LOGO

  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

 


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  

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

     9  

Shareholder Expenses

     9  

Schedules of Investments

     10  

Financial Statements

  

Statements of Assets and Liabilities

     29  

Statements of Operations

     31  

Statements of Changes in Net Assets

     33  

Financial Highlights

     36  

Notes to Financial Statements

     41  

Statement Regarding Liquidity Risk Management Program

     50  

Supplemental Information

     51  

General Information

     52  

Glossary of Terms Used in this Report

     53  

 

 

 


Fund Summary  as of February 28, 2022    iShares® MSCI Global Agriculture Producers ETF

 

Investment Objective

The iShares MSCI Global Agriculture Producers ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of agriculture, as represented by the MSCI ACWI Select Agriculture Producers Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

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

Fund NAV

    8.51      12.84      12.42     7.20        12.84      79.57      100.41

Fund Market

    9.40        13.16        12.48       7.21          13.16        80.06        100.66  

Index

    8.51        13.05        12.45       7.28                13.05        79.79        101.87  

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 9 for more information.

Expense Example    

 

Actual           Hypothetical 5% Return           

 

 

     

 

 

      
 

Beginning
Account Value
(09/01/21)
 
 
 
      

Ending
Account Value
(02/28/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
           

Beginning
Account Value
(09/01/21)
 
 
 
      

Ending
Account Value
(02/28/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
  $      1,000.00          $      1,085.10          $      2.02               $      1,000.00          $      1,022.90          $      1.96          0.39

 

  (a) 

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

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

Sector    
Percent of
Total Investments

(a) 

Fertilizers & Agricultural Chemicals

    36.8

Agricultural & Farm Machinery

    29.2  

Agricultural Products

    19.2  

Packaged Foods & Meats

    14.8  

TEN LARGEST GEOGRAPHIC ALLOCATION

 

Country/Geographic Region    
Percent of
Total Investments
 
(a) 

United States

    55.2

Canada

    8.8  

Norway

    5.1  

Japan

    4.4  

India

    3.7  

Netherlands

    3.0  

China

    2.7  

Saudi Arabia

    2.3  

Israel

    1.8  

Malaysia

    1.7  

 

  (a) 

Excludes money market funds.

 

 

 

4  

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Fund Summary  as of February 28, 2022    iShares® MSCI Global Energy Producers ETF

 

Investment Objective

The iShares MSCI Global Energy Producers ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of energy exploration and production, as represented by the MSCI ACWI Select Energy Producers Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

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

Fund NAV

    35.33      41.87      5.62     1.04        41.87      31.42      10.93

Fund Market

    37.25        42.95        5.90       1.10          42.95        33.18        11.60  

Index

    36.27        42.70        5.43       0.90                42.70        30.28        9.43  

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 9 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           

 

 

     

 

 

      
 

Beginning
Account Value
(09/01/21)
 
 
 
      

Ending
Account Value
(02/28/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
           

Beginning
Account Value
(09/01/21)
 
 
 
      

Ending
Account Value
(02/28/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
  $      1,000.00          $      1,353.30          $      2.28               $      1,000.00          $      1,022.90          $      1.96          0.39

 

  (a) 

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

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

Sector    
Percent of
Total Investments

(a) 

Integrated Oil & Gas

    57.1

Oil & Gas Exploration & Production

    29.4  

Oil & Gas Refining & Marketing

    10.7  

Coal & Consumable Fuels

    2.8  

TEN LARGEST GEOGRAPHIC ALLOCATION

 

Country/Geographic Region    
Percent of
Total Investments
 
(a) 

United States

    51.5

Canada

    17.4  

France

    5.3  

India

    4.5  

United Kingdom

    4.4  

Brazil

    2.6  

Australia

    2.0  

Italy

    1.6  

Norway

    1.5  

China

    1.4  

 

  (a) 

Excludes money market funds.

 

 

 

U N D   S U M M A R Y

  5


Fund Summary  as of February 28, 2022    iShares® MSCI Global Gold Miners ETF

 

Investment Objective

The iShares MSCI Global Gold Miners ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of gold mining, as represented by the MSCI ACWI Select Gold Miners Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

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

Fund NAV

    4.40      9.51      9.09     (4.68 )%         9.51      54.47      (38.08 )% 

Fund Market

    6.16        11.87        9.46       (4.46        11.87        57.14        (36.63

Index

    6.10        11.18        9.63       (4.37              11.18        58.34        (36.07

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 9 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           

 

 

     

 

 

      
 

Beginning
Account Value
(09/01/21)
 
 
 
      

Ending
Account Value
(02/28/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
           

Beginning
Account Value
(09/01/21)
 
 
 
      

Ending
Account Value
(02/28/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
  $      1,000.00          $      1,044.00          $      1.98               $      1,000.00          $      1,022.90          $      1.96          0.39

 

  (a) 

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

 

Portfolio Information

 

GEOGRAPHIC ALLOCATION

 

Country/Geographic Region    
Percent of
Total Investments
 
(a) 

Canada

    50.0

United States

    22.8  

South Africa

    11.2  

Australia

    7.2  

China

    3.9  

Peru

    1.2  

Russia

    1.0  

Other (each representing less than 1%)

    2.7  

TEN LARGEST HOLDINGS

 

Security    
Percent of
Total Investments
 
(a) 

Newmont Corp.

    21.7

Barrick Gold Corp.

    16.4  

Agnico Eagle Mines Ltd.

    8.4  

Gold Fields Ltd.

    5.0  

Newcrest Mining Ltd.

    4.9  

Wheaton Precious Metals Corp.

    4.7  

AngloGold Ashanti Ltd.

    4.5  

Zijin Mining Group Co. Ltd., Class H

    3.9  

Kinross Gold Corp.

    2.9  

Yamana Gold Inc.

    2.3  

 

  (a) 

Excludes money market funds.

 

 

 

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Fund Summary  as of February 28, 2022    iShares® MSCI Global Metals & Mining Producers ETF

 

Investment Objective

The iShares MSCI Global Metals & Mining Producers ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in mining, extraction or production of diversified metals, excluding gold and silver, as represented by the MSCI ACWI Select Metals & Mining Producers ex Gold & Silver Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

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

Fund NAV

    8.51      21.07      15.31     3.54        21.07      103.90      41.57

Fund Market

    10.07        22.50        15.81       3.57          22.50        108.33        42.04  

Index

    8.59        21.95        15.77       3.75                21.95        107.97        44.55  

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 9 for more information.

Expense Example

 

Actual           Hypothetical 5% Return         

 

 

     

 

 

    
 

Beginning
Account Value
(09/01/21)
 
 
 
      

Ending
Account Value
(02/28/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
           

Beginning
Account Value
(09/01/21)
 
 
 
      

Ending
Account Value
(02/28/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
    

Annualized
Expense
Ratio
 
 
 
  $      1,000.00          $      1,085.10          $      2.02               $      1,000.00          $      1,022.90          $      1.96        0.39

 

  (a)

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

Portfolio Information

 

ALLOCATION BY SECTOR

 

Sector    
Percent of
Total Investments
 
(a) 

Diversified Metals & Mining

    49.0

Steel

    31.5  

Copper

    10.3  

Aluminum

    5.6  

Precious Metals & Minerals

    3.6  

TEN LARGEST GEOGRAPHIC ALLOCATION

 

Country/Geographic Region    
Percent of
Total Investments
 
(a) 

Australia

    36.4

United States

    15.7  

Brazil

    7.1  

United Kingdom

    6.1  

Canada

    4.9  

Japan

    4.4  

South Africa

    3.9  

India

    3.4  

China

    2.9  

South Korea

    2.1  

 

  (a) 

Excludes money market funds.

 

 

 

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           

 

 

     

 

 

      
 

Beginning
Account Value
(09/01/21)
 
 
 
      

Ending
Account Value
(02/28/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
           

Beginning
Account Value
(09/01/21)
 
 
 
      

Ending
Account Value
(02/28/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
  $      1,000.00          $         935.50          $      1.87               $      1,000.00          $      1,022.90          $      1.96          0.39

 

  (a) 

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

 

Portfolio Information

 

GEOGRAPHIC ALLOCATION

 

Country/Geographic Region    
Percent of
Total Investments
 
(a) 

Canada

    67.8

United States

    20.4  

Mexico

    5.0  

Japan

    4.6  

Other (each representing less than 1%)

    2.2  

TEN LARGEST HOLDINGS

 

Security    
Percent of
Total Investments
 
(a) 

Pan American Silver Corp.

    17.6

Hecla Mining Co.

    10.4  

First Majestic Silver Corp.

    8.7  

Newmont Corp.

    8.4  

Industrias Penoles SAB de CV

    5.0  

MAG Silver Corp.

    4.8  

Asahi Holdings Inc.

    4.6  

SilverCrest Metals Inc.

    4.4  

Agnico Eagle Mines Ltd.

    4.4  

Fortuna Silver Mines Inc.

    4.1  

 

  (a) 

Excludes money market funds.

 

 

 

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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

  9


Schedule of Investments  (unaudited) 

February 28, 2022

  

iShares® MSCI Global Agriculture Producers ETF

(Percentages shown are based on Net Assets)

 

Security   Shares      Value  

Common Stocks

 

  
Australia — 1.0%         

Australian Agricultural Co. Ltd.(a)

    45,444      $ 54,460  

Costa Group Holdings Ltd.

    69,342        137,276  

Elders Ltd.

    24,318        204,381  

Inghams Group Ltd.

    53,214        130,701  

Nufarm Ltd./Australia

    50,820        203,639  

Select Harvests Ltd.

    18,648        74,816  

Tassal Group Ltd.

    32,928        85,553  
    

 

 

 
       890,826  
Brazil — 0.4%             

Sao Martinho SA

    27,720        214,292  

SLC Agricola SA

    16,562        140,698  

Tres Tentos Agroindustrial SA(a)

    19,194        37,299  
    

 

 

 
       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   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 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%
(Cost: $72,898,959)

       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%
(Cost: $897,029)

       1,414,175  
    

 

 

 

Rights

    
Thailand — 0.0%             

Khon Kaen Sugar (Expires 02/28/22)(a)

    2,201         
    

 

 

 

Total Rights — 0.0%
(Cost: $0)

        
    

 

 

 

 

 

C H E D U L E   O F  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%
(Cost: $276,804)

       276,809  
    

 

 

 

Total Investments in Securities — 100.1%
(Cost: $74,072,792)

       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   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 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.

 

 

C H E D U L E   O F  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   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 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  

 

 

C H E D U L E   O F  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%
(Cost: $76,020,952)

 

    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%
(Cost: $878,199)

 

    1,311,195  
   

 

 

 

Rights

   
Thailand — 0.0%            

Bangchak Corp. PCL (Expires 03/03/22)(a)

    1,801        
   

 

 

 

Total Rights — 0.0%
(Cost: $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,
SL Agency Shares, 0.03%(e)(f)

    120,000     $ 120,000  
   

 

 

 
      505,132  
   

 

 

 

Total Short-Term Investments — 0.5%
(Cost: $505,062)

      505,132  
   

 

 

 

Total Investments in Securities — 99.8%
(Cost: $77,404,213)

      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   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 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.

 

 

C H E D U L E   O F  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  

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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%
(Cost: $485,757,085)

       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%
(Cost: $3,328,452)

       3,329,328  
    

 

 

 

Total Investments in Securities — 100.5%
(Cost: $489,085,537)

 

     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.

 

 

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 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  

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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.

 

 

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 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  

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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  

 

 

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

  

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