LOGO

  FEBRUARY 28, 2022

 

  

2022 Semi-Annual Report

(Unaudited)

 

 

iShares Trust

 

·  

iShares MSCI China Multisector Tech ETF | TCHI | NASDAQ

 

·  

iShares MSCI Japan Equal Weighted ETF | EWJE | NASDAQ

 

·  

iShares MSCI Japan Value ETF | EWJV | NASDAQ


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  A G E   I S   N O T  A R T   O F  O U R  U N D  E P O R T


Table of Contents

 

      Page

The Markets in Review

   2

Fund Summary

   4

About Fund Performance

   7

Shareholder Expenses

   7

Schedules of Investments

   8

Financial Statements

  

Statements of Assets and Liabilities

   20

Statements of Operations

   21

Statements of Changes in Net Assets

   22

Financial Highlights

   24

Notes to Financial Statements

   27

Board Review and Approval of Investment Advisory Contract

   33

Statement Regarding Liquidity Risk Management Program

   35

Supplemental Information

   36

General Information

   37

Glossary of Terms Used in this Report

   38

 

 

 


Fund Summary as of February 28, 2022    iShares® MSCI China Multisector Tech ETF

 

Investment Objective

The iShares MSCI China Multisector Tech ETF (the “Fund”) seeks to track the investment results of an index composed of Chinese equities in technology and technology-related industries, as represented by the MSCI China Technology Sub-Industries Select 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

 

    Cumulative Total Returns  
    

Since

Inception

 

Fund NAV

    (5.71 )% 

Fund Market

    (5.36

Index

    (5.52

The inception date of the Fund was 1/25/22. The first day of secondary market trading was 1/27/22.

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 7 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           
 

Beginning
Account Value
(01/25/22)
 
 
(a)  
      

Ending
Account Value
(02/28/22)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(b) 
           

Beginning
Account Value
(09/01/21)
 
 
 
      

Ending
Account Value
(02/28/22)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(b) 
      

Annualized
Expense
Ratio
 
 
 
  $        1,000.00          $          942.90          $         0.53               $      1,000.00          $      1,021.90          $        2.96          0.59

 

  (a) 

Commencement of operations.

 

 

  (b)

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 34/365 for actual expenses and 181/365 for hypothetical expenses (to reflect the six month 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

    44.1%  

Consumer Discretionary

    22.4     

Communication Services

    20.9     

Industrials

    9.7     

Financials

    2.8     

Health Care

    0.1     

 

  (a) 

Excludes money market funds.

 

TEN LARGEST HOLDINGS

 

   
Security    
Percent of
Total Investments
 
(a) 

Sunny Optical Technology Group Co. Ltd.

    4.1

NetEase Inc.

    4.1  

JDcom Inc, Class A

    4.0  

Baidu Inc.

    3.9  

Xiaomi Corp., Class B

    3.7  

Contemporary Amperex Technology Co. Ltd., Class A

    3.7  

Pinduoduo Inc.

    3.6  

Tencent Holdings Ltd.

    3.5  

Alibaba Group Holding Ltd.

    3.4  

Meituan, Class B

    3.2  

 

 

4  

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


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

 

Investment Objective

The iShares MSCI Japan Equal Weighted ETF (the “Fund”) seeks to track the investment results of an index composed of equal weighted Japanese equities, as represented by the MSCI Japan Equal Weighted Index (USD) (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    

Since

Inception

              1 Year     Since
Inception
 

Fund NAV

    (8.24 )%      (6.02 )%      4.62        (6.02 )%      14.44

Fund Market

    (7.66     (6.54     4.82          (6.54     15.12  

Index

    (9.25     (6.93     4.13                (6.93     12.85  

The inception date of the Fund was 3/5/19. The first day of secondary market trading was 3/7/19.

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 7 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        $           917.60        $         0.71             $       1,000.00        $       1,024.10        $         0.75          0.15

 

  (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

    23.6

Consumer Discretionary

    13.6  

Information Technology

    13.5  

Consumer Staples

    10.2  

Financials

    8.6  

Health Care

    7.9  

Materials

    7.3  

Communication Services

    6.3  

Real Estate

    5.8  

Utilities

    2.0  

Energy

    1.2  

 

  (a) 

Excludes money market funds.

 

TEN LARGEST HOLDINGS

 

   
Security    
Percent of
Total Investments
 
(a) 

Nintendo Co. Ltd.

    0.7

Tokyo Electron Ltd.

    0.7  

USS Co. Ltd.

    0.6  

GMO Payment Gateway Inc.

    0.5  

Nippon Yusen KK

    0.5  

Oriental Land Co. Ltd./Japan

    0.5  

FANUC Corp.

    0.5  

Kobayashi Pharmaceutical Co. Ltd.

    0.5  

Trend Micro Inc/Japan

    0.5  

Rinnai Corp.

    0.5  

 

 

U N D    U M M A R Y

  5


Fund Summary as of February 28, 2022    iShares® MSCI Japan Value ETF

 

Investment Objective

The iShares MSCI Japan Value ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization Japanese equities with value characteristics and relatively lower valuations, as represented by the MSCI Japan Value Index (USD) (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    

Since

Inception

            1 Year     Since
Inception
 

Fund NAV

    (0.74 )%      2.48     6.35        2.48     20.20

Fund Market

    (0.57     1.28       6.48          1.28       20.66  

Index

    (0.97     2.49       6.26                2.49       19.88  

The inception date of the Fund was 3/5/19. The first day of secondary market trading was 3/7/19.

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 7 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          $        992.60          $        0.74               $      1,000.00          $      1,024.10          $        0.75          0.15

 

  (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

    20.9

Consumer Discretionary

    19.8  

Financials

    17.8  

Communication Services

    10.2  

Consumer Staples

    6.8  

Real Estate

    6.4  

Health Care

    6.0  

Materials

    5.0  

Information Technology

    3.9  

Utilities

    1.7  

Energy

    1.5  

 

  (a) 

Excludes money market funds.

 

TEN LARGEST HOLDINGS

 

   
Security    
Percent of
Total Investments
 
(a) 

Toyota Motor Corp.

    10.1

Mitsubishi UFJ Financial Group Inc.

    3.8  

SoftBank Group Corp.

    2.8  

KDDI Corp.

    2.8  

Honda Motor Co. Ltd.

    2.6  

Takeda Pharmaceutical Co. Ltd.

    2.5  

Sumitomo Mitsui Financial Group Inc.

    2.4  

Mitsubishi Corp.

    2.2  

Seven & i Holdings Co. Ltd.

    2.0  

SoftBank Corp.

    1.9  

 

 

 

6  

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

  7


Schedule of Investments (unaudited)

February 28, 2022

  

iShares® MSCI China Multisector Tech ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 

Common Stocks

   
Capital Markets — 1.0%            

East Money Information Co. Ltd., Class A

    18,800     $ 80,131  

Hithink RoyalFlush Information Network Co. Ltd., Class A

    800       13,739  
   

 

 

 
          93,870  
Communications Equipment — 2.3%            

Addsino Co. Ltd., Class A

    3,200       7,627  

Beijing BDStar Navigation Co. Ltd., Class A(a)

    800       4,732  

BYD Electronic International Co. Ltd.

    20,000       56,436  

Fiberhome Telecommunication Technologies Co. Ltd., Class A

    1,600       4,372  

Guangzhou Haige Communications Group Inc. Co., Class A

    2,400       3,798  

Hengtong Optic-Electric Co. Ltd., Class A

    3,600       8,449  

Shenzhen Sunway Communication Co. Ltd., Class A

    2,000       6,766  

Tianjin 712 Communication & Broadcasting Co. Ltd., Class A

    1,200       6,545  

Yealink Network Technology Corp. Ltd., Class A

    1,600       19,395  

Zhongji Innolight Co. Ltd., Class A

    1,600       9,754  

ZTE Corp., Class A

    6,800       31,468  

ZTE Corp., Class H

    22,400       55,184  
   

 

 

 
          214,526  
Consumer Finance — 1.8%            

360 DigiTech Inc., ADR

    2,604       48,825  

Lufax Holding Ltd., ADR(a)

    18,048       116,770  
   

 

 

 
          165,595  
Diversified Consumer Services — 1.2%            

China Education Group Holdings Ltd.

    4,000       3,427  

New Oriental Education & Technology Group Inc., ADR(a)

    45,616       68,880  

TAL Education Group, ADR(a)

    12,780       36,295  
   

 

 

 
          108,602  
Electrical Equipment — 7.3%            

Contemporary Amperex Technology Co. Ltd., Class A

    4,000       342,637  

Eve Energy Co. Ltd., Class A

    3,600       51,663  

Fangda Carbon New Material Co. Ltd., Class A

    7,200       11,805  

Ginlong Technologies Co. Ltd., Class A

    400       16,151  

Gotion High-tech Co. Ltd., Class A(a)

    3,200       21,958  

Hongfa Technology Co. Ltd., Class A

    1,200       11,993  

Jiangsu Zhongtian Technology Co. Ltd., Class A

    5,200       15,455  

Ningbo Ronbay New Energy Technology Co. Ltd.

    832       19,428  

Sieyuan Electric Co. Ltd.

    1,600       12,004  

Sungrow Power Supply Co. Ltd., Class A

    800       15,491  

Sunwoda Electronic Co. Ltd., Class A

    3,200       18,771  

TBEA Co. Ltd., Class A

    6,800       21,912  

Zhejiang Chint Electrics Co. Ltd., Class A

    3,600       28,693  

Zhejiang HangKe Technology Inc. Co., Class A

    800       9,853  

Zhuzhou CRRC Times Electric Co. Ltd.

    16,400       85,485  
   

 

 

 
          683,299  
Electronic Equipment, Instruments & Components — 12.8%  

AAC Technologies Holdings Inc.

    22,000       60,153  

Avary Holding Shenzhen Co. Ltd., Class A

    2,800       15,430  

Beijing Yuanliu Hongyuan Electronic Technology Co. Ltd., Class A

    400       10,250  

BOE Technology Group Co. Ltd., Class A

    65,200       48,661  

Chaozhou Three-Circle Group Co. Ltd., Class A

    3,600       19,938  

China Railway Signal & Communication Corp. Ltd., Class A

    12,000       9,233  

China Zhenhua Group Science & Technology Co. Ltd., Class A

    1,200       22,367  

Foxconn Industrial Internet Co. Ltd., Class A

    13,600       24,104  

GoerTek Inc., Class A

    6,400       44,809  

Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A

    1,200       16,343  

Huagong Tech Co. Ltd., Class A

    1,600       6,249  

Kingboard Holdings Ltd.

    20,000       93,563  
Security   Shares      Value  

 

 
Electronic Equipment, Instruments & Components (continued)  

Kingboard Laminates Holdings Ltd.

    26,000      $ 43,325  

Lens Technology Co. Ltd., Class A

    10,000        23,134  

Leyard Optoelectronic Co. Ltd., Class A

    5,200        7,000  

Lingyi iTech Guangdong Co., Class A(a)

    14,800        14,125  

Luxshare Precision Industry Co. Ltd., Class A

    12,800        88,769  

Maxscend Microelectronics Co. Ltd., Class A

    800        34,378  

OFILM Group Co. Ltd., Class A(a)

    7,200        9,157  

Raytron Technology Co. Ltd., Class A

    800        8,073  

Shengyi Technology Co. Ltd., Class A

    4,000        12,369  

Shennan Circuits Co. Ltd., Class A

    800        14,913  

Shenzhen Kaifa Technology Co. Ltd., Class A

    2,000        4,333  

Shenzhen Sunlord Electronics Co. Ltd., Class A

    1,600        8,152  

Sunny Optical Technology Group Co. Ltd.

    16,000        383,423  

Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A

    3,200        11,309  

Tianma Microelectronics Co. Ltd., Class A

    2,800        5,203  

Unisplendour Corp. Ltd., Class A

    5,600        19,521  

Universal Scientific Industrial Shanghai Co. Ltd., Class A

    2,800        6,242  

Westone Information Industry Inc., Class A

    1,600        11,713  

Wingtech Technology Co. Ltd., Class A

    2,400        44,726  

Wuhan Guide Infrared Co. Ltd., Class A

    4,400        15,649  

Wuhu Token Science Co. Ltd., Class A

    4,800        7,374  

WUS Printed Circuit Kunshan Co. Ltd., Class A

    3,600        9,625  

Xiamen Faratronic Co. Ltd.

    400        13,573  

Zhejiang Dahua Technology Co. Ltd., Class A

    5,200        15,484  

Zhuzhou Hongda Electronics Corp. Ltd

    800        10,662  
    

 

 

 
       1,193,332  
Entertainment — 8.2%             

Alibaba Pictures Group Ltd.(a)

    40,000        3,999  

Beijing Enlight Media Co. Ltd., Class A

    6,000        8,990  

Bilibili Inc., ADR(a)

    4,984        157,544  

Giant Network Group Co. Ltd., Class A

    4,000        6,072  

iQIYI Inc., ADR(a)

    8,596        35,588  

Kingsoft Corp. Ltd.

    29,600        110,698  

Kunlun Tech Co. Ltd., Class A

    2,400        6,725  

Mango Excellent Media Co. Ltd., Class A

    3,600        19,616  

NetEase Inc

    19,600        379,097  

Perfect World Co. Ltd., Class A

    4,400        9,240  

Tencent Music Entertainment Group, ADR(a)

    824        4,442  

Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A

    4,000        13,284  

Zhejiang Century Huatong Group Co. Ltd., Class A(a)

    15,200        15,760  
    

 

 

 
       771,055  
Health Care Technology — 0.1%             

Winning Health Technology Group Co. Ltd., Class A

    4,400        7,998  
    

 

 

 
Household Durables — 4.2%             

Ecovacs Robotics Co. Ltd., Class A

    800        17,157  

Gree Electric Appliances Inc. of Zhuhai, Class A

    5,200        30,269  

Haier Smart Home Co. Ltd., Class A

    10,800        43,784  

Haier Smart Home Co. Ltd., Class H

    68,000        238,277  

Hang Zhou Great Star Industrial Co. Ltd., Class A(a)

    2,400        7,638  

Hangzhou Robam Appliances Co. Ltd., Class A

    1,600        8,463  

Shenzhen MTC Co. Ltd., Class A(a)

    10,800        7,568  

TCL Technology Group Corp., Class A

    24,400        21,565  

Xiamen Intretech Inc., Class A

    1,600        7,538  

Zhejiang Supor Co. Ltd., Class A

    1,200        9,636  
    

 

 

 
       391,895  
Interactive Media & Services — 12.6%             

Autohome Inc., ADR

    2,316        70,847  

 

 

8  

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 China Multisector Tech ETF

(Percentages shown are based on Net Assets)

 

Security   Shares      Value  

 

 
Interactive Media & Services (continued)             

Baidu Inc., ADR(a)

    2,380      $ 362,807  

Hello Group Inc., ADR

    4,768        45,439  

JOYY Inc., ADR

    1,660        76,841  

Kanzhun Ltd.(a)

    2,536        81,913  

Kuaishou Technology(a)(b)

    14,400        166,643  

Tencent Holdings Ltd.

    6,000        323,768  

Weibo Corp., ADR(a)

    1,908        52,336  
    

 

 

 
       1,180,594  
Internet & Direct Marketing Retail — 16.7%             

Alibaba Group Holding Ltd.(a)

    24,400        321,198  

Alibaba Health Information Technology Ltd.(a)

    8,000        5,602  

China Ruyi Holdings Ltd.(a)

    96,000        28,572  

Dada Nexus Ltd., ADR(a)

    1,912        15,889  

JD Health International Inc.(a)(b)

    2,200        16,420  

JDcom Inc, Class A(a)

    10,400        371,482  

Meituan, Class B(a)(b)

    13,600        302,126  

Pinduoduo Inc., ADR(a)

    6,520        338,127  

Ping An Healthcare and Technology Co. Ltd.(a)(b)

    14,000        43,176  

Vipshop Holdings Ltd., ADR(a)

    13,428        116,421  
    

 

 

 
       1,559,013  
IT Services — 3.2%             

Beijing Sinnet Technology Co. Ltd., Class A

    3,600        8,575  

China TransInfo Technology Co. Ltd., Class A

    4,000        8,837  

Chinasoft International Ltd.

    80,000        72,992  

Chindata Group Holdings Ltd., ADR(a)

    3,712        20,379  

DHC Software Co. Ltd., Class A

    4,000        5,244  

GDS Holdings Ltd., ADR(a)

    2,680        119,314  

Kingsoft Cloud Holdings Ltd., ADR(a)

    96        647  

Lakala Payment Co. Ltd., Class A

    1,600        6,854  

TravelSky Technology Ltd., Class H

    28,000        52,742  
    

 

 

 
       295,584  
Machinery — 2.4%             

Haitian International Holdings Ltd.

    20,000        53,286  

Hefei Meiya Optoelectronic Technology Inc., Class A

    1,200        6,886  

Jiangsu Hengli Hydraulic Co. Ltd., Class A

    2,800        29,845  

Luoyang Xinqianglian Slewing Bearing Co. Ltd.

    400        9,661  

North Industries Group Red Arrow Co. Ltd., Class A(a)

    2,800        10,013  

Riyue Heavy Industry Co. Ltd., Class A

    2,000        8,747  

Shenzhen Inovance Technology Co. Ltd., Class A

    4,800        48,854  

Wuxi Lead Intelligent Equipment Co. Ltd., Class A

    1,600        17,248  

Wuxi Shangji Automation Co. Ltd., Class A

    800        20,198  

Yantai Eddie Precision Machinery Co. Ltd., Class A

    1,600        7,837  

Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A

    4,000        12,798  
    

 

 

 
       225,373  
Media — 0.0%             

China Literature Ltd.(a)(b)

    800        4,342  
    

 

 

 
Semiconductors & Semiconductor Equipment — 12.9%  

Advanced Micro-Fabrication Equipment Inc., Class A(a)

    800        16,321  

China Resources Microelectronics Ltd.

    2,064        19,170  

Daqo New Energy Corp., ADR(a)

    1,768        84,793  

Flat Glass Group Co. Ltd., Class A

    2,800        21,921  

Flat Glass Group Co. Ltd., Class H

    12,000        49,622  

GCL System Integration Technology Co. Ltd., Class A(a)

    9,200        5,364  

Gigadevice Semiconductor Beijing Inc., Class A

    1,200        29,384  

Hangzhou First Applied Material Co. Ltd., Class A

    1,600        30,364  

Hangzhou Silan Microelectronics Co. Ltd., Class A

    2,800        25,594  

Hua Hong Semiconductor Ltd.(a)(b)

    16,000        83,356  

Ingenic Semiconductor Co. Ltd., Class A

    800        14,194  
Security   Shares      Value  

 

 
Semiconductors & Semiconductor Equipment (continued)  

JA Solar Technology Co. Ltd., Class A

    3,200      $ 48,481  

JCET Group Co. Ltd., Class A

    3,200        14,296  

LONGi Green Energy Technology Co. Ltd., Class A

    10,000        124,475  

Montage Technology Co. Ltd., Class A

    2,400        29,502  

National Silicon Industry Group Co. Ltd., Class A(a)

    4,000        15,546  

NAURA Technology Group Co. Ltd., Class A

    800        38,781  

SG Micro Corp., Class A

    400        22,139  

Shenzhen Goodix Technology Co. Ltd., Class A

    800        11,585  

Shenzhen SC New Energy Technology Corp., Class A

    800        11,221  

StarPower Semiconductor Ltd., Class A

    400        23,068  

Tianjin Zhonghuan Semiconductor Co. Ltd., Class A

    5,600        42,876  

Tianshui Huatian Technology Co. Ltd., Class A

    5,600        10,673  

TongFu Microelectronics Co. Ltd., Class A

    2,800        8,100  

Trina Solar Co. Ltd.

    3,148        38,518  

Unigroup Guoxin Microelectronics Co. Ltd., Class A

    1,200        42,142  

Will Semiconductor Co. Ltd. Shanghai, Class A

    1,600        62,789  

Xinyi Solar Holdings Ltd

    144,000        261,557  

Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A

    2,400        24,874  
    

 

 

 
       1,210,706  
Software — 5.9%             

360 Security Technology Inc., Class A(a)

    12,800        21,306  

Beijing E-Hualu Information Technology Co. Ltd., Class A

    1,600        7,133  

Beijing Kingsoft Office Software Inc., Class A

    800        27,141  

Beijing Shiji Information Technology Co. Ltd., Class A

    2,000        7,598  

Hundsun Technologies Inc., Class A

    2,800        23,270  

Iflytek Co. Ltd., Class A

    4,400        34,383  

Kingdee International Software Group Co. Ltd.(a)

    80,000        197,731  

Ming Yuan Cloud Group Holdings Ltd.

    20,000        39,474  

NavInfo Co. Ltd., Class A(a)

    4,400        11,980  

Sangfor Technologies Inc., Class A

    800        18,555  

Shanghai Baosight Software Co. Ltd., Class A

    2,400        20,530  

Shanghai Baosight Software Co. Ltd., Class B

    11,600        50,095  

Thunder Software Technology Co. Ltd., Class A

    800        17,822  

Topsec Technologies Group Inc., Class A

    2,400        5,610  

Weimob Inc.(a)(b)

    60,000        39,681  

Yonyou Network Technology Co. Ltd., Class A

    6,400        31,939  
    

 

 

 
       554,248  
Specialty Retail — 0.4%             

GOME Retail Holdings Ltd.(a)

    352,000        26,194  

Suningcom Co Ltd, Class A(a)

    18,000        10,268  
    

 

 

 
       36,462  
Technology Hardware, Storage & Peripherals — 7.0%  

China Greatwall Technology Group Co. Ltd., Class A

    6,400        13,539  

GRG Banking Equipment Co. Ltd., Class A

    3,600        6,803  

Inspur Electronic Information Industry Co. Ltd., Class A

    2,800        14,641  

Lenovo Group Ltd.

    216,000        240,531  

Ninestar Corp., Class A

    2,400        19,098  

Shenzhen Transsion Holding Co. Ltd., Class A

    800        17,151  

Xiaomi Corp., Class B(a)(b)

    184,800        347,834  
    

 

 

 
       659,597  
    

 

 

 
Total Common Stocks — 100.0%
(Cost: $9,860,046)
         9,356,091  
    

 

 

 

 

 

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

  9


Schedule of Investments (unaudited) (continued)

February 28, 2022

  

iShares® MSCI China Multisector Tech ETF

(Percentages shown are based on Net Assets)

 

Security   Shares      Value  

Short-Term Investments

    
Money Market Funds — 0.1%             

BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(c)(d)

    10,000      $ 10,000  
    

 

 

 

Total Short-Term Investments — 0.1%
(Cost: $10,000)

 

     10,000  
    

 

 

 

Total Investments in Securities — 100.1%
(Cost: $9,870,046)

 

     9,366,091  

Other Assets, Less Liabilities — (0.1)%

 

     (9,515
    

 

 

 

Net Assets — 100.0%

 

   $   9,356,576  
    

 

 

 

 

(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 period 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   
01/25/22(a)
     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

  $ —        $ 10,000(b)      $      $      $      $ 10,000        10,000      $      $  
          

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 

 

  (a)

Commencement of operations.

 
  (b)

Represents net amount purchased (sold).

 

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

  $ 2,096,403      $ 7,259,688      $      $ 9,356,091  

Money Market Funds

    10,000                      10,000  
 

 

 

    

 

 

    

 

 

    

 

 

 
  $ 2,106,403      $ 7,259,688      $      $ 9,366,091  
 

 

 

    

 

 

    

 

 

    

 

 

 

See notes to financial statements.

 

 

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


Schedule of Investments (unaudited)

February 28, 2022

  

iShares® MSCI Japan Equal Weighted ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   
Air Freight & Logistics — 0.8%            

SG Holdings Co. Ltd.

    1,400     $ 29,673  

Yamato Holdings Co. Ltd.

    1,400       27,495  
   

 

 

 
      57,168  
Airlines — 0.8%            

ANA Holdings Inc.(a)

    1,200       26,422  

Japan Airlines Co. Ltd.(a)

    1,400       27,760  
   

 

 

 
      54,182  
Auto Components — 2.3%            

Aisin Corp.

    800       29,139  

Bridgestone Corp.

    700       28,827  

Denso Corp.

    400       28,128  

Koito Manufacturing Co. Ltd.

    600       31,034  

Stanley Electric Co. Ltd.

    1,000       23,763  

Sumitomo Electric Industries Ltd.

    2,000       26,550  
   

 

 

 
          167,441  
Automobiles — 3.0%            

Honda Motor Co. Ltd.

    1,000       30,381  

Isuzu Motors Ltd.

    2,000       27,049  

Mazda Motor Corp.(a)

    3,400       25,148  

Nissan Motor Co. Ltd.(a)

    5,400       25,754  

Subaru Corp.

    1,600       26,241  

Suzuki Motor Corp.

    600       23,891  

Toyota Motor Corp.

    1,400       25,615  

Yamaha Motor Co. Ltd.

    1,200       26,975  
   

 

 

 
      211,054  
Banks — 3.3%            

Chiba Bank Ltd/The

    4,000       25,144  

Concordia Financial Group Ltd.

    6,400       26,037  

Japan Post Bank Co. Ltd.

    3,000       26,323  

Mitsubishi UFJ Financial Group Inc.

    4,200       25,784  

Mizuho Financial Group Inc.

    2,080       27,412  

Resona Holdings Inc.

    5,800       25,939  

Shizuoka Bank Ltd/The

    3,400       25,137  

Sumitomo Mitsui Financial Group Inc.

    800       28,370  

Sumitomo Mitsui Trust Holdings Inc.

    800       28,425  
   

 

 

 
      238,571  
Beverages — 1.5%            

Asahi Group Holdings Ltd.

    600       24,203  

Ito En Ltd.

    400       23,005  

Kirin Holdings Co. Ltd.

    1,600       26,601  

Suntory Beverage & Food Ltd.

    800       31,879  
   

 

 

 
      105,688  
Building Products — 1.4%            

AGC Inc.

    600       26,618  

Daikin Industries Ltd.

    100       18,480  

Lixil Corp.

    1,200       26,745  

TOTO Ltd.

    600       25,258  
   

 

 

 
      97,101  
Capital Markets — 1.5%            

Daiwa Securities Group Inc.

    4,400       26,015  

Japan Exchange Group Inc.

    1,400       26,217  

Nomura Holdings Inc.

    6,000       27,378  

SBI Holdings Inc/Japan

    1,000       26,232  
   

 

 

 
      105,842  
Chemicals — 5.3%            

Asahi Kasei Corp.

    2,800       26,278  
Security   Shares     Value  
Chemicals (continued)            

JSR Corp.

    800     $ 25,166  

Kansai Paint Co. Ltd.

    1,400       28,099  

Mitsubishi Chemical Holdings Corp.

    3,800       26,995  

Mitsubishi Gas Chemical Co. Inc.

    1,600       28,387  

Mitsui Chemicals Inc.

    1,000       25,565  

Nippon Paint Holdings Co. Ltd.

    3,200       28,640  

Nippon Sanso Holdings Corp.

    1,400       27,361  

Nissan Chemical Corp.

    400       22,736  

Nitto Denko Corp.

    400       29,191  

Shin-Etsu Chemical Co. Ltd.

    200       31,238  

Sumitomo Chemical Co. Ltd.

    5,600       26,736  

Toray Industries Inc.

    4,800       27,373  

Tosoh Corp.

    1,600       24,829  
   

 

 

 
          378,594  
Commercial Services & Supplies — 1.6%            

Dai Nippon Printing Co. Ltd.

    1,000       26,105  

Secom Co. Ltd.

    400       29,379  

Sohgo Security Services Co. Ltd.

    800       28,883  

TOPPAN INC.

    1,400       27,586  
   

 

 

 
      111,953  
Construction & Engineering — 1.5%            

Kajima Corp.

    2,000       26,917  

Obayashi Corp.

    3,400       28,468  

Shimizu Corp.

    4,200       27,801  

Taisei Corp.

    800       26,601  
   

 

 

 
      109,787  
Diversified Financial Services — 1.1%            

Mitsubishi HC Capital Inc.

    5,400       28,083  

ORIX Corp.

    1,400       27,752  

Tokyo Century Corp.

    600       26,305  
   

 

 

 
      82,140  
Diversified Telecommunication Services — 0.4%            

Nippon Telegraph & Telephone Corp.

    1,000       28,741  
   

 

 

 
Electric Utilities — 1.2%            

Chubu Electric Power Co. Inc.

    2,800       27,968  

Kansai Electric Power Co Inc/The

    2,800       28,232  

Tokyo Electric Power Co. Holdings Inc.(a)

    9,000       28,251  
   

 

 

 
      84,451  
Electrical Equipment — 1.0%            

Fuji Electric Co. Ltd.

    600       30,871  

Mitsubishi Electric Corp.

    2,200       26,610  

Nidec Corp.

    200       17,387  
   

 

 

 
      74,868  
Electronic Equipment, Instruments & Components — 4.0%  

Azbil Corp.

    800       30,367  

Hamamatsu Photonics KK

    600       30,403  

Hirose Electric Co. Ltd.

    200       30,073  

Ibiden Co. Ltd.

    600       29,303  

Kyocera Corp.

    400       23,021  

Murata Manufacturing Co. Ltd.

    400       27,186  

Omron Corp.

    400       27,219  

Shimadzu Corp.

    800       28,813  

TDK Corp.

    800       32,379  

Yokogawa Electric Corp.

    1,800       29,042  
   

 

 

 
      287,806  
Entertainment — 2.9%            

Capcom Co. Ltd.

    1,000       24,271  

 

 

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

  11


Schedule of Investments (unaudited) (continued)

February 28, 2022

  

iShares® MSCI Japan Equal Weighted ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Entertainment (continued)            

Koei Tecmo Holdings Co. Ltd

    620     $ 21,530  

Konami Holdings Corp.

    400       22,757  

Nexon Co. Ltd.

    1,400       30,586  

Nintendo Co. Ltd.

    100       50,645  

Square Enix Holdings Co. Ltd.

    600       29,261  

Toho Co. Ltd./Tokyo

    600       25,023  
   

 

 

 
          204,073  
Equity Real Estate Investment Trusts (REITs) — 3.1%  

Daiwa House REIT Investment Corp.

    10       27,120  

GLP J-Reit

    18       26,874  

Japan Metropolitan Fund Invest

    34       27,518  

Japan Real Estate Investment Corp.

    6       32,051  

Nippon Building Fund Inc.

    4       22,921  

Nippon Prologis REIT Inc.

    10       29,401  

Nomura Real Estate Master Fund Inc.

    20       26,375  

Orix JREIT Inc.

    20       27,980  
   

 

 

 
      220,240  
Food & Staples Retailing — 2.7%            

Aeon Co. Ltd.

    1,200       27,184  

Cosmos Pharmaceutical Corp.

    200       27,730  

Kobe Bussan Co. Ltd.

    800       26,488  

Lawson Inc.

    600       25,017  

Seven & i Holdings Co. Ltd.

    600       29,195  

Tsuruha Holdings Inc.

    400       32,158  

Welcia Holdings Co. Ltd.

    1,000       26,667  
   

 

 

 
      194,439  
Food Products — 2.8%            

Ajinomoto Co. Inc.

    1,000       29,141  

Kikkoman Corp.

    400       29,819  

MEIJI Holdings Co. Ltd.

    400       24,007  

Nisshin Seifun Group Inc.

    2,000       28,388  

Nissin Foods Holdings Co. Ltd.

    400       31,959  

Toyo Suisan Kaisha Ltd.

    600       25,222  

Yakult Honsha Co. Ltd.

    600       32,562  
   

 

 

 
      201,098  
Gas Utilities — 0.8%            

Osaka Gas Co. Ltd.

    1,600       29,282  

Tokyo Gas Co. Ltd.

    1,400       28,516  
   

 

 

 
      57,798  
Health Care Equipment & Supplies — 2.0%            

Asahi Intecc Co. Ltd.

    1,400       30,230  

Hoya Corp.

    200       26,054  

Olympus Corp.

    1,400       28,435  

Sysmex Corp.

    400       32,020  

Terumo Corp.

    800       25,983  
   

 

 

 
      142,722  
Health Care Providers & Services — 0.4%            

Medipal Holdings Corp.

    1,600       29,283  
   

 

 

 

Health Care Technology — 0.4%

   

M3 Inc.

    800       30,099  
   

 

 

 
Hotels, Restaurants & Leisure — 0.9%            

McDonald’s Holdings Co. Japan Ltd.

    600       25,799  

Oriental Land Co. Ltd./Japan

    200       36,973  
   

 

 

 
      62,772  
Household Durables — 3.0%            

Iida Group Holdings Co. Ltd.

    1,400       25,983  

Open House Group Co. Ltd.

    600       27,281  
Security   Shares     Value  
Household Durables (continued)            

Panasonic Corp.

    2,600     $ 27,153  

Rinnai Corp.

    400       32,907  

Sekisui Chemical Co. Ltd.

    1,600       26,202  

Sekisui House Ltd.

    1,400       28,543  

Sharp Corp./Japan

    2,600       24,586  

Sony Group Corp.

    200       20,434  
   

 

 

 
          213,089  
Household Products — 0.8%            

Lion Corp.

    2,200       28,836  

Unicharm Corp.

    800       30,155  
   

 

 

 
      58,991  
Industrial Conglomerates — 0.9%            

Hitachi Ltd.

    600       29,671  

Toshiba Corp.

    800       31,896  
   

 

 

 
      61,567  
Insurance — 2.6%            

Dai-ichi Life Holdings Inc.

    1,200       24,922  

Japan Post Holdings Co. Ltd.

    3,400       28,103  

Japan Post Insurance Co. Ltd.

    1,600       27,326  

MS&AD Insurance Group Holdings Inc.

    800       27,069  

Sompo Holdings Inc.

    600       26,051  

T&D Holdings Inc.

    1,800       26,142  

Tokio Marine Holdings Inc.

    400       22,761  
   

 

 

 
      182,374  
Interactive Media & Services — 0.8%            

Kakaku.com Inc.

    1,200       26,401  

Z Holdings Corp.

    5,600       27,411  
   

 

 

 
      53,812  
Internet & Direct Marketing Retail — 1.2%            

Mercari Inc.(a)

    1,000       31,320  

Rakuten Group Inc.

    3,200       27,202  

ZOZO Inc.

    1,000       28,475  
   

 

 

 
      86,997  
IT Services — 4.1%            

Fujitsu Ltd.

    200       29,057  

GMO Payment Gateway Inc

    400       38,691  

Itochu Techno-Solutions Corp.

    1,000       25,923  

NEC Corp.

    600       25,959  

Nomura Research Institute Ltd.

    800       28,082  

NTT Data Corp.

    1,400       26,592  

Obic Co. Ltd.

    200       32,167  

Otsuka Corp.

    800       31,075  

SCSK Corp.

    1,600       27,393  

TIS Inc.

    1,200       28,402  
   

 

 

 
      293,341  
Leisure Products — 1.1%            

Bandai Namco Holdings Inc.

    400       29,324  

Shimano Inc.

    100       23,287  

Yamaha Corp.

    600       28,151  
   

 

 

 
      80,762  
Machinery — 6.3%            

Daifuku Co. Ltd.

    400       28,931  

FANUC Corp.

    200       36,740  

Hino Motors Ltd.

    3,000       28,190  

Hitachi Construction Machinery Co. Ltd.

    1,000       24,472  

Hoshizaki Corp.

    400       27,889  

Komatsu Ltd.

    1,200       27,605  

Kubota Corp.

    1,600       28,707  

 

 

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 Japan Equal Weighted ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Machinery (continued)            

Kurita Water Industries Ltd.

    600     $ 24,795  

Makita Corp.

    800       28,513  

MINEBEA MITSUMI Inc.

    1,200       26,341  

MISUMI Group Inc.

    800       25,646  

Mitsubishi Heavy Industries Ltd.

    1,000       29,492  

Miura Co. Ltd.

    1,000       27,408  

NGK Insulators Ltd.

    1,800       27,954  

Toyota Industries Corp.

    400       30,424  

Yaskawa Electric Corp.

    600       24,022  
   

 

 

 
      447,129  
Marine — 1.0%            

Mitsui OSK Lines Ltd.

    400       32,497  

Nippon Yusen KK

    400       37,476  
   

 

 

 
      69,973  
Media — 1.1%            

CyberAgent Inc.

    2,200       28,788  

Dentsu Group Inc.

    600       23,940  

Hakuhodo DY Holdings Inc.

    2,000       26,577  
   

 

 

 
      79,305  
Metals & Mining — 1.6%            

Hitachi Metals Ltd.(a)

    1,600       28,521  

JFE Holdings Inc.

    2,000       29,775  

Nippon Steel Corp.

    1,600       29,294  

Sumitomo Metal Mining Co. Ltd.

    600       29,930  
   

 

 

 
          117,520  
Multiline Retail — 0.7%            

Pan Pacific International Holdings Corp.

    1,600       26,189  

Ryohin Keikaku Co. Ltd.

    1,800       26,510  
   

 

 

 
      52,699  
Oil, Gas & Consumable Fuels — 1.2%            

ENEOS Holdings Inc.

    7,400       29,302  

Idemitsu Kosan Co. Ltd.

    1,000       26,807  

Inpex Corp.

    2,800       28,861  
   

 

 

 
      84,970  
Paper & Forest Products — 0.4%            

Oji Holdings Corp.

    5,200       26,567  
   

 

 

 
Personal Products — 1.9%            

Kao Corp.

    600       28,048  

Kobayashi Pharmaceutical Co. Ltd.

    400       34,260  

Kose Corp.

    200       22,928  

Pola Orbis Holdings Inc.

    1,800       28,355  

Shiseido Co. Ltd.

    400       22,954  
   

 

 

 
      136,545  
Pharmaceuticals — 5.1%            

Astellas Pharma Inc.

    1,600       26,695  

Chugai Pharmaceutical Co. Ltd.

    700       23,222  

Daiichi Sankyo Co. Ltd.

    1,200       29,274  

Eisai Co. Ltd.

    600       29,769  

Kyowa Kirin Co. Ltd.

    1,000       25,591  

Nippon Shinyaku Co. Ltd.

    400       26,052  

Ono Pharmaceutical Co. Ltd.

    1,200       29,544  

Otsuka Holdings Co. Ltd.

    800       27,579  

Santen Pharmaceutical Co. Ltd.

    2,400       27,353  

Shionogi & Co. Ltd.

    400       26,597  

Sumitomo Dainippon Pharma Co. Ltd.

    2,600       28,534  

Taisho Pharmaceutical Holdings Co. Ltd.

    600       29,784  
Security   Shares     Value  
Pharmaceuticals (continued)            

Takeda Pharmaceutical Co. Ltd.

    1,000     $ 30,490  
   

 

 

 
      360,484  
Professional Services — 1.5%            

Benefit One Inc.

    1,200       27,794  

Nihon M&A Center Holdings Inc.

    1,800       26,624  

Persol Holdings Co. Ltd.

    1,200       26,882  

Recruit Holdings Co. Ltd.

    600       25,326  
   

 

 

 
      106,626  
Real Estate Management & Development — 2.7%        

Daito Trust Construction Co. Ltd.

    200       22,128  

Daiwa House Industry Co. Ltd.

    1,000       28,360  

Hulic Co. Ltd.

    3,000       27,330  

Mitsubishi Estate Co. Ltd.

    1,800       27,483  

Mitsui Fudosan Co. Ltd.

    1,200       26,707  

Nomura Real Estate Holdings Inc.

    1,200       29,879  

Sumitomo Realty & Development Co. Ltd.

    1,000       29,418  
   

 

 

 
          191,305  
Road & Rail — 4.1%            

Central Japan Railway Co.

    200       27,023  

East Japan Railway Co.

    400       23,763  

Hankyu Hanshin Holdings Inc.

    1,000       29,917  

Keio Corp.

    600       24,550  

Keisei Electric Railway Co. Ltd.

    1,000       28,006  

Kintetsu Group Holdings Co. Ltd.(a)

    1,000       30,042  

Nippon Express Holdings Inc.

    400       24,248  

Odakyu Electric Railway Co. Ltd.

    1,600       26,398  

Tobu Railway Co. Ltd.

    1,000       24,581  

Tokyu Corp.

    2,000       26,673  

West Japan Railway Co.

    600       25,886  
   

 

 

 
      291,087  
Semiconductors & Semiconductor Equipment — 2.6%  

Advantest Corp.

    400       32,146  

Lasertec Corp.

    100       18,537  

Renesas Electronics Corp.(a)

    2,200       25,918  

Rohm Co. Ltd.

    400       31,901  

SUMCO Corp.

    1,600       26,702  

Tokyo Electron Ltd.

    100       49,078  
   

 

 

 
      184,282  
Software — 0.9%            

Oracle Corp. Japan

    400       28,570  

Trend Micro Inc/Japan

    600       33,520  
   

 

 

 
      62,090  
Specialty Retail — 1.3%            

Hikari Tsushin Inc.

    200       24,852  

Nitori Holdings Co. Ltd.

    200       30,096  

USS Co. Ltd.

    2,400       39,869  
   

 

 

 
      94,817  
Technology Hardware, Storage & Peripherals — 1.9%  

Brother Industries Ltd.

    1,400       25,481  

Canon Inc.

    1,200       28,240  

FUJIFILM Holdings Corp.

    400       25,426  

Ricoh Co. Ltd.

    3,000       25,592  

Seiko Epson Corp.

    1,800       27,685  
   

 

 

 
      132,424  
Tobacco — 0.4%            

Japan Tobacco Inc.

    1,400       25,748  
   

 

 

 

 

 

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 Japan Equal Weighted ETF

(Percentages shown are based on Net Assets)

 

Security       Shares     Value  
Trading Companies & Distributors — 2.8%            

ITOCHU Corp.

    800     $ 26,071  

Marubeni Corp.

    2,800       29,391  

Mitsubishi Corp.

    800       26,899  

Mitsui & Co. Ltd.

    1,200       29,919  

MonotaRO Co. Ltd.

    1,600       30,117  

Sumitomo Corp.

    1,800       29,368  

Toyota Tsusho Corp.

    600       24,909  
   

 

 

 
      196,674  
Wireless Telecommunication Services — 1.1%  

KDDI Corp.

    800       26,033  

SoftBank Corp.

    2,200       27,796  

SoftBank Group Corp.

    600       26,925  
   

 

 

 
      80,754  
   

 

 

 

Total Common Stocks — 99.8%
(Cost: $6,915,422)

      7,109,843  
   

 

 

 

Total Investments in Securities — 99.8%
(Cost: $6,915,422)

      7,109,843  

Other Assets, Less Liabilities — 0.2%

      12,137  
   

 

 

 

Net Assets — 100.0%

    $   7,121,980  
   

 

 

 

 

(a) 

Non-income producing security.

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

          

Mini TOPIX Index

    1        03/10/22      $ 16      $ (890
          

 

 

 

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)

  $     890  
 

 

 

 

 

  (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

  $ 82  
 

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

 

Futures contracts

  $ (953
 

 

 

 

 

 

14  

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 Japan Equal Weighted ETF

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

   

Futures contracts:

 

Average notional value of contracts — long

  $ 28,110  

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

  $      $ 7,109,843     $         —      $ 7,109,843  
 

 

 

    

 

 

   

 

 

    

 

 

 

Derivative financial instruments(a)

         

Liabilities

         

Futures Contracts

  $         —      $ (890   $      $ (890
 

 

 

    

 

 

   

 

 

    

 

 

 

 

  (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

  15


Schedule of Investments (unaudited)

February 28, 2022

  

iShares® MSCI Japan Value ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   
Airlines — 0.2%            

ANA Holdings Inc.(a)

    3,500     $ 77,064  

Japan Airlines Co. Ltd.(a)

    3,500       69,400  
   

 

 

 
      146,464  
Auto Components — 2.2%            

Aisin Corp.

    7,200       262,255  

Bridgestone Corp.

    28,000       1,153,066  

Stanley Electric Co. Ltd.

    7,000       166,339  

Sumitomo Electric Industries Ltd.

    38,500       511,092  
   

 

 

 
      2,092,752  
Automobiles — 14.7%            

Honda Motor Co. Ltd.

    80,500       2,445,662  

Isuzu Motors Ltd.

    14,000       189,344  

Mazda Motor Corp.(a)

    28,000       207,098  

Nissan Motor Co. Ltd.(a)

    115,500       550,841  

Subaru Corp.

    31,500       516,625  

Suzuki Motor Corp.

    8,700       346,416  

Toyota Motor Corp.

    521,500       9,541,457  

Yamaha Motor Co. Ltd.

    7,300       164,101  
   

 

 

 
      13,961,544  
Banks — 9.7%            

Chiba Bank Ltd/The

    24,600       154,634  

Concordia Financial Group Ltd.

    52,600       213,992  

Japan Post Bank Co. Ltd.

    21,000       184,261  

Mitsubishi UFJ Financial Group Inc.

    588,500       3,612,792  

Mizuho Financial Group Inc.

    119,050       1,568,974  

Resona Holdings Inc.

    101,600       454,385  

Shizuoka Bank Ltd/The

    21,000       155,256  

Sumitomo Mitsui Financial Group Inc.

    63,000       2,234,122  

Sumitomo Mitsui Trust Holdings Inc.

    17,500       621,810  
   

 

 

 
      9,200,226  
Beverages — 2.0%            

Asahi Group Holdings Ltd.

    21,900       883,432  

Kirin Holdings Co. Ltd.

    42,000       698,269  

Suntory Beverage & Food Ltd.

    7,000       278,944  
   

 

 

 
      1,860,645  
Building Products — 0.9%            

AGC Inc.

    10,500       465,807  

Lixil Corp.

    10,500       234,017  

TOTO Ltd.

    3,500       147,339  
   

 

 

 
      847,163  
Capital Markets — 1.5%            

Daiwa Securities Group Inc.

    70,000       413,875  

Nomura Holdings Inc.

    150,500       686,743  

SBI Holdings Inc/Japan

    12,100       317,406  
   

 

 

 
      1,418,024  
Chemicals — 2.9%            

Asahi Kasei Corp.

    63,000       591,244  

Mitsubishi Chemical Holdings Corp.

    42,000       298,361  

Mitsubishi Gas Chemical Co. Inc.

    7,000       124,194  

Mitsui Chemicals Inc.

    10,500       268,428  

Nitto Denko Corp.

    7,000       510,849  

Sumitomo Chemical Co. Ltd.

    73,500       350,906  

Toray Industries Inc.

    66,600       379,799  

Tosoh Corp.

    14,000       217,253  
   

 

 

 
      2,741,034  
Security   Shares     Value  
Commercial Services & Supplies — 0.8%            

Dai Nippon Printing Co. Ltd.

    10,500     $ 274,099  

Secom Co. Ltd.

    3,500       257,062  

TOPPAN INC.

    14,000       275,861  
   

 

 

 
      807,022  
Construction & Engineering — 1.1%            

Kajima Corp.

    21,100       283,974  

Obayashi Corp.

    31,500       263,749  

Shimizu Corp.

    28,000       185,337  

Taisei Corp.

    10,500       349,140  
   

 

 

 
      1,082,200  
Diversified Financial Services — 1.5%            

Mitsubishi HC Capital Inc.

    31,500       163,814  

ORIX Corp.

    59,500       1,179,476  

Tokyo Century Corp.

    1,800       78,915  
   

 

 

 
      1,422,205  
Diversified Telecommunication Services — 1.8%            

Nippon Telegraph & Telephone Corp.

    59,600       1,712,957  
   

 

 

 
Electric Utilities — 0.9%        

Chubu Electric Power Co. Inc.

    31,500       314,643  

Kansai Electric Power Co Inc/The

    35,000       352,896  

Tokyo Electric Power Co. Holdings Inc.(a)

    73,600       231,030  
   

 

 

 
      898,569  
Electrical Equipment — 1.5%            

Fuji Electric Co. Ltd.

    7,000       360,162  

Mitsubishi Electric Corp.

    91,000       1,100,692  
   

 

 

 
      1,460,854  
Electronic Equipment, Instruments & Components — 1.1%        

Hirose Electric Co. Ltd.

    600       90,217  

Kyocera Corp.

    14,600       840,274  

Yokogawa Electric Corp.

    7,000       112,940  
   

 

 

 
      1,043,431  
Entertainment — 0.1%            

Toho Co. Ltd./Tokyo

    1,900       79,240  
   

 

 

 
Equity Real Estate Investment Trusts (REITs) — 2.4%        

Daiwa House REIT Investment Corp.

    108       292,899  

GLP J-Reit

    210       313,532  

Japan Metropolitan Fund Invest

    350       283,270  

Japan Real Estate Investment Corp.

    61       325,847  

Nippon Building Fund Inc.

    73       418,313  

Nippon Prologis REIT Inc.

    70       205,803  

Nomura Real Estate Master Fund Inc.

    210       276,940  

Orix JREIT Inc.

    140       195,863  
   

 

 

 
      2,312,467  
Food & Staples Retailing — 2.0%            

Seven & i Holdings Co. Ltd.

    38,500       1,873,322  
   

 

 

 
Food Products — 1.1%            

Ajinomoto Co. Inc.

    10,500       305,980  

MEIJI Holdings Co. Ltd.

    7,000       420,126  

Nisshin Seifun Group Inc.

    10,500       149,037  

Nissin Foods Holdings Co. Ltd.

    500       39,949  

Toyo Suisan Kaisha Ltd.

    3,500       147,129  
   

 

 

 
      1,062,221  
Gas Utilities — 0.7%            

Osaka Gas Co. Ltd.

    17,500       320,272  

Tokyo Gas Co. Ltd .

    17,500       356,446  
   

 

 

 
      676,718  

 

 

16  

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 Japan Value ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Health Care Providers & Services — 0.2%            

Medipal Holdings Corp.

    10,500     $ 192,171  
   

 

 

 
Household Durables — 2.3%            

Iida Group Holdings Co. Ltd.

    7,000       129,914  

Panasonic Corp.

    108,500       1,133,099  

Sekisui Chemical Co. Ltd.

    17,500       286,579  

Sekisui House Ltd.

    31,500       642,225  
   

 

 

 
      2,191,817  
Household Products — 0.1%            

Lion Corp.

    7,000       91,750  
   

 

 

 
Industrial Conglomerates — 2.5%            

Hitachi Ltd.

    31,500       1,557,760  

Toshiba Corp.

    19,300       769,487  
   

 

 

 
      2,327,247  
Insurance — 5.0%            

Dai-ichi Life Holdings Inc.

    49,000       1,017,639  

Japan Post Holdings Co. Ltd.

    119,100       984,445  

Japan Post Insurance Co. Ltd.

    10,500       179,327  

MS&AD Insurance Group Holdings Inc.

    21,000       710,571  

Sompo Holdings Inc.

    15,400       668,638  

T&D Holdings Inc.

    24,600       357,277  

Tokio Marine Holdings Inc.

    15,200       864,896  
   

 

 

 
      4,782,793  
Interactive Media & Services — 0.3%            

Z Holdings Corp.

    66,500       325,507  
   

 

 

 
Internet & Direct Marketing Retail — 0.1%            

Rakuten Group Inc.

    14,000       119,009  
   

 

 

 
Machinery — 2.3%            

Hino Motors Ltd.

    14,000       131,555  

Hitachi Construction Machinery Co. Ltd.

    7,000       171,301  

Hoshizaki Corp.

    1,000       69,721  

Kubota Corp.

    31,500       565,163  

Mitsubishi Heavy Industries Ltd.

    17,500       516,120  

NGK Insulators Ltd.

    14,000       217,418  

Toyota Industries Corp.

    7,000       532,428  
   

 

 

 
      2,203,706  
Marine — 1.2%            

Mitsui OSK Lines Ltd.

    5,500       446,832  

Nippon Yusen KK

    7,000       655,837  
   

 

 

 
      1,102,669  
Media — 0.5%            

Dentsu Group Inc.

    10,500       418,952  

Hakuhodo DY Holdings Inc.

    7,000       93,019  
   

 

 

 
      511,971  
Metals & Mining — 1.9%            

Hitachi Metals Ltd.(a)

    3,700       65,954  

JFE Holdings Inc.

    24,500       364,745  

Nippon Steel Corp.

    42,000       768,977  

Sumitomo Metal Mining Co. Ltd.

    11,900       593,601  
   

 

 

 
      1,793,277  
Multiline Retail — 0.2%            

Ryohin Keikaku Co. Ltd.

    14,000       206,187  
   

 

 

 
Oil, Gas & Consumable Fuels — 1.5%            

ENEOS Holdings Inc.

    150,500       595,949  

Idemitsu Kosan Co. Ltd.

    10,592       283,935  
Security   Shares     Value  
Oil, Gas & Consumable Fuels (continued)            

Inpex Corp.

    49,000     $ 505,068  
   

 

 

 
      1,384,952  
Paper & Forest Products — 0.2%            

Oji Holdings Corp.

    38,500       196,702  
   

 

 

 
Personal Products — 0.5%            

Kao Corp.

    8,000       373,975  

Pola Orbis Holdings Inc.

    3,500       55,135  
   

 

 

 
      429,110  
Pharmaceuticals — 5.8%            

Astellas Pharma Inc.

    91,000       1,518,264  

Otsuka Holdings Co. Ltd.

    18,600       641,220  

Santen Pharmaceutical Co. Ltd.

    17,500       199,449  

Shionogi & Co. Ltd.

    8,200       545,237  

Sumitomo Dainippon Pharma Co. Ltd.

    10,500       115,234  

Taisho Pharmaceutical Holdings Co. Ltd.

    1,900       94,317  

Takeda Pharmaceutical Co. Ltd.

    77,000       2,347,753  
   

 

 

 
      5,461,474  
Real Estate Management & Development — 4.0%            

Daito Trust Construction Co. Ltd.

    3,500       387,239  

Daiwa House Industry Co. Ltd.

    28,000       794,088  

Hulic Co. Ltd.

    10,500       95,656  

Mitsubishi Estate Co. Ltd.

    59,500       908,462  

Mitsui Fudosan Co. Ltd.

    45,500       1,012,650  

Nomura Real Estate Holdings Inc.

    7,000       174,290  

Sumitomo Realty & Development Co. Ltd.

    14,000       411,857  
   

 

 

 
      3,784,242  
Road & Rail — 3.6%            

Central Japan Railway Co.

    7,000       945,814  

East Japan Railway Co

    14,800       879,249  

Hankyu Hanshin Holdings Inc.

    10,500       314,129  

Keio Corp.

    3,500       143,210  

Keisei Electric Railway Co. Ltd.

    3,500       98,020  

Kintetsu Group Holdings Co. Ltd.(a)

    3,500       105,148  

Nippon Express Holdings Inc.

    3,500       212,169  

Odakyu Electric Railway Co. Ltd.

    7,200       118,789  

Tokyu Corp.

    10,500       140,032  

West Japan Railway Co.

    10,700       461,640  
   

 

 

 
      3,418,200  
Semiconductors & Semiconductor Equipment — 0.1%        

Rohm Co. Ltd.

    1,100       87,729  
   

 

 

 
Software — 0.2%            

Trend Micro Inc/Japan

    3,500       195,533  
   

 

 

 
Specialty Retail — 0.2%            

USS Co. Ltd.

    10,500       174,427  
   

 

 

 
Technology Hardware, Storage & Peripherals — 2.5%            

Brother Industries Ltd.

    10,500       191,109  

Canon Inc.

    49,000       1,153,114  

FUJIFILM Holdings Corp.

    11,400       724,631  

Ricoh Co. Ltd.

    10,500       89,574  

Seiko Epson Corp.

    14,000       215,326  
   

 

 

 
      2,373,754  
Tobacco — 1.2%            

Japan Tobacco Inc.

    59,500       1,094,274  
   

 

 

 
Trading Companies & Distributors — 6.8%            

ITOCHU Corp.

    28,000       912,481  

 

 

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 Japan Value ETF

(Percentages shown are based on Net Assets)

 

 

Security   Shares     Value  

 

 
Trading Companies & Distributors (continued)            

Marubeni Corp.

    77,000     $ 808,241  

Mitsubishi Corp.

    63,000       2,118,292  

Mitsui & Co. Ltd.

    49,000       1,221,702  

Sumitomo Corp.

    56,000       913,674  

Toyota Tsusho Corp.

    10,500       435,907  
   

 

 

 
      6,410,297  
Wireless Telecommunication Services — 7.4%            

KDDI Corp.

    80,500       2,619,570  

SoftBank Corp.

    140,100       1,770,077  

SoftBank Group Corp.

    59,500       2,670,121  
   

 

 

 
      7,059,768  
   

 

 

 

Total Common Stocks — 99.7%
(Cost: $94,617,391)

      94,617,624  
   

 

 

 

Short-Term Investments

   
Money Market Funds — 0.0%            

BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(b)(c)

    20,000       20,000  
   

 

 

 

Total Short-Term Investments — 0.0%
(Cost: $20,000)

      20,000  
   

 

 

 

Total Investments in Securities — 99.7%
(Cost: $94,637,391)

      94,637,624  

Other Assets, Less Liabilities — 0.3%

      296,664  
   

 

 

 

Net Assets — 100.0%

    $ 94,934,288  
   

 

 

 

 

(a) 

Non-income producing security.

 

(b) 

Affiliate of the Fund.

 

(c) 

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

  $     $ 20,000 (a)    $     $     $     $ 20,000       20,000     $ 2     $    
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

 

  (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

          

Mini TOPIX Index

    20        03/10/22      $ 329      $ (11,652
          

 

 

 

 

 

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) (continued)

February 28, 2022

   iShares® MSCI Japan Value ETF

 

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)

  $ 11,652  
 

 

 

 

 

  (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

  $ (1,961
 

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

 

Futures contracts

  $ (13,085
 

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

 

 

Futures contracts:

 

Average notional value of contracts — long

  $ 456,718      

 

 

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

  $      $ 94,617,624     $      $ 94,617,624  

Money Market Funds

    20,000                     20,000  
 

 

 

    

 

 

   

 

 

    

 

 

 
  $     20,000      $ 94,617,624     $      $ 94,637,624  
 

 

 

    

 

 

   

 

 

    

 

 

 

Derivative financial instruments(a)

         

Liabilities

         

Futures Contracts

  $      $ (11,652   $      $ (11,652
 

 

 

    

 

 

   

 

 

    

 

 

 

 

  (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

  19


 

Statements of Assets and Liabilities (unaudited)

February 28, 2022

 

     iShares
MSCI China
Multisector
Tech ETF
            iShares
MSCI Japan
Equal
Weighted
ETF
            iShares
MSCI Japan
Value ETF
 

ASSETS

           

Investments in securities, at value:

           

Unaffiliated(a)

  $ 9,356,091        $ 7,109,843        $ 94,617,624  

Affiliated(b)

    10,000                                     20,000  

Cash

    5,356          866          7,247  

Foreign currency, at value(c)

    151,399          5,673          178,391  

Foreign currency collateral pledged:

           

Futures contracts(d)

             796          14,280  

Receivables:

           

Investments sold

    322,499          390,879          526,906  

Variation margin on futures contracts

             320          6,096  

Dividends

    621          15,857          186,346  

Tax reclaims

             743          171  
 

 

 

      

 

 

      

 

 

 

Total assets

    9,845,966          7,524,977          95,557,061  
 

 

 

      

 

 

      

 

 

 

LIABILITIES

           

Payables:

           

Investments purchased

    485,023          402,171          612,258  

Investment advisory fees

    4,367          826          10,515  
 

 

 

      

 

 

      

 

 

 

Total liabilities

    489,390          402,997          622,773  
 

 

 

      

 

 

      

 

 

 

NET ASSETS

  $ 9,356,576        $ 7,121,980        $ 94,934,288  
 

 

 

      

 

 

      

 

 

 

NET ASSETS CONSIST OF:

           

Paid-in capital

  $ 9,892,974        $ 7,211,200        $ 96,403,304  

Accumulated loss

    (536,398        (89,220        (1,469,016
 

 

 

      

 

 

      

 

 

 

NET ASSETS

  $ 9,356,576        $ 7,121,980        $ 94,934,288  
 

 

 

      

 

 

      

 

 

 

Shares outstanding

    400,000          200,000          3,500,000  
 

 

 

      

 

 

      

 

 

 

Net asset value

  $ 23.39        $ 35.61        $ 27.12  
 

 

 

      

 

 

      

 

 

 

Shares authorized

    Unlimited          Unlimited          Unlimited  
 

 

 

      

 

 

      

 

 

 

Par value

    None          None          None  
 

 

 

      

 

 

      

 

 

 

(a) Investments, at cost — Unaffiliated

  $ 9,860,046        $ 6,915,422        $ 94,617,391  

(b) Investments, at cost — Affiliated

  $ 10,000        $        $ 20,000  

(c)  Foreign currency, at cost

  $ 151,559        $ 5,675        $ 177,804  

(d) Foreign currency collateral pledged, at cost

  $        $ 798        $ 14,244  

See notes to financial statements.

 

 

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


 

Statements of Operations (unaudited)

Six Months Ended February 28, 2022

 

   



iShares

MSCI

China
Multisector
Tech ETF

 

 


 
(a) 

    


iShares

MSCI

Japan

Equal
Weighted

ETF

 

 

 


 

 

    


iShares

MSCI Japan
Value ETF

 


 

 

 

INVESTMENT INCOME

       

Dividends — Unaffiliated

  $ 620      $ 81,545      $ 808,982  

Dividends — Affiliated

                  2  

Foreign taxes withheld

           (8,143      (80,790
 

 

 

    

 

 

    

 

 

 

Total investment income

    620        73,402        728,194  
 

 

 

    

 

 

    

 

 

 

EXPENSES

       

Investment advisory fees

    5,298        5,700        54,467  
 

 

 

    

 

 

    

 

 

 

Total expenses

    5,298        5,700        54,467  
 

 

 

    

 

 

    

 

 

 

Net investment income (loss)

    (4,678      67,702        673,727  
 

 

 

    

 

 

    

 

 

 

REALIZED AND UNREALIZED GAIN (LOSS)

       

Net realized gain (loss) from:

       

Investments — Unaffiliated

    (27,592      (16,413      (362,164

Futures contracts

           82        (1,961

Foreign currency transactions

    7        (1,025      (16,551
 

 

 

    

 

 

    

 

 

 

Net realized loss

    (27,585      (17,356      (380,676
 

 

 

    

 

 

    

 

 

 

Net change in unrealized appreciation (depreciation) on:

       

Investments — Unaffiliated

    (503,955      (690,458      (1,628,292

Futures contracts

           (953      (13,085

Foreign currency translations

    (180      15        760  
 

 

 

    

 

 

    

 

 

 

Net change in unrealized appreciation (depreciation)

    (504,135      (691,396      (1,640,617
 

 

 

    

 

 

    

 

 

 

Net realized and unrealized loss

    (531,720      (708,752      (2,021,293
 

 

 

    

 

 

    

 

 

 

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS

  $ (536,398    $ (641,050    $ (1,347,566
 

 

 

    

 

 

    

 

 

 

(a)   For the period from January 25, 2022 (commencement of operations) to February 28, 2022.    

See notes to financial statements.

 

 

I N A N C I A L    T A T E M E N T  S

  21


 

Statements of Changes in Net Assets

 

 

    iShares
  MSCI China  
Multisector
Tech ETF
            iShares
MSCI Japan Equal Weighted ETF
 
   

Period From      

01/25/22(a)   

to 02/28/22      
(unaudited)      

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

 

INCREASE (DECREASE) IN NET ASSETS

          

OPERATIONS

          

Net investment income (loss)

  $ (4,678       $ 67,702      $ 134,256  

Net realized loss

    (27,585         (17,356      (163,375

Net change in unrealized appreciation (depreciation)

    (504,135         (691,396      1,181,460  
 

 

 

       

 

 

    

 

 

 

Net increase (decrease) in net assets resulting from operations

    (536,398         (641,050      1,152,341  
 

 

 

       

 

 

    

 

 

 

DISTRIBUTIONS TO SHAREHOLDERS(b)

          

Decrease in net assets resulting from distributions to shareholders

              (131,155      (116,528
 

 

 

       

 

 

    

 

 

 

CAPITAL SHARE TRANSACTIONS

          

Net increase in net assets derived from capital share transactions

    9,892,974                   
 

 

 

       

 

 

    

 

 

 

NET ASSETS

          

Total increase (decrease) in net assets

    9,356,576           (772,205      1,035,813  

Beginning of period

              7,894,185        6,858,372  
 

 

 

       

 

 

    

 

 

 

End of period

  $ 9,356,576         $ 7,121,980      $ 7,894,185  
 

 

 

       

 

 

    

 

 

 

 

(a) 

Commencement of operations.

(b) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

 

 

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Statements of Changes in Net Assets (continued)

 

 

    iShares
MSCI Japan Value ETF
 
    Six Months
Ended
02/28/22
(unaudited)
     Year Ended
08/31/21
 

 

INCREASE (DECREASE) IN NET ASSETS

    

OPERATIONS

    

Net investment income

  $ 673,727      $ 607,492  

Net realized loss

    (380,676      (111,985

Net change in unrealized appreciation (depreciation)

    (1,640,617      1,980,603  
 

 

 

    

 

 

 

Net increase (decrease) in net assets resulting from operations

    (1,347,566      2,476,110  
 

 

 

    

 

 

 

DISTRIBUTIONS TO SHAREHOLDERS(a)

    

Decrease in net assets resulting from distributions to shareholders

    (1,096,497      (537,816
 

 

 

    

 

 

 

CAPITAL SHARE TRANSACTIONS

    

Net increase in net assets derived from capital share transactions

    53,017,656        35,457,668  
 

 

 

    

 

 

 

NET ASSETS

    

Total increase in net assets

    50,573,593        37,395,962  

Beginning of period

    44,360,695        6,964,733  
 

 

 

    

 

 

 

End of period

  $ 94,934,288      $ 44,360,695  
 

 

 

    

 

 

 

 

(a)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.    

See notes to financial statements.

 

 

I N A N C I A L    T A T E M E N T  S

  23


Financial Highlights

(For a share outstanding throughout the period)

 

   

iShares

MSCI China
Multisector
Tech ETF

 
   


Period From
01/25/22

to 02/28/22
(unaudited)

 
(a)  


 

 

 

Net asset value, beginning of period

  $ 24.81  
 

 

 

 

Net investment loss(b)

    (0.01

Net realized and unrealized loss(c)

    (1.41
 

 

 

 

Net decrease from investment operations

    (1.42
 

 

 

 

Net asset value, end of period

  $ 23.39  
 

 

 

 

Total Return(d)

 

Based on net asset value

    (5.71 )%(e) 
 

 

 

 

Ratios to Average Net Assets(f)

 

Total expenses

    0.59 %(g) 
 

 

 

 

Net investment loss

    (0.52 )%(g) 
 

 

 

 

Supplemental Data

 

Net assets, end of period (000)

  $  9,357  
 

 

 

 

Portfolio turnover rate(h)

    5 %(e)  
 

 

 

 

 

(a) 

Commencement of operations.

(b) 

Based on average shares outstanding.

(c) 

The amount reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

(d) 

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.

 

 

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