LOGO

  FEBRUARY 28, 2023

 

  

2023 Semi-Annual Report

(Unaudited)

 

 

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


The Markets in Review

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.

 

LOGO

Rob Kapito

President, BlackRock, Inc.

 

LOGO

Rob Kapito

President, BlackRock, Inc.

 

Total Returns as of February 28, 2023
     
      6-Month     12-Month 
   

U.S. large cap equities
(S&P 500® Index)

  1.26%    (7.69)% 
   

U.S. small cap equities
(Russell 2000® Index)

  3.63       (6.02)    
   

International equities
(MSCI Europe, Australasia, Far East Index)

  12.58       (3.14)    
   

Emerging market equities
(MSCI Emerging Markets Index)

  (2.29)       (15.28)    
   

3-month Treasury bills
(ICE BofA 3-Month
U.S. Treasury Bill Index)

  1.74        2.11     
   

U.S. Treasury securities
(ICE BofA 10-Year
U.S. Treasury Index)

  (4.81)       (14.06)    
   

U.S. investment grade bonds
(Bloomberg U.S. Aggregate Bond Index)

  (2.13)       (9.72)    
   

Tax-exempt municipal bonds
(Bloomberg Municipal Bond Index)

  0.66       (5.10)    
   

U.S. high yield bonds
(Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)

  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


Table of Contents

 

     Page  

 

 

The Markets in Review

     2  

Semi-Annual Report:

  

Fund Summary

     4  

About Fund Performance

     9  

Disclosure of Expenses

     9  

Schedules of Investments

     10  

Financial Statements

  

Statements of Assets and Liabilities

     45  

Statements of Operations

     47  

Statements of Changes in Net Assets

     49  

Financial Highlights

     52  

Notes to Financial Statements

     57  

Statement Regarding Liquidity Risk Management Program

     67  

Supplemental Information

     68  

General Information

     69  

Glossary of Terms Used in this Report

     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
 

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                    

 

 

     

 

 

           
 

Beginning
Account Value
(09/01/22)
 
 
 
      

Ending
Account Value
(02/28/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
           

Beginning
Account Value
(09/01/22)
 
 
 
      

Ending
Account Value
(02/28/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
                 

Annualized
Expense
Ratio
 
 
 
  $       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
 

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                    

 

 

     

 

 

           
 

Beginning
Account Value
(09/01/22)
 
 
 
      

Ending
Account Value
(02/28/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
           

Beginning
Account Value
(09/01/22)
 
 
 
      

Ending
Account Value
(02/28/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
                 

Annualized
Expense
Ratio
 
 
 
  $       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.

 

 

 

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                    

 

 

     

 

 

           
 

Beginning
Account Value
(09/01/22)
 
 
 
      

Ending
Account Value
(02/28/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
           

Beginning
Account Value
(09/01/22)
 
 
 
      

Ending
Account Value
(02/28/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
                 

Annualized
Expense
Ratio
 
 
 
  $       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
 

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                    

 

 

     

 

 

           
 

Beginning
Account Value
(09/01/22)
 
 
 
      

Ending
Account Value
(02/28/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
           

Beginning
Account Value
(09/01/22)
 
 
 
      

Ending
Account Value
(02/28/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
                 

Annualized
Expense
Ratio
 
 
 
  $       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.

 

 

 

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                    

 

 

     

 

 

           
 

Beginning
Account Value
(09/01/22)
 
 
 
      

Ending
Account Value
(02/28/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
           

Beginning
Account Value
(09/01/22)
 
 
 
      

Ending
Account Value
(02/28/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
                 

Annualized
Expense
Ratio
 
 
 
  $       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


About Fund Performance

 

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

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

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

Disclosure of Expenses

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

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

    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.
Ltd.(b)

    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.
Ltd.(a)(b)(c)

    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  

 

 

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%
(Cost: $4,292,788,426)

      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%
(Cost: $115,795,208)

      111,347,983  
   

 

 

 

Total Long-Term Investments — 99.7%
(Cost: $4,408,583,634)

      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%
(Cost: $18,155,676)

      18,165,878  
   

 

 

 

Total Investments — 100.1%
(Cost: $4,426,739,310)

 

    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
Distributions
from
Underlying
Funds

   

  

 

 

   
 

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.

 

 

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.
Ltd.(b)

    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%
(Cost: $3,467,339,364)

            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%
(Cost: $111,015,015)

      96,785,877  
   

 

 

 

Total Long-Term Investments — 99.7%
(Cost: $3,578,354,379)

      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%
(Cost: $13,907,592)

      13,911,896  
   

 

 

 

Total Investments — 100.1%
(Cost: $3,592,261,971)

      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
Distributions
from
Underlying
Funds

     
 

 

   

  

 

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  

 

 

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  

 

 

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%
(Cost: $5,053,150,322)

        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%
(Cost: $52,641,680)

      28,598,685  
   

 

 

 

Rights

   
China — 0.0%            

Kangmei Pharmaceutical Co. Ltd.,
(Expires 12/31/49)(a)

    167,567        
   

 

 

 

Total Rights — 0.0%
(Cost: $—)

       
   

 

 

 

Total Long-Term Investments — 99.7%
(Cost: $5,105,792,002)

      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%
(Cost: $29,799,713)

 

    29,823,963  
   

 

 

 

Total Investments — 100.3%
(Cost: $5,135,591,715)

 

    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
Distributions
from
Underlying
Funds

      
 

 

   
 

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
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

 

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  

 

 

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  

 

 

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  

 

 

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%
(Cost: $820,647,416)

        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%
(Cost: $11,161,777)

 

    11,360,410  
   

 

 

 

Total Long-Term Investments — 100.0%
(Cost: $831,809,193)

 

    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%
(Cost: $2,215,774)

 

    2,217,696  
   

 

 

 

Total Investments — 100.3%
(Cost: $834,024,967)

 

    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
Distributions
from
Underlying
Funds

      
 

 

   
 

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
Unrealized depreciation on futures contracts(a)

   $      $      $ 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      

 

 

 

 

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  

 

 

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  

 

 

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%
(Cost: $3,972,320,238)

      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%
(Cost: $—)

      247,660  
   

 

 

 

Total Long-Term Investments — 99.7%
(Cost: $3,972,320,238)

      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%
(Cost: $41,768,010)

      41,785,503  
   

 

 

 

Total Investments — 100.7%
(Cost: $4,014,088,248)

      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
Distributions
from
Underlying
Funds

      
 

 

   
 

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  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

 

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


Financial Highlights

(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  
   

 

 

   

 

 

   

 

 

     

 

 

     

 

 

     

 

 

 

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
   

 

 

   

 

 

   

 

 

     

 

 

     

 

 

     

 

 

 

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
gain (loss)(d)

      (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  
   

 

 

   

 

 

   

 

 

     

 

 

     

 

 

     

 

 

 

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.

 

 

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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   $     $  
 

 

 

    

 

 

   

 

 

   

 

 

 

 

 

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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.

 

 

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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

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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)

 

 

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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

 
 

 

 

    

 

 

 
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
 

 

 

    

 

 

    

 

 

    

 

 

 
    4,200,000      $ 179,330,661        (29,200,000    $ (895,534,243
 

 

 

    

 

 

    

 

 

    

 

 

 

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
 

 

 

    

 

 

    

 

 

    

 

 

 
    19,300,000      $ 946,749,274        26,100,000      $ 1,601,141,901  
 

 

 

    

 

 

    

 

 

    

 

 

 

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
 

 

 

    

 

 

    

 

 

    

 

 

 
    (17,100,000    $ (1,069,910,806      52,000,000      $ 2,939,861,974  
 

 

 

    

 

 

    

 

 

    

 

 

 

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
 

 

 

    

 

 

    

 

 

    

 

 

 
    1,400,000      $ 61,911,248        5,000,000      $ 252,840,861  
 

 

 

    

 

 

    

 

 

    

 

 

 

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
 

 

 

    

 

 

    

 

 

    

 

 

 
    (900,000    $ (88,373,275      (2,600,000    $ (270,611,429
 

 

 

    

 

 

    

 

 

    

 

 

 

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
 
 

 

 

    

 

 

 
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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General Information

 

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

  69


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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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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