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.