LOGO

  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  

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  

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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.

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        $ 944.60        $ 2.80             $ 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

    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  

 

 

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.

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

 

  (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) 

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  

 

 

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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  

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        $ 1,035.20        $ 2.93             $ 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) 

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  

 

 

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.

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

 

  (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) 

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  

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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.

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

 

  (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) 

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  

 

 

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.

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

 

  (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) 

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


About Fund Performance

 

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

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

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

Shareholder Expenses

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

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

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

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

 

 

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

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


Schedule of Investments  (unaudited) (continued)

February 28, 2022

  

iShares® MSCI 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).

 

 

 

C H E D U L E   O F  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  

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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

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(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).

 

 

 

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

  15


Schedule of Investments  (unaudited) (continued)

February 28, 2022

  

iShares® MSCI 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)

Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

 

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

 

 

 
     Equity
Contracts
 

 

 

Net Realized Gain (Loss) from:

  

Futures contracts

   $ (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

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

   $ 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  

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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.

 

 

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

  17


Schedule of Investments  (unaudited) (continued)

February 28, 2022

  

iShares® MSCI Colombia ETF

 

Affiliates

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

 

 

 

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

 

   
  BlackRock Cash Funds: Institutional, SL Agency Shares   $     $ 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

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

   $ 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   H A R E S  E M I - A N N U A L  E P O R T   T O  H A R E H O L D E R S 


Schedule of Investments  (unaudited)

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  
   

 

 

 

 

 

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

  19


Schedule of Investments  (unaudited) (continued)

February 28, 2022

  

iShares® MSCI 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   H A R E S  E M I - A N N U A L  E P O R T   T O  H A R E H O L D E R S 


Schedule of Investments  (unaudited) (continued)

February 28, 2022

  

iShares® MSCI Israel ETF

 

Affiliates

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

 

 

 

   
      Affiliated Issuer   Value at
08/31/21
    Purchases
at Cost
   

Proceeds

from Sales

    Net Realized
Gain (Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
    Value at
02/28/22
    Shares
Held at
02/28/22
    Income    

Capital

Gain
Distributions

from

Underlying

Funds

       
 

 

   
  BlackRock Cash Funds: Institutional, SL Agency Shares   $ 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) 

All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

 

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

 

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

 

 

Long Contracts

           

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) 

Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

 

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

 

 

 
     Equity
Contracts
 

 

 

Net Realized Gain (Loss) from:

  

Futures contracts

   $ (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.

 

 

C H E D U L E   O F  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

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

   $ 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  

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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.

 

 

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

  23


Schedule of Investments  (unaudited) (continued)

February 28, 2022

  

iShares® MSCI South Africa ETF

 

Affiliates

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

 

 Affiliated Issuer   

Value at

08/31/21

    

Purchases

at Cost

    

Proceeds

from Sales

    

Net Realized

Gain (Loss)

    

Change in

Unrealized

Appreciation

(Depreciation)

    

Value at

02/28/22

    

Shares

Held at

02/28/22

     Income     

Capital

Gain

Distributions

from

Underlying

Funds

 

 BlackRock Cash Funds: 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

     8        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) 

Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

 

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

 

      
Equity
Contracts
 
 

Net Realized Gain (Loss) from:

  

Futures contracts

   $ (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

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.

 

 

24  

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Schedule of Investments  (unaudited) (continued)

February 28, 2022

  

iShares® MSCI South Africa ETF

 

Fair Value Hierarchy as of Period End (continued)

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

 

 

 
     Level 1      Level 2      Level 3      Total  

 

 

Investments

           

Assets

           

Common Stocks

   $ 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.

 

 

C H E D U L E   O F  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