iShares, Inc.


		FEBRUARY 28, 2022



		2022 Semi-Annual Report (Unaudited)

iShares, Inc.

iShares MSCI Brazil ETF | EWZ | NYSE Arca

iShares MSCI Chile ETF | ECH | Cboe BZX

iShares MSCI Colombia ETF | ICOL | NYSE Arca

iShares MSCI Israel ETF | EIS | NYSE Arca

iShares MSCI South Africa ETF | EZA | NYSE Arca

iShares MSCI Turkey ETF | TUR | NASDAQ

iShares MSCI USA Equal Weighted ETF | EUSA | NYSE Arca

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of February 28, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. However, rapid changes in consumer spending led to supply constraints and elevated inflation. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers. Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks posted a solid advance. International equities from developed markets gained slightly, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. In the corporate bond market, the improving economy assuaged credit concerns and led to modest returns for high-yield corporate bonds, outpacing the negative return of investment-grade corporate bonds. The U.S. Federal Reserve (the “Fed”) maintained accommodative monetary policy during the reporting period by keeping near-zero interest rates. However, the Fed’s tone shifted during the period, as it reduced its bond-buying program and raised the prospect of higher rates in 2022. Continued high inflation and the Fed’s new stance led many analysts to anticipate that the Fed will raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy. Sanctions on Russia and general wartime disruption are likely to drive already-high commodity prices even further upwards, and we have already seen spikes in energy and metal markets. While this will exacerbate inflationary pressure, it could also constrain economic growth, making the Fed’s way forward less clear. Its challenge will be combating inflation without stifling a recovery that is now facing additional supply shocks.

In this environment, we favor an overweight to equities, as we believe low interest rates and continued economic growth will support further gains, albeit likely more modest than what we saw in 2021. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. U.S. and other developed market equities have room for further growth, while we believe Chinese equities stand to gain from a more accommodative monetary and fiscal environment. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

Overall, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of February 28, 2022

	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	(2.62)%	16.39%

U.S. small cap equities (Russell 2000^® Index)	(9.46)	(6.01)

International equities (MSCI Europe, Australasia, Far East Index)	(6.78)	2.83

Emerging market equities (MSCI Emerging Markets Index)	(9.81)	(10.69)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.02	0.04

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(3.94)	(1.67)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(4.07)	(2.64)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(3.09)	(0.66)

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(3.07)	0.64
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.


2		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
Fund Summary		4
About Fund Performance		11
Shareholder Expenses		11
Schedules of Investments		12
Financial Statements
Statements of Assets and Liabilities		38
Statements of Operations		40
Statements of Changes in Net Assets		42
Financial Highlights		46
Notes to Financial Statements		53
Statement Regarding Liquidity Risk Management Program		63
Supplemental Information		64
General Information		65
Glossary of Terms Used in this Report		66


Fund Summary as of February 28, 2022		iShares^® MSCI Brazil ETF

Investment Objective

The iShares MSCI Brazil ETF (the “Fund”) seeks to track the investment results of an index composed of Brazilian equities, as represented by the MSCI Brazil 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


			Average Annual Total Returns							Cumulative Total Returns

	6 Months			1 Year		5 Years		10 Years			1 Year		5 Years		10 Years
Fund NAV	(2.42	)%		12.87	%	0.73	%	(3.96	)%		12.87	%	3.73	%	(33.25	)%
Fund Market	(2.78	)		12.64		0.97		(4.06	)		12.64		4.96		(33.92	)
Index	(3.50	)		13.04		1.34		(3.41	)		13.04		6.88		(29.32	)

Index performance through February 11, 2013 reflects the performance of the MSCI Brazil Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Brazil 25/50 Index.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Expense Example


Actual							Hypothetical 5% Return


	Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$	975.80	$	2.84		$	1,000.00	$	1,021.90	$	2.91		0.58	%

^(a)

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

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)
Materials	26.5	%
Financials	22.3
Energy	17.8
Consumer Staples	9.1
Industrials	6.7
Utilities	5.6
Consumer Discretionary	4.9
Health Care	4.2
Communication Services	2.2
Information Technology	0.7

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)
Vale SA	20.1	%
Petroleo Brasileiro SA (Preferred)	8.2
Petroleo Brasileiro SA	6.9
Itau Unibanco Holding SA (Preferred)	6.2
B3 SA - Brasil, Bolsa, Balcao	4.4
Banco Bradesco SA (Preferred)	4.0
Ambev SA	3.5
WEG SA	2.7
Hapvida Participacoes e Investimentos SA	2.4
Suzano SA	2.3


4		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of February 28, 2022		iShares^® MSCI Chile ETF

Investment Objective

The iShares MSCI Chile ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Chilean equities, as represented by the MSCI Chile IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


			Average Annual Total Returns							Cumulative Total Returns

	6 Months			1 Year		5 Years		10 Years			1 Year		5 Years		10 Years
Fund NAV	(5.54	)%^(a)		(14.45	)%	(5.97	)%	(7.13	)%		(14.45	)%	(26.50	)%	(52.26	)%
Fund Market	(5.96	)		(12.98	)	(5.92	)	(7.18	)		(12.98	)	(26.29	)	(52.53	)
Index	(4.77	)		(13.81	)	(5.75	)	(6.90	)		(13.81	)	(25.64	)	(51.09	)

^(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.

Index performance through February 11, 2013 reflects the performance of the MSCI Chile Investable Market Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Chile IMI 25/50 Index.

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$	944.60	$	2.80		$	1,000.00	$	1,021.90	$	2.91		0.58	%

(a)

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)
Materials	30.4	%
Financials	23.8
Utilities	17.6
Consumer Staples	14.5
Energy	4.3
Consumer Discretionary	4.0
Real Estate	3.2
Communication Services	2.2

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)
Sociedad Quimica y Minera de Chile SA (Preferred), Class B	23.2	%
Banco de Chile	12.8
Enel Americas SA	7.1
Banco Santander Chile	4.5
Banco de Credito e Inversiones SA	4.3
Empresas COPEC SA	4.3
Empresas CMPC SA	4.2
Falabella SA	4.0
Cencosud SA	4.0
Cia. Cervecerias Unidas SA	3.7


F U N D S U M M A R Y		5


Fund Summary as of February 28, 2022		iShares^® MSCI Colombia ETF

Investment Objective

The iShares MSCI Colombia ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Colombian equities, as represented by the MSCI All Colombia Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


			Average Annual Total Returns							Cumulative Total Returns

	6 Months			1 Year		5 Years		Since Inception			1 Year		5 Years		Since Inception
Fund NAV	8.71	%		10.30	%	(1.09	)%	(7.05	)%		10.30	%	(5.31	)%	(47.05	)%
Fund Market	7.66			10.64		(1.38	)	(7.16	)		10.64		(6.70	)	(47.60	)
Index	10.12			12.23		(0.44	)	(6.58	)		12.23		(2.20	)	(44.70	)

The inception date of the Fund was 6/18/13. The first day of secondary market trading was 6/20/13.

Expense Example


Actual							Hypothetical 5% Return


	Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$	1,087.10	$	3.16		$	1,000.00	$	1,021.80	$	3.06		0.61	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)
Financials	39.0	%
Energy	23.1
Utilities	19.8
Consumer Staples	6.4
Materials	5.5
Industrials	2.8
Communication Services	1.9
Consumer Discretionary	1.5

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)
Ecopetrol SA	14.5	%
Bancolombia SA (Preferred)	14.1
Interconexion Electrica SA ESP	9.4
Bancolombia SA	8.8
Grupo Energia Bogota SA ESP	4.4
Banco Davivienda SA (Preferred)	4.4
Grupo Nutresa SA	4.1
Canacol Energy Ltd.	3.0
Parex Resources Inc.	3.0
Enel Americas SA	2.8


6		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of February 28, 2022		iShares^® MSCI Israel ETF

Investment Objective

The iShares MSCI Israel ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Israeli equities, as represented by the MSCI Israel Capped Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


			Average Annual Total Returns							Cumulative Total Returns

	6 Months			1 Year		5 Years		10 Years			1 Year		5 Years		10 Years
Fund NAV	3.52	%		15.86	%	9.35	%	8.02	%		15.86	%	56.37	%	116.30	%
Fund Market	3.78			16.79		9.42		8.05			16.79		56.83		116.80
Index	3.66			16.52		9.92		8.40			16.52		60.43		123.97

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$	1,035.20	$	2.93		$	1,000.00	$	1,021.90	$	2.91		0.58	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)
Information Technology	28.7	%
Financials	24.9
Real Estate	11.5
Industrials	9.9
Health Care	5.9
Materials	4.8
Consumer Discretionary	4.2
Communication Services	2.9
Utilities	2.7
Consumer Staples	2.5
Energy	2.0

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)
Bank Leumi Le-Israel BM	7.6	%
Check Point Software Technologies Ltd.	7.3
Nice Ltd.	6.8
Bank Hapoalim BM	5.8
Teva Pharmaceutical Industries Ltd.	4.3
ICL Group Ltd.	3.8
Israel Discount Bank Ltd., Class A	3.6
CyberArk Software Ltd.	3.2
Mizrahi Tefahot Bank Ltd.	2.6
Elbit Systems Ltd.	2.6


F U N D S U M M A R Y		7


Fund Summary as of February 28, 2022		iShares^® MSCI South Africa ETF

Investment Objective

The iShares MSCI South Africa ETF (the “Fund”) seeks to track the investment results of an index composed of South African equities, as represented by the MSCI South Africa 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


			Average Annual Total Returns							Cumulative Total Returns

	6 Months			1 Year		5 Years		10 Years			1 Year		5 Years		10 Years
Fund NAV	6.55	%		15.31	%	3.91	%	0.92	%		15.31	%	21.11	%	9.56	%
Fund Market	7.66			16.09		4.28		1.20			16.09		23.34		12.63
Index	5.86			14.88		4.29		1.42			14.88		23.38		15.11

Index performance through August 31, 2017 reflects the performance of the MSCI South Africa Index. Index performance beginning on September 1, 2017 reflects the performance of the MSCI South Africa 25/50 Index.

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$	1,065.50	$	2.92		$	1,000.00	$	1,022.00	$	2.86		0.57	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)
Financials	31.5	%
Materials	30.1
Consumer Discretionary	12.9
Communication Services	10.9
Consumer Staples	8.2
Real Estate	2.1
Health Care	1.8
Industrials	1.4
Energy	1.1

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)
Naspers Ltd., Class N	9.8	%
FirstRand Ltd.	7.8
MTN Group Ltd.	7.6
Impala Platinum Holdings Ltd.	5.6
Standard Bank Group Ltd.	5.1
Sasol Ltd.	4.7
Sibanye Stillwater Ltd.	4.5
Gold Fields Ltd.	4.4
Capitec Bank Holdings Ltd.	3.9
AngloGold Ashanti Ltd.	3.5


8		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of February 28, 2022		iShares^® MSCI Turkey ETF

Investment Objective

The iShares MSCI Turkey ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Turkish equities, as represented by the MSCI Turkey IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


			Average Annual Total Returns							Cumulative Total Returns

	6 Months			1 Year		5 Years		10 Years			1 Year		5 Years		10 Years
Fund NAV	(20.12	)%		(26.38	)%	(9.13	)%	(7.39	)%		(26.38	)%	(38.05	)%	(53.59	)%
Fund Market	(20.96	)		(27.53	)	(9.26	)	(7.42	)		(27.53	)	(38.48	)	(53.75	)
Index	(20.17	)		(26.41	)	(8.97	)	(7.15	)		(26.41	)	(37.48	)	(52.35	)

Index performance through May 28, 2019 reflects the performance of MSCI Turkey Investable Market Index. Index performance beginning on May 29, 2019 reflects the performance of the MSCI Turkey IMI 25/50 Index.

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$	798.80	$	2.54		$	1,000.00	$	1,022.00	$	2.86		0.57	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)
Industrials	21.9	%
Financials	20.3
Materials	19.6
Consumer Staples	13.6
Consumer Discretionary	10.5
Energy	5.4
Communication Services	5.2
Utilities	1.7
Real Estate	1.0
Health Care	0.8

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)
Eregli Demir ve Celik Fabrikalari TAS	9.9	%
BIM Birlesik Magazalar AS	7.6
Turkiye Petrol Rafinerileri AS	5.4
KOC Holding AS	5.4
Turkcell Iletisim Hizmetleri AS	5.2
Akbank TAS	5.0
Ford Otomotiv Sanayi AS	4.7
Turkiye Garanti Bankasi AS	4.4
Turkiye Sise ve Cam Fabrikalari AS	3.8
Turk Hava Yollari AO	3.5


F U N D S U M M A R Y		9


Fund Summary as of February 28, 2022		iShares^® MSCI USA Equal Weighted ETF

Investment Objective

The iShares MSCI USA Equal Weighted ETF (the “Fund”) seeks to track the investment results of an index composed of equal weighted U.S. equities, as represented by the MSCI USA Equal Weighted Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


			Average Annual Total Returns							Cumulative Total Returns

	6 Months			1 Year		5 Years		10 Years			1 Year		5 Years		10 Years
Fund NAV	(4.36	)%		12.00	%	12.54	%	12.97	%		12.00	%	80.51	%	238.53	%
Fund Market	(4.36	)		11.77		12.54		12.96			11.77		80.50		238.37
Index	(4.32	)		12.16		12.69		13.13			12.16		81.73		243.34

Index performance through August 31, 2015 reflects the performance of the MSCI USA Index. Index performance beginning on September 1, 2015 reflects the performance of the MSCI USA Equal Weighted Index.

Expense Example


Actual							Hypothetical 5% Return


	Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$	956.40	$	0.44		$	1,000.00	$	1,024.30	$	0.45		0.09	%

(a)

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)
Information Technology	18.4	%
Financials	13.8
Industrials	13.3
Health Care	13.2
Consumer Discretionary	10.7
Real Estate	5.8
Communication Services	5.6
Consumer Staples	5.4
Utilities	5.4
Materials	5.0
Energy	3.4

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)
S&P Global Inc.	0.3	%
SolarEdge Technologies Inc.	0.2
Block Inc.	0.2
Cheniere Energy Inc.	0.2
Leidos Holdings Inc.	0.2
L3Harris Technologies Inc.	0.2
Mosaic Co. (The)	0.2
Palo Alto Networks Inc.	0.2
Northrop Grumman Corp.	0.2
Lockheed Martin Corp.	0.2


10		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

About Fund Performance

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

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

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

Shareholder Expenses

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

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

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in a Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.


A B O U T F U N D P E R F O R M A N C E / S H A R E H O L D E R E X P E N S E S		11

Schedule of Investments (unaudited)

February 28, 2022

iShares^® MSCI Brazil ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Common Stocks

Banks — 3.0%
Banco Bradesco SA		4,188,471	$	13,737,557
Banco do Brasil SA		14,448,019		97,684,151
Banco Inter SA		3,553,044		13,776,933
Banco Santander Brasil SA		7,404,855		43,890,358


				169,088,999

Beverages — 3.5%
Ambev SA		66,621,961		195,519,607


Capital Markets — 5.8%
B3 SA - Brasil, Bolsa, Balcao		87,239,280		245,437,673
Banco BTG Pactual SA		15,507,593		77,046,178
XP Inc.^(a)		1		32


				322,483,883

Containers & Packaging — 1.0%
Klabin SA		12,421,579		55,793,218


Diversified Telecommunication Services — 1.4%
Telefonica Brasil SA		7,832,634		76,811,931


Electric Utilities — 2.6%
Centrais Eletricas Brasileiras SA		5,520,424		37,255,994
Energisa SA		2,491,305		21,257,535
Equatorial Energia SA		17,407,287		86,084,145


				144,597,674

Electrical Equipment — 2.6%
WEG SA		26,183,745		148,351,533


Food & Staples Retailing — 2.0%
Atacadao SA		8,273,221		30,496,357
Raia Drogasil SA		17,831,632		80,726,270


				111,222,627

Food Products — 2.4%
BRF SA^(a)		11,171,469		35,229,794
JBS SA		14,422,106		101,023,903


				136,253,697

Health Care Providers & Services — 3.3%
Hapvida Participacoes e Investimentos SA^(b)		58,063,249		135,914,179
Rede D’Or Sao Luiz SA^(b)		5,008,014		49,333,787


				185,247,966

Independent Power and Renewable Electricity Producers — 0.6%
Engie Brasil Energia SA		4,186,947		32,436,966


Insurance — 1.0%
BB Seguridade Participacoes SA		12,238,698		53,966,714


Internet & Direct Marketing Retail — 1.0%
Americanas SA		9,656,811		56,590,511


Metals & Mining — 21.0%
Cia. Siderurgica Nacional SA		11,600,572		57,094,918
Vale SA		60,104,783		1,115,164,732


				1,172,259,650

Multiline Retail — 2.4%
Lojas Renner SA		16,020,660		79,187,451
Magazine Luiza SA		45,787,266		52,824,775


				132,012,226

Oil, Gas & Consumable Fuels — 9.6%
Cosan SA		17,549,806		71,950,389
Petro Rio SA^(a)		8,566,306		43,534,951


Security	Shares		Value


Oil, Gas & Consumable Fuels (continued)
Petroleo Brasileiro SA		53,653,691	$	381,500,124
Ultrapar Participacoes SA		13,490,840		37,940,971


				534,926,435

Paper & Forest Products — 2.3%
Suzano SA		11,963,865		128,958,094


Personal Products — 1.1%
Natura & Co. Holding SA^(a)		14,147,753		63,133,693


Pharmaceuticals — 0.8%
Hypera SA		6,900,446		44,763,175


Road & Rail — 3.1%
Localiza Rent a Car SA		9,839,852		109,540,601
Rumo SA^(a)		22,025,366		65,985,161


				175,525,762

Software — 0.7%
TOTVS SA		6,204,367		39,746,595


Specialty Retail — 1.2%
Vibra Energia SA		15,282,135		69,608,845


Transportation Infrastructure — 0.9%
CCR SA		22,076,552		50,224,981


Water Utilities — 0.9%
Cia. de Saneamento Basico do Estado de Sao Paulo		6,142,865		49,291,683


Wireless Telecommunication Services — 0.8%
TIM SA		16,220,756		43,025,356


Total Common Stocks — 75.0% (Cost: $2,733,928,979)				4,191,841,821


Preferred Stocks

Banks — 12.4%
Banco Bradesco SA, Preference Shares, NVS		56,988,329		223,241,217
Itau Unibanco Holding SA, Preference Shares, NVS		69,835,057		342,831,027
Itausa SA, Preference Shares, NVS		64,041,813		124,024,503


				690,096,747

Chemicals — 0.4%
Braskem SA, Class A, Preference Shares, NVS		2,270,462		21,275,563


Electric Utilities — 1.5%
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS		5,122,610		34,023,165
Cia. Energetica de Minas Gerais, Preference Shares, NVS		20,181,721		49,591,907


				83,615,072

Metals & Mining — 1.7%
Gerdau SA, Preference Shares, NVS		18,775,509		93,123,044


Oil, Gas & Consumable Fuels — 8.1%
Petroleo Brasileiro SA, Preference Shares, NVS		68,886,720		452,823,859


Textiles, Apparel & Luxury Goods — 0.2%
Alpargatas SA, Preference Shares, NVS		2,745,526		13,670,454


Total Preferred Stocks — 24.3% (Cost: $945,631,686)				1,354,604,739


12		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Brazil ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Rights

Internet & Direct Marketing Retail — 0.0%
Americanas SA, (Expires 03/03/22)^(a)		215,430	$	283,103


Total Rights — 0.0% (Cost: $0)				283,103


Short-Term Investments

Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%^(c)(d)		1,850,000		1,850,000


Total Short-Term Investments — 0.0% (Cost: $1,850,000)				1,850,000


Total Investments in Securities — 99.3% (Cost: $3,681,410,665)				5,548,579,663

Other Assets, Less Liabilities — 0.7%				38,321,754


Net Assets — 100.0%			$	5,586,901,417

^(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)	Affiliate of the Fund.

^(d)	Annualized 7-day yield as of period end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:




Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/22		Shares Held at 02/28/22		Income		Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Treasury, SL Agency Shares	$	—	$	1,850,000	^(a)	$	—	$	—	$	—	$	1,850,000		1,850,000	$	302	$	—

^(a)

Represents net amount purchased (sold).

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 Brazil Index

651

03/18/22

32,190

2,119,975

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:


	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	2,119,975

^(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).


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, 2022

iShares^® MSCI Brazil ETF

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:




	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	(5,611,194	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	607,061

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	33,471,638

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.



		Level 1		Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	—	$	4,191,841,821	$	—	$	4,191,841,821
Preferred Stocks		—		1,354,604,739		—		1,354,604,739
Rights		—		283,103		—		283,103
Money Market Funds		1,850,000		—		—		1,850,000

	$	1,850,000	$	5,546,729,663	$	—	$	5,548,579,663

Derivative financial instruments^(a)
Assets
Futures Contracts	$	2,119,975	$	—	$	—	$	2,119,975

^(a)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


14		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

February 28, 2022

iShares^® MSCI Chile ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Banks — 23.7%
Banco de Chile		502,893,775	$	53,317,854
Banco de Credito e Inversiones SA		501,577		17,931,127
Banco Santander Chile		378,328,135		18,577,344
Itau CorpBanca Chile SA^(a)		4,644,004,315		9,112,749


				98,939,074

Beverages — 6.1%
Cia. Cervecerias Unidas SA		1,934,484		15,336,692
Vina Concha y Toro SA		6,812,272		10,007,016


				25,343,708

Electric Utilities — 11.5%
Enel Americas SA		250,176,355		29,293,508
Enel Chile SA		382,099,959		12,526,300
Engie Energia Chile SA		10,419,307		6,323,028


				48,142,836

Food & Staples Retailing — 5.4%
Cencosud SA		8,985,911		16,528,140
SMU SA		59,382,766		5,951,710


				22,479,850

Independent Power and Renewable Electricity Producers — 2.3%
Colbun SA		129,841,040		9,455,391


Metals & Mining — 3.0%
CAP SA		1,063,045		12,292,057


Multiline Retail — 4.0%
Falabella SA		5,083,458		16,728,597


Oil, Gas & Consumable Fuels — 4.2%
Empresas COPEC SA		2,273,892		17,640,303


Paper & Forest Products — 4.2%
Empresas CMPC SA		10,585,360		17,488,625


Security	Shares		Value


Real Estate Management & Development — 3.2%
Cencosud Shopping SA		2,265,192	$	2,431,850
Parque Arauco SA^(a)		8,481,040		8,463,957
Plaza SA		2,341,696		2,517,381


				13,413,188

Water Utilities — 3.7%
Aguas Andinas SA, Class A		46,449,398		9,796,880
Inversiones Aguas Metropolitanas SA		11,561,976		5,793,928


				15,590,808

Wireless Telecommunication Services — 2.2%
Empresa Nacional de Telecomunicaciones SA		2,456,719		9,129,699


Total Common Stocks — 73.5% (Cost: $300,975,869)				306,644,136


Preferred Stocks

Beverages — 2.9%
Embotelladora Andina SA, Class B, Preference Shares		5,583,649		12,158,986


Chemicals — 23.1%
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares		1,448,847		96,220,650


Total Preferred Stocks — 26.0% (Cost: $55,346,476)				108,379,636


Total Investments in Securities — 99.5% (Cost: $356,322,345)				415,023,772

Other Assets, Less Liabilities — 0.5%				2,202,532


Net Assets — 100.0%			$	417,226,304

^(a)	Non-income producing security.

Affiliates


Affiliated Issuer	Value at 08/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/22		Shares Held at 02/28/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares^(a)	$	1,120,000	$	—	$	(1,120,000	)^(b)	$	—	$	—	$	—		—	$	38	$	—

^(a)

As of period end, the entity is no longer held.

^(b)

Represents net amount purchased (sold).


S C H E D U L E O F I N V E S T M E N T S		15

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Chile 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		9		03/18/22	$	529	$	(45,420	)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:



	Equity Contracts

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	45,420

(a)

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	(65,866	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(32,962	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	1,131,825

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



		Level 1			Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	163,818,825		$	142,825,311	$	—	$	306,644,136
Preferred Stocks		—			108,379,636		—		108,379,636

	$	163,818,825		$	251,204,947	$	—	$	415,023,772

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(45,420	)	$	—	$	—	$	(45,420	)

^(a)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


16		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

February 28, 2022

iShares^® MSCI Colombia ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Common Stocks

Banks — 11.7%
Banco de Bogota SA		6,315	$	115,794
Bancolombia SA		341,354		3,384,924
Grupo Aval Acciones y Valores SA		357,995		96,841
Grupo Bolivar SA		46,052		935,894


				4,533,453

Building Products — 2.8%
Tecnoglass Inc.^(a)		52,188		1,071,420


Capital Markets — 1.1%
Bolsa de Valores de Colombia		169,179		429,715


Construction Materials — 3.3%
Cementos Argos SA		296,975		457,870
Grupo Argos SA		249,517		817,568


				1,275,438

Diversified Financial Services — 3.5%
Corp. Financiera Colombiana SA^(b)		48,233		339,358
Grupo de Inversiones Suramericana SA		127,041		1,030,977


				1,370,335

Electric Utilities — 12.5%
Celsia SA ESP		133,060		141,273
Enel Americas SA		9,215,287		1,079,031
Interconexion Electrica SA ESP		590,416		3,644,168


				4,864,472

Food & Staples Retailing — 2.3%
Cia Brasileira de Distribuicao^(a)		198,796		904,522


Food Products — 4.1%
Grupo Nutresa SA		140,681		1,580,113


Gas Utilities — 4.7%
Grupo Energia Bogota SA ESP		2,731,472		1,699,796
Promigas SA ESP		78,153		143,125


				1,842,921

Independent Power and Renewable Electricity Producers — 2.3%
Brookfield Renewable Corp., Class A		24,376		913,499


Metals & Mining — 1.4%
Mineros SA		603,950		555,320


Oil, Gas & Consumable Fuels — 22.9%
Canacol Energy Ltd		456,480		1,156,056
Ecopetrol SA		6,740,224		5,586,315
Empresas COPEC SA		131,563		1,020,634
Parex Resources Inc.		51,665		1,139,279


				8,902,284

Specialty Retail — 1.5%
Organizacion Terpel SA^(b)		198,536		574,377


Security	Shares		Value


Wireless Telecommunication Services — 1.9%
Millicom International Cellular SA, SDR^(b)		31,138	$	722,331


Total Common Stocks — 76.0% (Cost: $24,047,070)				29,540,200


Preferred Stocks

Banks — 20.6%
Banco Davivienda SA, Preference Shares, NVS		207,323		1,685,123
Bancolombia SA, Preference Shares, NVS		616,349		5,448,036
Grupo Aval Acciones y Valores SA, Preference Shares, NVS		3,316,566		892,953


				8,026,112

Construction Materials — 0.8%
Cementos Argos SA, Preference Shares, NVS		127,820		136,326
Grupo Argos SA/Colombia, Preference Shares, NVS		65,996		162,433


				298,759

Diversified Financial Services — 1.8%
Corp. Financiera Colombiana SA, Preference Shares, NVS^(b)		23,910		138,529
Grupo de Inversiones Suramericana SA, Preference Shares, NVS		95,164		557,157


				695,686


Total Preferred Stocks — 23.2% (Cost: $7,845,348)				9,020,557


Short-Term Investments

Money Market Funds — 3.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%^(c)(d)(e)		1,312,123		1,312,385
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%^(c)(d)		50,000		50,000

				1,362,385


Total Short-Term Investments — 3.5% (Cost: $1,362,385)				1,362,385


Total Investments in Securities — 102.7% (Cost: $33,254,803)				39,923,142

Other Assets, Less Liabilities — (2.7)%				(1,032,742	)


Net Assets — 100.0%			$	38,890,400

^(a)	All or a portion of this security is on loan.

^(b)	Non-income producing security.

^(c)	Affiliate of the Fund.

^(d)	Annualized 7-day yield as of period end.

^(e)	All or a portion of this security was purchased with the cash collateral from loaned securities.


S C H E D U L E O F I N V E S T M E N T S		17

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Colombia ETF

Affiliates



Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	1,312,578	^(a)	$	—	$	(193	)	$	—	$	1,312,385		1,312,123	$	3,640	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		10,000		40,000	^(a)		—		—			—		50,000		50,000		3			—

								$	(193	)	$	—	$	1,362,385			$	3,643		$	—

(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 Categorized by Risk Exposure

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	(2,894	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	40,410

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



	Level 1		Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	27,738,838	$	1,801,362	$	—	$	29,540,200
Preferred Stocks		9,020,557		—		—		9,020,557
Money Market Funds		1,362,385		—		—		1,362,385

	$	38,121,780	$	1,801,362	$	—	$	39,923,142

See notes to financial statements.


18		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

February 28, 2022

iShares^® MSCI Israel ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Common Stocks

Aerospace & Defense — 2.6%
Elbit Systems Ltd.		22,849	$	4,697,221


Banks — 21.3%
Bank Hapoalim BM		999,461		10,592,776
Bank Leumi Le-Israel BM		1,278,285		13,847,559
FIBI Holdings Ltd.		15,393		730,455
First International Bank Of Israel Ltd. (The)		47,548		2,045,316
Israel Discount Bank Ltd., Class A		1,002,779		6,612,474
Mizrahi Tefahot Bank Ltd.		121,365		4,742,863


				38,571,443

Biotechnology — 0.1%
UroGen Pharma Ltd.^(a)(b)		17,083		102,498


Building Products — 0.2%
Caesarstone Ltd.		20,845		249,932


Capital Markets — 0.2%
Altshuler Shaham Provident Funds & Pension Ltd.^(b)		49,866		214,194
Electreon Wireless Ltd.^(a)		3,758		162,306


				376,500

Chemicals — 4.8%
ICL Group Ltd.		608,448		6,909,852
Israel Corp. Ltd. (The)^(a)		3,318		1,743,602


				8,653,454

Communications Equipment — 1.3%
AudioCodes Ltd.		22,249		631,577
Gilat Satellite Networks Ltd.		26,197		213,137
Ituran Location and Control Ltd.		14,179		291,662
Radware Ltd.^(a)		35,683		1,227,852


				2,364,228

Construction & Engineering — 3.0%
Ashtrom Group Ltd.^(b)		34,718		963,648
Elco Ltd.		8,308		717,678
Electra Ltd./Israel		1,813		1,355,193
Shapir Engineering and Industry Ltd.^(b)		122,990		1,212,856
Shikun & Binui Ltd.^(a)		203,766		1,233,956


				5,483,331

Consumer Finance — 0.5%
Isracard Ltd.		171,928		902,344


Distributors — 0.2%
Tadiran Group Ltd.		2,606		373,038


Diversified Telecommunication Services — 1.6%
Bezeq The Israeli Telecommunication Corp. Ltd.^(a)		1,786,714		2,933,359


Electronic Equipment, Instruments & Components — 0.1%
Nayax Ltd.^(a)		70,987		143,826


Equity Real Estate Investment Trusts (REITs) — 0.6%
REIT 1 Ltd.^(b)		154,056		1,019,415


Food & Staples Retailing — 1.7%
M Yochananof & Sons Ltd.		4,377		333,563
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.		7,654		633,290
Shufersal Ltd.		228,596		2,044,381


				3,011,234

Food Products — 0.8%
Mehadrin Ltd.^(a)		1		33


Security	Shares		Value


Food Products (continued)
Strauss Group Ltd.		45,048	$	1,481,092


				1,481,125

Health Care Equipment & Supplies — 1.2%
Inmode Ltd.^(a)		42,790		1,826,705
Nano-X Imaging Ltd.^(a)(b)		29,077		295,132
Sisram Medical Ltd.^(c)		121,200		123,919


				2,245,756

Hotels, Restaurants & Leisure — 0.5%
Fattal Holdings 1998 Ltd.^(a)(b)		5,291		691,595
NEOGAMES SA^(a)		8,824		199,422


				891,017

Household Durables — 1.0%

Azorim-Investment Development & Construction Co. Ltd.^(a)(b)		73,202		365,815
Electra Consumer Products 1970 Ltd.		9,396		546,918
Maytronics Ltd.^(b)		37,583		810,564


				1,723,297

Independent Power and Renewable Electricity Producers — 2.7%
Doral Group Renewable Energy Resources Ltd.^(a)(b)		49,499		198,115
Energix-Renewable Energies Ltd.		190,407		776,252
Enlight Renewable Energy Ltd.^(a)		793,875		1,918,690
Kenon Holdings Ltd./Singapore^(b)		20,860		1,182,347
OPC Energy Ltd.^(a)(b)		78,067		886,440


				4,961,844

Industrial Conglomerates — 0.2%
Arad Investment & Industrial Development Ltd.		2,813		394,719


Insurance — 3.0%
Clal Insurance Enterprises Holdings Ltd.^(a)		52,459		1,226,218
Harel Insurance Investments & Financial Services Ltd.		101,493		1,228,760
IDI Insurance Co. Ltd.		6,992		242,343
Menora Mivtachim Holdings Ltd.		21,978		514,330
Migdal Insurance & Financial Holdings Ltd.		314,483		550,386
Phoenix Holdings Ltd. (The)		133,401		1,652,367


				5,414,404

Interactive Media & Services — 0.2%
Taboola.com Ltd.^(a)(b)		49,546		327,499


Internet & Direct Marketing Retail — 1.1%
Fiverr International Ltd.^(a)(b)		25,269		1,993,977


IT Services — 3.8%
Formula Systems 1985 Ltd.^(b)		7,892		802,451
Malam - Team Ltd.		6,591		213,203
Matrix IT Ltd.^(b)		29,895		808,870
One Software Technologies Ltd.		33,654		598,799
Wix.com Ltd^.(a)		49,098		4,496,395


				6,919,718

Life Sciences Tools & Services — 0.1%
Compugen Ltd.^(a)(b)		72,561		224,213


Machinery — 2.1%
Kornit Digital Ltd.^(a)(b)		40,101		3,802,778


Marine — 1.4%
ZIM Integrated Shipping Services Ltd.		35,805		2,498,831


Media — 0.4%
Perion Network Ltd.^(a)		33,992		772,938


S C H E D U L E O F I N V E S T M E N T S		19

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Israel ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Oil, Gas & Consumable Fuels — 2.0%
Delek Group Ltd.^(a)		7,886	$	974,156
Equital Ltd.^(a)		17,103		683,431
Naphtha Israel Petroleum Corp. Ltd.^(a)		27,979		221,440
Oil Refineries Ltd.^(a)		1,531,089		548,631
Paz Oil Co. Ltd.^(a)		8,722		1,258,326


				3,685,984

Pharmaceuticals — 4.5%
Taro Pharmaceutical Industries Ltd.^(a)(b)		8,195		400,326
Teva Pharmaceutical Industries Ltd., ADR^(a)		950,240		7,725,451


				8,125,777

Professional Services — 0.5%
Danel Adir Yeoshua Ltd.		4,411		953,412


Real Estate Management & Development — 10.9%
AFI Properties Ltd.		9,265		540,486
Airport City Ltd.^(a)		58,997		1,333,428
Alony Hetz Properties & Investments Ltd.		127,204		2,227,439
Amot Investments Ltd.		191,018		1,466,938
Azrieli Group Ltd.		36,560		3,119,003
Big Shopping Centers Ltd.		9,104		1,343,721
Blue Square Real Estate Ltd.		4,527		360,237
Brack Capital Properties NV^(a)		0		43
Electra Real Estate Ltd.^(b)		19,766		386,294
Gav-Yam Lands Corp. Ltd.		120,126		1,469,946
Gazit-Globe Ltd.		59,306		517,407
Israel Canada T.R Ltd.		100,812		568,840
Isras Investment Co. Ltd.		1,399		336,154
Mega Or Holdings Ltd.		20,524		808,251
Melisron Ltd.^(a)		18,402		1,461,120
Mivne Real Estate KD Ltd.		516,367		2,025,505
Prashkovsky Investments and Construction Ltd.		6,356		262,125
Property & Building Corp. Ltd.^(a)		2,562		336,297
Summit Real Estate Holdings Ltd.^(a)(b)		31,590		703,868
YH Dimri Construction & Development Ltd.^(b)		6,400		576,726


				19,843,828

Semiconductors & Semiconductor Equipment — 4.2%
Camtek Ltd./Israel^(a)		24,471		811,182
Nova Ltd.^(a)		24,560		2,690,551
Tower Semiconductor Ltd.^(a)		88,353		4,130,670


				7,632,403

Software — 18.9%
Cellebrite DI Ltd.^(a)(b)		32,507		230,800
Check Point Software Technologies Ltd.^(a)		91,527		13,260,432
Cognyte Software Ltd.^(a)		56,842		634,357
CyberArk Software Ltd.^(a)(b)		34,253		5,827,805
Hilan Ltd.		12,726		767,316
Magic Software Enterprises Ltd.		23,420		418,785


Security	Shares		Value


Software (continued)
Nice Ltd.^(a)		54,381	$	12,301,421
Riskified Ltd.^(a)(b)		19,298		145,314
Sapiens International Corp. NV		25,856		707,718


				34,293,948

Specialty Retail — 1.1%
Delek Automotive Systems Ltd.		43,870		696,552
Fox Wizel Ltd.		6,447		1,092,365
Retailors Ltd.^(a)		10,517		267,721


				2,056,638

Technology Hardware, Storage & Peripherals — 0.4%
Nano Dimension Ltd., ADR^(a)(b)		220,633		781,041


Textiles, Apparel & Luxury Goods — 0.3%
Delta-Galil Industries Ltd.^(b)		7,766		537,035


Wireless Telecommunication Services — 0.7%
Cellcom Israel Ltd.^(a)(b)		77,942		398,754
Partner Communications Co. Ltd.^(a)		118,555		910,178


				1,308,932


Total Common Stocks — 100.2% (Cost: $170,741,960)				181,752,937


Short-Term Investments

Money Market Funds — 5.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%^(d)(e)(f)		9,554,118		9,556,029
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%^(d)(e)		90,000		90,000

				9,646,029


Total Short-Term Investments — 5.3% (Cost: $9,645,818)				9,646,029


Total Investments in Securities — 105.5% (Cost: $180,387,778)				191,398,966

Other Assets, Less Liabilities — (5.5)%				(9,910,800	)


Net Assets — 100.0%			$	181,488,166

^(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)	Affiliate of the Fund.

^(e)	Annualized 7-day yield as of period end.

^(f)	All or a portion of this security was purchased with the cash collateral from loaned securities.


20		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Israel ETF

Affiliates



Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	23,201,200	$	—		$	(13,642,360	)^(a)	$	(2,236	)	$	(575	)	$	9,556,029		9,554,118	$	56,197	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		90,000		0	^(a)		—			—			—			90,000		90,000		6			—

									$	(2,236	)	$	(575	)	$	9,646,029			$	56,203		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts



Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)

Long Contracts
Euro STOXX 50 Index		6		03/18/22	$	263	$	(6,316	)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:



	Equity Contracts


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	6,316

^(a)

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	(3,560	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(9,842	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	512,182

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		21

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Israel ETF

Fair Value Hierarchy as of Period End




	Level 1		Level 2			Level 3		Total

Investments
Assets
Common Stocks	$	46,902,659	$	134,850,278		$	—	$	181,752,937
Money Market Funds		9,646,029		—			—		9,646,029

	$	56,548,688	$	134,850,278		$	—	$	191,398,966

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	—	$	(6,316	)	$	—	$	(6,316	)

^(a)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


22		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

February 28, 2022

iShares^® MSCI South Africa ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Banks — 14.3%
Absa Group Ltd.		992,041	$	11,396,415
Capitec Bank Holdings Ltd.		111,428		15,044,193
Nedbank Group Ltd.		630,511		8,963,395
Standard Bank Group Ltd.		1,847,527		19,576,414


				54,980,417

Capital Markets — 1.0%
Reinet Investments SCA		188,666		3,889,332


Chemicals — 4.6%
Sasol Ltd.^(a)		779,434		17,884,066


Diversified Financial Services — 9.5%
FirstRand Ltd.		6,950,389		29,925,979
Remgro Ltd.		727,969		6,615,339


				36,541,318

Equity Real Estate Investment Trusts (REITs) — 1.1%
Growthpoint Properties Ltd.		4,719,263		4,112,714


Food & Staples Retailing — 7.5%
Bid Corp. Ltd.		461,753		9,381,458
Clicks Group Ltd.		336,992		6,551,907
Shoprite Holdings Ltd.		691,987		10,321,866
SPAR Group Ltd (The)		264,935		2,827,122


				29,082,353

Food Products — 0.6%
Tiger Brands Ltd.		234,992		2,496,291


Industrial Conglomerates — 1.4%
Bidvest Group Ltd (The)		398,189		5,455,710


Insurance — 6.7%
Discovery Ltd.^(a)		595,770		6,101,304
Old Mutual Ltd.		6,482,327		5,311,914
Rand Merchant Investment Holdings Ltd.		1,053,549		3,314,898
Sanlam Ltd.		2,606,018		10,982,112


				25,710,228

Internet & Direct Marketing Retail — 9.8%
Naspers Ltd., Class N		299,787		37,752,343


Media — 1.1%
MultiChoice Group		517,830		4,244,009


Metals & Mining — 25.4%
African Rainbow Minerals Ltd.		154,380		2,747,389
Anglo American Platinum Ltd.		73,046		11,401,376
AngloGold Ashanti Ltd.		574,644		13,444,885
Gold Fields Ltd.		1,222,131		17,016,664
Harmony Gold Mining Co. Ltd.		766,663		3,274,103


Security	Shares		Value

Metals & Mining (continued)
Impala Platinum Holdings Ltd.		1,125,142	$	21,461,389
Kumba Iron Ore Ltd.		88,607		3,502,527
Northam Platinum Holdings Ltd.^(a)		464,120		7,493,835
Sibanye Stillwater Ltd.		3,673,049		17,328,072


				97,670,240

Multiline Retail — 1.2%
Woolworths Holdings Ltd.		1,376,562		4,532,592


Oil, Gas & Consumable Fuels — 1.1%
Exxaro Resources Ltd.		339,825		4,383,320


Pharmaceuticals — 1.8%
Aspen Pharmacare Holdings Ltd.		534,142		6,982,362


Real Estate Management & Development — 1.0%
NEPI Rockcastle PLC		586,886		3,750,856


Specialty Retail — 1.9%
Mr. Price Group Ltd.		352,745		4,808,871
Pepkor Holdings Ltd.^(b)		1,780,037		2,541,050


				7,349,921

Wireless Telecommunication Services — 9.8%
MTN Group Ltd.^(a)		2,334,687		29,142,835
Vodacom Group Ltd.		884,610		8,515,153


				37,657,988


Total Common Stocks — 99.8% (Cost: $405,221,202)				384,476,060


Short-Term Investments

Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%^(c)(d)		220,000		220,000


Total Short-Term Investments — 0.1% (Cost: $220,000)				220,000


Total Investments in Securities — 99.9% (Cost: $405,441,202)				384,696,060

Other Assets, Less Liabilities — 0.1%				359,803


Net Assets — 100.0%			$	385,055,863

^(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)	Affiliate of the Fund.

^(d)	Annualized 7-day yield as of period end.


S C H E D U L E O F I N V E S T M E N T S		23

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI South Africa ETF

Affiliates


Affiliated Issuer	Value at 08/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/22		Shares Held at 02/28/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	310,000	$	—	$	(90,000	)^(a)	$	—	$	—	$	220,000		220,000	$	6	$	—

^(a)

Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long Contracts

FTSE/JSE Top 40 Index

03/17/22

361

19,093

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:


		Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	19,093

^(a)

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:


		Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(10,553	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	2,386

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	614,751

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


24		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI South Africa ETF

Fair Value Hierarchy as of Period End (continued)




	Level 1		Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	113,594,830	$	270,881,230	$	—	$	384,476,060
Money Market Funds		220,000		—		—		220,000

	$	113,814,830	$	270,881,230	$	—	$	384,696,060

Derivative financial instruments^(a)
Assets
Futures Contracts	$	—	$	19,093	$	—	$	19,093

^(a)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		25

Schedule of Investments (unaudited)

February 28, 2022

iShares^® MSCI Turkey ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 3.4%
Aselsan Elektronik Sanayi Ve Ticaret AS		5,693,758	$	9,149,342


Airlines — 4.6%
Pegasus Hava Tasimaciligi AS^(a)(b)		415,769		2,812,420
Turk Hava Yollari AO^(a)		5,214,564		9,652,797


				12,465,217

Automobiles — 6.8%
Ford Otomotiv Sanayi AS		657,607		12,809,801
Tofas Turk Otomobil Fabrikasi AS		1,008,916		5,853,648


				18,663,449

Banks — 19.4%
Akbank TAS		26,506,319		13,529,559
Haci Omer Sabanci Holding AS		8,533,018		9,580,976
Turkiye Garanti Bankasi AS		15,096,607		12,085,794
Turkiye Halk Bankasi AS^(a)(b)		4,503,015		1,428,231
Turkiye Is Bankasi AS, Class C		13,028,793		7,543,927
Turkiye Vakiflar Bankasi TAO, Class D^(a)(b)		5,533,097		1,337,684
Yapi ve Kredi Bankasi AS		28,693,195		7,411,128


			52,917,299

Beverages — 3.6%
Anadolu Efes Biracilik Ve Malt Sanayii AS		2,214,912		3,871,021
Coca-Cola Icecek AS		770,092		6,063,253


			9,934,274

Capital Markets — 0.4%
Is Yatirim Menkul Degerler AS		812,581		1,031,875


Chemicals — 4.3%
Gubre Fabrikalari TAS^(a)		369,256		2,030,338
Hektas Ticaret TAS^(a)(b)		2,802,150		2,624,655
Petkim Petrokimya Holding AS^(a)(b)		12,459,932		6,977,076


				11,632,069

Construction & Engineering — 1.0%
Tekfen Holding AS		2,082,901		2,782,498


Construction Materials — 0.7%
Nuh Cimento Sanayi AS		410,123		1,244,570
Oyak Cimento Fabrikalari AS^(a)(b)		1,525,825		800,520


				2,045,090

Diversified Financial Services — 0.3%
Turkiye Sinai Kalkinma Bankasi AS		8,106,151		756,567


Electric Utilities — 1.0%
Enerjisa Enerji AS^(b)(c)		2,870,664		2,746,164


Equity Real Estate Investment Trusts (REITs) — 1.0%
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		19,309,879		2,776,443


Food & Staples Retailing — 9.2%
BIM Birlesik Magazalar AS		3,899,346		20,595,162
Migros Ticaret AS^(a)(b)		1,040,011		2,705,182
Sok Marketler Ticaret AS^(b)		2,276,466		1,858,642


				25,158,986

Food Products — 0.7%
Ulker Biskuvi Sanayi AS		1,722,697		1,848,381


Health Care Providers & Services — 0.9%
MLP Saglik Hizmetleri AS^(a)(c)		1,088,294		2,327,523


Security	Shares		Value

Household Durables — 0.6%
Vestel Elektronik Sanayi ve Ticaret AS^(b)		963,297	$	1,566,358


Independent Power and Renewable Electricity Producers — 0.7%
Aksa Enerji Uretim AS^(a)(b)		2,014,342		1,882,109


Industrial Conglomerates — 9.8%
Bera Holding AS^(a)(b)		2,753,368		1,624,479
Enka Insaat ve Sanayi AS		1		1
KOC Holding AS		6,453,482		14,753,215
Turkiye Sise ve Cam Fabrikalari AS^(b)		11,553,932		10,334,906


				26,712,601

Insurance — 0.2%
Anadolu Anonim Turk Sigorta Sirketi		1,779,918		673,213


Machinery — 1.4%
Jantsa Jant Sanayi Ve Ticaret AS		179,497		748,323
Otokar Otomotiv Ve Savunma Sanayi AS		59,928		1,755,016
Turk Traktor ve Ziraat Makineleri AS		91,077		1,406,307


				3,909,646

Metals & Mining — 14.5%
Eregli Demir ve Celik Fabrikalari TAS		11,965,652		26,870,358
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D^(a)(b)		7,433,680		6,300,252
Koza Altin Isletmeleri AS^(a)(b)		406,198		3,360,465
Koza Anadolu Metal Madencilik Isletmeleri AS^(a)		2,217,213		3,143,131


				39,674,206

Oil, Gas & Consumable Fuels — 5.4%
Turkiye Petrol Rafinerileri AS^(a)		1,059,155		14,762,089


Specialty Retail — 0.8%
Dogan Sirketler Grubu Holding AS^(b)		12,287,969		2,264,035


Textiles, Apparel & Luxury Goods — 2.3%
Aksa Akrilik Kimya Sanayii AS		1,615,871		4,208,745
Mavi Giyim Sanayi Ve Ticaret AS, Class B^(c)		485,884		1,960,703


				6,169,448

Transportation Infrastructure — 1.7%
TAV Havalimanlari Holding AS^(a)(b)		1,878,208		4,570,585


Wireless Telecommunication Services — 5.2%
Turkcell Iletisim Hizmetleri AS		9,514,273		14,106,167


Total Common Stocks — 99.9% (Cost: $405,523,152)				272,525,634


Short-Term Investments

Money Market Funds — 4.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%^(d)(e)(f)		11,130,209		11,132,435
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%^(d)(e)		120,000		120,000


				11,252,435


Total Short-Term Investments — 4.1% (Cost: $11,250,506)				11,252,435


Total Investments in Securities — 104.0% (Cost: $416,773,658)				283,778,069

Other Assets, Less Liabilities — (4.0)%				(10,912,679	)


Net Assets — 100.0%			$	272,865,390


26		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Turkey ETF

^(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)	Affiliate of the Fund.

^(e)	Annualized 7-day yield as of period end.

^(f)	All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates



Affiliated Issuer	Value at 08/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	11,942,050	$	—	$	(806,237	)^(a)	$	129	$	(3,507	)	$	11,132,435		11,130,209	$	399,887	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		350,000		—		(230,000	)^(a)		—		—			120,000		120,000		8			—

								$	129	$	(3,507	)	$	11,252,435			$	399,895		$	—

^(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 Categorized by Risk Exposure

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:




	Equity Contracts


Net Realized Gain (Loss) from:
Futures contracts	$	(39,425	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(4,632	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	189,087

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


S C H E D U L E O F I N V E S T M E N T S		27

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Turkey ETF

Fair Value Hierarchy as of Period End (continued)




	Level 1		Level 2		Level 3		Total


Investments
Assets
Common Stocks	$	205,152,033	$	67,373,601	$	—	$	272,525,634
Money Market Funds		11,252,435		—		—		11,252,435

	$	216,404,468	$	67,373,601	$	—	$	283,778,069

See notes to financial statements.


28		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

February 28, 2022

iShares^® MSCI USA Equal Weighted ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Common Stocks

Aerospace & Defense — 1.9%
Boeing Co. (The)^(a)		3,581	$	735,322
General Dynamics Corp.		3,657		857,384
HEICO Corp.^(b)		2,281		336,470
HEICO Corp., Class A		3,841		472,136
Howmet Aerospace Inc.		21,943		788,192
Huntington Ingalls Industries Inc.		4,294		877,693
L3Harris Technologies Inc.		3,538		892,673
Lockheed Martin Corp.		2,026		878,879
Northrop Grumman Corp.		1,992		880,743
Raytheon Technologies Corp.		8,274		849,740
Textron Inc.		10,859		794,119
TransDigm Group Inc.^(a)		1,174		782,577


				9,145,928

Air Freight & Logistics — 0.7%
CH Robinson Worldwide Inc.		8,672		838,409
Expeditors International of Washington Inc.		7,301		754,632
FedEx Corp.		3,423		760,830
United Parcel Service Inc., Class B		3,641		766,139


				3,120,010

Airlines — 0.3%
Delta Air Lines Inc.^(a)		17,654		704,748
Southwest Airlines Co.^(a)		16,533		724,145


				1,428,893

Auto Components — 0.4%
Aptiv PLC^(a)		5,360		693,798
BorgWarner Inc.		17,338		711,031
Lear Corp.		4,466		702,681


				2,107,510

Automobiles — 0.8%
Ford Motor Co.		43,532		764,422
General Motors Co.^(a)		15,546		726,309
Lucid Group Inc.^(a)(b)		27,035		783,474
Rivian Automotive Inc., Class A^(a)(b)		11,834		799,505
Tesla Inc.^(a)		849		738,995


				3,812,705

Banks — 2.8%
Bank of America Corp.		16,443		726,781
Citigroup Inc.		11,710		693,583
Citizens Financial Group Inc.		14,195		744,102
Fifth Third Bancorp.		15,835		757,546
First Citizens BancShares Inc./NC, Class A		995		784,508
First Republic Bank/CA		4,477		775,685
Huntington Bancshares Inc./OH		48,425		751,556
JPMorgan Chase & Co.		5,051		716,232
KeyCorp.		29,463		738,637
M&T Bank Corp.		4,213		767,735
PNC Financial Services Group Inc. (The)		3,759		748,981
Regions Financial Corp.		31,062		751,390
Signature Bank/New York NY		2,241		772,898
SVB Financial Group^(a)		1,199		726,594
Truist Financial Corp.		12,116		753,858
U.S. Bancorp.		13,379		756,449
Webster Financial Corp.		12,649		761,596
Wells Fargo & Co.		13,485		719,694


				13,447,825

Beverages — 1.2%
Brown-Forman Corp., Class B, NVS		11,772		767,888


Security	Shares		Value


Beverages (continued)
Coca-Cola Co. (The)		12,874	$	801,278
Constellation Brands Inc., Class A		3,549		765,235
Keurig Dr Pepper Inc.		20,675		799,502
Molson Coors Beverage Co., Class B		15,858		827,471
Monster Beverage Corp.^(a)		9,421		795,132
PepsiCo Inc.		4,714		771,870


				5,528,376

Biotechnology — 2.4%
AbbVie Inc.		5,375		794,264
Alnylam Pharmaceuticals Inc.^(a)		5,115		807,403
Amgen Inc.		3,521		797,436
Biogen Inc.^(a)		3,654		771,031
BioMarin Pharmaceutical Inc.^(a)		8,458		660,739
Exact Sciences Corp.^(a)		10,003		780,834
Gilead Sciences Inc.		12,666		765,026
Horizon Therapeutics PLC^(a)(b)		8,025		731,639
Incyte Corp.^(a)		11,558		789,411
Moderna Inc.^(a)		5,164		793,190
Neurocrine Biosciences Inc.^(a)		9,130		820,513
Novavax Inc.^(a)(b)		9,058		755,165
Regeneron Pharmaceuticals Inc.^(a)		1,243		768,622
Seagen Inc.^(a)		6,093		785,205
Vertex Pharmaceuticals Inc.^(a)		3,325		764,817


				11,585,295

Building Products — 1.4%
A O Smith Corp.		10,841		743,476
Allegion PLC		6,803		779,080
Carrier Global Corp.		17,174		770,769
Fortune Brands Home & Security Inc.		8,605		747,775
Johnson Controls International PLC		11,617		754,640
Lennox International Inc.		2,993		798,921
Masco Corp.		13,361		748,750
Owens Corning		7,778		724,832
Trane Technologies PLC		5,137		790,738


				6,858,981

Capital Markets — 4.5%
Ameriprise Financial Inc.		2,512		753,072
Bank of New York Mellon Corp. (The)		12,544		666,714
BlackRock Inc.^(c)		1,000		743,890
Blackstone Inc., NVS		6,184		788,274
Carlyle Group Inc. (The)		16,371		767,309
Cboe Global Markets Inc.		6,468		758,632
Charles Schwab Corp. (The)		8,777		741,305
CME Group Inc.		3,281		776,055
Coinbase Global Inc., Class A^(a)		3,770		719,203
FactSet Research Systems Inc.		1,901		771,977
Franklin Resources Inc.		24,984		742,774
Goldman Sachs Group Inc. (The)		2,177		742,988
Intercontinental Exchange Inc.		6,236		798,956
Invesco Ltd.		33,249		706,209
KKR & Co. Inc.		12,605		757,813
MarketAxess Holdings Inc.		2,092		797,952
Moody’s Corp.		2,371		763,533
Morgan Stanley		7,751		703,326
MSCI Inc.		1,442		723,437
Nasdaq Inc.		4,489		768,292
Northern Trust Corp.		6,208		707,091
Raymond James Financial Inc.		6,951		762,177
Robinhood Markets Inc., Class A^(a)(b)		58,032		696,964


S C H E D U L E O F I N V E S T M E N T S		29

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI USA Equal Weighted ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Capital Markets (continued)
S&P Global Inc.		4,063	$	1,526,554
SEI Investments Co.		12,882		754,628
State Street Corp.		7,818		667,110
T Rowe Price Group Inc.		5,364		775,420
Tradeweb Markets Inc., Class A		9,340		789,043


				21,670,698

Chemicals — 2.7%
Air Products and Chemicals Inc.		3,196		755,215
Albemarle Corp.		3,187		624,301
Celanese Corp.		5,023		699,604
CF Industries Holdings Inc.		10,535		855,337
Corteva Inc.		15,235		792,677
Dow Inc.		12,629		744,606
DuPont de Nemours Inc.		9,547		738,651
Eastman Chemical Co.		6,309		747,427
Ecolab Inc.		4,289		755,979
FMC Corp.		6,556		768,691
International Flavors & Fragrances Inc.		5,703		758,499
Linde PLC^(a)		2,580		756,559
LyondellBasell Industries NV, Class A		7,601		739,045
Mosaic Co. (The)		16,937		888,007
PPG Industries Inc.		5,162		688,869
RPM International Inc.		9,044		764,851
Sherwin-Williams Co. (The)		2,876		756,762


				12,835,080

Commercial Services & Supplies — 1.0%
Cintas Corp.		2,071		777,288
Copart Inc.^(a)		6,180		759,398
Republic Services Inc.		6,670		802,268
Rollins Inc.		24,992		815,489
Waste Connections Inc.		6,560		810,094
Waste Management Inc.		5,499		794,056


				4,758,593

Communications Equipment — 0.8%
Arista Networks Inc.^(a)(b)		5,920		726,561
Cisco Systems Inc.		14,452		805,988
F5 Inc.^(a)		3,842		771,666
Juniper Networks Inc.		22,561		762,336
Motorola Solutions Inc.		3,548		782,086


				3,848,637

Construction Materials — 0.3%
Martin Marietta Materials Inc.		2,005		760,697
Vulcan Materials Co.		4,089		741,949


				1,502,646

Consumer Finance — 1.1%
Ally Financial Inc.		15,543		775,596
American Express Co.		3,952		768,822
Capital One Financial Corp.		4,935		756,387
Discover Financial Services		6,182		763,106
SoFi Technologies Inc.^(a)(b)		59,939		686,302
Synchrony Financial		17,481		747,837
Upstart Holdings Inc.^(a)(b)		5,297		836,873


				5,334,923

Containers & Packaging — 1.3%
Amcor PLC		66,611		774,686
Avery Dennison Corp.		4,245		747,969
Ball Corp.		8,518		764,405
Crown Holdings Inc.		6,321		775,397


Security	Shares		Value


Containers & Packaging (continued)
International Paper Co.		16,835	$	732,828
Packaging Corp. of America		5,280		777,163
Sealed Air Corp.		12,223		820,530
Westrock Co.		16,624		752,569


				6,145,547

Distributors — 0.5%
Genuine Parts Co.		6,033		736,991
LKQ Corp.		14,027		658,568
Pool Corp.		1,704		781,420


				2,176,979

Diversified Financial Services — 0.5%
Apollo Global Management Inc.		11,536		752,839
Berkshire Hathaway Inc., Class B^(a)		2,484		798,482
Equitable Holdings Inc.		22,666		740,272


				2,291,593

Diversified Telecommunication Services — 0.6%
AT&T Inc.		32,749		775,824
Liberty Global PLC, Class A^(a)		8,714		224,647
Liberty Global PLC, Class C, NVS^(a)		18,362		475,025
Lumen Technologies Inc.		79,514		823,765
Verizon Communications Inc.		14,682		787,983


				3,087,244

Electric Utilities — 2.6%
Alliant Energy Corp.		13,918		812,811
American Electric Power Co. Inc.		9,179		832,076
Constellation Energy Corp.		16,610		763,728
Duke Energy Corp.		7,879		791,130
Edison International		13,084		829,787
Entergy Corp.		7,541		793,389
Evergy Inc.		12,737		794,916
Eversource Energy		9,602		785,444
Exelon Corp.		18,667		794,468
FirstEnergy Corp.		19,085		798,707
NextEra Energy Inc.		10,421		815,652
NRG Energy Inc.		20,056		758,919
PG&E Corp.^(a)		66,781		759,300
PPL Corp.		27,772		726,793
Southern Co. (The)		12,086		782,810
Xcel Energy Inc.		11,890		800,554


				12,640,484

Electrical Equipment — 1.3%
AMETEK Inc.		5,948		771,991
Eaton Corp. PLC		4,993		770,370
Emerson Electric Co.		8,178		759,900
Generac Holdings Inc.^(a)		2,478		781,734
Plug Power Inc.^(a)		32,804		829,613
Rockwell Automation Inc.		2,872		765,618
Sensata Technologies Holding PLC^(a)		13,248		767,192
Sunrun Inc.^(a)(b)		31,844		868,704


				6,315,122

Electronic Equipment, Instruments & Components — 1.8%
Amphenol Corp., Class A		10,189		774,466
Arrow Electronics Inc.^(a)		6,139		748,221
CDW Corp./DE		4,245		732,093
Cognex Corp.		12,227		826,056
Corning Inc.		18,495		747,198
IPG Photonics Corp.^(a)		5,574		726,571
Keysight Technologies Inc.^(a)		4,608		725,161


30		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI USA Equal Weighted ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Electronic Equipment, Instruments & Components (continued)
TE Connectivity Ltd.		5,236	$	745,763
Teledyne Technologies Inc.^(a)		1,844		791,777
Trimble Inc.^(a)		11,430		797,243
Zebra Technologies Corp., Class A^(a)		1,819		751,865


				8,366,414

Energy Equipment & Services — 0.5%
Baker Hughes Co.		26,389		775,309
Halliburton Co.		23,354		783,060
Schlumberger NV		18,806		737,947


				2,296,316

Entertainment — 1.4%
Activision Blizzard Inc.		9,624		784,356
AMC Entertainment Holdings Inc., Class A^(a)		39,857		751,703
Electronic Arts Inc.		5,882		765,189
Liberty Media Corp.-Liberty Formula One, Class C, NVS^(a)		12,380		751,837
Live Nation Entertainment Inc.^(a)		6,520		787,746
Netflix Inc.^(a)		1,969		776,810
Roku Inc.^(a)		4,856		677,558
Take-Two Interactive Software Inc.^(a)		4,720		764,640
Walt Disney Co. (The)^(a)		5,014		744,379


				6,804,218

Equity Real Estate Investment Trusts (REITs) — 5.5%
Alexandria Real Estate Equities Inc.		4,191		793,775
American Tower Corp.		3,375		765,686
AvalonBay Communities Inc.		3,268		779,712
Boston Properties Inc.		6,396		782,295
Camden Property Trust		4,787		790,382
Crown Castle International Corp.		4,761		793,135
Digital Realty Trust Inc.		5,825		785,909
Duke Realty Corp.		14,554		771,362
Equinix Inc.		1,164		826,126
Equity LifeStyle Properties Inc.		10,125		755,527
Equity Residential		9,092		775,548
Essex Property Trust Inc.		2,456		778,970
Extra Space Storage Inc.		4,110		773,296
Healthpeak Properties Inc.		24,485		760,504
Host Hotels & Resorts Inc.^(a)		40,601		741,780
Invitation Homes Inc.		19,382		732,640
Iron Mountain Inc.		17,814		876,093
Kimco Realty Corp.		32,304		760,113
Medical Properties Trust Inc.		37,966		772,228
Mid-America Apartment Communities Inc.		3,757		768,720
Prologis Inc.		5,430		791,965
Public Storage		2,229		791,340
Realty Income Corp.		11,668		771,138
Regency Centers Corp.		11,655		767,948
SBA Communications Corp.		2,580		782,746
Simon Property Group Inc.		5,450		749,702
Sun Communities Inc.		4,086		739,566
UDR Inc.		14,237		781,184
Ventas Inc.		14,956		807,624
VICI Properties Inc.		27,241		761,658
Vornado Realty Trust		17,422		754,024
Welltower Inc.		9,346		778,428
Weyerhaeuser Co.		18,729		728,184
WP Carey Inc.		10,227		791,570


				26,380,878

Food & Staples Retailing — 0.8%
Costco Wholesale Corp.		1,530		794,453


Security	Shares		Value


Food & Staples Retailing (continued)
Kroger Co. (The)		17,590	$	823,212
Sysco Corp.		9,162		798,010
Walgreens Boots Alliance Inc.		16,374		754,678
Walmart Inc.		5,871		793,524


				3,963,877

Food Products — 2.1%
Archer-Daniels-Midland Co.		10,195		799,798
Bunge Ltd.		7,629		797,612
Campbell Soup Co.		17,953		807,346
Conagra Brands Inc.		22,128		773,816
General Mills Inc.		11,744		791,898
Hershey Co. (The)		3,869		782,544
Hormel Foods Corp.		16,642		792,825
JM Smucker Co. (The)		5,777		778,451
Kellogg Co.		12,189		779,364
Kraft Heinz Co. (The)		21,409		839,661
McCormick & Co. Inc./MD, NVS		7,968		758,314
Mondelez International Inc., Class A		11,931		781,242
Tyson Foods Inc., Class A		8,301		769,171


				10,252,042

Gas Utilities — 0.3%
Atmos Energy Corp.		7,390		811,496
UGI Corp.		20,643		793,517


				1,605,013

Health Care Equipment & Supplies — 3.7%
Abbott Laboratories		6,339		764,610
ABIOMED Inc.^(a)		2,409		748,573
Align Technology Inc.^(a)		1,489		761,564
Baxter International Inc.		9,210		782,574
Becton Dickinson and Co.		2,892		784,542
Boston Scientific Corp.^(a)		17,742		783,664
Cooper Companies Inc. (The)		1,954		799,225
DENTSPLY SIRONA Inc.		13,844		749,514
Dexcom Inc.^(a)(b)		1,895		784,359
Edwards Lifesciences Corp.^(a)		7,091		796,816
Hologic Inc.^(a)		11,036		785,432
IDEXX Laboratories Inc.^(a)		1,543		821,416
Insulet Corp.^(a)		3,107		822,392
Intuitive Surgical Inc.^(a)		2,693		781,859
Masimo Corp.^(a)		5,437		856,056
Medtronic PLC		7,601		798,029
Novocure Ltd.^(a)(b)		9,456		774,068
ResMed Inc.		3,300		814,275
STERIS PLC		3,365		807,600
Stryker Corp.		3,020		795,317
Teleflex Inc.		2,398		806,471
Zimmer Biomet Holdings Inc.		6,432		818,086


				17,436,442

Health Care Providers & Services — 2.6%
AmerisourceBergen Corp.		5,493		782,917
Anthem Inc.		1,710		772,664
Cardinal Health Inc.		14,375		776,394
Centene Corp.^(a)		9,309		769,110
Cigna Corp.		3,424		814,159
CVS Health Corp.		7,543		781,832
DaVita Inc.^(a)		6,533		736,726
HCA Healthcare Inc.		3,111		778,714
Henry Schein Inc.^(a)		9,308		804,025
Humana Inc.		1,829		794,371


S C H E D U L E O F I N V E S T M E N T S		31

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI USA Equal Weighted ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Health Care Providers & Services (continued)
Laboratory Corp. of America Holdings^(a)		2,908	$	788,824
McKesson Corp.		2,842		781,436
Molina Healthcare Inc.^(a)(b)		2,432		746,308
Quest Diagnostics Inc.		5,952		781,319
UnitedHealth Group Inc.		1,633		777,096
Universal Health Services Inc., Class B		5,689		818,818


				12,504,713

Health Care Technology — 0.5%
Cerner Corp.		8,529		795,329
Teladoc Health Inc.^(a)		10,628		806,772
Veeva Systems Inc., Class A^(a)(b)		3,418		782,893


				2,384,994

Hotels, Restaurants & Leisure — 3.1%
Airbnb Inc., Class A^(a)		4,201		636,410
Aramark		20,486		757,163
Booking Holdings Inc.^(a)		290		629,953
Caesars Entertainment Inc.^(a)(b)		9,178		772,696
Carnival Corp.^(a)		33,634		683,779
Chipotle Mexican Grill Inc.^(a)		498		758,628
Darden Restaurants Inc.		5,267		764,874
Domino’s Pizza Inc.		1,809		781,868
DraftKings Inc., Class A^(a)(b)		34,102		807,535
Expedia Group Inc.^(a)		3,667		719,135
Hilton Worldwide Holdings Inc.^(a)		5,015		746,533
Las Vegas Sands Corp.^(a)		16,467		705,776
Marriott International Inc./MD, Class A^(a)		4,278		727,859
McDonald’s Corp.		3,098		758,297
MGM Resorts International^(b)		17,357		768,742
Royal Caribbean Cruises Ltd.^(a)		9,005		726,884
Starbucks Corp.		8,237		756,074
Vail Resorts Inc.		2,846		741,525
Wynn Resorts Ltd.^(a)(b)		8,320		719,846
Yum! Brands Inc.		6,356		779,118


				14,742,695

Household Durables — 1.3%
DR Horton Inc.		9,191		784,911
Garmin Ltd.		6,556		724,045
Lennar Corp., Class A		8,520		765,778
Mohawk Industries Inc.^(a)		5,221		735,012
Newell Brands Inc.		30,143		715,896
NVR Inc.^(a)		153		758,641
PulteGroup Inc.		16,001		794,610
Whirlpool Corp.		3,799		764,625


				6,043,518

Household Products — 0.8%
Church & Dwight Co. Inc.		8,164		798,847
Clorox Co. (The)		5,549		808,989
Colgate-Palmolive Co.		10,008		770,116
Kimberly-Clark Corp.		5,984		778,817
Procter & Gamble Co. (The)		4,962		773,526


				3,930,295

Independent Power and Renewable Electricity Producers — 0.3%
AES Corp. (The)		35,816		760,373
Vistra Corp.		36,096		823,711


				1,584,084

Industrial Conglomerates — 0.6%
3M Co.		5,038		748,899
General Electric Co.		7,731		738,388


Security	Shares		Value


Industrial Conglomerates (continued)
Honeywell International Inc.		4,147	$	786,893
Roper Technologies Inc.		1,762		789,763


				3,063,943

Insurance — 4.5%
Aflac Inc.		12,151		742,305
Alleghany Corp.^(a)		1,131		748,631
Allstate Corp. (The)		6,349		776,864
American Financial Group Inc./OH		5,561		752,904
American International Group Inc.		12,994		795,752
Aon PLC, Class A		2,750		803,385
Arch Capital Group Ltd.^(a)		16,453		775,101
Arthur J Gallagher & Co.		5,019		793,956
Assurant Inc.		4,690		795,940
Brown & Brown Inc.		11,770		795,770
Chubb Ltd.		3,826		779,127
Cincinnati Financial Corp.		6,118		751,229
Erie Indemnity Co., Class A, NVS		4,250		744,175
Everest Re Group Ltd.		2,587		771,495
Fidelity National Financial Inc.		16,143		769,052
Globe Life Inc.		7,404		747,508
Hartford Financial Services Group Inc. (The)		11,008		764,836
Lincoln National Corp.		10,665		719,034
Loews Corp.		12,633		774,908
Markel Corp.^(a)		615		764,390
Marsh & McLennan Companies Inc.		5,093		791,503
MetLife Inc.		10,961		740,415
Principal Financial Group Inc.		10,364		732,113
Progressive Corp. (The)		7,391		782,929
Prudential Financial Inc.		6,635		740,864
Travelers Companies Inc. (The)		4,551		781,998
W R Berkley Corp.		8,620		778,386
Willis Towers Watson PLC		3,472		771,826


				21,486,396

Interactive Media & Services — 1.3%
Alphabet Inc., Class A^(a)		146		394,367
Alphabet Inc., Class C, NVS^(a)		139		374,997
IAC/InterActiveCorp.^(a)		6,486		744,333
Match Group Inc.^(a)		6,682		744,976
Meta Platforms Inc, Class A^(a)		3,621		764,140
Pinterest Inc., Class A^(a)		30,471		815,099
Snap Inc., Class A, NVS^(a)		19,595		782,624
Twitter Inc.^(a)		21,634		769,089
ZoomInfo Technologies Inc.^(a)		13,945		762,652


				6,152,277

Internet & Direct Marketing Retail — 1.2%
Amazon.com Inc.^(a)		248		761,672
Chewy Inc., Class A^(a)(b)		15,819		745,708
DoorDash Inc., Class A^(a)(b)		8,262		867,097
eBay Inc.		13,599		742,369
Etsy Inc.^(a)(b)		5,584		864,906
MercadoLibre Inc.^(a)(b)		691		778,515
Wayfair Inc., Class A^(a)		5,742		808,876


				5,569,143

IT Services — 4.2%
Accenture PLC, Class A		2,349		742,331
Affirm Holdings Inc.^(a)(b)		18,267		764,291
Akamai Technologies Inc.^(a)		7,499		811,842
Automatic Data Processing Inc.		3,839		784,845
Block Inc.^(a)(b)		7,193		917,108


32		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI USA Equal Weighted ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


IT Services (continued)
Broadridge Financial Solutions Inc.		5,371	$	785,294
Cloudflare Inc., Class A^(a)		7,001		815,056
Cognizant Technology Solutions Corp., Class A		8,768		755,188
EPAM Systems Inc.^(a)		1,741		361,693
Fidelity National Information Services Inc.		7,806		743,365
Fiserv Inc.^(a)(b)		8,098		790,932
FleetCor Technologies Inc.^(a)		3,209		751,548
Gartner Inc.^(a)		2,629		737,224
Global Payments Inc.		5,434		724,787
GoDaddy Inc., Class A^(a)		9,305		776,130
International Business Machines Corp.		6,069		743,513
Jack Henry & Associates Inc.		4,624		817,523
Mastercard Inc., Class A		2,047		738,599
MongoDB Inc.^(a)		1,798		686,818
Okta Inc.^(a)		4,158		760,249
Paychex Inc.		6,532		777,700
PayPal Holdings Inc.^(a)		7,093		793,919
Snowflake Inc., Class A^(a)		2,573		683,543
Twilio Inc., Class A^(a)		4,193		732,936
VeriSign Inc.^(a)		3,694		789,482
Visa Inc., Class A		3,426		740,427
Western Union Co. (The)		39,536		718,764


				20,245,107

Leisure Products — 0.3%
Hasbro Inc.		8,079		784,067
Peloton Interactive Inc., Class A^(a)		24,462		710,866


				1,494,933

Life Sciences Tools & Services — 2.3%
10X Genomics Inc., Class A^(a)		8,254		672,453
Agilent Technologies Inc.		5,801		756,218
Avantor Inc.^(a)		22,097		766,545
Bio-Rad Laboratories Inc., Class A^(a)		1,280		801,229
Bio-Techne Corp.		1,903		798,137
Charles River Laboratories International Inc.^(a)		2,568		747,699
Danaher Corp.		2,929		803,747
Illumina Inc.^(a)		2,348		766,857
IQVIA Holdings Inc.^(a)		3,377		777,115
Mettler-Toledo International Inc.^(a)		536		755,085
PerkinElmer Inc.		4,310		774,119
Thermo Fisher Scientific Inc.		1,425		775,200
Waters Corp.^(a)		2,453		776,939
West Pharmaceutical Services Inc.		2,067		800,094


				10,771,437

Machinery — 2.7%
Caterpillar Inc.		3,850		722,183
Cummins Inc.		3,511		716,665
Deere & Co.		2,007		722,560
Dover Corp.		4,811		754,653
Fortive Corp.		11,995		776,676
IDEX Corp.		4,127		791,971
Illinois Tool Works Inc.		3,562		770,603
Ingersoll Rand Inc.		14,275		721,173
Nordson Corp.		3,334		755,118
Otis Worldwide Corp.		9,940		778,600
PACCAR Inc.		8,254		757,800
Parker-Hannifin Corp.		2,527		748,978
Pentair PLC		13,228		766,034
Snap-on Inc.		3,590		754,546
Stanley Black & Decker Inc.		4,690		763,063


Security	Shares		Value


Machinery (continued)
Westinghouse Air Brake Technologies Corp.		8,209	$	761,959
Xylem Inc./NY		8,647		769,151


				12,831,733

Media — 2.1%
Cable One Inc.		520		745,082
Charter Communications Inc., Class A^(a)(b)		1,286		773,889
Comcast Corp., Class A		16,303		762,328
Discovery Inc., Class A^(a)		9,372		262,885
Discovery Inc., Class C, NVS^(a)		17,372		485,895
DISH Network Corp., Class A^(a)		24,818		793,183
Fox Corp., Class A, NVS		12,816		536,093
Fox Corp., Class B		5,983		228,910
Interpublic Group of Companies Inc. (The)		21,421		788,293
Liberty Broadband Corp., Class A^(a)		740		107,159
Liberty Broadband Corp., Class C, NVS^(a)		4,385		643,279
Liberty Media Corp.-Liberty SiriusXM, Class A^(a)(b)		4,924		247,973
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS^(a)		10,043		505,364
News Corp., Class A, NVS		33,108		738,971
Omnicom Group Inc.		9,080		761,721
Paramount Global, Class B, NVS		26,505		811,318
Sirius XM Holdings Inc.^(b)		127,068		782,739


				9,975,082

Metals & Mining — 0.7%
Freeport-McMoRan Inc.		17,718		831,860
Newmont Corp.		12,197		807,442
Nucor Corp.		6,392		841,315
Steel Dynamics Inc.		12,195		860,723


				3,341,340

Mortgage Real Estate Investment — 0.3%
AGNC Investment Corp.		56,648		731,326
Annaly Capital Management Inc.		107,693		749,543


				1,480,869

Multi-Utilities — 1.7%
Ameren Corp.		9,281		797,702
CenterPoint Energy Inc.		29,167		797,717
CMS Energy Corp.		12,662		810,495
Consolidated Edison Inc.		9,670		829,396
Dominion Energy Inc.		9,966		792,596
DTE Energy Co.		6,730		818,301
NiSource Inc.		27,606		798,642
Public Service Enterprise Group Inc.		12,101		784,508
Sempra Energy		5,798		836,187
WEC Energy Group Inc.		8,797		799,471


				8,065,015

Multiline Retail — 0.5%
Dollar General Corp.		3,973		788,005
Dollar Tree Inc.^(a)		5,733		814,545
Target Corp.		3,773		753,732


				2,356,282

Oil, Gas & Consumable Fuels — 2.9%
Cheniere Energy Inc.		6,824		906,910
Chevron Corp.		5,838		840,672
ConocoPhillips		8,691		824,428
Coterra Energy Inc.		34,281		799,776
Devon Energy Corp.		14,559		866,989
Diamondback Energy Inc.		6,039		833,986
EOG Resources Inc.		7,014		806,049
Exxon Mobil Corp.		10,006		784,671


S C H E D U L E O F I N V E S T M E N T S		33

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI USA Equal Weighted ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Oil, Gas & Consumable Fuels (continued)
Hess Corp.		8,317	$	840,516
Kinder Morgan Inc.		45,768		796,363
Marathon Petroleum Corp.		10,044		782,126
Occidental Petroleum Corp.		19,773		864,673
ONEOK Inc.		12,514		817,164
Phillips 66		8,879		747,967
Pioneer Natural Resources Co.		3,524		844,350
Valero Energy Corp.		8,906		743,740
Williams Companies Inc. (The)		26,125		817,190


			13,917,570

Personal Products — 0.2%
Estee Lauder Companies Inc. (The), Class A		2,540		752,678


Pharmaceuticals — 1.8%
Bristol-Myers Squibb Co.		11,598		796,435
Catalent Inc.^(a)		7,846		800,606
Elanco Animal Health Inc.^(a)		30,282		860,312
Eli Lilly & Co.		3,193		798,090
Jazz Pharmaceuticals PLC^(a)		5,422		745,091
Johnson & Johnson		4,689		771,669
Merck & Co. Inc.		10,153		777,517
Pfizer Inc.		15,781		740,760
Royalty Pharma PLC, Class A		19,358		759,995
Viatris Inc.		51,410		566,024
Zoetis Inc.		4,019		778,279


			8,394,778

Professional Services — 1.4%
Booz Allen Hamilton Holding Corp.		10,599		855,233
Clarivate PLC^(a)(b)		47,031		704,524
CoStar Group Inc.^(a)		11,651		710,828
Equifax Inc.		3,536		772,050
Jacobs Engineering Group Inc.		6,444		792,612
Leidos Holdings Inc.		8,837		899,960
Robert Half International Inc.		6,298		757,586
TransUnion		7,698		698,671
Verisk Analytics Inc.		4,040		716,454


			6,907,918

Real Estate Management & Development — 0.3%
CBRE Group Inc., Class A^(a)		7,713		747,004
Zillow Group Inc., Class A^(a)(b)		3,279		187,788
Zillow Group Inc., Class C, NVS^(a)(b)		9,003		517,853


			1,452,645

Road & Rail — 1.5%
AMERCO		1,308		755,514
CSX Corp.		22,292		755,922
JB Hunt Transport Services Inc.		4,105		833,028
Knight-Swift Transportation Holdings Inc.		14,500		789,960
Lyft Inc., Class A^(a)		17,892		696,714
Norfolk Southern Corp.		2,833		726,721
Old Dominion Freight Line Inc.		2,637		828,097
Uber Technologies Inc.^(a)(b)		21,433		772,231
Union Pacific Corp.		3,089		759,740


			6,917,927

Semiconductors & Semiconductor Equipment — 3.5%
Advanced Micro Devices Inc.^(a)		6,662		821,691
Analog Devices Inc.		4,657		746,471
Applied Materials Inc.		5,562		746,420
Broadcom Inc.		1,313		771,309
Enphase Energy Inc.^(a)		5,090		848,503


Security	Shares		Value

Semiconductors & Semiconductor Equipment (continued)
Entegris Inc.		5,791	$	755,610
Intel Corp.		16,256		775,411
KLA Corp.		2,033		708,501
Lam Research Corp.		1,326		744,350
Marvell Technology Inc.		10,874		743,020
Microchip Technology Inc.		10,384		730,307
Micron Technology Inc.		8,162		725,275
Monolithic Power Systems Inc.		1,608		737,590
NVIDIA Corp.		2,957		721,065
NXP Semiconductors NV		3,927		746,601
ON Semiconductor Corp.^(a)		12,423		777,804
Qorvo Inc.^(a)		5,731		783,886
QUALCOMM Inc.		4,542		781,179
Skyworks Solutions Inc.		5,592		772,647
SolarEdge Technologies Inc.^(a)		2,939		938,775
Teradyne Inc.		6,582		776,149
Texas Instruments Inc.		4,660		792,153


			16,944,717

Software — 7.0%
Adobe Inc.^(a)		1,641		767,463
ANSYS Inc.^(a)		2,423		785,512
Asana Inc., Class A^(a)(b)		10,576		579,459
Autodesk Inc.^(a)		3,354		738,651
Avalara Inc.^(a)		7,704		800,523
Bentley Systems Inc., Class B		19,542		750,217
Bill.com Holdings Inc.^(a)		3,052		726,010
Black Knight Inc.^(a)		12,972		728,897
Cadence Design Systems Inc.^(a)		5,375		813,936
Ceridian HCM Holding Inc.^(a)		11,033		804,416
Citrix Systems Inc.		7,690		788,225
Coupa Software Inc.^(a)		6,087		736,588
Crowdstrike Holdings Inc., Class A^(a)		4,278		835,108
Datadog Inc., Class A^(a)		4,508		726,284
DocuSign Inc.^(a)		6,526		772,874
Dropbox Inc., Class A^(a)		31,486		714,417
Dynatrace Inc.^(a)		17,928		796,362
Fair Isaac Corp.^(a)		1,533		722,334
Fortinet Inc.^(a)		2,447		843,040
Guidewire Software Inc.^(a)		8,214		724,064
HubSpot Inc.^(a)		1,444		758,100
Intuit Inc.		1,484		703,965
Microsoft Corp.		2,618		782,232
NortonLifeLock Inc.		27,185		787,821
Nuance Communications Inc.^(a)		14,182		787,385
Oracle Corp.		9,900		752,103
Palantir Technologies Inc., Class A^(a)(b)		56,121		665,034
Palo Alto Networks Inc.^(a)(b)		1,489		884,838
Paycom Software Inc.^(a)		2,276		772,042
PTC Inc.^(a)		6,838		760,933
RingCentral Inc., Class A^(a)		4,753		621,882
salesforce.com Inc.^(a)		3,703		779,593
ServiceNow Inc.^(a)		1,327		769,554
Splunk Inc.^(a)		6,346		749,463
SS&C Technologies Holdings Inc.		10,279		770,617
Synopsys Inc.^(a)		2,556		798,469
Trade Desk Inc. (The), Class A^(a)		9,690		826,751
Tyler Technologies Inc.^(a)		1,669		714,766
Unity Software Inc.^(a)(b)		7,109		756,753
VMware Inc., Class A		6,227		730,552
Workday Inc., Class A^(a)		3,434		786,558


34		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI USA Equal Weighted ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Software (continued)
Zendesk Inc.^(a)		6,644	$	775,155
Zoom Video Communications Inc., Class A^(a)		5,660		750,516
Zscaler Inc.^(a)		2,791		667,468


			33,306,930

Specialty Retail — 2.2%
Advance Auto Parts Inc.		3,525		720,792
AutoZone Inc.^(a)		407		758,400
Bath & Body Works Inc.		14,139		754,599
Best Buy Co. Inc.		7,869		760,460
Burlington Stores Inc.^(a)		3,421		772,770
CarMax Inc.^(a)		7,155		782,256
Carvana Co.^(a)		5,656		851,058
Home Depot Inc. (The)		2,239		707,143
Lowe’s Companies Inc.		3,454		763,541
O’Reilly Automotive Inc.^(a)		1,156		750,522
Ross Stores Inc.		8,192		748,667
TJX Companies Inc. (The)		11,684		772,312
Tractor Supply Co.		3,646		743,018
Ulta Beauty Inc.^(a)		2,044		765,478


			10,651,016

Technology Hardware, Storage & Peripherals — 1.0%
Apple Inc.		4,544		750,305
Dell Technologies Inc., Class C^(a)		13,004		662,684
Hewlett Packard Enterprise Co.		44,445		707,564
HP Inc.		20,692		710,977
NetApp Inc.		8,564		671,246
Seagate Technology Holdings PLC		7,009		723,049
Western Digital Corp.^(a)		13,903		708,219


			4,934,044

Textiles, Apparel & Luxury Goods — 0.5%
Lululemon Athletica Inc.^(a)		2,450		783,853
Nike Inc., Class B		5,352		730,816
VF Corp.		12,863		746,311


			2,260,980

Tobacco — 0.3%
Altria Group Inc.		15,491		794,533
Philip Morris International Inc.		7,027		710,219


			1,504,752


Security	Shares		Value

Trading Companies & Distributors — 0.5%
Fastenal Co.		14,979	$	770,819
United Rentals Inc.^(a)		2,411		775,426
WW Grainger Inc.		1,651		787,626


			2,333,871

Water Utilities — 0.3%
American Water Works Co. Inc.		5,359		809,691
Essential Utilities Inc.		17,428		821,033


			1,630,724

Wireless Telecommunication Services — 0.2%
T-Mobile U.S. Inc.^(a)		6,151		757,865


Total Common Stocks — 99.8% (Cost: $416,725,779)				477,440,540


Short-Term Investments

Money Market Funds — 3.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%^(c)(d)(e)		14,492,812		14,495,711
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%^(c)(d)		800,000		800,000


			15,295,711


Total Short-Term Investments — 3.2% (Cost: $15,294,642)				15,295,711


Total Investments in Securities — 103.0% (Cost: $432,020,421)				492,736,251

Other Assets, Less Liabilities — (3.0)%				(14,537,984	)


Net Assets — 100.0%			$	478,198,267

^(a)	Non-income producing security.

^(b)	All or a portion of this security is on loan.

^(c)	Affiliate of the Fund.

^(d)	Annualized 7-day yield as of period end.

^(e)	All or a portion of this security was purchased with the cash collateral from loaned securities.


S C H E D U L E O F I N V E S T M E N T S		35

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI USA Equal Weighted ETF

Affiliates


Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	7,018,524	$	7,481,180	^(a)	$	—		$	(2,706	)	$	(1,287	)	$	14,495,711		14,492,812	$	24,049	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		920,000		—			(120,000	)^(a)		—			—			800,000		800,000		38			—
BlackRock Inc.		774,441		203,280			(55,751	)		15,403			(193,483	)		743,890		1,000		7,038			—

									$	12,697		$	(194,770	)	$	16,039,601			$	31,125		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini Index		3		03/18/22	$	655	$	(47,348	)
S&P MidCap 400 E-Mini Index		1		03/18/22		266		6,218

							$	(41,130	)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:


	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)		$	6,218


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)		$	47,348

^(a)

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts		$	30,982


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts		$	(58,764	)


36		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI USA Equal Weighted ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	942,515

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




	Level 1			Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	477,440,540		$	—	$	—	$	477,440,540
Money Market Funds		15,295,711			—		—		15,295,711

	$	492,736,251		$	—	$	—	$	492,736,251

Derivative financial instruments^(a)
Assets
Futures Contracts	$	6,218		$	—	$	—	$	6,218
Liabilities
Futures Contracts		(47,348	)		—		—		(47,348	)

	$	(41,130	)	$	—	$	—	$	(41,130	)


^(a)Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		37

Statements of Assets and Liabilities (unaudited)

February 28, 2022


	iShares MSCI Brazil ETF				iShares MSCI Chile ETF				iShares MSCI Colombia ETF				iShares MSCI Israel ETF

ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)		$	5,546,729,663			$	415,023,772			$	38,560,757			$	181,752,937
Affiliated^(c)			1,850,000				—				1,362,385				9,646,029
Cash			849,026				222,797				7,849				—
Foreign currency, at value^(d)			9,140,321				1,573,547				35,186				291,314
Cash pledged:
Futures contracts			4,442,000				24,000				—				—
Foreign currency collateral pledged:
Futures contracts^(e)			—				—				—				31,395
Receivables:
Investments sold			193,683,627				15,547,094				1,181,607				288,914
Securities lending income — Affiliated			—				—				718				9,107
Variation margin on futures contracts			499,499				—				—				—
Dividends			21,688,078				186,916				10,188				71,327

Total assets			5,778,882,214				432,578,126				41,158,690				192,091,023


LIABILITIES
Bank overdraft			—				—				—				6,683
Collateral on securities loaned, at value			—				—				1,312,578				9,550,823
Deferred foreign capital gain tax			—				—				—				56,659
Payables:
Investments purchased			189,567,816				6,261,338				937,853				365,447
Variation margin on futures contracts			—				6,628				—				4,971
Capital shares redeemed			—				8,883,084				—				529,900
Investment advisory fees			2,412,981				200,772				17,859				85,154
Foreign taxes			—				—				—				3,220

Total liabilities			191,980,797				15,351,822				2,268,290				10,602,857


NET ASSETS		$	5,586,901,417			$	417,226,304			$	38,890,400			$	181,488,166


NET ASSETS CONSIST OF:
Paid-in capital		$	8,357,560,909			$	719,581,234			$	51,375,723			$	211,682,857
Accumulated loss			(2,770,659,492	)			(302,354,930	)			(12,485,323	)			(30,194,691	)

NET ASSETS		$	5,586,901,417			$	417,226,304			$	38,890,400			$	181,488,166


Shares outstanding			168,450,000				15,950,000				3,500,000				2,450,000


Net asset value		$	33.17			$	26.16			$	11.11			$	74.08


Shares authorized			800 million				200 million				50 million				500 million


Par value		$	0.001			$	0.001			$	0.001			$	0.001


^(a)Securities loaned, at value		$	—			$	—			$	1,237,052			$	9,091,601
^(b)Investments, at cost — Unaffiliated		$	3,679,560,665			$	356,322,345			$	31,892,418			$	170,741,960
^(c)Investments, at cost — Affiliated		$	1,850,000			$	—			$	1,362,385			$	9,645,818
^(d)Foreign currency, at cost		$	9,183,135			$	1,556,528			$	35,237			$	285,621
^(e)Foreign currency collateral pledged, at cost		$	—			$	—			$	—			$	32,247

See notes to financial statements.


38		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Assets and Liabilities (unaudited) (continued)

February 28, 2022


	iShares MSCI South Africa ETF				iShares MSCI Turkey ETF				iShares MSCI USA Equal Weighted ETF

ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)		$	384,476,060			$	272,525,634			$	476,696,650
Affiliated^(c)			220,000				11,252,435				16,039,601
Cash			1,557				9,679				33,784
Foreign currency, at value^(d)			371,788				197,853				—
Cash pledged:
Futures contracts			—				—				64,000
Receivables:
Investments sold			951,133				3,934,455				32,850,116
Securities lending income — Affiliated			—				57,523				5,367
Variation margin on futures contracts			11,585				—				—
Capital shares sold			16,746				—				—
Dividends			3				2				631,818

Total assets			386,048,872				287,977,581				526,321,336


LIABILITIES
Collateral on securities loaned, at value			—				11,133,304				14,501,289
Payables:
Investments purchased			836,446				3,847,124				33,559,765
Variation margin on futures contracts			—				—				2,122
Capital shares redeemed			—				3,303				25,938
Investment advisory fees			156,563				128,460				33,955

Total liabilities			993,009				15,112,191				48,123,069


NET ASSETS		$	385,055,863			$	272,865,390			$	478,198,267


NET ASSETS CONSIST OF:
Paid-in capital		$	676,843,669			$	683,100,870			$	414,816,246
Accumulated earnings (loss)			(291,787,806	)			(410,235,480	)			63,382,021

NET ASSETS		$	385,055,863			$	272,865,390			$	478,198,267


Shares outstanding			7,400,000				14,350,000				5,750,000


Net asset value		$	52.03			$	19.02			$	83.16


Shares authorized			400 million				200 million				500 million


Par value		$	0.001			$	0.001			$	0.001


^(a)Securities loaned, at value		$	—			$	9,775,199			$	14,515,829
^(b)Investments, at cost — Unaffiliated		$	405,221,202			$	405,523,152			$	416,121,014
^(c)Investments, at cost — Affiliated		$	220,000			$	11,250,506			$	15,899,407
^(d)Foreign currency, at cost		$	373,691			$	202,731			$	—

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		39

Statements of Operations (unaudited)

Six Months Ended February 28, 2022


	iShares MSCI Brazil ETF				iShares MSCI Chile ETF				iShares MSCI Colombia ETF				iShares MSCI Israel ETF

INVESTMENT INCOME
Dividends — Unaffiliated		$	221,523,085			$	23,612,124			$	515,282			$	1,618,068
Dividends — Affiliated			302				38				108				574
Securities lending income — Affiliated — net			—				—				3,535				55,629
Foreign taxes withheld			(8,207,392	)			(6,620,312	)			(64,234	)			(379,988	)


Total investment income			213,315,995				16,991,850				454,691				1,294,283


EXPENSES
Investment advisory fees			14,092,639				1,312,194				110,833				534,929
Commitment fees			19,090				2,074				170				—
Professional fees			217				217				217				217

Total expenses			14,111,946				1,314,485				111,220				535,146

Net investment income			199,204,049				15,677,365				343,471				759,137


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated^(a)			(180,481,313	)			(52,170,568	)			144,255				(2,192,251	)
Investments — Affiliated			—				—				(193	)			(2,236	)
In-kind redemptions — Unaffiliated			—				—				—				9,107,964
Futures contracts			(5,611,194	)			(65,866	)			(2,894	)			(3,560	)
Foreign currency transactions			(3,323,306	)			143,944				(19,745	)			13,530

Net realized gain (loss)			(189,415,813	)			(52,092,490	)			121,423				6,923,447

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated^(b)			(118,713,607	)			2,651,938				2,662,383				(1,700,309	)
Investments — Affiliated			—				—				—				(575	)
Futures contracts			607,061				(32,962	)			—				(9,842	)
Foreign currency translations			16,334,610				9,011				(1,617	)			2,308

Net change in unrealized appreciation (depreciation)			(101,771,936	)			2,627,987				2,660,766				(1,708,418	)

Net realized and unrealized gain (loss)			(291,187,749	)			(49,464,503	)			2,782,189				5,215,029

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$	(91,983,700	)		$	(33,787,138	)		$	3,125,660			$	5,974,166


^(a) Net of foreign capital gain tax and capital gain tax refund, if applicable		$	—			$	—			$	—			$	(6,716	)
^(b) Net of increase in deferred foreign capital gain tax of		$	—			$	—			$	—			$	(22,342	)

See notes to financial statements.


40		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Operations (unaudited) (continued)

Six Months Ended February 28, 2022


	iShares MSCI South Africa ETF			iShares MSCI Turkey ETF			iShares MSCI USA Equal Weighted ETF


INVESTMENT INCOME
Dividends — Unaffiliated	$	4,813,268		$	1,529,580		$	3,898,525
Dividends — Affiliated		6			810			8,320
Securities lending income — Affiliated — net		—			399,085			22,805
Foreign taxes withheld		(703,584	)		(229,437	)		(830	)

Total investment income		4,109,690			1,700,038			3,928,820


EXPENSES
Investment advisory fees		882,012			797,785			254,738
Professional fees		217			217			217

Total expenses		882,229			798,002			254,955

Less:
Investment advisory fees waived		—			—			(37,394	)

Total expenses after fees waived		882,229			798,002			217,561

Net investment income		3,227,461			902,036			3,711,259


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(1,909,243	)		(5,536,771	)		(2,405,285	)
Investments — Affiliated		—			129			(2,772	)
In-kind redemptions — Unaffiliated		3,634,390			7,431,871			20,360,253
In-kind redemptions — Affiliated		—			—			15,469
Futures contracts		(10,553	)		(39,425	)		30,982
Foreign currency transactions		(32,472	)		(218,909	)		—

Net realized gain		1,682,122			1,636,895			17,998,647

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		15,305,534			(64,070,945	)		(44,695,743	)
Investments — Affiliated		—			(3,507	)		(194,770	)
Futures contracts		2,386			(4,632	)		(58,764	)
Foreign currency translations		(38,627	)		(5,288	)		—

Net change in unrealized appreciation (depreciation)		15,269,293			(64,084,372	)		(44,949,277	)

Net realized and unrealized gain (loss)		16,951,415			(62,447,477	)		(26,950,630	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	20,178,876		$	(61,545,441	)	$	(23,239,371	)

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		41

Statements of Changes in Net Assets


	iShares MSCI Brazil ETF						iShares MSCI Chile ETF


	Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21			Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	199,204,049		$	228,372,987		$	15,677,365		$	10,222,554
Net realized loss		(189,415,813	)		(72,572,187	)		(52,092,490	)		(27,205,073	)
Net change in unrealized appreciation (depreciation)		(101,771,936	)		1,255,170,696			2,627,987			78,210,744


Net increase (decrease) in net assets resulting from operations		(91,983,700	)		1,410,971,496			(33,787,138	)		61,228,225


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(362,674,348	)		(151,639,298	)		(14,791,436	)		(9,611,528	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		996,874,119			(1,527,014,184	)		(10,480,753	)		(16,754,254	)


NET ASSETS
Total increase (decrease) in net assets		542,216,071			(267,681,986	)		(59,059,327	)		34,862,443
Beginning of period		5,044,685,346			5,312,367,332			476,285,631			441,423,188

End of period	$	5,586,901,417		$	5,044,685,346		$	417,226,304		$	476,285,631

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.


42		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)


	iShares MSCI Colombia ETF						iShares MSCI Israel ETF


	Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21			Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	343,471		$	536,256		$	759,137		$	554,236
Net realized gain (loss)		121,423			(750,264	)		6,923,447			2,854,312
Net change in unrealized appreciation (depreciation)		2,660,766			3,509,759			(1,708,418	)		28,900,213


Net increase in net assets resulting from operations		3,125,660			3,295,751			5,974,166			32,308,761


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(245,473	)		(545,967	)		(1,768,270	)		(278,315	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		—			14,648,968			14,796,808			25,551,674


NET ASSETS
Total increase in net assets		2,880,187			17,398,752			19,002,704			57,582,120
Beginning of period		36,010,213			18,611,461			162,485,462			104,903,342

End of period	$	38,890,400		$	36,010,213		$	181,488,166		$	162,485,462

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		43

Statements of Changes in Net Assets (continued)


	iShares MSCI South Africa ETF						iShares MSCI Turkey ETF


	Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21			Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	3,227,461		$	5,947,329		$	902,036		$	7,964,471
Net realized gain (loss)		1,682,122			45,034,598			1,636,895			(44,785,505	)
Net change in unrealized appreciation (depreciation)		15,269,293			71,338,100			(64,084,372	)		96,747,851


Net increase (decrease) in net assets resulting from operations		20,178,876			122,320,027			(61,545,441	)		59,926,817


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(3,020,530	)		(19,459,609	)		(1,358,092	)		(8,492,284	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		91,524,178			(149,905,407	)		34,507,267			70,879,769


NET ASSETS
Total increase (decrease) in net assets		108,682,524			(47,044,989	)		(28,396,266	)		122,314,302
Beginning of period		276,373,339			323,418,328			301,261,656			178,947,354

End of period	$	385,055,863		$	276,373,339		$	272,865,390		$	301,261,656

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.


44		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)


	iShares MSCI USA Equal Weighted ETF


	Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	3,711,259		$	4,609,340
Net realized gain		17,998,647			21,309,459
Net change in unrealized appreciation (depreciation)		(44,949,277	)		87,259,076

Net increase (decrease) in net assets resulting from operations		(23,239,371	)		113,177,875


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(3,555,272	)		(4,084,783	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		31,901,091			137,937,095


NET ASSETS
Total increase in net assets		5,106,448			247,030,187
Beginning of period		473,091,819			226,061,632

End of period	$	478,198,267		$	473,091,819

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

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

Financial Highlights

(For a share outstanding throughout each period)


		iShares MSCI Brazil ETF


	Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17


Net asset value, beginning of period		$	36.58		$	29.62		$	40.92		$	32.03		$	40.06		$	33.52

Net investment income^(a)			1.25			1.34			0.86			1.12			1.14			0.76
Net realized and unrealized gain (loss)^(b)			(2.52	)		6.52			(11.13	)		8.88			(8.22	)		6.45


Net increase (decrease) from investment operations			(1.27	)		7.86			(10.27	)		10.00			(7.08	)		7.21


Distributions^(c)
From net investment income			(2.14	)		(0.90	)		(1.03	)		(1.11	)		(0.95	)		(0.67	)


Total distributions			(2.14	)		(0.90	)		(1.03	)		(1.11	)		(0.95	)		(0.67	)


Net asset value, end of period		$	33.17		$	36.58		$	29.62		$	40.92		$	32.03		$	40.06


Total Return^(d)
Based on net asset value			(2.42	)%^(e)		26.35	%		(25.63	)%		31.36	%		(17.87	)%		22.03	%


Ratios to Average Net Assets^(f)
Total expenses			0.58	%^(g)		0.57	%		0.59	%		0.59	%		0.59	%		0.62	%


Net investment income			8.12	%^(g)		3.84	%		2.35	%		2.75	%		2.86	%		2.10	%


Supplemental Data
Net assets, end of period (000)		$	5,586,901		$	5,044,685		$	5,312,367		$	8,205,744		$	5,501,031		$	6,327,919


Portfolio turnover rate^(h)			15	%^(e)(i)		17	%⁽ⁱ⁾		29	%⁽ⁱ⁾		16	%⁽ⁱ⁾		30	%⁽ⁱ⁾		20	%⁽ⁱ⁾


^(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 includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash
in U.S. dollars (“cash creations”).
⁽ⁱ⁾Portfolio turnover rate excluding cash creations was as follows:			13	%		12	%		11	%		10	%		13	%		13	%

See notes to financial statements.


46		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Chile ETF


	Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17


Net asset value, beginning of period		$	28.52		$	25.37		$	35.88		$	43.71		$	47.96		$	36.77

Net investment income^(a)			0.87			0.63			0.61			0.74			0.78			0.69
Net realized and unrealized gain (loss)^(b)			(2.46	)		3.16			(10.54	)		(7.76	)		(4.06	)		11.21


Net increase (decrease) from investment operations			(1.59	)		3.79			(9.93	)		(7.02	)		(3.28	)		11.90


Distributions^(c)
From net investment income			(0.77	)		(0.64	)		(0.58	)		(0.79	)		(0.92	)		(0.67	)
Return of capital			—			—			—			(0.02	)		(0.05	)		(0.04	)


Total distributions			(0.77	)		(0.64	)		(0.58	)		(0.81	)		(0.97	)		(0.71	)


Net asset value, end of period		$	26.16		$	28.52		$	25.37		$	35.88		$	43.71		$	47.96


Total Return^(d)
Based on net asset value			(5.31	)%^(e)		14.90	%		(27.72	)%		(16.22	)%		(7.03	)%		32.65	%


Ratios to Average Net Assets^(f)
Total expenses			0.58	%^(g)		0.57	%		0.59	%		0.59	%		0.59	%		0.62	%


Net investment income			6.87	%^(g)		2.17	%		2.10	%		1.74	%		1.55	%		1.68	%


Supplemental Data
Net assets, end of period (000)		$	417,226		$	476,286		$	441,423		$	330,140		$	393,351		$	467,645


Portfolio turnover rate^(h)			50	%^(e)(i)		62	%⁽ⁱ⁾		51	%⁽ⁱ⁾		75	%⁽ⁱ⁾		54	%⁽ⁱ⁾		54	%⁽ⁱ⁾


^(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 includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash
in U.S. dollars (“cash creations”).
⁽ⁱ⁾ Portfolio turnover rate excluding cash creations was as follows:			16	%		17	%		21	%		12	%		11	%		8	%

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		47

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Colombia ETF


	Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17


Net asset value, beginning of period		$	10.29		$	8.86		$	12.42		$	13.96		$	14.58		$	13.18

Net investment income^(a)			0.10			0.20			0.37			0.35			0.30			0.23
Net realized and unrealized gain (loss)^(b)			0.79			1.45			(3.60	)		(1.50	)		(0.70	)		1.34


Net increase (decrease) from investment operations			0.89			1.65			(3.23	)		(1.15	)		(0.40	)		1.57


Distributions^(c)
From net investment income			(0.07	)		(0.22	)		(0.33	)		(0.39	)		(0.22	)		(0.17	)


Total distributions			(0.07	)		(0.22	)		(0.33	)		(0.39	)		(0.22	)		(0.17	)


Net asset value, end of period		$	11.11		$	10.29		$	8.86		$	12.42		$	13.96		$	14.58


Total Return^(d)
Based on net asset value			8.71	%^(e)		18.56	%		(26.40	)%		(8.18	)%		(2.69	)%		12.05	%


Ratios to Average Net Assets^(f)
Total expenses			0.61	%^(g)		0.61	%		0.61	%		0.61	%		0.61	%		0.61	%


Net investment income			1.89	%^(g)		2.04	%		3.43	%		2.71	%		2.01	%		1.72	%


Supplemental Data
Net assets, end of period (000)		$	38,890		$	36,010		$	18,611		$	23,605		$	25,834		$	22,594


Portfolio turnover rate^(h)			17	%^(e)		52	%		75	%		88	%		26	%		14	%

^(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.


48		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Israel ETF


	Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17


Net asset value, beginning of period		$	72.22		$	56.70		$	53.28		$	56.62		$	48.19		$	49.36

Net investment income^(a)			0.30			0.26			0.23			0.33			0.59			0.62
Net realized and unrealized gain (loss)^(b)			2.25			15.38			4.31			(3.42	)		8.88			(0.98	)


Net increase (decrease) from investment operations			2.55			15.64			4.54			(3.09	)		9.47			(0.36	)


Distributions^(c)
From net investment income			(0.69	)		(0.12	)		(1.12	)		(0.25	)		(1.04	)		(0.81	)


Total distributions			(0.69	)		(0.12	)		(1.12	)		(0.25	)		(1.04	)		(0.81	)


Net asset value, end of period		$	74.08		$	72.22		$	56.70		$	53.28		$	56.62		$	48.19


Total Return^(d)
Based on net asset value			3.52	%^(e)		27.59	%		8.53	%		(5.45	)%		19.91	%		(0.77	)%


Ratios to Average Net Assets^(f)
Total expenses			0.58	%^(g)		0.57	%		0.59	%		0.59	%		0.59	%		0.62	%

Net investment income			0.82	%^(g)		0.40	%		0.43	%		0.60	%		1.15	%		1.25	%


Supplemental Data
Net assets, end of period (000)		$	181,488		$	162,485		$	104,903		$	114,553		$	121,735		$	89,152


Portfolio turnover rate^(h)			5	%^(e)		21	%		7	%		17	%		6	%		28	%

^(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		49

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI South Africa ETF


	Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17


Net asset value, beginning of period		$	49.35		$	37.17		$	47.96		$	54.87		$	62.62		$	52.78

Net investment income^(a)			0.50			0.77			4.94			1.31			1.41			1.07
Net realized and unrealized gain (loss)^(b)			2.64			13.67			(10.38	)		(5.84	)		(7.69	)		9.79


Net increase (decrease) from investment operations			3.14			14.44			(5.44	)		(4.53	)		(6.28	)		10.86


Distributions^(c)
From net investment income			(0.46	)		(2.26	)		(5.35	)		(2.38	)		(1.47	)		(1.02	)


Total distributions			(0.46	)		(2.26	)		(5.35	)		(2.38	)		(1.47	)		(1.02	)


Net asset value, end of period		$	52.03		$	49.35		$	37.17		$	47.96		$	54.87		$	62.62


Total Return^(d)
Based on net asset value			6.55	%^(e)		39.49	%		(13.09	)%		(8.45	)%		(10.20	)%		20.91	%


Ratios to Average Net Assets^(f)
Total expenses			0.57	%^(g)		0.57	%		0.59	%		0.59	%		0.59	%		0.62	%


Net investment income			2.10	%^(g)		1.69	%		11.79	%		2.48	%		2.20	%		1.91	%


Supplemental Data
Net assets, end of period (000)		$	385,056		$	276,373		$	323,418		$	374,067		$	373,114		$	419,587


Portfolio turnover rate^(h)			2	%^(e)		20	%		46	%		12	%		15	%		13	%

^(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.


50		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)



	iShares MSCI Turkey ETF
	Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17


Net asset value, beginning of period	$	23.91		$	19.99		$	24.08		$	20.09		$	46.17		$	38.16


Net investment income^(a)		0.07			0.70			0.30			0.60			1.01			0.97
Net realized and unrealized gain (loss)^(b)		(4.87	)		3.99			(3.94	)		4.06			(26.05	)		8.12


Net increase (decrease) from investment operations		(4.80	)		4.69			(3.64	)		4.66			(25.04	)		9.09


Distributions^(c)
From net investment income.		(0.09	)		(0.77	)		(0.45	)		(0.67	)		(1.04	)		(1.08	)


Total distributions		(0.09	)		(0.77	)		(0.45	)		(0.67	)		(1.04	)		(1.08	)


Net asset value, end of period	$	19.02		$	23.91		$	19.99		$	24.08		$	20.09		$	46.17


Total Return^(d)
Based on net asset value		(20.12	)%^(e)		23.59	%		(15.48	)%		23.38	%		(54.97	)%		24.23	%


Ratios to Average Net Assets^(f)
Total expenses		0.57	%^(g)		0.57	%		0.59	%		0.59	%		0.59	%		0.62	%


Net investment income		0.65	%^(g)		2.98	%		1.22	%		2.43	%		2.76	%		2.58	%


Supplemental Data
Net assets, end of period (000)	$	272,865		$	301,262		$	178,947		$	314,190		$	386,797		$	424,727


Portfolio turnover rate^(h)		2	%^(e)		22	%		12	%		20	%		7	%		6	%

^(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		51

Financial Highlights (continued)

(For a share outstanding throughout each period)



	iShares MSCI USA Equal Weighted ETF
	Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17


Net asset value, beginning of period	$	87.61		$	62.79		$	58.13		$	59.33		$	51.30		$	46.05


Net investment income^(a)		0.66			1.03			1.09			0.92			0.98			0.85
Net realized and unrealized gain (loss)^(b)		(4.46	)		24.72			4.65			(1.11	)		7.94			5.18


Net increase (decrease) from investment operations		(3.80	)		25.75			5.74			(0.19	)		8.92			6.03


Distributions^(c)
From net investment income		(0.65	)		(0.93	)		(1.08	)		(1.01	)		(0.89	)		(0.78	)


Total distributions		(0.65	)		(0.93	)		(1.08	)		(1.01	)		(0.89	)		(0.78	)


Net asset value, end of period	$	83.16		$	87.61		$	62.79		$	58.13		$	59.33		$	51.30


Total Return^(d)
Based on net asset value		(4.36	)%^(e)		41.36	%		10.18	%		(0.23	)%		17.55	%		13.22	%


Ratios to Average Net Assets^(f)
Total expenses		0.11	%^(g)		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%


Total expenses after fees waived		0.09	%^(g)		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%


Net investment income		1.54	%^(g)		1.34	%		1.84	%		1.63	%		1.76	%		1.72	%


Supplemental Data
Net assets, end of period (000)	$	478,198		$	473,092		$	226,062		$	308,090		$	192,820		$	135,945


Portfolio turnover rate^(h)		13	%^(e)		30	%		30	%		24	%		23	%		27	%

^(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.


52		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited)

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
MSCI Brazil		Non-diversified
MSCI Chile.		Non-diversified
MSCI Colombia		Non-diversified
MSCI Israel		Non-diversified
MSCI South Africa		Non-diversified
MSCI Turkey		Non-diversified
MSCI USA Equal Weighted		Diversified

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.

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, 2022, 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.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, 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 or obligations.

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		53


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.

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. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Directors of the Company (the “Board”). 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 a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

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.

•

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 Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global 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 Global Valuation Committee, or its delegate, 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 Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

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 Global 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. 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 Global 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.


54		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

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 BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, 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		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount


MSCI Colombia
Citigroup Global Markets, Inc.	$	77	$	77		$	—	$	—
J.P. Morgan Securities LLC		1,236,975		1,236,975			—		—


	$	1,237,052	$	1,237,052		$	—	$	—


MSCI Israel
Barclays Capital, Inc.	$	42,195	$	42,195		$	—	$	—
BNP Paribas SA		868,094		868,094			—		—
BofA Securities, Inc.		1,883,121		1,883,121			—		—
Citigroup Global Markets, Inc.		646,317		646,317			—		—
Goldman Sachs & Co. LLC		1,108,742		1,092,650			—		(16,092	)^(b)
J.P. Morgan Securities LLC		1,272,947		1,272,947			—		—
Morgan Stanley		1,147,259		1,147,259			—		—
UBS AG		965,996		965,996			—		—
UBS Securities LLC		16,992		16,992			—		—
Virtu Americas LLC		1,139,938		1,087,667			—		(52,271	)^(b)


	$	9,091,601	$	9,023,238		$	—	$	(68,363	)


MSCI Turkey
BofA Securities, Inc.	$	2,413,324	$	2,413,324		$	—	$	—
Goldman Sachs & Co. LLC		2,212,486		2,212,486			—		—
HSBC Bank PLC.		470,869		470,869			—		—
J.P. Morgan Securities LLC		119,264		119,264			—		—
Morgan Stanley		4,360,598		4,360,598			—		—
SG Americas Securities LLC		198,658		198,658			—		—


	$	9,775,199	$	9,775,199		$	—	$	—


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		55

Notes to Financial Statements (unaudited) (continued)




iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount

MSCI USA Equal Weighted
Barclays Bank PLC	$	1,949,190	$	1,921,862		$	—	$	(27,328	)^(b)
Barclays Capital, Inc.		8,693		8,285			—		(408	)^(b)
BNP Paribas SA		3,023,068		2,953,339			—		(69,729	)^(b)
Citigroup Global Markets, Inc.		299,152		298,722			—		(430	)^(b)
Credit Suisse Securities (USA) LLC		1,883,422		1,883,422			—		—
Goldman Sachs & Co. LLC		1,704,707		1,669,973			—		(34,734	)^(b)
Morgan Stanley		1,884,022		1,884,022			—		—
Natixis SA		678,578		665,241			—		(13,337	)^(b)
RBC Capital Markets LLC		153,426		153,426			—		—
Scotia Capital (USA), Inc.		995,727		979,882			—		(15,845	)^(b)
SG Americas Securities LLC		22,905		22,905			—		—
State Street Bank & Trust Co.		1,178,747		1,178,747			—		—
UBS AG		527,369		527,369			—		—
UBS Securities LLC		42,717		42,595			—		(122	)^(b)
Wells Fargo Bank N.A.		164,106		164,106			—		—


	$	14,515,829	$	14,353,896		$	—	$	(161,933	)

^(a)

Collateral received 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 statement of assets and liabilities.

^(b)

The market value of the loaned securities is determined as of February 28, 2022. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

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.

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.

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).


56		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

For its investment advisory services to each of the iShares MSCI Brazil, iShares MSCI Chile, iShares MSCI Israel, iShares MSCI South Africa and iShares MSCI Turkey ETFs, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each 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 Fee
First $2 billion		0.7400%
Over $2 billion, up to and including $4 billion		0.6900
Over $4 billion, up to and including $8 billion		0.6400
Over $8 billion, up to and including $16 billion		0.5700
Over $16 billion, up to and including $24 billion		0.5100
Over $24 billion, up to and including $32 billion		0.4800
Over $32 billion, up to and including $40 billion		0.4500
Over $40 billion		0.4275

For its investment advisory services to the iShares MSCI Colombia ETF, BFA is entitled to an annual investment advisory fee of 0.61%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

Effective October 20, 2021, for its investment advisory services to the iShares MSCI USA Equal Weighted ETF, BFA is entitled to an annual investment advisory fee of 0.09%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund. Prior to October 20, 2021, BFA was entitled to an annual investment advisory fee of 0.15%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

Expense Waivers: The total of the investment advisory fee and any fund other expenses are a fund’s total annual operating expenses. For the iShares MSCI USA Equal Weighted ETF, BFA had contractually agreed to waive a portion of its investment advisory fee through December 31, 2022 in order to limit the Fund’s total annual operating expenses after fee waiver to 0.09% of average daily net assets. The contractual waiver was discontinued on October 20, 2021.

This amount is included in investment advisory fees waived in the Statements of Operations. For the six months ended February 28, 2022, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:



iShares ETF		Amounts waived
MSCI USA Equal Weighted		$ 37,394

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.

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, the iShares MSCI USA Equal Weighted ETF (the “Group 1 Fund”), retains 81% 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.

Pursuant to the current securities lending agreement, each of iShares MSCI Brazil ETF, iShares MSCI Chile ETF, iShares MSCI Colombia ETF, iShares MSCI Israel ETF, iShares MSCI South Africa ETF and iShares MSCI Turkey ETF (the “Group 2 Funds”), 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 a given calendar year exceeds a specified threshold: (1) the Group 1 Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 81% 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, and (2) each Group 2 Fund 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.


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)

Prior to January 1, 2022, the Group 1 Fund retained 77% of securities lending income (which excludes collateral investment fees) and the amount retained was not less than 70% of the total of securities lending income plus the collateral investment fees. Each Group 2 Fund retained 82% of securities lending income (which excludes collateral investment fees) and the amount retained was not 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 the iShares ETF Complex in a calendar year exceeded a specified threshold: (1) the Group 1 Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees, and (2) each Group 2 Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained could 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, 2022, the Funds paid BTC the following amounts for securities lending agent services:


iShares ETF	Fees Paid to BTC

MSCI Colombia	$	857

MSCI Israel		14,732

MSCI Turkey		90,106
MSCI USA Equal Weighted		7,818

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, 2022, 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)

MSCI Israel	$	102,817	$	1,260,188	$	(790,899)
MSCI USA Equal Weighted		16,399,682		25,079,624		(229,193)

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.

7.	PURCHASES AND SALES

For the six months ended February 28, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:


iShares ETF	Purchases		Sales
MSCI Brazil	$	1,642,932,029	$	726,033,261
MSCI Chile.		225,826,868		236,121,491
MSCI Colombia		6,137,231		6,384,285
MSCI Israel		10,539,783		9,780,362
MSCI South Africa		8,944,834		7,122,978
MSCI Turkey		7,255,413		5,776,506
MSCI USA Equal Weighted		62,454,972		61,671,191

For the six months ended February 28, 2022, in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
MSCI Israel	$	39,376,255	$	25,633,924
MSCI South Africa		122,922,048		31,616,606
MSCI Turkey		116,126,421		83,567,125
MSCI USA Equal Weighted		78,321,636		46,421,252


58		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

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, 2022, 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, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:


iShares ETF	Non-Expiring
MSCI Brazil	$	3,814,461,403
MSCI Chile		192,032,509
MSCI Colombia		15,937,379
MSCI Israel		45,162,177
MSCI South Africa		254,638,720
MSCI Turkey		272,048,859
MSCI USA Equal Weighted		15,106,785

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, 2022, 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)
MSCI Brazil	$	4,330,638,864	$	1,944,051,655	$	(723,990,881	)	$	1,220,060,774
MSCI Chile		474,804,468		84,872,909		(144,699,025	)		(59,826,116	)
MSCI Colombia		36,627,047		7,469,546		(4,173,451	)		3,296,095
MSCI Israel		182,975,290		43,130,527		(34,713,167	)		8,417,360
MSCI South Africa		421,606,653		34,452,365		(71,343,865	)		(36,891,500	)
MSCI Turkey		423,950,328		5,874,739		(146,046,998	)		(140,172,259	)
MSCI USA Equal Weighted		433,331,680		79,514,829		(20,151,388	)		59,363,441

9.	LINE OF CREDIT

The iShares MSCI Brazil ETF, iShares MSCI Chile ETF and iShares MSCI Colombia ETF, 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 12, 2022. 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) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) 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.

During the six months ended February 28, 2022, the Funds did not borrow under the Syndicated Credit Agreement.

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.


N O T E S T O F I N A N C I A L S T A T E M E N T S		59

Notes to Financial Statements (unaudited) (continued)

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: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

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.

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 the Manager 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 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.

Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but could be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.


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Notes to Financial Statements (unaudited) (continued)

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. Investment percentages in specific sectors are presented in the Schedule of Investments.

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 United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. 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.

Transactions in capital shares were as follows:



	Six Months Ended 02/28/22						Year Ended 08/31/21
iShares ETF	Shares			Amount			Shares			Amount

MSCI Brazil
Shares sold		33,200,000		$	1,071,563,900			5,900,000		$	220,351,653
Shares redeemed		(2,650,000	)		(74,689,781	)		(47,350,000	)		(1,747,365,837	)


Net increase (decrease)		30,550,000		$	996,874,119			(41,450,000	)	$	(1,527,014,184	)

MSCI Chile
Shares sold		5,850,000		$	151,857,377			6,950,000		$	208,750,168
Shares redeemed		(6,600,000	)		(162,338,130	)		(7,650,000	)		(225,504,422	)


Net decrease		(750,000	)	$	(10,480,753	)		(700,000	)	$	(16,754,254	)

MSCI Colombia
Shares sold		—		$	—			2,050,000		$	20,933,465
Shares redeemed		—			—			(650,000	)		(6,284,497	)


Net increase		—		$	—			1,400,000		$	14,648,968

MSCI Israel
Shares sold		600,000		$	43,838,758			1,100,000		$	70,222,892
Shares redeemed		(400,000	)		(29,041,950	)		(700,000	)		(44,671,218	)


Net increase		200,000		$	14,796,808			400,000		$	25,551,674

MSCI South Africa
Shares sold		2,500,000		$	123,198,837			2,700,000		$	120,672,480
Shares redeemed		(700,000	)		(31,674,659	)		(5,800,000	)		(270,577,887	)


Net increase (decrease)		1,800,000		$	91,524,178			(3,100,000	)	$	(149,905,407	)

MSCI Turkey
Shares sold		5,900,000		$	118,246,194			9,650,000		$	215,650,990
Shares redeemed		(4,150,000	)		(83,738,927	)		(6,000,000	)		(144,771,221	)


Net increase		1,750,000		$	34,507,267			3,650,000		$	70,879,769

MSCI USA Equal Weighted
Shares sold		900,000		$	78,601,113			2,250,000		$	176,562,414
Shares redeemed		(550,000	)		(46,700,022	)		(450,000	)		(38,625,319	)


Net increase		350,000		$	31,901,091			1,800,000		$	137,937,095


N O T E S T O F I N A N C I A L S T A T E M E N T S		61

Notes to Financial Statements (unaudited) (continued)

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 has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.


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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 MSCI Brazil ETF, iShares MSCI Chile ETF, iShares MSCI Colombia ETF, iShares MSCI Israel ETF, iShares MSCI South Africa ETF, iShares MSCI Turkey ETF and iShares MSCI USA Equal Weighted 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, 2021 (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 40 Act 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, 2020 through September 30, 2021 (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 and the imposition of capital controls in certain non-U.S. countries.

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:

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.

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.

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. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

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 and reviewed any persistent deviations from long-term averages.

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.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. 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 IS K M A N A G E M E N T P R O G R A M		63

Supplemental Information (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

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, 2022


	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
MSCI Chile	$	0.770751	$	—	$	—	$	0.770751		100	%		—	%		—	%		100	%
MSCI Israel^(a)		0.518453		—		0.174986		0.693439		75			—			25			100
MSCI USA Equal Weighted^(a)		0.550398		—		0.099237		0.649635		85			—			15			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.


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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		65

Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity



ADR		American Depositary Receipt

NVS		Non-Voting Shares

REIT		Real Estate Investment Trust

SDR		Swedish Depositary Receipt


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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.

iS-SAR-804-0222