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FEBRUARY 28, 2023 |
2023 Semi-Annual Report (Unaudited)
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iShares, Inc.
· iShares ESG Aware MSCI EM ETF | ESGE | NASDAQ
· iShares MSCI Emerging Markets ex China ETF | EMXC | NASDAQ
· iShares MSCI Emerging Markets Min Vol Factor ETF | EEMV | Cboe BZX
· iShares MSCI Emerging Markets Multifactor ETF | EMGF | Cboe BZX
· iShares MSCI Global Min Vol Factor ETF | ACWV | Cboe BZX
Dear Shareholder,
Significant economic headwinds emerged during the 12-month reporting period ended February 28, 2023, as investors navigated changing economic conditions and volatile markets. The U.S. economy shrank in the first half of 2022 before returning to modest growth in the second half of the year, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high before beginning to moderate. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.
Equity prices fell as interest rates rose, particularly during the first half of the reporting period. Both large-and small-capitalization U.S. stocks fell, although equities began to recover in the second half of the period as inflation eased and economic growth resumed. Emerging market stocks and international equities from developed markets declined overall, pressured by rising interest rates and a strong U.S. dollar.
The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to fluctuating inflation data and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and higher interest rates led to rising borrowing costs for corporate issuers.
The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates eight times. Furthermore, the Fed wound down its bond-buying programs and accelerated the reduction of its balance sheet.
Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth slowed in the last year, we believe that taming inflation requires a more substantial decline that lowers demand to a level more in line with the economy’s productive capacity. Although the Fed has decelerated the pace of interest rate hikes, it still seems determined to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, but the dimming economic outlook has not yet been fully reflected in current market prices. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions. Turmoil in the banking sector shortly following the end of the period highlighted the potential for the knock-on effects of substantially higher interest rates to disrupt markets with little warning.
While we favor an overweight to equities in the long term, several factors lead us to take an underweight stance on equities overall in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with the possibility of a recession in a business environment characterized by higher costs and reduced pricing power. Nevertheless, we are overweight on emerging market stocks as a weaker U.S. dollar provides a supportive backdrop. We also see long-term opportunities in credit, where valuations are appealing and higher yields provide attractive income, although we are neutral on credit in the near term, as we believe that troubles in the banking sector will likely lead to reduced lending. However, we believe there are still some strong opportunities for a six- to twelve-month horizon, particularly short-term U.S. Treasuries, global inflation-linked bonds, and emerging market bonds denominated in local currency.
Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.
Rob Kapito
President, BlackRock, Inc.
Rob Kapito
President, BlackRock, Inc.
Total Returns as of February 28, 2023 | ||||
6-Month | 12-Month | |||
U.S.
large cap equities |
1.26% | (7.69)% | ||
U.S.
small cap equities |
3.63 | (6.02) | ||
International
equities |
12.58 | (3.14) | ||
Emerging
market equities |
(2.29) | (15.28) | ||
3-month
Treasury bills |
1.74 | 2.11 | ||
U.S.
Treasury securities |
(4.81) | (14.06) | ||
U.S.
investment grade bonds |
(2.13) | (9.72) | ||
Tax-exempt
municipal bonds |
0.66 | (5.10) | ||
U.S.
high yield bonds |
2.52 | (5.45) | ||
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. |
2 |
T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T |
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Semi-Annual Report: |
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Financial Statements |
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70 |
Fund Summary as of February 28, 2023 | iShares® ESG Aware MSCI EM ETF |
Investment Objective
The iShares ESG Aware MSCI EM ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization emerging market equities that have positive environmental, social and governance characteristics as identified by the index provider while exhibiting risk and return characteristics similar to those of the parent index, as represented by the MSCI Emerging Markets Extended ESG Focus Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6-Month Total Returns |
1 Year | 5 Years | Since Inception |
1 Year | 5 Years | Since Inception |
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Fund NAV |
(1.89 | )% | (16.85 | )% | (2.18 | )% | 5.01 | % | (16.85 | )% | (10.44 | )% | 38.56 | % | ||||||||||||||||||
Fund Market |
(1.34 | ) | (17.66 | ) | (2.06 | ) | 5.01 | (17.66 | ) | (9.87 | ) | 38.56 | ||||||||||||||||||||
Index |
(2.45 | ) | (17.17 | ) | (1.95 | ) | 5.48 | (17.17 | ) | (9.36 | ) | 42.77 |
The inception date of the Fund was June 28, 2016. The first day of secondary market trading was June 30, 2016.
Index performance through May 31, 2018 reflects the performance of the MSCI Emerging Markets ESG Focus Index. Index performance beginning on June 1, 2018 reflects the performance of the MSCI Emerging Markets Extended ESG Focus Index.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||||||
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Beginning Account Value (09/01/22) |
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Ending Account Value (02/28/23) |
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Expenses Paid During the Period |
(a) |
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Beginning Account Value (09/01/22) |
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Ending Account Value (02/28/23) |
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Expenses Paid During the Period |
(a) |
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Annualized Expense Ratio |
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$ 1,000.00 | $ 981.10 | $ 1.23 | $ 1,000.00 | $ 1,023.60 | $ 1.25 | 0.25 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION | ||||
Sector | |
Percent of Total Investments |
(a) | |
Financials |
25.2 | % | ||
Information Technology |
20.1 | |||
Consumer Discretionary |
13.7 | |||
Communication Services |
11.8 | |||
Materials |
6.5 | |||
Consumer Staples |
5.7 | |||
Industrials |
4.9 | |||
Energy |
4.6 | |||
Health Care |
4.3 | |||
Utilities |
1.8 | |||
Real Estate |
1.4 |
GEOGRAPHIC ALLOCATION | ||||
Country/Geographic Region | |
Percent of Total Investments |
(a) | |
China |
30.7 | % | ||
Taiwan |
16.3 | |||
India |
12.8 | |||
South Korea |
12.2 | |||
South Africa |
4.4 | |||
Brazil |
4.3 | |||
Saudi Arabia |
3.1 | |||
Thailand |
2.9 | |||
Malaysia |
2.8 | |||
Mexico |
2.3 | |||
Indonesia |
2.0 | |||
United Arab Emirates |
1.5 | |||
Other (each representing less than 1%) |
4.7 |
(a) |
Excludes money market funds. |
4 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of February 28, 2023 | iShares® MSCI Emerging Markets ex China ETF |
Investment Objective
The iShares MSCI Emerging Markets ex China ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization emerging market equities, excluding China, as represented by the MSCI Emerging Markets ex China Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6-Month Total Returns |
1 Year | 5 Years | Since Inception |
1 Year | 5 Years | Since Inception |
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Fund NAV |
(1.56 | )% | (14.62 | )% | (0.29 | )% | 1.53 | % | (14.62 | )% | (1.42 | )% | 8.91 | % | ||||||||||||||||||
Fund Market |
(0.74 | ) | (15.86 | ) | (0.16 | ) | 1.54 | (15.86 | ) | (0.82 | ) | 8.95 | ||||||||||||||||||||
Index |
(2.01 | ) | (14.92 | ) | 0.10 | 1.98 | (14.92 | ) | 0.51 | 11.65 |
The inception date of the Fund was July 18, 2017. The first day of secondary market trading was July 20, 2017.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||||||
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Beginning Account Value (09/01/22) |
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Ending Account Value (02/28/23) |
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Expenses Paid During the Period |
(a) |
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Beginning Account Value (09/01/22) |
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Ending Account Value (02/28/23) |
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|
Expenses Paid During the Period |
(a) |
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Annualized Expense Ratio |
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$ 1,000.00 | $ 984.40 | $ 1.23 | $ 1,000.00 | $ 1,023.60 | $ 1.25 | 0.25 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION | ||||
Sector | |
Percent of Total Investments |
(a) | |
Information Technology |
26.8 | % | ||
Financials |
24.5 | |||
Materials |
11.1 | |||
Consumer Staples |
6.6 | |||
Consumer Discretionary |
6.4 | |||
Industrials |
6.2 | |||
Communication Services |
5.9 | |||
Energy |
5.8 | |||
Health Care |
2.8 | |||
Utilities |
2.6 | |||
Real Estate |
1.3 |
GEOGRAPHIC ALLOCATION | ||||
Country/Geographic Region | |
Percent of Total Investments |
(a) | |
Taiwan |
22.2 | % | ||
India |
19.5 | |||
South Korea |
17.3 | |||
Brazil |
7.4 | |||
Saudi Arabia |
5.9 | |||
South Africa |
5.0 | |||
Mexico |
3.9 | |||
Thailand |
3.1 | |||
Indonesia |
2.8 | |||
Malaysia |
2.2 | |||
United Arab Emirates |
2.0 | |||
Qatar |
1.4 | |||
Kuwait |
1.4 | |||
Poland |
1.1 | |||
Philippines |
1.1 | |||
Turkey |
1.0 | |||
Other (each representing less than 1%) |
2.7 |
(a) |
Excludes money market funds. |
F U N D S U M M A R Y |
5 |
Fund Summary as of February 28, 2023 | iShares® MSCI Emerging Markets Min Vol Factor ETF |
Investment Objective
The iShares MSCI Emerging Markets Min Vol Factor ETF (the “Fund”) seeks to track the investment results of an index composed of emerging market equities that, in the aggregate, have lower volatility characteristics relative to the broader emerging equity markets, as represented by the MSCI Emerging Markets Minimum Volatility (USD) Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6-Month Total Returns |
1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV |
(1.85 | )% | (12.60 | )% | (0.75 | )% | 1.05 | % | (12.60 | )% | (3.67 | )% | 11.03 | % | ||||||||||||||||||
Fund Market |
(2.25 | ) | (13.78 | ) | (0.64 | ) | 0.99 | (13.78 | ) | (3.16 | ) | 10.33 | ||||||||||||||||||||
Index |
(2.10 | ) | (12.44 | ) | (0.35 | ) | 1.35 | (12.44 | ) | (1.73 | ) | 14.30 |
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||||||
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Beginning Account Value (09/01/22) |
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Ending Account Value (02/28/23) |
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Expenses Paid During the Period |
(a) |
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Beginning Account Value (09/01/22) |
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Ending Account Value (02/28/23) |
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|
Expenses Paid During the Period |
(a) |
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Annualized Expense Ratio |
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$ 1,000.00 | $ 981.50 | $ 1.23 | $ 1,000.00 | $ 1,023.60 | $ 1.25 | 0.25 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION | ||||
Sector | |
Percent of Total Investments |
(a) | |
Financials |
24.7 | % | ||
Information Technology |
15.8 | |||
Communication Services |
14.5 | |||
Consumer Staples |
11.7 | |||
Health Care |
8.7 | |||
Consumer Discretionary |
8.3 | |||
Materials |
4.8 | |||
Industrials |
4.1 | |||
Utilities |
3.9 | |||
Real Estate |
1.8 | |||
Energy |
1.7 |
GEOGRAPHIC ALLOCATION | ||||
Country/Geographic Region | |
Percent of Total Investments |
(a) | |
China |
26.1 | % | ||
Taiwan |
19.0 | |||
India |
12.7 | |||
Saudi Arabia |
8.8 | |||
South Korea |
6.8 | |||
Thailand |
6.4 | |||
Malaysia |
4.6 | |||
United Arab Emirates |
4.1 | |||
Kuwait |
2.8 | |||
Qatar |
2.6 | |||
Philippines |
1.5 | |||
Other (each representing less than 1%) |
4.6 |
(a) |
Excludes money market funds. |
6 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of February 28, 2023 | iShares® MSCI Emerging Markets Multifactor ETF |
Investment Objective
The iShares MSCI Emerging Markets Multifactor ETF (the “Fund”) seeks to track the investment results of an index composed of stocks of large- and mid-capitalization companies in emerging markets that have favorable exposure to target style factors subject to constraints, as represented by the MSCI Emerging Markets Diversified Multiple-Factor Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
On December 12, 2022, the Board approved a proposal to change MSCI Emerging Markets Multifactor’s index to STOXX Emerging Markets Equity Factor Index and change the name of the Fund to iShares Emerging Markets Equity Factor ETF. The changes became effective on March 1, 2023.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6-Month Total Returns |
1 Year | 5 Years | Since Inception |
1 Year | 5 Years | Since Inception |
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Fund NAV |
(4.29 | )%(a) | (15.04 | )% | (1.97 | )% | 5.06 | % | (15.04 | )% | (9.48 | )% | 42.82 | % | ||||||||||||||||||
Fund Market |
(3.42 | ) | (15.82 | ) | (1.77 | ) | 5.08 | (15.82 | ) | (8.52 | ) | 43.10 | ||||||||||||||||||||
Index |
(4.80 | ) | (14.73 | ) | (1.44 | ) | 5.53 | (14.73 | ) | (6.98 | ) | 47.59 |
The inception date of the Fund was December 8, 2015. The first day of secondary market trading was December 10, 2015.
(a) |
The NAV total return presented in the table for the six-months period differs from the same period return disclosed in the financial highlights. The total return in the financial highlights is calculated in the same manner but differs due to certain adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. |
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||||||
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Beginning Account Value (09/01/22) |
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Ending Account Value (02/28/23) |
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Expenses Paid During the Period |
(a) |
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Beginning Account Value (09/01/22) |
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Ending Account Value (02/28/23) |
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Expenses Paid During the Period |
(a) |
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Annualized Expense Ratio |
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$ 1,000.00 | $ 957.10 | $ 1.80 | $ 1,000.00 | $ 1,023.00 | $ 1.86 | 0.37 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION | ||||
Sector | |
Percent of Total Investments |
(a) | |
Financials |
23.5 | % | ||
Information Technology |
22.3 | |||
Consumer Discretionary |
13.9 | |||
Communication Services |
9.8 | |||
Materials |
6.8 | |||
Consumer Staples |
6.6 | |||
Energy |
5.4 | |||
Industrials |
5.3 | |||
Health Care |
2.8 | |||
Utilities |
2.6 | |||
Real Estate |
1.0 |
GEOGRAPHIC ALLOCATION | ||||
Country/Geographic Region | |
Percent of Total Investments |
(a) | |
China |
29.4 | % | ||
India |
17.1 | |||
Taiwan |
15.7 | |||
South Korea |
11.9 | |||
Brazil |
4.9 | |||
Saudi Arabia |
3.4 | |||
Mexico |
2.6 | |||
South Africa |
2.5 | |||
Indonesia |
2.3 | |||
United Arab Emirates |
1.8 | |||
Thailand |
1.4 | |||
Turkey |
1.1 | |||
Qatar |
1.0 | |||
Other (each representing less than 1%) |
4.9 |
(a) |
Excludes money market funds. |
F U N D S U M M A R Y |
7 |
Fund Summary as of February 28, 2023 | iShares® MSCI Global Min Vol Factor ETF |
Investment Objective
The iShares MSCI Global MinVol Factor ETF (the “Fund”) seeks to track the investment results of an index composed of developed and emerging market equities that, in the aggregate, have lower volatility characteristics relative to the broader developed and emerging equity markets, as represented by the MSCI ACWI Minimum Volatility (USD) Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6-Month Total Returns |
1Year | 5Years | 10 Years | 1Year | 5Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV |
(0.68 | )% | (6.07 | )% | 4.44 | % | 7.03 | % | (6.07 | )% | 24.24 | % | 97.28 | % | ||||||||||||||||||
Fund Market |
(0.71 | ) | (6.19 | ) | 4.44 | 6.98 | (6.19 | ) | 24.25 | 96.34 | ||||||||||||||||||||||
Index |
(0.97 | ) | (6.19 | ) | 4.29 | 6.82 | (6.19 | ) | 23.37 | 93.36 |
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||||||
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Beginning Account Value (09/01/22) |
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Ending Account Value (02/28/23) |
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Expenses Paid During the Period |
(a) |
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Beginning Account Value (09/01/22) |
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Ending Account Value (02/28/23) |
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Expenses Paid During the Period |
(a) |
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Annualized Expense Ratio |
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$ 1,000.00 | $ 993.20 | $ 0.99 | $ 1,000.00 | $ 1,023.80 | $ 1.00 | 0.20 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION | ||||
Sector | |
Percent of Total Investments |
(a) | |
Health Care |
17.4 | % | ||
Information Technology |
15.7 | |||
Financials |
13.9 | |||
Consumer Staples |
12.5 | |||
Communication Services |
12.3 | |||
Industrials |
8.5 | |||
Utilities |
7.5 | |||
Consumer Discretionary |
5.5 | |||
Materials |
4.2 | |||
Energy |
1.8 | |||
Real Estate |
0.7 |
GEOGRAPHIC ALLOCATION | ||||
Country/Geographic Region | |
Percent of Total Investments |
(a) | |
United States |
54.7 | % | ||
Japan |
10.7 | |||
China |
8.1 | |||
Taiwan |
5.2 | |||
India |
4.6 | |||
Switzerland |
4.1 | |||
Hong Kong |
2.1 | |||
Canada |
1.9 | |||
Saudi Arabia |
1.4 | |||
Singapore |
1.1 | |||
Other (each representing less than 1%) |
6.1 |
(a) |
Excludes money market funds. |
8 |
2 0 2 3 I 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 the Period.”
The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.
A B O U T F U N D P E R F O R M A N C E / D I S C L O S U R E O F E X P E N S E S |
9 |
Schedule of Investments (unaudited) February 28, 2023 |
iShares® ESG Aware MSCI EM ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
||||||||
Brazil — 2.7% |
||||||||
Atacadao SA |
1,502,879 | $ | 3,860,933 | |||||
B3 SA - Brasil, Bolsa, Balcao |
5,334,093 | 10,748,776 | ||||||
Banco do Brasil SA |
1,351,437 | 10,402,718 | ||||||
Banco Santander Brasil SA |
1,158,224 | 6,267,367 | ||||||
CCR SA |
3,668,744 | 7,701,248 | ||||||
Cosan SA |
3,323,650 | 9,509,837 | ||||||
Localiza Rent a Car SA |
1,133,066 | 12,009,251 | ||||||
Localiza Rent a Car SA, NVS |
4,452 | 45,069 | ||||||
Lojas Renner SA |
2,555,915 | 9,104,817 | ||||||
Natura & Co. Holding SA |
1,769,076 | 5,176,679 | ||||||
Petroleo Brasileiro SA |
1,784,251 | 9,798,053 | ||||||
Rumo SA |
1,530,421 | 5,250,048 | ||||||
TOTVS SA |
779,958 | 4,065,563 | ||||||
Ultrapar Participacoes SA |
3,763,188 | 9,473,649 | ||||||
Vibra Energia SA |
1,570,090 | 4,435,460 | ||||||
WEG SA |
761,719 | 5,697,489 | ||||||
|
|
|||||||
113,546,957 | ||||||||
Chile — 0.4% | ||||||||
Empresas COPEC SA |
588,177 | 4,249,639 | ||||||
Enel Americas SA |
114,680,329 | 14,278,405 | ||||||
|
|
|||||||
18,528,044 | ||||||||
China — 30.6% | ||||||||
37 Interactive Entertainment Network Technology |
||||||||
Group Co. Ltd., Class A |
1,453,900 | 4,586,937 | ||||||
3SBio Inc.(a) |
6,919,000 | 6,861,159 | ||||||
AAC Technologies Holdings Inc.(b) |
2,613,000 | 5,839,908 | ||||||
Agricultural Bank of China Ltd., Class A |
12,606,500 | 5,314,797 | ||||||
Agricultural Bank of China Ltd., Class H |
11,559,000 | 4,005,463 | ||||||
Akeso Inc.(a)(b) |
1,114,000 | 5,676,867 | ||||||
Alibaba Group Holding Ltd.(b) |
10,067,268 | 110,653,791 | ||||||
Alibaba Health Information Technology Ltd.(b) |
9,718,000 | 6,958,352 | ||||||
Baidu Inc.(b) |
1,730,562 | 29,754,091 | ||||||
Bank of China Ltd., Class H |
12,527,000 | 4,594,299 | ||||||
Bank of Communications Co. Ltd., Class A |
6,436,800 | 4,538,186 | ||||||
BeiGene Ltd.(b) |
264,281 | 4,580,866 | ||||||
Bosideng International Holdings Ltd. |
8,382,000 | 4,649,681 | ||||||
BYD Co. Ltd., Class A |
257,955 | 9,651,044 | ||||||
BYD Co. Ltd., Class H |
634,000 | 17,044,606 | ||||||
China Construction Bank Corp., Class A |
7,681,200 | 6,234,296 | ||||||
China Construction Bank Corp., Class H |
77,029,000 | 47,086,089 | ||||||
China International Capital Corp. Ltd., Class A |
791,713 | 4,772,871 | ||||||
China International Capital Corp. Ltd., Class H(a) |
3,301,600 | 7,108,590 | ||||||
China Medical System Holdings Ltd. |
5,911,000 | 8,898,728 | ||||||
China Mengniu Dairy Co. Ltd. |
3,787,000 | 16,669,126 | ||||||
China Merchants Bank Co. Ltd., Class A |
1,208,740 | 6,492,370 | ||||||
China Merchants Bank Co. Ltd., Class H |
3,705,500 | 20,107,899 | ||||||
China Resources Beer Holdings Co. Ltd. |
1,342,000 | 9,928,212 | ||||||
China Resources Gas Group Ltd. |
2,341,000 | 9,878,258 | ||||||
China Resources Land Ltd. |
3,694,000 | 16,413,427 | ||||||
China Resources Pharmaceutical Group Ltd.(a) |
7,018,500 | 5,767,234 | ||||||
China
Tourism Group Duty Free Corp. |
178,000 | 4,501,798 | ||||||
China Vanke Co. Ltd., Class H |
2,454,200 | 4,290,894 | ||||||
Chow Tai Fook Jewellery Group Ltd. |
3,040,000 | 5,886,819 | ||||||
CMOC Group Ltd., Class A |
11,233,200 | 9,551,361 | ||||||
CMOC Group Ltd., Class H |
17,424,000 | 9,811,414 | ||||||
Contemporary Amperex Technology Co. Ltd., Class A |
233,603 | 13,534,586 | ||||||
Country Garden Services Holdings Co. Ltd. |
2,747,000 | 5,114,795 | ||||||
CSC Financial Co. Ltd., Class A |
1,159,000 | 4,464,534 |
Security | Shares | Value | ||||||
China (continued) |
||||||||
CSPC Pharmaceutical Group Ltd. |
9,749,520 | $ | 10,473,891 | |||||
ENN Energy Holdings Ltd. |
1,221,500 | 17,388,964 | ||||||
Far East Horizon Ltd. |
5,847,000 | 5,172,087 | ||||||
Fosun International Ltd.(c) |
19,754,000 | 16,161,598 | ||||||
Ganfeng Lithium Group Co. Ltd., Class A |
473,450 | 4,925,473 | ||||||
Geely Automobile Holdings Ltd. |
5,367,000 | 6,972,686 | ||||||
GEM Co. Ltd., Class A |
3,925,100 | 4,450,601 | ||||||
Greentown China Holdings Ltd. |
3,171,500 | 4,336,445 | ||||||
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A |
1,061,501 | 4,822,711 | ||||||
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A |
331,900 | 4,024,912 | ||||||
Hansoh Pharmaceutical Group Co. Ltd.(a) |
2,512,000 | 4,515,910 | ||||||
Huatai Securities Co. Ltd., Class A |
3,932,102 | 7,127,830 | ||||||
Huatai Securities Co. Ltd., Class H(a) |
3,784,000 | 4,259,600 | ||||||
Hygeia Healthcare Holdings Co. Ltd.(a)(b) |
593,400 | 4,323,285 | ||||||
Industrial & Commercial Bank of China Ltd., Class A |
14,284,700 | 8,837,234 | ||||||
Industrial & Commercial Bank of China Ltd., Class H |
44,081,000 | 21,994,731 | ||||||
Industrial Bank Co. Ltd., Class A |
1,790,568 | 4,355,851 | ||||||
JD Health International Inc.(a)(b) |
1,001,400 | 7,010,050 | ||||||
JD.com Inc., Class A |
1,365,428 | 30,353,358 | ||||||
Jiumaojiu International Holdings Ltd.(a) |
2,070,000 | 5,001,960 | ||||||
KE Holdings Inc., ADR(b) |
277,778 | 5,069,448 | ||||||
Kingdee
International Software Group Co. |
3,716,000 | 6,943,210 | ||||||
Koolearn Technology Holding Ltd.(a)(b) |
697,500 | 3,972,198 | ||||||
Kuaishou Technology(a)(b) |
1,127,200 | 7,553,891 | ||||||
Kunlun Energy Co. Ltd. |
5,868,000 | 4,701,702 | ||||||
Lenovo Group Ltd. |
22,706,000 | 20,433,170 | ||||||
Li Auto Inc.(b) |
1,516,128 | 17,889,036 | ||||||
Li Ning Co. Ltd. |
1,178,500 | 10,055,793 | ||||||
Longfor Group Holdings Ltd.(a) |
1,579,500 | 4,521,530 | ||||||
LONGi Green Energy Technology Co. Ltd., Class A |
706,948 | 4,501,947 | ||||||
Meituan, Class B(a)(b) |
3,352,630 | 58,184,645 | ||||||
Microport Scientific Corp.(b)(c) |
1,524,800 | 4,325,915 | ||||||
Ming Yang Smart Energy Group Ltd., Class A |
1,170,100 | 4,273,980 | ||||||
NetEase Inc. |
1,658,370 | 25,771,810 | ||||||
NIO Inc., ADR(b)(c) |
1,284,989 | 12,066,047 | ||||||
Nongfu Spring Co. Ltd., Class H(a) |
1,735,800 | 9,730,069 | ||||||
Orient Securities Co. Ltd., Class A |
3,368,852 | 4,943,643 | ||||||
Pinduoduo Inc., ADR(b) |
274,098 | 24,046,618 | ||||||
Ping
An Healthcare and Technology Co. |
1,789,900 | 4,101,902 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H |
4,921,000 | 33,593,373 | ||||||
Pop Mart International Group Ltd.(a)(c) |
1,563,400 | 4,355,663 | ||||||
Postal Savings Bank of China Co. Ltd., Class A |
10,979,800 | 7,141,937 | ||||||
Postal Savings Bank of China Co. Ltd., Class H(a) |
9,221,000 | 5,540,000 | ||||||
Shandong Nanshan Aluminum Co. Ltd., Class A |
8,591,800 | 4,462,927 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H |
3,489,600 | 5,632,791 | ||||||
Shanghai Electric Group Co. Ltd., Class A(b) |
9,139,200 | 5,507,272 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A |
895,715 | 4,343,232 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class A |
1,789,400 | 5,086,307 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H |
2,646,900 | 4,667,772 | ||||||
Sungrow Power Supply Co. Ltd., Class A |
500,967 | 8,601,160 | ||||||
Sunny Optical Technology Group Co. Ltd. |
833,600 | 9,479,555 | ||||||
TCL Technology Group Corp., Class A |
11,162,400 | 7,122,775 | ||||||
Tencent Holdings Ltd. |
4,213,700 | 185,101,072 | ||||||
Tianqi Lithium Corp., Class A(b) |
351,800 | 4,141,684 | ||||||
Tongcheng Travel Holdings Ltd.(b) |
4,446,400 | 8,826,003 | ||||||
Trip.com Group Ltd., ADR(b)(c) |
237,571 | 8,445,649 |
10 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® ESG Aware MSCI EM ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) |
||||||||
Unisplendour Corp. Ltd., Class A |
2,289,757 | $ | 8,355,572 | |||||
Vipshop Holdings Ltd., ADR(b) |
544,044 | 8,100,815 | ||||||
WuXi AppTec Co. Ltd., Class A |
679,689 | 8,094,883 | ||||||
WuXi AppTec Co. Ltd., Class H(a) |
557,680 | 5,949,859 | ||||||
Wuxi Biologics Cayman Inc., New(a)(b) |
3,550,000 | 24,850,529 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class A |
2,752,800 | 4,495,223 | ||||||
Xinyi Solar Holdings Ltd. |
3,844,000 | 4,110,292 | ||||||
XPeng Inc.(b) |
1,741,696 | 7,741,919 | ||||||
Yadea Group Holdings Ltd.(a) |
7,910,000 | 16,976,382 | ||||||
Yonyou Network Technology Co. Ltd., Class A |
1,207,400 | 4,045,240 | ||||||
Yum China Holdings Inc. |
447,175 | 26,262,588 | ||||||
Yunnan Baiyao Group Co. Ltd., Class A |
633,120 | 5,179,511 | ||||||
Yunnan Energy New Material Co. Ltd., Class A |
222,600 | 4,017,349 | ||||||
ZTO Express Cayman Inc., ADR |
176,297 | 4,241,706 | ||||||
|
|
|||||||
1,295,290,119 | ||||||||
Colombia — 0.1% | ||||||||
Bancolombia SA |
744,210 | 5,497,999 | ||||||
|
|
|||||||
Czech Republic — 0.2% | ||||||||
Moneta Money Bank AS(a) |
1,792,752 | 6,829,414 | ||||||
|
|
|||||||
Egypt — 0.1% | ||||||||
Commercial International Bank Egypt SAE |
2,537,904 | 4,399,825 | ||||||
|
|
|||||||
Greece — 0.5% | ||||||||
Mytilineos SA |
232,586 | 6,275,238 | ||||||
OPAP SA |
960,057 | 14,900,991 | ||||||
|
|
|||||||
21,176,229 | ||||||||
Hungary — 0.3% | ||||||||
MOL Hungarian Oil & Gas PLC |
1,786,053 | 13,562,711 | ||||||
|
|
|||||||
India — 12.7% | ||||||||
Adani Green Energy Ltd.(b) |
429,481 | 2,515,194 | ||||||
Adani Total Gas Ltd. |
274,546 | 2,250,455 | ||||||
Asian Paints Ltd. |
716,740 | 24,498,787 | ||||||
AU Small Finance Bank Ltd.(a) |
1,277,456 | 9,153,345 | ||||||
Axis Bank Ltd. |
2,052,132 | 20,929,445 | ||||||
Bajaj Finance Ltd. |
262,487 | 19,382,248 | ||||||
Bandhan Bank Ltd.(a)(b) |
1,953,439 | 5,450,051 | ||||||
Bharti Airtel Ltd. |
1,842,858 | 16,534,597 | ||||||
Britannia Industries Ltd. |
165,366 | 8,922,585 | ||||||
Cipla Ltd. |
330,471 | 3,620,682 | ||||||
Colgate-Palmolive India Ltd. |
459,627 | 8,188,487 | ||||||
Dabur India Ltd. |
799,001 | 5,144,334 | ||||||
Eicher Motors Ltd. |
217,481 | 8,162,210 | ||||||
Havells India Ltd. |
490,606 | 7,098,871 | ||||||
HCL Technologies Ltd. |
1,163,666 | 15,152,611 | ||||||
Hero MotoCorp Ltd. |
172,565 | 5,046,514 | ||||||
Hindalco Industries Ltd. |
2,358,998 | 11,379,750 | ||||||
Hindustan Unilever Ltd. |
773,716 | 23,011,695 | ||||||
Housing Development Finance Corp. Ltd. |
1,162,005 | 36,631,382 | ||||||
ICICI Bank Ltd. |
3,520,445 | 36,415,184 | ||||||
ICICI Prudential Life Insurance Co. Ltd.(a) |
782,578 | 3,866,632 | ||||||
Indian Hotels Co. Ltd. (The) |
981,111 | 3,688,030 | ||||||
Info Edge India Ltd. |
190,273 | 8,028,804 | ||||||
Infosys Ltd. |
2,799,712 | 50,290,854 | ||||||
Kotak Mahindra Bank Ltd. |
836,785 | 17,483,695 | ||||||
Mahindra & Mahindra Ltd. |
611,398 | 9,380,706 | ||||||
Mahindra & Mahindra Ltd., GDR |
787,322 | 12,164,125 | ||||||
Marico Ltd. |
3,670,824 | 21,824,118 |
Security | Shares | Value | ||||||
India (continued) |
||||||||
Nestle India Ltd. |
28,133 | $ | 6,349,801 | |||||
Power Grid Corp. of India Ltd. |
2,805,752 | 7,537,108 | ||||||
Reliance Industries Ltd. |
1,896,969 | 53,206,438 | ||||||
Reliance Industries Ltd., GDR(a) |
7,866 | 437,215 | ||||||
Shriram Transport Finance Co. Ltd. |
337,793 | 4,911,825 | ||||||
Tata Consultancy Services Ltd. |
691,603 | 27,689,020 | ||||||
Tata Consumer Products Ltd. |
762,633 | 6,594,605 | ||||||
Tata Elxsi Ltd. |
53,264 | 3,945,142 | ||||||
Tech Mahindra Ltd. |
477,582 | 6,348,566 | ||||||
Titan Co. Ltd. |
156,290 | 4,482,622 | ||||||
TVS Motor Co. Ltd. |
427,846 | 5,586,065 | ||||||
United Spirits Ltd.(b) |
539,049 | 4,825,764 | ||||||
UPL Ltd. |
649,847 | 5,452,373 | ||||||
Zomato Ltd.(b) |
7,017,590 | 4,530,358 | ||||||
|
|
|||||||
538,112,293 | ||||||||
Indonesia — 2.0% | ||||||||
Bank Central Asia Tbk PT |
48,016,300 | 27,539,206 | ||||||
Bank Rakyat Indonesia Persero Tbk PT |
12,346,300 | 3,780,801 | ||||||
Kalbe Farma Tbk PT |
141,416,400 | 19,562,905 | ||||||
Merdeka Copper Gold Tbk PT(b) |
19,148,700 | 5,699,761 | ||||||
Sumber Alfaria Trijaya Tbk PT |
22,388,100 | 4,257,584 | ||||||
Telkom Indonesia Persero Tbk PT |
63,605,500 | 16,202,602 | ||||||
Unilever Indonesia Tbk PT |
18,762,900 | 5,141,291 | ||||||
|
|
|||||||
82,184,150 | ||||||||
Kuwait — 0.5% | ||||||||
Kuwait Finance House KSCP |
7,811,630 | 21,801,165 | ||||||
|
|
|||||||
Malaysia — 2.8% | ||||||||
AMMB Holdings Bhd |
8,104,700 | 7,240,386 | ||||||
Axiata Group Bhd |
11,883,500 | 8,392,852 | ||||||
CIMB Group Holdings Bhd |
10,375,000 | 12,970,128 | ||||||
DiGi.Com Bhd |
4,864,100 | 4,659,712 | ||||||
Kuala Lumpur Kepong Bhd |
881,500 | 4,084,564 | ||||||
Malayan Banking Bhd |
9,901,300 | 19,415,486 | ||||||
Maxis Bhd(c) |
11,253,900 | 9,803,861 | ||||||
Nestle Malaysia Bhd |
632,400 | 19,038,939 | ||||||
Petronas Dagangan Bhd |
2,111,400 | 9,890,056 | ||||||
Press Metal Aluminium Holdings Bhd |
3,804,800 | 4,373,542 | ||||||
Public Bank Bhd |
9,260,200 | 8,522,232 | ||||||
Sime Darby Bhd |
19,256,700 | 9,741,011 | ||||||
|
|
|||||||
118,132,769 | ||||||||
Mexico — 2.3% | ||||||||
Arca Continental SAB de CV |
1,808,500 | 15,263,497 | ||||||
Banco del Bajio SA(a) |
1,209,000 | 4,626,796 | ||||||
Cemex SAB de CV, NVS(b) |
15,461,900 | 7,740,880 | ||||||
Fomento Economico Mexicano SAB de CV |
2,285,600 | 21,094,002 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B |
222,975 | 6,395,854 | ||||||
Grupo Bimbo SAB de CV, Series A |
944,600 | 4,483,836 | ||||||
Grupo Financiero Banorte SAB de CV, Class O |
2,581,400 | 21,789,491 | ||||||
Wal-Mart de Mexico SAB de CV |
4,127,200 | 16,243,526 | ||||||
|
|
|||||||
97,637,882 | ||||||||
Peru — 0.2% | ||||||||
Credicorp Ltd. |
73,698 | 9,390,599 | ||||||
|
|
|||||||
Philippines — 0.0% | ||||||||
Globe Telecom Inc. |
2,570 | 82,345 | ||||||
|
|
|||||||
Poland — 0.6% | ||||||||
Allegro.eu SA (a)(b) |
832,913 | 5,440,039 | ||||||
KGHM Polska Miedz SA |
309,030 | 8,813,211 |
S C H E D U L E O F I N V E S T M E N T S |
11 |
Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® ESG Aware MSCI EM ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Poland (continued) |
||||||||
Polski Koncern Naftowy ORLEN SA |
671,413 | $ | 10,027,935 | |||||
|
|
|||||||
24,281,185 | ||||||||
Qatar — 0.8% | ||||||||
Qatar Fuel QSC |
474,481 | 2,108,863 | ||||||
Qatar Gas Transport Co. Ltd. |
6,162,083 | 6,156,223 | ||||||
Qatar National Bank QPSC |
5,053,810 | 23,319,775 | ||||||
|
|
|||||||
31,584,861 | ||||||||
Russia — 0.0% | ||||||||
Gazprom PJSC(b)(d) |
7,224,690 | 963 | ||||||
LUKOIL PJSC(b)(d) |
725,046 | 96 | ||||||
Novatek PJSC(b)(d) |
1,686,230 | 225 | ||||||
Novolipetsk Steel PJSC(b)(d) |
5,130,970 | 684 | ||||||
PhosAgro PJSC(b)(d) |
249,741 | 33 | ||||||
PhosAgro PJSC, New(b)(d) |
4,826 | 48 | ||||||
Polymetal International PLC(b)(d) |
1,747,485 | 233 | ||||||
Polyus PJSC(b)(d) |
43,646 | 6 | ||||||
Rosneft Oil Co. PJSC(b)(d) |
759,129 | 101 | ||||||
Sberbank of Russia PJSC(b)(d) |
10,004,860 | 1,333 | ||||||
TCS Group Holding PLC, GDR(b)(d)(e) |
124,025 | 16 | ||||||
Yandex NV(b)(d) |
87,150 | 12 | ||||||
|
|
|||||||
3,750 | ||||||||
Saudi Arabia — 3.1% | ||||||||
Al Rajhi Bank(b) |
1,589,370 | 29,722,363 | ||||||
Bank AlBilad(b) |
668,343 | 6,340,459 | ||||||
Banque Saudi Fransi |
420,698 | 3,659,088 | ||||||
Dr Sulaiman Al Habib Medical Services Group Co. |
217,048 | 13,394,585 | ||||||
Etihad Etisalat Co. |
1,008,998 | 10,502,785 | ||||||
Mobile Telecommunications Co.(b) |
1,542,290 | 4,260,656 | ||||||
SABIC Agri-Nutrients Co. |
135,180 | 4,808,661 | ||||||
Sahara International Petrochemical Co. |
1,303,518 | 12,282,109 | ||||||
Saudi Arabian Mining Co.(b) |
1,042,736 | 17,636,916 | ||||||
Saudi Basic Industries Corp. |
857,419 | 20,205,290 | ||||||
Saudi Investment Bank (The) |
922,571 | 3,882,826 | ||||||
Savola Group (The) |
615,130 | 4,453,750 | ||||||
|
|
|||||||
131,149,488 | ||||||||
South Africa — 4.4% | ||||||||
Absa Group Ltd. |
683,566 | 7,380,188 | ||||||
Anglo American Platinum Ltd. |
69,996 | 3,870,530 | ||||||
Bidvest Group Ltd. (The) |
738,658 | 9,424,978 | ||||||
Clicks Group Ltd. |
419,222 | 6,106,283 | ||||||
FirstRand Ltd. |
1,725,195 | 6,153,361 | ||||||
Gold Fields Ltd. |
1,364,723 | 12,385,025 | ||||||
Impala Platinum Holdings Ltd. |
765,535 | 7,147,714 | ||||||
Kumba Iron Ore Ltd. |
353,969 | 9,230,758 | ||||||
MTN Group Ltd. |
1,085,528 | 8,553,359 | ||||||
MultiChoice Group |
727,252 | 5,583,585 | ||||||
Naspers Ltd., Class N |
164,874 | 28,992,043 | ||||||
Nedbank Group Ltd. |
348,020 | 4,369,532 | ||||||
NEPI Rockcastle NV |
3,480,247 | 20,848,901 | ||||||
Old Mutual Ltd. |
13,930,665 | 9,036,041 | ||||||
Standard Bank Group Ltd. |
629,367 | 6,286,754 | ||||||
Vodacom Group Ltd. |
3,785,734 | 26,090,010 | ||||||
Woolworths Holdings Ltd. |
3,221,597 | 13,507,376 | ||||||
|
|
|||||||
184,966,438 | ||||||||
South Korea — 11.6% | ||||||||
CJ CheilJedang Corp. |
39,144 | 9,498,569 | ||||||
Hana Financial Group Inc. |
286,928 | 9,840,842 | ||||||
Hanwha Solutions Corp.(b)(d) |
111,188 | 3,495,196 | ||||||
HD Hyundai Co. Ltd. |
103,834 | 4,663,333 |
Security | Shares | Value | ||||||
South Korea (continued) |
||||||||
Kakao Corp. |
366,996 | $ | 17,275,331 | |||||
KB Financial Group Inc. |
628,660 | 24,347,415 | ||||||
LG Chem Ltd. |
32,362 | 16,612,792 | ||||||
LG Corp. |
1 | 62 | ||||||
LG Display Co. Ltd.(b) |
615,822 | 7,118,150 | ||||||
LG Electronics Inc. |
71,104 | 5,963,903 | ||||||
NAVER Corp. |
202,822 | 31,884,022 | ||||||
NCSoft Corp. |
20,944 | 6,871,997 | ||||||
POSCO Chemical Co. Ltd. |
24,814 | 4,140,146 | ||||||
POSCO Holdings Inc. |
77,596 | 18,702,437 | ||||||
Samsung C&T Corp. |
157,305 | 13,085,156 | ||||||
Samsung Electro-Mechanics Co. Ltd. |
53,367 | 5,802,381 | ||||||
Samsung Electronics Co. Ltd. |
3,301,254 | 151,048,511 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. |
52,913 | 8,581,756 | ||||||
Samsung Life Insurance Co. Ltd. |
101,202 | 5,211,733 | ||||||
Samsung SDI Co. Ltd. |
42,625 | 22,394,151 | ||||||
Samsung Securities Co. Ltd. |
484,318 | 12,256,973 | ||||||
Shinhan Financial Group Co. Ltd. |
797,606 | 23,421,717 | ||||||
SK Hynix Inc. |
433,861 | 29,322,400 | ||||||
SK Inc. |
237,745 | 32,064,707 | ||||||
SK Innovation Co. Ltd.(b) |
94,709 | 10,712,095 | ||||||
Woori Financial Group Inc. |
1,515,786 | 13,973,997 | ||||||
|
|
|||||||
488,289,772 | ||||||||
Taiwan — 16.2% | ||||||||
Acer Inc. |
38,302,000 | 31,761,447 | ||||||
ASE Technology Holding Co. Ltd. |
1,398,000 | 4,813,976 | ||||||
Asustek Computer Inc. |
846,000 | 7,662,523 | ||||||
AUO Corp. |
7,608,200 | 4,629,974 | ||||||
Cathay Financial Holding Co. Ltd. |
15,999,769 | 22,689,118 | ||||||
Chailease Holding Co. Ltd. |
734,129 | 5,380,939 | ||||||
China Steel Corp. |
7,453,000 | 7,667,126 | ||||||
Chunghwa Telecom Co. Ltd. |
1,190,000 | 4,499,212 | ||||||
CTBC Financial Holding Co. Ltd. |
23,358,000 | 17,341,761 | ||||||
Delta Electronics Inc. |
2,707,000 | 25,325,930 | ||||||
E.Sun Financial Holding Co. Ltd. |
44,620,254 | 36,415,808 | ||||||
Eva Airways Corp. |
4,614,000 | 4,273,267 | ||||||
Evergreen Marine Corp. Taiwan Ltd. |
982,600 | 5,021,317 | ||||||
Far EasTone Telecommunications Co. Ltd. |
7,982,000 | 18,010,968 | ||||||
First Financial Holding Co. Ltd. |
51,825,722 | 45,416,501 | ||||||
Fubon Financial Holding Co. Ltd. |
10,888,559 | 21,291,638 | ||||||
Hotai Motor Co. Ltd. |
245,000 | 4,938,136 | ||||||
Lite-On Technology Corp. |
2,047,000 | 4,658,009 | ||||||
MediaTek Inc. |
1,006,000 | 23,619,895 | ||||||
Mega Financial Holding Co. Ltd. |
17,887,625 | 19,513,815 | ||||||
Shanghai Commercial & Savings Bank Ltd. (The) |
6,244,760 | 9,694,056 | ||||||
SinoPac Financial Holdings Co. Ltd. |
40,448,000 | 22,643,933 | ||||||
Taishin Financial Holding Co. Ltd. |
22,355,507 | 12,006,104 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. |
18,385,000 | 304,159,460 | ||||||
United Microelectronics Corp. |
11,373,000 | 18,523,261 | ||||||
Voltronic Power Technology Corp. |
86,000 | 4,490,389 | ||||||
|
|
|||||||
686,448,563 | ||||||||
Thailand — 2.9% | ||||||||
Advanced Info Service PCL, NVDR |
3,092,300 | 17,670,277 | ||||||
Asset World Corp. PCL, NVDR |
56,887,700 | 9,492,447 | ||||||
Bangkok Dusit Medical Services PCL, NVDR |
17,532,800 | 13,887,610 | ||||||
BTS Group Holdings PCL, NVDR |
57,455,800 | 13,083,844 | ||||||
Bumrungrad Hospital PCL, NVDR |
691,000 | 4,124,583 | ||||||
Delta Electronics Thailand PCL, NVDR |
351,600 | 9,064,953 | ||||||
Intouch Holdings PCL, NVDR |
4,905,300 | 9,817,661 |
12 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® ESG Aware MSCI EM ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Thailand (continued) |
||||||||
Muangthai Capital PCL, NVDR |
3,738,100 | $ | 3,702,005 | |||||
PTT Exploration & Production PCL, NVDR |
4,323,000 | 18,296,854 | ||||||
PTT Public Company Ltd., NVDR |
15,902,600 | 14,277,063 | ||||||
Siam Cement PCL (The), NVDR(c) |
745,600 | 6,897,205 | ||||||
|
|
|||||||
120,314,502 | ||||||||
Turkey — 0.6% | ||||||||
Akbank TAS |
5,224,946 | 4,831,379 | ||||||
Aselsan Elektronik Sanayi Ve Ticaret AS |
1,966,496 | 5,740,409 | ||||||
Haci Omer Sabanci Holding AS |
2,806,090 | 6,475,478 | ||||||
Yapi ve Kredi Bankasi AS |
16,998,066 | 9,008,109 | ||||||
|
|
|||||||
26,055,375 | ||||||||
United Arab Emirates — 1.5% | ||||||||
Abu Dhabi Commercial Bank PJSC |
7,832,371 | 17,856,755 | ||||||
Abu Dhabi Islamic Bank PJSC |
1,621,193 | 4,605,341 | ||||||
Emirates Telecommunications Group Co. PJSC |
3,005,482 | 20,865,152 | ||||||
First Abu Dhabi Bank PJSC |
5,311,543 | 20,349,973 | ||||||
|
|
|||||||
63,677,221 | ||||||||
|
|
|||||||
Total
Common Stocks — 97.1% |
4,102,943,656 | |||||||
|
|
|||||||
Preferred Stocks |
||||||||
Brazil — 1.6% |
||||||||
Banco Bradesco SA, Preference Shares, NVS |
4,353,516 | 10,876,618 | ||||||
Cia Energetica de Minas Gerais, Preference |
||||||||
Shares, NVS |
7,983,655 | 15,981,187 | ||||||
Gerdau SA, Preference Shares, NVS |
1,366,222 | 7,471,170 | ||||||
Itau Unibanco Holding SA, Preference Shares, NVS |
2,940,677 | 14,283,665 | ||||||
Petroleo Brasileiro SA, Preference Shares, NVS |
3,876,087 | 18,686,538 | ||||||
|
|
|||||||
67,299,178 | ||||||||
Chile — 0.2% | ||||||||
Sociedad Quimica y Minera de Chile SA, Class B, |
||||||||
Preference Shares |
106,073 | 9,467,081 | ||||||
|
|
|||||||
Colombia — 0.2% | ||||||||
Bancolombia SA, Preference Shares, NVS |
1,119,544 | 7,100,493 | ||||||
|
|
Security | Shares | Value | ||||||
South Korea — 0.6% |
||||||||
Samsung Electronics Co. Ltd., Preference |
||||||||
Shares, NVS |
681,510 | $ | 27,481,231 | |||||
|
|
|||||||
Total
Preferred Stocks — 2.6% |
111,347,983 | |||||||
|
|
|||||||
Total
Long-Term Investments — 99.7% |
4,214,291,639 | |||||||
|
|
|||||||
Short-Term Securities |
||||||||
Money Market Funds — 0.4% |
||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%(f)(g)(h) |
18,154,985 | 18,165,878 | ||||||
|
|
|||||||
Total
Short-Term Securities — 0.4% |
18,165,878 | |||||||
|
|
|||||||
Total
Investments — 100.1% |
|
4,232,457,517 | ||||||
Liabilities in Excess of Other Assets — (0.1)% |
(5,474,120 | ) | ||||||
|
|
|||||||
Net Assets — 100.0% |
$ | 4,226,983,397 | ||||||
|
|
(a) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(b) |
Non-income producing security. |
(c) |
All or a portion of this security is on loan. |
(d) |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(e) |
This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
(f) |
Affiliate of the Fund. |
(g) |
Annualized 7-day yield as of period end. |
(h) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
||||||||||||||||||||||||||||||||||||||||
Affiliated Issuer |
Value at 08/31/22 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Value at 02/28/23 |
Shares Held at 02/28/23 |
Income |
Capital Gain |
| ||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | 23,472,414 | $ | — | $ | (5,316,310 | )(a) | $ | 11,796 | $ | (2,022 | ) | $ | 18,165,878 | 18,154,985 | $ | 306,824 | (b) | $ | — | ||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares(c) |
5,610,000 | — | (5,610,000 | )(a) | — | — | — | — | 80,326 | 1 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
$ | 11,796 | $ | (2,022 | ) | $ | 18,165,878 | $ | 387,150 | $ | 1 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Represents net amount purchased (sold). |
(b) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
(c) |
As of period end, the entity is no longer held. |
S C H E D U L E O F I N V E S T M E N T S |
13 |
Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® ESG Aware MSCI EM ETF |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
|
||||||||||||||||
Description | Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
||||||||||||
|
||||||||||||||||
Long Contracts |
||||||||||||||||
MSCI Emerging Markets Index |
205 | 03/17/23 | $ | 9,870 | $ | (297,984 | ) | |||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
|
||||||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Liabilities — Derivative Financial Instruments |
||||||||||||||||||||||||||||
Futures contracts |
||||||||||||||||||||||||||||
Unrealized depreciation on futures contracts(a) |
$ | — | $ | — | $ | 297,984 | $ | — | $ | — | $ | — | $ | 297,984 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the period ended February 28, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
|
||||||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Net Realized Gain (Loss) from |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | 95,681 | $ | — | $ | — | $ | — | $ | 95,681 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | (324,868 | ) | $ | — | $ | — | $ | — | $ | (324,868 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
||||
Futures contracts |
||||
Average notional value of contracts — long |
$ | 7,243,738 | ||
|
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
||||||||||||||||
Assets |
||||||||||||||||
Investments |
||||||||||||||||
Long-Term Investments |
||||||||||||||||
Common Stocks |
$ | 433,739,309 | $ | 3,665,705,401 | $ | 3,498,946 | $ | 4,102,943,656 | ||||||||
Preferred Stocks |
74,399,671 | 36,948,312 | — | 111,347,983 | ||||||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
18,165,878 | — | — | 18,165,878 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 526,304,858 | $ | 3,702,653,713 | $ | 3,498,946 | $ | 4,232,457,517 | |||||||||
|
|
|
|
|
|
|
|
14 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® ESG Aware MSCI EM ETF |
Fair Value Hierarchy as of Period End (continued)
|
||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
||||||||||||||||
Derivative Financial Instruments(a) |
||||||||||||||||
Liabilities |
||||||||||||||||
Equity Contracts |
$ | (297,984 | ) | $ | — | $ | — | $ | (297,984 | ) | ||||||
|
|
|
|
|
|
|
|
(a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
S C H E D U L E O F I N V E S T M E N T S |
15 |
Schedule of Investments (unaudited) February 28, 2023 |
iShares® MSCI Emerging Markets ex China ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
||||||||
Brazil — 5.6% | ||||||||
Ambev SA |
3,415,199 | $ | 8,734,591 | |||||
Atacadao SA |
478,562 | 1,229,438 | ||||||
B3 SA - Brasil, Bolsa, Balcao |
4,482,733 | 9,033,194 | ||||||
Banco Bradesco SA |
1,123,905 | 2,498,783 | ||||||
Banco BTG Pactual SA |
864,357 | 3,334,959 | ||||||
Banco do Brasil SA |
622,636 | 4,792,755 | ||||||
Banco Santander Brasil SA |
256,620 | 1,388,619 | ||||||
BB Seguridade Participacoes SA |
504,248 | 3,294,908 | ||||||
CCR SA |
875,493 | 1,837,792 | ||||||
Centrais Eletricas Brasileiras SA |
883,144 | 5,789,283 | ||||||
Cia. de Saneamento Basico do Estado de Sao Paulo |
249,964 | 2,470,778 | ||||||
Cia. Siderurgica Nacional SA |
473,562 | 1,507,851 | ||||||
Cosan SA |
911,460 | 2,607,927 | ||||||
CPFL Energia SA |
181,373 | 1,049,344 | ||||||
Energisa SA |
143,509 | 1,060,532 | ||||||
Eneva SA(a) |
585,084 | 1,277,352 | ||||||
Engie Brasil Energia SA |
146,419 | 1,098,538 | ||||||
Equatorial Energia SA |
735,422 | 3,572,144 | ||||||
Hapvida Participacoes e Investimentos SA(a)(b) |
3,333,276 | 2,858,667 | ||||||
Hypera SA |
307,960 | 2,449,939 | ||||||
JBS SA |
568,577 | 2,084,060 | ||||||
Klabin SA |
567,089 | 2,107,852 | ||||||
Localiza Rent a Car SA |
544,808 | 5,774,364 | ||||||
Localiza Rent a Car SA, NVS |
2,284 | 23,122 | ||||||
Lojas Renner SA |
714,170 | 2,544,055 | ||||||
Magazine Luiza SA(a) |
2,259,477 | 1,549,346 | ||||||
Natura & Co. Holding SA |
639,216 | 1,870,477 | ||||||
Petro Rio SA(a) |
529,286 | 3,406,954 | ||||||
Petroleo Brasileiro SA |
2,724,569 | 14,961,724 | ||||||
Raia Drogasil SA |
777,876 | 3,369,763 | ||||||
Rede D’Or Sao Luiz SA(b) |
422,665 | 2,062,686 | ||||||
Rumo SA |
940,368 | 3,225,895 | ||||||
Sendas Distribuidora SA |
678,148 | 2,349,675 | ||||||
Suzano SA |
546,726 | 4,985,378 | ||||||
Telefonica Brasil SA |
354,225 | 2,634,639 | ||||||
Tim SA |
598,603 | 1,401,765 | ||||||
TOTVS SA |
375,241 | 1,955,959 | ||||||
Ultrapar Participacoes SA |
555,441 | 1,398,297 | ||||||
Vale SA |
2,778,608 | 45,281,845 | ||||||
Vibra Energia SA |
865,986 | 2,446,386 | ||||||
WEG SA |
1,219,450 | 9,121,214 | ||||||
XP Inc.(a) |
1 | 12 | ||||||
|
|
|||||||
176,442,862 | ||||||||
Chile — 0.6% | ||||||||
Banco de Chile |
32,742,492 | 3,402,146 | ||||||
Banco de Credito e Inversiones SA |
41,938 | 1,312,352 | ||||||
Banco Santander Chile |
47,600,487 | 2,018,076 | ||||||
Cencosud SA |
1,012,269 | 1,914,049 | ||||||
Cia. Cervecerias Unidas SA |
98,673 | 753,061 | ||||||
Cia. Sud Americana de Vapores SA |
11,250,036 | 1,083,920 | ||||||
Empresas CMPC SA |
822,608 | 1,366,889 | ||||||
Empresas COPEC SA |
292,628 | 2,114,267 | ||||||
Enel Americas SA |
15,398,165 | 1,917,166 | ||||||
Enel Chile SA |
21,404,570 | 963,594 | ||||||
Falabella SA |
569,638 | 1,253,556 | ||||||
|
|
|||||||
18,099,076 | ||||||||
Colombia — 0.1% | ||||||||
Bancolombia SA |
185,797 | 1,372,612 |
Security | Shares | Value | ||||||
Colombia (continued) |
||||||||
Interconexion Electrica SA ESP |
325,427 | $ | 1,152,522 | |||||
|
|
|||||||
2,525,134 | ||||||||
Czech Republic — 0.3% | ||||||||
CEZ AS(c) |
117,676 | 5,493,099 | ||||||
Komercni Banka AS |
54,913 | 1,849,824 | ||||||
Moneta Money Bank AS(b) |
215,374 | 820,458 | ||||||
|
|
|||||||
8,163,381 | ||||||||
Egypt — 0.1% | ||||||||
Commercial International Bank Egypt SAE |
1,773,810 | 3,075,157 | ||||||
Eastern Co. SAE |
751,638 | 454,468 | ||||||
Egyptian Financial Group-Hermes Holding Co.(a) |
426,310 | 287,408 | ||||||
|
|
|||||||
3,817,033 | ||||||||
Greece — 0.6% | ||||||||
Alpha Services and Holdings SA(a) |
1,552,475 | 2,429,090 | ||||||
Eurobank Ergasias Services and Holdings SA, Class A(a) |
1,858,527 | 2,848,975 | ||||||
Hellenic Telecommunications Organization SA |
142,126 | 2,180,217 | ||||||
JUMBO SA |
80,886 | 1,615,127 | ||||||
Motor Oil Hellas Corinth Refineries SA |
41,666 | 1,105,279 | ||||||
Mytilineos SA(c) |
75,029 | 2,024,304 | ||||||
National Bank of Greece SA(a) |
381,160 | 2,132,686 | ||||||
OPAP SA |
141,633 | 2,198,278 | ||||||
Public Power Corp. SA(a) |
160,888 | 1,411,241 | ||||||
Terna Energy SA |
47,289 | 983,258 | ||||||
|
|
|||||||
18,928,455 | ||||||||
Hungary — 0.3% | ||||||||
MOL Hungarian Oil & Gas PLC |
309,944 | 2,353,615 | ||||||
OTP Bank Nyrt |
161,748 | 4,899,811 | ||||||
Richter Gedeon Nyrt |
101,106 | 2,119,350 | ||||||
|
|
|||||||
9,372,776 | ||||||||
India — 19.4% | ||||||||
ABB India Ltd. |
39,026 | 1,517,807 | ||||||
ACC Ltd. |
48,091 | 1,006,657 | ||||||
Adani Enterprises Ltd. |
125,121 | 2,062,333 | ||||||
Adani Green Energy Ltd.(a) |
223,674 | 1,309,915 | ||||||
Adani Ports & Special Economic Zone Ltd. |
373,549 | 2,674,315 | ||||||
Adani Power Ltd.(a) |
507,193 | 895,827 | ||||||
Adani Total Gas Ltd. |
194,137 | 1,591,342 | ||||||
Adani Transmission Ltd.(a) |
190,515 | 1,478,275 | ||||||
Ambuja Cements Ltd. |
437,613 | 1,809,372 | ||||||
Apollo Hospitals Enterprise Ltd. |
73,358 | 3,902,854 | ||||||
Asian Paints Ltd. |
279,792 | 9,563,530 | ||||||
AU Small Finance Bank Ltd.(b) |
118,150 | 846,579 | ||||||
Aurobindo Pharma Ltd. |
193,150 | 1,080,471 | ||||||
Avenue Supermarts Ltd.(a)(b) |
119,374 | 4,929,654 | ||||||
Axis Bank Ltd. |
1,657,524 | 16,904,886 | ||||||
Bajaj Auto Ltd. |
50,922 | 2,253,682 | ||||||
Bajaj Finance Ltd. |
199,152 | 14,705,542 | ||||||
Bajaj Finserv Ltd. |
279,530 | 4,508,090 | ||||||
Bajaj Holdings & Investment Ltd. |
19,326 | 1,461,181 | ||||||
Balkrishna Industries Ltd. |
56,335 | 1,371,681 | ||||||
Bandhan Bank Ltd.(a)(b) |
449,303 | 1,253,545 | ||||||
Bank of Baroda |
741,543 | 1,426,260 | ||||||
Berger Paints India Ltd. |
171,318 | 1,199,824 | ||||||
Bharat Electronics Ltd. |
2,672,598 | 3,056,351 | ||||||
Bharat Forge Ltd. |
189,636 | 1,870,077 | ||||||
Bharat Petroleum Corp. Ltd. |
626,296 | 2,404,686 | ||||||
Bharti Airtel Ltd. |
1,623,655 | 14,567,851 | ||||||
Britannia Industries Ltd. |
80,180 | 4,326,239 |
16 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Emerging Markets ex China ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
India (continued) |
||||||||
CG Power and Industrial Solutions Ltd.(a) |
412,166 | $ | 1,521,924 | |||||
Cholamandalam Investment and Finance Co. Ltd. |
301,961 | 2,760,667 | ||||||
Cipla Ltd. |
354,657 | 3,885,667 | ||||||
Coal India Ltd. |
1,135,657 | 2,957,755 | ||||||
Colgate-Palmolive India Ltd. |
87,141 | 1,552,461 | ||||||
Container Corp. of India Ltd. |
207,980 | 1,484,428 | ||||||
Dabur India Ltd. |
459,450 | 2,958,149 | ||||||
Divi’s Laboratories Ltd. |
96,701 | 3,302,417 | ||||||
DLF Ltd. |
450,083 | 1,912,777 | ||||||
Dr. Reddy’s Laboratories Ltd. |
85,195 | 4,439,947 | ||||||
Eicher Motors Ltd. |
101,940 | 3,825,877 | ||||||
GAIL India Ltd. |
1,713,534 | 2,127,108 | ||||||
Godrej Consumer Products Ltd.(a) |
297,847 | 3,325,215 | ||||||
Godrej Properties Ltd.(a) |
89,234 | 1,186,663 | ||||||
Grasim Industries Ltd. |
195,021 | 3,720,097 | ||||||
Havells India Ltd. |
185,849 | 2,689,160 | ||||||
HCL Technologies Ltd. |
695,944 | 9,062,196 | ||||||
HDFC Life Insurance Co. Ltd.(b) |
710,694 | 4,199,167 | ||||||
Hero MotoCorp Ltd. |
81,296 | 2,377,431 | ||||||
Hindalco Industries Ltd. |
985,435 | 4,753,715 | ||||||
Hindustan Petroleum Corp. Ltd. |
477,069 | 1,242,911 | ||||||
Hindustan Unilever Ltd. |
601,453 | 17,888,286 | ||||||
Housing Development Finance Corp. Ltd. |
1,259,155 | 39,693,967 | ||||||
ICICI Bank Ltd. |
3,755,026 | 38,841,670 | ||||||
ICICI
Lombard General Insurance Co. |
174,660 | 2,327,103 | ||||||
ICICI Prudential Life Insurance Co. Ltd.(b) |
253,653 | 1,253,272 | ||||||
Indian Hotels Co. Ltd. (The) |
618,680 | 2,323,440 | ||||||
Indian Oil Corp. Ltd. |
2,092,496 | 1,925,166 | ||||||
Indian Railway Catering & Tourism Corp. Ltd. |
178,290 | 1,312,249 | ||||||
Indraprastha Gas Ltd. |
222,524 | 1,180,148 | ||||||
Indus Towers Ltd. |
477,854 | 987,040 | ||||||
Info Edge India Ltd. |
51,290 | 2,164,245 | ||||||
Infosys Ltd. |
2,448,925 | 43,989,714 | ||||||
InterGlobe Aviation Ltd.(a)(b) |
69,537 | 1,559,766 | ||||||
ITC Ltd. |
2,157,612 | 9,827,254 | ||||||
Jindal Steel & Power Ltd. |
278,260 | 1,848,336 | ||||||
JSW Steel Ltd. |
535,858 | 4,324,866 | ||||||
Jubilant Foodworks Ltd. |
288,043 | 1,534,046 | ||||||
Kotak Mahindra Bank Ltd. |
405,766 | 8,478,031 | ||||||
Larsen & Toubro Infotech Ltd.(b) |
64,179 | 3,661,390 | ||||||
Larsen & Toubro Ltd. |
506,613 | 12,911,977 | ||||||
Lupin Ltd. |
142,542 | 1,136,030 | ||||||
Mahindra & Mahindra Ltd. |
644,918 | 9,895,005 | ||||||
Marico Ltd. |
378,342 | 2,249,353 | ||||||
Maruti Suzuki India Ltd. |
88,450 | 9,217,915 | ||||||
Mphasis Ltd. |
61,907 | 1,522,442 | ||||||
MRF Ltd. |
1,341 | 1,382,080 | ||||||
Muthoot Finance Ltd. |
83,241 | 978,614 | ||||||
Nestle India Ltd. |
24,942 | 5,629,572 | ||||||
NTPC Ltd. |
2,827,776 | 5,832,521 | ||||||
Oil & Natural Gas Corp. Ltd. |
1,802,767 | 3,307,804 | ||||||
Page Industries Ltd. |
4,424 | 2,030,519 | ||||||
Petronet LNG Ltd. |
534,711 | 1,437,838 | ||||||
PI Industries Ltd. |
54,970 | 2,059,369 | ||||||
Pidilite Industries Ltd. |
113,105 | 3,145,055 | ||||||
Power Grid Corp. of India Ltd. |
2,287,282 | 6,144,339 | ||||||
Reliance Industries Ltd. |
2,217,772 | 62,204,364 | ||||||
Samvardhana Motherson International Ltd. |
1,476,775 | 1,421,649 | ||||||
SBI Cards & Payment Services Ltd. |
170,474 | 1,546,443 | ||||||
SBI Life Insurance Co. Ltd.(b) |
331,403 | 4,489,531 |
Security | Shares | Value | ||||||
India (continued) |
||||||||
Shree Cement Ltd. |
8,199 | $ | 2,585,241 | |||||
Shriram Transport Finance Co. Ltd. |
173,172 | 2,518,082 | ||||||
Siemens Ltd. |
51,909 | 2,037,386 | ||||||
SRF Ltd. |
110,093 | 2,884,949 | ||||||
State Bank of India |
1,306,005 | 8,250,466 | ||||||
Sun Pharmaceutical Industries Ltd. |
698,169 | 8,074,214 | ||||||
Tata Consultancy Services Ltd. |
665,062 | 26,626,424 | ||||||
Tata Consumer Products Ltd. |
412,771 | 3,569,295 | ||||||
Tata Elxsi Ltd. |
25,151 | 1,862,877 | ||||||
Tata Motors Ltd.(a) |
1,212,802 | 6,161,130 | ||||||
Tata Power Co. Ltd. (The) |
1,084,619 | 2,655,824 | ||||||
Tata Steel Ltd. |
5,347,976 | 6,725,973 | ||||||
Tech Mahindra Ltd. |
429,401 | 5,708,089 | ||||||
Titan Co. Ltd. |
257,770 | 7,393,214 | ||||||
Torrent Pharmaceuticals Ltd. |
71,947 | 1,269,521 | ||||||
Trent Ltd. |
134,560 | 2,078,998 | ||||||
Tube Investments of India Ltd. |
77,460 | 2,596,390 | ||||||
TVS Motor Co. Ltd. |
155,915 | 2,035,666 | ||||||
UltraTech Cement Ltd. |
74,011 | 6,495,078 | ||||||
United Spirits Ltd.(a) |
212,504 | 1,902,414 | ||||||
UPL Ltd. |
358,786 | 3,010,301 | ||||||
Varun Beverages Ltd. |
169,410 | 2,663,284 | ||||||
Vedanta Ltd. |
530,389 | 1,721,536 | ||||||
Wipro Ltd. |
1,012,884 | 4,736,675 | ||||||
Yes Bank Ltd.(a) |
8,333,757 | 1,757,841 | ||||||
Zomato Ltd.(a) |
2,248,354 | 1,451,474 | ||||||
|
|
|||||||
613,699,309 | ||||||||
Indonesia — 2.8% | ||||||||
Adaro Energy Indonesia Tbk PT |
10,800,700 | 2,116,102 | ||||||
Aneka Tambang Tbk |
6,242,300 | 814,574 | ||||||
Astra International Tbk PT |
14,736,200 | 5,894,592 | ||||||
Bank Central Asia Tbk PT |
40,083,200 | 22,989,266 | ||||||
Bank Mandiri Persero Tbk PT |
13,517,100 | 8,861,137 | ||||||
Bank Negara Indonesia Persero Tbk PT |
5,376,300 | 3,092,051 | ||||||
Bank Rakyat Indonesia Persero Tbk PT |
49,569,071 | 15,171,376 | ||||||
Barito Pacific Tbk PT |
21,049,676 | 1,290,402 | ||||||
Charoen Pokphand Indonesia Tbk PT |
5,522,700 | 1,946,321 | ||||||
Indah Kiat Pulp & Paper Tbk PT |
1,897,800 | 985,848 | ||||||
Indofood CBP Sukses Makmur Tbk PT |
1,658,300 | 1,101,248 | ||||||
Indofood Sukses Makmur Tbk PT |
3,314,200 | 1,407,073 | ||||||
Kalbe Farma Tbk PT |
15,889,100 | 2,198,026 | ||||||
Merdeka Copper Gold Tbk PT(a) |
8,739,859 | 2,601,488 | ||||||
Sarana Menara Nusantara Tbk PT |
15,582,800 | 1,072,731 | ||||||
Semen Indonesia Persero Tbk PT |
2,414,823 | 1,143,805 | ||||||
Sumber Alfaria Trijaya Tbk PT |
12,483,500 | 2,374,009 | ||||||
Telkom Indonesia Persero Tbk PT |
35,863,200 | 9,135,643 | ||||||
Unilever Indonesia Tbk PT |
5,455,200 | 1,494,799 | ||||||
United Tractors Tbk PT |
1,257,900 | 2,300,763 | ||||||
Vale Indonesia Tbk PT(a) |
1,735,600 | 776,366 | ||||||
|
|
|||||||
88,767,620 | ||||||||
Kuwait — 1.4% | ||||||||
Agility Public Warehousing Co. KSC |
1,077,711 | 2,115,512 | ||||||
Boubyan Bank KSCP |
938,966 | 2,339,931 | ||||||
Gulf Bank KSCP |
1,151,064 | 1,135,800 | ||||||
Kuwait Finance House KSCP |
5,370,280 | 14,987,699 | ||||||
Mabanee Co. KPSC |
457,308 | 1,170,126 | ||||||
Mobile Telecommunications Co. KSCP |
1,594,546 | 2,903,066 | ||||||
National Bank of Kuwait SAKP |
5,221,127 | 18,194,301 | ||||||
|
|
|||||||
42,846,435 |
S C H E D U L E O F I N V E S T M E N T S |
17 |
Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Emerging Markets ex China ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Malaysia — 2.2% |
||||||||
AMMB Holdings Bhd |
1,427,600 | $ | 1,275,356 | |||||
Axiata Group Bhd |
2,045,800 | 1,444,869 | ||||||
CIMB Group Holdings Bhd |
4,941,600 | 6,177,656 | ||||||
Dialog Group Bhd |
2,597,700 | 1,302,640 | ||||||
DiGi.Com Bhd |
2,303,900 | 2,207,091 | ||||||
Gamuda Bhd |
1,333,500 | 1,248,067 | ||||||
Genting Bhd |
1,530,100 | 1,588,653 | ||||||
Genting Malaysia Bhd |
2,152,700 | 1,294,982 | ||||||
HAP Seng Consolidated Bhd |
401,100 | 545,105 | ||||||
Hartalega Holdings Bhd |
64,100 | 20,994 | ||||||
Hong Leong Bank Bhd |
468,700 | 2,145,243 | ||||||
Hong Leong Financial Group Bhd |
158,700 | 644,294 | ||||||
IHH Healthcare Bhd |
1,370,600 | 1,768,233 | ||||||
Inari Amertron Bhd |
2,015,900 | 1,099,828 | ||||||
IOI Corp. Bhd |
1,954,900 | 1,668,445 | ||||||
Kuala Lumpur Kepong Bhd |
305,800 | 1,416,970 | ||||||
Malayan Banking Bhd |
3,508,400 | 6,879,631 | ||||||
Malaysia Airports Holdings Bhd(a) |
500,344 | 757,128 | ||||||
Maxis Bhd |
1,852,800 | 1,614,071 | ||||||
MISC Bhd |
993,800 | 1,673,543 | ||||||
MR DIY Group M Bhd(b) |
1,654,250 | 626,478 | ||||||
Nestle Malaysia Bhd(c) |
48,400 | 1,457,123 | ||||||
Petronas Chemicals Group Bhd |
1,773,000 | 2,828,290 | ||||||
Petronas Dagangan Bhd |
209,000 | 978,982 | ||||||
Petronas Gas Bhd |
612,300 | 2,273,185 | ||||||
PPB Group Bhd |
470,140 | 1,833,415 | ||||||
Press Metal Aluminium Holdings Bhd |
2,731,900 | 3,140,265 | ||||||
Public Bank Bhd |
10,590,800 | 9,746,793 | ||||||
QL Resources Bhd |
770,600 | 997,702 | ||||||
RHB Bank Bhd |
1,026,300 | 1,298,968 | ||||||
Sime Darby Bhd |
2,160,900 | 1,093,092 | ||||||
Sime Darby Plantation Bhd |
1,515,300 | 1,428,818 | ||||||
Telekom Malaysia Bhd |
908,000 | 1,017,754 | ||||||
Tenaga Nasional Bhd |
1,886,000 | 3,938,270 | ||||||
Top Glove Corp. Bhd(a)(c) |
3,818,500 | 642,293 | ||||||
|
|
|||||||
70,074,227 | ||||||||
Mexico — 3.9% | ||||||||
Alfa SAB de CV, Class A |
2,165,300 | 1,413,040 | ||||||
America Movil SAB de CV, Series L, NVS |
20,102,900 | 20,853,881 | ||||||
Arca Continental SAB de CV |
318,700 | 2,689,785 | ||||||
Banco del Bajio SA(b) |
567,700 | 2,172,566 | ||||||
Cemex SAB de CV, NVS(a) |
11,096,500 | 5,555,376 | ||||||
Coca-Cola Femsa SAB de CV |
376,800 | 2,725,424 | ||||||
Fibra Uno Administracion SA de CV |
2,212,200 | 3,150,872 | ||||||
Fomento Economico Mexicano SAB de CV |
1,415,400 | 13,062,851 | ||||||
Gruma SAB de CV, Class B |
149,670 | 2,194,026 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B |
255,600 | 4,861,101 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B |
141,900 | 4,070,284 | ||||||
Grupo Bimbo SAB de CV, Series A |
966,500 | 4,587,791 | ||||||
Grupo Carso SAB de CV, Series A1(c) |
349,100 | 1,667,987 | ||||||
Grupo Financiero Banorte SAB de CV, Class O |
1,885,300 | 15,913,739 | ||||||
Grupo Financiero Inbursa SAB de CV, Class O(a) |
1,545,800 | 3,207,937 | ||||||
Grupo Mexico SAB de CV, Series B |
2,239,900 | 10,049,648 | ||||||
Grupo Televisa SAB, CPO |
1,700,700 | 1,701,955 | ||||||
Industrias Penoles SAB de CV(a) |
99,420 | 1,189,519 | ||||||
Kimberly-Clark de Mexico SAB de CV, Class A |
1,158,500 | 2,324,408 | ||||||
Operadora De Sites Mexicanos SAB de CV |
1,010,500 | 1,032,233 | ||||||
Orbia Advance Corp. SAB de CV |
753,900 | 1,574,428 |
Security | Shares | Value | ||||||
Mexico (continued) |
||||||||
Promotora y Operadora de Infraestructura SAB de CV |
177,455 | $ | 1,730,760 | |||||
Wal-Mart de Mexico SAB de CV(c) |
3,781,600 | 14,883,339 | ||||||
|
|
|||||||
122,612,950 | ||||||||
Peru — 0.4% | ||||||||
Cia. de Minas Buenaventura SAA, ADR |
155,895 | 1,181,684 | ||||||
Credicorp Ltd. |
51,984 | 6,623,801 | ||||||
Southern Copper Corp. |
62,452 | 4,602,088 | ||||||
|
|
|||||||
12,407,573 | ||||||||
Philippines — 1.0% | ||||||||
Aboitiz Equity Ventures Inc. |
1,277,650 | 1,246,235 | ||||||
ACEN Corp. |
458,820 | 52,503 | ||||||
Ayala Corp. |
178,260 | 2,009,809 | ||||||
Ayala Land Inc. |
5,348,300 | 2,749,048 | ||||||
Bank of the Philippine Islands |
1,368,500 | 2,713,605 | ||||||
BDO Unibank Inc. |
1,722,152 | 3,835,530 | ||||||
Globe Telecom Inc. |
430 | 13,777 | ||||||
International Container Terminal Services Inc. |
738,570 | 2,664,295 | ||||||
JG Summit Holdings Inc. |
2,296,610 | 2,042,905 | ||||||
Jollibee Foods Corp. |
332,420 | 1,440,484 | ||||||
Manila Electric Co. |
178,550 | 1,025,013 | ||||||
Metropolitan Bank & Trust Co. |
1,384,147 | 1,453,992 | ||||||
Monde Nissin Corp.(b) |
4,848,300 | 1,055,671 | ||||||
PLDT Inc. |
61,690 | 1,431,315 | ||||||
SM Investments Corp. |
174,005 | 2,674,910 | ||||||
SM Prime Holdings Inc. |
8,404,000 | 5,165,360 | ||||||
Universal Robina Corp. |
641,970 | 1,583,066 | ||||||
|
|
|||||||
33,157,518 | ||||||||
Poland — 1.1% | ||||||||
Allegro.eu SA (a)(b) |
275,503 | 1,795,696 | ||||||
Bank Polska Kasa Opieki SA |
132,393 | 2,664,167 | ||||||
CD Projekt SA |
46,645 | 1,387,689 | ||||||
Cyfrowy Polsat SA |
175,817 | 681,043 | ||||||
Dino Polska SA(a)(b) |
36,157 | 3,018,512 | ||||||
KGHM Polska Miedz SA |
106,229 | 3,029,540 | ||||||
LPP SA |
779 | 1,645,433 | ||||||
mBank SA(a) |
10,705 | 788,368 | ||||||
Pepco Group NV(a) |
115,070 | 1,139,826 | ||||||
PGE Polska Grupa Energetyczna SA(a) |
641,656 | 962,692 | ||||||
Polski Koncern Naftowy ORLEN SA |
465,073 | 6,946,129 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA |
645,269 | 4,502,850 | ||||||
Powszechny Zaklad Ubezpieczen SA |
445,718 | 3,664,675 | ||||||
Santander Bank Polska SA |
26,041 | 1,747,471 | ||||||
|
|
|||||||
33,974,091 | ||||||||
Qatar — 1.4% | ||||||||
Barwa Real Estate Co. |
1,557,224 | 1,171,776 | ||||||
Commercial Bank PSQC (The) |
2,371,338 | 3,989,958 | ||||||
Industries Qatar QSC |
1,128,336 | 4,303,205 | ||||||
Masraf Al Rayan QSC |
4,081,529 | 3,014,682 | ||||||
Mesaieed Petrochemical Holding Co. |
3,325,920 | 1,912,356 | ||||||
Ooredoo QPSC |
597,758 | 1,506,302 | ||||||
Qatar Electricity & Water Co. QSC |
339,676 | 1,622,067 | ||||||
Qatar Fuel QSC |
260,481 | 1,157,726 | ||||||
Qatar Gas Transport Co. Ltd. |
1,822,850 | 1,821,117 | ||||||
Qatar International Islamic Bank QSC |
710,264 | 2,038,279 | ||||||
Qatar Islamic Bank SAQ |
1,222,269 | 6,222,851 | ||||||
Qatar National Bank QPSC |
3,359,611 | 15,502,239 | ||||||
|
|
|||||||
44,262,558 |
18 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Emerging Markets ex China ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Russia — 0.0% |
||||||||
Alrosa PJSC(a)(d) |
1,271,273 | $ | 169 | |||||
Gazprom PJSC(a)(d) |
5,613,440 | 748 | ||||||
Inter RAO UES PJSC(a)(d) |
19,580,300 | 2,609 | ||||||
LUKOIL PJSC(a)(d) |
197,285 | 26 | ||||||
Magnit PJSC(a)(d) |
26,665 | 4 | ||||||
Magnit PJSC, GDR(a)(d) |
1 | — | ||||||
MMC Norilsk Nickel PJSC(a)(d) |
29,789 | 4 | ||||||
Mobile TeleSystems PJSC(a)(d) |
418,880 | 56 | ||||||
Moscow Exchange MICEX-RTS PJSC(a)(d) |
631,870 | 84 | ||||||
Novatek PJSC(a)(d) |
433,150 | 58 | ||||||
Novolipetsk Steel PJSC(a)(d) |
785,210 | 105 | ||||||
Ozon Holdings PLC, ADR(a)(d) |
534 | — | ||||||
PhosAgro PJSC(a)(d) |
22,411 | 3 | ||||||
PhosAgro PJSC, GDR(a)(d)(e) |
1 | — | ||||||
PhosAgro PJSC, New(a)(d) |
433 | 4 | ||||||
Polymetal International PLC(a)(d) |
137,561 | 18 | ||||||
Polyus PJSC(a)(d) |
13,397 | 2 | ||||||
Rosneft Oil Co. PJSC(a)(d) |
532,936 | 71 | ||||||
Sberbank of Russia PJSC(a)(d) |
4,933,827 | 657 | ||||||
Severstal PAO(a)(d) |
109,143 | 15 | ||||||
Surgutneftegas PJSC(a)(d) |
3,671,000 | 489 | ||||||
Tatneft PJSC(a)(d) |
685,605 | 91 | ||||||
TCS Group Holding PLC, GDR(a)(d)(e) |
58,085 | 8 | ||||||
United Co. RUSAL International PJSC(a)(d) |
1,500,930 | 200 | ||||||
VK Co. Ltd.(a)(d) |
873 | — | ||||||
VTB Bank PJSC(a)(d) |
1,160,968,000 | 155 | ||||||
X5 Retail Group NV, GDR(a)(d) |
67,732 | 9 | ||||||
Yandex NV(a)(d) |
149,219 | 20 | ||||||
|
|
|||||||
5,605 | ||||||||
Saudi Arabia — 5.9% |
||||||||
ACWA Power Co. |
58,569 | 2,173,485 | ||||||
Advanced Petrochemical Co. |
88,488 | 1,138,755 | ||||||
Al Rajhi Bank(a) |
1,422,142 | 26,595,079 | ||||||
Alinma Bank |
720,493 | 5,645,223 | ||||||
Almarai Co. JSC |
182,086 | 2,544,418 | ||||||
AngloGold Ashanti Ltd. |
305,574 | 5,146,636 | ||||||
Arab National Bank |
441,104 | 2,702,076 | ||||||
Arabian Internet & Communications Services Co. |
16,724 | 1,101,826 | ||||||
Bank AlBilad(a) |
362,498 | 3,438,958 | ||||||
Bank Al-Jazira |
286,081 | 1,378,341 | ||||||
Banque Saudi Fransi |
435,344 | 3,786,474 | ||||||
Bupa Arabia for Cooperative Insurance Co. |
54,230 | 2,230,473 | ||||||
Dallah Healthcare Co. |
25,479 | 990,962 | ||||||
Dar Al Arkan Real Estate Development Co.(a) |
381,820 | 1,459,754 | ||||||
Dr Sulaiman Al Habib Medical Services Group Co. |
64,680 | 3,991,568 | ||||||
Elm Co. |
17,122 | 1,727,403 | ||||||
Emaar Economic City(a) |
312,582 | 628,284 | ||||||
Etihad Etisalat Co. |
275,644 | 2,869,213 | ||||||
Jarir Marketing Co. |
43,980 | 1,731,527 | ||||||
Mobile Telecommunications Co.(a) |
297,540 | 821,970 | ||||||
Mouwasat Medical Services Co. |
35,225 | 1,694,311 | ||||||
Nahdi Medical Co. |
28,630 | 1,419,595 | ||||||
National Industrialization Co.(a) |
227,911 | 731,494 | ||||||
Rabigh Refining & Petrochemical Co.(a) |
319,447 | 861,154 | ||||||
Reinet Investments SCA |
99,549 | 1,967,672 | ||||||
Riyad Bank |
999,099 | 6,924,347 | ||||||
SABIC Agri-Nutrients Co. |
157,656 | 5,608,183 | ||||||
Sahara International Petrochemical Co. |
260,888 | 2,458,159 | ||||||
Saudi Arabian Mining Co.(a) |
628,154 | 10,624,645 | ||||||
Saudi Arabian Oil Co.(b) |
1,762,444 | 14,888,762 |
Security | Shares | Value | ||||||
Saudi Arabia (continued) |
||||||||
Saudi Basic Industries Corp. |
653,236 | $ | 15,393,667 | |||||
Saudi British Bank (The) |
682,847 | 6,024,516 | ||||||
Saudi Electricity Co. |
616,872 | 3,645,851 | ||||||
Saudi Industrial Investment Group |
265,090 | 1,578,438 | ||||||
Saudi Investment Bank (The) |
350,994 | 1,477,229 | ||||||
Saudi Kayan Petrochemical Co.(a) |
532,043 | 1,797,009 | ||||||
Saudi National Bank (The) |
1,598,306 | 20,102,861 | ||||||
Saudi Research & Media Group(a) |
25,867 | 1,282,416 | ||||||
Saudi Tadawul Group Holding Co. |
34,048 | 1,293,787 | ||||||
Saudi Telecom Co. |
1,094,034 | 10,237,697 | ||||||
Savola Group (The) |
187,376 | 1,356,666 | ||||||
Yanbu National Petrochemical Co. |
183,192 | 2,048,479 | ||||||
|
|
|||||||
185,519,363 | ||||||||
South Africa — 4.9% |
||||||||
Absa Group Ltd. |
620,309 | 6,697,227 | ||||||
African Rainbow Minerals Ltd. |
81,112 | 1,123,555 | ||||||
Anglo American Platinum Ltd. |
38,404 | 2,123,605 | ||||||
Aspen Pharmacare Holdings Ltd. |
279,288 | 2,156,616 | ||||||
Bid Corp. Ltd. |
245,552 | 5,377,676 | ||||||
Bidvest Group Ltd. (The) |
210,654 | 2,687,860 | ||||||
Capitec Bank Holdings Ltd. |
63,775 | 6,084,407 | ||||||
Clicks Group Ltd. |
176,988 | 2,577,963 | ||||||
Discovery Ltd.(a) |
358,198 | 2,920,781 | ||||||
Exxaro Resources Ltd. |
186,330 | 2,040,549 | ||||||
FirstRand Ltd. |
3,713,827 | 13,246,338 | ||||||
Foschini Group Ltd. (The) |
251,702 | 1,390,261 | ||||||
Gold Fields Ltd. |
650,806 | 5,906,142 | ||||||
Growthpoint Properties Ltd. |
2,483,527 | 1,817,512 | ||||||
Harmony Gold Mining Co. Ltd. |
416,337 | 1,278,840 | ||||||
Impala Platinum Holdings Ltd. |
623,181 | 5,818,570 | ||||||
Kumba Iron Ore Ltd. |
46,000 | 1,199,582 | ||||||
Mr. Price Group Ltd. |
186,683 | 1,547,848 | ||||||
MTN Group Ltd. |
1,231,881 | 9,706,540 | ||||||
MultiChoice Group |
271,296 | 2,082,915 | ||||||
Naspers Ltd., Class N |
158,643 | 27,896,362 | ||||||
Nedbank Group Ltd. |
333,319 | 4,184,955 | ||||||
NEPI Rockcastle NV |
338,172 | 2,025,866 | ||||||
Northam Platinum Holdings Ltd.(a) |
247,182 | 2,035,735 | ||||||
Old Mutual Ltd. |
3,535,000 | 2,292,956 | ||||||
OUTsurance Group Ltd., NVS |
613,721 | 1,193,356 | ||||||
Pepkor Holdings Ltd.(b) |
1,366,221 | 1,394,862 | ||||||
Remgro Ltd. |
380,283 | 2,894,417 | ||||||
Sanlam Ltd. |
1,276,956 | 4,160,102 | ||||||
Sasol Ltd. |
412,947 | 6,055,223 | ||||||
Shoprite Holdings Ltd. |
369,206 | 4,470,787 | ||||||
Sibanye Stillwater Ltd. |
2,059,844 | 4,158,963 | ||||||
Standard Bank Group Ltd. |
974,400 | 9,733,293 | ||||||
Vodacom Group Ltd. |
460,715 | 3,175,093 | ||||||
Woolworths Holdings Ltd. |
702,125 | 2,943,840 | ||||||
|
|
|||||||
156,400,597 | ||||||||
South Korea — 16.3% |
||||||||
Amorepacific Corp. |
21,440 | 2,241,208 | ||||||
BGF retail Co. Ltd. |
5,571 | 761,967 | ||||||
Celltrion Healthcare Co. Ltd. |
65,906 | 2,710,627 | ||||||
Celltrion Inc. |
74,633 | 8,184,864 | ||||||
Celltrion Pharm Inc.(a) |
13,395 | 579,340 | ||||||
Cheil Worldwide Inc. |
52,134 | 788,226 | ||||||
CJ CheilJedang Corp. |
6,012 | 1,458,854 | ||||||
CJ Corp. |
10,988 | 721,374 |
S C H E D U L E O F I N V E S T M E N T S |
19 |
Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Emerging Markets ex China ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
South Korea (continued) |
||||||||
Coway Co. Ltd. |
40,491 | $ | 1,633,643 | |||||
DB Insurance Co. Ltd. |
34,415 | 2,002,745 | ||||||
Doosan Bobcat Inc. |
38,010 | 1,088,160 | ||||||
Doosan Enerbility Co. Ltd.(a)(c) |
304,323 | 3,735,415 | ||||||
Ecopro BM Co. Ltd. |
35,656 | 4,477,740 | ||||||
E-MART Inc. |
14,257 | 1,205,998 | ||||||
F&F Co. Ltd./New |
13,149 | 1,377,926 | ||||||
GS Holdings Corp. |
33,780 | 1,038,237 | ||||||
Hana Financial Group Inc. |
217,119 | 7,446,585 | ||||||
Hankook Tire & Technology Co. Ltd. |
52,564 | 1,478,602 | ||||||
Hanmi Pharm Co. Ltd.(a) |
5,071 | 992,326 | ||||||
Hanon Systems |
128,126 | 873,504 | ||||||
Hanwha Solutions Corp.(a)(d) |
84,417 | 2,653,649 | ||||||
HD Hyundai Co. Ltd. |
34,282 | 1,539,654 | ||||||
HLB Inc.(a)(c) |
79,718 | 1,943,065 | ||||||
HMM Co. Ltd.(a) |
197,926 | 3,367,332 | ||||||
Hotel Shilla Co. Ltd. |
22,416 | 1,357,359 | ||||||
HYBE Co. Ltd.(a) |
13,200 | 1,844,393 | ||||||
Hyundai Engineering & Construction Co. Ltd. |
58,546 | 1,608,888 | ||||||
Hyundai Glovis Co. Ltd. |
14,326 | 1,715,712 | ||||||
Hyundai Heavy Industries Co. Ltd.(a) |
13,054 | 1,047,673 | ||||||
Hyundai Mipo Dockyard Co. Ltd.(a) |
16,999 | 901,056 | ||||||
Hyundai Mobis Co. Ltd. |
44,730 | 7,184,704 | ||||||
Hyundai Motor Co. |
101,706 | 13,536,351 | ||||||
Hyundai Steel Co. |
63,431 | 1,677,611 | ||||||
Iljin Materials Co. Ltd.(a) |
16,916 | 812,165 | ||||||
Industrial Bank of Korea |
181,168 | 1,420,649 | ||||||
Kakao Corp. |
228,330 | 10,748,009 | ||||||
Kakao Games Corp.(a)(c) |
27,806 | 1,029,347 | ||||||
Kakao Pay Corp.(a) |
17,144 | 812,340 | ||||||
KakaoBank Corp.(a)(c) |
104,868 | 2,109,394 | ||||||
Kangwon Land Inc.(a)(c) |
67,871 | 1,035,352 | ||||||
KB Financial Group Inc. |
284,192 | 11,006,491 | ||||||
Kia Corp. |
190,209 | 10,809,600 | ||||||
Korea Aerospace Industries Ltd.(a) |
54,621 | 1,859,817 | ||||||
Korea Electric Power Corp.(a) |
185,904 | 2,528,441 | ||||||
Korea Investment Holdings Co. Ltd.(a) |
31,235 | 1,462,242 | ||||||
Korea Shipbuilding & Offshore Engineering Co. Ltd.(a) |
30,379 | 1,864,700 | ||||||
Korea Zinc Co. Ltd. |
6,434 | 2,840,901 | ||||||
Korean Air Lines Co. Ltd. |
133,046 | 2,286,087 | ||||||
Krafton Inc.(a) |
21,674 | 2,775,972 | ||||||
KT&G Corp. |
79,176 | 5,313,025 | ||||||
Kumho Petrochemical Co. Ltd.(a) |
13,543 | 1,610,337 | ||||||
L&F Co. Ltd. |
16,993 | 3,362,362 | ||||||
LG Chem Ltd. |
36,054 | 18,508,053 | ||||||
LG Corp. |
69,055 | 4,296,472 | ||||||
LG Display Co. Ltd.(a) |
167,797 | 1,939,528 | ||||||
LG Electronics Inc. |
77,047 | 6,462,376 | ||||||
LG Energy Solution(a) |
25,649 | 10,131,676 | ||||||
LG H&H Co. Ltd. |
6,837 | 3,449,996 | ||||||
LG Innotek Co. Ltd. |
10,358 | 2,164,356 | ||||||
LG Uplus Corp. |
147,065 | 1,230,195 | ||||||
Lotte Chemical Corp. |
14,799 | 1,992,448 | ||||||
Lotte Shopping Co. Ltd.(c) |
7,591 | 498,924 | ||||||
Meritz Financial Group Inc. |
50,139 | 1,704,513 | ||||||
Meritz Securities Co. Ltd. |
184,825 | 980,778 | ||||||
Mirae Asset Securities Co. Ltd. |
183,599 | 991,342 | ||||||
NAVER Corp. |
95,156 | 14,958,712 | ||||||
NCSoft Corp. |
12,133 | 3,980,994 |
Security | Shares | Value | ||||||
South Korea (continued) |
||||||||
Netmarble Corp.(a)(b) |
14,820 | $ | 690,782 | |||||
NH Investment & Securities Co. Ltd.(a) |
100,574 | 721,908 | ||||||
Orion Corp./Republic of Korea |
16,878 | 1,595,379 | ||||||
Pan Ocean Co. Ltd. |
193,421 | 924,137 | ||||||
Pearl Abyss Corp.(a) |
20,683 | 699,363 | ||||||
POSCO Chemical Co. Ltd. |
19,742 | 3,293,897 | ||||||
POSCO Holdings Inc. |
52,354 | 12,618,529 | ||||||
S-1 Corp.(c) |
11,375 | 484,962 | ||||||
Samsung Biologics Co. Ltd.(a)(b) |
12,909 | 7,541,934 | ||||||
Samsung C&T Corp. |
61,457 | 5,112,199 | ||||||
Samsung Electro-Mechanics Co. Ltd. |
41,496 | 4,511,695 | ||||||
Samsung Electronics Co. Ltd. |
3,475,544 | 159,023,130 | ||||||
Samsung Engineering Co. Ltd.(a) |
113,805 | 2,256,437 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. |
22,152 | 3,592,748 | ||||||
Samsung Heavy Industries Co. Ltd.(a) |
461,135 | 1,914,821 | ||||||
Samsung Life Insurance Co. Ltd. |
58,029 | 2,988,396 | ||||||
Samsung SDI Co. Ltd. |
40,106 | 21,070,729 | ||||||
Samsung SDS Co. Ltd. |
25,113 | 2,375,067 | ||||||
Samsung Securities Co. Ltd. |
45,785 | 1,158,713 | ||||||
SD Biosensor Inc. |
24,011 | 416,930 | ||||||
Shinhan Financial Group Co. Ltd. |
335,949 | 9,865,150 | ||||||
SK Biopharmaceuticals Co. Ltd.(a) |
24,135 | 1,216,085 | ||||||
SK Bioscience Co. Ltd.(a) |
17,578 | 924,857 | ||||||
SK Hynix Inc. |
397,292 | 26,850,892 | ||||||
SK IE Technology Co. Ltd.(a)(b) |
19,457 | 959,224 | ||||||
SK Inc. |
26,945 | 3,634,077 | ||||||
SK Innovation Co. Ltd.(a) |
41,149 | 4,654,172 | ||||||
SK Square Co. Ltd.(a) |
70,763 | 2,048,927 | ||||||
SKC Co. Ltd. |
15,013 | 1,110,423 | ||||||
S-Oil Corp. |
33,883 | 2,054,437 | ||||||
Woori Financial Group Inc. |
398,749 | 3,676,058 | ||||||
Yuhan Corp. |
36,766 | 1,464,266 | ||||||
|
|
|||||||
515,602,706 | ||||||||
Taiwan — 22.2% |
||||||||
Accton Technology Corp. |
368,000 | 3,370,223 | ||||||
Acer Inc. |
2,128,000 | 1,764,617 | ||||||
Advantech Co. Ltd. |
311,299 | 3,611,078 | ||||||
Airtac International Group |
102,439 | 3,575,917 | ||||||
ASE Technology Holding Co. Ltd. |
2,351,000 | 8,095,607 | ||||||
Asia Cement Corp. |
1,618,000 | 2,372,214 | ||||||
Asustek Computer Inc. |
517,000 | 4,682,653 | ||||||
AUO Corp. |
4,706,800 | 2,864,325 | ||||||
Catcher Technology Co. Ltd. |
473,000 | 2,858,355 | ||||||
Cathay Financial Holding Co. Ltd. |
6,152,379 | 8,724,629 | ||||||
Chailease Holding Co. Ltd. |
1,039,035 | 7,615,806 | ||||||
Chang Hwa Commercial Bank Ltd. |
3,614,153 | 2,062,574 | ||||||
Cheng Shin Rubber Industry Co. Ltd. |
1,338,000 | 1,499,399 | ||||||
China Airlines Ltd. |
2,074,000 | 1,372,637 | ||||||
China Development Financial Holding Corp. |
11,203,920 | 4,824,112 | ||||||
China Steel Corp. |
8,494,000 | 8,738,034 | ||||||
Chunghwa Telecom Co. Ltd. |
2,737,000 | 10,348,188 | ||||||
Compal Electronics Inc. |
3,060,000 | 2,419,998 | ||||||
CTBC Financial Holding Co. Ltd. |
12,772,000 | 9,482,360 | ||||||
Delta Electronics Inc. |
1,414,000 | 13,228,986 | ||||||
E Ink Holdings Inc. |
624,000 | 3,948,619 | ||||||
E.Sun Financial Holding Co. Ltd. |
9,358,855 | 7,638,017 | ||||||
Eclat Textile Co. Ltd. |
135,000 | 2,122,220 | ||||||
eMemory Technology Inc. |
47,000 | 2,824,661 | ||||||
Eva Airways Corp. |
1,832,000 | 1,696,711 | ||||||
Evergreen Marine Corp. Taiwan Ltd. |
739,400 | 3,778,508 |
20 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Emerging Markets ex China ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Taiwan (continued) |
||||||||
Far Eastern New Century Corp. |
2,327,000 | $ | 2,473,785 | |||||
Far EasTone Telecommunications Co. Ltd. |
1,165,000 | 2,628,762 | ||||||
Feng TAY Enterprise Co. Ltd. |
322,000 | 1,939,728 | ||||||
First Financial Holding Co. Ltd. |
7,833,466 | 6,864,711 | ||||||
Formosa Chemicals & Fibre Corp. |
2,565,000 | 5,952,452 | ||||||
Formosa Petrochemical Corp. |
808,000 | 2,247,730 | ||||||
Formosa Plastics Corp. |
2,984,000 | 8,858,206 | ||||||
Fubon Financial Holding Co. Ltd. |
5,432,441 | 10,622,670 | ||||||
Giant Manufacturing Co. Ltd. |
211,620 | 1,407,945 | ||||||
Globalwafers Co. Ltd. |
159,000 | 2,629,062 | ||||||
Hon Hai Precision Industry Co. Ltd. |
9,051,200 | 29,941,383 | ||||||
Hotai Motor Co. Ltd. |
224,600 | 4,526,961 | ||||||
Hua Nan Financial Holdings Co. Ltd. |
6,509,078 | 4,864,646 | ||||||
Innolux Corp. |
6,585,045 | 3,154,431 | ||||||
Inventec Corp. |
1,838,000 | 1,596,692 | ||||||
Largan Precision Co. Ltd. |
73,000 | 5,247,973 | ||||||
Lite-On Technology Corp. |
1,416,000 | 3,222,150 | ||||||
MediaTek Inc. |
1,108,000 | 26,014,756 | ||||||
Mega Financial Holding Co. Ltd. |
8,082,825 | 8,817,646 | ||||||
Micro-Star International Co. Ltd. |
493,000 | 2,199,310 | ||||||
momo.com Inc. |
46,200 | 1,187,373 | ||||||
Nan Ya Plastics Corp. |
3,452,000 | 8,493,394 | ||||||
Nan Ya Printed Circuit Board Corp. |
164,000 | 1,243,103 | ||||||
Nanya Technology Corp. |
877,000 | 1,669,382 | ||||||
Nien Made Enterprise Co. Ltd. |
128,000 | 1,362,834 | ||||||
Novatek Microelectronics Corp. |
417,000 | 5,510,906 | ||||||
Parade Technologies Ltd. |
56,000 | 1,741,374 | ||||||
Pegatron Corp. |
1,460,000 | 3,234,756 | ||||||
PharmaEssentia Corp.(a) |
138,000 | 2,266,942 | ||||||
Pou Chen Corp. |
1,548,000 | 1,696,214 | ||||||
Powerchip Semiconductor Manufacturing Corp. |
2,155,000 | 2,344,211 | ||||||
President Chain Store Corp. |
417,000 | 3,643,633 | ||||||
Quanta Computer Inc. |
1,928,000 | 5,046,472 | ||||||
Realtek Semiconductor Corp. |
330,000 | 4,068,229 | ||||||
Ruentex Development Co. Ltd. |
1,267,600 | 1,836,352 | ||||||
Shanghai Commercial & Savings Bank Ltd. (The) |
2,762,678 | 4,288,645 | ||||||
Shin Kong Financial Holding Co. Ltd. |
9,923,897 | 2,881,114 | ||||||
Silergy Corp. |
234,000 | 4,402,963 | ||||||
SinoPac Financial Holdings Co. Ltd. |
7,726,401 | 4,325,458 | ||||||
Synnex Technology International Corp. |
973,000 | 1,985,310 | ||||||
Taishin Financial Holding Co. Ltd. |
8,032,981 | 4,314,141 | ||||||
Taiwan Business Bank |
4,337,000 | 2,036,712 | ||||||
Taiwan Cement Corp. |
4,442,671 | 5,695,375 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. |
7,177,535 | 6,243,676 | ||||||
Taiwan High Speed Rail Corp. |
1,437,000 | 1,381,695 | ||||||
Taiwan Mobile Co. Ltd. |
1,270,000 | 4,023,246 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. |
17,930,000 | 296,631,989 | ||||||
Unimicron Technology Corp. |
901,000 | 3,721,317 | ||||||
Uni-President Enterprises Corp. |
3,514,000 | 7,757,353 | ||||||
United Microelectronics Corp. |
8,636,000 | 14,065,496 | ||||||
Vanguard International Semiconductor Corp. |
663,000 | 1,997,450 | ||||||
Voltronic Power Technology Corp. |
48,000 | 2,506,263 | ||||||
Walsin Lihwa Corp. |
1,919,473 | 3,535,300 | ||||||
Wan Hai Lines Ltd. |
492,015 | 1,273,346 | ||||||
Win Semiconductors Corp. |
235,000 | 1,289,814 | ||||||
Winbond Electronics Corp. |
2,190,000 | 1,639,527 | ||||||
Wiwynn Corp. |
65,000 | 2,038,238 | ||||||
WPG Holdings Ltd. |
1,147,520 | 1,854,870 | ||||||
Yageo Corp. |
252,858 | 4,431,483 | ||||||
Yang Ming Marine Transport Corp. |
1,247,000 | 2,624,647 |
Security | Shares | Value | ||||||
Taiwan (continued) | ||||||||
Yuanta Financial Holding Co. Ltd. |
7,395,229 | $ | 5,498,731 | |||||
Zhen Ding Technology Holding Ltd. |
484,000 | 1,771,775 | ||||||
|
|
|||||||
700,292,556 | ||||||||
Thailand — 3.1% | ||||||||
Advanced Info Service PCL, NVDR |
838,200 | 4,789,712 | ||||||
Airports of Thailand PCL, NVDR(a) |
3,119,700 | 6,420,268 | ||||||
Asset World Corp. PCL, NVDR |
5,944,000 | 991,833 | ||||||
B Grimm Power PCL, NVDR |
683,800 | 754,911 | ||||||
Bangkok Dusit Medical Services PCL, NVDR |
7,539,400 | 5,971,907 | ||||||
Bangkok Expressway & Metro PCL, NVDR |
5,613,100 | 1,469,185 | ||||||
Banpu PCL, NVDR |
5,030,300 | 1,551,452 | ||||||
Banpu PCL, NVS |
812,900 | 250,716 | ||||||
Berli Jucker PCL, NVDR |
966,100 | 1,052,050 | ||||||
BTS Group Holdings PCL, NVDR(c) |
5,522,500 | 1,257,585 | ||||||
Bumrungrad Hospital PCL, NVDR |
431,700 | 2,576,819 | ||||||
Carabao Group PCL, NVDR(c) |
218,000 | 623,017 | ||||||
Central Pattana PCL, NVDR |
1,473,100 | 2,926,779 | ||||||
Central Retail Corp. PCL, NVDR |
1,338,300 | 1,693,355 | ||||||
Charoen Pokphand Foods PCL, NVDR |
2,675,000 | 1,680,131 | ||||||
CP ALL PCL, NVDR(c) |
4,261,000 | 7,473,320 | ||||||
Delta Electronics Thailand PCL, NVDR |
225,100 | 5,803,529 | ||||||
Electricity Generating PCL, NVDR |
181,500 | 878,029 | ||||||
Energy Absolute PCL, NVDR |
1,227,300 | 2,717,884 | ||||||
Global Power Synergy PCL, NVDR |
569,200 | 1,095,004 | ||||||
Gulf Energy Development PCL, NVDR |
2,172,000 | 3,227,770 | ||||||
Home Product Center PCL, NVDR |
4,528,100 | 1,792,650 | ||||||
Indorama Ventures PCL, NVDR |
1,274,300 | 1,324,344 | ||||||
Intouch Holdings PCL, NVDR |
800,650 | 1,602,453 | ||||||
JMT Network Services PCL, NVDR |
507,700 | 667,668 | ||||||
Kasikornbank PCL, NVDR |
431,600 | 1,672,661 | ||||||
Krung Thai Bank PCL, NVDR |
2,468,500 | 1,208,224 | ||||||
Krungthai Card PCL, NVDR |
684,700 | 1,137,752 | ||||||
Land & Houses PCL, NVDR |
5,854,900 | 1,623,395 | ||||||
Minor International PCL, NVDR(a) |
2,304,100 | 2,182,816 | ||||||
Muangthai Capital PCL, NVDR |
477,300 | 472,331 | ||||||
Osotspa PCL, NVDR |
1,062,500 | 969,273 | ||||||
PTT Exploration & Production PCL, NVDR |
1,015,400 | 4,297,623 | ||||||
PTT Global Chemical PCL, NVDR |
1,678,300 | 2,242,636 | ||||||
PTT Oil & Retail Business PCL, NVDR |
2,197,900 | 1,361,951 | ||||||
PTT Public Company Ltd., NVDR |
7,254,600 | 6,513,047 | ||||||
Ratch Group PCL, NVDR |
822,100 | 948,013 | ||||||
SCB X PCL, NVS |
594,800 | 1,749,722 | ||||||
SCG Packaging PCL, NVDR |
916,200 | 1,347,646 | ||||||
Siam Cement PCL (The), NVDR |
562,000 | 5,198,805 | ||||||
Srisawad Corp. PCL, NVDR |
516,000 | 787,844 | ||||||
Thai Oil PCL, NVDR |
923,700 | 1,317,253 | ||||||
Thai Union Group PCL, NVDR |
2,142,400 | 963,719 | ||||||
True Corp. PCL, NVDR |
8,788,500 | 1,280,678 | ||||||
|
|
|||||||
97,867,760 | ||||||||
Turkey — 1.0% | ||||||||
Akbank TAS |
2,310,859 | 2,136,795 | ||||||
Aselsan Elektronik Sanayi Ve Ticaret AS |
511,288 | 1,492,503 | ||||||
BIM Birlesik Magazalar AS |
338,902 | 2,444,263 | ||||||
Eregli Demir ve Celik Fabrikalari TAS |
1,002,973 | 2,337,787 | ||||||
Ford Otomotiv Sanayi AS |
50,668 | 1,478,017 | ||||||
Haci Omer Sabanci Holding AS |
760,359 | 1,754,365 | ||||||
Hektas Ticaret TAS(a) |
807,048 | 1,519,652 | ||||||
KOC Holding AS |
545,572 | 2,234,683 | ||||||
Koza Altin Isletmeleri AS |
858,693 | 1,112,186 |
S C H E D U L E O F I N V E S T M E N T S |
21 |
Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Emerging Markets ex China ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Turkey (continued) |
||||||||
Pegasus Hava Tasimaciligi AS(a) |
32,633 | $ | 877,644 | |||||
Sasa Polyester Sanayi AS(a) |
317,370 | 1,848,594 | ||||||
Turk Hava Yollari AO(a) |
399,983 | 3,039,124 | ||||||
Turkcell Iletisim Hizmetleri AS |
853,452 | 1,438,705 | ||||||
Turkiye Is Bankasi AS, Class C |
2,621,542 | 1,573,287 | ||||||
Turkiye Petrol Rafinerileri AS(a) |
101,049 | 3,168,674 | ||||||
Turkiye Sise ve Cam Fabrikalari AS |
1,023,721 | 2,561,378 | ||||||
Yapi ve Kredi Bankasi AS |
2,098,138 | 1,111,906 | ||||||
|
|
|||||||
32,129,563 | ||||||||
United Arab Emirates — 2.0% | ||||||||
Abu Dhabi Commercial Bank PJSC |
2,040,962 | 4,653,119 | ||||||
Abu Dhabi Islamic Bank PJSC |
1,042,881 | 2,962,524 | ||||||
Abu Dhabi National Oil Co. for Distribution PJSC |
2,277,508 | 2,678,619 | ||||||
Aldar Properties PJSC |
2,836,595 | 3,624,926 | ||||||
Dubai Islamic Bank PJSC |
2,114,572 | 3,302,800 | ||||||
Emaar Properties PJSC |
4,823,652 | 7,346,428 | ||||||
Emirates NBD Bank PJSC |
1,388,999 | 5,136,955 | ||||||
Emirates Telecommunications Group Co. PJSC |
2,534,998 | 17,598,881 | ||||||
First Abu Dhabi Bank PJSC |
3,234,045 | 12,390,510 | ||||||
Multiply Group(a) |
2,430,256 | 2,643,059 | ||||||
Q Holding PJSC(a) |
1,496,312 | 1,126,752 | ||||||
|
|
|||||||
63,464,573 | ||||||||
|
|
|||||||
Total
Common Stocks — 96.6% |
3,050,433,721 | |||||||
|
|
|||||||
Preferred Stocks |
||||||||
Brazil — 1.8% |
||||||||
Banco Bradesco SA, Preference Shares, NVS |
3,892,189 | 9,724,060 | ||||||
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS |
199,756 | 1,372,418 | ||||||
Cia Energetica de Minas Gerais, Preference Shares, NVS |
1,081,100 | 2,164,079 | ||||||
Gerdau SA, Preference Shares, NVS |
810,672 | 4,433,151 | ||||||
Itau Unibanco Holding SA, Preference Shares, NVS |
3,494,787 | 16,975,128 | ||||||
Itausa SA, Preference Shares, NVS |
3,653,107 | 5,742,595 | ||||||
Petroleo Brasileiro SA, Preference Shares, NVS |
3,455,246 | 16,657,672 | ||||||
|
|
|||||||
57,069,103 | ||||||||
Chile — 0.3% | ||||||||
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares |
104,597 | 9,335,347 | ||||||
|
|
|||||||
Colombia — 0.1% | ||||||||
Bancolombia SA, Preference Shares, NVS |
328,653 | 2,084,419 | ||||||
|
|
Security | Shares | Value | ||||||
Russia — 0.0% |
||||||||
Surgutneftegas PJSC, Preference Shares, NVS(a)(d) |
3,036,700 | $ | 405 | |||||
|
|
|||||||
South Korea — 0.9% | ||||||||
Hyundai Motor Co. |
||||||||
Preference Shares, NVS |
15,415 | 1,073,239 | ||||||
Series 2, Preference Shares, NVS |
26,549 | 1,886,174 | ||||||
LG Chem Ltd., Preference Shares, NVS |
5,114 | 1,134,424 | ||||||
Samsung Electronics Co. Ltd., Preference Shares, NVS |
600,207 | 24,202,766 | ||||||
|
|
|||||||
28,296,603 | ||||||||
|
|
|||||||
Total
Preferred Stocks — 3.1% |
96,785,877 | |||||||
|
|
|||||||
Total
Long-Term Investments — 99.7% |
3,147,219,598 | |||||||
|
|
|||||||
Short-Term Securities |
||||||||
Money Market Funds — 0.4% |
||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%(f)(g)(h) |
13,074,052 | 13,081,896 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(f)(g) |
830,000 | 830,000 | ||||||
|
|
|||||||
Total
Short-Term Securities — 0.4% |
13,911,896 | |||||||
|
|
|||||||
Total
Investments — 100.1% |
3,161,131,494 | |||||||
Liabilities in Excess of Other Assets — (0.1)% |
(3,169,470 | ) | ||||||
|
|
|||||||
Net Assets — 100.0% |
$ | 3,157,962,024 | ||||||
|
|
(a) |
Non-income producing security. |
(b) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) |
All or a portion of this security is on loan. |
(d) |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(e) |
This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
(f) |
Affiliate of the Fund. |
(g) |
Annualized 7-day yield as of period end. |
(h) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
22 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Emerging Markets ex China ETF |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
||||||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 08/31/22 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Value at 02/28/23 |
Shares Held at 02/28/23 |
Income |
Capital Gain |
|||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
|
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | 16,624,717 | $ | — | $ | (3,551,262 | )(a) | $ | 9,897 | $ | (1,456 | ) | $ | 13,081,896 | 13,074,052 | $ | 200,948 | (b) | $ | — | |||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
4,900,000 | — | (4,070,000 | )(a) | — | — | 830,000 | 830,000 | 78,906 | 17 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
$ | 9,897 | $ | (1,456 | ) | $ | 13,911,896 | $ | 279,854 | $ | 17 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Represents net amount purchased (sold). |
(b) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
|
||||||||||||||||
Description | Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
||||||||||||
|
||||||||||||||||
Long Contracts |
||||||||||||||||
MSCI Emerging Markets Index |
196 | 03/17/23 | $ | 9,436 | $ | (94,989 | ) | |||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
|
||||||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Liabilities — Derivative Financial Instruments |
||||||||||||||||||||||||||||
Futures contracts |
||||||||||||||||||||||||||||
Unrealized depreciation on futures contracts(a) |
$ | — | $ | — | $ | 94,989 | $ | — | $ | — | $ | — | $ | 94,989 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the period ended February 28, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
|
||||||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Net Realized Gain (Loss) from |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | (246,677 | ) | $ | — | $ | — | $ | — | $ | (246,677 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | 184,006 | $ | — | $ | — | $ | — | $ | 184,006 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
|
|
||
Futures contracts |
||||
Average notional value of contracts — long |
$ | 7,272,710 | ||
|
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
S C H E D U L E O F I N V E S T M E N T S |
23 |
Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Emerging Markets ex China ETF |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
||||||||||||||||
Assets |
||||||||||||||||
Investments |
||||||||||||||||
Long-Term Investments |
||||||||||||||||
Common Stocks |
$ | 412,494,451 | $ | 2,635,280,016 | $ | 2,659,254 | $ | 3,050,433,721 | ||||||||
Preferred Stocks |
59,153,522 | 37,631,950 | 405 | 96,785,877 | ||||||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
13,911,896 | — | — | 13,911,896 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 485,559,869 | $ | 2,672,911,966 | $ | 2,659,659 | $ | 3,161,131,494 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Derivative Financial Instruments(a) |
||||||||||||||||
Liabilities |
||||||||||||||||
Equity Contracts |
$ | (94,989 | ) | $ | — | $ | — | $ | (94,989 | ) | ||||||
|
|
|
|
|
|
|
|
(a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
24 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) February 28, 2023 |
iShares® MSCI Emerging Markets Min Vol Factor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
||||||||
Brazil — 0.3% |
||||||||
Klabin SA |
914,893 | $ | 3,400,628 | |||||
Raia Drogasil SA |
1,103,992 | 4,782,500 | ||||||
Suzano SA |
802,832 | 7,320,708 | ||||||
|
|
|||||||
15,503,836 | ||||||||
Chile — 0.1% | ||||||||
Enel Americas SA |
24,978,025 | 3,109,918 | ||||||
|
|
|||||||
China — 26.1% |
||||||||
360 Security Technology Inc., Class A |
6,949,300 | 10,782,975 | ||||||
Agricultural Bank of China Ltd., Class A |
30,858,198 | 13,008,379 | ||||||
Agricultural Bank of China Ltd., Class H |
211,153,000 | 73,206,154 | ||||||
Anhui Conch Cement Co. Ltd., Class H |
814,500 | 2,990,284 | ||||||
Anhui Gujing Distillery Co. Ltd., Class B |
1,749,489 | 30,073,798 | ||||||
ANTA Sports Products Ltd. |
681,200 | 8,995,402 | ||||||
Apeloa Pharmaceutical Co. Ltd., Class A |
1,056,797 | 3,645,580 | ||||||
Bank of China Ltd., Class H |
225,409,000 | 82,669,140 | ||||||
Bank of Communications Co. Ltd., Class A |
21,953,274 | 15,477,885 | ||||||
Bank of Communications Co. Ltd., Class H |
13,703,000 | 8,102,007 | ||||||
Bank of Ningbo Co. Ltd., Class A |
709,856 | 3,012,417 | ||||||
Bank of Shanghai Co. Ltd., Class A |
5,015,411 | 4,315,369 | ||||||
Beijing Capital International Airport Co. Ltd., Class H(a) . |
12,202,000 | 8,931,679 | ||||||
Beijing Yuanliu Hongyuan Electronic Technology Co. Ltd., Class A |
193,200 | 2,501,702 | ||||||
BGI Genomics Co. Ltd., Class A |
406,100 | 3,250,582 | ||||||
BOE Technology Group Co. Ltd., Class A |
30,846,500 | 18,484,922 | ||||||
CGN Power Co. Ltd., Class H(b) |
74,490,000 | 16,707,458 | ||||||
Changchun High & New Technology Industry Group Inc., Class A |
154,200 | 4,371,433 | ||||||
China CITIC Bank Corp. Ltd., Class H |
53,443,000 | 24,725,820 | ||||||
China Conch Venture Holdings Ltd. |
10,202,500 | 20,532,286 | ||||||
China Construction Bank Corp., Class A |
8,691,184 | 7,054,030 | ||||||
China Construction Bank Corp., Class H |
54,022,000 | 33,022,429 | ||||||
China Feihe Ltd.(b) |
4,884,000 | 3,914,563 | ||||||
China Huishan Dairy Holdings Co. Ltd.(c) |
5,944,807 | 8 | ||||||
China Life Insurance Co. Ltd., Class H |
10,524,000 | 17,851,984 | ||||||
China Mengniu Dairy Co. Ltd. |
4,788,000 | 21,075,199 | ||||||
China Minsheng Banking Corp. Ltd., Class A |
19,291,554 | 9,464,882 | ||||||
China Petroleum & Chemical Corp., Class H |
12,656,000 | 6,456,798 | ||||||
China Railway Signal & Communication Corp. Ltd., Class A |
6,976,800 | 5,129,153 | ||||||
China Resources Beer Holdings Co. Ltd. |
1,044,000 | 7,723,586 | ||||||
China Resources Gas Group Ltd. |
2,326,900 | 9,818,760 | ||||||
China Shenhua Energy Co. Ltd., Class H |
2,358,000 | 7,092,574 | ||||||
China Tourism Group Duty Free Corp. Ltd., Class A |
617,763 | 17,572,004 | ||||||
China Tower Corp. Ltd., Class H(b) |
294,288,000 | 31,871,615 | ||||||
China United Network Communications Ltd., Class A |
28,503,635 | 21,660,983 | ||||||
China Yangtze Power Co. Ltd., Class A |
17,101,883 | 52,088,908 | ||||||
China Zhenhua Group Science & Technology Co. Ltd., Class A |
213,378 | 3,189,436 | ||||||
Chongqing Zhifei Biological Products Co. Ltd., Class A . |
612,400 | 7,891,991 | ||||||
Chow Tai Fook Jewellery Group Ltd.(d) |
7,082,600 | 13,727,155 | ||||||
CSPC Pharmaceutical Group Ltd. |
8,800,000 | 9,453,824 | ||||||
Daan Gene Co. Ltd., Class A |
1,368,420 | 3,156,387 | ||||||
Dali Foods Group Co. Ltd.(b) |
9,137,000 | 3,695,627 | ||||||
ENN Energy Holdings Ltd. |
659,500 | 9,388,475 | ||||||
Foshan Haitian Flavouring & Food Co. Ltd., Class A |
404,721 | 4,788,563 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class A |
508,303 | 2,712,312 | ||||||
Gree Electric Appliances Inc. of Zhuhai, Class A |
1,186,806 | 6,057,296 |
Security | Shares | Value | ||||||
China (continued) |
||||||||
Guangdong Haid Group Co. Ltd., Class A |
1,512,272 | $ | 13,814,113 | |||||
Guangdong Investment Ltd. |
12,990,000 | 13,126,928 | ||||||
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A |
1,305,794 | 5,932,605 | ||||||
Guangzhou Haige Communications Group Inc. Co., Class A |
2,196,600 | 3,009,687 | ||||||
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A |
455,073 | 5,520,211 | ||||||
Hangzhou Tigermed Consulting Co. Ltd., Class H(b) |
286,500 | 3,290,264 | ||||||
Hansoh Pharmaceutical Group Co. Ltd.(b) |
1,680,000 | 3,020,194 | ||||||
Hengan International Group Co. Ltd.(d) |
1,922,500 | 8,842,124 | ||||||
Hualan Biological Engineering Inc., Class A |
1,141,010 | 3,639,415 | ||||||
Huaxia Bank Co. Ltd., Class A |
8,555,003 | 6,425,334 | ||||||
Hundsun Technologies Inc., Class A |
1,173,971 | 7,502,178 | ||||||
Iflytek Co. Ltd., Class A |
2,106,467 | 14,632,625 | ||||||
Imeik Technology Development Co. Ltd., Class A |
41,700 | 3,525,332 | ||||||
Industrial & Commercial Bank of China Ltd., Class A |
4,240,200 | 2,623,201 | ||||||
Industrial & Commercial Bank of China Ltd., Class H |
105,687,000 | 52,733,766 | ||||||
Industrial Bank Co. Ltd., Class A |
2,292,322 | 5,576,450 | ||||||
Ingenic Semiconductor Co. Ltd., Class A |
227,200 | 2,468,855 | ||||||
Inspur Electronic Information Industry Co. Ltd., Class A |
1,337,536 | 7,492,940 | ||||||
Jiangsu Expressway Co. Ltd., Class H |
18,506,000 | 17,691,120 | ||||||
Jiangsu Hengrui Medicine Co. Ltd., Class A |
3,566,666 | 22,324,442 | ||||||
Joinn Laboratories China Co. Ltd., Class A |
417,244 | 3,527,724 | ||||||
Jointown Pharmaceutical Group Co. Ltd., Class A |
1,720,642 | 3,582,479 | ||||||
Kweichow Moutai Co. Ltd., Class A |
47,290 | 12,353,240 | ||||||
Legend Biotech Corp., ADR(a)(d) |
123,154 | 5,687,252 | ||||||
Lenovo Group Ltd. |
8,332,000 | 7,497,982 | ||||||
Liaoning Port Co Ltd., Class A |
18,245,600 | 4,252,529 | ||||||
LONGi Green Energy Technology Co. Ltd., Class A |
383,440 | 2,441,801 | ||||||
Meituan, Class B(a)(b) |
53,110 | 921,720 | ||||||
Muyuan Foods Co. Ltd., Class A |
550,000 | 3,914,976 | ||||||
Nongfu Spring Co. Ltd., Class H(b) |
1,432,800 | 8,042,542 | ||||||
People’s Insurance Co. Group of China Ltd. (The), Class H |
108,858,000 | 34,417,706 | ||||||
PetroChina Co. Ltd., Class A |
4,552,800 | 3,419,665 | ||||||
PICC Property & Casualty Co. Ltd., Class H |
5,854,000 | 5,141,865 | ||||||
Postal Savings Bank of China Co. Ltd., Class H(b) |
57,068,000 | 34,286,596 | ||||||
Sangfor Technologies Inc., Class A |
211,200 | 4,336,328 | ||||||
SF Holding Co. Ltd., Class A |
1,057,600 | 8,190,025 | ||||||
Shandong Gold Mining Co. Ltd., Class A |
3,255,773 | 8,895,943 | ||||||
Shandong Gold Mining Co. Ltd., Class H(b) |
8,120,500 | 13,925,306 | ||||||
Shanghai Baosight Software Co. Ltd., Class B |
7,793,229 | 25,403,176 | ||||||
Shanghai Friendess Electronic Technology Corp. Ltd., Class A |
95,284 | 2,883,223 | ||||||
Shanghai International Airport Co. Ltd., Class A(a) |
514,900 | 4,347,922 | ||||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B |
17,763,992 | 13,861,936 | ||||||
Shanghai M&G Stationery Inc., Class A |
546,548 | 4,260,402 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H |
4,254,300 | 7,502,401 | ||||||
Shanghai Pudong Development Bank Co. Ltd., Class A. |
5,025,786 | 5,191,819 | ||||||
Shanghai RAAS Blood Products Co. Ltd., Class A |
6,547,000 | 5,840,615 | ||||||
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A |
230,900 | 9,399,235 | ||||||
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A |
186,600 | 8,418,591 | ||||||
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A |
802,172 | 4,278,478 | ||||||
Sichuan Chuantou Energy Co. Ltd., Class A |
3,323,810 | 6,207,823 | ||||||
Sino Biopharmaceutical Ltd. |
15,459,000 | 7,981,351 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class A |
5,733,767 | 2,695,406 |
S C H E D U L E O F I N V E S T M E N T S |
25 |
Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Emerging Markets Min Vol Factor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) |
||||||||
Sinopharm Group Co. Ltd., Class H |
7,644,000 | $ | 20,473,017 | |||||
Songcheng Performance Development Co. Ltd., Class A |
1,342,659 | 3,029,270 | ||||||
TCL Technology Group Corp., Class A |
4,397,100 | 2,805,808 | ||||||
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A |
1,115,307 | 6,991,261 | ||||||
Tencent Holdings Ltd. |
330,900 | 14,535,905 | ||||||
Thunder Software Technology Co. Ltd., Class A |
180,900 | 2,483,642 | ||||||
Tianjin 712 Communication & Broadcasting Co. Ltd., Class A |
734,194 | 3,595,472 | ||||||
Tianshui Huatian Technology Co. Ltd., Class A |
2,096,600 | 2,886,601 | ||||||
Tingyi Cayman Islands Holding Corp.(d) |
4,084,000 | 6,598,034 | ||||||
TravelSky Technology Ltd., Class H |
2,127,000 | 4,198,507 | ||||||
Walvax Biotechnology Co. Ltd., Class A |
804,691 | 4,423,113 | ||||||
Want Want China Holdings Ltd. |
14,354,000 | 9,030,265 | ||||||
Wuliangye Yibin Co. Ltd., Class A |
246,549 | 7,235,131 | ||||||
WuXi AppTec Co. Ltd., Class H(b) |
229,864 | 2,452,407 | ||||||
Xiaomi Corp., Class B(a)(b) |
9,560,800 | 14,484,441 | ||||||
Yealink Network Technology Corp. Ltd., Class A |
882,803 | 8,459,596 | ||||||
Yonyou Network Technology Co. Ltd., Class A |
959,200 | 3,213,677 | ||||||
Yum China Holdings Inc.(d) |
246,468 | 14,475,066 | ||||||
Yunnan Baiyao Group Co. Ltd., Class A |
382,458 | 3,128,862 | ||||||
Zhejiang Dahua Technology Co. Ltd., Class A |
1,417,800 | 2,952,328 | ||||||
Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A |
826,163 | 4,683,481 | ||||||
Zhejiang Supor Co. Ltd., Class A |
397,004 | 3,248,089 | ||||||
Zhongji Innolight Co. Ltd., Class A |
768,800 | 3,921,680 | ||||||
Zhongsheng Group Holdings Ltd.(d) |
1,577,500 | 7,879,973 | ||||||
ZTE Corp., Class A |
3,535,420 | 16,374,080 | ||||||
|
|
|||||||
1,321,503,361 | ||||||||
Czech Republic — 0.3% | ||||||||
CEZ AS |
279,822 | 13,062,051 | ||||||
|
|
|||||||
Egypt — 0.3% | ||||||||
Commercial International Bank Egypt SAE |
8,118,597 | 14,074,767 | ||||||
|
|
|||||||
Greece — 0.8% | ||||||||
Hellenic Telecommunications Organization SA |
1,884,954 | 28,915,250 | ||||||
JUMBO SA |
512,244 | 10,228,459 | ||||||
|
|
|||||||
39,143,709 | ||||||||
Hungary — 0.3% | ||||||||
Richter Gedeon Nyrt |
856,694 | 17,957,733 | ||||||
|
|
|||||||
India — 12.7% | ||||||||
ACC Ltd. |
391,019 | 8,184,940 | ||||||
Adani Green Energy Ltd.(a) |
123,344 | 722,346 | ||||||
Apollo Hospitals Enterprise Ltd. |
85,088 | 4,526,924 | ||||||
Asian Paints Ltd. |
690,722 | 23,609,469 | ||||||
Bajaj Auto Ltd. |
430,708 | 19,062,071 | ||||||
Bharti Airtel Ltd. |
2,013,210 | 18,063,038 | ||||||
Britannia Industries Ltd. |
399,272 | 21,543,354 | ||||||
Cipla Ltd. |
2,206,399 | 24,173,589 | ||||||
Colgate-Palmolive India Ltd. |
195,422 | 3,481,542 | ||||||
Dabur India Ltd. |
4,304,203 | 27,712,426 | ||||||
Divi’s Laboratories Ltd. |
297,691 | 10,166,387 | ||||||
Dr. Reddy’s Laboratories Ltd. |
459,082 | 23,925,109 | ||||||
Eicher Motors Ltd. |
116,521 | 4,373,112 | ||||||
HCL Technologies Ltd. |
3,501,994 | 45,601,018 | ||||||
Hero MotoCorp. Ltd. |
195,123 | 5,706,204 | ||||||
Hindustan Unilever Ltd. |
1,453,492 | 43,229,447 | ||||||
Housing Development Finance Corp. Ltd. |
98,397 | 3,101,895 |
Security | Shares | Value | ||||||
India (continued) |
||||||||
Indus Towers Ltd. |
1,033,375 | $ | 2,134,507 | |||||
Infosys Ltd. |
2,832,576 | 50,881,186 | ||||||
Lupin Ltd. |
1,157,205 | 9,222,680 | ||||||
Marico Ltd. |
4,307,900 | 25,611,721 | ||||||
Maruti Suzuki India Ltd. |
55,478 | 5,781,702 | ||||||
Mphasis Ltd. |
170,488 | 4,192,709 | ||||||
MRF Ltd. |
23,873 | 24,604,316 | ||||||
Nestle India Ltd. |
70,101 | 15,822,252 | ||||||
Page Industries Ltd. |
38,661 | 17,744,555 | ||||||
Pidilite Industries Ltd. |
998,456 | 27,763,578 | ||||||
Reliance Industries Ltd. |
640,834 | 17,974,197 | ||||||
Sun Pharmaceutical Industries Ltd. |
2,176,041 | 25,165,570 | ||||||
Tata Consultancy Services Ltd. |
1,509,593 | 60,438,070 | ||||||
Tech Mahindra Ltd. |
1,518,205 | 20,181,718 | ||||||
Titan Co. Ltd. |
720,080 | 20,652,930 | ||||||
UltraTech Cement Ltd. |
38,915 | 3,415,113 | ||||||
Wipro Ltd. |
5,231,842 | 24,466,309 | ||||||
|
|
|||||||
643,235,984 | ||||||||
Indonesia — 0.8% | ||||||||
Bank Central Asia Tbk PT |
49,790,600 | 28,556,836 | ||||||
Telkom Indonesia Persero Tbk PT |
55,296,600 | 14,086,027 | ||||||
|
|
|||||||
42,642,863 | ||||||||
Kuwait — 2.8% | ||||||||
Agility Public Warehousing Co. KSC |
1,998,821 | 3,923,620 | ||||||
Kuwait Finance House KSCP |
10,302,555 | 28,752,988 | ||||||
Mobile Telecommunications Co. KSCP |
24,225,332 | 44,105,176 | ||||||
National Bank of Kuwait SAKP |
19,106,976 | 66,582,957 | ||||||
|
|
|||||||
143,364,741 | ||||||||
Malaysia — 4.6% | ||||||||
DiGi.Com Bhd |
14,526,200 | 13,915,815 | ||||||
Genting Malaysia Bhd |
4,202,400 | 2,528,003 | ||||||
Hong Leong Bank Bhd |
5,442,100 | 24,908,534 | ||||||
IHH Healthcare Bhd |
23,206,800 | 29,939,472 | ||||||
IOI Corp. Bhd(d) |
3,342,800 | 2,852,973 | ||||||
Malayan Banking Bhd |
25,223,500 | 49,460,830 | ||||||
Malaysia Airports Holdings Bhd(a) |
2,006,200 | 3,035,810 | ||||||
MISC Bhd |
2,827,300 | 4,761,127 | ||||||
MR DIY Group M Bhd(b) |
23,166,750 | 8,773,443 | ||||||
Nestle Malaysia Bhd |
1,119,300 | 33,697,477 | ||||||
Petronas Chemicals Group Bhd |
5,259,200 | 8,389,476 | ||||||
Petronas Dagangan Bhd |
1,777,300 | 8,325,091 | ||||||
PPB Group Bhd |
4,100,800 | 15,991,978 | ||||||
Public Bank Bhd |
5,392,600 | 4,962,850 | ||||||
Telekom Malaysia Bhd |
4,494,400 | 5,037,658 | ||||||
Tenaga Nasional Bhd |
6,876,100 | 14,358,397 | ||||||
|
|
|||||||
230,938,934 | ||||||||
Mexico — 0.9% | ||||||||
America Movil SAB de CV, Series L, NVS |
11,372,700 | 11,797,549 | ||||||
Wal-Mart de Mexico SAB de CV(d) |
8,739,000 | 34,394,304 | ||||||
|
|
|||||||
46,191,853 | ||||||||
Peru — 0.6% | ||||||||
Cia. de Minas Buenaventura SAA, ADR |
1,633,394 | 12,381,127 | ||||||
Credicorp Ltd. |
154,655 | 19,706,140 | ||||||
|
|
|||||||
32,087,267 | ||||||||
Philippines — 1.5% | ||||||||
Bank of the Philippine Islands |
11,271,598 | 22,350,504 | ||||||
BDO Unibank Inc. |
5,205,025 | 11,592,490 | ||||||
Globe Telecom Inc. |
3,680 | 117,910 |
26 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Emerging Markets Min Vol Factor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Philippines (continued) |
||||||||
International Container Terminal Services Inc. |
5,348,440 | $ | 19,293,802 | |||||
Jollibee Foods Corp. |
1,477,290 | 6,401,577 | ||||||
Manila Electric Co. |
2,063,040 | 11,843,417 | ||||||
PLDT Inc. |
91,005 | 2,111,474 | ||||||
SM Investments Corp. |
191,965 | 2,951,002 | ||||||
|
|
|||||||
76,662,176 | ||||||||
Qatar — 2.6% | ||||||||
Masraf Al Rayan QSC |
46,186,665 | 34,114,204 | ||||||
Ooredoo QPSC |
3,337,828 | 8,411,059 | ||||||
Qatar Electricity & Water Co. QSC |
4,430,693 | 21,158,042 | ||||||
Qatar Fuel QSC |
1,666,797 | 7,408,195 | ||||||
Qatar Islamic Bank SAQ |
4,339,860 | 22,095,219 | ||||||
Qatar National Bank QPSC |
7,976,196 | 36,804,528 | ||||||
|
|
|||||||
129,991,247 | ||||||||
Russia — 0.0% | ||||||||
Polymetal International PLC(a)(c) |
244,417 | 32 | ||||||
Polyus PJSC(a)(c) |
95,932 | 13 | ||||||
Rosneft Oil Co. PJSC(a)(c) |
759,070 | 101 | ||||||
Yandex NV(a)(c) |
49,681 | 7 | ||||||
|
|
|||||||
153 | ||||||||
Saudi Arabia — 8.8% | ||||||||
Advanced Petrochemical Co. |
733,504 | 9,439,491 | ||||||
Al Rajhi Bank(a) |
2,388,431 | 44,665,379 | ||||||
Alinma Bank |
3,338,866 | 26,160,760 | ||||||
Bank AlBilad(a) |
285,612 | 2,709,553 | ||||||
Bank Al-Jazira |
1,380,732 | 6,652,378 | ||||||
Bupa Arabia for Cooperative Insurance Co. |
167,473 | 6,888,142 | ||||||
Dallah Healthcare Co. |
59,378 | 2,309,406 | ||||||
Dar Al Arkan Real Estate Development Co.(a) |
7,168,972 | 27,408,033 | ||||||
Dr Sulaiman Al Habib Medical Services Group Co. |
149,018 | 9,196,280 | ||||||
Emaar Economic City(a) |
6,385,174 | 12,834,085 | ||||||
Etihad Etisalat Co. |
4,410,194 | 45,906,256 | ||||||
Jarir Marketing Co. |
946,555 | 37,266,600 | ||||||
Mobile Telecommunications Co.(a) |
7,105,209 | 19,628,508 | ||||||
Nahdi Medical Co. |
48,458 | 2,402,751 | ||||||
SABIC Agri-Nutrients Co. |
883,977 | 31,445,077 | ||||||
Saudi Arabian Oil Co.(b) |
2,879,476 | 24,325,217 | ||||||
Saudi Basic Industries Corp. |
1,446,493 | 34,086,963 | ||||||
Saudi Electricity Co. |
3,766,512 | 22,260,925 | ||||||
Saudi National Bank (The) |
186,717 | 2,348,452 | ||||||
Saudi Telecom Co. |
7,526,376 | 70,429,946 | ||||||
Yanbu National Petrochemical Co. |
620,814 | 6,942,030 | ||||||
|
|
|||||||
445,306,232 | ||||||||
South Korea — 6.2% | ||||||||
Amorepacific Corp. |
28,449 | 2,973,887 | ||||||
BGF retail Co. Ltd. |
66,921 | 9,153,045 | ||||||
Celltrion Healthcare Co. Ltd.(d) |
65,929 | 2,711,573 | ||||||
Celltrion Inc. |
46,163 | 5,062,611 | ||||||
Coway Co. Ltd. |
226,355 | 9,132,479 | ||||||
HLB Inc.(a) |
590 | 14,381 | ||||||
HMM Co. Ltd.(a) |
766,127 | 13,034,185 | ||||||
Hotel Shilla Co. Ltd.(d) |
431,421 | 26,123,895 | ||||||
Kakao Corp.(d) |
58,171 | 2,738,240 | ||||||
Kangwon Land Inc.(a) |
1,032,358 | 15,748,310 | ||||||
Kia Corp. |
50,615 | 2,876,456 | ||||||
Korea Electric Power Corp.(a) |
169,646 | 2,307,319 | ||||||
KT&G Corp. |
575,874 | 38,643,442 | ||||||
LG Electronics Inc. |
43,627 | 3,659,248 | ||||||
LG H&H Co. Ltd. |
5,123 | 2,585,100 |
Security | Shares | Value | ||||||
South Korea (continued) |
||||||||
LG Uplus Corp. |
1,226,065 | $ | 10,255,999 | |||||
NAVER Corp. |
106,969 | 16,815,739 | ||||||
NCSoft Corp. |
8,553 | 2,806,350 | ||||||
Orion Corp./Republic of Korea |
100,588 | 9,507,998 | ||||||
Pan Ocean Co. Ltd. |
779,388 | 3,723,803 | ||||||
S-1 Corp.(d) |
255,814 | 10,906,377 | ||||||
Samsung Biologics Co. Ltd.(a)(b) |
44,988 | 26,283,720 | ||||||
Samsung Electronics Co. Ltd. |
968,406 | 44,309,309 | ||||||
Samsung SDS Co. Ltd. |
194,862 | 18,429,113 | ||||||
SK Bioscience Co. Ltd.(a)(d) |
36,652 | 1,928,425 | ||||||
SK Hynix Inc. |
232,296 | 15,699,674 | ||||||
Yuhan Corp. |
429,832 | 17,118,757 | ||||||
|
|
|||||||
314,549,435 | ||||||||
Taiwan — 18.9% | ||||||||
Accton Technology Corp. |
600,000 | 5,494,928 | ||||||
Advantech Co. Ltd. |
3,593,855 | 41,688,828 | ||||||
Asustek Computer Inc. |
4,014,000 | 36,356,226 | ||||||
Catcher Technology Co. Ltd. |
515,000 | 3,112,163 | ||||||
Cathay Financial Holding Co. Ltd. |
4,865,020 | 6,899,038 | ||||||
China Steel Corp. |
10,485,000 | 10,786,235 | ||||||
Chunghwa Telecom Co. Ltd. |
21,700,000 | 82,044,456 | ||||||
Compal Electronics Inc. |
40,211,000 | 31,800,828 | ||||||
Delta Electronics Inc. |
746,000 | 6,979,366 | ||||||
E.Sun Financial Holding Co. Ltd. |
32,997,071 | 26,929,811 | ||||||
Far EasTone Telecommunications Co. Ltd. |
25,785,000 | 58,182,511 | ||||||
First Financial Holding Co. Ltd. |
92,847,796 | 81,365,428 | ||||||
Formosa Petrochemical Corp. |
3,641,000 | 10,128,693 | ||||||
Formosa Plastics Corp. |
3,785,840 | 11,238,522 | ||||||
Hon Hai Precision Industry Co. Ltd. |
3,836,000 | 12,689,494 | ||||||
Hua Nan Financial Holdings Co. Ltd. |
92,122,906 | 68,849,273 | ||||||
Inventec Corp. |
24,832,000 | 21,571,845 | ||||||
Lite-On Technology Corp. |
12,430,752 | 28,286,541 | ||||||
Mega Financial Holding Co. Ltd. |
19,158,150 | 20,899,846 | ||||||
Novatek Microelectronics Corp. |
397,000 | 5,246,594 | ||||||
Pou Chen Corp. |
4,904,000 | 5,373,534 | ||||||
President Chain Store Corp. |
8,663,000 | 75,694,949 | ||||||
Quanta Computer Inc. |
4,381,000 | 11,467,114 | ||||||
Synnex Technology International Corp. |
15,519,000 | 31,664,984 | ||||||
Taiwan Business Bank |
21,861,000 | 10,266,212 | ||||||
Taiwan Cement Corp. |
7,641,000 | 9,795,540 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. |
80,234,509 | 69,795,312 | ||||||
Taiwan High Speed Rail Corp. |
11,461,000 | 11,019,906 | ||||||
Taiwan Mobile Co. Ltd. |
25,080,000 | 79,451,198 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. |
2,870,000 | 47,480,971 | ||||||
Uni-President Enterprises Corp. |
9,752,000 | 21,528,091 | ||||||
WPG Holdings Ltd. |
9,407,440 | 15,206,337 | ||||||
|
|
|||||||
959,294,774 | ||||||||
Thailand — 6.4% | ||||||||
Advanced Info Service PCL, NVDR |
11,461,700 | 65,495,397 | ||||||
Airports of Thailand PCL, NVDR(a) |
26,931,200 | 55,423,766 | ||||||
Asset World Corp. PCL, NVDR |
78,978,500 | 13,178,583 | ||||||
Bangkok Dusit Medical Services PCL, NVDR |
54,055,100 | 42,816,671 | ||||||
Bangkok Expressway & Metro PCL, NVDR |
10,890,900 | 2,850,608 | ||||||
Bumrungrad Hospital PCL, NVDR |
4,111,700 | 24,542,758 | ||||||
Central Retail Corp. PCL, NVDR |
9,144,100 | 11,570,054 | ||||||
CP ALL PCL, NVDR |
21,089,500 | 36,988,639 | ||||||
Home Product Center PCL, NVDR |
39,453,600 | 15,619,460 | ||||||
Intouch Holdings PCL, NVDR |
13,138,600 | 26,296,113 | ||||||
Osotspa PCL, NVDR |
12,226,500 | 11,153,707 |
S C H E D U L E O F I N V E S T M E N T S |
27 |
Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Emerging Markets Min Vol Factor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Thailand (continued) |
||||||||
PTT Oil & Retail Business PCL, NVDR |
20,160,200 | $ | 12,492,471 | |||||
Siam Cement PCL (The), NVDR |
694,700 | 6,426,353 | ||||||
|
|
|||||||
324,854,580 | ||||||||
Turkey — 0.0% | ||||||||
BIM Birlesik Magazalar AS |
368,587 | 2,658,361 | ||||||
|
|
|||||||
United Arab Emirates — 4.1% | ||||||||
Abu Dhabi National Oil Co. for Distribution PJSC |
51,920,413 | 61,064,546 | ||||||
Aldar Properties PJSC |
29,272,672 | 37,407,974 | ||||||
Dubai Islamic Bank PJSC |
28,480,084 | 44,483,711 | ||||||
Emirates Telecommunications Group Co. PJSC |
5,406,221 | 37,531,958 | ||||||
First Abu Dhabi Bank PJSC |
5,806,460 | 22,246,135 | ||||||
Multiply Group(a) |
2,686,189 | 2,921,403 | ||||||
Q Holding PJSC(a) |
5,272,564 | 3,970,345 | ||||||
|
|
|||||||
209,626,072 | ||||||||
|
|
|||||||
Total
Common Stocks — 99.1% |
5,025,760,047 | |||||||
|
|
|||||||
Preferred Stocks |
||||||||
Russia — 0.0% | ||||||||
Surgutneftegas PJSC, Preference Shares, NVS(a)(c) |
40,815,200 | 5,438 | ||||||
|
|
|||||||
South Korea — 0.6% | ||||||||
Samsung Electronics Co. Ltd., Preference Shares, NVS |
709,087 | 28,593,247 | ||||||
|
|
|||||||
Total
Preferred Stocks — 0.6% |
28,598,685 | |||||||
|
|
|||||||
Rights |
||||||||
China — 0.0% | ||||||||
Kangmei
Pharmaceutical Co. Ltd., |
167,567 | — | ||||||
|
|
|||||||
Total
Rights — 0.0% |
— | |||||||
|
|
|||||||
Total
Long-Term Investments — 99.7% |
5,054,358,732 | |||||||
|
|
Security | Shares | Value | ||||||
Short-Term Securities |
||||||||
Money Market Funds — 0.6% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%(e)(f)(g) |
22,610,397 | $ | 22,623,963 | |||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(e)(f) |
7,200,000 | 7,200,000 | ||||||
|
|
|||||||
Total
Short-Term Securities — 0.6% |
|
29,823,963 | ||||||
|
|
|||||||
Total
Investments — 100.3% |
|
5,084,182,695 | ||||||
Liabilities in Excess of Other Assets — (0.3)% |
|
(14,570,139 | ) | |||||
|
|
|||||||
Net Assets — 100.0% |
|
$ | 5,069,612,556 | |||||
|
|
(a) |
Non-income producing security. |
(b) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(d) |
All or a portion of this security is on loan. |
(e) |
Affiliate of the Fund. |
(f) |
Annualized 7-day yield as of period end. |
(g) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
28 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Emerging Markets Min Vol Factor ETF |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
||||||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value
at 08/31/22 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Value
at 02/28/23 |
Shares Held at 02/28/23 |
Income |
Capital Gain |
|||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | 78,672,519 | $ | — | $ | (56,077,644 | )(a) | $ | 44,593 | $ | (15,505 | ) | $ | 22,623,963 | 22,610,397 | $ | 422,036 | (b) | $ | — | ||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
13,620,000 | — | (6,420,000 | )(a) | — | — | 7,200,000 | 7,200,000 | 542,706 | 5 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
$ | 44,593 | $ | (15,505 | ) | $ | 29,823,963 | $ | 964,742 | $ | 5 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Represents net amount purchased (sold). |
(b) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
|
||||||||||||||||
Description | Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
||||||||||||
|
||||||||||||||||
Long Contracts |
||||||||||||||||
MSCI Emerging Markets Index |
262 | 03/17/23 | $ | 12,614 | $ | (208,994 | ) | |||||||||
U.S. 2 Year Treasury Note |
11 | 06/30/23 | 2,241 | 763 | ||||||||||||
|
|
|||||||||||||||
$ | (208,231 | ) | ||||||||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
|
||||||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Assets — Derivative Financial Instruments |
||||||||||||||||||||||||||||
Futures contracts |
||||||||||||||||||||||||||||
Unrealized appreciation on futures contracts(a) |
$ | — | $ | — | $ | — | $ | — | $ | 763 | $ | — | $ | 763 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Liabilities — Derivative Financial Instruments |
||||||||||||||||||||||||||||
Futures contracts |
||||||||||||||||||||||||||||
Unrealized depreciation on futures contracts(a) |
$ | — | $ | — | $ | 208,994 | $ | — | $ | — | $ | — | $ | 208,994 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the period ended February 28, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
|
||||||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Net Realized Gain (Loss) from |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | (801,040 | ) | $ | — | $ | (85,268 | ) | $ | — | $ | (886,308 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | (120,150 | ) | $ | — | $ | 9,302 | $ | — | $ | (110,848 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
S C H E D U L E O F I N V E S T M E N T S |
29 |
Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Emerging Markets Min Vol Factor ETF |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
||||
Futures contracts |
||||
Average notional value of contracts — long |
$ | 20,717,026 | ||
|
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
||||||||||||||||
Assets |
||||||||||||||||
Investments |
||||||||||||||||
Long-Term Investments |
||||||||||||||||
Common Stocks |
$ | 313,726,950 | $ | 4,712,032,936 | $ | 161 | $ | 5,025,760,047 | ||||||||
Preferred Stocks |
— | 28,593,247 | 5,438 | 28,598,685 | ||||||||||||
Rights |
— | — | — | — | ||||||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
29,823,963 | — | — | 29,823,963 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 343,550,913 | $ | 4,740,626,183 | $ | 5,599 | $ | 5,084,182,695 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Derivative Financial Instruments(a) |
||||||||||||||||
Assets |
||||||||||||||||
Interest Rate Contracts |
$ | 763 | $ | — | $ | — | $ | 763 | ||||||||
Liabilities |
||||||||||||||||
Equity Contracts |
(208,994 | ) | — | — | (208,994 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | (208,231 | ) | $ | — | $ | — | (208,231 | ) | ||||||||
|
|
|
|
|
|
|
|
(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
See notes to financial statements.
30 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) February 28, 2023 |
iShares® MSCI Emerging Markets Multifactor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
||||||||
Brazil — 3.7% |
||||||||
B3 SA - Brasil, Bolsa, Balcao |
1,850,241 | $ | 3,728,436 | |||||
Banco do Brasil SA |
206,686 | 1,590,970 | ||||||
BRF SA(a) |
76,082 | 89,518 | ||||||
Centrais Eletricas Brasileiras SA |
139,487 | 914,381 | ||||||
Cia Energetica de Minas Gerais |
112,016 | 331,633 | ||||||
Cia. de Saneamento Basico do Estado de Sao Paulo |
46,026 | 454,946 | ||||||
Cia. Siderurgica Nacional SA |
250,215 | 796,700 | ||||||
CSN Mineracao SA |
1,174,581 | 1,045,478 | ||||||
Engie Brasil Energia SA |
15,668 | 117,552 | ||||||
Hypera SA |
103,391 | 822,515 | ||||||
JBS SA |
292,980 | 1,073,888 | ||||||
Neoenergia SA |
266,473 | 716,132 | ||||||
Petroleo Brasileiro SA |
460,684 | 2,529,804 | ||||||
Porto Seguro SA |
215,935 | 1,091,749 | ||||||
Raia Drogasil SA |
62,350 | 270,101 | ||||||
Sendas Distribuidora SA |
158,819 | 550,283 | ||||||
Suzano SA |
103,533 | 944,077 | ||||||
Tim SA |
565,129 | 1,323,378 | ||||||
Vale SA |
515,594 | 8,402,426 | ||||||
Vibra Energia SA |
518,232 | 1,463,991 | ||||||
WEG SA |
298,302 | 2,231,232 | ||||||
|
|
|||||||
30,489,190 | ||||||||
Chile — 0.5% | ||||||||
Banco de Chile |
6,725,869 | 698,859 | ||||||
Banco Santander Chile |
17,202,136 | 729,304 | ||||||
Cencosud SA |
677,797 | 1,281,613 | ||||||
Cia. Cervecerias Unidas SA |
22,201 | 169,435 | ||||||
Empresas CMPC SA |
90,972 | 151,164 | ||||||
Empresas COPEC SA |
48,553 | 350,800 | ||||||
Falabella SA |
60,846 | 133,951 | ||||||
Quinenco SA |
44,213 | 156,730 | ||||||
Sociedad Quimica y Minera de Chile SA |
1,863 | 132,351 | ||||||
|
|
|||||||
3,804,207 | ||||||||
China — 29.4% | ||||||||
360 DigiTech Inc.(b) |
86,712 | 1,765,456 | ||||||
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A |
326,300 | 1,031,506 | ||||||
Agile Group Holdings Ltd.(a) |
2,120,000 | 583,382 | ||||||
Agricultural Bank of China Ltd., Class H |
1,483,000 | 513,894 | ||||||
AIMA Technology Group Co. Ltd. |
32,600 | 271,266 | ||||||
Alibaba Group Holding Ltd.(a) |
1,759,248 | 19,336,672 | ||||||
Anhui Guangxin Agrochemical Co. Ltd. |
88,200 | 414,993 | ||||||
Anhui Gujing Distillery Co. Ltd., Class A |
16,500 | 650,090 | ||||||
Anhui Jinhe Industrial Co. Ltd. |
40,000 | 186,767 | ||||||
ANTA Sports Products Ltd. |
207,600 | 2,734,711 | ||||||
Autohome Inc., ADR |
10,958 | 334,219 | ||||||
Baidu Inc.(a) |
282,400 | 4,849,736 | ||||||
Bank of Chengdu Co. Ltd., Class A |
39,200 | 81,053 | ||||||
Bank of China Ltd., Class H |
13,771,000 | 5,052,677 | ||||||
Bank of Communications Co. Ltd., Class H |
1,771,000 | 1,047,118 | ||||||
Beijing Tongrentang Co. Ltd., Class A |
68,000 | 479,010 | ||||||
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A |
34,000 | 620,330 | ||||||
Bosideng International Holdings Ltd. |
4,594,000 | 2,548,394 | ||||||
BYD Co. Ltd., Class A |
8,400 | 315,218 | ||||||
BYD Co. Ltd., Class H |
99,500 | 2,677,198 | ||||||
C&S Paper Co. Ltd., Class A |
67,400 | 123,747 | ||||||
Caida Securities Co. Ltd. |
428,100 | 508,187 |
Security | Shares | Value | ||||||
China (continued) |
||||||||
CETC Potevio Science&Technology Co. Ltd. |
75,100 | $ | 256,642 | |||||
CGN New Energy Holdings Co. Ltd. |
474,000 | 164,856 | ||||||
China Coal Energy Co. Ltd. |
316,400 | 399,264 | ||||||
China Coal Energy Co. Ltd., Class H |
1,245,000 | 963,428 | ||||||
China Construction Bank Corp., Class H |
14,852,000 | 9,078,692 | ||||||
China Feihe Ltd.(c) |
802,000 | 642,809 | ||||||
China Galaxy Securities Co. Ltd., Class H |
2,669,500 | 1,329,751 | ||||||
China Great Wall Securities Co. Ltd., Class A |
80,200 | 100,396 | ||||||
China Hongqiao Group Ltd. |
606,500 | 648,714 | ||||||
China International Capital Corp. Ltd., Class H(c) |
777,200 | 1,671,355 | ||||||
China Life Insurance Co. Ltd., Class H |
1,231,000 | 2,085,803 | ||||||
China Longyuan Power Group Corp. Ltd., Class H |
495,000 | 607,209 | ||||||
China Medical System Holdings Ltd. |
581,000 | 874,668 | ||||||
China Merchants Bank Co. Ltd., Class H |
914,500 | 4,951,493 | ||||||
China Merchants Securities Co. Ltd., Class H(c) |
626,800 | 620,460 | ||||||
China National Building Material Co. Ltd., Class H |
1,112,000 | 985,925 | ||||||
China National Software & Service Co. Ltd., Class A |
94,400 | 970,100 | ||||||
China Overseas Property Holdings Ltd. |
645,000 | 751,873 | ||||||
China Pacific Insurance Group Co. Ltd., Class H |
53,400 | 141,504 | ||||||
China Petroleum & Chemical Corp., Class H |
3,524,000 | 1,800,296 | ||||||
China Railway Group Ltd., Class H |
543,000 | 283,004 | ||||||
China Resources Beer Holdings Co. Ltd. |
304,000 | 2,244,350 | ||||||
China Resources Double Crane Pharmaceutical Co. Ltd., Class A |
102,100 | 270,901 | ||||||
China Resources Land Ltd. |
282,000 | 1,250,236 | ||||||
China Resources Mixc Lifestyle Services Ltd.(c) |
64,600 | 353,887 | ||||||
China Resources Pharmaceutical Group Ltd.(c) |
1,523,500 | 1,253,039 | ||||||
China Resources Power Holdings Co. Ltd. |
750,000 | 1,531,443 | ||||||
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A |
140,800 | 1,031,338 | ||||||
China Shenhua Energy Co. Ltd., Class A |
264,400 | 1,065,232 | ||||||
China Shenhua Energy Co. Ltd., Class H |
451,500 | 1,358,056 | ||||||
China World Trade Center Co. Ltd. |
60,500 | 154,866 | ||||||
China Yongda Automobiles Services Holdings Ltd. |
900,500 | 695,216 | ||||||
Chongqing Changan Automobile Co. Ltd., Class A |
307,100 | 593,003 | ||||||
Chongqing Rural Commercial Bank Co. Ltd., Class H |
1,070,000 | 369,417 | ||||||
Chow Tai Fook Jewellery Group Ltd. |
604,200 | 1,170,005 | ||||||
CIFI Holdings Group Co. Ltd. |
644,000 | 68,917 | ||||||
CMOC Group Ltd., Class H |
708,000 | 397,773 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class H |
768,000 | 796,587 | ||||||
Country Garden Holdings Co. Ltd. |
623,000 | 190,486 | ||||||
Country Garden Services Holdings Co. Ltd. |
316,000 | 585,349 | ||||||
CSC Financial Co. Ltd., Class A |
225,800 | 870,080 | ||||||
CSC Financial Co. Ltd., Class H(c) |
950,500 | 933,620 | ||||||
Daan Gene Co. Ltd., Class A |
105,800 | 244,037 | ||||||
Dali Foods Group Co. Ltd.(c) |
87,500 | 35,391 | ||||||
Daqo New Energy Corp., ADR(a)(b) |
14,525 | 641,714 | ||||||
DaShenLin Pharmaceutical Group Co. Ltd., Class A |
135,300 | 751,467 | ||||||
Dongyue Group Ltd. |
567,000 | 642,120 | ||||||
Eastern Air Logistics Co. Ltd. |
182,200 | 405,830 | ||||||
Ecovacs Robotics Co. Ltd., Class A |
81,800 | 1,064,129 | ||||||
Focus Media Information Technology Co. Ltd., Class A |
524,800 | 493,851 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class H(c) |
26,400 | 118,308 | ||||||
G-Bits Network Technology Xiamen Co. Ltd., Class A |
10,600 | 538,765 | ||||||
GCL-Poly Energy Holdings Ltd.(a) |
773,000 | 198,927 | ||||||
GD Power Development Co. Ltd., Class A(a) |
2,443,800 | 1,381,920 | ||||||
GF Securities Co. Ltd., Class H |
611,200 | 867,789 | ||||||
Great Wall Motor Co. Ltd., Class H |
523,000 | 692,945 | ||||||
Greentown China Holdings Ltd. |
112,000 | 152,959 | ||||||
Haidilao International Holding Ltd.(a)(c) |
57,000 | 157,579 |
S C H E D U L E O F I N V E S T M E N T S |
31 |
Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Emerging Markets Multifactor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) |
||||||||
Hangzhou Binjiang Real Estate Group Co. Ltd. |
443,700 | $ | 655,640 | |||||
Hangzhou Robam Appliances Co. Ltd., Class A |
21,100 | 93,480 | ||||||
Heilongjiang Agriculture Co. Ltd., Class A |
261,700 | 536,214 | ||||||
Hengdian Group DMEGC Magnetics Co. Ltd. |
127,100 | 397,950 | ||||||
Hisense Home Appliances Group Co. Ltd. |
133,200 | 366,260 | ||||||
Hopson Development Holdings Ltd. |
1,006,100 | 1,025,403 | ||||||
Huatai Securities Co. Ltd., Class H(c) |
257,200 | 289,331 | ||||||
Huizhou Desay Sv Automotive Co. Ltd., Class A |
4,900 | 80,280 | ||||||
Hundsun Technologies Inc., Class A |
69,600 | 444,648 | ||||||
Industrial & Commercial Bank of China Ltd., Class H |
12,736,000 | 6,360,374 | ||||||
Inner Mongolia Eerduosi Resources Co. Ltd., Class B |
46,200 | 91,384 | ||||||
Inner Mongolia Yitai Coal Co. Ltd., Class B |
76 | 102 | ||||||
JD Health International Inc.(a)(c) |
170,400 | 1,188,549 | ||||||
JD.com Inc., Class A |
315,400 | 6,979,512 | ||||||
Jiangsu Expressway Co. Ltd., Class H |
400,000 | 382,387 | ||||||
Jiangsu King’s Luck Brewery JSC Ltd., Class A |
137,900 | 1,271,882 | ||||||
Jiangxi Copper Co. Ltd., Class H |
173,000 | 272,833 | ||||||
Jiangxi Special Electric Motor Co. Ltd., NVS(a) |
36,500 | 94,009 | ||||||
Jinhui Liquor Co. Ltd. |
74,500 | 314,300 | ||||||
JiuGui Liquor Co. Ltd., Class A |
26,500 | 579,543 | ||||||
Jizhong Energy Resources Co. Ltd. |
486,700 | 498,691 | ||||||
Joincare Pharmaceutical Group Industry Co. Ltd., Class A |
265,400 | 503,698 | ||||||
Joyoung Co. Ltd., Class A |
113,200 | 319,247 | ||||||
Kanzhun Ltd., ADR(a) |
43,564 | 877,815 | ||||||
KE Holdings Inc., ADR(a) |
37,883 | 691,365 | ||||||
Kehua Data Co. Ltd. |
11,100 | 71,265 | ||||||
Kingboard Holdings Ltd. |
320,000 | 1,142,443 | ||||||
Kingboard Laminates Holdings Ltd. |
1,892,000 | 2,359,447 | ||||||
KingClean Electric Co. Ltd. |
58,700 | 263,015 | ||||||
Kingnet Network Co. Ltd.(a) |
316,200 | 386,728 | ||||||
Koolearn Technology Holding Ltd.(a)(c) |
58,500 | 332,022 | ||||||
Kuaishou Technology(a)(c) |
304,200 | 2,034,614 | ||||||
Kunlun Energy Co. Ltd. |
384,000 | 307,678 | ||||||
Kweichow Moutai Co. Ltd., Class A |
6,500 | 1,696,340 | ||||||
Legend Holdings Corp., Class H(c) |
236,700 | 261,445 | ||||||
Lenovo Group Ltd. |
1,274,000 | 1,146,475 | ||||||
Li Auto Inc.(a) |
133,900 | 1,573,658 | ||||||
Li Ning Co. Ltd. |
432,500 | 3,690,395 | ||||||
Longfor Group Holdings Ltd.(c) |
51,500 | 146,967 | ||||||
Lufax Holding Ltd., ADR |
163,172 | 352,452 | ||||||
Meituan, Class B(a)(c) |
608,920 | 10,567,762 | ||||||
Metallurgical Corp. of China Ltd., Class H |
4,431,000 | 965,298 | ||||||
MMG Ltd.(a) |
1,208,000 | 340,113 | ||||||
NetEase Inc. |
277,800 | 4,285,879 | ||||||
New Oriental Education & Technology Group Inc.(a) |
72,900 | 281,123 | ||||||
Newland Digital Technology Co. Ltd., Class A |
152,000 | 348,405 | ||||||
Ningbo Orient Wires & Cables Co. Ltd. |
8,600 | 68,059 | ||||||
Nongfu Spring Co. Ltd., Class H(c) |
326,600 | 1,830,764 | ||||||
Northeast Securities Co. Ltd., Class A |
343,700 | 338,762 | ||||||
Orient Overseas International Ltd. |
110,000 | 1,766,955 | ||||||
Orient Securities Co. Ltd.(c) |
2,045,600 | 1,131,030 | ||||||
People.cn Co. Ltd. |
82,500 | 207,263 | ||||||
People’s Insurance Co. Group of China Ltd. (The), |
||||||||
Class H |
1,926,000 | 608,515 | ||||||
Perfect World Co. Ltd., Class A |
285,500 | 584,980 | ||||||
PetroChina Co. Ltd., Class A |
3,030,900 | 2,280,856 | ||||||
PetroChina Co. Ltd., Class H |
538,000 | 274,454 | ||||||
PICC Property & Casualty Co. Ltd., Class H |
397,000 | 348,705 | ||||||
Pinduoduo Inc., ADR(a) |
74,696 | 6,553,080 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H |
903,000 | 6,131,666 |
Security | Shares | Value | ||||||
China (continued) |
||||||||
Pingdingshan Tianan Coal Mining Co. Ltd. |
71,500 | $ | 123,462 | |||||
Postal Savings Bank of China Co. Ltd., Class H(c) |
3,884,000 | 2,330,578 | ||||||
Proya Cosmetics Co. Ltd., Class A |
41,721 | 1,095,575 | ||||||
Sanquan Food Co. Ltd., Class A |
129,300 | 323,350 | ||||||
SenseTime Group Inc.(a)(c) |
2,121,000 | 680,934 | ||||||
Shaanxi Coal Industry Co. Ltd., Class A |
58,700 | 168,925 | ||||||
Shan Xi Hua Yang Group New Energy Co. Ltd. |
53,800 | 123,194 | ||||||
Shandong Buchang Pharmaceuticals Co. Ltd., Class A |
86,929 | 256,020 | ||||||
Shandong Jinjing Science & Technology Co. Ltd. |
63,700 | 97,431 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H |
496,400 | 801,272 | ||||||
Shanghai Baosight Software Co. Ltd., Class B |
825,450 | 2,690,967 | ||||||
Shanghai Flyco Electrical Appliance Co. Ltd. |
21,400 | 262,872 | ||||||
Shanghai International Port Group Co. Ltd., Class A |
227,481 | 174,109 | ||||||
Shanghai M&G Stationery Inc., Class A |
10,700 | 83,416 | ||||||
Shanghai Wanye Enterprises Co. Ltd. |
89,300 | 230,900 | ||||||
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A |
8,500 | 345,695 | ||||||
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A |
84,400 | 450,157 | ||||||
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A |
158,860 | 685,737 | ||||||
Sino Biopharmaceutical Ltd. |
1,663,000 | 858,046 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class H |
5,584,000 | 960,379 | ||||||
Sinosoft Co. Ltd. |
33,900 | 152,919 | ||||||
Sinotrans Ltd., Class H |
1,711,000 | 523,148 | ||||||
Sinotruk Hong Kong Ltd. |
946,000 | 1,489,612 | ||||||
Skshu Paint Co. Ltd., Class A(a) |
4,800 | 84,544 | ||||||
STO Express Co. Ltd., Class A(a) |
218,300 | 310,024 | ||||||
Sun Art Retail Group Ltd. |
837,000 | 303,902 | ||||||
Taiji Computer Corp. Ltd. |
84,100 | 517,438 | ||||||
TAL Education Group, ADR(a) |
100,276 | 704,940 | ||||||
Tencent Holdings Ltd. |
702,200 | 30,846,518 | ||||||
Tingyi Cayman Islands Holding Corp. |
1,428,000 | 2,307,050 | ||||||
Topsports International Holdings Ltd.(c) |
597,000 | 522,176 | ||||||
Trip.com Group Ltd.(a) |
58,150 | 2,056,519 | ||||||
Tsingtao Brewery Co. Ltd., Class H |
98,000 | 966,341 | ||||||
Uni-President China Holdings Ltd. |
661,000 | 579,551 | ||||||
Vipshop Holdings Ltd., ADR(a) |
47,494 | 707,186 | ||||||
Want Want China Holdings Ltd.(b) |
2,405,000 | 1,513,013 | ||||||
Weichai Power Co. Ltd., Class H |
510,000 | 756,287 | ||||||
XPeng Inc.(a) |
143,700 | 628,850 | ||||||
Xtep International Holdings Ltd. |
77,000 | 87,097 | ||||||
Yadea Group Holdings Ltd.(c) |
1,054,000 | 2,262,087 | ||||||
Yankuang Energy Group Co. Ltd., Class A |
89,300 | 458,716 | ||||||
Yankuang Energy Group Co. Ltd., Class H |
484,000 | 1,459,909 | ||||||
Yifeng Pharmacy Chain Co. Ltd., Class A |
18,700 | 162,788 | ||||||
Yixintang Pharmaceutical Group Co. Ltd., Class A |
84,600 | 425,079 | ||||||
Yongan Futures Co. Ltd. |
94,100 | 243,447 | ||||||
Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A |
17,500 | 99,186 | ||||||
Zhongshan Broad Ocean Motor Co. Ltd. |
349,700 | 278,257 | ||||||
Zijin Mining Group Co. Ltd., Class H |
508,000 | 766,265 | ||||||
ZTE Corp., Class H |
62,200 | 184,633 | ||||||
|
|
|||||||
244,159,409 | ||||||||
Colombia — 0.1% |
||||||||
Grupo Energia Bogota SA ESP |
505,823 | 145,728 | ||||||
Interconexion Electrica SA ESP |
245,545 | 869,614 | ||||||
|
|
|||||||
1,015,342 | ||||||||
Czech Republic — 0.5% |
||||||||
CEZ AS |
21,183 | 988,819 | ||||||
Komercni Banka AS |
86,846 | 2,930,031 | ||||||
|
|
|||||||
3,918,850 |
32 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Emerging Markets Multifactor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Egypt — 0.1% |
||||||||
Eastern Co. SAE |
1,008,301 | $ | 609,655 | |||||
|
|
|||||||
Greece — 0.5% |
||||||||
Hellenic Telecommunications Organization SA |
107,253 | 1,647,170 | ||||||
JUMBO SA |
7,178 | 143,330 | ||||||
National Bank of Greece SA(a) |
106,593 | 597,540 | ||||||
OPAP SA |
129,072 | 2,004,105 | ||||||
|
|
|||||||
4,392,145 | ||||||||
Hong Kong — 0.4% |
||||||||
BOC Hong Kong Holdings Ltd. |
1,060,000 | 3,585,370 | ||||||
|
|
|||||||
Hungary — 0.2% |
||||||||
MOL Hungarian Oil & Gas PLC |
111,676 | 848,032 | ||||||
OTP Bank Nyrt |
22,288 | 676,970 | ||||||
Richter Gedeon Nyrt |
4,618 | 96,801 | ||||||
|
|
|||||||
1,621,803 | ||||||||
India — 17.1% |
||||||||
3M India Ltd. |
4,314 | 1,194,454 | ||||||
ABB India Ltd. |
42,228 | 1,643,478 | ||||||
ACC Ltd. |
40,557 | 848,953 | ||||||
Adani Enterprises Ltd. |
85,815 | 1,414,464 | ||||||
Adani Total Gas Ltd. |
209,225 | 1,715,018 | ||||||
Alkem Laboratories Ltd. |
24,817 | 953,143 | ||||||
Ambuja Cements Ltd. |
224,245 | 927,172 | ||||||
Apollo Hospitals Enterprise Ltd. |
19,237 | 1,024,279 | ||||||
Asian Paints Ltd. |
58,622 | 2,005,987 | ||||||
Bajaj Auto Ltd. |
27,798 | 1,231,125 | ||||||
Bajaj Finance Ltd. |
29,246 | 2,162,331 | ||||||
Bajaj Holdings & Investment Ltd. |
16,594 | 1,255,407 | ||||||
Bharat Electronics Ltd. |
1,828,316 | 2,090,840 | ||||||
Bharat Petroleum Corp. Ltd. |
107,925 | 414,310 | ||||||
Bharti Airtel Ltd. |
232,816 | 2,090,394 | ||||||
Britannia Industries Ltd. |
2,933 | 158,301 | ||||||
Cholamandalam Investment and Finance Co. Ltd. |
20,128 | 184,194 | ||||||
Coal India Ltd. |
488,235 | 1,272,154 | ||||||
Colgate-Palmolive India Ltd. |
37,998 | 676,954 | ||||||
CRISIL Ltd. |
33,047 | 1,354,061 | ||||||
Cummins India Ltd. |
11,144 | 211,658 | ||||||
DLF Ltd. |
36,717 | 156,186 | ||||||
Dr Lal PathLabs Ltd.(c) |
27,753 | 667,861 | ||||||
Dr. Reddy’s Laboratories Ltd. |
12,451 | 648,885 | ||||||
Emami Ltd. |
148,704 | 718,359 | ||||||
GAIL India Ltd. |
525,260 | 652,035 | ||||||
GlaxoSmithKline Pharmaceuticals Ltd. |
35,510 | 573,989 | ||||||
Godrej Properties Ltd.(a) |
18,944 | 252,167 | ||||||
Gujarat Fluorochemicals Ltd. |
30,836 | 1,173,180 | ||||||
Havells India Ltd. |
130,324 | 1,887,130 | ||||||
HCL Technologies Ltd. |
189,028 | 2,461,417 | ||||||
HDFC Bank Ltd. |
444,892 | 8,608,573 | ||||||
Hero MotoCorp Ltd. |
53,563 | 1,566,404 | ||||||
Hindalco Industries Ltd. |
350,206 | 1,689,385 | ||||||
Hindustan Aeronautics Ltd. |
25,926 | 807,346 | ||||||
Hindustan Petroleum Corp. Ltd. |
286,861 | 746,930 | ||||||
Housing Development Finance Corp. Ltd. |
240,276 | 7,584,458 | ||||||
ICICI Bank Ltd. |
632,470 | 6,540,260 | ||||||
ICICI Lombard General Insurance Co. Ltd.(c) |
64,513 | 859,874 | ||||||
Indian Oil Corp. Ltd. |
570,404 | 524,743 | ||||||
Indraprastha Gas Ltd. |
157,066 | 833,423 | ||||||
Indus Towers Ltd. |
326,870 | 675,744 | ||||||
Info Edge India Ltd. |
7,020 | 296,510 |
Security | Shares | Value | ||||||
India (continued) |
||||||||
Infosys Ltd. |
662,476 | $ | 11,920,842 | |||||
InterGlobe Aviation Ltd.(a)(c) |
35,634 | 800,184 | ||||||
Jindal Steel & Power Ltd. |
21,069 | 139,950 | ||||||
JSW Energy Ltd. |
124,039 | 352,082 | ||||||
JSW Steel Ltd. |
12,371 | 99,845 | ||||||
Jubilant Foodworks Ltd. |
36,977 | 196,930 | ||||||
Kotak Mahindra Bank Ltd. |
87,903 | 1,838,767 | ||||||
L&T Technology Services Ltd.(c) |
13,402 | 597,369 | ||||||
Larsen & Toubro Infotech Ltd.(c) |
6,292 | 358,956 | ||||||
Larsen & Toubro Ltd. |
94,286 | 2,405,580 | ||||||
Macrotech Developers Ltd.(a) |
13,125 | 130,222 | ||||||
Mahindra & Mahindra Ltd. |
21,121 | 324,374 | ||||||
Marico Ltd. |
47,143 | 280,279 | ||||||
Max Healthcare Institute Ltd.(a) |
136,061 | 701,311 | ||||||
Mphasis Ltd. |
56,460 | 1,388,487 | ||||||
Muthoot Finance Ltd. |
89,160 | 1,048,986 | ||||||
Nestle India Ltd. |
8,210 | 1,854,183 | ||||||
NHPC Ltd., NVS |
3,918,656 | 1,855,813 | ||||||
NTPC Ltd. |
74,657 | 153,986 | ||||||
Oil & Natural Gas Corp. Ltd. |
358,020 | 656,913 | ||||||
Oracle Financial Services Software Ltd. |
9,391 | 360,009 | ||||||
Page Industries Ltd. |
1,789 | 821,112 | ||||||
Persistent Systems Ltd. |
16,210 | 939,863 | ||||||
Pidilite Industries Ltd. |
4,433 | 123,379 | ||||||
Polycab India Ltd. |
4,073 | 151,817 | ||||||
Power Finance Corp. Ltd. |
1,795,252 | 3,157,585 | ||||||
Power Grid Corp. of India Ltd. |
498,215 | 1,339,442 | ||||||
REC Ltd. |
1,566,600 | 2,166,055 | ||||||
Reliance Industries Ltd. |
375,816 | 10,558,581 | ||||||
SBI Cards & Payment Services Ltd. |
66,484 | 603,537 | ||||||
SBI Life Insurance Co. Ltd.(c) |
49,430 | 670,288 | ||||||
Schaeffler India Ltd. |
7,141 | 257,579 | ||||||
SRF Ltd. |
30,444 | 797,774 | ||||||
Sun Pharmaceutical Industries Ltd. |
47,177 | 545,595 | ||||||
Supreme Industries Ltd. |
66,993 | 2,237,773 | ||||||
Tata Consultancy Services Ltd. |
232,565 | 9,319,902 | ||||||
Tata Elxsi Ltd. |
14,150 | 1,048,058 | ||||||
Tata Motors Ltd., Class A(a) |
518,984 | 1,380,212 | ||||||
Tata Steel Ltd. |
1,448,245 | 1,821,410 | ||||||
Tata Teleservices Maharashtra Ltd.(a) |
139,418 | 94,528 | ||||||
Tech Mahindra Ltd. |
103,277 | 1,372,876 | ||||||
Tube Investments of India Ltd. |
85,157 | 2,854,387 | ||||||
Union Bank of India |
241,861 | 196,754 | ||||||
Varun Beverages Ltd. |
27,081 | 426,112 | ||||||
Vedant Fashions Ltd. |
60,260 | 877,430 | ||||||
Vedanta Ltd. |
30,957 | 100,480 | ||||||
Wipro Ltd. |
755,300 | 3,536,322 | ||||||
WNS Holdings Ltd.(a) |
23,998 | 2,085,906 | ||||||
|
|
|||||||
141,703,361 | ||||||||
Indonesia — 2.3% |
||||||||
Adaro Energy Indonesia Tbk PT |
4,466,100 | 875,010 | ||||||
Aneka Tambang Tbk |
670,200 | 87,456 | ||||||
Avia Avian Tbk PT |
2,233,000 | 91,517 | ||||||
Bank Central Asia Tbk PT |
8,803,700 | 5,051,303 | ||||||
Bank Mandiri Persero Tbk PT |
1,837,000 | 1,204,590 | ||||||
Bank Negara Indonesia Persero Tbk PT |
911,200 | 524,314 | ||||||
Bank Pan Indonesia Tbk PT |
4,259,200 | 403,577 | ||||||
Bank Rakyat Indonesia Persero Tbk PT |
8,648,700 | 2,648,487 | ||||||
Bukit Asam Tbk PT |
2,179,400 | 551,638 | ||||||
Cisarua Mountain Dairy PT TBK |
1,739,800 | 507,679 |
S C H E D U L E O F I N V E S T M E N T S |
33 |
Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Emerging Markets Multifactor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Indonesia (continued) |
||||||||
Elang Mahkota Teknologi Tbk PT |
1,133,800 | $ | 70,630 | |||||
GoTo Gojek Tokopedia Tbk PT(a) |
51,192,300 | 396,111 | ||||||
Hanjaya Mandala Sampoerna Tbk PT |
14,943,200 | 1,161,160 | ||||||
Indo Tambangraya Megah Tbk PT |
388,300 | 947,197 | ||||||
Indofood CBP Sukses Makmur Tbk PT |
206,100 | 136,837 | ||||||
Kalbe Farma Tbk PT |
1,073,100 | 148,448 | ||||||
Perusahaan Gas Negara Tbk PT |
1,687,900 | 173,217 | ||||||
Saratoga Investama Sedaya Tbk PT, NVS |
1,540,600 | 238,414 | ||||||
Sumber Alfaria Trijaya Tbk PT |
11,624,000 | 2,210,556 | ||||||
Telkom Indonesia Persero Tbk PT |
4,191,100 | 1,066,326 | ||||||
Unilever Indonesia Tbk PT |
511,500 | 140,158 | ||||||
United Tractors Tbk PT |
156,900 | 286,978 | ||||||
|
|
|||||||
18,921,603 | ||||||||
Kuwait — 0.4% |
||||||||
Gulf Bank KSCP |
1,422,352 | 1,403,820 | ||||||
Mabanee Co. KPSC |
95,242 | 243,698 | ||||||
National Bank of Kuwait SAKP |
614,008 | 2,140,028 | ||||||
|
|
|||||||
3,787,546 | ||||||||
Malaysia — 0.8% |
||||||||
Fraser & Neave Holdings Bhd |
89,000 | 545,404 | ||||||
Genting Bhd |
490,900 | 509,770 | ||||||
Hong Leong Bank Bhd |
250,800 | 1,147,951 | ||||||
Hong Leong Financial Group Bhd |
155,500 | 631,356 | ||||||
Malaysia Airports Holdings Bhd(a) |
71,700 | 108,489 | ||||||
Petronas Chemicals Group Bhd |
95,500 | 152,374 | ||||||
Petronas Dagangan Bhd |
64,900 | 304,000 | ||||||
Petronas Gas Bhd |
135,000 | 501,192 | ||||||
Public Bank Bhd |
1,376,800 | 1,267,116 | ||||||
Sime Darby Bhd |
1,275,900 | 645,415 | ||||||
Telekom Malaysia Bhd |
190,800 | 213,866 | ||||||
Top Glove Corp. Bhd(a) |
517,400 | 87,050 | ||||||
Westports Holdings Bhd |
519,100 | 428,005 | ||||||
|
|
|||||||
6,541,988 | ||||||||
Mexico — 2.6% |
||||||||
America Movil SAB de CV, Series L, NVS |
6,351,100 | 6,588,357 | ||||||
Cemex SAB de CV(a) |
185,103 | 921,813 | ||||||
Coca-Cola Femsa SAB de CV |
40,500 | 292,940 | ||||||
Fomento Economico Mexicano SAB de CV |
238,500 | 2,201,137 | ||||||
Gruma SAB de CV, Class B |
98,680 | 1,446,559 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B |
186,500 | 3,546,930 | ||||||
Grupo Financiero Banorte SAB de CV, Class O |
209,200 | 1,765,848 | ||||||
Grupo Mexico SAB de CV, Series B |
161,800 | 725,940 | ||||||
Wal-Mart de Mexico SAB de CV |
1,079,000 | 4,246,648 | ||||||
|
|
|||||||
21,736,172 | ||||||||
Philippines — 0.6% |
||||||||
Bank of the Philippine Islands |
786,720 | 1,560,648 | ||||||
BDO Unibank Inc. |
208,370 | 464,550 | ||||||
Manila Electric Co. |
242,650 | 1,393,210 | ||||||
Metropolitan Bank & Trust Co. |
186,160 | 195,554 | ||||||
PLDT Inc. |
50,100 | 1,163,117 | ||||||
Semirara Mining & Power Corp. |
289,900 | 157,127 | ||||||
|
|
|||||||
4,934,206 | ||||||||
Poland — 0.7% |
||||||||
Bank Millennium SA(a) |
180,059 | 183,356 | ||||||
Bank Polska Kasa Opieki SA |
18,278 | 368,473 | ||||||
CD Projekt SA |
9,787 | 291,286 | ||||||
KGHM Polska Miedz SA |
35,889 | 1,023,517 | ||||||
LPP SA |
696 | 1,473,811 | ||||||
mBank SA(a) |
2,298 | 169,436 |
Security | Shares | Value | ||||||
Poland (continued) |
||||||||
Orange Polska SA |
769,312 | $ | 1,162,818 | |||||
PGE Polska Grupa Energetyczna SA(a) |
230,797 | 346,270 | ||||||
Polski Koncern Naftowy ORLEN SA |
39,726 | 595,280 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA |
44,268 | 309,280 | ||||||
|
|
|||||||
5,923,527 | ||||||||
Qatar — 1.0% |
||||||||
Ezdan Holding Group QSC(a) |
713,789 | 170,624 | ||||||
Industries Qatar QSC |
860,596 | 3,280,166 | ||||||
Mesaieed Petrochemical Holding Co. |
2,079,472 | 1,196,290 | ||||||
Ooredoo QPSC |
342,686 | 863,260 | ||||||
Qatar Gas Transport Co. Ltd. |
165,772 | 165,677 | ||||||
Qatar Islamic Bank SAQ |
43,585 | 221,977 | ||||||
Qatar National Bank QPSC |
487,805 | 2,250,627 | ||||||
|
|
|||||||
8,148,621 | ||||||||
Russia — 0.0% |
||||||||
Inter RAO UES PJSC(a)(d) |
41,455,000 | 5,524 | ||||||
PhosAgro PJSC(a)(d) |
51,000 | 7 | ||||||
PhosAgro PJSC, New(a)(d) |
986 | 10 | ||||||
TCS Group Holding PLC, GDR(a)(d)(e) |
135,475 | 18 | ||||||
United Co. RUSAL International PJSC(a)(d) |
3,441,260 | 458 | ||||||
|
|
|||||||
6,017 | ||||||||
Saudi Arabia — 3.4% |
||||||||
ACWA Power Co. |
6,126 | 227,563 | ||||||
Al Rajhi Bank(a) |
160,816 | 3,012,635 | ||||||
Alinma Bank |
78,808 | 618,469 | ||||||
Arab National Bank |
167,393 | 1,025,402 | ||||||
Bank AlBilad(a) |
81,207 | 770,397 | ||||||
Banque Saudi Fransi |
135,446 | 1,178,063 | ||||||
Bupa Arabia for Cooperative Insurance Co. |
5,030 | 206,883 | ||||||
Dr Sulaiman Al Habib Medical Services Group Co. |
63,739 | 3,933,496 | ||||||
Elm Co. |
2,268 | 228,814 | ||||||
Nahdi Medical Co. |
48,539 | 2,406,767 | ||||||
Riyad Bank |
243,025 | 1,684,307 | ||||||
SABIC Agri-Nutrients Co. |
61,572 | 2,190,256 | ||||||
Sahara International Petrochemical Co. |
67,131 | 633,269 | ||||||
Saudi Arabian Mining Co.(a) |
62,013 | 1,050,998 | ||||||
Saudi Arabian Oil Co.(c) |
713,547 | 6,046,606 | ||||||
Saudi Electricity Co. |
74,982 | 443,580 | ||||||
Saudi Industrial Investment Group |
57,569 | 342,786 | ||||||
Saudi National Bank (The) |
25,350 | 319,184 | ||||||
Saudi Tadawul Group Holding Co. |
47,194 | 1,793,321 | ||||||
|
|
|||||||
28,112,796 | ||||||||
South Africa — 2.5% |
||||||||
Anglo American Platinum Ltd. |
24,277 | 1,342,432 | ||||||
Bidvest Group Ltd. (The) |
54,188 | 691,417 | ||||||
Capitec Bank Holdings Ltd. |
2,910 | 278,008 | ||||||
Clicks Group Ltd. |
65,149 | 948,944 | ||||||
Exxaro Resources Ltd. |
77,300 | 846,533 | ||||||
FirstRand Ltd. |
32,358 | 115,495 | ||||||
Foschini Group Ltd. (The) |
28,219 | 155,866 | ||||||
Gold Fields Ltd. |
54,113 | 491,451 | ||||||
Impala Platinum Holdings Ltd. |
160,088 | 1,495,055 | ||||||
MTN Group Ltd. |
365,812 | 2,884,467 | ||||||
MultiChoice Group |
343,375 | 2,636,312 | ||||||
Naspers Ltd., Class N |
9,164 | 1,625,244 | ||||||
Nedbank Group Ltd. |
18,035 | 226,437 | ||||||
Northam Platinum Holdings Ltd.(a) |
51,468 | 423,879 | ||||||
Sasol Ltd. |
65,532 | 964,657 | ||||||
Sibanye Stillwater Ltd. |
240,811 | 486,605 |
34 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Emerging Markets Multifactor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
South Africa (continued) |
||||||||
SPAR Group Ltd. (The) |
28,778 | $ | 225,648 | |||||
Standard Bank Group Ltd. |
190,736 | 1,906,633 | ||||||
Thungela Resources Ltd. |
64,720 | 753,029 | ||||||
Woolworths Holdings Ltd. |
450,586 | 1,889,198 | ||||||
|
|
|||||||
20,387,310 | ||||||||
South Korea — 11.8% |
||||||||
Celltrion Healthcare Co. Ltd. |
5,578 | 229,738 | ||||||
Celltrion Inc. |
10,746 | 1,179,157 | ||||||
CJ CheilJedang Corp. |
324 | 78,621 | ||||||
CJ Corp. |
9,131 | 599,648 | ||||||
Coway Co. Ltd.(b) |
42,516 | 1,715,343 | ||||||
DB HiTek Co. Ltd. |
12,815 | 438,707 | ||||||
DB Insurance Co. Ltd. |
18,057 | 1,050,808 | ||||||
DL Holdings Co. Ltd. |
27,206 | 1,210,983 | ||||||
Doosan Bobcat Inc. |
11,018 | 315,426 | ||||||
Ecopro BM Co. Ltd. |
2,089 | 262,536 | ||||||
E-MART Inc. |
8,679 | 734,156 | ||||||
F&F Co. Ltd./New |
3,959 | 414,876 | ||||||
Hana Financial Group Inc. |
107,656 | 3,692,305 | ||||||
Hanmi Science Co. Ltd.(a) |
9,518 | 234,129 | ||||||
Hanwha Aerospace Co. Ltd. |
3,851 | 261,923 | ||||||
HMM Co. Ltd.(a) |
22,818 | 388,850 | ||||||
Hyosung TNC Corp. |
894 | 309,091 | ||||||
Hyundai Engineering & Construction Co. Ltd. |
6,520 | 179,174 | ||||||
Hyundai Glovis Co. Ltd. |
4,425 | 529,947 | ||||||
Hyundai Heavy Industries Co. Ltd.(a) |
963 | 77,433 | ||||||
Hyundai Mobis Co. Ltd. |
8,506 | 1,366,266 | ||||||
Hyundai Motor Co. |
19,814 | 2,639,870 | ||||||
KB Financial Group Inc. |
108,706 | 4,214,334 | ||||||
KCC Corp. |
3,273 | 607,233 | ||||||
KEPCO Engineering & Construction Co. Inc.(a) |
2,404 | 114,818 | ||||||
Kia Corp. |
53,758 | 3,055,074 | ||||||
Korea Electric Power Corp.(a) |
34,795 | 474,627 | ||||||
Korea Investment Holdings Co. Ltd.(a) |
30,601 | 1,433,790 | ||||||
Krafton Inc.(a) |
1,137 | 145,900 | ||||||
KT Corp. |
32,699 | 752,454 | ||||||
KT&G Corp. |
22,094 | 1,481,003 | ||||||
LG Chem Ltd. |
5,307 | 2,727,194 | ||||||
LG Electronics Inc. |
19,914 | 1,673,483 | ||||||
LG Energy Solution(a) |
2,438 | 963,593 | ||||||
LG H&H Co. Ltd. |
1,188 | 599,723 | ||||||
LG Innotek Co. Ltd. |
3,938 | 822,865 | ||||||
LG Uplus Corp. |
118,420 | 990,580 | ||||||
Meritz Financial Group Inc. |
23,164 | 787,478 | ||||||
NAVER Corp. |
11,061 | 1,742,844 | ||||||
NCSoft Corp. |
3,912 | 1,284,537 | ||||||
Orion Corp./Republic of Korea |
10,415 | 983,847 | ||||||
Pearl Abyss Corp.(a) |
16,312 | 552,876 | ||||||
POSCO Holdings Inc. |
13,176 | 3,175,722 | ||||||
Samsung Biologics Co. Ltd.(a)(c) |
1,944 | 1,135,622 | ||||||
Samsung C&T Corp. |
1,178 | 98,015 | ||||||
Samsung Card Co. Ltd. |
28,007 | 649,775 | ||||||
Samsung Electro-Mechanics Co. Ltd. |
13,421 | 1,459,212 | ||||||
Samsung Electronics Co. Ltd. |
736,888 | 33,716,229 | ||||||
Samsung Engineering Co. Ltd.(a) |
27,146 | 538,509 | ||||||
Samsung Fire & Marine Insurance Co. Ltd. |
6,967 | 1,129,357 | ||||||
Samsung SDI Co. Ltd. |
3,252 | 1,710,480 | ||||||
Samsung SDS Co. Ltd. |
8,399 | 795,311 | ||||||
Samsung Securities Co. Ltd. |
29,764 | 753,519 | ||||||
SD Biosensor Inc.(b) |
22,476 | 390,276 |
Security | Shares | Value | ||||||
South Korea (continued) |
||||||||
Seegene Inc. |
50,709 | $ | 935,046 | |||||
Shinhan Financial Group Co. Ltd. |
120,375 | 3,534,154 | ||||||
SK Bioscience Co. Ltd.(a) |
3,980 | 209,640 | ||||||
SK Hynix Inc. |
15,353 | 1,037,263 | ||||||
SK Innovation Co. Ltd.(a) |
1,544 | 175,140 | ||||||
Wemade Co. Ltd. |
11,842 | 477,886 | ||||||
Woori Financial Group Inc. |
279,796 | 2,579,642 | ||||||
|
|
|||||||
97,818,038 | ||||||||
Taiwan — 15.7% |
||||||||
Accton Technology Corp. |
160,000 | 1,465,314 | ||||||
Acer Inc. |
1,082,000 | 897,235 | ||||||
Advanced Energy Solution Holding Co. Ltd. |
13,000 | 347,945 | ||||||
Advantech Co. Ltd. |
80,000 | 928,002 | ||||||
Alchip Technologies Ltd. |
6,000 | 184,217 | ||||||
ASE Technology Holding Co. Ltd. |
315,000 | 1,084,694 | ||||||
Asustek Computer Inc. |
63,000 | 570,613 | ||||||
AUO Corp. |
2,443,800 | 1,487,176 | ||||||
Cathay Financial Holding Co. Ltd. |
2,187,000 | 3,101,364 | ||||||
Chang Hwa Commercial Bank Ltd. |
517,000 | 295,049 | ||||||
Cheng Shin Rubber Industry Co. Ltd. |
64,000 | 71,720 | ||||||
Chicony Electronics Co. Ltd. |
67,000 | 201,250 | ||||||
China Airlines Ltd. |
292,000 | 193,255 | ||||||
China Development Financial Holding Corp. |
2,890,000 | 1,244,358 | ||||||
Chunghwa Telecom Co. Ltd. |
164,000 | 620,059 | ||||||
CTBC Financial Holding Co. Ltd. |
3,022,000 | 2,243,634 | ||||||
Delta Electronics Inc. |
216,000 | 2,020,835 | ||||||
Far EasTone Telecommunications Co. Ltd. |
390,000 | 880,015 | ||||||
Feng TAY Enterprise Co. Ltd. |
175,000 | 1,054,200 | ||||||
Formosa Chemicals & Fibre Corp. |
142,000 | 329,531 | ||||||
Formosa Plastics Corp. |
270,000 | 801,513 | ||||||
Formosa Sumco Technology Corp. |
26,000 | 127,423 | ||||||
Fubon Financial Holding Co. Ltd. |
2,270,000 | 4,438,789 | ||||||
Giant Manufacturing Co. Ltd. |
89,000 | 592,133 | ||||||
Gigabyte Technology Co. Ltd. |
429,000 | 1,661,209 | ||||||
Global Unichip Corp. |
54,000 | 2,032,141 | ||||||
Hon Hai Precision Industry Co. Ltd. |
1,403,000 | 4,641,126 | ||||||
Kinsus Interconnect Technology Corp. |
30,000 | 105,056 | ||||||
Largan Precision Co. Ltd. |
3,000 | 215,670 | ||||||
Lite-On Technology Corp. |
1,367,718 | 3,112,282 | ||||||
MediaTek Inc. |
231,000 | 5,423,654 | ||||||
Mega Financial Holding Co. Ltd. |
270,000 | 294,546 | ||||||
Micro-Star International Co. Ltd. |
287,000 | 1,280,329 | ||||||
momo.com Inc. |
52,800 | 1,356,998 | ||||||
Nan Ya Plastics Corp. |
332,000 | 816,862 | ||||||
Nan Ya Printed Circuit Board Corp. |
65,000 | 492,693 | ||||||
Nanya Technology Corp. |
41,000 | 78,044 | ||||||
Nien Made Enterprise Co. Ltd. |
39,000 | 415,238 | ||||||
Novatek Microelectronics Corp. |
256,000 | 3,383,194 | ||||||
Pegatron Corp. |
502,000 | 1,112,224 | ||||||
Polaris Group/Tw(a) |
66,000 | 215,008 | ||||||
Pou Chen Corp. |
675,000 | 739,628 | ||||||
President Chain Store Corp. |
167,000 | 1,459,201 | ||||||
Quanta Computer Inc. |
140,000 | 366,445 | ||||||
Realtek Semiconductor Corp. |
319,000 | 3,932,621 | ||||||
Ruentex Industries Ltd. |
525,000 | 1,158,654 | ||||||
Shanghai Commercial & Savings Bank Ltd. (The) |
1,153,000 | 1,789,860 | ||||||
SinoPac Financial Holdings Co. Ltd. |
3,297,000 | 1,845,754 | ||||||
Synnex Technology International Corp. |
341,000 | 695,777 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. |
2,090,000 | 1,818,073 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. |
3,034,000 | 50,194,169 |
S C H E D U L E O F I N V E S T M E N T S |
35 |
Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Emerging Markets Multifactor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Taiwan (continued) |
||||||||
Unimicron Technology Corp. |
125,000 | $ | 516,276 | |||||
Uni-President Enterprises Corp. |
1,370,000 | 3,024,352 | ||||||
United Microelectronics Corp. |
2,667,000 | 4,343,756 | ||||||
Voltronic Power Technology Corp. |
7,000 | 365,497 | ||||||
Wan Hai Lines Ltd. |
233,000 | 603,009 | ||||||
Winbond Electronics Corp. |
132,000 | 98,821 | ||||||
Wiwynn Corp. |
51,000 | 1,599,233 | ||||||
Yang Ming Marine Transport Corp. |
361,000 | 759,822 | ||||||
Yuanta Financial Holding Co. Ltd. |
4,566,000 | 3,395,055 | ||||||
Yulon Nissan Motor Co. Ltd. |
13,000 | 86,796 | ||||||
|
|
|||||||
130,609,397 | ||||||||
Thailand — 1.4% |
||||||||
Advanced Info Service PCL, NVDR |
310,800 | 1,776,440 | ||||||
Bangkok Bank PCL |
160,700 | 743,450 | ||||||
Carabao Group PCL, NVDR |
76,100 | 217,482 | ||||||
Charoen Pokphand Foods PCL, NVDR |
1,627,000 | 1,022,018 | ||||||
Com7 PCL, NVDR |
768,000 | 662,795 | ||||||
Delta Electronics Thailand PCL, NVDR |
81,450 | 2,101,861 | ||||||
Jasmine Technology Solution PCL(a) |
485,100 | 566,204 | ||||||
Kasikornbank PCL, NVDR |
68,400 | 265,152 | ||||||
Krung Thai Bank PCL, NVDR |
1,498,700 | 733,549 | ||||||
Krungthai Card PCL, NVDR |
489,000 | 812,896 | ||||||
MK Restaurants Group PCL, NVDR |
539,700 | 847,546 | ||||||
PTT Exploration & Production PCL, NVDR |
144,900 | 615,004 | ||||||
PTT Public Company Ltd., NVDR |
686,200 | 616,471 | ||||||
SCG Packaging PCL, NVDR |
503,300 | 740,540 | ||||||
TOA Paint Thailand PCL, NVDR |
169,500 | 155,873 | ||||||
|
|
|||||||
11,877,281 | ||||||||
Turkey — 1.1% |
||||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS |
128,456 | 378,872 | ||||||
BIM Birlesik Magazalar AS |
210,848 | 1,520,699 | ||||||
Ford Otomotiv Sanayi AS |
102,296 | 2,984,038 | ||||||
KOC Holding AS |
53,579 | 220,019 | ||||||
Tofas Turk Otomobil Fabrikasi AS |
291,714 | 2,647,592 | ||||||
Turk Telekomunikasyon AS |
437,032 | 416,552 | ||||||
Turkcell Iletisim Hizmetleri AS |
138,951 | 234,859 | ||||||
Turkiye Garanti Bankasi AS |
295,805 | 364,646 | ||||||
Yapi ve Kredi Bankasi AS |
160,645 | 85,134 | ||||||
|
|
|||||||
8,852,411 | ||||||||
United Arab Emirates — 1.8% |
||||||||
Abu Dhabi Islamic Bank PJSC |
1,415,881 | 4,022,109 | ||||||
Abu Dhabi National Oil Co. for Distribution PJSC |
558,584 | 656,961 | ||||||
Dubai Electricity & Water Authority PJSC |
3,764,580 | 2,439,275 | ||||||
Emaar Properties PJSC |
213,653 | 325,735 | ||||||
Emirates NBD Bank PJSC |
105,981 | 392,405 | ||||||
Emirates Telecommunications Group Co. PJSC |
296,534 | 2,058,647 | ||||||
Fertiglobe PLC |
1,875,505 | 2,016,891 | ||||||
First Abu Dhabi Bank PJSC |
143,771 | 551,114 | ||||||
International Holding Co. PJSC(a) |
18,447 | 1,984,266 | ||||||
Multiply Group(a) |
442,861 | 482,275 | ||||||
|
|
|||||||
14,929,678 | ||||||||
|
|
|||||||
Total
Common Stocks — 98.6% |
817,885,923 | |||||||
|
|
Security | Shares | Value | ||||||
Preferred Stocks |
||||||||
Brazil — 1.2% |
||||||||
Banco Bradesco SA, Preference Shares, NVS |
639,598 | $ | 1,597,941 | |||||
Gerdau SA, Preference Shares, NVS |
259,551 | 1,419,352 | ||||||
Itau Unibanco Holding SA, Preference Shares, NVS |
805,183 | 3,910,992 | ||||||
Petroleo Brasileiro SA, Preference Shares, NVS |
620,856 | 2,993,134 | ||||||
|
|
|||||||
9,921,419 | ||||||||
Chile — 0.0% |
||||||||
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares |
3,162 | 282,669 | ||||||
|
|
|||||||
South Korea — 0.2% |
||||||||
Kumho Petrochemical Co. Ltd., 0.00% |
3,248 | 198,329 | ||||||
LG Chem Ltd., Preference Shares, NVS |
453 | 100,647 | ||||||
Samsung Electronics Co. Ltd., Preference Shares, NVS |
21,245 | 857,346 | ||||||
|
|
|||||||
1,156,322 | ||||||||
|
|
|||||||
Total
Preferred Stocks — 1.4% |
|
11,360,410 | ||||||
|
|
|||||||
Total
Long-Term Investments — 100.0% |
|
829,246,333 | ||||||
|
|
|||||||
Short-Term Securities |
||||||||
Money Market Funds — 0.3% |
||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%(f)(g)(h) |
2,216,366 | 2,217,696 | ||||||
|
|
|||||||
Total
Short-Term Securities — 0.3% |
|
2,217,696 | ||||||
|
|
|||||||
Total
Investments — 100.3% |
|
831,464,029 | ||||||
Liabilities in Excess of Other Assets — (0.3)% |
|
(2,134,476 | ) | |||||
|
|
|||||||
Net Assets — 100.0% |
|
$ | 829,329,553 | |||||
|
|
(a) |
Non-income producing security. |
(b) |
All or a portion of this security is on loan. |
(c) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(d) |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(e) |
This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
(f) |
Affiliate of the Fund. |
(g) |
Annualized 7-day yield as of period end. |
(h) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
36 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Emerging Markets Multifactor ETF |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
||||||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value
at 08/31/22 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Value
at 02/28/23 |
Shares Held at 02/28/23 |
Income |
Capital Gain |
|||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | 9,030,754 | $ | — | $ | (6,817,798 | )(a) | $ | 6,655 | $ | (1,915 | ) | $ | 2,217,696 | 2,216,366 | $ | 22,145 | (b) | $ | — | ||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares(c) |
700,000 | — | (700,000 | )(a) | — | — | — | — | 28,681 | 2 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
$ | 6,655 | $ | (1,915 | ) | $ | 2,217,696 | $ | 50,826 | $ | 2 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Represents net amount purchased (sold). |
(b) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
(c) |
As of period end, the entity is no longer held. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
|
||||||||||||||||
Description | Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
||||||||||||
|
||||||||||||||||
Long Contracts |
||||||||||||||||
MSCI Emerging Markets Index |
161 | 03/17/23 | $ | 7,751 | $ | (418,342 | ) | |||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
|
||||||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Liabilities — Derivative Financial Instruments |
||||||||||||||||||||||||||||
Futures
contracts |
$ | — | $ | — | $ | 418,342 | $ | — | $ | — | $ | — | $ | 418,342 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the period ended February 28, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
|
||||||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Net Realized Gain (Loss) from |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | 125,125 | $ | — | $ | — | $ | — | $ | 125,125 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | (388,600 | ) | $ | — | $ | — | $ | — | $ | (388,600 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
||||
Futures contracts |
||||
Average notional value of contracts — long |
$ | 4,858,173 | ||
|
S C H E D U L E O F I N V E S T M E N T S |
37 |
Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Emerging Markets Multifactor ETF |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
||||||||||||||||
Assets |
||||||||||||||||
Investments |
||||||||||||||||
Long-Term Investments |
||||||||||||||||
Common Stocks |
$ | 121,862,479 | $ | 696,017,427 | $ | 6,017 | $ | 817,885,923 | ||||||||
Preferred Stocks |
10,119,748 | 1,240,662 | — | 11,360,410 | ||||||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
2,217,696 | — | — | 2,217,696 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 134,199,923 | $ | 697,258,089 | $ | 6,017 | $ | 831,464,029 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Derivative Financial Instruments(a) |
||||||||||||||||
Liabilities |
||||||||||||||||
Equity Contracts |
$ | (418,342 | ) | $ | — | $ | — | $ | (418,342 | ) | ||||||
|
|
|
|
|
|
|
|
(a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
38 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) February 28, 2023 |
iShares® MSCI Global Min Vol Factor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
||||||||
Canada — 1.9% |
||||||||
BCE Inc. |
103,756 | $ | 4,590,509 | |||||
CGI Inc.(a) |
156,451 | 14,027,274 | ||||||
Franco-Nevada Corp. |
269,384 | 34,385,204 | ||||||
Loblaw Companies Ltd. |
84,281 | 7,202,644 | ||||||
TELUS Corp. |
261,210 | 5,193,571 | ||||||
Thomson Reuters Corp. |
24,750 | 2,997,570 | ||||||
Waste Connections Inc. |
106,788 | 14,301,049 | ||||||
|
|
|||||||
82,697,821 | ||||||||
China — 8.1% |
||||||||
Agricultural Bank of China Ltd., Class A |
7,832,699 | 3,301,901 | ||||||
Agricultural Bank of China Ltd., Class H |
44,462,000 | 15,414,851 | ||||||
Anhui Conch Cement Co. Ltd., Class H |
1,271,000 | 4,666,238 | ||||||
Anhui Gujing Distillery Co. Ltd., Class B |
165,536 | 2,845,572 | ||||||
Bank of China Ltd., Class H |
121,737,000 | 44,647,255 | ||||||
Bank of Communications Co. Ltd., Class A |
3,600,800 | 2,538,700 | ||||||
Bank of Communications Co. Ltd., Class H |
13,340,000 | 7,887,381 | ||||||
Bank of Ningbo Co. Ltd., Class A |
604,600 | 2,565,742 | ||||||
Beijing Enterprises Holdings Ltd. |
771,000 | 2,525,542 | ||||||
CGN Power Co. Ltd., Class H(b) |
16,251,000 | 3,644,958 | ||||||
China CITIC Bank Corp. Ltd., Class H |
13,626,000 | 6,304,175 | ||||||
China Coal Energy Co. Ltd., Class H |
3,168,000 | 2,451,519 | ||||||
China Conch Venture Holdings Ltd. |
2,516,000 | 5,063,390 | ||||||
China Construction Bank Corp., Class H |
52,441,000 | 32,055,999 | ||||||
China Feihe Ltd.(b) |
2,971,000 | 2,381,279 | ||||||
China Galaxy Securities Co. Ltd., Class H |
5,388,500 | 2,685,849 | ||||||
China Merchants Bank Co. Ltd., Class A |
1,020,000 | 5,478,612 | ||||||
China Merchants Port Holdings Co. Ltd. |
2,108,000 | 2,955,027 | ||||||
China Minsheng Banking Corp. Ltd., Class H |
9,578,500 | 3,307,972 | ||||||
China Shenhua Energy Co. Ltd., Class A |
717,300 | 2,890,407 | ||||||
China Shenhua Energy Co. Ltd., Class H |
3,916,000 | 11,778,846 | ||||||
China State Construction Engineering Corp. Ltd., Class A |
3,535,300 | 2,859,837 | ||||||
China Tourism Group Duty Free Corp. Ltd., Class A |
165,400 | 4,704,732 | ||||||
China Tower Corp. Ltd., Class H(b) |
58,854,000 | 6,373,933 | ||||||
China Yangtze Power Co. Ltd., Class A |
2,081,100 | 6,338,613 | ||||||
Chow Tai Fook Jewellery Group Ltd. |
3,048,000 | 5,907,487 | ||||||
CITIC Securities Co. Ltd., Class A |
902,808 | 2,681,949 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class H |
4,852,000 | 5,032,607 | ||||||
East Money Information Co. Ltd., Class A |
1,045,260 | 3,138,431 | ||||||
Guangdong Investment Ltd.(c) |
2,353,147 | 2,377,952 | ||||||
Industrial & Commercial Bank of China Ltd., Class A |
5,768,751 | 3,568,840 | ||||||
Industrial & Commercial Bank of China Ltd., Class H |
48,664,000 | 24,281,472 | ||||||
Industrial Bank Co. Ltd., Class A |
1,864,000 | 4,534,486 | ||||||
Inner Mongolia Yitai Coal Co. Ltd., Class B |
1,634,735 | 2,204,288 | ||||||
Kingboard Holdings Ltd. |
1,016,000 | 3,627,256 | ||||||
Kunlun Energy Co. Ltd. |
5,980,000 | 4,791,442 | ||||||
Lenovo Group Ltd. |
3,870,000 | 3,482,620 | ||||||
LONGi Green Energy Technology Co. Ltd., Class A |
694,892 | 4,425,173 | ||||||
Luxshare Precision Industry Co. Ltd., Class A |
494,100 | 2,123,524 | ||||||
NARI Technology Co. Ltd., Class A |
588,600 | 2,223,669 | ||||||
People’s Insurance Co. Group of China Ltd. (The), Class H |
12,701,000 | 4,015,684 | ||||||
PetroChina Co. Ltd., Class H |
32,146,000 | 16,398,895 | ||||||
PICC Property & Casualty Co. Ltd., Class H |
10,516,000 | 9,236,736 | ||||||
Ping An Bank Co. Ltd., Class A |
1,662,000 | 3,289,964 | ||||||
Postal Savings Bank of China Co. Ltd., Class H(b) |
12,095,000 | 7,266,706 | ||||||
SF Holding Co. Ltd., Class A |
365,900 | 2,833,519 | ||||||
Shaanxi Coal Industry Co. Ltd., Class A |
895,200 | 2,576,178 |
Security | Shares | Value | ||||||
China (continued) |
||||||||
Shanghai Baosight Software Co. Ltd., Class B |
766,180 | $ | 2,497,476 | |||||
Shanghai Pudong Development Bank Co. Ltd., Class A |
2,704,600 | 2,793,950 | ||||||
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A |
102,700 | 4,633,383 | ||||||
Sinopharm Group Co. Ltd., Class H |
2,043,200 | 5,472,327 | ||||||
Tingyi Cayman Islands Holding Corp. |
2,020,000 | 3,263,474 | ||||||
TravelSky Technology Ltd., Class H |
1,421,000 | 2,804,926 | ||||||
Wanhua Chemical Group Co. Ltd., Class A |
289,200 | 4,339,781 | ||||||
WuXi AppTec Co. Ltd., Class A |
180,704 | 2,152,128 | ||||||
Xiaomi Corp., Class B(a)(b) |
4,352,200 | 6,593,505 | ||||||
ZTE Corp., Class H |
1,151,600 | 3,421,528 | ||||||
ZTO Express Cayman Inc., ADR |
114,375 | 2,751,863 | ||||||
|
|
|||||||
348,411,549 | ||||||||
Denmark — 0.1% |
||||||||
Novo Nordisk A/S, Class B |
42,575 | 6,013,943 | ||||||
|
|
|||||||
Finland — 0.3% |
||||||||
Elisa OYJ |
217,469 | 12,349,661 | ||||||
|
|
|||||||
France — 0.4% |
||||||||
Orange SA |
1,400,779 | 15,991,701 | ||||||
|
|
|||||||
Germany — 0.9% |
||||||||
Deutsche Telekom AG, Registered |
1,597,381 | 35,850,095 | ||||||
Telefonica Deutschland Holding AG |
1,467,893 | 4,452,760 | ||||||
|
|
|||||||
40,302,855 | ||||||||
Greece — 0.1% |
||||||||
Hellenic Telecommunications Organization SA |
212,265 | 3,256,151 | ||||||
|
|
|||||||
Hong Kong — 2.1% |
||||||||
BOC Hong Kong Holdings Ltd. |
1,603,500 | 5,426,798 | ||||||
CLP Holdings Ltd. |
1,442,754 | 10,202,889 | ||||||
Hang Seng Bank Ltd. |
1,177,000 | 19,145,695 | ||||||
HKT Trust & HKT Ltd., Class SS |
5,409,000 | 7,032,228 | ||||||
Hong Kong & China Gas Co. Ltd. |
12,149,579 | 11,420,637 | ||||||
Jardine Matheson Holdings Ltd. |
200,800 | 9,953,579 | ||||||
Link REIT |
1,055,500 | 6,946,754 | ||||||
MTR Corp. Ltd. |
2,363,500 | 11,910,307 | ||||||
Power Assets Holdings Ltd. |
1,234,500 | 6,603,062 | ||||||
|
|
|||||||
88,641,949 | ||||||||
India — 4.5% |
||||||||
ACC Ltd. |
105,577 | 2,209,973 | ||||||
Adani Green Energy Ltd.(a) |
180,690 | 1,058,185 | ||||||
Adani Total Gas Ltd. |
70,391 | 576,995 | ||||||
Ambuja Cements Ltd. |
905,043 | 3,742,027 | ||||||
Asian Paints Ltd. |
412,602 | 14,103,089 | ||||||
Avenue Supermarts Ltd.(a)(b) |
118,215 | 4,881,792 | ||||||
Bajaj Auto Ltd. |
67,761 | 2,998,934 | ||||||
Bajaj Holdings & Investment Ltd. |
27,374 | 2,069,666 | ||||||
Berger Paints India Ltd. |
372,399 | 2,608,094 | ||||||
Bharat Petroleum Corp. Ltd. |
643,569 | 2,471,007 | ||||||
Cipla Ltd. |
342,327 | 3,750,578 | ||||||
Dabur India Ltd. |
327,730 | 2,110,075 | ||||||
Divi’s Laboratories Ltd. |
177,587 | 6,064,739 | ||||||
Dr. Reddy’s Laboratories Ltd. |
61,014 | 3,179,751 | ||||||
Eicher Motors Ltd. |
173,677 | 6,518,216 | ||||||
Havells India Ltd. |
147,379 | 2,132,515 | ||||||
HCL Technologies Ltd. |
1,109,384 | 14,445,781 | ||||||
Hero MotoCorp Ltd. |
74,731 | 2,185,444 | ||||||
Hindustan Petroleum Corp. Ltd. |
919,485 | 2,395,540 | ||||||
Hindustan Unilever Ltd. |
154,685 | 4,600,608 |
S C H E D U L E O F I N V E S T M E N T S |
39 |
Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Global Min Vol Factor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
India (continued) |
||||||||
Indian Oil Corp. Ltd. |
4,375,397 | $ | 4,025,510 | |||||
Infosys Ltd. |
494,921 | 8,890,200 | ||||||
Larsen & Toubro Infotech Ltd.(b) |
48,215 | 2,750,649 | ||||||
Larsen & Toubro Ltd. |
196,834 | 5,016,682 | ||||||
Maruti Suzuki India Ltd. |
36,949 | 3,850,681 | ||||||
MRF Ltd. |
2,385 | 2,458,061 | ||||||
Nestle India Ltd. |
37,177 | 8,391,091 | ||||||
Petronet LNG Ltd. |
1,171,140 | 3,149,196 | ||||||
PI Industries Ltd. |
117,525 | 4,402,899 | ||||||
Pidilite Industries Ltd. |
235,729 | 6,554,801 | ||||||
Shree Cement Ltd. |
10,327 | 3,256,225 | ||||||
Sun Pharmaceutical Industries Ltd. |
402,652 | 4,656,607 | ||||||
Tata Consultancy Services Ltd. |
737,208 | 29,514,862 | ||||||
Tech Mahindra Ltd. |
361,023 | 4,799,131 | ||||||
Torrent Pharmaceuticals Ltd. |
154,884 | 2,732,963 | ||||||
UltraTech Cement Ltd. |
72,052 | 6,323,160 | ||||||
Wipro Ltd. |
613,067 | 2,866,961 | ||||||
Wipro Ltd., ADR |
921,139 | 4,301,719 | ||||||
Yes Bank Ltd.(a) |
14,154,937 | 2,985,703 | ||||||
|
|
|||||||
195,030,110 | ||||||||
Indonesia — 0.5% |
||||||||
Bank Central Asia Tbk PT |
31,427,200 | 18,024,715 | ||||||
Telkom Indonesia Persero Tbk PT |
10,610,900 | 2,702,977 | ||||||
|
|
|||||||
20,727,692 | ||||||||
Israel — 0.3% |
||||||||
Azrieli Group Ltd. |
31,476 | 1,766,466 | ||||||
Bank Hapoalim BM |
412,151 | 3,447,324 | ||||||
Bank Leumi Le-Israel BM |
590,266 | 4,589,037 | ||||||
Check Point Software Technologies Ltd.(a) |
34,942 | 4,323,024 | ||||||
|
|
|||||||
14,125,851 | ||||||||
Italy — 0.2% |
||||||||
Infrastrutture Wireless Italiane SpA(b) |
471,392 | 5,188,176 | ||||||
Recordati Industria Chimica e Farmaceutica SpA |
85,471 | 3,624,531 | ||||||
|
|
|||||||
8,812,707 | ||||||||
Japan — 10.7% |
||||||||
Canon Inc. |
942,900 | 20,293,324 | ||||||
Capcom Co. Ltd. |
79,200 | 2,492,457 | ||||||
Central Japan Railway Co. |
138,700 | 15,572,530 | ||||||
Chiba Bank Ltd. (The) |
415,900 | 3,045,187 | ||||||
Chubu Electric Power Co. Inc. |
637,900 | 6,604,977 | ||||||
Chugai Pharmaceutical Co. Ltd. |
526,700 | 13,102,962 | ||||||
East Japan Railway Co. |
71,900 | 3,631,253 | ||||||
ENEOS Holdings Inc. |
2,702,000 | 9,289,149 | ||||||
FUJIFILM Holdings Corp. |
167,300 | 7,804,856 | ||||||
Hamamatsu Photonics KK |
197,300 | 9,681,632 | ||||||
Hankyu Hanshin Holdings Inc. |
82,700 | 2,353,405 | ||||||
Hirose Electric Co. Ltd. |
46,300 | 5,660,823 | ||||||
ITOCHU Corp. |
889,500 | 26,587,756 | ||||||
Itochu Techno-Solutions Corp. |
102,000 | 2,269,879 | ||||||
Japan Post Bank Co. Ltd.(c) |
630,100 | 5,443,256 | ||||||
KDDI Corp. |
670,800 | 19,626,175 | ||||||
Keio Corp. |
114,800 | 3,999,886 | ||||||
Keyence Corp. |
8,100 | 3,501,040 | ||||||
Kintetsu Group Holdings Co. Ltd. |
161,800 | 4,901,617 | ||||||
Kirin Holdings Co. Ltd. |
151,900 | 2,273,712 | ||||||
Koei Tecmo Holdings Co. Ltd. |
167,000 | 2,797,430 | ||||||
McDonald’s Holdings Co. Japan Ltd.(c) |
133,300 | 5,277,042 | ||||||
MEIJI Holdings Co. Ltd. |
93,500 | 4,281,902 | ||||||
Mizuho Financial Group Inc. |
1,770,300 | 27,594,183 |
Security | Shares | Value | ||||||
Japan (continued) |
||||||||
NEC Corp. |
129,500 | $ | 4,634,582 | |||||
Nintendo Co. Ltd. |
346,600 | 12,975,684 | ||||||
Nippon Prologis REIT Inc. |
2,107 | 4,494,412 | ||||||
Nippon Shinyaku Co. Ltd. |
38,300 | 1,715,234 | ||||||
Nippon Telegraph & Telephone Corp. |
1,358,900 | 39,376,595 | ||||||
Nissin Foods Holdings Co. Ltd. |
34,300 | 2,856,513 | ||||||
Nitori Holdings Co. Ltd. |
65,900 | 7,447,107 | ||||||
Nomura Research Institute Ltd. |
131,790 | 2,944,433 | ||||||
NTT Data Corp. |
628,900 | 8,725,764 | ||||||
Obic Co. Ltd. |
86,900 | 12,731,660 | ||||||
Odakyu Electric Railway Co. Ltd. |
175,400 | 2,126,342 | ||||||
Ono Pharmaceutical Co. Ltd. |
457,200 | 9,312,233 | ||||||
Oracle Corp. Japan |
59,200 | 4,033,434 | ||||||
Oriental Land Co. Ltd./Japan |
46,500 | 7,425,350 | ||||||
Osaka Gas Co. Ltd. |
574,300 | 9,328,543 | ||||||
Otsuka Corp. |
76,300 | 2,572,085 | ||||||
Otsuka Holdings Co. Ltd. |
390,500 | 11,830,561 | ||||||
Pan Pacific International Holdings Corp. |
354,100 | 6,472,504 | ||||||
Secom Co. Ltd. |
270,600 | 15,736,589 | ||||||
SG Holdings Co. Ltd. |
266,000 | 3,835,279 | ||||||
Shizuoka Financial Group Inc., NVS |
684,300 | 5,467,889 | ||||||
SoftBank Corp. |
3,746,600 | 42,265,253 | ||||||
Suntory Beverage & Food Ltd. |
195,200 | 6,847,427 | ||||||
TIS Inc. |
344,900 | 8,561,867 | ||||||
Tobu Railway Co. Ltd. |
266,200 | 5,943,181 | ||||||
Toho Co. Ltd./Tokyo |
144,000 | 5,012,619 | ||||||
USS Co. Ltd. |
277,200 | 4,497,192 | ||||||
Welcia Holdings Co. Ltd. |
144,800 | 3,169,833 | ||||||
|
|
|||||||
460,426,598 | ||||||||
Kuwait — 0.3% |
||||||||
Mobile Telecommunications Co. KSCP |
3,036,693 | 5,528,671 | ||||||
National Bank of Kuwait SAKP |
2,253,249 | 7,852,000 | ||||||
|
|
|||||||
13,380,671 | ||||||||
Malaysia — 0.5% |
||||||||
DiGi.Com Bhd |
2,872,000 | 2,751,320 | ||||||
Hong Leong Bank Bhd |
880,000 | 4,027,767 | ||||||
IHH Healthcare Bhd |
2,615,600 | 3,374,428 | ||||||
Malayan Banking Bhd |
2,726,900 | 5,347,186 | ||||||
Petronas Chemicals Group Bhd |
1,251,000 | 1,995,595 | ||||||
Petronas Gas Bhd |
1,089,400 | 4,044,435 | ||||||
|
|
|||||||
21,540,731 | ||||||||
Netherlands — 0.5% |
||||||||
Koninklijke Ahold Delhaize NV |
556,780 | 17,678,806 | ||||||
Koninklijke KPN NV |
1,556,772 | 5,336,627 | ||||||
|
|
|||||||
23,015,433 | ||||||||
New Zealand — 0.1% |
||||||||
Spark New Zealand Ltd. |
1,602,470 | 4,947,739 | ||||||
|
|
|||||||
Philippines — 0.2% |
||||||||
BDO Unibank Inc. |
2,925,818 | 6,516,302 | ||||||
PLDT Inc. |
110,130 | 2,555,207 | ||||||
|
|
|||||||
9,071,509 | ||||||||
Qatar — 0.3% |
||||||||
Industries Qatar QSC |
763,834 | 2,913,081 | ||||||
Qatar National Bank QPSC |
1,984,115 | 9,155,294 | ||||||
|
|
|||||||
12,068,375 | ||||||||
Russia — 0.0% |
||||||||
PhosAgro PJSC(a)(d) |
41,863 | 6 | ||||||
PhosAgro PJSC, GDR(a)(d)(e) |
2 | — |
40 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Global Min Vol Factor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Russia (continued) |
||||||||
PhosAgro PJSC, New(a)(d) |
809 | $ | 8 | |||||
Polymetal International PLC(a)(d) |
250,942 | 33 | ||||||
Polyus PJSC(a)(d) |
53,523 | 7 | ||||||
|
|
|||||||
54 | ||||||||
Saudi Arabia — 1.4% |
||||||||
Alinma Bank |
472,311 | 3,700,662 | ||||||
Bank AlBilad(a) |
199,757 | 1,895,061 | ||||||
Jarir Marketing Co. |
89,823 | 3,536,401 | ||||||
SABIC Agri-Nutrients Co. |
277,570 | 9,873,798 | ||||||
Saudi Arabian Oil Co.(b) |
1,737,418 | 14,677,347 | ||||||
Saudi Basic Industries Corp. |
306,335 | 7,218,860 | ||||||
Saudi Telecom Co. |
1,887,608 | 17,663,764 | ||||||
|
|
|||||||
58,565,893 | ||||||||
Singapore — 1.1% |
||||||||
DBS Group Holdings Ltd. |
86,700 | 2,199,676 | ||||||
Oversea-Chinese Banking Corp. Ltd.(c) |
463,900 | 4,359,960 | ||||||
Singapore Exchange Ltd. |
1,264,000 | 8,163,363 | ||||||
Singapore Technologies Engineering Ltd. |
1,637,600 | 4,336,317 | ||||||
Singapore Telecommunications Ltd. |
11,114,100 | 19,526,108 | ||||||
UOL Group Ltd. |
633,100 | 3,206,189 | ||||||
Venture Corp. Ltd. |
424,400 | 5,404,570 | ||||||
|
|
|||||||
47,196,183 | ||||||||
South Korea — 0.1% |
||||||||
HMM Co. Ltd.(a) |
144,586 | 2,459,854 | ||||||
|
|
|||||||
Sweden — 0.0% |
||||||||
Telia Co. AB |
790,775 | 2,042,084 | ||||||
|
|
|||||||
Switzerland — 4.1% |
||||||||
Kuehne + Nagel International AG, Registered |
69,308 | 17,745,431 | ||||||
Nestle SA, Registered |
249,742 | 28,138,586 | ||||||
Novartis AG, Registered |
425,007 | 35,768,638 | ||||||
Roche Holding AG, Bearer |
21,969 | 6,805,573 | ||||||
Roche Holding AG, NVS |
187,022 | 53,925,711 | ||||||
Swiss Prime Site AG, Registered |
117,322 | 9,886,289 | ||||||
Swisscom AG, Registered |
39,738 | 24,520,060 | ||||||
|
|
|||||||
176,790,288 | ||||||||
Taiwan — 5.2% |
||||||||
Acer Inc. |
3,810,000 | 3,159,394 | ||||||
Advantech Co. Ltd. |
541,482 | 6,281,208 | ||||||
Asia Cement Corp. |
3,084,000 | 4,521,574 | ||||||
Asustek Computer Inc. |
1,086,000 | 9,836,288 | ||||||
Catcher Technology Co. Ltd. |
781,000 | 4,719,610 | ||||||
Chang Hwa Commercial Bank Ltd. |
5,986,488 | 3,416,451 | ||||||
China Steel Corp. |
7,235,000 | 7,442,863 | ||||||
Chunghwa Telecom Co. Ltd. |
5,816,000 | 21,989,426 | ||||||
Compal Electronics Inc. |
6,395,000 | 5,057,479 | ||||||
CTBC Financial Holding Co. Ltd. |
3,463,000 | 2,571,047 | ||||||
E.Sun Financial Holding Co. Ltd. |
9,234,549 | 7,536,568 | ||||||
Far EasTone Telecommunications Co. Ltd. |
2,473,000 | 5,580,196 | ||||||
First Financial Holding Co. Ltd. |
14,822,736 | 12,989,627 | ||||||
Formosa Chemicals & Fibre Corp. |
5,157,000 | 11,967,561 | ||||||
Formosa Petrochemical Corp. |
1,842,000 | 5,124,156 | ||||||
Hua Nan Financial Holdings Co. Ltd. |
12,458,905 | 9,311,328 | ||||||
Inventec Corp. |
3,852,000 | 3,346,277 | ||||||
Lite-On Technology Corp. |
3,064,000 | 6,972,222 | ||||||
Mega Financial Holding Co. Ltd. |
15,720,725 | 17,149,919 | ||||||
Nan Ya Plastics Corp. |
972,000 | 2,391,535 | ||||||
Novatek Microelectronics Corp. |
287,000 | 3,792,878 | ||||||
Pegatron Corp. |
3,094,000 | 6,855,025 |
Security | Shares | Value | ||||||
Taiwan (continued) |
||||||||
Powerchip Semiconductor Manufacturing Corp. |
2,048,000 | $ | 2,227,817 | |||||
President Chain Store Corp. |
573,000 | 5,006,719 | ||||||
Quanta Computer Inc. |
4,132,000 | 10,815,365 | ||||||
Synnex Technology International Corp. |
1,876,250 | 3,828,302 | ||||||
Taishin Financial Holding Co. Ltd. |
9,325,752 | 5,008,428 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. |
13,744,920 | 11,956,588 | ||||||
Taiwan High Speed Rail Corp. |
3,033,000 | 2,916,270 | ||||||
Taiwan Mobile Co. Ltd. |
2,637,000 | 8,353,780 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. |
512,000 | 8,470,473 | ||||||
WPG Holdings Ltd. |
2,436,760 | 3,938,818 | ||||||
|
|
|||||||
224,535,192 | ||||||||
Thailand — 0.7% |
||||||||
Advanced Info Service PCL, NVDR |
1,669,500 | 9,539,995 | ||||||
Airports of Thailand PCL, NVDR(a) |
1,860,900 | 3,829,688 | ||||||
Bangkok Dusit Medical Services PCL, NVDR |
6,873,500 | 5,444,452 | ||||||
Bangkok Expressway & Metro PCL, NVDR |
9,324,200 | 2,440,537 | ||||||
BTS Group Holdings PCL, NVDR(c) |
12,466,900 | 2,838,964 | ||||||
Bumrungrad Hospital PCL, NVDR |
636,700 | 3,800,466 | ||||||
Home Product Center PCL, NVDR |
7,030,400 | 2,783,296 | ||||||
|
|
|||||||
30,677,398 | ||||||||
United Arab Emirates — 0.5% |
||||||||
Abu Dhabi National Oil Co. for Distribution PJSC |
4,777,138 | 5,618,479 | ||||||
Emirates Telecommunications Group Co. PJSC |
2,123,583 | 14,742,688 | ||||||
|
|
|||||||
20,361,167 | ||||||||
United States — 54.6% |
||||||||
Abbott Laboratories |
86,718 | 8,820,955 | ||||||
AbbVie Inc. |
145,470 | 22,387,833 | ||||||
Accenture PLC, Class A |
36,142 | 9,597,508 | ||||||
Activision Blizzard Inc. |
204,311 | 15,578,714 | ||||||
Akamai Technologies Inc.(a) |
152,474 | 11,069,612 | ||||||
Ameren Corp. |
59,737 | 4,940,847 | ||||||
American Electric Power Co. Inc. |
172,631 | 15,186,349 | ||||||
American Water Works Co. Inc. |
88,999 | 12,493,680 | ||||||
AmerisourceBergen Corp. |
29,569 | 4,599,754 | ||||||
Amgen Inc. |
82,118 | 19,023,456 | ||||||
Amphenol Corp., Class A |
188,396 | 14,604,458 | ||||||
Aon PLC, Class A |
47,260 | 14,369,403 | ||||||
Arthur J Gallagher & Co. |
56,530 | 10,590,896 | ||||||
AT&T Inc. |
588,057 | 11,120,158 | ||||||
Automatic Data Processing Inc. |
88,939 | 19,550,571 | ||||||
AutoZone Inc.(a) |
12,282 | 30,539,684 | ||||||
Baxter International Inc. |
40,075 | 1,600,996 | ||||||
Becton Dickinson and Co. |
55,989 | 13,132,220 | ||||||
Berkshire Hathaway Inc., Class B(a) |
87,349 | 26,657,168 | ||||||
BioMarin Pharmaceutical Inc.(a) |
144,689 | 14,409,578 | ||||||
Black Knight Inc.(a) |
157,959 | 9,414,356 | ||||||
Booz Allen Hamilton Holding Corp. |
122,309 | 11,586,332 | ||||||
Bristol-Myers Squibb Co. |
510,348 | 35,193,598 | ||||||
Broadridge Financial Solutions Inc. |
111,499 | 15,696,829 | ||||||
Brown & Brown Inc. |
136,692 | 7,664,320 | ||||||
Campbell Soup Co. |
322,663 | 16,946,261 | ||||||
Cboe Global Markets Inc. |
120,936 | 15,258,495 | ||||||
CF Industries Holdings Inc. |
96,678 | 8,303,673 | ||||||
CH Robinson Worldwide Inc.(c) |
185,662 | 18,558,774 | ||||||
Church & Dwight Co. Inc. |
194,894 | 16,328,219 | ||||||
Cisco Systems Inc. |
637,232 | 30,854,773 | ||||||
Clorox Co. (The) |
22,221 | 3,454,032 | ||||||
CME Group Inc. |
52,951 | 9,814,997 | ||||||
CMS Energy Corp. |
120,675 | 7,116,205 |
S C H E D U L E O F I N V E S T M E N T S |
41 |
Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Global Min Vol Factor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
United States (continued) |
||||||||
Cognizant Technology Solutions Corp., Class A |
40,026 | $ | 2,506,828 | |||||
Colgate-Palmolive Co. |
158,127 | 11,590,709 | ||||||
Comcast Corp., Class A |
272,345 | 10,123,064 | ||||||
Consolidated Edison Inc. |
498,129 | 44,507,826 | ||||||
Costco Wholesale Corp. |
11,525 | 5,580,175 | ||||||
Danaher Corp. |
27,968 | 6,922,919 | ||||||
Dollar General Corp. |
176,223 | 38,117,035 | ||||||
Dominion Energy Inc. |
309,435 | 17,210,775 | ||||||
Domino’s Pizza Inc. |
40,485 | 11,902,995 | ||||||
Duke Energy Corp. |
365,889 | 34,488,697 | ||||||
Electronic Arts Inc. |
191,929 | 21,292,603 | ||||||
Eli Lilly & Co. |
114,018 | 35,484,682 | ||||||
Erie Indemnity Co., Class A, NVS |
35,651 | 8,391,889 | ||||||
Evergy Inc. |
51,689 | 3,039,830 | ||||||
Eversource Energy |
87,240 | 6,574,406 | ||||||
Expeditors International of Washington Inc.(c) |
239,999 | 25,094,295 | ||||||
F5 Inc.(a) |
35,166 | 5,028,035 | ||||||
First Horizon Corp. |
822,311 | 20,368,644 | ||||||
Fiserv Inc.(a) |
113,689 | 13,084,467 | ||||||
Gen Digital Inc. |
600,706 | 11,719,774 | ||||||
General Mills Inc. |
476,667 | 37,899,793 | ||||||
Genuine Parts Co. |
18,230 | 3,224,158 | ||||||
Gilead Sciences Inc. |
680,739 | 54,819,912 | ||||||
Henry Schein Inc.(a)(c) |
42,085 | 3,295,676 | ||||||
Hershey Co. (The) |
182,230 | 43,429,054 | ||||||
Hologic Inc.(a) |
30,879 | 2,459,204 | ||||||
Home Depot Inc. (The) |
58,333 | 17,298,068 | ||||||
Horizon Therapeutics PLC(a) |
80,411 | 8,804,200 | ||||||
Hormel Foods Corp. |
420,184 | 18,647,766 | ||||||
Humana Inc. |
19,216 | 9,512,304 | ||||||
Incyte Corp.(a)(c) |
290,578 | 22,368,694 | ||||||
Intercontinental Exchange Inc. |
63,851 | 6,500,032 | ||||||
International Business Machines Corp. |
70,351 | 9,096,384 | ||||||
Jack Henry & Associates Inc. |
111,718 | 18,348,564 | ||||||
JM Smucker Co. (The) |
98,554 | 14,575,151 | ||||||
Johnson & Johnson |
373,300 | 57,211,958 | ||||||
Juniper Networks Inc. |
103,729 | 3,192,779 | ||||||
Kellogg Co. |
391,700 | 25,828,698 | ||||||
Keurig Dr Pepper Inc. |
536,292 | 18,528,889 | ||||||
Keysight Technologies Inc.(a) |
259,367 | 41,488,345 | ||||||
Kimberly-Clark Corp. |
114,334 | 14,297,467 | ||||||
Kroger Co. (The) |
857,827 | 37,006,657 | ||||||
Liberty Broadband Corp., Class C (a) |
51,592 | 4,471,479 | ||||||
MarketAxess Holdings Inc. |
11,028 | 3,765,511 | ||||||
Marsh & McLennan Companies Inc. |
200,455 | 32,501,774 | ||||||
Mastercard Inc., Class A |
38,899 | 13,820,426 | ||||||
McCormick & Co. Inc./MD, NVS |
227,064 | 16,875,397 | ||||||
McDonald’s Corp. |
171,738 | 45,323,376 | ||||||
McKesson Corp. |
45,178 | 15,803,716 | ||||||
Medtronic PLC |
125,588 | 10,398,686 | ||||||
Merck & Co. Inc. |
631,062 | 67,044,027 | ||||||
Microsoft Corp. |
67,482 | 16,831,360 | ||||||
Mondelez International Inc., Class A |
82,982 | 5,408,767 | ||||||
Motorola Solutions Inc. |
194,108 | 51,013,524 | ||||||
Neurocrine Biosciences Inc.(a) |
115,286 | 11,885,987 | ||||||
Newmont Corp. |
914,230 | 39,869,570 | ||||||
NextEra Energy Inc. |
134,640 | 9,563,479 | ||||||
O’Reilly Automotive Inc.(a) |
23,096 | 19,171,990 | ||||||
Old Dominion Freight Line Inc.(c) |
10,341 | 3,508,288 | ||||||
Oracle Corp. |
161,523 | 14,117,110 |
Security | Shares | Value | ||||||
United States (continued) |
||||||||
Paychex Inc. |
344,266 | $ | 38,006,966 | |||||
PepsiCo Inc. |
328,298 | 56,969,552 | ||||||
Pfizer Inc. |
413,953 | 16,794,073 | ||||||
Procter & Gamble Co. (The) |
246,089 | 33,852,003 | ||||||
Progressive Corp. (The) |
156,618 | 22,477,815 | ||||||
Public Storage |
18,394 | 5,498,886 | ||||||
Quest Diagnostics Inc. |
47,486 | 6,570,163 | ||||||
Regeneron Pharmaceuticals Inc.(a) |
39,576 | 30,094,382 | ||||||
Republic Services Inc. |
314,138 | 40,501,812 | ||||||
Rollins Inc. |
212,291 | 7,472,643 | ||||||
Roper Technologies Inc. |
5,416 | 2,329,963 | ||||||
Seagen Inc.(a)(c) |
124,721 | 22,411,117 | ||||||
Southern Co. (The) |
464,507 | 29,291,811 | ||||||
T-Mobile U.S. Inc.(a) |
268,854 | 38,225,662 | ||||||
Tradeweb Markets Inc., Class A |
82,726 | 5,864,446 | ||||||
United Parcel Service Inc., Class B |
13,280 | 2,423,467 | ||||||
UnitedHealth Group Inc. |
46,972 | 22,355,854 | ||||||
VeriSign Inc.(a) |
53,646 | 10,559,142 | ||||||
Verizon Communications Inc. |
1,359,773 | 52,772,790 | ||||||
Vertex Pharmaceuticals Inc.(a) |
124,278 | 36,076,661 | ||||||
Visa Inc., Class A |
96,393 | 21,200,676 | ||||||
Walmart Inc. |
362,693 | 51,549,556 | ||||||
Waste Management Inc. |
408,087 | 61,115,109 | ||||||
WEC Energy Group Inc. |
378,734 | 33,578,556 | ||||||
Xcel Energy Inc. |
528,206 | 34,106,261 | ||||||
|
|
|||||||
2,350,801,938 | ||||||||
|
|
|||||||
Total
Common Stocks — 99.7% |
4,294,243,097 | |||||||
|
|
|||||||
Rights |
||||||||
Hong Kong — 0.0% |
||||||||
Link REIT, (Expires 03/28/23, Strike Price HKD 44.20)(a) |
262,700 | 247,660 | ||||||
|
|
|||||||
Total
Rights — 0.0% |
247,660 | |||||||
|
|
|||||||
Total
Long-Term Investments — 99.7% |
4,294,490,757 | |||||||
|
|
|||||||
Short-Term Securities |
||||||||
Money Market Funds — 1.0% |
||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%(f)(g)(h) |
36,403,661 | 36,425,503 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(f)(g) |
5,360,000 | 5,360,000 | ||||||
|
|
|||||||
Total
Short-Term Securities — 1.0% |
41,785,503 | |||||||
|
|
|||||||
Total
Investments — 100.7% |
4,336,276,260 | |||||||
Liabilities in Excess of Other Assets — (0.7)% |
(28,696,942 | ) | ||||||
|
|
|||||||
Net Assets — 100.0% |
$ | 4,307,579,318 | ||||||
|
|
(a) |
Non-income producing security. |
(b) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
42 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Global Min Vol Factor ETF |
(c) |
All or a portion of this security is on loan. |
(d) |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(e) |
This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
(f) |
Affiliate of the Fund. |
(g) |
Annualized 7-day yield as of period end. |
(h) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
||||||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value
at 08/31/22 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Value
at 02/28/23 |
Shares Held at 02/28/23 |
Income |
Capital Gain |
|||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | 11,312,019 | $ | 25,094,569 | (a) | $ | — | $ | 7,777 | $ | 11,138 | $ | 36,425,503 | 36,403,661 | $ | 50,236 | (b) | $ | — | |||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
6,260,000 | — | (900,000 | )(a) | — | — | 5,360,000 | 5,360,000 | 147,401 | 3 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
$ | 7,777 | $ | 11,138 | $ | 41,785,503 | $ | 197,637 | $ | 3 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Represents net amount purchased (sold). |
(b) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
|
||||||||||||||||
Description | Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
||||||||||||
|
||||||||||||||||
Long Contracts |
||||||||||||||||
MSCI EAFE Index |
21 | 03/17/23 | $ | 2,149 | $ | 34,551 | ||||||||||
MSCI Emerging Markets Index |
20 | 03/17/23 | 963 | (23,574 | ) | |||||||||||
S&P 500 E-Mini Index |
20 | 03/17/23 | 3,975 | 10,714 | ||||||||||||
U.S. 2 Year Treasury Note |
6 | 06/30/23 | 1,223 | (2,253 | ) | |||||||||||
|
|
|||||||||||||||
$ | 19,438 | |||||||||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
|
||||||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Assets — Derivative Financial Instruments |
||||||||||||||||||||||||||||
Futures contracts |
||||||||||||||||||||||||||||
Unrealized appreciation on futures contracts(a) |
$ | — | $ | — | $ | 45,265 | $ | — | $ | — | $ | — | $ | 45,265 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
S C H E D U L E O F I N V E S T M E N T S |
43 |
Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Global Min Vol Factor ETF |
Derivative Financial Instruments Categorized by Risk Exposure (continued)
|
||||||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Liabilities — Derivative Financial Instruments |
||||||||||||||||||||||||||||
Futures contracts |
||||||||||||||||||||||||||||
Unrealized depreciation on futures contracts(a) |
$ | — | $ | — | $ | 23,574 | $ | — | $ | 2,253 | $ | — | $ | 25,827 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the period ended February 28, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
|
||||||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Net Realized Gain (Loss) from |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | 310,337 | $ | — | $ | (32,506 | ) | $ | — | $ | 277,831 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | 549,133 | $ | — | $ | 1,721 | $ | — | $ | 550,854 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
||||
Futures contracts: |
||||
Average notional value of contracts — long |
$ | 12,747,935 | ||
|
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
||||||||||||||||
Assets |
||||||||||||||||
Investments |
||||||||||||||||
Long-Term Investments |
||||||||||||||||
Common Stocks |
$ | 2,469,281,967 | $ | 1,824,961,076 | $ | 54 | $ | 4,294,243,097 | ||||||||
Rights |
— | 247,660 | — | 247,660 | ||||||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
41,785,503 | — | — | 41,785,503 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 2,511,067,470 | $ | 1,825,208,736 | $ | 54 | $ | 4,336,276,260 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Derivative Financial Instruments(a) |
||||||||||||||||
Assets |
||||||||||||||||
Equity Contracts |
$ | 45,265 | $ | — | $ | — | $ | 45,265 | ||||||||
Liabilities |
||||||||||||||||
Equity Contracts |
(23,574 | ) | — | — | (23,574 | ) | ||||||||||
Interest Rate Contracts |
(2,253 | ) | — | — | (2,253 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 19,438 | $ | — | $ | — | 19,438 | ||||||||||
|
|
|
|
|
|
|
|
(a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
44 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Assets and Liabilities (unaudited)
February 28, 2023
iShares ESG Aware MSCI EM ETF |
iShares MSCI Emerging Markets ex China ETF |
iShares MSCI Emerging Markets Min Vol Factor ETF |
iShares MSCI Emerging Markets Multifactor ETF |
|||||||||||||
|
||||||||||||||||
ASSETS |
||||||||||||||||
Investments, at value — unaffiliated(a)(b) |
$ | 4,214,291,639 | $ | 3,147,219,598 | $ | 5,054,358,732 | $ | 829,246,333 | ||||||||
Investments, at value — affiliated(c) |
18,165,878 | 13,911,896 | 29,823,963 | 2,217,696 | ||||||||||||
Cash |
30,437,115 | 7,848,915 | 7,479,462 | 129,850,542 | ||||||||||||
Cash pledged for futures contracts |
1,033,000 | 429,000 | 262,000 | 223,000 | ||||||||||||
Foreign currency, at value(d) |
23,628,631 | 2,616,134 | 35,267,582 | 21,126,925 | ||||||||||||
Receivables: |
||||||||||||||||
Investments sold |
168,066,345 | 14,895,069 | 126,508,551 | 586,884,507 | ||||||||||||
Securities lending income — affiliated |
29,078 | 33,244 | 31,073 | 1,929 | ||||||||||||
Capital shares sold |
4,655,154 | — | — | 119,270 | ||||||||||||
Dividends — unaffiliated |
8,966,117 | 8,568,813 | 11,270,708 | 2,652,481 | ||||||||||||
Dividends — affiliated |
16,508 | 12,620 | 159,040 | 5,513 | ||||||||||||
Tax reclaims |
428,488 | 96,216 | — | 85,425 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total assets |
4,469,717,953 | 3,195,631,505 | 5,265,161,111 | 1,572,413,621 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
LIABILITIES |
||||||||||||||||
Due to broker |
— | — | 7,506,050 | — | ||||||||||||
Collateral on securities loaned, at value |
18,170,321 | 13,077,710 | 22,583,900 | 2,216,254 | ||||||||||||
Payables: |
||||||||||||||||
Investments purchased |
209,111,756 | 19,685,760 | 16,404,828 | 613,240,753 | ||||||||||||
Bank borrowings |
13,802,174 | 4,200,661 | 1,900,299 | 127,420,063 | ||||||||||||
Capital shares redeemed |
— | — | 146,012,879 | — | ||||||||||||
Deferred foreign capital gain tax |
676,253 | — | — | — | ||||||||||||
Foreign taxes |
18 | 18 | 146 | — | ||||||||||||
Investment advisory fees |
827,621 | 627,331 | 1,080,068 | 163,200 | ||||||||||||
Variation margin on futures contracts |
146,413 | 78,001 | 60,385 | 43,798 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total liabilities |
242,734,556 | 37,669,481 | 195,548,555 | 743,084,068 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSETS |
$ | 4,226,983,397 | $ | 3,157,962,024 | $ | 5,069,612,556 | $ | 829,329,553 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSETS CONSIST OF |
||||||||||||||||
Paid-in capital |
$ | 5,277,093,669 | $ | 3,755,700,689 | $ | 5,753,861,300 | $ | 969,943,126 | ||||||||
Accumulated loss |
(1,050,110,272 | ) | (597,738,665 | ) | (684,248,744 | ) | (140,613,573 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSETS |
$ | 4,226,983,397 | $ | 3,157,962,024 | $ | 5,069,612,556 | $ | 829,329,553 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSET VALUE |
||||||||||||||||
Shares outstanding |
138,900,000 | 65,800,000 | 95,500,000 | 20,600,000 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net asset value |
$ | 30.43 | $ | 47.99 | $ | 53.08 | $ | 40.26 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Shares authorized |
600 million | 100 million | 500 million | 525 million | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Par value |
$ | 0.001 | $ | 0.001 | $ | 0.001 | $ | 0.001 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
(a) Investments, at cost — unaffiliated |
$ | 4,408,583,634 | $ | 3,578,354,379 | $ | 5,105,792,002 | $ | 831,809,193 | ||||||||
(b) Securities loaned, at value |
$ | 17,198,747 | $ | 12,473,460 | $ | 21,539,641 | $ | 2,111,115 | ||||||||
(c) Investments, at cost — affiliated |
$ | 18,155,676 | $ | 13,907,592 | $ | 29,799,713 | $ | 2,215,774 | ||||||||
(d) Foreign currency, at cost |
$ | 23,602,847 | $ | 2,661,755 | $ | 35,270,459 | $ | 21,131,345 |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S |
45 |
Statements of Assets and Liabilities (unaudited) (continued)
February 28, 2023
iShares MSCI Global Min Vol Factor ETF |
||||
|
||||
ASSETS |
||||
Investments, at value — unaffiliated(a)(b) |
$ | 4,294,490,757 | ||
Investments, at value — affiliated(c) |
41,785,503 | |||
Cash |
411,925 | |||
Cash pledged for futures contracts |
383,000 | |||
Foreign currency, at value(d) |
5,153,794 | |||
Receivables: |
||||
Investments sold |
9,658,276 | |||
Securities lending income — affiliated |
10,943 | |||
Dividends — unaffiliated |
5,598,381 | |||
Dividends — affiliated |
19,336 | |||
Tax reclaims |
2,101,501 | |||
|
|
|||
Total assets |
4,359,613,416 | |||
|
|
|||
LIABILITIES |
||||
Collateral on securities loaned, at value |
36,318,144 | |||
Payables: |
||||
Investments purchased |
12,174,529 | |||
Deferred foreign capital gain tax |
2,820,971 | |||
Investment advisory fees |
679,127 | |||
Variation margin on futures contracts |
41,327 | |||
|
|
|||
Total liabilities |
52,034,098 | |||
|
|
|||
NET ASSETS |
$ | 4,307,579,318 | ||
|
|
|||
NET ASSETS CONSIST OF |
||||
Paid-in capital |
$ | 4,227,667,977 | ||
Accumulated earnings |
79,911,341 | |||
|
|
|||
NET ASSETS |
$ | 4,307,579,318 | ||
|
|
|||
NET ASSET VALUE |
||||
Shares outstanding |
46,200,000 | |||
|
|
|||
Net asset value |
$ | 93.24 | ||
|
|
|||
Shares authorized |
500 million | |||
|
|
|||
Par value |
$ | 0.001 | ||
|
|
|||
(a) Investments, at cost — unaffiliated |
$ | 3,972,320,238 | ||
(b) Securities loaned, at value |
$ | 33,424,229 | ||
(c) Investments, at cost — affiliated |
$ | 41,768,010 | ||
(d) Foreign currency, at cost |
$ | 5,240,368 |
See notes to financial statements.
46 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Operations (unaudited)
Six Months Ended February 28, 2023
iShares ESG Aware MSCI EM ETF |
iShares MSCI Emerging Markets ex China ETF |
iShares MSCI Emerging Markets Min Vol Factor ETF |
iShares MSCI Emerging Markets Multifactor ETF |
|||||||||||||
|
||||||||||||||||
INVESTMENT INCOME |
||||||||||||||||
Dividends — unaffiliated |
$ | 39,233,456 | $ | 33,099,973 | $ | 47,906,593 | $ | 11,244,162 | ||||||||
Dividends — affiliated |
80,326 | 78,906 | 542,706 | 28,681 | ||||||||||||
Interest — unaffiliated |
— | — | 84,728 | — | ||||||||||||
Securities lending income — affiliated — net |
306,824 | 200,948 | 422,036 | 22,145 | ||||||||||||
Other income — unaffiliated |
— | — | 4,120 | — | ||||||||||||
Foreign taxes withheld |
(4,539,777 | ) | (4,173,259 | ) | (4,688,145 | ) | (1,194,081 | ) | ||||||||
Other foreign taxes |
(181,427 | ) | (91,043 | ) | (629,745 | ) | — | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Total investment income |
34,899,402 | 29,115,525 | 43,642,293 | 10,100,907 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
EXPENSES |
||||||||||||||||
Investment advisory |
4,893,797 | 3,379,498 | 24,536,963 | 1,423,545 | ||||||||||||
Interest expense |
34,345 | 11,644 | 38,499 | 32,133 | ||||||||||||
Commitment costs |
26,256 | 24,396 | 26,256 | 8,073 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total expenses |
4,954,398 | 3,415,538 | 24,601,718 | 1,463,751 | ||||||||||||
Less: |
||||||||||||||||
Investment advisory fees waived |
— | — | (15,835,823 | ) | — | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total expenses after fees waived |
4,954,398 | 3,415,538 | 8,765,895 | 1,463,751 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net investment income |
29,945,004 | 25,699,987 | 34,876,398 | 8,637,156 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
REALIZED AND UNREALIZED GAIN (LOSS) |
||||||||||||||||
Net realized gain (loss) from: |
||||||||||||||||
Investments — unaffiliated(a) |
(179,538,675 | ) | (52,971,875 | ) | (218,869,128 | ) | (53,348,674 | ) | ||||||||
Investments — affiliated |
11,796 | 9,897 | 44,593 | 6,655 | ||||||||||||
Capital gain distributions from underlying funds — affiliated |
1 | 17 | 5 | 2 | ||||||||||||
Foreign currency transactions |
(94,307 | ) | (370,932 | ) | (3,346,945 | ) | (225,083 | ) | ||||||||
Futures contracts |
95,681 | (246,677 | ) | (886,308 | ) | 125,125 | ||||||||||
In-kind redemptions — unaffiliated(b) |
3,962,258 | 422,758 | 96,673,396 | 984,240 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
(175,563,246 | ) | (53,156,812 | ) | (126,384,387 | ) | (52,457,735 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Net change in unrealized appreciation (depreciation) on: |
||||||||||||||||
Investments — unaffiliated(c) |
8,828,339 | (15,916,971 | ) | 168,539,371 | 1,192,015 | |||||||||||
Investments — affiliated |
(2,022 | ) | (1,456 | ) | (15,505 | ) | (1,915 | ) | ||||||||
Foreign currency translations |
(257,792 | ) | (149,404 | ) | (203,697 | ) | (66,131 | ) | ||||||||
Futures contracts |
(324,868 | ) | 184,006 | (110,848 | ) | (388,600 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
8,243,657 | (15,883,825 | ) | 168,209,321 | 735,369 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net realized and unrealized gain (loss) |
(167,319,589 | ) | (69,040,637 | ) | 41,824,934 | (51,722,366 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
$ | (137,374,585 | ) | $ | (43,340,650 | ) | $ | 76,701,332 | $ | (43,085,210 | ) | |||||
|
|
|
|
|
|
|
|
|||||||||
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable |
$ | (1,928,578 | ) | $ | (508,523 | ) | $ | (1,420,514 | ) | $ | (586,380 | ) | ||||
(b) See Note 2 of the Notes to Financial Statements. |
||||||||||||||||
(c) Net of reduction in deferred foreign capital gain tax of |
$ | 6,948,724 | $ | 2,449,631 | $ | 3,633,828 | $ | 2,289,683 |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S |
47 |
Statements of Operations (unaudited) (continued)
Six Months Ended February 28, 2023
iShares MSCI Global Min Vol Factor ETF |
||||
|
||||
INVESTMENT INCOME |
||||
Dividends — unaffiliated |
$ | 38,968,075 | ||
Dividends — affiliated |
147,401 | |||
Securities lending income — affiliated — net |
50,236 | |||
Foreign taxes withheld |
(1,693,411 | ) | ||
Other foreign taxes |
(133,933 | ) | ||
|
|
|||
Total investment income |
37,338,368 | |||
|
|
|||
EXPENSES |
||||
Investment advisory |
7,129,240 | |||
Commitment costs |
23,945 | |||
Interest expense |
17,429 | |||
|
|
|||
Total expenses |
7,170,614 | |||
Less: |
||||
Investment advisory fees waived |
(2,754,019 | ) | ||
|
|
|||
Total expenses after fees waived |
4,416,595 | |||
|
|
|||
Net investment income |
32,921,773 | |||
|
|
|||
REALIZED AND UNREALIZED GAIN (LOSS) |
||||
Net realized gain (loss) from: |
||||
Investments — unaffiliated(a) |
(71,128,180 | ) | ||
Investments — affiliated |
7,777 | |||
Capital gain distributions from underlying funds — affiliated |
3 | |||
Foreign currency transactions |
(1,203,364 | ) | ||
Futures contracts |
277,831 | |||
In-kind redemptions — unaffiliated(b) |
36,874,714 | |||
|
|
|||
(35,171,219 | ) | |||
|
|
|||
Net change in unrealized appreciation (depreciation) on: |
||||
Investments — unaffiliated(c) |
(22,216,537 | ) | ||
Investments — affiliated |
11,138 | |||
Foreign currency translations |
200,919 | |||
Futures contracts |
550,854 | |||
|
|
|||
(21,453,626 | ) | |||
|
|
|||
Net realized and unrealized loss |
(56,624,845 | ) | ||
|
|
|||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS |
$ | (23,703,072 | ) | |
|
|
|||
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable |
$ | (276,484 | ) | |
(b) See Note 2 of the Notes to Financial Statements. |
||||
(c) Net of reduction in deferred foreign capital gain tax of |
$ | 2,072,150 |
See notes to financial statements.
48 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Changes in Net Assets
iShares ESG Aware MSCI EM ETF |
iShares MSCI Emerging Markets ex China ETF |
|||||||||||||||||||||
|
|
|
||||||||||||||||||||
Six Months Ended 02/28/23 (unaudited) |
Year Ended 08/31/22 |
Six Months Ended 02/28/23 (unaudited) |
Year Ended 08/31/22 |
|||||||||||||||||||
|
||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||||||||
OPERATIONS |
||||||||||||||||||||||
Net investment income |
$ | 29,945,004 | $ | 130,794,394 | $ | 25,699,987 | $ | 72,722,303 | ||||||||||||||
Net realized loss |
(175,563,246 | ) | (410,931,587 | ) | (53,156,812 | ) | (90,777,201 | ) | ||||||||||||||
Net change in unrealized appreciation (depreciation) |
8,243,657 | (1,506,377,431 | ) | (15,883,825 | ) | (505,422,090 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||
Net decrease in net assets resulting from operations |
(137,374,585 | ) | (1,786,514,624 | ) | (43,340,650 | ) | (523,476,988 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) |
||||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders |
(66,497,351 | )(b) | (171,869,925 | ) | (52,608,573 | )(b) | (51,969,537 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions |
179,330,661 | (895,534,243 | ) | 946,749,274 | 1,601,141,901 | |||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||
NET ASSETS |
||||||||||||||||||||||
Total increase (decrease) in net assets |
(24,541,275 | ) | (2,853,918,792 | ) | 850,800,051 | 1,025,695,376 | ||||||||||||||||
Beginning of period |
4,251,524,672 | 7,105,443,464 | 2,307,161,973 | 1,281,466,597 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||
End of period |
$ | 4,226,983,397 | $ | 4,251,524,672 | $ | 3,157,962,024 | $ | 2,307,161,973 | ||||||||||||||
|
|
|
|
|
|
|
|
(a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(b) |
A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S |
49 |
Statements of Changes in Net Assets (continued)
iShares MSCI Emerging Markets Min Vol Factor ETF |
iShares MSCI Emerging Markets Multifactor ETF |
|||||||||||||||||||||
|
|
|
||||||||||||||||||||
Six Months Ended 02/28/23 (unaudited) |
Year Ended 08/31/22 |
Six Months Ended 02/28/23 (unaudited) |
Year Ended 08/31/22 |
|||||||||||||||||||
|
||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||||||||
OPERATIONS |
||||||||||||||||||||||
Net investment income |
$ | 34,876,398 | $ | 136,267,262 | $ | 8,637,156 | $ | 28,827,105 | ||||||||||||||
Net realized gain (loss) |
(126,384,387 | ) | 201,551,744 | (52,457,735 | ) | (12,052,611 | ) | |||||||||||||||
Net change in unrealized appreciation (depreciation) |
168,209,321 | (898,895,137 | ) | 735,369 | (173,736,750 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||
Net increase (decrease) in net assets resulting from operations |
76,701,332 | (561,076,131 | ) | (43,085,210 | ) | (156,962,256 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) |
||||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders |
(114,321,524 | ) | (76,156,771 | ) | (22,304,433 | ) | (24,269,864 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions |
(1,069,910,806 | ) | 2,939,861,974 | 61,911,248 | 252,840,861 | |||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||
NET ASSETS |
||||||||||||||||||||||
Total increase (decrease) in net assets |
(1,107,530,998 | ) | 2,302,629,072 | (3,478,395 | ) | 71,608,741 | ||||||||||||||||
Beginning of period |
6,177,143,554 | 3,874,514,482 | 832,807,948 | 761,199,207 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||
End of period |
$ | 5,069,612,556 | $ | 6,177,143,554 | $ | 829,329,553 | $ | 832,807,948 | ||||||||||||||
|
|
|
|
|
|
|
|
(a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
50 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Changes in Net Assets (continued)
iShares MSCI Global Min Vol Factor ETF |
||||||||||||||||
|
|
|||||||||||||||
Six Months Ended 02/28/23 (unaudited) |
Year Ended 08/31/22 |
|||||||||||||||
|
||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||
OPERATIONS |
||||||||||||||||
Net investment income |
$ | 32,921,773 | $ | 106,780,084 | ||||||||||||
Net realized gain (loss) |
(35,171,219 | ) | 218,127,905 | |||||||||||||
Net change in unrealized appreciation (depreciation) |
(21,453,626 | ) | (785,770,593 | ) | ||||||||||||
|
|
|
|
|||||||||||||
Net decrease in net assets resulting from operations |
(23,703,072 | ) | (460,862,604 | ) | ||||||||||||
|
|
|
|
|||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) |
||||||||||||||||
Decrease in net assets resulting from distributions to shareholders |
(56,913,394 | )(b) | (98,218,027 | ) | ||||||||||||
|
|
|
|
|||||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||
Net decrease in net assets derived from capital share transactions |
(88,373,275 | ) | (270,611,429 | ) | ||||||||||||
|
|
|
|
|||||||||||||
NET ASSETS |
||||||||||||||||
Total decrease in net assets |
(168,989,741 | ) | (829,692,060 | ) | ||||||||||||
Beginning of period |
4,476,569,059 | 5,306,261,119 | ||||||||||||||
|
|
|
|
|||||||||||||
End of period |
$ | 4,307,579,318 | $ | 4,476,569,059 | ||||||||||||
|
|
|
|
(a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(b) |
A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S |
51 |
(For a share outstanding throughout each period)
iShares ESG Aware MSCI EM ETF | ||||||||||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||||||||||||||||||
02/28/23 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||||||||||||||
(unaudited | ) | 08/31/22 | 08/31/21 | 08/31/20 | 08/31/19 | 08/31/18 | (a) | |||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 31.56 | $ | 43.35 | $ | 35.93 | $ | 32.03 | $ | 33.65 | $ | 34.58 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net investment income(b) |
0.23 | 0.83 | 0.75 | 0.89 | 0.91 | 0.94 | ||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(c) |
(0.83 | ) | (11.51 | ) | 7.23 | 3.89 | (1.85 | ) | (1.17 | ) | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net increase (decrease) from investment operations |
(0.60 | ) | (10.68 | ) | 7.98 | 4.78 | (0.94 | ) | (0.23 | ) | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Distributions from net investment income(d) |
(0.53 | )(e) | (1.11 | ) | (0.56 | ) | (0.88 | ) | (0.68 | ) | (0.70 | ) | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 30.43 | $ | 31.56 | $ | 43.35 | $ | 35.93 | $ | 32.03 | $ | 33.65 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Total Return(f) |
||||||||||||||||||||||||||||||||||||||||
Based on net asset value |
(1.89 | )%(g) | (25.08 | )% | 22.30 | % | 15.11 | % | (2.76 | )% | (0.72 | )% | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Ratios to Average Net Assets(h) |
||||||||||||||||||||||||||||||||||||||||
Total expenses |
0.25 | %(i) | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net investment income |
1.53 | %(i) | 2.20 | % | 1.76 | % | 2.75 | % | 2.76 | % | 2.63 | % | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Supplemental Data |
||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) |
$ | 4,226,983 | $ | 4,251,525 | $ | 7,105,443 | $ | 3,654,480 | $ | 672,543 | $ | 329,753 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Portfolio turnover rate(j) |
22 | % | 41 | % | 41 | % | 46 | % | 34 | % | 45 | % | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Per share amounts reflect a two-for-one stock split effective after the close of trading on May 24, 2018. |
(b) |
Based on average shares outstanding. |
(c) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(d) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(e) |
A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
(f) |
Where applicable, assumes the reinvestment of distributions. |
(g) |
Not annualized. |
(h) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(i) |
Annualized. |
(j) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
52 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Emerging Markets ex China ETF | ||||||||||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||||||||||||||||||
02/28/23 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||||||||||||||
(unaudited | ) | 08/31/22 | 08/31/21 | 08/31/20 | 08/31/19 | 08/31/18 | ||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 49.62 | $ | 62.82 | $ | 46.00 | $ | 46.25 | $ | 49.59 | $ | 51.14 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net investment income(a) |
0.46 | 1.86 | 1.58 | 1.46 | 1.62 | 1.10 | ||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) |
(1.24 | ) | (13.73 | ) | 16.09 | (0.05 | ) | (3.83 | ) | (1.80 | ) | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net increase (decrease) from investment operations |
(0.78 | ) | (11.87 | ) | 17.67 | 1.41 | (2.21 | ) | (0.70 | ) | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Distributions from net investment income(c) |
(0.85 | )(d) | (1.33 | ) | (0.85 | ) | (1.66 | ) | (1.13 | ) | (0.85 | ) | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 47.99 | $ | 49.62 | $ | 62.82 | $ | 46.00 | $ | 46.25 | $ | 49.59 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
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|
|
|
|
|
|||||||||||||||||||||||||||||
Total Return(e) |
||||||||||||||||||||||||||||||||||||||||
Based on net asset value |
(1.56 | )%(f) | (19.17 | )% | 38.66 | % | 2.87 | % | (4.42 | )% | (1.41 | )% | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Ratios to Average Net Assets(g) |
||||||||||||||||||||||||||||||||||||||||
Total expenses |
0.25 | %(h) | 0.25 | % | 0.25 | % | 0.36 | % | 0.49 | % | 0.49 | % | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Total expenses after fees waived |
0.25 | %(h) | 0.25 | % | 0.22 | % | 0.16 | % | 0.26 | % | 0.41 | % | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net investment income |
1.90 | %(h) | 3.34 | % | 2.65 | % | 3.24 | % | 3.38 | % | 2.09 | % | ||||||||||||||||||||||||||||
|
|
|
|
|
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|
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|
|
|
|
|||||||||||||||||||||||||||||
Supplemental Data |
||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) |
$ | 3,157,962 | $ | 2,307,162 | $ | 1,281,467 | $ | 73,606 | $ | 27,748 | $ | 9,919 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Portfolio turnover rate(i) |
8 | % | 21 | % | 51 | % | 18 | % | 10 | % | 9 | % | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Based on average shares outstanding. |
(b) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) |
A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
(e) |
Where applicable, assumes the reinvestment of distributions. |
(f) |
Not annualized. |
(g) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(h) |
Annualized. |
(i) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
F I N A N C I A L H I G H L I G H T S |
53 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Emerging Markets Min Vol Factor ETF | ||||||||||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||||||||||||||||||
02/28/23 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||||||||||||||
(unaudited | ) | 08/31/22 | 08/31/21 | (a) | 08/31/20 | (a) | 08/31/19 | (a) | 08/31/18 | (a) | ||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 54.86 | $ | 63.94 | $ | 55.97 | $ | 56.84 | $ | 59.22 | $ | 58.01 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net investment income(b) |
0.26 | 1.87 | 1.32 | (c) | 1.42 | 1.57 | 1.49 | |||||||||||||||||||||||||||||||||
Net
realized and unrealized |
(1.28 | ) | (9.86 | ) | 8.12 | (0.82 | ) | (2.46 | ) | 1.23 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net increase (decrease) from investment operations |
(1.02 | ) | (7.99 | ) | 9.44 | 0.60 | (0.89 | ) | 2.72 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Distributions from net investment income(e) |
(0.76 | ) | (1.09 | ) | (1.47 | ) | (1.47 | ) | (1.49 | ) | (1.51 | ) | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 53.08 | $ | 54.86 | $ | 63.94 | $ | 55.97 | $ | 56.84 | $ | 59.22 | ||||||||||||||||||||||||||||
|
|
|
|
|
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|
|
|
|
|
|
|||||||||||||||||||||||||||||
Total Return(f) |
||||||||||||||||||||||||||||||||||||||||
Based on net asset value |
(1.85 | )%(g) | (12.68 | )% | 17.04 | %(c) | 1.07 | % | (1.44 | )%(h) | 4.70 | % | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Ratios to Average Net Assets(i) |
||||||||||||||||||||||||||||||||||||||||
Total expenses |
0.70 | %(j) | 0.69 | % | 0.69 | % | 0.70 | % | 0.68 | % | 0.67 | % | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Total expenses after fees waived |
0.25 | %(j) | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Total expenses excluding professional fees for foreign withholding tax claims |
N/A | 0.69 | % | 0.69 | % | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net investment income |
0.99 | %(j) | 3.14 | % | 2.15 | %(c) | 2.59 | % | 2.71 | % | 2.47 | % | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Supplemental Data |
||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) |
$ | 5,069,613 | $ | 6,177,144 | $ | 3,874,514 | $ | 4,248,258 | $ | 5,417,265 | $ | 4,666,697 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Portfolio turnover rate(k) |
41 | % | 26 | % | 38 | % | 23 | % | 24 | % | 22 | % | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Consolidated Financial Highlights. |
(b) |
Based on average shares outstanding. |
(c) |
Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2021: |
• Net investment income per share by $0.01.
• Total return by 0.02%.
• Ratio of net investment income to average net assets by 0.01%.
(d) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(e) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(f) |
Where applicable, assumes the reinvestment of distributions. |
(g) |
Not annualized. |
(h) |
Includes payment received from an affiliate, which had no impact on the Fund’s total return. |
(i) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(j) |
Annualized. |
(k) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
54 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Emerging Markets Multifactor ETF | ||||||||||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||||||||||||||||||
02/28/23 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||||||||||||||
(unaudited | ) | 08/31/22 | 08/31/21 | 08/31/20 | 08/31/19 | 08/31/18 | ||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 43.38 | $ | 53.61 | $ | 44.03 | $ | 40.35 | $ | 44.78 | $ | 46.04 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net investment income(a) |
0.45 | 1.64 | 1.23 | 1.11 | 1.47 | 1.39 | ||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) |
(2.36 | ) | (10.49 | ) | 9.24 | 3.73 | (4.72 | ) | (1.63 | ) | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net increase (decrease) from investment operations |
(1.91 | ) | (8.85 | ) | 10.47 | 4.84 | (3.25 | ) | (0.24 | ) | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Distributions from net investment income(c) |
(1.21 | ) | (1.38 | ) | (0.89 | ) | (1.16 | ) | (1.18 | ) | (1.02 | ) | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 40.26 | $ | 43.38 | $ | 53.61 | $ | 44.03 | $ | 40.35 | $ | 44.78 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Total Return(d) |
||||||||||||||||||||||||||||||||||||||||
Based on net asset value |
(4.46 | )%(e) | (16.80 | )% | 23.97 | % | 12.17 | % | (7.16 | )% | (0.65 | )% | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Ratios to Average Net Assets(f) |
||||||||||||||||||||||||||||||||||||||||
Total expenses |
0.37 | %(g) | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Total expenses after fees waived |
0.37 | %(g) | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.42 | % | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net investment income |
2.21 | %(g) | 3.41 | % | 2.44 | % | 2.71 | % | 3.55 | % | 2.87 | % | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Supplemental Data |
||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) |
$ | 829,330 | $ | 832,808 | $ | 761,199 | $ | 541,608 | $ | 411,575 | $ | 291,071 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Portfolio turnover rate(h) |
93 | % | 54 | % | 49 | % | 45 | % | 53 | % | 39 | % | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Based on average shares outstanding. |
(b) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) |
Where applicable, assumes the reinvestment of distributions. |
(e) |
Not annualized. |
(f) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(g) |
Annualized. |
(h) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
F I N A N C I A L H I G H L I G H T S |
55 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Global Min Vol Factor ETF | ||||||||||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||||||||||||||||||
02/28/23 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||||||||||||||
(unaudited | ) | 08/31/22 | 08/31/21 | 08/31/20 | 08/31/19 | 08/31/18 | ||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 95.04 | $ | 106.77 | $ | 93.16 | $ | 93.54 | $ | 87.04 | $ | 81.13 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net investment income(a) |
0.70 | 2.18 | 1.97 | 2.13 | 2.16 | 1.82 | ||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) |
(1.30 | ) | (11.91 | ) | 13.38 | (0.18 | ) | 6.36 | 5.85 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net increase (decrease) from investment operations |
(0.60 | ) | (9.73 | ) | 15.35 | 1.95 | 8.52 | 7.67 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Distributions from net investment income(c) |
(1.20 | )(d) | (2.00 | ) | (1.74 | ) | (2.33 | ) | (2.02 | ) | (1.76 | ) | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 93.24 | $ | 95.04 | $ | 106.77 | $ | 93.16 | $ | 93.54 | $ | 87.04 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Total Return(e) |
||||||||||||||||||||||||||||||||||||||||
Based on net asset value |
(0.68 | )%(f) | (9.21 | )% | 16.63 | % | 2.13 | % | 9.99 | % | 9.56 | % | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Ratios to Average Net Assets(g) |
||||||||||||||||||||||||||||||||||||||||
Total expenses |
0.32 | %(h) | 0.32 | % | 0.32 | % | 0.32 | % | 0.32 | % | 0.31 | % | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Total expenses after fees waived |
0.20 | %(h) | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net investment income |
1.49 | %(h) | 2.13 | % | 2.00 | % | 2.33 | % | 2.45 | % | 2.17 | % | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Supplemental Data |
||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) |
$ | 4,307,579 | $ | 4,476,569 | $ | 5,306,261 | $ | 5,924,818 | $ | 5,275,720 | $ | 3,342,400 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Portfolio turnover rate(i) |
12 | % | 23 | % | 25 | % | 22 | % | 21 | % | 23 | % | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Based on average shares outstanding. |
(b) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) |
A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
(e) |
Where applicable, assumes the reinvestment of distributions. |
(f) |
Not annualized. |
(g) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(h) |
Annualized. |
(i) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
56 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited)
1. |
ORGANIZATION |
iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is organized as a Maryland corporation and is authorized to have multiple series or portfolios.
These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):
iShares ETF | Diversification Classification | |||
ESG Aware MSCI EM |
Diversified | |||
MSCI Emerging Markets ex China |
Diversified | |||
MSCI Emerging Markets Min Vol Factor |
Diversified | |||
MSCI Emerging Markets Multifactor |
Diversified | |||
MSCI Global Min Vol Factor |
Diversified |
2. |
SIGNIFICANT ACCOUNTING POLICIES |
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.
Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.
Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.
Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2023, if any, are disclosed in the Statements of Assets and Liabilities.
The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.
Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.
In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.
N O T E S T O F I N A N C I A L S T A T E M E N T S |
57 |
Notes to Financial Statements (unaudited) (continued)
Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.
The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.
Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.
3. |
INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS |
Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Directors of the Company (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
• |
Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price. |
• |
Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price. |
• |
Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV. |
• |
Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded. |
Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.
Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.
Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• |
Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access; |
• |
Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and |
• |
Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
58 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
4. |
SECURITIES AND OTHER INVESTMENTS |
Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.
Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.
As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:
|
||||||||||||||||
iShares ETF and Counterparty | |
Securities Loaned at Value |
|
|
Cash Collateral Received |
(a) |
|
Non-Cash Collateral Received, at Fair Value |
(a) |
Net Amount | ||||||
|
||||||||||||||||
ESG Aware MSCI EM |
||||||||||||||||
Barclays Capital, Inc. |
$ | 1,420,870 | $ | (1,420,870 | ) | $ | — | $ | — | |||||||
Citigroup Global Markets, Inc. |
1,728,982 | (1,728,982 | ) | — | — | |||||||||||
J.P. Morgan Securities LLC |
12,525,805 | (12,525,805 | ) | — | — | |||||||||||
State Street Bank & Trust Co. |
228,467 | (228,467 | ) | — | — | |||||||||||
UBS AG |
1,294,623 | (1,294,623 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 17,198,747 | $ | (17,198,747 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
|||||||||
MSCI Emerging Markets ex China |
||||||||||||||||
BofA Securities, Inc. |
$ | 243,949 | $ | (243,949 | ) | $ | — | $ | — | |||||||
Citigroup Global Markets, Inc. |
183,836 | (183,836 | ) | — | — | |||||||||||
J.P. Morgan Securities LLC |
5,174,538 | (5,174,538 | ) | — | — | |||||||||||
Macquarie Bank Ltd. |
448,577 | (448,577 | ) | — | — | |||||||||||
Morgan Stanley |
4,946,486 | (4,946,486 | ) | — | — | |||||||||||
Nomura Securities International, Inc. |
1,218,711 | (1,218,711 | ) | — | — | |||||||||||
UBS AG |
257,363 | (257,363 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 12,473,460 | $ | (12,473,460 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
N O T E S T O F I N A N C I A L S T A T E M E N T S |
59 |
Notes to Financial Statements (unaudited) (continued)
|
||||||||||||||||
iShares ETF and Counterparty | |
Securities Loaned at Value |
|
|
Cash Collateral Received |
(a) |
|
Non-Cash Collateral Received, at Fair Value |
(a) |
Net Amount | ||||||
|
||||||||||||||||
MSCI Emerging Markets Min Vol Factor |
||||||||||||||||
Citigroup Global Markets, Inc. |
$ | 2,521,229 | $ | (2,521,229 | ) | $ | — | $ | — | |||||||
Goldman Sachs & Co. LLC |
776,554 | (776,554 | ) | — | — | |||||||||||
HSBC Bank PLC |
168,907 | (168,907 | ) | — | — | |||||||||||
J.P. Morgan Securities LLC |
3,170,815 | (3,170,815 | ) | — | — | |||||||||||
Macquarie Bank Ltd. |
114,365 | (114,365 | ) | — | — | |||||||||||
Morgan Stanley |
14,441,421 | (14,441,421 | ) | — | — | |||||||||||
Pershing LLC |
346,350 | (346,350 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 21,539,641 | $ | (21,539,641 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
|||||||||
MSCI Emerging Markets Multifactor |
||||||||||||||||
Barclays Bank PLC |
$ | 601,334 | $ | (601,334 | ) | $ | — | $ | — | |||||||
HSBC Bank PLC |
1,008,646 | (1,008,646 | ) | — | — | |||||||||||
Morgan Stanley |
364,723 | (364,723 | ) | — | — | |||||||||||
Wells Fargo Bank N.A. |
136,412 | (136,412 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 2,111,115 | $ | (2,111,115 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
|||||||||
MSCI Global Min Vol Factor |
||||||||||||||||
Barclays Capital, Inc. |
$ | 1,491,427 | $ | (1,491,427 | ) | $ | — | $ | — | |||||||
BofA Securities, Inc. |
94,991 | (94,991 | ) | — | — | |||||||||||
Citigroup Global Markets, Inc. |
3,639,910 | (3,639,910 | ) | — | — | |||||||||||
J.P. Morgan Securities LLC |
51,080 | (51,080 | ) | — | — | |||||||||||
Morgan Stanley |
21,963,656 | (21,963,656 | ) | — | — | |||||||||||
Scotia Capital (USA), Inc. |
369,793 | (369,793 | ) | — | — | |||||||||||
SG Americas Securities LLC |
589,101 | (589,101 | ) | — | — | |||||||||||
State Street Bank & Trust Co. |
5,224,271 | (5,224,271 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 33,424,229 | $ | (33,424,229 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
(a) |
Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s Statements of Assets and Liabilities. |
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.
5. |
DERIVATIVE FINANCIAL INSTRUMENTS |
Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).
Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.
Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.
60 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
6. |
INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent directors).
For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:
iShares ETF | Investment Advisory Fees | |||
ESG Aware MSCI EM |
0.25 | % | ||
MSCI Emerging Markets ex China |
0.25 | |||
MSCI Emerging Markets Multifactor |
0.25 |
Effective December 16, 2022, for its investment advisory services to the iShares MSCI Emerging Markets Multifactor ETF, BFA is entitled to an annual investment advisory fee of 0.25%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund. Prior to December 16, 2022, BFA was entitled to an annual investment advisory fee of 0.45%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.
For its investment advisory services to the iShares MSCI Emerging Markets Min Vol Factor ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:
Aggregate Average Daily Net Assets | Investment Advisory Fees | |||
First $14 billion |
0.75 | % | ||
Over $14 billion, up to and including $28 billion |
0.68 | |||
Over $28 billion, up to and including $42 billion |
0.61 | |||
Over $42 billion, up to and including $56 billion |
0.54 | |||
Over $56 billion, up to and including $70 billion |
0.47 | |||
Over $70 billion, up to and including $84 billion |
0.41 | |||
Over $84 billion |
0.35 |
For its investment advisory services to the iShares MSCI Global Min Vol Factor ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:
Aggregate Average Daily Net Assets | Investment Advisory Fees | |||
First $30 billion |
0.350 | % | ||
Over $30 billion, up to and including $60 billion |
0.320 | |||
Over $60 billion, up to and including $90 billion |
0.280 | |||
Over $90 billion, up to and including $120 billion |
0.252 | |||
Over $120 billion, up to and including $150 billion |
0.227 | |||
Over $150 billion |
0.204 |
Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and any other fund expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statements of Operations does not include acquired fund fees and expenses.
For each of the iShares MSCI Emerging Markets ex China and iShares MSCI Emerging Markets Multifactor ETFs, BFA has contractually agreed to waive a portion of its investment advisory fee for each Fund through December 31, 2027 and December 31, 2026, respectively, in an amount equal to the acquired fund fees and expenses, if any, attributable to each Fund’s investments in other iShares funds.
For each of the iShares MSCI Emerging Markets Min Vol Factor and iShares MSCI Global Min Vol Factor ETFs, BFA has contractually agreed to waive a portion of its investment advisory fee for each Fund through December 31, 2023 in order to limit each Fund’s total annual operating expenses after fee waiver to 0.25% and 0.20%, respectively, of average daily net assets.
These amounts are included in investment advisory fees waived in the Statements of Operations. For the six months ended February 28, 2023, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:
iShares ETF | Amounts Waived | |||
MSCI Emerging Markets Min Vol Factor |
$ | 15,835,823 | ||
MSCI Global Min Vol Factor |
2,754,019 |
Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.
N O T E S T O F I N A N C I A L S T A T E M E N T S |
61 |
Notes to Financial Statements (unaudited) (continued)
Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.
Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended February 28, 2023, the Funds paid BTC the following amounts for securities lending agent services:
iShares ETF | Amounts | |||
ESG Aware MSCI EM |
$ | 70,541 | ||
MSCI Emerging Markets ex China |
46,259 | |||
MSCI Emerging Markets Min Vol Factor |
102,928 | |||
MSCI Emerging Markets Multifactor |
6,250 | |||
MSCI Global Min Vol Factor |
15,866 |
Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.
Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.
For the six months ended February 28, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:
iShares ETF | Purchases | Sales | Net Realized Gain (Loss) | |||||||||
ESG Aware MSCI EM |
$ | 27,528,121 | $ | 27,853,384 | $ | (8,548,357) | ||||||
MSCI Emerging Markets ex China |
439,243 | 3,926,783 | (600,283) | |||||||||
MSCI Emerging Markets Min Vol Factor |
40,606,923 | 4,601,212 | (3,389,680) | |||||||||
MSCI Emerging Markets Multifactor |
64,465,789 | 32,115,050 | (6,091,764) | |||||||||
MSCI Global Min Vol Factor |
53,607,239 | 57,904,689 | (2,070,175) |
Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.
A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.
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Notes to Financial Statements (unaudited) (continued)
7. |
PURCHASES AND SALES |
For the six months ended February 28, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:
iShares ETF | Purchases | Sales | ||||||
ESG Aware MSCI EM |
$ | 1,018,320,712 | $ | 879,530,404 | ||||
MSCI Emerging Markets ex China |
933,697,319 | 203,679,004 | ||||||
MSCI Emerging Markets Min Vol Factor |
2,812,515,578 | 3,631,598,644 | ||||||
MSCI Emerging Markets Multifactor |
782,800,404 | 729,293,777 | ||||||
MSCI Global Min Vol Factor |
535,784,373 | 521,885,524 |
For the six months ended February 28, 2023, in-kind transactions were as follows:
iShares ETF | In-kind Purchases |
In-kind Sales | ||||||
ESG Aware MSCI EM |
$ | 73,640,936 | $ | 59,510,312 | ||||
MSCI Emerging Markets ex China |
191,439,345 | 8,465,555 | ||||||
MSCI Emerging Markets Min Vol Factor |
226,861,553 | 520,791,248 | ||||||
MSCI Emerging Markets Multifactor |
11,526,884 | 11,566,473 | ||||||
MSCI Global Min Vol Factor |
14,989,813 | 136,558,689 |
8. |
INCOME TAX INFORMATION |
Each Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.
Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.
As of August 31, 2022, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:
iShares ETF | Amounts | |||
ESG Aware MSCI EM |
$ | 534,906,743 | ||
MSCI Emerging Markets ex China |
75,036,477 | |||
MSCI Emerging Markets Min Vol Factor |
841,944,154 | |||
MSCI Emerging Markets Multifactor |
72,557,982 | |||
MSCI Global Min Vol Factor |
186,666,076 |
A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.
As of February 28, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:
iShares ETF | Tax Cost | Gross Unrealized Appreciation |
Gross Unrealized Depreciation |
Net Unrealized Appreciation (Depreciation) |
||||||||||||
ESG Aware MSCI EM |
$ | 4,571,835,935 | $ | 505,423,143 | $ | (845,099,545 | ) | $ | (339,676,402 | ) | ||||||
MSCI Emerging Markets ex China |
3,630,645,799 | 95,660,677 | (565,269,971 | ) | (469,609,294 | ) | ||||||||||
MSCI Emerging Markets Min Vol Factor |
4,802,478,273 | 370,583,111 | (89,086,920 | ) | 281,496,191 | |||||||||||
MSCI Emerging Markets Multifactor |
848,717,613 | 33,572,749 | (51,244,675 | ) | (17,671,926 | ) | ||||||||||
MSCI Global Min Vol Factor |
4,038,538,432 | 622,224,058 | (324,466,792 | ) | 297,757,266 |
9. |
LINE OF CREDIT |
The Funds, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 11, 2023. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b)
N O T E S T O F I N A N C I A L S T A T E M E N T S |
63 |
Notes to Financial Statements (unaudited) (continued)
the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.
For the six months ended February 28, 2023, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Syndicated Credit Agreement were as follows:
iShares ETF | Maximum Amount Borrowed |
Average Borrowing |
Weighted Average Interest Rates |
|||||||||
ESG Aware MSCI EM |
$ | 22,195,000 | $ | 1,589,409 | 4.29 | % | ||||||
MSCI Emerging Markets ex China |
11,500,000 | 467,956 | 5.01 | |||||||||
MSCI Emerging Markets Min Vol Factor |
1,900,000 | 1,557,459 | 5.01 | |||||||||
MSCI Emerging Markets Multifactor |
127,400,000 | 1,363,536 | 4.29 | |||||||||
MSCI Global Min Vol Factor |
18,250,000 | 705,801 | 4.91 |
10. |
PRINCIPAL RISKS |
In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.
BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.
The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.
Market Risk: Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) lack of publicly available or reliable information about issuers as a result of not being subject to the same degree of regulatory requirements and accounting, auditing and financial reporting standards; and (iv) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments.
Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.
Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.
The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.
Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and
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Notes to Financial Statements (unaudited) (continued)
receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.
With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.
Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.
Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedule of Investments.
Certain Funds invest a significant portion of their assets in securities of issuers located in China or with significant exposure to Chinese issuers. Investments in Chinese securities, including certain Hong Kong-listed securities, involve risks specific to China. China may be subject to considerable degrees of economic, political and social instability and demonstrates significantly higher volatility from time to time in comparison to developed markets. Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries may disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation. Incidents involving China’s or the region’s security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and a fund’s investments. Reduction in spending on Chinese products and services, institution of tariffs or other trade barriers, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. In addition, measures may be taken to limit the flow of capital and/or sanctions may be imposed, which could prohibit or restrict the ability to own or transfer fund assets and may also include retaliatory actions, such as seizure of fund assets.
Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.
Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio.
Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.
LIBOR Transition Risk: The Funds may be exposed to financial instruments that are tied to the London Interbank Offered Rate (“LIBOR”) to determine payment obligations, financing terms, hedging strategies or investment value. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, announced that a majority of USD LIBOR settings will no longer be published after June 30, 2023. All other LIBOR settings and certain other interbank offered rates ceased to be published after December 31, 2021. SOFR has been used increasingly on a voluntary basis in new instruments and transactions. The Federal Reserve Board adopted regulations that provide a fallback mechanism by identifying benchmark rates based on SOFR that will replace LIBOR in certain financial contracts after June 30, 2023. The ultimate effect of the LIBOR transition process on the Funds is uncertain.
11. |
CAPITAL SHARE TRANSACTIONS |
Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.
N O T E S T O F I N A N C I A L S T A T E M E N T S |
65 |
Notes to Financial Statements (unaudited) (continued)
Transactions in capital shares were as follows:
|
||||||||||||||||
Six Months Ended 02/28/23 |
Year Ended 08/31/22 |
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|||||||||||||
iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
|
||||||||||||||||
ESG Aware MSCI EM |
||||||||||||||||
Shares sold |
14,700,000 | $ | 478,001,451 | 19,900,000 | $ | 784,318,752 | ||||||||||
Shares redeemed |
(10,500,000 | ) | (298,670,790 | ) | (49,100,000 | ) | (1,679,852,995 | ) | ||||||||
|
|
|
|
|
|
|
|
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4,200,000 | $ | 179,330,661 | (29,200,000 | ) | $ | (895,534,243 | ) | |||||||||
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|
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MSCI Emerging Markets ex China |
||||||||||||||||
Shares sold |
20,300,000 | $ | 992,318,353 | 30,600,000 | $ | 1,819,166,668 | ||||||||||
Shares redeemed |
(1,000,000 | ) | (45,569,079 | ) | (4,500,000 | ) | (218,024,767 | ) | ||||||||
|
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|
|
|
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19,300,000 | $ | 946,749,274 | 26,100,000 | $ | 1,601,141,901 | |||||||||||
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|
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MSCI Emerging Markets Min Vol Factor |
||||||||||||||||
Shares sold |
43,000,000 | $ | 2,215,372,855 | 54,400,000 | $ | 3,087,685,688 | ||||||||||
Shares redeemed |
(60,100,000 | ) | (3,285,283,661 | ) | (2,400,000 | ) | (147,823,714 | ) | ||||||||
|
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|
|
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|||||||||
(17,100,000 | ) | $ | (1,069,910,806 | ) | 52,000,000 | $ | 2,939,861,974 | |||||||||
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MSCI Emerging Markets Multifactor |
||||||||||||||||
Shares sold |
2,100,000 | $ | 90,321,348 | 5,400,000 | $ | 270,269,841 | ||||||||||
Shares redeemed |
(700,000 | ) | (28,410,100 | ) | (400,000 | ) | (17,428,980 | ) | ||||||||
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1,400,000 | $ | 61,911,248 | 5,000,000 | $ | 252,840,861 | |||||||||||
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MSCI Global Min Vol Factor |
||||||||||||||||
Shares sold |
800,000 | $ | 76,287,345 | 4,800,000 | $ | 492,333,800 | ||||||||||
Shares redeemed |
(1,700,000 | ) | (164,660,620 | ) | (7,400,000 | ) | (762,945,229 | ) | ||||||||
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|||||||||
(900,000 | ) | $ | (88,373,275 | ) | (2,600,000 | ) | $ | (270,611,429 | ) | |||||||
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|
The consideration for the purchase of Creation Units of a fund in the Company generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Company may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Company’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.
From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.
12. |
SUBSEQUENT EVENTS |
Management’s evaluation of the impact of all subsequent events on the Funds’ financial statements was completed through the date the financial statements were available to be issued and the following items were noted:
On December 12, 2022, the Board approved a proposal to change MSCI Emerging Markets Multifactor’s index to STOXX Emerging Markets Equity Factor Index and change the name of the Fund to iShares Emerging Markets Equity Factor ETF. The changes became effective on March 1, 2023.
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Statement Regarding Liquidity Risk Management Program (unaudited)
In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares, Inc. (the “Company”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares ESG Aware MSCI EM ETF, iShares MSCI Emerging Markets ex China ETF, iShares MSCI Emerging Markets Min Vol Factor ETF, iShares MSCI Emerging Markets Multifactor ETF and iShares MSCI Global Min Vol Factor ETF (the “Funds” or “ETFs”), each a series of the Company, which is reasonably designed to assess and manage each Fund’s liquidity risk.
The Board of Directors (the “Board”) of the Company, on behalf of the Funds, met on December 9, 2022 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40Act Liquidity Risk Management Committee (the “Committee”).At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2021 through September 30, 2022 (the “Program Reporting Period”).
The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays, the imposition of capital controls in certain non-U.S. countries, Russian sanctions and the closure of the Russian securities market.
The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:
a) |
The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes. |
b) |
Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections. |
c) |
Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. The Committee also considered that ETFs generally do not engage in borrowing. |
d) |
The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs. However, there were no ETFs with persistent deviations of fund premium/discount or bid/ask spreads from long-term averages over the Program Reporting Period. |
e) |
The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review. |
There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.
S T A T E M E N T R E G A R D I N G L I Q U I D I T Y R I S K M A N A G E M E N T P R O G R A M |
67 |
Supplemental Information (unaudited)
Section 19(a) Notices
The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.
February 28, 2023
Total Cumulative Distributions for the Fiscal Year-to-Date |
%
Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date |
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iShares ETF |
Net Investment Income |
Net Realized Capital Gains |
Return of Capital |
Total Per Share |
Net Investment Income |
Net Realized Capital Gains |
Return of Capital |
Total Per Share |
||||||||||||||||||||||||
ESG Aware MSCI EM(a) |
$ | 0.517611 | $ | — | $ | 0.013518 | $ | 0.531129 | 97 | % | — | % | 3 | % | 100 | % | ||||||||||||||||
MSCI Emerging Markets ex China(a) |
0.843932 | — | 0.001865 | 0.845797 | 100 | — | 0 | (b) | 100 | |||||||||||||||||||||||
MSCI Global Min Vol Factor(a) |
1.185893 | — | 0.017350 | 1.203243 | 99 | — | 1 | 100 |
(a) |
The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share. |
(b) |
Rounds to less than 1%. |
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Electronic Delivery
Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.
To enroll in electronic delivery:
• |
Go to icsdelivery.com. |
• |
If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor. |
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
Availability of Quarterly Schedule of Investments
The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.
Availability of Proxy Voting Policies and Proxy Voting Records
A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.
A description of the Company’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.
G E N E R A L I N F O R M A T I O N |
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Glossary of Terms Used in this Report
Portfolio Abbreviation | ||
ADR | American Depositary Receipt | |
CPO | Certificates of Participation (Ordinary) | |
GDR | Global Depositary Receipt | |
JSC | Joint Stock Company | |
NVDR | Non-Voting Depositary Receipt | |
NVS | Non-Voting Shares | |
PJSC | Public Joint Stock Company | |
REIT | Real Estate Investment Trust |
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2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Want to know more?
iShares.com | 1-800-474-2737
This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.
Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.
©2023 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
iS-SAR-816-0223
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