Schedule of Investments (unaudited) | iShares® Frontier and Select EM ETF |
May 31, 2024 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Bahrain — 0.9% | ||||||||
Aluminium Bahrain BSC | 1,152,509 | $ | 3,667,977 | |||||
Bangladesh — 0.6% | ||||||||
Bangladesh Export Import Co. Ltd. | 2,820,442 | 2,494,546 | ||||||
Colombia — 2.2% | ||||||||
Bancolombia SA | 409,989 | 3,809,833 | ||||||
Interconexion Electrica SA ESP | 1,157,709 | 5,735,624 | ||||||
9,545,457 | ||||||||
Egypt — 0.9% | ||||||||
Commercial International Bank - Egypt (CIB) | 720,000 | 1,191,115 | ||||||
Eastern Co. SAE | 4,269,671 | 2,495,911 | ||||||
3,687,026 | ||||||||
Estonia — 0.8% | ||||||||
Enefit Green AS, NVS | 284,648 | 944,485 | ||||||
LHV Group AS, NVS | 258,540 | 987,461 | ||||||
Tallink Grupp AS(a) | 1,076,944 | 872,583 | ||||||
TKM Grupp A/S | 47,041 | 494,085 | ||||||
3,298,614 | ||||||||
Jordan — 1.9% | ||||||||
Arab Bank PLC | 310,464 | 1,923,287 | ||||||
Capital Bank of Jordan | 94,597 | 262,396 | ||||||
Jordan Ahli Bank, NVS | 121,276 | 177,340 | ||||||
Jordan Islamic Bank | 64,075 | 364,386 | ||||||
Jordan Petroleum Refinery Co. | 447,464 | 3,055,191 | ||||||
Jordan Phosphate Mines Co. | 113,570 | 1,778,913 | ||||||
Jordanian Electric Power Co. | 221,877 | 660,637 | ||||||
8,222,150 | ||||||||
Kazakhstan — 12.6% | ||||||||
Halyk Savings Bank of Kazakhstan JSC, GDR(b) | 260,701 | 4,666,548 | ||||||
Kaspi.KZ JSC | 288,813 | 36,505,963 | ||||||
NAC Kazatomprom JSC, GDR(b) | 305,502 | 12,660,153 | ||||||
53,832,664 | ||||||||
Lithuania — 0.6% | ||||||||
Ignitis Grupe AB | 76,892 | 1,516,787 | ||||||
Siauliu Bankas AB | 1,157,987 | 871,992 | ||||||
2,388,779 | ||||||||
Morocco — 5.5% | ||||||||
Akdital Holding, NVS | 23,208 | 1,571,164 | ||||||
Attijariwafa Bank | 124,665 | 6,448,751 | ||||||
Banque Centrale Populaire | 56,473 | 1,662,548 | ||||||
Douja Promotion Groupe Addoha SA(a) | 551,199 | 1,660,938 | ||||||
Hightech Payment Systems SA, NVS | 14,020 | 774,523 | ||||||
Itissalat Al-Maghrib | 852,095 | 7,874,078 | ||||||
Societe d'Exploitation des Ports | 123,470 | 3,571,723 | ||||||
23,563,725 | ||||||||
Nigeria — 1.1% | ||||||||
Afriland Properties PLC(a) | 8,020 | 9 | ||||||
Dangote Cement PLC | 11,938,113 | 4,611,623 | ||||||
4,611,632 | ||||||||
Oman — 2.9% | ||||||||
Abraj Energy Services SAOG, NVS | 860,706 | 661,824 | ||||||
Bank Muscat SAOG | 5,341,310 | 3,593,712 | ||||||
Bank Nizwa SAOG | 3,090,772 | 899,250 | ||||||
National Bank of Oman SAOG | 673,597 | 491,599 | ||||||
Oman Telecommunications Co. SAOG | 1,913,428 | 5,253,912 | ||||||
Omani Qatari Telecommunications Co. SAOG | 1,295,602 | 1,009,691 | ||||||
Renaissance Services SAOG | 523,300 | 543,759 | ||||||
12,453,747 |
Security | Shares | Value | ||||||
Pakistan — 3.9% | ||||||||
Engro Corp. Ltd./Pakistan | 827,742 | $ | 998,817 | |||||
Engro Fertilizers Ltd. | 2,387,726 | 1,374,651 | ||||||
Fauji Fertilizer Co. Ltd. | 1,182,988 | 602,121 | ||||||
Habib Bank Ltd. | 902,872 | 369,381 | ||||||
Hub Power Co. Ltd. (The) | 4,677,593 | 2,405,066 | ||||||
Lucky Cement Ltd. | 1,140,207 | 3,678,992 | ||||||
Mari Petroleum Co. Ltd. | 91,020 | 906,920 | ||||||
MCB Bank Ltd. | 691,127 | 516,401 | ||||||
Millat Tractors Ltd. | 745,999 | 1,693,993 | ||||||
Oil & Gas Development Co. Ltd. | 2,369,390 | 1,135,314 | ||||||
Pakistan Oilfields Ltd. | 548,052 | 963,938 | ||||||
Pakistan Petroleum Ltd. | 2,204,003 | 948,930 | ||||||
Systems Ltd. | 635,677 | 1,045,059 | ||||||
United Bank Ltd./Pakistan | 194,022 | 155,592 | ||||||
16,795,175 | ||||||||
Peru — 6.4% | ||||||||
Cia. de Minas Buenaventura SAA, ADR | 274,110 | 4,906,569 | ||||||
Credicorp Ltd. | 47,318 | 7,822,612 | ||||||
Southern Copper Corp. | 121,266 | 14,385,785 | ||||||
27,114,966 | ||||||||
Philippines — 3.5% | ||||||||
Alliance Global Group Inc. | 1,470,500 | 232,938 | ||||||
AREIT Inc. | 900,100 | 510,651 | ||||||
Ayala Corp. | 123,520 | 1,257,659 | ||||||
Ayala Land Inc. | 2,742,400 | 1,233,261 | ||||||
Bank of the Philippine Islands | 273,628 | 562,032 | ||||||
BDO Unibank Inc. | 407,038 | 904,220 | ||||||
Bloomberry Resorts Corp.(a) | 2,049,300 | 371,199 | ||||||
Century Pacific Food Inc. | 630,900 | 403,991 | ||||||
Converge Information and Communications Technology | ||||||||
Solutions Inc.(a) | 2,090,200 | 385,375 | ||||||
GT Capital Holdings Inc. | 74,670 | 768,080 | ||||||
International Container Terminal Services Inc. | 279,400 | 1,630,947 | ||||||
JG Summit Holdings Inc. | 378,910 | 200,721 | ||||||
Jollibee Foods Corp. | 127,580 | 472,481 | ||||||
LT Group Inc. | 920,800 | 164,901 | ||||||
Manila Electric Co. | 102,600 | 643,792 | ||||||
Megaworld Corp. | 18,959,000 | 583,154 | ||||||
Metropolitan Bank & Trust Co. | 351,040 | 372,633 | ||||||
PLDT Inc. | 58,345 | 1,475,734 | ||||||
Puregold Price Club Inc. | 837,800 | 360,775 | ||||||
Robinsons Land Corp. | 404,400 | 112,417 | ||||||
Security Bank Corp. | 38,710 | 48,751 | ||||||
SM Prime Holdings Inc. | 3,579,800 | 1,650,811 | ||||||
Universal Robina Corp. | 134,010 | 245,029 | ||||||
Wilcon Depot Inc. | 1,575,400 | 538,414 | ||||||
15,129,966 | ||||||||
Romania — 9.6% | ||||||||
Banca Transilvania SA | 1,585,982 | 10,788,758 | ||||||
BRD-Groupe Societe Generale SA | 504,900 | 2,091,595 | ||||||
MAS P.L.C.(a)(c) | 2,320,466 | 2,120,969 | ||||||
MED Life SA(a) | 549,998 | 611,575 | ||||||
OMV Petrom SA | 49,552,118 | 7,589,744 | ||||||
One United Properties SA | 2,201,399 | 427,847 | ||||||
Societatea De Producere A Energiei Electrice in | ||||||||
Hidrocentrale Hidroelectrica SA(a) | 336,020 | 9,780,589 | ||||||
Societatea Energetica Electrica SA | 520,872 | 1,569,487 | ||||||
Societatea Nationala de Gaze Naturale ROMGAZ SA | 2,248,250 | 2,661,724 | ||||||
Societatea Nationala Nuclearelectrica SA | 204,248 | 2,057,481 | ||||||
Teraplast SA(a) | 1,550,108 | 190,616 |
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Schedule of Investments (unaudited) (continued) | iShares® Frontier and Select EM ETF |
May 31, 2024 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Romania (continued) | ||||||||
TTS Transport Trade Services SA, NVS | 155,369 | $ | 877,370 | |||||
40,767,755 | ||||||||
Sri Lanka — 0.7% | ||||||||
Commercial Bank of Ceylon PLC | 1,201,260 | 420,968 | ||||||
John Keells Holdings PLC | 3,166,905 | 2,169,760 | ||||||
Sampath Bank PLC | 2,131,353 | 553,736 | ||||||
3,144,464 | ||||||||
Vietnam — 27.7% | ||||||||
Bank for Foreign Trade of Vietnam JSC(a) | 1,461,510 | 5,015,983 | ||||||
Bank for Investment and Development of | ||||||||
Vietnam JSC(a) | 788,103 | 1,462,316 | ||||||
Binh Dinh Pharmaceutical & Medical Equipment | ||||||||
JSC, NVS(a) | 257,100 | 529,447 | ||||||
CEO Group JSC(a) | 713,700 | 527,306 | ||||||
DABACO Vietnam Group JSC, NVS(a) | 984,900 | 1,380,966 | ||||||
Dat Xanh Group JSC(a) | 1,601,310 | 1,063,774 | ||||||
Development Investment Construction JSC(a) | 1,585,154 | 1,741,795 | ||||||
Digiworld Corp., NVS | 356,600 | 918,063 | ||||||
Duc Giang Chemicals JSC | 664,294 | 3,304,911 | ||||||
EVN Finance JSC, NVS(a) | 1,540,400 | 961,988 | ||||||
FPT Digital Retail JSC | 193,045 | 1,299,044 | ||||||
FPT Securities JSC, NVS | 523,040 | 940,663 | ||||||
Gelex Group JSC(a) | 1,835,784 | 1,697,933 | ||||||
Ha Do Group JSC(a) | 377,985 | 504,556 | ||||||
HAGL JSC(a) | 2,027,100 | 1,159,054 | ||||||
Hoa Phat Group JSC(a) | 12,055,233 | 13,597,168 | ||||||
Hoa Sen Group | 1,161,740 | 1,000,375 | ||||||
Hoang Huy Investment Financial Services JSC | 1,237,500 | 963,683 | ||||||
IDICO Corp. JSC | 344,850 | 864,649 | ||||||
Khang Dien House Trading and Investment JSC(a) | 1,366,396 | 1,950,079 | ||||||
KIDO Group Corp. | 505,072 | 1,290,196 | ||||||
Kinh Bac City Development Share Holding Corp.(a) | 1,188,160 | 1,475,544 | ||||||
Kosy JSC, NVS(a) | 574,000 | 882,018 | ||||||
Masan Group Corp.(a) | 2,483,956 | 7,510,746 | ||||||
Nam Kim Steel JSC(a) | 1,157,500 | 1,115,888 | ||||||
Novaland Investment Group Corp.(a) | 3,449,633 | 1,971,937 | ||||||
PC1 Group JSC, NVS(a) | 832,315 | 929,587 | ||||||
PetroVietNam Ca Mau Fertilizer JSC | 311,500 | 461,228 | ||||||
PetroVietnam Drilling & Well Services JSC(a) | 1,085,234 | 1,354,890 | ||||||
PetroVietnam Fertilizer & Chemicals JSC | 573,000 | 813,601 | ||||||
PetroVietnam Gas JSC | 214,040 | 675,642 | ||||||
PetroVietnam Power Corp.(a) | 3,445,740 | 1,707,800 | ||||||
PetroVietnam Technical Services Corp. | 932,298 | 1,590,133 | ||||||
Petrovietnam Transportation Corp. | 785,460 | 935,192 | ||||||
Phat Dat Real Estate Development Corp.(a) | 1,188,036 | 1,184,501 | ||||||
Sai Gon-Ha Noi Securities JSC(a) | 2,213,350 | 1,583,108 | ||||||
Saigon - Hanoi Commercial Joint Stock Bank(a) | 3,667,903 | 1,647,269 | ||||||
Saigon Beer Alcohol Beverage Corp. | 327,660 | 752,763 | ||||||
Song da Urban & Industrial Zone Investment & | ||||||||
Development JSC, NVS(a) | 231,200 | 569,698 | ||||||
SSI Securities Corp. | 3,910,541 | 5,362,632 | ||||||
Tasco JSC(a) | 594,300 | 448,431 | ||||||
Thanh Thanh Cong - Bien Hoa JSC(a) | 1,694,797 | 783,625 | ||||||
Van Phu - Invest Investment JSC(a) | 470,480 | 1,100,138 | ||||||
Viet Capital Securities JSC | 1,129,170 | 2,121,020 | ||||||
Vietjet Aviation JSC(a) | 636,590 | 2,685,254 | ||||||
Vietnam Construction and Import-Export JSC(a) | 1,068,488 | 969,806 | ||||||
Vietnam Dairy Products JSC | 3,029,474 | 7,799,082 | ||||||
Vietnam Export Import Commercial JSB, NVS(a) | 1,829,234 | 1,438,754 |
Security | Shares | Value | ||||||
Vietnam (continued) | ||||||||
Viettel Construction Joint Stock Corp., NVS | 174,700 | $ | 906,541 | |||||
Vincom Retail JSC(a) | 3,602,280 | 3,091,864 | ||||||
Vingroup JSC(a) | 4,514,734 | 7,747,255 | ||||||
Vinh Hoan Corp. | 415,480 | 1,213,285 | ||||||
Vinhomes JSC(a)(d) | 5,854,188 | 8,964,194 | ||||||
VIX Securities JSC(a) | 2,181,700 | 1,554,715 | ||||||
Vndirect Securities Corp.(a) | 3,396,687 | 2,390,914 | ||||||
117,913,004 | ||||||||
Total Common Stocks — 81.8% | ||||||||
(Cost: $274,280,220) | 348,631,647 | |||||||
Preferred Stocks | ||||||||
Colombia — 1.6% | ||||||||
Bancolombia SA, Preference Shares, NVS | 747,952 | 6,598,005 | ||||||
Total Preferred Stocks — 1.6% | ||||||||
(Cost: $4,792,292) | 6,598,005 | |||||||
Rights | ||||||||
Vietnam — 0.1% | ||||||||
Phat Dat Real Estate Development Corp., | ||||||||
(Expires 06/12/24, Strike Price VND 10,000.00) | 1,188,036 | 129,033 | ||||||
VNDirect Securities Corp., | ||||||||
(Expires 07/10/24, Strike Price VND 10,000.00) | 646,988 | 198,326 | ||||||
327,359 | ||||||||
Total Rights — 0.1% | ||||||||
(Cost: $—) | 327,359 | |||||||
Total Long-Term Investments — 83.5% | ||||||||
(Cost: $279,072,512) | 355,557,011 | |||||||
Short-Term Securities | ||||||||
Money Market Funds — 12.3% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency | ||||||||
Shares, 5.49%(e)(f)(g) | 833,818 | 834,068 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, | ||||||||
5.28%(e)(f) | 51,700,000 | 51,700,000 | ||||||
Total Short-Term Securities — 12.3% | ||||||||
(Cost: $52,534,257) | 52,534,068 | |||||||
Total Investments — 95.8% | ||||||||
(Cost: $331,606,769) | 408,091,079 | |||||||
Other Assets Less Liabilities — 4.2% | 17,921,921 | |||||||
Net Assets—100.0% | $ | 426,013,000 |
(a) | Non-income producing security. |
(b) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
(c) | All or a portion of this security is on loan. |
(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. |
2
Schedule of Investments (unaudited) (continued) | iShares® Frontier and Select EM ETF |
May 31, 2024 |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended May 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 08/31/23 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 05/31/24 | Shares Held at 05/31/24 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | — | $ | 835,674 | (a) | $ | — | $ | (1,417 | ) | $ | (189 | ) | $ | 834,068 | 833,818 | $ | 3,325 | (b) | $ | — | |||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | — | 51,700,000 | (a) | — | — | — | 51,700,000 | 51,700,000 | 493,196 | — | ||||||||||||||||||||||||||
$ | (1,417 | ) | $ | (189 | ) | $ | 52,534,068 | $ | 496,521 | $ | — |
(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 | 357 | 06/21/24 | $ | 18,859 | $ | 145,608 |
Forward Foreign Currency Exchange Contracts
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||||||||||
EGP | 284,000,000 | USD | 5,163,636 | Bank of America N.A. | 01/27/25 | $ | 409,362 | |||||||||||
USD | 4,939,130 | EGP | 284,000,000 | Citibank N.A. | 01/27/25 | (633,868 | ) | |||||||||||
$ | (224,506 | ) |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• | Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access; |
• | Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and |
• | Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about
3
Schedule of Investments (unaudited) (continued) | iShares® Frontier and Select EM ETF |
May 31, 2024 |
Fair Value Hierarchy as of Period End (continued)
the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Common Stocks | $ | 196,489,725 | $ | 152,141,922 | $ | — | $ | 348,631,647 | ||||||||
Preferred Stocks | 6,598,005 | — | — | 6,598,005 | ||||||||||||
Rights | — | 327,359 | — | 327,359 | ||||||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 52,534,068 | — | — | 52,534,068 | ||||||||||||
$ | 255,621,798 | $ | 152,469,281 | $ | — | $ | 408,091,079 | |||||||||
Derivative Financial Instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Equity Contracts | $ | 145,608 | $ | — | $ | — | $ | 145,608 | ||||||||
Foreign Currency Exchange Contracts | — | 409,362 | — | 409,362 | ||||||||||||
Liabilities | ||||||||||||||||
Foreign Currency Exchange Contracts | — | (633,868 | ) | — | (633,868 | ) | ||||||||||
$ | 145,608 | $ | (224,506 | ) | $ | — | $ | (78,898 | ) |
(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. |
Portfolio Abbreviation
ADR | American Depositary Receipt |
GDR | Global Depositary Receipt |
JSC | Joint Stock Company |
NVS | Non-Voting Shares |
Currency Abbreviation
EGP | Egyptian Pound |
USD | United States Dollar |
VND | Vietnamese Dong |
4