LOGO

  FEBRUARY 28, 2022

 

  

2022 Semi-Annual Report

(Unaudited)

 

iShares Trust

 

·  

iShares MSCI Argentina and Global Exposure ETF | AGT | Cboe BZX

 

·  

iShares MSCI Brazil Small-Cap ETF | EWZS | NASDAQ

 

·  

iShares MSCI China ETF | MCHI | NASDAQ

 

·  

iShares MSCI China Small-Cap ETF | ECNS | NYSE Arca

 

·  

iShares MSCI Indonesia ETF | EIDO | NYSE Arca

 

·  

iShares MSCI Peru ETF | EPU | NYSE Arca

 

·  

iShares MSCI Philippines ETF | EPHE | NYSE Arca

 

·  

iShares MSCI Poland ETF | EPOL | NYSE Arca

 

·  

iShares MSCI Qatar ETF | QAT | NASDAQ

 

·  

iShares MSCI Saudi Arabia ETF | KSA | NYSE Arca

 

·  

iShares MSCI UAE ETF | UAE | NASDAQ

 


The Markets in Review

Dear Shareholder,

The 12-month reporting period as of February 28, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. However, rapid changes in consumer spending led to supply constraints and elevated inflation. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.

Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks posted a solid advance. International equities from developed markets gained slightly, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. In the corporate bond market, the improving economy assuaged credit concerns and led to modest returns for high-yield corporate bonds, outpacing the negative return of investment-grade corporate bonds.

The U.S. Federal Reserve (the “Fed”) maintained accommodative monetary policy during the reporting period by keeping near-zero interest rates. However, the Fed’s tone shifted during the period, as it reduced its bond-buying program and raised the prospect of higher rates in 2022. Continued high inflation and the Fed’s new stance led many analysts to anticipate that the Fed will raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy. Sanctions on Russia and general wartime disruption are likely to drive already-high commodity prices even further upwards, and we have already seen spikes in energy and metal markets. While this will exacerbate inflationary pressure, it could also constrain economic growth, making the Fed’s way forward less clear. Its challenge will be combating inflation without stifling a recovery that is now facing additional supply shocks.

In this environment, we favor an overweight to equities, as we believe low interest rates and continued economic growth will support further gains, albeit likely more modest than what we saw in 2021. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. U.S. and other developed market equities have room for further growth, while we believe Chinese equities stand to gain from a more accommodative monetary and fiscal environment. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

Overall, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

 

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

 

Total Returns as of February 28, 2022

 

       6-Month     12-Month
   

U.S. large cap equities

(S&P 500® Index)

  (2.62)%   16.39%
   

U.S. small cap equities

(Russell 2000® Index)

  (9.46)      (6.01) 
   

International equities

(MSCI Europe, Australasia,

Far East Index)

  (6.78)      2.83 
   

Emerging market equities

(MSCI Emerging Markets

Index)

  (9.81)      (10.69)  
   

3-month Treasury bills

(ICE BofA 3-Month

U.S. Treasury Bill Index)

  0.02      0.04 
   

U.S. Treasury securities

(ICE BofA 10-Year

U.S. Treasury Index)

  (3.94)      (1.67) 
   

U.S. investment grade bonds (Bloomberg U.S. Aggregate

Bond Index)

  (4.07)      (2.64) 
   

Tax-exempt municipal bonds (Bloomberg Municipal Bond

Index)

  (3.09)      (0.66) 
   

U.S. high yield bonds

(Bloomberg U.S. Corporate High Yield 2% Issuer Capped 

Index)

  (3.07)      0.64 

Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

 

 

 

2  

T H I S   P A G E   I S   N O T   P A R T   O F   Y O U R   F U N D   R E P O R T


Table of Contents

 

      Page  

The Markets in Review

     2  

Fund Summary

     4  

About Fund Performance

     15  

Shareholder Expenses

     15  

Schedules of Investments

     16  

Financial Statements

  

Statements of Assets and Liabilities

     54  

Statements of Operations

     57  

Statements of Changes in Net Assets

     60  

Financial Highlights

     66  

Notes to Financial Statements

     77  

Statement Regarding Liquidity Risk Management Program

     88  

Supplemental Information

     89  

General Information

     90  

Glossary of Terms Used in this Report

     91  

 

 

 


Fund Summary  as of February 28, 2022    iShares® MSCI Argentina and Global Exposure ETF

 

Investment Objective

The iShares MSCI Argentina and Global Exposure ETF (the “Fund”) seeks to track the investment results of a broad-based equity index with exposure to Argentina, as defined by the index provider as represented by the MSCI All Argentina 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

           Average Annual Total Returns             Cumulative Total Returns  
     6 Months      1 Year      Since
Inception
           1 Year      Since
Inception
 

Fund NAV

    (10.97 )%       11.25      3.02       11.25      15.50

Fund Market

    (10.56      11.78        3.02         11.78        15.54  

Index

    (10.75      11.68        3.03               11.68        15.58  

The inception date of the Fund was 4/25/17. The first day of secondary market trading was 4/27/17.    

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 15 for more information.

Expense Example

 

    Actual        

Hypothetical 5% Return

          
                                                            

Beginning

Account Value

(09/01/21)

 

 

 

      

Ending

Account Value

(02/28/22)

 

 

 

      

Expenses

Paid During

the Period 

 

 

(a) 

     

Beginning

Account Value

(09/01/21)

      

Ending

Account Value

(02/28/22)

 

 

 

      


Expenses

Paid During
the Period

 


 (a) 

      

Annualized

Expense

Ratio

 

 

 

      $      1,000.00          $      890.30          $       1.59         $       1,000.00        $     1,023.10          $       1.71          0.34

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

Sector  

Percent of    

Total Investments(a)

 

Consumer Discretionary

    32.5

Consumer Staples

    18.9  

Materials

    13.0  

Financials

    12.2  

Utilities

    8.2  

Energy

    7.7  

Communication Services

    3.2  

Real Estate

    3.0  

Industrials

    1.3  

 

  (a)

Excludes money market funds.

 

GEOGRAPHIC ALLOCATION

 

Country/Geographic Region  

Percent of   

Total Investments(a)

 

Argentina

    48.9

United States

    22.5  

Chile

    13.6  

Canada

    9.7  

Brazil

    5.3  

 

 

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Fund Summary  as of February 28, 2022    iShares® MSCI Brazil Small-Cap ETF

 

Investment Objective

The iShares MSCI Brazil Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization Brazilian equities, as represented by the MSCI Brazil Small Cap Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

           Average Annual Total Returns            Cumulative Total Returns  
     6 Months      1 Year      5 Years     10 Years             1 Year      5 Years      10 Years  

Fund NAV

    (14.25 )%       0.94      4.04     (3.55 )%         0.94      21.91      (30.32 )% 

Fund Market

    (13.53      2.48        4.48       (3.55        2.48        24.53        (30.34

Index

    (14.37      2.13        4.99       (2.97              2.13        27.55        (26.05

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 15 for more information.

Expense Example

 

    Actual        

Hypothetical 5% Return

          
                                                            

Beginning

Account Value

(09/01/21)

 

 

 

      

Ending

Account Value

(02/28/22)

 

 

 

      

Expenses

Paid During

the Period 

 

 

(a) 

     

Beginning

Account Value

(09/01/21)

      

Ending

Account Value

(02/28/22)

 

 

 

      


Expenses

Paid During
the Period

 


 (a) 

      

Annualized

Expense

Ratio

 

 

 

      $      1,000.00          $      857.50          $       2.67         $       1,000.00        $     1,021.90          $       2.91          0.58

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

   

Sector

   

Percent of

Total Investments

 

(a) 

Consumer Discretionary

    19.2

Industrials

    17.9  

Utilities

    16.8  

Consumer Staples

    13.5  

Materials

    8.4  

Real Estate

    7.4  

Financials

    5.6  

Health Care

    4.7  

Information Technology

    3.5  

Energy

    2.2  

Communication Services

    0.8  

 

  (a)

Excludes money market funds.

 

TEN LARGEST HOLDINGS

 

   

Security

   

Percent of

Total Investments

 

(a) 

Embraer SA

    3.6

Sendas Distribuidora SA

    3.2  

Sul America SA

    2.9  

Eneva SA

    2.7  

Marfrig Global Foods SA

    2.5  

Cia. de Locacao das Americas

    2.4  

Transmissora Alianca de Energia Eletrica SA

    2.4  

BR Malls Participacoes SA

    2.4  

Bradespar SA (Preferred)

    2.2  

Metalurgica Gerdau SA (Preferred)

    2.2  

 

 

F U N D   S U M M A R Y

  5


Fund Summary  as of February 28, 2022    iShares® MSCI China ETF

 

Investment Objective

The iShares MSCI China ETF (the “Fund”) seeks to track the investment results of an index composed of Chinese equities that are available to international investors, as represented by the MSCI China Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

           Average Annual Total Returns            Cumulative Total Returns  
     6 Months      1 Year      5 Years      10 Years             1 Year      5 Years      10 Years  

Fund NAV

    (16.74 )%       (31.58 )%       5.14      4.13        (31.58 )%       28.51      49.82

Fund Market

    (16.59      (32.07      5.17        4.17          (32.07      28.64        50.52  

Index

    (16.79      (31.29      5.70        4.67                (31.29      31.94        57.86  

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 15 for more information.

Expense Example

 

Actual           Hypothetical 5% Return         

 

 

     

 

 

    
 

Beginning
Account Value
(09/01/21)
 
 
 
      

Ending
Account Value
(02/28/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(09/01/21)
 
 
 
      

Ending
Account Value
(02/28/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
    

Annualized
Expense
Ratio
 
 
 
  $ 1,000.00        $ 832.60        $ 2.64             $ 1,000.00        $ 1,021.90        $ 2.91        0.58

 

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

   

Sector

   

Percent of

Total Investments

 

(a) 

Consumer Discretionary

    27.9

Communication Services

    18.2  

Financials

    16.1  

Information Technology

    6.5  

Industrials

    6.1  

Health Care

    6.1  

Consumer Staples

    6.1  

Real Estate

    4.5  

Materials

    3.9  

Utilities

    2.6  

Energy

    2.0  

 

  (a)

Excludes money market funds.

 

TEN LARGEST HOLDINGS

 

   

Security

   

Percent of   

Total Investments(a)

 

 

Tencent Holdings Ltd.

    13.0

Alibaba Group Holding Ltd.

    8.4  

Meituan, Class B

    3.8  

China Construction Bank Corp., Class H

    3.0  

JDcom Inc, Class A

    3.0  

Ping An Insurance Group Co. of China Ltd., Class H

    2.1  

Baidu Inc.

    1.8  

NetEase Inc.

    1.7  

Industrial & Commercial Bank of China Ltd., Class H

    1.4  

China Merchants Bank Co. Ltd., Class H

    1.4  

 

 

 

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Fund Summary  as of February 28, 2022    iShares® MSCI China Small-Cap ETF

 

Investment Objective

The iShares MSCI China Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization Chinese equities that are available to international investors, as represented by the MSCI China Small Cap Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

            Average Annual Total Returns             Cumulative Total Returns  
       6 Months        1 Year        5 Years        10 Years                 1 Year        5 Years        10 Years  

Fund NAV

     (16.81 )%       (22.71 )%       3.68      4.43         (22.71 )%       19.78      54.26

Fund Market

     (15.58      (22.49      3.79        4.65           (22.49      20.42        57.54  

Index

     (23.29      (30.08      1.20        2.92                 (30.08      6.13        33.35  

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 15 for more information.

Expense Example

 

Actual           Hypothetical 5% Return         

 

 

     

 

 

    
 

Beginning
Account Value
(09/01/21)
 
 
 
      

Ending
Account Value
(02/28/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(09/01/21)
 
 
 
      

Ending
Account Value
(02/28/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
    

Annualized
Expense
Ratio
 
 
 
  $ 1,000.00        $ 831.90        $ 2.63             $ 1,000.00        $ 1,021.90        $ 2.91        0.58

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

   

Sector

   
Percent of
Total Investments
 
(a) 

Real Estate

    18.1

Consumer Discretionary

    17.7  

Health Care

    14.0  

Industrials

    11.0  

Information Technology

    9.4  

Materials

    7.1  

Utilities

    6.1  

Communication Services

    6.0  

Financials

    5.4  

Consumer Staples

    3.4  

Energy

    1.8  

TEN LARGEST HOLDINGS

 

   

Security

   
Percent of
Total Investments
 
(a) 

Xtep International Holdings Ltd.

    2.3

JinkoSolar Holding Co. Ltd.

    2.1  

Lifetech Scientific Corp.

    1.6  

Zhaojin Mining Industry Co. Ltd., Class H

    1.1  

Inner Mongolia Yitai Coal Co. Ltd., Class B

    1.1  

COFCO Joycome Foods Ltd.

    1.1  

China Everbright Ltd.

    1.1  

China Overseas Grand Oceans Group Ltd.

    1.1  

Yuexiu REIT

    1.0  

Differ Group Holding Co. Ltd.

    1.0  

 

  (a)

 Excludes money market funds.

 

 

 

U N D   S U M M A R Y

  7


Fund Summary  as of February 28, 2022    iShares® MSCI Indonesia ETF

 

Investment Objective

The iShares MSCI Indonesia ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Indonesian equities, as represented by the MSCI Indonesia IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

            Average Annual Total Returns             Cumulative Total Returns  
       6 Months        1 Year        5 Years        10 Years                 1 Year        5 Years        10 Years  

Fund NAV

     14.19      5.66      1.20      (0.81 )%          5.66      6.16      (7.77 )% 

Fund Market

     15.25        7.91        1.55        (0.57         7.91        7.97        (5.52

Index

     13.85        5.69        1.69        (0.36               5.69        8.75        (3.54

Index performance through May 28, 2019 reflects the performance of MSCI Indonesia Investable Market Index. Index performance beginning on May 29, 2019 reflects the performance of the MSCI Indonesia IMI 25/50 Index.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 15 for more information.

Expense Example

 

Actual           Hypothetical 5% Return         

 

 

     

 

 

    
 

Beginning
Account Value
(09/01/21)
 
 
 
      

Ending
Account Value
(02/28/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(09/01/21)
 
 
 
      

Ending
Account Value
(02/28/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
    

Annualized
Expense
Ratio
 
 
 
  $ 1,000.00        $ 1,141.90        $ 3.03             $ 1,000.00        $ 1,022.00        $ 2.86        0.57

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

   

Sector

   
Percent of
Total Investments
 
(a) 

Financials

    48.7

Communication Services

    14.9  

Consumer Staples

    9.1  

Materials

    8.7  

Energy

    5.3  

Consumer Discretionary

    5.1  

Real Estate

    2.6  

Health Care

    2.2  

Industrials

    1.8  

Utilities

    1.0  

Information Technology

    0.6  

TEN LARGEST HOLDINGS

 

   

Security

   
Percent of
Total Investments
 
(a) 

Bank Central Asia Tbk PT

    20.9

Bank Rakyat Indonesia Persero Tbk PT

    14.4  

Telkom Indonesia Persero Tbk PT

    9.8  

Bank Mandiri Persero Tbk PT

    4.4  

Astra International Tbk PT

    4.1  

Bank Negara Indonesia Persero Tbk PT

    3.2  

Bank Jago Tbk PT

    2.8  

Charoen Pokphand Indonesia Tbk PT

    2.3  

Adaro Energy Tbk PT

    2.0  

Kalbe Farma Tbk PT

    2.0  

 

  (a)

 Excludes money market funds.

 

 

 

 

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Fund Summary  as of February 28, 2022    iShares® MSCI Peru ETF

 

Investment Objective

The iShares MSCI Peru ETF (the “Fund”) seeks to track the investment results of an index composed of Peruvian equities, as represented by the MSCI All Peru Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

            Average Annual Total Returns             Cumulative Total Returns  
       6 Months        1 Year        5 Years        10 Years                 1 Year        5 Years        10 Years  

Fund NAV

     30.95      (4.01 )%       2.91      (0.22 )%          (4.01 )%       15.43      (2.16 )% 

Fund Market

     32.69        (2.97      3.05        (0.04         (2.97      16.18        (0.36

Index

     31.60        (4.90      3.17        0.21                 (4.90      16.86        2.12  

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 no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 15 for more information.

Expense Example

 

Actual           Hypothetical 5% Return         

 

 

     

 

 

    
 

Beginning
Account Value
(09/01/21)
 
 
 
      

Ending
Account Value
(02/28/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(09/01/21)
 
 
 
      

Ending
Account Value
(02/28/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
    

Annualized
Expense
Ratio
 
 
 
  $ 1,000.00        $ 1,309.50        $ 3.32             $ 1,000.00        $ 1,021.90        $ 2.91        0.58

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

   

Sector

   
Percent of
Total Investments
 
(a) 

Materials

    53.2

Financials

    26.7  

Consumer Staples

    7.7  

Industrials

    5.5  

Energy

    2.7  

Consumer Discretionary

    2.2  

Real Estate

    2.0  

TEN LARGEST HOLDINGS

 

   

Security

   
Percent of
Total Investments
 
(a) 

Southern Copper Corp.

    22.3

Credicorp Ltd.

    21.8  

Cia. de Minas Buenaventura SAA

    4.8  

Sociedad Minera Cerro Verde SAA

    4.5  

Alicorp SAA

    4.2  

Ferreycorp SAA

    3.7  

Union Andina de Cementos SAA

    3.6  

Hochschild Mining PLC

    3.1  

Volcan Cia. Minera SAA, Class B

    3.1  

PetroTal Corp.

    2.7  

 

  (a)

 Excludes money market funds.

 

 

 

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  9


Fund Summary  as of February 28, 2022    iShares® MSCI Philippines ETF

 

Investment Objective

The iShares MSCI Philippines ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Philippine equities, as represented by the MSCI Philippines IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

            Average Annual Total Returns             Cumulative Total Returns  
      6 Months      1 Year      5 Years      10 Years              1 Year      5 Years      10 Years  

Fund NAV

     6.83      7.18      (0.07 )%       2.55         7.18      (0.36 )%       28.59

Fund Market

     10.02        10.29        0.54        2.79           10.29        2.71        31.67  

Index

     6.96        7.73        0.60        3.27                 7.73        3.05        37.95  

Index performance through November 30, 2020 reflects the performance of the MSCI Philippines Investible Market Index (IMI). Index performance beginning on December 1, 2020 reflects the performance of the MSCI Philippines IMI 25/50 Index.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 15 for more information.

Expense Example

 

Actual           Hypothetical 5% Return         

 

 

     

 

 

    
 

Beginning
Account Value
(09/01/21)
 
 
 
      

Ending
Account Value
(02/28/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(09/01/21)
 
 
 
      

Ending
Account Value
(02/28/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
    

Annualized
Expense
Ratio
 
 
 
  $ 1,000.00        $ 1,068.30        $ 2.97             $ 1,000.00        $ 1,021.90        $ 2.91        0.58

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

   
Sector    
Percent of
Total Investments
 
(a) 

Industrials

    29.9

Real Estate

    23.0  

Financials

    17.4  

Consumer Staples

    8.1  

Consumer Discretionary

    6.9  

Communication Services

    6.7  

Utilities

    5.9  

Energy

    1.2  

Materials

    0.9  

TEN LARGEST HOLDINGS

 

   
Security    
Percent of
Total Investments
 
(a) 

SM Prime Holdings Inc.

    10.8

Ayala Land Inc.

    8.3  

Ayala Corp.

    6.1  

BDO Unibank Inc.

    6.0  

SM Investments Corp.

    5.5  

Bank of the Philippine Islands

    4.6  

JG Summit Holdings Inc.

    4.6  

International Container Terminal Services Inc.

    4.4  

PLDT Inc.

    4.4  

Jollibee Foods Corp.

    3.5  

 

  (a) 

 Excludes money market funds.

 

 

 

10  

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Fund Summary  as of February 28, 2022    iShares® MSCI Poland ETF

 

Investment Objective

The iShares MSCI Poland ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Polish equities, as represented by the MSCI Poland IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

           Average Annual Total Returns           Cumulative Total Returns  
      6 Months     1 Year      5 Years      10 Years            1 Year      5 Years      10 Years  

Fund NAV

     (21.31 )%      (3.56 )%       (1.47 )%       (1.53 )%        (3.56 )%       (7.12 )%       (14.27 )% 

Fund Market

     (21.63     (2.78      (1.44      (1.51       (2.78      (7.01      (14.08

Index

     (20.70     (2.55      (1.20      (1.14             (2.55      (5.87      (10.85

Index performance through February 11, 2013 reflects the performance of the MSCI Poland Investable Market Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Poland IMI 25/50 Index.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 15 for more information.

Expense Example

 

Actual           Hypothetical 5% Return         

 

 

     

 

 

    
 

Beginning
Account Value
(09/01/21)
 
 
 
      

Ending
Account Value
(02/28/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(09/01/21)
 
 
 
      

Ending
Account Value
(02/28/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
    

Annualized
Expense
Ratio
 
 
 
  $ 1,000.00        $ 786.90        $ 2.53             $ 1,000.00        $ 1,022.00        $ 2.86        0.57

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

   
Sector    
Percent of
Total Investments

(a) 

Financials

    41.2

Energy

    13.7  

Materials

    11.1  

Communication Services

    10.2  

Consumer Discretionary

    8.4  

Consumer Staples

    5.5  

Utilities

    5.2  

Information Technology

    2.4  

Industrials

    1.3  

Health Care

    1.0  

TEN LARGEST HOLDINGS

 

   
Security    
Percent of
Total Investments
 
(a) 

Powszechna Kasa Oszczednosci Bank Polski SA

    13.0

KGHM Polska Miedz SA

    8.3  

Bank Polska Kasa Opieki SA

    7.7  

Polski Koncern Naftowy ORLEN SA

    7.6  

Powszechny Zaklad Ubezpieczen SA

    6.8  

Dino Polska SA

    5.0  

Santander Bank Polska SA

    4.4  

CD Projekt SA

    4.3  

Polskie Gornictwo Naftowe i Gazownictwo SA

    3.9  

Allegro.eu SA

    3.8  

 

  (a) 

 Excludes money market funds.

 

 

 

U N D   S U M M A R Y

  11


Fund Summary  as of February 28, 2022    iShares® MSCI Qatar ETF

 

Investment Objective

 

The iShares MSCI Qatar ETF (the “Fund”) seeks to track the investment results of an index composed of Qatar equities, as represented by the MSCI All Qatar Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

           Average Annual Total Returns            Cumulative Total Returns  
     6 Months      1 Year      5 Years      Since
Inception
            1 Year      5 Years      Since
Inception
 

Fund NAV

    16.83      29.96      6.60      2.48        29.96      37.67      21.19

Fund Market

    16.82        30.98        6.89        2.57          30.98        39.56        21.97  

Index

    15.64        29.19        7.21        3.08                29.19        41.66        26.81  

The inception date of the Fund was 4/29/14. The first day of secondary market trading was 5/1/14.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 15 for more information.

Expense Example

 

Actual           Hypothetical 5% Return         

 

 

     

 

 

    
 

Beginning
Account Value
(09/01/21)
 
 
 
      

Ending
Account Value
(02/28/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(09/01/21)
 
 
 
      

Ending
Account Value
(02/28/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
    

Annualized
Expense
Ratio
 
 
 
  $ 1,000.00        $ 1,168.30        $ 3.12             $ 1,000.00        $ 1,021.90        $ 2.91        0.58

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

 

Portfolio Information

 

 

ALLOCATION BY SECTOR

 

   
Sector    
Percent of
Total Investments

(a) 

Financials

    50.3

Industrials

    14.9  

Materials

    9.2  

Energy

    8.6  

Real Estate

    6.2  

Communication Services

    4.3  

Utilities

    3.5  

Consumer Staples

    2.1  

Health Care

    0.9  

TEN LARGEST HOLDINGS

 

   
Security    
Percent of
Total Investments
 
(a) 

Qatar National Bank QPSC

    22.9

Industries Qatar QSC

    8.8  

Qatar Islamic Bank SAQ

    7.6  

Masraf Al Rayan QSC

    6.4  

Commercial Bank PSQC (The)

    4.4  

Mesaieed Petrochemical Holding Co.

    4.3  

Qatar Gas Transport Co. Ltd.

    3.8  

Qatar Fuel QSC

    3.7  

Qatar Electricity & Water Co. QSC

    3.5  

Qatar International Islamic Bank QSC

    3.2  

 

  (a) 

 Excludes money market funds.

 

 

 

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Fund Summary  as of February 28, 2022    iShares® MSCI Saudi Arabia ETF

 

Investment Objective

 

The iShares MSCI Saudi Arabia ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Saudi Arabian equities, as represented by the MSCI Saudi Arabia IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

            Average Annual Total Returns             Cumulative Total Returns  
       6 Months        1 Year        5 Years       
Since
Inception
 
 
              1 Year        5 Years       
Since
Inception
 
 

Fund NAV

     12.48      42.29      15.98      12.36         42.29      109.84      112.14

Fund Market

     13.80        47.37        16.04        12.56           47.37        110.43        114.60  

Index

     12.53        43.02        16.68        13.13                 43.02        116.30        121.75  

The inception date of the Fund was 9/16/15. The first day of secondary market trading was 9/17/15.

Certain sectors and markets performed exceptionally well based on market conditions during the one-year 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 no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 15 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           

 

 

     

 

 

      
 

Beginning
Account Value
(09/01/21)
 
 
 
      

Ending
Account Value
(02/28/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(09/01/21)
 
 
 
      

Ending
Account Value
(02/28/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
      

Annualized
Expense
Ratio
 
 
 
    $ 1,000.00        $ 1,124.80        $ 3.90             $ 1,000.00        $ 1,021.10        $ 3.71          0.74

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

   

Sector

   
Percent of
Total Investments
 
(a) 

Financials

    46.7

Materials

    24.3  

Communication Services

    7.1  

Energy

    5.9  

Consumer Staples

    3.5  

Health Care

    3.2  

Consumer Discretionary

    3.1  

Utilities

    2.4  

Real Estate

    1.9  

Industrials

    1.8  

Information Technology

    0.1  

 

  (a)

 Excludes money market funds.

 

TEN LARGEST HOLDINGS

 

   

Security

   
Percent of
Total Investments
 
(a) 

Al Rajhi Bank

    15.8

Saudi National Bank (The)

    11.9  

Saudi Basic Industries Corp.

    8.9  

Saudi Arabian Oil Co.

    4.9  

Saudi Telecom Co.

    4.3  

Riyad Bank

    4.1  

Saudi Arabian Mining Co.

    4.0  

Alinma Bank

    3.1  

Saudi British Bank (The)

    2.8  

Banque Saudi Fransi

    2.8  

 

 

U N D   U M M A R Y

  13


Fund Summary  as of February 28, 2022    iShares® MSCI UAE ETF

 

Investment Objective

 

The iShares MSCI UAE ETF (the “Fund”) seeks to track the investment results of an index composed of UAE equities, as represented by the MSCI All UAE Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

            Average Annual Total Returns             Cumulative Total Returns  
       6 Months        1 Year        5 Years       
Since
Inception
 
 
              1 Year        5 Years       
Since
Inception
 
 

Fund NAV

     19.96      44.49      5.09      (0.45 )%          44.49      28.18      (3.45 )% 

Fund Market

     19.58        44.06        5.39        (0.41         44.06        29.99        (3.16

Index

     20.52        45.35        5.97        0.28                 45.35        33.64        2.18  

The inception date of the Fund was 4/29/14. The first day of secondary market trading was 5/1/14.

Certain sectors and markets performed exceptionally well based on market conditions during the one-year 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 no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 15 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           

 

 

     

 

 

      
 

Beginning
Account Value
(09/01/21)
 
 
 
      

Ending
Account Value
(02/28/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(09/01/21)
 
 
 
      

Ending
Account Value
(02/28/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
      

Annualized
Expense
Ratio
 
 
 
    $ 1,000.00        $ 1,199.60        $ 3.16             $ 1,000.00        $ 1,021.90        $ 2.91          0.58

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

   

Sector

   
Percent of
Total Investments
 
(a) 

Financials

    46.3

Communication Services

    25.5  

Real Estate

    10.8  

Industrials

    9.0  

Consumer Discretionary

    4.0  

Energy

    2.8  

Consumer Staples

    1.6  

Health Care

    0.0 (b)  

TEN LARGEST HOLDINGS

 

   

Security

   
Percent of
Total Investments
 
(a) 

Emirates Telecommunications Group Co. PJSC

    23.5

First Abu Dhabi Bank PJSC

    21.7  

Abu Dhabi Islamic Bank PJSC

    4.9  

Abu Dhabi Commercial Bank PJSC

    4.6  

Emirates NBD Bank PJSC

    4.5  

Aldar Properties PJSC

    4.4  

Emaar Properties PJSC

    4.3  

Dubai Islamic Bank PJSC

    4.2  

Abu Dhabi National Oil Co. for Distribution PJSC

    4.0  

Dubai Investments PJSC

    2.8  

 

  (a) 

 Excludes money market funds.

 
  (b) 

 Rounds to less than 0.1%.

 

 

 

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About Fund Performance

 

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Shareholder Expenses

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

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

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in a Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

 

 

B O U T  U N D  E R F O R M A N C E / S H A R E H O L D E R  X P E N S E S

  15


Schedule of Investments  (unaudited) 

February 28, 2022

  

iShares® MSCI Argentina and Global Exposure ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 

Common Stocks

   
Argentina — 48.8%            

Arcos Dorados Holdings Inc., Class A(a)

    50,179     $ 387,884  

Banco BBVA Argentina SA, ADR(a)

    35,693       115,288  

Banco Macro SA, ADR(a)

    20,866       301,096  

Bioceres Crop. Solutions Corp.(a)

    5,131       64,599  

Central Puerto SA, ADR(a)(b)

    49,139       180,830  

Corp. America Airports SA(a)(b)

    16,040       88,541  

Cresud SACIF y A, ADR(a)(b)

    17,728       115,764  

Despegar.com Corp.(a)(b)

    25,980       299,030  

Empresa Distribuidora y Comercializadora Norte, ADR(a)(b)

    9,744       64,018  

Grupo Financiero Galicia SA, ADR

    38,693       366,423  

Grupo Supervielle SA, ADR(b)

    31,556       58,694  

IRSA Inversiones y Representaciones SA, ADR(a)(b)

    13,156       62,491  

IRSA Propiedades Comerciales SA, ADR(a)

    13,512       30,132  

Loma Negra Cia Industrial Argentina SA, ADR(a)(b)

    29,509       167,316  

Pampa Energia SA, ADR(a)(b)

    15,165       317,707  

Telecom Argentina SA, ADR(b)

    43,905       220,403  

Transportadora de Gas del Sur SA, Class B, ADR(a)(b)

    34,710       194,376  

YPF SA, ADR(a)

    80,288       337,210  
   

 

 

 
      3,371,802  
Brazil — 5.3%            

Adecoagro SA(a)

    38,033       363,595  
   

 

 

 
Canada — 9.7%            

SSR Mining Inc

    16,746       331,485  

Yamana Gold Inc.

    68,318       335,796  
   

 

 

 
      667,281  
Chile — 8.8%            

Cencosud SA

    170,499       313,606  

Cia. Cervecerias Unidas SA

    36,733       291,221  
   

 

 

 
      604,827  
United States — 22.5%            

MercadoLibre Inc.(a)(b)

    1,381       1,555,904  
   

 

 

 

Total Common Stocks — 95.1%
(Cost: $9,036,191)

      6,563,409  
   

 

 

 
Security   Shares     Value  

Preferred Stocks

   
Chile — 4.8%            

Embotelladora Andina SA, Class B, Preference Shares

    152,086     $ 331,183  
   

 

 

 

Total Preferred Stocks — 4.8%
(Cost: $346,524)

      331,183  
   

 

 

 

Short-Term Investments

   

Money Market Funds — 27.2%

   

BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(c)(d)(e)

    1,868,044       1,868,418  

BlackRock Cash Funds: Treasury, SL Agency Shares,
0.03%(c)(d)

    10,000       10,000  
   

 

 

 
      1,878,418  
   

 

 

 

Total Short-Term Investments — 27.2%
(Cost: $1,878,519)

 

    1,878,418  
   

 

 

 

Total Investments in Securities — 127.1%
(Cost: $11,261,234)

 

    8,773,010  

Other Assets, Less Liabilities — (27.1)%

 

    (1,869,302
   

 

 

 

Net Assets — 100.0%

    $ 6,903,708  
   

 

 

 

 

(a) 

Non-income producing security.

(b) 

All or a portion of this security is on loan.

(c) 

Affiliate of the Fund.

(d) 

Annualized 7-day yield as of period end.

(e) 

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

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

 

   
    Affiliated Issuer   Value at
08/31/21
    Purchases
at Cost
    Proceeds
from Sales
    Net Realized
Gain (Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
    Value at
02/28/22
    Shares
Held at
02/28/22
    Income     Capital
Gain
Distributions
from
Underlying
Funds
       
 

 

   
  BlackRock Cash Funds: Institutional, SL Agency Shares   $ 114,864     $ 1,753,863 (a)    $     $ (188   $ (121   $ 1,868,418       1,868,044     $ 2,943 (b)    $    
  BlackRock Cash Funds: Treasury, SL Agency Shares           10,000 (a)                         10,000       10,000                
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   
          $ (188   $ (121   $ 1,878,418       $ 2,943     $    
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

 

  (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.

 

 

 

16  

2 0 2 2   H A R E S  E M I - A N N U A L  E P O R T   T O  H A R E H O L D E R S 


Schedule of Investments  (unaudited) (continued)

February 28, 2022

  

iShares® MSCI Argentina and Global Exposure ETF

 

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

 

 
     Level 1        Level 2        Level 3        Total  

 

 

Investments

                 

Assets

                 

Common Stocks

   $ 6,563,409        $        $        $ 6,563,409  

Preferred Stocks

              331,183                   331,183  

Money Market Funds

     1,878,418                            1,878,418  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 8,441,827        $ 331,183        $        $ 8,773,010  
  

 

 

      

 

 

      

 

 

      

 

 

 

See notes to financial statements

 

 

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

  17


Schedule of Investments  (unaudited) 

February 28, 2022

  

iShares® MSCI Brazil Small-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares      Value  

Common Stocks

 

  
Aerospace & Defense — 3.6%         

Embraer SA(a)

    1,179,508      $ 4,016,925  
    

 

 

 
Air Freight & Logistics — 0.3%             

Sequoia Logistica e Transportes SA(a)

    105,207        303,343  
    

 

 

 
Auto Components — 0.7%             

Mahle-Metal Leve SA

    64,543        335,547  

Tupy SA

    120,876        430,863  
    

 

 

 
       766,410  
Biotechnology — 0.3%             

Blau Farmaceutica SA(a)

    60,160        346,969  
    

 

 

 
Commercial Services & Supplies — 1.5%             

Ambipar Participacoes e Empreendimentos S/A

    75,747        499,288  

GPS Participacoes e Empreendimentos SA(b)

    391,729        1,148,366  
    

 

 

 
       1,647,654  
Communications Equipment — 0.8%             

Intelbras SA Industria de Telecomunicacao Eletronica Brasileira

    137,332        885,998  
    

 

 

 
Diversified Consumer Services — 4.2%             

Anima Holding SA(a)

    507,895        703,768  

Cogna Educacao(a)

    3,146,631        1,380,622  

Cruzeiro do Sul Educacional SA

    288,102        283,704  

MPM Corporeos SA

    225,239        187,466  

YDUQS Participacoes SA

    518,270        2,126,805  
    

 

 

 
       4,682,365  
Electric Utilities — 6.9%             

Alupar Investimento SA

    245,677        1,226,338  

Cia Paranaense de Energia

    108,530        733,304  

EDP - Energias do Brasil SA

    487,239        1,956,529  

Light SA

    562,219        1,068,533  

Transmissora Alianca de Energia Eletrica SA

    347,761        2,664,903  
    

 

 

 
       7,649,607  
Electrical Equipment — 0.4%             

Aeris Industria E Comercio De Equipamentos Para Geracao De Energia SA(a)

    385,428        422,076  
    

 

 

 
Food & Staples Retailing — 5.2%             

Cia Brasileira de Distribuicao

    270,969        1,242,331  

Grupo Mateus SA(a)

    926,139        1,067,037  

Sendas Distribuidora SA

    1,354,659        3,526,255  
    

 

 

 
       5,835,623  
Food Products — 8.1%             

Camil Alimentos SA

    217,141        385,118  

M. Dias Branco SA

    142,106        627,575  

Marfrig Global Foods SA

    637,596        2,743,852  

Minerva SA

    501,076        1,054,601  

Sao Martinho SA

    296,797        2,294,412  

SLC Agricola SA

    178,092        1,512,934  

Tres Tentos Agroindustrial SA(a)

    207,130        402,514  
    

 

 

 
       9,021,006  
Health Care Providers & Services — 4.3%             

CM Hospitalar SA

    167,917        543,663  

Fleury SA

    319,871        1,110,281  

Hospital Mater Dei SA(a)

    148,837        452,678  

Instituto Hermes Pardini SA

    87,848        313,680  

Odontoprev SA

    445,429        992,807  

Oncoclinicas do Brasil Servicos Medicos SA(a)

    249,180        481,503  
Security   Shares      Value  
Health Care Providers & Services (continued)  

Qualicorp Consultoria e Corretora de Seguros SA

    380,981      $ 945,867  
    

 

 

 
       4,840,479  
Hotels, Restaurants & Leisure — 2.1%             

CVC Brasil Operadora e Agencia de Viagens SA(a)

    377,163        904,020  

Smartfit Escola de Ginastica e Danca SA(a)

    393,197        1,400,476  
    

 

 

 
       2,304,496  
Household Durables — 3.0%             

Cyrela Brazil Realty SA Empreendimentos e Participacoes, NVS

    502,707        1,467,786  

Ez Tec Empreendimentos e Participacoes SA

    190,313        641,620  

MRV Engenharia e Participacoes SA

    526,285        1,209,658  
    

 

 

 
       3,319,064  
Independent Power and Renewable Electricity Producers — 4.5%  

AES Brasil Energia SA

    412,574        917,738  

Eneva SA(a)

    1,167,568        3,034,727  

Omega Energia SA(a)

    493,245        1,036,909  
    

 

 

 
       4,989,374  
Insurance — 3.7%             

IRB Brasil Resseguros S/A(a)

    1,594,467        940,763  

Sul America SA

    463,989        3,160,449  
    

 

 

 
       4,101,212  
Interactive Media & Services — 0.8%             

Infracommerce CXAAS SA(a)

    186,629        527,652  

Meliuz SA(b)

    875,840        396,515  
    

 

 

 
       924,167  
IT Services — 2.2%             

Cielo SA, NVS

    2,049,959        1,020,098  

Locaweb Servicos de Internet SA(a)(b)

    741,443        1,441,507  
    

 

 

 
       2,461,605  
Machinery — 0.5%             

Iochpe Maxion SA, NVS

    219,089        552,184  
    

 

 

 
Marine — 0.4%             

Hidrovias do Brasil SA(a)

    701,241        408,143  
    

 

 

 
Metals & Mining — 0.9%             

Cia Brasileira de Aluminio(a)

    249,768        953,731  
    

 

 

 
Oil, Gas & Consumable Fuels — 2.2%             

3R Petroleum Oleo E Gas SA(a)

    271,761        1,801,061  

Enauta Participacoes SA

    178,278        597,705  
    

 

 

 
       2,398,766  
Paper & Forest Products — 1.4%             

Dexco SA

    574,181        1,529,815  
    

 

 

 
Professional Services — 0.3%             

Boa Vista Servicos SA

    356,441        355,005  
    

 

 

 
Real Estate Management & Development — 7.4%  

Aliansce Sonae Shopping Centers SA

    243,313        1,037,609  

BR Malls Participacoes SA(a)

    1,464,054        2,653,826  

BR Properties SA

    357,775        520,014  

Iguatemi SA(a)

    233,594        862,374  

Iguatemi SA

    289,924        148,739  

JHSF Participacoes SA

    517,787        549,660  

LOG Commercial Properties e Participacoes SA

    77,084        412,464  

Multiplan Empreendimentos Imobiliarios SA, NVS

    473,842        2,014,210  
    

 

 

 
       8,198,896  

 

 

18  

2 0 2 2   H A R E S  E M I - A N N U A L  E P O R T   T O  H A R E H O L D E R S 


Schedule of Investments  (unaudited) (continued)

February 28, 2022

  

iShares® MSCI Brazil Small-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Road & Rail — 4.8%        

Cia. de Locacao das Americas, NVS

    554,463     $ 2,705,494  

Movida Participacoes SA

    242,998       767,457  

SIMPAR SA

    477,776       970,397  

Vamos Locacao de Caminhoes Maquinas e
Equipamentos SA

    409,545       871,330  
   

 

 

 
      5,314,678  
Software — 0.1%        

Clear Sale SA(a)

    91,909       163,194  
   

 

 

 
Specialty Retail — 4.2%        

C&A Modas Ltda(a)

    176,124       175,395  

Grupo SBF SA(a)

    162,980       719,562  

Lojas Quero Quero S/A

    298,340       463,048  

Pet Center Comercio e Participacoes SA

    510,565       1,720,934  

Via S/A(a)

    2,144,150       1,570,955  
   

 

 

 
      4,649,894  
Technology Hardware, Storage & Peripherals — 0.3%        

Multilaser Industrial SA(a)

    343,963       378,215  
   

 

 

 
Textiles, Apparel & Luxury Goods — 4.9%        

Arezzo Industria e Comercio SA

    101,220       1,587,201  

Grendene SA

    529,449       857,103  

GRUPO DE MODA SOMA SA(a)

    723,711       1,818,225  

Guararapes Confeccoes SA

    167,408       392,900  

Vivara Participacoes SA

    158,419       801,639  
   

 

 

 
      5,457,068  
Trading Companies & Distributors — 0.5%        

Armac Locacao Logistica E Servicos SA

    173,927       513,316  
   

 

 

 
Transportation Infrastructure — 1.5%        

EcoRodovias Infraestrutura e Logistica SA(a)

    583,795       731,319  

Santos Brasil Participacoes SA, NVS

    795,721       992,671  
   

 

 

 
      1,723,990  
Water Utilities — 1.6%        

Cia. de Saneamento de Minas Gerais-COPASA

    318,798       875,376  

Cia. de Saneamento do Parana

    247,553       967,423  
   

 

 

 
      1,842,799  
   

 

 

 

Total Common Stocks — 83.6%
(Cost: $88,138,031)

 

    92,958,067  
   

 

 

 

Preferred Stocks

   

Airlines — 3.1%

   

Azul SA, Preference Shares, NVS(a)

    475,528       2,297,878  

Gol Linhas Aereas Inteligentes SA, Preference Shares, NVS(a)

    342,622       1,119,556  
   

 

 

 
      3,417,434  

Banks — 1.8%

   

Banco ABC Brasil SA, Preference Shares, NVS

    141,659       425,827  

Banco do Estado do Rio Grande do Sul SA, Class B,

   

Preference Shares, NVS

    339,607       656,235  
Security   Shares      Value  
Banks (continued)             

Banco Pan SA, Preference Shares, NVS

    504,912      $ 974,417  
    

 

 

 
       2,056,479  

Chemicals — 1.2%

    

Unipar Carbocloro SA, Class B, Preference Shares, NVS

    74,662        1,362,458  
    

 

 

 

Electric Utilities — 1.9%

    

Cia. Energetica do Ceara, Class A, Preference Shares, NVS

    23,687        265,665  

Cia. Paranaense de Energia, Preference Shares, NVS

    1,368,787        1,828,964  
    

 

 

 
       2,094,629  

Independent Power and Renewable Electricity Producers — 1.3%

 

Cia. Energetica de Sao Paulo, Class B, Preference Shares, NVS

    318,340        1,404,476  
    

 

 

 

Machinery — 1.0%

    

Marcopolo SA, Preference Shares, NVS

    811,913        454,339  

Randon SA Implementos e Participacoes, Preference Shares, NVS

    307,533        627,711  
    

 

 

 
       1,082,050  

Metals & Mining — 4.9%

    

Bradespar SA, Preference Shares, NVS

    427,763        2,462,313  

Cia Ferro Ligas da Bahia-Ferbasa, Preference Shares, NVS

    64,173        548,494  

Metalurgica Gerdau SA, Preference Shares, NVS

    1,210,847        2,433,563  
    

 

 

 
       5,444,370  

Water Utilities — 0.5%

    

Cia. de Saneamento do Parana, Preference Shares, NVS

    704,259        544,254  
    

 

 

 

Total Preferred Stocks — 15.7%
(Cost: $14,435,413)

 

     17,406,150  
    

 

 

 

Short-Term Investments

    

Money Market Funds — 0.1%

    

BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(c)(d)

    120,000        120,000  
    

 

 

 

Total Short-Term Investments — 0.1%
(Cost: $120,000)

 

     120,000  
    

 

 

 

Total Investments in Securities — 99.4%
(Cost: $102,693,444)

 

     110,484,217  

Other Assets, Less Liabilities — 0.6%

 

     707,774  
    

 

 

 

Net Assets — 100.0%

 

   $ 111,191,991  
    

 

 

 

 

(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.

 

 

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

  19


Schedule of Investments  (unaudited) (continued)

February 28, 2022

  

iShares® MSCI Brazil Small-Cap ETF

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer    Value at
08/31/21
     Purchases
at Cost
     Proceeds
from Sales
    

Net Realized

Gain (Loss)

     Change in
Unrealized
Appreciation
(Depreciation)
     Value at
02/28/22
     Shares
Held at
02/28/22
     Income     

Capital

Gain
Distributions
from
Underlying
Funds

 

BlackRock Cash Funds: Treasury, SL Agency Shares

   $ 100,000      $ 20,000 (a)     $      $      $      $ 120,000        120,000      $ 6      $  
           

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 

 

  (a)

Represents net amount purchased (sold).

 

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

Description    Number of
Contracts
       Expiration
Date
       Notional
Amount
(000)
  Value/
Unrealized
Appreciation
(Depreciation)
 

Long Contracts

              

MSCI Brazil Index

     11          03/18/22        $544   $ 85,048  
              

 

 

 

Derivative Financial Instruments Categorized by Risk Exposure

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

 

      Equity
Contracts
 

Assets — Derivative Financial Instruments

  

Futures contracts

  

Unrealized appreciation on futures contracts(a)

   $ 85,048  
  

 

 

 

 

  (a) 

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

 

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

 

      Equity
Contracts
 

Net Realized Gain (Loss) from:

  

Futures contracts

   $ (161,763
  

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

  

Futures contracts

   $ 114,240  
  

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

   

Futures contracts:

  

Average notional value of contracts — long

   $ 550,970  

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.

 

 

20  

2 0 2 2   H A R E S  E M I - A N N U A L  E P O R T   T O  H A R E H O L D E R S 


Schedule of Investments  (unaudited) (continued)

February 28, 2022

  

iShares® MSCI Brazil Small-Cap ETF

 

Fair Value Hierarchy as of Period End (continued)

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

     

 

Level 1

 

      

 

Level 2

 

      

 

Level 3

 

      

 

Total

 

 

Investments

                 

Assets

                 

Common Stocks

   $ 3,780,761        $ 89,177,306        $        $ 92,958,067  

Preferred Stocks

              17,406,150                   17,406,150  

Money Market Funds

     120,000                            120,000  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 3,900,761        $ 106,583,456        $        $ 110,484,217  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative financial instruments(a)

                 

Assets

                 

Futures Contracts

   $ 85,048        $        $        $ 85,048  
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a)

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

 

See notes to financial statements.

 

 

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

  21


Schedule of Investments  (unaudited)

February 28, 2022

  

iShares® MSCI China ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   
Aerospace & Defense — 0.2%            

AECC Aviation Power Co. Ltd., Class A

    438,476     $ 3,520,580  

AVIC Electromechanical Systems Co. Ltd., Class A

    767,200       1,518,114  

AviChina Industry & Technology Co. Ltd., Class H

    6,576,000       4,082,627  

Kuang-Chi Technologies Co. Ltd., Class A(a)

    383,600       1,236,223  
   

 

 

 
      10,357,544  
Air Freight & Logistics — 0.7%            

SF Holding Co. Ltd., Class A

    767,283       7,361,686  

Yunda Holding Co. Ltd., Class A

    548,557       1,689,574  

ZTO Express Cayman Inc., ADR

    1,177,652       34,670,075  
   

 

 

 
      43,721,335  
Airlines — 0.2%            

Air China Ltd., Class A(a)

    1,096,089       1,716,630  

Air China Ltd., Class H(a)(b)

    4,384,000       3,371,642  

China Eastern Airlines Corp. Ltd., Class A(a)

    2,192,096       1,877,163  

China Southern Airlines Co. Ltd., Class A(a)

    2,137,234       2,346,635  

China Southern Airlines Co. Ltd., Class H(a)(b)

    4,384,000       2,773,604  
   

 

 

 
      12,085,674  
Auto Components — 0.5%            

Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A

    54,895       1,346,978  

Fuyao Glass Industry Group Co. Ltd., Class A

    274,098       1,923,745  

Fuyao Glass Industry Group Co. Ltd., Class H(c)

    1,753,600       8,603,326  

Huayu Automotive Systems Co. Ltd., Class A

    602,872       2,431,844  

Huizhou Desay Sv Automotive Co. Ltd., Class A

    110,100       2,319,283  

Mianyang Fulin Precision Machining Co. Ltd., Class A, NVS(a)

    109,600       464,953  

Minth Group Ltd

    2,192,000       7,925,844  

Ningbo Tuopu Group Co. Ltd., Class A

    164,400       1,589,059  

Sailun Group Co. Ltd., Class A

    438,400       840,946  

Shandong Linglong Tyre Co. Ltd., Class A

    274,028       1,220,099  

Shenzhen Kedali Industry Co. Ltd., Class A, NVS

    54,800       1,380,034  
   

 

 

 
      30,046,111  
Automobiles — 4.9%            

BYD Co. Ltd., Class A

    274,059       11,020,407  

BYD Co. Ltd., Class H

    2,191,500       67,908,764  

Chongqing Changan Automobile Co. Ltd., Class A

    1,067,893       2,208,041  

Dongfeng Motor Group Co. Ltd., Class H

    7,234,000       6,226,493  

Geely Automobile Holdings Ltd.

    15,892,000       29,601,116  

Great Wall Motor Co. Ltd., Class A

    328,800       1,920,330  

Great Wall Motor Co. Ltd., Class H

    8,494,000       17,882,420  

Guangzhou Automobile Group Co. Ltd., Class H

    7,672,400       7,596,074  

Li Auto Inc., ADR(a)(b)

    1,493,848       45,487,671  

NIO Inc., ADR(a)(b)

    3,549,639       81,073,755  

SAIC Motor Corp. Ltd., Class A

    1,424,876       4,108,704  

XPeng Inc., ADR(a)(b)

    1,053,256       38,306,921  

Yadea Group Holdings Ltd.(c)

    2,790,000       4,139,059  
   

 

 

 
      317,479,755  
Banks — 10.0%            

Agricultural Bank of China Ltd., Class A

    12,275,200       5,799,260  

Agricultural Bank of China Ltd., Class H

    67,953,000       25,735,097  

Bank of Beijing Co. Ltd., Class A

    4,384,099       3,135,197  

Bank of Chengdu Co. Ltd., Class A

    767,293       1,754,750  

Bank of China Ltd., Class A

    5,589,600       2,745,087  

Bank of China Ltd., Class H

    210,983,000       82,136,039  

Bank of Communications Co. Ltd., Class A

    6,685,622       5,068,152  

Bank of Communications Co. Ltd., Class H

    21,922,200       15,028,310  

Bank of Hangzhou Co. Ltd., Class A

    1,150,860       2,615,877  
Security   Shares     Value  
Banks (continued)            

Bank of Jiangsu Co. Ltd., Class A

    2,959,255     $ 3,123,877  

Bank of Nanjing Co. Ltd., Class A

    1,968,804       3,048,451  

Bank of Ningbo Co. Ltd., Class A

    1,095,332       6,622,977  

Bank of Shanghai Co. Ltd., Class A

    2,740,010       3,036,893  

China Bohai Bank Co. Ltd., Class H(c)

    8,768,000       1,458,603  

China CITIC Bank Corp. Ltd., Class H

    22,469,800       10,558,854  

China Construction Bank Corp., Class A

    1,361,514       1,302,576  

China Construction Bank Corp., Class H

    257,015,000       192,752,140  

China Everbright Bank Co. Ltd., Class A

    7,343,200       3,891,343  

China Everbright Bank Co. Ltd., Class H

    7,124,000       2,649,471  

China Merchants Bank Co. Ltd., Class A

    3,342,868       26,424,452  

China Merchants Bank Co. Ltd., Class H

    10,412,650       87,771,415  

China Minsheng Banking Corp. Ltd., Class A

    5,918,470       3,667,913  

China Minsheng Banking Corp. Ltd., Class H

    13,702,660       5,337,166  

China Zheshang Bank Co. Ltd., Class A

    3,161,900       1,718,201  

Huaxia Bank Co. Ltd., Class A

    2,740,061       2,445,872  

Industrial & Commercial Bank of China Ltd., Class A

    10,466,800       7,732,521  

Industrial & Commercial Bank of China Ltd., Class H

    149,607,000       89,308,655  

Industrial Bank Co. Ltd., Class A

    3,267,100       11,445,864  

Ping An Bank Co. Ltd., Class A

    3,233,255       8,090,653  

Postal Savings Bank of China Co. Ltd., Class A

    4,438,800       3,932,180  

Postal Savings Bank of China Co. Ltd., Class H(c)

    21,372,000       17,548,204  

Shanghai Pudong Development Bank Co. Ltd., Class A

    4,877,298       6,492,072  
   

 

 

 
      644,378,122  
Beverages — 3.0%            

Anhui Gujing Distillery Co. Ltd., Class A

    65,596       2,304,752  

Anhui Gujing Distillery Co. Ltd., Class B

    329,230       4,827,456  

China Resources Beer Holdings Co. Ltd

    3,924,000       31,114,972  

Chongqing Brewery Co. Ltd., Class A(a)

    109,600       2,327,239  

Jiangsu King’s Luck Brewery JSC Ltd., Class A

    219,203       1,818,593  

Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A

    219,276       5,751,399  

JiuGui Liquor Co. Ltd., Class A

    55,400       1,505,406  

Kweichow Moutai Co. Ltd., Class A

    203,005       57,732,441  

Luzhou Laojiao Co. Ltd., Class A

    239,700       8,278,794  

Nongfu Spring Co. Ltd., Class H(c)

    4,712,800       29,556,393  

Shanghai Bairun Investment Holding Group Co. Ltd., Class A

    144,540       1,041,605  

Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A

    219,286       10,206,223  

Sichuan Swellfun Co. Ltd., Class A

    76,752       1,214,431  

Tsingtao Brewery Co. Ltd., Class A

    109,663       1,635,032  

Tsingtao Brewery Co. Ltd., Class H

    1,428,000       13,738,560  

Wuliangye Yibin Co. Ltd., Class A

    657,677       19,908,674  
   

 

 

 
      192,961,970  
Biotechnology — 1.3%            

3SBio Inc.(a)(c)

    3,562,000       2,830,969  

Akeso Inc.(a)(b)(c)

    748,000       1,975,277  

BeiGene Ltd., ADR(a)(b)

    126,588       26,649,306  

Beijing Tiantan Biological Products Corp. Ltd., Class A

    219,272       952,435  

Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A

    54,800       2,184,435  

BGI Genomics Co. Ltd., Class A

    109,699       1,483,944  

Chongqing Zhifei Biological Products Co. Ltd., Class A

    274,040       5,608,519  

Hualan Biological Engineering Inc., Class A

    315,872       1,289,763  

I-Mab, ADR(a)(b)

    96,996       2,397,741  

Imeik Technology Development Co. Ltd., Class A

    30,300       2,341,794  

Innovent Biologics Inc.(a)(c)

    3,148,500       14,209,119  

Legend Biotech Corp., ADR(a)

    94,256       3,731,595  

Shanghai RAAS Blood Products Co. Ltd., Class A

    1,479,600       1,567,026  

 

 

22  

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Schedule of Investments  (unaudited) (continued)

February 28, 2022

  

iShares® MSCI China ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Biotechnology (continued)

 

Shenzhen Kangtai Biological Products Co. Ltd., Class A

    109,655     $ 1,465,816  

Walvax Biotechnology Co. Ltd., Class A

    274,097       2,042,843  

Zai Lab Ltd., ADR(a)

    207,144       11,330,777  
   

 

 

 
          82,061,359  
Building Products — 0.1%            

Beijing New Building Materials PLC, Class A

    328,870       1,559,796  

China Lesso Group Holdings Ltd.

    3,288,000       5,062,154  

Guangdong Kinlong Hardware Products Co. Ltd., Class A

    55,400       930,000  

Zhuzhou Kibing Group Co. Ltd., Class A

    438,400       1,096,101  
   

 

 

 
      8,648,051  
Capital Markets — 1.9%            

Changjiang Securities Co. Ltd., Class A

    1,589,236       1,742,979  

China Cinda Asset Management Co. Ltd., Class H

    21,927,000       3,958,120  

China Galaxy Securities Co. Ltd., Class A

    787,800       1,265,152  

China Galaxy Securities Co. Ltd., Class H

    9,042,000       5,175,488  

China International Capital Corp. Ltd., Class A

    164,400       1,110,186  

China International Capital Corp. Ltd., Class H(c)

    3,860,400       9,392,052  

China Merchants Securities Co. Ltd., Class A

    1,260,468       3,171,520  

CITIC Securities Co. Ltd., Class A

    1,974,251       7,316,832  

CITIC Securities Co. Ltd., Class H

    6,856,300       16,610,767  

CSC Financial Co. Ltd., Class A

    767,299       3,141,560  

Dongxing Securities Co. Ltd., Class A

    767,211       1,255,245  

East Money Information Co. Ltd., Class A

    1,698,881       7,241,092  

Everbright Securities Co. Ltd., Class A

    657,699       1,388,883  

First Capital Securities Co. Ltd., Class A

    876,889       886,896  

Founder Securities Co. Ltd., Class A

    1,808,499       2,064,363  

GF Securities Co. Ltd., Class A

    1,072,999       3,177,999  

GF Securities Co. Ltd., Class H

    2,849,600       4,278,053  

Guosen Securities Co. Ltd., Class A

    1,315,233       2,163,650  

Guotai Junan Securities Co. Ltd., Class A

    1,477,359       3,924,260  

Guoyuan Securities Co. Ltd., Class A

    986,420       1,109,144  

Haitong Securities Co. Ltd., Class A

    1,698,859       3,033,145  

Haitong Securities Co. Ltd., Class H

    6,795,200       5,847,192  

Hithink RoyalFlush Information Network Co. Ltd., Class A

    86,587       1,487,076  

Huatai Securities Co. Ltd., Class A

    1,534,493       3,867,532  

Huatai Securities Co. Ltd., Class H(c)

    3,616,800       5,921,795  

Huaxi Securities Co. Ltd., Class A

    822,073       1,160,486  

Industrial Securities Co. Ltd., Class A

    1,315,240       1,710,772  

Noah Holdings Ltd., ADR(a)

    93,708       2,657,559  

Orient Securities Co. Ltd., Class A

    1,150,864       2,251,113  

SDIC Capital Co. Ltd., Class A

    1,407,414       1,655,976  

Sealand Securities Co. Ltd., Class A

    1,698,860       1,055,796  

Shanxi Securities Co. Ltd., Class A

    929,431       871,611  

Shenwan Hongyuan Group Co. Ltd., Class A

    4,702,579       3,424,276  

Sinolink Securities Co. Ltd., Class A

    602,826       971,330  

SooChow Securities Co. Ltd., Class A

    1,133,435       1,414,180  

Western Securities Co. Ltd., Class A

    1,260,430       1,521,626  

Zheshang Securities Co. Ltd., Class A

    712,400       1,307,275  
   

 

 

 
      120,532,981  
Chemicals — 1.1%            

Beijing Easpring Material Technology Co. Ltd., Class A .

    92,000       1,260,464  

Do-Fluoride New Materials Co. Ltd., Class A, NVS

    109,600       788,290  

Dongyue Group Ltd.

    4,451,000       6,457,242  

Guangzhou Tinci Materials Technology Co. Ltd., Class A

    164,800       2,796,865  

Hengli Petrochemical Co. Ltd., Class A

    1,041,210       4,141,555  
Security   Shares     Value  

Chemicals (continued)

 

Hengyi Petrochemical Co. Ltd., Class A

    986,476     $ 1,573,061  

Hoshine Silicon Industry Co. Ltd., Class A

    67,900       1,615,124  

Huabao International Holdings Ltd.(b)

    2,497,000       1,432,549  

Huafon Chemical Co. Ltd., Class A

    919,200       1,405,890  

Hubei Xingfa Chemicals Group Co. Ltd., Class A, NVS

    219,200       1,437,904  

Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A

    1,751,370       1,378,521  

Inner Mongolia Yuan Xing Energy Co. Ltd., Class A(a)

    657,600       941,932  

Jiangsu Eastern Shenghong Co. Ltd., Class A

    714,100       2,167,059  

Kingfa Sci & Tech Co. Ltd., Class A

    602,800       1,030,452  

LB Group Co. Ltd., Class A

    438,400       1,851,779  

Ningbo Shanshan Co. Ltd.

    54,700       259,004  

Ningxia Baofeng Energy Group Co. Ltd., Class A

    1,192,700       3,322,140  

Rongsheng Petrochemical Co. Ltd., Class A

    1,698,842       5,105,393  

Satellite Chemical Co. Ltd., Class A

    317,764       2,278,582  

Shandong Hualu Hengsheng Chemical Co. Ltd., Class A

    438,470       2,463,164  

Shanghai Putailai New Energy Technology Co. Ltd., Class A

    109,600       2,549,567  

Shenzhen Capchem Technology Co. Ltd., Class A

    54,800       841,684  

Shenzhen Senior Technology Co. Ltd., Class A, NVS

    109,600       665,006  

Sinoma Science & Technology Co. Ltd., Class A

    274,000       1,303,318  

Skshu Paint Co. Ltd., Class A

    72,200       1,016,568  

Tongkun Group Co. Ltd., Class A

    493,264       1,719,902  

Transfar Zhilian Co. Ltd., Class A

    876,893       1,073,556  

Wanhua Chemical Group Co. Ltd., Class A

    548,073       8,298,102  

Weihai Guangwei Composites Co. Ltd., Class A

    109,600       1,277,108  

Yunnan Energy New Material Co. Ltd., Class A

    160,404       6,647,487  

Zhejiang Longsheng Group Co. Ltd., Class A

    1,041,271       2,035,525  

Zhejiang Yongtai Technology Co. Ltd., Class A, NVS(a)

    164,400       977,071  
   

 

 

 
      72,111,864  
Commercial Services & Supplies — 0.1%            

Beijing Originwater Technology Co. Ltd., Class A

    1,096,097       1,162,417  

China Everbright Environment Group Ltd.

    9,864,148       7,082,215  

Shanghai M&G Stationery Inc., Class A

    164,400       1,417,125  
   

 

 

 
      9,661,757  
Communications Equipment — 0.3%            

BYD Electronic International Co. Ltd.

    1,919,000       5,415,056  

Fiberhome Telecommunication Technologies Co. Ltd., Class A

    253,277       692,136  

Guangzhou Haige Communications Group Inc. Co., Class A

    876,884       1,387,586  

Yealink Network Technology Corp. Ltd., Class A

    139,094       1,686,105  

Zhongji Innolight Co. Ltd., Class A

    164,477       1,002,713  

ZTE Corp., Class A

    632,156       2,925,415  

ZTE Corp., Class H

    2,082,440       5,130,187  
   

 

 

 
          18,239,198  
Construction & Engineering — 1.0%            

China Communications Services Corp. Ltd., Class H

    7,672,800       4,209,459  

China Conch Venture Holdings Ltd.

    4,658,000       22,415,405  

China Energy Engineering Corp. Ltd.(a)

    4,704,200       2,010,724  

China National Chemical Engineering Co. Ltd., Class A

    1,096,095       1,818,781  

China Railway Group Ltd., Class A

    3,836,098       3,784,774  

China Railway Group Ltd., Class H

    10,412,000       6,113,467  

China State Construction Engineering Corp. Ltd., Class A

    7,014,498       5,666,631  

China State Construction International Holdings Ltd

    5,480,000       7,717,574  

Metallurgical Corp. of China Ltd., Class A

    3,890,800       2,523,493  

Power Construction Corp. of China Ltd., Class A

    2,794,897       3,412,536  

 

 

 

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

  23


Schedule of Investments  (unaudited) (continued)

February 28, 2022

  

iShares® MSCI China ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Construction & Engineering (continued)

 

Sichuan Road & Bridge Co. Ltd., Class A

    712,400     $ 1,411,712  
   

 

 

 
      61,084,556  
Construction Materials — 0.7%  

Anhui Conch Cement Co. Ltd., Class A

    744,191       4,764,108  

Anhui Conch Cement Co. Ltd., Class H

    3,288,000       17,645,135  

China Jushi Co. Ltd., Class A

    822,005       2,231,635  

China National Building Material Co. Ltd., Class H

    10,960,000       14,059,797  

China Resources Cement Holdings Ltd.

    6,576,000       5,627,016  
   

 

 

 
      44,327,691  
Consumer Finance — 0.2%            

360 DigiTech Inc., ADR

    235,092       4,407,975  

Lufax Holding Ltd., ADR(a)

    1,409,072       9,116,696  
   

 

 

 
      13,524,671  
Distributors — 0.0%            

Wuchan Zhongda Group Co. Ltd., Class A

    1,041,203       934,591  
   

 

 

 
Diversified Consumer Services — 0.2%  

China Education Group Holdings Ltd.

    2,192,000       1,877,942  

New Oriental Education & Technology Group Inc., ADR(a)(b)

    4,228,368       6,384,835  

TAL Education Group, ADR(a)

    1,145,320       3,252,709  
   

 

 

 
      11,515,486  
Diversified Financial Services — 0.1%  

AVIC Industry-Finance Holdings Co. Ltd., Class A

    2,137,282       1,319,990  

Far East Horizon Ltd.

    4,816,000       4,104,440  
   

 

 

 
      5,424,430  
Diversified Telecommunication Services — 0.2%  

China Tower Corp. Ltd., Class H(c)

    108,514,000       12,647,687  
   

 

 

 
Electrical Equipment — 1.3%  

Contemporary Amperex Technology Co. Ltd., Class A

    388,571       33,284,719  

Dongfang Electric Corp. Ltd., Class A

    438,400       1,136,314  

Eve Energy Co. Ltd., Class A

    337,236       4,839,593  

Fangda Carbon New Material Co. Ltd., Class A

    876,847       1,437,679  

Ginlong Technologies Co. Ltd., Class A

    54,800       2,212,679  

Gotion High-tech Co. Ltd., Class A(a)

    311,900       2,140,252  

Hongfa Technology Co. Ltd., Class A

    164,400       1,643,018  

Jiangsu Zhongtian Technology Co. Ltd., Class A

    438,400       1,303,015  

Ming Yang Smart Energy Group Ltd., Class A

    328,800       1,352,034  

NARI Technology Co. Ltd., Class A

    931,677       5,258,569  

Ningbo Ronbay New Energy Technology Co. Ltd.

    54,700       1,277,268  

Shanghai Electric Group Co. Ltd., Class A

    1,150,800       805,409  

Sungrow Power Supply Co. Ltd., Class A

    242,600       4,697,706  

Sunwoda Electronic Co. Ltd., Class A

    328,808       1,928,726  

Suzhou Maxwell Technologies Co. Ltd., Class A

    16,620       1,451,060  

TBEA Co. Ltd., Class A

    712,457       2,295,758  

Titan Wind Energy Suzhou Co. Ltd., Class A

    274,000       905,562  

Xinjiang Goldwind Science & Technology Co. Ltd., Class A

    636,720       1,519,818  

Xinjiang Goldwind Science & Technology Co. Ltd., Class H

    2,006,920       3,283,683  

Zhejiang Chint Electrics Co. Ltd., Class A

    383,668       3,057,963  

Zhuzhou CRRC Times Electric Co. Ltd.

    1,479,600       7,712,446  
   

 

 

 
          83,543,271  
Electronic Equipment, Instruments & Components — 1.8%  

AAC Technologies Holdings Inc.(b)

    1,918,000       5,244,196  

Avary Holding Shenzhen Co. Ltd., Class A

    261,800       1,442,712  

BOE Technology Group Co. Ltd., Class A

    6,192,400       4,621,635  

Chaozhou Three-Circle Group Co. Ltd., Class A

    382,977       2,121,019  
Security   Shares     Value  

Electronic Equipment, Instruments & Components (continued)

 

China Zhenhua Group Science & Technology Co. Ltd., Class A

    54,800     $ 1,021,405  

Foxconn Industrial Internet Co. Ltd., Class A

    1,479,686       2,622,519  

GoerTek Inc., Class A

    548,000       3,836,796  

Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A

    109,619       1,492,927  

Kingboard Holdings Ltd.

    1,918,000       8,972,688  

Kingboard Laminates Holdings Ltd.

    2,740,000       4,565,790  

Lens Technology Co. Ltd., Class A

    876,888       2,028,556  

Lingyi iTech Guangdong Co., Class A(a)

    1,479,600       1,412,133  

Luxshare Precision Industry Co. Ltd., Class A

    1,150,824       7,981,061  

Maxscend Microelectronics Co. Ltd., Class A

    55,520       2,385,854  

Raytron Technology Co. Ltd., Class A

    70,314       709,567  

Shengyi Technology Co. Ltd., Class A

    493,200       1,525,147  

Shennan Circuits Co. Ltd., Class A

    72,424       1,350,085  

Shenzhen Kaifa Technology Co. Ltd., Class A

    313,104       678,395  

Sunny Optical Technology Group Co. Ltd.

    1,918,000       45,962,857  

Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A

    219,200       774,667  

Tianma Microelectronics Co. Ltd., Class A

    657,636       1,222,051  

Unisplendour Corp. Ltd., Class A

    485,127       1,691,112  

Universal Scientific Industrial Shanghai Co. Ltd., Class A

    306,200       682,553  

Westone Information Industry Inc., Class A

    109,600       802,364  

Wingtech Technology Co. Ltd., Class A

    219,200       4,084,969  

Wuhan Guide Infrared Co. Ltd., Class A

    449,264       1,597,820  

Wuhu Token Science Co. Ltd., Class A

    383,600       589,291  

WUS Printed Circuit Kunshan Co. Ltd., Class A

    602,818       1,611,727  

Zhejiang Dahua Technology Co. Ltd., Class A

    657,600       1,958,177  
   

 

 

 
      114,990,073  
Energy Equipment & Services — 0.1%  

China Oilfield Services Ltd., Class H

    5,480,000       6,247,181  

Offshore Oil Engineering Co. Ltd., Class A

    856,198       670,444  

Yantai Jereh Oilfield Services Group Co. Ltd., Class A

    164,492       1,178,455  
   

 

 

 
      8,096,080  
Entertainment — 2.4%  

Alibaba Pictures Group Ltd.(a)(b)

    38,360,000       3,835,205  

Beijing Enlight Media Co. Ltd., Class A

    582,100       872,170  

Bilibili Inc., ADR(a)(b)

    443,880       14,031,047  

Giant Network Group Co. Ltd., Class A

    767,271       1,164,725  

iQIYI Inc., ADR(a)(b)

    770,488       3,189,820  

Kingsoft Corp. Ltd.

    2,630,400       9,837,189  

Kunlun Tech Co. Ltd., Class A

    274,061       767,913  

Mango Excellent Media Co. Ltd., Class A

    328,880       1,792,055  

NetEase Inc.

    5,485,560       106,100,043  

Perfect World Co. Ltd., Class A

    404,000       848,423  

Tencent Music Entertainment Group, ADR(a)

    1,799,632       9,700,016  

Wuhu Sanqi Interactive Entertainment Network

   

Technology Group Co. Ltd., Class A

    438,400       1,455,899  

Zhejiang Century Huatong Group Co. Ltd., Class A(a)

    1,534,498       1,591,036  
   

 

 

 
          155,185,541  
Food & Staples Retailing — 0.1%  

DaShenLin Pharmaceutical Group Co. Ltd., Class A

    164,436       929,637  

Sun Art Retail Group Ltd.

    5,480,000       1,977,086  

Yifeng Pharmacy Chain Co. Ltd., Class A

    174,398       1,370,798  

Yonghui Superstores Co. Ltd., Class A

    2,411,234       1,396,494  
   

 

 

 
      5,674,015  
Food Products — 2.4%  

Angel Yeast Co. Ltd., Class A

    164,424       1,304,155  

 

 

24  

2 0 2 2   H A R E S  E M I - A N N U A L  E P O R T   T O  H A R E H O L D E R S 


Schedule of Investments  (unaudited) (continued)

February 28, 2022

  

iShares® MSCI China ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Food Products (continued)

 

Anjoy Foods Group Co Ltd., Class A

    55,400     $ 1,086,763  

Beijing Dabeinong Technology Group Co. Ltd., Class A

    876,800       1,153,395  

China Feihe Ltd.(c)

    9,317,000       11,117,599  

China Huishan Dairy Holdings Co.
Ltd.(a)(d)

    1,366,667       2  

China Mengniu Dairy Co. Ltd.

    8,533,000       55,485,129  

Chongqing Fuling Zhacai Group Co. Ltd., Class A

    164,423       917,780  

Dali Foods Group Co. Ltd.(c)

    6,302,000       3,319,151  

Foshan Haitian Flavouring & Food Co. Ltd., Class A

    548,014       8,636,851  

Guangdong Haid Group Co. Ltd., Class A

    308,097       3,225,302  

Henan Shuanghui Investment & Development Co. Ltd., Class A

    555,708       2,543,144  

Inner Mongolia Yili Industrial Group Co. Ltd., Class A

    986,423       6,187,244  

Jiangxi Zhengbang Technology Co. Ltd., Class A

    712,400       780,020  

Juewei Food Co. Ltd., Class A

    109,600       920,622  

Muyuan Foods Co. Ltd., Class A

    876,816       7,978,279  

New Hope Liuhe Co. Ltd., Class A(a)

    822,099       2,011,126  

Tingyi Cayman Islands Holding Corp.

    5,480,000       12,123,963  

Tongwei Co. Ltd., Class A

    767,299       5,262,316  

Uni-President China Holdings Ltd.

    4,384,000       4,558,810  

Want Want China Holdings Ltd.(b)

    12,605,000       13,418,344