|
FEBRUARY 28, 2022 |
2022 Semi-Annual Report (Unaudited) |
iShares, Inc.
· |
iShares MSCI Global Agriculture Producers ETF | VEGI | NYSE Arca |
· |
iShares MSCI Global Energy Producers ETF | FILL | NYSE Arca |
· |
iShares MSCI Global Gold Miners ETF | RING | NASDAQ |
· |
iShares MSCI Global Metals & Mining Producers ETF | PICK | Cboe BZX |
· |
iShares MSCI Global Silver and Metals Miners ETF | SLVP | Cboe BZX |
Dear Shareholder,
The 12-month reporting period as of February 28, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. However, rapid changes in consumer spending led to supply constraints and elevated inflation. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.
Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks posted a solid advance. International equities from developed markets gained slightly, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.
The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. In the corporate bond market, the improving economy assuaged credit concerns and led to modest returns for high-yield corporate bonds, outpacing the negative return of investment-grade corporate bonds.
The U.S. Federal Reserve (the “Fed”) maintained accommodative monetary policy during the reporting period by keeping near-zero interest rates. However, the Fed’s tone shifted during the period, as it reduced its bond-buying program and raised the prospect of higher rates in 2022. Continued high inflation and the Fed’s new stance led many analysts to anticipate that the Fed will raise interest rates multiple times throughout the year.
Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy. Sanctions on Russia and general wartime disruption are likely to drive already-high commodity prices even further upwards, and we have already seen spikes in energy and metal markets. While this will exacerbate inflationary pressure, it could also constrain economic growth, making the Fed’s way forward less clear. Its challenge will be combating inflation without stifling a recovery that is now facing additional supply shocks.
In this environment, we favor an overweight to equities, as we believe low interest rates and continued economic growth will support further gains, albeit likely more modest than what we saw in 2021. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. U.S. and other developed market equities have room for further growth, while we believe Chinese equities stand to gain from a more accommodative monetary and fiscal environment. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.
Overall, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.
Sincerely,
Rob Kapito
President, BlackRock, Inc.
Rob Kapito
President, BlackRock, Inc.
Total Returns as of February 28, 2022 | ||||||||
6-Month
|
12-Month
|
|||||||
U.S.
large cap equities
|
|
(2.62)% |
|
|
16.39% |
| ||
U.S.
small cap equities
|
|
(9.46) |
|
|
(6.01) |
| ||
International
equities
|
|
(6.78) |
|
|
2.83 |
| ||
Emerging
market equities
|
|
(9.81) |
|
|
(10.69) |
| ||
3-month Treasury bills
|
|
0.02 |
|
|
0.04 |
| ||
U.S.
Treasury securities
|
|
(3.94) |
|
|
(1.67) |
| ||
U.S.
investment grade bonds
|
|
(4.07) |
|
|
(2.64) |
| ||
Tax-exempt municipal
bonds
|
|
(3.09) |
|
|
(0.66) |
| ||
U.S.
high yield bonds
|
|
(3.07) |
|
|
0.64 |
| ||
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. |
|
2 |
T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T |
Table of Contents
Page | ||||
2 | ||||
4 | ||||
9 | ||||
9 | ||||
10 | ||||
Financial Statements |
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29 | ||||
31 | ||||
33 | ||||
36 | ||||
41 | ||||
50 | ||||
51 | ||||
52 | ||||
53 |
Fund Summary as of February 28, 2022 | iShares® MSCI Global Agriculture Producers ETF |
Investment Objective
The iShares MSCI Global Agriculture Producers ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of agriculture, as represented by the MSCI ACWI Select Agriculture Producers Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV |
8.51 | % | 12.84 | % | 12.42 | % | 7.20 | % | 12.84 | % | 79.57 | % | 100.41 | % | ||||||||||||||||||
Fund Market |
9.40 | 13.16 | 12.48 | 7.21 | 13.16 | 80.06 | 100.66 | |||||||||||||||||||||||||
Index |
8.51 | 13.05 | 12.45 | 7.28 | 13.05 | 79.79 | 101.87 |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 9 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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Beginning Account Value (09/01/21) |
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Ending Account Value (02/28/22) |
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Expenses Paid During the Period |
(a) |
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Beginning Account Value (09/01/21) |
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Ending Account Value (02/28/22) |
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Expenses Paid During the Period |
(a) |
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Annualized Expense Ratio |
| ||||||||||
$ 1,000.00 | $ 1,085.10 | $ 2.02 | $ 1,000.00 | $ 1,022.90 | $ 1.96 | 0.39 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | |
Percent of Total Investments |
(a) | |
Fertilizers & Agricultural Chemicals |
36.8 | % | ||
Agricultural & Farm Machinery |
29.2 | |||
Agricultural Products |
19.2 | |||
Packaged Foods & Meats |
14.8 |
TEN LARGEST GEOGRAPHIC ALLOCATION
Country/Geographic Region | |
Percent of Total Investments |
(a) | |
United States |
55.2 | % | ||
Canada |
8.8 | |||
Norway |
5.1 | |||
Japan |
4.4 | |||
India |
3.7 | |||
Netherlands |
3.0 | |||
China |
2.7 | |||
Saudi Arabia |
2.3 | |||
Israel |
1.8 | |||
Malaysia |
1.7 |
(a) |
Excludes money market funds. |
4 |
2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of February 28, 2022 | iShares® MSCI Global Energy Producers ETF |
Investment Objective
The iShares MSCI Global Energy Producers ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of energy exploration and production, as represented by the MSCI ACWI Select Energy Producers Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV |
35.33 | % | 41.87 | % | 5.62 | % | 1.04 | % | 41.87 | % | 31.42 | % | 10.93 | % | ||||||||||||||||||
Fund Market |
37.25 | 42.95 | 5.90 | 1.10 | 42.95 | 33.18 | 11.60 | |||||||||||||||||||||||||
Index |
36.27 | 42.70 | 5.43 | 0.90 | 42.70 | 30.28 | 9.43 |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 9 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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Beginning Account Value (09/01/21) |
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Ending Account Value (02/28/22) |
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Expenses Paid During the Period |
(a) |
|
Beginning Account Value (09/01/21) |
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Ending Account Value (02/28/22) |
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|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||||||
$ 1,000.00 | $ 1,353.30 | $ 2.28 | $ 1,000.00 | $ 1,022.90 | $ 1.96 | 0.39 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | |
Percent of Total Investments |
(a) | |
Integrated Oil & Gas |
57.1 | % | ||
Oil & Gas Exploration & Production |
29.4 | |||
Oil & Gas Refining & Marketing |
10.7 | |||
Coal & Consumable Fuels |
2.8 |
TEN LARGEST GEOGRAPHIC ALLOCATION
Country/Geographic Region | |
Percent of Total Investments |
(a) | |
United States |
51.5 | % | ||
Canada |
17.4 | |||
France |
5.3 | |||
India |
4.5 | |||
United Kingdom |
4.4 | |||
Brazil |
2.6 | |||
Australia |
2.0 | |||
Italy |
1.6 | |||
Norway |
1.5 | |||
China |
1.4 |
(a) |
Excludes money market funds. |
F U N D S U M M A R Y |
5 |
Fund Summary as of February 28, 2022 | iShares® MSCI Global Gold Miners ETF |
Investment Objective
The iShares MSCI Global Gold Miners ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of gold mining, as represented by the MSCI ACWI Select Gold Miners Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV |
4.40 | % | 9.51 | % | 9.09 | % | (4.68 | )% | 9.51 | % | 54.47 | % | (38.08 | )% | ||||||||||||||||||
Fund Market |
6.16 | 11.87 | 9.46 | (4.46 | ) | 11.87 | 57.14 | (36.63 | ) | |||||||||||||||||||||||
Index |
6.10 | 11.18 | 9.63 | (4.37 | ) | 11.18 | 58.34 | (36.07 | ) |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 9 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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Beginning Account Value (09/01/21) |
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Ending Account Value (02/28/22) |
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|
Expenses Paid During the Period |
(a) |
|
Beginning Account Value (09/01/21) |
|
|
Ending Account Value (02/28/22) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||||||
$ 1,000.00 | $ 1,044.00 | $ 1.98 | $ 1,000.00 | $ 1,022.90 | $ 1.96 | 0.39 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information. |
Portfolio Information
GEOGRAPHIC ALLOCATION
Country/Geographic Region | |
Percent of Total Investments |
(a) | |
Canada |
50.0 | % | ||
United States |
22.8 | |||
South Africa |
11.2 | |||
Australia |
7.2 | |||
China |
3.9 | |||
Peru |
1.2 | |||
Russia |
1.0 | |||
Other (each representing less than 1%) |
2.7 |
TEN LARGEST HOLDINGS
Security | |
Percent of Total Investments |
(a) | |
Newmont Corp. |
21.7 | % | ||
Barrick Gold Corp. |
16.4 | |||
Agnico Eagle Mines Ltd. |
8.4 | |||
Gold Fields Ltd. |
5.0 | |||
Newcrest Mining Ltd. |
4.9 | |||
Wheaton Precious Metals Corp. |
4.7 | |||
AngloGold Ashanti Ltd. |
4.5 | |||
Zijin Mining Group Co. Ltd., Class H |
3.9 | |||
Kinross Gold Corp. |
2.9 | |||
Yamana Gold Inc. |
2.3 |
(a) |
Excludes money market funds. |
6 |
2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of February 28, 2022 | iShares® MSCI Global Metals & Mining Producers ETF |
Investment Objective
The iShares MSCI Global Metals & Mining Producers ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in mining, extraction or production of diversified metals, excluding gold and silver, as represented by the MSCI ACWI Select Metals & Mining Producers ex Gold & Silver Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV |
8.51 | % | 21.07 | % | 15.31 | % | 3.54 | % | 21.07 | % | 103.90 | % | 41.57 | % | ||||||||||||||||||
Fund Market |
10.07 | 22.50 | 15.81 | 3.57 | 22.50 | 108.33 | 42.04 | |||||||||||||||||||||||||
Index |
8.59 | 21.95 | 15.77 | 3.75 | 21.95 | 107.97 | 44.55 |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 9 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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Beginning Account Value (09/01/21) |
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Ending Account Value (02/28/22) |
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Expenses Paid During the Period |
(a) |
|
Beginning Account Value (09/01/21) |
|
|
Ending Account Value (02/28/22) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||||||
$ 1,000.00 | $ 1,085.10 | $ 2.02 | $ 1,000.00 | $ 1,022.90 | $ 1.96 | 0.39 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information. |
Portfolio Information
ALLOCATION BY SECTOR
Sector | |
Percent of Total Investments |
(a) | |
Diversified Metals & Mining |
49.0 | % | ||
Steel |
31.5 | |||
Copper |
10.3 | |||
Aluminum |
5.6 | |||
Precious Metals & Minerals |
3.6 |
TEN LARGEST GEOGRAPHIC ALLOCATION
Country/Geographic Region | |
Percent of Total Investments |
(a) | |
Australia |
36.4 | % | ||
United States |
15.7 | |||
Brazil |
7.1 | |||
United Kingdom |
6.1 | |||
Canada |
4.9 | |||
Japan |
4.4 | |||
South Africa |
3.9 | |||
India |
3.4 | |||
China |
2.9 | |||
South Korea |
2.1 |
(a) |
Excludes money market funds. |
F U N D S U M M A R Y |
7 |
Fund Summary as of February 28, 2022 | iShares® MSCI Global Silver and Metals Miners ETF |
Investment Objective
The iShares MSCI Global Silver and Metals Miners ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of silver exploration or metals mining, as represented by the MSCI ACWI Select Silver Miners Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6 Months | 1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV |
(6.45 | )% | (16.32 | )% | 3.68 | % | (4.96 | )% | (16.32 | )% | 19.79 | % | (39.90 | )% | ||||||||||||||||||
Fund Market |
(6.07 | ) | (16.39 | ) | 3.76 | (4.94 | ) | (16.39 | ) | 20.26 | (39.76 | ) | ||||||||||||||||||||
Index |
(6.00 | ) | (15.92 | ) | 3.71 | (4.94 | ) | (15.92 | ) | 20.00 | (39.72 | ) |
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 9 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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Beginning Account Value (09/01/21) |
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Ending Account Value (02/28/22) |
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Expenses Paid During the Period |
(a) |
|
Beginning Account Value (09/01/21) |
|
|
Ending Account Value (02/28/22) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||||||
$ 1,000.00 | $ 935.50 | $ 1.87 | $ 1,000.00 | $ 1,022.90 | $ 1.96 | 0.39 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information. |
Portfolio Information
GEOGRAPHIC ALLOCATION
Country/Geographic Region | |
Percent of Total Investments |
(a) | |
Canada |
67.8 | % | ||
United States |
20.4 | |||
Mexico |
5.0 | |||
Japan |
4.6 | |||
Other (each representing less than 1%) |
2.2 |
TEN LARGEST HOLDINGS
Security | |
Percent of Total Investments |
(a) | |
Pan American Silver Corp. |
17.6 | % | ||
Hecla Mining Co. |
10.4 | |||
First Majestic Silver Corp. |
8.7 | |||
Newmont Corp. |
8.4 | |||
Industrias Penoles SAB de CV |
5.0 | |||
MAG Silver Corp. |
4.8 | |||
Asahi Holdings Inc. |
4.6 | |||
SilverCrest Metals Inc. |
4.4 | |||
Agnico Eagle Mines Ltd. |
4.4 | |||
Fortuna Silver Mines Inc. |
4.1 |
(a) |
Excludes money market funds. |
8 |
2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.
Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.
The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During Period.”
The expense examples also provide information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in a Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.
A B O U T F U N D P E R F O R M A N C E / S H A R E H O L D E R E X P E N S E S |
9 |
Schedule of Investments (unaudited) February 28, 2022 |
iShares® MSCI Global Agriculture Producers ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
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Australia — 1.0% | ||||||||
Australian Agricultural Co. Ltd.(a) |
45,444 | $ | 54,460 | |||||
Costa Group Holdings Ltd. |
69,342 | 137,276 | ||||||
Elders Ltd. |
24,318 | 204,381 | ||||||
Inghams Group Ltd. |
53,214 | 130,701 | ||||||
Nufarm Ltd./Australia |
50,820 | 203,639 | ||||||
Select Harvests Ltd. |
18,648 | 74,816 | ||||||
Tassal Group Ltd. |
32,928 | 85,553 | ||||||
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890,826 | ||||||||
Brazil — 0.4% | ||||||||
Sao Martinho SA |
27,720 | 214,292 | ||||||
SLC Agricola SA |
16,562 | 140,698 | ||||||
Tres Tentos Agroindustrial SA(a) |
19,194 | 37,299 | ||||||
|
|
|||||||
392,289 | ||||||||
Canada — 8.8% | ||||||||
Ag Growth International Inc. |
2,982 | 88,225 | ||||||
Nutrien Ltd. |
89,586 | 7,704,749 | ||||||
Rogers Sugar Inc.(b) |
14,070 | 64,717 | ||||||
|
|
|||||||
7,857,691 | ||||||||
China — 2.7% | ||||||||
Beijing Dabeinong Technology Group Co. Ltd., Class A |
37,800 | 49,724 | ||||||
China BlueChemical Ltd., Class H |
274,000 | 82,044 | ||||||
China Huishan Dairy Holdings Co. Ltd.(a)(c) |
295,050 | — | ||||||
China Modern Dairy Holdings Ltd. |
504,000 | 93,140 | ||||||
China Youran Dairy Group Ltd.(a)(d) |
126,000 | 68,562 | ||||||
COFCO Joycome Foods Ltd.(a) |
374,000 | 163,163 | ||||||
First Tractor Co. Ltd., Class H |
64,000 | 30,824 | ||||||
Fujian Sunner Development Co. Ltd., Class A |
12,600 | 39,449 | ||||||
Heilongjiang Agriculture Co. Ltd., Class A |
16,800 | 39,147 | ||||||
Henan Shuanghui Investment & Development Co. Ltd., Class A |
26,900 | 123,105 | ||||||
Inner Mongolia Yili Industrial Group Co. Ltd., Class A |
61,700 | 387,007 | ||||||
Jiangsu Yangnong Chemical Co. Ltd., Class A |
2,900 | 57,363 | ||||||
Jiangxi Zhengbang Technology Co. Ltd., Class A |
25,200 | 27,592 | ||||||
Muyuan Foods Co. Ltd., Class A |
50,166 | 456,468 | ||||||
New Hope Liuhe Co. Ltd., Class A(a) |
42,000 | 102,746 | ||||||
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A |
19,880 | 111,679 | ||||||
Sichuan New Energy Power Co. Ltd.(a) |
12,600 | 51,238 | ||||||
Sinofert Holdings Ltd. |
336,000 | 48,230 | ||||||
Tongwei Co. Ltd., Class A |
42,600 | 292,161 | ||||||
Wens Foodstuffs Group Co. Ltd., Class A(a) |
58,820 | 181,896 | ||||||
Yuan Longping High-Tech Agriculture Co. Ltd., Class A(a) |
12,600 | 38,073 | ||||||
|
|
|||||||
2,443,611 | ||||||||
Cyprus — 0.0% | ||||||||
Ros Agro PLC, GDR(c)(e) |
5,334 | 15,624 | ||||||
|
|
|||||||
Egypt — 0.0% | ||||||||
Misr Fertilizers Production Co. SAE |
7,040 | 39,829 | ||||||
|
|
|||||||
Faeroe Islands — 0.6% | ||||||||
Bakkafrost P/F |
7,854 | 533,733 | ||||||
|
|
|||||||
France — 0.1% | ||||||||
Vilmorin & Cie SA |
882 | 45,640 | ||||||
|
|
|||||||
Germany — 1.2% | ||||||||
K+S AG, Registered(a) |
29,988 | 769,257 | ||||||
KWS Saat SE & Co. KGaA |
1,806 | 131,249 |
Security | Shares | Value | ||||||
Germany (continued) | ||||||||
Suedzucker AG |
11,298 | $ | 153,922 | |||||
|
|
|||||||
1,054,428 | ||||||||
Hong Kong — 1.0% | ||||||||
WH Group Ltd.(d) |
1,302,000 | 909,285 | ||||||
|
|
|||||||
India — 3.7% | ||||||||
Balrampur Chini Mills Ltd. |
19,782 | 104,952 | ||||||
Bayer CropScience Ltd./India |
2,100 | 123,144 | ||||||
Chambal Fertilizers and Chemicals Ltd. |
25,956 | 130,978 | ||||||
Coromandel International Ltd. |
18,354 | 189,135 | ||||||
Deepak Fertilisers & Petrochemicals Corp. Ltd. |
8,442 | 63,987 | ||||||
EID Parry India Ltd. |
10,878 | 59,983 | ||||||
Escorts Ltd. |
10,584 | 260,922 | ||||||
Gujarat Narmada Valley Fertilizers & Chemicals Ltd. |
12,138 | 89,681 | ||||||
Gujarat State Fertilizers & Chemicals Ltd. |
28,098 | 47,164 | ||||||
Kaveri Seed Co. Ltd. |
3,822 | 24,784 | ||||||
PI Industries Ltd. |
12,978 | 427,124 | ||||||
Rallis India Ltd. |
12,306 | 38,355 | ||||||
Shree Renuka Sugars Ltd.(a) |
82,740 | 36,535 | ||||||
Sumitomo Chemical India Ltd. |
15,666 | 78,676 | ||||||
Tata Consumer Products Ltd. |
93,576 | 896,027 | ||||||
Triveni Engineering & Industries Ltd. |
11,214 | 37,231 | ||||||
UPL Ltd. |
77,700 | 690,557 | ||||||
|
|
|||||||
3,299,235 | ||||||||
Indonesia — 0.8% | ||||||||
Astra Agro Lestari Tbk PT |
75,600 | 59,995 | ||||||
Charoen Pokphand Indonesia Tbk PT |
1,155,000 | 467,684 | ||||||
Inti Agri Resources Tbk PT(a)(c) |
2,230,700 | — | ||||||
Japfa Comfeed Indonesia Tbk PT |
651,000 | 71,504 | ||||||
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT |
491,400 | 48,722 | ||||||
Sawit Sumbermas Sarana Tbk PT |
508,200 | 39,810 | ||||||
|
|
|||||||
687,715 | ||||||||
Ireland — 0.1% | ||||||||
Origin Enterprises PLC |
19,698 | 79,753 | ||||||
|
|
|||||||
Israel — 1.7% | ||||||||
ICL Group Ltd. |
110,586 | 1,255,872 | ||||||
Israel Corp. Ltd. (The)(a) |
588 | 308,993 | ||||||
|
|
|||||||
1,564,865 | ||||||||
Japan — 4.4% | ||||||||
Hokuto Corp. |
3,000 | 51,465 | ||||||
Kubota Corp. |
160,600 | 2,881,432 | ||||||
Kumiai Chemical Industry Co. Ltd. |
12,600 | 89,413 | ||||||
Maruha Nichiro Corp. |
6,100 | 133,092 | ||||||
Mitsui DM Sugar Holdings Co. Ltd. |
2,400 | 42,843 | ||||||
NH Foods Ltd. |
13,100 | 491,679 | ||||||
Sakata Seed Corp. |
4,400 | 129,273 | ||||||
Taki Chemical Co. Ltd. |
800 | 33,253 | ||||||
YAMABIKO Corp. |
5,300 | 61,381 | ||||||
Yukiguni Maitake Co. Ltd. |
3,100 | 32,348 | ||||||
|
|
|||||||
3,946,179 | ||||||||
Malaysia — 1.7% | ||||||||
Genting Plantations Bhd |
42,000 | 91,133 | ||||||
IOI Corp. Bhd |
386,400 | 424,578 | ||||||
Kuala Lumpur Kepong Bhd |
69,000 | 427,295 | ||||||
QL Resources Bhd |
172,207 | 203,031 | ||||||
Sime Darby Plantation Bhd |
268,800 | 315,366 | ||||||
United Plantations BHD |
16,800 | 60,910 | ||||||
|
|
|||||||
1,522,313 |
10 |
2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2022 |
iShares® MSCI Global Agriculture Producers ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Mauritius — 0.2% | ||||||||
Golden Agri-Resources Ltd.(b) |
991,200 | $ | 209,583 | |||||
|
|
|||||||
Netherlands — 3.0% | ||||||||
CNH Industrial NV |
160,650 | 2,285,167 | ||||||
ForFarmers NV |
5,166 | 21,073 | ||||||
OCI NV(a) |
14,784 | 419,071 | ||||||
|
|
|||||||
2,725,311 | ||||||||
Norway — 5.1% | ||||||||
Atlantic Sapphire ASA(a)(b) |
11,382 | 40,298 | ||||||
Austevoll Seafood ASA |
14,322 | 202,224 | ||||||
Grieg Seafood ASA(a) |
8,274 | 104,206 | ||||||
Leroy Seafood Group ASA |
46,452 | 405,544 | ||||||
Mowi ASA |
68,964 | 1,775,741 | ||||||
Norway Royal Salmon ASA(b) |
1,764 | 40,519 | ||||||
Salmar ASA |
9,240 | 678,902 | ||||||
Yara International ASA |
25,956 | 1,321,937 | ||||||
|
|
|||||||
4,569,371 | ||||||||
Poland — 0.1% | ||||||||
Grupa Azoty SA(a) |
7,770 | 60,215 | ||||||
|
|
|||||||
Russia — 0.2% | ||||||||
PhosAgro PJSC, GDR |
21,252 | 130,018 | ||||||
|
|
|||||||
Saudi Arabia — 2.3% | ||||||||
Al Jouf Agricultural Development Co. |
2,310 | 35,191 | ||||||
Almarai Co. JSC |
39,060 | 523,693 | ||||||
National Agriculture Development Co. (The)(a) |
7,728 | 63,719 | ||||||
SABIC Agri-Nutrients Co. |
33,642 | 1,433,414 | ||||||
Saudi Fisheries Co.(a) |
3,024 | 37,934 | ||||||
|
|
|||||||
2,093,951 | ||||||||
Singapore — 1.3% | ||||||||
China XLX Fertiliser Ltd. |
66,000 | 50,931 | ||||||
First Resources Ltd. |
88,200 | 120,209 | ||||||
Japfa Ltd. |
63,040 | 27,565 | ||||||
Wilmar International Ltd. |
302,400 | 982,810 | ||||||
|
|
|||||||
1,181,515 | ||||||||
South Africa — 0.1% | ||||||||
Astral Foods Ltd. |
6,132 | 64,805 | ||||||
Oceana Group Ltd. |
12,800 | 44,944 | ||||||
|
|
|||||||
109,749 | ||||||||
South Korea — 0.1% | ||||||||
Dongwon Industries Co. Ltd. |
168 | 29,432 | ||||||
Harim Holdings Co. Ltd. |
7,308 | 63,779 | ||||||
Namhae Chemical Corp.(a) |
3,402 | 27,510 | ||||||
|
|
|||||||
120,721 | ||||||||
Sweden — 0.9% | ||||||||
Husqvarna AB, Class B |
65,436 | 788,119 | ||||||
|
|
|||||||
Taiwan — 0.5% | ||||||||
Charoen Pokphand Enterprise |
26,000 | 78,674 | ||||||
Taiwan Fertilizer Co. Ltd. |
113,000 | 277,909 | ||||||
Taiwan TEA Corp.(a) |
84,000 | 64,527 | ||||||
|
|
|||||||
421,110 | ||||||||
Thailand — 0.6% | ||||||||
Charoen Pokphand Foods PCL, NVDR |
604,800 | 468,609 | ||||||
GFPT PCL, NVDR |
79,800 | 31,993 | ||||||
Khon Kaen Sugar Industry PCL, NVDR(a) |
235,254 | 24,474 | ||||||
Thaifoods Group PCL, NVDR(b) |
180,600 | 23,493 | ||||||
|
|
|||||||
548,569 |
Security | Shares | Value | ||||||
Turkey — 0.2% | ||||||||
Gubre Fabrikalari TAS(a) |
7,938 | $ | 43,647 | |||||
Hektas Ticaret TAS(a)(b) |
61,027 | 57,161 | ||||||
Turk Traktor ve Ziraat Makineleri AS |
2,016 | 31,129 | ||||||
|
|
|||||||
131,937 | ||||||||
United Kingdom — 0.4% | ||||||||
Cranswick PLC |
8,274 | 388,403 | ||||||
|
|
|||||||
United States — 55.0% | ||||||||
AGCO Corp. |
9,996 | 1,201,119 | ||||||
American Vanguard Corp. |
4,410 | 66,459 | ||||||
AppHarvest Inc.(a)(b) |
8,358 | 31,927 | ||||||
Archer-Daniels-Midland Co. |
87,822 | 6,889,636 | ||||||
Bunge Ltd. |
22,050 | 2,305,327 | ||||||
Cal-Maine Foods Inc. |
5,838 | 258,448 | ||||||
CF Industries Holdings Inc. |
33,684 | 2,734,804 | ||||||
Corteva Inc. |
114,408 | 5,952,648 | ||||||
Darling Ingredients Inc.(a) |
25,368 | 1,838,673 | ||||||
Deere & Co. |
46,200 | 16,632,924 | ||||||
FMC Corp. |
19,908 | 2,334,213 | ||||||
Fresh Del Monte Produce Inc. |
5,586 | 144,566 | ||||||
Hydrofarm Holdings Group Inc.(a) |
4,116 | 83,349 | ||||||
Ingredion Inc. |
10,458 | 928,043 | ||||||
Lamb Weston Holdings Inc. |
22,848 | 1,517,793 | ||||||
Lindsay Corp. |
1,722 | 225,944 | ||||||
Mosaic Co. (The) |
57,960 | 3,038,843 | ||||||
Pilgrim’s Pride Corp.(a) |
7,644 | 180,245 | ||||||
Sanderson Farms Inc. |
3,150 | 562,558 | ||||||
Scotts Miracle-Gro Co. (The) |
6,510 | 911,791 | ||||||
Toro Co. (The) |
16,716 | 1,568,128 | ||||||
Vital Farms Inc.(a)(b) |
2,436 | 34,713 | ||||||
|
|
|||||||
49,442,151 | ||||||||
|
|
|||||||
Total
Common Stocks — 98.2% |
88,203,739 | |||||||
|
|
|||||||
Preferred Stocks |
||||||||
Chile — 1.6% | ||||||||
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares |
21,294 | 1,414,175 | ||||||
|
|
|||||||
Total
Preferred Stocks — 1.6% |
1,414,175 | |||||||
|
|
|||||||
Rights |
||||||||
Thailand — 0.0% | ||||||||
Khon Kaen Sugar (Expires 02/28/22)(a) |
2,201 | — | ||||||
|
|
|||||||
Total
Rights — 0.0% |
— | |||||||
|
|
S C H E D U L E O F I N V E S T M E N T S |
11 |
Schedule of Investments (unaudited) (continued) February 28, 2022 |
iShares® MSCI Global Agriculture Producers ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Short-Term Investments |
||||||||
Money Market Funds — 0.3% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(f)(g)(h) |
276,754 | $ | 276,809 | |||||
|
|
|||||||
Total
Short-Term Investments — 0.3% |
276,809 | |||||||
|
|
|||||||
Total
Investments in Securities — 100.1% |
89,894,723 | |||||||
Other Assets, Less Liabilities — (0.1)% |
(55,263 | ) | ||||||
|
|
|||||||
Net Assets — 100.0% |
$ | 89,839,460 | ||||||
|
|
(a) |
Non-income producing security. |
(b) |
All or a portion of this security is on loan. |
(c) |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(d) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(e) |
This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
(f) |
Affiliate of the Fund. |
(g) |
Annualized 7-day yield as of period end. |
(h) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer |
Value at 08/31/21 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 02/28/22 |
Shares Held at 02/28/22 |
Income |
Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | 1,825,834 | $ | — | $ | (1,548,825 | )(a) | $ | (189 | ) | $ | (11 | ) | $ | 276,809 | 276,754 | $ | 55,566 | (b) | $ | — | |||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares(c) |
80,000 | — | (80,000 | )(a) | — | — | — | — | 5 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
$ | (189 | ) | $ | (11 | ) | $ | 276,809 | $ | 55,571 | $ | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Represents net amount purchased (sold). |
(b) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
(c) |
As of period end, the entity is no longer held. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
Description |
Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
||||||||||||
Long Contracts |
||||||||||||||||
Euro STOXX 50 Index |
2 | 03/18/22 | $ | 88 | $ | (9,529 | ) | |||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Equity Contracts |
||||
Liabilities — Derivative Financial Instruments |
||||
Futures contracts |
||||
Unrealized depreciation on futures contracts(a) |
$ | 9,529 | ||
|
|
(a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
12 |
2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2022 |
iShares® MSCI Global Agriculture Producers ETF |
For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:
Equity Contracts |
||||
Net Realized Gain (Loss) from: |
||||
Futures contracts |
$ | 928 | ||
|
|
|||
Net Change in Unrealized Appreciation (Depreciation) on: |
||||
Futures contracts |
$ | (9,529 | ) | |
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: |
||||
Average notional value of contracts — long |
$ | 29,174 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments |
||||||||||||||||
Assets |
||||||||||||||||
Common Stocks |
$ | 58,477,327 | $ | 29,710,788 | $ | 15,624 | $ | 88,203,739 | ||||||||
Preferred Stocks |
— | 1,414,175 | — | 1,414,175 | ||||||||||||
Rights |
— | — | — | — | ||||||||||||
Money Market Funds |
276,809 | — | — | 276,809 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 58,754,136 | $ | 31,124,963 | $ | 15,624 | $ | 89,894,723 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Derivative financial instruments(a) |
||||||||||||||||
Liabilities |
||||||||||||||||
Futures Contracts |
$ | — | $ | (9,529 | ) | $ | — | $ | (9,529 | ) | ||||||
|
|
|
|
|
|
|
|
(a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
S C H E D U L E O F I N V E S T M E N T S |
13 |
Schedule of Investments (unaudited) February 28, 2022 |
iShares® MSCI Global Energy Producers ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
|
|||||||
Australia — 2.0% | ||||||||
Beach Energy Ltd. |
70,870 | $ | 78,940 | |||||
Karoon Energy Ltd.(a) |
24,035 | 36,172 | ||||||
New Hope Corp. Ltd.(b) |
17,670 | 32,759 | ||||||
Paladin Energy Ltd.(a)(b) |
93,860 | 54,017 | ||||||
Santos Ltd. |
132,502 | 705,684 | ||||||
Washington H Soul Pattinson & Co. Ltd. |
8,930 | 163,830 | ||||||
Whitehaven Coal Ltd. |
37,430 | 87,593 | ||||||
Woodside Petroleum Ltd. |
39,928 | 834,346 | ||||||
|
|
|||||||
1,993,341 | ||||||||
Austria — 0.3% | ||||||||
OMV AG |
6,080 | 289,429 | ||||||
|
|
|||||||
Brazil — 1.3% | ||||||||
3R Petroleum Oleo E Gas SA(a) |
6,650 | 44,072 | ||||||
Enauta Participacoes SA |
4,275 | 14,333 | ||||||
Petro Rio SA(a) |
26,901 | 136,714 | ||||||
Petroleo Brasileiro SA |
151,698 | 1,078,636 | ||||||
|
|
|||||||
1,273,755 | ||||||||
Canada — 17.3% | ||||||||
Advantage Energy Ltd.(a) |
7,721 | 45,138 | ||||||
ARC Resources Ltd. |
28,197 | 348,597 | ||||||
Baytex Energy Corp.(a) |
23,275 | 106,321 | ||||||
Birchcliff Energy Ltd. |
11,020 | 58,599 | ||||||
Cameco Corp. |
16,340 | 401,829 | ||||||
Canacol Energy Ltd. |
5,251 | 13,298 | ||||||
Canadian Natural Resources Ltd. |
48,295 | 2,698,043 | ||||||
Cenovus Energy Inc. |
53,693 | 844,262 | ||||||
Crescent Point Energy Corp. |
23,815 | 170,416 | ||||||
Denison Mines Corp.(a) |
31,255 | 46,852 | ||||||
Energy Fuels Inc./Canada(a) |
6,270 | 51,595 | ||||||
Enerplus Corp. |
10,450 | 133,562 | ||||||
Freehold Royalties Ltd. |
5,035 | 56,209 | ||||||
Headwater Exploration Inc.(a) |
7,885 | 44,728 | ||||||
Imperial Oil Ltd. |
10,097 | 453,190 | ||||||
Kelt Exploration Ltd.(a) |
6,175 | 28,013 | ||||||
MEG Energy Corp.(a) |
11,400 | 148,852 | ||||||
NexGen Energy Ltd.(a) |
16,435 | 87,264 | ||||||
NuVista Energy Ltd.(a) |
7,410 | 56,474 | ||||||
Paramount Resources Ltd., Class A |
3,040 | 67,444 | ||||||
Parex Resources Inc. |
5,225 | 115,218 | ||||||
Peyto Exploration & Development Corp. |
6,650 | 57,397 | ||||||
PrairieSky Royalty Ltd. |
8,265 | 111,765 | ||||||
Shell PLC |
315,833 | 8,328,766 | ||||||
Suncor Energy Inc. |
59,795 | 1,828,524 | ||||||
Tamarack Valley Energy Ltd. |
16,530 | 67,294 | ||||||
Tourmaline Oil Corp. |
12,875 | 507,890 | ||||||
Vermilion Energy Inc.(a) |
6,650 | 124,343 | ||||||
Whitecap Resources Inc. |
24,772 | 188,990 | ||||||
|
|
|||||||
17,190,873 | ||||||||
China — 1.4% | ||||||||
CGN Mining Co. Ltd. |
90,000 | 10,512 | ||||||
China Coal Energy Co. Ltd., Class H |
95,000 | 59,217 | ||||||
China Shenhua Energy Co. Ltd., Class A |
19,000 | 76,071 | ||||||
China Shenhua Energy Co. Ltd., Class H |
142,500 | 392,728 | ||||||
Guanghui Energy Co. Ltd., Class A(a) |
19,000 | 21,643 | ||||||
Inner Mongolia Yitai Coal Co. Ltd., Class B |
38,000 | 36,607 | ||||||
PetroChina Co. Ltd., Class A |
47,500 | 43,793 | ||||||
PetroChina Co. Ltd., Class H |
854,000 | 457,424 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Shaanxi Coal Industry Co. Ltd., Class A |
23,700 | $ | 53,544 | |||||
Shanxi Coking Coal Energy Group Co. Ltd., Class A |
9,510 | 16,007 | ||||||
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A |
9,500 | 20,935 | ||||||
Yankuang Energy Group Co. Ltd, Class H(b) |
62,000 | 152,013 | ||||||
Yankuang Energy Group Co. Ltd., Class A |
6,100 | 30,612 | ||||||
|
|
|||||||
1,371,106 | ||||||||
Colombia — 0.2% | ||||||||
Ecopetrol SA |
205,010 | 169,913 | ||||||
|
|
|||||||
Finland — 0.7% | ||||||||
Neste Oyj |
17,417 | 679,169 | ||||||
|
|
|||||||
France — 5.3% | ||||||||
TotalEnergies SE |
102,896 | 5,242,057 | ||||||
|
|
|||||||
Greece — 0.1% | ||||||||
Hellenic Petroleum Holdings SA |
2,535 | 20,075 | ||||||
Motor Oil Hellas Corinth Refineries SA |
2,522 | 40,467 | ||||||
|
|
|||||||
60,542 | ||||||||
Hungary — 0.1% | ||||||||
MOL Hungarian Oil & Gas PLC |
17,290 | 134,867 | ||||||
|
|
|||||||
India — 4.5% | ||||||||
Bharat Petroleum Corp. Ltd. |
36,195 | 168,829 | ||||||
Coal India Ltd. |
64,125 | 145,040 | ||||||
Hindustan Petroleum Corp. Ltd. |
26,030 | 94,693 | ||||||
Indian Oil Corp. Ltd. |
78,755 | 120,880 | ||||||
Oil & Natural Gas Corp. Ltd. |
103,019 | 221,879 | ||||||
Oil India Ltd. |
11,210 | 33,436 | ||||||
Reliance Industries Ltd. |
77,180 | 2,429,758 | ||||||
Reliance Industries Ltd., GDR(c) |
19,855 | 1,246,267 | ||||||
|
|
|||||||
4,460,782 | ||||||||
Indonesia — 0.3% | ||||||||
Adaro Energy Tbk PT |
579,500 | 99,287 | ||||||
Bukit Asam Tbk PT |
126,100 | 27,702 | ||||||
Indika Energy Tbk PT(a) |
66,500 | 10,322 | ||||||
Indo Tambangraya Megah Tbk PT |
19,000 | 35,277 | ||||||
Medco Energi Internasional Tbk PT(a) |
323,012 | 13,637 | ||||||
Sugih Energy Tbk PT(a)(d) |
206,700 | — | ||||||
United Tractors Tbk PT |
69,100 | 120,578 | ||||||
|
|
|||||||
306,803 | ||||||||
Israel — 0.2% | ||||||||
Delek Group Ltd.(a) |
380 | 46,941 | ||||||
Equital Ltd.(a) |
856 | 34,187 | ||||||
Naphtha Israel Petroleum Corp. Ltd.(a)(b) |
1,331 | 10,530 | ||||||
Oil Refineries Ltd.(a) |
75,620 | 27,097 | ||||||
Paz Oil Co. Ltd.(a) |
399 | 57,564 | ||||||
|
|
|||||||
176,319 | ||||||||
Italy — 1.6% | ||||||||
Eni SpA |
103,625 | 1,611,857 | ||||||
Saras SpA(a) |
23,180 | 14,163 | ||||||
|
|
|||||||
1,626,020 | ||||||||
Japan — 1.2% | ||||||||
Cosmo Energy Holdings Co. Ltd. |
2,036 | 46,019 | ||||||
ENEOS Holdings Inc. |
125,600 | 497,350 | ||||||
Idemitsu Kosan Co. Ltd. |
8,668 | 232,359 | ||||||
Inpex Corp. |
42,200 | 434,977 | ||||||
Japan Petroleum Exploration Co. Ltd. |
1,300 | 30,858 | ||||||
|
|
|||||||
1,241,563 |
14 |
2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2022 |
iShares® MSCI Global Energy Producers ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Norway — 1.5% | ||||||||
Aker BP ASA |
5,225 | $ | 163,650 | |||||
BW Energy Ltd.(a) |
3,040 | 8,047 | ||||||
DNO ASA |
18,525 | 23,501 | ||||||
Equinor ASA |
40,110 | 1,260,878 | ||||||
|
|
|||||||
1,456,076 | ||||||||
Philippines — 0.0% | ||||||||
Semirara Mining & Power Corp. |
38,000 | 20,531 | ||||||
|
|
|||||||
Poland — 0.3% | ||||||||
Grupa Lotos SA(a) |
3,800 | 48,755 | ||||||
Polski Koncern Naftowy ORLEN SA |
12,445 | 210,219 | ||||||
|
|
|||||||
258,974 | ||||||||
Portugal — 0.2% | ||||||||
Galp Energia SGPS SA |
20,904 | 231,393 | ||||||
|
|
|||||||
Russia — 0.4% | ||||||||
LUKOIL PJSC(d) |
17,021 | 297,110 | ||||||
Rosneft Oil Co. PJSC(d) |
47,821 | 49,888 | ||||||
Surgutneftegas PJSC(d) |
285,010 | 21,523 | ||||||
Tatneft PJSC(d) |
57,983 | 73,629 | ||||||
|
|
|||||||
442,150 | ||||||||
Saudi Arabia — 1.1% | ||||||||
Rabigh Refining & Petrochemical Co.(a) |
9,120 | 59,871 | ||||||
Saudi Arabian Oil Co.(c) |
90,079 | 999,382 | ||||||
|
|
|||||||
1,059,253 | ||||||||
South Africa — 0.2% | ||||||||
Exxaro Resources Ltd. |
10,355 | 133,567 | ||||||
Thungela Resources Ltd.(a) |
5,540 | 49,278 | ||||||
|
|
|||||||
182,845 | ||||||||
South Korea — 0.6% | ||||||||
Hyundai Heavy Industries Holdings Co. Ltd. |
1,710 | 73,102 | ||||||
SK Innovation Co. Ltd.(a) |
2,113 | 356,708 | ||||||
S-Oil Corp. |
1,805 | 128,551 | ||||||
|
|
|||||||
558,361 | ||||||||
Spain — 0.8% | ||||||||
Repsol SA |
59,886 | 777,083 | ||||||
|
|
|||||||
Sweden — 0.3% | ||||||||
Lundin Energy AB |
8,194 | 302,351 | ||||||
|
|
|||||||
Thailand — 0.5% | ||||||||
Bangchak Corp. PCL, NVDR |
38,000 | 36,225 | ||||||
Banpu PCL, NVDR |
218,500 | 73,230 | ||||||
Esso Thailand PCL, NVDR(a) |
47,500 | 10,967 | ||||||
IRPC PCL, NVDR |
465,500 | 54,566 | ||||||
PTT Exploration & Production PCL, NVDR |
57,031 | 240,115 | ||||||
Star Petroleum Refining PCL, NVDR(a) |
76,000 | 20,898 | ||||||
Thai Oil PCL, NVDR |
47,500 | 78,963 | ||||||
|
|
|||||||
514,964 | ||||||||
Turkey — 0.1% | ||||||||
Turkiye Petrol Rafinerileri AS(a) |
5,130 | 71,500 | ||||||
|
|
|||||||
United Arab Emirates — 0.0% | ||||||||
Dana Gas PJSC |
136,800 | 39,544 | ||||||
|
|
|||||||
United Kingdom — 4.3% | ||||||||
BP PLC |
810,315 | 3,949,566 | ||||||
Capricorn Energy PLC(a) |
20,439 | 60,513 | ||||||
Diversified Energy Co. PLC |
33,535 | 53,085 | ||||||
Energean PLC(a) |
4,750 | 66,143 |
Security | Shares | Value | ||||||
United Kingdom (continued) | ||||||||
Harbour Energy PLC(a) |
16,993 | $ | 89,988 | |||||
Pantheon Resources PLC(a) |
21,280 | 40,498 | ||||||
Serica Energy PLC |
7,125 | 26,491 | ||||||
Tullow Oil PLC(a) |
50,255 | 36,172 | ||||||
|
|
|||||||
4,322,456 | ||||||||
United States — 51.2% | ||||||||
Antero Resources Corp.(a) |
11,590 | 265,759 | ||||||
APA Corp. |
14,908 | 531,172 | ||||||
Arch Resources Inc. |
665 | 79,381 | ||||||
Berry Corp. |
2,280 | 22,800 | ||||||
Brigham Minerals Inc., Class A |
1,900 | 43,282 | ||||||
California Resources Corp. |
1,615 | 66,586 | ||||||
Callon Petroleum Co.(a) |
1,511 | 85,160 | ||||||
Centennial Resource Development Inc./DE, Class A(a) |
7,505 | 65,894 | ||||||
Centrus Energy Corp., Class A(a) |
438 | 19,828 | ||||||
Chesapeake Energy Corp. |
3,123 | 241,252 | ||||||
Chevron Corp. |
79,109 | 11,391,696 | ||||||
Civitas Resources Inc. |
2,090 | 105,482 | ||||||
CNX Resources Corp.(a) |
8,740 | 142,812 | ||||||
Comstock Resources Inc.(a) |
3,325 | 27,597 | ||||||
ConocoPhillips |
54,127 | 5,134,487 | ||||||
CONSOL Energy Inc.(a) |
1,330 | 40,884 | ||||||
Coterra Energy Inc. |
31,602 | 737,275 | ||||||
Crescent Energy Inc.(a)(b) |
893 | 13,529 | ||||||
CVR Energy Inc. |
1,235 | 21,477 | ||||||
Delek U.S. Holdings Inc.(a) |
2,660 | 45,832 | ||||||
Denbury Inc.(a) |
2,090 | 151,859 | ||||||
Devon Energy Corp. |
26,428 | 1,573,787 | ||||||
Diamondback Energy Inc. |
7,042 | 972,500 | ||||||
EOG Resources Inc. |
24,000 | 2,758,080 | ||||||
EQT Corp. |
13,205 | 305,564 | ||||||
Exxon Mobil Corp. |
173,722 | 13,623,279 | ||||||
Gulfport Energy Corp.(a) |
570 | 39,319 | ||||||
Hess Corp. |
11,411 | 1,153,196 | ||||||
HollyFrontier Corp. |
6,365 | 193,814 | ||||||
Kosmos Energy Ltd.(a) |
18,620 | 90,493 | ||||||
Laredo Petroleum Inc.(a) |
570 | 43,639 | ||||||
Magnolia Oil & Gas Corp., Class A(b) |
5,985 | 133,765 | ||||||
Marathon Oil Corp. |
31,950 | 720,792 | ||||||
Marathon Petroleum Corp. |
25,263 | 1,967,230 | ||||||
Matador Resources Co. |
4,845 | 240,312 | ||||||
Murphy Oil Corp. |
6,322 | 219,184 | ||||||
Northern Oil and Gas Inc. |
2,470 | 61,948 | ||||||
Oasis Petroleum Inc. |
814 | 107,863 | ||||||
Occidental Petroleum Corp. |
38,326 | 1,675,996 | ||||||
Ovintiv Inc. |
10,784 | 494,446 | ||||||
Par Pacific Holdings Inc.(a) |
1,900 | 25,840 | ||||||
PBF Energy Inc., Class A(a) |
3,990 | 66,314 | ||||||
PDC Energy Inc. |
4,085 | 263,564 | ||||||
Peabody Energy Corp.(a) |
3,895 | 67,539 | ||||||
Pioneer Natural Resources Co. |
9,488 | 2,273,325 | ||||||
Range Resources Corp.(a) |
10,165 | 233,287 | ||||||
SM Energy Co. |
4,750 | 168,672 | ||||||
Southwestern Energy Co.(a) |
22,909 | 114,316 | ||||||
Talos Energy Inc.(a) |
1,235 | 19,402 | ||||||
Tellurian Inc.(a) |
15,770 | 60,084 | ||||||
Texas Pacific Land Corp. |
255 | 303,126 | ||||||
Uranium Energy Corp.(a) |
10,735 | 42,833 | ||||||
Valero Energy Corp. |
16,738 | 1,397,790 | ||||||
Viper Energy Partners LP |
2,375 | 69,849 |
S C H E D U L E O F I N V E S T M E N T S |
15 |
Schedule of Investments (unaudited) (continued) February 28, 2022 |
iShares® MSCI Global Energy Producers ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
United States (continued) | ||||||||
Whiting Petroleum Corp. |
1,615 | $ | 119,268 | |||||
|
|
|||||||
50,834,460 | ||||||||
|
|
|||||||
Total
Common Stocks — 98.0% |
|
97,288,480 | ||||||
|
|
|||||||
Preferred Stocks |
||||||||
Brazil — 1.3% | ||||||||
Petroleo Brasileiro SA, Preference Shares, NVS |
194,968 | 1,281,614 | ||||||
|
|
|||||||
Russia — 0.0% | ||||||||
Surgutneftegas PJSC, Preference Shares, NVS(d) |
275,500 | 29,581 | ||||||
|
|
|||||||
Total
Preferred Stocks — 1.3% |
|
1,311,195 | ||||||
|
|
|||||||
Rights |
||||||||
Thailand — 0.0% | ||||||||
Bangchak Corp. PCL (Expires 03/03/22)(a) |
1,801 | — | ||||||
|
|
|||||||
Total
Rights — 0.0% |
|
— | ||||||
|
|
|||||||
Short-Term Investments |
||||||||
Money Market Funds — 0.5% |
||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(e)(f)(g) |
385,055 | 385,132 |
Security | Shares | Value | ||||||
Money Market Funds (continued) | ||||||||
BlackRock
Cash Funds: Treasury, |
120,000 | $ | 120,000 | |||||
|
|
|||||||
505,132 | ||||||||
|
|
|||||||
Total
Short-Term Investments — 0.5% |
505,132 | |||||||
|
|
|||||||
Total
Investments in Securities — 99.8% |
99,104,807 | |||||||
Other Assets, Less Liabilities — 0.2% |
227,756 | |||||||
|
|
|||||||
Net Assets — 100.0% |
$ | 99,332,563 | ||||||
|
|
(a) |
Non-income producing security. |
(b) |
All or a portion of this security is on loan. |
(c) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(d) |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(e) |
Affiliate of the Fund. |
(f) |
Annualized 7-day yield as of period end. |
(g) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 08/31/21 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Value at 02/28/22 |
Shares Held at 02/28/22 |
Income | Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | 525,991 | $ | — | $ | (140,624 | )(a) | $ | (216 | ) | $ | (19 | ) | $ | 385,132 | 385,055 | $ | 3,360 | (b) | $ | — | |||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
100,000 | 20,000 | (a) | — | — | — | 120,000 | 120,000 | 7 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
$ | (216 | ) | $ | (19 | ) | $ | 505,132 | $ | 3,367 | $ | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Represents net amount purchased (sold). |
(b) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
Description | Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
||||||||||||
Long Contracts |
||||||||||||||||
FTSE 100 Index |
1 | 03/18/22 | $ | 99 | $ | (1,122 | ) |
16 |
2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2022 |
iShares® MSCI Global Energy Producers ETF |
Futures Contracts (continued)
Description | Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
||||||||||||
S&P Select Sector Energy E-Mini Index |
7 | 03/18/22 | $ | 514 | $ | 33,406 | ||||||||||
|
|
|||||||||||||||
$ | 32,284 | |||||||||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Equity Contracts |
||||
Assets — Derivative Financial Instruments |
||||
Futures contracts |
||||
Unrealized appreciation on futures contracts(a) |
$ | 33,406 | ||
|
|
|||
Liabilities — Derivative Financial Instruments | ||||
Futures contracts |
||||
Unrealized depreciation on futures contracts(a) |
$ | 1,122 | ||
|
|
(a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:
Equity Contracts |
||||
Net Realized Gain (Loss) from: |
||||
Futures contracts |
$ | 46,096 | ||
|
|
|||
Net Change in Unrealized Appreciation (Depreciation) on: | ||||
Futures contracts |
$ | 53,082 | ||
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: |
||||
Average notional value of contracts — long |
$ | 584,134 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
S C H E D U L E O F I N V E S T M E N T S |
17 |
Schedule of Investments (unaudited) (continued) February 28, 2022 |
iShares® MSCI Global Energy Producers ETF |
Fair Value Hierarchy as of Period End (continued)
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments |
||||||||||||||||
Assets |
||||||||||||||||
Common Stocks |
$ | 60,326,898 | $ | 36,519,432 | $ | 442,150 | $ | 97,288,480 | ||||||||
Preferred Stocks |
— | 1,281,614 | 29,581 | 1,311,195 | ||||||||||||
Rights |
— | — | — | — | ||||||||||||
Money Market Funds |
505,132 | — | — | 505,132 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 60,832,030 | $ | 37,801,046 | $ | 471,731 | $ | 99,104,807 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Derivative financial instruments(a) |
||||||||||||||||
Assets |
||||||||||||||||
Futures Contracts |
$ | 33,406 | $ | — | $ | — | $ | 33,406 | ||||||||
Liabilities |
||||||||||||||||
Futures Contracts |
— | (1,122 | ) | — | (1,122 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 33,406 | $ | (1,122 | ) | $ | — | $ | 32,284 | ||||||||
|
|
|
|
|
|
|
|
(a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
18 |
2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) February 28, 2022 |
iShares® MSCI Global Gold Miners ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
||||||||
Australia — 7.2% | ||||||||
De Grey Mining Ltd.(a)(b) |
3,979,321 | $ | 3,275,565 | |||||
Newcrest Mining Ltd. |
1,329,667 | 24,666,387 | ||||||
St. Barbara Ltd. |
2,818,062 | 2,712,322 | ||||||
West African Resources Ltd.(a) |
3,593,664 | 2,859,413 | ||||||
Westgold Resources Ltd. |
1,721,696 | 2,807,457 | ||||||
|
|
|||||||
36,321,144 | ||||||||
Canada — 49.9% | ||||||||
Aclara Resources Inc.(a) |
8,250 | 6,959 | ||||||
Agnico Eagle Mines Ltd. |
834,580 | 42,160,282 | ||||||
Alamos Gold Inc., Class A |
1,025,056 | 7,553,470 | ||||||
Argonaut Gold Inc.(a) |
1,394,405 | 2,541,282 | ||||||
B2Gold Corp. |
2,597,126 | 10,490,955 | ||||||
Barrick Gold Corp. |
3,634,683 | 82,156,740 | ||||||
Calibre Mining Corp.(a)(b) |
2,001,111 | 2,036,634 | ||||||
Centerra Gold Inc. |
628,195 | 6,125,830 | ||||||
Eldorado Gold Corp.(a) |
521,131 | 5,723,190 | ||||||
Equinox Gold Corp.(a) |
755,177 | 5,356,246 | ||||||
IAMGOLD Corp.(a) |
1,457,534 | 4,277,733 | ||||||
Kinross Gold Corp. |
2,924,737 | 14,583,304 | ||||||
Lundin Gold Inc.(a)(b) |
319,073 | 2,572,723 | ||||||
New Gold Inc.(a) |
2,088,619 | 3,608,738 | ||||||
Pretium Resources Inc.(a) |
498,131 | 7,266,621 | ||||||
SSR Mining Inc. |
529,222 | 10,475,882 | ||||||
Torex Gold Resources Inc.(a) |
296,943 | 3,767,135 | ||||||
Wesdome Gold Mines Ltd.(a) |
427,894 | 4,817,394 | ||||||
Wheaton Precious Metals Corp. |
539,541 | 23,641,899 | ||||||
Yamana Gold Inc. |
2,358,938 | 11,594,622 | ||||||
|
|
|||||||
250,757,639 | ||||||||
China — 3.9% | ||||||||
Zijin Mining Group Co. Ltd., Class H |
13,250,000 | 19,665,403 | ||||||
|
|
|||||||
Indonesia — 0.9% | ||||||||
Aneka Tambang Tbk |
28,254,200 | 4,401,958 | ||||||
|
|
|||||||
Jersey — 0.9% | ||||||||
Centamin PLC |
3,542,037 | 4,701,486 | ||||||
|
|
|||||||
Peru — 1.2% | ||||||||
Cia. de Minas Buenaventura SAA, ADR(a) |
599,999 | 5,939,990 | ||||||
|
|
|||||||
Russia — 0.9% | ||||||||
Polymetal International PLC(c) |
822,891 | 2,495,683 | ||||||
Polyus PJSC(c) |
62,547 | 2,356,663 | ||||||
|
|
|||||||
4,852,346 |
Security | Shares | Value | ||||||
South Africa — 11.2% | ||||||||
AngloGold Ashanti Ltd. |
959,099 | $ | 22,439,939 | |||||
DRDGOLD Ltd. |
2,451,341 | 2,287,064 | ||||||
Gold Fields Ltd. |
1,786,098 | 24,869,208 | ||||||
Harmony Gold Mining Co. Ltd. |
1,550,480 | 6,621,464 | ||||||
|
|
|||||||
56,217,675 | ||||||||
Turkey — 0.4% | ||||||||
Koza Altin Isletmeleri AS(a)(b) |
223,668 | 1,850,399 | ||||||
|
|
|||||||
United Kingdom — 0.5% | ||||||||
Hochschild Mining PLC |
1,671,558 | 2,591,539 | ||||||
|
|
|||||||
United States — 22.8% | ||||||||
Coeur Mining Inc.(a)(b) |
804,590 | 3,459,737 | ||||||
McEwen Mining Inc.(a)(b) |
2,431,007 | 1,925,601 | ||||||
Newmont Corp. |
1,648,892 | 109,156,650 | ||||||
|
|
|||||||
114,541,988 | ||||||||
|
|
|||||||
Total
Common Stocks — 99.8% |
501,841,567 | |||||||
|
|
|||||||
Short-Term Investments |
||||||||
Money Market Funds — 0.7% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(d)(e)(f) |
2,928,742 | 2,929,328 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(d)(e) |
400,000 | 400,000 | ||||||
|
|
|||||||
3,329,328 | ||||||||
|
|
|||||||
Total
Short-Term Investments — 0.7% |
3,329,328 | |||||||
|
|
|||||||
Total
Investments in Securities — 100.5% |
|
505,170,895 | ||||||
Other Assets, Less Liabilities — (0.5)% |
(2,411,215 | ) | ||||||
|
|
|||||||
Net Assets — 100.0% |
$ | 502,759,680 | ||||||
|
|
(a) |
Non-income producing security. |
(b) |
All or a portion of this security is on loan. |
(c) |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(d) |
Affiliate of the Fund. |
(e) |
Annualized 7-day yield as of period end. |
(f) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
S C H E D U L E O F I N V E S T M E N T S |
19 |
Schedule of Investments (unaudited) (continued) February 28, 2022 |
iShares® MSCI Global Gold Miners ETF |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer |
Value at 08/31/21 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 02/28/22 |
Shares Held at 02/28/22 |
Income |
Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | 5,683,523 | $ | — | $ | (2,753,331 | )(a) | $ | (476 | ) | $ | (388 | ) | $ | 2,929,328 | 2,928,742 | $ | 38,788 | (b) | $ | — | |||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
130,000 | 270,000 | (a) | — | — | — | 400,000 | 400,000 | 15 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
$ | (476 | ) | $ | (388 | ) | $ | 3,329,328 | $ | 38,803 | $ | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Represents net amount purchased (sold). |
(b) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
Description |
Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
||||||||||||
Long Contracts |
||||||||||||||||
S&P/TSE 60 Index |
3 | 03/17/22 | $ | 604 | $ | 15 | ||||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Equity Contracts |
||||
Assets — Derivative Financial Instruments |
||||
Futures contracts |
||||
Unrealized appreciation on futures contracts(a) |
$ | 15 | ||
|
|
(a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:
Equity Contracts |
||||
Net Realized Gain (Loss) from: |
||||
Futures contracts |
$ | 16,874 | ||
|
|
|||
Net Change in Unrealized Appreciation (Depreciation) on: |
||||
Futures contracts |
$ | (8,415 | ) | |
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: |
||||
Average notional value of contracts — long |
$ | 1,566,379 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
20 |
2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2022 |
iShares® MSCI Global Gold Miners ETF |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments |
||||||||||||||||
Assets |
||||||||||||||||
Common Stocks |
$ | 373,083,057 | $ | 123,906,164 | $ | 4,852,346 | $ | 501,841,567 | ||||||||
Money Market Funds |
3,329,328 | — | — | 3,329,328 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 376,412,385 | $ | 123,906,164 | $ | 4,852,346 | $ | 505,170,895 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Derivative financial instruments(a) |
||||||||||||||||
Assets |
||||||||||||||||
Futures Contracts |
$ | 15 | $ | — | $ | — | $ | 15 | ||||||||
|
|
|
|
|
|
|
|
(a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
S C H E D U L E O F I N V E S T M E N T S |
21 |
Schedule of Investments (unaudited) February 28, 2022 |
iShares® MSCI Global Metals & Mining Producers ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
| |||||||
Australia — 36.1% | ||||||||
29Metals Ltd.(a) |
298,528 | $ | 590,696 | |||||
Allkem Ltd.(a) |
655,424 | 4,371,005 | ||||||
Alumina Ltd. |
2,804,096 | 4,051,881 | ||||||
Australian Strategic Materials Ltd.(a) |
101,536 | 605,782 | ||||||
AVZ Minerals Ltd.(a) |
2,812,000 | 1,645,770 | ||||||
BHP Group Ltd. |
5,784,892 | 197,531,855 | ||||||
BlueScope Steel Ltd. |
574,560 | 8,508,000 | ||||||
Chalice Mining Ltd.(a) |
359,328 | 1,952,426 | ||||||
Champion Iron Ltd.(b) |
375,136 | 1,768,771 | ||||||
Deterra Royalties Ltd. |
502,498 | 1,633,590 | ||||||
Fortescue Metals Group Ltd. |
1,933,440 | 25,757,939 | ||||||
Glencore PLC |
11,340,128 | 66,680,015 | ||||||
IGO Ltd. |
775,808 | 6,223,827 | ||||||
Iluka Resources Ltd. |
480,320 | 3,779,190 | ||||||
Imdex Ltd. |
449,312 | 882,238 | ||||||
ionner Ltd.(a) |
1,636,128 | 632,067 | ||||||
Liontown Resources Ltd.(a) |
1,870,816 | 1,972,705 | ||||||
Lynas Rare Earths Ltd.(a) |
1,029,952 | 7,796,062 | ||||||
Mineral Resources Ltd. |
193,764 | 6,461,358 | ||||||
Nickel Mines Ltd. |
1,130,438 | 1,268,764 | ||||||
OZ Minerals Ltd. |
384,256 | 7,183,131 | ||||||
Perenti Global Ltd. |
693,120 | 386,161 | ||||||
Pilbara Minerals Ltd.(a) |
2,721,350 | 5,465,102 | ||||||
Rio Tinto Ltd. |
425,552 | 36,698,331 | ||||||
Rio Tinto PLC |
1,281,664 | 100,215,904 | ||||||
Sandfire Resources Ltd. |
443,232 | 2,185,105 | ||||||
Sayona Mining Ltd.(a)(b) |
5,963,400 | 509,715 | ||||||
Sims Ltd. |
198,208 | 2,640,394 | ||||||
South32 Ltd. |
5,324,864 | 18,690,337 | ||||||
Vulcan Energy Resources Ltd.(a)(b) |
99,104 | 636,761 | ||||||
Western Areas Ltd.(a) |
366,016 | 914,658 | ||||||
|
|
|||||||
519,639,540 | ||||||||
Austria — 0.3% | ||||||||
voestalpine AG |
131,936 | 4,360,619 | ||||||
|
|
|||||||
Belgium — 0.1% | ||||||||
Bekaert SA |
41,924 | 1,824,048 | ||||||
|
|
|||||||
Brazil — 6.3% | ||||||||
Cia Brasileira de Aluminio(a) |
167,808 | 640,769 | ||||||
Cia. Siderurgica Nacional SA |
792,224 | 3,899,115 | ||||||
Vale SA |
4,682,208 | 86,872,175 | ||||||
|
|
|||||||
91,412,059 | ||||||||
Canada — 4.9% | ||||||||
Altius Minerals Corp. |
45,600 | 786,802 | ||||||
Capstone Mining Corp.(a) |
352,032 | 1,824,734 | ||||||
ERO Copper Corp.(a) |
77,824 | 1,113,789 | ||||||
First Quantum Minerals Ltd. |
670,624 | 19,666,346 | ||||||
Hudbay Minerals Inc. |
254,144 | 2,071,249 | ||||||
Ivanhoe Mines Ltd., Class A(a) |
693,728 | 7,060,427 | ||||||
Labrador Iron Ore Royalty Corp. |
65,664 | 2,425,553 | ||||||
Largo Inc.(a) |
39,520 | 406,269 | ||||||
Lithium Americas Corp.(a)(b) |
121,600 | 3,472,915 | ||||||
Lundin Mining Corp. |
755,744 | 7,292,110 | ||||||
New Pacific Metals Corp.(a)(b) |
99,712 | 312,313 | ||||||
Solaris Resources Inc.(a) |
61,408 | 675,851 | ||||||
Stelco Holdings Inc. |
35,264 | 1,082,542 | ||||||
Teck Resources Ltd., Class B |
538,688 | 19,397,018 |
Security | Shares | Value | ||||||
Canada (continued) | ||||||||
Turquoise Hill Resources Ltd.(a) |
114,912 | $ | 2,363,515 | |||||
Wallbridge Mining Co. Ltd.(a) |
731,424 | 187,545 | ||||||
|
|
|||||||
70,138,978 | ||||||||
Chile — 0.1% | ||||||||
CAP SA |
77,216 | 892,853 | ||||||
|
|
|||||||
China — 2.8% | ||||||||
Aluminum Corp. of China Ltd., Class A(a) |
910,265 | 941,835 | ||||||
Aluminum Corp. of China Ltd., Class H(a) |
4,512,000 | 3,189,189 | ||||||
Anhui Honglu Steel Construction Group Co. Ltd., Class A |
35,500 | 277,025 | ||||||
Baoshan Iron & Steel Co. Ltd., Class A |
1,579,093 | 1,809,901 | ||||||
Chengtun Mining Group Co. Ltd., Class A |
182,400 | 318,910 | ||||||
China Hongqiao Group Ltd. |
2,736,000 | 3,830,423 | ||||||
China Metal Recycling Holdings Ltd.(a)(c) |
132,000 | — | ||||||
China Minmetals Rare Earth Co. Ltd., Class A |
60,800 | 364,753 | ||||||
China Molybdenum Co. Ltd., Class A |
1,153,400 | 1,106,450 | ||||||
China Molybdenum Co. Ltd., Class H |
3,978,000 | 2,394,369 | ||||||
China Northern Rare Earth Group High-Tech Co. Ltd., Class A |
243,270 | 1,913,548 | ||||||
China Oriental Group Co. Ltd. |
1,180,000 | 342,769 | ||||||
China Zhongwang Holdings Ltd.(a)(c) |
1,552,000 | 244,053 | ||||||
Ganfeng Lithium Co. Ltd., Class A |
77,200 | 1,877,124 | ||||||
Ganfeng Lithium Co. Ltd., Class H(b)(d) |
296,800 | 5,037,347 | ||||||
GEM Co. Ltd., Class A |
364,817 | 557,328 | ||||||
Hesteel Co. Ltd., Class A |
790,400 | 322,254 | ||||||
Hunan Valin Steel Co. Ltd., Class A |
486,400 | 450,130 | ||||||
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A(a) |
3,100,821 | 1,323,505 | ||||||
Jiangxi Copper Co. Ltd., Class A |
121,600 | 431,051 | ||||||
Jiangxi Copper Co. Ltd., Class H |
1,346,000 | 2,422,800 | ||||||
Jinchuan Group International Resources Co. Ltd.(b) |
3,648,000 | 651,820 | ||||||
MMG Ltd.(a) |
3,466,000 | 1,255,488 | ||||||
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A(a) |
608,000 | 407,106 | ||||||
Shandong Nanshan Aluminum Co. Ltd., Class A |
851,200 | 660,188 | ||||||
Shanxi Meijin Energy Co. Ltd., Class A(a) |
306,628 | 700,895 | ||||||
Shanxi Taigang Stainless Steel Co. Ltd., Class A |
425,600 | 494,344 | ||||||
Shenghe Resources Holding Co. Ltd., Class A |
121,600 | 380,081 | ||||||
Shougang Fushan Resources Group Ltd. |
2,432,000 | 804,177 | ||||||
Tiangong International Co. Ltd.(b) |
1,216,000 | 573,914 | ||||||
Tianshan Aluminum Group Co. Ltd., Class A |
363,000 | 551,149 | ||||||
Tibet Summit Resources Co. Ltd., Class-A |
60,800 | 330,314 | ||||||
Tongling Nonferrous Metals Group Co. Ltd., Class A |
729,600 | 462,467 | ||||||
Western Superconducting Technologies Co. Ltd., Class A |
24,450 | 335,099 | ||||||
Xiamen Tungsten Co. Ltd., Class A |
121,699 | 426,254 | ||||||
Yintai Gold Co. Ltd., Class A |
241,440 | 350,580 | ||||||
YongXing Special Materials Technology Co. Ltd., Class A |
21,100 | 500,317 | ||||||
Yunnan Aluminium Co. Ltd., Class A(a) |
243,200 | 559,952 | ||||||
Yunnan Tin Co. Ltd., Class A(a) |
121,600 | 485,275 | ||||||
Zhejiang Huayou Cobalt Co. Ltd., Class A |
79,900 | 1,580,208 | ||||||
|
|
|||||||
40,664,392 | ||||||||
Cyprus — 0.0% | ||||||||
Atalaya Mining PLC |
82,080 | 478,980 | ||||||
|
|
|||||||
Finland — 0.2% | ||||||||
Outokumpu Oyj(a) |
416,480 | 2,454,985 | ||||||
|
|
22 |
2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2022 |
iShares® MSCI Global Metals & Mining Producers ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
France — 0.1% | ||||||||
Eramet SA(a) |
10,944 | $ | 1,434,009 | |||||
|
|
|||||||
Germany — 0.7% | ||||||||
Aurubis AG |
35,872 | 4,197,261 | ||||||
Salzgitter AG(a) |
41,344 | 1,805,974 | ||||||
thyssenkrupp AG(a) |
461,472 | 4,892,406 | ||||||
|
|
|||||||
10,895,641 | ||||||||
India — 3.4% | ||||||||
APL Apollo Tubes Ltd.(a) |
128,288 | 1,461,967 | ||||||
Hindalco Industries Ltd. |
1,797,248 | 13,812,074 | ||||||
Jindal Stainless Hisar Ltd.(a) |
105,792 | 498,282 | ||||||
Jindal Stainless Ltd.(a) |
195,168 | 505,538 | ||||||
Jindal Steel & Power Ltd.(a) |
468,768 | 2,673,281 | ||||||
JSW Steel Ltd. |
960,032 | 8,054,410 | ||||||
National Aluminium Co. Ltd. |
943,616 | 1,534,419 | ||||||
Ratnamani Metals & Tubes Ltd. |
19,456 | 579,229 | ||||||
Tata Steel Ltd. |
694,756 | 11,375,744 | ||||||
Tata Steel Ltd., GDR(e) |
136,668 | 2,217,377 | ||||||
Vedanta Ltd. |
1,271,936 | 6,473,751 | ||||||
|
|
|||||||
49,186,072 | ||||||||
Indonesia — 0.3% | ||||||||
Merdeka Copper Gold Tbk PT(a) |
13,011,200 | 3,523,111 | ||||||
Timah Tbk PT(a) |
2,979,200 | 331,593 | ||||||
|
|
|||||||
3,854,704 | ||||||||
Japan — 4.4% | ||||||||
Daido Steel Co. Ltd. |
28,600 | 1,028,485 | ||||||
Daiki Aluminium Industry Co. Ltd. |
59,000 | 892,967 | ||||||
Dowa Holdings Co. Ltd. |
60,800 | 2,743,936 | ||||||
Hitachi Metals Ltd.(a) |
250,700 | 4,468,854 | ||||||
JFE Holdings Inc. |
547,200 | 8,146,471 | ||||||
Kobe Steel Ltd. |
425,600 | 2,260,273 | ||||||
Kyoei Steel Ltd. |
18,400 | 254,694 | ||||||
Maruichi Steel Tube Ltd. |
62,900 | 1,561,150 | ||||||
Mitsubishi Materials Corp. |
129,000 | 2,321,907 | ||||||
Mitsui Mining & Smelting Co. Ltd. |
63,600 | 1,862,377 | ||||||
Nippon Light Metal Holdings Co. Ltd. |
65,440 | 1,048,658 | ||||||
Nippon Steel Corp. |
972,805 | 17,811,053 | ||||||
Sumitomo Metal Mining Co. Ltd. |
274,100 | 13,672,784 | ||||||
Toho Titanium Co. Ltd. |
60,800 | 576,093 | ||||||
Tokyo Steel Manufacturing Co. Ltd. |
121,600 | 1,189,710 | ||||||
UACJ Corp.(a) |
33,638 | 689,565 | ||||||
Yamato Kogyo Co. Ltd. |
60,800 | 1,955,062 | ||||||
Yodogawa Steel Works Ltd. |
19,600 | 470,740 | ||||||
|
|
|||||||
62,954,779 | ||||||||
Liechtenstein — 1.8% | ||||||||
APERAM SA |
54,720 | 3,063,891 | ||||||
ArcelorMittal SA |
731,434 | 22,695,390 | ||||||
|
|
|||||||
25,759,281 | ||||||||
Malaysia — 0.4% | ||||||||
Press Metal Aluminium Holdings Bhd |
3,707,000 | 6,030,442 | ||||||
|
|
|||||||
Mexico — 1.3% | ||||||||
Grupo Mexico SAB de CV, Series B |
3,585,400 | 18,393,534 | ||||||
|
|
|||||||
Netherlands — 0.1% | ||||||||
AMG Advanced Metallurgical Group NV |
35,264 | 1,396,908 | ||||||
|
|
|||||||
Norway — 1.0% | ||||||||
Norsk Hydro ASA |
1,490,340 | 14,152,396 | ||||||
|
|
Security | Shares | Value | ||||||
Peru — 0.5% | ||||||||
Southern Copper Corp. |
96,672 | $ | 6,708,070 | |||||
|
|
|||||||
Poland — 0.5% | ||||||||
Jastrzebska Spolka Weglowa SA(a) |
59,584 | 696,024 | ||||||
KGHM Polska Miedz SA |
159,904 | 6,278,948 | ||||||
|
|
|||||||
6,974,972 | ||||||||
Qatar — 0.1% | ||||||||
Qatar Aluminum Manufacturing Co. |
3,130,592 | 1,913,518 | ||||||
|
|
|||||||
Russia — 0.6% | ||||||||
Alrosa PJSC(c) |
2,886,002 | 840,669 | ||||||
MMC Norilsk Nickel PJSC(c) |
71,400 | 4,836,801 | ||||||
Novolipetsk Steel PJSC(c) |
1,668,000 | 1,059,320 | ||||||
Severstal PAO(c) |
233,400 | 1,114,679 | ||||||
United Co. RUSAL International PJSC(a)(c) |
3,450,000 | 728,010 | ||||||
|
|
|||||||
8,579,479 | ||||||||
Saudi Arabia — 1.0% | ||||||||
Saudi Arabian Mining Co.(a) |
491,264 | 14,023,891 | ||||||
|
|
|||||||
South Africa — 3.8% | ||||||||
African Rainbow Minerals Ltd. |
129,504 | 2,304,689 | ||||||
Anglo American Platinum Ltd. |
60,192 | 9,395,061 | ||||||
Impala Platinum Holdings Ltd. |
930,848 | 17,755,351 | ||||||
Kumba Iron Ore Ltd. |
73,568 | 2,908,054 | ||||||
Northam Platinum Holdings Ltd.(a) |
387,616 | 6,258,576 | ||||||
Royal Bafokeng Platinum Ltd. |
180,258 | 2,133,729 | ||||||
Sibanye Stillwater Ltd. |
3,050,138 | 14,389,410 | ||||||
|
|
|||||||
55,144,870 | ||||||||
South Korea — 2.1% | ||||||||
Dongkuk Steel Mill Co. Ltd. |
70,528 | 980,080 | ||||||
Hyundai Steel Co. |
98,496 | 3,284,928 | ||||||
KG Dongbu Steel Co. Ltd. |
22,496 | 197,712 | ||||||
Korea Zinc Co. Ltd. |
9,728 | 4,461,655 | ||||||
Poongsan Corp. |
20,064 | 534,380 | ||||||
POSCO |
84,494 | 20,103,129 | ||||||
Seah Besteel Corp. |
15,808 | 234,360 | ||||||
SeAH Steel Holdings Corp. |
1 | 106 | ||||||
Young Poong Corp.(a) |
608 | 332,347 | ||||||
|
|
|||||||
30,128,697 | ||||||||
Spain — 0.2% | ||||||||
Acerinox SA |
187,264 | 2,380,818 | ||||||
|
|
|||||||
Sweden — 1.4% | ||||||||
Boliden AB |
311,296 | 13,846,581 | ||||||
Granges AB |
120,992 | 1,293,374 | ||||||
SSAB AB, Class A(a) |
305,824 | 1,913,886 | ||||||
SSAB AB, Class B(a) |
664,544 | 3,594,078 | ||||||
|
|
|||||||
20,647,919 | ||||||||
Switzerland — 0.0% | ||||||||
Swiss Steel Holding AG, Registered(a) |
955,776 | 305,102 | ||||||
|
|
|||||||
Taiwan — 2.0% | ||||||||
Century Iron & Steel Industrial Co. Ltd. |
115,000 | 449,709 | ||||||
China Metal Products |
208,011 | 267,148 | ||||||
China Steel Corp. |
13,376,612 | 17,394,337 | ||||||
Chun Yuan Steel Industry Co. Ltd. |
475,000 | 420,515 | ||||||
Chung Hung Steel Corp. |
1,085,000 | 1,611,252 | ||||||
Feng Hsin Steel Co. Ltd. |
608,000 | 1,833,664 | ||||||
Hsin Kuang Steel Co. Ltd. |
200,000 | 449,372 | ||||||
TA Chen Stainless Pipe |
1,806,005 | 3,452,810 |
S C H E D U L E O F I N V E S T M E N T S |
23 |
Schedule of Investments (unaudited) (continued) February 28, 2022 |
iShares® MSCI Global Metals & Mining Producers ETF (Percentages shown are based on Net Assets) |
Security | Shares |