590,400 | 6,274,777 | ||||||
BOC Hong Kong Holdings Ltd. | 194,500 | 658,255 | ||||||
Budweiser Brewing Co. APAC Ltd.(b)(c) | 89,400 | 268,075 | ||||||
CK Asset Holdings Ltd. | 105,000 | 658,563 | ||||||
CK Hutchison Holdings Ltd. | 140,500 | 838,960 | ||||||
CK Infrastructure Holdings Ltd. | 42,500 | 224,182 | ||||||
CLP Holdings Ltd. | 92,000 | 650,607 | ||||||
ESR Group Ltd.(c) | 98,200 | 167,042 | ||||||
Futu Holdings Ltd., ADR(a)(b) | 2,767 | 136,164 | ||||||
Galaxy Entertainment Group Ltd. | 102,000 | 679,079 | ||||||
Hang Lung Properties Ltd. | 59,000 | 113,792 | ||||||
Hang Seng Bank Ltd. | 39,900 | 649,034 | ||||||
Henderson Land Development Co. Ltd. | 48,000 | 168,489 | ||||||
HKT Trust & HKT Ltd., Class SS | 198,000 | 257,419 | ||||||
Hong Kong & China Gas Co. Ltd. | 502,589 | 472,435 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 61,500 | 2,463,238 | ||||||
Hongkong Land Holdings Ltd. | 60,400 | 276,304 | ||||||
Jardine Matheson Holdings Ltd. | 6,500 | 322,203 | ||||||
Link REIT | 109,500 | 720,672 | ||||||
MTR Corp. Ltd. | 89,000 | 448,495 | ||||||
New World Development Co. Ltd. | 45,333 | 123,404 | ||||||
Power Assets Holdings Ltd. | 84,500 | 451,971 | ||||||
Sands China Ltd.(a) | 106,000 | 367,885 | ||||||
Sino Land Co. Ltd.(b) | 118,000 | 151,317 | ||||||
SITC International Holdings Co. Ltd. | 42,000 | 87,862 | ||||||
Sun Hung Kai Properties Ltd. | 71,500 | 977,148 | ||||||
Swire Pacific Ltd., Class A | 28,500 | 232,580 | ||||||
Swire Properties Ltd. | 51,600 | 135,785 | ||||||
Techtronic Industries Co. Ltd. | 75,500 | 751,925 | ||||||
WH Group Ltd.(c) . | 439,000 | 255,467 |
14 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI World ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Hong Kong (continued) | ||||||||
Wharf Real Estate Investment Co. Ltd. | 75,000 | $ | 411,212 | |||||
Xinyi Glass Holdings Ltd. | 60,000 | 112,185 | ||||||
|
| |||||||
|
20,506,526 |
| ||||||
Ireland — 0.2% | ||||||||
AIB Group PLC | 40,564 | 173,261 | ||||||
Bank of Ireland Group PLC | 52,579 | 579,269 | ||||||
CRH PLC | 37,617 | 1,767,001 | ||||||
Flutter Entertainment PLC, Class DI(a) | 8,057 | 1,293,618 | ||||||
Kerry Group PLC, Class A | 7,750 | 742,022 | ||||||
Kingspan Group PLC | 7,559 | 490,640 | ||||||
Smurfit Kappa Group PLC | 12,043 | 449,285 | ||||||
|
| |||||||
|
5,495,096 |
| ||||||
Israel — 0.2% | ||||||||
Azrieli Group Ltd. | 2,028 | 113,813 | ||||||
Bank Hapoalim BM | 57,191 | 478,358 | ||||||
Bank Leumi Le-Israel BM | 75,859 | 589,768 | ||||||
Bezeq The Israeli Telecommunication Corp. Ltd. | 97,367 | 134,772 | ||||||
Check Point Software Technologies Ltd.(a) | 5,119 | 633,323 | ||||||
CyberArk Software Ltd.(a) | 1,976 | 286,066 | ||||||
Elbit Systems Ltd. | 1,301 | 220,279 | ||||||
First International Bank Of Israel Ltd. (The) | 2,718 | 96,343 | ||||||
ICL Group Ltd. | 34,504 | 250,408 | ||||||
Isracard Ltd. | 1 | 3 | ||||||
Israel Discount Bank Ltd., Class A | 56,907 | 269,937 | ||||||
Mizrahi Tefahot Bank Ltd. | 6,875 | 204,441 | ||||||
Nice Ltd.(a) | 3,071 | 638,353 | ||||||
Teva Pharmaceutical Industries Ltd., ADR(a)(b) | 55,604 | 551,036 | ||||||
Tower Semiconductor Ltd.(a) | 5,416 | 221,547 | ||||||
Wix.com Ltd.(a) | 2,639 | 238,909 | ||||||
|
| |||||||
|
4,927,356 |
| ||||||
Italy — 0.7% | ||||||||
Amplifon SpA | 6,108 | 176,613 | ||||||
Assicurazioni Generali SpA | 53,441 | 1,057,029 | ||||||
DiaSorin SpA | 1,173 | 141,403 | ||||||
Enel SpA | 391,411 | 2,195,643 | ||||||
Eni SpA | 121,621 | 1,717,778 | ||||||
Ferrari NV | 6,048 | 1,569,131 | ||||||
FinecoBank Banca Fineco SpA | 33,658 | 581,626 | ||||||
Infrastrutture Wireless Italiane SpA(c) | 16,729 | 184,121 | ||||||
Intesa Sanpaolo SpA | 795,562 | 2,149,038 | ||||||
Mediobanca Banca di Credito Finanziario SpA | 30,466 | 325,118 | ||||||
Moncler SpA | 9,940 | 605,902 | ||||||
Nexi SpA(a)(c) | 36,404 | 293,804 | ||||||
Poste Italiane SpA(c) | 25,688 | 276,988 | ||||||
Prysmian SpA | 12,389 | 476,295 | ||||||
Recordati Industria Chimica e Farmaceutica SpA | 5,093 | 215,977 | ||||||
Snam SpA | 97,989 | 481,417 | ||||||
Stellantis NV | 109,382 | 1,913,559 | ||||||
Telecom Italia SpA/Milano(a) | 511,890 | 167,144 | ||||||
Tenaris SA | 23,062 | 379,419 | ||||||
Terna—Rete Elettrica Nazionale | 68,342 | 513,757 | ||||||
UniCredit SpA | 93,913 | 1,921,321 | ||||||
|
| |||||||
|
17,343,083 |
| ||||||
Japan — 6.1% | ||||||||
Advantest Corp. | 9,200 | 729,272 | ||||||
Aeon Co. Ltd. | 27,900 | 520,387 | ||||||
AGC Inc. | 8,300 | 307,072 | ||||||
Aisin Corp. | 4,300 | 117,835 | ||||||
Ajinomoto Co. Inc. | 22,400 | 660,960 |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
ANA Holdings Inc.(a) | 4,800 | $ | 97,385 | |||||
Asahi Group Holdings Ltd. | 22,200 | 785,088 | ||||||
Asahi Intecc Co. Ltd. | 6,300 | 107,264 | ||||||
Asahi Kasei Corp. | 71,700 | 499,391 | ||||||
Astellas Pharma Inc. | 90,400 | 1,269,449 | ||||||
Azbil Corp. | 3,600 | 93,621 | ||||||
Bandai Namco Holdings Inc. | 9,100 | 562,300 | ||||||
BayCurrent Consulting Inc. | 6,500 | 255,407 | ||||||
Bridgestone Corp. | 29,200 | 1,117,129 | ||||||
Brother Industries Ltd. | 15,700 | 230,930 | ||||||
Canon Inc. | 46,700 | 1,005,089 | ||||||
Capcom Co. Ltd. | 9,000 | 283,234 | ||||||
Central Japan Railway Co. | 7,300 | 819,607 | ||||||
Chiba Bank Ltd. (The) | 24,200 | 177,191 | ||||||
Chubu Electric Power Co. Inc. | 27,600 | 285,777 | ||||||
Chugai Pharmaceutical Co. Ltd. | 35,500 | 883,150 | ||||||
Concordia Financial Group Ltd. | 48,300 | 207,509 | ||||||
CyberAgent Inc. | 20,600 | 176,126 | ||||||
Dai Nippon Printing Co. Ltd. | 10,900 | 292,227 | ||||||
Daifuku Co. Ltd. | 3,000 | 163,603 | ||||||
Dai-ichi Life Holdings Inc. | 46,700 | 996,312 | ||||||
Daiichi Sankyo Co. Ltd. | 87,500 | 2,755,929 | ||||||
Daikin Industries Ltd. | 12,300 | 2,103,235 | ||||||
Daito Trust Construction Co. Ltd. | 3,100 | 292,016 | ||||||
Daiwa House Industry Co. Ltd. | 25,300 | 583,954 | ||||||
Daiwa House REIT Investment Corp. | 150 | 309,627 | ||||||
Daiwa Securities Group Inc. | 77,300 | 369,490 | ||||||
Denso Corp. | 21,400 | 1,137,810 | ||||||
Dentsu Group Inc. | 13,700 | 439,339 | ||||||
Disco Corp. | 1,300 | 407,630 | ||||||
East Japan Railway Co. | 15,200 | 767,664 | ||||||
Eisai Co. Ltd. | 13,500 | 729,172 | ||||||
ENEOS Holdings Inc. | 168,000 | 577,564 | ||||||
FANUC Corp. | 9,600 | 1,631,720 | ||||||
Fast Retailing Co. Ltd. | 9,000 | 1,776,742 | ||||||
Fuji Electric Co. Ltd. | 5,200 | 200,771 | ||||||
FUJIFILM Holdings Corp. | 19,300 | 900,381 | ||||||
Fujitsu Ltd. | 9,900 | 1,271,440 | ||||||
GLP J-Reit | 212 | 222,620 | ||||||
GMO Payment Gateway Inc. | 1,400 | 114,990 | ||||||
Hakuhodo DY Holdings Inc. | 15,600 | 173,911 | ||||||
Hamamatsu Photonics KK | 4,700 | 230,632 | ||||||
Hankyu Hanshin Holdings Inc. | 15,500 | 441,086 | ||||||
Hikari Tsushin Inc. | 600 | 87,089 | ||||||
Hirose Electric Co. Ltd. | 1,100 | 134,490 | ||||||
Hitachi Construction Machinery Co. Ltd. | 3,100 | 69,331 | ||||||
Hitachi Ltd. | 45,800 | 2,318,300 | ||||||
Honda Motor Co. Ltd. | 80,300 | 2,088,055 | ||||||
Hoshizaki Corp. | 3,200 | 113,442 | ||||||
Hoya Corp. | 17,600 | 1,742,447 | ||||||
Hulic Co. Ltd. | 19,900 | 158,379 | ||||||
Ibiden Co. Ltd. | 3,100 | 106,335 | ||||||
Idemitsu Kosan Co. Ltd. | 6,100 | 135,002 | ||||||
Iida Group Holdings Co. Ltd. | 4,300 | 71,457 | ||||||
Inpex Corp. | 47,400 | 496,960 | ||||||
Isuzu Motors Ltd. | 25,800 | 308,527 | ||||||
ITOCHU Corp. | 60,700 | 1,814,364 | ||||||
Itochu Techno-Solutions Corp. | 2,800 | 62,310 | ||||||
Japan Airlines Co. Ltd.(a) | 4,200 | 79,086 | ||||||
Japan Exchange Group Inc. | 23,700 | 353,476 |
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, 2023 | iShares® MSCI World ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
Japan Metropolitan Fund Invest | 380 | $ | 285,289 | |||||
Japan Post Bank Co. Ltd. | 20,600 | 177,958 | ||||||
Japan Post Holdings Co. Ltd. | 118,900 | 1,056,924 | ||||||
Japan Post Insurance Co. Ltd. | 5,800 | 100,702 | ||||||
Japan Real Estate Investment Corp. | 56 | 231,916 | ||||||
Japan Tobacco Inc. | 64,400 | 1,309,600 | ||||||
JFE Holdings Inc. | 23,100 | 286,624 | ||||||
JSR Corp. | 5,900 | 134,046 | ||||||
Kajima Corp. | 21,900 | 261,727 | ||||||
Kansai Electric Power Co. Inc. (The) | 38,100 | 357,902 | ||||||
Kao Corp. | 22,600 | 841,895 | ||||||
KDDI Corp. | 81,600 | 2,387,442 | ||||||
Keio Corp. | 3,000 | 104,527 | ||||||
Keisei Electric Railway Co. Ltd. | 3,800 | 109,844 | ||||||
Keyence Corp. | 9,700 | 4,192,604 | ||||||
Kikkoman Corp. | 6,400 | 299,228 | ||||||
Kintetsu Group Holdings Co. Ltd. | 8,400 | 254,472 | ||||||
Kirin Holdings Co. Ltd. | 41,600 | 622,689 | ||||||
Kobayashi Pharmaceutical Co. Ltd. | 1,600 | 96,324 | ||||||
Kobe Bussan Co. Ltd. | 4,000 | 109,345 | ||||||
Koei Tecmo Holdings Co. Ltd. | 3,400 | 56,954 | ||||||
Koito Manufacturing Co. Ltd. | 6,000 | 100,837 | ||||||
Komatsu Ltd. | 43,100 | 1,031,184 | ||||||
Konami Group Corp. | 4,400 | 194,073 | ||||||
Kose Corp. | 1,200 | 135,667 | ||||||
Kubota Corp. | 47,500 | 716,954 | ||||||
Kurita Water Industries Ltd. | 2,900 | 131,022 | ||||||
Kyocera Corp. | 18,200 | 895,730 | ||||||
Kyowa Kirin Co. Ltd. | 16,700 | 357,387 | ||||||
Lasertec Corp. | 3,700 | 601,603 | ||||||
Lixil Corp. | 16,600 | 264,641 | ||||||
M3 Inc. | 21,700 | 517,485 | ||||||
Makita Corp. | 7,100 | 173,632 | ||||||
Marubeni Corp. | 86,000 | 1,097,881 | ||||||
MatsukiyoCocokara & Co. | 5,600 | 260,350 | ||||||
Mazda Motor Corp. | 25,400 | 227,255 | ||||||
McDonald’s Holdings Co. Japan Ltd.(b) | 2,300 | 91,052 | ||||||
MEIJI Holdings Co. Ltd. | 5,500 | 251,877 | ||||||
MINEBEA MITSUMI Inc. | 19,400 | 336,221 | ||||||
MISUMI Group Inc. | 17,100 | 406,630 | ||||||
Mitsubishi Chemical Group Corp. | 72,500 | 422,302 | ||||||
Mitsubishi Corp. | 62,500 | 2,123,191 | ||||||
Mitsubishi Electric Corp. | 97,200 | 1,092,257 | ||||||
Mitsubishi Estate Co. Ltd. | 55,400 | 688,633 | ||||||
Mitsubishi HC Capital Inc. | 28,100 | 146,698 | ||||||
Mitsubishi Heavy Industries Ltd. | 14,900 | 549,060 | ||||||
Mitsubishi UFJ Financial Group Inc. | 594,900 | 4,217,539 | ||||||
Mitsui & Co. Ltd. | 70,700 | 1,984,257 | ||||||
Mitsui Chemicals Inc. | 9,700 | 234,014 | ||||||
Mitsui Fudosan Co. Ltd. | 44,300 | 844,297 | ||||||
Mitsui OSK Lines Ltd. | 18,000 | 470,162 | ||||||
Mizuho Financial Group Inc. | 123,090 | 1,918,640 | ||||||
MonotaRO Co. Ltd. | 16,100 | 218,982 | ||||||
MS&AD Insurance Group Holdings Inc. | 21,800 | 713,386 | ||||||
Murata Manufacturing Co. Ltd. | 26,800 | 1,434,534 | ||||||
NEC Corp. | 10,300 | 368,619 | ||||||
Nexon Co. Ltd. | 23,200 | 503,261 | ||||||
NGK Insulators Ltd. | 16,300 | 216,365 | ||||||
Nidec Corp. | 21,800 | 1,106,338 | ||||||
Nihon M&A Center Holdings Inc. | 17,600 | 146,742 |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
Nintendo Co. Ltd. | 53,200 | $ | 1,991,651 | |||||
Nippon Building Fund Inc. | 82 | 346,110 | ||||||
Nippon Express Holdings Inc. | 2,200 | 122,727 | ||||||
Nippon Paint Holdings Co. Ltd. | 38,300 | 334,685 | ||||||
Nippon Prologis REIT Inc. | 143 | 305,031 | ||||||
Nippon Sanso Holdings Corp. | 4,400 | 78,443 | ||||||
Nippon Shinyaku Co. Ltd. | 1,400 | 62,698 | ||||||
Nippon Steel Corp. | 39,747 | 888,256 | ||||||
Nippon Telegraph & Telephone Corp. | 58,900 | 1,706,734 | ||||||
Nippon Yusen KK | 22,800 | 592,640 | ||||||
Nissan Chemical Corp. | 4,800 | 210,786 | ||||||
Nissan Motor Co. Ltd. | 120,400 | 467,438 | ||||||
Nisshin Seifun Group Inc. | 5,800 | 67,019 | ||||||
Nissin Foods Holdings Co. Ltd. | 3,400 | 283,153 | ||||||
Nitori Holdings Co. Ltd. | 3,600 | 406,822 | ||||||
Nitto Denko Corp. | 6,000 | 361,232 | ||||||
Nomura Holdings Inc. | 168,100 | 692,791 | ||||||
Nomura Real Estate Holdings Inc. | 3,500 | 78,030 | ||||||
Nomura Real Estate Master Fund Inc. | 212 | 234,992 | ||||||
Nomura Research Institute Ltd. | 18,600 | 415,558 | ||||||
NTT Data Corp. | 27,200 | 377,390 | ||||||
Obayashi Corp. | 27,700 | 204,897 | ||||||
Obic Co. Ltd. | 3,800 | 556,735 | ||||||
Odakyu Electric Railway Co. Ltd. | 17,400 | 210,937 | ||||||
Oji Holdings Corp. | 41,300 | 167,582 | ||||||
Olympus Corp. | 65,300 | 1,100,024 | ||||||
Omron Corp. | 7,000 | 375,782 | ||||||
Ono Pharmaceutical Co. Ltd. | 19,600 | 399,212 | ||||||
Open House Group Co. Ltd. | 2,400 | 86,382 | ||||||
Oracle Corp. Japan | 1,100 | 74,946 | ||||||
Oriental Land Co. Ltd./Japan | 9,400 | 1,501,038 | ||||||
ORIX Corp. | 62,700 | 1,123,772 | ||||||
Osaka Gas Co. Ltd. | 19,700 | 319,994 | ||||||
Otsuka Corp. | 3,300 | 111,244 | ||||||
Otsuka Holdings Co. Ltd. | 20,200 | 611,978 | ||||||
Pan Pacific International Holdings Corp. | 20,800 | 380,198 | ||||||
Panasonic Holdings Corp. | 117,100 | 1,022,520 | ||||||
Persol Holdings Co. Ltd. | 5,200 | 104,148 | ||||||
Rakuten Group Inc. | 42,900 | 211,462 | ||||||
Recruit Holdings Co. Ltd. | 70,000 | 1,877,107 | ||||||
Renesas Electronics Corp.(a) | 57,900 | 747,922 | ||||||
Resona Holdings Inc. | 112,300 | 618,535 | ||||||
Ricoh Co. Ltd. | 28,300 | 219,861 | ||||||
Rohm Co. Ltd. | 3,000 | 231,038 | ||||||
SBI Holdings Inc. | 15,900 | 342,729 | ||||||
SCSK Corp. | 4,600 | 66,746 | ||||||
Secom Co. Ltd. | 10,500 | 610,622 | ||||||
Seiko Epson Corp. | 16,900 | 233,012 | ||||||
Sekisui Chemical Co. Ltd. | 19,800 | 265,443 | ||||||
Sekisui House Ltd. | 26,800 | 507,411 | ||||||
Seven & i Holdings Co. Ltd. | 39,600 | 1,770,387 | ||||||
SG Holdings Co. Ltd. | 18,100 | 260,972 | ||||||
Sharp Corp./Japan(b) | 6,200 | 42,777 | ||||||
Shimadzu Corp. | 15,700 | 453,400 | ||||||
Shimano Inc. | 3,400 | 528,700 | ||||||
Shimizu Corp. | 24,900 | 134,407 | ||||||
Shin-Etsu Chemical Co. Ltd. | 18,173 | 2,519,342 | ||||||
Shionogi & Co. Ltd. | 13,000 | 575,926 | ||||||
Shiseido Co. Ltd. | 20,500 | 944,590 | ||||||
Shizuoka Financial Group Inc., NVS | 21,800 | 174,193 |
16 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI World ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
SMC Corp. | 2,900 | $ | 1,474,088 | |||||
SoftBank Corp. | 141,500 | 1,596,256 | ||||||
SoftBank Group Corp. | 61,500 | 2,487,138 | ||||||
Sompo Holdings Inc. | 18,000 | 772,760 | ||||||
Sony Group Corp. | 63,100 | 5,276,196 | ||||||
Square Enix Holdings Co. Ltd. | 2,500 | 111,436 | ||||||
Subaru Corp. | 26,700 | 427,767 | ||||||
SUMCO Corp. | 18,500 | 255,271 | ||||||
Sumitomo Chemical Co. Ltd. | 78,300 | 274,363 | ||||||
Sumitomo Corp. | 50,400 | 858,956 | ||||||
Sumitomo Electric Industries Ltd. | 39,600 | 487,316 | ||||||
Sumitomo Metal Mining Co. Ltd. | 12,200 | 454,148 | ||||||
Sumitomo Mitsui Financial Group Inc. | 65,600 | 2,865,003 | ||||||
Sumitomo Mitsui Trust Holdings Inc. | 18,600 | 689,130 | ||||||
Sumitomo Realty & Development Co. Ltd. | 17,800 | 420,225 | ||||||
Suntory Beverage & Food Ltd. | 6,900 | 242,045 | ||||||
Suzuki Motor Corp. | 19,500 | 684,276 | ||||||
Sysmex Corp. | 8,300 | 497,178 | ||||||
T&D Holdings Inc. | 24,500 | 371,033 | ||||||
Taisei Corp. | 9,400 | 306,470 | ||||||
Takeda Pharmaceutical Co. Ltd. | 74,726 | 2,303,375 | ||||||
TDK Corp. | 20,100 | 672,976 | ||||||
Terumo Corp. | 29,900 | 803,813 | ||||||
TIS Inc. | 13,100 | 325,197 | ||||||
Tobu Railway Co. Ltd. | 5,500 | 122,793 | ||||||
Toho Co. Ltd./Tokyo | 6,100 | 212,340 | ||||||
Tokio Marine Holdings Inc. | 88,500 | 1,878,911 | ||||||
Tokyo Electric Power Co. Holdings Inc.(a) | 90,900 | 301,180 | ||||||
Tokyo Electron Ltd. | 7,400 | 2,538,954 | ||||||
Tokyo Gas Co. Ltd. | 19,700 | 379,963 | ||||||
Tokyu Corp. | 23,400 | 281,899 | ||||||
Toppan Inc. | 16,400 | 296,585 | ||||||
Toray Industries Inc. | 75,600 | 432,841 | ||||||
Toshiba Corp. | 21,100 | 652,996 | ||||||
Tosoh Corp. | 16,200 | 220,469 | ||||||
TOTO Ltd. | 7,100 | 237,270 | ||||||
Toyota Industries Corp. | 6,400 | 375,489 | ||||||
Toyota Motor Corp. | 521,700 | 7,110,545 | ||||||
Toyota Tsusho Corp. | 9,200 | 375,208 | ||||||
Trend Micro Inc./Japan | 5,700 | 268,017 | ||||||
Unicharm Corp. | 20,600 | 762,454 | ||||||
USS Co. Ltd. | 6,400 | 103,831 | ||||||
Welcia Holdings Co. Ltd. | 2,700 | 59,106 | ||||||
West Japan Railway Co. | 13,300 | 516,214 | ||||||
Yakult Honsha Co. Ltd. | 6,100 | 415,813 | ||||||
Yamaha Corp. | 6,800 | 258,012 | ||||||
Yamaha Motor Co. Ltd. | 17,500 | 447,741 | ||||||
Yamato Holdings Co. Ltd. | 17,300 | 292,210 | ||||||
Yaskawa Electric Corp. | 11,800 | 464,260 | ||||||
Yokogawa Electric Corp. | 15,500 | 231,497 | ||||||
Z Holdings Corp. | 146,900 | 394,375 | ||||||
ZOZO Inc. | 3,600 | 80,012 | ||||||
|
| |||||||
|
156,768,416 |
| ||||||
Jersey — 0.1% | ||||||||
Ferguson PLC | 10,296 | 1,483,654 | ||||||
|
| |||||||
Netherlands — 1.4% | ||||||||
ABN AMRO Bank NV, CVA(c) | 21,547 | 380,222 | ||||||
Adyen NV(a)(c) | 1,094 | 1,550,668 | ||||||
Aegon NV | 95,440 | 496,597 |
Security | Shares | Value | ||||||
Netherlands (continued) | ||||||||
AerCap Holdings NV(a) | 6,557 | $ | 409,419 | |||||
Akzo Nobel NV | 9,098 | 665,563 | ||||||
ASM International NV | 2,279 | 776,833 | ||||||
ASML Holding NV | 19,942 | 12,291,375 | ||||||
Davide Campari-Milano NV | 25,656 | 287,235 | ||||||
EXOR NV, NVS(a) | 5,408 | 446,237 | ||||||
Heineken Holding NV | 5,306 | 453,923 | ||||||
Heineken NV | 12,771 | 1,301,729 | ||||||
IMCD NV | 2,834 | 448,597 | ||||||
ING Groep NV(a) | 191,391 | 2,678,539 | ||||||
JDE Peet’s NV | 5,177 | 152,396 | ||||||
Just Eat Takeaway.com NV(a)(c) | 9,247 | 201,125 | ||||||
Koninklijke Ahold Delhaize NV | 51,607 | 1,638,619 | ||||||
Koninklijke DSM NV | 8,587 | 1,058,176 | ||||||
Koninklijke KPN NV | 167,964 | 575,782 | ||||||
Koninklijke Philips NV | 45,078 | 735,979 | ||||||
NN Group NV | 13,419 | 543,155 | ||||||
NXP Semiconductors NV | 12,954 | 2,312,030 | ||||||
OCI NV | 4,365 | 144,995 | ||||||
Prosus NV | 41,229 | 2,955,673 | ||||||
QIAGEN NV(a) | 11,359 | 522,849 | ||||||
Randstad NV | 6,132 | 376,260 | ||||||
Universal Music Group NV | 35,955 | 847,148 | ||||||
Wolters Kluwer NV | 13,193 | 1,527,321 | ||||||
|
| |||||||
|
35,778,445 |
| ||||||
New Zealand — 0.1% | ||||||||
Auckland International Airport Ltd.(a) | 61,306 | 331,266 | ||||||
EBOS Group Ltd. | 7,982 | 218,512 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. | 29,473 | 471,757 | ||||||
Mercury NZ Ltd. | 34,320 | 133,025 | ||||||
Meridian Energy Ltd. | 63,458 | 208,291 | ||||||
Spark New Zealand Ltd. | 91,643 | 282,954 | ||||||
|
| |||||||
|
1,645,805 |
| ||||||
Norway — 0.2% | ||||||||
Adevinta ASA(a) | 12,480 | 93,256 | ||||||
Aker BP ASA | 15,293 | 410,474 | ||||||
DNB Bank ASA | 44,937 | 896,727 | ||||||
Equinor ASA | 49,950 | 1,529,136 | ||||||
Gjensidige Forsikring ASA | 9,840 | 174,413 | ||||||
Kongsberg Gruppen ASA | 4,373 | 181,724 | ||||||
Mowi ASA | 19,083 | 329,463 | ||||||
Norsk Hydro ASA | 71,808 | 522,673 | ||||||
Orkla ASA | 36,782 | 247,571 | ||||||
Salmar ASA | 3,427 | 142,067 | ||||||
Telenor ASA | 34,067 | 381,988 | ||||||
Yara International ASA | 8,041 | 382,260 | ||||||
|
| |||||||
|
5,291,752 |
| ||||||
Portugal — 0.0% | ||||||||
EDP—Energias de Portugal SA | 150,421 | 757,478 | ||||||
Galp Energia SGPS SA | 24,595 | 300,047 | ||||||
Jeronimo Martins SGPS SA | 13,841 | 284,100 | ||||||
|
| |||||||
|
1,341,625 |
| ||||||
Singapore — 0.4% | ||||||||
CapitaLand Ascendas REIT | 162,016 | 332,758 | ||||||
CapitaLand Integrated Commercial Trust | 242,276 | 348,514 | ||||||
Capitaland Investment Ltd/Singapore | 132,300 | 364,883 | ||||||
City Developments Ltd. | 20,700 | 118,411 | ||||||
DBS Group Holdings Ltd. | 88,400 | 2,242,807 | ||||||
Genting Singapore Ltd. | 296,700 | 224,445 |
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, 2023 | iShares® MSCI World ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Singapore (continued) | ||||||||
Grab Holdings Ltd., Class A(a)(b) | 52,959 | $ | 169,998 | |||||
Jardine Cycle & Carriage Ltd. | 5,400 | 119,044 | ||||||
Keppel Corp. Ltd. | 69,500 | 282,226 | ||||||
Mapletree Logistics Trust | 155,100 | 194,336 | ||||||
Mapletree Pan Asia Commercial Trust | 108,200 | 138,021 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 162,800 | 1,530,074 | ||||||
Sea Ltd., ADR(a) | 18,256 | 1,140,818 | ||||||
Sembcorp Marine Ltd.(a)(d) | 1,343,586 | 126,441 | ||||||
Singapore Airlines Ltd. | 66,700 | 281,612 | ||||||
Singapore Exchange Ltd. | 29,800 | 192,459 | ||||||
Singapore Technologies Engineering Ltd. | 73,200 | 193,832 | ||||||
Singapore Telecommunications Ltd. | 408,100 | 716,982 | ||||||
United Overseas Bank Ltd.(b) | 61,700 | 1,367,619 | ||||||
UOL Group Ltd. | 22,300 | 112,933 | ||||||
Venture Corp. Ltd. | 16,900 | 215,215 | ||||||
Wilmar International Ltd. | 92,500 | 270,253 | ||||||
|
| |||||||
|
10,683,681 |
| ||||||
Spain — 0.7% | ||||||||
Acciona SA | 1,263 | 237,956 | ||||||
ACS Actividades de Construccion y Servicios SA | 13,237 | 401,287 | ||||||
Aena SME SA(a)(c) | 3,597 | 556,479 | ||||||
Amadeus IT Group SA(a) | 21,591 | 1,357,703 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 299,462 | 2,327,726 | ||||||
Banco Santander SA | 837,799 | 3,298,753 | ||||||
CaixaBank SA | 214,568 | 921,327 | ||||||
Cellnex Telecom SA(c) | 27,349 | 1,026,100 | ||||||
Corp. ACCIONA Energias Renovables SA | 4,042 | 156,713 | ||||||
EDP Renovaveis SA | 12,923 | 264,466 | ||||||
Enagas SA | 2,268 | 40,680 | ||||||
Endesa SA | 15,531 | 304,563 | ||||||
Ferrovial SA | 24,185 | 671,276 | ||||||
Grifols SA(a)(b) | 14,716 | 179,274 | ||||||
Iberdrola SA | 307,110 | 3,520,530 | ||||||
Industria de Diseno Textil SA | 52,410 | 1,614,581 | ||||||
Naturgy Energy Group SA | 9,561 | 263,020 | ||||||
Red Electrica Corp. SA | 5,764 | 95,617 | ||||||
Repsol SA | 70,068 | 1,108,114 | ||||||
Telefonica SA | 262,471 | 1,070,744 | ||||||
|
| |||||||
|
19,416,909 |
| ||||||
Sweden — 1.0% | ||||||||
Alfa Laval AB | 15,273 | 502,372 | ||||||
Assa Abloy AB, Class B | 47,660 | 1,159,747 | ||||||
Atlas Copco AB, Class A | 130,761 | 1,552,423 | ||||||
Atlas Copco AB, Class B | 75,397 | 794,269 | ||||||
Boliden AB | 12,996 | 532,016 | ||||||
Electrolux AB, Class B(b) | 11,187 | 135,371 | ||||||
Embracer Group AB(a)(b) | 43,161 | 208,058 | ||||||
Epiroc AB, Class A | 31,961 | 614,222 | ||||||
Epiroc AB, Class B | 19,066 | 313,672 | ||||||
EQT AB(b) | 14,274 | 319,230 | ||||||
Essity AB, Class B | 30,220 | 815,112 | ||||||
Evolution AB(c) | 9,564 | 1,154,056 | ||||||
Fastighets AB Balder, Class B(a) | 30,986 | 153,284 | ||||||
Getinge AB, Class B | 11,156 | 239,778 | ||||||
H & M Hennes & Mauritz AB, Class B(b) | 37,167 | 468,318 | ||||||
Hexagon AB, Class B | 95,572 | 1,059,184 | ||||||
Holmen AB, Class B | 3,753 | 151,535 | ||||||
Husqvarna AB, Class B | 20,758 | 183,792 | ||||||
Industrivarden AB, Class A | 5,627 | 154,672 |
Security | Shares | Value | ||||||
Sweden (continued) | ||||||||
Industrivarden AB, Class C | 7,856 | $ | 215,385 | |||||
Indutrade AB | 12,918 | 274,771 | ||||||
Investment AB Latour, Class B | 7,325 | 151,544 | ||||||
Investor AB, Class A | 24,219 | 496,462 | ||||||
Investor AB, Class B | 87,756 | 1,695,127 | ||||||
Kinnevik AB, Class B(a) | 11,927 | 177,377 | ||||||
L E Lundbergforetagen AB, Class B | 3,727 | 172,908 | ||||||
Lifco AB, Class B | 11,463 | 228,996 | ||||||
Nibe Industrier AB, Class B | 69,769 | 721,392 | ||||||
Nordea Bank Abp | 168,894 | 2,140,263 | ||||||
Sagax AB, Class B | 7,927 | 195,014 | ||||||
Sandvik AB | 54,490 | 1,120,964 | ||||||
Securitas AB, Class B | 24,185 | 208,271 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 78,655 | 984,092 | ||||||
Skanska AB, Class B | 16,641 | 302,434 | ||||||
SKF AB, Class B | 18,677 | 354,734 | ||||||
Svenska Cellulosa AB SCA, Class B | 28,845 | 402,543 | ||||||
Svenska Handelsbanken AB, Class A | 69,915 | 741,586 | ||||||
Swedbank AB, Class A | 43,825 | 895,455 | ||||||
Swedish Orphan Biovitrum AB(a) | 8,341 | 192,153 | ||||||
Tele2 AB, Class B | 24,597 | 226,091 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 138,056 | 764,499 | ||||||
Telia Co. AB | 131,058 | 338,442 | ||||||
Volvo AB, Class A | 9,915 | 206,409 | ||||||
Volvo AB, Class B | 77,076 | 1,542,223 | ||||||
Volvo Car AB, Class B(a) | 28,658 | 135,117 | ||||||
|
| |||||||
|
25,395,363 |
| ||||||
Switzerland — 3.0% | ||||||||
ABB Ltd., Registered | 77,071 | 2,564,696 | ||||||
Adecco Group AG, Registered | 8,644 | 308,213 | ||||||
Alcon Inc. | 24,504 | 1,670,750 | ||||||
Bachem Holding AG, Class A(b) | 1,513 | 150,801 | ||||||
Baloise Holding AG, Registered | 2,524 | 420,314 | ||||||
Banque Cantonale Vaudoise, Registered | 1,381 | 123,489 | ||||||
Barry Callebaut AG, Registered | 192 | 382,300 | ||||||
BKW AG | 1,408 | 205,532 | ||||||
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS | 48 | 525,871 | ||||||
Chocoladefabriken Lindt & Spruengli AG, Registered | 5 | 553,859 | ||||||
Cie. Financiere Richemont SA, Class A, Registered | 26,181 | 3,955,852 | ||||||
Clariant AG, Registered | 12,168 | 196,813 | ||||||
Coca-Cola HBC AG, Class DI(a) | 9,641 | 246,900 | ||||||
Credit Suisse Group AG, Registered | 164,907 | 497,141 | ||||||
EMS-Chemie Holding AG, Registered | 380 | 287,933 | ||||||
Geberit AG, Registered | 1,681 | 907,232 | ||||||
Givaudan SA, Registered | 444 | 1,338,340 | ||||||
Holcim AG | 27,805 | 1,716,264 | ||||||
Julius Baer Group Ltd. | 12,330 | 817,452 | ||||||
Kuehne + Nagel International AG, Registered | 2,505 | 641,373 | ||||||
Logitech International SA, Registered | 9,594 | 524,029 | ||||||
Lonza Group AG, Registered | 3,615 | 2,153,243 | ||||||
Nestle SA, Registered | 135,553 | 15,272,841 | ||||||
Novartis AG, Registered | 106,020 | 8,922,656 | ||||||
Partners Group Holding AG | 1,176 | 1,113,594 | ||||||
Roche Holding AG, Bearer | 1,347 | 417,275 | ||||||
Roche Holding AG, NVS | 34,318 | 9,895,213 | ||||||
Schindler Holding AG, Participation Certificates, NVS | 2,272 | 510,981 | ||||||
Schindler Holding AG, Registered | 1,074 | 231,454 | ||||||
SGS SA, Registered | 263 | 602,884 | ||||||
Siemens Energy AG(a) | 24,412 | 489,176 |
18 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI World ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Switzerland (continued) | ||||||||
SIG Group AG(a) | 14,267 | $ | 345,075 | |||||
Sika AG, Registered | 6,978 | 1,956,805 | ||||||
Sonova Holding AG, Registered | 2,632 | 647,305 | ||||||
STMicroelectronics NV | 33,544 | 1,606,811 | ||||||
Straumann Holding AG | 5,498 | 728,902 | ||||||
Swatch Group AG (The), Bearer | 1,579 | 549,484 | ||||||
Swatch Group AG (The), Registered | 2,954 | 188,174 | ||||||
Swiss Life Holding AG, Registered | 1,467 | 882,770 | ||||||
Swiss Prime Site AG, Registered | 4,218 | 355,435 | ||||||
Swiss Re AG | 14,264 | 1,490,127 | ||||||
Swisscom AG, Registered | 1,166 | 719,472 | ||||||
TE Connectivity Ltd. | 16,310 | 2,076,589 | ||||||
Temenos AG, Registered | 3,743 | 275,305 | ||||||
UBS Group AG, Registered | 163,318 | 3,549,755 | ||||||
VAT Group AG(c) | 1,482 | 447,337 | ||||||
Zurich Insurance Group AG | 7,485 | 3,550,534 | ||||||
|
| |||||||
|
77,014,351 |
| ||||||
United Kingdom — 4.5% | ||||||||
3i Group PLC | 50,359 | 985,236 | ||||||
abrdn PLC | 87,524 | 235,809 | ||||||
Admiral Group PLC | 10,032 | 265,467 | ||||||
Amcor PLC | 76,359 | 850,639 | ||||||
Anglo American PLC | 62,648 | 2,164,783 | ||||||
Antofagasta PLC | 18,975 | 357,940 | ||||||
Ashtead Group PLC | 21,536 | 1,425,021 | ||||||
Associated British Foods PLC | 17,117 | 412,619 | ||||||
AstraZeneca PLC | 76,322 | 9,943,073 | ||||||
Auto Trader Group PLC(c) | 46,135 | 329,961 | ||||||
Aviva PLC | 143,264 | 769,673 | ||||||
BAE Systems PLC | 154,224 | 1,665,650 | ||||||
Barclays PLC | 814,009 | 1,708,268 | ||||||
Barratt Developments PLC | 49,024 | 275,636 | ||||||
Berkeley Group Holdings PLC | 5,386 | 271,124 | ||||||
BP PLC | 893,857 | 5,874,006 | ||||||
British American Tobacco PLC | 105,520 | 3,993,485 | ||||||
British Land Co. PLC (The) | 42,328 | 227,036 | ||||||
BT Group PLC | 341,722 | 572,882 | ||||||
Bunzl PLC | 16,213 | 577,684 | ||||||
Burberry Group PLC | 19,449 | 577,529 | ||||||
Clarivate PLC(a) | 17,370 | 175,958 | ||||||
CNH Industrial NV | 49,538 | 812,045 | ||||||
Coca-Cola Europacific Partners PLC | 9,951 | 547,305 | ||||||
Compass Group PLC | 86,497 | 1,998,235 | ||||||
Croda International PLC | 6,705 | 528,770 | ||||||
DCC PLC | 4,720 | 262,133 | ||||||
Diageo PLC | 111,570 | 4,734,632 | ||||||
Entain PLC | 29,189 | 476,676 | ||||||
Experian PLC | 44,331 | 1,494,581 | ||||||
Glencore PLC | 507,340 | 3,024,691 | ||||||
GSK PLC | 200,177 | 3,429,215 | ||||||
Haleon PLC(a) | 241,944 | 936,240 | ||||||
Halma PLC | 18,274 | 475,608 | ||||||
Hargreaves Lansdown PLC | 17,102 | 170,404 | ||||||
Hikma Pharmaceuticals PLC | 8,322 | 173,627 | ||||||
HSBC Holdings PLC | 985,941 | 7,552,353 | ||||||
Imperial Brands PLC | 44,149 | 1,063,605 | ||||||
Informa PLC | 72,311 | 580,878 | ||||||
InterContinental Hotels Group PLC | 8,867 | 597,736 | ||||||
Intertek Group PLC | 7,784 | 390,698 | ||||||
J Sainsbury PLC | 84,060 | 271,099 |
Security | Shares | Value | ||||||
United Kingdom (continued) | ||||||||
JD Sports Fashion PLC | 124,063 | $ | 270,106 | |||||
Johnson Matthey PLC | 9,323 | 244,588 | ||||||
Kingfisher PLC | 101,127 | 349,733 | ||||||
Land Securities Group PLC | 33,885 | 279,795 | ||||||
Legal & General Group PLC | 278,187 | 856,287 | ||||||
Lloyds Banking Group PLC | 3,408,877 | 2,152,807 | ||||||
London Stock Exchange Group PLC | 15,731 | 1,403,547 | ||||||
M&G PLC | 125,009 | 321,970 | ||||||
Melrose Industries PLC | 210,272 | 378,664 | ||||||
Mondi PLC | 23,434 | 393,816 | ||||||
National Grid PLC | 184,619 | 2,316,914 | ||||||
NatWest Group PLC, NVS | 257,550 | 904,758 | ||||||
Next PLC | 6,426 | 528,615 | ||||||
Ocado Group PLC(a)(b) | 22,999 | 151,978 | ||||||
Pearson PLC | 36,274 | 401,251 | ||||||
Persimmon PLC | 15,512 | 270,509 | ||||||
Phoenix Group Holdings PLC | 33,691 | 256,657 | ||||||
Prudential PLC | 138,480 | 2,116,382 | ||||||
Reckitt Benckiser Group PLC | 34,330 | 2,381,987 | ||||||
RELX PLC | 92,961 | 2,803,283 | ||||||
Rentokil Initial PLC | 122,565 | 753,913 | ||||||
Rio Tinto PLC | 55,554 | 3,812,368 | ||||||
Rolls-Royce Holdings PLC(a) | 401,944 | 700,306 | ||||||
Royalty Pharma PLC, Class A | 16,937 | 607,191 | ||||||
Sage Group PLC (The) | 53,062 | 478,095 | ||||||
Schroders PLC | 35,390 | 211,242 | ||||||
Segro PLC | 57,758 | 570,480 | ||||||
Severn Trent PLC | 12,045 | 397,837 | ||||||
Shell PLC | 347,636 | 10,529,329 | ||||||
Smith & Nephew PLC | 42,294 | 603,474 | ||||||
Smiths Group PLC | 19,087 | 404,759 | ||||||
Spirax-Sarco Engineering PLC | 3,509 | 492,808 | ||||||
SSE PLC | 50,189 | 1,050,403 | ||||||
St. James’s Place PLC | 25,973 | 399,843 | ||||||
Standard Chartered PLC | 126,550 | 1,197,441 | ||||||
Taylor Wimpey PLC | 189,631 | 280,509 | ||||||
Tesco PLC | 377,404 | 1,156,133 | ||||||
Unilever PLC | 124,782 | 6,212,581 | ||||||
United Utilities Group PLC | 32,784 | 400,305 | ||||||
Vodafone Group PLC | 1,269,160 | 1,519,660 | ||||||
Whitbread PLC | 9,720 | 360,500 | ||||||
WPP PLC | 57,326 | 705,062 | ||||||
|
| |||||||
|
114,807,896 |
| ||||||
United States — 67.1% | ||||||||
3M Co | 27,404 | 2,952,507 | ||||||
A O Smith Corp. | 6,732 | 441,821 | ||||||
Abbott Laboratories | 86,290 | 8,777,419 | ||||||
AbbVie Inc. | 86,678 | 13,339,744 | ||||||
Accenture PLC, Class A | 30,926 | 8,212,399 | ||||||
Activision Blizzard Inc. | 37,706 | 2,875,082 | ||||||
Adobe Inc.(a) | 22,907 | 7,420,723 | ||||||
Advance Auto Parts Inc. | 3,102 | 449,666 | ||||||
Advanced Micro Devices Inc.(a) | 79,049 | 6,211,670 | ||||||
AECOM | 6,488 | 560,304 | ||||||
AES Corp. (The) | 32,766 | 808,665 | ||||||
Aflac Inc. | 29,216 | 1,991,075 | ||||||
Agilent Technologies Inc. | 14,685 | 2,084,829 | ||||||
Air Products and Chemicals Inc. | 10,694 | 3,058,270 | ||||||
Airbnb Inc., Class A(a) | 18,371 | 2,264,777 | ||||||
Akamai Technologies Inc.(a) | 8,118 | 589,367 |
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, 2023 | iShares® MSCI World ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
United States (continued) | ||||||||
Albemarle Corp. | 5,746 | $ | 1,461,265 | |||||
Alcoa Corp. | 9,031 | 441,977 | ||||||
Alexandria Real Estate Equities Inc. | 7,766 | 1,163,191 | ||||||
Align Technology Inc.(a) | 3,620 | 1,120,390 | ||||||
Allegion PLC | 4,392 | 495,022 | ||||||
Alliant Energy Corp. | 12,729 | 652,616 | ||||||
Allstate Corp. (The) | 13,186 | 1,698,093 | ||||||
Ally Financial Inc. | 17,855 | 536,543 | ||||||
Alnylam Pharmaceuticals Inc.(a) | 5,771 | 1,104,858 | ||||||
Alphabet Inc., Class A(a) | 294,616 | 26,533,117 | ||||||
Alphabet Inc., Class C, NVS(a) | 269,793 | 24,362,308 | ||||||
Altria Group Inc. | 89,483 | 4,154,696 | ||||||
Amazon.com Inc.(a) | 452,240 | 42,614,575 | ||||||
AMERCO(b) | 4,232 | 235,426 | ||||||
Ameren Corp. | 12,608 | 1,042,808 | ||||||
American Electric Power Co. Inc. | 25,340 | 2,229,160 | ||||||
American Express Co. | 31,191 | 5,426,922 | ||||||
American Financial Group Inc./OH | 3,220 | 431,834 | ||||||
American Homes 4 Rent, Class A | 15,910 | 493,528 | ||||||
American International Group Inc. | 36,959 | 2,258,564 | ||||||
American Tower Corp. | 22,847 | 4,523,934 | ||||||
American Water Works Co. Inc. | 8,807 | 1,236,327 | ||||||
Ameriprise Financial Inc. | 5,513 | 1,890,242 | ||||||
AmerisourceBergen Corp. | 7,582 | 1,179,456 | ||||||
AMETEK Inc. | 11,247 | 1,592,125 | ||||||
Amgen Inc. | 26,244 | 6,079,685 | ||||||
Amphenol Corp., Class A | 28,873 | 2,238,235 | ||||||
Analog Devices Inc. | 25,195 | 4,622,527 | ||||||
Annaly Capital Management Inc | 22,478 | 464,845 | ||||||
Ansys Inc.(a) | 4,215 | 1,279,716 | ||||||
Aon PLC, Class A | 10,392 | 3,159,688 | ||||||
APA Corp. | 16,410 | 629,816 | ||||||
Apollo Global Management Inc. | 19,605 | 1,389,995 | ||||||
Apple Inc. | 783,565 | 115,505,317 | ||||||
Applied Materials Inc. | 42,538 | 4,940,789 | ||||||
Aptiv PLC(a) | 13,064 | 1,519,082 | ||||||
Aramark | 11,627 | 427,874 | ||||||
Arch Capital Group Ltd.(a) | 17,055 | 1,193,850 | ||||||
Archer-Daniels-Midland Co. | 27,420 | 2,182,632 | ||||||
Ares Management Corp., Class A | 8,786 | 708,415 | ||||||
Arista Networks Inc.(a) | 12,136 | 1,683,263 | ||||||
Arrow Electronics Inc.(a) | 3,610 | 425,944 | ||||||
Arthur J Gallagher & Co. | 10,007 | 1,874,811 | ||||||
Aspen Technology Inc.(a) | 1,419 | 300,842 | ||||||
Assurant Inc. | 2,531 | 322,424 | ||||||
AT&T Inc. | 351,753 | 6,651,649 | ||||||
Atlassian Corp., NVS(a) | 7,356 | 1,208,811 | ||||||
Atmos Energy Corp. | 6,492 | 732,363 | ||||||
Autodesk Inc.(a) | 10,730 | 2,131,944 | ||||||
Automatic Data Processing Inc. | 20,381 | 4,480,151 | ||||||
AutoZone Inc.(a) | 935 | 2,324,915 | ||||||
AvalonBay Communities Inc. | 6,773 | 1,168,478 | ||||||
Avantor Inc.(a) | 30,160 | 734,999 | ||||||
Avery Dennison Corp. | 4,050 | 737,870 | ||||||
Axon Enterprise Inc.(a) | 3,330 | 667,032 | ||||||
Baker Hughes Co. | 50,700 | 1,551,420 | ||||||
Ball Corp. | 16,199 | 910,546 | ||||||
Bank of America Corp. | 354,508 | 12,159,624 | ||||||
Bank of New York Mellon Corp. (The) | 36,932 | 1,879,100 | ||||||
Bath & Body Works Inc. | 10,413 | 425,579 |
Security | Shares | Value | ||||||
United States (continued) | ||||||||
Baxter International Inc. | 24,387 | $ | 974,261 | |||||
Becton Dickinson and Co. | 13,864 | 3,251,801 | ||||||
Bentley Systems Inc., Class B | 9,039 | 365,718 | ||||||
Berkshire Hathaway Inc., Class B(a) | 63,947 | 19,515,345 | ||||||
Best Buy Co. Inc. | 10,345 | 859,773 | ||||||
Bill.com Holdings Inc.(a) | 4,726 | 399,961 | ||||||
Biogen Inc.(a) | 7,159 | 1,931,928 | ||||||
BioMarin Pharmaceutical Inc.(a) | 9,274 | 923,598 | ||||||
Bio-Rad Laboratories Inc., Class A(a) | 1,110 | 530,402 | ||||||
Bio-Techne Corp. | 7,561 | 549,231 | ||||||
Black Knight Inc.(a) | 8,054 | 480,018 | ||||||
BlackRock Inc.(e) | 7,338 | 5,059,037 | ||||||
Blackstone Inc., NVS | 34,437 | 3,126,880 | ||||||
Block Inc. New(a) | 26,257 | 2,014,700 | ||||||
Boeing Co. (The)(a) | 27,742 | 5,591,400 | ||||||
Booking Holdings Inc.(a) | 1,926 | 4,861,224 | ||||||
Booz Allen Hamilton Holding Corp. | 7,049 | 667,752 | ||||||
BorgWarner Inc. | 12,090 | 607,885 | ||||||
Boston Properties Inc. | 7,311 | 478,724 | ||||||
Boston Scientific Corp.(a) | 69,243 | 3,235,033 | ||||||
Bristol-Myers Squibb Co. | 104,327 | 7,194,390 | ||||||
Broadcom Inc. | 20,540 | 12,206,717 | ||||||
Broadridge Financial Solutions Inc | 5,768 | 812,019 | ||||||
Brown & Brown Inc. | 11,833 | 663,476 | ||||||
Brown-Forman Corp., Class B | 15,173 | 984,273 | ||||||
Bunge Ltd. | 7,118 | 679,769 | ||||||
Burlington Stores Inc.(a) | 3,292 | 705,311 | ||||||
Cadence Design Systems Inc.(a) | 13,402 | 2,585,782 | ||||||
Caesars Entertainment Inc.(a) | 10,624 | 539,274 | ||||||
Camden Property Trust | 4,864 | 558,193 | ||||||
Campbell Soup Co. | 10,241 | 537,857 | ||||||
Capital One Financial Corp. | 19,027 | 2,075,465 | ||||||
Cardinal Health Inc. | 12,745 | 964,924 | ||||||
Carlisle Companies Inc. | 2,325 | 600,362 | ||||||
Carlyle Group Inc. (The) | 8,332 | 286,621 | ||||||
CarMax Inc.(a)(b) | 8,003 | 552,527 | ||||||
Carnival Corp.(a) | 52,505 | 557,603 | ||||||
Carrier Global Corp. | 40,407 | 1,819,527 | ||||||
Catalent Inc.(a) | 8,275 | 564,521 | ||||||
Caterpillar Inc. | 25,890 | 6,201,949 | ||||||
Cboe Global Markets Inc. | 4,798 | 605,364 | ||||||
CBRE Group Inc., Class A(a) | 16,358 | 1,392,720 | ||||||
CDW Corp./DE | 6,698 | 1,355,809 | ||||||
Celanese Corp. | 5,443 | 632,640 | ||||||
Centene Corp.(a) | 28,513 | 1,950,289 | ||||||
CenterPoint Energy Inc. | 29,471 | 819,883 | ||||||
Ceridian HCM Holding Inc.(a) | 6,964 | 507,885 | ||||||
CF Industries Holdings Inc. | 9,295 | 798,348 | ||||||
CH Robinson Worldwide Inc.(b) | 6,521 | 651,839 | ||||||
Charles River Laboratories International Inc.(a) | 2,401 | 526,635 | ||||||
Charles Schwab Corp. (The) | 71,682 | 5,585,461 | ||||||
Charter Communications Inc., Class A(a)(b) | 5,349 | 1,966,346 | ||||||
Cheniere Energy Inc. | 11,041 | 1,737,191 | ||||||
Chesapeake Energy Corp. | 4,589 | 370,837 | ||||||
Chevron Corp. | 90,481 | 14,546,630 | ||||||
Chewy Inc., Class A(a)(b) | 4,325 | 175,379 | ||||||
Chipotle Mexican Grill Inc.(a) | 1,347 | 2,008,485 | ||||||
Chubb Ltd. | 20,345 | 4,293,202 | ||||||
Church & Dwight Co. Inc. | 12,014 | 1,006,533 | ||||||
Cigna Group (The) | 14,929 | 4,360,761 |
20 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI World ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
United States (continued) | ||||||||
Cincinnati Financial Corp. | 7,652 | $ | 923,596 | |||||
Cintas Corp. | 4,447 | 1,949,876 | ||||||
Cisco Systems Inc. | 204,155 | 9,885,185 | ||||||
Citigroup Inc. | 94,066 | 4,768,206 | ||||||
Citizens Financial Group Inc. | 24,461 | 1,021,491 | ||||||
Cleveland-Cliffs Inc.(a) | 24,914 | 531,416 | ||||||
Clorox Co. (The) | 6,011 | 934,350 | ||||||
Cloudflare Inc., Class A(a)(b) | 13,352 | 801,254 | ||||||
CME Group Inc. | 17,434 | 3,231,566 | ||||||
CMS Energy Corp. | 14,470 | 853,296 | ||||||
Coca-Cola Co. (The) | 201,630 | 11,999,001 | ||||||
Cognex Corp. | 8,988 | 426,211 | ||||||
Cognizant Technology Solutions Corp., Class A | 25,557 | 1,600,635 | ||||||
Coinbase Global Inc., Class A(a)(b) | 5,896 | 382,238 | ||||||
Colgate-Palmolive Co. | 38,768 | 2,841,694 | ||||||
Comcast Corp., Class A | 212,487 | 7,898,142 | ||||||
Conagra Brands Inc. | 24,256 | 883,161 | ||||||
ConocoPhillips | 61,376 | 6,343,210 | ||||||
Consolidated Edison Inc. | 17,201 | 1,536,909 | ||||||
Constellation Brands Inc., Class A | 8,153 | 1,823,826 | ||||||
Constellation Energy Corp. | 16,111 | 1,206,553 | ||||||
Cooper Companies Inc. (The) | 2,417 | 790,286 | ||||||
Copart Inc.(a) | 20,648 | 1,454,858 | ||||||
Corning Inc. | 39,482 | 1,340,414 | ||||||
Corteva Inc. | 35,629 | 2,219,330 | ||||||
CoStar Group Inc.(a) | 19,264 | 1,361,194 | ||||||
Costco Wholesale Corp. | 21,728 | 10,520,263 | ||||||
Coterra Energy Inc. | 36,922 | 921,942 | ||||||
Crowdstrike Holdings Inc., Class A(a) | 9,964 | 1,202,555 | ||||||
Crown Castle Inc. | 20,963 | 2,740,912 | ||||||
Crown Holdings Inc. | 6,494 | 561,796 | ||||||
CSX Corp. | 103,299 | 3,149,587 | ||||||
Cummins Inc. | 6,935 | 1,685,760 | ||||||
CVS Health Corp. | 64,775 | 5,411,303 | ||||||
Danaher Corp. | 34,096 | 8,439,783 | ||||||
Darden Restaurants Inc. | 6,382 | 912,562 | ||||||
Darling Ingredients Inc.(a) | 7,455 | 471,678 | ||||||
Datadog Inc., Class A(a) | 11,884 | 909,364 | ||||||
DaVita Inc.(a) | 2,533 | 208,365 | ||||||
Deere & Co. | 14,179 | 5,944,404 | ||||||
Dell Technologies Inc., Class C | 13,838 | 562,376 | ||||||
Delta Air Lines Inc.(a) | 8,263 | 316,803 | ||||||
DENTSPLY SIRONA Inc. | 11,031 | 419,950 | ||||||
Devon Energy Corp. | 31,290 | 1,687,157 | ||||||
Dexcom Inc.(a) | 18,999 | 2,109,079 | ||||||
Diamondback Energy Inc. | 8,391 | 1,179,607 | ||||||
Digital Realty Trust Inc. | 13,705 | 1,428,472 | ||||||
Discover Financial Services | 13,307 | 1,490,384 | ||||||
DISH Network Corp., Class A(a) | 12,821 | 146,288 | ||||||
DocuSign Inc.(a) | 9,580 | 587,733 | ||||||
Dollar General Corp. | 11,270 | 2,437,701 | ||||||
Dollar Tree Inc.(a) | 10,922 | 1,586,748 | ||||||
Dominion Energy Inc. | 40,306 | 2,241,820 | ||||||
Domino’s Pizza Inc. | 1,772 | 520,986 | ||||||
DoorDash Inc., Class A(a) | 11,886 | 649,689 | ||||||
Dover Corp. | 7,140 | 1,070,286 | ||||||
Dow Inc. | 34,823 | 1,991,876 | ||||||
DR Horton Inc. | 16,600 | 1,535,168 | ||||||
Dropbox Inc., Class A(a) | 16,121 | 328,868 | ||||||
DTE Energy Co. | 9,401 | 1,031,384 |
Security | Shares | Value | ||||||
United States (continued) | ||||||||
Duke Energy Corp. | 38,368 | $ | 3,616,568 | |||||
DuPont de Nemours Inc. | 25,420 | 1,856,423 | ||||||
Dynatrace Inc.(a) | 9,588 | 407,778 | ||||||
Eastman Chemical Co. | 5,758 | 490,582 | ||||||
Eaton Corp. PLC | 19,245 | 3,366,528 | ||||||
eBay Inc. | 25,858 | 1,186,882 | ||||||
Ecolab Inc. | 12,496 | 1,991,488 | ||||||
Edison International | 18,848 | 1,247,926 | ||||||
Edwards Lifesciences Corp.(a) | 30,161 | 2,426,151 | ||||||
Elanco Animal Health Inc.(a) | 21,564 | 247,339 | ||||||
Electronic Arts Inc. | 13,810 | 1,532,081 | ||||||
Elevance Health Inc. | 11,865 | 5,572,635 | ||||||
Eli Lilly & Co. | 39,492 | 12,290,700 | ||||||
Emerson Electric Co. | 28,946 | 2,394,124 | ||||||
Enphase Energy Inc.(a) | 6,642 | 1,398,340 | ||||||
Entegris Inc. | 8,170 | 696,329 | ||||||
Entergy Corp. | 9,852 | 1,013,475 | ||||||
EOG Resources Inc. | 29,138 | 3,293,177 | ||||||
EPAM Systems Inc.(a) | 2,715 | 835,270 | ||||||
EQT Corp. | 16,609 | 551,087 | ||||||
Equifax Inc. | 5,906 | 1,196,142 | ||||||
Equinix Inc. | 4,468 | 3,075,190 | ||||||
Equitable Holdings Inc. | 18,552 | 582,904 | ||||||
Equity LifeStyle Properties Inc. | 8,830 | 604,943 | ||||||
Equity Residential | 17,535 | 1,096,288 | ||||||
Erie Indemnity Co., Class A, NVS | 1,304 | 306,949 | ||||||
Essential Utilities Inc. | 11,672 | 499,328 | ||||||
Essex Property Trust Inc. | 3,142 | 716,565 | ||||||
Estee Lauder Companies Inc. (The), Class A | 11,258 | 2,736,257 | ||||||
Etsy Inc.(a) | 6,225 | 755,777 | ||||||
Everest Re Group Ltd. | 1,826 | 701,129 | ||||||
Evergy Inc. | 11,551 | 679,314 | ||||||
Eversource Energy | 16,938 | 1,276,448 | ||||||
Exact Sciences Corp.(a)(b) | 8,713 | 543,081 | ||||||
Exelon Corp. | 47,907 | 1,934,964 | ||||||
Expedia Group Inc.(a) | 7,125 | 776,411 | ||||||
Expeditors International of Washington Inc. | 8,327 | 870,671 | ||||||
Extra Space Storage Inc. | 6,509 | 1,071,707 | ||||||
Exxon Mobil Corp. | 202,849 | 22,295,134 | ||||||
F5 Inc.(a) | 2,981 | 426,223 | ||||||
FactSet Research Systems Inc. | 1,812 | 751,165 | ||||||
Fair Isaac Corp.(a) | 1,343 | 909,735 | ||||||
Fastenal Co. | 28,007 | 1,444,041 | ||||||
FedEx Corp. | 12,253 | 2,490,055 | ||||||
Fidelity National Financial Inc. | 13,420 | 534,921 | ||||||
Fidelity National Information Services Inc | 29,922 | 1,896,157 | ||||||
Fifth Third Bancorp | 33,661 | 1,221,894 | ||||||
First Citizens BancShares Inc./NC, Class A | 605 | 443,925 | ||||||
First Horizon Corp. | 24,376 | 603,794 | ||||||
First Republic Bank/CA | 8,595 | 1,057,271 | ||||||
First Solar Inc.(a) | 4,689 | 793,097 | ||||||
FirstEnergy Corp. | 27,133 | 1,072,839 | ||||||
Fiserv Inc.(a) | 30,119 | 3,466,396 | ||||||
FleetCor Technologies Inc.(a) | 3,843 | 825,438 | ||||||
FMC Corp. | 6,521 | 842,187 | ||||||
Ford Motor Co. | 191,224 | 2,308,074 | ||||||
Fortinet Inc.(a) | 33,945 | 2,017,691 | ||||||
Fortive Corp | 16,718 | 1,114,422 | ||||||
Fortune Brands Home & Security Inc., NVS | 6,903 | 427,641 | ||||||
Fox Corp., Class A, NVS | 15,173 | 531,358 |
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, 2023 | iShares® MSCI World ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
United States (continued) | ||||||||
Fox Corp., Class B | 7,903 | $ | 254,872 | |||||
Franklin Resources Inc. | 15,318 | 451,421 | ||||||
Freeport-McMoRan Inc. | 71,651 | 2,935,541 | ||||||
Gaming and Leisure Properties Inc. | 13,890 | 748,393 | ||||||
Garmin Ltd. | 8,175 | 802,213 | ||||||
Gartner Inc.(a) | 4,052 | 1,328,286 | ||||||
GE Healthcare Inc., NVS(a) | 17,638 | 1,340,488 | ||||||
Gen Digital Inc. | 29,524 | 576,013 | ||||||
Generac Holdings Inc.(a) | 3,110 | 373,231 | ||||||
General Dynamics Corp. | 11,473 | 2,614,811 | ||||||
General Electric Co. | 53,001 | 4,489,715 | ||||||
General Mills Inc. | 29,402 | 2,337,753 | ||||||
General Motors Co. | 67,017 | 2,596,239 | ||||||
Genuine Parts Co. | 6,998 | 1,237,666 | ||||||
Gilead Sciences Inc. | 61,723 | 4,970,553 | ||||||
Global Payments Inc. | 13,567 | 1,522,217 | ||||||
Globe Life Inc. | 4,824 | 587,033 | ||||||
GoDaddy Inc., Class A(a) | 8,360 | 632,936 | ||||||
Goldman Sachs Group Inc. (The) | 16,765 | 5,895,412 | ||||||
Graco Inc. | 8,301 | 577,252 | ||||||
Halliburton Co. | 43,447 | 1,574,085 | ||||||
Hartford Financial Services Group Inc. (The) | 14,833 | 1,161,127 | ||||||
Hasbro Inc. | 6,539 | 359,710 | ||||||
HCA Healthcare Inc. | 10,444 | 2,542,592 | ||||||
Healthcare Realty Trust Inc. | 18,754 | 365,703 | ||||||
Healthpeak Properties Inc. | 26,789 | 644,543 | ||||||
HEICO Corp. | 2,185 | 361,770 | ||||||
HEICO Corp., Class A | 3,657 | 475,959 | ||||||
Henry Schein Inc.(a)(b) | 6,937 | 543,236 | ||||||
Hershey Co. (The) | 7,049 | 1,679,918 | ||||||
Hess Corp. | 13,539 | 1,823,703 | ||||||
Hewlett Packard Enterprise Co. | 64,155 | 1,001,460 | ||||||
HF Sinclair Corp. | 7,525 | 374,143 | ||||||
Hilton Worldwide Holdings Inc. | 13,533 | 1,955,654 | ||||||
Hologic Inc.(a) | 12,441 | 990,801 | ||||||
Home Depot Inc. (The) | 50,264 | 14,905,287 | ||||||
Honeywell International Inc. | 33,274 | 6,371,306 | ||||||
Horizon Therapeutics PLC(a) | 11,107 | 1,216,105 | ||||||
Hormel Foods Corp. | 14,764 | 655,226 | ||||||
Host Hotels & Resorts Inc. | 36,211 | 608,345 | ||||||
Howmet Aerospace Inc. | 18,935 | 798,678 | ||||||
HP Inc. | 50,697 | 1,496,575 | ||||||
Hubbell Inc. | 2,841 | 714,625 | ||||||
HubSpot Inc.(a) | 2,181 | 843,742 | ||||||
Humana Inc. | 6,207 | 3,072,589 | ||||||
Huntington Bancshares Inc./OH | 72,447 | 1,109,888 | ||||||
Huntington Ingalls Industries Inc. | 1,994 | 429,109 | ||||||
IDEX Corp. | 3,774 | 849,075 | ||||||
IDEXX Laboratories Inc.(a) | 4,069 | 1,925,614 | ||||||
Illinois Tool Works Inc. | 15,196 | 3,543,099 | ||||||
Illumina Inc.(a) | 7,670 | 1,527,864 | ||||||
Incyte Corp.(a) | 9,466 | 728,693 | ||||||
Ingersoll Rand Inc. | 19,895 | 1,155,303 | ||||||
Insulet Corp.(a) | 3,344 | 924,148 | ||||||
Intel Corp. | 203,240 | 5,066,773 | ||||||
Intercontinental Exchange Inc. | 27,210 | 2,769,978 | ||||||
International Business Machines Corp. | 44,198 | 5,714,801 | ||||||
International Flavors & Fragrances Inc. | 12,175 | 1,134,710 | ||||||
International Paper Co. | 18,380 | 668,848 | ||||||
Interpublic Group of Companies Inc. (The) | 19,565 | 695,340 |
Security | Shares | Value | ||||||
United States (continued) | ||||||||
Intuit Inc. | 13,188 | $ | 5,369,890 | |||||
Intuitive Surgical Inc.(a) | 17,376 | 3,985,881 | ||||||
Invesco Ltd. | 17,718 | 312,900 | ||||||
Invitation Homes Inc. | 28,290 | 884,345 | ||||||
IQVIA Holdings Inc.(a) | 9,355 | 1,950,237 | ||||||
Iron Mountain Inc.(b) | 14,297 | 754,167 | ||||||
Jack Henry & Associates Inc. | 3,759 | 617,378 | ||||||
Jacobs Solutions Inc., NVS | 6,479 | 774,241 | ||||||
Jazz Pharmaceuticals PLC(a) | 2,943 | 413,197 | ||||||
JB Hunt Transport Services Inc. | 4,108 | 742,685 | ||||||
JM Smucker Co. (The) | 5,276 | 780,268 | ||||||
Johnson & Johnson | 129,111 | 19,787,552 | ||||||
Johnson Controls International PLC | 34,083 | 2,137,686 | ||||||
JPMorgan Chase & Co. | 143,698 | 20,599,108 | ||||||
Juniper Networks Inc. | 16,283 | 501,191 | ||||||
Kellogg Co. | 12,583 | 829,723 | ||||||
Keurig Dr Pepper Inc. | 37,947 | 1,311,069 | ||||||
KeyCorp. | 47,054 | 860,618 | ||||||
Keysight Technologies Inc.(a) | 8,927 | 1,427,963 | ||||||
Kimberly-Clark Corp. | 16,308 | 2,039,315 | ||||||
Kimco Realty Corp. | 30,528 | 629,182 | ||||||
Kinder Morgan Inc. | 99,263 | 1,693,427 | ||||||
KKR & Co. Inc. | 27,628 | 1,556,838 | ||||||
KLA Corp. | 6,973 | 2,645,417 | ||||||
Knight-Swift Transportation Holdings Inc. | 7,974 | 453,242 | ||||||
Kraft Heinz Co. (The) | 36,509 | 1,421,660 | ||||||
Kroger Co. (The) | 34,512 | 1,488,848 | ||||||
L3Harris Technologies Inc. | 9,701 | 2,048,754 | ||||||
Laboratory Corp. of America Holdings | 4,653 | 1,113,742 | ||||||
Lam Research Corp. | 6,595 | 3,205,236 | ||||||
Lamb Weston Holdings Inc. | 6,747 | 679,018 | ||||||
Las Vegas Sands Corp.(a) | 17,489 | 1,005,093 | ||||||
Lear Corp. | 2,985 | 416,855 | ||||||
Leidos Holdings Inc. | 6,789 | 659,008 | ||||||
Lennar Corp., Class A | 11,970 | 1,157,978 | ||||||
Lennox International Inc. | 1,622 | 413,334 | ||||||
Liberty Broadband Corp., Class C (a) | 6,171 | 534,841 | ||||||
Liberty Global PLC, Class A(a) | 7,905 | 161,973 | ||||||
Liberty Global PLC, Class C, NVS(a) | 16,970 | 360,613 | ||||||
Liberty Media Corp.-Liberty Formula One, Class C, NVS(a) | 9,443 | 640,896 | ||||||
Liberty Media Corp.-Liberty SiriusXM, Class A, NVS(a) | 4,466 | 144,654 | ||||||
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS(a) | 8,595 | 276,931 | ||||||
Linde PLC | 24,395 | 8,498,486 | ||||||
Live Nation Entertainment Inc.(a) | 8,106 | 584,118 | ||||||
LKQ Corp. | 13,824 | 791,977 | ||||||
Lockheed Martin Corp. | 11,641 | 5,520,861 | ||||||
Loews Corp. | 10,842 | 662,338 | ||||||
Lowe’s Companies Inc. | 29,785 | 6,128,264 | ||||||
LPL Financial Holdings Inc. | 3,774 | 941,839 | ||||||
Lucid Group Inc.(a)(b) | 20,756 | 189,502 | ||||||
Lululemon Athletica Inc.(a) | 5,726 | 1,770,479 | ||||||
LyondellBasell Industries NV, Class A | 12,845 | 1,232,992 | ||||||
M&T Bank Corp. | 8,720 | 1,354,129 | ||||||
Marathon Oil Corp. | 33,513 | 842,852 | ||||||
Marathon Petroleum Corp. | 23,084 | 2,853,182 | ||||||
Markel Corp.(a) | 664 | 883,027 | ||||||
MarketAxess Holdings Inc. | 1,935 | 660,706 | ||||||
Marriott International Inc./MD, Class A | 13,396 | 2,267,139 | ||||||
Marsh & McLennan Companies Inc. | 24,462 | 3,966,269 |
22 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI World ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
United States (continued) | ||||||||
Martin Marietta Materials Inc. | 3,049 | $ | 1,097,244 | |||||
Marvell Technology Inc. | 41,934 | 1,893,320 | ||||||
Masco Corp. | 12,264 | 643,002 | ||||||
Masimo Corp.(a) | 2,676 | 447,722 | ||||||
Mastercard Inc., Class A | 42,484 | 15,094,140 | ||||||
Match Group Inc.(a) | 12,891 | 533,945 | ||||||
McCormick & Co. Inc./MD, NVS | 12,176 | 904,920 | ||||||
McDonald’s Corp. | 36,048 | 9,513,428 | ||||||
McKesson Corp. | 7,115 | 2,488,898 | ||||||
Medical Properties Trust Inc. | 29,968 | 308,670 | ||||||
Medtronic PLC | 64,776 | 5,363,453 | ||||||
Merck & Co. Inc. | 123,880 | 13,161,011 | ||||||
Meta Platforms Inc, Class A(a) | 110,760 | 19,376,354 | ||||||
MetLife Inc. | 34,093 | 2,445,491 | ||||||
Mettler-Toledo International Inc.(a) | 1,110 | 1,591,418 | ||||||
MGM Resorts International | 17,003 | 731,299 | ||||||
Microchip Technology Inc. | 26,599 | 2,155,317 | ||||||
Micron Technology Inc. | 54,695 | 3,162,465 | ||||||
Microsoft Corp. | 348,816 | 87,001,687 | ||||||
Mid-America Apartment Communities Inc | 5,701 | 912,730 | ||||||
Moderna Inc.(a) | 16,595 | 2,303,552 | ||||||
Mohawk Industries Inc.(a) | 2,500 | 257,125 | ||||||
Molina Healthcare Inc.(a) | 2,845 | 783,314 | ||||||
Molson Coors Beverage Co., Class B | 9,567 | 508,869 | ||||||
Mondelez International Inc., Class A | 67,804 | 4,419,465 | ||||||
MongoDB Inc.(a) | 3,395 | 711,320 | ||||||
Monolithic Power Systems Inc. | 2,067 | 1,001,027 | ||||||
Monster Beverage Corp.(a) | 19,275 | 1,961,424 | ||||||
Moody’s Corp. | 8,188 | 2,375,748 | ||||||
Morgan Stanley | 62,561 | 6,037,136 | ||||||
Mosaic Co. (The) | 18,203 | 968,218 | ||||||
Motorola Solutions Inc. | 8,188 | 2,151,888 | ||||||
MSCI Inc. | 3,985 | 2,080,768 | ||||||
Nasdaq Inc. | 17,149 | 961,373 | ||||||
NetApp Inc. | 11,197 | 722,766 | ||||||
Netflix Inc.(a) | 21,749 | 7,006,005 | ||||||
Neurocrine Biosciences Inc.(a) | 4,842 | 499,210 | ||||||
Newell Brands Inc., NVS | 19,649 | 288,644 | ||||||
Newmont Corp. | 38,715 | 1,688,361 | ||||||
News Corp., Class A, NVS | 19,941 | 341,988 | ||||||
NextEra Energy Inc. | 97,879 | 6,952,345 | ||||||
Nike Inc., Class B | 61,606 | 7,318,177 | ||||||
NiSource Inc. | 19,630 | 538,451 | ||||||
Nordson Corp. | 2,507 | 550,637 | ||||||
Norfolk Southern Corp. | 11,798 | 2,652,426 | ||||||
Northern Trust Corp. | 9,723 | 926,310 | ||||||
Northrop Grumman Corp. | 7,323 | 3,398,678 | ||||||
Novocure Ltd.(a)(b) | 4,460 | 343,286 | ||||||
NRG Energy Inc. | 12,306 | 403,514 | ||||||
Nucor Corp. | 13,040 | 2,183,418 | ||||||
Nvidia Corp. | 121,169 | 28,130,595 | ||||||
NVR Inc.(a) | 158 | 817,432 | ||||||
O’Reilly Automotive Inc.(a) | 3,137 | 2,604,024 | ||||||
Occidental Petroleum Corp. | 35,815 | 2,097,326 | ||||||
Okta Inc.(a) | 7,300 | 520,417 | ||||||
Old Dominion Freight Line Inc. | 4,771 | 1,618,609 | ||||||
Omnicom Group Inc. | 10,444 | 945,913 | ||||||
ON Semiconductor Corp.(a) | 21,035 | 1,628,319 | ||||||
ONEOK Inc. | 22,057 | 1,443,631 | ||||||
Oracle Corp. | 79,681 | 6,964,119 |
Security | Shares | Value | ||||||
United States (continued) | ||||||||
Otis Worldwide Corp. | 21,390 | $ | 1,810,022 | |||||
Ovintiv Inc. | 11,394 | 487,321 | ||||||
Owens Corning | 5,173 | 505,868 | ||||||
PACCAR Inc. | 25,359 | 1,830,920 | ||||||
Packaging Corp. of America | 4,158 | 568,482 | ||||||
Palantir Technologies Inc., Class A(a) | 78,340 | 614,186 | ||||||
Palo Alto Networks Inc.(a) | 14,733 | 2,775,255 | ||||||
Paramount Global, Class B, NVS | 30,113 | 645,020 | ||||||
Parker-Hannifin Corp. | 6,228 | 2,191,322 | ||||||
Paychex Inc. | 15,943 | 1,760,107 | ||||||
Paycom Software Inc.(a) | 2,521 | 728,720 | ||||||
Paylocity Holding Corp.(a) | 1,995 | 384,257 | ||||||
PayPal Holdings Inc.(a) | 53,874 | 3,965,126 | ||||||
Pentair PLC | 8,058 | 450,765 | ||||||
PepsiCo Inc. | 68,047 | 11,808,196 | ||||||
PerkinElmer Inc. | 6,207 | 773,206 | ||||||
Pfizer Inc. | 275,420 | 11,173,789 | ||||||
PG&E Corp.(a) | 71,479 | 1,116,502 | ||||||
Philip Morris International Inc. | 76,397 | 7,433,428 | ||||||
Phillips 66 | 23,322 | 2,391,904 | ||||||
Pinterest Inc., Class A(a) . | 27,574 | 692,383 | ||||||
Pioneer Natural Resources Co. | 11,175 | 2,239,582 | ||||||
Plug Power Inc.(a)(b) | 25,967 | 386,129 | ||||||
PNC Financial Services Group Inc. (The) | 19,714 | 3,113,235 | ||||||
Pool Corp. | 1,978 | 705,869 | ||||||
PPG Industries Inc. | 11,641 | 1,537,310 | ||||||
PPL Corp. | 34,392 | 930,991 | ||||||
Principal Financial Group Inc. | 12,090 | 1,082,780 | ||||||
Procter & Gamble Co. (The) | 117,432 | 16,153,946 | ||||||
Progressive Corp. (The) | 28,288 | 4,059,894 | ||||||
Prologis Inc. | 45,640 | 5,631,976 | ||||||
Prudential Financial Inc. | 18,278 | 1,827,800 | ||||||
PTC Inc.(a) | 5,509 | 690,443 | ||||||
Public Service Enterprise Group Inc. | 24,594 | 1,486,215 | ||||||
Public Storage. | 7,710 | 2,304,905 | ||||||
PulteGroup Inc. | 11,365 | 621,325 | ||||||
Qorvo Inc.(a) | 5,501 | 554,996 | ||||||
Qualcomm Inc. | 55,370 | 6,839,856 | ||||||
Quanta Services Inc.(b) | 6,678 | 1,077,829 | ||||||
Quest Diagnostics Inc. | 5,980 | 827,393 | ||||||
Raymond James Financial Inc. | 9,257 | 1,004,014 | ||||||
Raytheon Technologies Corp. | 72,696 | 7,130,751 | ||||||
Realty Income Corp. | 31,020 | 1,983,729 | ||||||
Regency Centers Corp. | 7,649 | 481,122 | ||||||
Regeneron Pharmaceuticals Inc.(a) | 5,210 | 3,961,788 | ||||||
Regions Financial Corp. | 46,886 | 1,093,382 | ||||||
Reliance Steel & Aluminum Co. | 2,891 | 716,505 | ||||||
Repligen Corp.(a) | 2,507 | 437,146 | ||||||
Republic Services Inc. | 10,841 | 1,397,730 | ||||||
ResMed Inc. | 7,114 | 1,515,282 | ||||||
Rivian Automotive Inc., Class A(a) | 15,899 | 306,851 | ||||||
Robert Half International Inc. | 5,572 | 449,215 | ||||||
ROBLOX Corp., Class A(a) | 17,563 | 643,508 | ||||||
Rockwell Automation Inc. | 5,588 | 1,648,069 | ||||||
Roku Inc.(a)(b) | 5,769 | 373,197 | ||||||
Rollins Inc. | 11,173 | 393,290 | ||||||
Roper Technologies Inc. | 5,095 | 2,191,869 | ||||||
Ross Stores Inc. | 17,351 | 1,917,980 | ||||||
Royal Caribbean Cruises Ltd.(a) | 11,372 | 803,318 | ||||||
RPM International Inc. | 6,368 | 564,396 |
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, 2023 | iShares® MSCI World ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
United States (continued) | ||||||||
S&P Global Inc. | 16,402 | $ | 5,596,362 | |||||
Salesforce Inc.(a) | 48,899 | 8,000,365 | ||||||
SBA Communications Corp. | 5,303 | 1,375,333 | ||||||
Schlumberger NV | 68,338 | 3,636,265 | ||||||
Seagate Technology Holdings PLC | 9,973 | 643,857 | ||||||
Seagen Inc.(a) | 6,673 | 1,199,071 | ||||||
Sealed Air Corp. | 7,537 | 366,449 | ||||||
SEI Investments Co. | 6,107 | 367,947 | ||||||
Sempra Energy | 15,508 | 2,325,580 | ||||||
Sensata Technologies Holding PLC | 8,064 | 407,877 | ||||||
ServiceNow Inc.(a) | 9,798 | 4,234,402 | ||||||
Sherwin-Williams Co. (The) | 12,081 | 2,674,129 | ||||||
Signature Bank/New York NY | 3,571 | 410,844 | ||||||
Simon Property Group Inc. | 16,109 | 1,966,748 | ||||||
Sirius XM Holdings Inc.(b) | 33,473 | 146,946 | ||||||
Skyworks Solutions Inc. | 8,096 | 903,271 | ||||||
Snap Inc., Class A, NVS(a) | 52,126 | 529,079 | ||||||
Snap-on Inc. | 2,713 | 674,669 | ||||||
Snowflake Inc., Class A(a) | 10,958 | 1,691,696 | ||||||
SolarEdge Technologies Inc.(a) | 2,941 | 935,003 | ||||||
Southern Co. (The) | 52,663 | 3,320,929 | ||||||
Southwest Airlines Co. | 7,609 | 255,510 | ||||||
Splunk Inc.(a) | 8,044 | 824,510 | ||||||
SS&C Technologies Holdings Inc. | 11,702 | 686,907 | ||||||
Stanley Black & Decker Inc. | 7,982 | 683,339 | ||||||
Starbucks Corp. | 56,770 | 5,795,649 | ||||||
State Street Corp. | 17,664 | 1,566,444 | ||||||
Steel Dynamics Inc. | 8,958 | 1,129,693 | ||||||
STERIS PLC | 4,857 | 913,262 | ||||||
Stryker Corp. | 16,812 | 4,419,539 | ||||||
Sun Communities Inc. | 6,528 | 934,418 | ||||||
SVB Financial Group(a) | 2,853 | 821,978 | ||||||
Synchrony Financial | 24,651 | 880,287 | ||||||
Synopsys Inc.(a) | 7,723 | 2,809,318 | ||||||
Sysco Corp. | 25,092 | 1,871,110 | ||||||
T-Mobile U.S. Inc.(a) | 30,293 | 4,307,059 | ||||||
T Rowe Price Group Inc. | 11,181 | 1,255,403 | ||||||
Take-Two Interactive Software Inc.(a) | 7,877 | 862,925 | ||||||
Targa Resources Corp. | 10,097 | 748,188 | ||||||
Target Corp. | 22,598 | 3,807,763 | ||||||
Teledyne Technologies Inc.(a) | 2,236 | 961,637 | ||||||
Teleflex Inc. | 2,307 | 549,597 | ||||||
Teradyne Inc. | 7,971 | 806,187 | ||||||
Tesla Inc.(a) | 132,207 | 27,196,302 | ||||||
Texas Instruments Inc. | 45,195 | 7,748,683 | ||||||
Texas Pacific Land Corp.(b) | 297 | 528,716 | ||||||
Textron Inc. | 10,962 | 795,074 | ||||||
Thermo Fisher Scientific Inc. | 19,187 | 10,394,749 | ||||||
TJX Companies Inc. (The) | 56,542 | 4,331,117 | ||||||
Toast Inc., Class A(a)(b) | 12,226 | 231,316 | ||||||
Toro Co. (The) | 5,123 | 565,784 | ||||||
Tractor Supply Co. | 5,529 | 1,289,695 | ||||||
Trade Desk Inc. (The), Class A(a)(b) | 21,098 | 1,180,644 | ||||||
Tradeweb Markets Inc., Class A | 5,314 | 376,709 | ||||||
Trane Technologies PLC | 11,437 | 2,115,502 | ||||||
TransDigm Group Inc. | 2,480 | 1,844,798 | ||||||
TransUnion | 9,446 | 618,052 | ||||||
Travelers Companies Inc. (The) | 12,030 | 2,226,994 | ||||||
Trimble Inc.(a) | 12,397 | 645,388 | ||||||
Truist Financial Corp. | 64,554 | 3,030,810 |
Security | Shares | Value | ||||||
United States (continued) | ||||||||
Twilio Inc., Class A(a) | 8,236 | $ | 553,542 | |||||
Tyler Technologies Inc.(a) | 1,976 | 634,790 | ||||||
Tyson Foods Inc., Class A | 14,434 | 855,070 | ||||||
U.S. Bancorp | 67,980 | 3,244,685 | ||||||
Uber Technologies Inc.(a) | 70,822 | 2,355,540 | ||||||
UDR Inc. | 15,015 | 643,243 | ||||||
UGI Corp. | 10,617 | 395,271 | ||||||
Ulta Beauty Inc.(a) | 2,476 | 1,284,549 | ||||||
Union Pacific Corp. | 30,818 | 6,387,955 | ||||||
United Parcel Service Inc., Class B | 35,747 | 6,523,470 | ||||||
United Rentals Inc. | 3,517 | 1,647,820 | ||||||
United Therapeutics Corp.(a) | 2,245 | 552,360 | ||||||
UnitedHealth Group Inc. | 45,933 | 21,861,352 | ||||||
Unity Software Inc.(a)(b) | 13,070 | 397,851 | ||||||
Universal Health Services Inc., Class B | 2,989 | 399,241 | ||||||
Vail Resorts Inc. | 1,968 | 459,508 | ||||||
Valero Energy Corp. | 19,329 | 2,546,209 | ||||||
Veeva Systems Inc., Class A(a) | 6,687 | 1,107,768 | ||||||
Ventas Inc. | 19,307 | 939,286 | ||||||
VeriSign Inc.(a) | 4,918 | 968,010 | ||||||
Verisk Analytics Inc. | 7,994 | 1,367,853 | ||||||
Verizon Communications Inc. | 206,397 | 8,010,268 | ||||||
Vertex Pharmaceuticals Inc.(a) | 12,515 | 3,632,979 | ||||||
VF Corp. | 16,851 | 418,242 | ||||||
Viatris Inc. | 60,158 | 685,801 | ||||||
VICI Properties Inc. | 46,933 | 1,573,663 | ||||||
Visa Inc., Class A | 80,073 | 17,611,256 | ||||||
Vistra Corp. | 16,561 | 364,176 | ||||||
VMware Inc., Class A(a) | 10,128 | 1,115,397 | ||||||
Vulcan Materials Co. | 6,470 | 1,170,488 | ||||||
W R Berkley Corp. | 10,547 | 698,106 | ||||||
Walmart Inc. | 74,210 | 10,547,467 | ||||||
Walgreens Boots Alliance Inc. | 36,202 | 1,286,257 | ||||||
Walt Disney Co. (The)(a) | 89,878 | 8,952,748 | ||||||
Warner Bros. Discovery Inc.(a)(b) | 116,915 | 1,826,212 | ||||||
Waste Management Inc. | 20,332 | 3,044,920 | ||||||
Waters Corp.(a) | 2,981 | 926,763 | ||||||
Webster Financial Corp. | 9,001 | 478,133 | ||||||
WEC Energy Group Inc. | 15,316 | 1,357,917 | ||||||
Wells Fargo & Co. | 186,856 | 8,739,255 | ||||||
Welltower Inc. | 21,669 | 1,606,106 | ||||||
West Pharmaceutical Services Inc. | 3,573 | 1,132,748 | ||||||
Western Digital Corp.(a) | 15,078 | 580,201 | ||||||
Westinghouse Air Brake Technologies Corp. | 8,812 | 919,356 | ||||||
Westlake Corp.(b) | 1,529 | 182,165 | ||||||
Westrock Co. | 13,470 | 422,958 | ||||||
Weyerhaeuser Co. | 36,569 | 1,142,781 | ||||||
Whirlpool Corp. | 2,783 | 383,998 | ||||||
Williams Companies Inc. (The) | 59,066 | 1,777,887 | ||||||
Willis Towers Watson PLC | 5,581 | 1,307,963 | ||||||
Wolfspeed Inc.(a) | 6,018 | 445,212 | ||||||
Workday Inc., Class A(a) | 10,037 | 1,861,562 | ||||||
WP Carey Inc. | 9,269 | 752,272 | ||||||
WW Grainger Inc. | 2,194 | 1,466,535 | ||||||
Wynn Resorts Ltd.(a) | 5,393 | 584,439 | ||||||
Xcel Energy Inc. | 26,405 | 1,704,971 | ||||||
Xylem Inc./NY | 8,850 | 908,453 | ||||||
Yum! Brands Inc. | 14,352 | 1,825,000 | ||||||
Zebra Technologies Corp., Class A(a) | 2,633 | 790,558 | ||||||
Zillow Group Inc., Class C (a) | 8,512 | 357,504 |
24 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI World ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
United States (continued) | ||||||||
Zimmer Biomet Holdings Inc. | 10,004 | $ | 1,239,195 | |||||
Zoetis Inc. | 22,862 | 3,817,954 | ||||||
Zoom Video Communications Inc., Class A(a) | 10,578 | 789,013 | ||||||
ZoomInfo Technologies Inc.(a) | 14,067 | 339,999 | ||||||
Zscaler Inc.(a)(b) | 4,050 | 531,158 | ||||||
|
| |||||||
|
1,720,127,258 |
| ||||||
|
| |||||||
Total Common Stocks — 99.5% | 2,551,290,004 | |||||||
|
| |||||||
Preferred Stocks | ||||||||
Germany — 0.2% | ||||||||
Bayerische Motoren Werke AG, Preference Shares, NVS | 2,811 | 266,246 | ||||||
Dr Ing hc F Porsche AG, Preference Shares, NVS(b) | 5,563 | 670,421 | ||||||
Henkel AG & Co. KGaA, Preference Shares, NVS | 8,614 | 626,654 | ||||||
Porsche Automobil Holding SE, Preference Shares, NVS | 7,378 | 418,766 | ||||||
Sartorius AG, Preference Shares, NVS | 1,292 | 548,800 | ||||||
Volkswagen AG, Preference Shares, NVS | 8,927 | 1,215,193 | ||||||
|
| |||||||
|
3,746,080 |
| ||||||
|
| |||||||
Total Preferred Stocks — 0.2% | 3,746,080 | |||||||
|
| |||||||
Rights | ||||||||
Hong Kong — 0.0% | ||||||||
Link REIT, (Expires 03/28/23, Strike Price HKD 44.20)(a) . | 22,260 | 20,985 | ||||||
|
| |||||||
Total Rights — 0.0% | 20,985 | |||||||
|
| |||||||
Total Long-Term Investments — 99.7% | 2,555,057,069 | |||||||
|
|
Security | Shares | Value | ||||||
Short-Term Securities | ||||||||
Money Market Funds — 0.7% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%(e)(f)(g) | 16,433,707 | $ | 16,443,567 | |||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(e)(f) | 2,070,000 | 2,070,000 | ||||||
|
| |||||||
Total Short-Term Securities — 0.7% | 18,513,567 | |||||||
|
| |||||||
Total Investments — 100.4% | 2,573,570,636 | |||||||
Liabilities in Excess of Other Assets — (0.4)% | (9,749,743 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 2,563,820,893 | ||||||
|
|
(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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 08/31/22 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/23 | Shares Held at 02/28/23 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL | ||||||||||||||||||||||||||||||||||||
Agency Shares | $ | 21,692,284 | $ | — | $ | (5,257,637 | )(a) | $ | 5,352 | $ | 3,568 | $ | 16,443,567 | 16,433,707 | $ | 70,027 | (b) | $ | — | |||||||||||||||||
BlackRock Cash Funds: Treasury, SL | ||||||||||||||||||||||||||||||||||||
Agency Shares | 1,560,000 | 510,000 | (a) | — | — | — | 2,070,000 | 2,070,000 | 52,413 | 2 | ||||||||||||||||||||||||||
BlackRock Inc. | 4,208,253 | 1,024,618 | (323,676 | ) | 135,410 | 14,432 | 5,059,037 | 7,338 | 64,372 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | 140,762 | $ | 18,000 | $ | 23,572,604 | $ | 186,812 | $ | 2 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 | 25 |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI World ETF |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| ||||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
| ||||||||||||||||
Long Contracts | ||||||||||||||||
TOPIX Index | 5 | 03/09/23 | $ | 732 | $ | 8,403 | ||||||||||
Euro STOXX 50 Index | 23 | 03/17/23 | 1,031 | 19,310 | ||||||||||||
FTSE 100 Index | 7 | 03/17/23 | 661 | 2,890 | ||||||||||||
S&P 500 E-Mini Index | 29 | 03/17/23 | 5,764 | (47,960 | ) | |||||||||||
|
| |||||||||||||||
$ | (17,357 | ) | ||||||||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
Assets — Derivative Financial Instruments | ||||||||||||||||||||||||||||
Futures contracts | ||||||||||||||||||||||||||||
Unrealized appreciation on futures contracts | $ | — | $ | — | $ | 30,603 | $ | — | $ | — | $ | — | $ | 30,603 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Liabilities — Derivative Financial Instruments | ||||||||||||||||||||||||||||
Futures contracts | ||||||||||||||||||||||||||||
Unrealized depreciation on futures contracts(a) | $ | — | $ | — | $ | 47,960 | $ | — | $ | — | $ | — | $ | 47,960 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
Net Realized Gain (Loss) from | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | 129,022 | $ | — | $ | — | $ | — | $ | 129,022 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | 74,183 | $ | — | $ | — | $ | — | $ | 74,183 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts | ||||
Average notional value of contracts — long | $ | 9,239,660 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
26 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI World 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 | |||||||||||||
| ||||||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Common Stocks | $ | 1,823,499,095 | $ | 727,664,468 | $ | 126,441 | $ | 2,551,290,004 | ||||||||
Preferred Stocks | — | 3,746,080 | — | 3,746,080 | ||||||||||||
Rights | — | 20,985 | — | 20,985 | ||||||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 18,513,567 | — | — | 18,513,567 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 1,842,012,662 | $ | 731,431,533 | $ | 126,441 | $ | 2,573,570,636 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Financial Instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Equity Contracts | $ | — | $ | 30,603 | $ | — | $ | 30,603 | ||||||||
Liabilities | ||||||||||||||||
Equity Contracts | (47,960 | ) | — | — | (47,960 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | (47,960 | ) | $ | 30,603 | $ | — | (17,357 | ) | ||||||||
|
|
|
|
|
|
|
|
(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, 2023
iShares MSCI Frontier and ETF | iShares MSCI World ETF | |||||||
ASSETS | ||||||||
Investments, at value — unaffiliated(a)(b) | $ | 660,477,639 | $ | 2,549,998,032 | ||||
Investments, at value — affiliated(c) | — | 23,572,604 | ||||||
Cash | 2,139,570 | 32,660 | ||||||
Cash pledged for futures contracts | 725,000 | 389,000 | ||||||
Foreign currency collateral pledged for futures contracts(d) | — | 182,873 | ||||||
Foreign currency, at value(e) | 12,290,860 | 3,504,406 | ||||||
Receivables: | ||||||||
Investments sold | 7,946,291 | 7,887,275 | ||||||
Securities lending income — affiliated | — | 11,369 | ||||||
Dividends — unaffiliated | 504,620 | 4,036,574 | ||||||
Dividends — affiliated | 4,325 | 8,974 | ||||||
Interest — unaffiliated | 9,330 | — | ||||||
Tax reclaims | — | 471,487 | ||||||
Unrealized appreciation on forward foreign currency exchange contracts | 205,691 | — | ||||||
|
|
|
| |||||
Total assets | 684,303,326 | 2,590,095,254 | ||||||
|
|
|
| |||||
LIABILITIES | ||||||||
Cash received as collateral for OTC derivatives | 260,000 | — | ||||||
Collateral on securities loaned, at value | — | 16,445,249 | ||||||
Payables: | ||||||||
Investments purchased | 7,303,580 | 9,260,404 | ||||||
Capital shares redeemed | — | 43,142 | ||||||
Deferred foreign capital gain tax | 39,476 | — | ||||||
Investment advisory fees | 428,320 | 491,461 | ||||||
Professional fees | — | 4,843 | ||||||
Variation margin on futures contracts | 129,550 | 29,262 | ||||||
|
|
|
| |||||
Total liabilities | 8,160,926 | 26,274,361 | ||||||
|
|
|
| |||||
NET ASSETS | $ | 676,142,400 | $ | 2,563,820,893 | ||||
|
|
|
| |||||
NET ASSETS CONSIST OF | ||||||||
Paid-in capital | $ | 861,237,634 | $ | 2,536,052,322 | ||||
Accumulated earnings (loss) | (185,095,234 | ) | 27,768,571 | |||||
|
|
|
| |||||
NET ASSETS | $ | 676,142,400 | $ | 2,563,820,893 | ||||
|
|
|
| |||||
NET ASSETVALUE | ||||||||
Shares outstanding | 27,250,000 | 22,500,000 | ||||||
|
|
|
| |||||
Net asset value | $ | 24.81 | $ | 113.95 | ||||
|
|
|
| |||||
Shares authorized | 500 million | 500 million | ||||||
|
|
|
| |||||
Par value | $ | 0.001 | $ | 0.001 | ||||
|
|
|
| |||||
(a) Investments, at cost — unaffiliated | $ | 681,948,958 | $ | 2,521,959,842 | ||||
(b) Securities loaned, at value | $ | — | $ | 15,876,980 | ||||
(c) Investments, at cost — affiliated | $ | — | $ | 23,456,204 | ||||
(d) Foreign currency collateral pledged, at cost | $ | — | $ | 188,806 | ||||
(e) Foreign currency, at cost | $ | 13,524,458 | $ | 3,561,968 |
See notes to financial statements.
28 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Operations (unaudited)
Six Months Ended February 28, 2023
iShares MSCI Frontier and Select EM ETF | iShares ETF | |||||||
| ||||||||
INVESTMENT INCOME | ||||||||
Dividends — unaffiliated | $ | 4,712,775 | $ | 21,428,633 | ||||
Dividends — affiliated | 18,667 | 116,785 | ||||||
Securities lending income — affiliated — net | 38 | 70,027 | ||||||
Foreign taxes withheld | (438,537 | ) | (833,855 | ) | ||||
Foreign withholding tax claims | — | 48,695 | ||||||
|
|
|
| |||||
Total investment income | 4,292,943 | 20,830,285 | ||||||
|
|
|
| |||||
EXPENSES | ||||||||
Investment advisory | 1,865,382 | 2,768,039 | ||||||
Interest expense | 13,881 | — | ||||||
Commitment costs | 2,895 | — | ||||||
Professional | — | 4,883 | ||||||
|
|
|
| |||||
Total expenses | 1,882,158 | 2,772,922 | ||||||
|
|
|
| |||||
Net investment income | 2,410,785 | 18,057,363 | ||||||
|
|
|
| |||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||
Net realized gain (loss) from: | ||||||||
Investments — unaffiliated(a) | (10,243,497 | ) | (11,719,304 | ) | ||||
Investments — affiliated | — | 5,352 | ||||||
Capital gain distributions from underlying funds — affiliated | 2 | 2 | ||||||
Forward foreign currency exchange contracts | (692,724 | ) | — | |||||
Foreign currency transactions | (3,666,942 | ) | 29,212 | |||||
Futures contracts | (421,840 | ) | 129,022 | |||||
In-kind redemptions — unaffiliated(b) | 987,701 | 55,486,298 | ||||||
In-kind redemptions — affiliated(b) | — | 135,410 | ||||||
|
|
|
| |||||
(14,037,300 | ) | 44,065,992 | ||||||
|
|
|
| |||||
Net change in unrealized appreciation (depreciation) on: | ||||||||
Investments — unaffiliated(c) | (34,350,673 | ) | 51,299,935 | |||||
Investments — affiliated | — | 18,000 | ||||||
Forward foreign currency exchange contracts | 1,159,501 | — | ||||||
Foreign currency translations | 321,653 | 38,361 | ||||||
Futures contracts | (1,042 | ) | 74,183 | |||||
|
|
|
| |||||
(32,870,561 | ) | 51,430,479 | ||||||
|
|
|
| |||||
Net realized and unrealized gain (loss) | (46,907,861 | ) | 95,496,471 | |||||
|
|
|
| |||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (44,497,076 | ) | $ | 113,553,834 | |||
|
|
|
| |||||
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable | $ | (12,652 | ) | $ | — | |||
(b) See Note 2 of the Notes to Financial Statements. | ||||||||
(c) Net of reduction in deferred foreign capital gain tax of | $ | 209,220 | $ | — |
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 02/28/23 (unaudited) | Year Ended 08/31/22 | Six Months Ended 02/28/23 (unaudited) | Year Ended 08/31/22 | |||||||||||||||||
| ||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Net investment income | $ 2,410,785 | $ | 12,523,696 | $ | 18,057,363 | $ | 34,457,882 | |||||||||||||
Net realized gain (loss) | (14,037,300 | ) | 19,386,588 | 44,065,992 | 18,021,977 | |||||||||||||||
Net change in unrealized appreciation (depreciation) | (32,870,561 | ) | (113,275,146 | ) | 51,430,479 | (399,197,874 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | (44,497,076 | ) | (81,364,862 | ) | 113,553,834 | (346,718,015 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (1,658,659 | ) | (11,387,380 | ) | (17,746,656 | ) | (33,669,487 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | 371,656,503 | (52,705,010 | ) | 341,313,447 | 937,249,033 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
NET ASSETS | ||||||||||||||||||||
Total increase (decrease) in net assets | 325,500,768 | (145,457,252 | ) | 437,120,625 | 556,861,531 | |||||||||||||||
Beginning of period | 350,641,632 | 496,098,884 | 2,126,700,268 | 1,569,838,737 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period | $676,142,400 | $ | 350,641,632 | $ | 2,563,820,893 | $ | 2,126,700,268 | |||||||||||||
|
|
|
|
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
30 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
(For a share outstanding throughout each period)
iShares MSCI Frontier and Select EM ETF | ||||||||||||||||||||||||||||||||
Six Months Ended (unaudited) | Year Ended 08/31/22 | Year Ended 08/31/21 | Year Ended 08/31/20 | Year Ended 08/31/19 | Year Ended 08/31/18 | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 27.29 | $ | 33.86 | $ | 25.69 | $ | 28.97 | $ | 28.29 | $ | 30.62 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Net investment income(a) | 0.13 | 0.88 | 0.65 | 0.87 | 1.03 | 0.87 | ||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (2.53 | ) | (6.63 | ) | 8.20 | (3.36 | ) | 0.76 | (1.99 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Net increase (decrease) from investment operations | (2.40 | ) | (5.75 | ) | 8.85 | (2.49 | ) | 1.79 | (1.12 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Distributions from net investment income(c) | (0.08 | ) | (0.82 | ) | (0.68 | ) | (0.79 | ) | (1.11 | ) | (1.21 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Net asset value, end of period | $ | 24.81 | $ | 27.29 | $ | 33.86 | $ | 25.69 | $ | 28.97 | $ | 28.29 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Total Return(d) | ||||||||||||||||||||||||||||||||
Based on net asset value | (8.79 | )%(e) | (17.26 | )% | 34.77 | % | (8.44 | )% | 6.45 | % | (3.92 | )% | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Ratios to Average Net Assets(f) | ||||||||||||||||||||||||||||||||
Total expenses | 0.80 | %(g) | 0.80 | % | 0.79 | % | 0.79 | % | 0.79 | % | 0.81 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Net investment income | 1.02 | %(g) | 2.73 | % | 2.17 | % | 3.27 | % | 3.63 | % | 2.69 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 676,142 | $ | 350,642 | $ | 496,099 | $ | 373,769 | $ | 496,868 | $ | 523,445 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Portfolio turnover rate(h) | 17 | %(e) | 34 | % | 36 | % | 25 | % | 33 | % | 35 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(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 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 02/28/23 (unaudited) | Year Ended 08/31/22 | Year Ended 08/31/21 | Year Ended 08/31/20 | Year Ended 08/31/19 | Year Ended 08/31/18 | |||||||||||||||||||||||||||
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Net asset value, beginning of period | $ | 110.19 | $ | 131.92 | $ | 103.07 | $ | 89.79 | $ | 91.33 | $ | 82.22 | ||||||||||||||||||||
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Net investment income(a) | 0.86 | 2.19 | 1.84 | 1.76 | 1.96 | 1.84 | ||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) | 3.73 | (21.88 | ) | 28.80 | 13.35 | (1.52 | ) | 9.15 | ||||||||||||||||||||||||
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Net increase (decrease) from investment operations | 4.59 | (19.69 | ) | 30.64 | 15.11 | 0.44 | 10.99 | |||||||||||||||||||||||||
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Distributions from net investment income(c) | (0.83 | ) | (2.04 | ) | (1.79 | ) | (1.83 | ) | (1.98 | ) | (1.88 | ) | ||||||||||||||||||||
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Net asset value, end of period | $ | 113.95 | $ | 110.19 | $ | 131.92 | $ | 103.07 | $ | 89.79 | $ | 91.33 | ||||||||||||||||||||
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Total Return(d) | ||||||||||||||||||||||||||||||||
Based on net asset value | 4.16 | %(e) | (15.07 | )%(f) | 29.94 | % | 17.04 | % | 0.61 | % | 13.46 | % | ||||||||||||||||||||
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Ratios to Average Net Assets(g) | ||||||||||||||||||||||||||||||||
Total expenses | 0.24 | %(h) | 0.24 | % | 0.24 | % | 0.24 | % | 0.24 | % | 0.24 | % | ||||||||||||||||||||
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Total expenses excluding professional fees for foreign withholding tax claims | 0.24 | %(h) | 0.24 | % | N/A | N/A | N/A | N/A | ||||||||||||||||||||||||
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Net investment income | 1.57 | %(h) | 1.78 | % | 1.58 | % | 1.90 | % | 2.24 | % | 2.09 | % | ||||||||||||||||||||
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Supplemental Data | ||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 2,563,821 | $ | 2,126,700 | $ | 1,569,839 | $ | 948,247 | $ | 646,459 | $ | 566,243 | ||||||||||||||||||||
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Portfolio turnover rate(i) | 1 | %(e) | 5 | % | 5 | % | 7 | % | 4 | % | 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) | 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, 2022: |
• | 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.
32 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
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.
Foreign governments and their agencies may enact policies that delay or place limits on repatriation of local currency to U.S. dollars. Market quoted rates for immediate currency settlement may have access or transaction volume restrictions that are insufficient to convert a significant portion of MSCI Frontier and Select EM’s local currency denominated assets and liabiltiies to U.S. dollars. When these events occur, the rates utilized to translate a foreign currency to U.S. dollars will be determined by BlackRock Fund Advisors (“BFA”), MSCI Frontier and Select EM’s investment adviser, with assistance from other BlackRock pricing committees thereof on a quarterly basis.
Monetary policies enacted by government agendcies in Kenya and Nigeria, limiting their local currency’s repatriation to safeguard U.S. dollar reserves, significantly impacts MSCI Frontier amd Select EM’s ability to convert local denominated assets and liabilities amounts to U.S. dollars using quoted immediate currency settlement rates. As of February 28, 2023, MSCI Frontier and Select EM’s assets and liabilities denominated in Kenyan Shillings and Nigerian Naira use the 6-month and 12-month non-deliverable forward rates, respectively.
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, 2023, if any, are disclosed in the Statements of Assets and Liabilities.
The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.
Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.
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)
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. The Board of Directors of the Company (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
• | Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price. |
• | Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless BFA determines such method does not represent fair value. |
• | 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 at the mean between the bid and ask prices and are determined as of the close of trading on the New York Stock Exchange (“NYSE”) 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 NYSE. Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.
Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.
34 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
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 Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
4. | SECURITIES AND OTHER INVESTMENTS |
Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.
Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.
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)
As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:
iShares ETF and Counterparty | Securities Loaned at Value | Cash Collateral Received(a) | Non-Cash Collateral Received, at Fair Value(a) | Net Amount | ||||||||||||
MSCI World | ||||||||||||||||
Barclays Bank PLC | $ | 94,905 | $ | (94,905 | ) | $ | — | $ | — | |||||||
Barclays Capital, Inc. | 233,918 | (233,918 | ) | — | — | |||||||||||
BMO Capital Markets Corp. | 54,783 | (54,783 | ) | — | — | |||||||||||
BNP Paribas SA | 228,989 | (228,989 | ) | — | — | |||||||||||
BofA Securities, Inc. | 1,692,672 | (1,692,672 | ) | — | — | |||||||||||
Citigroup Global Markets, Inc. | 2,147,570 | (2,147,570 | ) | — | — | |||||||||||
Goldman Sachs & Co. LLC | 2,298,096 | (2,298,096 | ) | — | — | |||||||||||
HSBC Bank PLC | 1,001 | (1,001 | ) | — | — | |||||||||||
J.P. Morgan Securities LLC | 1,652,725 | (1,652,725 | ) | — | — | |||||||||||
Jefferies LLC | 103,265 | (103,265 | ) | — | — | |||||||||||
Morgan Stanley | 2,957,902 | (2,957,902 | ) | — | — | |||||||||||
National Financial Services LLC | 356 | (356 | ) | — | — | |||||||||||
Natixis SA | 39,534 | (39,534 | ) | — | — | |||||||||||
RBC Capital Markets LLC | 830,621 | (830,621 | ) | — | — | |||||||||||
Scotia Capital (USA), Inc. | 965,426 | (965,426 | ) | — | — | |||||||||||
SG Americas Securities LLC | 106,268 | (106,268 | ) | — | — | |||||||||||
State Street Bank & Trust Co. | 90,141 | (90,141 | ) | — | — | |||||||||||
Toronto-Dominion Bank | 2,336,093 | (2,336,093 | ) | — | — | |||||||||||
UBS AG | 42,350 | (42,350 | ) | — | — | |||||||||||
UBS Securities LLC | 365 | (365 | ) | — | — | |||||||||||
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$ | 15,876,980 | $ | (15,876,980 | ) | $ | — | $ | — | ||||||||
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(a) | Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s Statements of Assets and Liabilities. |
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.
5. | DERIVATIVE FINANCIAL INSTRUMENTS |
Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).
Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.
Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.
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
36 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
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 each of the following Funds, BFAis entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:
iShares ETF | Investment Advisory Fees | |||
MSCI 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.
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)
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, 2023, the Funds paid BTC the following amounts for securities lending agent services:
iShares ETF | Amounts | |||
MSCI Frontier and Select EM | $ | 11 | ||
MSCI World | 19,905 |
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, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:
iShares ETF | Purchases | Sales | Net Realized Gain (Loss) | |||||||||
MSCI Frontier and Select EM | $ | 48,547 | $ | 250,159 | $ | 8,556 | ||||||
MSCI World | 8,037,479 | 6,322,702 | (3,228,830 | ) |
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, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:
iShares ETF | Purchases | Sales | ||||||
MSCI Frontier and Select EM | $ | 380,556,862 | $ | 75,674,553 | ||||
MSCI World | 47,049,359 | 30,658,322 |
For the six months ended February 28, 2023, in-kind transactions were as follows:
iShares ETF | In-kind Purchases | In-kind Sales | ||||||
MSCI Frontier and Select EM | $ | 74,273,368 | $ | 4,625,968 | ||||
MSCI World | 483,422,341 | 158,983,037 |
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, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.
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Notes to Financial Statements (unaudited) (continued)
As of August 31, 2022, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:
iShares ETF | Amounts | |||
MSCI Frontier and Select EM | $ | 140,535,997 | ||
MSCI World | 46,644,023 |
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, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:
iShares ETF | Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
MSCI Frontier and Select EM | $ | 692,341,633 | $ | 49,283,078 | $ | (81,344,169 | ) | $ | (32,061,091 | ) | ||||||
MSCI World | 2,549,348,937 | 209,553,027 | (185,348,685 | ) | 24,204,342 |
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 11, 2023. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.
For the six months ended February 28, 2023, 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 | $ | 8,000,000 | $ | 565,193 | 4.47 | % |
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.
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)
Market Risk: Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund’s portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio’s current earnings rate.
Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.
Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.
The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.
Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.
With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.
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.
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Notes to Financial Statements (unaudited) (continued)
LIBOR Transition Risk: The Funds may be exposed to financial instruments that are tied to the London Interbank Offered Rate (“LIBOR”) to determine payment obligations, financing terms, hedging strategies or investment value. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, announced that a majority of USD LIBOR settings will no longer be published after June 30, 2023. All other LIBOR settings and certain other interbank offered rates ceased to be published after December 31, 2021. SOFR has been used increasingly on a voluntary basis in new instruments and transactions. The Federal Reserve Board adopted regulations that provide a fallback mechanism by identifying benchmark rates based on SOFR that will replace LIBOR in certain financial contracts after June 30, 2023. 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 02/28/23 | Year Ended 08/31/22 | |||||||||||||||||||
iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||||||
MSCI Frontier and Select EM | ||||||||||||||||||||
Shares sold | 15,250,000 | $ | 393,253,545 | 100,000 | $ | 4,004,588 | ||||||||||||||
Shares redeemed | (850,000 | ) | (21,597,042 | ) | (1,900,000 | ) | (56,709,598 | ) | ||||||||||||
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14,400,000 | $ | 371,656,503 | (1,800,000 | ) | $ | (52,705,010 | ) | |||||||||||||
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MSCI World | ||||||||||||||||||||
Shares sold | 4,600,000 | $ | 501,132,362 | 8,200,000 | $ | 1,037,489,044 | ||||||||||||||
Shares redeemed | (1,400,000 | ) | (159,818,915 | ) | (800,000 | ) | (100,240,011 | ) | ||||||||||||
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3,200,000 | $ | 341,313,447 | 7,400,000 | $ | 937,249,033 | |||||||||||||||
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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. | 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 the iShares MSCI World ETF is able to pass through to shareholders as a foreign tax credit in the current year, the Fund will be able to offset the prior years’ withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Fund.
13. | SUBSEQUENT EVENTS |
Management’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:
On March 29, 2023, the Board approved a proposal to change the name of MSCI Frontier and Select EM to Frontier and Select EM as well as the Fund’s investment objective. The Board also approved a proposal to change the Fund from tracking an underlying index to operating as a transparent active ETF. These changes are expected to become effective on June 1, 2023.
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, 2022 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2021 through September 30, 2022 (the “Program Reporting Period”).
The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays, the imposition of capital controls in certain non-U.S. countries, Russian sanctions and the closure of the Russian securities market.
The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:
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. The Committee also considered that ETFs generally do not engage in borrowing. |
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. However, there were no ETFs with persistent deviations of fund premium/discount or bid/ask spreads from long-term averages over the Program Reporting Period. |
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. |
There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.
42 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
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 | 43 |
Glossary of Terms Used in this Report
Portfolio Abbreviation | ||
ADR | American Depositary Receipt | |
GDR | Global Depositary Receipt | |
JSC | Joint Stock Company |
Currency Abbreviations | ||
NGN | Nigerian Naira | |
OMR | Omani Rial | |
USD | United States Dollar |
Portfolio Abbreviation (continued) | ||
NVS | Non-Voting Shares | |
REIT | Real Estate Investment Trust |
44 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
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.
©2023 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-811-0223
FEBRUARY 28, 2023 |
2023 Semi-Annual Report (Unaudited) |
iShares, Inc.
· | iShares MSCI 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,
Significant economic headwinds emerged during the 12-month reporting period ended February 28, 2023, as investors navigated changing economic conditions and volatile markets. The U.S. economy shrank in the first half of 2022 before returning to modest growth in the second half of the year, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high before beginning to moderate. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.
Equity prices fell as interest rates rose, particularly during the first half of the reporting period. Both large-and small-capitalization U.S. stocks fell, although equities began to recover in the second half of the period as inflation eased and economic growth resumed. Emerging market stocks and international equities from developed markets declined overall, pressured by rising interest rates and a strong U.S. dollar.
The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to fluctuating inflation data and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and higher interest rates led to rising borrowing costs for corporate issuers.
The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates eight times. Furthermore, the Fed wound down its bond-buying programs and accelerated the reduction of its balance sheet.
Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth slowed in the last year, we believe that taming inflation requires a more substantial decline that lowers demand to a level more in line with the economy’s productive capacity. Although the Fed has decelerated the pace of interest rate hikes, it still seems determined to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, but the dimming economic outlook has not yet been fully reflected in current market prices. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions. Turmoil in the banking sector shortly following the end of the period highlighted the potential for the knock-on effects of substantially higher interest rates to disrupt markets with little warning.
While we favor an overweight to equities in the long term, several factors lead us to take an underweight stance on equities overall in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with the possibility of a recession in a business environment characterized by higher costs and reduced pricing power. Nevertheless, we are overweight on emerging market stocks as a weaker U.S. dollar provides a supportive backdrop. We also see long-term opportunities in credit, where valuations are appealing and higher yields provide attractive income, although we are neutral on credit in the near term, as we believe that troubles in the banking sector will likely lead to reduced lending. However, we believe there are still some strong opportunities for a six- to twelve-month horizon, particularly short-term U.S. Treasuries, global inflation-linked bonds, and emerging market bonds denominated in local currency.
Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.
Rob Kapito
President, BlackRock, Inc.
Rob Kapito
President, BlackRock, Inc.
Total Returns as of February 28, 2023
| ||||||||
6-Month
|
12-Month
| |||||||
U.S. large cap equities (S&P 500® Index)
|
|
1.26% |
|
|
(7.69)% |
| ||
U.S. small cap equities (Russell 2000® Index)
|
|
3.63 |
| (6.02) | ||||
International equities (MSCI Europe, Australasia, Far East Index)
|
|
12.58 |
|
|
(3.14) |
| ||
Emerging market equities (MSCI Emerging Markets Index)
|
|
(2.29) |
|
|
(15.28) |
| ||
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)
|
|
1.74 |
|
|
2.11 |
| ||
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)
|
|
(4.81) |
|
|
(14.06) |
| ||
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)
|
|
(2.13) |
|
|
(9.72) |
| ||
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)
|
|
0.66 |
|
|
(5.10) |
| ||
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)
|
|
2.52 |
|
|
(5.45) |
| ||
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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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 |
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Semi-Annual Report: | ||||
4 | ||||
9 | ||||
9 | ||||
10 | ||||
Financial Statements | ||||
29 | ||||
31 | ||||
33 | ||||
36 | ||||
41 | ||||
50 | ||||
51 | ||||
52 |
Fund Summary as of February 28, 2023 | iShares® MSCI Agriculture Producers ETF |
Investment Objective
The iShares MSCI Agriculture Producers ETF (the “Fund”) (formerly the iShares MSCI Global Agriculture Producers ETF) 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 MSCIACWI 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-Month Total Returns | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | 0.68 | % | 2.46 | % | 9.81 | % | 6.53 | % | 2.46 | % | 59.67 | % | 88.27 | % | ||||||||||||||||||
Fund Market | 0.37 | 1.73 | 9.65 | 6.45 | 1.73 | 58.47 | 86.86 | |||||||||||||||||||||||||
Index | 0.47 | 2.56 | 9.91 | 6.60 | 2.56 | 60.42 | 89.52 |
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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| Beginning Account Value (09/01/22) | | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/22) | | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ 1,000.00 | $ 1,006.80 | $ 1.94 | $ 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 “Disclosure of Expenses” for more information. |
Portfolio Information
INDUSTRY ALLOCATION
Industry | | Percent of Total Investments | (a) | |
Fertilizers & Agricultural Chemicals | 36.7 | % | ||
Agricultural & Farm Machinery | 32.0 | |||
Agricultural Products | 18.3 | |||
Packaged Foods & Meats | 12.9 | |||
Other (each representing less than 1%) | 0.1 |
GEOGRAPHIC ALLOCATION
Country/Geographic Region | | Percent of Total Investments | (a) | |
United States | 59.7 | % | ||
Canada | 7.4 | |||
Norway | 4.1 | |||
Japan | 3.7 | |||
India | 3.5 | |||
United Kingdom | 3.3 | |||
China | 2.3 | |||
Chile | 2.3 | |||
Saudi Arabia | 2.1 | |||
Malaysia | 1.6 | |||
Singapore | 1.3 | |||
Germany | 1.2 | |||
Israel | 1.1 | |||
Other (each representing less than 1%) | 6.4 |
(a) | Excludes money market funds. |
4 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of February 28, 2023 | 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-Month Total Returns | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | 3.55 | % | 18.27 | % | 7.23 | % | 3.36% | 18.27 | % | 41.78 | % | 39.18% | ||||||||||||||||||||
Fund Market | 3.79 | 17.23 | 7.30 | 3.40 | 17.23 | 42.23 | 39.77 | |||||||||||||||||||||||||
Index | 3.34 | 17.21 | 6.97 | 3.13 | 17.21 | 40.07 | 36.14 |
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||||
| Beginning Account Value (09/01/22) | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/22) | | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio |
| |||||||||||||
$ 1,000.00 | $ 1,035.50 | $ 1.97 | $ 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 “Disclosure of Expenses” for more information. |
Portfolio Information
INDUSTRY ALLOCATION
Industry | | Percent of Total Investments(a) | | |
Integrated Oil & Gas | 57.8 | % | ||
Oil & Gas Exploration & Production | 28.1 | |||
Oil & Gas Refining & Marketing | 10.9 | |||
Coal & Consumable Fuels | 3.2 |
GEOGRAPHIC ALLOCATION
Country/Geographic Region | | Percent of Total Investments | (a) | |
United States | 53.8 | % | ||
United Kingdom | 12.8 | |||
Canada | 8.5 | |||
France | 5.8 | |||
India | 3.8 | |||
Australia | 2.8 | |||
Brazil | 1.9 | |||
Norway | 1.4 | |||
China | 1.4 | |||
Italy | 1.4 | |||
Japan | 1.1 | |||
Other (each representing less than 1%) | 5.3 |
(a) | Excludes money market funds. |
F U N D S U M M A R Y | 5 |
Fund Summary as of February 28, 2023 | 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-Month Total Returns | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | 18.35 | % | (21.12 | )% | 5.99 | % | (2.83 | )% | (21.12 | )% | 33.79 | % | (24.92 | )% | ||||||||||||||||||
Fund Market | 18.69 | (22.15 | ) | 5.98 | (2.77 | ) | (22.15 | ) | 33.73 | (24.46 | ) | |||||||||||||||||||||
Index | 18.05 | (22.45 | ) | 6.11 | (2.69 | ) | (22.45 | ) | 34.49 | (23.90 | ) |
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||
| Beginning Account Value (09/01/22) | | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/22) | | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ 1,000.00 | $ 1,183.50 | $ 2.11 | $ 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 “Disclosure of Expenses” for more information. |
Portfolio Information
GEOGRAPHIC ALLOCATION
Country/Geographic Region | | Percent of Total Investments(a) | | |
Canada | 53.3 | % | ||
United States | 19.3 | |||
Australia | 6.3 | |||
South Africa | 6.3 | |||
China | 4.6 | |||
Saudi Arabia | 4.3 | |||
Turkey | 1.8 | |||
United Kingdom | 1.7 | |||
Peru | 1.4 | |||
Indonesia | 1.0 | |||
Russia | 0.0 |
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments(a) | | |
Newmont Corp. | 18.5 | % | ||
Barrick Gold Corp. | 15.1 | |||
Agnico Eagle Mines Ltd. | 11.0 | |||
Wheaton Precious Metals Corp. | 4.6 | |||
Newcrest Mining Ltd. | 4.4 | |||
AngloGold Ashanti Ltd. | 4.3 | |||
Gold Fields Ltd. | 4.2 | |||
Zijin Mining Group Co. Ltd., Class H | 4.1 | |||
Yamana Gold Inc. | 3.1 | |||
Kinross Gold Corp. | 3.0 |
(a) | Excludes money market funds. |
6 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of February 28, 2023 | 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-Month Total Returns | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | 18.72 | % | (4.48 | )% | 8.97 | % | 4.62 | % | (4.48 | )% | 53.66 | % | 57.05 | % | ||||||||||||||||||
Fund Market | 19.39 | (5.38 | ) | 9.15 | 4.72 | (5.38 | ) | 54.94 | 58.55 | |||||||||||||||||||||||
Index | 18.48 | (4.49 | ) | 9.34 | 4.86 | (4.49 | ) | 56.25 | 60.72 |
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||
| Beginning Account Value (09/01/22) | | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/22) | | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ 1,000.00 | $ 1,187.20 | $ 2.11 | $ 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 “Disclosure of Expenses” for more information. |
Portfolio Information
INDUSTRY ALLOCATION
Industry | | Percent of Total Investments | (a) | |
Diversified Metals & Mining | 48.9 | % | ||
Steel | 34.9 | |||
Copper | 10.1 | |||
Aluminum | 4.3 | |||
Precious Metals & Minerals | 1.8 |
GEOGRAPHIC ALLOCATION
Country/Geographic Region | | Percent of Total Investments | (a) | |
Australia | 26.1 | % | ||
United States | 18.2 | |||
United Kingdom | 17.3 | |||
Brazil | 6.7 | |||
Canada | 4.9 | |||
Japan | 4.4 | |||
India | 3.0 | |||
South Korea | 2.3 | |||
China | 2.2 | |||
South Africa | 2.1 | |||
Taiwan | 1.8 | |||
Sweden | 1.7 | |||
France | 1.7 | |||
Saudi Arabia | 1.4 | |||
Mexico | 1.2 | |||
Other (each representing less than 1%) | 5.0 |
(a) | Excludes money market funds. |
F U N D S U M M A R Y | 7 |
Fund Summary as of February 28, 2023 | iShares® MSCI Global Silver and Metals Miners ETF |
Investment Objective
The iShares MSCIGlobal 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-Month Total Returns | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | 12.37 | % | (24.97 | )% | 1.35 | % | (4.56 | )% | (24.97 | )% | 6.93 | % | (37.31 | )% | ||||||||||||||||||
Fund Market | 11.57 | (25.67 | ) | 1.13 | (4.64 | ) | (25.67 | ) | 5.79 | (37.80 | ) | |||||||||||||||||||||
Index | 12.38 | (25.09 | ) | 1.35 | (4.58 | ) | (25.09 | ) | 6.92 | (37.43 | ) |
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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|
| |||||||||||||||||||||||||||
| Beginning Account Value (09/01/22) | | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/22) | | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||
$ 1,000.00 | $ 1,123.70 | $ 2.05 | $ 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 “Disclosure of Expenses” for more information. |
Portfolio Information
GEOGRAPHIC ALLOCATION
Country/Geographic Region | | Percent of Total Investments | (a) | |
Canada | 65.9 | % | ||
United States | 20.0 | |||
Mexico | 7.8 | |||
Japan | 4.7 | |||
Other (each representing less than 1%) | 1.6 |
TEN LARGEST HOLDINGS
Security | | Percent of Total Investments | (a) | |
Pan American Silver Corp. | 15.0 | % | ||
Hecla Mining Co. | 14.8 | |||
Industrias Penoles SAB de CV | 7.7 | |||
First Majestic Silver Corp. | 6.7 | |||
Asahi Holdings Inc. | 4.7 | |||
Wheaton Precious Metals Corp. | 4.6 | |||
Newmont Corp. | 4.5 | |||
Fortuna Silver Mines Inc. | 4.5 | |||
MAG Silver Corp. | 4.4 | |||
Agnico Eagle Mines Ltd. | 4.4 |
(a) | Excludes money market funds. |
8 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
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 the Period.”
The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.
A B O U T F U N D P E R F O R M A N C E / D I S C L O S U R E OF E X P E N S E S | 9 |
Schedule of Investments (unaudited) February 28, 2023 | iShares® MSCI Agriculture Producers ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
| |||||||
Australia — 0.8% | ||||||||
Australian Agricultural Co. Ltd.(a) | 105,007 | $ | 117,827 | |||||
Costa Group Holdings Ltd. | 231,220 | 404,864 | ||||||
Elders Ltd. | 77,883 | 487,435 | ||||||
Inghams Group Ltd. | 184,997 | 402,703 | ||||||
Nufarm Ltd./Australia | 192,090 | 747,921 | ||||||
Select Harvests Ltd. | 60,201 | 169,036 | ||||||
|
| |||||||
2,329,786 | ||||||||
Brazil — 0.5% | ||||||||
BrasilAgro - Co. Brasileira de Propriedades Agricolas | 22,933 | 113,626 | ||||||
Jalles Machado SA | 51,341 | 76,588 | ||||||
Sao Martinho SA | 79,293 | 411,955 | ||||||
SLC Agricola SA | 59,307 | 558,129 | ||||||
Tres Tentos Agroindustrial SA | 61,748 | 150,258 | ||||||
|
| |||||||
1,310,556 | ||||||||
Canada — 7.4% | ||||||||
Ag Growth International Inc. | 9,396 | 378,732 | ||||||
Nutrien Ltd. | 261,331 | 20,362,559 | ||||||
Rogers Sugar Inc. | 46,723 | 212,642 | ||||||
|
| |||||||
20,953,933 | ||||||||
China — 2.3% | ||||||||
Asia - Potash International Investment Guangzhou Co. Ltd.(a) | 27,500 | 112,691 | ||||||
AustAsia Group Ltd. | 58,848 | 30,588 | ||||||
Beijing Dabeinong Technology Group Co. Ltd., Class A(a) | 122,600 | 145,256 | ||||||
China BlueChemical Ltd., Class H | 756,000 | 170,640 | ||||||
China Modern Dairy Holdings Ltd.(b) | 1,566,000 | 213,575 | ||||||
China XLX Fertiliser Ltd. | 275,000 | 145,171 | ||||||
China Youran Dairy Group Ltd.(a)(b)(c) | 375,000 | 91,844 | ||||||
COFCO Joycome Foods Ltd. | 1,163,000 | 339,572 | ||||||
First Tractor Co. Ltd., Class H | 200,000 | 99,414 | ||||||
Fujian Sunner Development Co. Ltd., Class A | 37,100 | 132,456 | ||||||
Heilongjiang Agriculture Co. Ltd., Class A | 52,700 | 107,923 | ||||||
Henan Shuanghui Investment & Development Co. Ltd., Class A | 103,400 | 393,669 | ||||||
Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 193,500 | 848,449 | ||||||
Jiangsu Yangnong Chemical Co. Ltd., Class A | 9,500 | 146,730 | ||||||
Muyuan Foods Co. Ltd., Class A | 159,266 | 1,133,677 | ||||||
New Hope Liuhe Co. Ltd., Class A(a) | 133,800 | 253,846 | ||||||
Qinghai Salt Lake Industry Co. Ltd., Class A(a) | 162,400 | 578,531 | ||||||
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A | 63,680 | 330,990 | ||||||
Shandong Weifang Rainbow Chemical Co. Ltd. | 8,500 | 94,699 | ||||||
Sinofert Holdings Ltd. | 1,056,000 | 127,865 | ||||||
Wens Foodstuffs Group Co. Ltd., Class A | 198,820 | 565,516 | ||||||
Yuan Longping High-Tech Agriculture Co. Ltd., Class A(a) | 39,300 | 96,680 | ||||||
Yunnan Yuntianhua Co. Ltd.(a) | 54,900 | 191,690 | ||||||
Zangge Mining Co. Ltd. | 47,400 | 190,120 | ||||||
|
| |||||||
6,541,592 | ||||||||
Egypt — 0.1% | ||||||||
Abou Kir Fertilizers & Chemical Industries | 161,776 | 220,398 | ||||||
Misr Fertilizers Production Co. SAE | 23,499 | 109,541 | ||||||
|
| |||||||
329,939 | ||||||||
France — 0.1% | ||||||||
Vilmorin & Cie SA | 2,854 | 145,651 | ||||||
|
| |||||||
Germany — 1.2% | ||||||||
K+S AG, Registered | 96,253 | 2,284,745 | ||||||
KWS Saat SE & Co. KGaA | 5,751 | 383,715 |
Security | Shares | Value | ||||||
Germany (continued) | ||||||||
Suedzucker AG | 35,572 | $ | 603,562 | |||||
|
| |||||||
3,272,022 | ||||||||
Hong Kong — 0.9% | ||||||||
WH Group Ltd.(c) | 4,189,500 | 2,437,991 | ||||||
|
| |||||||
India — 3.5% | ||||||||
Astec Lifesciences Ltd. | 2,928 | 47,787 | ||||||
Balrampur Chini Mills Ltd. | 60,936 | 263,022 | ||||||
Bayer CropScience Ltd. | 6,714 | 347,533 | ||||||
Chambal Fertilisers and Chemicals Ltd. | 82,842 | 274,969 | ||||||
Coromandel International Ltd. | 59,544 | 646,859 | ||||||
Deepak Fertilisers & Petrochemicals Corp. Ltd. | 28,539 | 213,046 | ||||||
EID Parry India Ltd. | 39,743 | 241,403 | ||||||
Escorts Kubota Ltd. | 16,178 | 406,145 | ||||||
Gujarat Ambuja Exports Ltd. | 34,246 | 94,430 | ||||||
Gujarat Narmada Valley Fertilizers & Chemicals Ltd. | 38,678 | 245,814 | ||||||
Gujarat State Fertilizers & Chemicals Ltd. | 99,168 | 149,979 | ||||||
Kaveri Seed Co. Ltd. | 10,011 | 62,471 | ||||||
Paradeep Phosphates Ltd., NVS | 141,893 | 93,830 | ||||||
PI Industries Ltd. | 38,099 | 1,427,322 | ||||||
Rallis India Ltd. | 38,718 | 91,970 | ||||||
Rashtriya Chemicals & Fertilizers Ltd. | 68,648 | 80,905 | ||||||
Sharda Cropchem Ltd. | 13,472 | 76,562 | ||||||
Shree Renuka Sugars Ltd.(a) | 317,825 | 167,407 | ||||||
Sumitomo Chemical India Ltd. | 49,689 | 268,756 | ||||||
Tata Coffee Ltd. | 37,627 | 94,480 | ||||||
Tata Consumer Products Ltd. | 280,032 | 2,421,480 | ||||||
Triveni Engineering & Industries Ltd. | 36,100 | 117,751 | ||||||
UPL Ltd. | 245,387 | 2,058,856 | ||||||
|
| |||||||
9,892,777 | ||||||||
Indonesia — 0.7% | ||||||||
Astra Agro Lestari Tbk PT | 239,500 | 130,362 | ||||||
Charoen Pokphand Indonesia Tbk PT | 3,707,100 | 1,306,464 | ||||||
Inti Agri Resources Tbk PT(a)(d) | 2,230,700 | — | ||||||
Japfa Comfeed Indonesia Tbk PT | 2,626,900 | 231,645 | ||||||
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT | 1,528,500 | 106,746 | ||||||
Sawit Sumbermas Sarana Tbk PT | 1,659,600 | 176,842 | ||||||
|
| |||||||
1,952,059 | ||||||||
Ireland — 0.1% | ||||||||
Origin Enterprises PLC | 57,518 | 257,340 | ||||||
|
| |||||||
Israel — 1.1% | ||||||||
ICL Group Ltd. | 356,190 | 2,585,000 | ||||||
Israel Corp. Ltd. | 1,951 | 665,153 | ||||||
|
| |||||||
3,250,153 | ||||||||
Japan — 3.7% | ||||||||
Hokuto Corp. | 10,300 | 142,513 | ||||||
Kubota Corp. | 508,900 | 7,681,215 | ||||||
Kumiai Chemical Industry Co. Ltd. | 36,800 | 233,282 | ||||||
Maruha Nichiro Corp. | 21,200 | 377,408 | ||||||
Mitsui DM Sugar Holdings Co. Ltd. | 8,400 | 128,416 | ||||||
NH Foods Ltd. | 41,000 | 1,132,102 | ||||||
Prima Meat Packers Ltd. | 11,700 | 183,947 | ||||||
Sakata Seed Corp. | 14,600 | 435,732 | ||||||
YAMABIKO Corp. | 16,600 | 153,936 | ||||||
|
| |||||||
10,468,551 | ||||||||
Malaysia — 1.5% | ||||||||
Farm Fresh Bhd | 369,900 | 129,367 | ||||||
Genting Plantations Bhd | 134,100 | 179,896 |
10 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Agriculture Producers ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Malaysia (continued) | ||||||||
IOI Corp. Bhd | 1,264,500 | $ | 1,079,210 | |||||
Kuala Lumpur Kepong Bhd | 217,400 | 1,007,356 | ||||||
QL Resources Bhd | 553,907 | 717,147 | ||||||
Sime Darby Plantation Bhd | 1,044,600 | 984,982 | ||||||
Ta Ann Holdings Bhd | 77,800 | 57,906 | ||||||
TSH Resources Bhd | 275,400 | 63,215 | ||||||
United Plantations Bhd | 52,200 | 191,933 | ||||||
|
| |||||||
4,411,012 | ||||||||
Netherlands — 0.6% | ||||||||
OCI NV | 52,929 | 1,758,179 | ||||||
|
| |||||||
Norway — 4.1% | ||||||||
Austevoll Seafood ASA | 45,408 | 387,998 | ||||||
Bakkafrost P/F | 25,256 | 1,652,392 | ||||||
Grieg Seafood ASA | 22,587 | 162,854 | ||||||
Leroy Seafood Group ASA | 135,586 | 672,328 | ||||||
Mowi ASA | 207,830 | 3,588,135 | ||||||
Salmar ASA | 32,812 | 1,360,225 | ||||||
Yara International ASA | 83,180 | 3,954,278 | ||||||
|
| |||||||
11,778,210 | ||||||||
Poland — 0.1% | ||||||||
Grupa Azoty SA(a) | 24,686 | 214,812 | ||||||
|
| |||||||
Qatar — 0.1% | ||||||||
Baladna | 378,473 | 139,440 | ||||||
|
| |||||||
Russia — 0.0% | ||||||||
PhosAgro PJSC(a)(d) | 7,038 | 1 | ||||||
PhosAgro PJSC, GDR(a)(d) | 2 | — | ||||||
PhosAgro PJSC, New(a)(d) | 136 | 1 | ||||||
Ros Agro PLC, GDR(a)(d) | 5,334 | 1 | ||||||
|
| |||||||
3 | ||||||||
Saudi Arabia — 2.1% | ||||||||
Al Jouf Agricultural Development Co. | 7,318 | 102,575 | ||||||
Almarai Co. JSC | 125,596 | 1,755,043 | ||||||
National Agriculture Development Co. (The)(a) | 24,792 | 158,272 | ||||||
SABIC Agri-Nutrients Co. | 107,618 | 3,828,218 | ||||||
Saudi Fisheries Co.(a) | 9,759 | 69,345 | ||||||
Tanmiah Food Co. | 2,989 | 96,218 | ||||||
|
| |||||||
6,009,671 | ||||||||
Singapore — 1.3% | ||||||||
Bumitama Agri Ltd. | 175,100 | 83,686 | ||||||
First Resources Ltd. | 276,300 | 315,029 | ||||||
Golden Agri-Resources Ltd. | 3,254,900 | 615,521 | ||||||
Wilmar International Ltd. | 965,100 | 2,819,688 | ||||||
|
| |||||||
3,833,924 | ||||||||
South Africa — 0.1% | ||||||||
Astral Foods Ltd. | 19,230 | 171,201 | ||||||
Oceana Group Ltd. | 43,476 | 171,631 | ||||||
|
| |||||||
342,832 | ||||||||
South Korea — 0.2% | ||||||||
Dongwon Industries Co. Ltd. | 8,789 | 342,344 | ||||||
Harim Holdings Co. Ltd. | 22,303 | 201,842 | ||||||
Hyundai Feed Inc.(a)(b) | 5,533 | 74,497 | ||||||
Namhae Chemical Corp. | 11,128 | 75,732 | ||||||
|
| |||||||
694,415 | ||||||||
Sweden — 0.7% | ||||||||
Husqvarna AB, Class B | 210,807 | 1,866,495 | ||||||
|
|
Security | Shares | Value | ||||||
Taiwan — 0.5% | ||||||||
Charoen Pokphand Enterprise. | 90,800 | $ | 239,409 | |||||
Sesoda Corp. | 83,000 | 115,301 | ||||||
Sinon Corp. | 179,000 | 232,434 | ||||||
Taiwan Fertilizer Co. Ltd. | 369,000 | 692,812 | ||||||
Taiwan TEA Corp.(a) | 259,000 | 185,841 | ||||||
|
| |||||||
1,465,797 | ||||||||
Thailand — 0.6% | ||||||||
Betagro PCL, NVS | 312,800 | 296,503 | ||||||
Charoen Pokphand Foods PCL, NVDR | 1,946,800 | 1,222,759 | ||||||
GFPT PCL, NVDR | 243,000 | 83,884 | ||||||
Khon Kaen Sugar Industry PCL, NVDR | 987,754 | 103,397 | ||||||
Thaifoods Group PCL, NVDR | 616,900 | 92,537 | ||||||
|
| |||||||
1,799,080 | ||||||||
Turkey — 0.4% | ||||||||
Hektas Ticaret TAS(a) | 566,667 | 1,067,020 | ||||||
Turk Traktor ve Ziraat Makineleri AS | 6,641 | 198,763 | ||||||
|
| |||||||
1,265,783 | ||||||||
United Kingdom — 3.3% | ||||||||
CNH Industrial NV | 514,088 | 8,427,115 | ||||||
Cranswick PLC | 26,919 | 1,013,479 | ||||||
|
| |||||||
9,440,594 | ||||||||
United States — 59.4% | ||||||||
AGCO Corp.(b) | 31,855 | 4,485,505 | ||||||
American Vanguard Corp. | 13,831 | 288,653 | ||||||
Archer-Daniels-Midland Co. | 275,976 | 21,967,690 | ||||||
Benson Hill Inc.(a)(b) | 56,301 | 125,551 | ||||||
Bunge Ltd. | 75,257 | 7,187,044 | ||||||
Cal-Maine Foods Inc. | 18,861 | 1,071,305 | ||||||
CF Industries Holdings Inc. | 98,562 | 8,465,490 | ||||||
Corteva Inc. | 358,948 | 22,358,871 | ||||||
Darling Ingredients Inc.(a) | 80,518 | 5,094,374 | ||||||
Deere & Co. | 144,047 | 60,390,264 | ||||||
FMC Corp. | 63,283 | 8,172,999 | ||||||
Fresh Del Monte Produce Inc. | 19,047 | 595,790 | ||||||
Ingredion Inc. | 32,934 | 3,273,640 | ||||||
Intrepid Potash Inc.(a)(b) | 5,420 | 171,651 | ||||||
Lamb Weston Holdings Inc. | 72,258 | 7,272,045 | ||||||
Lindsay Corp. | 5,539 | 833,564 | ||||||
Mosaic Co. (The) | 171,052 | 9,098,256 | ||||||
Pilgrim’s Pride Corp.(a)(b) | 23,797 | 556,612 | ||||||
Scotts Miracle-Gro Co. (The) | 20,898 | 1,724,085 | ||||||
Titan International Inc.(a) | 25,009 | 310,362 | ||||||
Toro Co. (The) | 52,253 | 5,770,821 | ||||||
Vital Farms Inc.(a) | 10,127 | 163,652 | ||||||
|
| |||||||
169,378,224 | ||||||||
|
| |||||||
Total Common Stocks — 97.4% | 277,540,821 | |||||||
|
| |||||||
Preferred Stocks | ||||||||
Chile — 2.2% | ||||||||
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares | 71,750 | 6,403,732 | ||||||
|
| |||||||
Total Preferred Stocks — 2.2% | 6,403,732 | |||||||
|
| |||||||
Total Long-Term Investments — 99.6% | 283,944,553 | |||||||
|
|
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, 2023 | iShares® MSCI Agriculture Producers ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Short-Term Securities | ||||||||
Money Market Funds — 1.6% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%(e)(f)(g) | 4,624,052 | $ | 4,626,826 | |||||
|
| |||||||
Total Short-Term Securities — 1.6% | 4,626,826 | |||||||
|
| |||||||
Total Investments — 101.2% | 288,571,379 | |||||||
Liabilities in Excess of Other Assets — (1.2)% | (3,468,304 | ) | ||||||
|
| |||||||
NetAssets—100.0% | $ | 285,103,075 | ||||||
|
|
(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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 08/31/22 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in (Depreciation) | Value at 02/28/23 | Shares Held at 02/28/23 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 807,964 | $ | 3,818,841 | (a) | $ | — | $ | (136 | ) | $ | 157 | $ | 4,626,826 | 4,624,052 | $ | 14,416 | (b) | $ | — | ||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares(c) | — | — | 0 | (a) | — | — | — | — | 6,439 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | (136 | ) | $ | 157 | $ | 4,626,826 | $ | 20,855 | $ | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 | 6 | 03/17/23 | $ | 269 | $ | 16,785 | ||||||||||
S&P 500 E-Mini Index | 3 | 03/17/23 | 596 | (204 | ) | |||||||||||
|
| |||||||||||||||
$ | 16,581 | |||||||||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
Assets — Derivative Financial Instruments | ||||||||||||||||||||||||||||
Futures contracts | ||||||||||||||||||||||||||||
Unrealized appreciation on futures contracts(a) | $ | — | $ | — | $ | 16,785 | $ | — | $ | — | $ | — | $ | 16,785 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Agriculture Producers ETF |
Derivative Financial Instruments Categorized by Risk Exposure (continued)
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
Liabilities — Derivative Financial Instruments | ||||||||||||||||||||||||||||
Futures contracts | ||||||||||||||||||||||||||||
Unrealized depreciation on futures contracts(a) | $ | — | $ | — | $ | 204 | $ | — | $ | — | $ | — | $ | 204 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
Net Realized Gain (Loss) from | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | 115,947 | $ | — | $ | — | $ | — | $ | 115,947 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | 8,938 | $ | — | $ | — | $ | — | $ | 8,938 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts | ||||
Average notional value of contracts — long | $ | 1,018,164 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Common Stocks | $ | 197,237,734 | $ | 80,303,084 | $ | 3 | $ | 277,540,821 | ||||||||
Preferred Stocks | — | 6,403,732 | — | 6,403,732 | ||||||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 4,626,826 | — | — | 4,626,826 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 201,864,560 | $ | 86,706,816 | $ | 3 | $ | 288,571,379 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Financial Instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Equity Contracts | $ | — | $ | 16,785 | $ | — | $ | 16,785 | ||||||||
Liabilities | ||||||||||||||||
Equity Contracts | (204 | ) | — | — | (204 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | (204 | ) | $ | 16,785 | $ | — | 16,581 | |||||||||
|
|
|
|
|
|
|
|
(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, 2023 | iShares® MSCI Global Energy Producers ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
| |||||||
Australia — 2.8% | ||||||||
Beach Energy Ltd. | 68,404 | $ | 64,513 | |||||
Boss Energy Ltd. (a) | 14,504 | 25,013 | ||||||
Karoon Energy Ltd.(a) | 24,206 | 37,646 | ||||||
New Hope Corp. Ltd. | 22,793 | 83,000 | ||||||
Paladin Energy Ltd.(a) | 121,520 | 56,509 | ||||||
Santos Ltd. | 136,493 | 637,342 | ||||||
Strike Energy Ltd.(a) | 84,638 | 19,934 | ||||||
Terracom Ltd. | 23,912 | 12,114 | ||||||
Washington H Soul Pattinson & Co. Ltd. | 9,515 | 186,126 | ||||||
Whitehaven Coal Ltd. | 35,446 | 171,704 | ||||||
Woodside Energy Group Ltd. | 81,707 | 1,979,758 | ||||||
|
| |||||||
3,273,659 | ||||||||
Austria — 0.3% | ||||||||
OMV AG | 6,373 | 310,413 | ||||||
|
| |||||||
Brazil — 1.0% | ||||||||
3R Petroleum Oleo E Gas SA(a) | 7,644 | 53,160 | ||||||
Enauta Participacoes SA | 5,292 | 13,929 | ||||||
Petro Rio SA(a) | 30,404 | 195,707 | ||||||
Petroleo Brasileiro SA | 160,258 | 880,042 | ||||||
Petroreconcavo SA | 5,482 | 29,633 | ||||||
|
| |||||||
1,172,471 | ||||||||
Canada — 8.5% | ||||||||
Advantage Energy Ltd.(a) | 7,866 | 46,003 | ||||||
Africa Oil Corp. | 16,665 | 34,075 | ||||||
ARC Resources Ltd. | 27,376 | 298,137 | ||||||
Athabasca Oil Corp.(a) | 25,284 | 55,219 | ||||||
Baytex Energy Corp.(a) | 23,520 | 90,667 | ||||||
Birchcliff Energy Ltd. | 11,784 | 72,457 | ||||||
Cameco Corp. | 18,619 | 508,969 | ||||||
Canadian Natural Resources Ltd. | 47,657 | 2,693,171 | ||||||
Cardinal Energy Ltd.(b) | 5,880 | 30,682 | ||||||
Cenovus Energy Inc. | 62,010 | 1,143,402 | ||||||
Crescent Point Energy Corp. | 23,879 | 163,277 | ||||||
Crew Energy Inc.(a) | 5,880 | 20,124 | ||||||
Denison Mines Corp.(a) | 34,104 | 42,989 | ||||||
Energy Fuels Inc./Canada(a) | 6,762 | 45,542 | ||||||
Enerplus Corp. | 9,861 | 156,461 | ||||||
Freehold Royalties Ltd. | 5,797 | 65,766 | ||||||
Frontera Energy Corp.(a) | 2,548 | 22,968 | ||||||
Headwater Exploration Inc. | 8,428 | 36,998 | ||||||
Imperial Oil Ltd. | 9,101 | 450,148 | ||||||
International Petroleum Corp.(a) | 4,141 | 41,789 | ||||||
Kelt Exploration Ltd.(a) | 6,860 | 23,629 | ||||||
MEG Energy Corp.(a) | 11,466 | 181,170 | ||||||
NexGen Energy Ltd.(a) | 17,542 | 73,922 | ||||||
NuVista Energy Ltd.(a) | 7,644 | 67,225 | ||||||
Obsidian Energy Ltd.(a) | 2,940 | 20,771 | ||||||
Paramount Resources Ltd., Class A | 3,234 | 70,629 | ||||||
Parex Resources Inc. | 4,704 | 76,671 | ||||||
Peyto Exploration & Development Corp. | 7,252 | 63,033 | ||||||
Pipestone Energy Corp.(a) | 5,096 | 10,644 | ||||||
PrairieSky Royalty Ltd. | 9,417 | 147,898 | ||||||
Spartan Delta Corp. | 5,684 | 51,612 | ||||||
Suncor Energy Inc. | 58,329 | 1,960,402 | ||||||
Surge Energy Inc. | 3,748 | 24,199 | ||||||
Tamarack Valley Energy Ltd. | 21,558 | 68,568 | ||||||
Topaz Energy Corp. | 3,920 | 55,561 |
Security | Shares | Value | ||||||
Canada (continued) | ||||||||
Tourmaline Oil Corp. | 13,795 | $ | 604,574 | |||||
Vermilion Energy Inc. | 6,958 | 93,215 | ||||||
Whitecap Resources Inc. | 25,748 | 197,379 | ||||||
|
| |||||||
9,809,946 | ||||||||
China — 1.4% | ||||||||
AAG Energy Holdings Ltd.(c) | 67,000 | 14,735 | ||||||
CGN Mining Co. Ltd.(a) | 90,000 | 10,669 | ||||||
China Coal Energy Co. Ltd., Class H. | 91,000 | 70,419 | ||||||
China Shenhua Energy Co. Ltd., Class A. | 17,800 | 71,726 | ||||||
China Shenhua Energy Co. Ltd., Class H | 146,000 | 439,150 | ||||||
Guanghui Energy Co. Ltd., Class A | 19,600 | 30,364 | ||||||
Inner Mongolia Dian Tou Energy Corp. Ltd. | 5,800 | 11,120 | ||||||
Inner Mongolia Yitai Coal Co. Ltd., Class B | 47,800 | 64,454 | ||||||
Jizhong Energy Resources Co. Ltd. | 10,100 | 10,349 | ||||||
PetroChina Co. Ltd., Class A | 55,600 | 41,762 | ||||||
PetroChina Co. Ltd., Class H | 898,000 | 458,104 | ||||||
Pingdingshan Tianan Coal Mining Co. Ltd. | 7,000 | 12,087 | ||||||
Productive Technologies Co. Ltd.(a) | 196,000 | 24,720 | ||||||
Shaanxi Coal Industry Co. Ltd., Class A | 24,300 | 69,930 | ||||||
Shan Xi Hua Yang Group New Energy Co. Ltd. | 7,300 | 16,716 | ||||||
Shanxi Coking Coal Energy Group Co. Ltd., Class A | 9,810 | 18,370 | ||||||
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A | 9,800 | 31,462 | ||||||
Yankuang Energy Group Co. Ltd., Class A | 6,900 | 35,420 | ||||||
Yankuang Energy Group Co. Ltd., Class H | 68,000 | 205,111 | ||||||
|
| |||||||
1,636,668 | ||||||||
Finland — 0.8% | ||||||||
Neste OYJ | 18,168 | 876,265 | ||||||
|
| |||||||
France — 5.7% | ||||||||
Etablissements Maurel et Prom SA | 2,548 | 9,486 | ||||||
TotalEnergies SE | 107,043 | 6,604,997 | ||||||
|
| |||||||
6,614,483 | ||||||||
Greece — 0.1% | ||||||||
Hellenic Energy Holdings SA | 2,971 | 26,271 | ||||||
Motor Oil Hellas Corinth Refineries SA | 2,766 | 73,238 | ||||||
|
| |||||||
99,509 | ||||||||
Hong Kong — 0.0% | ||||||||
United Energy Group Ltd.(b) | 360,000 | 33,042 | ||||||
|
| |||||||
Hungary — 0.1% | ||||||||
MOL Hungarian Oil & Gas PLC | 17,248 | 130,976 | ||||||
|
| |||||||
India — 3.8% | ||||||||
Bharat Petroleum Corp. Ltd. | 38,464 | 147,684 | ||||||
Coal India Ltd. | 68,167 | 177,537 | ||||||
Gujarat Mineral Development Corp. Ltd. | 3,822 | 6,165 | ||||||
Hindustan Petroleum Corp. Ltd. | 26,950 | 70,213 | ||||||
Indian Oil Corp. Ltd. | 122,856 | 113,031 | ||||||
Oil & Natural Gas Corp. Ltd. | 107,937 | 198,048 | ||||||
Oil India Ltd. | 11,760 | 35,055 | ||||||
Reliance Industries Ltd. | 98,646 | 2,766,836 | ||||||
Reliance Industries Ltd., GDR(c) | 16,018 | 890,326 | ||||||
|
| |||||||
4,404,895 | ||||||||
Indonesia — 0.4% | ||||||||
Adaro Energy Indonesia Tbk PT | 607,600 | 119,043 | ||||||
Bukit Asam Tbk PT | 159,400 | 40,335 | ||||||
Bumi Resources Tbk PT(a) | 3,151,200 | 28,103 | ||||||
Energi Mega Persada Tbk PT, NVS | 404,000 | 7,206 | ||||||
Harum Energy Tbk PT | 117,600 | 12,564 |
14 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Global Energy Producers ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Indonesia (continued) | ||||||||
Indika Energy Tbk PT | 68,600 | $ | 10,342 | |||||
Indo Tambangraya Megah Tbk PT | 19,600 | 47,776 | ||||||
Medco Energi Internasional Tbk PT | 294,012 | 22,060 | ||||||
Sugih Energy Tbk PT(a)(d) | 206,700 | — | ||||||
United Tractors Tbk PT | 71,200 | 130,228 | ||||||
|
| |||||||
417,657 | ||||||||
Israel — 0.1% | ||||||||
Delek Group Ltd.(a) | 392 | 36,643 | ||||||
Equital Ltd.(a) | 960 | 22,680 | ||||||
Naphtha Israel Petroleum Corp. Ltd. | 1,373 | 5,098 | ||||||
Oil Refineries Ltd. | 89,082 | 26,878 | ||||||
Paz Oil Co. Ltd.(a) | 411 | 43,555 | ||||||
|
| |||||||
134,854 | ||||||||
Italy — 1.3% | ||||||||
Eni SpA | 107,751 | 1,521,878 | ||||||
Saras SpA(a) | 24,206 | 36,616 | ||||||
|
| |||||||
1,558,494 | ||||||||
Japan — 1.1% | ||||||||
Cosmo Energy Holdings Co. Ltd. | 3,536 | 105,693 | ||||||
ENEOS Holdings Inc. | 130,400 | 448,299 | ||||||
Idemitsu Kosan Co. Ltd. | 9,268 | 205,115 | ||||||
Inpex Corp. | 44,400 | 465,507 | ||||||
Japan Petroleum Exploration Co. Ltd. | 1,400 | 50,443 | ||||||
|
| |||||||
1,275,057 | ||||||||
Malaysia — 0.0% | ||||||||
Hibiscus Petroleum Bhd | 58,800 | 13,933 | ||||||
|
| |||||||
Norway — 1.4% | ||||||||
Aker BP ASA | 13,623 | 365,650 | ||||||
BW Energy Ltd.(a) | 3,822 | 10,728 | ||||||
DNO ASA | 21,787 | 24,964 | ||||||
Equinor ASA | 40,984 | 1,254,657 | ||||||
|
| |||||||
1,655,999 | ||||||||
Philippines — 0.0% | ||||||||
Semirara Mining & Power Corp. | 29,600 | 16,025 | ||||||
|
| |||||||
Poland — 0.4% | ||||||||
Polski Koncern Naftowy ORLEN SA | 27,527 | 411,131 | ||||||
|
| |||||||
Portugal — 0.2% | ||||||||
Galp Energia SGPS SA | 21,270 | 259,484 | ||||||
|
| |||||||
Russia — 0.0% | ||||||||
LUKOIL PJSC(a)(d) | 17,021 | 2 | ||||||
Rosneft Oil Co. PJSC(a)(d) | 47,821 | 6 | ||||||
Surgutneftegas PJSC(a)(d) | 285,010 | 38 | ||||||
Tatneft PJSC(a)(d) | 57,983 | 8 | ||||||
|
| |||||||
54 | ||||||||
Saudi Arabia — 0.8% | ||||||||
Rabigh Refining & Petrochemical Co.(a) | 17,761 | 47,879 | ||||||
Saudi Arabian Oil Co.(c) | 103,837 | 877,194 | ||||||
|
| |||||||
925,073 | ||||||||
South Africa — 0.2% | ||||||||
Exxaro Resources Ltd. | 10,795 | 118,219 | ||||||
Thungela Resources Ltd. | 5,518 | 64,159 | ||||||
|
| |||||||
182,378 | ||||||||
South Korea — 0.4% | ||||||||
HD Hyundai Co. Ltd. | 1,960 | 88,027 | ||||||
SK Innovation Co. Ltd.(a) | 2,356 | 266,476 |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
S-Oil Corp. | 1,963 | $ | 119,023 | |||||
|
| |||||||
473,526 | ||||||||
Spain — 0.8% | ||||||||
Repsol SA | 59,166 | 935,701 | ||||||
|
| |||||||
Thailand — 0.5% | ||||||||
Bangchak Corp. PCL, NVDR | 44,100 | 40,187 | ||||||
Banpu PCL, NVDR | 346,000 | 106,657 | ||||||
Esso Thailand PCL, NVDR(b) | 39,200 | 9,906 | ||||||
IRPC PCL, NVDR | 480,200 | 38,842 | ||||||
PTT Exploration & Production PCL, NVDR | 58,831 | 248,999 | ||||||
Star Petroleum Refining PCL, NVDR. | 88,800 | 27,602 | ||||||
Thai Oil PCL, NVDR | 52,100 | 74,298 | ||||||
|
| |||||||
546,491 | ||||||||
Turkey — 0.2% | ||||||||
Turkiye Petrol Rafinerileri AS(a) | 5,898 | 184,948 | ||||||
|
| |||||||
United Arab Emirates — 0.0% | ||||||||
Dana Gas PJSC | 150,724 | 32,410 | ||||||
|
| |||||||
United Kingdom — 12.7% | ||||||||
BP PLC | 780,795 | 5,131,016 | ||||||
Capricorn Energy PLC(a) | 13,230 | 39,689 | ||||||
Diversified Energy Co. PLC | 34,594 | 43,359 | ||||||
Energean PLC | 5,096 | 73,924 | ||||||
EnQuest PLC(a) | 61,348 | 14,015 | ||||||
Genel Energy PLC | 7,056 | 10,633 | ||||||
Gulf Keystone Petroleum Ltd. | 8,330 | 20,770 | ||||||
Harbour Energy PLC | 18,605 | 64,915 | ||||||
Pantheon Resources PLC(a)(b) | 31,262 | 21,472 | ||||||
Serica Energy PLC | 8,428 | 26,250 | ||||||
Shell PLC | 303,590 | 9,195,248 | ||||||
Tullow Oil PLC(a) | 46,550 | 19,487 | ||||||
|
| |||||||
14,660,778 | ||||||||
United States — 53.4% | ||||||||
Antero Resources Corp.(a) | 11,662 | 305,544 | ||||||
APA Corp. | 13,818 | 530,335 | ||||||
Arch Resources Inc. | 784 | 123,362 | ||||||
Berry Corp. | 2,352 | 22,179 | ||||||
California Resources Corp. | 2,254 | 95,119 | ||||||
Callon Petroleum Co.(a)(b) | 2,100 | 81,396 | ||||||
Centrus Energy Corp., Class A(a)(b) | 438 | 19,627 | ||||||
Chesapeake Energy Corp. | 4,880 | 394,353 | ||||||
Chevron Corp. | 78,994 | 12,699,865 | ||||||
Chord Energy Corp. | 1,699 | 228,719 | ||||||
Civitas Resources Inc. | 2,352 | 165,040 | ||||||
CNX Resources Corp.(a) | 7,534 | 115,647 | ||||||
Comstock Resources Inc. | 3,920 | 47,589 | ||||||
ConocoPhillips | 53,568 | 5,536,253 | ||||||
CONSOL Energy Inc. | 1,410 | 77,169 | ||||||
Coterra Energy Inc. | 34,016 | 849,379 | ||||||
Crescent Energy Co., Class A | 1,704 | 19,664 | ||||||
CVR Energy Inc. | 1,274 | 40,424 | ||||||
Delek U.S. Holdings Inc. | 2,744 | 69,066 | ||||||
Denbury Inc.(a) | 2,159 | 179,996 | ||||||
Devon Energy Corp. | 26,725 | 1,441,012 | ||||||
Diamondback Energy Inc. | 7,166 | 1,007,396 | ||||||
Earthstone Energy Inc., Class A(a)(b) | 2,058 | 28,709 | ||||||
Enviva Inc. | 1,415 | 61,637 | ||||||
EOG Resources Inc. | 25,217 | 2,850,025 |
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, 2023 | iShares® MSCI Global Energy Producers ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
United States (continued) | ||||||||
EQT Corp. | 14,116 | $ | 468,369 | |||||
Exxon Mobil Corp. | 177,144 | 19,469,897 | ||||||
Gran Tierra Energy Inc.(a) | 15,190 | 12,673 | ||||||
Gulfport Energy Corp.(a) | 530 | 35,044 | ||||||
Hess Corp. | 11,922 | 1,605,893 | ||||||
HF Sinclair Corp. | 6,456 | 320,992 | ||||||
Kimbell Royalty Partners LP | 2,254 | 34,779 | ||||||
Kosmos Energy Ltd.(a) | 19,915 | 156,731 | ||||||
Laredo Petroleum Inc.(a) | 658 | 33,815 | ||||||
Magnolia Oil & Gas Corp., Class A. | 7,258 | 158,587 | ||||||
Marathon Oil Corp. | 27,354 | 687,953 | ||||||
Marathon Petroleum Corp. | 20,175 | 2,493,630 | ||||||
Matador Resources Co. | 5,099 | 274,275 | ||||||
Murphy Oil Corp. | 6,428 | 250,821 | ||||||
Northern Oil and Gas Inc. | 2,842 | 88,216 | ||||||
Occidental Petroleum Corp. | 31,105 | 1,821,509 | ||||||
Ovintiv Inc. | 10,627 | 454,517 | ||||||
Par Pacific Holdings Inc.(a) | 1,960 | 54,449 | ||||||
PBF Energy Inc., Class A | 4,318 | 188,740 | ||||||
PDC Energy Inc. | 3,914 | 262,669 | ||||||
Peabody Energy Corp.(a) | 4,900 | 133,770 | ||||||
Permian Res Corp., NVS | 8,936 | 96,598 | ||||||
Pioneer Natural Resources Co. | 9,765 | 1,957,004 | ||||||
Range Resources Corp. | 10,364 | 279,206 | ||||||
Ranger Oil Corp. | 882 | 36,603 | ||||||
SandRidge Energy Inc.(a) | 1,313 | 19,157 | ||||||
SilverBow Resources Inc.(a) | 588 | 14,477 | ||||||
Sitio Royalties Corp. | 3,134 | 73,680 | ||||||
SM Energy Co. | 5,396 | 159,236 | ||||||
Southwestern Energy Co.(a) | 37,842 | 200,563 | ||||||
Talos Energy Inc.(a) | 2,450 | 43,634 | ||||||
Tellurian Inc.(a) | 20,384 | 30,372 | ||||||
Texas Pacific Land Corp. | 270 | 480,651 | ||||||
Uranium Energy Corp.(a)(b) | 15,600 | 57,720 | ||||||
VAALCO Energy Inc. | 4,410 | 20,683 | ||||||
Valero Energy Corp. | 16,561 | 2,181,581 | ||||||
Viper Energy Partners LP | 2,531 | 72,463 | ||||||
Vitesse Energy Inc.(a) | 928 | 16,138 | ||||||
W&T Offshore Inc.(a) | 4,214 | 23,641 | ||||||
|
| |||||||
61,760,241 | ||||||||
|
| |||||||
Total Common Stocks — 98.4% | 113,806,561 | |||||||
|
|
Security | Shares | Value | ||||||
Preferred Stocks |
| |||||||
Brazil — 0.9% | ||||||||
Petroleo Brasileiro SA, Preference Shares, NVS | 204,923 | $ | 987,930 | |||||
|
| |||||||
Russia — 0.0% | ||||||||
Surgutneftegas PJSC, Preference Shares, | 275,500 | 37 | ||||||
|
| |||||||
Total Preferred Stocks — 0.9% | 987,967 | |||||||
|
| |||||||
Total Long-Term Investments — 99.3% | 114,794,528 | |||||||
|
| |||||||
Short-Term Securities |
| |||||||
Money Market Funds — 0.2% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%(e)(f)(g) | 269,272 | 269,433 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(e)(f) | 20,000 | 20,000 | ||||||
|
| |||||||
Total Short-Term Securities — 0.2% | 289,433 | |||||||
|
| |||||||
Total Investments — 99.5% | 115,083,961 | |||||||
Other Assets Less Liabilities — 0.5%. | 541,193 | |||||||
|
| |||||||
NetAssets — 100.0% | $ | 115,625,154 | ||||||
|
|
(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. |
16 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Global Energy Producers ETF |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 08/31/22 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/23 | Shares Held at 02/28/23 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 504,806 | $ | — | $ | (236,033 | )(a) | $ | 684 | $ | (24 | ) | $ | 269,433 | 269,272 | $ | 2,676 | (b) | $ | — | ||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 160,000 | — | (140,000 | )(a) | — | — | 20,000 | 20,000 | 4,093 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | 684 | $ | (24 | ) | $ | 289,433 | $ | 6,769 | $ | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 | ||||||||||||||||
E-Mini Energy Select Sector Index | 7 | 03/17/23 | $ | 612 | $ | (23,929 | ) | |||||||||
FTSE 100 Index | 1 | 03/17/23 | 95 | (844 | ) | |||||||||||
|
| |||||||||||||||
$ | (24,773 | )�� | ||||||||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
Liabilities — Derivative Financial Instruments | ||||||||||||||||||||||||||||
Futures contracts | ||||||||||||||||||||||||||||
Unrealized depreciation on futures contracts(a) | $ | — | $ | — | $ | 24,773 | $ | — | $ | — | $ | — | $ | 24,773 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
Net Realized Gain (Loss) from | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | (20,611 | ) | $ | — | $ | — | $ | — | $ | (20,611 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | (20,807 | ) | $ | — | $ | — | $ | — | $ | (20,807 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts | ||||
Average notional value of contracts — long | $ | 968,568 |
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 | 17 |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Global Energy 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 | |||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Common Stocks | $ | 73,119,284 | $ | 40,687,223 | $ | 54 | $ | 113,806,561 | ||||||||
Preferred Stocks | 987,930 | — | 37 | 987,967 | ||||||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 289,433 | — | — | 289,433 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 74,396,647 | $ | 40,687,223 | $ | 91 | $ | 115,083,961 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Financial Instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Equity Contracts | $ | (23,929 | ) | $ | (844 | ) | $ | — | $ | (24,773 | ) | |||||
|
|
|
|
|
|
|
|
(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 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) February 28, 2023 | iShares® MSCI Global Gold Miners ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
| |||||||
Australia — 6.3% | ||||||||
De Grey Mining Ltd.(a)(b) | 5,268,984 | $ | 4,932,818 | |||||
Newcrest Mining Ltd. | 1,214,984 | 18,599,868 | ||||||
West African Resources Ltd.(a) | 5,075,712 | 3,159,855 | ||||||
|
| |||||||
26,692,541 | ||||||||
Canada — 53.0% | ||||||||
Agnico Eagle Mines Ltd. | 1,013,789 | 46,673,672 | ||||||
Alamos Gold Inc., Class A | 1,124,603 | 11,464,440 | ||||||
B2Gold Corp. | 3,058,844 | 10,446,473 | ||||||
Barrick Gold Corp. | 3,965,247 | 64,077,462 | ||||||
Calibre Mining Corp.(a) | 3,156,707 | 2,637,337 | ||||||
Centerra Gold Inc. | 857,530 | 5,417,302 | ||||||
Eldorado Gold Corp.(a) | 687,586 | 6,424,860 | ||||||
Equinox Gold Corp.(a) | 1,204,160 | 4,368,334 | ||||||
IAMGOLD Corp.(a) | 2,041,126 | 4,622,264 | ||||||
Kinross Gold Corp. | 3,466,720 | 12,804,887 | ||||||
Lundin Gold Inc. | 425,166 | 4,393,434 | ||||||
New Gold Inc.(a) | 3,515,388 | 3,220,399 | ||||||
SSR Mining Inc. | 613,592 | 8,395,575 | ||||||
Torex Gold Resources Inc.(a) | 410,937 | 5,059,540 | ||||||
Wesdome Gold Mines Ltd.(a) | 729,887 | 3,482,275 | ||||||
Wheaton Precious Metals Corp. | 471,246 | 19,633,811 | ||||||
Yamana Gold Inc. | 2,590,804 | 13,253,068 | ||||||
|
| |||||||
226,375,133 | ||||||||
China — 4.6% | ||||||||
Zijin Mining Group Co. Ltd., Class A | 1,245,135 | �� | 2,046,041 | |||||
Zijin Mining Group Co. Ltd., Class H | 11,648,000 | 17,627,630 | ||||||
|
| |||||||
19,673,671 | ||||||||
Indonesia — 1.0% | ||||||||
Aneka Tambang Tbk | 34,306,500 | 4,476,744 | ||||||
|
| |||||||
Peru — 1.4% | ||||||||
Cia. de Minas Buenaventura SAA, ADR. | 771,981 | 5,851,616 | ||||||
|
| |||||||
Russia — 0.0% | ||||||||
Polymetal International PLC(a)(c) | 822,891 | 110 | ||||||
Polyus PJSC(a)(c) | 62,547 | 8 | ||||||
|
| |||||||
118 | ||||||||
Saudi Arabia — 4.3% | ||||||||
AngloGold Ashanti Ltd. | 1,078,322 | 18,161,659 | ||||||
|
| |||||||
South Africa — 6.2% | ||||||||
DRDGOLD Ltd. | 3,835,467 | 2,815,453 |
Security | Shares | Value | ||||||
South Africa (continued) | ||||||||
Gold Fields Ltd. | 1,988,784 | $ | 18,048,453 | |||||
Harmony Gold Mining Co. Ltd. | 1,869,019 | 5,740,966 | ||||||
|
| |||||||
26,604,872 | ||||||||
Turkey — 1.8% | ||||||||
Koza Altin Isletmeleri AS | 5,863,400 | 7,586,811 | ||||||
|
| |||||||
United Kingdom — 1.7% | ||||||||
Centamin PLC | 4,198,374 | 5,145,373 | ||||||
Hochschild Mining PLC | 2,869,824 | 2,204,647 | ||||||
|
| |||||||
7,350,020 | ||||||||
United States — 19.3% | ||||||||
Coeur Mining Inc.(a) | 1,210,180 | 3,775,762 | ||||||
Newmont Corp. | 1,798,679 | 78,440,391 | ||||||
|
| |||||||
82,216,153 | ||||||||
|
| |||||||
Total Long-Term Investments — 99.6% | 424,989,338 | |||||||
|
| |||||||
Short-Term Securities | ||||||||
Money Market Funds — 0.3% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%(d)(e)(f) | 1,165,760 | 1,166,460 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(d)(e) | 120,000 | 120,000 | ||||||
|
| |||||||
Total Short-Term Securities — 0.3% | 1,286,460 | |||||||
|
| |||||||
Total Investments — 99.9% | 426,275,798 | |||||||
Other Assets Less Liabilities — 0.1% | 399,959 | |||||||
|
| |||||||
NetAssets —100.0% | $ | 426,675,757 | ||||||
|
|
(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, 2023 | 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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 08/31/22 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/23 | Shares Held at 02/28/23 | Income | Capital Gain | |||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 1,922,895 | $ | — | $ | (759,022 | )(a) | $ | 2,679 | $ | (92 | ) | $ | 1,166,460 | 1,165,760 | $ | 22,527 | (b) | $ | — | ||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 100,000 | 20,000 | (a) | — | — | — | 120,000 | 120,000 | 6,538 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | 2,679 | $ | (92 | ) | $ | 1,286,460 | $ | 29,065 | $ | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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/TSX 60 Index | 10 | 03/16/23 | $ | 1,783 | $ | (4,991 | ) | |||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
Liabilities — Derivative Financial Instruments | ||||||||||||||||||||||||||||
Futures contracts | ||||||||||||||||||||||||||||
Unrealized depreciation on futures contracts(a) | $ | — | $ | — | $ | 4,991 | $ | — | $ | — | $ | — | $ | 4,991 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
Net Realized Gain (Loss) from | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | (175,999 | ) | $ | — | $ | — | $ | — | $ | (175,999 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | 35,182 | $ | — | $ | — | $ | — | $ | 35,182 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts | ||||
Average notional value of contracts — long | $ | 1,444,841 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
20 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 | 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 | |||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Common Stocks | $ | 314,442,902 | $ | 110,546,318 | $ | 118 | $ | 424,989,338 | ||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 1,286,460 | — | — | 1,286,460 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 315,729,362 | $ | 110,546,318 | $ | 118 | $ | 426,275,798 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Financial Instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Equity Contracts | $ | (4,991 | ) | $ | — | $ | — | $ | (4,991 | ) | ||||||
|
|
|
|
|
|
|
|
(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, 2023 | iShares® MSCI Global Metals & Mining Producers ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
| |||||||
Australia — 26.0% | ||||||||
29Metals Ltd.(a) | 368,419 | $ | 394,444 | |||||
Allkem Ltd.(b) | 786,713 | 5,980,520 | ||||||
Alumina Ltd. | 3,429,659 | 3,460,508 | ||||||
Arafura Rare Earths Ltd.(b) | 2,390,376 | 965,090 | ||||||
Argosy Minerals Ltd.(b) | 1,574,700 | 730,829 | ||||||
AVZ Minerals Ltd.(a)(b)(c) | 3,302,250 | 1,384,803 | ||||||
BHP Group Ltd. | 6,964,876 | 210,792,254 | ||||||
BlueScope Steel Ltd. | 644,525 | 8,246,499 | ||||||
Chalice Mining Ltd.(b) | 464,418 | 1,976,680 | ||||||
Champion Iron Ltd. | 458,925 | 2,260,274 | ||||||
Core Lithium Ltd.(a)(b) | 2,025,650 | 1,259,109 | ||||||
Coronado Global Resources Inc.(d) | 1,028,775 | 1,304,651 | ||||||
Deterra Royalties Ltd. | 609,725 | 1,825,984 | ||||||
Fortescue Metals Group Ltd. | 2,327,975 | 33,359,686 | ||||||
Goulamina Holdings Pty Ltd.(b) | 1,246,575 | 437,915 | ||||||
Grange Resources Ltd.(a) | 706,875 | 450,111 | ||||||
IGO Ltd. | 933,800 | 8,208,615 | ||||||
Iluka Resources Ltd. | 589,425 | 4,107,968 | ||||||
Imdex Ltd. | 548,232 | 864,763 | ||||||
ionner Ltd.(a)(b) | 2,036,582 | 517,274 | ||||||
Jervois Global Ltd.(a)(b) | 2,327,742 | 281,001 | ||||||
Lake Resources NL(a)(b) | 1,725,285 | 720,858 | ||||||
Liontown Resources Ltd.(a)(b) | 2,272,317 | 2,063,667 | ||||||
Lynas Rare Earths Ltd.(b) | 1,237,575 | 6,796,762 | ||||||
Mincor Resources NL(a)(b) | 528,868 | 447,753 | ||||||
Mineral Resources Ltd. . | 234,900 | 12,973,191 | ||||||
Mount Gibson Iron Ltd.(a)(b) | 822,150 | 312,070 | ||||||
Neometals Ltd.(b) | 646,292 | 384,147 | ||||||
Nickel Mines Ltd. | 1,482,259 | 972,285 | ||||||
OZ Minerals Ltd. | 461,825 | 8,682,609 | ||||||
Perenti Global Ltd.(b) | 848,588 | 604,752 | ||||||
Pilbara Minerals Ltd.(a)(b) | 3,493,050 | 9,733,617 | ||||||
Rio Tinto Ltd. | 510,914 | 39,930,018 | ||||||
Sandfire Resources Ltd.(a) | 679,469 | 2,675,458 | ||||||
Sayona Mining Ltd.(a)(b) | 9,150,559 | 1,432,762 | ||||||
Sims Ltd. | 231,826 | 2,476,135 | ||||||
South32 Ltd. | 6,364,582 | 18,491,813 | ||||||
Syrah Resources Ltd.(b) | 872,591 | 1,100,390 | ||||||
Vulcan Energy Resources Ltd.(a)(b) | 129,653 | 555,338 | ||||||
Vulcan Steel Ltd. | 75,466 | 424,227 | ||||||
|
| |||||||
399,586,830 | ||||||||
Austria — 0.4% | ||||||||
voestalpine AG | 160,225 | 5,917,922 | ||||||
|
| |||||||
Belgium — 0.1% | ||||||||
Bekaert SA | 49,300 | 2,175,270 | ||||||
|
| |||||||
Brazil — 5.8% | ||||||||
Bradespar SA | 47,665 | 227,152 | ||||||
Cia. Brasileira de Aluminio | 201,550 | 401,141 | ||||||
Cia. Siderurgica Nacional SA | 912,050 | 2,904,024 | ||||||
Vale SA | 5,254,996 | 85,638,533 | ||||||
|
| |||||||
89,170,850 | ||||||||
Canada — 4.9% | ||||||||
Algoma Steel Group Inc. | 121,179 | 973,340 | ||||||
Altius Minerals Corp. | 54,463 | 864,144 | ||||||
Capstone Mining Corp.(b) | 474,150 | 2,109,264 | ||||||
ERO Copper Corp.(a)(b) | 105,850 | 1,660,088 | ||||||
Filo Mining Corp.(a)(b) | 117,450 | 1,850,623 |
Security | Shares | Value | ||||||
Canada (continued) | ||||||||
First Quantum Minerals Ltd. | 808,485 | $ | 17,662,835 | |||||
Global Atomic Corp.(a)(b) | 209,764 | 470,413 | ||||||
Hudbay Minerals Inc. | 304,183 | 1,509,211 | ||||||
Ivanhoe Mines Ltd., Class A(b) | 836,760 | 6,990,886 | ||||||
Labrador Iron Ore Royalty Corp. | 79,772 | 2,123,940 | ||||||
Largo Inc.(b) | 54,375 | 347,888 | ||||||
Lithium Americas Corp.(a)(b) | 147,966 | 3,493,928 | ||||||
Lundin Mining Corp. | 913,599 | 5,684,467 | ||||||
Major Drilling Group International Inc.(b) | 102,950 | 805,794 | ||||||
Solaris Resources Inc.(b) | 71,050 | 297,842 | ||||||
Stelco Holdings Inc. | 48,866 | 1,998,331 | ||||||
Taseko Mines Ltd.(b) | 406,777 | 694,606 | ||||||
Teck Resources Ltd., Class B. | 627,768 | 25,060,112 | ||||||
|
| |||||||
74,597,712 | ||||||||
Chile — 0.0% | ||||||||
CAP SA | 92,075 | 765,445 | ||||||
|
| |||||||
China — 2.2% | ||||||||
Aluminum Corp. of China Ltd., Class A | 1,160,065 | 923,038 | ||||||
Aluminum Corp. of China Ltd., Class H. | 5,214,000 | 2,662,439 | ||||||
Anhui Honglu Steel Construction Group Co. Ltd., Class A | 76,950 | 390,706 | ||||||
Baoshan Iron & Steel Co. Ltd., Class A. | 1,812,593 | 1,715,902 | ||||||
Chengtun Mining Group Co. Ltd., Class A | 290,000 | 260,400 | ||||||
China Hongqiao Group Ltd. | 3,262,500 | 3,489,578 | ||||||
China Metal Recycling Holdings Ltd.(c) | 132,000 | — | ||||||
China Minmetals Rare Earth Co. Ltd., Class A(b) | 72,500 | 419,961 | ||||||
China Nonferrous Mining Corp. Ltd. | 1,450,000 | 730,466 | ||||||
China Northern Rare Earth Group High-Tech Co. Ltd., Class A | 290,070 | 1,212,454 | ||||||
China Oriental Group Co. Ltd. | 2,630,000 | 533,573 | ||||||
China Zhongwang Holdings Ltd.(b)(c) | 1,552,000 | 150,682 | ||||||
CMOC Group Ltd., Class A | 1,595,000 | 1,356,196 | ||||||
CMOC Group Ltd., Class H. | 4,680,000 | 2,635,297 | ||||||
GEM Co. Ltd., Class A | 427,217 | 484,414 | ||||||
Guangdong HEC Technology Holding Co. Ltd., Class A | 218,400 | 296,341 | ||||||
Henan Shenhuo Coal & Power Co. Ltd. | 217,500 | 584,369 | ||||||
Hesteel Co. Ltd., Class A | 860,000 | 311,769 | ||||||
Huaibei Mining Holdings Co. Ltd. | 217,500 | 454,709 | ||||||
Hunan Valin Steel Co. Ltd., Class A | 580,000 | 468,297 | ||||||
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A | 3,770,021 | 1,112,945 | ||||||
Inner Mongolia ERDOS Resources Co. Ltd. | 101,060 | 243,432 | ||||||
Jiangxi Copper Co. Ltd., Class A. | 147,125 | 415,517 | ||||||
Jiangxi Copper Co. Ltd., Class H | 1,580,000 | 2,491,774 | ||||||
Jinchuan Group International Resources Co. Ltd. | 4,350,000 | 338,350 | ||||||
MMG Ltd.(a)(b) | 3,934,000 | 1,109,589 | ||||||
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A(b) | 725,000 | 582,313 | ||||||
Shandong Nanshan Aluminum Co. Ltd., Class A. | 1,003,430 | 521,222 | ||||||
Shanxi Meijin Energy Co. Ltd., Class A. | 365,128 | 493,585 | ||||||
Shanxi Taigang Stainless Steel Co. Ltd., Class A | 507,500 | 348,951 | ||||||
Shenghe Resources Holding Co. Ltd., Class A | 145,000 | 334,234 | ||||||
Shougang Fushan Resources Group Ltd. | 2,900,000 | 931,586 | ||||||
Sinomine Resource Group Co. Ltd., Class A | 37,900 | 408,252 | ||||||
Tiangong International Co. Ltd. | 1,450,000 | 534,404 | ||||||
Tianshan Aluminum Group Co. Ltd., Class A | 349,000 | 416,030 | ||||||
Tibet Summit Resources Co. Ltd., Class-A(b) | 72,500 | 272,810 | ||||||
Tongling Nonferrous Metals Group Co. Ltd., Class A | 936,800 | 454,934 | ||||||
Western Mining Co. Ltd., Class A | 217,500 | 359,455 | ||||||
Western Superconducting Technologies Co. Ltd., Class A | 35,850 | 467,412 |
22 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Global Metals & Mining Producers ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Xiamen Tungsten Co. Ltd., Class A | 145,099 | $ | 477,716 | |||||
Yintai Gold Co. Ltd., Class A. | 204,040 | 340,239 | ||||||
YongXing Special Materials Technology Co. Ltd., Class A | 21,100 | 278,281 | ||||||
Yunnan Aluminium Co. Ltd., Class A | 290,000 | 555,441 | ||||||
Yunnan Tin Co. Ltd., Class A | 145,000 | 322,504 | ||||||
Zhejiang Huayou Cobalt Co. Ltd., Class A | 118,750 | 1,010,488 | ||||||
|
| |||||||
33,902,055 | ||||||||
Egypt — 0.0% | ||||||||
Ezz Steel Co. SAE | 261,720 | 246,663 | ||||||
|
| |||||||
Finland — 0.2% | ||||||||
Outokumpu OYJ | 516,288 | 3,091,013 | ||||||
|
| |||||||
France — 1.7% | ||||||||
APERAM SA | 66,700 | 2,593,838 | ||||||
ArcelorMittal SA | 725,725 | 21,778,569 | ||||||
Eramet SA | 13,797 | 1,480,571 | ||||||
|
| |||||||
25,852,978 | ||||||||
Germany — 0.7% | ||||||||
Aurubis AG | 43,522 | 4,256,828 | ||||||
Salzgitter AG(a) | 41,325 | 1,734,077 | ||||||
thyssenkrupp AG | 642,350 | 4,811,624 | ||||||
|
| |||||||
10,802,529 | ||||||||
India — 3.0% | ||||||||
APL Apollo Tubes Ltd. | 210,250 | 3,024,439 | ||||||
Godawari Power and Ispat Ltd. | 57,275 | 236,658 | ||||||
Hindalco Industries Ltd. | 1,857,899 | 8,962,460 | ||||||
Hindustan Copper Ltd. | 266,800 | 313,558 | ||||||
Jindal Saw Ltd. | 175,207 | 318,231 | ||||||
Jindal Stainless Hisar Ltd.(b) | 129,775 | 768,523 | ||||||
Jindal Stainless Ltd.(b) | 216,050 | 697,689 | ||||||
Jindal Steel & Power Ltd. | 493,551 | 3,278,402 | ||||||
JSW Steel Ltd. | 995,425 | 8,033,994 | ||||||
Kirloskar Ferrous Industries Ltd. | 58,204 | 305,137 | ||||||
National Aluminium Co. Ltd. | 1,206,400 | 1,140,832 | ||||||
Rajratan Global Wire Ltd. | 18,200 | 158,870 | ||||||
Ramkrishna Forgings Ltd. | 87,967 | 275,125 | ||||||
Ratnamani Metals & Tubes Ltd. | 39,258 | 1,038,391 | ||||||
Sarda Energy & Minerals Ltd. | 14,540 | 193,711 | ||||||
Tata Steel Ltd. | 9,018,658 | 11,342,469 | ||||||
Tata Steel Ltd., GDR(e) | 103,311 | 1,312,050 | ||||||
Usha Martin Ltd. | 167,475 | 355,296 | ||||||
Vedanta Ltd. | 1,015,779 | 3,297,014 | ||||||
Welspun Corp. Ltd. | 162,400 | 361,501 | ||||||
|
| |||||||
45,414,350 | ||||||||
Indonesia — 0.5% | ||||||||
Bumi Resources Minerals Tbk PT(b). | 58,435,000 | 624,330 | ||||||
Merdeka Copper Gold Tbk PT(b) | 16,530,086 | 4,920,311 | ||||||
Timah Tbk PT | 3,411,900 | 266,268 | ||||||
Vale Indonesia Tbk PT(b) | 3,407,500 | 1,524,238 | ||||||
|
| |||||||
7,335,147 | ||||||||
Japan — 4.4% | ||||||||
Daido Steel Co. Ltd. | 28,600 | 1,123,537 | ||||||
Daiki Aluminium Industry Co. Ltd. | 59,000 | 626,794 | ||||||
Dowa Holdings Co. Ltd. | 72,500 | 2,365,373 | ||||||
JFE Holdings Inc. | 680,200 | 8,439,911 | ||||||
Kobe Steel Ltd. | 507,500 | 3,441,707 | ||||||
Kyoei Steel Ltd. | 18,400 | 220,099 | ||||||
Maruichi Steel Tube Ltd. | 74,600 | 1,620,833 |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
Mitsubishi Materials Corp. | 152,400 | $ | 2,372,416 | |||||
Mitsui Mining & Smelting Co. Ltd. | 75,300 | 1,858,003 | ||||||
Nippon Light Metal Holdings Co. Ltd. | 77,140 | 840,592 | ||||||
Nippon Steel Corp. | 1,118,005 | 24,984,898 | ||||||
OSAKA Titanium Technologies Co. Ltd.(a) | 47,300 | 949,116 | ||||||
Pacific Metals Co. Ltd. | 22,600 | 322,442 | ||||||
Sanyo Special Steel Co. Ltd. | 25,900 | 498,695 | ||||||
Sumitomo Metal Mining Co. Ltd. | 343,000 | 12,768,263 | ||||||
Toho Titanium Co. Ltd. | 40,100 | 582,302 | ||||||
Tokyo Steel Manufacturing Co. Ltd. | 72,500 | 801,296 | ||||||
UACJ Corp. | 33,638 | 659,420 | ||||||
Yamato Kogyo Co. Ltd. . | 52,300 | 2,096,483 | ||||||
Yodogawa Steel Works Ltd. | 19,600 | 389,584 | ||||||
|
| |||||||
66,961,764 | ||||||||
Malaysia — 0.4% | ||||||||
PMB Technology Bhd(a) | 362,500 | 355,333 | ||||||
Press Metal Aluminium Holdings Bhd | 5,075,000 | 5,833,612 | ||||||
|
| |||||||
6,188,945 | ||||||||
Mexico — 1.2% | ||||||||
Grupo Mexico SAB de CV, Series B | 4,247,000 | 19,054,805 | ||||||
|
| |||||||
Netherlands — 0.1% | ||||||||
AMG Advanced Metallurgical Group NV | 37,700 | 1,484,430 | ||||||
|
| |||||||
Norway — 0.9% | ||||||||
Norsk Hydro ASA | 1,848,913 | 13,457,800 | ||||||
|
| |||||||
Peru — 0.6% | ||||||||
Southern Copper Corp. | 118,197 | 8,709,937 | ||||||
|
| |||||||
Poland — 0.4% | ||||||||
Jastrzebska Spolka Weglowa SA(b) | 71,775 | 881,882 | ||||||
KGHM Polska Miedz SA | 192,125 | 5,479,203 | ||||||
|
| |||||||
6,361,085 | ||||||||
Qatar — 0.1% | ||||||||
Qatar Aluminum Manufacturing Co. | 3,926,600 | 1,817,668 | ||||||
|
| |||||||
Russia — 0.0% | ||||||||
Alrosa PJSC(b)(c) | 2,886,002 | 385 | ||||||
MMC Norilsk Nickel PJSC(b)(c) | 71,400 | 9 | ||||||
Novolipetsk Steel PJSC(b)(c) | 1,668,000 | 222 | ||||||
Severstal PAO(b)(c) | 233,400 | 31 | ||||||
United Co. RUSAL International PJSC(b)(c) | 3,450,000 | 460 | ||||||
|
| |||||||
1,107 | ||||||||
Saudi Arabia — 1.4% | ||||||||
Al Masane Al Kobra Mining Co. | 41,325 | 823,511 | ||||||
Saudi Arabian Mining Co.(b) | 1,183,373 | 20,015,662 | ||||||
|
| |||||||
20,839,173 | ||||||||
Singapore — 0.0% | ||||||||
Straits Trading Co. Ltd. . | 186,062 | 314,520 | ||||||
|
| |||||||
South Africa — 2.1% | ||||||||
African Rainbow Minerals Ltd. | 157,848 | 2,186,494 | ||||||
Anglo American Platinum Ltd. | 72,500 | 4,008,992 | ||||||
Impala Platinum Holdings Ltd. | 1,166,140 | 10,888,117 | ||||||
Kumba Iron Ore Ltd. | 88,372 | 2,304,554 | ||||||
Northam Platinum Holdings Ltd.(b) | 463,275 | 3,815,428 | ||||||
Royal Bafokeng Platinum Ltd. | 118,900 | 1,006,555 | ||||||
Sibanye Stillwater Ltd. | 3,877,047 | 7,828,017 | ||||||
|
| |||||||
32,038,157 |
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, 2023 | iShares® MSCI Global Metals & Mining Producers ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
South Korea — 2.3% | ||||||||
Dongkuk Steel Mill Co. Ltd. | 84,100 | $ | 869,667 | |||||
Hyundai Steel Co. | 118,175 | 3,125,470 | ||||||
KG Dongbu Steel Co. Ltd.(a) | 34,119 | 222,968 | ||||||
Korea Zinc Co. Ltd. | 12,325 | 5,442,043 | ||||||
Poongsan Corp. | 27,550 | 747,291 | ||||||
POSCO Holdings Inc. | 99,301 | 23,933,846 | ||||||
Seah Besteel Holdings Corp. | 18,850 | 320,039 | ||||||
SeAH Steel Holdings Corp. | 2,182 | 257,869 | ||||||
Young Poong Corp.(b) | 725 | 341,655 | ||||||
|
| |||||||
35,260,848 | ||||||||
Spain — 0.2% | ||||||||
Acerinox SA | 270,425 | 2,969,478 | ||||||
|
| |||||||
Sweden — 1.7% | ||||||||
Alleima AB, NVS(b) | 296,112 | 1,600,934 | ||||||
Boliden AB | 377,066 | 15,435,913 | ||||||
Granges AB | 145,769 | 1,257,976 | ||||||
SSAB AB, Class A | 309,575 | 2,250,575 | ||||||
SSAB AB, Class B | 897,550 | 6,139,610 | ||||||
|
| |||||||
26,685,008 | ||||||||
Taiwan — 1.8% | ||||||||
Century Iron & Steel Industrial Co. Ltd. | 194,000 | 659,594 | ||||||
China Metal Products | 208,011 | 226,923 | ||||||
China Steel Corp. | 16,394,612 | 16,865,631 | ||||||
Chun Yuan Steel Industry Co. Ltd. | 475,000 | 262,674 | ||||||
Chung Hung Steel Corp. | 1,204,000 | 1,134,692 | ||||||
EVERGREEN Steel Corp. | 199,000 | 341,731 | ||||||
Feng Hsin Steel Co. Ltd. | 727,000 | 1,702,355 | ||||||
Gloria Material Technology Corp. | 727,000 | 1,069,931 | ||||||
Hsin Kuang Steel Co. Ltd. | 200,000 | 293,047 | ||||||
TA Chen Stainless Pipe | 2,063,365 | 2,931,170 | ||||||
Tung Ho Steel Enterprise Corp. | 640,700 | 1,248,799 | ||||||
YC INOX Co. Ltd. | 370,263 | 376,800 | ||||||
Yieh Phui Enterprise Co. Ltd. | 1,523,776 | 862,086 | ||||||
|
| |||||||
27,975,433 | ||||||||
Turkey — 0.4% | ||||||||
Eregli Demir ve Celik Fabrikalari TAS | 1,917,625 | 4,469,710 | ||||||
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D | 1,005,760 | 1,200,215 | ||||||
Koza Anadolu Metal Madencilik Isletmeleri AS(b) | 264,296 | 637,491 | ||||||
|
| |||||||
6,307,416 | ||||||||
United Kingdom — 17.3% | ||||||||
Anglo American PLC | 1,746,022 | 60,333,286 | ||||||
Antofagasta PLC | 542,344 | 10,230,658 | ||||||
Atalaya Mining PLC | 148,625 | 645,372 | ||||||
Central Asia Metals PLC | 242,398 | 771,198 | ||||||
Ferrexpo PLC | 408,175 | 723,203 | ||||||
Glencore PLC | 14,156,910 | 84,401,533 | ||||||
Hill & Smith PLC | 110,925 | 1,843,949 | ||||||
Rio Tinto PLC | 1,545,506 | 106,059,635 | ||||||
SolGold PLC(b) | 1,580,666 | 314,476 | ||||||
|
| |||||||
265,323,310 | ||||||||
United States — 18.1% | ||||||||
Alcoa Corp. | 243,557 | 11,919,680 | ||||||
Alpha Metallurgical Resources Inc. | 21,021 | 3,526,063 | ||||||
Arconic Corp.(a)(b) | 136,527 | 3,609,774 | ||||||
ATI Inc.(a)(b) | 178,162 | 7,242,285 | ||||||
Carpenter Technology Corp. | 65,897 | 3,184,802 | ||||||
Century Aluminum Co.(b) | 69,500 | 838,865 |
Security | Shares | Value | ||||||
United States (continued) | ||||||||
Cleveland-Cliffs Inc.(a)(b) | 712,741 | $ | 15,202,766 | |||||
Commercial Metals Co. | 162,386 | 8,403,475 | ||||||
Compass Minerals International Inc. | 48,575 | 1,871,595 | ||||||
Freeport-McMoRan Inc. | 1,966,068 | 80,549,806 | ||||||
Haynes International Inc. | 16,696 | 913,438 | ||||||
Ivanhoe Electric Inc. / U.S.(b) | 63,976 | 961,559 | ||||||
Kaiser Aluminum Corp. | 21,750 | 1,725,210 | ||||||
Materion Corp. | 28,275 | 3,157,752 | ||||||
MP Materials Corp.(b) | 110,200 | 3,857,000 | ||||||
Nucor Corp. | 354,511 | 59,359,322 | ||||||
Piedmont Lithium Inc.(b) | 24,716 | 1,604,068 | ||||||
Ramaco Resources Inc. | 30,450 | 302,977 | ||||||
Reliance Steel & Aluminum Co. | 81,196 | 20,123,617 | ||||||
Ryerson Holding Corp. | 22,397 | 804,724 | ||||||
Schnitzer Steel Industries Inc., Class A | 35,525 | 1,161,312 | ||||||
Steel Dynamics Inc. | 242,853 | 30,626,192 | ||||||
SunCoke Energy Inc. | 109,475 | 1,041,107 | ||||||
TimkenSteel Corp.(a)(b) | 54,375 | 994,519 | ||||||
Tredegar Corp. | 37,804 | 439,282 | ||||||
U.S. Steel Corp. | 325,525 | 9,970,831 | ||||||
Warrior Met Coal Inc. | 70,369 | 2,693,022 | ||||||
Worthington Industries Inc. | 45,675 | 2,760,597 | ||||||
|
| |||||||
278,845,640 | ||||||||
|
| |||||||
Total Common Stocks — 98.9% | 1,519,455,288 | |||||||
|
| |||||||
Preferred Stocks | ||||||||
Brazil — 0.9% | ||||||||
Bradespar SA, Preference Shares, NVS | 360,479 | 1,904,488 | ||||||
Cia Ferro Ligas da Bahia - FERBASA, Preference Shares, NVS | 49,300 | 540,982 | ||||||
Gerdau SA, Preference Shares, NVS | 1,516,137 | 8,290,978 | ||||||
Metalurgica Gerdau SA, Preference Shares, NVS | 920,092 | 2,210,843 | ||||||
Usinas Siderurgicas de Minas Gerais SA Usiminas, Class A, Preference Shares, NVS | 631,934 | 824,401 | ||||||
|
| |||||||
13,771,692 | ||||||||
Russia — 0.0% | ||||||||
Mechel PJSC, Preference Shares, NVS(c) | 96,000 | 13 | ||||||
|
| |||||||
Total Preferred Stocks — 0.9% | 13,771,705 | |||||||
|
| |||||||
Total Long-Term Investments — 99.8% | 1,533,226,993 | |||||||
|
| |||||||
Short-Term Securities | ||||||||
Money Market Funds — 1.6% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%(f)(g)(h) | 23,681,153 | 23,695,361 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(f)(g) | 1,200,000 | 1,200,000 | ||||||
|
| |||||||
Total Short-Term Securities — 1.6% | 24,895,361 | |||||||
|
| |||||||
Total Investments — 101.4% | 1,558,122,354 | |||||||
Liabilities in Excess of Other Assets — (1.4)% |
| (21,171,583 | ) | |||||
|
| |||||||
NetAssets — 100.0% | $ | 1,536,950,771 | ||||||
|
|
24 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Global Metals & Mining Producers ETF |
(a) | All or a portion of this security is on loan. |
(b) | Non-income producing security. |
(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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 08/31/22 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/23 | Shares Held at 02/28/23 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 20,087,722 | $ | 3,598,418 | (a) | $ | — | $ | 3,514 | $ | 5,707 | $ | 23,695,361 | 23,681,153 | $ | 235,358 | (b) | $ | — |
| ||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 1,990,000 | — | (790,000 | )(a) | — | — | 1,200,000 | 1,200,000 | 50,308 | 2 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | 3,514 | $ | 5,707 | $ | 24,895,361 | $ | 285,666 | $ | 2 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 | ||||||||||||||||
E-Mini Energy Select Sector Index | 3 | 03/17/23 | $ | 262 | $ | (3,967 | ) | |||||||||
MSCI Emerging Markets Index | 48 | 03/17/23 | 2,311 | (86,406 | ) | |||||||||||
|
| |||||||||||||||
$ | (90,373 | ) | ||||||||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
Liabilities — Derivative Financial Instruments | ||||||||||||||||||||||||||||
Futures contracts | ||||||||||||||||||||||||||||
Unrealized depreciation on futures contracts(a) | $ | — | $ | — | $ | 90,373 | $ | — | $ | — | $ | — | $ | 90,373 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 | 25 |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Global Metals & Mining Producers ETF |
For the period ended February 28, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
Net Realized Gain (Loss) from | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | (2,204,116 | ) | $ | — | $ | — | $ | — | $ | (2,204,116 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | 252,195 | $ | — | $ | — | $ | — | $ | 252,195 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts | ||||
Average notional value of contracts — long | $ | 4,049,783 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Common Stocks | $ | 484,258,273 | $ | 1,033,660,423 | $ | 1,536,592 | $ | 1,519,455,288 | ||||||||
Preferred Stocks | 13,771,692 | — | 13 | 13,771,705 | ||||||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 24,895,361 | — | — | 24,895,361 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 522,925,326 | $ | 1,033,660,423 | $ | 1,536,605 | $ | 1,558,122,354 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Financial Instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Equity Contracts | $ | (90,373 | ) | $ | — | $ | — | $ | (90,373 | ) | ||||||
|
|
|
|
|
|
|
|
(a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
26 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) February 28, 2023 | iShares® MSCI Global Silver and Metals Miners ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
| |||||||
Canada — 65.8% | ||||||||
Agnico Eagle Mines Ltd. | 165,391 | $ | 7,614,410 | |||||
Aya Gold & Silver Inc.(a) | 855,548 | 5,016,038 | ||||||
Dundee Precious Metals Inc. | 231,512 | 1,486,292 | ||||||
Eldorado Gold Corp.(a) | 178,903 | 1,671,684 | ||||||
Endeavour Silver Corp.(a)(b) | 1,776,388 | 5,207,440 | ||||||
First Majestic Silver Corp. | 1,905,204 | 11,630,890 | ||||||
Fortuna Silver Mines Inc.(a) | 2,386,508 | 7,748,062 | ||||||
GoGold Resources Inc.(a) | 2,812,001 | 4,327,741 | ||||||
i-80 Gold Corp.(a) | 263,948 | 601,596 | ||||||
Kinross Gold Corp. | 692,277 | 2,557,036 | ||||||
Lundin Gold Inc. | 122,965 | 1,270,653 | ||||||
MAG Silver Corp.(a)(b) | 640,612 | 7,647,907 | ||||||
New Gold Inc.(a) | 1,095,783 | 1,003,832 | ||||||
New Pacific Metals Corp.(a)(b) | 1,013,308 | 2,517,489 | ||||||
Orla Mining Ltd.(a) | 298,903 | 1,303,388 | ||||||
Pan American Silver Corp. | 1,745,982 | 26,026,584 | ||||||
Seabridge Gold Inc.(a) | 105,578 | 1,159,075 | ||||||
Silvercorp Metals Inc. | 1,710,452 | 5,264,858 | ||||||
SilverCrest Metals Inc.(a) | 1,302,601 | 7,121,586 | ||||||
SSR Mining Inc. | 151,462 | 2,072,404 | ||||||
Victoria Gold Corp.(a) | 76,129 | 472,563 | ||||||
Wheaton Precious Metals Corp. | 192,521 | 8,021,121 | ||||||
Yamana Gold Inc. | 520,134 | 2,660,708 | ||||||
|
| |||||||
114,403,357 | ||||||||
Japan — 4.7% | ||||||||
Asahi Holdings Inc. | 555,200 | 8,122,830 | ||||||
|
| |||||||
Mexico — 7.7% | ||||||||
Industrias Penoles SAB de CV(a) | 1,121,263 | 13,415,445 | ||||||
|
| |||||||
Peru — 0.7% | ||||||||
Cia. de Minas Buenaventura SAA, ADR | 164,796 | 1,249,154 | ||||||
|
| |||||||
Russia — 0.0% | ||||||||
Polymetal International PLC(a)(c) | 183,040 | 24 | ||||||
|
|
Security | Shares | Value | ||||||
South Africa — 0.7% | ||||||||
Harmony Gold Mining Co. Ltd. | 408,220 | $ | 1,253,908 | |||||
|
| |||||||
United Kingdom — 0.2% | ||||||||
Hochschild Mining PLC | 520,807 | 400,093 | ||||||
|
| |||||||
United States — 20.0% | ||||||||
Coeur Mining Inc.(a)(b) | 391,084 | 1,220,182 | ||||||
Hecla Mining Co.(b) | 4,989,952 | 25,698,253 | ||||||
Newmont Corp. | 177,921 | 7,759,135 | ||||||
|
| |||||||
34,677,570 | ||||||||
|
| |||||||
Total Long-Term Investments — 99.8% |
| 173,522,381 | ||||||
|
| |||||||
Short-Term Securities | ||||||||
Money Market Funds — 4.8% | ||||||||
BlackRock Cash Funds: Institutional, | 8,369,559 | 8,374,581 | ||||||
BlackRock Cash Funds: Treasury, | 60,000 | 60,000 | ||||||
|
| |||||||
Total Short-Term Securities — 4.8% | 8,434,581 | |||||||
|
| |||||||
Total Investments — 104.6% | 181,956,962 | |||||||
Liabilities in Excess of Other Assets — (4.6)% | (8,017,541 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 173,939,421 | ||||||
|
|
(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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 08/31/22 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/23 | Shares Held at 02/28/23 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 6,273,237 | $ | 2,099,349 | (a) | $ | — | $ | 5,606 | $ | (3,611 | ) | $ | 8,374,581 | 8,369,559 | $ | 65,099 | (b) | $ | — | ||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 60,000 | — | 0 | (a) | — | — | 60,000 | 60,000 | 1,915 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | 5,606 | $ | (3,611 | ) | $ | 8,434,581 | $ | 67,014 | $ | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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, 2023 | 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/TSX 60 Index | 2 | 03/16/23 | $ | 357 | $ | 494 | ||||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
Assets — Derivative Financial Instruments | ||||||||||||||||||||||||||||
Futures contracts | ||||||||||||||||||||||||||||
Unrealized appreciation on futures contracts(a) | $ | — | $ | — | $ | 494 | $ | — | $ | — | $ | — | $ | 494 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
Net Realized Gain (Loss) from | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | (12,726 | ) | $ | — | $ | — | $ | — | $ | (12,726 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | 16,130 | $ | — | $ | — | $ | — | $ | 16,130 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts | ||||
Average notional value of contracts — long | $ | 454,938 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Common Stocks | $ | 163,745,526 | $ | 9,776,831 | $ | 24 | $ | 173,522,381 | ||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 8,434,581 | — | — | 8,434,581 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 172,180,107 | $ | 9,776,831 | $ | 24 | $ | 181,956,962 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Financial Instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Equity Contracts | $ | 494 | $ | — | $ | — | $ | 494 | ||||||||
|
|
|
|
|
|
|
|
(a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
28 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Assets and Liabilities (unaudited)
February 28, 2023
iShares MSCI Agriculture Producers ETF | iShares MSCI Global Energy Producers ETF | iShares MSCI Global Gold Miners ETF | iShares MSCI Global Metals & Mining Producers ETF | |||||||||||||
ASSETS | ||||||||||||||||
Investments, at value — unaffiliated(a)(b) | $ | 283,944,553 | $ | 114,794,528 | $ | 424,989,338 | $ | 1,533,226,993 | ||||||||
Investments, at value — affiliated(c) | 4,626,826 | 289,433 | 1,286,460 | 24,895,361 | ||||||||||||
Cash | 68,468 | 152,243 | 3,989 | 1,722,511 | ||||||||||||
Cash pledged for futures contracts | 22,000 | 54,000 | 73,000 | 199,000 | ||||||||||||
Foreign currency collateral pledged for futures contracts(d) | 15,848 | 6,014 | — | — | ||||||||||||
Foreign currency, at value(e) | 934,130 | 201,542 | 2,439,738 | 1,655,809 | ||||||||||||
Receivables: | ||||||||||||||||
Investments sold | 1,342,509 | 1,077,931 | 8,071,076 | 8,023,700 | ||||||||||||
Securities lending income — affiliated | 603 | 355 | 399 | 44,373 | ||||||||||||
Dividends — unaffiliated | 595,560 | 578,206 | 1,186,503 | 2,528,821 | ||||||||||||
Dividends — affiliated | 1,041 | 320 | 988 | 6,703 | ||||||||||||
Tax reclaims | 4,615 | 30,587 | — | 61,729 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total assets | 291,556,153 | 117,185,159 | 438,051,491 | 1,572,365,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES | ||||||||||||||||
Collateral on securities loaned, at value | 4,625,870 | 267,971 | 1,168,968 | 23,689,812 | ||||||||||||
Payables: | ||||||||||||||||
Investments purchased | 1,731,765 | 990,947 | 10,067,051 | 9,586,086 | ||||||||||||
Bank borrowings | — | 77,012 | — | 890,140 | ||||||||||||
Capital shares redeemed | — | 141,199 | — | 735,983 | ||||||||||||
Deferred foreign capital gain tax | 1,380 | 29,982 | — | — | ||||||||||||
Foreign taxes | 5,070 | 5,928 | — | — | ||||||||||||
Investment advisory fees | 86,976 | 36,826 | 135,876 | 480,844 | ||||||||||||
Variation margin on futures contracts | 2,017 | 10,140 | 3,839 | 31,364 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total liabilities | 6,453,078 | 1,560,005 | 11,375,734 | 35,414,229 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 285,103,075 | $ | 115,625,154 | $ | 426,675,757 | $ | 1,536,950,771 | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS CONSIST OF | ||||||||||||||||
Paid-in capital | $ | 304,155,359 | $ | 96,252,112 | $ | 622,320,934 | $ | 1,665,982,607 | ||||||||
Accumulated earnings (loss) | (19,052,284 | ) | 19,373,042 | (195,645,177 | ) | (129,031,836 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 285,103,075 | $ | 115,625,154 | $ | 426,675,757 | $ | 1,536,950,771 | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETVALUE | ||||||||||||||||
Shares outstanding | 6,600,000 | 4,900,000 | 19,900,000 | 36,250,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value | $ | 43.20 | $ | 23.60 | $ | 21.44 | $ | 42.40 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares authorized | 500 million | 500 million | 500 million | 500 million | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Par value | $ | 0.001 | $ | 0.001 | $ | 0.001 | $ | 0.001 | ||||||||
|
|
|
|
|
|
|
| |||||||||
(a) Investments, at cost — unaffiliated | $ | 299,394,598 | $ | 88,620,161 | $ | 520,666,835 | $ | 1,518,018,884 | ||||||||
(b) Securities loaned, at value | $ | 4,483,343 | $ | 256,270 | $ | 1,103,883 | $ | 22,203,551 | ||||||||
(c) Investments, at cost — affiliated | $ | 4,626,344 | $ | 289,197 | $ | 1,285,324 | $ | 24,881,867 | ||||||||
(d) Foreign currency collateral pledged, at cost | $ | 16,048 | $ | 6,069 | $ | — | $ | — | ||||||||
(e) Foreign currency, at cost | $ | 933,964 | $ | 202,179 | $ | 2,446,573 | $ | 1,683,197 |
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, 2023
iShares MSCI Global Silver and Metals Miners ETF | ||||
ASSETS | ||||
Investments, at value — unaffiliated(a)(b) | $ | 173,522,381 | ||
Investments, at value — affiliated(c) | 8,434,581 | |||
Cash | 362 | |||
Foreign currency collateral pledged for futures contracts(d) | 10,260 | |||
Foreign currency, at value(e) | 228,608 | |||
Receivables: | ||||
Investments sold | 3,422,622 | |||
Securities lending income — affiliated | 5,526 | |||
Dividends — unaffiliated | 59,135 | |||
Dividends — affiliated | 356 | |||
Tax reclaims | 10,438 | |||
|
| |||
Total assets | 185,694,269 | |||
|
| |||
LIABILITIES | ||||
Collateral on securities loaned, at value | 8,375,492 | |||
Payables: | ||||
Investments purchased | 3,319,181 | |||
Capital shares redeemed | 3,194 | |||
Investment advisory fees | 56,288 | |||
Variation margin on futures contracts | 693 | |||
|
| |||
Total liabilities | 11,754,848 | |||
|
| |||
NET ASSETS | $ | 173,939,421 | ||
|
| |||
NET ASSETS CONSIST OF | ||||
Paid-in capital | $ | 285,402,867 | ||
Accumulated loss | (111,463,446 | ) | ||
|
| |||
NET ASSETS | $ | 173,939,421 | ||
|
| |||
NET ASSETVALUE | ||||
Shares outstanding | 18,000,000 | |||
|
| |||
Net asset value | $ | 9.66 | ||
|
| |||
Shares authorized | 500 million | |||
|
| |||
Par value | $ | 0.001 | ||
|
| |||
(a) Investments, at cost — unaffiliated | $ | 239,380,160 | ||
(b) Securities loaned, at value | $ | 8,153,113 | ||
(c) Investments, at cost — affiliated | $ | 8,432,720 | ||
(d) Foreign currency collateral pledged, at cost | $ | 10,456 | ||
(e) Foreign currency, at cost | $ | 230,842 |
See notes to financial statements.
30 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Operations (unaudited)
Six Months Ended February 28, 2023
iShares MSCI 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 | $ | 2,905,819 | $ | 2,910,530 | $ | 5,236,384 | $ | 27,156,133 | ||||||||
Dividends — affiliated | 6,439 | 4,093 | 6,538 | 50,308 | ||||||||||||
Securities lending income — affiliated — net | 14,416 | 2,676 | 22,527 | 235,358 | ||||||||||||
Foreign taxes withheld | (244,377 | ) | (144,445 | ) | (411,857 | ) | (855,042 | ) | ||||||||
Other foreign taxes | (507 | ) | — | — | (4,491 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total investment income | 2,681,790 | 2,772,854 | 4,853,592 | 26,582,266 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
EXPENSES | ||||||||||||||||
Investment advisory | 578,691 | 242,464 | 781,875 | 2,668,138 | ||||||||||||
Commitment costs | 1,261 | 374 | — | 8,681 | ||||||||||||
Interest expense | 807 | 77 | — | 140 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 580,759 | 242,915 | 781,875 | 2,676,959 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income | 2,101,031 | 2,529,939 | 4,071,717 | 23,905,307 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments — unaffiliated(a) | (5,515,877 | ) | (474,432 | ) | (17,629,947 | ) | (11,714,919 | ) | ||||||||
Investments — affiliated | (136 | ) | 684 | 2,679 | 3,514 | |||||||||||
Capital gain distributions from underlying funds — affiliated | — | — | — | 2 | ||||||||||||
Foreign currency transactions | (13,855 | ) | (4,852 | ) | (48,917 | ) | (1,399,981 | ) | ||||||||
Futures contracts | 115,947 | (20,611 | ) | (175,999 | ) | (2,204,116 | ) | |||||||||
In-kind redemptions — unaffiliated(b) | 8,924,542 | 3,430,273 | (628,091 | ) | 3,128,835 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
3,510,621 | 2,931,062 | (18,480,275 | ) | (12,186,665 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments — unaffiliated(c) | (2,799,814 | ) | (895,069 | ) | 68,411,830 | 207,585,659 | ||||||||||
Investments — affiliated | 157 | (24 | ) | (92 | ) | 5,707 | ||||||||||
Foreign currency translations | 6,400 | 8,173 | 10,292 | 283,901 | ||||||||||||
Futures contracts | 8,938 | (20,807 | ) | 35,182 | 252,195 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
(2,784,319 | ) | (907,727 | ) | 68,457,212 | 208,127,462 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain | 726,302 | 2,023,335 | 49,976,937 | 195,940,797 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 2,827,333 | $ | 4,553,274 | $ | 54,048,654 | $ | 219,846,104 | ||||||||
|
|
|
|
|
|
|
| |||||||||
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable | $ | (39,032 | ) | $ | (12,137 | ) | $ | — | $ | (88,614 | ) | |||||
(b) See Note 2 of the Notes to Financial Statements. | ||||||||||||||||
(c) Net of reduction in deferred foreign capital gain tax of | $ | 124,876 | $ | 55,019 | $ | — | $ | — |
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, 2023
iShares MSCI Global Silver and Metals Miners ETF | ||||
| ||||
INVESTMENT INCOME | ||||
Dividends — unaffiliated | $ | 919,851 | ||
Dividends — affiliated | 1,915 | |||
Securities lending income — affiliated — net | 65,099 | |||
Foreign taxes withheld | (84,031 | ) | ||
|
| |||
Total investment income | 902,834 | |||
|
| |||
EXPENSES | ||||
Investment advisory | 354,023 | |||
|
| |||
Total expenses | 354,023 | |||
|
| |||
Net investment income | 548,811 | |||
|
| |||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||
Net realized gain (loss) from: | ||||
Investments — unaffiliated | (3,423,829 | ) | ||
Investments — affiliated | 5,606 | |||
Foreign currency transactions | 31,425 | |||
Futures contracts | (12,726 | ) | ||
In-kind redemptions — unaffiliated(a) | 523,750 | |||
|
| |||
(2,875,774 | ) | |||
|
| |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments — unaffiliated | 21,520,583 | |||
Investments — affiliated | (3,611 | ) | ||
Foreign currency translations | 761 | |||
Futures contracts | 16,130 | |||
|
| |||
21,533,863 | ||||
|
| |||
Net realized and unrealized gain | 18,658,089 | |||
|
| |||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 19,206,900 | ||
|
| |||
(a) See Note 2 of the Notes to Financial Statements. |
See notes to financial statements.
32 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Changes in Net Assets
iShares MSCI Agriculture Producers ETF | iShares MSCI Global Energy Producers ETF | |||||||||||||||||||
Six Months Ended 02/28/23 (unaudited) | Year Ended 08/31/22 | Six Months Ended 02/28/23 (unaudited) | Year Ended 08/31/22 | |||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Net investment income | $ | 2,101,031 | $ | 3,375,322 | $ | 2,529,939 | $ | 5,174,837 | ||||||||||||
Net realized gain | 3,510,621 | 8,876,407 | 2,931,062 | 7,971,952 | ||||||||||||||||
Net change in unrealized appreciation (depreciation) | (2,784,319 | ) | (23,930,348 | ) | (907,727 | ) | 28,176,053 | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | 2,827,333 | (11,678,619 | ) | 4,553,274 | 41,322,842 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (2,766,750 | ) | (2,600,095 | ) | (4,057,950 | ) | (4,516,824 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | (7,129,917 | ) | 220,839,002 | (7,229,766 | ) | 5,467,754 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
NET ASSETS | ||||||||||||||||||||
Total increase (decrease) in net assets | (7,069,334 | ) | 206,560,288 | (6,734,442 | ) | 42,273,772 | ||||||||||||||
Beginning of period | 292,172,409 | 85,612,121 | 122,359,596 | 80,085,824 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 285,103,075 | $ | 292,172,409 | $ | 115,625,154 | $ | 122,359,596 | ||||||||||||
|
|
|
|
|
|
|
|
(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 02/28/23 (unaudited) | Year Ended 08/31/22 | Six Months Ended 02/28/23 (unaudited) | Year Ended 08/31/22 | |||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||
Net investment income | $ | 4,071,717 | $ | 10,684,333 | $ | 23,905,307 | $ | 79,802,759 | ||||||||||||
Net realized loss | (18,480,275 | ) | (4,070,305 | ) | (12,186,665 | ) | (8,861,218 | ) | ||||||||||||
Net change in unrealized appreciation (depreciation) | 68,457,212 | (169,449,633 | ) | 208,127,462 | (306,487,075 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) in net assets resulting from operations | 54,048,654 | (162,835,605 | ) | 219,846,104 | (235,545,534 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (5,152,158 | ) | (10,485,280 | ) | (35,689,460 | ) | (107,607,704 | ) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | 15,414,492 | (22,456,828 | ) | 129,802,835 | 460,084,733 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
NET ASSETS | ||||||||||||||||||||
Total increase (decrease) in net assets | 64,310,988 | (195,777,713 | ) | 313,959,479 | 116,931,495 | |||||||||||||||
Beginning of period | 362,364,769 | 558,142,482 | 1,222,991,292 | 1,106,059,797 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
End of period | $ | 426,675,757 | $ | 362,364,769 | $ | 1,536,950,771 | $ | 1,222,991,292 | ||||||||||||
|
|
|
|
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
34 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Changes in Net Assets (continued)
iShares MSCI Global Silver and Metals Miners ETF | ||||||||
Six Months Ended 02/28/23 (unaudited) | Year Ended 08/31/22 | |||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||
OPERATIONS | ||||||||
Net investment income | $ | 548,811 | $ | 2,187,893 | ||||
Net realized loss | (2,875,774 | ) | (13,005,365 | ) | ||||
Net change in unrealized appreciation (depreciation) | 21,533,863 | (84,534,229 | ) | |||||
|
|
|
| |||||
Net increase (decrease) in net assets resulting from operations | 19,206,900 | (95,351,701 | ) | |||||
|
|
|
| |||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||
Decrease in net assets resulting from distributions to shareholders | (175,102 | ) | (2,201,237 | ) | ||||
|
|
|
| |||||
CAPITAL SHARE TRANSACTIONS | ||||||||
Net decrease in net assets derived from capital share transactions | (887,521 | ) | (13,980,090 | ) | ||||
|
|
|
| |||||
NET ASSETS | ||||||||
Total increase (decrease) in net assets | 18,144,277 | (111,533,028 | ) | |||||
Beginning of period | 155,795,144 | 267,328,172 | ||||||
|
|
|
| |||||
End of period | $ | 173,939,421 | $ | 155,795,144 | ||||
|
|
|
|
(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 H I G H L I G H T S | 35 |
(For a share outstanding throughout each period)
iShares MSCI Agriculture Producers ETF | ||||||||||||||||||||||
|
| |||||||||||||||||||||
Six Months Ended 02/28/23 | Year Ended 08/31/22 | Year Ended 08/31/21 | Year Ended 08/31/20 | Year Ended 08/31/19 | Year Ended 08/31/18 | |||||||||||||||||
| ||||||||||||||||||||||
Net asset value, beginning of period | $ | 43.28 | $ | 39.82 | $ | 28.60 | $ | 26.88 | $ | 29.15 | $27.08 | |||||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net investment income(a) | 0.30 | 0.86 | 0.60 | 0.49 | 0.53 | 0.53 | ||||||||||||||||
Net realized and unrealized gain (loss)(b) | 0.01 | 3.25 | 11.11 | 1.73 | (2.25 | ) | 2.03 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net increase (decrease) from investment operations | 0.31 | 4.11 | 11.71 | 2.22 | (1.72 | ) | 2.56 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Distributions from net investment income(c) | (0.39 | ) | (0.65 | ) | (0.49 | ) | (0.50 | ) | (0.55 | ) | (0.49) | |||||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net asset value, end of period | $ | 43.20 | $ | 43.28 | $ | 39.82 | $ | 28.60 | $ | 26.88 | $29.15 | |||||||||||
|
| �� |
|
|
|
|
|
|
|
|
| |||||||||||
Total Return(d) | ||||||||||||||||||||||
Based on net asset value | 0.68 | %(e) | 10.43 | % | 41.16 | % | 8.41 | % | (5.88 | )% | 9.49% | |||||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
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 | % | 0.39 | % | 0.37% | |||||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Net investment income | 1.42 | %(g) | 2.00 | % | 1.60 | % | 1.84 | % | 1.88 | % | 1.84% | |||||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Supplemental Data | ||||||||||||||||||||||
Net assets, end of period (000) | $ | 285,103 | $ | 292,172 | $ | 85,612 | $ | 27,175 | $ | 25,535 | $33,521 | |||||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Portfolio turnover rate(h) | 7 | % | 10 | % | 6 | % | 9 | % | 13 | % | 25% | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
(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 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Global Energy Producers ETF | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||
Six Months Ended 02/28/23 | Year Ended 08/31/22 | Year Ended 08/31/21 | Year Ended 08/31/20 | Year Ended 08/31/19 | Year Ended 08/31/18 | |||||||||||||||||||
| ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 23.53 | $ | 15.86 | $ | 12.04 | $ | 17.97 | $ | 22.80 | $ | 18.57 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income(a) | 0.49 | 1.01 | 0.58 | 0.68 | 0.70 | 0.64 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | 0.36 | 7.51 | 3.76 | (5.61 | ) | (4.90 | ) | 4.23 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) from investment operations | 0.85 | 8.52 | 4.34 | (4.93 | ) | (4.20 | ) | 4.87 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions from net investment income(c) | (0.78 | ) | (0.85 | ) | (0.52 | ) | (1.00 | ) | (0.63 | ) | (0.64 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 23.60 | $ | 23.53 | $ | 15.86 | $ | 12.04 | $ | 17.97 | $ | 22.80 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return(d) | ||||||||||||||||||||||||
Based on net asset value | 3.55 | %(e) | 54.58 | % | 36.41 | % | (28.92 | )% | (18.56 | )% | 26.48 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios to Average Net Assets(f) | ||||||||||||||||||||||||
Total expenses | 0.39 | %(g) | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income | 4.07 | %(g) | 4.85 | % | 4.01 | % | 4.62 | % | 3.41 | % | 2.93 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 115,625 | $ | 122,360 | $ | 80,086 | $ | 49,985 | $ | 46,733 | $ | 47,889 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Portfolio turnover rate(h) | 4 | % | 12 | % | 8 | % | 12 | % | 6 | % | 5 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(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 02/28/23 | Year Ended 08/31/22 | Year Ended 08/31/21 | Year Ended 08/31/20 | Year Ended 08/31/19 | Year Ended 08/31/18 | |||||||||||||||||||
| ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 18.35 | $ | 26.96 | $ | 35.13 | $ | 24.01 | $ | 14.43 | $ | 19.96 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income(a) | 0.21 | 0.56 | 0.49 | 0.17 | 0.18 | 0.10 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | 3.16 | (8.61 | ) | (8.20 | ) | 11.11 | 9.59 | (5.51 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) from investment operations | 3.37 | (8.05 | ) | (7.71 | ) | 11.28 | 9.77 | (5.41 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions from net investment income(c) | (0.28 | ) | (0.56 | ) | (0.46 | ) | (0.16 | ) | (0.19 | ) | (0.12 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 21.44 | $ | 18.35 | $ | 26.96 | $ | 35.13 | $ | 24.01 | $ | 14.43 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return(d) | ||||||||||||||||||||||||
Based on net asset value | 18.35 | %(e) | (30.42 | )% | (22.12 | )% | 47.22 | % | 68.13 | % | (27.22 | )% | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios to Average Net Assets(f) | ||||||||||||||||||||||||
Total expenses | 0.39 | %(g) | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income | 2.03 | %(g) | 2.16 | % | 1.63 | % | 0.66 | % | 1.04 | % | 0.56 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 426,676 | $ | 362,365 | $ | 558,142 | $ | 572,625 | $ | 325,284 | $ | 232,989 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Portfolio turnover rate(h) | 7 | % | 25 | % | 12 | % | 21 | % | 15 | % | 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.
38 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Global Metals & Mining Producers ETF | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||
Six Months Ended 02/28/23 | Year Ended 08/31/22 | Year Ended 08/31/21 | Year Ended 08/31/20 | Year Ended 08/31/19 | Year Ended 08/31/18 | |||||||||||||||||||
| ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 36.62 | $ | 45.61 | $ | 27.79 | $ | 25.60 | $ | 30.93 | $ | 31.86 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income(a) | 0.70 | 2.67 | 2.13 | 1.04 | 1.49 | 1.06 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | 6.15 | (8.08 | ) | 16.86 | 2.26 | (5.13 | ) | (1.05 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) from investment operations | 6.85 | (5.41 | ) | 18.99 | 3.30 | (3.64 | ) | 0.01 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions from net investment income(c) | (1.07 | ) | (3.58 | ) | (1.17 | ) | (1.11 | ) | (1.69 | ) | (0.94 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 42.40 | $ | 36.62 | $ | 45.61 | $ | 27.79 | $ | 25.60 | $ | 30.93 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return(d) | ||||||||||||||||||||||||
Based on net asset value | 18.72 | %(e) | (12.69 | )% | 68.77 | % | 13.00 | % | (12.16 | )% | (0.10 | )% | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios to Average Net Assets(f) | ||||||||||||||||||||||||
Total expenses | 0.39 | %(g) | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total expenses excluding professional fees for foreign withholding tax claims | N/A | 0.39 | % | N/A | N/A | N/A | N/A | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income | 3.49 | %(g) | 6.23 | % | 5.11 | % | 4.03 | % | 5.05 | % | 3.15 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 1,536,951 | $ | 1,222,991 | $ | 1,106,060 | $ | 297,394 | $ | 221,470 | $ | 403,636 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Portfolio turnover rate(h) | 5 | % | 19 | % | 17 | % | 11 | % | 14 | % | 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.
F I N A N C I A L S T A T E M E N T S | 39 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Global Silver and Metals Miners ETF | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||
Six Months Ended 02/28/23 | Year Ended 08/31/22 | Year Ended 08/31/21 | Year Ended 08/31/20 | Year Ended 08/31/19 | Year Ended 08/31/18 | |||||||||||||||||||
| ||||||||||||||||||||||||
Net asset value, beginning of period | $ | 8.61 | $ | 13.92 | $ | 17.29 | $ | 10.84 | $ | 8.43 | $ | 11.47 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income(a) | 0.03 | 0.12 | 0.10 | 0.04 | 0.09 | 0.10 | ||||||||||||||||||
Net realized and unrealized gain (loss)(b) | 1.03 | (5.31 | ) | (2.93 | ) | 6.62 | 2.40 | (3.05 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) from investment operations | 1.06 | (5.19 | ) | (2.83 | ) | 6.66 | 2.49 | (2.95 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Distributions from net investment income(c) | (0.01 | ) | (0.12 | ) | (0.54 | ) | (0.21 | ) | (0.08 | ) | (0.09 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net asset value, end of period | $ | 9.66 | $ | 8.61 | $ | 13.92 | $ | 17.29 | $ | 10.84 | $ | 8.43 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total Return(d) | ||||||||||||||||||||||||
Based on net asset value | 12.37 | %(e) | (37.54 | )% | (16.69 | )% | 62.71 | % | 29.89 | % | (25.87 | )% | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Ratios to Average Net Assets(f) | ||||||||||||||||||||||||
Total expenses | 0.39 | %(g) | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | 0.39 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net investment income | 0.60 | %(g) | 0.94 | % | 0.63 | % | 0.35 | % | 0.98 | % | 0.94 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Supplemental Data | ||||||||||||||||||||||||
Net assets, end of period (000) | $ | 173,939 | $ | 155,795 | $ | 267,328 | $ | 250,656 | $ | 99,757 | $ | 50,577 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Portfolio turnover rate(h) | 7 | % | 38 | % | 31 | % | 66 | % | 27 | % | 19 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(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 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited)
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 Agriculture Producers(a) | 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 |
(a) | Formerly the iShares MSCI Global Agriculture Producers ETF |
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, 2023, if any, are disclosed in the Statements of Assets and Liabilities.
The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.
Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.
In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.
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. The Board of Directors of the Company (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
• | Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price. |
• | Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV. |
• | Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded. |
Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.
Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.
Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• | Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access; |
• | Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and |
• | Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately
42 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
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 BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.
Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.
As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:
iShares ETF and Counterparty | | Securities Loaned at Value | | | Cash Collateral Received | (a) | | Non-Cash Collateral Received, at Fair Value | (a) | Net Amount | ||||||
MSCI Agriculture Producers | ||||||||||||||||
Barclays Capital, Inc. | $ | 38,356 | $ | (38,356 | ) | $ | — | $ | — | |||||||
BNP Paribas SA | 31,512 | (31,512 | ) | — | — | |||||||||||
Citadel Clearing LLC | 3,548,412 | (3,548,412 | ) | — | — | |||||||||||
Citigroup Global Markets, Inc. | 21,185 | (21,185 | ) | — | — | |||||||||||
J.P. Morgan Securities LLC | 735 | (735 | ) | — | — | |||||||||||
Morgan Stanley | 753,942 | (753,942 | ) | — | — | |||||||||||
SG Americas Securities LLC | 89,201 | (89,201 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 4,483,343 | $ | (4,483,343 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Global Energy Producers | ||||||||||||||||
Barclays Bank PLC | $ | 50,816 | $ | (50,816 | ) | $ | — | $ | — | |||||||
Barclays Capital, Inc. | 28,416 | (28,416 | ) | — | — | |||||||||||
BNP Paribas SA | 19,403 | (19,403 | ) | — | — | |||||||||||
Goldman Sachs & Co. LLC | 110,841 | (110,841 | ) | — | — | |||||||||||
Jefferies LLC | 5,957 | (5,957 | ) | — | — | |||||||||||
Morgan Stanley | 40,800 | (40,800 | ) | — | — | |||||||||||
Natixis SA | 37 | (37 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 256,270 | $ | (256,270 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Global Gold Miners | ||||||||||||||||
BofA Securities, Inc. | $ | 949,698 | $ | (949,698 | ) | $ | — | $ | — | |||||||
HSBC Bank PLC | 154,185 | (154,185 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 1,103,883 | $ | (1,103,883 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
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 | | Securities Loaned at Value | | | Cash Collateral Received | (a) | | Non-Cash Collateral Received, at Fair Value | (a) | Net Amount | ||||||
MSCI Global Metals & Mining Producers | ||||||||||||||||
Barclays Bank PLC | $ | 759,348 | $ | (756,677 | ) | $ | — | $ | 2,671 | (b) | ||||||
Barclays Capital, Inc. | 2,146,013 | (2,146,013 | ) | — | — | |||||||||||
BNP Paribas SA | 2,419,990 | (2,419,990 | ) | — | — | |||||||||||
BofA Securities, Inc. | 5,899,757 | (5,899,757 | ) | — | — | |||||||||||
J.P. Morgan Securities LLC | 2,057,913 | (2,057,913 | ) | — | — | |||||||||||
Jefferies LLC | 522,370 | (522,370 | ) | — | — | |||||||||||
Macquarie Bank Ltd. | 99,177 | (99,177 | ) | — | — | |||||||||||
Morgan Stanley | 5,545,360 | (5,545,360 | ) | — | — | |||||||||||
National Financial Services LLC | 76,818 | (76,818 | ) | — | — | |||||||||||
Scotia Capital (USA), Inc. | 2,267,632 | (2,267,632 | ) | — | — | |||||||||||
UBS AG | 247,889 | (247,889 | ) | — | — | |||||||||||
Wells Fargo Bank N.A. | 161,284 | (138,808 | ) | — | 22,476 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 22,203,551 | $ | (22,178,404 | ) | $ | — | $ | 25,147 | ||||||||
|
|
|
|
|
|
|
| |||||||||
MSCI Global Silver and Metals Miners | ||||||||||||||||
BofA Securities, Inc. | $ | 2,317,934 | $ | (2,317,934 | ) | $ | — | $ | — | |||||||
Goldman Sachs & Co. LLC | 46,488 | (46,185 | ) | — | 303 | |||||||||||
J.P. Morgan Securities LLC | 148,037 | (148,037 | ) | — | — | |||||||||||
State Street Bank & Trust Co. | 532,884 | (532,884 | ) | — | — | |||||||||||
Toronto-Dominion Bank | 5,107,770 | (5,107,770 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 8,153,113 | $ | (8,152,810 | ) | $ | — | $ | 303 | ||||||||
|
|
|
|
|
|
|
|
(a) | Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s Statements of Assets and Liabilities. |
(b) | The market value of the loaned securities is determined as of February 28, 2023. 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 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
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 Statements of Operations does not include acquired fund fees and expenses.
For each of the iShares MSCI 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, 2023, there were no fees waived by BFA pursuant to these arrangements.
Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.
Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.
Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended February 28, 2023, the Funds paid BTC the following amounts for securities lending agent services:
iShares ETF | Amounts | |||
MSCI Agriculture Producers | $ | 3,532 | ||
MSCI Global Energy Producers | 712 | |||
MSCI Global Gold Miners | 5,506 | |||
MSCI Global Metals & Mining Producers | 53,677 | |||
MSCI Global Silver and Metals Miners | 15,855 |
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, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:
iShares ETF | Purchases | Sales | Net Realized Gain (Loss) | |||||||||
MSCI Agriculture Producers | $ | 306,181 | $ | 1,124,229 | $ | (135,810 | ) | |||||
MSCI Global Energy Producers | 244,690 | 466,608 | 53,991 | |||||||||
MSCI Global Gold Miners | 4,137,199 | 1,548,459 | 22,856 | |||||||||
MSCI Global Metals & Mining Producers | 6,428,925 | 1,889,264 | (317,641 | ) | ||||||||
MSCI Global Silver and Metals Miners | 187,675 | 3,269,720 | (1,091,012 | ) |
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)
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, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:
iShares ETF | Purchases | Sales | ||||||
MSCI Agriculture Producers | $ | 20,605,062 | $ | 19,968,790 | ||||
MSCI Global Energy Producers | 5,094,066 | 6,547,677 | ||||||
MSCI Global Gold Miners | 31,354,398 | 28,274,785 | ||||||
MSCI Global Metals & Mining Producers | 92,065,095 | 70,003,030 | ||||||
MSCI Global Silver and Metals Miners | 12,941,987 | 12,613,772 |
For the six months ended February 28, 2023, in-kind transactions were as follows:
iShares ETF | In-kind Purchases | In-kind Sales | ||||||
MSCI Agriculture Producers | $ | 29,386,329 | $ | 37,333,627 | ||||
MSCI Global Energy Producers | — | 6,645,699 | ||||||
MSCI Global Gold Miners | 53,890,047 | 42,132,300 | ||||||
MSCI Global Metals & Mining Producers | 123,587,513 | 19,342,851 | ||||||
MSCI Global Silver and Metals Miners | 3,789,486 | 4,675,906 |
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, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.
As of August 31, 2022, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:
iShares ETF | Amounts | |||
MSCI Agriculture Producers | $ | 5,921,350 | ||
MSCI Global Energy Producers | 8,293,510 | |||
MSCI Global Gold Miners | 76,610,760 | |||
MSCI Global Metals & Mining Producers | 88,990,852 | |||
MSCI Global Silver and Metals Miners | 38,174,848 |
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, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:
iShares ETF | Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
MSCI Agriculture Producers | $ | 305,545,840 | $ | 12,177,913 | $ | (29,135,793 | ) | $ | (16,957,880 | ) | ||||||
MSCI Global Energy Producers | 90,750,734 | 29,649,673 | (5,341,219 | ) | 24,308,454 | |||||||||||
MSCI Global Gold Miners | 527,638,273 | 14,299,866 | (115,667,332 | ) | (101,367,466 | ) | ||||||||||
MSCI Global Metals & Mining Producers | 1,589,177,648 | 183,671,334 | (214,817,001 | ) | (31,145,667 | ) | ||||||||||
MSCI Global Silver and Metals Miners | 252,210,812 | 3,127,968 | (73,381,324 | ) | (70,253,356 | ) |
46 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
9. | LINE OF CREDIT |
The iShares MSCI 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 11, 2023. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.
For the six months ended February 28, 2023, 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 Agriculture Producers | $ | 845,000 | $ | 32,680 | 4.91 | % | ||||||
MSCI Global Energy Producers | 77,000 | 3,055 | 5.02 | |||||||||
MSCI Global Metals & Mining Producers | 890,000 | 4,917 | 5.75 |
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.
Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.
Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.
The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.
Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.
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)
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 have been, and may continue to 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.
LIBOR Transition Risk: The Funds may be exposed to financial instruments that are tied to the London Interbank Offered Rate (“LIBOR”) to determine payment obligations, financing terms, hedging strategies or investment value. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, announced that a majority of USD LIBOR settings will no longer be published after June 30, 2023. All other LIBOR settings and certain other interbank offered rates ceased to be published after December 31, 2021. SOFR has been used increasingly on a voluntary basis in new instruments and transactions. The Federal Reserve Board adopted regulations that provide a fallback mechanism by identifying benchmark rates based on SOFR that will replace LIBOR in certain financial contracts after June 30, 2023. 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 02/28/23 | Year Ended 08/31/22 | |||||||||||||||
iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
| ||||||||||||||||
MSCI Agriculture Producers | ||||||||||||||||
Shares sold | 850,000 | $ | 36,485,912 | 5,500,000 | $ | 256,610,003 | ||||||||||
Shares redeemed | (1,000,000 | ) | (43,615,829 | ) | (900,000 | ) | (35,771,001 | ) | ||||||||
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|
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(150,000 | ) | $ | (7,129,917 | ) | 4,600,000 | $ | 220,839,002 | |||||||||
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48 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
| ||||||||||||||||
Six Months Ended 02/28/23 | Year Ended 08/31/22 | |||||||||||||||
iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
| ||||||||||||||||
MSCI Global Energy Producers | ||||||||||||||||
Shares sold | — | $ | 335 | 1,200,000 | $ | 26,932,941 | ||||||||||
Shares redeemed | (300,000 | ) | (7,230,101 | ) | (1,050,000 | ) | (21,465,187 | ) | ||||||||
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(300,000 | ) | $ | (7,229,766 | ) | 150,000 | $ | 5,467,754 | |||||||||
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MSCI Global Gold Miners | ||||||||||||||||
Shares sold | 2,400,000 | $ | 58,766,420 | 2,800,000 | $ | 78,364,021 | ||||||||||
Shares redeemed | (2,250,000 | ) | (43,351,928 | ) | (3,750,000 | ) | (100,820,849 | ) | ||||||||
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150,000 | $ | 15,414,492 | (950,000 | ) | $ | (22,456,828 | ) | |||||||||
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MSCI Global Metals & Mining Producers | ||||||||||||||||
Shares sold | 3,500,000 | $ | 153,919,901 | 15,350,000 | $ | 703,994,792 | ||||||||||
Shares redeemed | (650,000 | ) | (24,117,066 | ) | (6,200,000 | ) | (243,910,059 | ) | ||||||||
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| |||||||||
2,850,000 | $ | 129,802,835 | 9,150,000 | $ | 460,084,733 | |||||||||||
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MSCI Global Silver and Metals Miners | ||||||||||||||||
Shares sold | 400,000 | $ | 3,805,213 | 1,000,000 | $ | 13,463,519 | ||||||||||
Shares redeemed | (500,000 | ) | (4,692,734 | ) | (2,100,000 | ) | (27,443,609 | ) | ||||||||
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(100,000 | ) | $ | (887,521 | ) | (1,100,000 | ) | $ | (13,980,090 | ) | |||||||
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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.
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 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, 2022 (the ���Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2021 through September 30, 2022 (the “Program Reporting Period”).
The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays, the imposition of capital controls in certain non-U.S. countries, Russian sanctions and the closure of the Russian securities market.
The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:
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. The Committee also considered that ETFs generally do not engage in borrowing. |
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. However, there were no ETFs with persistent deviations of fund premium/discount or bid/ask spreads from long-term averages over the Program Reporting Period. |
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. |
There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.
50 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
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 Abbreviation
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 |
52 | 2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
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.
©2023 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-812-0223
FEBRUARY 28, 2023 |
| 2023 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,
Significant economic headwinds emerged during the 12-month reporting period ended February 28, 2023, as investors navigated changing economic conditions and volatile markets. The U.S. economy shrank in the first half of 2022 before returning to modest growth in the second half of the year, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high before beginning to moderate. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.
Equity prices fell as interest rates rose, particularly during the first half of the reporting period. Both large-and small-capitalization U.S. stocks fell, although equities began to recover in the second half of the period as inflation eased and economic growth resumed. Emerging market stocks and international equities from developed markets declined overall, pressured by rising interest rates and a strong U.S. dollar.
The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to fluctuating inflation data and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and higher interest rates led to rising borrowing costs for corporate issuers.
The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates eight times. Furthermore, the Fed wound down its bond-buying programs and accelerated the reduction of its balance sheet.
Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth slowed in the last year, we believe that taming inflation requires a more substantial decline that lowers demand to a level more in line with the economy’s productive capacity. Although the Fed has decelerated the pace of interest rate hikes, it still seems determined to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, but the dimming economic outlook has not yet been fully reflected in current market prices. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions. Turmoil in the banking sector shortly following the end of the period highlighted the potential for the knock-on effects of substantially higher interest rates to disrupt markets with little warning.
While we favor an overweight to equities in the long term, several factors lead us to take an underweight stance on equities overall in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with the possibility of a recession in a business environment characterized by higher costs and reduced pricing power. Nevertheless, we are overweight on emerging market stocks as a weaker U.S. dollar provides a supportive backdrop. We also see long-term opportunities in credit, where valuations are appealing and higher yields provide attractive income, although we are neutral on credit in the near term, as we believe that troubles in the banking sector will likely lead to reduced lending. However, we believe there are still some strong opportunities for a six- to twelve-month horizon, particularly short-term U.S. Treasuries, global inflation-linked bonds, and emerging market bonds denominated in local currency.
Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.
Rob Kapito
President, BlackRock, Inc.
Rob Kapito
President, BlackRock, Inc.
Total Returns as of February 28, 2023 | ||||||||
6-Month | 12-Month | |||||||
U.S. large cap equities (S&P 500® Index) | 1.26% | (7.69)% | ||||||
U.S. small cap equities (Russell 2000® Index) | 3.63 | (6.02) | ||||||
International equities (MSCI Europe, Australasia, Far East Index) | 12.58 | (3.14) | ||||||
Emerging market equities (MSCI Emerging Markets Index) | (2.29) | (15.28) | ||||||
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index) | 1.74 | 2.11 | ||||||
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index) | (4.81) | (14.06) | ||||||
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index) | (2.13) | (9.72) | ||||||
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index) | 0.66 | (5.10) | ||||||
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index) | 2.52 | (5.45) | ||||||
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, 2023 | 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-Month Total Returns | 1 Year | 5 Years | Since Inception | 1 Year | 5 Years | Since Inception | ||||||||||||||||||||||||||
Fund NAV | (1.03 | )% | (11.64 | )% | 0.43 | % | 2.84 | % | (11.64 | )% | 2.15 | % | 26.66 | % | ||||||||||||||||||
Fund Market | (1.25 | ) | (12.16 | ) | 0.41 | 2.82 | (12.16 | ) | 2.06 | 26.48 | ||||||||||||||||||||||
Index | (1.56 | ) | (11.21 | ) | 0.65 | 3.27 | (11.21 | ) | 3.32 | 31.24 |
The inception date of the Fund was September 23, 2014. The first day of secondary market trading was September 25, 2014.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||||
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| Beginning Account Value (09/01/22) |
| | Ending Account Value (02/28/23) |
| | Expenses Paid During the Period |
(a) | | Beginning Account Value (09/01/22) |
| | Ending Account Value (02/28/23) |
| | Expenses Paid During the Period |
(a) | | Annualized Expense Ratio |
| ||||||||||||
$ 1,000.00 | $ 989.70 | $ 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 “Disclosure of 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
PORTFOLIO COMPOSITION
Investment Type | Percent of Net Assets | |||
Investment Companies | 99.9 | % | ||
Short-term Investments | 1.3 | |||
Forward foreign currency exchange contracts, net cumulative appreciation | 2.2 | |||
Other assets less liabilities | (3.4 | ) |
SECTOR ALLOCATION (of the UNDERLYING FUND)
Sector | Percent of Total Investment(a) | |||
Financials | 21.7 | % | ||
Information Technology | 20.2 | |||
Consumer Discretionary | 13.8 | |||
Communication Services | 10.1 | |||
Materials | 8.7 | |||
Consumer Staples | 6.3 | |||
Industrials | 6.0 | |||
Energy | 4.7 | |||
Health Care | 3.9 | |||
Utilities | 2.6 | |||
Real Estate | 2.0 |
(a) | Excludes money market funds. |
4 | 2 0 2 3 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Fund Summary as of February 28, 2023 | 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-Month Total Returns | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||
Fund NAV | (2.03 | )% | (15.42 | )% | (2.54 | )% | 0.88 | % | (15.42 | )% | (12.08 | )% | 9.11 | % | ||||||||||||||||
Fund Market | (1.58 | ) | (16.23 | ) | (2.36 | ) | 0.93 | (16.23 | ) | (11.25 | ) | 9.67 | ||||||||||||||||||
Index | (2.29 | ) | (15.28 | ) | (1.87 | ) | 1.52 | (15.28 | ) | (8.99 | ) | 16.24 |
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
| Beginning Account Value (09/01/22) | | | Ending Account Value | | | Expenses Paid During the Period |
(a) | | Beginning Account Value (09/01/22) |
| | Ending Account Value (02/28/23) |
| | Expenses Paid During the Period |
(a) | | Annualized Expense Ratio |
| ||||||||||||
$ 1,000.00 | $ 979.70 | $ 3.44 | $ 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 “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
Sector | | Percent of Total Investments | (a) | |
Financials | 21.7 | % | ||
Information Technology | 20.2 | |||
Consumer Discretionary | 13.8 | |||
Communication Services | 10.1 | |||
Materials | 8.7 | |||
Consumer Staples | 6.3 | |||
Industrials | 6.0 | |||
Energy | 4.7 | |||
Health Care | 3.9 | |||
Utilities | 2.6 | |||
Real Estate | 2.0 |
GEOGRAPHIC ALLOCATION
Country/Geographic Region | | Percent of Total Investments | (a) | |
China | 32.2 | % | ||
Taiwan | 15.1 | |||
India | 13.2 | |||
South Korea | 11.7 | |||
Brazil | 5.0 | |||
Saudi Arabia | 4.0 | |||
South Africa | 3.4 | |||
Mexico | 2.7 | |||
Thailand | 2.1 | |||
Indonesia | 1.9 | |||
Malaysia | 1.5 | |||
United Arab Emirates | 1.4 | |||
Other (each representing less than 1%) | 5.8 |
(a) | Excludes money market funds. |
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 the Period.”
The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.
6 | 2 0 2 3 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) February 28, 2023 | iShares® Currency Hedged MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
| ||||||||
Investment Companies | ||||||||
Exchange-Traded Funds — 99.9% | ||||||||
iShares MSCI Emerging Markets ETF(a) | 3,570,408 | $ | 136,496,698 | |||||
|
| |||||||
Total Investment Companies | 136,496,698 | |||||||
|
| |||||||
Short-Term Securities | ||||||||
Money Market Funds — 1.3% | ||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(a)(b) | 1,790,000 | 1,790,000 | ||||||
|
| |||||||
Total Short-Term Securities — 1.3% | 1,790,000 | |||||||
|
| |||||||
Total Investments in Securities — 101.2% | 138,286,698 | |||||||
Liabilities in Excess of Other Assets — (1.2)% |
| (1,682,801 | ) | |||||
|
| |||||||
Net Assets — 100.0% | $ | 136,603,897 | ||||||
|
|
(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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| ||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 08/31/22 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/23 | Shares Held at 02/28/23 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares(a) | $ | — | $ | 4,905 | (b) | $ | — | $ | (4,905 | ) | $ | — | $ | — | — | $ | 9,576 | (c) | $ | — | ||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 960,000 | 830,000 | (b) | — | — | — | 1,790,000 | 1,790,000 | 9,042 | — | ||||||||||||||||||||||||||
iShares MSCI Emerging Markets ETF | 153,764,856 | 48,531,247 | (60,298,932 | ) | (6,716,357 | ) | 1,215,884 | 136,496,698 | 3,570,408 | 2,235,931 | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | (6,721,262 | ) | $ | 1,215,884 | $ | 138,286,698 | $ | 2,254,549 | $ | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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
Forward Foreign Currency Exchange Contracts
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||||
BRL | 32,000 | USD | 6,103 | Morgan Stanley & Co. International PLC | 03/03/23 | $ | 8 | |||||||||||||||||||||||
CLP | 785,738,000 | USD | 945,818 | Morgan Stanley & Co. International PLC | 03/03/23 | 3,421 | ||||||||||||||||||||||||
CNH | 50,821,320 | USD | 7,311,149 | State Street Bank London | 03/03/23 | 1,925 | ||||||||||||||||||||||||
HKD | 289,034,000 | USD | 36,821,963 | Morgan Stanley & Co. International PLC | 03/03/23 | 2,583 | ||||||||||||||||||||||||
INR | 121,408,000 | USD | 1,466,267 | Morgan Stanley & Co. International PLC | 03/03/23 | 2,420 | ||||||||||||||||||||||||
MXN | 5,064,000 | USD | 271,400 | Bank of America N.A. | 03/03/23 | 5,322 |
SCHEDULE OF INVESTMENTS | 7 |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® Currency Hedged MSCI Emerging Markets ETF |
Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||||
MXN | 67,125,000 | USD | 3,663,029 | Goldman Sachs International | 03/03/23 | $ | 5,013 | |||||||||||||||||||||||
MXN | 41,000 | USD | 2,153 | Morgan Stanley & Co. International PLC | 03/03/23 | 87 | ||||||||||||||||||||||||
MXN | 56,000 | USD | 3,018 | State Street Bank London | 03/03/23 | 42 | ||||||||||||||||||||||||
MXN | 1,079,000 | USD | 57,031 | UBS AG | 03/03/23 | 1,931 | ||||||||||||||||||||||||
TRY | 759,000 | USD | 39,820 | BNP Paribas SA | 03/03/23 | 353 | ||||||||||||||||||||||||
TRY | 1,134,000 | USD | 59,614 | Citibank N.A. | 03/03/23 | 408 | ||||||||||||||||||||||||
TRY | 529,000 | USD | 27,719 | JPMorgan Chase Bank N.A. | 03/03/23 | 281 | ||||||||||||||||||||||||
TWD | 628,277,000 | USD | 20,458,385 | Morgan Stanley & Co. International PLC | 03/03/23 | 137,533 | ||||||||||||||||||||||||
USD | 875,633 | BRL | 4,506,000 | Morgan Stanley & Co. International PLC | 03/03/23 | 15,151 | ||||||||||||||||||||||||
USD | 7,152,025 | BRL | 36,608,000 | State Street Bank London | 03/03/23 | 161,230 | ||||||||||||||||||||||||
USD | 931,988 | CLP | 747,958,000 | JPMorgan Chase Bank N.A. | 03/03/23 | 28,391 | ||||||||||||||||||||||||
USD | 137,764 | CLP | 109,893,000 | Morgan Stanley & Co. International PLC | 03/03/23 | 5,004 | ||||||||||||||||||||||||
USD | 8,092 | CNH | 55,000 | Bank of NewYork | 03/03/23 | 178 | ||||||||||||||||||||||||
USD | 692,350 | CNH | 4,706,000 | BNP Paribas SA | 03/03/23 | 15,167 | ||||||||||||||||||||||||
USD | 7,311,409 | CNH | 49,316,320 | HSBC Bank PLC | 03/03/23 | 214,902 | ||||||||||||||||||||||||
USD | 183,193 | CNH | 1,232,000 | State Street Bank London | 03/03/23 | 5,910 | ||||||||||||||||||||||||
USD | 137,099 | EUR | 126,000 | Bank of America N.A. | 03/03/23 | 3,820 | ||||||||||||||||||||||||
USD | 18,248 | EUR | 17,000 | Deutsche Bank AG | 03/03/23 | 266 | ||||||||||||||||||||||||
USD | 48,094 | EUR | 44,000 | HSBC Bank PLC | 03/03/23 | 1,553 | ||||||||||||||||||||||||
USD | 1,994,352 | EUR | 1,834,000 | State Street Bank London | 03/03/23 | 54,413 | ||||||||||||||||||||||||
USD | 3,406,155 | HKD | 26,697,000 | Barclays Bank PLC | 03/03/23 | 4,808 | ||||||||||||||||||||||||
USD | 39,432 | HKD | 309,000 | JPMorgan Chase Bank N.A. | 03/03/23 | 63 | ||||||||||||||||||||||||
USD | 31,826,685 | HKD | 249,089,000 | State Street Bank London | 03/03/23 | 91,355 | ||||||||||||||||||||||||
USD | 6,528,727 | HKD | 51,100,000 | UBS AG | 03/03/23 | 18,302 | ||||||||||||||||||||||||
USD | 2,865,727 | IDR | 43,125,305,000 | Morgan Stanley & Co. International PLC | 03/03/23 | 37,600 | ||||||||||||||||||||||||
USD | 19,110,701 | INR | 1,565,262,000 | JPMorgan Chase Bank N.A. | 03/03/23 | 175,535 | ||||||||||||||||||||||||
USD | 1,976,959 | INR | 163,108,000 | Morgan Stanley & Co. International PLC | 03/03/23 | 3,822 | ||||||||||||||||||||||||
USD | 545,853 | KRW | 720,089,000 | Morgan Stanley & Co. International PLC | 03/03/23 | 1,671 | ||||||||||||||||||||||||
USD | 544,998 | KRW | 720,089,000 | UBS AG | 03/03/23 | 816 | ||||||||||||||||||||||||
USD | 250,749 | MYR | 1,074,000 | Morgan Stanley & Co. International PLC | 03/03/23 | 11,379 | ||||||||||||||||||||||||
USD | 2,109,296 | MYR | 8,974,000 | State Street Bank London | 03/03/23 | 109,201 | ||||||||||||||||||||||||
USD | 100,656 | THB | 3,343,000 | Barclays Bank PLC | 03/03/23 | 6,055 | ||||||||||||||||||||||||
USD | 3,291,198 | THB | 108,169,000 | Citibank N.A. | 03/03/23 | 230,203 | ||||||||||||||||||||||||
USD | 18,317,189 | TWD | 548,380,000 | JPMorgan Chase Bank N.A. | 03/03/23 | 340,422 | ||||||||||||||||||||||||
USD | 4,375,401 | TWD | 130,835,000 | Morgan Stanley & Co. International PLC | 03/03/23 | 86,422 | ||||||||||||||||||||||||
USD | 332,267 | ZAR | 5,806,000 | Bank of America N.A. | 03/03/23 | 16,150 | ||||||||||||||||||||||||
USD | 4,745,653 | ZAR | 82,916,000 | BNP Paribas SA | 03/03/23 | 231,158 | ||||||||||||||||||||||||
USD | 5,532 | ZAR | 98,000 | Goldman Sachs International | 03/03/23 | 196 | ||||||||||||||||||||||||
USD | 42,954 | ZAR | 768,000 | HSBC Bank PLC | 03/03/23 | 1,139 | ||||||||||||||||||||||||
USD | 435,472 | ZAR | 7,626,000 | JPMorgan Chase Bank N.A. | 03/03/23 | 20,262 | ||||||||||||||||||||||||
USD | 127,528 | ZAR | 2,182,000 | State Street Bank London | 03/03/23 | 8,726 | ||||||||||||||||||||||||
USD | 18,661,784 | KRW | 23,009,980,000 | JPMorgan Chase Bank N.A. | 03/06/23 | 1,261,241 | ||||||||||||||||||||||||
USD | 2,142,616 | KRW | 2,667,906,000 | Morgan Stanley & Co. International PLC | 03/06/23 | 125,100 |
8 | 2 0 2 3 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® Currency Hedged MSCI Emerging Markets ETF |
Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||||
CNH | 723,000 | USD | 104,222 | Morgan Stanley & Co. International PLC | 04/04/23 | $ | 25 | |||||||||||||||||||||||
HKD | 28,875,000 | USD | 3,684,466 | JPMorgan Chase Bank N.A. | 04/04/23 | 19 | ||||||||||||||||||||||||
MXN | 1,233,000 | USD | 66,871 | Deutsche Bank AG | 04/04/23 | 101 | ||||||||||||||||||||||||
USD | 59,274 | CNH | 411,000 | Bank of NewYork | 04/04/23 | 13 | ||||||||||||||||||||||||
USD | 49,941 | EUR | 47,000 | Citibank N.A. | 04/04/23 | 131 | ||||||||||||||||||||||||
USD | 32,911 | EUR | 31,000 | JPMorgan Chase Bank N.A. | 04/04/23 | 57 | ||||||||||||||||||||||||
USD | 1,949,750 | EUR | 1,835,000 | State Street Bank London | 04/04/23 | 5,041 | ||||||||||||||||||||||||
USD | 206,725 | HKD | 1,620,000 | Bank of America N.A. | 04/04/23 | 11 | ||||||||||||||||||||||||
USD | 2,894,627 | THB | 101,791,000 | Citibank N.A. | 04/04/23 | 5,123 | ||||||||||||||||||||||||
USD | 10,002 | TRY | 192,000 | Bank of America N.A. | 04/04/23 | 3 | ||||||||||||||||||||||||
USD | 39,267 | TRY | 754,000 | UBS AG | 04/04/23 | — | ||||||||||||||||||||||||
USD | 75,374 | ZAR | 1,387,000 | Bank of NewYork | 04/04/23 | 63 | ||||||||||||||||||||||||
USD | 4,908,792 | ZAR | 90,367,000 | BNP Paribas SA | 04/04/23 | 2,020 | ||||||||||||||||||||||||
CLP | 19,487,000 | USD | 23,371 | Morgan Stanley & Co. International PLC | 04/06/23 | 66 | ||||||||||||||||||||||||
INR | 39,000 | USD | 471 | Morgan Stanley & Co. International PLC | 04/06/23 | — | ||||||||||||||||||||||||
KRW | 720,089,000 | USD | 545,702 | UBS AG | 04/06/23 | 111 | ||||||||||||||||||||||||
MYR | 168,000 | USD | 37,483 | Morgan Stanley & Co. International PLC | 04/06/23 | 29 | ||||||||||||||||||||||||
USD | 7,232,537 | BRL | 38,062,000 | Morgan Stanley & Co. International PLC | 04/06/23 | 10,573 | ||||||||||||||||||||||||
USD | 25,749 | CLP | 21,387,000 | Morgan Stanley & Co. International PLC | 04/06/23 | 27 | ||||||||||||||||||||||||
USD | 2,653,469 | IDR | 40,450,360,000 | Morgan Stanley & Co. International PLC | 04/06/23 | 2,999 | ||||||||||||||||||||||||
USD | 18,321,220 | INR | 1,518,078,000 | Morgan Stanley & Co. International PLC | 04/06/23 | 2,546 | ||||||||||||||||||||||||
USD | 17,767,033 | KRW | 23,413,245,000 | Morgan Stanley & Co. International PLC | 04/06/23 | 20,235 | ||||||||||||||||||||||||
USD | 13,397 | MYR | 60,000 | Morgan Stanley & Co. International PLC | 04/06/23 | — | ||||||||||||||||||||||||
USD | 250,730 | TWD | 7,683,000 | Morgan Stanley & Co. International PLC | 04/07/23 | 49 | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
3,498,180 | ||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
BRL | 41,082,000 | USD | 7,862,048 | Morgan Stanley & Co. International PLC | 03/03/23 | (16,881 | ) | |||||||||||||||||||||||
CLP | 72,113,000 | USD | 90,781 | Morgan Stanley & Co. International PLC | 03/03/23 | (3,662 | ) | |||||||||||||||||||||||
CNH | 31,000 | USD | 4,569 | Bank of America N.A. | 03/03/23 | (108 | ) | |||||||||||||||||||||||
CNH | 453,000 | USD | 67,193 | Bank of NewYork | 03/03/23 | (2,007 | ) | |||||||||||||||||||||||
CNH | 3,961,000 | USD | 577,576 | BNP Paribas SA | 03/03/23 | (7,597 | ) | |||||||||||||||||||||||
CNH | 43,000 | USD | 6,267 | Citibank N.A. | 03/03/23 | (79 | ) | |||||||||||||||||||||||
EUR | 1,000 | USD | 1,069 | BNP Paribas SA | 03/03/23 | (11 | ) | |||||||||||||||||||||||
EUR | 1,000 | USD | 1,072 | Goldman Sachs International | 03/03/23 | (14 | ) | |||||||||||||||||||||||
EUR | 184,000 | USD | 197,564 | JPMorgan Chase Bank N.A. | 03/03/23 | (2,935 | ) | |||||||||||||||||||||||
EUR | 1,835,000 | USD | 1,946,017 | State Street Bank London | 03/03/23 | (5,021 | ) | |||||||||||||||||||||||
HKD | 405,000 | USD | 51,655 | Bank of America N.A. | 03/03/23 | (56 | ) | |||||||||||||||||||||||
HKD | 16,212,000 | USD | 2,071,493 | JPMorgan Chase Bank N.A. | 03/03/23 | (5,993 | ) | |||||||||||||||||||||||
HKD | 21,544,000 | USD | 2,747,848 | State Street Bank London | 03/03/23 | (3,022 | ) | |||||||||||||||||||||||
IDR | 43,125,305,000 | USD | 2,831,919 | Morgan Stanley & Co. International PLC | 03/03/23 | (3,791 | ) |
SCHEDULE OF INVESTMENTS | 9 |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® Currency Hedged MSCI Emerging Markets ETF |
Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||||||
INR | 1,621,780,000 | USD | 19,646,502 | Morgan Stanley & Co. International PLC | 03/03/23 | $ | (27,630 | ) | ||||||||||||||||||||||||
KRW | 720,089,000 | USD | 584,280 | Morgan Stanley & Co. International PLC | 03/03/23 | (40,098 | ) | |||||||||||||||||||||||||
KRW | 720,089,000 | USD | 545,853 | UBS AG | 03/03/23 | (1,671 | ) | |||||||||||||||||||||||||
MYR | 10,048,000 | USD | 2,245,659 | Morgan Stanley & Co. International PLC | 03/03/23 | (6,194 | ) | |||||||||||||||||||||||||
THB | 219,000 | USD | 6,676 | BNP Paribas SA | 03/03/23 | (479 | ) | |||||||||||||||||||||||||
THB | 101,791,000 | USD | 2,889,122 | Citibank N.A. | 03/03/23 | (8,614 | ) | |||||||||||||||||||||||||
THB | 87,000 | USD | 2,537 | Goldman Sachs International | 03/03/23 | (75 | ) | |||||||||||||||||||||||||
THB | 9,352,000 | USD | 274,746 | HSBC Bank PLC | 03/03/23 | (10,101 | ) | |||||||||||||||||||||||||
THB | 63,000 | USD | 1,877 | UBS AG | 03/03/23 | (94 | ) | |||||||||||||||||||||||||
TRY | 15,966,000 | USD | 845,388 | State Street Bank London | 03/03/23 | (312 | ) | |||||||||||||||||||||||||
TWD | 50,938,000 | USD | 1,681,251 | Morgan Stanley & Co. International PLC | 03/03/23 | (11,423 | ) | |||||||||||||||||||||||||
USD | 179,146 | INR | 14,818,000 | Morgan Stanley & Co. International PLC | 03/03/23 | (109 | ) | |||||||||||||||||||||||||
USD | 87,293 | MXN | 1,635,000 | Deutsche Bank AG | 03/03/23 | (2,051 | ) | |||||||||||||||||||||||||
USD | 29,832 | MXN | 556,000 | Goldman Sachs International | 03/03/23 | (551 | ) | |||||||||||||||||||||||||
USD | 3,731 | MXN | 72,000 | HSBC Bank PLC | 03/03/23 | (204 | ) | |||||||||||||||||||||||||
USD | 3,468,990 | MXN | 65,557,000 | JPMorgan Chase Bank N.A. | 03/03/23 | (113,368 | ) | |||||||||||||||||||||||||
USD | 291,013 | MXN | 5,545,000 | State Street Bank London | 03/03/23 | (11,993 | ) | |||||||||||||||||||||||||
USD | 870,207 | TRY | 16,627,000 | BNP Paribas SA | 03/03/23 | (9,856 | ) | |||||||||||||||||||||||||
USD | 73,775 | TRY | 1,404,000 | Citibank N.A. | 03/03/23 | (539 | ) | |||||||||||||||||||||||||
USD | 18,724 | TRY | 357,000 | JPMorgan Chase Bank N.A. | 03/03/23 | (172 | ) | |||||||||||||||||||||||||
ZAR | 90,367,000 | USD | 4,922,498 | BNP Paribas SA | 03/03/23 | (2,321 | ) | |||||||||||||||||||||||||
ZAR | 1,873,000 | USD | 107,214 | JPMorgan Chase Bank N.A. | 03/03/23 | (5,236 | ) | |||||||||||||||||||||||||
ZAR | 7,100,000 | USD | 393,249 | State Street Bank London | 03/03/23 | (6,678 | ) | |||||||||||||||||||||||||
ZAR | 56,000 | USD | 3,175 | UBS AG | 03/03/23 | (126 | ) | |||||||||||||||||||||||||
KRW | 25,677,886,000 | USD | 19,539,707 | Morgan Stanley & Co. International PLC | 03/06/23 | (121,648 | ) | |||||||||||||||||||||||||
THB | 116,000 | USD | 3,303 | Barclays Bank PLC | 04/04/23 | (10 | ) | |||||||||||||||||||||||||
THB | 1,561,000 | USD | 44,394 | BNP Paribas SA | 04/04/23 | (83 | ) | |||||||||||||||||||||||||
USD | 7,325,640 | CNH | 50,821,320 | State Street Bank London | 04/04/23 | (2,131 | ) | |||||||||||||||||||||||||
USD | 36,877,871 | HKD | 289,034,000 | Morgan Stanley & Co. International PLC | 04/04/23 | (3,221 | ) | |||||||||||||||||||||||||
USD | 3,705,521 | MXN | 68,315,000 | Goldman Sachs International | 04/04/23 | (5,104 | ) | |||||||||||||||||||||||||
USD | 831,195 | TRY | 15,966,000 | State Street Bank London | 04/04/23 | (288 | ) | |||||||||||||||||||||||||
ZAR | 3,221,000 | USD | 174,990 | JPMorgan Chase Bank N.A. | 04/04/23 | (95 | ) | |||||||||||||||||||||||||
BRL | 1,464,000 | USD | 278,380 | Morgan Stanley & Co. International PLC | 04/06/23 | (598 | ) | |||||||||||||||||||||||||
INR | 11,886,000 | USD | 143,481 | Morgan Stanley & Co. International PLC | 04/06/23 | (53 | ) | |||||||||||||||||||||||||
KRW | 240,086,000 | USD | 182,232 | Morgan Stanley & Co. International PLC | 04/06/23 | (251 | ) | |||||||||||||||||||||||||
USD | 941,342 | CLP | 785,738,000 | Morgan Stanley & Co. International PLC | 04/06/23 | (3,663 | ) | |||||||||||||||||||||||||
USD | 2,053,249 | MYR | 9,208,000 | Morgan Stanley & Co. International PLC | 04/06/23 | (2,805 | ) | |||||||||||||||||||||||||
USD | 20,607,960 | TWD | 631,737,000 | Morgan Stanley & Co. International PLC | 04/07/23 | (4,345 | ) | |||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
(455,367 | ) | |||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
$3,042,813 | ||||||||||||||||||||||||||||||||
|
|
10 | 2 0 2 3 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® Currency Hedged MSCI Emerging Markets ETF |
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
| ||||||||||||||||||||||||||||
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Assets — Derivative Financial Instruments | ||||||||||||||||||||||||||||
Forward foreign currency exchange contracts | ||||||||||||||||||||||||||||
Unrealized appreciation on forward foreign currency exchange contracts | $ | — | $ | — | $ | — | $ | 3,498,180 | $ | — | $ | — | $ | 3,498,180 | ||||||||||||||
|
|
|
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|
|
|
|
|
|
|
|
|
| |||||||||||||||
Liabilities — Derivative Financial Instruments | ||||||||||||||||||||||||||||
Forward foreign currency exchange contracts | ||||||||||||||||||||||||||||
Unrealized depreciation on forward foreign currency exchange contracts | $ | — | $ | — | $ | — | $ | 455,367 | $ | — | $ | — | $ | 455,367 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the period ended February 28, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
| ||||||||||||||||||||||||||||
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Net Realized Gain (Loss) from | ||||||||||||||||||||||||||||
Forward foreign currency exchange contracts | $ | — | $ | — | $ | — | $ | (1,514,572 | ) | $ | — | $ | — | $ | (1,514,572 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on | ||||||||||||||||||||||||||||
Forward foreign currency exchange contracts | $ | — | $ | — | $ | — | $ | 1,977,720 | $ | — | $ | — | $ | 1,977,720 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Forward foreign currency exchange contracts | ||||
Average amounts purchased — in USD | $ | 142,529,311 | ||
Average amounts sold — in USD | $ | 272,154,395 |
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 | $ | 3,498,180 | $ | 455,367 | ||||
|
|
|
| |||||
Total derivative assets and liabilities in the Statement of Assets and Liabilities | 3,498,180 | 455,367 | ||||||
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) | — | — | ||||||
|
|
|
| |||||
Total derivative assets and liabilities subject to an MNA | 3,498,180 | 455,367 | ||||||
|
|
|
|
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 |
(b) | | Net Amount of Derivative Assets |
(c) | |||||||
| ||||||||||||||||||||||
Bank of America N.A | $ 25,306 | $ (164 | ) | $ | — | $ | — | $ 25,142 | ||||||||||||||
Bank of NewYork | 254 | (254 | ) | — | — | — | ||||||||||||||||
Barclays Bank PLC | 10,863 | (10 | ) | — | — | 10,853 | ||||||||||||||||
BNP Paribas SA | 248,698 | (20,347 | ) | — | — | 228,351 | ||||||||||||||||
Citibank N.A | 235,865 | (9,232 | ) | — | — | 226,633 | ||||||||||||||||
Deutsche Bank AG | 367 | (367 | ) | — | — | — | ||||||||||||||||
Goldman Sachs International | 5,209 | (5,209 | ) | — | — | — | ||||||||||||||||
HSBC Bank PLC | 217,594 | (10,305 | ) | — | — | 207,289 | ||||||||||||||||
JPMorgan Chase Bank N.A | 1,826,271 | (127,799 | ) | — | (1,698,472 | ) | — | |||||||||||||||
Morgan Stanley & Co. International PLC | 468,750 | (246,372 | ) | — | — | 222,378 | ||||||||||||||||
State Street Bank London | 437,843 | (29,445 | ) | — | — | 408,398 |
SCHEDULE OF INVESTMENTS | 11 |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® Currency Hedged MSCI Emerging Markets ETF |
Derivative Financial Instruments - Offsetting as of Period End (continued)
| ||||||||||||||||||||||||||||||||||||||||
| Derivative Assets Subject to an MNA by |
| | Derivatives Available |
| | Non-Cash Collateral |
| | Cash Collateral |
| | Net Amount of Derivative |
| ||||||||||||||||||||||||||
Counterparty | Counterparty | for Offset | (a) | Received | Received | (b) | Assets | (c) | ||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||
UBS AG | $ | 21,160 | $ | (1,891 | ) | $ | — | $ | — | $ | 19,269 | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||
$ | 3,498,180 | $ | (451,395 | ) | $ | — | $ | (1,698,472 | ) | $ | 1,348,313 | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||||||||||||||||||||
| Derivative Liabilities Subject to an MNA by |
|
| Derivatives Available |
| | Non-Cash Collateral |
| | Cash Collateral |
| | Net Amount of Derivative |
| ||||||||||||||||||||||||||
Counterparty | Counterparty | for Offset | (a) | Pledged | Pledged | Liabilities | (d) | |||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||
Bank of America N.A | $ | 164 | $ | (164 | ) | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||
Bank of NewYork | 2,007 | (254 | ) | — | — | 1,753 | ||||||||||||||||||||||||||||||||||
Barclays Bank PLC | 10 | (10 | ) | — | — | — | ||||||||||||||||||||||||||||||||||
BNP Paribas SA | 20,347 | (20,347 | ) | — | — | — | ||||||||||||||||||||||||||||||||||
Citibank N.A | 9,232 | (9,232 | ) | — | — | — | ||||||||||||||||||||||||||||||||||
Deutsche Bank AG | 2,051 | (367 | ) | — | — | 1,684 | ||||||||||||||||||||||||||||||||||
Goldman Sachs International | 5,744 | (5,209 | ) | — | — | 535 | ||||||||||||||||||||||||||||||||||
HSBC Bank PLC | 10,305 | (10,305 | ) | — | — | — | ||||||||||||||||||||||||||||||||||
JPMorgan Chase Bank N.A | 127,799 | (127,799 | ) | — | — | — | ||||||||||||||||||||||||||||||||||
Morgan Stanley & Co. International PLC | 246,372 | (246,372 | ) | — | — | — | ||||||||||||||||||||||||||||||||||
State Street Bank London | 29,445 | (29,445 | ) | — | — | — | ||||||||||||||||||||||||||||||||||
UBS AG | 1,891 | (1,891 | ) | — | — | — | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||
$ | 455,367 | $ | (451,395 | ) | $ | — | $ | — | �� | $ | 3,972 | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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) | Excess of collateral received from the individual counterparty is not shown for financial reporting purposes. |
(c) | Net amount represents the net amount receivable from the counterparty in the event of default. |
(d) | 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 | |||||||||||||
| ||||||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Investment Companies | $ | 136,496,698 | $ | — | $ | — | $ | 136,496,698 | ||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 1,790,000 | — | — | 1,790,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 138,286,698 | $ | — | $ | — | $ | 138,286,698 | |||||||||
|
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|
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|
|
| |||||||||
Derivative Financial Instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Foreign Currency Exchange Contracts | $ | — | $ | 3,498,180 | $ | — | $ | 3,498,180 | ||||||||
Liabilities | ||||||||||||||||
Foreign Currency Exchange Contracts | — | (455,367 | ) | — | (455,367 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | — | $ | 3,042,813 | $ | — | 3,042,813 | ||||||||||
|
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|
|
|
(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.
12 | 2 0 2 3 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) February 28, 2023 | iShares® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Brazil — 3.8% | ||||||||
Ambev SA | 17,965,777 | $ | 45,948,630 | |||||
Atacadao SA | 2,112,262 | 5,426,453 | ||||||
B3 SA - Brasil, Bolsa, Balcao | 23,206,876 | 46,764,374 | ||||||
Banco Bradesco SA | 5,707,645 | 12,689,833 | ||||||
Banco BTG Pactual SA | 4,604,055 | 17,763,881 | ||||||
Banco do Brasil SA | 3,301,314 | 25,411,942 | ||||||
Banco Santander Brasil SA | 1,404,560 | 7,600,337 | ||||||
BB Seguridade Participacoes SA | 2,308,992 | 15,087,646 | ||||||
CCR SA | 4,658,881 | 9,779,695 | ||||||
Centrais Eletricas Brasileiras SA | 4,505,135 | 29,532,558 | ||||||
Cia. de Saneamento Basico do Estado de Sao Paulo | 1,339,191 | 13,237,283 | ||||||
Cia. Siderurgica Nacional SA | 2,682,738 | 8,542,005 | ||||||
Cosan SA | 4,763,428 | 13,629,421 | ||||||
CPFL Energia SA | 922,311 | 5,336,084 | ||||||
Energisa SA | 740,196 | 5,470,052 | ||||||
Eneva SA(a) | 2,215,946 | 4,837,839 | ||||||
Engie Brasil Energia SA | 806,172 | 6,048,465 | ||||||
Equatorial Energia SA | 3,935,627 | 19,116,407 | ||||||
Hapvida Participacoes e Investimentos SA(a)(b) | 17,985,540 | 15,424,667 | ||||||
Hypera SA | 1,677,196 | 13,342,733 | ||||||
JBS SA | 3,000,624 | 10,998,477 | ||||||
Klabin SA | 2,953,279 | 10,977,243 | ||||||
Localiza Rent a Car SA | 2,865,345 | 30,369,499 | ||||||
Localiza Rent a Car SA, NVS | 11,851 | 119,971 | ||||||
Lojas Renner SA | 3,823,517 | 13,620,337 | ||||||
Magazine Luiza SA(a) | 12,000,649 | 8,228,964 | ||||||
Natura & Co. Holding SA | 3,469,169 | 10,151,500 | ||||||
Petro Rio SA(a) | 2,795,871 | 17,996,706 | ||||||
Petroleo Brasileiro SA | 14,437,828 | 79,284,026 | ||||||
Raia Drogasil SA | 4,191,860 | 18,159,162 | ||||||
Rede D’Or Sao Luiz SA(b) | 2,233,907 | 10,901,895 | ||||||
Rumo SA | 4,980,999 | 17,087,116 | ||||||
Sendas Distribuidora SA | 3,386,181 | 11,732,578 | ||||||
Suzano SA | 2,872,931 | 26,197,123 | ||||||
Telefonica Brasil SA | 1,925,012 | 14,317,770 | ||||||
Tim SA | 3,143,552 | 7,361,344 | ||||||
TOTVS SA | 2,058,253 | 10,728,729 | ||||||
Ultrapar Participacoes SA | 2,877,153 | 7,243,098 | ||||||
Vale SA | 14,588,191 | 237,737,817 | ||||||
Vibra Energia SA | 4,546,779 | 12,844,524 | ||||||
WEG SA | 6,459,191 | 48,313,310 | ||||||
|
| |||||||
925,361,494 | ||||||||
Chile — 0.4% | ||||||||
Banco de Chile | 178,849,790 | 18,583,593 | ||||||
Banco de Credito e Inversiones SA | 228,529 | 7,151,282 | ||||||
Banco Santander Chile | 257,319,703 | 10,909,358 | ||||||
Cencosud SA | 5,552,660 | 10,499,248 | ||||||
Cia. Cervecerias Unidas SA | 489,228 | 3,733,730 | ||||||
Cia. Sud Americana de Vapores SA | 62,191,991 | 5,992,084 | ||||||
Empresas CMPC SA | 4,343,394 | 7,217,212 | ||||||
Empresas COPEC SA | 1,515,509 | 10,949,707 | ||||||
Enel Americas SA | 82,577,341 | 10,281,386 | ||||||
Enel Chile SA | 97,980,522 | 4,410,901 | ||||||
Falabella SA | 2,829,131 | 6,225,837 | ||||||
|
| |||||||
95,954,338 | ||||||||
China — 32.1% | ||||||||
360 DigiTech Inc. | 410,009 | 8,347,783 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
360 Security Technology Inc., Class A | 2,312,306 | $ | 3,587,921 | |||||
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A | 605,388 | 1,909,950 | ||||||
3SBio Inc.(b) | 5,741,000 | 5,693,007 | ||||||
AAC Technologies Holdings Inc.(a) | 2,771,500 | 6,194,147 | ||||||
Advanced Micro-Fabrication Equipment Inc., Class A(a) | 166,829 | 2,527,322 | ||||||
AECC Aviation Power Co. Ltd., Class A | 664,073 | 4,383,185 | ||||||
Agricultural Bank of China Ltd., Class A | 21,608,800 | 9,109,263 | ||||||
Agricultural Bank of China Ltd., Class H | 108,964,000 | 37,777,514 | ||||||
Aier Eye Hospital Group Co. Ltd., Class A | 1,691,605 | 7,594,459 | ||||||
Air China Ltd., Class A(a) | 2,414,193 | 3,858,712 | ||||||
Air China Ltd., Class H(a) | 5,834,000 | 5,379,138 | ||||||
Akeso Inc.(a)(b) | 1,309,000 | 6,670,574 | ||||||
Alibaba Group Holding Ltd.(a) | 56,737,856 | 623,630,847 | ||||||
Alibaba Health Information Technology | 18,084,000 | 12,948,636 | ||||||
Aluminum Corp. of China Ltd., Class A | 4,314,900 | 3,433,269 | ||||||
Aluminum Corp. of China Ltd., Class H | 14,304,000 | 7,304,090 | ||||||
Anhui Conch Cement Co. Ltd., Class A | 1,104,286 | 4,875,784 | ||||||
Anhui Conch Cement Co. Ltd., Class H | 4,598,000 | 16,880,692 | ||||||
Anhui Gujing Distillery Co. Ltd., Class A | 100,285 | 3,944,619 | ||||||
Anhui Gujing Distillery Co. Ltd., Class B | 413,700 | 7,111,522 | ||||||
Anhui Kouzi Distillery Co. Ltd., Class A | 179,252 | 1,777,904 | ||||||
Anjoy Foods Group Co. Ltd., Class A | 86,100 | 2,027,985 | ||||||
ANTA Sports Products Ltd. | 4,706,602 | 62,151,756 | ||||||
Asymchem Laboratories Tianjin Co. Ltd., Class A | 99,680 | 2,050,510 | ||||||
Autohome Inc., ADR | 291,820 | 8,900,512 | ||||||
Avary Holding Shenzhen Co. Ltd., Class A | 553,904 | 2,263,757 | ||||||
AVIC Industry-Finance Holdings Co. Ltd., Class A | 3,478,289 | 2,177,284 | ||||||
AviChina Industry & Technology Co. Ltd., Class H | 8,512,000 | 4,058,401 | ||||||
AVICOPTER PLC, Class A | 200,153 | 1,307,834 | ||||||
Baidu Inc.(a) | 8,473,880 | 145,694,055 | ||||||
Bank of Beijing Co. Ltd., Class A | 5,838,206 | 3,637,083 | ||||||
Bank of Chengdu Co. Ltd., Class A | 1,115,395 | 2,306,834 | ||||||
Bank of China Ltd., Class A | 10,672,800 | 4,960,534 | ||||||
Bank of China Ltd., Class H | 301,686,000 | 110,643,861 | ||||||
Bank of Communications Co. Ltd., Class A | 10,616,793 | 7,485,239 | ||||||
Bank of Communications Co. Ltd., Class H | 32,401,600 | 19,157,703 | ||||||
Bank of Hangzhou Co. Ltd., Class A | 1,517,645 | 2,649,999 | ||||||
Bank of Jiangsu Co. Ltd., Class A | 4,005,710 | 4,144,221 | ||||||
Bank of Nanjing Co. Ltd., Class A | 2,656,246 | 3,787,598 | ||||||
Bank of Ningbo Co. Ltd., Class A | 1,590,479 | 6,749,518 | ||||||
Bank of Shanghai Co. Ltd., Class A | 4,164,442 | 3,583,176 | ||||||
Baoshan Iron & Steel Co. Ltd., Class A | 5,678,173 | 5,375,277 | ||||||
BeiGene Ltd.(a) | 2,343,422 | 40,619,272 | ||||||
Beijing Capital International Airport Co. Ltd., Class H(a) | 7,844,000 | 5,741,689 | ||||||
Beijing Enlight Media Co. Ltd., Class A | 1,149,995 | 1,256,024 | ||||||
Beijing Enterprises Holdings Ltd. | 2,034,000 | 6,662,715 | ||||||
Beijing Enterprises Water Group Ltd. | 17,394,000 | 4,367,511 | ||||||
Beijing Kingsoft Office Software Inc., Class A | 130,281 | 5,456,604 | ||||||
Beijing New Building Materials PLC, Class A | 487,313 | 2,106,766 | ||||||
Beijing Shiji Information Technology Co. Ltd., Class A | 515,386 | 1,231,055 | ||||||
Beijing Tongrentang Co. Ltd., Class A | 325,500 | 2,292,908 | ||||||
Beijing United Information Technology Co. Ltd., Class A | 112,300 | 1,305,168 | ||||||
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A | 150,693 | 2,750,870 | ||||||
Betta Pharmaceuticals Co. Ltd., Class A | 167,943 | 1,408,020 | ||||||
BGI Genomics Co. Ltd., Class A | 170,700 | 1,366,349 |
SCHEDULE OF INVESTMENTS | 13 |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Bilibili Inc.(a) | 722,894 | $ | 13,991,814 | |||||
BOC Aviation Ltd.(b) | 854,500 | 6,173,323 | ||||||
BOE Technology Group Co. Ltd., Class A | 9,800,300 | 5,872,880 | ||||||
Bosideng International Holdings Ltd. | 12,820,000 | 7,111,538 | ||||||
BYD Co. Ltd., Class A | 420,112 | 15,717,934 | ||||||
BYD Co. Ltd., Class H | 3,154,500 | 84,806,324 | ||||||
BYD Electronic International Co. Ltd.(c) | 2,614,000 | 7,622,148 | ||||||
C&D International Investment Group Ltd. | 2,376,000 | 7,674,923 | ||||||
Caitong Securities Co. Ltd., Class A | 2,224,874 | 2,466,907 | ||||||
CGN Power Co. Ltd., Class H(b) | 42,930,000 | 9,628,825 | ||||||
Changchun High & New Technology Industry Group Inc., Class A | 108,094 | 3,064,369 | ||||||
Changjiang Securities Co. Ltd., Class A | 2,835,835 | 2,306,165 | ||||||
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A | 94,000 | 2,040,608 | ||||||
Chaozhou Three-Circle Group Co. Ltd., Class A | 632,130 | 2,893,520 | ||||||
China Cinda Asset Management Co. Ltd., Class H | 35,033,000 | 4,553,357 | ||||||
China CITIC Bank Corp. Ltd., Class H | 34,098,800 | 15,776,075 | ||||||
China Coal Energy Co. Ltd., Class H | 8,151,000 | 6,307,554 | ||||||
China Communications Services Corp. Ltd., Class H | 10,062,000 | 3,912,056 | ||||||
China Conch Venture Holdings Ltd. | 6,414,000 | 12,908,021 | ||||||
China Construction Bank Corp., Class A | 2,935,268 | 2,382,353 | ||||||
China Construction Bank Corp., Class H | 367,056,760 | 224,373,510 | ||||||
China CSSC Holdings Ltd., Class A | 1,224,300 | 4,206,016 | ||||||
China Eastern Airlines Corp. Ltd., Class A(a) | 3,289,797 | 2,570,743 | ||||||
China Energy Engineering Corp. Ltd. | 7,990,452 | 2,736,231 | ||||||
China Everbright Bank Co. Ltd., Class A | 11,500,403 | 4,931,075 | ||||||
China Everbright Bank Co. Ltd., Class H | 9,600,000 | 2,764,533 | ||||||
China Everbright Environment Group Ltd. | 14,744,813 | 5,980,007 | ||||||
China Evergrande Group(a)(c)(d) | 13,878,388 | 1,671,280 | ||||||
China Feihe Ltd.(b) | 13,863,000 | 11,111,300 | ||||||
China Galaxy Securities Co. Ltd., Class A | 1,311,000 | 1,814,102 | ||||||
China Galaxy Securities Co. Ltd., Class H | 12,609,500 | 6,285,092 | ||||||
China Gas Holdings Ltd. | 11,636,400 | 16,271,940 | ||||||
China Greatwall Technology Group Co. Ltd., Class A | 1,157,873 | 2,166,406 | ||||||
China Hongqiao Group Ltd. | 9,315,500 | 9,963,882 | ||||||
China International Capital Corp. Ltd., Class H(b) | 5,856,000 | 12,608,402 | ||||||
China Jinmao Holdings Group Ltd. | 21,724,000 | 4,215,572 | ||||||
China Jushi Co. Ltd., Class A | 1,193,540 | 2,602,155 | ||||||
China Lesso Group Holdings Ltd. | 4,503,000 | 4,749,696 | ||||||
China Life Insurance Co. Ltd., Class A | 887,812 | 4,568,794 | ||||||
China Life Insurance Co. Ltd., Class H | 27,610,000 | 46,835,166 | ||||||
China Literature Ltd.(a)(b) | 1,492,400 | 6,389,933 | ||||||
China Longyuan Power Group Corp. Ltd., Class H | 13,100,000 | 16,069,568 | ||||||
China Medical System Holdings Ltd. | 5,413,000 | 8,149,013 | ||||||
China Meidong Auto Holdings Ltd. | 2,398,000 | 5,162,468 | ||||||
China Mengniu Dairy Co. Ltd. | 12,238,000 | 53,867,645 | ||||||
China Merchants Bank Co. Ltd., Class A | 4,884,389 | 26,234,973 | ||||||
China Merchants Bank Co. Ltd., Class H | 14,823,467 | 80,439,555 | ||||||
China Merchants Energy Shipping Co. Ltd., Class A | 2,079,600 | 2,105,377 | ||||||
China Merchants Port Holdings Co. Ltd. | 5,306,000 | 7,438,033 | ||||||
China Merchants Securities Co. Ltd., Class A | 2,074,979 | 4,174,133 | ||||||
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A | 1,837,890 | 3,916,696 | ||||||
China Minsheng Banking Corp. Ltd., Class A | 10,873,655 | 5,334,866 | ||||||
China Minsheng Banking Corp. Ltd., Class H | 20,140,548 | 6,955,617 | ||||||
China National Building Material Co. Ltd., Class H | 15,116,000 | 13,402,192 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
China National Chemical Engineering Co. Ltd., Class A | 1,870,067 | $ | 2,426,785 | |||||
China National Nuclear Power Co. Ltd., Class A | 4,774,000 | 4,163,892 | ||||||
China Northern Rare Earth Group High-Tech Co. Ltd., Class A | 942,354 | 3,938,914 | ||||||
China Oilfield Services Ltd., Class H | 6,828,000 | 7,286,106 | ||||||
China Overseas Land & Investment Ltd. | 14,502,460 | 36,002,175 | ||||||
China Overseas Property Holdings Ltd. | 4,860,000 | 5,671,114 | ||||||
China Pacific Insurance Group Co. Ltd., Class A | 1,903,007 | 7,565,862 | ||||||
China Pacific Insurance Group Co. Ltd., Class H | 9,736,800 | 25,827,451 | ||||||
China Petroleum & Chemical Corp., Class A | 8,863,689 | 5,937,967 | ||||||
China Petroleum & Chemical Corp., Class H | 96,762,800 | 49,366,138 | ||||||
China Power International Development Ltd. | 21,383,000 | 8,479,490 | ||||||
China Railway Group Ltd., Class A | 5,341,200 | 4,642,946 | ||||||
China Railway Group Ltd., Class H | 15,870,000 | 8,271,231 | ||||||
China Resources Beer Holdings Co. Ltd. | 6,228,000 | 46,075,187 | ||||||
China Resources Cement Holdings Ltd. | 9,832,000 | 5,290,400 | ||||||
China Resources Gas Group Ltd. | 3,598,500 | 15,184,498 | ||||||
China Resources Land Ltd. | 12,153,333 | 54,000,499 | ||||||
China Resources Microelectronics Ltd. | 265,800 | 2,071,747 | ||||||
China Resources Mixc Lifestyle Services | 2,583,400 | 14,182,999 | ||||||
China Resources Pharmaceutical Group | 5,654,000 | 4,650,268 | ||||||
China Resources Power Holdings Co. Ltd. | 7,454,999 | 15,222,544 | ||||||
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A | 332,199 | 2,433,306 | ||||||
China Ruyi Holdings Ltd.(a)(c) | 20,312,000 | 5,047,959 | ||||||
China Shenhua Energy Co. Ltd., Class A | 1,746,939 | 7,039,404 | ||||||
China Shenhua Energy Co. Ltd., Class H | 12,975,500 | 39,028,708 | ||||||
China Southern Airlines Co. Ltd., Class A(a) | 3,488,600 | 3,965,168 | ||||||
China Southern Airlines Co. Ltd., Class H(a)(c) | 6,302,000 | 4,595,205 | ||||||
China State Construction Engineering Corp. Ltd., Class A | 10,158,471 | 8,217,569 | ||||||
China State Construction International Holdings Ltd. | 7,988,000 | 9,097,268 | ||||||
China Taiping Insurance Holdings Co. Ltd. | 5,559,860 | 6,571,426 | ||||||
China Three Gorges Renewables Group Co. Ltd., Class A | 7,057,225 | 5,677,608 | ||||||
China Tourism Group Duty Free Corp. | 221,000 | 5,589,311 | ||||||
China Tourism Group Duty Free Corp. Ltd., Class A | 473,132 | 13,458,037 | ||||||
China Tower Corp. Ltd., Class H(b) | 170,802,000 | 18,497,987 | ||||||
China Traditional Chinese Medicine Holdings Co. Ltd. | 10,918,000 | 5,664,878 | ||||||
China United Network Communications Ltd., Class A | 7,889,700 | 5,995,679 | ||||||
China Vanke Co. Ltd., Class A | 2,367,366 | 5,830,302 | ||||||
China Vanke Co. Ltd., Class H | 6,180,831 | 10,806,490 | ||||||
China Yangtze Power Co. Ltd., Class A | 5,502,615 | 16,759,862 | ||||||
China Zhenhua Group Science & Technology Co. Ltd., Class A | 172,700 | 2,581,408 | ||||||
China Zheshang Bank Co. Ltd., Class A(a) | 5,692,100 | 2,391,793 | ||||||
Chinasoft International Ltd. | 10,940,000 | 7,857,010 | ||||||
Chongqing Brewery Co. Ltd., Class A | 133,000 | 2,631,802 | ||||||
Chongqing Changan Automobile Co. Ltd., Class A | 2,028,617 | 3,909,907 | ||||||
Chongqing Zhifei Biological Products Co. Ltd., Class A | 386,076 | 4,975,357 | ||||||
Chow Tai Fook Jewellery Group Ltd. | 7,517,800 | 14,570,639 | ||||||
CITIC Ltd. | 22,408,000 | 24,724,080 | ||||||
CITIC Securities Co. Ltd., Class A | 3,263,393 | 9,694,480 | ||||||
CITIC Securities Co. Ltd., Class H | 7,808,600 | 16,542,671 | ||||||
CMOC Group Ltd., Class A | 5,277,098 | 4,487,009 | ||||||
CMOC Group Ltd., Class H | 12,201,000 | 6,870,355 |
14 | 2 0 2 3 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Contemporary Amperex Technology Co. Ltd., Class A | 562,030 | $ | 32,563,125 | |||||
COSCO SHIPPING Energy Transportation Co. Ltd., Class A(a) | 886,200 | 1,846,396 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class A | 3,126,564 | 4,848,624 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class H | 12,235,849 | 12,691,305 | ||||||
COSCO SHIPPING Ports Ltd. | 7,570,000 | 4,927,916 | ||||||
Country Garden Holdings Co. Ltd.(c) | 47,498,939 | 14,566,152 | ||||||
Country Garden Services Holdings Co. Ltd. | 8,315,000 | 15,482,171 | ||||||
CRRC Corp. Ltd., Class A | 6,869,300 | 5,634,082 | ||||||
CRRC Corp. Ltd., Class H | 15,928,000 | 7,287,725 | ||||||
CSC Financial Co. Ltd., Class A | 1,212,933 | 4,672,287 | ||||||
CSPC Pharmaceutical Group Ltd. | 34,688,479 | 37,265,769 | ||||||
Dali Foods Group Co. Ltd.(b) | 8,756,000 | 3,541,525 | ||||||
Daqin Railway Co. Ltd., Class A | 4,010,500 | 3,917,664 | ||||||
Daqo New Energy Corp., ADR(a)(c) | 230,752 | 10,194,623 | ||||||
DHC Software Co. Ltd., Class A | 2,063,298 | 1,951,473 | ||||||
Dongfang Electric Corp. Ltd., Class A | 695,600 | 1,973,992 | ||||||
Dongfeng Motor Group Co. Ltd., Class H | 11,060,000 | 5,650,190 | ||||||
Dongxing Securities Co. Ltd., Class A | 1,709,197 | 2,112,600 | ||||||
Dongyue Group Ltd. | 5,805,000 | 6,574,085 | ||||||
East Money Information Co. Ltd., Class A | 3,151,599 | 9,462,790 | ||||||
Ecovacs Robotics Co. Ltd., Class A | 142,253 | 1,851,244 | ||||||
ENN Energy Holdings Ltd. | 3,062,700 | 43,599,820 | ||||||
Eve Energy Co. Ltd., Class A | 486,453 | 5,078,090 | ||||||
Everbright Securities Co. Ltd., Class A | 1,005,483 | 2,262,369 | ||||||
Fangda Carbon New Material Co. Ltd., Class A(a) | 1,306,834 | 1,257,836 | ||||||
Far East Horizon Ltd.(c) | 6,088,000 | 5,385,269 | ||||||
First Capital Securities Co. Ltd., Class A | 2,055,500 | 1,768,994 | ||||||
Flat Glass Group Co. Ltd., Class A | 464,600 | 2,308,036 | ||||||
Flat Glass Group Co. Ltd., Class H | 1,599,000 | 4,235,674 | ||||||
Focus Media Information Technology Co. Ltd., Class A | 3,839,178 | 3,605,405 | ||||||
Foshan Haitian Flavouring & Food Co. Ltd., Class A | 920,880 | 10,895,634 | ||||||
Fosun International Ltd.(c) | 9,802,500 | 8,019,847 | ||||||
Foxconn Industrial Internet Co. Ltd., Class A | 2,772,597 | 3,830,152 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class A | 504,972 | 2,694,537 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class H(b) | 2,331,200 | 10,446,912 | ||||||
Ganfeng Lithium Co. Ltd., Class H(b)(c) | 1,368,480 | 9,559,232 | ||||||
Ganfeng Lithium Group Co. Ltd., Class A | 413,073 | 4,297,349 | ||||||
GCL-Poly Energy Holdings Ltd.(a)(c) | 77,726,000 | 20,015,559 | ||||||
GD Power Development Co. Ltd., Class A(a) | 4,939,500 | 2,791,919 | ||||||
GDS Holdings Ltd., Class A(a) | 3,518,000 | 8,510,269 | ||||||
Geely Automobile Holdings Ltd.(c) | 23,255,000 | 30,212,373 | ||||||
GEM Co. Ltd., Class A | 1,796,400 | 2,036,906 | ||||||
Gemdale Corp., Class A | 1,096,830 | 1,526,436 | ||||||
Genscript Biotech Corp.(a)(c) | 4,456,000 | 12,196,947 | ||||||
GF Securities Co. Ltd., Class A | 1,470,694 | 3,448,561 | ||||||
GF Securities Co. Ltd., Class H | 4,327,400 | 6,144,092 | ||||||
GigaDevice Semiconductor Inc., Class A | 177,994 | 2,683,221 | ||||||
Ginlong Technologies Co. Ltd., Class A(a) | 97,700 | 2,227,810 | ||||||
GoerTek Inc., Class A | 889,800 | 2,754,273 | ||||||
Gotion High-tech Co. Ltd., Class A | 472,823 | 2,007,133 | ||||||
Great Wall Motor Co. Ltd., Class A | 645,800 | 3,203,977 | ||||||
Great Wall Motor Co. Ltd., Class H | 11,670,500 | 15,487,429 | ||||||
Gree Electric Appliances Inc. of Zhuhai, Class A | 746,200 | 3,808,503 | ||||||
Greentown China Holdings Ltd. | 3,301,000 | 4,513,513 | ||||||
Greentown Service Group Co. Ltd. | 5,022,000 | 3,351,005 | ||||||
Guangdong Haid Group Co. Ltd., Class A | 442,227 | 4,039,600 | ||||||
Guangdong Investment Ltd. | 11,548,110 | 11,669,839 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Guanghui Energy Co. Ltd., Class A | 1,860,200 | $ | 2,881,775 | |||||
Guangzhou Automobile Group Co. Ltd., Class A | 1,227,700 | 2,026,521 | ||||||
Guangzhou Automobile Group Co. Ltd., Class H | 11,451,838 | 7,301,973 | ||||||
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A | 616,096 | 2,799,105 | ||||||
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A | 133,784 | 1,622,851 | ||||||
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A | 181,091 | 1,788,957 | ||||||
Guangzhou Tinci Materials Technology Co. Ltd., Class A | 489,800 | 3,164,218 | ||||||
Guosen Securities Co. Ltd., Class A | 2,325,051 | 3,227,800 | ||||||
Guotai Junan Securities Co. Ltd., Class A | 2,344,040 | 4,818,351 | ||||||
H World Group Ltd., ADR | 750,436 | 35,548,153 | ||||||
Haidilao International Holding Ltd.(a)(b)(c) | 4,277,000 | 11,846,118 | ||||||
Haier Smart Home Co. Ltd., Class A | 1,602,441 | 6,069,104 | ||||||
Haier Smart Home Co. Ltd., Class H | 8,726,600 | 30,884,085 | ||||||
Haitian International Holdings Ltd. | 2,738,000 | 7,156,494 | ||||||
Haitong Securities Co. Ltd., Class A | 3,213,100 | 4,228,913 | ||||||
Haitong Securities Co. Ltd., Class H | 9,643,200 | 6,205,891 | ||||||
Hangzhou First Applied Material Co. Ltd., Class A | 362,880 | 3,585,419 | ||||||
Hangzhou Robam Appliances Co. Ltd., Class A | 349,464 | 1,546,390 | ||||||
Hangzhou Silan Microelectronics Co. Ltd., Class A | 377,700 | 1,830,738 | ||||||
Hangzhou Tigermed Consulting Co. Ltd., Class A | 144,600 | 2,397,180 | ||||||
Hangzhou Tigermed Consulting Co. Ltd., Class H(b) | 414,300 | 4,757,962 | ||||||
Hansoh Pharmaceutical Group Co. Ltd.(b) | 4,646,000 | 8,352,276 | ||||||
Henan Shuanghui Investment & Development Co. Ltd., Class A | 915,600 | 3,485,912 | ||||||
Hengan International Group Co. Ltd.(c) | 2,514,500 | 11,564,901 | ||||||
Hengli Petrochemical Co. Ltd., Class A | 1,528,491 | 3,882,889 | ||||||
Hengyi Petrochemical Co. Ltd., Class A | 1,595,549 | 1,862,852 | ||||||
Hithink RoyalFlush Information Network Co. Ltd., Class A | 163,600 | 2,782,085 | ||||||
Hoshine Silicon Industry Co. Ltd., Class A | 141,700 | 1,997,901 | ||||||
Hua Hong Semiconductor Ltd.(a)(b) | 2,274,000 | 8,720,055 | ||||||
Huadong Medicine Co. Ltd., Class A | 505,405 | 3,489,718 | ||||||
Huafon Chemical Co. Ltd., Class A | 1,835,800 | 2,153,357 | ||||||
Hualan Biological Engineering Inc., Class A | 546,383 | 1,742,767 | ||||||
Huaneng Power International Inc., Class A(a) | 2,246,000 | 2,639,004 | ||||||
Huaneng Power International Inc., Class H(a)(c) | 15,472,000 | 7,614,328 | ||||||
Huatai Securities Co. Ltd., Class A | 2,354,809 | 4,268,627 | ||||||
Huatai Securities Co. Ltd., Class H(b) | 5,032,200 | 5,664,683 | ||||||
Huaxia Bank Co. Ltd., Class A | 3,865,160 | 2,902,973 | ||||||
Huaxin Cement Co. Ltd., Class A | 467,806 | 1,174,398 | ||||||
Huayu Automotive Systems Co. Ltd., Class A | 888,468 | 2,417,162 | ||||||
Huizhou Desay Sv Automotive Co. Ltd., Class A | 150,600 | 2,467,387 | ||||||
Hundsun Technologies Inc., Class A | 568,544 | 3,633,240 | ||||||
Hygeia Healthcare Holdings Co. Ltd.(a)(b)(c) | 1,312,400 | 9,561,643 | ||||||
Iflytek Co. Ltd., Class A | 631,719 | 4,388,251 | ||||||
Imeik Technology Development Co. Ltd., Class A | 64,400 | 5,444,397 | ||||||
Industrial & Commercial Bank of China Ltd., Class A | 15,745,762 | 9,741,121 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 214,213,085 | 106,884,126 | ||||||
Industrial Bank Co. Ltd., Class A | 4,901,842 | 11,924,535 | ||||||
Industrial Securities Co. Ltd., Class A | 2,807,476 | 2,596,754 | ||||||
Ingenic Semiconductor Co. Ltd., Class A | 133,300 | 1,448,497 | ||||||
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A | 12,373,300 | 3,652,713 | ||||||
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A | 3,071,400 | 1,953,339 |
SCHEDULE OF INVESTMENTS | 15 |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 1,624,370 | $ | 7,122,460 | |||||
Inner Mongolia Yitai Coal Co. Ltd., Class B | 4,455,200 | 6,007,423 | ||||||
Innovent Biologics Inc.(a)(b)(c) | 3,975,500 | 19,335,343 | ||||||
Inspur Electronic Information Industry Co. Ltd., Class A | 646,390 | 3,621,107 | ||||||
iQIYI Inc., ADR(a)(c) | 1,614,160 | 12,477,457 | ||||||
JA Solar Technology Co. Ltd., Class A | 568,100 | 4,983,003 | ||||||
Jafron Biomedical Co. Ltd., Class A | 246,756 | 1,149,852 | ||||||
JCET Group Co. Ltd., Class A | 610,200 | 2,469,684 | ||||||
JD Health International Inc.(a)(b) | 4,309,800 | 30,169,675 | ||||||
JD.com Inc., Class A | 8,267,854 | 183,793,750 | ||||||
Jiangsu Eastern Shenghong Co. Ltd., Class A | 1,090,900 | 2,433,938 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 5,198,000 | 4,969,115 | ||||||
Jiangsu GoodWe Power Supply Technology Co. Ltd., NVS | 73,787 | 4,123,592 | ||||||
Jiangsu Hengli Hydraulic Co. Ltd., Class A | 371,588 | 3,684,714 | ||||||
Jiangsu Hengrui Medicine Co. Ltd., Class A | 1,571,941 | 9,839,078 | ||||||
Jiangsu King’s Luck Brewery JSC Ltd., Class A | 370,286 | 3,416,469 | ||||||
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A | 367,750 | 8,979,764 | ||||||
Jiangsu Zhongtian Technology Co. Ltd., Class A | 881,824 | 2,037,152 | ||||||
Jiangxi Copper Co. Ltd., Class A | 1,020,700 | 2,882,705 | ||||||
Jiangxi Copper Co. Ltd., Class H | 4,069,000 | 6,417,107 | ||||||
JiuGui Liquor Co. Ltd., Class A | 95,400 | 2,081,883 | ||||||
Jiumaojiu International Holdings Ltd.(b)(c) | 2,865,000 | 6,923,003 | ||||||
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A | 300,733 | 1,647,965 | ||||||
JOYY Inc., ADR | 184,303 | 5,787,114 | ||||||
Juewei Food Co. Ltd., Class A | 208,014 | 1,568,909 | ||||||
Kanzhun Ltd., ADR(a) | 689,117 | 13,885,708 | ||||||
KE Holdings Inc., ADR(a) | 2,550,517 | 46,546,935 | ||||||
Kingboard Holdings Ltd. | 2,604,000 | 9,296,628 | ||||||
Kingboard Laminates Holdings Ltd. | 3,800,000 | 4,738,847 | ||||||
Kingdee International Software Group Co. Ltd.(a)(c) | 10,111,000 | 18,892,033 | ||||||
Kingsoft Corp. Ltd. | 3,741,200 | 12,352,008 | ||||||
Koolearn Technology Holding Ltd.(a)(b)(c) | 1,532,000 | 8,724,598 | ||||||
Kuaishou Technology(a)(b) | 6,728,800 | 45,092,818 | ||||||
Kunlun Energy Co. Ltd. | 15,340,000 | 12,291,090 | ||||||
Kweichow Moutai Co. Ltd., Class A | 289,587 | 75,646,809 | ||||||
LB Group Co. Ltd., Class A | 725,000 | 2,282,217 | ||||||
Legend Biotech Corp., ADR(a)(c) | 189,515 | 8,751,803 | ||||||
Lenovo Group Ltd. | 27,922,000 | 25,127,057 | ||||||
Lens Technology Co. Ltd., Class A | 1,394,500 | 2,553,869 | ||||||
Lepu Medical Technology Beijing Co. Ltd., Class A | 613,370 | 2,070,586 | ||||||
Li Auto Inc.(a) | 4,274,890 | 50,440,110 | ||||||
Li Ning Co. Ltd. | 9,085,500 | 77,523,893 | ||||||
Lingyi iTech Guangdong Co., Class A(a) | 3,013,780 | 2,482,105 | ||||||
Longfor Group Holdings Ltd.(b) | 7,154,000 | 20,479,280 | ||||||
LONGi Green Energy Technology Co. Ltd., Class A | 1,803,971 | 11,487,949 | ||||||
Lufax Holding Ltd., ADR | 2,701,080 | 5,834,333 | ||||||
Luxshare Precision Industry Co. Ltd., Class A | 1,721,346 | 7,397,936 | ||||||
Luzhou Laojiao Co. Ltd., Class A | 346,039 | 12,424,749 | ||||||
Mango Excellent Media Co. Ltd., Class A | 481,400 | 2,318,653 | ||||||
Maxscend Microelectronics Co. Ltd., Class A | 145,344 | 2,447,529 | ||||||
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A(a) | 1,462,680 | 1,381,296 | ||||||
Meituan, Class B(a)(b) | 19,251,100 | 334,101,416 | ||||||
Metallurgical Corp. of China Ltd., Class A | 5,316,590 | 2,609,170 | ||||||
Microport Scientific Corp.(a)(c) | 2,541,000 | 7,208,912 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Ming Yang Smart Energy Group Ltd., Class A | 567,800 | $ | 2,073,982 | |||||
MINISO Group Holding Ltd. | 327,771 | 5,867,101 | ||||||
Minth Group Ltd. | 2,974,000 | 7,728,213 | ||||||
Montage Technology Co. Ltd., Class A | 310,600 | 2,580,043 | ||||||
Muyuan Foods Co. Ltd., Class A | 1,257,939 | 8,954,185 | ||||||
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A | 546,453 | 1,357,975 | ||||||
NARI Technology Co. Ltd., Class A | 1,746,645 | 6,598,641 | ||||||
NAURA Technology Group Co. Ltd., Class A | 126,400 | 4,229,855 | ||||||
NavInfo Co. Ltd., Class A | 812,600 | 1,522,586 | ||||||
NetEase Inc. | 7,600,950 | 118,122,158 | ||||||
New China Life Insurance Co. Ltd., Class A | 629,902 | 2,825,072 | ||||||
New China Life Insurance Co. Ltd., Class H | 2,944,700 | 7,136,647 | ||||||
New Hope Liuhe Co. Ltd., Class A(a) | 1,262,097 | 2,394,455 | ||||||
New Oriental Education & Technology Group Inc.(a)(c) | 5,895,600 | 22,735,077 | ||||||
Nine Dragons Paper Holdings Ltd.(c) | 6,676,000 | 5,440,128 | ||||||
Ninestar Corp., Class A | 476,338 | 3,695,257 | ||||||
Ningbo Deye Technology Co. Ltd., NVS | 64,000 | 3,043,019 | ||||||
Ningbo Joyson Electronic Corp., Class A(a) | 434,300 | 982,739 | ||||||
Ningbo Orient Wires & Cables Co. Ltd. | 178,800 | 1,414,988 | ||||||
Ningbo Shanshan Co. Ltd. | 615,100 | 1,581,892 | ||||||
Ningbo Tuopu Group Co. Ltd., Class A | 298,300 | 2,872,686 | ||||||
Ningxia Baofeng Energy Group Co. Ltd., Class A | 1,755,600 | 3,991,945 | ||||||
NIO Inc., ADR(a)(c) | 5,216,092 | 48,979,104 | ||||||
Nongfu Spring Co. Ltd., Class H(b) | 6,853,800 | 38,471,506 | ||||||
Oppein Home Group Inc., Class A | 143,300 | 2,919,724 | ||||||
Orient Overseas International Ltd.(c) | 500,000 | 8,031,613 | ||||||
Orient Securities Co. Ltd., Class A | 2,176,134 | 3,193,382 | ||||||
Ovctek China Inc., Class A | 246,900 | 1,222,306 | ||||||
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A(a) | 2,296,789 | 1,844,758 | ||||||
People’s Insurance Co. Group of China Ltd. (The), Class A | 2,899,400 | 2,177,510 | ||||||
People’s Insurance Co. Group of China Ltd. (The), Class H | 28,562,000 | 9,030,466 | ||||||
Perfect World Co. Ltd., Class A | 612,900 | 1,253,562 | ||||||
PetroChina Co. Ltd., Class A | 5,071,500 | 3,809,268 | ||||||
PetroChina Co. Ltd., Class H | 79,350,000 | 40,479,448 | ||||||
Pharmaron Beijing Co. Ltd., Class A | 275,000 | 2,361,813 | ||||||
Pharmaron Beijing Co. Ltd., Class H(b) | 727,400 | 4,078,968 | ||||||
PICC Property & Casualty Co. Ltd., Class H | 26,529,192 | 23,301,934 | ||||||
Pinduoduo Inc., ADR(a) | 1,919,195 | 168,370,977 | ||||||
Ping An Bank Co. Ltd., Class A | 4,531,367 | 8,969,935 | ||||||
Ping An Healthcare and Technology Co. | 1,954,200 | 4,478,428 | ||||||
Ping An Insurance Group Co. of China Ltd., Class A | 2,675,084 | 18,566,213 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 24,043,500 | 164,133,767 | ||||||
Poly Developments and Holdings Group Co. Ltd., Class A | 2,842,784 | 6,173,994 | ||||||
Pop Mart International Group Ltd.(b)(c) | 2,148,600 | 5,986,042 | ||||||
Postal Savings Bank of China Co. Ltd., Class A | 6,883,200 | 4,477,257 | ||||||
Postal Savings Bank of China Co. Ltd., Class H(b) | 30,012,000 | 18,031,284 | ||||||
Power Construction Corp. of China Ltd., Class A | 3,994,300 | 4,126,645 | ||||||
Pylon Technologies Co. Ltd., NVS | 105,280 | 4,061,982 | ||||||
Qinghai Salt Lake Industry Co. Ltd., Class A(a) | 1,302,500 | 4,640,006 | ||||||
Rongsheng Petrochemical Co. Ltd., Class A | 2,610,358 | 5,075,992 | ||||||
SAIC Motor Corp. Ltd., Class A | 1,995,406 | 4,314,613 | ||||||
Sangfor Technologies Inc., Class A | 119,800 | 2,459,716 | ||||||
Sany Heavy Equipment International Holdings Co. Ltd. | 4,778,000 | 4,768,336 |
16 | 2 0 2 3 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Sany Heavy Industry Co. Ltd., Class A | 2,140,752 | $ | 5,769,634 | |||||
Satellite Chemical Co. Ltd., Class A | 1,096,484 | 2,742,484 | ||||||
Seazen Holdings Co. Ltd., Class A(a) | 510,573 | 1,436,825 | ||||||
SF Holding Co. Ltd., Class A | 1,162,835 | 9,004,962 | ||||||
SG Micro Corp., Class A | 101,786 | 2,295,288 | ||||||
Shaanxi Coal Industry Co. Ltd., Class A | 2,583,776 | 7,435,509 | ||||||
Shandong Gold Mining Co. Ltd., Class A | 1,251,736 | 3,420,193 | ||||||
Shandong Gold Mining Co. Ltd., Class H(b) | 2,531,250 | 4,340,673 | ||||||
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A | 680,680 | 3,537,971 | ||||||
Shandong Linglong Tyre Co. Ltd., Class A | 455,400 | 1,476,468 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 9,747,600 | 15,734,238 | ||||||
Shanghai Bairun Investment Holding Group Co. Ltd., Class A | 353,672 | 2,134,850 | ||||||
Shanghai Baosight Software Co. Ltd., Class A | 456,080 | 3,247,377 | ||||||
Shanghai Baosight Software Co. Ltd., Class B | 2,135,631 | 6,961,403 | ||||||
Shanghai Construction Group Co. Ltd., Class A | 3,281,152 | 1,279,570 | ||||||
Shanghai Electric Group Co. Ltd., Class A(a) | 4,788,691 | 2,885,660 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A | 553,500 | 2,683,866 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H | 1,840,500 | 5,384,599 | ||||||
Shanghai Fudan Microelectronics Group Co. Ltd. | 341,085 | 3,530,550 | ||||||
Shanghai Fudan Microelectronics Group Co. Ltd., Class H | 941,000 | 3,861,185 | ||||||
Shanghai International Airport Co. Ltd., Class A(a) | 311,598 | 2,631,198 | ||||||
Shanghai International Port Group Co. Ltd., Class A | 2,959,989 | 2,265,507 | ||||||
Shanghai Junshi Biosciences Co. Ltd., Class A(a) | 161,600 | 1,228,263 | ||||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B | 4,314,306 | 3,366,621 | ||||||
Shanghai M&G Stationery Inc., Class A | 285,737 | 2,227,352 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class A | 805,800 | 2,290,458 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 2,876,500 | 5,072,669 | ||||||
Shanghai Pudong Development Bank Co. Ltd., Class A | 7,263,195 | 7,503,144 | ||||||
Shanghai Putailai New Energy Technology Co. Ltd., Class A | 383,715 | 2,773,934 | ||||||
Shanghai RAAS Blood Products Co. Ltd., Class A | 2,453,700 | 2,188,959 | ||||||
Shanghai Rural Commercial Bank Co. Ltd. | 2,503,900 | 2,136,206 | ||||||
Shanxi Coking Coal Energy Group Co. Ltd., Class A | 973,300 | 1,822,528 | ||||||
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A | 755,100 | 2,424,161 | ||||||
Shanxi Meijin Energy Co. Ltd., Class A | 1,221,800 | 1,651,645 | ||||||
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A | 285,300 | 11,613,693 | ||||||
Shengyi Technology Co. Ltd., Class A | 794,000 | 2,070,937 | ||||||
Shennan Circuits Co. Ltd., Class A | 150,340 | 1,724,978 | ||||||
Shenwan Hongyuan Group Co. Ltd., Class A | 6,572,670 | 3,987,042 | ||||||
Shenzhen Dynanonic Co. Ltd. | 47,700 | 1,551,190 | ||||||
Shenzhen Inovance Technology Co. Ltd., Class A | 694,297 | 7,314,249 | ||||||
Shenzhen International Holdings Ltd. | 5,149,000 | 4,475,212 | ||||||
Shenzhen Kangtai Biological Products Co. Ltd., Class A | 293,035 | 1,461,319 | ||||||
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 286,032 | 12,904,536 | ||||||
Shenzhen Overseas Chinese Town Co. Ltd., Class A | 2,310,700 | 1,763,113 | ||||||
Shenzhen Transsion Holding Co. Ltd., Class A | 196,801 | 2,283,635 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Shenzhou International Group Holdings Ltd. | 3,197,000 | $ | 34,980,168 | |||||
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A | 394,600 | 1,703,336 | ||||||
Shimao Group Holdings Ltd.(a)(c)(d) | 3,384,740 | 862,420 | ||||||
Sichuan Chuantou Energy Co. Ltd., Class A | 1,393,760 | 2,603,102 | ||||||
Sichuan Kelun Pharmaceutical Co. Ltd., Class A | 663,978 | 2,756,011 | ||||||
Sichuan Road & Bridge Co. Ltd., Class A | 1,135,100 | 2,075,485 | ||||||
Sichuan Swellfun Co. Ltd., Class A | 143,193 | 1,705,801 | ||||||
Sino Biopharmaceutical Ltd. | 40,134,750 | 20,721,233 | ||||||
Sinoma Science & Technology Co. Ltd., Class A | 553,500 | 1,832,170 | ||||||
Sinopharm Group Co. Ltd., Class H | 5,239,600 | 14,033,283 | ||||||
Skshu Paint Co. Ltd., Class A(a) | 110,640 | 1,948,408 | ||||||
Smoore International Holdings Ltd.(b)(c) | 6,935,000 | 8,598,184 | ||||||
Songcheng Performance Development Co. Ltd., Class A | 888,518 | 2,004,650 | ||||||
StarPower Semiconductor Ltd., Class A | 45,500 | 1,930,618 | ||||||
Sunac China Holdings Ltd.(a)(d) | 12,385,000 | 2,248,326 | ||||||
Sungrow Power Supply Co. Ltd., Class A | 359,900 | 6,179,164 | ||||||
Sunny Optical Technology Group Co. Ltd. | 2,753,700 | 31,314,599 | ||||||
Sunwoda Electronic Co. Ltd., Class A | 504,200 | 1,565,314 | ||||||
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A | 620,300 | 2,600,040 | ||||||
Suzhou Maxwell Technologies Co. Ltd., Class A | 54,900 | 2,895,317 | ||||||
TAL Education Group, ADR(a)(c) | 1,694,683 | 11,913,622 | ||||||
TBEA Co. Ltd., Class A | 1,033,200 | 3,205,065 | ||||||
TCL Technology Group Corp., Class A | 4,329,755 | 2,762,835 | ||||||
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A | 800,293 | 5,016,608 | ||||||
Tencent Holdings Ltd. | 23,854,000 | 1,047,867,902 | ||||||
Tencent Music Entertainment Group, ADR(a)(c) | 2,719,641 | 20,506,093 | ||||||
Thunder Software Technology Co. Ltd., Class A | 128,187 | 1,759,926 | ||||||
Tianma Microelectronics Co. Ltd., Class A | 730,623 | 1,005,061 | ||||||
Tianqi Lithium Corp., Class A(a) | 358,100 | 4,215,853 | ||||||
Tingyi Cayman Islands Holding Corp.(c) | 7,554,000 | 12,204,101 | ||||||
Tongcheng Travel Holdings Ltd.(a) | 4,856,400 | 9,639,844 | ||||||
Tongkun Group Co. Ltd., Class A | 834,700 | 1,963,328 | ||||||
Tongwei Co. Ltd., Class A | 1,061,984 | 6,404,773 | ||||||
Topchoice Medical Corp., Class A(a) | 91,900 | 1,931,494 | ||||||
Topsports International Holdings Ltd.(b) | 7,327,000 | 6,408,678 | ||||||
TravelSky Technology Ltd., Class H | 3,798,000 | 7,496,910 | ||||||
Trina Solar Co. Ltd. | 545,886 | 4,847,585 | ||||||
Trip.com Group Ltd., ADR(a)(c) | 2,097,502 | 74,566,196 | ||||||
Tsingtao Brewery Co. Ltd., Class A | 203,390 | 3,262,971 | ||||||
Tsingtao Brewery Co. Ltd., Class H | 2,280,000 | 22,503,091 | ||||||
Unigroup Guoxin Microelectronics Co. Ltd., Class A | 224,439 | 3,573,867 | ||||||
Uni-President China Holdings Ltd. | 5,412,000 | 4,745,131 | ||||||
Unisplendour Corp. Ltd., Class A | 856,454 | 3,125,294 | ||||||
Vinda International Holdings Ltd. | 1,629,000 | 4,486,820 | ||||||
Vipshop Holdings Ltd., ADR(a) | 1,637,730 | 24,385,800 | ||||||
Walvax Biotechnology Co. Ltd., Class A | 413,247 | 2,271,478 | ||||||
Wanhua Chemical Group Co. Ltd., Class A | 782,791 | 11,746,686 | ||||||
Want Want China Holdings Ltd. | 18,883,000 | 11,879,511 | ||||||
Weibo Corp., ADR(a)(c) | 266,138 | 5,503,734 | ||||||
Weichai Power Co. Ltd., Class A | 2,072,444 | 3,703,077 | ||||||
Weichai Power Co. Ltd., Class H | 7,164,800 | 10,634,326 | ||||||
Wens Foodstuffs Group Co. Ltd., Class A | 1,737,270 | 4,941,426 | ||||||
Western Securities Co. Ltd., Class A | 2,379,310 | 2,266,828 | ||||||
Western Superconducting Technologies Co. Ltd., Class A | 168,866 | 2,201,675 | ||||||
Will Semiconductor Co. Ltd. Shanghai, Class A | 290,370 | 3,590,248 |
SCHEDULE OF INVESTMENTS | 17 |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Wingtech Technology Co. Ltd., Class A | 318,900 | $ | 2,470,248 | |||||
Wuhan Guide Infrared Co. Ltd., Class A | 1,237,340 | 2,120,722 | ||||||
Wuliangye Yibin Co. Ltd., Class A | 912,528 | 26,778,690 | ||||||
WUS Printed Circuit Kunshan Co. Ltd., Class A | 683,523 | 1,611,031 | ||||||
WuXi AppTec Co. Ltd., Class A | 661,229 | 7,875,030 | ||||||
WuXi AppTec Co. Ltd., Class H(b)(c) | 1,304,670 | 13,919,456 | ||||||
Wuxi Biologics Cayman Inc., New(a)(b) | 13,868,000 | 97,078,067 | ||||||
Wuxi Shangji Automation Co. Ltd., Class A | 111,080 | 1,774,866 | ||||||
XCMG Construction Machinery Co. Ltd., Class A | 3,398,669 | 3,469,048 | ||||||
Xiaomi Corp., Class B(a)(b) | 58,796,600 | 89,075,800 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class A | 1,444,493 | 2,358,805 | ||||||
Xinyi Solar Holdings Ltd. | 18,894,000 | 20,202,874 | ||||||
XPeng Inc.(a)(c) | 3,203,176 | 14,238,264 | ||||||
Xtep International Holdings Ltd. | 5,161,000 | 5,837,769 | ||||||
Yadea Group Holdings Ltd.(b) | 4,790,000 | 10,280,262 | ||||||
Yankuang Energy Group Co. Ltd., Class A | 640,400 | 3,287,427 | ||||||
Yankuang Energy Group Co. Ltd., Class H | 5,846,800 | 17,635,940 | ||||||
Yantai Jereh Oilfield Services Group Co. Ltd., Class A | 307,298 | 1,363,827 | ||||||
Yealink Network Technology Corp. Ltd., Class A | 284,630 | 2,727,511 | ||||||
Yifeng Pharmacy Chain Co. Ltd., Class A | 254,436 | 2,213,879 | ||||||
Yihai International Holding Ltd.(c) | 1,886,000 | 5,490,586 | ||||||
Yihai Kerry Arawana Holdings Co. Ltd., Class A | 373,100 | 2,466,838 | ||||||
YongXing Special Materials Technology Co. Ltd., Class A | 120,100 | 1,583,957 | ||||||
Yonyou Network Technology Co. Ltd., Class A | 929,751 | 3,115,012 | ||||||
YTO Express Group Co. Ltd., Class A | 923,400 | 2,411,989 | ||||||
Yuexiu Property Co. Ltd. | 5,139,000 | 7,568,449 | ||||||
Yum China Holdings Inc. | 1,624,273 | 95,393,553 | ||||||
Yunda Holding Co. Ltd., Class A | 913,004 | 1,674,257 | ||||||
Yunnan Baiyao Group Co. Ltd., Class A | 490,522 | 4,012,927 | ||||||
Yunnan Energy New Material Co. Ltd., Class A | 232,400 | 4,194,213 | ||||||
Zai Lab Ltd., ADR(a) | 339,578 | 12,615,323 | ||||||
Zangge Mining Co. Ltd. | 433,100 | 1,737,150 | ||||||
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A | 192,764 | 8,567,365 | ||||||
Zhaojin Mining Industry Co. Ltd., Class H(a) | 4,759,000 | 4,997,492 | ||||||
Zhejiang Century Huatong Group Co. Ltd., Class A(a) | 2,352,298 | 1,487,033 | ||||||
Zhejiang Chint Electrics Co. Ltd., Class A | 590,023 | 2,546,871 | ||||||
Zhejiang Dahua Technology Co. Ltd., Class A | 974,784 | 2,029,822 | ||||||
Zhejiang Expressway Co. Ltd., Class H | 5,768,000 | 4,652,006 | ||||||
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A | 510,004 | 1,521,973 | ||||||
Zhejiang Huayou Cobalt Co. Ltd., Class A | 413,815 | 3,521,307 | ||||||
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A | 348,484 | 3,434,902 | ||||||
Zhejiang NHU Co. Ltd., Class A | 868,587 | 2,369,460 | ||||||
Zhejiang Supcon Technology Co. Ltd. | 311,331 | 4,388,097 | ||||||
Zhejiang Supor Co. Ltd., Class A | 183,282 | 1,499,522 | ||||||
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A | 184,047 | 1,395,106 | ||||||
Zheshang Securities Co. Ltd., Class A | 1,338,000 | 1,986,046 | ||||||
ZhongAn Online P&C Insurance Co. Ltd., Class H(a)(b)(c) | 2,731,700 | 7,865,181 | ||||||
Zhongji Innolight Co. Ltd., Class A | 304,500 | 1,553,267 | ||||||
Zhongsheng Group Holdings Ltd.(c) | 2,377,000 | 11,873,658 | ||||||
Zhuzhou CRRC Times Electric Co. Ltd. | 2,314,400 | 10,546,368 | ||||||
Zijin Mining Group Co. Ltd., Class A | 5,456,700 | 8,966,603 | ||||||
Zijin Mining Group Co. Ltd., Class H | 21,748,000 | 32,912,578 | ||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A | �� | 2,487,054 | 2,398,789 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
ZTE Corp., Class A | 918,300 | $ | 4,253,050 | |||||
ZTE Corp., Class H | 2,561,400 | 7,610,195 | ||||||
ZTO Express Cayman Inc., ADR | 1,614,811 | 38,852,353 | ||||||
|
| |||||||
7,848,712,056 | ||||||||
Colombia — 0.0% | ||||||||
Bancolombia SA | 973,766 | 7,193,889 | ||||||
Interconexion Electrica SA ESP | 1,761,627 | 6,238,921 | ||||||
|
| |||||||
13,432,810 | ||||||||
Czech Republic — 0.2% | ||||||||
CEZ AS | 630,966 | 29,453,402 | ||||||
Komercni Banka AS | 272,581 | 9,182,286 | ||||||
Moneta Money Bank AS(b) | 1,253,863 | 4,776,539 | ||||||
|
| |||||||
43,412,227 | ||||||||
Egypt — 0.1% | ||||||||
Commercial International Bank Egypt SAE | 9,268,992 | 16,069,144 | ||||||
Eastern Co. SAE | 4,110,572 | 2,485,400 | ||||||
Egyptian Financial Group-Hermes Holding Co.(a) | 1,423,920 | 959,972 | ||||||
|
| |||||||
19,514,516 | ||||||||
Greece — 0.4% | ||||||||
Alpha Services and Holdings SA(a) | 8,272,943 | 12,944,311 | ||||||
Eurobank Ergasias Services and Holdings SA, Class A(a) | 10,009,129 | 15,343,203 | ||||||
FF Group(a)(d) | 246,892 | 2 | ||||||
Hellenic Telecommunications Organization SA | 790,576 | 12,127,459 | ||||||
JUMBO SA | 428,260 | 8,551,471 | ||||||
Motor Oil Hellas Corinth Refineries SA | 237,298 | 6,294,829 | ||||||
Mytilineos SA | 389,142 | 10,499,165 | ||||||
National Bank of Greece SA(a) | 2,165,883 | 12,118,662 | ||||||
OPAP SA | 686,623 | 10,657,037 | ||||||
Public Power Corp. SA(a) | 842,299 | 7,388,290 | ||||||
Terna Energy SA | 196,805 | 4,092,074 | ||||||
|
| |||||||
100,016,503 | ||||||||
Hungary — 0.2% | ||||||||
MOL Hungarian Oil & Gas PLC | 1,583,967 | 12,028,135 | ||||||
OTP Bank Nyrt | 844,242 | 25,574,512 | ||||||
Richter Gedeon Nyrt | 418,444 | 8,771,283 | ||||||
|
| |||||||
46,373,930 | ||||||||
India — 13.2% | ||||||||
ABB India Ltd. | 193,003 | 7,506,310 | ||||||
ACC Ltd. | 251,715 | 5,268,983 | ||||||
Adani Enterprises Ltd. | 654,895 | 10,794,444 | ||||||
Adani Green Energy Ltd.(a) | 1,163,436 | 6,813,497 | ||||||
Adani Ports & Special Economic Zone Ltd. | 1,862,552 | 13,334,398 | ||||||
Adani Power Ltd.(a) | 2,559,952 | 4,521,502 | ||||||
Adani Total Gas Ltd. | 1,021,165 | 8,370,493 | ||||||
Adani Transmission Ltd.(a) | 985,328 | 7,645,517 | ||||||
Ambuja Cements Ltd. | 2,318,527 | 9,586,274 | ||||||
Apollo Hospitals Enterprise Ltd. | 391,841 | 20,847,056 | ||||||
Asian Paints Ltd. | 1,469,124 | 50,215,915 | ||||||
AU Small Finance Bank Ltd.(b) | 519,281 | 3,720,800 | ||||||
Aurobindo Pharma Ltd. | 993,735 | 5,558,901 | ||||||
Avenue Supermarts Ltd.(a)(b) | 624,829 | 25,802,862 | ||||||
Axis Bank Ltd. | 8,668,314 | 88,407,080 | ||||||
Bajaj Auto Ltd. | 265,135 | 11,734,220 | ||||||
Bajaj Finance Ltd. | 1,052,495 | 77,717,065 | ||||||
Bajaj Finserv Ltd. | 1,500,824 | 24,204,380 | ||||||
Bajaj Holdings & Investment Ltd. | 95,588 | 7,227,121 | ||||||
Balkrishna Industries Ltd. | 313,544 | 7,634,370 | ||||||
Bandhan Bank Ltd.(a)(b) | 2,443,196 | 6,816,462 |
18 | 2 0 2 3 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
India (continued) | ||||||||
Bank of Baroda | 2,759,033 | $ | 5,306,635 | |||||
Berger Paints India Ltd. | 979,082 | 6,856,994 | ||||||
Bharat Electronics Ltd. | 14,508,753 | 16,592,036 | ||||||
Bharat Forge Ltd. | 960,832 | 9,475,151 | ||||||
Bharat Petroleum Corp. Ltd. | 3,248,349 | 12,472,155 | ||||||
Bharti Airtel Ltd. | 8,473,793 | 76,029,053 | ||||||
Britannia Industries Ltd. | 418,793 | 22,596,641 | ||||||
CG Power and Industrial Solutions Ltd.(a) | 1,682,351 | 6,212,086 | ||||||
Cholamandalam Investment and Finance Co. Ltd. | 1,627,800 | 14,882,097 | ||||||
Cipla Ltd. | 1,868,650 | 20,473,168 | ||||||
Coal India Ltd. | 5,983,926 | 15,584,799 | ||||||
Colgate-Palmolive India Ltd. | 454,595 | 8,098,839 | ||||||
Container Corp. of India Ltd. | 1,034,181 | 7,381,321 | ||||||
Dabur India Ltd. | 2,340,480 | 15,069,080 | ||||||
Divi’s Laboratories Ltd. | 508,582 | 17,368,484 | ||||||
DLF Ltd. | 2,498,911 | 10,619,951 | ||||||
Dr. Reddy’s Laboratories Ltd. | 444,294 | 23,154,430 | ||||||
Eicher Motors Ltd. | 530,104 | 19,895,163 | ||||||
GAIL India Ltd. | 8,892,473 | 11,038,738 | ||||||
Godrej Consumer Products Ltd.(a) | 1,567,944 | 17,504,794 | ||||||
Godrej Properties Ltd.(a) | 492,557 | 6,550,183 | ||||||
Grasim Industries Ltd. | 1,042,885 | 19,893,416 | ||||||
Havells India Ltd. | 985,320 | 14,257,183 | ||||||
HCL Technologies Ltd. | 3,440,759 | 44,803,650 | ||||||
HDFC Life Insurance Co. Ltd.(b) | 3,653,713 | 21,588,128 | ||||||
Hero MotoCorp Ltd. | 420,464 | 12,296,107 | ||||||
Hindalco Industries Ltd. | 5,331,571 | 25,719,370 | ||||||
Hindustan Petroleum Corp. Ltd. | 2,504,484 | 6,524,949 | ||||||
Hindustan Unilever Ltd. | 3,147,617 | 93,615,748 | ||||||
Housing Development Finance Corp. Ltd. | 6,592,261 | 207,816,346 | ||||||
ICICI Bank Ltd. | 19,616,474 | 202,911,141 | ||||||
ICICI Lombard General Insurance Co. | 860,926 | 11,470,649 | ||||||
ICICI Prudential Life Insurance Co. Ltd.(b) | 1,328,053 | 6,561,764 | ||||||
Indian Hotels Co. Ltd. (The) | 3,033,657 | 11,392,834 | ||||||
Indian Oil Corp. Ltd. | 10,483,071 | 9,644,773 | ||||||
Indian Railway Catering & Tourism Corp. Ltd. | 968,882 | 7,131,159 | ||||||
Indraprastha Gas Ltd. | 1,146,107 | 6,078,337 | ||||||
Indus Towers Ltd. | 2,564,547 | 5,297,249 | ||||||
Info Edge India Ltd. | 278,482 | 11,750,892 | ||||||
Infosys Ltd. | 12,856,162 | 230,933,527 | ||||||
InterGlobe Aviation Ltd.(a)(b) | 379,411 | 8,510,469 | ||||||
ITC Ltd. | 11,375,214 | 51,810,573 | ||||||
Jindal Steel & Power Ltd. | 1,631,205 | 10,835,244 | ||||||
JSW Steel Ltd. | 2,844,361 | 22,956,606 | ||||||
Jubilant Foodworks Ltd. | 1,498,571 | 7,981,020 | ||||||
Kotak Mahindra Bank Ltd. | 2,123,896 | 44,376,453 | ||||||
Larsen & Toubro Infotech Ltd.(b) | 345,758 | 19,725,374 | ||||||
Larsen & Toubro Ltd. | 2,646,015 | 67,438,626 | ||||||
Lupin Ltd. | 749,112 | 5,970,265 | ||||||
Mahindra & Mahindra Ltd. | 3,362,564 | 51,591,965 | ||||||
Marico Ltd. | 1,974,985 | 11,741,861 | ||||||
Maruti Suzuki India Ltd. | 463,600 | 48,314,592 | ||||||
Mphasis Ltd. | 324,535 | 7,981,094 | ||||||
MRF Ltd. | 7,498 | 7,727,691 | ||||||
Muthoot Finance Ltd. | 472,660 | 5,556,776 | ||||||
Nestle India Ltd. | 128,342 | 28,967,624 | ||||||
NTPC Ltd. | 15,114,253 | 31,174,391 | ||||||
Oil & Natural Gas Corp. Ltd. | 9,424,255 | 17,292,081 | ||||||
Page Industries Ltd. | 23,956 | 10,995,281 | ||||||
Petronet LNG Ltd. | 2,955,374 | 7,947,002 |
Security | Shares | Value | ||||||
India (continued) | ||||||||
PI Industries Ltd. | 311,904 | $ | 11,685,018 | |||||
Pidilite Industries Ltd. | 594,015 | 16,517,485 | ||||||
Power Grid Corp. of India Ltd. | 11,947,777 | 32,095,385 | ||||||
Reliance Industries Ltd. | 11,650,326 | 326,769,891 | ||||||
Samvardhana Motherson International Ltd. | 7,586,388 | 7,303,201 | ||||||
SBI Cards & Payment Services Ltd. | 933,216 | 8,465,606 | ||||||
SBI Life Insurance Co. Ltd.(b) | 1,740,440 | 23,577,818 | ||||||
Shree Cement Ltd. | 41,855 | 13,197,374 | ||||||
Shriram Transport Finance Co. Ltd. | 943,790 | 13,723,585 | ||||||
Siemens Ltd. | 288,664 | 11,329,829 | ||||||
SRF Ltd. | 583,015 | 15,277,705 | ||||||
State Bank of India | 6,877,748 | 43,449,013 | ||||||
Sun Pharmaceutical Industries Ltd. | 3,690,013 | 42,674,417 | ||||||
Tata Consultancy Services Ltd. | 3,470,528 | 138,946,070 | ||||||
Tata Consumer Products Ltd. | 2,183,493 | 18,881,001 | ||||||
Tata Elxsi Ltd. | 134,567 | 9,967,069 | ||||||
Tata Motors Ltd.(a) | 6,334,336 | 32,178,930 | ||||||
Tata Power Co. Ltd. (The) | 5,659,705 | 13,858,487 | ||||||
Tata Steel Ltd. | 28,033,231 | 35,256,471 | ||||||
Tech Mahindra Ltd. | 2,048,235 | 27,227,483 | ||||||
Titan Co. Ltd. | 1,365,651 | 39,168,834 | ||||||
Torrent Pharmaceuticals Ltd. | 397,002 | 7,005,189 | ||||||
Trent Ltd. | 752,313 | 11,623,494 | ||||||
Tube Investments of India Ltd. | 403,360 | 13,520,267 | ||||||
TVS Motor Co. Ltd. | 824,534 | 10,765,324 | ||||||
UltraTech Cement Ltd. | 383,221 | 33,630,816 | ||||||
United Spirits Ltd.(a) | 1,151,995 | 10,313,081 | ||||||
UPL Ltd. | 1,932,987 | 16,218,226 | ||||||
Varun Beverages Ltd. | 863,513 | 13,575,233 | ||||||
Vedanta Ltd. | 2,953,522 | 9,586,539 | ||||||
Wipro Ltd. | 5,201,957 | 24,326,555 | ||||||
Yes Bank Ltd.(a) | 44,531,438 | 9,393,023 | ||||||
Zomato Ltd.(a) | 11,104,582 | 7,168,804 | ||||||
|
| |||||||
3,214,148,881 | ||||||||
Indonesia — 1.9% | ||||||||
Adaro Energy Indonesia Tbk PT | 56,507,100 | 11,071,020 | ||||||
Aneka Tambang Tbk | 33,966,400 | 4,432,363 | ||||||
Astra International Tbk PT | 77,499,800 | 31,000,509 | ||||||
Bank Central Asia Tbk PT | 211,493,200 | 121,299,533 | ||||||
Bank Mandiri Persero Tbk PT | 71,202,500 | 46,676,811 | ||||||
Bank Negara Indonesia Persero Tbk PT | 28,932,276 | 16,639,709 | ||||||
Bank Rakyat Indonesia Persero Tbk PT | 260,284,508 | 79,664,074 | ||||||
Barito Pacific Tbk PT | 114,526,222 | 7,020,768 | ||||||
Charoen Pokphand Indonesia Tbk PT | 28,223,445 | 9,946,563 | ||||||
Indah Kiat Pulp & Paper Tbk PT | 10,885,800 | 5,654,835 | ||||||
Indofood CBP Sukses Makmur Tbk PT | 8,727,500 | 5,795,780 | ||||||
Indofood Sukses Makmur Tbk PT | 16,237,900 | 6,893,942 | ||||||
Kalbe Farma Tbk PT | 82,110,115 | 11,358,742 | ||||||
Merdeka Copper Gold Tbk PT(a) | 46,500,663 | 13,841,289 | ||||||
Sarana Menara Nusantara Tbk PT | 92,020,400 | 6,334,747 | ||||||
Semen Indonesia Persero Tbk PT | 12,955,471 | 6,136,490 | ||||||
Sumber Alfaria Trijaya Tbk PT | 64,841,900 | 12,331,096 | ||||||
Telkom Indonesia Persero Tbk PT | 188,941,400 | 48,130,151 | ||||||
Unilever Indonesia Tbk PT | 28,569,900 | 7,828,543 | ||||||
United Tractors Tbk PT | 6,638,153 | 12,141,519 | ||||||
Vale Indonesia Tbk PT(a) | 10,088,400 | 4,512,728 | ||||||
|
| |||||||
468,711,212 | ||||||||
Kuwait — 0.9% | ||||||||
Agility Public Warehousing Co. KSC | 5,693,599 | 11,176,349 | ||||||
Boubyan Bank KSCP | 5,368,820 | 13,379,257 |
SCHEDULE OF INVESTMENTS | 19 |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Kuwait (continued) | ||||||||
Gulf Bank KSCP | 6,365,991 | $ | 6,281,574 | |||||
Kuwait Finance House KSCP | 28,429,909 | 79,343,894 | ||||||
Mabanee Co. KPSC | 2,578,657 | 6,598,078 | ||||||
Mobile Telecommunications Co. KSCP | 7,899,839 | 14,382,622 | ||||||
National Bank of Kuwait SAKP | 27,507,948 | 95,858,210 | ||||||
|
| |||||||
227,019,984 | ||||||||
Malaysia — 1.5% | ||||||||
AMMB Holdings Bhd | 7,264,475 | 6,489,766 | ||||||
Axiata Group Bhd | 10,360,100 | 7,316,934 | ||||||
CIMB Group Holdings Bhd | 25,638,500 | 32,051,530 | ||||||
Dialog Group Bhd | 13,933,512 | 6,987,084 | ||||||
DiGi.Com Bhd | 11,732,200 | 11,239,218 | ||||||
Gamuda Bhd | 4,176,700 | 3,909,112 | ||||||
Genting Bhd | 7,959,100 | 8,263,676 | ||||||
Genting Malaysia Bhd | 11,228,300 | 6,754,515 | ||||||
HAP Seng Consolidated Bhd | 2,535,900 | 3,446,349 | ||||||
Hartalega Holdings Bhd | 322,000 | 105,462 | ||||||
Hong Leong Bank Bhd | 2,499,900 | 11,442,062 | ||||||
Hong Leong Financial Group Bhd | 1,002,900 | 4,071,595 | ||||||
IHH Healthcare Bhd | 6,980,900 | 9,006,173 | ||||||
Inari Amertron Bhd | 10,965,900 | 5,982,739 | ||||||
IOI Corp. Bhd | 9,469,820 | 8,082,189 | ||||||
Kuala Lumpur Kepong Bhd | 1,674,800 | 7,760,439 | ||||||
Malayan Banking Bhd | 18,101,900 | 35,496,065 | ||||||
Malaysia Airports Holdings Bhd(a) | 2,812,500 | 4,255,915 | ||||||
Maxis Bhd | 8,698,000 | 7,577,283 | ||||||
MISC Bhd | 4,783,900 | 8,056,010 | ||||||
MR DIY Group M Bhd(b) | 9,254,400 | 3,504,719 | ||||||
Nestle Malaysia Bhd | 274,600 | 8,267,066 | ||||||
Petronas Chemicals Group Bhd | 9,469,300 | 15,105,427 | ||||||
Petronas Dagangan Bhd | 1,241,700 | 5,816,275 | ||||||
Petronas Gas Bhd | 3,075,100 | 11,416,416 | ||||||
PPB Group Bhd | 2,584,260 | 10,077,894 | ||||||
Press Metal Aluminium Holdings Bhd | 14,534,000 | 16,706,544 | ||||||
Public Bank Bhd | 53,569,950 | 49,300,828 | ||||||
QL Resources Bhd | 4,551,700 | 5,893,120 | ||||||
RHB Bank Bhd | 5,653,325 | 7,155,307 | ||||||
Sime Darby Bhd | 10,060,773 | 5,089,247 | ||||||
Sime Darby Plantation Bhd | 7,938,173 | 7,485,121 | ||||||
Telekom Malaysia Bhd | 4,562,300 | 5,113,765 | ||||||
Tenaga Nasional Bhd | 9,310,350 | 19,441,501 | ||||||
Top Glove Corp. Bhd(a)(c) | 19,856,000 | 3,339,892 | ||||||
|
| |||||||
362,007,238 | ||||||||
Mexico — 2.6% | ||||||||
Alfa SAB de CV, Class A | 11,129,347 | 7,262,832 | ||||||
America Movil SAB de CV, Series L, NVS | 106,106,900 | 110,070,722 | ||||||
Arca Continental SAB de CV | 1,658,536 | 13,997,821 | ||||||
Banco del Bajio SA(b) | 2,701,100 | 10,337,005 | ||||||
Cemex SAB de CV, NVS(a) | 58,266,473 | 29,170,655 | ||||||
Coca-Cola Femsa SAB de CV | 1,951,293 | 14,113,853 | ||||||
Fibra Uno Administracion SA de CV | 12,093,500 | 17,224,967 | ||||||
Fomento Economico Mexicano SAB de CV | 7,351,500 | 67,847,637 | ||||||
Gruma SAB de CV, Class B | 785,275 | 11,511,415 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B | 1,392,000 | 26,473,601 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B | 742,145 | 21,287,817 | ||||||
Grupo Bimbo SAB de CV, Series A | 5,288,300 | 25,102,553 | ||||||
Grupo Carso SAB de CV, Series A1(c) | 1,863,041 | 8,901,541 | ||||||
Grupo Financiero Banorte SAB de CV, Class O | 9,949,556 | 83,983,791 |
Security | Shares | Value | ||||||
Mexico (continued) | ||||||||
Grupo Financiero Inbursa SAB de CV, Class O(a)(c) | 8,574,700 | $ | 17,794,734 | |||||
Grupo Mexico SAB de CV, Series B | 12,106,288 | 54,316,682 | ||||||
Grupo Televisa SAB, CPO | 9,036,900 | 9,043,568 | ||||||
Industrias Penoles SAB de CV(a) | 560,258 | 6,703,254 | ||||||
Kimberly-Clark de Mexico SAB de CV, Class A | 5,703,000 | 11,442,469 | ||||||
Operadora De Sites Mexicanos SAB de CV | 5,371,100 | 5,486,615 | ||||||
Orbia Advance Corp. SAB de CV | 3,948,434 | 8,245,821 | ||||||
Promotora y Operadora de Infraestructura SAB de CV | 767,405 | 7,484,679 | ||||||
Wal-Mart de Mexico SAB de CV | 19,956,700 | 78,544,091 | ||||||
|
| |||||||
646,348,123 | ||||||||
Peru — 0.3% | ||||||||
Cia. de Minas Buenaventura SAA, ADR | 867,703 | 6,577,189 | ||||||
Credicorp Ltd. | 269,495 | 34,339,053 | ||||||
Southern Copper Corp. | 330,197 | 24,332,217 | ||||||
|
| |||||||
65,248,459 | ||||||||
Philippines — 0.7% | ||||||||
Aboitiz Equity Ventures Inc. | 7,135,130 | 6,959,689 | ||||||
ACEN Corp. | 3,340,698 | 382,281 | ||||||
Ayala Corp. | 946,686 | 10,673,500 | ||||||
Ayala Land Inc. | 27,806,100 | 14,292,448 | ||||||
Bank of the Philippine Islands | 6,542,244 | 12,972,646 | ||||||
BDO Unibank Inc. | 9,136,173 | 20,347,835 | ||||||
Globe Telecom Inc. | 2,745 | 87,952 | ||||||
International Container Terminal Services Inc. | 4,075,000 | 14,700,033 | ||||||
JG Summit Holdings Inc. | 11,653,123 | 10,365,809 | ||||||
Jollibee Foods Corp. | 1,752,049 | 7,592,197 | ||||||
Manila Electric Co. | 868,390 | 4,985,218 | ||||||
Metropolitan Bank & Trust Co. | 6,923,825 | 7,273,209 | ||||||
Monde Nissin Corp.(b) | 23,616,500 | 5,142,266 | ||||||
PLDT Inc. | 335,943 | 7,794,461 | ||||||
SM Investments Corp. | 919,182 | 14,130,221 | ||||||
SM Prime Holdings Inc. | 42,414,925 | 26,069,532 | ||||||
Universal Robina Corp. | 3,436,240 | 8,473,595 | ||||||
|
| |||||||
172,242,892 | ||||||||
Poland — 0.7% | ||||||||
Allegro.eu SA (a)(b)(c) | 1,173,520 | 7,648,863 | ||||||
Bank Polska Kasa Opieki SA | 700,756 | 14,101,433 | ||||||
CD Projekt SA(c) | 252,600 | 7,514,852 | ||||||
Cyfrowy Polsat SA | 862,911 | 3,342,562 | ||||||
Dino Polska SA(a)(b)(c) | 192,749 | 16,091,355 | ||||||
KGHM Polska Miedz SA | 548,968 | 15,655,991 | ||||||
LPP SA | 4,355 | 9,198,794 | ||||||
mBank SA(a)(c) | 55,881 | 4,115,346 | ||||||
Pepco Group NV(a) | 634,552 | 6,285,554 | ||||||
PGE Polska Grupa Energetyczna SA(a) | 3,570,867 | 5,357,459 | ||||||
Polski Koncern Naftowy ORLEN SA | 2,261,827 | 33,781,671 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA | 3,315,200 | 23,134,305 | ||||||
Powszechny Zaklad Ubezpieczen SA | 2,273,963 | 18,696,432 | ||||||
Santander Bank Polska SA | 139,043 | 9,330,427 | ||||||
|
| |||||||
174,255,044 | ||||||||
Qatar — 0.9% | ||||||||
Barwa Real Estate Co. | 7,298,106 | 5,491,662 | ||||||
Commercial Bank PSQC (The) | 11,934,861 | 20,081,318 | ||||||
Industries Qatar QSC | 5,849,140 | 22,307,228 | ||||||
Masraf Al Rayan QSC | 21,177,760 | 15,642,230 | ||||||
Mesaieed Petrochemical Holding Co. | 18,306,608 | 10,526,036 | ||||||
Ooredoo QPSC | 2,951,662 | 7,437,951 |
20 | 2 0 2 3 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Qatar (continued) | ||||||||
Qatar Electricity & Water Co. QSC | 1,797,768 | $ | 8,584,944 | |||||
Qatar Fuel QSC | 1,874,491 | 8,331,305 | ||||||
Qatar Gas Transport Co. Ltd. | 10,166,725 | 10,157,057 | ||||||
Qatar International Islamic Bank QSC | 3,404,699 | 9,770,632 | ||||||
Qatar Islamic Bank SAQ | 6,325,996 | 32,207,092 | ||||||
Qatar National Bank QPSC | 17,636,874 | 81,381,755 | ||||||
|
| |||||||
231,919,210 | ||||||||
Russia — 0.0% | ||||||||
Alrosa PJSC(a)(d) | 9,805,890 | 1,307 | ||||||
Gazprom PJSC(a)(d) | 43,696,315 | 5,822 | ||||||
Inter RAO UES PJSC(a)(d) | 121,651,300 | 16,209 | ||||||
LUKOIL PJSC(a)(d) | 1,533,792 | 204 | ||||||
Magnit PJSC(a)(d) | 246,156 | 33 | ||||||
Magnit PJSC, GDR(a)(d) | 2 | — | ||||||
MMC Norilsk Nickel PJSC(a)(d) | 233,757 | 31 | ||||||
Mobile TeleSystems PJSC(a)(d) | 3,162,662 | 421 | ||||||
Moscow Exchange MICEX-RTS PJSC(a)(d) | 5,279,850 | 704 | ||||||
Novatek PJSC(a)(d) | 3,371,230 | 449 | ||||||
Novolipetsk Steel PJSC(a)(d) | 5,629,360 | 750 | ||||||
Ozon Holdings PLC, ADR(a)(d) | 197,078 | 26 | ||||||
PhosAgro PJSC(a)(d) | 174,249 | 23 | ||||||
PhosAgro PJSC, GDR(a)(d) | 2 | — | ||||||
PhosAgro PJSC, New(a)(d) | 3,367 | 34 | ||||||
Polymetal International PLC(a)(d) | 1,312,267 | 175 | ||||||
Polyus PJSC(a)(d) | 126,490 | 17 | ||||||
Rosneft Oil Co. PJSC(a)(d) | 4,281,715 | 571 | ||||||
Sberbank of Russia PJSC(a)(d) | 39,606,181 | 5,277 | ||||||
Severstal PAO(a)(d) | 805,849 | 107 | ||||||
Surgutneftegas PJSC(a)(d) | 26,192,370 | 3,490 | ||||||
Tatneft PJSC(a)(d) | 5,175,395 | 690 | ||||||
TCS Group Holding PLC, GDR(a)(d) | 445,207 | 59 | ||||||
United Co. RUSAL International PJSC(a)(d) | 11,428,270 | 1,523 | ||||||
VK Co. Ltd.(a)(d) | 404,870 | 54 | ||||||
VTB Bank PJSC(a)(d) | 11,783,971,998 | 1,570 | ||||||
X5 Retail Group NV, GDR(a)(d) | 424,766 | 57 | ||||||
Yandex NV(a)(d) | 1,127,576 | 150 | ||||||
|
| |||||||
39,753 | ||||||||
Saudi Arabia — 4.0% | ||||||||
ACWA Power Co. | 320,584 | 11,896,816 | ||||||
Advanced Petrochemical Co. | 512,754 | 6,598,651 | ||||||
Al Rajhi Bank(a) | 7,544,590 | 141,089,263 | ||||||
Alinma Bank | 3,838,526 | 30,075,708 | ||||||
Almarai Co. JSC | 909,376 | 12,707,363 | ||||||
AngloGold Ashanti Ltd. | 1,487,598 | 25,054,898 | ||||||
Arab National Bank | 2,328,616 | 14,264,433 | ||||||
Arabian Internet & Communications Services Co. | 72,521 | 4,777,895 | ||||||
Bank AlBilad(a) | 1,896,987 | 17,996,400 | ||||||
Bank Al-Jazira | 1,655,412 | 7,975,789 | ||||||
Banque Saudi Fransi | 2,028,328 | 17,641,708 | ||||||
Bupa Arabia for Cooperative Insurance Co. | 296,945 | 12,213,308 | ||||||
Dallah Healthcare Co. | 146,815 | 5,710,119 | ||||||
Dar Al Arkan Real Estate Development Co.(a) | 2,094,191 | 8,006,400 | ||||||
Dr Sulaiman Al Habib Medical Services Group Co. | 338,794 | 20,907,840 | ||||||
Elm Co. | 95,383 | 9,622,994 | ||||||
Emaar Economic City(a) | 1,585,684 | 3,187,196 | ||||||
Etihad Etisalat Co. | 1,251,690 | 13,028,996 | ||||||
Jarir Marketing Co. | 216,066 | 8,506,685 | ||||||
Mobile Telecommunications Co.(a) | 1,642,330 | 4,537,022 | ||||||
Mouwasat Medical Services Co. | 194,434 | 9,352,210 | ||||||
Nahdi Medical Co. | 127,973 | 6,345,437 |
Security | Shares | Value | ||||||
Saudi Arabia (continued) | ||||||||
National Industrialization Co.(a) | 1,330,812 | $ | 4,271,322 | |||||
Rabigh Refining & Petrochemical Co.(a) | 1,624,176 | 4,378,396 | ||||||
Reinet Investments SCA | 544,607 | 10,764,625 | ||||||
Riyad Bank | 5,189,391 | 35,965,550 | ||||||
SABIC Agri-Nutrients Co. | 827,983 | 29,453,243 | ||||||
Sahara International Petrochemical Co. | 1,419,969 | 13,379,342 | ||||||
Saudi Arabian Mining Co.(a) | 3,333,627 | 56,385,222 | ||||||
Saudi Arabian Oil Co.(b) | 9,089,853 | 76,789,196 | ||||||
Saudi Basic Industries Corp. | 3,421,449 | 80,627,287 | ||||||
Saudi British Bank (The) | 3,267,159 | 28,824,982 | ||||||
Saudi Electricity Co. | 3,197,309 | 18,896,809 | ||||||
Saudi Industrial Investment Group | 1,447,747 | 8,620,388 | ||||||
Saudi Investment Bank (The) | 1,967,133 | 8,279,077 | ||||||
Saudi Kayan Petrochemical Co.(a) | 2,883,303 | 9,738,540 | ||||||
Saudi National Bank (The) | 8,432,413 | 106,059,557 | ||||||
Saudi Research & Media Group(a) | 142,565 | 7,067,986 | ||||||
Saudi Tadawul Group Holding Co. | 170,824 | 6,491,128 | ||||||
Saudi Telecom Co. | 5,462,103 | 51,112,995 | ||||||
Savola Group (The) | 927,514 | 6,715,516 | ||||||
Yanbu National Petrochemical Co. | 950,239 | 10,625,707 | ||||||
|
| |||||||
965,943,999 | ||||||||
South Africa — 3.3% | ||||||||
Absa Group Ltd. | 3,005,107 | 32,444,934 | ||||||
African Rainbow Minerals Ltd. | 505,357 | 7,000,151 | ||||||
Anglo American Platinum Ltd. | 208,656 | 11,537,935 | ||||||
Aspen Pharmacare Holdings Ltd. | 1,477,163 | 11,406,412 | ||||||
Bid Corp. Ltd. | 1,299,887 | 28,467,985 | ||||||
Bidvest Group Ltd. (The) | 1,115,313 | 14,230,944 | ||||||
Capitec Bank Holdings Ltd. | 307,143 | 29,302,752 | ||||||
Clicks Group Ltd.(c) | 955,662 | 13,919,934 | ||||||
Discovery Ltd.(a) | 1,926,388 | 15,707,956 | ||||||
Exxaro Resources Ltd. | 984,311 | 10,779,452 | ||||||
FirstRand Ltd. | 19,380,880 | 69,126,992 | ||||||
Foschini Group Ltd. (The) | 1,311,279 | 7,242,772 | ||||||
Gold Fields Ltd. | 3,429,511 | 31,123,223 | ||||||
Growthpoint Properties Ltd. | 13,059,937 | 9,557,612 | ||||||
Harmony Gold Mining Co. Ltd. | 2,438,917 | 7,491,492 | ||||||
Impala Platinum Holdings Ltd. | 3,230,202 | 30,160,030 | ||||||
Kumba Iron Ore Ltd. | 257,630 | 6,718,442 | ||||||
Mr. Price Group Ltd. | 999,492 | 8,287,103 | ||||||
MTN Group Ltd. | 6,162,424 | 48,556,487 | ||||||
MultiChoice Group | 1,442,895 | 11,078,039 | ||||||
Naspers Ltd., Class N | 834,471 | 146,736,413 | ||||||
Nedbank Group Ltd. | 1,772,701 | 22,256,978 | ||||||
NEPI Rockcastle NV | 1,788,718 | 10,715,563 | ||||||
Northam Platinum Holdings Ltd.(a) | 1,341,030 | 11,044,421 | ||||||
Old Mutual Ltd. | 18,267,841 | 11,849,324 | ||||||
OUTsurance Group Ltd., NVS | 2,072,579 | 4,030,046 | ||||||
Pepkor Holdings Ltd.(b) | 8,006,195 | 8,174,035 | ||||||
Remgro Ltd. | 2,022,303 | 15,392,187 | ||||||
Sanlam Ltd. | 6,859,083 | 22,345,708 | ||||||
Sasol Ltd. | 2,165,054 | 31,747,137 | ||||||
Shoprite Holdings Ltd. | 1,921,195 | 23,264,122 | ||||||
Sibanye Stillwater Ltd. | 10,744,834 | 21,694,538 | ||||||
Standard Bank Group Ltd. | 5,085,609 | 50,800,205 | ||||||
Vodacom Group Ltd. | 2,443,976 | 16,843,063 | ||||||
Woolworths Holdings Ltd. | 3,900,300 | 16,353,014 | ||||||
|
| |||||||
817,387,401 | ||||||||
South Korea — 11.1% | ||||||||
Amorepacific Corp. | 111,959 | 11,703,518 |
SCHEDULE OF INVESTMENTS | 21 |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
BGF retail Co. Ltd. | 31,546 | $ | 4,314,669 | |||||
Celltrion Healthcare Co. Ltd. | 347,059 | 14,274,081 | ||||||
Celltrion Inc. | 392,891 | 43,087,635 | ||||||
Celltrion Pharm Inc.(a)(c) | 69,712 | 3,015,077 | ||||||
Cheil Worldwide Inc. | 282,053 | 4,264,424 | ||||||
CJ CheilJedang Corp. | 32,248 | 7,825,205 | ||||||
CJ Corp. | 56,418 | 3,703,903 | ||||||
Coway Co. Ltd.(c) | 221,788 | 8,948,220 | ||||||
DB Insurance Co. Ltd. | 181,055 | 10,536,308 | ||||||
Doosan Bobcat Inc. | 211,936 | 6,067,358 | ||||||
Doosan Enerbility Co. Ltd.(a) | 1,595,852 | 19,588,300 | ||||||
Ecopro BM Co. Ltd.(c) | 191,344 | 24,029,298 | ||||||
E-MART Inc. | 79,619 | 6,734,963 | ||||||
F&F Co. Ltd./New(c) | 69,449 | 7,277,784 | ||||||
GS Holdings Corp. | 200,850 | 6,173,179 | ||||||
Hana Financial Group Inc. | 1,118,982 | 38,378,007 | ||||||
Hankook Tire & Technology Co. Ltd. | 284,589 | 8,005,361 | ||||||
Hanmi Pharm Co. Ltd.(a) | 28,986 | 5,672,165 | ||||||
Hanon Systems | 725,717 | 4,947,607 | ||||||
Hanwha Solutions Corp.(a)(d) | 444,434 | 13,970,789 | ||||||
HD Hyundai Co. Ltd. | 151,304 | 6,795,279 | ||||||
HLB Inc.(a)(c) | 432,993 | 10,553,870 | ||||||
HMM Co. Ltd.(a)(c) | 1,043,553 | 17,754,058 | ||||||
Hotel Shilla Co. Ltd. | 128,837 | 7,801,484 | ||||||
HYBE Co. Ltd.(a)(c) | 70,607 | 9,865,687 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 308,349 | 8,473,659 | ||||||
Hyundai Glovis Co. Ltd. | 72,166 | 8,642,751 | ||||||
Hyundai Heavy Industries Co. Ltd.(a) | 71,294 | 5,721,831 | ||||||
Hyundai Mipo Dockyard Co. Ltd.(a)(c) | 99,684 | 5,283,892 | ||||||
Hyundai Mobis Co. Ltd. | 231,348 | 37,160,000 | ||||||
Hyundai Motor Co. | 536,886 | 71,455,738 | ||||||
Hyundai Steel Co. | 355,714 | 9,407,855 | ||||||
Iljin Materials Co. Ltd.(a) | 92,381 | 4,435,361 | ||||||
Industrial Bank of Korea | 1,006,589 | 7,893,277 | ||||||
Kakao Corp. | 1,139,518 | 53,639,686 | ||||||
Kakao Games Corp.(a)(c) | 157,990 | 5,848,615 | ||||||
Kakao Pay Corp.(a) | 92,968 | 4,405,134 | ||||||
KakaoBank Corp.(a)(c) | 547,336 | 11,009,529 | ||||||
Kangwon Land Inc.(a) | 387,374 | 5,909,273 | ||||||
KB Financial Group Inc. | 1,470,598 | 56,954,889 | ||||||
Kia Corp. | 995,012 | 56,546,649 | ||||||
Korea Aerospace Industries Ltd.(a)(c) | 291,982 | 9,941,837 | ||||||
Korea Electric Power Corp.(a) | 998,114 | 13,575,135 | ||||||
Korea Investment Holdings Co. Ltd.(a) | 161,744 | 7,571,921 | ||||||
Korea Shipbuilding & Offshore Engineering Co. Ltd.(a) | 164,989 | 10,127,224 | ||||||
Korea Zinc Co. Ltd. | 35,591 | 15,715,030 | ||||||
Korean Air Lines Co. Ltd. | 685,536 | 11,779,349 | ||||||
Krafton Inc.(a) | 93,807 | 12,014,652 | ||||||
KT&G Corp. | 413,020 | 27,715,289 | ||||||
Kumho Petrochemical Co. Ltd.(a) | 72,098 | 8,572,848 | ||||||
L&F Co. Ltd. | 91,648 | 18,134,158 | ||||||
LG Chem Ltd. | 190,672 | 97,880,055 | ||||||
LG Corp. | 321,617 | 20,010,404 | ||||||
LG Display Co. Ltd.(a) | 900,894 | 10,413,234 | ||||||
LG Electronics Inc. | 397,628 | 33,351,354 | ||||||
LG Energy Solution(a)(c) | 133,731 | 52,825,420 | ||||||
LG H&H Co. Ltd.(c) | 35,876 | 18,103,269 | ||||||
LG Innotek Co. Ltd. | 56,387 | 11,782,347 | ||||||
LG Uplus Corp. | 804,580 | 6,730,289 |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
Lotte Chemical Corp. | 79,875 | $ | 10,753,887 | |||||
Lotte Shopping Co. Ltd.(c) | 46,983 | 3,087,991 | ||||||
Meritz Financial Group Inc. | 262,716 | 8,931,228 | ||||||
Meritz Securities Co. Ltd.(c) | 1,043,857 | 5,539,249 | ||||||
Mirae Asset Securities Co. Ltd.(c) | 1,041,024 | 5,621,003 | ||||||
NAVER Corp. | 504,341 | 79,283,408 | ||||||
NCSoft Corp. | 61,666 | 20,233,412 | ||||||
Netmarble Corp.(a)(b)(c) | 79,028 | 3,683,611 | ||||||
NH Investment & Securities Co. Ltd.(a) | 524,510 | 3,764,869 | ||||||
Orion Corp./Republic of Korea | 93,264 | 8,815,703 | ||||||
Pan Ocean Co. Ltd. | 1,048,634 | 5,010,221 | ||||||
Pearl Abyss Corp.(a)(c) | 117,097 | 3,959,451 | ||||||
POSCO Chemical Co. Ltd. | 107,340 | 17,909,378 | ||||||
POSCO Holdings Inc. | 265,265 | 63,935,022 | ||||||
S-1 Corp. | 69,946 | 2,982,078 | ||||||
Samsung Biologics Co. Ltd.(a)(b)(c) | 68,634 | 40,098,622 | ||||||
Samsung C&T Corp. | 292,964 | 24,369,726 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 192,283 | 20,906,164 | ||||||
Samsung Electronics Co. Ltd. | 18,263,463 | 835,642,724 | ||||||
Samsung Engineering Co. Ltd.(a) | 619,201 | 12,277,038 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 116,960 | 18,969,292 | ||||||
Samsung Heavy Industries Co. Ltd.(a)(c) | 2,445,657 | 10,155,370 | ||||||
Samsung Life Insurance Co. Ltd.(c) | 300,082 | 15,453,719 | ||||||
Samsung SDI Co. Ltd. | 212,255 | 111,513,680 | ||||||
Samsung SDS Co. Ltd. | 122,449 | 11,580,639 | ||||||
Samsung Securities Co. Ltd. | 253,703 | 6,420,638 | ||||||
SD Biosensor Inc.(c) | 147,004 | 2,552,597 | ||||||
Shinhan Financial Group Co. Ltd. | 1,750,624 | 51,407,112 | ||||||
SK Biopharmaceuticals Co. Ltd.(a)(c) | 136,526 | 6,879,107 | ||||||
SK Bioscience Co. Ltd.(a)(c) | 90,031 | 4,736,932 | ||||||
SK Hynix Inc. | 2,090,289 | 141,271,719 | ||||||
SK IE Technology Co. Ltd.(a)(b)(c) | 97,664 | 4,814,802 | ||||||
SK Inc.(c) | 142,783 | 19,257,166 | ||||||
SK Innovation Co. Ltd.(a) | 194,013 | 21,943,909 | ||||||
SK Square Co. Ltd.(a) | 386,465 | 11,190,009 | ||||||
SKC Co. Ltd.(c) | 87,423 | 6,466,163 | ||||||
S-Oil Corp. | 175,981 | 10,670,305 | ||||||
Woori Financial Group Inc. | 2,001,865 | 18,455,148 | ||||||
Yuhan Corp. | 233,946 | 9,317,279 | ||||||
|
| |||||||
2,704,180,554 | ||||||||
Taiwan — 15.1% | ||||||||
Accton Technology Corp.(c) | 1,926,000 | 17,638,720 | ||||||
Acer Inc.(c) | 11,122,121 | 9,222,878 | ||||||
Advantech Co. Ltd. | 1,633,455 | 18,948,128 | ||||||
Airtac International Group | 528,526 | 18,449,662 | ||||||
ASE Technology Holding Co. Ltd. | 12,575,110 | 43,302,060 | ||||||
Asia Cement Corp. | 9,030,077 | 13,239,352 | ||||||
Asustek Computer Inc.(c) | 2,638,968 | 23,902,072 | ||||||
AUO Corp.(c) | 25,927,200 | 15,778,009 | ||||||
Catcher Technology Co. Ltd. | 2,435,210 | 14,716,057 | ||||||
Cathay Financial Holding Co. Ltd.(c) | 32,434,000 | 45,994,342 | ||||||
Chailease Holding Co. Ltd. | 5,397,433 | 39,561,520 | ||||||
Chang Hwa Commercial Bank Ltd. | 17,178,412 | 9,803,611 | ||||||
Cheng Shin Rubber Industry Co. Ltd. | 6,757,128 | 7,572,222 | ||||||
China Airlines Ltd.(c) | 10,825,000 | 7,164,319 | ||||||
China Development Financial Holding Corp. | 59,928,588 | 25,803,665 | ||||||
China Steel Corp.(c) | 45,240,313 | 46,540,073 | ||||||
Chunghwa Telecom Co. Ltd. | 14,468,410 | 54,702,895 | ||||||
Compal Electronics Inc.(c) | 15,653,908 | 12,379,877 | ||||||
CTBC Financial Holding Co. Ltd. | 67,237,772 | 49,919,571 |
22 | 2 0 2 3 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Taiwan (continued) | ||||||||
Delta Electronics Inc.(c) | 7,489,000 | $ | 70,064,975 | |||||
E Ink Holdings Inc.(c) | 3,310,000 | 20,945,402 | ||||||
E.Sun Financial Holding Co. Ltd. | 49,382,510 | 40,302,415 | ||||||
Eclat Textile Co. Ltd.(c) | 710,427 | 11,168,016 | ||||||
eMemory Technology Inc. | 246,000 | 14,784,398 | ||||||
Eva Airways Corp.(c) | 9,926,000 | 9,192,989 | ||||||
Evergreen Marine Corp. Taiwan Ltd. | 3,866,324 | 19,757,826 | ||||||
Far Eastern New Century Corp.(c) | 11,913,038 | 12,664,503 | ||||||
Far EasTone Telecommunications Co. Ltd.(c) | 6,250,000 | 14,102,800 | ||||||
Feng TAY Enterprise Co. Ltd. | 1,690,137 | 10,181,387 | ||||||
First Financial Holding Co. Ltd. | 40,896,679 | 35,839,039 | ||||||
Formosa Chemicals & Fibre Corp.(c) | 13,542,090 | 31,426,370 | ||||||
Formosa Petrochemical Corp.(c) | 4,333,000 | 12,053,729 | ||||||
Formosa Plastics Corp. | 15,847,280 | 47,043,723 | ||||||
Fubon Financial Holding Co. Ltd.(c) | 28,480,022 | 55,690,227 | ||||||
Giant Manufacturing Co. Ltd.(c) | 1,100,718 | 7,323,271 | ||||||
Globalwafers Co. Ltd.(c) | 821,000 | 13,575,219 | ||||||
Hon Hai Precision Industry Co. Ltd. | 47,695,873 | 157,778,020 | ||||||
Hotai Motor Co. Ltd.(c) | 1,109,000 | 22,352,624 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 34,788,407 | 25,999,576 | ||||||
Innolux Corp. | 35,632,251 | 17,068,901 | ||||||
Inventec Corp.(c) | 9,504,281 | 8,256,479 | ||||||
Largan Precision Co. Ltd. | 377,000 | 27,102,546 | ||||||
Lite-On Technology Corp. | 7,730,246 | 17,590,402 | ||||||
MediaTek Inc.(c) | 5,808,338 | 136,374,092 | ||||||
Mega Financial Holding Co. Ltd.(c) | 42,976,666 | 46,883,738 | ||||||
Micro-Star International Co. Ltd.(c) | 2,542,000 | 11,340,054 | ||||||
momo.com Inc(c) | 250,600 | 6,440,600 | ||||||
Nan Ya Plastics Corp. | 18,297,160 | 45,018,829 | ||||||
Nan Ya Printed Circuit Board Corp.(c) | 853,000 | 6,465,652 | ||||||
Nanya Technology Corp.(c) | 4,731,000 | 9,005,528 | ||||||
Nien Made Enterprise Co. Ltd. | 704,000 | 7,495,587 | ||||||
Novatek Microelectronics Corp.(c) | 2,208,000 | 29,180,047 | ||||||
Parade Technologies Ltd.(c) | 289,000 | 8,986,735 | ||||||
Pegatron Corp. | 7,470,414 | 16,551,349 | ||||||
PharmaEssentia Corp.(a)(c) | 733,000 | 12,041,074 | ||||||
Pou Chen Corp. | 8,112,220 | 8,888,926 | ||||||
Powerchip Semiconductor Manufacturing Corp. | 11,119,000 | 12,095,260 | ||||||
President Chain Store Corp. | 2,176,000 | 19,013,299 | ||||||
Quanta Computer Inc.(c) | 10,232,000 | 26,781,901 | ||||||
Realtek Semiconductor Corp. | 1,750,637 | 21,581,793 | ||||||
Ruentex Development Co. Ltd. | 6,716,241 | 9,729,710 | ||||||
Shanghai Commercial & Savings Bank Ltd. (The) | 14,976,229 | 23,248,356 | ||||||
Shin Kong Financial Holding Co. Ltd.(c) | 48,279,149 | 14,016,445 | ||||||
Silergy Corp.(c) | 1,214,000 | 22,842,722 | ||||||
SinoPac Financial Holdings Co. Ltd. | 40,730,212 | 22,801,923 | ||||||
Synnex Technology International Corp. | 5,258,834 | 10,730,130 | ||||||
Taishin Financial Holding Co. Ltd. | 41,881,009 | 22,492,343 | ||||||
Taiwan Business Bank | 23,200,000 | 10,895,024 | ||||||
Taiwan Cement Corp.(c) | 23,683,748 | 30,361,875 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd.(c) | 38,393,716 | 33,398,365 | ||||||
Taiwan High Speed Rail Corp. | 7,658,000 | 7,363,270 | ||||||
Taiwan Mobile Co. Ltd.(c) | 6,557,600 | 20,773,891 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 94,287,000 | 1,559,873,970 | ||||||
Unimicron Technology Corp.(c) | 4,842,000 | 19,998,468 | ||||||
Uni-President Enterprises Corp. | 18,495,839 | 40,830,609 | ||||||
United Microelectronics Corp.(c) | 45,484,000 | 74,080,014 | ||||||
Vanguard International Semiconductor Corp.(c) | 3,485,000 | 10,499,414 | ||||||
Voltronic Power Technology Corp. | 246,000 | 12,844,600 | ||||||
Walsin Lihwa Corp. | 9,998,406 | 18,415,140 |
Security | Shares | Value | ||||||
Taiwan (continued) | ||||||||
Wan Hai Lines Ltd.(c) | 2,650,090 | $ | 6,858,492 | |||||
Win Semiconductors Corp.(c) | 1,283,000 | 7,041,833 | ||||||
Winbond Electronics Corp.(c) | 11,521,000 | 8,625,111 | ||||||
Wiwynn Corp. | 325,000 | 10,191,190 | ||||||
WPG Holdings Ltd.(c) | 5,996,449 | 9,692,757 | ||||||
Yageo Corp.(c) | 1,310,940 | 22,974,984 | ||||||
Yang Ming Marine Transport Corp.(c) | 6,700,000 | 14,101,953 | ||||||
Yuanta Financial Holding Co. Ltd. | 37,968,059 | 28,231,195 | ||||||
Zhen Ding Technology Holding Ltd. | 2,500,075 | 9,152,005 | ||||||
|
| |||||||
3,683,114,123 | ||||||||
Thailand — 2.1% | ||||||||
Advanced Info Service PCL, NVDR | 4,392,800 | 25,101,702 | ||||||
Airports of Thailand PCL, NVDR(a) | 16,115,100 | 33,164,491 | ||||||
Asset World Corp. PCL, NVDR | 32,823,000 | 5,476,942 | ||||||
B Grimm Power PCL, NVDR | 3,565,900 | 3,936,733 | ||||||
Bangkok Dusit Medical Services PCL, NVDR | 39,619,100 | 31,382,015 | ||||||
Bangkok Expressway & Metro PCL, NVDR | 28,970,100 | 7,582,697 | ||||||
Banpu PCL, NVDR | 22,985,900 | 7,089,345 | ||||||
Berli Jucker PCL, NVDR | 4,793,200 | 5,219,630 | ||||||
BTS Group Holdings PCL, NVDR | 28,310,400 | 6,446,849 | ||||||
Bumrungrad Hospital PCL, NVDR | 2,249,200 | 13,425,486 | ||||||
Carabao Group PCL, NVDR(c) | 1,264,100 | 3,612,641 | ||||||
Central Pattana PCL, NVDR | 7,838,100 | 15,572,863 | ||||||
Central Retail Corp. PCL, NVDR | 7,262,734 | 9,189,557 | ||||||
Charoen Pokphand Foods PCL, NVDR | 14,276,800 | 8,967,064 | ||||||
CP ALL PCL, NVDR | 22,239,000 | 39,004,734 | ||||||
Delta Electronics Thailand PCL, NVDR(c) | 1,216,000 | 31,350,917 | ||||||
Electricity Generating PCL, NVDR | 1,039,100 | 5,026,775 | ||||||
Energy Absolute PCL, NVDR(c) | 6,597,500 | 14,610,315 | ||||||
Global Power Synergy PCL, NVDR(c) | 2,772,800 | 5,334,203 | ||||||
Gulf Energy Development PCL, NVDR | 11,586,700 | 17,218,789 | ||||||
Home Product Center PCL, NVDR | 22,840,514 | 9,042,432 | ||||||
Indorama Ventures PCL, NVDR | 6,894,380 | 7,165,134 | ||||||
Intouch Holdings PCL, NVDR | 4,289,125 | 8,584,424 | ||||||
JMT Network Services PCL, NVDR | 2,627,400 | 3,455,251 | ||||||
Kasikornbank PCL, NVDR | 2,156,600 | 8,357,881 | ||||||
Krung Thai Bank PCL, NVDR | 13,480,100 | 6,597,925 | ||||||
Krungthai Card PCL, NVDR(c) | 3,640,400 | 6,049,180 | ||||||
Land & Houses PCL, NVDR | 30,703,300 | 8,513,138 | ||||||
Minor International PCL, NVDR(a) | 12,175,620 | 11,534,713 | ||||||
Muangthai Capital PCL, NVDR | 3,020,100 | 2,988,656 | ||||||
Osotspa PCL, NVDR | 5,755,900 | 5,250,858 | ||||||
PTT Exploration & Production PCL, NVDR | 5,366,639 | 22,713,997 | ||||||
PTT Global Chemical PCL, NVDR | 8,490,530 | 11,345,510 | ||||||
PTT Oil & Retail Business PCL, NVDR | 11,634,900 | 7,209,683 | ||||||
PTT Public Company Ltd., NVDR | 37,719,600 | 33,863,966 | ||||||
Ratch Group PCL, NVDR(c) | 3,701,600 | 4,268,537 | ||||||
SCB X PCL, NVS(c) | 3,130,400 | 9,208,692 | ||||||
SCG Packaging PCL, NVDR(c) | 5,177,500 | 7,615,626 | ||||||
Siam Cement PCL (The), NVDR | 2,914,400 | 26,959,784 | ||||||
Srisawad Corp. PCL, NVDR | 2,817,400 | 4,301,688 | ||||||
Thai Oil PCL, NVDR | 4,606,000 | 6,568,440 | ||||||
Thai Union Group PCL, NVDR | 11,268,000 | 5,068,704 | ||||||
True Corp. PCL, NVDR(c) | 46,994,601 | 6,848,150 | ||||||
|
| |||||||
512,226,117 | ||||||||
Turkey — 0.7% | ||||||||
Akbank TAS | 11,886,892 | 10,991,518 | ||||||
Aselsan Elektronik Sanayi Ve Ticaret AS | 2,800,962 | 8,176,303 | ||||||
BIM Birlesik Magazalar AS | 1,718,025 | 12,390,914 | ||||||
Enka Insaat ve Sanayi AS | 2 | 3 |
SCHEDULE OF INVESTMENTS | 23 |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Turkey (continued) | ||||||||
Eregli Demir ve Celik Fabrikalari TAS(c) | 4,549,678 | $ | 10,604,649 | |||||
Ford Otomotiv Sanayi AS | 271,931 | 7,932,397 | ||||||
Haci Omer Sabanci Holding AS | 4,248,295 | 9,802,026 | ||||||
Hektas Ticaret TAS(a) | 4,186,858 | 7,883,753 | ||||||
KOC Holding AS | 2,808,585 | 11,504,066 | ||||||
Koza Altin Isletmeleri AS | 3,804,422 | 4,927,517 | ||||||
Pegasus Hava Tasimaciligi AS(a) | 168,971 | 4,544,367 | ||||||
Sasa Polyester Sanayi AS(a) | 1,621,489 | 9,444,733 | ||||||
Turk Hava Yollari AO(a) | 2,181,928 | 16,578,577 | ||||||
Turkcell Iletisim Hizmetleri AS | 4,440,901 | 7,486,239 | ||||||
Turkiye Is Bankasi AS, Class C | 14,356,331 | 8,615,783 | ||||||
Turkiye Petrol Rafinerileri AS(a) | 506,408 | 15,879,838 | ||||||
Turkiye Sise ve Cam Fabrikalari AS | 5,588,650 | 13,982,955 | ||||||
Yapi ve Kredi Bankasi AS | 11,297,669 | 5,987,189 | ||||||
|
| |||||||
166,732,827 | ||||||||
United Arab Emirates — 1.4% | ||||||||
Abu Dhabi Commercial Bank PJSC | 10,464,688 | 23,858,084 | ||||||
Abu Dhabi Islamic Bank PJSC | 5,868,427 | 16,670,506 | ||||||
Abu Dhabi National Oil Co. for Distribution PJSC | 11,957,902 | 14,063,907 | ||||||
Aldar Properties PJSC | 14,917,236 | 19,062,953 | ||||||
Dubai Islamic Bank PJSC | 11,104,193 | 17,343,899 | ||||||
Emaar Properties PJSC | 23,688,914 | 36,078,246 | ||||||
Emirates NBD Bank PJSC | 7,262,581 | 26,859,307 | ||||||
Emirates Telecommunications Group Co. PJSC | 13,390,900 | 92,964,512 | ||||||
First Abu Dhabi Bank PJSC | 16,874,173 | 64,649,569 | ||||||
Multiply Group(a) | 12,803,894 | 13,925,057 | ||||||
Q Holding PJSC(a) | 7,761,378 | 5,844,471 | ||||||
|
| |||||||
331,320,511 | ||||||||
|
| |||||||
Total Common Stocks — 97.6% |
| 23,835,624,202 | ||||||
|
| |||||||
Preferred Stocks | ||||||||
Brazil — 1.2% | ||||||||
Banco Bradesco SA, Preference Shares, NVS | 20,651,760 | 51,595,378 | ||||||
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS | 1,068,702 | 7,342,485 | ||||||
Cia Energetica de Minas Gerais, Preference Shares, NVS | 5,553,221 | 11,116,094 | ||||||
Gerdau SA, Preference Shares, NVS | 4,455,831 | 24,366,662 | ||||||
Itau Unibanco Holding SA, Preference Shares, NVS | 18,678,367 | 90,725,892 | ||||||
Itausa SA, Preference Shares, NVS | 18,911,713 | 29,728,753 | ||||||
Petroleo Brasileiro SA, Preference Shares, NVS | 18,073,865 | 87,133,742 | ||||||
|
| |||||||
302,009,006 | ||||||||
Chile — 0.2% | ||||||||
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares | 556,293 | 49,649,496 | ||||||
|
| |||||||
Colombia — 0.1% | ||||||||
Bancolombia SA, Preference Shares, NVS | 1,749,327 | 11,094,770 | ||||||
|
|
Security | Shares | Value | ||||||
| ||||||||
Russia — 0.0% | ||||||||
Surgutneftegas PJSC, Preference Shares, NVS(a)(d) | 25,014,400 | $ | 3,333 | |||||
|
| |||||||
South Korea — 0.6% | ||||||||
Hyundai Motor Co. | ||||||||
Preference Shares, NVS | 76,322 | 5,313,767 | ||||||
Series 2, Preference Shares, NVS | 133,911 | 9,513,710 | ||||||
LG Chem Ltd., Preference Shares, NVS | 30,627 | 6,793,901 | ||||||
Samsung Electronics Co. Ltd., Preference Shares, NVS | 3,147,856 | 126,934,246 | ||||||
|
| |||||||
148,555,624 | ||||||||
|
| |||||||
Total Preferred Stocks — 2.1% |
| 511,312,229 | ||||||
|
| |||||||
Rights | ||||||||
China — 0.0% | ||||||||
Kangmei Pharmaceutical Co. Ltd., (Expires 12/31/49)(a) | 274,733 | 1 | ||||||
|
| |||||||
Total Rights — 0.0% | 1 | |||||||
|
| |||||||
Total Long-Term Investments — 99.7% |
| 24,346,936,432 | ||||||
|
| |||||||
Short-Term Securities | ||||||||
Money Market Funds — 2.9% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%(e)(f)(g) | 699,729,211 | 700,149,048 | ||||||
|
| |||||||
Total Short-Term Securities — 2.9% |
| 700,149,048 | ||||||
|
| |||||||
Total Investments — 102.6% |
| 25,047,085,480 | ||||||
|
| |||||||
Liabilities in Excess of Other Assets — (2.6)% |
| (633,821,665 | ) | |||||
|
| |||||||
Net Assets — 100.0% | $ | 24,413,263,815 | ||||||
|
|
(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. |
24 | 2 0 2 3 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Emerging Markets ETF |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| ||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 08/31/22 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/23 | Shares Held at | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 794,990,945 | $ | — | $ | (95,092,078 | )(a) | $ | 98,067 | $ | 152,114 | $ | 700,149,048 | 699,729,211 | $ | 5,045,130 | (b) | $ | — | |||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares(c) | 64,750,000 | — | (64,750,000 | )(a) | — | — | — | — | 616,785 | 15 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||
$ | 98,067 | $ | 152,114 | $ | 700,149,048 | $ | 5,661,915 | $ | 15 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 | ||||||||||||||||||||||
MSCI Emerging Markets Index | 1,257 | 03/17/23 | $ | 60,518 | $ | (4,365,988 | ) | |||||||||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
| ||||||||||||||||||||||||||||
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Liabilities — Derivative Financial Instruments | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | 4,365,988 | $ | — | $ | — | $ | — | $ | 4,365,988 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
| ||||||||||||||||||||||||||||
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Net Realized Gain (Loss) from | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | 2,820,228 | $ | — | $ | — | $ | — | $ | 2,820,228 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | (1,862,159 | ) | $ | — | $ | — | $ | — | $ | (1,862,159 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts | ||||
Average notional value of contracts — long | $ | 52,782,945 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
SCHEDULE OF INVESTMENTS | 25 |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® 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 Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Common Stocks | $ | 2,841,061,659 | $ | 20,976,632,393 | $ | 17,930,150 | $ | 23,835,624,202 | ||||||||
Preferred Stocks | 313,103,776 | 198,205,120 | 3,333 | 511,312,229 | ||||||||||||
Rights | — | 1 | — | 1 | ||||||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 700,149,048 | — | — | 700,149,048 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 3,854,314,483 | $ | 21,174,837,514 | $ | 17,933,483 | $ | 25,047,085,480 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Financial Instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Equity Contracts | $ | (4,365,988 | ) | $ | — | $ | — | $ | (4,365,988 | ) | ||||||
|
|
|
|
|
|
|
|
(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 3 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Statements of Assets and Liabilities (unaudited)
February 28, 2023
iShares Currency Hedged MSCI Emerging Markets ETF | iShares MSCI Emerging Markets ETF | |||||||
| ||||||||
ASSETS | ||||||||
Investments, at value — unaffiliated(a)(b) | $ | — | $ | 24,346,936,432 | ||||
Investments, at value — affiliated(c) | 138,286,698 | 700,149,048 | ||||||
Cash | 97,608 | 36,234,446 | ||||||
Cash pledged for futures contracts | — | 2,106,000 | ||||||
Foreign currency, at value(d) | — | 24,506,651 | ||||||
Receivables: | ||||||||
Investments sold | — | 103,624,339 | ||||||
Securities lending income — affiliated | 144 | 881,363 | ||||||
Dividends — unaffiliated | — | 44,730,889 | ||||||
Dividends — affiliated | 2,038 | 57,191 | ||||||
From investment adviser | 2,585 | — | ||||||
Tax reclaims | — | 249,017 | ||||||
Unrealized appreciation on forward foreign currency exchange contracts | 3,498,180 | — | ||||||
|
|
|
| |||||
Total assets | 141,887,253 | 25,259,475,376 | ||||||
|
|
|
| |||||
LIABILITIES | ||||||||
Cash received as collateral for OTC derivatives | 1,840,000 | — | ||||||
Collateral on securities loaned, at value | — | 699,306,911 | ||||||
Payables: | ||||||||
Investments purchased | 2,984,280 | 112,424,732 | ||||||
Bank borrowings | — | 20,103,165 | ||||||
Capital shares redeemed | 3,709 | — | ||||||
Foreign taxes | — | 360,789 | ||||||
Investment advisory fees | — | 13,601,114 | ||||||
Variation margin on futures contracts | — | 414,850 | ||||||
Unrealized depreciation on forward foreign currency exchange contracts | 455,367 | — | ||||||
|
|
|
| |||||
Total liabilities | 5,283,356 | 846,211,561 | ||||||
|
|
|
| |||||
NET ASSETS | $ | 136,603,897 | $ | 24,413,263,815 | ||||
|
|
|
| |||||
NET ASSETS CONSIST OF | ||||||||
Paid-in capital | $ | 173,484,174 | $ | 36,731,095,375 | ||||
Accumulated loss | (36,880,277 | ) | (12,317,831,560 | ) | ||||
|
|
|
| |||||
NET ASSETS | $ | 136,603,897 | $ | 24,413,263,815 | ||||
|
|
|
| |||||
NET ASSETVALUE | ||||||||
Shares outstanding | 5,820,000 | 637,650,000 | ||||||
|
|
|
| |||||
Net asset value | $ | 23.47 | $ | 38.29 | ||||
|
|
|
| |||||
Shares authorized | 250 million | 4 billion | ||||||
|
|
|
| |||||
Par value | $ | 0.001 | $ | 0.001 | ||||
|
|
|
| |||||
(a) Investments, at cost — unaffiliated | $ | — | $ | 25,980,067,727 | ||||
(b) Securities loaned, at value | $ | — | $ | 659,189,211 | ||||
(c) Investments, at cost — affiliated | $ | 162,781,433 | $ | 699,602,779 | ||||
(d) Foreign currency, at cost | $ | — | $ | 24,581,882 |
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 |
Statements of Operations (unaudited)
Six Months Ended February 28, 2023
iShares Currency Hedged MSCI Emerging Markets ETF | iShares MSCI Emerging Markets ETF | |||||||||||
| ||||||||||||
INVESTMENT INCOME | ||||||||||||
Dividends — unaffiliated | $ | — | $ | 220,636,472 | ||||||||
Dividends — affiliated | 2,244,973 | 616,785 | ||||||||||
Securities lending income — affiliated — net(a) | 9,576 | 5,045,130 | ||||||||||
Foreign taxes withheld | — | (25,122,515 | ) | |||||||||
Other foreign taxes | — | (747,430 | ) | |||||||||
|
|
|
| |||||||||
Total investment income | 2,254,549 | 200,428,442 | ||||||||||
|
|
|
| |||||||||
EXPENSES | ||||||||||||
Investment advisory | 561,521 | 80,095,272 | ||||||||||
Interest expense | 19,478 | 65,305 | ||||||||||
Commitment costs | 942 | 26,257 | ||||||||||
|
|
|
| |||||||||
Total expenses | 581,941 | 80,186,834 | ||||||||||
Less: | ||||||||||||
Investment advisory fees waived | (581,941 | ) | — | |||||||||
|
|
|
| |||||||||
Total expenses after fees waived | — | 80,186,834 | ||||||||||
|
|
|
| |||||||||
Net investment income | 2,254,549 | 120,241,608 | ||||||||||
|
|
|
| |||||||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments — unaffiliated(b) | — | 1,099,434,178 | ||||||||||
Investments — affiliated | (5,755,797 | ) | 98,067 | |||||||||
Capital gain distributions from underlying funds — affiliated | — | 15 | ||||||||||
Forward foreign currency exchange contracts | (1,514,572 | ) | — | |||||||||
Foreign currency transactions | — | (3,366,435 | ) | |||||||||
Futures contracts | — | 2,820,228 | ||||||||||
In-kind redemptions — unaffiliated(c) | — | 168,790,320 | ||||||||||
In-kind redemptions — affiliated(c) | (965,465 | ) | — | |||||||||
|
|
|
| |||||||||
(8,235,834 | ) | 1,267,776,373 | ||||||||||
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||
Investments — unaffiliated | — | (2,101,166,481 | ) | |||||||||
Investments — affiliated | 1,215,884 | 152,114 | ||||||||||
Forward foreign currency exchange contracts | 1,977,720 | — | ||||||||||
Foreign currency translations | — | (195,625 | ) | |||||||||
Futures contracts | — | (1,862,159 | ) | |||||||||
|
|
|
| |||||||||
3,193,604 | (2,103,072,151 | ) | ||||||||||
|
|
|
| |||||||||
Net realized and unrealized loss | (5,042,230 | ) | (835,295,778 | ) | ||||||||
|
|
|
| |||||||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (2,787,681 | ) | $ | (715,054,170 | ) | ||||||
|
|
|
| |||||||||
(a) Net of securities lending income tax paid of | $ | — | $ | 547,470 | ||||||||
(b) Net of foreign capital gain tax and capital gain tax refund, if applicable | $ | — | $ | (47,149 | ) | |||||||
(c) See Note 2 of the Notes to Financial Statements. |
See notes to financial statements.
28 | 2 0 2 3 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 | |||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||
Six Months Ended | Six Months Ended | |||||||||||||||||||||||||
02/28/23 | Year Ended | 02/28/23 | Year Ended | (a) | ||||||||||||||||||||||
(unaudited) | 08/31/22 | (unaudited) | 08/31/22 | |||||||||||||||||||||||
| ||||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||
Net investment income | $ | 2,254,549 | $ | 4,332,903 | $ | 120,241,608 | $ | 671,220,251 | ||||||||||||||||||
Net realized gain (loss) | (8,235,834 | ) | 12,909,015 | 1,267,776,373 | 772,610,206 | |||||||||||||||||||||
Net change in unrealized appreciation (depreciation) | 3,193,604 | (52,730,145 | ) | (2,103,072,151 | ) | (8,771,803,893 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
Net decrease in net assets resulting from operations | (2,787,681 | ) | (35,488,227 | ) | (715,054,170 | ) | (7,327,973,436 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(b) | ||||||||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (9,132,073 | ) | (4,334,101 | ) | (348,401,396 | ) | (668,521,066 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | (5,469,393 | ) | (9,364,272 | ) | (393,661,977 | ) | 2,883,573,948 | |||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||
Total decrease in net assets | (17,389,147 | ) | (49,186,600 | ) | (1,457,117,543 | ) | (5,112,920,554 | ) | ||||||||||||||||||
Beginning of period | 153,993,044 | 203,179,644 | 25,870,381,358 | 30,983,301,912 | ||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
End of period | $ | 136,603,897 | $ | 153,993,044 | $ | 24,413,263,815 | $ | 25,870,381,358 | ||||||||||||||||||
|
|
|
|
|
|
|
|
(a) | Consolidated Statement of Changes in Net Assets. |
(b) | 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 |
(For a share outstanding throughout each period)
iShares Currency Hedged MSCI Emerging Markets ETF | ||||||||||||||||||||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
02/28/23 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||||||||||||||||||||||
(unaudited) | 08/31/22 | 08/31/21 | 08/31/20 | 08/31/19 | 08/31/18 | |||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 25.20 | $ | 31.31 | $ | 27.41 | $ | 24.38 | $ | 25.70 | $ | 25.57 | ||||||||||||||||||||||||||||||||||||
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|
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|
|
|
|
|
| |||||||||||||||||||||||||||||||||||||
Net investment income(a) | 0.37 | 0.67 | 0.44 | 0.71 | 0.55 | 0.60 | ||||||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (0.61 | ) | (6.12 | ) | 3.92 | 3.03 | (1.27 | ) | 0.12 | |||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||||
Net increase (decrease) from investment operations | (0.24 | ) | (5.45 | ) | 4.36 | 3.74 | (0.72 | ) | 0.72 | |||||||||||||||||||||||||||||||||||||||
|
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| |||||||||||||||||||||||||||||||||||||
Distributions(c) | ||||||||||||||||||||||||||||||||||||||||||||||||
From net investment income | (0.36 | ) | (0.66 | ) | (0.46 | ) | (0.71 | ) | (0.60 | ) | (0.59 | ) | ||||||||||||||||||||||||||||||||||||
From net realized gain | (1.13 | ) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
|
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|
|
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|
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| |||||||||||||||||||||||||||||||||||||
Total distributions | (1.49 | ) | (0.66 | ) | (0.46 | ) | (0.71 | ) | (0.60 | ) | (0.59 | ) | ||||||||||||||||||||||||||||||||||||
|
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| |||||||||||||||||||||||||||||||||||||
Net asset value, end of period | $ | 23.47 | $ | 25.20 | $ | 31.31 | $ | 27.41 | $ | 24.38 | $ | 25.70 | ||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||||
Total Return(d) | ||||||||||||||||||||||||||||||||||||||||||||||||
Based on net asset value | (1.03 | )%(e) | (17.62 | )% | 15.96 | % | 15.49 | % | (2.72 | )% | 2.77 | % | ||||||||||||||||||||||||||||||||||||
|
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| |||||||||||||||||||||||||||||||||||||
Ratios to Average Net Assets(f) | ||||||||||||||||||||||||||||||||||||||||||||||||
Total expenses | 0.81 | %(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 | % | 0.00 | %(h) | 0.00 | %(h) | 0.00 | % | 0.00 | % | ||||||||||||||||||||||||||||||||||||
|
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|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||||
Net investment income | 3.13 | %(g) | 2.38 | % | 1.41 | % | 2.84 | % | 2.22 | % | 2.25 | % | ||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 136,604 | $ | 153,993 | $ | 203,180 | $ | 183,626 | $ | 180,376 | $ | 344,328 | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||||
Portfolio turnover rate(i) | 7 | % | 4 | % | 6 | % | 9 | % | 7 | % | 7 | % | ||||||||||||||||||||||||||||||||||||
|
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|
|
|
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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.
30 | 2 0 2 3 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Emerging Markets ETF | ||||||||||||||||||||||||||||
|
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Six Months Ended | ||||||||||||||||||||||||||||
02/28/23 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||
(unaudited | ) | 08/31/22 | (a) | 08/31/21 | (a) | 08/31/20 | (a) | 08/31/19 | (a) | 08/31/18 | (a) | |||||||||||||||||
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Net asset value, beginning of period | $ | 39.68 | $ | 52.56 | $ | 44.56 | $ | 40.22 | $ | 43.24 | $ | 44.76 | ||||||||||||||||
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Net investment income(b) | 0.20 | 1.09 | (c) | 0.75 | 0.98 | 0.90 | 0.83 | (c) | ||||||||||||||||||||
Net realized and unrealized gain | (1.01 | ) | (12.88 | ) | 8.01 | 4.52 | (3.02 | ) | (1.36 | ) | ||||||||||||||||||
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Net increase (decrease) from investment operations | (0.81 | ) | (11.79 | ) | 8.76 | 5.50 | (2.12 | ) | (0.53 | ) | ||||||||||||||||||
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Distributions from net investment income(e) | (0.58 | ) | (1.09 | ) | (0.76 | ) | (1.16 | ) | (0.90 | ) | (0.99 | ) | ||||||||||||||||
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Net asset value, end of period | $ | 38.29 | $ | 39.68 | $ | 52.56 | $ | 44.56 | $ | 40.22 | $ | 43.24 | ||||||||||||||||
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Total Return(f) | ||||||||||||||||||||||||||||
Based on net asset value | (2.03 | )%(g) | (22.73 | )%(c) | 19.72 | % | 13.82 | % | (4.87 | )% | (1.28 | )%(c) | ||||||||||||||||
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Ratios to Average Net Assets(h) | ||||||||||||||||||||||||||||
Total expenses | 0.70 | %(i) | 0.69 | % | 0.69 | % | 0.70 | % | 0.68 | % | 0.67 | % | ||||||||||||||||
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Total expenses excluding professional fees for foreign withholding tax claims | N/A | 0.69 | % | 0.68 | % | 0.70 | % | 0.68 | % | 0.67 | % | |||||||||||||||||
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Net investment income | 1.05 | %(i) | 2.38 | %(c) | 1.45 | % | 2.38 | % | 2.16 | % | 1.78 | %(c) | ||||||||||||||||
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Supplemental Data | ||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 24,413,264 | $ | 25,870,381 | $ | 30,983,302 | $ | 24,024,571 | $ | 24,631,575 | $ | 31,149,012 | ||||||||||||||||
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Portfolio turnover rate(j) | 9 | % | 21 | % | 9 | % | 19 | % | 15 | % | 16 | % | ||||||||||||||||
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(a) | Consolidated Financial Highlights. |
(b) | Based on average shares outstanding. |
(c) | Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended August 31, 2022 and August 31, 2018: |
• Net investment income per share by $ — and $0.02, respectively.
• Total return by 0.01% and 0.07%, respectively.
• Ratio of net investment income to average net assets by 0.01% and 0.04%, respectively.
(d) | 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. |
(e) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(f) | Where applicable, assumes the reinvestment of distributions. |
(g) | Not annualized. |
(h) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(i) | Annualized. |
(j) | Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
F I N A N C I A L H I G H L I G H T S | 31 |
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(a) | 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. |
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.
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, 2023, if any, are disclosed in the Statements of Assets and Liabilities.
The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.
Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.
In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.
32 | 2 0 2 3 I SHARES SEMI - ANNUAL REPORT TO 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. The Board of Directors of the Company (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
• | Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price. |
• | Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s 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 at the mean between the bid and ask prices and are determined as of the close of trading on the New York Stock Exchange (“NYSE”) 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 NYSE. Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.
Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.
Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• | Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access; |
• | Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and |
• | Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
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)
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
4. | SECURITIES AND OTHER INVESTMENTS |
Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.
Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.
As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:
| ||||||||||||||||
iShares ETF and Counterparty | | Securities Loaned at Value |
| | Cash Collateral Received | (a) | | Non-Cash Collateral Received, at Fair Value | (a) | Net Amount | ||||||
| ||||||||||||||||
MSCI Emerging Markets | ||||||||||||||||
Barclays Capital, Inc. | $ | 1,461,574 | $ | (1,461,574 | ) | $ | — | $ | — | |||||||
BofA Securities, Inc. | 32,203,649 | (32,203,649 | ) | — | — | |||||||||||
Citigroup Global Markets Ltd. | 9,208,516 | (9,208,516 | ) | — | — | |||||||||||
Citigroup Global Markets, Inc. | 45,902,449 | (45,902,449 | ) | — | — | |||||||||||
Goldman Sachs & Co. LLC | 52,909,244 | (52,909,244 | ) | — | — | |||||||||||
Goldman Sachs International | 42,411,232 | (42,411,232 | ) | — | — | |||||||||||
HSBC Bank PLC | 9,926,929 | (9,926,929 | ) | — | — | |||||||||||
J.P. Morgan Securities LLC | 103,136,119 | (103,136,119 | ) | — | — | |||||||||||
J.P. Morgan Securities PLC | 31,909,282 | (31,909,282 | ) | — | — | |||||||||||
Jefferies LLC | 504,607 | (504,607 | ) | — | — | |||||||||||
Macquarie Bank Ltd. | 58,104,379 | (58,104,379 | ) | — | — | |||||||||||
Morgan Stanley | 267,993,566 | (267,993,566 | ) | — | — | |||||||||||
Nomura Securities International, Inc. | 897,684 | (897,684 | ) | — | — | |||||||||||
SG Americas Securities LLC | 645,431 | (645,431 | ) | — | — | |||||||||||
State Street Bank & Trust Co. | 660,496 | (660,496 | ) | — | — | |||||||||||
UBS AG | 1,161,915 | (1,161,915 | ) | — | — | |||||||||||
Virtu Americas LLC | 152,139 | (152,139 | ) | — | — | |||||||||||
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$ | 659,189,211 | $ | (659,189,211 | ) | $ | — | $ | — | ||||||||
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(a) | Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s Statements of Assets and Liabilities. |
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the
34 | 2 0 2 3 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
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.
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.
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)
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 iShares Currency Hedged MSCI Emerging Markets ETF, BFA is entitled to an annual investment advisory fee of 0.78%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.
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 Fees | |||
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.
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 Statements 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, 2023, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:
iShares ETF | Amounts Waived | |||
Currency Hedged MSCI Emerging Markets | $ | 581,941 |
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,
36 | 2 0 2 3 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
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, 2023, the Funds paid BTC the following amounts for securities lending agent services:
iShares ETF | Amounts | |||
Currency Hedged MSCI Emerging Markets | $ | 3,477 | ||
MSCI Emerging Markets | 1,300,189 |
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, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:
iShares ETF | Purchases | Sales | Net Realized Gain (Loss) | |||||||||
MSCI Emerging Markets | $ | 31,752,488 | $ | 34,494,783 | $ | (45,574,554) |
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, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:
iShares ETF | Purchases | Sales | ||||||
Currency Hedged MSCI Emerging Markets | $ | 10,316,095 | $ | 17,015,401 | ||||
MSCI Emerging Markets | 2,303,701,208 | 2,133,819,707 |
For the six months ended February 28, 2023, in-kind transactions were as follows:
iShares ETF | In-kind Purchases | In-kind Sales | ||||||
Currency Hedged MSCI Emerging Markets | $ | 38,215,152 | $ | 43,283,531 | ||||
MSCI Emerging Markets | 318,398,233 | 1,021,714,146 |
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, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.
As of August 31, 2022, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:
iShares ETF | Amounts | |||
MSCI Emerging Markets | $ | 12,846,992,803 |
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 | 37 |
Notes to Financial Statements (unaudited) (continued)
As of February 28, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:
iShares ETF | Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
Currency Hedged MSCI Emerging Markets | $ | 164,806,901 | $ | 3,498,180 | $ | (26,975,570 | ) | $ | (23,477,390) | |||||||
MSCI Emerging Markets | 25,838,743,037 | 3,163,643,423 | (3,959,666,968 | ) | (796,023,545) |
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 11, 2023. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.
For the six months ended February 28, 2023, 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 Emerging Markets | $ | 62,882,000 | $ | 2,667,492 | 4.29% |
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.
Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.
Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to
38 | 2 0 2 3 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.
The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.
Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.
With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.
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 China or with significant exposure to Chinese issuers. Investments in Chinese securities, including certain Hong Kong-listed securities, involve 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 Funds may be exposed to financial instruments that are tied to the London Interbank Offered Rate (“LIBOR”) to determine payment obligations, financing terms, hedging strategies or investment value. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, announced that a majority of USD LIBOR settings will no longer be published after June 30, 2023. All other LIBOR settings and certain other interbank offered rates ceased to be published after December 31, 2021. SOFR has been used increasingly on a voluntary basis in new instruments and transactions. The Federal Reserve Board adopted regulations that provide a fallback mechanism by identifying benchmark rates based on SOFR that will replace LIBOR in certain financial contracts after June 30, 2023. The ultimate effect of the LIBOR transition process on the Funds is uncertain.
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)
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 02/28/23 | Year Ended 08/31/22 | |||||||||||||||
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iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
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Currency Hedged MSCI Emerging Markets | ||||||||||||||||
Shares sold | 1,550,000 | $ | 38,262,636 | 2,150,000 | $ | 61,374,135 | ||||||||||
Shares redeemed | (1,840,000 | ) | (43,732,029 | ) | (2,530,000 | ) | (70,738,407 | ) | ||||||||
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(290,000 | ) | $ | (5,469,393 | ) | (380,000 | ) | $ | (9,364,272 | ) | |||||||
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MSCI Emerging Markets | ||||||||||||||||
Shares sold | 59,400,000 | $ | 2,370,870,587 | 65,250,000 | $ | 2,993,594,824 | ||||||||||
Shares redeemed | (73,800,000 | ) | (2,764,532,564 | ) | (2,700,000 | ) | (110,020,876 | ) | ||||||||
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(14,400,000 | ) | $ | (393,661,977 | ) | 62,550,000 | $ | 2,883,573,948 | |||||||||
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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. | FOREIGN WITHHOLDING TAX CLAIMS |
The Internal Revenue Service has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which the iShares MSCI Emerging Markets ETF is able to pass through to its shareholders as a foreign tax credit in the current year, the Fund will be able to offset the prior years’ withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Fund.
13. | SUBSEQUENT EVENTS |
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.
40 | 2 0 2 3 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 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, 2022 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2021 through September 30, 2022 (the “Program Reporting Period”).
The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays, the imposition of capital controls in certain non-U.S. countries, Russian sanctions and the closure of the Russian securities market.
The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:
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. The Committee also considered that ETFs generally do not engage in borrowing. |
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. However, there were no ETFs with persistent deviations of fund premium/discount or bid/ask spreads from long-term averages over the Program Reporting Period. |
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. |
There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.
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 | 41 |
Supplemental Information (unaudited)
Section 19(a) Notices
The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.
February 28, 2023
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 | $ | 0.365247 | $ | 1.125582 | $ | — | $ | 1.490829 | 24 | % | 76 | % | — | % | 100 | % |
42 | 2 0 2 3 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 | 43 |
Glossary of Terms Used in this Report
Portfolio Abbreviation | ||
ADR | American Depositary Receipt | |
CPO | Certificates of Participation (Ordinary) | |
GDR | Global Depositary Receipt | |
JSC | Joint Stock Company | |
Currency Abbreviations | ||
BRL | Brazilian Real | |
CLP | Chilean Peso | |
CNH | Chinese Yuan | |
EUR | Euro | |
HKD | Hong Kong Dollar | |
IDR | Indonesian Rupiah | |
INR | Indian Rupee | |
KRW | South Korean Won | |
MXN | Mexican Peso | |
MYR | Malaysian Ringgit | |
THB | Thai Baht | |
TRY | Turkish Lira | |
TWD | New Taiwan Dollar | |
USD | United States Dollar | |
ZAR | South African Rand |
Portfolio Abbreviation (continued) | ||
NVDR | Non-Voting Depositary Receipt | |
NVS | Non-Voting Shares | |
PJSC | Public Joint Stock Company |
44 | 2 0 2 3 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.
©2023 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-805-0223
FEBRUARY 28, 2023 |
2023 Semi-Annual Report (Unaudited)
|
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,
Significant economic headwinds emerged during the 12-month reporting period ended February 28, 2023, as investors navigated changing economic conditions and volatile markets. The U.S. economy shrank in the first half of 2022 before returning to modest growth in the second half of the year, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high before beginning to moderate. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.
Equity prices fell as interest rates rose, particularly during the first half of the reporting period. Both large-and small-capitalization U.S. stocks fell, although equities began to recover in the second half of the period as inflation eased and economic growth resumed. Emerging market stocks and international equities from developed markets declined overall, pressured by rising interest rates and a strong U.S. dollar.
The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to fluctuating inflation data and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and higher interest rates led to rising borrowing costs for corporate issuers.
The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates eight times. Furthermore, the Fed wound down its bond-buying programs and accelerated the reduction of its balance sheet.
Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth slowed in the last year, we believe that taming inflation requires a more substantial decline that lowers demand to a level more in line with the economy’s productive capacity. Although the Fed has decelerated the pace of interest rate hikes, it still seems determined to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, but the dimming economic outlook has not yet been fully reflected in current market prices. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions. Turmoil in the banking sector shortly following the end of the period highlighted the potential for the knock-on effects of substantially higher interest rates to disrupt markets with little warning.
While we favor an overweight to equities in the long term, several factors lead us to take an underweight stance on equities overall in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with the possibility of a recession in a business environment characterized by higher costs and reduced pricing power. Nevertheless, we are overweight on emerging market stocks as a weaker U.S. dollar provides a supportive backdrop. We also see long-term opportunities in credit, where valuations are appealing and higher yields provide attractive income, although we are neutral on credit in the near term, as we believe that troubles in the banking sector will likely lead to reduced lending. However, we believe there are still some strong opportunities for a six- to twelve-month horizon, particularly short-term U.S. Treasuries, global inflation-linked bonds, and emerging market bonds denominated in local currency.
Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.
Rob Kapito
President, BlackRock, Inc.
Rob Kapito
President, BlackRock, Inc.
Total Returns as of February 28, 2023 | ||||
6-Month | 12-Month | |||
U.S. large cap equities | 1.26% | (7.69)% | ||
U.S. small cap equities | 3.63 | (6.02) | ||
International equities | 12.58 | (3.14) | ||
Emerging market equities | (2.29) | (15.28) | ||
3-month Treasury bills | 1.74 | 2.11 | ||
U.S. Treasury securities | (4.81) | (14.06) | ||
U.S. investment grade bonds | (2.13) | (9.72) | ||
Tax-exempt municipal bonds | 0.66 | (5.10) | ||
U.S. high yield bonds | 2.52 | (5.45) | ||
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, 2023 | 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-Month Total Returns | 1 Year | 5 Years | Since Inception | 1 Year | 5 Years | Since Inception | ||||||||||||||||||||||||||
Fund NAV | (1.89 | )% | (16.85 | )% | (2.18 | )% | 5.01 | % | (16.85 | )% | (10.44 | )% | 38.56 | % | ||||||||||||||||||
Fund Market | (1.34 | ) | (17.66 | ) | (2.06 | ) | 5.01 | (17.66 | ) | (9.87 | ) | 38.56 | ||||||||||||||||||||
Index | (2.45 | ) | (17.17 | ) | (1.95 | ) | 5.48 | (17.17 | ) | (9.36 | ) | 42.77 |
The inception date of the Fund was June 28, 2016. The first day of secondary market trading was June 30, 2016.
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 not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||||||
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| Beginning Account Value (09/01/22) | | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/22) | | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||||||
$ 1,000.00 | $ 981.10 | $ 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 “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION | ||||
Sector | | Percent of Total Investments | (a) | |
Financials | 25.2 | % | ||
Information Technology | 20.1 | |||
Consumer Discretionary | 13.7 | |||
Communication Services | 11.8 | |||
Materials | 6.5 | |||
Consumer Staples | 5.7 | |||
Industrials | 4.9 | |||
Energy | 4.6 | |||
Health Care | 4.3 | |||
Utilities | 1.8 | |||
Real Estate | 1.4 |
GEOGRAPHIC ALLOCATION | ||||
Country/Geographic Region | | Percent of Total Investments | (a) | |
China | 30.7 | % | ||
Taiwan | 16.3 | |||
India | 12.8 | |||
South Korea | 12.2 | |||
South Africa | 4.4 | |||
Brazil | 4.3 | |||
Saudi Arabia | 3.1 | |||
Thailand | 2.9 | |||
Malaysia | 2.8 | |||
Mexico | 2.3 | |||
Indonesia | 2.0 | |||
United Arab Emirates | 1.5 | |||
Other (each representing less than 1%) | 4.7 |
(a) | Excludes money market funds. |
4 | 2 0 2 3 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Fund Summary as of February 28, 2023 | 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-Month Total Returns | 1 Year | 5 Years | Since Inception | 1 Year | 5 Years | Since Inception | ||||||||||||||||||||||||||
Fund NAV | (1.56 | )% | (14.62 | )% | (0.29 | )% | 1.53 | % | (14.62 | )% | (1.42 | )% | 8.91 | % | ||||||||||||||||||
Fund Market | (0.74 | ) | (15.86 | ) | (0.16 | ) | 1.54 | (15.86 | ) | (0.82 | ) | 8.95 | ||||||||||||||||||||
Index | (2.01 | ) | (14.92 | ) | 0.10 | 1.98 | (14.92 | ) | 0.51 | 11.65 |
The inception date of the Fund was July 18, 2017. The first day of secondary market trading was July 20, 2017.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||||||
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| Beginning Account Value (09/01/22) | | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/22) | | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||||||
$ 1,000.00 | $ 984.40 | $ 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 “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION | ||||
Sector | | Percent of Total Investments | (a) | |
Information Technology | 26.8 | % | ||
Financials | 24.5 | |||
Materials | 11.1 | |||
Consumer Staples | 6.6 | |||
Consumer Discretionary | 6.4 | |||
Industrials | 6.2 | |||
Communication Services | 5.9 | |||
Energy | 5.8 | |||
Health Care | 2.8 | |||
Utilities | 2.6 | |||
Real Estate | 1.3 |
GEOGRAPHIC ALLOCATION | ||||
Country/Geographic Region | | Percent of Total Investments | (a) | |
Taiwan | 22.2 | % | ||
India | 19.5 | |||
South Korea | 17.3 | |||
Brazil | 7.4 | |||
Saudi Arabia | 5.9 | |||
South Africa | 5.0 | |||
Mexico | 3.9 | |||
Thailand | 3.1 | |||
Indonesia | 2.8 | |||
Malaysia | 2.2 | |||
United Arab Emirates | 2.0 | |||
Qatar | 1.4 | |||
Kuwait | 1.4 | |||
Poland | 1.1 | |||
Philippines | 1.1 | |||
Turkey | 1.0 | |||
Other (each representing less than 1%) | 2.7 |
(a) | Excludes money market funds. |
F U N D S U M M A R Y | 5 |
Fund Summary as of February 28, 2023 | 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-Month Total Returns | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | (1.85 | )% | (12.60 | )% | (0.75 | )% | 1.05 | % | (12.60 | )% | (3.67 | )% | 11.03 | % | ||||||||||||||||||
Fund Market | (2.25 | ) | (13.78 | ) | (0.64 | ) | 0.99 | (13.78 | ) | (3.16 | ) | 10.33 | ||||||||||||||||||||
Index | (2.10 | ) | (12.44 | ) | (0.35 | ) | 1.35 | (12.44 | ) | (1.73 | ) | 14.30 |
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||||||
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| Beginning Account Value (09/01/22) | | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/22) | | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||||||
$ 1,000.00 | $ 981.50 | $ 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 “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION | ||||
Sector | | Percent of Total Investments | (a) | |
Financials | 24.7 | % | ||
Information Technology | 15.8 | |||
Communication Services | 14.5 | |||
Consumer Staples | 11.7 | |||
Health Care | 8.7 | |||
Consumer Discretionary | 8.3 | |||
Materials | 4.8 | |||
Industrials | 4.1 | |||
Utilities | 3.9 | |||
Real Estate | 1.8 | |||
Energy | 1.7 |
GEOGRAPHIC ALLOCATION | ||||
Country/Geographic Region | | Percent of Total Investments | (a) | |
China | 26.1 | % | ||
Taiwan | 19.0 | |||
India | 12.7 | |||
Saudi Arabia | 8.8 | |||
South Korea | 6.8 | |||
Thailand | 6.4 | |||
Malaysia | 4.6 | |||
United Arab Emirates | 4.1 | |||
Kuwait | 2.8 | |||
Qatar | 2.6 | |||
Philippines | 1.5 | |||
Other (each representing less than 1%) | 4.6 |
(a) | Excludes money market funds. |
6 | 2 0 2 3 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Fund Summary as of February 28, 2023 | 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.
On December 12, 2022, the Board approved a proposal to change MSCI Emerging Markets Multifactor’s index to STOXX Emerging Markets Equity Factor Index and change the name of the Fund to iShares Emerging Markets Equity Factor ETF. The changes became effective on March 1, 2023.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6-Month Total Returns | 1 Year | 5 Years | Since Inception | 1 Year | 5 Years | Since Inception | ||||||||||||||||||||||||||
Fund NAV | (4.29 | )%(a) | (15.04 | )% | (1.97 | )% | 5.06 | % | (15.04 | )% | (9.48 | )% | 42.82 | % | ||||||||||||||||||
Fund Market | (3.42 | ) | (15.82 | ) | (1.77 | ) | 5.08 | (15.82 | ) | (8.52 | ) | 43.10 | ||||||||||||||||||||
Index | (4.80 | ) | (14.73 | ) | (1.44 | ) | 5.53 | (14.73 | ) | (6.98 | ) | 47.59 |
The inception date of the Fund was December 8, 2015. The first day of secondary market trading was December 10, 2015.
(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 not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||||||
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| Beginning Account Value (09/01/22) | | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/22) | | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||||||
$ 1,000.00 | $ 957.10 | $ 1.80 | $ 1,000.00 | $ 1,023.00 | $ 1.86 | 0.37 | % |
(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 “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION | ||||
Sector | | Percent of Total Investments | (a) | |
Financials | 23.5 | % | ||
Information Technology | 22.3 | |||
Consumer Discretionary | 13.9 | |||
Communication Services | 9.8 | |||
Materials | 6.8 | |||
Consumer Staples | 6.6 | |||
Energy | 5.4 | |||
Industrials | 5.3 | |||
Health Care | 2.8 | |||
Utilities | 2.6 | |||
Real Estate | 1.0 |
GEOGRAPHIC ALLOCATION | ||||
Country/Geographic Region | | Percent of Total Investments | (a) | |
China | 29.4 | % | ||
India | 17.1 | |||
Taiwan | 15.7 | |||
South Korea | 11.9 | |||
Brazil | 4.9 | |||
Saudi Arabia | 3.4 | |||
Mexico | 2.6 | |||
South Africa | 2.5 | |||
Indonesia | 2.3 | |||
United Arab Emirates | 1.8 | |||
Thailand | 1.4 | |||
Turkey | 1.1 | |||
Qatar | 1.0 | |||
Other (each representing less than 1%) | 4.9 |
(a) | Excludes money market funds. |
F U N D S U M M A R Y | 7 |
Fund Summary as of February 28, 2023 | iShares® MSCI Global Min Vol Factor ETF |
Investment Objective
The iShares MSCI Global MinVol 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-Month Total Returns | 1Year | 5Years | 10 Years | 1Year | 5Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV | (0.68 | )% | (6.07 | )% | 4.44 | % | 7.03 | % | (6.07 | )% | 24.24 | % | 97.28 | % | ||||||||||||||||||
Fund Market | (0.71 | ) | (6.19 | ) | 4.44 | 6.98 | (6.19 | ) | 24.25 | 96.34 | ||||||||||||||||||||||
Index | (0.97 | ) | (6.19 | ) | 4.29 | 6.82 | (6.19 | ) | 23.37 | 93.36 |
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||
| Beginning Account Value (09/01/22) | | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Beginning Account Value (09/01/22) | | | Ending Account Value (02/28/23) | | | Expenses Paid During the Period | (a) | | Annualized Expense Ratio | | ||||||||||||||
$ 1,000.00 | $ 993.20 | $ 0.99 | $ 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 “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION | ||||
Sector | | Percent of Total Investments | (a) | |
Health Care | 17.4 | % | ||
Information Technology | 15.7 | |||
Financials | 13.9 | |||
Consumer Staples | 12.5 | |||
Communication Services | 12.3 | |||
Industrials | 8.5 | |||
Utilities | 7.5 | |||
Consumer Discretionary | 5.5 | |||
Materials | 4.2 | |||
Energy | 1.8 | |||
Real Estate | 0.7 |
GEOGRAPHIC ALLOCATION | ||||
Country/Geographic Region | | Percent of Total Investments | (a) | |
United States | 54.7 | % | ||
Japan | 10.7 | |||
China | 8.1 | |||
Taiwan | 5.2 | |||
India | 4.6 | |||
Switzerland | 4.1 | |||
Hong Kong | 2.1 | |||
Canada | 1.9 | |||
Saudi Arabia | 1.4 | |||
Singapore | 1.1 | |||
Other (each representing less than 1%) | 6.1 |
(a) | Excludes money market funds. |
8 | 2 0 2 3 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 the Period.”
The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.
ABOUT FUND PERFORMANCE / DISCLOSURE OF EXPENSES | 9 |
Schedule of Investments (unaudited) February 28, 2023 | iShares® ESG Aware MSCI EM ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Brazil — 2.7% | ||||||||
Atacadao SA | 1,502,879 | $ | 3,860,933 | |||||
B3 SA - Brasil, Bolsa, Balcao | 5,334,093 | 10,748,776 | ||||||
Banco do Brasil SA | 1,351,437 | 10,402,718 | ||||||
Banco Santander Brasil SA | 1,158,224 | 6,267,367 | ||||||
CCR SA | 3,668,744 | 7,701,248 | ||||||
Cosan SA | 3,323,650 | 9,509,837 | ||||||
Localiza Rent a Car SA | 1,133,066 | 12,009,251 | ||||||
Localiza Rent a Car SA, NVS | 4,452 | 45,069 | ||||||
Lojas Renner SA | 2,555,915 | 9,104,817 | ||||||
Natura & Co. Holding SA | 1,769,076 | 5,176,679 | ||||||
Petroleo Brasileiro SA | 1,784,251 | 9,798,053 | ||||||
Rumo SA | 1,530,421 | 5,250,048 | ||||||
TOTVS SA | 779,958 | 4,065,563 | ||||||
Ultrapar Participacoes SA | 3,763,188 | 9,473,649 | ||||||
Vibra Energia SA | 1,570,090 | 4,435,460 | ||||||
WEG SA | 761,719 | 5,697,489 | ||||||
|
| |||||||
113,546,957 | ||||||||
Chile — 0.4% | ||||||||
Empresas COPEC SA | 588,177 | 4,249,639 | ||||||
Enel Americas SA | 114,680,329 | 14,278,405 | ||||||
|
| |||||||
18,528,044 | ||||||||
China — 30.6% | ||||||||
37 Interactive Entertainment Network Technology | ||||||||
Group Co. Ltd., Class A | 1,453,900 | 4,586,937 | ||||||
3SBio Inc.(a) | 6,919,000 | 6,861,159 | ||||||
AAC Technologies Holdings Inc.(b) | 2,613,000 | 5,839,908 | ||||||
Agricultural Bank of China Ltd., Class A | 12,606,500 | 5,314,797 | ||||||
Agricultural Bank of China Ltd., Class H | 11,559,000 | 4,005,463 | ||||||
Akeso Inc.(a)(b) | 1,114,000 | 5,676,867 | ||||||
Alibaba Group Holding Ltd.(b) | 10,067,268 | 110,653,791 | ||||||
Alibaba Health Information Technology Ltd.(b) | 9,718,000 | 6,958,352 | ||||||
Baidu Inc.(b) | 1,730,562 | 29,754,091 | ||||||
Bank of China Ltd., Class H | 12,527,000 | 4,594,299 | ||||||
Bank of Communications Co. Ltd., Class A | 6,436,800 | 4,538,186 | ||||||
BeiGene Ltd.(b) | 264,281 | 4,580,866 | ||||||
Bosideng International Holdings Ltd. | 8,382,000 | 4,649,681 | ||||||
BYD Co. Ltd., Class A | 257,955 | 9,651,044 | ||||||
BYD Co. Ltd., Class H | 634,000 | 17,044,606 | ||||||
China Construction Bank Corp., Class A | 7,681,200 | 6,234,296 | ||||||
China Construction Bank Corp., Class H | 77,029,000 | 47,086,089 | ||||||
China International Capital Corp. Ltd., Class A | 791,713 | 4,772,871 | ||||||
China International Capital Corp. Ltd., Class H(a) | 3,301,600 | 7,108,590 | ||||||
China Medical System Holdings Ltd. | 5,911,000 | 8,898,728 | ||||||
China Mengniu Dairy Co. Ltd. | 3,787,000 | 16,669,126 | ||||||
China Merchants Bank Co. Ltd., Class A | 1,208,740 | 6,492,370 | ||||||
China Merchants Bank Co. Ltd., Class H | 3,705,500 | 20,107,899 | ||||||
China Resources Beer Holdings Co. Ltd. | 1,342,000 | 9,928,212 | ||||||
China Resources Gas Group Ltd. | 2,341,000 | 9,878,258 | ||||||
China Resources Land Ltd. | 3,694,000 | 16,413,427 | ||||||
China Resources Pharmaceutical Group Ltd.(a) | 7,018,500 | 5,767,234 | ||||||
China Tourism Group Duty Free Corp. | 178,000 | 4,501,798 | ||||||
China Vanke Co. Ltd., Class H | 2,454,200 | 4,290,894 | ||||||
Chow Tai Fook Jewellery Group Ltd. | 3,040,000 | 5,886,819 | ||||||
CMOC Group Ltd., Class A | 11,233,200 | 9,551,361 | ||||||
CMOC Group Ltd., Class H | 17,424,000 | 9,811,414 | ||||||
Contemporary Amperex Technology Co. Ltd., Class A | 233,603 | 13,534,586 | ||||||
Country Garden Services Holdings Co. Ltd. | 2,747,000 | 5,114,795 | ||||||
CSC Financial Co. Ltd., Class A | 1,159,000 | 4,464,534 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
CSPC Pharmaceutical Group Ltd. | 9,749,520 | $ | 10,473,891 | |||||
ENN Energy Holdings Ltd. | 1,221,500 | 17,388,964 | ||||||
Far East Horizon Ltd. | 5,847,000 | 5,172,087 | ||||||
Fosun International Ltd.(c) | 19,754,000 | 16,161,598 | ||||||
Ganfeng Lithium Group Co. Ltd., Class A | 473,450 | 4,925,473 | ||||||
Geely Automobile Holdings Ltd. | 5,367,000 | 6,972,686 | ||||||
GEM Co. Ltd., Class A | 3,925,100 | 4,450,601 | ||||||
Greentown China Holdings Ltd. | 3,171,500 | 4,336,445 | ||||||
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A | 1,061,501 | 4,822,711 | ||||||
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A | 331,900 | 4,024,912 | ||||||
Hansoh Pharmaceutical Group Co. Ltd.(a) | 2,512,000 | 4,515,910 | ||||||
Huatai Securities Co. Ltd., Class A | 3,932,102 | 7,127,830 | ||||||
Huatai Securities Co. Ltd., Class H(a) | 3,784,000 | 4,259,600 | ||||||
Hygeia Healthcare Holdings Co. Ltd.(a)(b) | 593,400 | 4,323,285 | ||||||
Industrial & Commercial Bank of China Ltd., Class A | 14,284,700 | 8,837,234 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 44,081,000 | 21,994,731 | ||||||
Industrial Bank Co. Ltd., Class A | 1,790,568 | 4,355,851 | ||||||
JD Health International Inc.(a)(b) | 1,001,400 | 7,010,050 | ||||||
JD.com Inc., Class A | 1,365,428 | 30,353,358 | ||||||
Jiumaojiu International Holdings Ltd.(a) | 2,070,000 | 5,001,960 | ||||||
KE Holdings Inc., ADR(b) | 277,778 | 5,069,448 | ||||||
Kingdee International Software Group Co. | 3,716,000 | 6,943,210 | ||||||
Koolearn Technology Holding Ltd.(a)(b) | 697,500 | 3,972,198 | ||||||
Kuaishou Technology(a)(b) | 1,127,200 | 7,553,891 | ||||||
Kunlun Energy Co. Ltd. | 5,868,000 | 4,701,702 | ||||||
Lenovo Group Ltd. | 22,706,000 | 20,433,170 | ||||||
Li Auto Inc.(b) | 1,516,128 | 17,889,036 | ||||||
Li Ning Co. Ltd. | 1,178,500 | 10,055,793 | ||||||
Longfor Group Holdings Ltd.(a) | 1,579,500 | 4,521,530 | ||||||
LONGi Green Energy Technology Co. Ltd., Class A | 706,948 | 4,501,947 | ||||||
Meituan, Class B(a)(b) | 3,352,630 | 58,184,645 | ||||||
Microport Scientific Corp.(b)(c) | 1,524,800 | 4,325,915 | ||||||
Ming Yang Smart Energy Group Ltd., Class A | 1,170,100 | 4,273,980 | ||||||
NetEase Inc. | 1,658,370 | 25,771,810 | ||||||
NIO Inc., ADR(b)(c) | 1,284,989 | 12,066,047 | ||||||
Nongfu Spring Co. Ltd., Class H(a) | 1,735,800 | 9,730,069 | ||||||
Orient Securities Co. Ltd., Class A | 3,368,852 | 4,943,643 | ||||||
Pinduoduo Inc., ADR(b) | 274,098 | 24,046,618 | ||||||
Ping An Healthcare and Technology Co. | 1,789,900 | 4,101,902 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 4,921,000 | 33,593,373 | ||||||
Pop Mart International Group Ltd.(a)(c) | 1,563,400 | 4,355,663 | ||||||
Postal Savings Bank of China Co. Ltd., Class A | 10,979,800 | 7,141,937 | ||||||
Postal Savings Bank of China Co. Ltd., Class H(a) | 9,221,000 | 5,540,000 | ||||||
Shandong Nanshan Aluminum Co. Ltd., Class A | 8,591,800 | 4,462,927 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 3,489,600 | 5,632,791 | ||||||
Shanghai Electric Group Co. Ltd., Class A(b) | 9,139,200 | 5,507,272 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A | 895,715 | 4,343,232 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class A | 1,789,400 | 5,086,307 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 2,646,900 | 4,667,772 | ||||||
Sungrow Power Supply Co. Ltd., Class A | 500,967 | 8,601,160 | ||||||
Sunny Optical Technology Group Co. Ltd. | 833,600 | 9,479,555 | ||||||
TCL Technology Group Corp., Class A | 11,162,400 | 7,122,775 | ||||||
Tencent Holdings Ltd. | 4,213,700 | 185,101,072 | ||||||
Tianqi Lithium Corp., Class A(b) | 351,800 | 4,141,684 | ||||||
Tongcheng Travel Holdings Ltd.(b) | 4,446,400 | 8,826,003 | ||||||
Trip.com Group Ltd., ADR(b)(c) | 237,571 | 8,445,649 |
10 | 2 0 2 3 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® ESG Aware MSCI EM ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Unisplendour Corp. Ltd., Class A | 2,289,757 | $ | 8,355,572 | |||||
Vipshop Holdings Ltd., ADR(b) | 544,044 | 8,100,815 | ||||||
WuXi AppTec Co. Ltd., Class A | 679,689 | 8,094,883 | ||||||
WuXi AppTec Co. Ltd., Class H(a) | 557,680 | 5,949,859 | ||||||
Wuxi Biologics Cayman Inc., New(a)(b) | 3,550,000 | 24,850,529 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class A | 2,752,800 | 4,495,223 | ||||||
Xinyi Solar Holdings Ltd. | 3,844,000 | 4,110,292 | ||||||
XPeng Inc.(b) | 1,741,696 | 7,741,919 | ||||||
Yadea Group Holdings Ltd.(a) | 7,910,000 | 16,976,382 | ||||||
Yonyou Network Technology Co. Ltd., Class A | 1,207,400 | 4,045,240 | ||||||
Yum China Holdings Inc. | 447,175 | 26,262,588 | ||||||
Yunnan Baiyao Group Co. Ltd., Class A | 633,120 | 5,179,511 | ||||||
Yunnan Energy New Material Co. Ltd., Class A | 222,600 | 4,017,349 | ||||||
ZTO Express Cayman Inc., ADR | 176,297 | 4,241,706 | ||||||
|
| |||||||
1,295,290,119 | ||||||||
Colombia — 0.1% | ||||||||
Bancolombia SA | 744,210 | 5,497,999 | ||||||
|
| |||||||
Czech Republic — 0.2% | ||||||||
Moneta Money Bank AS(a) | 1,792,752 | 6,829,414 | ||||||
|
| |||||||
Egypt — 0.1% | ||||||||
Commercial International Bank Egypt SAE | 2,537,904 | 4,399,825 | ||||||
|
| |||||||
Greece — 0.5% | ||||||||
Mytilineos SA | 232,586 | 6,275,238 | ||||||
OPAP SA | 960,057 | 14,900,991 | ||||||
|
| |||||||
21,176,229 | ||||||||
Hungary — 0.3% | ||||||||
MOL Hungarian Oil & Gas PLC | 1,786,053 | 13,562,711 | ||||||
|
| |||||||
India — 12.7% | ||||||||
Adani Green Energy Ltd.(b) | 429,481 | 2,515,194 | ||||||
Adani Total Gas Ltd. | 274,546 | 2,250,455 | ||||||
Asian Paints Ltd. | 716,740 | 24,498,787 | ||||||
AU Small Finance Bank Ltd.(a) | 1,277,456 | 9,153,345 | ||||||
Axis Bank Ltd. | 2,052,132 | 20,929,445 | ||||||
Bajaj Finance Ltd. | 262,487 | 19,382,248 | ||||||
Bandhan Bank Ltd.(a)(b) | 1,953,439 | 5,450,051 | ||||||
Bharti Airtel Ltd. | 1,842,858 | 16,534,597 | ||||||
Britannia Industries Ltd. | 165,366 | 8,922,585 | ||||||
Cipla Ltd. | 330,471 | 3,620,682 | ||||||
Colgate-Palmolive India Ltd. | 459,627 | 8,188,487 | ||||||
Dabur India Ltd. | 799,001 | 5,144,334 | ||||||
Eicher Motors Ltd. | 217,481 | 8,162,210 | ||||||
Havells India Ltd. | 490,606 | 7,098,871 | ||||||
HCL Technologies Ltd. | 1,163,666 | 15,152,611 | ||||||
Hero MotoCorp Ltd. | 172,565 | 5,046,514 | ||||||
Hindalco Industries Ltd. | 2,358,998 | 11,379,750 | ||||||
Hindustan Unilever Ltd. | 773,716 | 23,011,695 | ||||||
Housing Development Finance Corp. Ltd. | 1,162,005 | 36,631,382 | ||||||
ICICI Bank Ltd. | 3,520,445 | 36,415,184 | ||||||
ICICI Prudential Life Insurance Co. Ltd.(a) | 782,578 | 3,866,632 | ||||||
Indian Hotels Co. Ltd. (The) | 981,111 | 3,688,030 | ||||||
Info Edge India Ltd. | 190,273 | 8,028,804 | ||||||
Infosys Ltd. | 2,799,712 | 50,290,854 | ||||||
Kotak Mahindra Bank Ltd. | 836,785 | 17,483,695 | ||||||
Mahindra & Mahindra Ltd. | 611,398 | 9,380,706 | ||||||
Mahindra & Mahindra Ltd., GDR | 787,322 | 12,164,125 | ||||||
Marico Ltd. | 3,670,824 | 21,824,118 |
Security | Shares | Value | ||||||
India (continued) | ||||||||
Nestle India Ltd. | 28,133 | $ | 6,349,801 | |||||
Power Grid Corp. of India Ltd. | 2,805,752 | 7,537,108 | ||||||
Reliance Industries Ltd. | 1,896,969 | 53,206,438 | ||||||
Reliance Industries Ltd., GDR(a) | 7,866 | 437,215 | ||||||
Shriram Transport Finance Co. Ltd. | 337,793 | 4,911,825 | ||||||
Tata Consultancy Services Ltd. | 691,603 | 27,689,020 | ||||||
Tata Consumer Products Ltd. | 762,633 | 6,594,605 | ||||||
Tata Elxsi Ltd. | 53,264 | 3,945,142 | ||||||
Tech Mahindra Ltd. | 477,582 | 6,348,566 | ||||||
Titan Co. Ltd. | 156,290 | 4,482,622 | ||||||
TVS Motor Co. Ltd. | 427,846 | 5,586,065 | ||||||
United Spirits Ltd.(b) | 539,049 | 4,825,764 | ||||||
UPL Ltd. | 649,847 | 5,452,373 | ||||||
Zomato Ltd.(b) | 7,017,590 | 4,530,358 | ||||||
|
| |||||||
538,112,293 | ||||||||
Indonesia — 2.0% | ||||||||
Bank Central Asia Tbk PT | 48,016,300 | 27,539,206 | ||||||
Bank Rakyat Indonesia Persero Tbk PT | 12,346,300 | 3,780,801 | ||||||
Kalbe Farma Tbk PT | 141,416,400 | 19,562,905 | ||||||
Merdeka Copper Gold Tbk PT(b) | 19,148,700 | 5,699,761 | ||||||
Sumber Alfaria Trijaya Tbk PT | 22,388,100 | 4,257,584 | ||||||
Telkom Indonesia Persero Tbk PT | 63,605,500 | 16,202,602 | ||||||
Unilever Indonesia Tbk PT | 18,762,900 | 5,141,291 | ||||||
|
| |||||||
82,184,150 | ||||||||
Kuwait — 0.5% | ||||||||
Kuwait Finance House KSCP | 7,811,630 | 21,801,165 | ||||||
|
| |||||||
Malaysia — 2.8% | ||||||||
AMMB Holdings Bhd | 8,104,700 | 7,240,386 | ||||||
Axiata Group Bhd | 11,883,500 | 8,392,852 | ||||||
CIMB Group Holdings Bhd | 10,375,000 | 12,970,128 | ||||||
DiGi.Com Bhd | 4,864,100 | 4,659,712 | ||||||
Kuala Lumpur Kepong Bhd | 881,500 | 4,084,564 | ||||||
Malayan Banking Bhd | 9,901,300 | 19,415,486 | ||||||
Maxis Bhd(c) | 11,253,900 | 9,803,861 | ||||||
Nestle Malaysia Bhd | 632,400 | 19,038,939 | ||||||
Petronas Dagangan Bhd | 2,111,400 | 9,890,056 | ||||||
Press Metal Aluminium Holdings Bhd | 3,804,800 | 4,373,542 | ||||||
Public Bank Bhd | 9,260,200 | 8,522,232 | ||||||
Sime Darby Bhd | 19,256,700 | 9,741,011 | ||||||
|
| |||||||
118,132,769 | ||||||||
Mexico — 2.3% | ||||||||
Arca Continental SAB de CV | 1,808,500 | 15,263,497 | ||||||
Banco del Bajio SA(a) | 1,209,000 | 4,626,796 | ||||||
Cemex SAB de CV, NVS(b) | 15,461,900 | 7,740,880 | ||||||
Fomento Economico Mexicano SAB de CV | 2,285,600 | 21,094,002 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B | 222,975 | 6,395,854 | ||||||
Grupo Bimbo SAB de CV, Series A | 944,600 | 4,483,836 | ||||||
Grupo Financiero Banorte SAB de CV, Class O | 2,581,400 | 21,789,491 | ||||||
Wal-Mart de Mexico SAB de CV | 4,127,200 | 16,243,526 | ||||||
|
| |||||||
97,637,882 | ||||||||
Peru — 0.2% | ||||||||
Credicorp Ltd. | 73,698 | 9,390,599 | ||||||
|
| |||||||
Philippines — 0.0% | ||||||||
Globe Telecom Inc. | 2,570 | 82,345 | ||||||
|
| |||||||
Poland — 0.6% | ||||||||
Allegro.eu SA (a)(b) | 832,913 | 5,440,039 | ||||||
KGHM Polska Miedz SA | 309,030 | 8,813,211 |
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, 2023 | iShares® ESG Aware MSCI EM ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Poland (continued) | ||||||||
Polski Koncern Naftowy ORLEN SA | 671,413 | $ | 10,027,935 | |||||
|
| |||||||
24,281,185 | ||||||||
Qatar — 0.8% | ||||||||
Qatar Fuel QSC | 474,481 | 2,108,863 | ||||||
Qatar Gas Transport Co. Ltd. | 6,162,083 | 6,156,223 | ||||||
Qatar National Bank QPSC | 5,053,810 | 23,319,775 | ||||||
|
| |||||||
31,584,861 | ||||||||
Russia — 0.0% | ||||||||
Gazprom PJSC(b)(d) | 7,224,690 | 963 | ||||||
LUKOIL PJSC(b)(d) | 725,046 | 96 | ||||||
Novatek PJSC(b)(d) | 1,686,230 | 225 | ||||||
Novolipetsk Steel PJSC(b)(d) | 5,130,970 | 684 | ||||||
PhosAgro PJSC(b)(d) | 249,741 | 33 | ||||||
PhosAgro PJSC, New(b)(d) | 4,826 | 48 | ||||||
Polymetal International PLC(b)(d) | 1,747,485 | 233 | ||||||
Polyus PJSC(b)(d) | 43,646 | 6 | ||||||
Rosneft Oil Co. PJSC(b)(d) | 759,129 | 101 | ||||||
Sberbank of Russia PJSC(b)(d) | 10,004,860 | 1,333 | ||||||
TCS Group Holding PLC, GDR(b)(d)(e) | 124,025 | 16 | ||||||
Yandex NV(b)(d) | 87,150 | 12 | ||||||
|
| |||||||
3,750 | ||||||||
Saudi Arabia — 3.1% | ||||||||
Al Rajhi Bank(b) | 1,589,370 | 29,722,363 | ||||||
Bank AlBilad(b) | 668,343 | 6,340,459 | ||||||
Banque Saudi Fransi | 420,698 | 3,659,088 | ||||||
Dr Sulaiman Al Habib Medical Services Group Co. | 217,048 | 13,394,585 | ||||||
Etihad Etisalat Co. | 1,008,998 | 10,502,785 | ||||||
Mobile Telecommunications Co.(b) | 1,542,290 | 4,260,656 | ||||||
SABIC Agri-Nutrients Co. | 135,180 | 4,808,661 | ||||||
Sahara International Petrochemical Co. | 1,303,518 | 12,282,109 | ||||||
Saudi Arabian Mining Co.(b) | 1,042,736 | 17,636,916 | ||||||
Saudi Basic Industries Corp. | 857,419 | 20,205,290 | ||||||
Saudi Investment Bank (The) | 922,571 | 3,882,826 | ||||||
Savola Group (The) | 615,130 | 4,453,750 | ||||||
|
| |||||||
131,149,488 | ||||||||
South Africa — 4.4% | ||||||||
Absa Group Ltd. | 683,566 | 7,380,188 | ||||||
Anglo American Platinum Ltd. | 69,996 | 3,870,530 | ||||||
Bidvest Group Ltd. (The) | 738,658 | 9,424,978 | ||||||
Clicks Group Ltd. | 419,222 | 6,106,283 | ||||||
FirstRand Ltd. | 1,725,195 | 6,153,361 | ||||||
Gold Fields Ltd. | 1,364,723 | 12,385,025 | ||||||
Impala Platinum Holdings Ltd. | 765,535 | 7,147,714 | ||||||
Kumba Iron Ore Ltd. | 353,969 | 9,230,758 | ||||||
MTN Group Ltd. | 1,085,528 | 8,553,359 | ||||||
MultiChoice Group | 727,252 | 5,583,585 | ||||||
Naspers Ltd., Class N | 164,874 | 28,992,043 | ||||||
Nedbank Group Ltd. | 348,020 | 4,369,532 | ||||||
NEPI Rockcastle NV | 3,480,247 | 20,848,901 | ||||||
Old Mutual Ltd. | 13,930,665 | 9,036,041 | ||||||
Standard Bank Group Ltd. | 629,367 | 6,286,754 | ||||||
Vodacom Group Ltd. | 3,785,734 | 26,090,010 | ||||||
Woolworths Holdings Ltd. | 3,221,597 | 13,507,376 | ||||||
|
| |||||||
184,966,438 | ||||||||
South Korea — 11.6% | ||||||||
CJ CheilJedang Corp. | 39,144 | 9,498,569 | ||||||
Hana Financial Group Inc. | 286,928 | 9,840,842 | ||||||
Hanwha Solutions Corp.(b)(d) | 111,188 | 3,495,196 | ||||||
HD Hyundai Co. Ltd. | 103,834 | 4,663,333 |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
Kakao Corp. | 366,996 | $ | 17,275,331 | |||||
KB Financial Group Inc. | 628,660 | 24,347,415 | ||||||
LG Chem Ltd. | 32,362 | 16,612,792 | ||||||
LG Corp. | 1 | 62 | ||||||
LG Display Co. Ltd.(b) | 615,822 | 7,118,150 | ||||||
LG Electronics Inc. | 71,104 | 5,963,903 | ||||||
NAVER Corp. | 202,822 | 31,884,022 | ||||||
NCSoft Corp. | 20,944 | 6,871,997 | ||||||
POSCO Chemical Co. Ltd. | 24,814 | 4,140,146 | ||||||
POSCO Holdings Inc. | 77,596 | 18,702,437 | ||||||
Samsung C&T Corp. | 157,305 | 13,085,156 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 53,367 | 5,802,381 | ||||||
Samsung Electronics Co. Ltd. | 3,301,254 | 151,048,511 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 52,913 | 8,581,756 | ||||||
Samsung Life Insurance Co. Ltd. | 101,202 | 5,211,733 | ||||||
Samsung SDI Co. Ltd. | 42,625 | 22,394,151 | ||||||
Samsung Securities Co. Ltd. | 484,318 | 12,256,973 | ||||||
Shinhan Financial Group Co. Ltd. | 797,606 | 23,421,717 | ||||||
SK Hynix Inc. | 433,861 | 29,322,400 | ||||||
SK Inc. | 237,745 | 32,064,707 | ||||||
SK Innovation Co. Ltd.(b) | 94,709 | 10,712,095 | ||||||
Woori Financial Group Inc. | 1,515,786 | 13,973,997 | ||||||
|
| |||||||
488,289,772 | ||||||||
Taiwan — 16.2% | ||||||||
Acer Inc. | 38,302,000 | 31,761,447 | ||||||
ASE Technology Holding Co. Ltd. | 1,398,000 | 4,813,976 | ||||||
Asustek Computer Inc. | 846,000 | 7,662,523 | ||||||
AUO Corp. | 7,608,200 | 4,629,974 | ||||||
Cathay Financial Holding Co. Ltd. | 15,999,769 | 22,689,118 | ||||||
Chailease Holding Co. Ltd. | 734,129 | 5,380,939 | ||||||
China Steel Corp. | 7,453,000 | 7,667,126 | ||||||
Chunghwa Telecom Co. Ltd. | 1,190,000 | 4,499,212 | ||||||
CTBC Financial Holding Co. Ltd. | 23,358,000 | 17,341,761 | ||||||
Delta Electronics Inc. | 2,707,000 | 25,325,930 | ||||||
E.Sun Financial Holding Co. Ltd. | 44,620,254 | 36,415,808 | ||||||
Eva Airways Corp. | 4,614,000 | 4,273,267 | ||||||
Evergreen Marine Corp. Taiwan Ltd. | 982,600 | 5,021,317 | ||||||
Far EasTone Telecommunications Co. Ltd. | 7,982,000 | 18,010,968 | ||||||
First Financial Holding Co. Ltd. | 51,825,722 | 45,416,501 | ||||||
Fubon Financial Holding Co. Ltd. | 10,888,559 | 21,291,638 | ||||||
Hotai Motor Co. Ltd. | 245,000 | 4,938,136 | ||||||
Lite-On Technology Corp. | 2,047,000 | 4,658,009 | ||||||
MediaTek Inc. | 1,006,000 | 23,619,895 | ||||||
Mega Financial Holding Co. Ltd. | 17,887,625 | 19,513,815 | ||||||
Shanghai Commercial & Savings Bank Ltd. (The) | 6,244,760 | 9,694,056 | ||||||
SinoPac Financial Holdings Co. Ltd. | 40,448,000 | 22,643,933 | ||||||
Taishin Financial Holding Co. Ltd. | 22,355,507 | 12,006,104 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 18,385,000 | 304,159,460 | ||||||
United Microelectronics Corp. | 11,373,000 | 18,523,261 | ||||||
Voltronic Power Technology Corp. | 86,000 | 4,490,389 | ||||||
|
| |||||||
686,448,563 | ||||||||
Thailand — 2.9% | ||||||||
Advanced Info Service PCL, NVDR | 3,092,300 | 17,670,277 | ||||||
Asset World Corp. PCL, NVDR | 56,887,700 | 9,492,447 | ||||||
Bangkok Dusit Medical Services PCL, NVDR | 17,532,800 | 13,887,610 | ||||||
BTS Group Holdings PCL, NVDR | 57,455,800 | 13,083,844 | ||||||
Bumrungrad Hospital PCL, NVDR | 691,000 | 4,124,583 | ||||||
Delta Electronics Thailand PCL, NVDR | 351,600 | 9,064,953 | ||||||
Intouch Holdings PCL, NVDR | 4,905,300 | 9,817,661 |
12 | 2 0 2 3 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® ESG Aware MSCI EM ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Thailand (continued) | ||||||||
Muangthai Capital PCL, NVDR | 3,738,100 | $ | 3,702,005 | |||||
PTT Exploration & Production PCL, NVDR | 4,323,000 | 18,296,854 | ||||||
PTT Public Company Ltd., NVDR | 15,902,600 | 14,277,063 | ||||||
Siam Cement PCL (The), NVDR(c) | 745,600 | 6,897,205 | ||||||
|
| |||||||
120,314,502 | ||||||||
Turkey — 0.6% | ||||||||
Akbank TAS | 5,224,946 | 4,831,379 | ||||||
Aselsan Elektronik Sanayi Ve Ticaret AS | 1,966,496 | 5,740,409 | ||||||
Haci Omer Sabanci Holding AS | 2,806,090 | 6,475,478 | ||||||
Yapi ve Kredi Bankasi AS | 16,998,066 | 9,008,109 | ||||||
|
| |||||||
26,055,375 | ||||||||
United Arab Emirates — 1.5% | ||||||||
Abu Dhabi Commercial Bank PJSC | 7,832,371 | 17,856,755 | ||||||
Abu Dhabi Islamic Bank PJSC | 1,621,193 | 4,605,341 | ||||||
Emirates Telecommunications Group Co. PJSC | 3,005,482 | 20,865,152 | ||||||
First Abu Dhabi Bank PJSC | 5,311,543 | 20,349,973 | ||||||
|
| |||||||
63,677,221 | ||||||||
|
| |||||||
Total Common Stocks — 97.1% | 4,102,943,656 | |||||||
|
| |||||||
Preferred Stocks | ||||||||
Brazil — 1.6% | ||||||||
Banco Bradesco SA, Preference Shares, NVS | 4,353,516 | 10,876,618 | ||||||
Cia Energetica de Minas Gerais, Preference | ||||||||
Shares, NVS | 7,983,655 | 15,981,187 | ||||||
Gerdau SA, Preference Shares, NVS | 1,366,222 | 7,471,170 | ||||||
Itau Unibanco Holding SA, Preference Shares, NVS | 2,940,677 | 14,283,665 | ||||||
Petroleo Brasileiro SA, Preference Shares, NVS | 3,876,087 | 18,686,538 | ||||||
|
| |||||||
67,299,178 | ||||||||
Chile — 0.2% | ||||||||
Sociedad Quimica y Minera de Chile SA, Class B, | ||||||||
Preference Shares | 106,073 | 9,467,081 | ||||||
|
| |||||||
Colombia — 0.2% | ||||||||
Bancolombia SA, Preference Shares, NVS | 1,119,544 | 7,100,493 | ||||||
|
|
Security | Shares | Value | ||||||
South Korea — 0.6% | ||||||||
Samsung Electronics Co. Ltd., Preference | ||||||||
Shares, NVS | 681,510 | $ | 27,481,231 | |||||
|
| |||||||
Total Preferred Stocks — 2.6% | 111,347,983 | |||||||
|
| |||||||
Total Long-Term Investments — 99.7% | 4,214,291,639 | |||||||
|
| |||||||
Short-Term Securities | ||||||||
Money Market Funds — 0.4% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%(f)(g)(h) | 18,154,985 | 18,165,878 | ||||||
|
| |||||||
Total Short-Term Securities — 0.4% | 18,165,878 | |||||||
|
| |||||||
Total Investments — 100.1% |
| 4,232,457,517 | ||||||
Liabilities in Excess of Other Assets — (0.1)% | (5,474,120 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 4,226,983,397 | ||||||
|
|
(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) | 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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| ||||||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 08/31/22 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/23 | Shares Held at 02/28/23 | Income | Capital Gain |
| ||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 23,472,414 | $ | — | $ | (5,316,310 | )(a) | $ | 11,796 | $ | (2,022 | ) | $ | 18,165,878 | 18,154,985 | $ | 306,824 | (b) | $ | — | ||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares(c) | 5,610,000 | — | (5,610,000 | )(a) | — | — | — | — | 80,326 | 1 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||
$ | 11,796 | $ | (2,022 | ) | $ | 18,165,878 | $ | 387,150 | $ | 1 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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, 2023 | 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 | 205 | 03/17/23 | $ | 9,870 | $ | (297,984 | ) | |||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
| ||||||||||||||||||||||||||||
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Liabilities — Derivative Financial Instruments | ||||||||||||||||||||||||||||
Futures contracts | ||||||||||||||||||||||||||||
Unrealized depreciation on futures contracts(a) | $ | — | $ | — | $ | 297,984 | $ | — | $ | — | $ | — | $ | 297,984 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
| ||||||||||||||||||||||||||||
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Net Realized Gain (Loss) from | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | 95,681 | $ | — | $ | — | $ | — | $ | 95,681 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | (324,868 | ) | $ | — | $ | — | $ | — | $ | (324,868 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| ||||
Futures contracts | ||||
Average notional value of contracts — long | $ | 7,243,738 | ||
|
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Common Stocks | $ | 433,739,309 | $ | 3,665,705,401 | $ | 3,498,946 | $ | 4,102,943,656 | ||||||||
Preferred Stocks | 74,399,671 | 36,948,312 | — | 111,347,983 | ||||||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 18,165,878 | — | — | 18,165,878 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 526,304,858 | $ | 3,702,653,713 | $ | 3,498,946 | $ | 4,232,457,517 | |||||||||
|
|
|
|
|
|
|
|
14 | 2 0 2 3 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® ESG Aware MSCI EM ETF |
Fair Value Hierarchy as of Period End (continued)
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Derivative Financial Instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Equity Contracts | $ | (297,984 | ) | $ | — | $ | — | $ | (297,984 | ) | ||||||
|
|
|
|
|
|
|
|
(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, 2023 | iShares® MSCI Emerging Markets ex China ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Brazil — 5.6% | ||||||||
Ambev SA | 3,415,199 | $ | 8,734,591 | |||||
Atacadao SA | 478,562 | 1,229,438 | ||||||
B3 SA - Brasil, Bolsa, Balcao | 4,482,733 | 9,033,194 | ||||||
Banco Bradesco SA | 1,123,905 | 2,498,783 | ||||||
Banco BTG Pactual SA | 864,357 | 3,334,959 | ||||||
Banco do Brasil SA | 622,636 | 4,792,755 | ||||||
Banco Santander Brasil SA | 256,620 | 1,388,619 | ||||||
BB Seguridade Participacoes SA | 504,248 | 3,294,908 | ||||||
CCR SA | 875,493 | 1,837,792 | ||||||
Centrais Eletricas Brasileiras SA | 883,144 | 5,789,283 | ||||||
Cia. de Saneamento Basico do Estado de Sao Paulo | 249,964 | 2,470,778 | ||||||
Cia. Siderurgica Nacional SA | 473,562 | 1,507,851 | ||||||
Cosan SA | 911,460 | 2,607,927 | ||||||
CPFL Energia SA | 181,373 | 1,049,344 | ||||||
Energisa SA | 143,509 | 1,060,532 | ||||||
Eneva SA(a) | 585,084 | 1,277,352 | ||||||
Engie Brasil Energia SA | 146,419 | 1,098,538 | ||||||
Equatorial Energia SA | 735,422 | 3,572,144 | ||||||
Hapvida Participacoes e Investimentos SA(a)(b) | 3,333,276 | 2,858,667 | ||||||
Hypera SA | 307,960 | 2,449,939 | ||||||
JBS SA | 568,577 | 2,084,060 | ||||||
Klabin SA | 567,089 | 2,107,852 | ||||||
Localiza Rent a Car SA | 544,808 | 5,774,364 | ||||||
Localiza Rent a Car SA, NVS | 2,284 | 23,122 | ||||||
Lojas Renner SA | 714,170 | 2,544,055 | ||||||
Magazine Luiza SA(a) | 2,259,477 | 1,549,346 | ||||||
Natura & Co. Holding SA | 639,216 | 1,870,477 | ||||||
Petro Rio SA(a) | 529,286 | 3,406,954 | ||||||
Petroleo Brasileiro SA | 2,724,569 | 14,961,724 | ||||||
Raia Drogasil SA | 777,876 | 3,369,763 | ||||||
Rede D’Or Sao Luiz SA(b) | 422,665 | 2,062,686 | ||||||
Rumo SA | 940,368 | 3,225,895 | ||||||
Sendas Distribuidora SA | 678,148 | 2,349,675 | ||||||
Suzano SA | 546,726 | 4,985,378 | ||||||
Telefonica Brasil SA | 354,225 | 2,634,639 | ||||||
Tim SA | 598,603 | 1,401,765 | ||||||
TOTVS SA | 375,241 | 1,955,959 | ||||||
Ultrapar Participacoes SA | 555,441 | 1,398,297 | ||||||
Vale SA | 2,778,608 | 45,281,845 | ||||||
Vibra Energia SA | 865,986 | 2,446,386 | ||||||
WEG SA | 1,219,450 | 9,121,214 | ||||||
XP Inc.(a) | 1 | 12 | ||||||
|
| |||||||
176,442,862 | ||||||||
Chile — 0.6% | ||||||||
Banco de Chile | 32,742,492 | 3,402,146 | ||||||
Banco de Credito e Inversiones SA | 41,938 | 1,312,352 | ||||||
Banco Santander Chile | 47,600,487 | 2,018,076 | ||||||
Cencosud SA | 1,012,269 | 1,914,049 | ||||||
Cia. Cervecerias Unidas SA | 98,673 | 753,061 | ||||||
Cia. Sud Americana de Vapores SA | 11,250,036 | 1,083,920 | ||||||
Empresas CMPC SA | 822,608 | 1,366,889 | ||||||
Empresas COPEC SA | 292,628 | 2,114,267 | ||||||
Enel Americas SA | 15,398,165 | 1,917,166 | ||||||
Enel Chile SA | 21,404,570 | 963,594 | ||||||
Falabella SA | 569,638 | 1,253,556 | ||||||
|
| |||||||
18,099,076 | ||||||||
Colombia — 0.1% | ||||||||
Bancolombia SA | 185,797 | 1,372,612 |
Security | Shares | Value | ||||||
Colombia (continued) | ||||||||
Interconexion Electrica SA ESP | 325,427 | $ | 1,152,522 | |||||
|
| |||||||
2,525,134 | ||||||||
Czech Republic — 0.3% | ||||||||
CEZ AS(c) | 117,676 | 5,493,099 | ||||||
Komercni Banka AS | 54,913 | 1,849,824 | ||||||
Moneta Money Bank AS(b) | 215,374 | 820,458 | ||||||
|
| |||||||
8,163,381 | ||||||||
Egypt — 0.1% | ||||||||
Commercial International Bank Egypt SAE | 1,773,810 | 3,075,157 | ||||||
Eastern Co. SAE | 751,638 | 454,468 | ||||||
Egyptian Financial Group-Hermes Holding Co.(a) | 426,310 | 287,408 | ||||||
|
| |||||||
3,817,033 | ||||||||
Greece — 0.6% | ||||||||
Alpha Services and Holdings SA(a) | 1,552,475 | 2,429,090 | ||||||
Eurobank Ergasias Services and Holdings SA, Class A(a) | 1,858,527 | 2,848,975 | ||||||
Hellenic Telecommunications Organization SA | 142,126 | 2,180,217 | ||||||
JUMBO SA | 80,886 | 1,615,127 | ||||||
Motor Oil Hellas Corinth Refineries SA | 41,666 | 1,105,279 | ||||||
Mytilineos SA(c) | 75,029 | 2,024,304 | ||||||
National Bank of Greece SA(a) | 381,160 | 2,132,686 | ||||||
OPAP SA | 141,633 | 2,198,278 | ||||||
Public Power Corp. SA(a) | 160,888 | 1,411,241 | ||||||
Terna Energy SA | 47,289 | 983,258 | ||||||
|
| |||||||
18,928,455 | ||||||||
Hungary — 0.3% | ||||||||
MOL Hungarian Oil & Gas PLC | 309,944 | 2,353,615 | ||||||
OTP Bank Nyrt | 161,748 | 4,899,811 | ||||||
Richter Gedeon Nyrt | 101,106 | 2,119,350 | ||||||
|
| |||||||
9,372,776 | ||||||||
India — 19.4% | ||||||||
ABB India Ltd. | 39,026 | 1,517,807 | ||||||
ACC Ltd. | 48,091 | 1,006,657 | ||||||
Adani Enterprises Ltd. | 125,121 | 2,062,333 | ||||||
Adani Green Energy Ltd.(a) | 223,674 | 1,309,915 | ||||||
Adani Ports & Special Economic Zone Ltd. | 373,549 | 2,674,315 | ||||||
Adani Power Ltd.(a) | 507,193 | 895,827 | ||||||
Adani Total Gas Ltd. | 194,137 | 1,591,342 | ||||||
Adani Transmission Ltd.(a) | 190,515 | 1,478,275 | ||||||
Ambuja Cements Ltd. | 437,613 | 1,809,372 | ||||||
Apollo Hospitals Enterprise Ltd. | 73,358 | 3,902,854 | ||||||
Asian Paints Ltd. | 279,792 | 9,563,530 | ||||||
AU Small Finance Bank Ltd.(b) | 118,150 | 846,579 | ||||||
Aurobindo Pharma Ltd. | 193,150 | 1,080,471 | ||||||
Avenue Supermarts Ltd.(a)(b) | 119,374 | 4,929,654 | ||||||
Axis Bank Ltd. | 1,657,524 | 16,904,886 | ||||||
Bajaj Auto Ltd. | 50,922 | 2,253,682 | ||||||
Bajaj Finance Ltd. | 199,152 | 14,705,542 | ||||||
Bajaj Finserv Ltd. | 279,530 | 4,508,090 | ||||||
Bajaj Holdings & Investment Ltd. | 19,326 | 1,461,181 | ||||||
Balkrishna Industries Ltd. | 56,335 | 1,371,681 | ||||||
Bandhan Bank Ltd.(a)(b) | 449,303 | 1,253,545 | ||||||
Bank of Baroda | 741,543 | 1,426,260 | ||||||
Berger Paints India Ltd. | 171,318 | 1,199,824 | ||||||
Bharat Electronics Ltd. | 2,672,598 | 3,056,351 | ||||||
Bharat Forge Ltd. | 189,636 | 1,870,077 | ||||||
Bharat Petroleum Corp. Ltd. | 626,296 | 2,404,686 | ||||||
Bharti Airtel Ltd. | 1,623,655 | 14,567,851 | ||||||
Britannia Industries Ltd. | 80,180 | 4,326,239 |
16 | 2 0 2 3 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Emerging Markets ex China ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
India (continued) | ||||||||
CG Power and Industrial Solutions Ltd.(a) | 412,166 | $ | 1,521,924 | |||||
Cholamandalam Investment and Finance Co. Ltd. | 301,961 | 2,760,667 | ||||||
Cipla Ltd. | 354,657 | 3,885,667 | ||||||
Coal India Ltd. | 1,135,657 | 2,957,755 | ||||||
Colgate-Palmolive India Ltd. | 87,141 | 1,552,461 | ||||||
Container Corp. of India Ltd. | 207,980 | 1,484,428 | ||||||
Dabur India Ltd. | 459,450 | 2,958,149 | ||||||
Divi’s Laboratories Ltd. | 96,701 | 3,302,417 | ||||||
DLF Ltd. | 450,083 | 1,912,777 | ||||||
Dr. Reddy’s Laboratories Ltd. | 85,195 | 4,439,947 | ||||||
Eicher Motors Ltd. | 101,940 | 3,825,877 | ||||||
GAIL India Ltd. | 1,713,534 | 2,127,108 | ||||||
Godrej Consumer Products Ltd.(a) | 297,847 | 3,325,215 | ||||||
Godrej Properties Ltd.(a) | 89,234 | 1,186,663 | ||||||
Grasim Industries Ltd. | 195,021 | 3,720,097 | ||||||
Havells India Ltd. | 185,849 | 2,689,160 | ||||||
HCL Technologies Ltd. | 695,944 | 9,062,196 | ||||||
HDFC Life Insurance Co. Ltd.(b) | 710,694 | 4,199,167 | ||||||
Hero MotoCorp Ltd. | 81,296 | 2,377,431 | ||||||
Hindalco Industries Ltd. | 985,435 | 4,753,715 | ||||||
Hindustan Petroleum Corp. Ltd. | 477,069 | 1,242,911 | ||||||
Hindustan Unilever Ltd. | 601,453 | 17,888,286 | ||||||
Housing Development Finance Corp. Ltd. | 1,259,155 | 39,693,967 | ||||||
ICICI Bank Ltd. | 3,755,026 | 38,841,670 | ||||||
ICICI Lombard General Insurance Co. | 174,660 | 2,327,103 | ||||||
ICICI Prudential Life Insurance Co. Ltd.(b) | 253,653 | 1,253,272 | ||||||
Indian Hotels Co. Ltd. (The) | 618,680 | 2,323,440 | ||||||
Indian Oil Corp. Ltd. | 2,092,496 | 1,925,166 | ||||||
Indian Railway Catering & Tourism Corp. Ltd. | 178,290 | 1,312,249 | ||||||
Indraprastha Gas Ltd. | 222,524 | 1,180,148 | ||||||
Indus Towers Ltd. | 477,854 | 987,040 | ||||||
Info Edge India Ltd. | 51,290 | 2,164,245 | ||||||
Infosys Ltd. | 2,448,925 | 43,989,714 | ||||||
InterGlobe Aviation Ltd.(a)(b) | 69,537 | 1,559,766 | ||||||
ITC Ltd. | 2,157,612 | 9,827,254 | ||||||
Jindal Steel & Power Ltd. | 278,260 | 1,848,336 | ||||||
JSW Steel Ltd. | 535,858 | 4,324,866 | ||||||
Jubilant Foodworks Ltd. | 288,043 | 1,534,046 | ||||||
Kotak Mahindra Bank Ltd. | 405,766 | 8,478,031 | ||||||
Larsen & Toubro Infotech Ltd.(b) | 64,179 | 3,661,390 | ||||||
Larsen & Toubro Ltd. | 506,613 | 12,911,977 | ||||||
Lupin Ltd. | 142,542 | 1,136,030 | ||||||
Mahindra & Mahindra Ltd. | 644,918 | 9,895,005 | ||||||
Marico Ltd. | 378,342 | 2,249,353 | ||||||
Maruti Suzuki India Ltd. | 88,450 | 9,217,915 | ||||||
Mphasis Ltd. | 61,907 | 1,522,442 | ||||||
MRF Ltd. | 1,341 | 1,382,080 | ||||||
Muthoot Finance Ltd. | 83,241 | 978,614 | ||||||
Nestle India Ltd. | 24,942 | 5,629,572 | ||||||
NTPC Ltd. | 2,827,776 | 5,832,521 | ||||||
Oil & Natural Gas Corp. Ltd. | 1,802,767 | 3,307,804 | ||||||
Page Industries Ltd. | 4,424 | 2,030,519 | ||||||
Petronet LNG Ltd. | 534,711 | 1,437,838 | ||||||
PI Industries Ltd. | 54,970 | 2,059,369 | ||||||
Pidilite Industries Ltd. | 113,105 | 3,145,055 | ||||||
Power Grid Corp. of India Ltd. | 2,287,282 | 6,144,339 | ||||||
Reliance Industries Ltd. | 2,217,772 | 62,204,364 | ||||||
Samvardhana Motherson International Ltd. | 1,476,775 | 1,421,649 | ||||||
SBI Cards & Payment Services Ltd. | 170,474 | 1,546,443 | ||||||
SBI Life Insurance Co. Ltd.(b) | 331,403 | 4,489,531 |
Security | Shares | Value | ||||||
India (continued) | ||||||||
Shree Cement Ltd. | 8,199 | $ | 2,585,241 | |||||
Shriram Transport Finance Co. Ltd. | 173,172 | 2,518,082 | ||||||
Siemens Ltd. | 51,909 | 2,037,386 | ||||||
SRF Ltd. | 110,093 | 2,884,949 | ||||||
State Bank of India | 1,306,005 | 8,250,466 | ||||||
Sun Pharmaceutical Industries Ltd. | 698,169 | 8,074,214 | ||||||
Tata Consultancy Services Ltd. | 665,062 | 26,626,424 | ||||||
Tata Consumer Products Ltd. | 412,771 | 3,569,295 | ||||||
Tata Elxsi Ltd. | 25,151 | 1,862,877 | ||||||
Tata Motors Ltd.(a) | 1,212,802 | 6,161,130 | ||||||
Tata Power Co. Ltd. (The) | 1,084,619 | 2,655,824 | ||||||
Tata Steel Ltd. | 5,347,976 | 6,725,973 | ||||||
Tech Mahindra Ltd. | 429,401 | 5,708,089 | ||||||
Titan Co. Ltd. | 257,770 | 7,393,214 | ||||||
Torrent Pharmaceuticals Ltd. | 71,947 | 1,269,521 | ||||||
Trent Ltd. | 134,560 | 2,078,998 | ||||||
Tube Investments of India Ltd. | 77,460 | 2,596,390 | ||||||
TVS Motor Co. Ltd. | 155,915 | 2,035,666 | ||||||
UltraTech Cement Ltd. | 74,011 | 6,495,078 | ||||||
United Spirits Ltd.(a) | 212,504 | 1,902,414 | ||||||
UPL Ltd. | 358,786 | 3,010,301 | ||||||
Varun Beverages Ltd. | 169,410 | 2,663,284 | ||||||
Vedanta Ltd. | 530,389 | 1,721,536 | ||||||
Wipro Ltd. | 1,012,884 | 4,736,675 | ||||||
Yes Bank Ltd.(a) | 8,333,757 | 1,757,841 | ||||||
Zomato Ltd.(a) | 2,248,354 | 1,451,474 | ||||||
|
| |||||||
613,699,309 | ||||||||
Indonesia — 2.8% | ||||||||
Adaro Energy Indonesia Tbk PT | 10,800,700 | 2,116,102 | ||||||
Aneka Tambang Tbk | 6,242,300 | 814,574 | ||||||
Astra International Tbk PT | 14,736,200 | 5,894,592 | ||||||
Bank Central Asia Tbk PT | 40,083,200 | 22,989,266 | ||||||
Bank Mandiri Persero Tbk PT | 13,517,100 | 8,861,137 | ||||||
Bank Negara Indonesia Persero Tbk PT | 5,376,300 | 3,092,051 | ||||||
Bank Rakyat Indonesia Persero Tbk PT | 49,569,071 | 15,171,376 | ||||||
Barito Pacific Tbk PT | 21,049,676 | 1,290,402 | ||||||
Charoen Pokphand Indonesia Tbk PT | 5,522,700 | 1,946,321 | ||||||
Indah Kiat Pulp & Paper Tbk PT | 1,897,800 | 985,848 | ||||||
Indofood CBP Sukses Makmur Tbk PT | 1,658,300 | 1,101,248 | ||||||
Indofood Sukses Makmur Tbk PT | 3,314,200 | 1,407,073 | ||||||
Kalbe Farma Tbk PT | 15,889,100 | 2,198,026 | ||||||
Merdeka Copper Gold Tbk PT(a) | 8,739,859 | 2,601,488 | ||||||
Sarana Menara Nusantara Tbk PT | 15,582,800 | 1,072,731 | ||||||
Semen Indonesia Persero Tbk PT | 2,414,823 | 1,143,805 | ||||||
Sumber Alfaria Trijaya Tbk PT | 12,483,500 | 2,374,009 | ||||||
Telkom Indonesia Persero Tbk PT | 35,863,200 | 9,135,643 | ||||||
Unilever Indonesia Tbk PT | 5,455,200 | 1,494,799 | ||||||
United Tractors Tbk PT | 1,257,900 | 2,300,763 | ||||||
Vale Indonesia Tbk PT(a) | 1,735,600 | 776,366 | ||||||
|
| |||||||
88,767,620 | ||||||||
Kuwait — 1.4% | ||||||||
Agility Public Warehousing Co. KSC | 1,077,711 | 2,115,512 | ||||||
Boubyan Bank KSCP | 938,966 | 2,339,931 | ||||||
Gulf Bank KSCP | 1,151,064 | 1,135,800 | ||||||
Kuwait Finance House KSCP | 5,370,280 | 14,987,699 | ||||||
Mabanee Co. KPSC | 457,308 | 1,170,126 | ||||||
Mobile Telecommunications Co. KSCP | 1,594,546 | 2,903,066 | ||||||
National Bank of Kuwait SAKP | 5,221,127 | 18,194,301 | ||||||
|
| |||||||
42,846,435 |
SCHEDULE OF INVESTMENTS | 17 |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Emerging Markets ex China ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Malaysia — 2.2% | ||||||||
AMMB Holdings Bhd | 1,427,600 | $ | 1,275,356 | |||||
Axiata Group Bhd | 2,045,800 | 1,444,869 | ||||||
CIMB Group Holdings Bhd | 4,941,600 | 6,177,656 | ||||||
Dialog Group Bhd | 2,597,700 | 1,302,640 | ||||||
DiGi.Com Bhd | 2,303,900 | 2,207,091 | ||||||
Gamuda Bhd | 1,333,500 | 1,248,067 | ||||||
Genting Bhd | 1,530,100 | 1,588,653 | ||||||
Genting Malaysia Bhd | 2,152,700 | 1,294,982 | ||||||
HAP Seng Consolidated Bhd | 401,100 | 545,105 | ||||||
Hartalega Holdings Bhd | 64,100 | 20,994 | ||||||
Hong Leong Bank Bhd | 468,700 | 2,145,243 | ||||||
Hong Leong Financial Group Bhd | 158,700 | 644,294 | ||||||
IHH Healthcare Bhd | 1,370,600 | 1,768,233 | ||||||
Inari Amertron Bhd | 2,015,900 | 1,099,828 | ||||||
IOI Corp. Bhd | 1,954,900 | 1,668,445 | ||||||
Kuala Lumpur Kepong Bhd | 305,800 | 1,416,970 | ||||||
Malayan Banking Bhd | 3,508,400 | 6,879,631 | ||||||
Malaysia Airports Holdings Bhd(a) | 500,344 | 757,128 | ||||||
Maxis Bhd | 1,852,800 | 1,614,071 | ||||||
MISC Bhd | 993,800 | 1,673,543 | ||||||
MR DIY Group M Bhd(b) | 1,654,250 | 626,478 | ||||||
Nestle Malaysia Bhd(c) | 48,400 | 1,457,123 | ||||||
Petronas Chemicals Group Bhd | 1,773,000 | 2,828,290 | ||||||
Petronas Dagangan Bhd | 209,000 | 978,982 | ||||||
Petronas Gas Bhd | 612,300 | 2,273,185 | ||||||
PPB Group Bhd | 470,140 | 1,833,415 | ||||||
Press Metal Aluminium Holdings Bhd | 2,731,900 | 3,140,265 | ||||||
Public Bank Bhd | 10,590,800 | 9,746,793 | ||||||
QL Resources Bhd | 770,600 | 997,702 | ||||||
RHB Bank Bhd | 1,026,300 | 1,298,968 | ||||||
Sime Darby Bhd | 2,160,900 | 1,093,092 | ||||||
Sime Darby Plantation Bhd | 1,515,300 | 1,428,818 | ||||||
Telekom Malaysia Bhd | 908,000 | 1,017,754 | ||||||
Tenaga Nasional Bhd | 1,886,000 | 3,938,270 | ||||||
Top Glove Corp. Bhd(a)(c) | 3,818,500 | 642,293 | ||||||
|
| |||||||
70,074,227 | ||||||||
Mexico — 3.9% | ||||||||
Alfa SAB de CV, Class A | 2,165,300 | 1,413,040 | ||||||
America Movil SAB de CV, Series L, NVS | 20,102,900 | 20,853,881 | ||||||
Arca Continental SAB de CV | 318,700 | 2,689,785 | ||||||
Banco del Bajio SA(b) | 567,700 | 2,172,566 | ||||||
Cemex SAB de CV, NVS(a) | 11,096,500 | 5,555,376 | ||||||
Coca-Cola Femsa SAB de CV | 376,800 | 2,725,424 | ||||||
Fibra Uno Administracion SA de CV | 2,212,200 | 3,150,872 | ||||||
Fomento Economico Mexicano SAB de CV | 1,415,400 | 13,062,851 | ||||||
Gruma SAB de CV, Class B | 149,670 | 2,194,026 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B | 255,600 | 4,861,101 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B | 141,900 | 4,070,284 | ||||||
Grupo Bimbo SAB de CV, Series A | 966,500 | 4,587,791 | ||||||
Grupo Carso SAB de CV, Series A1(c) | 349,100 | 1,667,987 | ||||||
Grupo Financiero Banorte SAB de CV, Class O | 1,885,300 | 15,913,739 | ||||||
Grupo Financiero Inbursa SAB de CV, Class O(a) | 1,545,800 | 3,207,937 | ||||||
Grupo Mexico SAB de CV, Series B | 2,239,900 | 10,049,648 | ||||||
Grupo Televisa SAB, CPO | 1,700,700 | 1,701,955 | ||||||
Industrias Penoles SAB de CV(a) | 99,420 | 1,189,519 | ||||||
Kimberly-Clark de Mexico SAB de CV, Class A | 1,158,500 | 2,324,408 | ||||||
Operadora De Sites Mexicanos SAB de CV | 1,010,500 | 1,032,233 | ||||||
Orbia Advance Corp. SAB de CV | 753,900 | 1,574,428 |
Security | Shares | Value | ||||||
Mexico (continued) | ||||||||
Promotora y Operadora de Infraestructura SAB de CV | 177,455 | $ | 1,730,760 | |||||
Wal-Mart de Mexico SAB de CV(c) | 3,781,600 | 14,883,339 | ||||||
|
| |||||||
122,612,950 | ||||||||
Peru — 0.4% | ||||||||
Cia. de Minas Buenaventura SAA, ADR | 155,895 | 1,181,684 | ||||||
Credicorp Ltd. | 51,984 | 6,623,801 | ||||||
Southern Copper Corp. | 62,452 | 4,602,088 | ||||||
|
| |||||||
12,407,573 | ||||||||
Philippines — 1.0% | ||||||||
Aboitiz Equity Ventures Inc. | 1,277,650 | 1,246,235 | ||||||
ACEN Corp. | 458,820 | 52,503 | ||||||
Ayala Corp. | 178,260 | 2,009,809 | ||||||
Ayala Land Inc. | 5,348,300 | 2,749,048 | ||||||
Bank of the Philippine Islands | 1,368,500 | 2,713,605 | ||||||
BDO Unibank Inc. | 1,722,152 | 3,835,530 | ||||||
Globe Telecom Inc. | 430 | 13,777 | ||||||
International Container Terminal Services Inc. | 738,570 | 2,664,295 | ||||||
JG Summit Holdings Inc. | 2,296,610 | 2,042,905 | ||||||
Jollibee Foods Corp. | 332,420 | 1,440,484 | ||||||
Manila Electric Co. | 178,550 | 1,025,013 | ||||||
Metropolitan Bank & Trust Co. | 1,384,147 | 1,453,992 | ||||||
Monde Nissin Corp.(b) | 4,848,300 | 1,055,671 | ||||||
PLDT Inc. | 61,690 | 1,431,315 | ||||||
SM Investments Corp. | 174,005 | 2,674,910 | ||||||
SM Prime Holdings Inc. | 8,404,000 | 5,165,360 | ||||||
Universal Robina Corp. | 641,970 | 1,583,066 | ||||||
|
| |||||||
33,157,518 | ||||||||
Poland — 1.1% | ||||||||
Allegro.eu SA (a)(b) | 275,503 | 1,795,696 | ||||||
Bank Polska Kasa Opieki SA | 132,393 | 2,664,167 | ||||||
CD Projekt SA | 46,645 | 1,387,689 | ||||||
Cyfrowy Polsat SA | 175,817 | 681,043 | ||||||
Dino Polska SA(a)(b) | 36,157 | 3,018,512 | ||||||
KGHM Polska Miedz SA | 106,229 | 3,029,540 | ||||||
LPP SA | 779 | 1,645,433 | ||||||
mBank SA(a) | 10,705 | 788,368 | ||||||
Pepco Group NV(a) | 115,070 | 1,139,826 | ||||||
PGE Polska Grupa Energetyczna SA(a) | 641,656 | 962,692 | ||||||
Polski Koncern Naftowy ORLEN SA | 465,073 | 6,946,129 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA | 645,269 | 4,502,850 | ||||||
Powszechny Zaklad Ubezpieczen SA | 445,718 | 3,664,675 | ||||||
Santander Bank Polska SA | 26,041 | 1,747,471 | ||||||
|
| |||||||
33,974,091 | ||||||||
Qatar — 1.4% | ||||||||
Barwa Real Estate Co. | 1,557,224 | 1,171,776 | ||||||
Commercial Bank PSQC (The) | 2,371,338 | 3,989,958 | ||||||
Industries Qatar QSC | 1,128,336 | 4,303,205 | ||||||
Masraf Al Rayan QSC | 4,081,529 | 3,014,682 | ||||||
Mesaieed Petrochemical Holding Co. | 3,325,920 | 1,912,356 | ||||||
Ooredoo QPSC | 597,758 | 1,506,302 | ||||||
Qatar Electricity & Water Co. QSC | 339,676 | 1,622,067 | ||||||
Qatar Fuel QSC | 260,481 | 1,157,726 | ||||||
Qatar Gas Transport Co. Ltd. | 1,822,850 | 1,821,117 | ||||||
Qatar International Islamic Bank QSC | 710,264 | 2,038,279 | ||||||
Qatar Islamic Bank SAQ | 1,222,269 | 6,222,851 | ||||||
Qatar National Bank QPSC | 3,359,611 | 15,502,239 | ||||||
|
| |||||||
44,262,558 |
18 | 2 0 2 3 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Emerging Markets ex China ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Russia — 0.0% | ||||||||
Alrosa PJSC(a)(d) | 1,271,273 | $ | 169 | |||||
Gazprom PJSC(a)(d) | 5,613,440 | 748 | ||||||
Inter RAO UES PJSC(a)(d) | 19,580,300 | 2,609 | ||||||
LUKOIL PJSC(a)(d) | 197,285 | 26 | ||||||
Magnit PJSC(a)(d) | 26,665 | 4 | ||||||
Magnit PJSC, GDR(a)(d) | 1 | — | ||||||
MMC Norilsk Nickel PJSC(a)(d) | 29,789 | 4 | ||||||
Mobile TeleSystems PJSC(a)(d) | 418,880 | 56 | ||||||
Moscow Exchange MICEX-RTS PJSC(a)(d) | 631,870 | 84 | ||||||
Novatek PJSC(a)(d) | 433,150 | 58 | ||||||
Novolipetsk Steel PJSC(a)(d) | 785,210 | 105 | ||||||
Ozon Holdings PLC, ADR(a)(d) | 534 | — | ||||||
PhosAgro PJSC(a)(d) | 22,411 | 3 | ||||||
PhosAgro PJSC, GDR(a)(d)(e) | 1 | — | ||||||
PhosAgro PJSC, New(a)(d) | 433 | 4 | ||||||
Polymetal International PLC(a)(d) | 137,561 | 18 | ||||||
Polyus PJSC(a)(d) | 13,397 | 2 | ||||||
Rosneft Oil Co. PJSC(a)(d) | 532,936 | 71 | ||||||
Sberbank of Russia PJSC(a)(d) | 4,933,827 | 657 | ||||||
Severstal PAO(a)(d) | 109,143 | 15 | ||||||
Surgutneftegas PJSC(a)(d) | 3,671,000 | 489 | ||||||
Tatneft PJSC(a)(d) | 685,605 | 91 | ||||||
TCS Group Holding PLC, GDR(a)(d)(e) | 58,085 | 8 | ||||||
United Co. RUSAL International PJSC(a)(d) | 1,500,930 | 200 | ||||||
VK Co. Ltd.(a)(d) | 873 | — | ||||||
VTB Bank PJSC(a)(d) | 1,160,968,000 | 155 | ||||||
X5 Retail Group NV, GDR(a)(d) | 67,732 | 9 | ||||||
Yandex NV(a)(d) | 149,219 | 20 | ||||||
|
| |||||||
5,605 | ||||||||
Saudi Arabia — 5.9% | ||||||||
ACWA Power Co. | 58,569 | 2,173,485 | ||||||
Advanced Petrochemical Co. | 88,488 | 1,138,755 | ||||||
Al Rajhi Bank(a) | 1,422,142 | 26,595,079 | ||||||
Alinma Bank | 720,493 | 5,645,223 | ||||||
Almarai Co. JSC | 182,086 | 2,544,418 | ||||||
AngloGold Ashanti Ltd. | 305,574 | 5,146,636 | ||||||
Arab National Bank | 441,104 | 2,702,076 | ||||||
Arabian Internet & Communications Services Co. | 16,724 | 1,101,826 | ||||||
Bank AlBilad(a) | 362,498 | 3,438,958 | ||||||
Bank Al-Jazira | 286,081 | 1,378,341 | ||||||
Banque Saudi Fransi | 435,344 | 3,786,474 | ||||||
Bupa Arabia for Cooperative Insurance Co. | 54,230 | 2,230,473 | ||||||
Dallah Healthcare Co. | 25,479 | 990,962 | ||||||
Dar Al Arkan Real Estate Development Co.(a) | 381,820 | 1,459,754 | ||||||
Dr Sulaiman Al Habib Medical Services Group Co. | 64,680 | 3,991,568 | ||||||
Elm Co. | 17,122 | 1,727,403 | ||||||
Emaar Economic City(a) | 312,582 | 628,284 | ||||||
Etihad Etisalat Co. | 275,644 | 2,869,213 | ||||||
Jarir Marketing Co. | 43,980 | 1,731,527 | ||||||
Mobile Telecommunications Co.(a) | 297,540 | 821,970 | ||||||
Mouwasat Medical Services Co. | 35,225 | 1,694,311 | ||||||
Nahdi Medical Co. | 28,630 | 1,419,595 | ||||||
National Industrialization Co.(a) | 227,911 | 731,494 | ||||||
Rabigh Refining & Petrochemical Co.(a) | 319,447 | 861,154 | ||||||
Reinet Investments SCA | 99,549 | 1,967,672 | ||||||
Riyad Bank | 999,099 | 6,924,347 | ||||||
SABIC Agri-Nutrients Co. | 157,656 | 5,608,183 | ||||||
Sahara International Petrochemical Co. | 260,888 | 2,458,159 | ||||||
Saudi Arabian Mining Co.(a) | 628,154 | 10,624,645 | ||||||
Saudi Arabian Oil Co.(b) | 1,762,444 | 14,888,762 |
Security | Shares | Value | ||||||
Saudi Arabia (continued) | ||||||||
Saudi Basic Industries Corp. | 653,236 | $ | 15,393,667 | |||||
Saudi British Bank (The) | 682,847 | 6,024,516 | ||||||
Saudi Electricity Co. | 616,872 | 3,645,851 | ||||||
Saudi Industrial Investment Group | 265,090 | 1,578,438 | ||||||
Saudi Investment Bank (The) | 350,994 | 1,477,229 | ||||||
Saudi Kayan Petrochemical Co.(a) | 532,043 | 1,797,009 | ||||||
Saudi National Bank (The) | 1,598,306 | 20,102,861 | ||||||
Saudi Research & Media Group(a) | 25,867 | 1,282,416 | ||||||
Saudi Tadawul Group Holding Co. | 34,048 | 1,293,787 | ||||||
Saudi Telecom Co. | 1,094,034 | 10,237,697 | ||||||
Savola Group (The) | 187,376 | 1,356,666 | ||||||
Yanbu National Petrochemical Co. | 183,192 | 2,048,479 | ||||||
|
| |||||||
185,519,363 | ||||||||
South Africa — 4.9% | ||||||||
Absa Group Ltd. | 620,309 | 6,697,227 | ||||||
African Rainbow Minerals Ltd. | 81,112 | 1,123,555 | ||||||
Anglo American Platinum Ltd. | 38,404 | 2,123,605 | ||||||
Aspen Pharmacare Holdings Ltd. | 279,288 | 2,156,616 | ||||||
Bid Corp. Ltd. | 245,552 | 5,377,676 | ||||||
Bidvest Group Ltd. (The) | 210,654 | 2,687,860 | ||||||
Capitec Bank Holdings Ltd. | 63,775 | 6,084,407 | ||||||
Clicks Group Ltd. | 176,988 | 2,577,963 | ||||||
Discovery Ltd.(a) | 358,198 | 2,920,781 | ||||||
Exxaro Resources Ltd. | 186,330 | 2,040,549 | ||||||
FirstRand Ltd. | 3,713,827 | 13,246,338 | ||||||
Foschini Group Ltd. (The) | 251,702 | 1,390,261 | ||||||
Gold Fields Ltd. | 650,806 | 5,906,142 | ||||||
Growthpoint Properties Ltd. | 2,483,527 | 1,817,512 | ||||||
Harmony Gold Mining Co. Ltd. | 416,337 | 1,278,840 | ||||||
Impala Platinum Holdings Ltd. | 623,181 | 5,818,570 | ||||||
Kumba Iron Ore Ltd. | 46,000 | 1,199,582 | ||||||
Mr. Price Group Ltd. | 186,683 | 1,547,848 | ||||||
MTN Group Ltd. | 1,231,881 | 9,706,540 | ||||||
MultiChoice Group | 271,296 | 2,082,915 | ||||||
Naspers Ltd., Class N | 158,643 | 27,896,362 | ||||||
Nedbank Group Ltd. | 333,319 | 4,184,955 | ||||||
NEPI Rockcastle NV | 338,172 | 2,025,866 | ||||||
Northam Platinum Holdings Ltd.(a) | 247,182 | 2,035,735 | ||||||
Old Mutual Ltd. | 3,535,000 | 2,292,956 | ||||||
OUTsurance Group Ltd., NVS | 613,721 | 1,193,356 | ||||||
Pepkor Holdings Ltd.(b) | 1,366,221 | 1,394,862 | ||||||
Remgro Ltd. | 380,283 | 2,894,417 | ||||||
Sanlam Ltd. | 1,276,956 | 4,160,102 | ||||||
Sasol Ltd. | 412,947 | 6,055,223 | ||||||
Shoprite Holdings Ltd. | 369,206 | 4,470,787 | ||||||
Sibanye Stillwater Ltd. | 2,059,844 | 4,158,963 | ||||||
Standard Bank Group Ltd. | 974,400 | 9,733,293 | ||||||
Vodacom Group Ltd. | 460,715 | 3,175,093 | ||||||
Woolworths Holdings Ltd. | 702,125 | 2,943,840 | ||||||
|
| |||||||
156,400,597 | ||||||||
South Korea — 16.3% | ||||||||
Amorepacific Corp. | 21,440 | 2,241,208 | ||||||
BGF retail Co. Ltd. | 5,571 | 761,967 | ||||||
Celltrion Healthcare Co. Ltd. | 65,906 | 2,710,627 | ||||||
Celltrion Inc. | 74,633 | 8,184,864 | ||||||
Celltrion Pharm Inc.(a) | 13,395 | 579,340 | ||||||
Cheil Worldwide Inc. | 52,134 | 788,226 | ||||||
CJ CheilJedang Corp. | 6,012 | 1,458,854 | ||||||
CJ Corp. | 10,988 | 721,374 |
SCHEDULE OF INVESTMENTS | 19 |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Emerging Markets ex China ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
Coway Co. Ltd. | 40,491 | $ | 1,633,643 | |||||
DB Insurance Co. Ltd. | 34,415 | 2,002,745 | ||||||
Doosan Bobcat Inc. | 38,010 | 1,088,160 | ||||||
Doosan Enerbility Co. Ltd.(a)(c) | 304,323 | 3,735,415 | ||||||
Ecopro BM Co. Ltd. | 35,656 | 4,477,740 | ||||||
E-MART Inc. | 14,257 | 1,205,998 | ||||||
F&F Co. Ltd./New | 13,149 | 1,377,926 | ||||||
GS Holdings Corp. | 33,780 | 1,038,237 | ||||||
Hana Financial Group Inc. | 217,119 | 7,446,585 | ||||||
Hankook Tire & Technology Co. Ltd. | 52,564 | 1,478,602 | ||||||
Hanmi Pharm Co. Ltd.(a) | 5,071 | 992,326 | ||||||
Hanon Systems | 128,126 | 873,504 | ||||||
Hanwha Solutions Corp.(a)(d) | 84,417 | 2,653,649 | ||||||
HD Hyundai Co. Ltd. | 34,282 | 1,539,654 | ||||||
HLB Inc.(a)(c) | 79,718 | 1,943,065 | ||||||
HMM Co. Ltd.(a) | 197,926 | 3,367,332 | ||||||
Hotel Shilla Co. Ltd. | 22,416 | 1,357,359 | ||||||
HYBE Co. Ltd.(a) | 13,200 | 1,844,393 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 58,546 | 1,608,888 | ||||||
Hyundai Glovis Co. Ltd. | 14,326 | 1,715,712 | ||||||
Hyundai Heavy Industries Co. Ltd.(a) | 13,054 | 1,047,673 | ||||||
Hyundai Mipo Dockyard Co. Ltd.(a) | 16,999 | 901,056 | ||||||
Hyundai Mobis Co. Ltd. | 44,730 | 7,184,704 | ||||||
Hyundai Motor Co. | 101,706 | 13,536,351 | ||||||
Hyundai Steel Co. | 63,431 | 1,677,611 | ||||||
Iljin Materials Co. Ltd.(a) | 16,916 | 812,165 | ||||||
Industrial Bank of Korea | 181,168 | 1,420,649 | ||||||
Kakao Corp. | 228,330 | 10,748,009 | ||||||
Kakao Games Corp.(a)(c) | 27,806 | 1,029,347 | ||||||
Kakao Pay Corp.(a) | 17,144 | 812,340 | ||||||
KakaoBank Corp.(a)(c) | 104,868 | 2,109,394 | ||||||
Kangwon Land Inc.(a)(c) | 67,871 | 1,035,352 | ||||||
KB Financial Group Inc. | 284,192 | 11,006,491 | ||||||
Kia Corp. | 190,209 | 10,809,600 | ||||||
Korea Aerospace Industries Ltd.(a) | 54,621 | 1,859,817 | ||||||
Korea Electric Power Corp.(a) | 185,904 | 2,528,441 | ||||||
Korea Investment Holdings Co. Ltd.(a) | 31,235 | 1,462,242 | ||||||
Korea Shipbuilding & Offshore Engineering Co. Ltd.(a) | 30,379 | 1,864,700 | ||||||
Korea Zinc Co. Ltd. | 6,434 | 2,840,901 | ||||||
Korean Air Lines Co. Ltd. | 133,046 | 2,286,087 | ||||||
Krafton Inc.(a) | 21,674 | 2,775,972 | ||||||
KT&G Corp. | 79,176 | 5,313,025 | ||||||
Kumho Petrochemical Co. Ltd.(a) | 13,543 | 1,610,337 | ||||||
L&F Co. Ltd. | 16,993 | 3,362,362 | ||||||
LG Chem Ltd. | 36,054 | 18,508,053 | ||||||
LG Corp. | 69,055 | 4,296,472 | ||||||
LG Display Co. Ltd.(a) | 167,797 | 1,939,528 | ||||||
LG Electronics Inc. | 77,047 | 6,462,376 | ||||||
LG Energy Solution(a) | 25,649 | 10,131,676 | ||||||
LG H&H Co. Ltd. | 6,837 | 3,449,996 | ||||||
LG Innotek Co. Ltd. | 10,358 | 2,164,356 | ||||||
LG Uplus Corp. | 147,065 | 1,230,195 | ||||||
Lotte Chemical Corp. | 14,799 | 1,992,448 | ||||||
Lotte Shopping Co. Ltd.(c) | 7,591 | 498,924 | ||||||
Meritz Financial Group Inc. | 50,139 | 1,704,513 | ||||||
Meritz Securities Co. Ltd. | 184,825 | 980,778 | ||||||
Mirae Asset Securities Co. Ltd. | 183,599 | 991,342 | ||||||
NAVER Corp. | 95,156 | 14,958,712 | ||||||
NCSoft Corp. | 12,133 | 3,980,994 |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
Netmarble Corp.(a)(b) | 14,820 | $ | 690,782 | |||||
NH Investment & Securities Co. Ltd.(a) | 100,574 | 721,908 | ||||||
Orion Corp./Republic of Korea | 16,878 | 1,595,379 | ||||||
Pan Ocean Co. Ltd. | 193,421 | 924,137 | ||||||
Pearl Abyss Corp.(a) | 20,683 | 699,363 | ||||||
POSCO Chemical Co. Ltd. | 19,742 | 3,293,897 | ||||||
POSCO Holdings Inc. | 52,354 | 12,618,529 | ||||||
S-1 Corp.(c) | 11,375 | 484,962 | ||||||
Samsung Biologics Co. Ltd.(a)(b) | 12,909 | 7,541,934 | ||||||
Samsung C&T Corp. | 61,457 | 5,112,199 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 41,496 | 4,511,695 | ||||||
Samsung Electronics Co. Ltd. | 3,475,544 | 159,023,130 | ||||||
Samsung Engineering Co. Ltd.(a) | 113,805 | 2,256,437 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 22,152 | 3,592,748 | ||||||
Samsung Heavy Industries Co. Ltd.(a) | 461,135 | 1,914,821 | ||||||
Samsung Life Insurance Co. Ltd. | 58,029 | 2,988,396 | ||||||
Samsung SDI Co. Ltd. | 40,106 | 21,070,729 | ||||||
Samsung SDS Co. Ltd. | 25,113 | 2,375,067 | ||||||
Samsung Securities Co. Ltd. | 45,785 | 1,158,713 | ||||||
SD Biosensor Inc. | 24,011 | 416,930 | ||||||
Shinhan Financial Group Co. Ltd. | 335,949 | 9,865,150 | ||||||
SK Biopharmaceuticals Co. Ltd.(a) | 24,135 | 1,216,085 | ||||||
SK Bioscience Co. Ltd.(a) | 17,578 | 924,857 | ||||||
SK Hynix Inc. | 397,292 | 26,850,892 | ||||||
SK IE Technology Co. Ltd.(a)(b) | 19,457 | 959,224 | ||||||
SK Inc. | 26,945 | 3,634,077 | ||||||
SK Innovation Co. Ltd.(a) | 41,149 | 4,654,172 | ||||||
SK Square Co. Ltd.(a) | 70,763 | 2,048,927 | ||||||
SKC Co. Ltd. | 15,013 | 1,110,423 | ||||||
S-Oil Corp. | 33,883 | 2,054,437 | ||||||
Woori Financial Group Inc. | 398,749 | 3,676,058 | ||||||
Yuhan Corp. | 36,766 | 1,464,266 | ||||||
|
| |||||||
515,602,706 | ||||||||
Taiwan — 22.2% | ||||||||
Accton Technology Corp. | 368,000 | 3,370,223 | ||||||
Acer Inc. | 2,128,000 | 1,764,617 | ||||||
Advantech Co. Ltd. | 311,299 | 3,611,078 | ||||||
Airtac International Group | 102,439 | 3,575,917 | ||||||
ASE Technology Holding Co. Ltd. | 2,351,000 | 8,095,607 | ||||||
Asia Cement Corp. | 1,618,000 | 2,372,214 | ||||||
Asustek Computer Inc. | 517,000 | 4,682,653 | ||||||
AUO Corp. | 4,706,800 | 2,864,325 | ||||||
Catcher Technology Co. Ltd. | 473,000 | 2,858,355 | ||||||
Cathay Financial Holding Co. Ltd. | 6,152,379 | 8,724,629 | ||||||
Chailease Holding Co. Ltd. | 1,039,035 | 7,615,806 | ||||||
Chang Hwa Commercial Bank Ltd. | 3,614,153 | 2,062,574 | ||||||
Cheng Shin Rubber Industry Co. Ltd. | 1,338,000 | 1,499,399 | ||||||
China Airlines Ltd. | 2,074,000 | 1,372,637 | ||||||
China Development Financial Holding Corp. | 11,203,920 | 4,824,112 | ||||||
China Steel Corp. | 8,494,000 | 8,738,034 | ||||||
Chunghwa Telecom Co. Ltd. | 2,737,000 | 10,348,188 | ||||||
Compal Electronics Inc. | 3,060,000 | 2,419,998 | ||||||
CTBC Financial Holding Co. Ltd. | 12,772,000 | 9,482,360 | ||||||
Delta Electronics Inc. | 1,414,000 | 13,228,986 | ||||||
E Ink Holdings Inc. | 624,000 | 3,948,619 | ||||||
E.Sun Financial Holding Co. Ltd. | 9,358,855 | 7,638,017 | ||||||
Eclat Textile Co. Ltd. | 135,000 | 2,122,220 | ||||||
eMemory Technology Inc. | 47,000 | 2,824,661 | ||||||
Eva Airways Corp. | 1,832,000 | 1,696,711 | ||||||
Evergreen Marine Corp. Taiwan Ltd. | 739,400 | 3,778,508 |
20 | 2 0 2 3 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Emerging Markets ex China ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Taiwan (continued) | ||||||||
Far Eastern New Century Corp. | 2,327,000 | $ | 2,473,785 | |||||
Far EasTone Telecommunications Co. Ltd. | 1,165,000 | 2,628,762 | ||||||
Feng TAY Enterprise Co. Ltd. | 322,000 | 1,939,728 | ||||||
First Financial Holding Co. Ltd. | 7,833,466 | 6,864,711 | ||||||
Formosa Chemicals & Fibre Corp. | 2,565,000 | 5,952,452 | ||||||
Formosa Petrochemical Corp. | 808,000 | 2,247,730 | ||||||
Formosa Plastics Corp. | 2,984,000 | 8,858,206 | ||||||
Fubon Financial Holding Co. Ltd. | 5,432,441 | 10,622,670 | ||||||
Giant Manufacturing Co. Ltd. | 211,620 | 1,407,945 | ||||||
Globalwafers Co. Ltd. | 159,000 | 2,629,062 | ||||||
Hon Hai Precision Industry Co. Ltd. | 9,051,200 | 29,941,383 | ||||||
Hotai Motor Co. Ltd. | 224,600 | 4,526,961 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 6,509,078 | 4,864,646 | ||||||
Innolux Corp. | 6,585,045 | 3,154,431 | ||||||
Inventec Corp. | 1,838,000 | 1,596,692 | ||||||
Largan Precision Co. Ltd. | 73,000 | 5,247,973 | ||||||
Lite-On Technology Corp. | 1,416,000 | 3,222,150 | ||||||
MediaTek Inc. | 1,108,000 | 26,014,756 | ||||||
Mega Financial Holding Co. Ltd. | 8,082,825 | 8,817,646 | ||||||
Micro-Star International Co. Ltd. | 493,000 | 2,199,310 | ||||||
momo.com Inc. | 46,200 | 1,187,373 | ||||||
Nan Ya Plastics Corp. | 3,452,000 | 8,493,394 | ||||||
Nan Ya Printed Circuit Board Corp. | 164,000 | 1,243,103 | ||||||
Nanya Technology Corp. | 877,000 | 1,669,382 | ||||||
Nien Made Enterprise Co. Ltd. | 128,000 | 1,362,834 | ||||||
Novatek Microelectronics Corp. | 417,000 | 5,510,906 | ||||||
Parade Technologies Ltd. | 56,000 | 1,741,374 | ||||||
Pegatron Corp. | 1,460,000 | 3,234,756 | ||||||
PharmaEssentia Corp.(a) | 138,000 | 2,266,942 | ||||||
Pou Chen Corp. | 1,548,000 | 1,696,214 | ||||||
Powerchip Semiconductor Manufacturing Corp. | 2,155,000 | 2,344,211 | ||||||
President Chain Store Corp. | 417,000 | 3,643,633 | ||||||
Quanta Computer Inc. | 1,928,000 | 5,046,472 | ||||||
Realtek Semiconductor Corp. | 330,000 | 4,068,229 | ||||||
Ruentex Development Co. Ltd. | 1,267,600 | 1,836,352 | ||||||
Shanghai Commercial & Savings Bank Ltd. (The) | 2,762,678 | 4,288,645 | ||||||
Shin Kong Financial Holding Co. Ltd. | 9,923,897 | 2,881,114 | ||||||
Silergy Corp. | 234,000 | 4,402,963 | ||||||
SinoPac Financial Holdings Co. Ltd. | 7,726,401 | 4,325,458 | ||||||
Synnex Technology International Corp. | 973,000 | 1,985,310 | ||||||
Taishin Financial Holding Co. Ltd. | 8,032,981 | 4,314,141 | ||||||
Taiwan Business Bank | 4,337,000 | 2,036,712 | ||||||
Taiwan Cement Corp. | 4,442,671 | 5,695,375 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 7,177,535 | 6,243,676 | ||||||
Taiwan High Speed Rail Corp. | 1,437,000 | 1,381,695 | ||||||
Taiwan Mobile Co. Ltd. | 1,270,000 | 4,023,246 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 17,930,000 | 296,631,989 | ||||||
Unimicron Technology Corp. | 901,000 | 3,721,317 | ||||||
Uni-President Enterprises Corp. | 3,514,000 | 7,757,353 | ||||||
United Microelectronics Corp. | 8,636,000 | 14,065,496 | ||||||
Vanguard International Semiconductor Corp. | 663,000 | 1,997,450 | ||||||
Voltronic Power Technology Corp. | 48,000 | 2,506,263 | ||||||
Walsin Lihwa Corp. | 1,919,473 | 3,535,300 | ||||||
Wan Hai Lines Ltd. | 492,015 | 1,273,346 | ||||||
Win Semiconductors Corp. | 235,000 | 1,289,814 | ||||||
Winbond Electronics Corp. | 2,190,000 | 1,639,527 | ||||||
Wiwynn Corp. | 65,000 | 2,038,238 | ||||||
WPG Holdings Ltd. | 1,147,520 | 1,854,870 | ||||||
Yageo Corp. | 252,858 | 4,431,483 | ||||||
Yang Ming Marine Transport Corp. | 1,247,000 | 2,624,647 |
Security | Shares | Value | ||||||
Taiwan (continued) | ||||||||
Yuanta Financial Holding Co. Ltd. | 7,395,229 | $ | 5,498,731 | |||||
Zhen Ding Technology Holding Ltd. | 484,000 | 1,771,775 | ||||||
|
| |||||||
700,292,556 | ||||||||
Thailand — 3.1% | ||||||||
Advanced Info Service PCL, NVDR | 838,200 | 4,789,712 | ||||||
Airports of Thailand PCL, NVDR(a) | 3,119,700 | 6,420,268 | ||||||
Asset World Corp. PCL, NVDR | 5,944,000 | 991,833 | ||||||
B Grimm Power PCL, NVDR | 683,800 | 754,911 | ||||||
Bangkok Dusit Medical Services PCL, NVDR | 7,539,400 | 5,971,907 | ||||||
Bangkok Expressway & Metro PCL, NVDR | 5,613,100 | 1,469,185 | ||||||
Banpu PCL, NVDR | 5,030,300 | 1,551,452 | ||||||
Banpu PCL, NVS | 812,900 | 250,716 | ||||||
Berli Jucker PCL, NVDR | 966,100 | 1,052,050 | ||||||
BTS Group Holdings PCL, NVDR(c) | 5,522,500 | 1,257,585 | ||||||
Bumrungrad Hospital PCL, NVDR | 431,700 | 2,576,819 | ||||||
Carabao Group PCL, NVDR(c) | 218,000 | 623,017 | ||||||
Central Pattana PCL, NVDR | 1,473,100 | 2,926,779 | ||||||
Central Retail Corp. PCL, NVDR | 1,338,300 | 1,693,355 | ||||||
Charoen Pokphand Foods PCL, NVDR | 2,675,000 | 1,680,131 | ||||||
CP ALL PCL, NVDR(c) | 4,261,000 | 7,473,320 | ||||||
Delta Electronics Thailand PCL, NVDR | 225,100 | 5,803,529 | ||||||
Electricity Generating PCL, NVDR | 181,500 | 878,029 | ||||||
Energy Absolute PCL, NVDR | 1,227,300 | 2,717,884 | ||||||
Global Power Synergy PCL, NVDR | 569,200 | 1,095,004 | ||||||
Gulf Energy Development PCL, NVDR | 2,172,000 | 3,227,770 | ||||||
Home Product Center PCL, NVDR | 4,528,100 | 1,792,650 | ||||||
Indorama Ventures PCL, NVDR | 1,274,300 | 1,324,344 | ||||||
Intouch Holdings PCL, NVDR | 800,650 | 1,602,453 | ||||||
JMT Network Services PCL, NVDR | 507,700 | 667,668 | ||||||
Kasikornbank PCL, NVDR | 431,600 | 1,672,661 | ||||||
Krung Thai Bank PCL, NVDR | 2,468,500 | 1,208,224 | ||||||
Krungthai Card PCL, NVDR | 684,700 | 1,137,752 | ||||||
Land & Houses PCL, NVDR | 5,854,900 | 1,623,395 | ||||||
Minor International PCL, NVDR(a) | 2,304,100 | 2,182,816 | ||||||
Muangthai Capital PCL, NVDR | 477,300 | 472,331 | ||||||
Osotspa PCL, NVDR | 1,062,500 | 969,273 | ||||||
PTT Exploration & Production PCL, NVDR | 1,015,400 | 4,297,623 | ||||||
PTT Global Chemical PCL, NVDR | 1,678,300 | 2,242,636 | ||||||
PTT Oil & Retail Business PCL, NVDR | 2,197,900 | 1,361,951 | ||||||
PTT Public Company Ltd., NVDR | 7,254,600 | 6,513,047 | ||||||
Ratch Group PCL, NVDR | 822,100 | 948,013 | ||||||
SCB X PCL, NVS | 594,800 | 1,749,722 | ||||||
SCG Packaging PCL, NVDR | 916,200 | 1,347,646 | ||||||
Siam Cement PCL (The), NVDR | 562,000 | 5,198,805 | ||||||
Srisawad Corp. PCL, NVDR | 516,000 | 787,844 | ||||||
Thai Oil PCL, NVDR | 923,700 | 1,317,253 | ||||||
Thai Union Group PCL, NVDR | 2,142,400 | 963,719 | ||||||
True Corp. PCL, NVDR | 8,788,500 | 1,280,678 | ||||||
|
| |||||||
97,867,760 | ||||||||
Turkey — 1.0% | ||||||||
Akbank TAS | 2,310,859 | 2,136,795 | ||||||
Aselsan Elektronik Sanayi Ve Ticaret AS | 511,288 | 1,492,503 | ||||||
BIM Birlesik Magazalar AS | 338,902 | 2,444,263 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 1,002,973 | 2,337,787 | ||||||
Ford Otomotiv Sanayi AS | 50,668 | 1,478,017 | ||||||
Haci Omer Sabanci Holding AS | 760,359 | 1,754,365 | ||||||
Hektas Ticaret TAS(a) | 807,048 | 1,519,652 | ||||||
KOC Holding AS | 545,572 | 2,234,683 | ||||||
Koza Altin Isletmeleri AS | 858,693 | 1,112,186 |
SCHEDULE OF INVESTMENTS | 21 |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Emerging Markets ex China ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Turkey (continued) | ||||||||
Pegasus Hava Tasimaciligi AS(a) | 32,633 | $ | 877,644 | |||||
Sasa Polyester Sanayi AS(a) | 317,370 | 1,848,594 | ||||||
Turk Hava Yollari AO(a) | 399,983 | 3,039,124 | ||||||
Turkcell Iletisim Hizmetleri AS | 853,452 | 1,438,705 | ||||||
Turkiye Is Bankasi AS, Class C | 2,621,542 | 1,573,287 | ||||||
Turkiye Petrol Rafinerileri AS(a) | 101,049 | 3,168,674 | ||||||
Turkiye Sise ve Cam Fabrikalari AS | 1,023,721 | 2,561,378 | ||||||
Yapi ve Kredi Bankasi AS | 2,098,138 | 1,111,906 | ||||||
|
| |||||||
32,129,563 | ||||||||
United Arab Emirates — 2.0% | ||||||||
Abu Dhabi Commercial Bank PJSC | 2,040,962 | 4,653,119 | ||||||
Abu Dhabi Islamic Bank PJSC | 1,042,881 | 2,962,524 | ||||||
Abu Dhabi National Oil Co. for Distribution PJSC | 2,277,508 | 2,678,619 | ||||||
Aldar Properties PJSC | 2,836,595 | 3,624,926 | ||||||
Dubai Islamic Bank PJSC | 2,114,572 | 3,302,800 | ||||||
Emaar Properties PJSC | 4,823,652 | 7,346,428 | ||||||
Emirates NBD Bank PJSC | 1,388,999 | 5,136,955 | ||||||
Emirates Telecommunications Group Co. PJSC | 2,534,998 | 17,598,881 | ||||||
First Abu Dhabi Bank PJSC | 3,234,045 | 12,390,510 | ||||||
Multiply Group(a) | 2,430,256 | 2,643,059 | ||||||
Q Holding PJSC(a) | 1,496,312 | 1,126,752 | ||||||
|
| |||||||
63,464,573 | ||||||||
|
| |||||||
Total Common Stocks — 96.6% | 3,050,433,721 | |||||||
|
| |||||||
Preferred Stocks | ||||||||
Brazil — 1.8% | ||||||||
Banco Bradesco SA, Preference Shares, NVS | 3,892,189 | 9,724,060 | ||||||
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS | 199,756 | 1,372,418 | ||||||
Cia Energetica de Minas Gerais, Preference Shares, NVS | 1,081,100 | 2,164,079 | ||||||
Gerdau SA, Preference Shares, NVS | 810,672 | 4,433,151 | ||||||
Itau Unibanco Holding SA, Preference Shares, NVS | 3,494,787 | 16,975,128 | ||||||
Itausa SA, Preference Shares, NVS | 3,653,107 | 5,742,595 | ||||||
Petroleo Brasileiro SA, Preference Shares, NVS | 3,455,246 | 16,657,672 | ||||||
|
| |||||||
57,069,103 | ||||||||
Chile — 0.3% | ||||||||
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares | 104,597 | 9,335,347 | ||||||
|
| |||||||
Colombia — 0.1% | ||||||||
Bancolombia SA, Preference Shares, NVS | 328,653 | 2,084,419 | ||||||
|
|
Security | Shares | Value | ||||||
Russia — 0.0% | ||||||||
Surgutneftegas PJSC, Preference Shares, NVS(a)(d) | 3,036,700 | $ | 405 | |||||
|
| |||||||
South Korea — 0.9% | ||||||||
Hyundai Motor Co. | ||||||||
Preference Shares, NVS | 15,415 | 1,073,239 | ||||||
Series 2, Preference Shares, NVS | 26,549 | 1,886,174 | ||||||
LG Chem Ltd., Preference Shares, NVS | 5,114 | 1,134,424 | ||||||
Samsung Electronics Co. Ltd., Preference Shares, NVS | 600,207 | 24,202,766 | ||||||
|
| |||||||
28,296,603 | ||||||||
|
| |||||||
Total Preferred Stocks — 3.1% | 96,785,877 | |||||||
|
| |||||||
Total Long-Term Investments — 99.7% | 3,147,219,598 | |||||||
|
| |||||||
Short-Term Securities | ||||||||
Money Market Funds — 0.4% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%(f)(g)(h) | 13,074,052 | 13,081,896 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(f)(g) | 830,000 | 830,000 | ||||||
|
| |||||||
Total Short-Term Securities — 0.4% | 13,911,896 | |||||||
|
| |||||||
Total Investments — 100.1% | 3,161,131,494 | |||||||
Liabilities in Excess of Other Assets — (0.1)% | (3,169,470 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 3,157,962,024 | ||||||
|
|
(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) | 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. |
22 | 2 0 2 3 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) February 28, 2023 | 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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| ||||||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 08/31/22 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/23 | Shares Held at 02/28/23 | Income | Capital Gain | |||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 16,624,717 | $ | — | $ | (3,551,262 | )(a) | $ | 9,897 | $ | (1,456 | ) | $ | 13,081,896 | 13,074,052 | $ | 200,948 | (b) | $ | — | |||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 4,900,000 | — | (4,070,000 | )(a) | — | — | 830,000 | 830,000 | 78,906 | 17 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||
$ | 9,897 | $ | (1,456 | ) | $ | 13,911,896 | $ | 279,854 | $ | 17 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 | 196 | 03/17/23 | $ | 9,436 | $ | (94,989 | ) | |||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
| ||||||||||||||||||||||||||||
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Liabilities — Derivative Financial Instruments | ||||||||||||||||||||||||||||
Futures contracts | ||||||||||||||||||||||||||||
Unrealized depreciation on futures contracts(a) | $ | — | $ | — | $ | 94,989 | $ | — | $ | — | $ | — | $ | 94,989 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
| ||||||||||||||||||||||||||||
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Net Realized Gain (Loss) from | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | (246,677 | ) | $ | — | $ | — | $ | — | $ | (246,677 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | 184,006 | $ | — | $ | — | $ | — | $ | 184,006 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
|
| ||
Futures contracts | ||||
Average notional value of contracts — long | $ | 7,272,710 | ||
|
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
SCHEDULE OF INVESTMENTS | 23 |
Schedule of Investments (unaudited) (continued) February 28, 2023 | 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 | |||||||||||||
| ||||||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Common Stocks | $ | 412,494,451 | $ | 2,635,280,016 | $ | 2,659,254 | $ | 3,050,433,721 | ||||||||
Preferred Stocks | 59,153,522 | 37,631,950 | 405 | 96,785,877 | ||||||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 13,911,896 | — | — | 13,911,896 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 485,559,869 | $ | 2,672,911,966 | $ | 2,659,659 | $ | 3,161,131,494 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Financial Instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Equity Contracts | $ | (94,989 | ) | $ | — | $ | — | $ | (94,989 | ) | ||||||
|
|
|
|
|
|
|
|
(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 3 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) February 28, 2023 | iShares® MSCI Emerging Markets Min Vol Factor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Brazil — 0.3% | ||||||||
Klabin SA | 914,893 | $ | 3,400,628 | |||||
Raia Drogasil SA | 1,103,992 | 4,782,500 | ||||||
Suzano SA | 802,832 | 7,320,708 | ||||||
|
| |||||||
15,503,836 | ||||||||
Chile — 0.1% | ||||||||
Enel Americas SA | 24,978,025 | 3,109,918 | ||||||
|
| |||||||
China — 26.1% | ||||||||
360 Security Technology Inc., Class A | 6,949,300 | 10,782,975 | ||||||
Agricultural Bank of China Ltd., Class A | 30,858,198 | 13,008,379 | ||||||
Agricultural Bank of China Ltd., Class H | 211,153,000 | 73,206,154 | ||||||
Anhui Conch Cement Co. Ltd., Class H | 814,500 | 2,990,284 | ||||||
Anhui Gujing Distillery Co. Ltd., Class B | 1,749,489 | 30,073,798 | ||||||
ANTA Sports Products Ltd. | 681,200 | 8,995,402 | ||||||
Apeloa Pharmaceutical Co. Ltd., Class A | 1,056,797 | 3,645,580 | ||||||
Bank of China Ltd., Class H | 225,409,000 | 82,669,140 | ||||||
Bank of Communications Co. Ltd., Class A | 21,953,274 | 15,477,885 | ||||||
Bank of Communications Co. Ltd., Class H | 13,703,000 | 8,102,007 | ||||||
Bank of Ningbo Co. Ltd., Class A | 709,856 | 3,012,417 | ||||||
Bank of Shanghai Co. Ltd., Class A | 5,015,411 | 4,315,369 | ||||||
Beijing Capital International Airport Co. Ltd., Class H(a) . | 12,202,000 | 8,931,679 | ||||||
Beijing Yuanliu Hongyuan Electronic Technology Co. Ltd., Class A | 193,200 | 2,501,702 | ||||||
BGI Genomics Co. Ltd., Class A | 406,100 | 3,250,582 | ||||||
BOE Technology Group Co. Ltd., Class A | 30,846,500 | 18,484,922 | ||||||
CGN Power Co. Ltd., Class H(b) | 74,490,000 | 16,707,458 | ||||||
Changchun High & New Technology Industry Group Inc., Class A | 154,200 | 4,371,433 | ||||||
China CITIC Bank Corp. Ltd., Class H | 53,443,000 | 24,725,820 | ||||||
China Conch Venture Holdings Ltd. | 10,202,500 | 20,532,286 | ||||||
China Construction Bank Corp., Class A | 8,691,184 | 7,054,030 | ||||||
China Construction Bank Corp., Class H | 54,022,000 | 33,022,429 | ||||||
China Feihe Ltd.(b) | 4,884,000 | 3,914,563 | ||||||
China Huishan Dairy Holdings Co. Ltd.(c) | 5,944,807 | 8 | ||||||
China Life Insurance Co. Ltd., Class H | 10,524,000 | 17,851,984 | ||||||
China Mengniu Dairy Co. Ltd. | 4,788,000 | 21,075,199 | ||||||
China Minsheng Banking Corp. Ltd., Class A | 19,291,554 | 9,464,882 | ||||||
China Petroleum & Chemical Corp., Class H | 12,656,000 | 6,456,798 | ||||||
China Railway Signal & Communication Corp. Ltd., Class A | 6,976,800 | 5,129,153 | ||||||
China Resources Beer Holdings Co. Ltd. | 1,044,000 | 7,723,586 | ||||||
China Resources Gas Group Ltd. | 2,326,900 | 9,818,760 | ||||||
China Shenhua Energy Co. Ltd., Class H | 2,358,000 | 7,092,574 | ||||||
China Tourism Group Duty Free Corp. Ltd., Class A | 617,763 | 17,572,004 | ||||||
China Tower Corp. Ltd., Class H(b) | 294,288,000 | 31,871,615 | ||||||
China United Network Communications Ltd., Class A | 28,503,635 | 21,660,983 | ||||||
China Yangtze Power Co. Ltd., Class A | 17,101,883 | 52,088,908 | ||||||
China Zhenhua Group Science & Technology Co. Ltd., Class A | 213,378 | 3,189,436 | ||||||
Chongqing Zhifei Biological Products Co. Ltd., Class A . | 612,400 | 7,891,991 | ||||||
Chow Tai Fook Jewellery Group Ltd.(d) | 7,082,600 | 13,727,155 | ||||||
CSPC Pharmaceutical Group Ltd. | 8,800,000 | 9,453,824 | ||||||
Daan Gene Co. Ltd., Class A | 1,368,420 | 3,156,387 | ||||||
Dali Foods Group Co. Ltd.(b) | 9,137,000 | 3,695,627 | ||||||
ENN Energy Holdings Ltd. | 659,500 | 9,388,475 | ||||||
Foshan Haitian Flavouring & Food Co. Ltd., Class A | 404,721 | 4,788,563 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class A | 508,303 | 2,712,312 | ||||||
Gree Electric Appliances Inc. of Zhuhai, Class A | 1,186,806 | 6,057,296 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Guangdong Haid Group Co. Ltd., Class A | 1,512,272 | $ | 13,814,113 | |||||
Guangdong Investment Ltd. | 12,990,000 | 13,126,928 | ||||||
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A | 1,305,794 | 5,932,605 | ||||||
Guangzhou Haige Communications Group Inc. Co., Class A | 2,196,600 | 3,009,687 | ||||||
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A | 455,073 | 5,520,211 | ||||||
Hangzhou Tigermed Consulting Co. Ltd., Class H(b) | 286,500 | 3,290,264 | ||||||
Hansoh Pharmaceutical Group Co. Ltd.(b) | 1,680,000 | 3,020,194 | ||||||
Hengan International Group Co. Ltd.(d) | 1,922,500 | 8,842,124 | ||||||
Hualan Biological Engineering Inc., Class A | 1,141,010 | 3,639,415 | ||||||
Huaxia Bank Co. Ltd., Class A | 8,555,003 | 6,425,334 | ||||||
Hundsun Technologies Inc., Class A | 1,173,971 | 7,502,178 | ||||||
Iflytek Co. Ltd., Class A | 2,106,467 | 14,632,625 | ||||||
Imeik Technology Development Co. Ltd., Class A | 41,700 | 3,525,332 | ||||||
Industrial & Commercial Bank of China Ltd., Class A | 4,240,200 | 2,623,201 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 105,687,000 | 52,733,766 | ||||||
Industrial Bank Co. Ltd., Class A | 2,292,322 | 5,576,450 | ||||||
Ingenic Semiconductor Co. Ltd., Class A | 227,200 | 2,468,855 | ||||||
Inspur Electronic Information Industry Co. Ltd., Class A | 1,337,536 | 7,492,940 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 18,506,000 | 17,691,120 | ||||||
Jiangsu Hengrui Medicine Co. Ltd., Class A | 3,566,666 | 22,324,442 | ||||||
Joinn Laboratories China Co. Ltd., Class A | 417,244 | 3,527,724 | ||||||
Jointown Pharmaceutical Group Co. Ltd., Class A | 1,720,642 | 3,582,479 | ||||||
Kweichow Moutai Co. Ltd., Class A | 47,290 | 12,353,240 | ||||||
Legend Biotech Corp., ADR(a)(d) | 123,154 | 5,687,252 | ||||||
Lenovo Group Ltd. | 8,332,000 | 7,497,982 | ||||||
Liaoning Port Co Ltd., Class A | 18,245,600 | 4,252,529 | ||||||
LONGi Green Energy Technology Co. Ltd., Class A | 383,440 | 2,441,801 | ||||||
Meituan, Class B(a)(b) | 53,110 | 921,720 | ||||||
Muyuan Foods Co. Ltd., Class A | 550,000 | 3,914,976 | ||||||
Nongfu Spring Co. Ltd., Class H(b) | 1,432,800 | 8,042,542 | ||||||
People’s Insurance Co. Group of China Ltd. (The), Class H | 108,858,000 | 34,417,706 | ||||||
PetroChina Co. Ltd., Class A | 4,552,800 | 3,419,665 | ||||||
PICC Property & Casualty Co. Ltd., Class H | 5,854,000 | 5,141,865 | ||||||
Postal Savings Bank of China Co. Ltd., Class H(b) | 57,068,000 | 34,286,596 | ||||||
Sangfor Technologies Inc., Class A | 211,200 | 4,336,328 | ||||||
SF Holding Co. Ltd., Class A | 1,057,600 | 8,190,025 | ||||||
Shandong Gold Mining Co. Ltd., Class A | 3,255,773 | 8,895,943 | ||||||
Shandong Gold Mining Co. Ltd., Class H(b) | 8,120,500 | 13,925,306 | ||||||
Shanghai Baosight Software Co. Ltd., Class B | 7,793,229 | 25,403,176 | ||||||
Shanghai Friendess Electronic Technology Corp. Ltd., Class A | 95,284 | 2,883,223 | ||||||
Shanghai International Airport Co. Ltd., Class A(a) | 514,900 | 4,347,922 | ||||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B | 17,763,992 | 13,861,936 | ||||||
Shanghai M&G Stationery Inc., Class A | 546,548 | 4,260,402 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 4,254,300 | 7,502,401 | ||||||
Shanghai Pudong Development Bank Co. Ltd., Class A. | 5,025,786 | 5,191,819 | ||||||
Shanghai RAAS Blood Products Co. Ltd., Class A | 6,547,000 | 5,840,615 | ||||||
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A | 230,900 | 9,399,235 | ||||||
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 186,600 | 8,418,591 | ||||||
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A | 802,172 | 4,278,478 | ||||||
Sichuan Chuantou Energy Co. Ltd., Class A | 3,323,810 | 6,207,823 | ||||||
Sino Biopharmaceutical Ltd. | 15,459,000 | 7,981,351 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class A | 5,733,767 | 2,695,406 |
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, 2023 | iShares® MSCI Emerging Markets Min Vol Factor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Sinopharm Group Co. Ltd., Class H | 7,644,000 | $ | 20,473,017 | |||||
Songcheng Performance Development Co. Ltd., Class A | 1,342,659 | 3,029,270 | ||||||
TCL Technology Group Corp., Class A | 4,397,100 | 2,805,808 | ||||||
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A | 1,115,307 | 6,991,261 | ||||||
Tencent Holdings Ltd. | 330,900 | 14,535,905 | ||||||
Thunder Software Technology Co. Ltd., Class A | 180,900 | 2,483,642 | ||||||
Tianjin 712 Communication & Broadcasting Co. Ltd., Class A | 734,194 | 3,595,472 | ||||||
Tianshui Huatian Technology Co. Ltd., Class A | 2,096,600 | 2,886,601 | ||||||
Tingyi Cayman Islands Holding Corp.(d) | 4,084,000 | 6,598,034 | ||||||
TravelSky Technology Ltd., Class H | 2,127,000 | 4,198,507 | ||||||
Walvax Biotechnology Co. Ltd., Class A | 804,691 | 4,423,113 | ||||||
Want Want China Holdings Ltd. | 14,354,000 | 9,030,265 | ||||||
Wuliangye Yibin Co. Ltd., Class A | 246,549 | 7,235,131 | ||||||
WuXi AppTec Co. Ltd., Class H(b) | 229,864 | 2,452,407 | ||||||
Xiaomi Corp., Class B(a)(b) | 9,560,800 | 14,484,441 | ||||||
Yealink Network Technology Corp. Ltd., Class A | 882,803 | 8,459,596 | ||||||
Yonyou Network Technology Co. Ltd., Class A | 959,200 | 3,213,677 | ||||||
Yum China Holdings Inc.(d) | 246,468 | 14,475,066 | ||||||
Yunnan Baiyao Group Co. Ltd., Class A | 382,458 | 3,128,862 | ||||||
Zhejiang Dahua Technology Co. Ltd., Class A | 1,417,800 | 2,952,328 | ||||||
Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A | 826,163 | 4,683,481 | ||||||
Zhejiang Supor Co. Ltd., Class A | 397,004 | 3,248,089 | ||||||
Zhongji Innolight Co. Ltd., Class A | 768,800 | 3,921,680 | ||||||
Zhongsheng Group Holdings Ltd.(d) | 1,577,500 | 7,879,973 | ||||||
ZTE Corp., Class A | 3,535,420 | 16,374,080 | ||||||
|
| |||||||
1,321,503,361 | ||||||||
Czech Republic — 0.3% | ||||||||
CEZ AS | 279,822 | 13,062,051 | ||||||
|
| |||||||
Egypt — 0.3% | ||||||||
Commercial International Bank Egypt SAE | 8,118,597 | 14,074,767 | ||||||
|
| |||||||
Greece — 0.8% | ||||||||
Hellenic Telecommunications Organization SA | 1,884,954 | 28,915,250 | ||||||
JUMBO SA | 512,244 | 10,228,459 | ||||||
|
| |||||||
39,143,709 | ||||||||
Hungary — 0.3% | ||||||||
Richter Gedeon Nyrt | 856,694 | 17,957,733 | ||||||
|
| |||||||
India — 12.7% | ||||||||
ACC Ltd. | 391,019 | 8,184,940 | ||||||
Adani Green Energy Ltd.(a) | 123,344 | 722,346 | ||||||
Apollo Hospitals Enterprise Ltd. | 85,088 | 4,526,924 | ||||||
Asian Paints Ltd. | 690,722 | 23,609,469 | ||||||
Bajaj Auto Ltd. | 430,708 | 19,062,071 | ||||||
Bharti Airtel Ltd. | 2,013,210 | 18,063,038 | ||||||
Britannia Industries Ltd. | 399,272 | 21,543,354 | ||||||
Cipla Ltd. | 2,206,399 | 24,173,589 | ||||||
Colgate-Palmolive India Ltd. | 195,422 | 3,481,542 | ||||||
Dabur India Ltd. | 4,304,203 | 27,712,426 | ||||||
Divi’s Laboratories Ltd. | 297,691 | 10,166,387 | ||||||
Dr. Reddy’s Laboratories Ltd. | 459,082 | 23,925,109 | ||||||
Eicher Motors Ltd. | 116,521 | 4,373,112 | ||||||
HCL Technologies Ltd. | 3,501,994 | 45,601,018 | ||||||
Hero MotoCorp. Ltd. | 195,123 | 5,706,204 | ||||||
Hindustan Unilever Ltd. | 1,453,492 | 43,229,447 | ||||||
Housing Development Finance Corp. Ltd. | 98,397 | 3,101,895 |
Security | Shares | Value | ||||||
India (continued) | ||||||||
Indus Towers Ltd. | 1,033,375 | $ | 2,134,507 | |||||
Infosys Ltd. | 2,832,576 | 50,881,186 | ||||||
Lupin Ltd. | 1,157,205 | 9,222,680 | ||||||
Marico Ltd. | 4,307,900 | 25,611,721 | ||||||
Maruti Suzuki India Ltd. | 55,478 | 5,781,702 | ||||||
Mphasis Ltd. | 170,488 | 4,192,709 | ||||||
MRF Ltd. | 23,873 | 24,604,316 | ||||||
Nestle India Ltd. | 70,101 | 15,822,252 | ||||||
Page Industries Ltd. | 38,661 | 17,744,555 | ||||||
Pidilite Industries Ltd. | 998,456 | 27,763,578 | ||||||
Reliance Industries Ltd. | 640,834 | 17,974,197 | ||||||
Sun Pharmaceutical Industries Ltd. | 2,176,041 | 25,165,570 | ||||||
Tata Consultancy Services Ltd. | 1,509,593 | 60,438,070 | ||||||
Tech Mahindra Ltd. | 1,518,205 | 20,181,718 | ||||||
Titan Co. Ltd. | 720,080 | 20,652,930 | ||||||
UltraTech Cement Ltd. | 38,915 | 3,415,113 | ||||||
Wipro Ltd. | 5,231,842 | 24,466,309 | ||||||
|
| |||||||
643,235,984 | ||||||||
Indonesia — 0.8% | ||||||||
Bank Central Asia Tbk PT | 49,790,600 | 28,556,836 | ||||||
Telkom Indonesia Persero Tbk PT | 55,296,600 | 14,086,027 | ||||||
|
| |||||||
42,642,863 | ||||||||
Kuwait — 2.8% | ||||||||
Agility Public Warehousing Co. KSC | 1,998,821 | 3,923,620 | ||||||
Kuwait Finance House KSCP | 10,302,555 | 28,752,988 | ||||||
Mobile Telecommunications Co. KSCP | 24,225,332 | 44,105,176 | ||||||
National Bank of Kuwait SAKP | 19,106,976 | 66,582,957 | ||||||
|
| |||||||
143,364,741 | ||||||||
Malaysia — 4.6% | ||||||||
DiGi.Com Bhd | 14,526,200 | 13,915,815 | ||||||
Genting Malaysia Bhd | 4,202,400 | 2,528,003 | ||||||
Hong Leong Bank Bhd | 5,442,100 | 24,908,534 | ||||||
IHH Healthcare Bhd | 23,206,800 | 29,939,472 | ||||||
IOI Corp. Bhd(d) | 3,342,800 | 2,852,973 | ||||||
Malayan Banking Bhd | 25,223,500 | 49,460,830 | ||||||
Malaysia Airports Holdings Bhd(a) | 2,006,200 | 3,035,810 | ||||||
MISC Bhd | 2,827,300 | 4,761,127 | ||||||
MR DIY Group M Bhd(b) | 23,166,750 | 8,773,443 | ||||||
Nestle Malaysia Bhd | 1,119,300 | 33,697,477 | ||||||
Petronas Chemicals Group Bhd | 5,259,200 | 8,389,476 | ||||||
Petronas Dagangan Bhd | 1,777,300 | 8,325,091 | ||||||
PPB Group Bhd | 4,100,800 | 15,991,978 | ||||||
Public Bank Bhd | 5,392,600 | 4,962,850 | ||||||
Telekom Malaysia Bhd | 4,494,400 | 5,037,658 | ||||||
Tenaga Nasional Bhd | 6,876,100 | 14,358,397 | ||||||
|
| |||||||
230,938,934 | ||||||||
Mexico — 0.9% | ||||||||
America Movil SAB de CV, Series L, NVS | 11,372,700 | 11,797,549 | ||||||
Wal-Mart de Mexico SAB de CV(d) | 8,739,000 | 34,394,304 | ||||||
|
| |||||||
46,191,853 | ||||||||
Peru — 0.6% | ||||||||
Cia. de Minas Buenaventura SAA, ADR | 1,633,394 | 12,381,127 | ||||||
Credicorp Ltd. | 154,655 | 19,706,140 | ||||||
|
| |||||||
32,087,267 | ||||||||
Philippines — 1.5% | ||||||||
Bank of the Philippine Islands | 11,271,598 | 22,350,504 | ||||||
BDO Unibank Inc. | 5,205,025 | 11,592,490 | ||||||
Globe Telecom Inc. | 3,680 | 117,910 |
26 | 2 0 2 3 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Emerging Markets Min Vol Factor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Philippines (continued) | ||||||||
International Container Terminal Services Inc. | 5,348,440 | $ | 19,293,802 | |||||
Jollibee Foods Corp. | 1,477,290 | 6,401,577 | ||||||
Manila Electric Co. | 2,063,040 | 11,843,417 | ||||||
PLDT Inc. | 91,005 | 2,111,474 | ||||||
SM Investments Corp. | 191,965 | 2,951,002 | ||||||
|
| |||||||
76,662,176 | ||||||||
Qatar — 2.6% | ||||||||
Masraf Al Rayan QSC | 46,186,665 | 34,114,204 | ||||||
Ooredoo QPSC | 3,337,828 | 8,411,059 | ||||||
Qatar Electricity & Water Co. QSC | 4,430,693 | 21,158,042 | ||||||
Qatar Fuel QSC | 1,666,797 | 7,408,195 | ||||||
Qatar Islamic Bank SAQ | 4,339,860 | 22,095,219 | ||||||
Qatar National Bank QPSC | 7,976,196 | 36,804,528 | ||||||
|
| |||||||
129,991,247 | ||||||||
Russia — 0.0% | ||||||||
Polymetal International PLC(a)(c) | 244,417 | 32 | ||||||
Polyus PJSC(a)(c) | 95,932 | 13 | ||||||
Rosneft Oil Co. PJSC(a)(c) | 759,070 | 101 | ||||||
Yandex NV(a)(c) | 49,681 | 7 | ||||||
|
| |||||||
153 | ||||||||
Saudi Arabia — 8.8% | ||||||||
Advanced Petrochemical Co. | 733,504 | 9,439,491 | ||||||
Al Rajhi Bank(a) | 2,388,431 | 44,665,379 | ||||||
Alinma Bank | 3,338,866 | 26,160,760 | ||||||
Bank AlBilad(a) | 285,612 | 2,709,553 | ||||||
Bank Al-Jazira | 1,380,732 | 6,652,378 | ||||||
Bupa Arabia for Cooperative Insurance Co. | 167,473 | 6,888,142 | ||||||
Dallah Healthcare Co. | 59,378 | 2,309,406 | ||||||
Dar Al Arkan Real Estate Development Co.(a) | 7,168,972 | 27,408,033 | ||||||
Dr Sulaiman Al Habib Medical Services Group Co. | 149,018 | 9,196,280 | ||||||
Emaar Economic City(a) | 6,385,174 | 12,834,085 | ||||||
Etihad Etisalat Co. | 4,410,194 | 45,906,256 | ||||||
Jarir Marketing Co. | 946,555 | 37,266,600 | ||||||
Mobile Telecommunications Co.(a) | 7,105,209 | 19,628,508 | ||||||
Nahdi Medical Co. | 48,458 | 2,402,751 | ||||||
SABIC Agri-Nutrients Co. | 883,977 | 31,445,077 | ||||||
Saudi Arabian Oil Co.(b) | 2,879,476 | 24,325,217 | ||||||
Saudi Basic Industries Corp. | 1,446,493 | 34,086,963 | ||||||
Saudi Electricity Co. | 3,766,512 | 22,260,925 | ||||||
Saudi National Bank (The) | 186,717 | 2,348,452 | ||||||
Saudi Telecom Co. | 7,526,376 | 70,429,946 | ||||||
Yanbu National Petrochemical Co. | 620,814 | 6,942,030 | ||||||
|
| |||||||
445,306,232 | ||||||||
South Korea — 6.2% | ||||||||
Amorepacific Corp. | 28,449 | 2,973,887 | ||||||
BGF retail Co. Ltd. | 66,921 | 9,153,045 | ||||||
Celltrion Healthcare Co. Ltd.(d) | 65,929 | 2,711,573 | ||||||
Celltrion Inc. | 46,163 | 5,062,611 | ||||||
Coway Co. Ltd. | 226,355 | 9,132,479 | ||||||
HLB Inc.(a) | 590 | 14,381 | ||||||
HMM Co. Ltd.(a) | 766,127 | 13,034,185 | ||||||
Hotel Shilla Co. Ltd.(d) | 431,421 | 26,123,895 | ||||||
Kakao Corp.(d) | 58,171 | 2,738,240 | ||||||
Kangwon Land Inc.(a) | 1,032,358 | 15,748,310 | ||||||
Kia Corp. | 50,615 | 2,876,456 | ||||||
Korea Electric Power Corp.(a) | 169,646 | 2,307,319 | ||||||
KT&G Corp. | 575,874 | 38,643,442 | ||||||
LG Electronics Inc. | 43,627 | 3,659,248 | ||||||
LG H&H Co. Ltd. | 5,123 | 2,585,100 |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
LG Uplus Corp. | 1,226,065 | $ | 10,255,999 | |||||
NAVER Corp. | 106,969 | 16,815,739 | ||||||
NCSoft Corp. | 8,553 | 2,806,350 | ||||||
Orion Corp./Republic of Korea | 100,588 | 9,507,998 | ||||||
Pan Ocean Co. Ltd. | 779,388 | 3,723,803 | ||||||
S-1 Corp.(d) | 255,814 | 10,906,377 | ||||||
Samsung Biologics Co. Ltd.(a)(b) | 44,988 | 26,283,720 | ||||||
Samsung Electronics Co. Ltd. | 968,406 | 44,309,309 | ||||||
Samsung SDS Co. Ltd. | 194,862 | 18,429,113 | ||||||
SK Bioscience Co. Ltd.(a)(d) | 36,652 | 1,928,425 | ||||||
SK Hynix Inc. | 232,296 | 15,699,674 | ||||||
Yuhan Corp. | 429,832 | 17,118,757 | ||||||
|
| |||||||
314,549,435 | ||||||||
Taiwan — 18.9% | ||||||||
Accton Technology Corp. | 600,000 | 5,494,928 | ||||||
Advantech Co. Ltd. | 3,593,855 | 41,688,828 | ||||||
Asustek Computer Inc. | 4,014,000 | 36,356,226 | ||||||
Catcher Technology Co. Ltd. | 515,000 | 3,112,163 | ||||||
Cathay Financial Holding Co. Ltd. | 4,865,020 | 6,899,038 | ||||||
China Steel Corp. | 10,485,000 | 10,786,235 | ||||||
Chunghwa Telecom Co. Ltd. | 21,700,000 | 82,044,456 | ||||||
Compal Electronics Inc. | 40,211,000 | 31,800,828 | ||||||
Delta Electronics Inc. | 746,000 | 6,979,366 | ||||||
E.Sun Financial Holding Co. Ltd. | 32,997,071 | 26,929,811 | ||||||
Far EasTone Telecommunications Co. Ltd. | 25,785,000 | 58,182,511 | ||||||
First Financial Holding Co. Ltd. | 92,847,796 | 81,365,428 | ||||||
Formosa Petrochemical Corp. | 3,641,000 | 10,128,693 | ||||||
Formosa Plastics Corp. | 3,785,840 | 11,238,522 | ||||||
Hon Hai Precision Industry Co. Ltd. | 3,836,000 | 12,689,494 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 92,122,906 | 68,849,273 | ||||||
Inventec Corp. | 24,832,000 | 21,571,845 | ||||||
Lite-On Technology Corp. | 12,430,752 | 28,286,541 | ||||||
Mega Financial Holding Co. Ltd. | 19,158,150 | 20,899,846 | ||||||
Novatek Microelectronics Corp. | 397,000 | 5,246,594 | ||||||
Pou Chen Corp. | 4,904,000 | 5,373,534 | ||||||
President Chain Store Corp. | 8,663,000 | 75,694,949 | ||||||
Quanta Computer Inc. | 4,381,000 | 11,467,114 | ||||||
Synnex Technology International Corp. | 15,519,000 | 31,664,984 | ||||||
Taiwan Business Bank | 21,861,000 | 10,266,212 | ||||||
Taiwan Cement Corp. | 7,641,000 | 9,795,540 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 80,234,509 | 69,795,312 | ||||||
Taiwan High Speed Rail Corp. | 11,461,000 | 11,019,906 | ||||||
Taiwan Mobile Co. Ltd. | 25,080,000 | 79,451,198 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 2,870,000 | 47,480,971 | ||||||
Uni-President Enterprises Corp. | 9,752,000 | 21,528,091 | ||||||
WPG Holdings Ltd. | 9,407,440 | 15,206,337 | ||||||
|
| |||||||
959,294,774 | ||||||||
Thailand — 6.4% | ||||||||
Advanced Info Service PCL, NVDR | 11,461,700 | 65,495,397 | ||||||
Airports of Thailand PCL, NVDR(a) | 26,931,200 | 55,423,766 | ||||||
Asset World Corp. PCL, NVDR | 78,978,500 | 13,178,583 | ||||||
Bangkok Dusit Medical Services PCL, NVDR | 54,055,100 | 42,816,671 | ||||||
Bangkok Expressway & Metro PCL, NVDR | 10,890,900 | 2,850,608 | ||||||
Bumrungrad Hospital PCL, NVDR | 4,111,700 | 24,542,758 | ||||||
Central Retail Corp. PCL, NVDR | 9,144,100 | 11,570,054 | ||||||
CP ALL PCL, NVDR | 21,089,500 | 36,988,639 | ||||||
Home Product Center PCL, NVDR | 39,453,600 | 15,619,460 | ||||||
Intouch Holdings PCL, NVDR | 13,138,600 | 26,296,113 | ||||||
Osotspa PCL, NVDR | 12,226,500 | 11,153,707 |
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, 2023 | iShares® MSCI Emerging Markets Min Vol Factor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Thailand (continued) | ||||||||
PTT Oil & Retail Business PCL, NVDR | 20,160,200 | $ | 12,492,471 | |||||
Siam Cement PCL (The), NVDR | 694,700 | 6,426,353 | ||||||
|
| |||||||
324,854,580 | ||||||||
Turkey — 0.0% | ||||||||
BIM Birlesik Magazalar AS | 368,587 | 2,658,361 | ||||||
|
| |||||||
United Arab Emirates — 4.1% | ||||||||
Abu Dhabi National Oil Co. for Distribution PJSC | 51,920,413 | 61,064,546 | ||||||
Aldar Properties PJSC | 29,272,672 | 37,407,974 | ||||||
Dubai Islamic Bank PJSC | 28,480,084 | 44,483,711 | ||||||
Emirates Telecommunications Group Co. PJSC | 5,406,221 | 37,531,958 | ||||||
First Abu Dhabi Bank PJSC | 5,806,460 | 22,246,135 | ||||||
Multiply Group(a) | 2,686,189 | 2,921,403 | ||||||
Q Holding PJSC(a) | 5,272,564 | 3,970,345 | ||||||
|
| |||||||
209,626,072 | ||||||||
|
| |||||||
Total Common Stocks — 99.1% | 5,025,760,047 | |||||||
|
| |||||||
Preferred Stocks | ||||||||
Russia — 0.0% | ||||||||
Surgutneftegas PJSC, Preference Shares, NVS(a)(c) | 40,815,200 | 5,438 | ||||||
|
| |||||||
South Korea — 0.6% | ||||||||
Samsung Electronics Co. Ltd., Preference Shares, NVS | 709,087 | 28,593,247 | ||||||
|
| |||||||
Total Preferred Stocks — 0.6% | 28,598,685 | |||||||
|
| |||||||
Rights | ||||||||
China — 0.0% | ||||||||
Kangmei Pharmaceutical Co. Ltd., | 167,567 | — | ||||||
|
| |||||||
Total Rights — 0.0% | — | |||||||
|
| |||||||
Total Long-Term Investments — 99.7% | 5,054,358,732 | |||||||
|
|
Security | Shares | Value | ||||||
Short-Term Securities | ||||||||
Money Market Funds — 0.6% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%(e)(f)(g) | 22,610,397 | $ | 22,623,963 | |||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(e)(f) | 7,200,000 | 7,200,000 | ||||||
|
| |||||||
Total Short-Term Securities — 0.6% |
| 29,823,963 | ||||||
|
| |||||||
Total Investments — 100.3% |
| 5,084,182,695 | ||||||
Liabilities in Excess of Other Assets — (0.3)% |
| (14,570,139 | ) | |||||
|
| |||||||
Net Assets — 100.0% |
| $ | 5,069,612,556 | |||||
|
|
(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. |
28 | 2 0 2 3 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Emerging Markets Min Vol Factor ETF |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| ||||||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 08/31/22 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/23 | Shares Held at 02/28/23 | Income | Capital Gain | |||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 78,672,519 | $ | — | $ | (56,077,644 | )(a) | $ | 44,593 | $ | (15,505 | ) | $ | 22,623,963 | 22,610,397 | $ | 422,036 | (b) | $ | — | ||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 13,620,000 | — | (6,420,000 | )(a) | — | — | 7,200,000 | 7,200,000 | 542,706 | 5 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||
$ | 44,593 | $ | (15,505 | ) | $ | 29,823,963 | $ | 964,742 | $ | 5 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 | 262 | 03/17/23 | $ | 12,614 | $ | (208,994 | ) | |||||||||
U.S. 2 Year Treasury Note | 11 | 06/30/23 | 2,241 | 763 | ||||||||||||
|
| |||||||||||||||
$ | (208,231 | ) | ||||||||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
| ||||||||||||||||||||||||||||
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Assets — Derivative Financial Instruments | ||||||||||||||||||||||||||||
Futures contracts | ||||||||||||||||||||||||||||
Unrealized appreciation on futures contracts(a) | $ | — | $ | — | $ | — | $ | — | $ | 763 | $ | — | $ | 763 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Liabilities — Derivative Financial Instruments | ||||||||||||||||||||||||||||
Futures contracts | ||||||||||||||||||||||||||||
Unrealized depreciation on futures contracts(a) | $ | — | $ | — | $ | 208,994 | $ | — | $ | — | $ | — | $ | 208,994 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
| ||||||||||||||||||||||||||||
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Net Realized Gain (Loss) from | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | (801,040 | ) | $ | — | $ | (85,268 | ) | $ | — | $ | (886,308 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | (120,150 | ) | $ | — | $ | 9,302 | $ | — | $ | (110,848 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, 2023 | iShares® MSCI Emerging Markets Min Vol Factor ETF |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| ||||
Futures contracts | ||||
Average notional value of contracts — long | $ | 20,717,026 | ||
|
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Common Stocks | $ | 313,726,950 | $ | 4,712,032,936 | $ | 161 | $ | 5,025,760,047 | ||||||||
Preferred Stocks | — | 28,593,247 | 5,438 | 28,598,685 | ||||||||||||
Rights | — | — | — | — | ||||||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 29,823,963 | — | — | 29,823,963 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 343,550,913 | $ | 4,740,626,183 | $ | 5,599 | $ | 5,084,182,695 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Financial Instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Interest Rate Contracts | $ | 763 | $ | — | $ | — | $ | 763 | ||||||||
Liabilities | ||||||||||||||||
Equity Contracts | (208,994 | ) | — | — | (208,994 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | (208,231 | ) | $ | — | $ | — | (208,231 | ) | ||||||||
|
|
|
|
|
|
|
|
(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 3 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) February 28, 2023 | iShares® MSCI Emerging Markets Multifactor ETF (Percentages shown are��based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Brazil — 3.7% | ||||||||
B3 SA - Brasil, Bolsa, Balcao | 1,850,241 | $ | 3,728,436 | |||||
Banco do Brasil SA | 206,686 | 1,590,970 | ||||||
BRF SA(a) | 76,082 | 89,518 | ||||||
Centrais Eletricas Brasileiras SA | 139,487 | 914,381 | ||||||
Cia Energetica de Minas Gerais | 112,016 | 331,633 | ||||||
Cia. de Saneamento Basico do Estado de Sao Paulo | 46,026 | 454,946 | ||||||
Cia. Siderurgica Nacional SA | 250,215 | 796,700 | ||||||
CSN Mineracao SA | 1,174,581 | 1,045,478 | ||||||
Engie Brasil Energia SA | 15,668 | 117,552 | ||||||
Hypera SA | 103,391 | 822,515 | ||||||
JBS SA | 292,980 | 1,073,888 | ||||||
Neoenergia SA | 266,473 | 716,132 | ||||||
Petroleo Brasileiro SA | 460,684 | 2,529,804 | ||||||
Porto Seguro SA | 215,935 | 1,091,749 | ||||||
Raia Drogasil SA | 62,350 | 270,101 | ||||||
Sendas Distribuidora SA | 158,819 | 550,283 | ||||||
Suzano SA | 103,533 | 944,077 | ||||||
Tim SA | 565,129 | 1,323,378 | ||||||
Vale SA | 515,594 | 8,402,426 | ||||||
Vibra Energia SA | 518,232 | 1,463,991 | ||||||
WEG SA | 298,302 | 2,231,232 | ||||||
|
| |||||||
30,489,190 | ||||||||
Chile — 0.5% | ||||||||
Banco de Chile | 6,725,869 | 698,859 | ||||||
Banco Santander Chile | 17,202,136 | 729,304 | ||||||
Cencosud SA | 677,797 | 1,281,613 | ||||||
Cia. Cervecerias Unidas SA | 22,201 | 169,435 | ||||||
Empresas CMPC SA | 90,972 | 151,164 | ||||||
Empresas COPEC SA | 48,553 | 350,800 | ||||||
Falabella SA | 60,846 | 133,951 | ||||||
Quinenco SA | 44,213 | 156,730 | ||||||
Sociedad Quimica y Minera de Chile SA | 1,863 | 132,351 | ||||||
|
| |||||||
3,804,207 | ||||||||
China — 29.4% | ||||||||
360 DigiTech Inc.(b) | 86,712 | 1,765,456 | ||||||
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A | 326,300 | 1,031,506 | ||||||
Agile Group Holdings Ltd.(a) | 2,120,000 | 583,382 | ||||||
Agricultural Bank of China Ltd., Class H | 1,483,000 | 513,894 | ||||||
AIMA Technology Group Co. Ltd. | 32,600 | 271,266 | ||||||
Alibaba Group Holding Ltd.(a) | 1,759,248 | 19,336,672 | ||||||
Anhui Guangxin Agrochemical Co. Ltd. | 88,200 | 414,993 | ||||||
Anhui Gujing Distillery Co. Ltd., Class A | 16,500 | 650,090 | ||||||
Anhui Jinhe Industrial Co. Ltd. | 40,000 | 186,767 | ||||||
ANTA Sports Products Ltd. | 207,600 | 2,734,711 | ||||||
Autohome Inc., ADR | 10,958 | 334,219 | ||||||
Baidu Inc.(a) | 282,400 | 4,849,736 | ||||||
Bank of Chengdu Co. Ltd., Class A | 39,200 | 81,053 | ||||||
Bank of China Ltd., Class H | 13,771,000 | 5,052,677 | ||||||
Bank of Communications Co. Ltd., Class H | 1,771,000 | 1,047,118 | ||||||
Beijing Tongrentang Co. Ltd., Class A | 68,000 | 479,010 | ||||||
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A | 34,000 | 620,330 | ||||||
Bosideng International Holdings Ltd. | 4,594,000 | 2,548,394 | ||||||
BYD Co. Ltd., Class A | 8,400 | 315,218 | ||||||
BYD Co. Ltd., Class H | 99,500 | 2,677,198 | ||||||
C&S Paper Co. Ltd., Class A | 67,400 | 123,747 | ||||||
Caida Securities Co. Ltd. | 428,100 | 508,187 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
CETC Potevio Science&Technology Co. Ltd. | 75,100 | $ | 256,642 | |||||
CGN New Energy Holdings Co. Ltd. | 474,000 | 164,856 | ||||||
China Coal Energy Co. Ltd. | 316,400 | 399,264 | ||||||
China Coal Energy Co. Ltd., Class H | 1,245,000 | 963,428 | ||||||
China Construction Bank Corp., Class H | 14,852,000 | 9,078,692 | ||||||
China Feihe Ltd.(c) | 802,000 | 642,809 | ||||||
China Galaxy Securities Co. Ltd., Class H | 2,669,500 | 1,329,751 | ||||||
China Great Wall Securities Co. Ltd., Class A | 80,200 | 100,396 | ||||||
China Hongqiao Group Ltd. | 606,500 | 648,714 | ||||||
China International Capital Corp. Ltd., Class H(c) | 777,200 | 1,671,355 | ||||||
China Life Insurance Co. Ltd., Class H | 1,231,000 | 2,085,803 | ||||||
China Longyuan Power Group Corp. Ltd., Class H | 495,000 | 607,209 | ||||||
China Medical System Holdings Ltd. | 581,000 | 874,668 | ||||||
China Merchants Bank Co. Ltd., Class H | 914,500 | 4,951,493 | ||||||
China Merchants Securities Co. Ltd., Class H(c) | 626,800 | 620,460 | ||||||
China National Building Material Co. Ltd., Class H | 1,112,000 | 985,925 | ||||||
China National Software & Service Co. Ltd., Class A | 94,400 | 970,100 | ||||||
China Overseas Property Holdings Ltd. | 645,000 | 751,873 | ||||||
China Pacific Insurance Group Co. Ltd., Class H | 53,400 | 141,504 | ||||||
China Petroleum & Chemical Corp., Class H | 3,524,000 | 1,800,296 | ||||||
China Railway Group Ltd., Class H | 543,000 | 283,004 | ||||||
China Resources Beer Holdings Co. Ltd. | 304,000 | 2,244,350 | ||||||
China Resources Double Crane Pharmaceutical Co. Ltd., Class A | 102,100 | 270,901 | ||||||
China Resources Land Ltd. | 282,000 | 1,250,236 | ||||||
China Resources Mixc Lifestyle Services Ltd.(c) | 64,600 | 353,887 | ||||||
China Resources Pharmaceutical Group Ltd.(c) | 1,523,500 | 1,253,039 | ||||||
China Resources Power Holdings Co. Ltd. | 750,000 | 1,531,443 | ||||||
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A | 140,800 | 1,031,338 | ||||||
China Shenhua Energy Co. Ltd., Class A | 264,400 | 1,065,232 | ||||||
China Shenhua Energy Co. Ltd., Class H | 451,500 | 1,358,056 | ||||||
China World Trade Center Co. Ltd. | 60,500 | 154,866 | ||||||
China Yongda Automobiles Services Holdings Ltd. | 900,500 | 695,216 | ||||||
Chongqing Changan Automobile Co. Ltd., Class A | 307,100 | 593,003 | ||||||
Chongqing Rural Commercial Bank Co. Ltd., Class H | 1,070,000 | 369,417 | ||||||
Chow Tai Fook Jewellery Group Ltd. | 604,200 | 1,170,005 | ||||||
CIFI Holdings Group Co. Ltd. | 644,000 | 68,917 | ||||||
CMOC Group Ltd., Class H | 708,000 | 397,773 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class H | 768,000 | 796,587 | ||||||
Country Garden Holdings Co. Ltd. | 623,000 | 190,486 | ||||||
Country Garden Services Holdings Co. Ltd. | 316,000 | 585,349 | ||||||
CSC Financial Co. Ltd., Class A | 225,800 | 870,080 | ||||||
CSC Financial Co. Ltd., Class H(c) | 950,500 | 933,620 | ||||||
Daan Gene Co. Ltd., Class A | 105,800 | 244,037 | ||||||
Dali Foods Group Co. Ltd.(c) | 87,500 | 35,391 | ||||||
Daqo New Energy Corp., ADR(a)(b) | 14,525 | 641,714 | ||||||
DaShenLin Pharmaceutical Group Co. Ltd., Class A | 135,300 | 751,467 | ||||||
Dongyue Group Ltd. | 567,000 | 642,120 | ||||||
Eastern Air Logistics Co. Ltd. | 182,200 | 405,830 | ||||||
Ecovacs Robotics Co. Ltd., Class A | 81,800 | 1,064,129 | ||||||
Focus Media Information Technology Co. Ltd., Class A | 524,800 | 493,851 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class H(c) | 26,400 | 118,308 | ||||||
G-Bits Network Technology Xiamen Co. Ltd., Class A | 10,600 | 538,765 | ||||||
GCL-Poly Energy Holdings Ltd.(a) | 773,000 | 198,927 | ||||||
GD Power Development Co. Ltd., Class A(a) | 2,443,800 | 1,381,920 | ||||||
GF Securities Co. Ltd., Class H | 611,200 | 867,789 | ||||||
Great Wall Motor Co. Ltd., Class H | 523,000 | 692,945 | ||||||
Greentown China Holdings Ltd. | 112,000 | 152,959 | ||||||
Haidilao International Holding Ltd.(a)(c) | 57,000 | 157,579 |
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, 2023 | iShares® MSCI Emerging Markets Multifactor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Hangzhou Binjiang Real Estate Group Co. Ltd. | 443,700 | $ | 655,640 | |||||
Hangzhou Robam Appliances Co. Ltd., Class A | 21,100 | 93,480 | ||||||
Heilongjiang Agriculture Co. Ltd., Class A | 261,700 | 536,214 | ||||||
Hengdian Group DMEGC Magnetics Co. Ltd. | 127,100 | 397,950 | ||||||
Hisense Home Appliances Group Co. Ltd. | 133,200 | 366,260 | ||||||
Hopson Development Holdings Ltd. | 1,006,100 | 1,025,403 | ||||||
Huatai Securities Co. Ltd., Class H(c) | 257,200 | 289,331 | ||||||
Huizhou Desay Sv Automotive Co. Ltd., Class A | 4,900 | 80,280 | ||||||
Hundsun Technologies Inc., Class A | 69,600 | 444,648 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 12,736,000 | 6,360,374 | ||||||
Inner Mongolia Eerduosi Resources Co. Ltd., Class B | 46,200 | 91,384 | ||||||
Inner Mongolia Yitai Coal Co. Ltd., Class B | 76 | 102 | ||||||
JD Health International Inc.(a)(c) | 170,400 | 1,188,549 | ||||||
JD.com Inc., Class A | 315,400 | 6,979,512 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 400,000 | 382,387 | ||||||
Jiangsu King’s Luck Brewery JSC Ltd., Class A | 137,900 | 1,271,882 | ||||||
Jiangxi Copper Co. Ltd., Class H | 173,000 | 272,833 | ||||||
Jiangxi Special Electric Motor Co. Ltd., NVS(a) | 36,500 | 94,009 | ||||||
Jinhui Liquor Co. Ltd. | 74,500 | 314,300 | ||||||
JiuGui Liquor Co. Ltd., Class A | 26,500 | 579,543 | ||||||
Jizhong Energy Resources Co. Ltd. | 486,700 | 498,691 | ||||||
Joincare Pharmaceutical Group Industry Co. Ltd., Class A | 265,400 | 503,698 | ||||||
Joyoung Co. Ltd., Class A | 113,200 | 319,247 | ||||||
Kanzhun Ltd., ADR(a) | 43,564 | 877,815 | ||||||
KE Holdings Inc., ADR(a) | 37,883 | 691,365 | ||||||
Kehua Data Co. Ltd. | 11,100 | 71,265 | ||||||
Kingboard Holdings Ltd. | 320,000 | 1,142,443 | ||||||
Kingboard Laminates Holdings Ltd. | 1,892,000 | 2,359,447 | ||||||
KingClean Electric Co. Ltd. | 58,700 | 263,015 | ||||||
Kingnet Network Co. Ltd.(a) | 316,200 | 386,728 | ||||||
Koolearn Technology Holding Ltd.(a)(c) | 58,500 | 332,022 | ||||||
Kuaishou Technology(a)(c) | 304,200 | 2,034,614 | ||||||
Kunlun Energy Co. Ltd. | 384,000 | 307,678 | ||||||
Kweichow Moutai Co. Ltd., Class A | 6,500 | 1,696,340 | ||||||
Legend Holdings Corp., Class H(c) | 236,700 | 261,445 | ||||||
Lenovo Group Ltd. | 1,274,000 | 1,146,475 | ||||||
Li Auto Inc.(a) | 133,900 | 1,573,658 | ||||||
Li Ning Co. Ltd. | 432,500 | 3,690,395 | ||||||
Longfor Group Holdings Ltd.(c) | 51,500 | 146,967 | ||||||
Lufax Holding Ltd., ADR | 163,172 | 352,452 | ||||||
Meituan, Class B(a)(c) | 608,920 | 10,567,762 | ||||||
Metallurgical Corp. of China Ltd., Class H | 4,431,000 | 965,298 | ||||||
MMG Ltd.(a) | 1,208,000 | 340,113 | ||||||
NetEase Inc. | 277,800 | 4,285,879 | ||||||
New Oriental Education & Technology Group Inc.(a) | 72,900 | 281,123 | ||||||
Newland Digital Technology Co. Ltd., Class A | 152,000 | 348,405 | ||||||
Ningbo Orient Wires & Cables Co. Ltd. | 8,600 | 68,059 | ||||||
Nongfu Spring Co. Ltd., Class H(c) | 326,600 | 1,830,764 | ||||||
Northeast Securities Co. Ltd., Class A | 343,700 | 338,762 | ||||||
Orient Overseas International Ltd. | 110,000 | 1,766,955 | ||||||
Orient Securities Co. Ltd.(c) | 2,045,600 | 1,131,030 | ||||||
People.cn Co. Ltd. | 82,500 | 207,263 | ||||||
People’s Insurance Co. Group of China Ltd. (The), | ||||||||
Class H | 1,926,000 | 608,515 | ||||||
Perfect World Co. Ltd., Class A | 285,500 | 584,980 | ||||||
PetroChina Co. Ltd., Class A | 3,030,900 | 2,280,856 | ||||||
PetroChina Co. Ltd., Class H | 538,000 | 274,454 | ||||||
PICC Property & Casualty Co. Ltd., Class H | 397,000 | 348,705 | ||||||
Pinduoduo Inc., ADR(a) | 74,696 | 6,553,080 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 903,000 | 6,131,666 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Pingdingshan Tianan Coal Mining Co. Ltd. | 71,500 | $ | 123,462 | |||||
Postal Savings Bank of China Co. Ltd., Class H(c) | 3,884,000 | 2,330,578 | ||||||
Proya Cosmetics Co. Ltd., Class A | 41,721 | 1,095,575 | ||||||
Sanquan Food Co. Ltd., Class A | 129,300 | 323,350 | ||||||
SenseTime Group Inc.(a)(c) | 2,121,000 | 680,934 | ||||||
Shaanxi Coal Industry Co. Ltd., Class A | 58,700 | 168,925 | ||||||
Shan Xi Hua Yang Group New Energy Co. Ltd. | 53,800 | 123,194 | ||||||
Shandong Buchang Pharmaceuticals Co. Ltd., Class A | 86,929 | 256,020 | ||||||
Shandong Jinjing Science & Technology Co. Ltd. | 63,700 | 97,431 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 496,400 | 801,272 | ||||||
Shanghai Baosight Software Co. Ltd., Class B | 825,450 | 2,690,967 | ||||||
Shanghai Flyco Electrical Appliance Co. Ltd. | 21,400 | 262,872 | ||||||
Shanghai International Port Group Co. Ltd., Class A | 227,481 | 174,109 | ||||||
Shanghai M&G Stationery Inc., Class A | 10,700 | 83,416 | ||||||
Shanghai Wanye Enterprises Co. Ltd. | 89,300 | 230,900 | ||||||
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A | 8,500 | 345,695 | ||||||
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A | 84,400 | 450,157 | ||||||
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A | 158,860 | 685,737 | ||||||
Sino Biopharmaceutical Ltd. | 1,663,000 | 858,046 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class H | 5,584,000 | 960,379 | ||||||
Sinosoft Co. Ltd. | 33,900 | 152,919 | ||||||
Sinotrans Ltd., Class H | 1,711,000 | 523,148 | ||||||
Sinotruk Hong Kong Ltd. | 946,000 | 1,489,612 | ||||||
Skshu Paint Co. Ltd., Class A(a) | 4,800 | 84,544 | ||||||
STO Express Co. Ltd., Class A(a) | 218,300 | 310,024 | ||||||
Sun Art Retail Group Ltd. | 837,000 | 303,902 | ||||||
Taiji Computer Corp. Ltd. | 84,100 | 517,438 | ||||||
TAL Education Group, ADR(a) | 100,276 | 704,940 | ||||||
Tencent Holdings Ltd. | 702,200 | 30,846,518 | ||||||
Tingyi Cayman Islands Holding Corp. | 1,428,000 | 2,307,050 | ||||||
Topsports International Holdings Ltd.(c) | 597,000 | 522,176 | ||||||
Trip.com Group Ltd.(a) | 58,150 | 2,056,519 | ||||||
Tsingtao Brewery Co. Ltd., Class H | 98,000 | 966,341 | ||||||
Uni-President China Holdings Ltd. | 661,000 | 579,551 | ||||||
Vipshop Holdings Ltd., ADR(a) | 47,494 | 707,186 | ||||||
Want Want China Holdings Ltd.(b) | 2,405,000 | 1,513,013 | ||||||
Weichai Power Co. Ltd., Class H | 510,000 | 756,287 | ||||||
XPeng Inc.(a) | 143,700 | 628,850 | ||||||
Xtep International Holdings Ltd. | 77,000 | 87,097 | ||||||
Yadea Group Holdings Ltd.(c) | 1,054,000 | 2,262,087 | ||||||
Yankuang Energy Group Co. Ltd., Class A | 89,300 | 458,716 | ||||||
Yankuang Energy Group Co. Ltd., Class H | 484,000 | 1,459,909 | ||||||
Yifeng Pharmacy Chain Co. Ltd., Class A | 18,700 | 162,788 | ||||||
Yixintang Pharmaceutical Group Co. Ltd., Class A | 84,600 | 425,079 | ||||||
Yongan Futures Co. Ltd. | 94,100 | 243,447 | ||||||
Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A | 17,500 | 99,186 | ||||||
Zhongshan Broad Ocean Motor Co. Ltd. | 349,700 | 278,257 | ||||||
Zijin Mining Group Co. Ltd., Class H | 508,000 | 766,265 | ||||||
ZTE Corp., Class H | 62,200 | 184,633 | ||||||
|
| |||||||
244,159,409 | ||||||||
Colombia — 0.1% | ||||||||
Grupo Energia Bogota SA ESP | 505,823 | 145,728 | ||||||
Interconexion Electrica SA ESP | 245,545 | 869,614 | ||||||
|
| |||||||
1,015,342 | ||||||||
Czech Republic — 0.5% | ||||||||
CEZ AS | 21,183 | 988,819 | ||||||
Komercni Banka AS | 86,846 | 2,930,031 | ||||||
|
| |||||||
3,918,850 |
32 | 2 0 2 3 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Emerging Markets Multifactor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Egypt — 0.1% | ||||||||
Eastern Co. SAE | 1,008,301 | $ | 609,655 | |||||
|
| |||||||
Greece — 0.5% | ||||||||
Hellenic Telecommunications Organization SA | 107,253 | 1,647,170 | ||||||
JUMBO SA | 7,178 | 143,330 | ||||||
National Bank of Greece SA(a) | 106,593 | 597,540 | ||||||
OPAP SA | 129,072 | 2,004,105 | ||||||
|
| |||||||
4,392,145 | ||||||||
Hong Kong — 0.4% | ||||||||
BOC Hong Kong Holdings Ltd. | 1,060,000 | 3,585,370 | ||||||
|
| |||||||
Hungary — 0.2% | ||||||||
MOL Hungarian Oil & Gas PLC | 111,676 | 848,032 | ||||||
OTP Bank Nyrt | 22,288 | 676,970 | ||||||
Richter Gedeon Nyrt | 4,618 | 96,801 | ||||||
|
| |||||||
1,621,803 | ||||||||
India — 17.1% | ||||||||
3M India Ltd. | 4,314 | 1,194,454 | ||||||
ABB India Ltd. | 42,228 | 1,643,478 | ||||||
ACC Ltd. | 40,557 | 848,953 | ||||||
Adani Enterprises Ltd. | 85,815 | 1,414,464 | ||||||
Adani Total Gas Ltd. | 209,225 | 1,715,018 | ||||||
Alkem Laboratories Ltd. | 24,817 | 953,143 | ||||||
Ambuja Cements Ltd. | 224,245 | 927,172 | ||||||
Apollo Hospitals Enterprise Ltd. | 19,237 | 1,024,279 | ||||||
Asian Paints Ltd. | 58,622 | 2,005,987 | ||||||
Bajaj Auto Ltd. | 27,798 | 1,231,125 | ||||||
Bajaj Finance Ltd. | 29,246 | 2,162,331 | ||||||
Bajaj Holdings & Investment Ltd. | 16,594 | 1,255,407 | ||||||
Bharat Electronics Ltd. | 1,828,316 | 2,090,840 | ||||||
Bharat Petroleum Corp. Ltd. | 107,925 | 414,310 | ||||||
Bharti Airtel Ltd. | 232,816 | 2,090,394 | ||||||
Britannia Industries Ltd. | 2,933 | 158,301 | ||||||
Cholamandalam Investment and Finance Co. Ltd. | 20,128 | 184,194 | ||||||
Coal India Ltd. | 488,235 | 1,272,154 | ||||||
Colgate-Palmolive India Ltd. | 37,998 | 676,954 | ||||||
CRISIL Ltd. | 33,047 | 1,354,061 | ||||||
Cummins India Ltd. | 11,144 | 211,658 | ||||||
DLF Ltd. | 36,717 | 156,186 | ||||||
Dr Lal PathLabs Ltd.(c) | 27,753 | 667,861 | ||||||
Dr. Reddy’s Laboratories Ltd. | 12,451 | 648,885 | ||||||
Emami Ltd. | 148,704 | 718,359 | ||||||
GAIL India Ltd. | 525,260 | 652,035 | ||||||
GlaxoSmithKline Pharmaceuticals Ltd. | 35,510 | 573,989 | ||||||
Godrej Properties Ltd.(a) | 18,944 | 252,167 | ||||||
Gujarat Fluorochemicals Ltd. | 30,836 | 1,173,180 | ||||||
Havells India Ltd. | 130,324 | 1,887,130 | ||||||
HCL Technologies Ltd. | 189,028 | 2,461,417 | ||||||
HDFC Bank Ltd. | 444,892 | 8,608,573 | ||||||
Hero MotoCorp Ltd. | 53,563 | 1,566,404 | ||||||
Hindalco Industries Ltd. | 350,206 | 1,689,385 | ||||||
Hindustan Aeronautics Ltd. | 25,926 | 807,346 | ||||||
Hindustan Petroleum Corp. Ltd. | 286,861 | 746,930 | ||||||
Housing Development Finance Corp. Ltd. | 240,276 | 7,584,458 | ||||||
ICICI Bank Ltd. | 632,470 | 6,540,260 | ||||||
ICICI Lombard General Insurance Co. Ltd.(c) | 64,513 | 859,874 | ||||||
Indian Oil Corp. Ltd. | 570,404 | 524,743 | ||||||
Indraprastha Gas Ltd. | 157,066 | 833,423 | ||||||
Indus Towers Ltd. | 326,870 | 675,744 | ||||||
Info Edge India Ltd. | 7,020 | 296,510 |
Security | Shares | Value | ||||||
India (continued) | ||||||||
Infosys Ltd. | 662,476 | $ | 11,920,842 | |||||
InterGlobe Aviation Ltd.(a)(c) | 35,634 | 800,184 | ||||||
Jindal Steel & Power Ltd. | 21,069 | 139,950 | ||||||
JSW Energy Ltd. | 124,039 | 352,082 | ||||||
JSW Steel Ltd. | 12,371 | 99,845 | ||||||
Jubilant Foodworks Ltd. | 36,977 | 196,930 | ||||||
Kotak Mahindra Bank Ltd. | 87,903 | 1,838,767 | ||||||
L&T Technology Services Ltd.(c) | 13,402 | 597,369 | ||||||
Larsen & Toubro Infotech Ltd.(c) | 6,292 | 358,956 | ||||||
Larsen & Toubro Ltd. | 94,286 | 2,405,580 | ||||||
Macrotech Developers Ltd.(a) | 13,125 | 130,222 | ||||||
Mahindra & Mahindra Ltd. | 21,121 | 324,374 | ||||||
Marico Ltd. | 47,143 | 280,279 | ||||||
Max Healthcare Institute Ltd.(a) | 136,061 | 701,311 | ||||||
Mphasis Ltd. | 56,460 | 1,388,487 | ||||||
Muthoot Finance Ltd. | 89,160 | 1,048,986 | ||||||
Nestle India Ltd. | 8,210 | 1,854,183 | ||||||
NHPC Ltd., NVS | 3,918,656 | 1,855,813 | ||||||
NTPC Ltd. | 74,657 | 153,986 | ||||||
Oil & Natural Gas Corp. Ltd. | 358,020 | 656,913 | ||||||
Oracle Financial Services Software Ltd. | 9,391 | 360,009 | ||||||
Page Industries Ltd. | 1,789 | 821,112 | ||||||
Persistent Systems Ltd. | 16,210 | 939,863 | ||||||
Pidilite Industries Ltd. | 4,433 | 123,379 | ||||||
Polycab India Ltd. | 4,073 | 151,817 | ||||||
Power Finance Corp. Ltd. | 1,795,252 | 3,157,585 | ||||||
Power Grid Corp. of India Ltd. | 498,215 | 1,339,442 | ||||||
REC Ltd. | 1,566,600 | 2,166,055 | ||||||
Reliance Industries Ltd. | 375,816 | 10,558,581 | ||||||
SBI Cards & Payment Services Ltd. | 66,484 | 603,537 | ||||||
SBI Life Insurance Co. Ltd.(c) | 49,430 | 670,288 | ||||||
Schaeffler India Ltd. | 7,141 | 257,579 | ||||||
SRF Ltd. | 30,444 | 797,774 | ||||||
Sun Pharmaceutical Industries Ltd. | 47,177 | 545,595 | ||||||
Supreme Industries Ltd. | 66,993 | 2,237,773 | ||||||
Tata Consultancy Services Ltd. | 232,565 | 9,319,902 | ||||||
Tata Elxsi Ltd. | 14,150 | 1,048,058 | ||||||
Tata Motors Ltd., Class A(a) | 518,984 | 1,380,212 | ||||||
Tata Steel Ltd. | 1,448,245 | 1,821,410 | ||||||
Tata Teleservices Maharashtra Ltd.(a) | 139,418 | 94,528 | ||||||
Tech Mahindra Ltd. | 103,277 | 1,372,876 | ||||||
Tube Investments of India Ltd. | 85,157 | 2,854,387 | ||||||
Union Bank of India | 241,861 | 196,754 | ||||||
Varun Beverages Ltd. | 27,081 | 426,112 | ||||||
Vedant Fashions Ltd. | 60,260 | 877,430 | ||||||
Vedanta Ltd. | 30,957 | 100,480 | ||||||
Wipro Ltd. | 755,300 | 3,536,322 | ||||||
WNS Holdings Ltd.(a) | 23,998 | 2,085,906 | ||||||
|
| |||||||
141,703,361 | ||||||||
Indonesia — 2.3% | ||||||||
Adaro Energy Indonesia Tbk PT | 4,466,100 | 875,010 | ||||||
Aneka Tambang Tbk | 670,200 | 87,456 | ||||||
Avia Avian Tbk PT | 2,233,000 | 91,517 | ||||||
Bank Central Asia Tbk PT | 8,803,700 | 5,051,303 | ||||||
Bank Mandiri Persero Tbk PT | 1,837,000 | 1,204,590 | ||||||
Bank Negara Indonesia Persero Tbk PT | 911,200 | 524,314 | ||||||
Bank Pan Indonesia Tbk PT | 4,259,200 | 403,577 | ||||||
Bank Rakyat Indonesia Persero Tbk PT | 8,648,700 | 2,648,487 | ||||||
Bukit Asam Tbk PT | 2,179,400 | 551,638 | ||||||
Cisarua Mountain Dairy PT TBK | 1,739,800 | 507,679 |
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, 2023 | iShares® MSCI Emerging Markets Multifactor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Indonesia (continued) | ||||||||
Elang Mahkota Teknologi Tbk PT | 1,133,800 | $ | 70,630 | |||||
GoTo Gojek Tokopedia Tbk PT(a) | 51,192,300 | 396,111 | ||||||
Hanjaya Mandala Sampoerna Tbk PT | 14,943,200 | 1,161,160 | ||||||
Indo Tambangraya Megah Tbk PT | 388,300 | 947,197 | ||||||
Indofood CBP Sukses Makmur Tbk PT | 206,100 | 136,837 | ||||||
Kalbe Farma Tbk PT | 1,073,100 | 148,448 | ||||||
Perusahaan Gas Negara Tbk PT | 1,687,900 | 173,217 | ||||||
Saratoga Investama Sedaya Tbk PT, NVS | 1,540,600 | 238,414 | ||||||
Sumber Alfaria Trijaya Tbk PT | 11,624,000 | 2,210,556 | ||||||
Telkom Indonesia Persero Tbk PT | 4,191,100 | 1,066,326 | ||||||
Unilever Indonesia Tbk PT | 511,500 | 140,158 | ||||||
United Tractors Tbk PT | 156,900 | 286,978 | ||||||
|
| |||||||
18,921,603 | ||||||||
Kuwait — 0.4% | ||||||||
Gulf Bank KSCP | 1,422,352 | 1,403,820 | ||||||
Mabanee Co. KPSC | 95,242 | 243,698 | ||||||
National Bank of Kuwait SAKP | 614,008 | 2,140,028 | ||||||
|
| |||||||
3,787,546 | ||||||||
Malaysia — 0.8% | ||||||||
Fraser & Neave Holdings Bhd | 89,000 | 545,404 | ||||||
Genting Bhd | 490,900 | 509,770 | ||||||
Hong Leong Bank Bhd | 250,800 | 1,147,951 | ||||||
Hong Leong Financial Group Bhd | 155,500 | 631,356 | ||||||
Malaysia Airports Holdings Bhd(a) | 71,700 | 108,489 | ||||||
Petronas Chemicals Group Bhd | 95,500 | 152,374 | ||||||
Petronas Dagangan Bhd | 64,900 | 304,000 | ||||||
Petronas Gas Bhd | 135,000 | 501,192 | ||||||
Public Bank Bhd | 1,376,800 | 1,267,116 | ||||||
Sime Darby Bhd | 1,275,900 | 645,415 | ||||||
Telekom Malaysia Bhd | 190,800 | 213,866 | ||||||
Top Glove Corp. Bhd(a) | 517,400 | 87,050 | ||||||
Westports Holdings Bhd | 519,100 | 428,005 | ||||||
|
| |||||||
6,541,988 | ||||||||
Mexico — 2.6% | ||||||||
America Movil SAB de CV, Series L, NVS | 6,351,100 | 6,588,357 | ||||||
Cemex SAB de CV(a) | 185,103 | 921,813 | ||||||
Coca-Cola Femsa SAB de CV | 40,500 | 292,940 | ||||||
Fomento Economico Mexicano SAB de CV | 238,500 | 2,201,137 | ||||||
Gruma SAB de CV, Class B | 98,680 | 1,446,559 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B | 186,500 | 3,546,930 | ||||||
Grupo Financiero Banorte SAB de CV, Class O | 209,200 | 1,765,848 | ||||||
Grupo Mexico SAB de CV, Series B | 161,800 | 725,940 | ||||||
Wal-Mart de Mexico SAB de CV | 1,079,000 | 4,246,648 | ||||||
|
| |||||||
21,736,172 | ||||||||
Philippines — 0.6% | ||||||||
Bank of the Philippine Islands | 786,720 | 1,560,648 | ||||||
BDO Unibank Inc. | 208,370 | 464,550 | ||||||
Manila Electric Co. | 242,650 | 1,393,210 | ||||||
Metropolitan Bank & Trust Co. | 186,160 | 195,554 | ||||||
PLDT Inc. | 50,100 | 1,163,117 | ||||||
Semirara Mining & Power Corp. | 289,900 | 157,127 | ||||||
|
| |||||||
4,934,206 | ||||||||
Poland — 0.7% | ||||||||
Bank Millennium SA(a) | 180,059 | 183,356 | ||||||
Bank Polska Kasa Opieki SA | 18,278 | 368,473 | ||||||
CD Projekt SA | 9,787 | 291,286 | ||||||
KGHM Polska Miedz SA | 35,889 | 1,023,517 | ||||||
LPP SA | 696 | 1,473,811 | ||||||
mBank SA(a) | 2,298 | 169,436 |
Security | Shares | Value | ||||||
Poland (continued) | ||||||||
Orange Polska SA | 769,312 | $ | 1,162,818 | |||||
PGE Polska Grupa Energetyczna SA(a) | 230,797 | 346,270 | ||||||
Polski Koncern Naftowy ORLEN SA | 39,726 | 595,280 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA | 44,268 | 309,280 | ||||||
|
| |||||||
5,923,527 | ||||||||
Qatar — 1.0% | ||||||||
Ezdan Holding Group QSC(a) | 713,789 | 170,624 | ||||||
Industries Qatar QSC | 860,596 | 3,280,166 | ||||||
Mesaieed Petrochemical Holding Co. | 2,079,472 | 1,196,290 | ||||||
Ooredoo QPSC | 342,686 | 863,260 | ||||||
Qatar Gas Transport Co. Ltd. | 165,772 | 165,677 | ||||||
Qatar Islamic Bank SAQ | 43,585 | 221,977 | ||||||
Qatar National Bank QPSC | 487,805 | 2,250,627 | ||||||
|
| |||||||
8,148,621 | ||||||||
Russia — 0.0% | ||||||||
Inter RAO UES PJSC(a)(d) | 41,455,000 | 5,524 | ||||||
PhosAgro PJSC(a)(d) | 51,000 | 7 | ||||||
PhosAgro PJSC, New(a)(d) | 986 | 10 | ||||||
TCS Group Holding PLC, GDR(a)(d)(e) | 135,475 | 18 | ||||||
United Co. RUSAL International PJSC(a)(d) | 3,441,260 | 458 | ||||||
|
| |||||||
6,017 | ||||||||
Saudi Arabia — 3.4% | ||||||||
ACWA Power Co. | 6,126 | 227,563 | ||||||
Al Rajhi Bank(a) | 160,816 | 3,012,635 | ||||||
Alinma Bank | 78,808 | 618,469 | ||||||
Arab National Bank | 167,393 | 1,025,402 | ||||||
Bank AlBilad(a) | 81,207 | 770,397 | ||||||
Banque Saudi Fransi | 135,446 | 1,178,063 | ||||||
Bupa Arabia for Cooperative Insurance Co. | 5,030 | 206,883 | ||||||
Dr Sulaiman Al Habib Medical Services Group Co. | 63,739 | 3,933,496 | ||||||
Elm Co. | 2,268 | 228,814 | ||||||
Nahdi Medical Co. | 48,539 | 2,406,767 | ||||||
Riyad Bank | 243,025 | 1,684,307 | ||||||
SABIC Agri-Nutrients Co. | 61,572 | 2,190,256 | ||||||
Sahara International Petrochemical Co. | 67,131 | 633,269 | ||||||
Saudi Arabian Mining Co.(a) | 62,013 | 1,050,998 | ||||||
Saudi Arabian Oil Co.(c) | 713,547 | 6,046,606 | ||||||
Saudi Electricity Co. | 74,982 | 443,580 | ||||||
Saudi Industrial Investment Group | 57,569 | 342,786 | ||||||
Saudi National Bank (The) | 25,350 | 319,184 | ||||||
Saudi Tadawul Group Holding Co. | 47,194 | 1,793,321 | ||||||
|
| |||||||
28,112,796 | ||||||||
South Africa — 2.5% | ||||||||
Anglo American Platinum Ltd. | 24,277 | 1,342,432 | ||||||
Bidvest Group Ltd. (The) | 54,188 | 691,417 | ||||||
Capitec Bank Holdings Ltd. | 2,910 | 278,008 | ||||||
Clicks Group Ltd. | 65,149 | 948,944 | ||||||
Exxaro Resources Ltd. | 77,300 | 846,533 | ||||||
FirstRand Ltd. | 32,358 | 115,495 | ||||||
Foschini Group Ltd. (The) | 28,219 | 155,866 | ||||||
Gold Fields Ltd. | 54,113 | 491,451 | ||||||
Impala Platinum Holdings Ltd. | 160,088 | 1,495,055 | ||||||
MTN Group Ltd. | 365,812 | 2,884,467 | ||||||
MultiChoice Group | 343,375 | 2,636,312 | ||||||
Naspers Ltd., Class N | 9,164 | 1,625,244 | ||||||
Nedbank Group Ltd. | 18,035 | 226,437 | ||||||
Northam Platinum Holdings Ltd.(a) | 51,468 | 423,879 | ||||||
Sasol Ltd. | 65,532 | 964,657 | ||||||
Sibanye Stillwater Ltd. | 240,811 | 486,605 |
34 | 2 0 2 3 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Emerging Markets Multifactor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
South Africa (continued) | ||||||||
SPAR Group Ltd. (The) | 28,778 | $ | 225,648 | |||||
Standard Bank Group Ltd. | 190,736 | 1,906,633 | ||||||
Thungela Resources Ltd. | 64,720 | 753,029 | ||||||
Woolworths Holdings Ltd. | 450,586 | 1,889,198 | ||||||
|
| |||||||
20,387,310 | ||||||||
South Korea — 11.8% | ||||||||
Celltrion Healthcare Co. Ltd. | 5,578 | 229,738 | ||||||
Celltrion Inc. | 10,746 | 1,179,157 | ||||||
CJ CheilJedang Corp. | 324 | 78,621 | ||||||
CJ Corp. | 9,131 | 599,648 | ||||||
Coway Co. Ltd.(b) | 42,516 | 1,715,343 | ||||||
DB HiTek Co. Ltd. | 12,815 | 438,707 | ||||||
DB Insurance Co. Ltd. | 18,057 | 1,050,808 | ||||||
DL Holdings Co. Ltd. | 27,206 | 1,210,983 | ||||||
Doosan Bobcat Inc. | 11,018 | 315,426 | ||||||
Ecopro BM Co. Ltd. | 2,089 | 262,536 | ||||||
E-MART Inc. | 8,679 | 734,156 | ||||||
F&F Co. Ltd./New | 3,959 | 414,876 | ||||||
Hana Financial Group Inc. | 107,656 | 3,692,305 | ||||||
Hanmi Science Co. Ltd.(a) | 9,518 | 234,129 | ||||||
Hanwha Aerospace Co. Ltd. | 3,851 | 261,923 | ||||||
HMM Co. Ltd.(a) | 22,818 | 388,850 | ||||||
Hyosung TNC Corp. | 894 | 309,091 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 6,520 | 179,174 | ||||||
Hyundai Glovis Co. Ltd. | 4,425 | 529,947 | ||||||
Hyundai Heavy Industries Co. Ltd.(a) | 963 | 77,433 | ||||||
Hyundai Mobis Co. Ltd. | 8,506 | 1,366,266 | ||||||
Hyundai Motor Co. | 19,814 | 2,639,870 | ||||||
KB Financial Group Inc. | 108,706 | 4,214,334 | ||||||
KCC Corp. | 3,273 | 607,233 | ||||||
KEPCO Engineering & Construction Co. Inc.(a) | 2,404 | 114,818 | ||||||
Kia Corp. | 53,758 | 3,055,074 | ||||||
Korea Electric Power Corp.(a) | 34,795 | 474,627 | ||||||
Korea Investment Holdings Co. Ltd.(a) | 30,601 | 1,433,790 | ||||||
Krafton Inc.(a) | 1,137 | 145,900 | ||||||
KT Corp. | 32,699 | 752,454 | ||||||
KT&G Corp. | 22,094 | 1,481,003 | ||||||
LG Chem Ltd. | 5,307 | 2,727,194 | ||||||
LG Electronics Inc. | 19,914 | 1,673,483 | ||||||
LG Energy Solution(a) | 2,438 | 963,593 | ||||||
LG H&H Co. Ltd. | 1,188 | 599,723 | ||||||
LG Innotek Co. Ltd. | 3,938 | 822,865 | ||||||
LG Uplus Corp. | 118,420 | 990,580 | ||||||
Meritz Financial Group Inc. | 23,164 | 787,478 | ||||||
NAVER Corp. | 11,061 | 1,742,844 | ||||||
NCSoft Corp. | 3,912 | 1,284,537 | ||||||
Orion Corp./Republic of Korea | 10,415 | 983,847 | ||||||
Pearl Abyss Corp.(a) | 16,312 | 552,876 | ||||||
POSCO Holdings Inc. | 13,176 | 3,175,722 | ||||||
Samsung Biologics Co. Ltd.(a)(c) | 1,944 | 1,135,622 | ||||||
Samsung C&T Corp. | 1,178 | 98,015 | ||||||
Samsung Card Co. Ltd. | 28,007 | 649,775 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 13,421 | 1,459,212 | ||||||
Samsung Electronics Co. Ltd. | 736,888 | 33,716,229 | ||||||
Samsung Engineering Co. Ltd.(a) | 27,146 | 538,509 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. | 6,967 | 1,129,357 | ||||||
Samsung SDI Co. Ltd. | 3,252 | 1,710,480 | ||||||
Samsung SDS Co. Ltd. | 8,399 | 795,311 | ||||||
Samsung Securities Co. Ltd. | 29,764 | 753,519 | ||||||
SD Biosensor Inc.(b) | 22,476 | 390,276 |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
Seegene Inc. | 50,709 | $ | 935,046 | |||||
Shinhan Financial Group Co. Ltd. | 120,375 | 3,534,154 | ||||||
SK Bioscience Co. Ltd.(a) | 3,980 | 209,640 | ||||||
SK Hynix Inc. | 15,353 | 1,037,263 | ||||||
SK Innovation Co. Ltd.(a) | 1,544 | 175,140 | ||||||
Wemade Co. Ltd. | 11,842 | 477,886 | ||||||
Woori Financial Group Inc. | 279,796 | 2,579,642 | ||||||
|
| |||||||
97,818,038 | ||||||||
Taiwan — 15.7% | ||||||||
Accton Technology Corp. | 160,000 | 1,465,314 | ||||||
Acer Inc. | 1,082,000 | 897,235 | ||||||
Advanced Energy Solution Holding Co. Ltd. | 13,000 | 347,945 | ||||||
Advantech Co. Ltd. | 80,000 | 928,002 | ||||||
Alchip Technologies Ltd. | 6,000 | 184,217 | ||||||
ASE Technology Holding Co. Ltd. | 315,000 | 1,084,694 | ||||||
Asustek Computer Inc. | 63,000 | 570,613 | ||||||
AUO Corp. | 2,443,800 | 1,487,176 | ||||||
Cathay Financial Holding Co. Ltd. | 2,187,000 | 3,101,364 | ||||||
Chang Hwa Commercial Bank Ltd. | 517,000 | 295,049 | ||||||
Cheng Shin Rubber Industry Co. Ltd. | 64,000 | 71,720 | ||||||
Chicony Electronics Co. Ltd. | 67,000 | 201,250 | ||||||
China Airlines Ltd. | 292,000 | 193,255 | ||||||
China Development Financial Holding Corp. | 2,890,000 | 1,244,358 | ||||||
Chunghwa Telecom Co. Ltd. | 164,000 | 620,059 | ||||||
CTBC Financial Holding Co. Ltd. | 3,022,000 | 2,243,634 | ||||||
Delta Electronics Inc. | 216,000 | 2,020,835 | ||||||
Far EasTone Telecommunications Co. Ltd. | 390,000 | 880,015 | ||||||
Feng TAY Enterprise Co. Ltd. | 175,000 | 1,054,200 | ||||||
Formosa Chemicals & Fibre Corp. | 142,000 | 329,531 | ||||||
Formosa Plastics Corp. | 270,000 | 801,513 | ||||||
Formosa Sumco Technology Corp. | 26,000 | 127,423 | ||||||
Fubon Financial Holding Co. Ltd. | 2,270,000 | 4,438,789 | ||||||
Giant Manufacturing Co. Ltd. | 89,000 | 592,133 | ||||||
Gigabyte Technology Co. Ltd. | 429,000 | 1,661,209 | ||||||
Global Unichip Corp. | 54,000 | 2,032,141 | ||||||
Hon Hai Precision Industry Co. Ltd. | 1,403,000 | 4,641,126 | ||||||
Kinsus Interconnect Technology Corp. | 30,000 | 105,056 | ||||||
Largan Precision Co. Ltd. | 3,000 | 215,670 | ||||||
Lite-On Technology Corp. | 1,367,718 | 3,112,282 | ||||||
MediaTek Inc. | 231,000 | 5,423,654 | ||||||
Mega Financial Holding Co. Ltd. | 270,000 | 294,546 | ||||||
Micro-Star International Co. Ltd. | 287,000 | 1,280,329 | ||||||
momo.com Inc. | 52,800 | 1,356,998 | ||||||
Nan Ya Plastics Corp. | 332,000 | 816,862 | ||||||
Nan Ya Printed Circuit Board Corp. | 65,000 | 492,693 | ||||||
Nanya Technology Corp. | 41,000 | 78,044 | ||||||
Nien Made Enterprise Co. Ltd. | 39,000 | 415,238 | ||||||
Novatek Microelectronics Corp. | 256,000 | 3,383,194 | ||||||
Pegatron Corp. | 502,000 | 1,112,224 | ||||||
Polaris Group/Tw(a) | 66,000 | 215,008 | ||||||
Pou Chen Corp. | 675,000 | 739,628 | ||||||
President Chain Store Corp. | 167,000 | 1,459,201 | ||||||
Quanta Computer Inc. | 140,000 | 366,445 | ||||||
Realtek Semiconductor Corp. | 319,000 | 3,932,621 | ||||||
Ruentex Industries Ltd. | 525,000 | 1,158,654 | ||||||
Shanghai Commercial & Savings Bank Ltd. (The) | 1,153,000 | 1,789,860 | ||||||
SinoPac Financial Holdings Co. Ltd. | 3,297,000 | 1,845,754 | ||||||
Synnex Technology International Corp. | 341,000 | 695,777 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 2,090,000 | 1,818,073 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 3,034,000 | 50,194,169 |
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, 2023 | iShares® MSCI Emerging Markets Multifactor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Taiwan (continued) | ||||||||
Unimicron Technology Corp. | 125,000 | $ | 516,276 | |||||
Uni-President Enterprises Corp. | 1,370,000 | 3,024,352 | ||||||
United Microelectronics Corp. | 2,667,000 | 4,343,756 | ||||||
Voltronic Power Technology Corp. | 7,000 | 365,497 | ||||||
Wan Hai Lines Ltd. | 233,000 | 603,009 | ||||||
Winbond Electronics Corp. | 132,000 | 98,821 | ||||||
Wiwynn Corp. | 51,000 | 1,599,233 | ||||||
Yang Ming Marine Transport Corp. | 361,000 | 759,822 | ||||||
Yuanta Financial Holding Co. Ltd. | 4,566,000 | 3,395,055 | ||||||
Yulon Nissan Motor Co. Ltd. | 13,000 | 86,796 | ||||||
|
| |||||||
130,609,397 | ||||||||
Thailand — 1.4% | ||||||||
Advanced Info Service PCL, NVDR | 310,800 | 1,776,440 | ||||||
Bangkok Bank PCL | 160,700 | 743,450 | ||||||
Carabao Group PCL, NVDR | 76,100 | 217,482 | ||||||
Charoen Pokphand Foods PCL, NVDR | 1,627,000 | 1,022,018 | ||||||
Com7 PCL, NVDR | 768,000 | 662,795 | ||||||
Delta Electronics Thailand PCL, NVDR | 81,450 | 2,101,861 | ||||||
Jasmine Technology Solution PCL(a) | 485,100 | 566,204 | ||||||
Kasikornbank PCL, NVDR | 68,400 | 265,152 | ||||||
Krung Thai Bank PCL, NVDR | 1,498,700 | 733,549 | ||||||
Krungthai Card PCL, NVDR | 489,000 | 812,896 | ||||||
MK Restaurants Group PCL, NVDR | 539,700 | 847,546 | ||||||
PTT Exploration & Production PCL, NVDR | 144,900 | 615,004 | ||||||
PTT Public Company Ltd., NVDR | 686,200 | 616,471 | ||||||
SCG Packaging PCL, NVDR | 503,300 | 740,540 | ||||||
TOA Paint Thailand PCL, NVDR | 169,500 | 155,873 | ||||||
|
| |||||||
11,877,281 | ||||||||
Turkey — 1.1% | ||||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS | 128,456 | 378,872 | ||||||
BIM Birlesik Magazalar AS | 210,848 | 1,520,699 | ||||||
Ford Otomotiv Sanayi AS | 102,296 | 2,984,038 | ||||||
KOC Holding AS | 53,579 | 220,019 | ||||||
Tofas Turk Otomobil Fabrikasi AS | 291,714 | 2,647,592 | ||||||
Turk Telekomunikasyon AS | 437,032 | 416,552 | ||||||
Turkcell Iletisim Hizmetleri AS | 138,951 | 234,859 | ||||||
Turkiye Garanti Bankasi AS | 295,805 | 364,646 | ||||||
Yapi ve Kredi Bankasi AS | 160,645 | 85,134 | ||||||
|
| |||||||
8,852,411 | ||||||||
United Arab Emirates — 1.8% | ||||||||
Abu Dhabi Islamic Bank PJSC | 1,415,881 | 4,022,109 | ||||||
Abu Dhabi National Oil Co. for Distribution PJSC | 558,584 | 656,961 | ||||||
Dubai Electricity & Water Authority PJSC | 3,764,580 | 2,439,275 | ||||||
Emaar Properties PJSC | 213,653 | 325,735 | ||||||
Emirates NBD Bank PJSC | 105,981 | 392,405 | ||||||
Emirates Telecommunications Group Co. PJSC | 296,534 | 2,058,647 | ||||||
Fertiglobe PLC | 1,875,505 | 2,016,891 | ||||||
First Abu Dhabi Bank PJSC | 143,771 | 551,114 | ||||||
International Holding Co. PJSC(a) | 18,447 | 1,984,266 | ||||||
Multiply Group(a) | 442,861 | 482,275 | ||||||
|
| |||||||
14,929,678 | ||||||||
|
| |||||||
Total Common Stocks — 98.6% | 817,885,923 | |||||||
|
|
Security | Shares | Value | ||||||
Preferred Stocks | ||||||||
Brazil — 1.2% | ||||||||
Banco Bradesco SA, Preference Shares, NVS | 639,598 | $ | 1,597,941 | |||||
Gerdau SA, Preference Shares, NVS | 259,551 | 1,419,352 | ||||||
Itau Unibanco Holding SA, Preference Shares, NVS | 805,183 | 3,910,992 | ||||||
Petroleo Brasileiro SA, Preference Shares, NVS | 620,856 | 2,993,134 | ||||||
|
| |||||||
9,921,419 | ||||||||
Chile — 0.0% | ||||||||
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares | 3,162 | 282,669 | ||||||
|
| |||||||
South Korea — 0.2% | ||||||||
Kumho Petrochemical Co. Ltd., 0.00% | 3,248 | 198,329 | ||||||
LG Chem Ltd., Preference Shares, NVS | 453 | 100,647 | ||||||
Samsung Electronics Co. Ltd., Preference Shares, NVS | 21,245 | 857,346 | ||||||
|
| |||||||
1,156,322 | ||||||||
|
| |||||||
Total Preferred Stocks — 1.4% |
| 11,360,410 | ||||||
|
| |||||||
Total Long-Term Investments — 100.0% |
| 829,246,333 | ||||||
|
| |||||||
Short-Term Securities | ||||||||
Money Market Funds — 0.3% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%(f)(g)(h) | 2,216,366 | 2,217,696 | ||||||
|
| |||||||
Total Short-Term Securities — 0.3% |
| 2,217,696 | ||||||
|
| |||||||
Total Investments — 100.3% |
| 831,464,029 | ||||||
Liabilities in Excess of Other Assets — (0.3)% |
| (2,134,476 | ) | |||||
|
| |||||||
Net Assets — 100.0% |
| $ | 829,329,553 | |||||
|
|
(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) | 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. |
36 | 2 0 2 3 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) February 28, 2023 | 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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| ||||||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 08/31/22 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/23 | Shares Held at 02/28/23 | Income | Capital Gain | |||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 9,030,754 | $ | — | $ | (6,817,798 | )(a) | $ | 6,655 | $ | (1,915 | ) | $ | 2,217,696 | 2,216,366 | $ | 22,145 | (b) | $ | — | ||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares(c) | 700,000 | — | (700,000 | )(a) | — | — | — | — | 28,681 | 2 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||
$ | 6,655 | $ | (1,915 | ) | $ | 2,217,696 | $ | 50,826 | $ | 2 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 | ||||||||||||||||
MSCI Emerging Markets Index | 161 | 03/17/23 | $ | 7,751 | $ | (418,342 | ) | |||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
| ||||||||||||||||||||||||||||
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Liabilities — Derivative Financial Instruments | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | 418,342 | $ | — | $ | — | $ | — | $ | 418,342 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
| ||||||||||||||||||||||||||||
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Net Realized Gain (Loss) from | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | 125,125 | $ | — | $ | — | $ | — | $ | 125,125 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | (388,600 | ) | $ | — | $ | — | $ | — | $ | (388,600 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| ||||
Futures contracts | ||||
Average notional value of contracts — long | $ | 4,858,173 | ||
|
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, 2023 | iShares® MSCI Emerging Markets Multifactor ETF |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Common Stocks | $ | 121,862,479 | $ | 696,017,427 | $ | 6,017 | $ | 817,885,923 | ||||||||
Preferred Stocks | 10,119,748 | 1,240,662 | — | 11,360,410 | ||||||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 2,217,696 | — | — | 2,217,696 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 134,199,923 | $ | 697,258,089 | $ | 6,017 | $ | 831,464,029 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Financial Instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Equity Contracts | $ | (418,342 | ) | $ | — | $ | — | $ | (418,342 | ) | ||||||
|
|
|
|
|
|
|
|
(a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
38 | 2 0 2 3 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) February 28, 2023 | iShares® MSCI Global Min Vol Factor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Canada — 1.9% | ||||||||
BCE Inc. | 103,756 | $ | 4,590,509 | |||||
CGI Inc.(a) | 156,451 | 14,027,274 | ||||||
Franco-Nevada Corp. | 269,384 | 34,385,204 | ||||||
Loblaw Companies Ltd. | 84,281 | 7,202,644 | ||||||
TELUS Corp. | 261,210 | 5,193,571 | ||||||
Thomson Reuters Corp. | 24,750 | 2,997,570 | ||||||
Waste Connections Inc. | 106,788 | 14,301,049 | ||||||
|
| |||||||
82,697,821 | ||||||||
China — 8.1% | ||||||||
Agricultural Bank of China Ltd., Class A | 7,832,699 | 3,301,901 | ||||||
Agricultural Bank of China Ltd., Class H | 44,462,000 | 15,414,851 | ||||||
Anhui Conch Cement Co. Ltd., Class H | 1,271,000 | 4,666,238 | ||||||
Anhui Gujing Distillery Co. Ltd., Class B | 165,536 | 2,845,572 | ||||||
Bank of China Ltd., Class H | 121,737,000 | 44,647,255 | ||||||
Bank of Communications Co. Ltd., Class A | 3,600,800 | 2,538,700 | ||||||
Bank of Communications Co. Ltd., Class H | 13,340,000 | 7,887,381 | ||||||
Bank of Ningbo Co. Ltd., Class A | 604,600 | 2,565,742 | ||||||
Beijing Enterprises Holdings Ltd. | 771,000 | 2,525,542 | ||||||
CGN Power Co. Ltd., Class H(b) | 16,251,000 | 3,644,958 | ||||||
China CITIC Bank Corp. Ltd., Class H | 13,626,000 | 6,304,175 | ||||||
China Coal Energy Co. Ltd., Class H | 3,168,000 | 2,451,519 | ||||||
China Conch Venture Holdings Ltd. | 2,516,000 | 5,063,390 | ||||||
China Construction Bank Corp., Class H | 52,441,000 | 32,055,999 | ||||||
China Feihe Ltd.(b) | 2,971,000 | 2,381,279 | ||||||
China Galaxy Securities Co. Ltd., Class H | 5,388,500 | 2,685,849 | ||||||
China Merchants Bank Co. Ltd., Class A | 1,020,000 | 5,478,612 | ||||||
China Merchants Port Holdings Co. Ltd. | 2,108,000 | 2,955,027 | ||||||
China Minsheng Banking Corp. Ltd., Class H | 9,578,500 | 3,307,972 | ||||||
China Shenhua Energy Co. Ltd., Class A | 717,300 | 2,890,407 | ||||||
China Shenhua Energy Co. Ltd., Class H | 3,916,000 | 11,778,846 | ||||||
China State Construction Engineering Corp. Ltd., Class A | 3,535,300 | 2,859,837 | ||||||
China Tourism Group Duty Free Corp. Ltd., Class A | 165,400 | 4,704,732 | ||||||
China Tower Corp. Ltd., Class H(b) | 58,854,000 | 6,373,933 | ||||||
China Yangtze Power Co. Ltd., Class A | 2,081,100 | 6,338,613 | ||||||
Chow Tai Fook Jewellery Group Ltd. | 3,048,000 | 5,907,487 | ||||||
CITIC Securities Co. Ltd., Class A | 902,808 | 2,681,949 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class H | 4,852,000 | 5,032,607 | ||||||
East Money Information Co. Ltd., Class A | 1,045,260 | 3,138,431 | ||||||
Guangdong Investment Ltd.(c) | 2,353,147 | 2,377,952 | ||||||
Industrial & Commercial Bank of China Ltd., Class A | 5,768,751 | 3,568,840 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 48,664,000 | 24,281,472 | ||||||
Industrial Bank Co. Ltd., Class A | 1,864,000 | 4,534,486 | ||||||
Inner Mongolia Yitai Coal Co. Ltd., Class B | 1,634,735 | 2,204,288 | ||||||
Kingboard Holdings Ltd. | 1,016,000 | 3,627,256 | ||||||
Kunlun Energy Co. Ltd. | 5,980,000 | 4,791,442 | ||||||
Lenovo Group Ltd. | 3,870,000 | 3,482,620 | ||||||
LONGi Green Energy Technology Co. Ltd., Class A | 694,892 | 4,425,173 | ||||||
Luxshare Precision Industry Co. Ltd., Class A | 494,100 | 2,123,524 | ||||||
NARI Technology Co. Ltd., Class A | 588,600 | 2,223,669 | ||||||
People’s Insurance Co. Group of China Ltd. (The), Class H | 12,701,000 | 4,015,684 | ||||||
PetroChina Co. Ltd., Class H | 32,146,000 | 16,398,895 | ||||||
PICC Property & Casualty Co. Ltd., Class H | 10,516,000 | 9,236,736 | ||||||
Ping An Bank Co. Ltd., Class A | 1,662,000 | 3,289,964 | ||||||
Postal Savings Bank of China Co. Ltd., Class H(b) | 12,095,000 | 7,266,706 | ||||||
SF Holding Co. Ltd., Class A | 365,900 | 2,833,519 | ||||||
Shaanxi Coal Industry Co. Ltd., Class A | 895,200 | 2,576,178 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Shanghai Baosight Software Co. Ltd., Class B | 766,180 | $ | 2,497,476 | |||||
Shanghai Pudong Development Bank Co. Ltd., Class A | 2,704,600 | 2,793,950 | ||||||
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 102,700 | 4,633,383 | ||||||
Sinopharm Group Co. Ltd., Class H | 2,043,200 | 5,472,327 | ||||||
Tingyi Cayman Islands Holding Corp. | 2,020,000 | 3,263,474 | ||||||
TravelSky Technology Ltd., Class H | 1,421,000 | 2,804,926 | ||||||
Wanhua Chemical Group Co. Ltd., Class A | 289,200 | 4,339,781 | ||||||
WuXi AppTec Co. Ltd., Class A | 180,704 | 2,152,128 | ||||||
Xiaomi Corp., Class B(a)(b) | 4,352,200 | 6,593,505 | ||||||
ZTE Corp., Class H | 1,151,600 | 3,421,528 | ||||||
ZTO Express Cayman Inc., ADR | 114,375 | 2,751,863 | ||||||
|
| |||||||
348,411,549 | ||||||||
Denmark — 0.1% | ||||||||
Novo Nordisk A/S, Class B | 42,575 | 6,013,943 | ||||||
|
| |||||||
Finland — 0.3% | ||||||||
Elisa OYJ | 217,469 | 12,349,661 | ||||||
|
| |||||||
France — 0.4% | ||||||||
Orange SA | 1,400,779 | 15,991,701 | ||||||
|
| |||||||
Germany — 0.9% | ||||||||
Deutsche Telekom AG, Registered | 1,597,381 | 35,850,095 | ||||||
Telefonica Deutschland Holding AG | 1,467,893 | 4,452,760 | ||||||
|
| |||||||
40,302,855 | ||||||||
Greece — 0.1% | ||||||||
Hellenic Telecommunications Organization SA | 212,265 | 3,256,151 | ||||||
|
| |||||||
Hong Kong — 2.1% | ||||||||
BOC Hong Kong Holdings Ltd. | 1,603,500 | 5,426,798 | ||||||
CLP Holdings Ltd. | 1,442,754 | 10,202,889 | ||||||
Hang Seng Bank Ltd. | 1,177,000 | 19,145,695 | ||||||
HKT Trust & HKT Ltd., Class SS | 5,409,000 | 7,032,228 | ||||||
Hong Kong & China Gas Co. Ltd. | 12,149,579 | 11,420,637 | ||||||
Jardine Matheson Holdings Ltd. | 200,800 | 9,953,579 | ||||||
Link REIT | 1,055,500 | 6,946,754 | ||||||
MTR Corp. Ltd. | 2,363,500 | 11,910,307 | ||||||
Power Assets Holdings Ltd. | 1,234,500 | 6,603,062 | ||||||
|
| |||||||
88,641,949 | ||||||||
India — 4.5% | ||||||||
ACC Ltd. | 105,577 | 2,209,973 | ||||||
Adani Green Energy Ltd.(a) | 180,690 | 1,058,185 | ||||||
Adani Total Gas Ltd. | 70,391 | 576,995 | ||||||
Ambuja Cements Ltd. | 905,043 | 3,742,027 | ||||||
Asian Paints Ltd. | 412,602 | 14,103,089 | ||||||
Avenue Supermarts Ltd.(a)(b) | 118,215 | 4,881,792 | ||||||
Bajaj Auto Ltd. | 67,761 | 2,998,934 | ||||||
Bajaj Holdings & Investment Ltd. | 27,374 | 2,069,666 | ||||||
Berger Paints India Ltd. | 372,399 | 2,608,094 | ||||||
Bharat Petroleum Corp. Ltd. | 643,569 | 2,471,007 | ||||||
Cipla Ltd. | 342,327 | 3,750,578 | ||||||
Dabur India Ltd. | 327,730 | 2,110,075 | ||||||
Divi’s Laboratories Ltd. | 177,587 | 6,064,739 | ||||||
Dr. Reddy’s Laboratories Ltd. | 61,014 | 3,179,751 | ||||||
Eicher Motors Ltd. | 173,677 | 6,518,216 | ||||||
Havells India Ltd. | 147,379 | 2,132,515 | ||||||
HCL Technologies Ltd. | 1,109,384 | 14,445,781 | ||||||
Hero MotoCorp Ltd. | 74,731 | 2,185,444 | ||||||
Hindustan Petroleum Corp. Ltd. | 919,485 | 2,395,540 | ||||||
Hindustan Unilever Ltd. | 154,685 | 4,600,608 |
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, 2023 | iShares® MSCI Global Min Vol Factor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
India (continued) | ||||||||
Indian Oil Corp. Ltd. | 4,375,397 | $ | 4,025,510 | |||||
Infosys Ltd. | 494,921 | 8,890,200 | ||||||
Larsen & Toubro Infotech Ltd.(b) | 48,215 | 2,750,649 | ||||||
Larsen & Toubro Ltd. | 196,834 | 5,016,682 | ||||||
Maruti Suzuki India Ltd. | 36,949 | 3,850,681 | ||||||
MRF Ltd. | 2,385 | 2,458,061 | ||||||
Nestle India Ltd. | 37,177 | 8,391,091 | ||||||
Petronet LNG Ltd. | 1,171,140 | 3,149,196 | ||||||
PI Industries Ltd. | 117,525 | 4,402,899 | ||||||
Pidilite Industries Ltd. | 235,729 | 6,554,801 | ||||||
Shree Cement Ltd. | 10,327 | 3,256,225 | ||||||
Sun Pharmaceutical Industries Ltd. | 402,652 | 4,656,607 | ||||||
Tata Consultancy Services Ltd. | 737,208 | 29,514,862 | ||||||
Tech Mahindra Ltd. | 361,023 | 4,799,131 | ||||||
Torrent Pharmaceuticals Ltd. | 154,884 | 2,732,963 | ||||||
UltraTech Cement Ltd. | 72,052 | 6,323,160 | ||||||
Wipro Ltd. | 613,067 | 2,866,961 | ||||||
Wipro Ltd., ADR | 921,139 | 4,301,719 | ||||||
Yes Bank Ltd.(a) | 14,154,937 | 2,985,703 | ||||||
|
| |||||||
195,030,110 | ||||||||
Indonesia — 0.5% | ||||||||
Bank Central Asia Tbk PT | 31,427,200 | 18,024,715 | ||||||
Telkom Indonesia Persero Tbk PT | 10,610,900 | 2,702,977 | ||||||
|
| |||||||
20,727,692 | ||||||||
Israel — 0.3% | ||||||||
Azrieli Group Ltd. | 31,476 | 1,766,466 | ||||||
Bank Hapoalim BM | 412,151 | 3,447,324 | ||||||
Bank Leumi Le-Israel BM | 590,266 | 4,589,037 | ||||||
Check Point Software Technologies Ltd.(a) | 34,942 | 4,323,024 | ||||||
|
| |||||||
14,125,851 | ||||||||
Italy — 0.2% | ||||||||
Infrastrutture Wireless Italiane SpA(b) | 471,392 | 5,188,176 | ||||||
Recordati Industria Chimica e Farmaceutica SpA | 85,471 | 3,624,531 | ||||||
|
| |||||||
8,812,707 | ||||||||
Japan — 10.7% | ||||||||
Canon Inc. | 942,900 | 20,293,324 | ||||||
Capcom Co. Ltd. | 79,200 | 2,492,457 | ||||||
Central Japan Railway Co. | 138,700 | 15,572,530 | ||||||
Chiba Bank Ltd. (The) | 415,900 | 3,045,187 | ||||||
Chubu Electric Power Co. Inc. | 637,900 | 6,604,977 | ||||||
Chugai Pharmaceutical Co. Ltd. | 526,700 | 13,102,962 | ||||||
East Japan Railway Co. | 71,900 | 3,631,253 | ||||||
ENEOS Holdings Inc. | 2,702,000 | 9,289,149 | ||||||
FUJIFILM Holdings Corp. | 167,300 | 7,804,856 | ||||||
Hamamatsu Photonics KK | 197,300 | 9,681,632 | ||||||
Hankyu Hanshin Holdings Inc. | 82,700 | 2,353,405 | ||||||
Hirose Electric Co. Ltd. | 46,300 | 5,660,823 | ||||||
ITOCHU Corp. | 889,500 | 26,587,756 | ||||||
Itochu Techno-Solutions Corp. | 102,000 | 2,269,879 | ||||||
Japan Post Bank Co. Ltd.(c) | 630,100 | 5,443,256 | ||||||
KDDI Corp. | 670,800 | 19,626,175 | ||||||
Keio Corp. | 114,800 | 3,999,886 | ||||||
Keyence Corp. | 8,100 | 3,501,040 | ||||||
Kintetsu Group Holdings Co. Ltd. | 161,800 | 4,901,617 | ||||||
Kirin Holdings Co. Ltd. | 151,900 | 2,273,712 | ||||||
Koei Tecmo Holdings Co. Ltd. | 167,000 | 2,797,430 | ||||||
McDonald’s Holdings Co. Japan Ltd.(c) | 133,300 | 5,277,042 | ||||||
MEIJI Holdings Co. Ltd. | 93,500 | 4,281,902 | ||||||
Mizuho Financial Group Inc. | 1,770,300 | 27,594,183 |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
NEC Corp. | 129,500 | $ | 4,634,582 | |||||
Nintendo Co. Ltd. | 346,600 | 12,975,684 | ||||||
Nippon Prologis REIT Inc. | 2,107 | 4,494,412 | ||||||
Nippon Shinyaku Co. Ltd. | 38,300 | 1,715,234 | ||||||
Nippon Telegraph & Telephone Corp. | 1,358,900 | 39,376,595 | ||||||
Nissin Foods Holdings Co. Ltd. | 34,300 | 2,856,513 | ||||||
Nitori Holdings Co. Ltd. | 65,900 | 7,447,107 | ||||||
Nomura Research Institute Ltd. | 131,790 | 2,944,433 | ||||||
NTT Data Corp. | 628,900 | 8,725,764 | ||||||
Obic Co. Ltd. | 86,900 | 12,731,660 | ||||||
Odakyu Electric Railway Co. Ltd. | 175,400 | 2,126,342 | ||||||
Ono Pharmaceutical Co. Ltd. | 457,200 | 9,312,233 | ||||||
Oracle Corp. Japan | 59,200 | 4,033,434 | ||||||
Oriental Land Co. Ltd./Japan | 46,500 | 7,425,350 | ||||||
Osaka Gas Co. Ltd. | 574,300 | 9,328,543 | ||||||
Otsuka Corp. | 76,300 | 2,572,085 | ||||||
Otsuka Holdings Co. Ltd. | 390,500 | 11,830,561 | ||||||
Pan Pacific International Holdings Corp. | 354,100 | 6,472,504 | ||||||
Secom Co. Ltd. | 270,600 | 15,736,589 | ||||||
SG Holdings Co. Ltd. | 266,000 | 3,835,279 | ||||||
Shizuoka Financial Group Inc., NVS | 684,300 | 5,467,889 | ||||||
SoftBank Corp. | 3,746,600 | 42,265,253 | ||||||
Suntory Beverage & Food Ltd. | 195,200 | 6,847,427 | ||||||
TIS Inc. | 344,900 | 8,561,867 | ||||||
Tobu Railway Co. Ltd. | 266,200 | 5,943,181 | ||||||
Toho Co. Ltd./Tokyo | 144,000 | 5,012,619 | ||||||
USS Co. Ltd. | 277,200 | 4,497,192 | ||||||
Welcia Holdings Co. Ltd. | 144,800 | 3,169,833 | ||||||
|
| |||||||
460,426,598 | ||||||||
Kuwait — 0.3% | ||||||||
Mobile Telecommunications Co. KSCP | 3,036,693 | 5,528,671 | ||||||
National Bank of Kuwait SAKP | 2,253,249 | 7,852,000 | ||||||
|
| |||||||
13,380,671 | ||||||||
Malaysia — 0.5% | ||||||||
DiGi.Com Bhd | 2,872,000 | 2,751,320 | ||||||
Hong Leong Bank Bhd | 880,000 | 4,027,767 | ||||||
IHH Healthcare Bhd | 2,615,600 | 3,374,428 | ||||||
Malayan Banking Bhd | 2,726,900 | 5,347,186 | ||||||
Petronas Chemicals Group Bhd | 1,251,000 | 1,995,595 | ||||||
Petronas Gas Bhd | 1,089,400 | 4,044,435 | ||||||
|
| |||||||
21,540,731 | ||||||||
Netherlands — 0.5% | ||||||||
Koninklijke Ahold Delhaize NV | 556,780 | 17,678,806 | ||||||
Koninklijke KPN NV | 1,556,772 | 5,336,627 | ||||||
|
| |||||||
23,015,433 | ||||||||
New Zealand — 0.1% | ||||||||
Spark New Zealand Ltd. | 1,602,470 | 4,947,739 | ||||||
|
| |||||||
Philippines — 0.2% | ||||||||
BDO Unibank Inc. | 2,925,818 | 6,516,302 | ||||||
PLDT Inc. | 110,130 | 2,555,207 | ||||||
|
| |||||||
9,071,509 | ||||||||
Qatar — 0.3% | ||||||||
Industries Qatar QSC | 763,834 | 2,913,081 | ||||||
Qatar National Bank QPSC | 1,984,115 | 9,155,294 | ||||||
|
| |||||||
12,068,375 | ||||||||
Russia — 0.0% | ||||||||
PhosAgro PJSC(a)(d) | 41,863 | 6 | ||||||
PhosAgro PJSC, GDR(a)(d)(e) | 2 | — |
40 | 2 0 2 3 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Global Min Vol Factor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Russia (continued) | ||||||||
PhosAgro PJSC, New(a)(d) | 809 | $ | 8 | |||||
Polymetal International PLC(a)(d) | 250,942 | 33 | ||||||
Polyus PJSC(a)(d) | 53,523 | 7 | ||||||
|
| |||||||
54 | ||||||||
Saudi Arabia — 1.4% | ||||||||
Alinma Bank | 472,311 | 3,700,662 | ||||||
Bank AlBilad(a) | 199,757 | 1,895,061 | ||||||
Jarir Marketing Co. | 89,823 | 3,536,401 | ||||||
SABIC Agri-Nutrients Co. | 277,570 | 9,873,798 | ||||||
Saudi Arabian Oil Co.(b) | 1,737,418 | 14,677,347 | ||||||
Saudi Basic Industries Corp. | 306,335 | 7,218,860 | ||||||
Saudi Telecom Co. | 1,887,608 | 17,663,764 | ||||||
|
| |||||||
58,565,893 | ||||||||
Singapore — 1.1% | ||||||||
DBS Group Holdings Ltd. | 86,700 | 2,199,676 | ||||||
Oversea-Chinese Banking Corp. Ltd.(c) | 463,900 | 4,359,960 | ||||||
Singapore Exchange Ltd. | 1,264,000 | 8,163,363 | ||||||
Singapore Technologies Engineering Ltd. | 1,637,600 | 4,336,317 | ||||||
Singapore Telecommunications Ltd. | 11,114,100 | 19,526,108 | ||||||
UOL Group Ltd. | 633,100 | 3,206,189 | ||||||
Venture Corp. Ltd. | 424,400 | 5,404,570 | ||||||
|
| |||||||
47,196,183 | ||||||||
South Korea — 0.1% | ||||||||
HMM Co. Ltd.(a) | 144,586 | 2,459,854 | ||||||
|
| |||||||
Sweden — 0.0% | ||||||||
Telia Co. AB | 790,775 | 2,042,084 | ||||||
|
| |||||||
Switzerland — 4.1% | ||||||||
Kuehne + Nagel International AG, Registered | 69,308 | 17,745,431 | ||||||
Nestle SA, Registered | 249,742 | 28,138,586 | ||||||
Novartis AG, Registered | 425,007 | 35,768,638 | ||||||
Roche Holding AG, Bearer | 21,969 | 6,805,573 | ||||||
Roche Holding AG, NVS | 187,022 | 53,925,711 | ||||||
Swiss Prime Site AG, Registered | 117,322 | 9,886,289 | ||||||
Swisscom AG, Registered | 39,738 | 24,520,060 | ||||||
|
| |||||||
176,790,288 | ||||||||
Taiwan — 5.2% | ||||||||
Acer Inc. | 3,810,000 | 3,159,394 | ||||||
Advantech Co. Ltd. | 541,482 | 6,281,208 | ||||||
Asia Cement Corp. | 3,084,000 | 4,521,574 | ||||||
Asustek Computer Inc. | 1,086,000 | 9,836,288 | ||||||
Catcher Technology Co. Ltd. | 781,000 | 4,719,610 | ||||||
Chang Hwa Commercial Bank Ltd. | 5,986,488 | 3,416,451 | ||||||
China Steel Corp. | 7,235,000 | 7,442,863 | ||||||
Chunghwa Telecom Co. Ltd. | 5,816,000 | 21,989,426 | ||||||
Compal Electronics Inc. | 6,395,000 | 5,057,479 | ||||||
CTBC Financial Holding Co. Ltd. | 3,463,000 | 2,571,047 | ||||||
E.Sun Financial Holding Co. Ltd. | 9,234,549 | 7,536,568 | ||||||
Far EasTone Telecommunications Co. Ltd. | 2,473,000 | 5,580,196 | ||||||
First Financial Holding Co. Ltd. | 14,822,736 | 12,989,627 | ||||||
Formosa Chemicals & Fibre Corp. | 5,157,000 | 11,967,561 | ||||||
Formosa Petrochemical Corp. | 1,842,000 | 5,124,156 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 12,458,905 | 9,311,328 | ||||||
Inventec Corp. | 3,852,000 | 3,346,277 | ||||||
Lite-On Technology Corp. | 3,064,000 | 6,972,222 | ||||||
Mega Financial Holding Co. Ltd. | 15,720,725 | 17,149,919 | ||||||
Nan Ya Plastics Corp. | 972,000 | 2,391,535 | ||||||
Novatek Microelectronics Corp. | 287,000 | 3,792,878 | ||||||
Pegatron Corp. | 3,094,000 | 6,855,025 |
Security | Shares | Value | ||||||
Taiwan (continued) | ||||||||
Powerchip Semiconductor Manufacturing Corp. | 2,048,000 | $ | 2,227,817 | |||||
President Chain Store Corp. | 573,000 | 5,006,719 | ||||||
Quanta Computer Inc. | 4,132,000 | 10,815,365 | ||||||
Synnex Technology International Corp. | 1,876,250 | 3,828,302 | ||||||
Taishin Financial Holding Co. Ltd. | 9,325,752 | 5,008,428 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 13,744,920 | 11,956,588 | ||||||
Taiwan High Speed Rail Corp. | 3,033,000 | 2,916,270 | ||||||
Taiwan Mobile Co. Ltd. | 2,637,000 | 8,353,780 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 512,000 | 8,470,473 | ||||||
WPG Holdings Ltd. | 2,436,760 | 3,938,818 | ||||||
|
| |||||||
224,535,192 | ||||||||
Thailand — 0.7% | ||||||||
Advanced Info Service PCL, NVDR | 1,669,500 | 9,539,995 | ||||||
Airports of Thailand PCL, NVDR(a) | 1,860,900 | 3,829,688 | ||||||
Bangkok Dusit Medical Services PCL, NVDR | 6,873,500 | 5,444,452 | ||||||
Bangkok Expressway & Metro PCL, NVDR | 9,324,200 | 2,440,537 | ||||||
BTS Group Holdings PCL, NVDR(c) | 12,466,900 | 2,838,964 | ||||||
Bumrungrad Hospital PCL, NVDR | 636,700 | 3,800,466 | ||||||
Home Product Center PCL, NVDR | 7,030,400 | 2,783,296 | ||||||
|
| |||||||
30,677,398 | ||||||||
United Arab Emirates — 0.5% | ||||||||
Abu Dhabi National Oil Co. for Distribution PJSC | 4,777,138 | 5,618,479 | ||||||
Emirates Telecommunications Group Co. PJSC | 2,123,583 | 14,742,688 | ||||||
|
| |||||||
20,361,167 | ||||||||
United States — 54.6% | ||||||||
Abbott Laboratories | 86,718 | 8,820,955 | ||||||
AbbVie Inc. | 145,470 | 22,387,833 | ||||||
Accenture PLC, Class A | 36,142 | 9,597,508 | ||||||
Activision Blizzard Inc. | 204,311 | 15,578,714 | ||||||
Akamai Technologies Inc.(a) | 152,474 | 11,069,612 | ||||||
Ameren Corp. | 59,737 | 4,940,847 | ||||||
American Electric Power Co. Inc. | 172,631 | 15,186,349 | ||||||
American Water Works Co. Inc. | 88,999 | 12,493,680 | ||||||
AmerisourceBergen Corp. | 29,569 | 4,599,754 | ||||||
Amgen Inc. | 82,118 | 19,023,456 | ||||||
Amphenol Corp., Class A | 188,396 | 14,604,458 | ||||||
Aon PLC, Class A | 47,260 | 14,369,403 | ||||||
Arthur J Gallagher & Co. | 56,530 | 10,590,896 | ||||||
AT&T Inc. | 588,057 | 11,120,158 | ||||||
Automatic Data Processing Inc. | 88,939 | 19,550,571 | ||||||
AutoZone Inc.(a) | 12,282 | 30,539,684 | ||||||
Baxter International Inc. | 40,075 | 1,600,996 | ||||||
Becton Dickinson and Co. | 55,989 | 13,132,220 | ||||||
Berkshire Hathaway Inc., Class B(a) | 87,349 | 26,657,168 | ||||||
BioMarin Pharmaceutical Inc.(a) | 144,689 | 14,409,578 | ||||||
Black Knight Inc.(a) | 157,959 | 9,414,356 | ||||||
Booz Allen Hamilton Holding Corp. | 122,309 | 11,586,332 | ||||||
Bristol-Myers Squibb Co. | 510,348 | 35,193,598 | ||||||
Broadridge Financial Solutions Inc. | 111,499 | 15,696,829 | ||||||
Brown & Brown Inc. | 136,692 | 7,664,320 | ||||||
Campbell Soup Co. | 322,663 | 16,946,261 | ||||||
Cboe Global Markets Inc. | 120,936 | 15,258,495 | ||||||
CF Industries Holdings Inc. | 96,678 | 8,303,673 | ||||||
CH Robinson Worldwide Inc.(c) | 185,662 | 18,558,774 | ||||||
Church & Dwight Co. Inc. | 194,894 | 16,328,219 | ||||||
Cisco Systems Inc. | 637,232 | 30,854,773 | ||||||
Clorox Co. (The) | 22,221 | 3,454,032 | ||||||
CME Group Inc. | 52,951 | 9,814,997 | ||||||
CMS Energy Corp. | 120,675 | 7,116,205 |
S C H E D U L E O F I N V E S T M E N T S | 41 |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Global Min Vol Factor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
United States (continued) | ||||||||
Cognizant Technology Solutions Corp., Class A | 40,026 | $ | 2,506,828 | |||||
Colgate-Palmolive Co. | 158,127 | 11,590,709 | ||||||
Comcast Corp., Class A | 272,345 | 10,123,064 | ||||||
Consolidated Edison Inc. | 498,129 | 44,507,826 | ||||||
Costco Wholesale Corp. | 11,525 | 5,580,175 | ||||||
Danaher Corp. | 27,968 | 6,922,919 | ||||||
Dollar General Corp. | 176,223 | 38,117,035 | ||||||
Dominion Energy Inc. | 309,435 | 17,210,775 | ||||||
Domino’s Pizza Inc. | 40,485 | 11,902,995 | ||||||
Duke Energy Corp. | 365,889 | 34,488,697 | ||||||
Electronic Arts Inc. | 191,929 | 21,292,603 | ||||||
Eli Lilly & Co. | 114,018 | 35,484,682 | ||||||
Erie Indemnity Co., Class A, NVS | 35,651 | 8,391,889 | ||||||
Evergy Inc. | 51,689 | 3,039,830 | ||||||
Eversource Energy | 87,240 | 6,574,406 | ||||||
Expeditors International of Washington Inc.(c) | 239,999 | 25,094,295 | ||||||
F5 Inc.(a) | 35,166 | 5,028,035 | ||||||
First Horizon Corp. | 822,311 | 20,368,644 | ||||||
Fiserv Inc.(a) | 113,689 | 13,084,467 | ||||||
Gen Digital Inc. | 600,706 | 11,719,774 | ||||||
General Mills Inc. | 476,667 | 37,899,793 | ||||||
Genuine Parts Co. | 18,230 | 3,224,158 | ||||||
Gilead Sciences Inc. | 680,739 | 54,819,912 | ||||||
Henry Schein Inc.(a)(c) | 42,085 | 3,295,676 | ||||||
Hershey Co. (The) | 182,230 | 43,429,054 | ||||||
Hologic Inc.(a) | 30,879 | 2,459,204 | ||||||
Home Depot Inc. (The) | 58,333 | 17,298,068 | ||||||
Horizon Therapeutics PLC(a) | 80,411 | 8,804,200 | ||||||
Hormel Foods Corp. | 420,184 | 18,647,766 | ||||||
Humana Inc. | 19,216 | 9,512,304 | ||||||
Incyte Corp.(a)(c) | 290,578 | 22,368,694 | ||||||
Intercontinental Exchange Inc. | 63,851 | 6,500,032 | ||||||
International Business Machines Corp. | 70,351 | 9,096,384 | ||||||
Jack Henry & Associates Inc. | 111,718 | 18,348,564 | ||||||
JM Smucker Co. (The) | 98,554 | 14,575,151 | ||||||
Johnson & Johnson | 373,300 | 57,211,958 | ||||||
Juniper Networks Inc. | 103,729 | 3,192,779 | ||||||
Kellogg Co. | 391,700 | 25,828,698 | ||||||
Keurig Dr Pepper Inc. | 536,292 | 18,528,889 | ||||||
Keysight Technologies Inc.(a) | 259,367 | 41,488,345 | ||||||
Kimberly-Clark Corp. | 114,334 | 14,297,467 | ||||||
Kroger Co. (The) | 857,827 | 37,006,657 | ||||||
Liberty Broadband Corp., Class C (a) | 51,592 | 4,471,479 | ||||||
MarketAxess Holdings Inc. | 11,028 | 3,765,511 | ||||||
Marsh & McLennan Companies Inc. | 200,455 | 32,501,774 | ||||||
Mastercard Inc., Class A | 38,899 | 13,820,426 | ||||||
McCormick & Co. Inc./MD, NVS | 227,064 | 16,875,397 | ||||||
McDonald’s Corp. | 171,738 | 45,323,376 | ||||||
McKesson Corp. | 45,178 | 15,803,716 | ||||||
Medtronic PLC | 125,588 | 10,398,686 | ||||||
Merck & Co. Inc. | 631,062 | 67,044,027 | ||||||
Microsoft Corp. | 67,482 | 16,831,360 | ||||||
Mondelez International Inc., Class A | 82,982 | 5,408,767 | ||||||
Motorola Solutions Inc. | 194,108 | 51,013,524 | ||||||
Neurocrine Biosciences Inc.(a) | 115,286 | 11,885,987 | ||||||
Newmont Corp. | 914,230 | 39,869,570 | ||||||
NextEra Energy Inc. | 134,640 | 9,563,479 | ||||||
O’Reilly Automotive Inc.(a) | 23,096 | 19,171,990 | ||||||
Old Dominion Freight Line Inc.(c) | 10,341 | 3,508,288 | ||||||
Oracle Corp. | 161,523 | 14,117,110 |
Security | Shares | Value | ||||||
United States (continued) | ||||||||
Paychex Inc. | 344,266 | $ | 38,006,966 | |||||
PepsiCo Inc. | 328,298 | 56,969,552 | ||||||
Pfizer Inc. | 413,953 | 16,794,073 | ||||||
Procter & Gamble Co. (The) | 246,089 | 33,852,003 | ||||||
Progressive Corp. (The) | 156,618 | 22,477,815 | ||||||
Public Storage | 18,394 | 5,498,886 | ||||||
Quest Diagnostics Inc. | 47,486 | 6,570,163 | ||||||
Regeneron Pharmaceuticals Inc.(a) | 39,576 | 30,094,382 | ||||||
Republic Services Inc. | 314,138 | 40,501,812 | ||||||
Rollins Inc. | 212,291 | 7,472,643 | ||||||
Roper Technologies Inc. | 5,416 | 2,329,963 | ||||||
Seagen Inc.(a)(c) | 124,721 | 22,411,117 | ||||||
Southern Co. (The) | 464,507 | 29,291,811 | ||||||
T-Mobile U.S. Inc.(a) | 268,854 | 38,225,662 | ||||||
Tradeweb Markets Inc., Class A | 82,726 | 5,864,446 | ||||||
United Parcel Service Inc., Class B | 13,280 | 2,423,467 | ||||||
UnitedHealth Group Inc. | 46,972 | 22,355,854 | ||||||
VeriSign Inc.(a) | 53,646 | 10,559,142 | ||||||
Verizon Communications Inc. | 1,359,773 | 52,772,790 | ||||||
Vertex Pharmaceuticals Inc.(a) | 124,278 | 36,076,661 | ||||||
Visa Inc., Class A | 96,393 | 21,200,676 | ||||||
Walmart Inc. | 362,693 | 51,549,556 | ||||||
Waste Management Inc. | 408,087 | 61,115,109 | ||||||
WEC Energy Group Inc. | 378,734 | 33,578,556 | ||||||
Xcel Energy Inc. | 528,206 | 34,106,261 | ||||||
|
| |||||||
2,350,801,938 | ||||||||
|
| |||||||
Total Common Stocks — 99.7% | 4,294,243,097 | |||||||
|
| |||||||
Rights | ||||||||
Hong Kong — 0.0% | ||||||||
Link REIT, (Expires 03/28/23, Strike Price HKD 44.20)(a) | 262,700 | 247,660 | ||||||
|
| |||||||
Total Rights — 0.0% | 247,660 | |||||||
|
| |||||||
Total Long-Term Investments — 99.7% | 4,294,490,757 | |||||||
|
| |||||||
Short-Term Securities | ||||||||
Money Market Funds — 1.0% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%(f)(g)(h) | 36,403,661 | 36,425,503 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(f)(g) | 5,360,000 | 5,360,000 | ||||||
|
| |||||||
Total Short-Term Securities — 1.0% | 41,785,503 | |||||||
|
| |||||||
Total Investments — 100.7% | 4,336,276,260 | |||||||
Liabilities in Excess of Other Assets — (0.7)% | (28,696,942 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 4,307,579,318 | ||||||
|
|
(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. |
42 | 2 0 2 3 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Global Min Vol Factor ETF |
(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) | 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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| ||||||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 08/31/22 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 02/28/23 | Shares Held at 02/28/23 | Income | Capital Gain | |||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 11,312,019 | $ | 25,094,569 | (a) | $ | — | $ | 7,777 | $ | 11,138 | $ | 36,425,503 | 36,403,661 | $ | 50,236 | (b) | $ | — | |||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 6,260,000 | — | (900,000 | )(a) | — | — | 5,360,000 | 5,360,000 | 147,401 | 3 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||
$ | 7,777 | $ | 11,138 | $ | 41,785,503 | $ | 197,637 | $ | 3 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 | 21 | 03/17/23 | $ | 2,149 | $ | 34,551 | ||||||||||
MSCI Emerging Markets Index | 20 | 03/17/23 | 963 | (23,574 | ) | |||||||||||
S&P 500 E-Mini Index | 20 | 03/17/23 | 3,975 | 10,714 | ||||||||||||
U.S. 2 Year Treasury Note | 6 | 06/30/23 | 1,223 | (2,253 | ) | |||||||||||
|
| |||||||||||||||
$ | 19,438 | |||||||||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
| ||||||||||||||||||||||||||||
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Assets — Derivative Financial Instruments | ||||||||||||||||||||||||||||
Futures contracts | ||||||||||||||||||||||||||||
Unrealized appreciation on futures contracts(a) | $ | — | $ | — | $ | 45,265 | $ | — | $ | — | $ | — | $ | 45,265 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
S C H E D U L E O F I N V E S T M E N T S | 43 |
Schedule of Investments (unaudited) (continued) February 28, 2023 | iShares® MSCI Global Min Vol Factor ETF |
Derivative Financial Instruments Categorized by Risk Exposure (continued)
| ||||||||||||||||||||||||||||
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Liabilities — Derivative Financial Instruments | ||||||||||||||||||||||||||||
Futures contracts | ||||||||||||||||||||||||||||
Unrealized depreciation on futures contracts(a) | $ | — | $ | — | $ | 23,574 | $ | — | $ | 2,253 | $ | — | $ | 25,827 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
| ||||||||||||||||||||||||||||
Commodity Contracts | Credit Contracts | Equity Contracts | Foreign Currency Exchange Contracts | Interest Rate Contracts | Other Contracts | Total | ||||||||||||||||||||||
| ||||||||||||||||||||||||||||
Net Realized Gain (Loss) from | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | 310,337 | $ | — | $ | (32,506 | ) | $ | — | $ | 277,831 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on | ||||||||||||||||||||||||||||
Futures contracts | $ | — | $ | — | $ | 549,133 | $ | — | $ | 1,721 | $ | — | $ | 550,854 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
| ||||
Futures contracts: | ||||
Average notional value of contracts — long | $ | 12,747,935 | ||
|
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| ||||||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Common Stocks | $ | 2,469,281,967 | $ | 1,824,961,076 | $ | 54 | $ | 4,294,243,097 | ||||||||
Rights | — | 247,660 | — | 247,660 | ||||||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 41,785,503 | — | — | 41,785,503 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 2,511,067,470 | $ | 1,825,208,736 | $ | 54 | $ | 4,336,276,260 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Derivative Financial Instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Equity Contracts | $ | 45,265 | $ | — | $ | — | $ | 45,265 | ||||||||
Liabilities | ||||||||||||||||
Equity Contracts | (23,574 | ) | — | — | (23,574 | ) | ||||||||||
Interest Rate Contracts | (2,253 | ) | — | — | (2,253 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
$ | 19,438 | $ | — | $ | — | 19,438 | ||||||||||
|
|
|
|
|
|
|
|
(a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
44 | 2 0 2 3 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Statements of Assets and Liabilities (unaudited)
February 28, 2023
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, at value — unaffiliated(a)(b) | $ | 4,214,291,639 | $ | 3,147,219,598 | $ | 5,054,358,732 | $ | 829,246,333 | ||||||||
Investments, at value — affiliated(c) | 18,165,878 | 13,911,896 | 29,823,963 | 2,217,696 | ||||||||||||
Cash | 30,437,115 | 7,848,915 | 7,479,462 | 129,850,542 | ||||||||||||
Cash pledged for futures contracts | 1,033,000 | 429,000 | 262,000 | 223,000 | ||||||||||||
Foreign currency, at value(d) | 23,628,631 | 2,616,134 | 35,267,582 | 21,126,925 | ||||||||||||
Receivables: | ||||||||||||||||
Investments sold | 168,066,345 | 14,895,069 | 126,508,551 | 586,884,507 | ||||||||||||
Securities lending income — affiliated | 29,078 | 33,244 | 31,073 | 1,929 | ||||||||||||
Capital shares sold | 4,655,154 | — | — | 119,270 | ||||||||||||
Dividends — unaffiliated | 8,966,117 | 8,568,813 | 11,270,708 | 2,652,481 | ||||||||||||
Dividends — affiliated | 16,508 | 12,620 | 159,040 | 5,513 | ||||||||||||
Tax reclaims | 428,488 | 96,216 | — | 85,425 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total assets | 4,469,717,953 | 3,195,631,505 | 5,265,161,111 | 1,572,413,621 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES | ||||||||||||||||
Due to broker | — | — | 7,506,050 | — | ||||||||||||
Collateral on securities loaned, at value | 18,170,321 | 13,077,710 | 22,583,900 | 2,216,254 | ||||||||||||
Payables: | ||||||||||||||||
Investments purchased | 209,111,756 | 19,685,760 | 16,404,828 | 613,240,753 | ||||||||||||
Bank borrowings | 13,802,174 | 4,200,661 | 1,900,299 | 127,420,063 | ||||||||||||
Capital shares redeemed | — | — | 146,012,879 | — | ||||||||||||
Deferred foreign capital gain tax | 676,253 | — | — | — | ||||||||||||
Foreign taxes | 18 | 18 | 146 | — | ||||||||||||
Investment advisory fees | 827,621 | 627,331 | 1,080,068 | 163,200 | ||||||||||||
Variation margin on futures contracts | 146,413 | 78,001 | 60,385 | 43,798 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total liabilities | 242,734,556 | 37,669,481 | 195,548,555 | 743,084,068 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 4,226,983,397 | $ | 3,157,962,024 | $ | 5,069,612,556 | $ | 829,329,553 | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS CONSIST OF | ||||||||||||||||
Paid-in capital | $ | 5,277,093,669 | $ | 3,755,700,689 | $ | 5,753,861,300 | $ | 969,943,126 | ||||||||
Accumulated loss | (1,050,110,272 | ) | (597,738,665 | ) | (684,248,744 | ) | (140,613,573 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS | $ | 4,226,983,397 | $ | 3,157,962,024 | $ | 5,069,612,556 | $ | 829,329,553 | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSET VALUE | ||||||||||||||||
Shares outstanding | 138,900,000 | 65,800,000 | 95,500,000 | 20,600,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value | $ | 30.43 | $ | 47.99 | $ | 53.08 | $ | 40.26 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Shares authorized | 600 million | 100 million | 500 million | 525 million | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Par value | $ | 0.001 | $ | 0.001 | $ | 0.001 | $ | 0.001 | ||||||||
|
|
|
|
|
|
|
| |||||||||
(a) Investments, at cost — unaffiliated | $ | 4,408,583,634 | $ | 3,578,354,379 | $ | 5,105,792,002 | $ | 831,809,193 | ||||||||
(b) Securities loaned, at value | $ | 17,198,747 | $ | 12,473,460 | $ | 21,539,641 | $ | 2,111,115 | ||||||||
(c) Investments, at cost — affiliated | $ | 18,155,676 | $ | 13,907,592 | $ | 29,799,713 | $ | 2,215,774 | ||||||||
(d) Foreign currency, at cost | $ | 23,602,847 | $ | 2,661,755 | $ | 35,270,459 | $ | 21,131,345 |
See notes to financial statements.
FINANCIAL STATEMENTS | 45 |
Statements of Assets and Liabilities (unaudited) (continued)
February 28, 2023
iShares MSCI Global Min Vol Factor ETF | ||||
| ||||
ASSETS | ||||
Investments, at value — unaffiliated(a)(b) | $ | 4,294,490,757 | ||
Investments, at value — affiliated(c) | 41,785,503 | |||
Cash | 411,925 | |||
Cash pledged for futures contracts | 383,000 | |||
Foreign currency, at value(d) | 5,153,794 | |||
Receivables: | ||||
Investments sold | 9,658,276 | |||
Securities lending income — affiliated | 10,943 | |||
Dividends — unaffiliated | 5,598,381 | |||
Dividends — affiliated | 19,336 | |||
Tax reclaims | 2,101,501 | |||
|
| |||
Total assets | 4,359,613,416 | |||
|
| |||
LIABILITIES | ||||
Collateral on securities loaned, at value | 36,318,144 | |||
Payables: | ||||
Investments purchased | 12,174,529 | |||
Deferred foreign capital gain tax | 2,820,971 | |||
Investment advisory fees | 679,127 | |||
Variation margin on futures contracts | 41,327 | |||
|
| |||
Total liabilities | 52,034,098 | |||
|
| |||
NET ASSETS | $ | 4,307,579,318 | ||
|
| |||
NET ASSETS CONSIST OF | ||||
Paid-in capital | $ | 4,227,667,977 | ||
Accumulated earnings | 79,911,341 | |||
|
| |||
NET ASSETS | $ | 4,307,579,318 | ||
|
| |||
NET ASSET VALUE | ||||
Shares outstanding | 46,200,000 | |||
|
| |||
Net asset value | $ | 93.24 | ||
|
| |||
Shares authorized | 500 million | |||
|
| |||
Par value | $ | 0.001 | ||
|
| |||
(a) Investments, at cost — unaffiliated | $ | 3,972,320,238 | ||
(b) Securities loaned, at value | $ | 33,424,229 | ||
(c) Investments, at cost — affiliated | $ | 41,768,010 | ||
(d) Foreign currency, at cost | $ | 5,240,368 |
See notes to financial statements.
46 | 2 0 2 3 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Statements of Operations (unaudited)
Six Months Ended February 28, 2023
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 | |||||||||||||
| ||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||
Dividends — unaffiliated | $ | 39,233,456 | $ | 33,099,973 | $ | 47,906,593 | $ | 11,244,162 | ||||||||
Dividends — affiliated | 80,326 | 78,906 | 542,706 | 28,681 | ||||||||||||
Interest — unaffiliated | — | — | 84,728 | — | ||||||||||||
Securities lending income — affiliated — net | 306,824 | 200,948 | 422,036 | 22,145 | ||||||||||||
Other income — unaffiliated | — | — | 4,120 | — | ||||||||||||
Foreign taxes withheld | (4,539,777 | ) | (4,173,259 | ) | (4,688,145 | ) | (1,194,081 | ) | ||||||||
Other foreign taxes | (181,427 | ) | (91,043 | ) | (629,745 | ) | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total investment income | 34,899,402 | 29,115,525 | 43,642,293 | 10,100,907 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
EXPENSES | ||||||||||||||||
Investment advisory | 4,893,797 | 3,379,498 | 24,536,963 | 1,423,545 | ||||||||||||
Interest expense | 34,345 | 11,644 | 38,499 | 32,133 | ||||||||||||
Commitment costs | 26,256 | 24,396 | 26,256 | 8,073 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 4,954,398 | 3,415,538 | 24,601,718 | 1,463,751 | ||||||||||||
Less: | ||||||||||||||||
Investment advisory fees waived | — | — | (15,835,823 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses after fees waived | 4,954,398 | 3,415,538 | 8,765,895 | 1,463,751 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income | 29,945,004 | 25,699,987 | 34,876,398 | 8,637,156 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments — unaffiliated(a) | (179,538,675 | ) | (52,971,875 | ) | (218,869,128 | ) | (53,348,674 | ) | ||||||||
Investments — affiliated | 11,796 | 9,897 | 44,593 | 6,655 | ||||||||||||
Capital gain distributions from underlying funds — affiliated | 1 | 17 | 5 | 2 | ||||||||||||
Foreign currency transactions | (94,307 | ) | (370,932 | ) | (3,346,945 | ) | (225,083 | ) | ||||||||
Futures contracts | 95,681 | (246,677 | ) | (886,308 | ) | 125,125 | ||||||||||
In-kind redemptions — unaffiliated(b) | 3,962,258 | 422,758 | 96,673,396 | 984,240 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
(175,563,246 | ) | (53,156,812 | ) | (126,384,387 | ) | (52,457,735 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||
Investments — unaffiliated(c) | 8,828,339 | (15,916,971 | ) | 168,539,371 | 1,192,015 | |||||||||||
Investments — affiliated | (2,022 | ) | (1,456 | ) | (15,505 | ) | (1,915 | ) | ||||||||
Foreign currency translations | (257,792 | ) | (149,404 | ) | (203,697 | ) | (66,131 | ) | ||||||||
Futures contracts | (324,868 | ) | 184,006 | (110,848 | ) | (388,600 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
8,243,657 | (15,883,825 | ) | 168,209,321 | 735,369 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized and unrealized gain (loss) | (167,319,589 | ) | (69,040,637 | ) | 41,824,934 | (51,722,366 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (137,374,585 | ) | $ | (43,340,650 | ) | $ | 76,701,332 | $ | (43,085,210 | ) | |||||
|
|
|
|
|
|
|
| |||||||||
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable | $ | (1,928,578 | ) | $ | (508,523 | ) | $ | (1,420,514 | ) | $ | (586,380 | ) | ||||
(b) See Note 2 of the Notes to Financial Statements. | ||||||||||||||||
(c) Net of reduction in deferred foreign capital gain tax of | $ | 6,948,724 | $ | 2,449,631 | $ | 3,633,828 | $ | 2,289,683 |
See notes to financial statements.
FINANCIAL STATEMENTS | 47 |
Statements of Operations (unaudited) (continued)
Six Months Ended February 28, 2023
iShares MSCI Global Min Vol Factor ETF | ||||
| ||||
INVESTMENT INCOME | ||||
Dividends — unaffiliated | $ | 38,968,075 | ||
Dividends — affiliated | 147,401 | |||
Securities lending income — affiliated — net | 50,236 | |||
Foreign taxes withheld | (1,693,411 | ) | ||
Other foreign taxes | (133,933 | ) | ||
|
| |||
Total investment income | 37,338,368 | |||
|
| |||
EXPENSES | ||||
Investment advisory | 7,129,240 | |||
Commitment costs | 23,945 | |||
Interest expense | 17,429 | |||
|
| |||
Total expenses | 7,170,614 | |||
Less: | ||||
Investment advisory fees waived | (2,754,019 | ) | ||
|
| |||
Total expenses after fees waived | 4,416,595 | |||
|
| |||
Net investment income | 32,921,773 | |||
|
| |||
REALIZED AND UNREALIZED GAIN (LOSS) | ||||
Net realized gain (loss) from: | ||||
Investments — unaffiliated(a) | (71,128,180 | ) | ||
Investments — affiliated | 7,777 | |||
Capital gain distributions from underlying funds — affiliated | 3 | |||
Foreign currency transactions | (1,203,364 | ) | ||
Futures contracts | 277,831 | |||
In-kind redemptions — unaffiliated(b) | 36,874,714 | |||
|
| |||
(35,171,219 | ) | |||
|
| |||
Net change in unrealized appreciation (depreciation) on: | ||||
Investments — unaffiliated(c) | (22,216,537 | ) | ||
Investments — affiliated | 11,138 | |||
Foreign currency translations | 200,919 | |||
Futures contracts | 550,854 | |||
|
| |||
(21,453,626 | ) | |||
|
| |||
Net realized and unrealized loss | (56,624,845 | ) | ||
|
| |||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | (23,703,072 | ) | |
|
| |||
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable | $ | (276,484 | ) | |
(b) See Note 2 of the Notes to Financial Statements. | ||||
(c) Net of reduction in deferred foreign capital gain tax of | $ | 2,072,150 |
See notes to financial statements.
48 | 2 0 2 3 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 02/28/23 (unaudited) | Year Ended 08/31/22 | Six Months Ended 02/28/23 (unaudited) | Year Ended 08/31/22 | |||||||||||||||||||
| ||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||
Net investment income | $ | 29,945,004 | $ | 130,794,394 | $ | 25,699,987 | $ | 72,722,303 | ||||||||||||||
Net realized loss | (175,563,246 | ) | (410,931,587 | ) | (53,156,812 | ) | (90,777,201 | ) | ||||||||||||||
Net change in unrealized appreciation (depreciation) | 8,243,657 | (1,506,377,431 | ) | (15,883,825 | ) | (505,422,090 | ) | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
Net decrease in net assets resulting from operations | (137,374,585 | ) | (1,786,514,624 | ) | (43,340,650 | ) | (523,476,988 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (66,497,351 | )(b) | (171,869,925 | ) | (52,608,573 | )(b) | (51,969,537 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | 179,330,661 | (895,534,243 | ) | 946,749,274 | 1,601,141,901 | |||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
NET ASSETS | ||||||||||||||||||||||
Total increase (decrease) in net assets | (24,541,275 | ) | (2,853,918,792 | ) | 850,800,051 | 1,025,695,376 | ||||||||||||||||
Beginning of period | 4,251,524,672 | 7,105,443,464 | 2,307,161,973 | 1,281,466,597 | ||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
End of period | $ | 4,226,983,397 | $ | 4,251,524,672 | $ | 3,157,962,024 | $ | 2,307,161,973 | ||||||||||||||
|
|
|
|
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(b) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
See notes to financial statements.
FINANCIAL STATEMENTS | 49 |
Statements of Changes in Net Assets (continued)
iShares MSCI Emerging Markets Min Vol Factor ETF | iShares MSCI Emerging Markets Multifactor ETF | |||||||||||||||||||||
|
|
| ||||||||||||||||||||
Six Months Ended 02/28/23 (unaudited) | Year Ended 08/31/22 | Six Months Ended 02/28/23 (unaudited) | Year Ended 08/31/22 | |||||||||||||||||||
| ||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||
Net investment income | $ | 34,876,398 | $ | 136,267,262 | $ | 8,637,156 | $ | 28,827,105 | ||||||||||||||
Net realized gain (loss) | (126,384,387 | ) | 201,551,744 | (52,457,735 | ) | (12,052,611 | ) | |||||||||||||||
Net change in unrealized appreciation (depreciation) | 168,209,321 | (898,895,137 | ) | 735,369 | (173,736,750 | ) | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
Net increase (decrease) in net assets resulting from operations | 76,701,332 | (561,076,131 | ) | (43,085,210 | ) | (156,962,256 | ) | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (114,321,524 | ) | (76,156,771 | ) | (22,304,433 | ) | (24,269,864 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions | (1,069,910,806 | ) | 2,939,861,974 | 61,911,248 | 252,840,861 | |||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
NET ASSETS | ||||||||||||||||||||||
Total increase (decrease) in net assets | (1,107,530,998 | ) | 2,302,629,072 | (3,478,395 | ) | 71,608,741 | ||||||||||||||||
Beginning of period | 6,177,143,554 | 3,874,514,482 | 832,807,948 | 761,199,207 | ||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
End of period | $ | 5,069,612,556 | $ | 6,177,143,554 | $ | 829,329,553 | $ | 832,807,948 | ||||||||||||||
|
|
|
|
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
50 | 2 0 2 3 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Statements of Changes in Net Assets (continued)
iShares MSCI Global Min Vol Factor ETF | ||||||||||||||||
|
| |||||||||||||||
Six Months Ended 02/28/23 (unaudited) | Year Ended 08/31/22 | |||||||||||||||
| ||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS | ||||||||||||||||
OPERATIONS | ||||||||||||||||
Net investment income | $ | 32,921,773 | $ | 106,780,084 | ||||||||||||
Net realized gain (loss) | (35,171,219 | ) | 218,127,905 | |||||||||||||
Net change in unrealized appreciation (depreciation) | (21,453,626 | ) | (785,770,593 | ) | ||||||||||||
|
|
|
| |||||||||||||
Net decrease in net assets resulting from operations | (23,703,072 | ) | (460,862,604 | ) | ||||||||||||
|
|
|
| |||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) | ||||||||||||||||
Decrease in net assets resulting from distributions to shareholders | (56,913,394 | )(b) | (98,218,027 | ) | ||||||||||||
|
|
|
| |||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||
Net decrease in net assets derived from capital share transactions | (88,373,275 | ) | (270,611,429 | ) | ||||||||||||
|
|
|
| |||||||||||||
NET ASSETS | ||||||||||||||||
Total decrease in net assets | (168,989,741 | ) | (829,692,060 | ) | ||||||||||||
Beginning of period | 4,476,569,059 | 5,306,261,119 | ||||||||||||||
|
|
|
| |||||||||||||
End of period | $ | 4,307,579,318 | $ | 4,476,569,059 | ||||||||||||
|
|
|
|
(a) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(b) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
See notes to financial statements.
FINANCIAL STATEMENTS | 51 |
(For a share outstanding throughout each period)
iShares ESG Aware MSCI EM ETF | ||||||||||||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||||||||||||||||||
02/28/23 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||||||||||||||
(unaudited | ) | 08/31/22 | 08/31/21 | 08/31/20 | 08/31/19 | 08/31/18 | (a) | |||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 31.56 | $ | 43.35 | $ | 35.93 | $ | 32.03 | $ | 33.65 | $ | 34.58 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||
Net investment income(b) | 0.23 | 0.83 | 0.75 | 0.89 | 0.91 | 0.94 | ||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(c) | (0.83 | ) | (11.51 | ) | 7.23 | 3.89 | (1.85 | ) | (1.17 | ) | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||
Net increase (decrease) from investment operations | (0.60 | ) | (10.68 | ) | 7.98 | 4.78 | (0.94 | ) | (0.23 | ) | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||
Distributions from net investment income(d) | (0.53 | )(e) | (1.11 | ) | (0.56 | ) | (0.88 | ) | (0.68 | ) | (0.70 | ) | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||
Net asset value, end of period | $ | 30.43 | $ | 31.56 | $ | 43.35 | $ | 35.93 | $ | 32.03 | $ | 33.65 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||
Total Return(f) | ||||||||||||||||||||||||||||||||||||||||
Based on net asset value | (1.89 | )%(g) | (25.08 | )% | 22.30 | % | 15.11 | % | (2.76 | )% | (0.72 | )% | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||
Ratios to Average Net Assets(h) | ||||||||||||||||||||||||||||||||||||||||
Total expenses | 0.25 | %(i) | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||
Net investment income | 1.53 | %(i) | 2.20 | % | 1.76 | % | 2.75 | % | 2.76 | % | 2.63 | % | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 4,226,983 | $ | 4,251,525 | $ | 7,105,443 | $ | 3,654,480 | $ | 672,543 | $ | 329,753 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||
Portfolio turnover rate(j) | 22 | % | 41 | % | 41 | % | 46 | % | 34 | % | 45 | % | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
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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) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
(f) | Where applicable, assumes the reinvestment of distributions. |
(g) | Not annualized. |
(h) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(i) | Annualized. |
(j) | Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
52 | 2 0 2 3 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Emerging Markets ex China ETF | ||||||||||||||||||||||||||||||||||||||||
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Six Months Ended | ||||||||||||||||||||||||||||||||||||||||
02/28/23 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||||||||||||||
(unaudited | ) | 08/31/22 | 08/31/21 | 08/31/20 | 08/31/19 | 08/31/18 | ||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 49.62 | $ | 62.82 | $ | 46.00 | $ | 46.25 | $ | 49.59 | $ | 51.14 | ||||||||||||||||||||||||||||
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Net investment income(a) | 0.46 | 1.86 | 1.58 | 1.46 | 1.62 | 1.10 | ||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (1.24 | ) | (13.73 | ) | 16.09 | (0.05 | ) | (3.83 | ) | (1.80 | ) | |||||||||||||||||||||||||||||
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Net increase (decrease) from investment operations | (0.78 | ) | (11.87 | ) | 17.67 | 1.41 | (2.21 | ) | (0.70 | ) | ||||||||||||||||||||||||||||||
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Distributions from net investment income(c) | (0.85 | )(d) | (1.33 | ) | (0.85 | ) | (1.66 | ) | (1.13 | ) | (0.85 | ) | ||||||||||||||||||||||||||||
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Net asset value, end of period | $ | 47.99 | $ | 49.62 | $ | 62.82 | $ | 46.00 | $ | 46.25 | $ | 49.59 | ||||||||||||||||||||||||||||
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Total Return(e) | ||||||||||||||||||||||||||||||||||||||||
Based on net asset value | (1.56 | )%(f) | (19.17 | )% | 38.66 | % | 2.87 | % | (4.42 | )% | (1.41 | )% | ||||||||||||||||||||||||||||
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Ratios to Average Net Assets(g) | ||||||||||||||||||||||||||||||||||||||||
Total expenses | 0.25 | %(h) | 0.25 | % | 0.25 | % | 0.36 | % | 0.49 | % | 0.49 | % | ||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||
Total expenses after fees waived | 0.25 | %(h) | 0.25 | % | 0.22 | % | 0.16 | % | 0.26 | % | 0.41 | % | ||||||||||||||||||||||||||||
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Net investment income | 1.90 | %(h) | 3.34 | % | 2.65 | % | 3.24 | % | 3.38 | % | 2.09 | % | ||||||||||||||||||||||||||||
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Supplemental Data | ||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 3,157,962 | $ | 2,307,162 | $ | 1,281,467 | $ | 73,606 | $ | 27,748 | $ | 9,919 | ||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||
Portfolio turnover rate(i) | 8 | % | 21 | % | 51 | % | 18 | % | 10 | % | 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) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
(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 | 53 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Emerging Markets Min Vol Factor ETF | ||||||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||||||||||||||||||
02/28/23 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||||||||||||||
(unaudited | ) | 08/31/22 | 08/31/21 | (a) | 08/31/20 | (a) | 08/31/19 | (a) | 08/31/18 | (a) | ||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 54.86 | $ | 63.94 | $ | 55.97 | $ | 56.84 | $ | 59.22 | $ | 58.01 | ||||||||||||||||||||||||||||
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Net investment income(b) | 0.26 | 1.87 | 1.32 | (c) | 1.42 | 1.57 | 1.49 | |||||||||||||||||||||||||||||||||
Net realized and unrealized | (1.28 | ) | (9.86 | ) | 8.12 | (0.82 | ) | (2.46 | ) | 1.23 | ||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||
Net increase (decrease) from investment operations | (1.02 | ) | (7.99 | ) | 9.44 | 0.60 | (0.89 | ) | 2.72 | |||||||||||||||||||||||||||||||
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Distributions from net investment income(e) | (0.76 | ) | (1.09 | ) | (1.47 | ) | (1.47 | ) | (1.49 | ) | (1.51 | ) | ||||||||||||||||||||||||||||
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Net asset value, end of period | $ | 53.08 | $ | 54.86 | $ | 63.94 | $ | 55.97 | $ | 56.84 | $ | 59.22 | ||||||||||||||||||||||||||||
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Total Return(f) | ||||||||||||||||||||||||||||||||||||||||
Based on net asset value | (1.85 | )%(g) | (12.68 | )% | 17.04 | %(c) | 1.07 | % | (1.44 | )%(h) | 4.70 | % | ||||||||||||||||||||||||||||
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Ratios to Average Net Assets(i) | ||||||||||||||||||||||||||||||||||||||||
Total expenses | 0.70 | %(j) | 0.69 | % | 0.69 | % | 0.70 | % | 0.68 | % | 0.67 | % | ||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||
Total expenses after fees waived | 0.25 | %(j) | 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 | % | 0.69 | % | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
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Net investment income | 0.99 | %(j) | 3.14 | % | 2.15 | %(c) | 2.59 | % | 2.71 | % | 2.47 | % | ||||||||||||||||||||||||||||
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Supplemental Data | ||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 5,069,613 | $ | 6,177,144 | $ | 3,874,514 | $ | 4,248,258 | $ | 5,417,265 | $ | 4,666,697 | ||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||
Portfolio turnover rate(k) | 41 | % | 26 | % | 38 | % | 23 | % | 24 | % | 22 | % | ||||||||||||||||||||||||||||
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(a) | Consolidated Financial Highlights. |
(b) | Based on average shares outstanding. |
(c) | 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%.
(d) | 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. |
(e) | Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(f) | Where applicable, assumes the reinvestment of distributions. |
(g) | Not annualized. |
(h) | Includes payment received from an affiliate, which had no impact on the Fund’s total return. |
(i) | Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(j) | Annualized. |
(k) | Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
54 | 2 0 2 3 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Emerging Markets Multifactor ETF | ||||||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||||||||||||||||||
02/28/23 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||||||||||||||
(unaudited | ) | 08/31/22 | 08/31/21 | 08/31/20 | 08/31/19 | 08/31/18 | ||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 43.38 | $ | 53.61 | $ | 44.03 | $ | 40.35 | $ | 44.78 | $ | 46.04 | ||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||
Net investment income(a) | 0.45 | 1.64 | 1.23 | 1.11 | 1.47 | 1.39 | ||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (2.36 | ) | (10.49 | ) | 9.24 | 3.73 | (4.72 | ) | (1.63 | ) | ||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||
Net increase (decrease) from investment operations | (1.91 | ) | (8.85 | ) | 10.47 | 4.84 | (3.25 | ) | (0.24 | ) | ||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||
Distributions from net investment income(c) | (1.21 | ) | (1.38 | ) | (0.89 | ) | (1.16 | ) | (1.18 | ) | (1.02 | ) | ||||||||||||||||||||||||||||
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Net asset value, end of period | $ | 40.26 | $ | 43.38 | $ | 53.61 | $ | 44.03 | $ | 40.35 | $ | 44.78 | ||||||||||||||||||||||||||||
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Total Return(d) | ||||||||||||||||||||||||||||||||||||||||
Based on net asset value | (4.46 | )%(e) | (16.80 | )% | 23.97 | % | 12.17 | % | (7.16 | )% | (0.65 | )% | ||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||
Ratios to Average Net Assets(f) | ||||||||||||||||||||||||||||||||||||||||
Total expenses | 0.37 | %(g) | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | ||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||
Total expenses after fees waived | 0.37 | %(g) | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.42 | % | ||||||||||||||||||||||||||||
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Net investment income | 2.21 | %(g) | 3.41 | % | 2.44 | % | 2.71 | % | 3.55 | % | 2.87 | % | ||||||||||||||||||||||||||||
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Supplemental Data | ||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 829,330 | $ | 832,808 | $ | 761,199 | $ | 541,608 | $ | 411,575 | $ | 291,071 | ||||||||||||||||||||||||||||
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Portfolio turnover rate(h) | 93 | % | 54 | % | 49 | % | 45 | % | 53 | % | 39 | % | ||||||||||||||||||||||||||||
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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 | 55 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Global Min Vol Factor ETF | ||||||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||||||||||||||||||
02/28/23 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||||||||||||||
(unaudited | ) | 08/31/22 | 08/31/21 | 08/31/20 | 08/31/19 | 08/31/18 | ||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 95.04 | $ | 106.77 | $ | 93.16 | $ | 93.54 | $ | 87.04 | $ | 81.13 | ||||||||||||||||||||||||||||
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Net investment income(a) | 0.70 | 2.18 | 1.97 | 2.13 | 2.16 | 1.82 | ||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) | (1.30 | ) | (11.91 | ) | 13.38 | (0.18 | ) | 6.36 | 5.85 | |||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||
Net increase (decrease) from investment operations | (0.60 | ) | (9.73 | ) | 15.35 | 1.95 | 8.52 | 7.67 | ||||||||||||||||||||||||||||||||
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Distributions from net investment income(c) | (1.20 | )(d) | (2.00 | ) | (1.74 | ) | (2.33 | ) | (2.02 | ) | (1.76 | ) | ||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||
Net asset value, end of period | $ | 93.24 | $ | 95.04 | $ | 106.77 | $ | 93.16 | $ | 93.54 | $ | 87.04 | ||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||
Total Return(e) | ||||||||||||||||||||||||||||||||||||||||
Based on net asset value | (0.68 | )%(f) | (9.21 | )% | 16.63 | % | 2.13 | % | 9.99 | % | 9.56 | % | ||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||
Ratios to Average Net Assets(g) | ||||||||||||||||||||||||||||||||||||||||
Total expenses | 0.32 | %(h) | 0.32 | % | 0.32 | % | 0.32 | % | 0.32 | % | 0.31 | % | ||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||
Total expenses after fees waived | 0.20 | %(h) | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | ||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||
Net investment income | 1.49 | %(h) | 2.13 | % | 2.00 | % | 2.33 | % | 2.45 | % | 2.17 | % | ||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||
Supplemental Data | ||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) | $ | 4,307,579 | $ | 4,476,569 | $ | 5,306,261 | $ | 5,924,818 | $ | 5,275,720 | $ | 3,342,400 | ||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||
Portfolio turnover rate(i) | 12 | % | 23 | % | 25 | % | 22 | % | 21 | % | 23 | % | ||||||||||||||||||||||||||||
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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) | A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
(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.
56 | 2 0 2 3 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 |
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, 2023, if any, are disclosed in the Statements of Assets and Liabilities.
The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.
Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.
In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.
NOTES TO FINANCIAL STATEMENTS | 57 |
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. The Board of Directors of the Company (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
• | Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price. |
• | Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s 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 is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.
Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.
Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• | Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access; |
• | Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and |
• | Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
58 | 2 0 2 3 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
4. | SECURITIES AND OTHER INVESTMENTS |
Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.
Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.
As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:
| ||||||||||||||||
iShares ETF and Counterparty | | Securities Loaned at Value | | | Cash Collateral Received | (a) | | Non-Cash Collateral Received, at Fair Value | (a) | Net Amount | ||||||
| ||||||||||||||||
ESG Aware MSCI EM | ||||||||||||||||
Barclays Capital, Inc. | $ | 1,420,870 | $ | (1,420,870 | ) | $ | — | $ | — | |||||||
Citigroup Global Markets, Inc. | 1,728,982 | (1,728,982 | ) | — | — | |||||||||||
J.P. Morgan Securities LLC | 12,525,805 | (12,525,805 | ) | — | — | |||||||||||
State Street Bank & Trust Co. | 228,467 | (228,467 | ) | — | — | |||||||||||
UBS AG | 1,294,623 | (1,294,623 | ) | — | — | |||||||||||
|
|
|
|
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| |||||||||
$ | 17,198,747 | $ | (17,198,747 | ) | $ | — | $ | — | ||||||||
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|
|
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|
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| |||||||||
MSCI Emerging Markets ex China | ||||||||||||||||
BofA Securities, Inc. | $ | 243,949 | $ | (243,949 | ) | $ | — | $ | — | |||||||
Citigroup Global Markets, Inc. | 183,836 | (183,836 | ) | — | — | |||||||||||
J.P. Morgan Securities LLC | 5,174,538 | (5,174,538 | ) | — | — | |||||||||||
Macquarie Bank Ltd. | 448,577 | (448,577 | ) | — | — | |||||||||||
Morgan Stanley | 4,946,486 | (4,946,486 | ) | — | — | |||||||||||
Nomura Securities International, Inc. | 1,218,711 | (1,218,711 | ) | — | — | |||||||||||
UBS AG | 257,363 | (257,363 | ) | — | — | |||||||||||
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| |||||||||
$ | 12,473,460 | $ | (12,473,460 | ) | $ | — | $ | — | ||||||||
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|
|
NOTES TO FINANCIAL STATEMENTS | 59 |
Notes to Financial Statements (unaudited) (continued)
| ||||||||||||||||
iShares ETF and Counterparty | | Securities Loaned at Value | | | Cash Collateral Received | (a) | | Non-Cash Collateral Received, at Fair Value | (a) | Net Amount | ||||||
| ||||||||||||||||
MSCI Emerging Markets Min Vol Factor | ||||||||||||||||
Citigroup Global Markets, Inc. | $ | 2,521,229 | $ | (2,521,229 | ) | $ | — | $ | — | |||||||
Goldman Sachs & Co. LLC | 776,554 | (776,554 | ) | — | — | |||||||||||
HSBC Bank PLC | 168,907 | (168,907 | ) | — | — | |||||||||||
J.P. Morgan Securities LLC | 3,170,815 | (3,170,815 | ) | — | — | |||||||||||
Macquarie Bank Ltd. | 114,365 | (114,365 | ) | — | — | |||||||||||
Morgan Stanley | 14,441,421 | (14,441,421 | ) | — | — | |||||||||||
Pershing LLC | 346,350 | (346,350 | ) | — | — | |||||||||||
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$ | 21,539,641 | $ | (21,539,641 | ) | $ | — | $ | — | ||||||||
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MSCI Emerging Markets Multifactor | ||||||||||||||||
Barclays Bank PLC | $ | 601,334 | $ | (601,334 | ) | $ | — | $ | — | |||||||
HSBC Bank PLC | 1,008,646 | (1,008,646 | ) | — | — | |||||||||||
Morgan Stanley | 364,723 | (364,723 | ) | — | — | |||||||||||
Wells Fargo Bank N.A. | 136,412 | (136,412 | ) | — | — | |||||||||||
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$ | 2,111,115 | $ | (2,111,115 | ) | $ | — | $ | — | ||||||||
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MSCI Global Min Vol Factor | ||||||||||||||||
Barclays Capital, Inc. | $ | 1,491,427 | $ | (1,491,427 | ) | $ | — | $ | — | |||||||
BofA Securities, Inc. | 94,991 | (94,991 | ) | — | — | |||||||||||
Citigroup Global Markets, Inc. | 3,639,910 | (3,639,910 | ) | — | — | |||||||||||
J.P. Morgan Securities LLC | 51,080 | (51,080 | ) | — | — | |||||||||||
Morgan Stanley | 21,963,656 | (21,963,656 | ) | — | — | |||||||||||
Scotia Capital (USA), Inc. | 369,793 | (369,793 | ) | — | — | |||||||||||
SG Americas Securities LLC | 589,101 | (589,101 | ) | — | — | |||||||||||
State Street Bank & Trust Co. | 5,224,271 | (5,224,271 | ) | — | — | |||||||||||
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$ | 33,424,229 | $ | (33,424,229 | ) | $ | — | $ | — | ||||||||
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(a) | Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s Statements of Assets and Liabilities. |
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.
5. | DERIVATIVE FINANCIAL INSTRUMENTS |
Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).
Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.
Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.
60 | 2 0 2 3 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
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 of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:
iShares ETF | Investment Advisory Fees | |||
ESG Aware MSCI EM | 0.25 | % | ||
MSCI Emerging Markets ex China | 0.25 | |||
MSCI Emerging Markets Multifactor | 0.25 |
Effective December 16, 2022, for its investment advisory services to the iShares MSCI Emerging Markets Multifactor ETF, BFA is entitled to an annual investment advisory fee of 0.25%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund. Prior to December 16, 2022, BFA was entitled to an annual investment advisory fee of 0.45%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.
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 Fees | |||
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 Fees | |||
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 |
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 Statements of Operations does not include acquired fund fees and expenses.
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, 2027 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.
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.
These amounts are included in investment advisory fees waived in the Statements of Operations. For the six months ended February 28, 2023, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:
iShares ETF | Amounts Waived | |||
MSCI Emerging Markets Min Vol Factor | $ | 15,835,823 | ||
MSCI Global Min Vol Factor | 2,754,019 |
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.
NOTES TO FINANCIAL STATEMENTS | 61 |
Notes to Financial Statements (unaudited) (continued)
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, 2023, the Funds paid BTC the following amounts for securities lending agent services:
iShares ETF | Amounts | |||
ESG Aware MSCI EM | $ | 70,541 | ||
MSCI Emerging Markets ex China | 46,259 | |||
MSCI Emerging Markets Min Vol Factor | 102,928 | |||
MSCI Emerging Markets Multifactor | 6,250 | |||
MSCI Global Min Vol Factor | 15,866 |
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, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:
iShares ETF | Purchases | Sales | Net Realized Gain (Loss) | |||||||||
ESG Aware MSCI EM | $ | 27,528,121 | $ | 27,853,384 | $ | (8,548,357) | ||||||
MSCI Emerging Markets ex China | 439,243 | 3,926,783 | (600,283) | |||||||||
MSCI Emerging Markets Min Vol Factor | 40,606,923 | 4,601,212 | (3,389,680) | |||||||||
MSCI Emerging Markets Multifactor | 64,465,789 | 32,115,050 | (6,091,764) | |||||||||
MSCI Global Min Vol Factor | 53,607,239 | 57,904,689 | (2,070,175) |
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.
62 | 2 0 2 3 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
7. | PURCHASES AND SALES |
For the six months ended February 28, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:
iShares ETF | Purchases | Sales | ||||||
ESG Aware MSCI EM | $ | 1,018,320,712 | $ | 879,530,404 | ||||
MSCI Emerging Markets ex China | 933,697,319 | 203,679,004 | ||||||
MSCI Emerging Markets Min Vol Factor | 2,812,515,578 | 3,631,598,644 | ||||||
MSCI Emerging Markets Multifactor | 782,800,404 | 729,293,777 | ||||||
MSCI Global Min Vol Factor | 535,784,373 | 521,885,524 |
For the six months ended February 28, 2023, in-kind transactions were as follows:
iShares ETF | In-kind Purchases | In-kind Sales | ||||||
ESG Aware MSCI EM | $ | 73,640,936 | $ | 59,510,312 | ||||
MSCI Emerging Markets ex China | 191,439,345 | 8,465,555 | ||||||
MSCI Emerging Markets Min Vol Factor | 226,861,553 | 520,791,248 | ||||||
MSCI Emerging Markets Multifactor | 11,526,884 | 11,566,473 | ||||||
MSCI Global Min Vol Factor | 14,989,813 | 136,558,689 |
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, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.
As of August 31, 2022, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:
iShares ETF | Amounts | |||
ESG Aware MSCI EM | $ | 534,906,743 | ||
MSCI Emerging Markets ex China | 75,036,477 | |||
MSCI Emerging Markets Min Vol Factor | 841,944,154 | |||
MSCI Emerging Markets Multifactor | 72,557,982 | |||
MSCI Global Min Vol Factor | 186,666,076 |
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, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:
iShares ETF | Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||||||||||
ESG Aware MSCI EM | $ | 4,571,835,935 | $ | 505,423,143 | $ | (845,099,545 | ) | $ | (339,676,402 | ) | ||||||
MSCI Emerging Markets ex China | 3,630,645,799 | 95,660,677 | (565,269,971 | ) | (469,609,294 | ) | ||||||||||
MSCI Emerging Markets Min Vol Factor | 4,802,478,273 | 370,583,111 | (89,086,920 | ) | 281,496,191 | |||||||||||
MSCI Emerging Markets Multifactor | 848,717,613 | 33,572,749 | (51,244,675 | ) | (17,671,926 | ) | ||||||||||
MSCI Global Min Vol Factor | 4,038,538,432 | 622,224,058 | (324,466,792 | ) | 297,757,266 |
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 11, 2023. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b)
NOTES TO FINANCIAL STATEMENTS | 63 |
Notes to Financial Statements (unaudited) (continued)
the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.
For the six months ended February 28, 2023, 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 | |||||||||
ESG Aware MSCI EM | $ | 22,195,000 | $ | 1,589,409 | 4.29 | % | ||||||
MSCI Emerging Markets ex China | 11,500,000 | 467,956 | 5.01 | |||||||||
MSCI Emerging Markets Min Vol Factor | 1,900,000 | 1,557,459 | 5.01 | |||||||||
MSCI Emerging Markets Multifactor | 127,400,000 | 1,363,536 | 4.29 | |||||||||
MSCI Global Min Vol Factor | 18,250,000 | 705,801 | 4.91 |
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.
Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.
Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.
The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.
Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and
64 | 2 0 2 3 I SHARES SEMI - ANNUAL REPORT TO SHAREHOLDERS |
Notes to Financial Statements (unaudited) (continued)
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 China or with significant exposure to Chinese issuers. Investments in Chinese securities, including certain Hong Kong-listed securities, involve 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.
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 Funds may be exposed to financial instruments that are tied to the London Interbank Offered Rate (“LIBOR”) to determine payment obligations, financing terms, hedging strategies or investment value. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, announced that a majority of USD LIBOR settings will no longer be published after June 30, 2023. All other LIBOR settings and certain other interbank offered rates ceased to be published after December 31, 2021. SOFR has been used increasingly on a voluntary basis in new instruments and transactions. The Federal Reserve Board adopted regulations that provide a fallback mechanism by identifying benchmark rates based on SOFR that will replace LIBOR in certain financial contracts after June 30, 2023. 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.
NOTES TO FINANCIAL STATEMENTS | 65 |
Notes to Financial Statements (unaudited) (continued)
Transactions in capital shares were as follows:
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Six Months Ended 02/28/23 | Year Ended 08/31/22 | |||||||||||||||
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iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
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ESG Aware MSCI EM | ||||||||||||||||
Shares sold | 14,700,000 | $ | 478,001,451 | 19,900,000 | $ | 784,318,752 | ||||||||||
Shares redeemed | (10,500,000 | ) | (298,670,790 | ) | (49,100,000 | ) | (1,679,852,995 | ) | ||||||||
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4,200,000 | $ | 179,330,661 | (29,200,000 | ) | $ | (895,534,243 | ) | |||||||||
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MSCI Emerging Markets ex China | ||||||||||||||||
Shares sold | 20,300,000 | $ | 992,318,353 | 30,600,000 | $ | 1,819,166,668 | ||||||||||
Shares redeemed | (1,000,000 | ) | (45,569,079 | ) | (4,500,000 | ) | (218,024,767 | ) | ||||||||
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19,300,000 | $ | 946,749,274 | 26,100,000 | $ | 1,601,141,901 | |||||||||||
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MSCI Emerging Markets Min Vol Factor | ||||||||||||||||
Shares sold | 43,000,000 | $ | 2,215,372,855 | 54,400,000 | $ | 3,087,685,688 | ||||||||||
Shares redeemed | (60,100,000 | ) | (3,285,283,661 | ) | (2,400,000 | ) | (147,823,714 | ) | ||||||||
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(17,100,000 | ) | $ | (1,069,910,806 | ) | 52,000,000 | $ | 2,939,861,974 | |||||||||
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MSCI Emerging Markets Multifactor | ||||||||||||||||
Shares sold | 2,100,000 | $ | 90,321,348 | 5,400,000 | $ | 270,269,841 | ||||||||||
Shares redeemed | (700,000 | ) | (28,410,100 | ) | (400,000 | ) | (17,428,980 | ) | ||||||||
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1,400,000 | $ | 61,911,248 | 5,000,000 | $ | 252,840,861 | |||||||||||
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MSCI Global Min Vol Factor | ||||||||||||||||
Shares sold | 800,000 | $ | 76,287,345 | 4,800,000 | $ | 492,333,800 | ||||||||||
Shares redeemed | (1,700,000 | ) | (164,660,620 | ) | (7,400,000 | ) | (762,945,229 | ) | ||||||||
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(900,000 | ) | $ | (88,373,275 | ) | (2,600,000 | ) | $ | (270,611,429 | ) | |||||||
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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:
On December 12, 2022, the Board approved a proposal to change MSCI Emerging Markets Multifactor’s index to STOXX Emerging Markets Equity Factor Index and change the name of the Fund to iShares Emerging Markets Equity Factor ETF. The changes became effective on March 1, 2023.
66 | 2 0 2 3 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 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, 2022 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40Act Liquidity Risk Management Committee (the “Committee”).At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2021 through September 30, 2022 (the “Program Reporting Period”).
The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays, the imposition of capital controls in certain non-U.S. countries, Russian sanctions and the closure of the Russian securities market.
The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:
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. The Committee also considered that ETFs generally do not engage in borrowing. |
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. However, there were no ETFs with persistent deviations of fund premium/discount or bid/ask spreads from long-term averages over the Program Reporting Period. |
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. |
There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.
STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM | 67 |
Supplemental Information (unaudited)
Section 19(a) Notices
The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.
February 28, 2023
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) | $ | 0.517611 | $ | — | $ | 0.013518 | $ | 0.531129 | 97 | % | — | % | 3 | % | 100 | % | ||||||||||||||||
MSCI Emerging Markets ex China(a) | 0.843932 | — | 0.001865 | 0.845797 | 100 | — | 0 | (b) | 100 | |||||||||||||||||||||||
MSCI Global Min Vol Factor(a) | 1.185893 | — | 0.017350 | 1.203243 | 99 | — | 1 | 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%. |
68 | 2 0 2 3 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.
GENERAL INFORMATION | 69 |
Glossary of Terms Used in this Report
Portfolio Abbreviation | ||
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 |
70 | 2 0 2 3 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.
©2023 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-816-0223
(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/ Dominik Rohe | ||
Dominik Rohe, President (Principal Executive Officer) |
Date: | April 20, 2023 |
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/ Dominik Rohe | ||
Dominik Rohe, President (Principal Executive Officer) |
Date: | April 20, 2023 |
By: /s/ Trent Walker | ||
Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer) |
Date: | April 20, 2023 |