LOGO

  FEBRUARY 28, 2022

 

 

   

  

2022 Semi-Annual Report

(Unaudited)

 

 

iShares, Inc.

·  iShares Currency Hedged MSCI Emerging Markets ETF | HEEM | Cboe BZX

·  iShares MSCI Emerging Markets ETF | EEM | NYSE Arca


The Markets in Review

Dear Shareholder,

The 12-month reporting period as of February 28, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. However, rapid changes in consumer spending led to supply constraints and elevated inflation. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.

Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks posted a solid advance. International equities from developed markets gained slightly, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. In the corporate bond market, the improving economy assuaged credit concerns and led to modest returns for high-yield corporate bonds, outpacing the negative return of investment-grade corporate bonds.

The U.S. Federal Reserve (the “Fed”) maintained accommodative monetary policy during the reporting period by keeping near-zero interest rates. However, the Fed’s tone shifted during the period, as it reduced its bond-buying program and raised the prospect of higher rates in 2022. Continued high inflation and the Fed’s new stance led many analysts to anticipate that the Fed will raise interest rates multiple times throughout the year.

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

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

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

Sincerely,

 

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

 

Total Returns as of February 28, 2022
     6-Month     12-Month  
   

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

  (2.62)%   16.39%
   

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

  (9.46)     (6.01)
   

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

  (6.78)     2.83
   

Emerging market equities
(MSCI Emerging Markets Index)

  (9.81)     (10.69)
   

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

  0.02     0.04
   

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

  (3.94)     (1.67)
   

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

  (4.07)     (2.64)
   

Tax-exempt municipal bonds
(Bloomberg Municipal Bond Index)

  (3.09)     (0.66)
   

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

  (3.07)     0.64

 

Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

 

 

 

2  

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


Table of Contents

 

 

      Page  

The Markets in Review

     2  

Fund Summary

     4  

About Fund Performance

     6  

Shareholder Expenses

     6  

Schedules of Investments

     7  

Financial Statements

  

Statements of Assets and Liabilities

     25  

Statements of Operations

     26  

Statements of Changes in Net Assets

     27  

Financial Highlights

     28  

Notes to Financial Statements

     30  

Statement Regarding Liquidity Risk Management Program

     40  

Supplemental Information

     41  

General Information

     42  

Glossary of Terms Used in this Report

     43  

 

 

      


Fund Summary  as of February 28, 2022    iShares® Currency Hedged MSCI Emerging Markets ETF

 

Investment Objective

The iShares Currency Hedged MSCI Emerging Markets ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization emerging market equities while mitigating exposure to fluctuations between the value of the component currencies and the U.S. dollar, as represented by the MSCI Emerging Markets 100% Hedged to USD Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI Emerging Markets ETF.

Performance

 

          

  Average Annual Total Returns

 

           

  Cumulative Total Returns  

 

 
    

6 Months

 

    

1 Year

 

    

5 Years

 

   

Since
Inception

 

           

1 Year

 

    

5 Years

 

    

Since
Inception

 

 

Fund NAV

    (7.73 )%       (10.17 )%       7.47     4.96        (10.17 )%       43.34      43.34

Fund Market

    (7.53      (9.63      7.53       5.02          (9.63      43.76        43.98  

Index

    (8.12      (9.67      7.80       5.40                (9.67      45.55        47.81  

The inception date of the Fund was 9/23/14. The first day of secondary market trading was 9/25/14.

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 6 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          $     922.70          $     0.00               $     1,000.00          $     1,024.80          $     0.00          0.00

 

  (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. The fees and expenses of the underlying funds in which the Fund invests are not included in the Fund’s annualized expense ratio.

Portfolio Information

 

ALLOCATION BY INVESTMENT TYPE

 

   

Investment Type

   

Percent of   

Net Assets   

 

 

Investment Companies

    100.1%  

Short-term Investments

    0.0(a)  
Forward foreign currency exchange contracts, net cumulative appreciation     0.6     

Other assets less liabilities

    (0.7)    

 

  (a)  

Rounds to less than 0.1%.

ALLOCATION BY SECTOR (of the UNDERLYING FUND)

 

   

Sector

   
Percent of
Total Investment(a)
 
 

Information Technology

    22.1

Financials

    21.1  

Consumer Discretionary

    12.8  

Communication Services

    10.4  

Materials

    9.2  

Consumer Staples

    5.9  

Industrials

    5.3  

Energy

    4.7  

Health Care

    3.8  

Utilities

    2.5  

Real Estate

    2.2  

 

  (a)  

Excludes money market funds.

 

 

4  

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


Fund Summary  as of February 28, 2022    iShares® MSCI Emerging Markets ETF

 

Investment Objective

The iShares MSCI Emerging Markets ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization emerging market equities, as represented by the MSCI Emerging Markets 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

    (10.50 )%      (12.00 )%       6.15      2.54         (12.00 )%       34.74      28.52

Fund Market

    (9.49     (11.33      6.44        2.66           (11.33      36.61        29.99  

Index

    (9.81     (10.69      6.99        3.24                 (10.69      40.21        37.60  

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 6 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          $     895.00          $     3.24               $     1,000.00          $     1,021.40          $     3.46          0.69

 

  (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

    22.1

Financials

    21.1  

Consumer Discretionary

    12.8  

Communication Services

    10.4  

Materials

    9.2  

Consumer Staples

    5.9  

Industrials

    5.3  

Energy

    4.7  

Health Care

    3.8  

Utilities

    2.5  

Real Estate

    2.2  

 

  (a)  

Excludes money market funds.

TEN LARGEST GEOGRAPHIC ALLOCATION

 

   

Country/Geographic Region

   
Percent of
Total Investments
 
(a) 

China

    32.2

Taiwan

    16.2  

India

    12.5  

South Korea

    12.5  

Brazil

    5.0  

Saudi Arabia

    4.0  

South Africa

    3.7  

Mexico

    2.1  

Thailand

    1.9  

Indonesia

    1.7  

 

 

 

F U N D   S U M M A R Y

  5


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.

 

 

6  

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


Schedule of Investments  (unaudited)

February 28, 2022

  

iShares® Currency Hedged MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Investment Companies

   

Exchange-Traded Funds — 100.0%

   

iShares MSCI Emerging Markets ETF(a)

    3,946,550     $   184,422,282  
   

 

 

 

Total Investment Companies — 100.0%
(Cost: $181,619,255)

      184,422,282  
   

 

 

 

Short-Term Investments

   

Money Market Funds — 0.1%

   

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

    90,000       90,000  
   

 

 

 

Total Short-Term Investments — 0.1%
(Cost: $90,000)

      90,000  
   

 

 

 

Total Investments in Securities — 100.1%
(Cost: $181,709,255)

      184,512,282  

Other Assets, Less Liabilities — (0.1)%

      (126,474
   

 

 

 

Net Assets — 100.0%

    $   184,385,808  
   

 

 

 

 

(a) 

Affiliate of the Fund.

(b) 

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

  $ 370,000     $     $ (280,000 )(a)     $     $     $ 90,000       90,000     $ 14     $  

iShares MSCI Emerging
Markets ETF

    202,917,841       40,646,077       (37,870,653     4,771,579       (26,042,562     184,422,282       3,946,550       2,937,483        
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
        $ 4,771,579     $ (26,042,562   $ 184,512,282       $ 2,937,497     $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

  (a) 

Represents net amount purchased (sold).

 

Derivative Financial Instruments Outstanding as of Period End

Forward Foreign Currency Exchange Contracts

 

           
Currency Purchased      Currency Sold         Counterparty           Settlement Date              Unrealized
Appreciation
(Depreciation)
 

BRL        

     46,346,000      USD      8,981,783     GS   03/04/22         $ 12,226  

BRL

     205,000      USD      38,345     MS   03/04/22         1,438  

CNY

     6,057,000      USD      948,025     MS   03/04/22              10,637  

INR

     1,737,317,000      USD      23,003,204     MS   03/04/22         52,113  

KRW

     35,476,714,000      USD      29,466,731     MS   03/04/22         37,977  

MXN

     5,842,000      USD      281,554     MS   03/04/22         3,593  

THB

     109,247,000      USD      3,341,769     MS   03/04/22         1,642  

TRY

     6,297,000      USD      450,767     MS   03/04/22         633  

TWD

     839,820,000      USD      29,934,344     MS   03/04/22         25,599  

USD

     2,593,675      EUR      2,312,000     MS   03/04/22         1,153  

USD

     43,908,857      HKD      342,381,000     MS   03/04/22         95,910  

USD

     23,799,345      INR          1,782,130,000     MS   03/04/22         149,330  

 

 

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

  7


Schedule of Investments  (unaudited) (continued)

February 28, 2022

  

iShares® Currency Hedged MSCI Emerging Markets ETF

 

Forward Foreign Currency Exchange Contracts (continued)

 

           
Currency Purchased      Currency Sold          Counterparty           Settlement Date              Unrealized
Appreciation
(Depreciation)
 

USD        

     165,085      KRW      198,410,000      MS   03/04/22       $ 74  

USD

     2,652,754      MYR      11,113,000      MS   03/04/22         4,775  

USD

     5,962,180      RUB      465,774,000      MS   03/04/22         1,651,111  

USD

     468,583      TRY      6,385,000      MS   03/04/22         10,876  

USD

     31,141,263      TWD      865,917,000      MS   03/04/22         250,330  

USD

     41,230      ZAR      632,000      MS   03/04/22         138  

ZAR

     98,839,000      USD      6,394,415      MS   03/04/22         32,045  

INR

     61,968,000      USD      816,787      MS   04/06/22         1,553  

USD

     1,185,251      CLP      946,138,000      MS   04/06/22         6,278  

USD

     2,558,770      EUR      2,275,000      MS   04/06/22         4,256  

USD

     43,700,554      HKD      341,465,000      MS   04/06/22         3,411  

USD

     34,926      INR      2,643,000      MS   04/06/22         23  

USD

     3,812,084      MXN      78,398,000      MS   04/06/22         6,829  

USD

     4,462      RUB      473,000      CITI   04/06/22         130  

USD

     3,944,837      RUB      424,070,000      JPM   04/06/22         60,955  

USD

     10,432      ZAR      161,000      MS   04/06/22         7  

TWD

     416,000      USD      14,852      MS   04/07/22         6  

USD

     9,788,419      CNY      61,921,320      MS   04/07/22         10,055  

USD

     46,151      TWD      1,292,000      MS   04/07/22         4  
                   

 

 

 
                      2,435,107  
                   

 

 

 

CLP

     902,886,000      USD      1,136,134      MS   03/04/22         (6,662

CNY

     59,751,320      USD      9,468,356      MS   03/04/22         (11,318

EUR

     2,312,000      USD      2,597,090      MS   03/04/22         (4,568

HKD

     342,381,000      USD      43,818,376      MS   03/04/22         (5,430

INR

     44,813,000      USD      598,680      MS   03/04/22         (3,983

MXN

     75,968,000      USD      3,714,750      MS   03/04/22         (6,764

MYR

     11,113,000      USD      2,648,505      MS   03/04/22         (526

RUB

     424,070,000      USD      4,085,453      JPM   03/04/22         (160,384

RUB

     41,704,000      USD      534,809      MS   03/04/22         (148,809

TRY

     88,000      USD      6,479      MS   03/04/22         (171

TWD

     26,097,000      USD      939,779      MS   03/04/22         (8,788

USD

     8,703,079      BRL      46,551,000      MS   03/04/22         (330,713

USD

     1,125,404      CLP      902,886,000      MS   03/04/22         (4,068

USD

     10,298,260      CNY      65,808,320      MS   03/04/22         (117,439

USD

     29,220,622      KRW      35,278,304,000      MS   03/04/22         (119,076

USD

     3,942,350      MXN      81,810,000      MS   03/04/22         (50,783

USD

     3,276,873      THB      109,247,000      MS   03/04/22         (66,538

USD

     6,321,728      ZAR      98,207,000      MS   03/04/22         (63,639

EUR

     319,000      USD      358,790      MS   04/06/22         (597

HKD

     5,362,000      USD      686,227      MS   04/06/22         (54

RUB

     169,728,000      USD      1,578,865      JPM   04/06/22         (24,397

USD

     8,899,941      BRL      46,346,000      GS   04/06/22         (14,513

USD

     221,680      BRL      1,155,000      MS   04/06/22         (479

USD

     165,583      BRL      866,000      SSB   04/06/22         (988

USD

     1,807      CLP      1,452,000      MS   04/06/22         (2

USD

     198,661      EUR      177,000      MS   04/06/22         (86

USD

     66,031      HKD      516,000      MS   04/06/22         (1

USD

     23,508,531      INR      1,784,180,000      MS   04/06/22         (53,087

USD

     27,059,978      KRW      32,594,897,000      MS   04/06/22         (33,395

USD

     101,100      MXN      2,090,000      MS   04/06/22         (344

 

 

8  

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


Schedule of Investments  (unaudited) (continued)

February 28, 2022

  

iShares® Currency Hedged MSCI Emerging Markets ETF

 

Forward Foreign Currency Exchange Contracts (continued)

 

           
Currency Purchased      Currency Sold          Counterparty            Settlement Date              Unrealized
Appreciation
(Depreciation)
 

USD        

     2,729,558      MYR      11,472,000      MS    04/06/22       $ (4,977

USD

     469,765      RUB      54,023,000      JPM    04/06/22         (25,009

USD

     459,429      TRY      6,804,000      MS    04/06/22         (1,378

USD

     6,745,050      ZAR      104,693,000      MS    04/06/22         (33,828

USD

     3,444,951      THB      112,603,000      MS    04/07/22         (1,644

USD

     30,032,904      TWD          842,163,000      MS    04/07/22         (46,673
                    

 

 

 
                       (1,351,111
                    

 

 

 
     Net unrealized appreciation               $ 1,083,996  
                    

 

 

 

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:

 

 

 
     Foreign
Currency
Exchange
Contracts
 

 

 

Assets — Derivative Financial Instruments

  

Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts

   $ 2,435,107  
  

 

 

 

Liabilities — Derivative Financial Instruments

  

Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts

   $ 1,351,111  
  

 

 

 

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

 

 

 
     Foreign
Currency
Exchange
Contracts
 

 

 

Net Realized Gain (Loss) from:

  

Forward foreign currency exchange contracts

   $ 1,504,392  
  

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

  

Forward foreign currency exchange contracts

   $ 1,844,966  
  

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

   

Forward foreign currency exchange contracts:

  

Average amounts purchased — in USD

   $ 185,825,077  

Average amounts sold — in USD

   $ 356,914,259  

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

Derivative Financial Instruments - Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:

 

     
      Assets        Liabilities  

Derivative Financial Instruments:

       

Forward foreign currency exchange contracts

   $ 2,435,107        $ 1,351,111  
  

 

 

      

 

 

 

Total derivative assets and liabilities in the Statement of Assets and Liabilities

     2,435,107          1,351,111  

Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)

               
  

 

 

      

 

 

 

Total derivative assets and liabilities subject to an MNA

     2,435,107          1,351,111  
  

 

 

      

 

 

 

 

 

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

  9


Schedule of Investments  (unaudited) (continued)

February 28, 2022

  

iShares® Currency Hedged MSCI Emerging Markets ETF

 

The following tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:

 

Counterparty     



Derivative
Assets
Subject to an
MNA by
Counterparty
 
 
 
 
 
      

Derivatives
Available for
Offset
 
 
(a)  
    

Non-Cash
Collateral
Received
 
 
 
      

Cash
Collateral
Received
 
 
 
      

Net Amount
of Derivative
Assets
 
 
(b)  

Citibank N.A.

   $ 130        $      $        $        $ 130  

Goldman Sachs & Co.

     12,226          (12,226                         

JPMorgan Chase Bank N.A.

     60,955          (60,955                         

Morgan Stanley & Co. International PLC

     2,361,796          (1,125,820                        1,235,976  
  

 

 

      

 

 

    

 

 

      

 

 

      

 

 

 
   $ 2,435,107        $ (1,199,001    $        $        $ 1,236,106  
  

 

 

      

 

 

    

 

 

      

 

 

      

 

 

 
                    
Counterparty     



Derivative
Liabilities
Subject to an
MNA by
Counterparty
 
 
 
 
 
      

Derivatives
Available for
Offset
 
 
(a)  
    

Non-Cash
Collateral
Pledged
 
 
 
      

Cash
Collateral
Pledged
 
 
 
      

Net Amount
of Derivative
Liabilities
 
 
(c)  

Goldman Sachs & Co.

   $ 14,513        $ (12,226    $        $        $ 2,287  

JPMorgan Chase Bank N.A.

     209,790          (60,955                        148,835  

Morgan Stanley & Co. International PLC

     1,125,820          (1,125,820                         

State Street Bank and Trust Co.

     988                                   988  
  

 

 

      

 

 

    

 

 

      

 

 

      

 

 

 
   $ 1,351,111        $ (1,199,001    $        $        $ 152,110  
  

 

 

      

 

 

    

 

 

      

 

 

      

 

 

 

 

  (a) 

The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

 
  (b) 

Net amount represents the net amount receivable from the counterparty in the event of default.

 
  (c) 

Net amount represents the net amount payable due to the counterparty in the event of default.

 

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

                 

Investment Companies

   $ 184,422,282        $        $        $ 184,422,282  

Money Market Funds

     90,000                            90,000  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 184,512,282        $        $        $ 184,512,282  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative financial instruments(a)

                 

Assets

                 

Forward Foreign Currency Exchange Contracts

   $        $ 2,435,107        $        $ 2,435,107  

Liabilities

                 

Forward Foreign Currency Exchange Contracts

                  (1,351,111                 (1,351,111
  

 

 

      

 

 

      

 

 

      

 

 

 
   $        $ 1,083,996        $                 —        $ 1,083,996  
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a) 

Derivative financial instruments are forward foreign currency exchange contracts. Forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

 

See notes to financial statements.

 

 

10  

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


Schedule of Investments  (unaudited)

February 28, 2022

  

iShares® MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

 

Brazil — 3.7%  

Ambev SA

    17,275,318     $ 50,698,949  

Americanas SA

    2,310,647       13,540,774  

Atacadao SA

    1,731,440       6,382,353  

B3 SA - Brasil, Bolsa, Balcao

    22,264,125       62,637,553  

Banco Bradesco SA

    5,231,312       17,157,919  

Banco BTG Pactual SA

    4,315,148       21,438,895  

Banco do Brasil SA

    3,093,693       20,916,693  

Banco Inter SA

    1,277,647       4,954,078  

Banco Santander Brasil SA

    1,445,219       8,566,161  

BB Seguridade Participacoes SA

    2,516,084       11,094,708  

BRF SA(a)

    2,592,994       8,177,138  

CCR SA

    4,281,207       9,739,906  

Centrais Eletricas Brasileiras SA

    1,179,804       7,962,209  

Cia. de Saneamento Basico do Estado de Sao Paulo

    1,255,921       10,077,783  

Cia. Siderurgica Nacional SA

    2,599,560       12,794,340  

Cosan SA

    3,919,585       16,069,446  

Energisa SA

    648,821       5,536,189  

Engie Brasil Energia SA

    736,927       5,709,095  

Equatorial Energia SA

    3,677,178       18,184,725  

Hapvida Participacoes e Investimentos SA(b)

    15,650,195       36,633,903  

Hypera SA

    1,425,029       9,244,159  

JBS SA

    2,662,019       18,646,899  

Klabin SA

    2,655,885       11,929,270  

Localiza Rent a Car SA

    2,228,173       24,804,785  

Lojas Renner SA

    3,651,190       18,047,223  

Magazine Luiza SA

    10,985,796       12,674,314  

Natura & Co. Holding SA(a)

    3,280,723       14,640,075  

Petro Rio SA(a)

    2,073,565       10,538,095  

Petroleo Brasileiro SA

    13,723,586       97,580,421  

Raia Drogasil SA

    3,980,259       18,019,184  

Rede D’Or Sao Luiz SA(b)

    1,447,064       14,254,981  

Rumo SA(a)

    4,649,724       13,929,975  

Suzano SA

    2,750,056       29,642,760  

Telefonica Brasil SA

    1,862,057       18,260,549  

TIM SA

    3,153,770       8,365,336  

TOTVS SA

    1,907,266       12,218,382  

Ultrapar Participacoes SA

    2,643,376       7,434,100  

Vale SA

    15,063,902       279,490,773  

Vibra Energia SA

    4,375,045       19,927,964  

WEG SA

    6,194,062       35,094,239  
   

 

 

 
          1,023,016,301  
Chile — 0.3%            

Banco de Chile

    165,801,244       17,578,596  

Banco de Credito e Inversiones SA

    205,225       7,336,691  

Banco Santander Chile

    245,620,889       12,060,916  

Cencosud SA

    5,499,692       10,115,800  

Cia. Cervecerias Unidas SA

    567,390       4,498,298  

Empresas CMPC SA

    4,163,537       6,878,797  

Empresas COPEC SA

    1,431,603       11,106,029  

Enel Americas SA

    79,573,627       9,317,390  

Enel Chile SA

    96,418,280       3,160,859  

Falabella SA

    2,792,395       9,189,188  
   

 

 

 
      91,242,564  
China — 32.1%            

360 DigiTech Inc., ADR

    323,963       6,074,306  

360 Security Technology Inc., Class A(a)

    2,176,306       3,622,546  

3SBio Inc.(a)(b)

    4,806,500       3,820,060  
Security   Shares     Value  
China (continued)            

51job Inc., ADR(a)

    118,590     $ 6,142,962  

AAC Technologies Holdings Inc.(c)

    2,692,000       7,360,467  

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

    149,826       3,056,726  

AECC Aviation Power Co. Ltd., Class A

    625,673       5,023,608  

Agile Group Holdings Ltd.(c)

    3,994,000       1,819,755  

Agricultural Bank of China Ltd., Class A

    17,883,200       8,448,688  

Agricultural Bank of China Ltd., Class H

    92,384,000       34,987,582  

Aier Eye Hospital Group Co. Ltd., Class A

    1,236,959       7,152,242  

Air China Ltd., Class A(a)

    2,150,493       3,367,976  

Air China Ltd., Class H(a)

    5,946,000       4,572,943  

Akeso Inc.(a)(b)(c)

    1,081,000       2,854,645  

Alibaba Group Holding Ltd.(a)

    55,639,156       732,426,827  

Alibaba Health Information Technology
Ltd.(a)(c)

    14,898,000       10,432,051  

Alibaba Pictures Group Ltd.(a)(c)

    47,820,000       4,781,009  

A-Living Smart City Services Co. Ltd., Class A(b)

    2,083,500       3,734,716  

Aluminum Corp. of China Ltd., Class A(a)

    3,391,500       3,509,123  

Aluminum Corp. of China Ltd., Class H(a)

    14,266,000       10,083,548  

Anhui Conch Cement Co. Ltd., Class A

    1,085,386       6,948,345  

Anhui Conch Cement Co. Ltd., Class H

    4,350,500       23,347,069  

Anhui Gujing Distillery Co. Ltd., Class A

    104,285       3,664,112  

Anhui Gujing Distillery Co. Ltd., Class B

    349,500       5,124,672  

Anhui Kouzi Distillery Co. Ltd., Class A

    177,752       2,135,273  

Anjoy Foods Group Co Ltd., Class A

    74,900       1,469,289  

ANTA Sports Products Ltd.(c)

    3,986,802       60,891,230  

Asymchem Laboratories Tianjin Co. Ltd., Class A

    65,900       3,551,326  

Autobio Diagnostics Co. Ltd., Class A

    169,599       1,392,652  

Autohome Inc., ADR

    280,887       8,592,333  

Avary Holding Shenzhen Co. Ltd., Class A

    405,500       2,234,606  

AVIC Electromechanical Systems Co. Ltd., Class A

    1,129,600       2,235,222  

AVIC Industry-Finance Holdings Co. Ltd., Class A

    4,804,489       2,967,263  

AviChina Industry & Technology Co. Ltd., Class H

    9,371,000       5,817,867  

AVICOPTER PLC, Class A

    190,353       1,770,075  

Baidu Inc., ADR(a)

    1,016,785           154,998,705  

Bank of Beijing Co. Ltd., Class A

    5,825,606       4,166,061  

Bank of Chengdu Co. Ltd., Class A

    1,243,795       2,844,480  

Bank of China Ltd., Class A

    10,124,800       4,972,351  

Bank of China Ltd., Class H

    287,840,000       112,056,599  

Bank of Communications Co. Ltd., Class A

    10,194,473       7,728,097  

Bank of Communications Co. Ltd., Class H

    30,252,600       20,739,043  

Bank of Hangzhou Co. Ltd., Class A

    1,626,445       3,696,870  

Bank of Jiangsu Co. Ltd., Class A

    4,156,310       4,387,524  

Bank of Nanjing Co. Ltd., Class A

    2,810,746       4,352,095  

Bank of Ningbo Co. Ltd., Class A

    1,647,139       9,959,504  

Bank of Shanghai Co. Ltd., Class A

    4,173,042       4,625,196  

Baoshan Iron & Steel Co. Ltd., Class A

    5,311,073       6,087,364  

BeiGene Ltd., ADR(a)(c)

    172,445       36,303,121  

Beijing Capital International Airport Co. Ltd., Class H(a)

    7,524,000       4,819,193  

Beijing Enlight Media Co. Ltd., Class A

    1,122,595       1,682,002  

Beijing Enterprises Holdings Ltd.

    1,962,500       6,708,810  

Beijing Enterprises Water Group Ltd.

    18,772,000       7,416,513  

Beijing Kingsoft Office Software Inc., Class A

    107,681       3,653,255  

Beijing New Building Materials PLC, Class A

    468,913       2,224,005  

Beijing Roborock Technology Co. Ltd., Class A

    21,600       2,167,591  

Beijing Shiji Information Technology Co. Ltd., Class A

    284,862       1,082,124  

Beijing Shunxin Agriculture Co. Ltd., Class A

    251,500       1,088,511  

Beijing Sinnet Technology Co. Ltd., Class A

    664,186       1,582,014  

 

 

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

  11


Schedule of Investments  (unaudited) (continued)

February 28, 2022

  

iShares® MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
China (continued)            

Beijing Tiantan Biological Products Corp. Ltd., Class A

    393,545     $ 1,709,411  

Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A

    99,740       3,975,831  

Beijing-Shanghai High Speed Railway Co. Ltd., Class A

    9,920,300       8,127,379  

Betta Pharmaceuticals Co. Ltd., Class A

    131,196       1,257,328  

BGI Genomics Co. Ltd., Class A

    131,100       1,773,445  

Bilibili Inc., ADR(a)(c)

    612,263       19,353,633  

BOC Aviation Ltd.(b)(c)

    792,100       6,885,725  

BOE Technology Group Co. Ltd., Class A

    9,314,300       6,951,634  

Bosideng International Holdings Ltd.

    12,548,000       7,139,400  

BYD Co. Ltd., Class A

    416,112       16,732,615  

BYD Co. Ltd., Class H

    3,011,500       93,318,386  

BYD Electronic International Co. Ltd.

    2,504,500       7,067,227  

Caitong Securities Co. Ltd., Class A

    1,506,865       2,243,862  

CanSino Biologics Inc., Class H(a)(b)(c)

    296,800       5,364,173  

CGN Power Co. Ltd., Class H(b)

    40,184,000       11,392,606  

Changchun High & New Technology Industry Group Inc., Class A

    96,794       2,808,665  

Changjiang Securities Co. Ltd., Class A

    3,147,835       3,452,357  

Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A

    98,300       2,412,022  

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

    574,430       3,181,332  

China Bohai Bank Co. Ltd., Class H(b)

    11,365,000       1,890,628  

China Cinda Asset Management Co. Ltd., Class H

    30,942,000       5,585,450  

China CITIC Bank Corp. Ltd., Class H

    31,577,800       14,838,822  

China Coal Energy Co. Ltd., Class H

    8,074,000       5,032,798  

China Communications Services Corp. Ltd., Class H

    9,268,000       5,084,620  

China Conch Venture Holdings Ltd.

    6,200,000       29,835,876  

China Construction Bank Corp., Class A

    2,656,568       2,541,569  

China Construction Bank Corp., Class H

    351,418,760           263,551,613  

China CSSC Holdings Ltd., Class A

    1,179,100       4,099,185  

China Eastern Airlines Corp. Ltd., Class A(a)

    3,198,097       2,738,635  

China Education Group Holdings Ltd.

    3,589,000       3,074,787  

China Energy Engineering Corp. Ltd.(a)

    1,270,600       543,095  

China Everbright Bank Co. Ltd., Class A

    10,896,603       5,774,378  

China Everbright Bank Co. Ltd., Class H

    9,248,000       3,439,403  

China Everbright Environment Group Ltd.

    14,065,813       10,098,907  

China Evergrande Group(c)

    9,909,388       2,028,147  

China Feihe Ltd.(b)

    13,113,000       15,647,212  

China Galaxy Securities Co. Ltd., Class A

    1,551,000       2,490,799  

China Galaxy Securities Co. Ltd., Class H

    11,876,000       6,797,622  

China Gas Holdings Ltd.

    11,181,000       17,670,141  

China Greatwall Technology Group Co. Ltd., Class A

    962,173       2,035,466  

China Hongqiao Group Ltd.

    8,691,000       12,167,472  

China Huishan Dairy Holdings Co.
Ltd.(a)(d)

    5,603,350       7  

China International Capital Corp. Ltd., Class H(b)

    5,908,000       14,373,703  

China Jinmao Holdings Group Ltd.

    20,934,000       6,961,464  

China Jushi Co. Ltd., Class A

    1,119,840       3,040,218  

China Lesso Group Holdings Ltd.

    4,261,000       6,560,170  

China Life Insurance Co. Ltd., Class A

    896,812       4,095,485  

China Life Insurance Co. Ltd., Class H

    25,957,000       43,001,139  

China Literature Ltd.(a)(b)

    1,517,400       8,235,155  

China Longyuan Power Group Corp. Ltd., Class H

    12,473,000       25,739,154  

China Medical System Holdings Ltd.

    5,206,000       9,270,081  

China Meidong Auto Holdings Ltd.

    2,160,000       10,170,334  

China Mengniu Dairy Co. Ltd.

    11,701,000       76,084,787  
Security   Shares     Value  
China (continued)            

China Merchants Bank Co. Ltd., Class A

    4,730,089     $ 37,390,053  

China Merchants Bank Co. Ltd., Class H

    14,184,967           119,569,430  

China Merchants Port Holdings Co. Ltd.

    5,734,000       10,810,862  

China Merchants Securities Co. Ltd., Class A

    1,866,679       4,696,834  

China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A

    1,828,190       3,921,602  

China Minsheng Banking Corp. Ltd., Class A

    9,610,155       5,955,798  

China Minsheng Banking Corp. Ltd., Class H

    17,945,548       6,989,764  

China Molybdenum Co. Ltd., Class A

    5,159,698       4,949,670  

China Molybdenum Co. Ltd., Class H

    11,016,000       6,630,560  

China National Building Material Co. Ltd., Class H

    15,176,000       19,468,200  

China National Chemical Engineering Co. Ltd., Class A

    1,759,567       2,919,698  

China National Nuclear Power Co. Ltd., Class A

    3,983,100       4,685,515  

China Northern Rare Earth Group High-Tech Co. Ltd., Class A

    875,554       6,887,057  

China Oilfield Services Ltd., Class H

    7,050,000       8,036,975  

China Overseas Land & Investment Ltd.

    14,093,960       43,031,210  

China Overseas Property Holdings Ltd.

    5,085,000       5,520,957  

China Pacific Insurance Group Co. Ltd., Class A

    1,728,807       7,270,743  

China Pacific Insurance Group Co. Ltd., Class H

    9,378,600       26,115,431  

China Petroleum & Chemical Corp., Class A

    8,167,889       5,641,597  

China Petroleum & Chemical Corp., Class H

    88,454,800       44,005,091  

China Power International Development Ltd.

    20,474,000       11,605,425  

China Railway Group Ltd., Class A

    5,880,100       5,801,430  

China Railway Group Ltd., Class H

    13,663,000       8,022,310  

China Resources Beer Holdings Co. Ltd.

    5,394,000       42,771,192  

China Resources Cement Holdings Ltd.

    9,188,000       7,862,077  

China Resources Gas Group Ltd.

    3,478,000       15,974,417  

China Resources Land Ltd.

    11,833,333       57,560,853  

China Resources Mixc Lifestyle Services Ltd.(b)

    2,102,800       10,816,092  

China Resources Power Holdings Co. Ltd.

    7,226,999       16,142,007  

China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A

    346,099       1,962,039  

China Ruyi Holdings Ltd.(a)(c)

    10,748,000       3,198,861  

China Shenhua Energy Co. Ltd., Class A

    1,672,139       6,694,792  

China Shenhua Energy Co. Ltd., Class H

    12,471,000       34,369,880  

China Southern Airlines Co. Ltd., Class A(a)

    3,463,700       3,803,064  

China Southern Airlines Co. Ltd.,
Class H(a)(c)

    5,638,000       3,566,966  

China State Construction Engineering Corp. Ltd., Class A

    10,786,371       8,713,722  

China State Construction International Holdings Ltd.

    7,908,000       11,136,966  

China Suntien Green Energy Corp. Ltd., Class H

    7,128,000       4,748,177  

China Taiping Insurance Holdings Co. Ltd.

    5,933,260       7,022,651  

China Three Gorges Renewables Group Co. Ltd.

    3,899,500       4,401,506  

China Tourism Group Duty Free Corp. Ltd., Class A

    434,932       14,047,821  

China Tower Corp. Ltd., Class H(b)

    153,298,000       17,867,419  

China Traditional Chinese Medicine Holdings Co. Ltd.

    10,598,000       6,041,492  

China TransInfo Technology Co. Ltd., Class A

    752,600       1,662,728  

China United Network Communications Ltd., Class A

    9,507,500       5,760,203  

China Vanke Co. Ltd., Class A

    2,407,459       7,327,559  

China Vanke Co. Ltd., Class H

    5,929,431       14,083,476  

China Yangtze Power Co. Ltd., Class A

    5,255,815       19,336,737  

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

    173,000       3,224,509  

China Zheshang Bank Co. Ltd., Class A

    5,695,800       3,095,143  

 

 

12  

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


Schedule of Investments  (unaudited) (continued)

February 28, 2022

  

iShares® MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
China (continued)            

Chinasoft International Ltd.

    9,828,000     $ 8,967,075  

Chindata Group Holdings Ltd., ADR(a)(c)

    412,320       2,263,637  

Chongqing Brewery Co. Ltd., Class A(a)

    122,900       2,609,650  

Chongqing Changan Automobile Co. Ltd., Class A

    1,531,021       3,165,632  

Chongqing Zhifei Biological Products Co. Ltd., Class A

    362,776       7,424,595  

CIFI Ever Sunshine Services Group Ltd.

    2,914,000       5,299,305  

CIFI Holdings Group Co. Ltd.

    12,865,300       8,963,400  

CITIC Ltd.

    21,578,000       25,179,891  

CITIC Securities Co. Ltd., Class A

    3,183,718       11,799,274  

CITIC Securities Co. Ltd., Class H

    9,112,600       22,077,108  

Contemporary Amperex Technology Co. Ltd., Class A

    523,530           44,845,212  

COSCO SHIPPING Holdings Co. Ltd., Class A(a)

    3,015,164       8,465,906  

COSCO SHIPPING Holdings Co. Ltd., Class H(a)

    12,225,349       24,710,178  

COSCO SHIPPING Ports Ltd.

    7,546,000       6,218,459  

Country Garden Holdings Co. Ltd.

    28,924,939       22,472,700  

Country Garden Services Holdings Co. Ltd.

    7,409,000       44,320,324  

CRRC Corp. Ltd., Class A

    6,831,100       6,279,141  

CRRC Corp. Ltd., Class H

    14,830,000       6,590,956  

CSC Financial Co. Ltd., Class A

    1,060,297       4,341,185  

CSPC Pharmaceutical Group Ltd.

    33,314,479       39,489,739  

Dada Nexus Ltd., ADR(a)(c)

    217,437       1,806,901  

Dali Foods Group Co. Ltd.(b)

    8,367,500       4,407,014  

Daqin Railway Co. Ltd., Class A

    929,100       1,001,642  

Daqo New Energy Corp., ADR(a)

    217,530       10,432,739  

DHC Software Co. Ltd., Class A

    1,629,498       2,136,377  

DiDi Global Inc., ADR(a)

    648,312       2,658,079  

Dongfeng Motor Group Co. Ltd., Class H

    10,140,000       8,727,764  

Dongxing Securities Co. Ltd., Class A

    1,607,197       2,629,558  

Dongyue Group Ltd.

    5,653,000       8,201,031  

East Money Information Co. Ltd., Class A

    2,422,633       10,325,920  

Ecovacs Robotics Co. Ltd., Class A

    126,853       2,720,488  

ENN Energy Holdings Ltd.

    2,930,800       42,444,997  

Eve Energy Co. Ltd., Class A

    457,653       6,567,668  

Everbright Securities Co. Ltd., Class A

    1,033,783       2,183,071  

Fangda Carbon New Material Co. Ltd., Class A

    1,230,334       2,017,256  

Far East Horizon Ltd.

    6,353,000       5,414,350  

Fiberhome Telecommunication Technologies Co. Ltd., Class A

    602,081       1,645,320  

First Capital Securities Co. Ltd., Class A

    1,624,400       1,642,938  

Flat Glass Group Co. Ltd., Class A

    443,200       3,469,806  

Flat Glass Group Co. Ltd., Class H

    1,382,000       5,714,810  

Focus Media Information Technology Co. Ltd., Class A

    3,609,678       4,391,785  

Foshan Haitian Flavouring & Food Co. Ltd., Class A

    787,552       12,412,035  

Fosun International Ltd.

    9,412,500       10,212,595  

Founder Securities Co. Ltd., Class A

    3,410,687       3,893,227  

Foxconn Industrial Internet Co. Ltd., Class A

    2,197,797       3,895,261  

Fuyao Glass Industry Group Co. Ltd., Class A

    517,872       3,634,662  

Fuyao Glass Industry Group Co. Ltd., Class H(b)

    2,196,800       10,777,707  

Ganfeng Lithium Co. Ltd., Class A

    274,081       6,664,301  

Ganfeng Lithium Co. Ltd., Class H(b)(c)

    950,000       16,123,583  

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

    1,826,400       1,064,842  

GDS Holdings Ltd., ADR(a)

    325,744       14,502,123  

Geely Automobile Holdings Ltd.

    21,680,000       40,382,092  

GEM Co. Ltd., Class A

    1,694,400       2,588,523  

Gemdale Corp., Class A

    1,232,330       2,479,565  
Security   Shares     Value  
China (continued)            

Genscript Biotech Corp.(a)

    4,326,000     $ 17,152,668  

GF Securities Co. Ltd., Class A

    1,702,294       5,041,839  

GF Securities Co. Ltd., Class H

    3,663,800       5,500,397  

Gigadevice Semiconductor Beijing Inc., Class A

    166,994       4,089,053  

Ginlong Technologies Co. Ltd., Class A

    69,600       2,810,263  

GoerTek Inc., Class A

    859,500       6,017,748  

GOME Retail Holdings Ltd.(a)(c)

    45,737,200       3,403,572  

Gotion High-tech Co. Ltd., Class A(a)

    446,423       3,063,346  

Great Wall Motor Co. Ltd., Class A

    574,400       3,354,738  

Great Wall Motor Co. Ltd., Class H

    11,314,500       23,820,419  

Gree Electric Appliances Inc. of Zhuhai, Class A

    231,000       1,344,648  

Greenland Holdings Corp. Ltd., Class A

    2,667,228       1,828,353  

Greentown China Holdings Ltd.

    3,351,500       5,034,231  

Greentown Service Group Co. Ltd.

    5,458,000       5,482,685  

Guangdong Haid Group Co. Ltd., Class A

    436,927       4,573,954  

Guangdong Investment Ltd.

    10,970,110       14,762,418  

Guangzhou Automobile Group Co. Ltd., Class H

    11,021,838       10,912,191  

Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A

    632,196       2,981,433  

Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A

    132,984       1,772,615  

Guangzhou R&F Properties Co. Ltd., Class H(c)

    5,790,400       2,464,974  

Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A

    176,391       2,402,311  

Guangzhou Tinci Materials Technology Co. Ltd., Class A

    256,800       4,358,222  

Guosen Securities Co. Ltd., Class A

    2,357,642       3,878,485  

Guotai Junan Securities Co. Ltd., Class A

    2,365,540       6,283,506  

Haidilao International Holding Ltd.(b)(c)

    4,053,000       9,332,756  

Haier Smart Home Co. Ltd., Class A

    1,802,741       7,308,375  

Haier Smart Home Co. Ltd., Class H

    7,995,000           28,015,116  

Haitian International Holdings Ltd.

    2,543,000       6,775,313  

Haitong Securities Co. Ltd., Class A

    3,086,001       5,509,751  

Haitong Securities Co. Ltd., Class H

    8,440,000       7,262,524  

Hangzhou First Applied Material Co. Ltd., Class A

    248,100       4,708,341  

Hangzhou Robam Appliances Co. Ltd., Class A

    347,764       1,839,367  

Hangzhou Silan Microelectronics Co. Ltd., Class A

    365,300       3,339,122  

Hangzhou Tigermed Consulting Co. Ltd., Class A

    151,000       2,449,750  

Hangzhou Tigermed Consulting Co. Ltd., Class H(b)

    358,600       4,034,626  

Hansoh Pharmaceutical Group Co. Ltd.(b)

    4,352,000       9,290,187  

Hello Group Inc., ADR

    573,572       5,466,141  

Henan Shuanghui Investment & Development Co. Ltd., Class A

    775,800       3,550,374  

Hengan International Group Co. Ltd.

    2,388,500       12,666,866  

Hengli Petrochemical Co. Ltd., Class A

    1,392,191       5,537,629  

Hengyi Petrochemical Co. Ltd., Class A

    1,309,829       2,088,688  

Hithink RoyalFlush Information Network Co. Ltd., Class A

    143,100       2,457,650  

Hopson Development Holdings Ltd.

    2,725,100       5,609,764  

Hoshine Silicon Industry Co. Ltd., Class A

    120,500       2,866,310  

Hua Hong Semiconductor Ltd.(a)(b)

    1,948,000       10,148,630  

Huabao International Holdings Ltd.(c)

    3,522,000       2,020,599  

Huadong Medicine Co. Ltd., Class A

    479,105       2,890,485  

Huafon Chemical Co. Ltd., Class A

    1,358,600       2,077,940  

Hualan Biological Engineering Inc., Class A

    467,783       1,910,043  

Huaneng Power International Inc., Class H

    16,590,000       9,738,589  

Huatai Securities Co. Ltd., Class A

    2,548,409       6,423,004  

Huatai Securities Co. Ltd., Class H(b)

    4,493,000       7,356,399  

Huaxia Bank Co. Ltd., Class A

    4,157,080       3,710,751  

 

 

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

  13


Schedule of Investments  (unaudited) (continued)

February 28, 2022

  

iShares® MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
China (continued)            

Huaxin Cement Co. Ltd., Class A

    462,806     $ 1,505,798  

Huayu Automotive Systems Co. Ltd., Class A

    837,468       3,378,149  

Huazhu Group Ltd., ADR(a)

    661,842       27,373,785  

Huizhou Desay Sv Automotive Co. Ltd., Class A

    125,900       2,652,114  

Hundsun Technologies Inc., Class A

    409,644       3,404,485  

Hutchmed China Ltd, ADR(a)(c)

    325,704       8,875,434  

Hygeia Healthcare Holdings Co. Ltd.(b)(c)

    1,290,800       7,047,025  

Iflytek Co. Ltd., Class A

    575,475       4,496,919  

I-Mab, ADR(a)

    147,512       3,646,497  

Imeik Technology Development Co. Ltd., Class A

    51,600       3,988,005  

Industrial & Commercial Bank of China Ltd., Class A

    14,503,562       10,714,745  

Industrial & Commercial Bank of China Ltd., Class H

    205,425,085       122,629,544  

Industrial Bank Co. Ltd., Class A

    4,694,122       16,445,252  

Industrial Securities Co. Ltd., Class A

    2,098,451       2,729,518  

Ingenic Semiconductor Co. Ltd., Class A

    128,400       2,278,111  

Inner Mongolia BaoTou Steel Union Co. Ltd., Class A(a)

    11,204,200       4,782,224  

Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A

    2,258,300       1,777,531  

Inner Mongolia Yili Industrial Group Co. Ltd., Class A

    1,522,470       9,549,548  

Innovent Biologics Inc.(a)(b)

    4,298,000       19,396,789  

Inspur Electronic Information Industry Co. Ltd., Class A

    503,090       2,630,688  

Intco Medical Technology Co. Ltd., Class A

    153,550       1,245,309  

iQIYI Inc., ADR(a)(c)

    1,028,337       4,257,315  

JA Solar Technology Co. Ltd., Class A

    384,800       5,829,814  

Jafron Biomedical Co. Ltd., Class A

    212,956       1,550,105  

JCET Group Co. Ltd., Class A

    509,700       2,277,017  

JD Health International Inc.(a)(b)

    1,287,850       9,612,140  

JDcom Inc, Class A(a)

    7,386,596           263,844,937  

Jiangsu Eastern Shenghong Co. Ltd., Class A

    1,006,700       3,055,004  

Jiangsu Expressway Co. Ltd., Class H

    5,040,000       5,392,508  

Jiangsu Hengli Hydraulic Co. Ltd., Class A

    331,988       3,538,660  

Jiangsu Hengrui Medicine Co. Ltd., Class A

    1,445,441       9,205,253  

Jiangsu King’s Luck Brewery JSC Ltd., Class A

    338,786       2,810,700  

Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A

    343,650       9,013,609  

Jiangxi Copper Co. Ltd., Class A

    761,200       2,698,323  

Jiangxi Copper Co. Ltd., Class H

    3,917,000       7,050,601  

Jiangxi Zhengbang Technology Co. Ltd., Class A

    1,058,624       1,159,107  

Jinke Properties Group Co. Ltd., Class A

    1,688,282       1,202,708  

Jinmao Property Services Co. Ltd.

    316,223       80,365  

Jinxin Fertility Group Ltd.(a)(b)(c)

    4,783,500       5,593,258  

JiuGui Liquor Co. Ltd., Class A

    87,300       2,372,238  

Jiumaojiu International Holdings Ltd.(b)(c)

    2,722,000       6,114,975  

Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A

    261,625       1,435,098  

JOYY Inc., ADR

    203,450       9,417,701  

Juewei Food Co. Ltd., Class A

    195,014       1,638,085  

Kanzhun Ltd.(a)(c)

    311,765       10,070,009  

KE Holdings Inc., ADR(a)

    1,312,254       25,470,850  

Kingboard Holdings Ltd.

    2,598,500       12,156,167  

Kingboard Laminates Holdings Ltd.

    3,812,500       6,352,946  

Kingdee International Software Group Co. Ltd.(a)(c)

    9,645,000       23,838,985  

Kingfa Sci & Tech Co. Ltd., Class A

    819,600       1,401,060  

Kingsoft Cloud Holdings Ltd., ADR(a)(c)

    383,117       2,582,209  

Kingsoft Corp. Ltd.

    3,554,800       13,294,267  
Security   Shares     Value  
China (continued)            

Kuaishou Technology(a)(b)

    1,751,300     $ 20,266,764  

Kunlun Energy Co. Ltd.

    14,734,000       14,493,591  

Kweichow Moutai Co. Ltd., Class A

    277,687       78,971,200  

KWG Group Holdings Ltd.

    4,702,000       2,201,587  

LB Group Co. Ltd., Class A

    637,800       2,694,034  

Lee & Man Paper Manufacturing Ltd.

    5,282,000       3,395,560  

Legend Biotech Corp., ADR(a)

    170,260       6,740,593  

Lenovo Group Ltd.(c)

    26,818,000       29,863,692  

Lens Technology Co. Ltd., Class A

    1,257,900       2,909,973  

Lepu Medical Technology Beijing Co. Ltd., Class A

    540,435       1,845,802  

Li Auto Inc., ADR(a)

    2,044,911       62,267,540  

Li Ning Co. Ltd.

    8,700,500       86,901,892  

Lingyi iTech Guangdong Co., Class A(a)

    2,326,580       2,220,493  

Logan Group Co. Ltd.(c)

    5,017,000       1,669,209  

Longfor Group Holdings Ltd.(b)

    6,719,500       35,932,682  

LONGi Green Energy Technology Co. Ltd., Class A

    1,227,037       15,273,543  

Lufax Holding Ltd., ADR(a)

    1,837,712       11,889,997  

Luxshare Precision Industry Co. Ltd., Class A

    1,624,746       11,267,749  

Luzhou Laojiao Co. Ltd., Class A

    331,039       11,433,474  

Mango Excellent Media Co. Ltd., Class A

    461,700       2,515,786  

Maxscend Microelectronics Co. Ltd., Class A

    84,140       3,615,737  

Meinian Onehealth Healthcare Holdings Co. Ltd., Class A(a)

    1,206,080       1,374,982  

Meituan, Class B(a)(b)

    15,006,100           333,362,873  

Metallurgical Corp. of China Ltd., Class A

    4,828,090       3,131,400  

Microport Scientific Corp.

    2,385,100       6,634,349  

Ming Yang Smart Energy Group Ltd., Class A

    565,800       2,326,583  

Ming Yuan Cloud Group Holdings Ltd.

    2,148,000       4,239,470  

Minth Group Ltd.

    2,852,000       10,312,275  

MMG Ltd.(a)

    11,948,000       4,327,919  

Montage Technology Co. Ltd., Class A

    218,200       2,670,159  

Muyuan Foods Co. Ltd., Class A

    1,185,999       10,791,582  

Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A

    386,326       2,130,762  

Nanjing Securities Co. Ltd., Class A

    1,495,700       2,104,825  

NARI Technology Co. Ltd., Class A

    1,381,238       7,795,980  

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

    592,200       2,301,631  

NAURA Technology Group Co. Ltd., Class A

    126,500       6,132,205  

NavInfo Co. Ltd., Class A(a)

    689,000       1,875,940  

NetEase Inc.

    7,598,450       146,966,922  

New China Life Insurance Co. Ltd., Class A

    749,892       4,537,243  

New China Life Insurance Co. Ltd., Class H

    2,510,400       7,184,446  

New Hope Liuhe Co. Ltd., Class A(a)

    1,159,997       2,837,736  

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

    5,609,951       8,471,026  

Nine Dragons Paper Holdings Ltd.

    6,200,000       5,939,394  

Ninestar Corp., Class A

    476,438       3,791,288  

Ningbo Joyson Electronic Corp., Class A

    404,100       1,165,607  

Ningbo Tuopu Group Co. Ltd., Class A

    307,500       2,972,237  

Ningxia Baofeng Energy Group Co. Ltd., Class A

    1,582,100       4,406,773  

NIO Inc., ADR(a)

    4,822,371       110,142,954  

Noah Holdings Ltd., ADR(a)(c)

    127,115       3,604,981  

Nongfu Spring Co. Ltd., Class H(b)

    6,499,400       40,761,080  

OFILM Group Co. Ltd., Class A(a)

    1,180,465       1,501,317  

Oppein Home Group Inc., Class A

    163,000       3,268,854  

Orient Securities Co. Ltd., Class A

    1,596,586       3,122,954  

Ovctek China Inc., Class A

    226,600       1,479,024  

People’s Insurance Co. Group of China Ltd. (The), Class A

    3,678,300       2,704,084  

 

 

14  

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


Schedule of Investments  (unaudited) (continued)

February 28, 2022

  

iShares® MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
China (continued)            

People’s Insurance Co. Group of China Ltd. (The), Class H

    24,554,000     $ 7,896,210  

Perfect World Co. Ltd., Class A

    551,800       1,158,812  

PetroChina Co. Ltd., Class A

    4,961,900       4,574,648  

PetroChina Co. Ltd., Class H

    78,404,000       41,995,191  

Pharmaron Beijing Co. Ltd., Class A

    177,900       3,414,200  

Pharmaron Beijing Co. Ltd., Class H(b)

    469,800       5,695,876  

PICC Property & Casualty Co. Ltd., Class H

    25,529,192       26,948,266  

Pinduoduo Inc., ADR(a)

    1,607,043       83,341,250  

Ping An Bank Co. Ltd., Class A

    4,360,567       10,911,554  

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

    1,711,400       5,303,479  

Ping An Insurance Group Co. of China Ltd., Class A

    2,555,584       20,600,836  

Ping An Insurance Group Co. of China Ltd., Class H

    23,029,000           178,559,091  

Poly Developments and Holdings Group Co. Ltd., Class A

    2,844,484       7,123,868  

Postal Savings Bank of China Co. Ltd., Class A

    6,616,500       5,861,330  

Postal Savings Bank of China Co. Ltd., Class H(b)

    28,933,000       23,756,420  

Power Construction Corp. of China Ltd., Class A

    3,688,000       4,503,004  

Powerlong Real Estate Holdings Ltd.

    5,478,000       2,625,716  

RiseSun Real Estate Development Co. Ltd., Class A

    2,254,900       1,408,413  

RLX Technology Inc., ADR(a)(c)

    2,028,213       6,246,896  

Rongsheng Petrochemical Co. Ltd., Class A

    2,383,858       7,164,016  

SAIC Motor Corp. Ltd., Class A

    1,936,506       5,584,015  

Sangfor Technologies Inc., Class A

    108,800       2,523,531  

Sany Heavy Equipment International Holdings Co. Ltd.

    4,459,000       4,623,968  

Sany Heavy Industry Co. Ltd., Class A

    1,996,952       6,240,126  

Satellite Chemical Co. Ltd., Class A

    502,200       3,601,112  

SDIC Capital Co. Ltd., Class A

    2,521,408       2,966,711  

SDIC Power Holdings Co. Ltd., Class A

    2,109,090       3,345,536  

Seazen Group Ltd.

    7,544,000       3,980,639  

Seazen Holdings Co. Ltd., Class A

    573,373       2,742,470  

SF Holding Co. Ltd., Class A

    1,102,835       10,581,135  

SG Micro Corp., Class A

    62,924       3,482,625  

Shaanxi Coal Industry Co. Ltd., Class A

    2,493,076       5,632,502  

Shandong Gold Mining Co. Ltd., Class A

    1,122,056       3,662,625  

Shandong Gold Mining Co. Ltd.,
Class H(b)(c)

    2,334,500       4,383,716  

Shandong Hualu Hengsheng Chemical Co. Ltd., Class A

    584,780       3,285,080  

Shandong Linglong Tyre Co. Ltd., Class A

    399,300       1,777,867  

Shandong Weigao Group Medical Polymer Co. Ltd., Class H

    9,258,400       12,783,932  

Shanghai Bairun Investment Holding Group Co. Ltd., Class A

    210,980       1,520,394  

Shanghai Baosight Software Co. Ltd., Class A

    325,939       2,788,120  

Shanghai Baosight Software Co. Ltd., Class B

    1,590,047       6,866,704  

Shanghai Construction Group Co. Ltd., Class A

    3,004,052       1,557,745  

Shanghai Electric Group Co. Ltd., Class A

    4,062,600       2,843,287  

Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A

    523,100       3,527,008  

Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H

    1,757,000       7,044,707  

Shanghai International Airport Co. Ltd., Class A(a)

    270,198       2,247,922  

Shanghai International Port Group Co. Ltd., Class A

    2,983,799       2,700,977  

Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B

    4,784,106       4,262,638  
Security   Shares     Value  
China (continued)            

Shanghai M&G Stationery Inc., Class A

    268,737     $ 2,316,508  

Shanghai Pharmaceuticals Holding Co. Ltd., Class A

    988,200       2,935,060  

Shanghai Pharmaceuticals Holding Co. Ltd., Class H

    2,815,900       5,082,879  

Shanghai Pudong Development Bank Co. Ltd., Class A

    6,933,022       9,228,405  

Shanghai Putailai New Energy Technology Co. Ltd., Class A

    185,700       4,319,842  

Shanghai RAAS Blood Products Co. Ltd., Class A

    2,380,300       2,520,947  

Shanxi Meijin Energy Co. Ltd., Class A(a)

    1,171,800       2,678,520  

Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A

    279,100       12,990,144  

Shengyi Technology Co. Ltd., Class A

    739,900       2,288,030  

Shennan Circuits Co. Ltd., Class A

    134,340       2,504,287  

Shenwan Hongyuan Group Co. Ltd., Class A

    6,058,670       4,411,741  

Shenzhen Goodix Technology Co. Ltd., Class A

    122,700       1,776,876  

Shenzhen Inovance Technology Co. Ltd., Class A

    642,297       6,537,183  

Shenzhen International Holdings Ltd.

    4,568,500       4,707,298  

Shenzhen Kangtai Biological Products Co. Ltd., Class A

    169,786       2,269,619  

Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A

    273,532       14,223,882  

Shenzhen Overseas Chinese Town Co. Ltd., Class A

    2,327,800       2,546,612  

Shenzhen Sunway Communication Co. Ltd., Class A

    393,340       1,330,698  

Shenzhen Transsion Holding Co. Ltd., Class A

    187,189       4,012,971  

Shenzhou International Group Holdings Ltd.

    3,068,000       51,531,993  

Shimao Group Holdings Ltd.(c)

    4,449,500       2,670,136  

Shimao Services Holdings Ltd.(b)(c)

    3,537,000       2,584,912  

Sichuan Chuantou Energy Co. Ltd., Class A

    1,305,060       2,489,902  

Sichuan Kelun Pharmaceutical Co. Ltd., Class A

    795,978       2,193,715  

Sichuan Swellfun Co. Ltd., Class A

    134,693       2,131,219  

Silergy Corp.

    294,000       39,175,834  

Sino Biopharmaceutical Ltd.

    38,458,750       24,550,709  

Sinoma Science & Technology Co. Ltd., Class A

    487,100       2,316,957  

Sinopharm Group Co. Ltd., Class H

    4,917,600       11,921,163  

Sinotruk Hong Kong Ltd.

    2,570,000       3,836,154  

Skshu Paint Co. Ltd., Class A

    113,340       1,595,814  

Smoore International Holdings Ltd.(b)

    6,628,000       24,603,500  

Songcheng Performance Development Co. Ltd., Class A

    868,913       2,132,116  

StarPower Semiconductor Ltd., Class A

    45,600       2,629,705  

Sun Art Retail Group Ltd.

    6,903,500       2,490,659  

Sunac China Holdings Ltd.

    11,705,000       9,567,658  

Sunac Services Holdings Ltd.(a)(b)

    3,900,000       3,333,199  

Sungrow Power Supply Co. Ltd., Class A

    340,200       6,587,632  

Suningcom Co Ltd, Class A(a)

    3,094,438       1,765,231  

Sunny Optical Technology Group Co. Ltd.

    2,637,100       63,195,334  

Sunwoda Electronic Co. Ltd., Class A

    467,700       2,743,440  

Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A

    580,200       2,050,463  

Suzhou Maxwell Technologies Co. Ltd., Class A

    31,000       2,706,549  

TAL Education Group, ADR(a)(c)

    1,543,156       4,382,563  

TBEA Co. Ltd., Class A

    965,100       3,109,853  

TCL Technology Group Corp., Class A

    3,780,855       3,341,504  

Tencent Holdings Ltd.

    21,119,800           1,139,652,104  

Tencent Music Entertainment Group, ADR(a)

    2,440,372       13,153,605  

Thunder Software Technology Co. Ltd., Class A

    121,387       2,704,216  

 

 

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

  15


Schedule of Investments  (unaudited) (continued)

February 28, 2022

  

iShares® MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
China (continued)            

Tianjin Zhonghuan Semiconductor Co. Ltd., Class A

    785,293     $ 6,012,486  

Tianma Microelectronics Co. Ltd., Class A

    2,006,123       3,727,876  

Tingyi Cayman Islands Holding Corp.

    7,494,000       16,579,741  

Tongcheng Travel Holdings Ltd.(a)

    3,840,800       7,153,291  

Tongkun Group Co. Ltd., Class A

    681,600       2,376,588  

Tongwei Co. Ltd., Class A

    1,028,684       7,054,956  

Topchoice Medical Corp., Class A(a)

    80,300       2,060,231  

Topsports International Holdings Ltd.(b)

    5,935,000       6,169,596  

Transfar Zhilian Co. Ltd., Class A

    1,462,698       1,790,741  

TravelSky Technology Ltd., Class H

    3,596,000       6,773,619  

Trina Solar Co. Ltd.

    103,372       1,264,821  

Trip.com Group Ltd., ADR(a)

    1,873,959       48,385,621  

Tsingtao Brewery Co. Ltd., Class A

    231,400       3,450,083  

Tsingtao Brewery Co. Ltd., Class H

    1,968,000       18,933,814  

Unigroup Guoxin Microelectronics Co. Ltd., Class A

    155,000       5,443,361  

Uni-President China Holdings Ltd.

    5,252,000       5,461,421  

Unisplendour Corp. Ltd., Class A

    748,454       2,609,048  

Venus MedTech Hangzhou Inc.,
Class H(a)(b)(c)

    833,500       2,317,317  

Vinda International Holdings Ltd.

    1,499,000       4,268,005  

Vipshop Holdings Ltd., ADR(a)

    1,642,641       14,241,697  

Walvax Biotechnology Co. Ltd., Class A

    389,747       2,904,782  

Wanhua Chemical Group Co. Ltd., Class A

    732,091       11,084,228  

Want Want China Holdings Ltd.(c)

    18,563,000       19,760,787  

Weibo Corp., ADR(a)(c)

    233,187       6,396,319  

Weichai Power Co. Ltd., Class A

    1,852,844       4,483,093  

Weichai Power Co. Ltd., Class H

    6,854,800       11,599,206  

Weimob Inc.(a)(b)(c)

    7,218,000       4,773,651  

Wens Foodstuffs Group Co. Ltd., Class A(a)

    1,651,370       5,106,715  

Western Securities Co. Ltd., Class A

    2,332,780       2,816,197  

Wharf Holdings Ltd. (The)

    5,214,000       18,864,203  

Will Semiconductor Co. Ltd. Shanghai, Class A

    204,100       8,009,460  

Wingtech Technology Co. Ltd., Class A

    319,200       5,948,550  

Winning Health Technology Group Co. Ltd., Class A

    795,224       1,445,544  

Wuhan Guide Infrared Co. Ltd., Class A

    838,386       2,981,743  

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

    611,088       2,029,386  

Wuliangye Yibin Co. Ltd., Class A

    865,028       26,185,439  

WUS Printed Circuit Kunshan Co. Ltd., Class A

    667,903       1,785,742  

WuXi AppTec Co. Ltd., Class A

    666,429       11,030,918  

WuXi AppTec Co. Ltd., Class H(b)

    1,197,270       17,042,483  

Wuxi Biologics Cayman Inc., New(a)(b)

    13,159,000       108,843,572  

Wuxi Lead Intelligent Equipment Co. Ltd., Class A

    235,080       2,534,153  

Wuxi Shangji Automation Co. Ltd., Class A

    79,100       1,997,045  

XCMG Construction Machinery Co. Ltd., Class A

    2,809,069       2,469,735  

Xiaomi Corp., Class B(a)(b)

    52,254,200       98,353,744  

Xinjiang Goldwind Science & Technology Co. Ltd., Class A

    1,380,793       3,295,883  

Xinjiang Goldwind Science & Technology Co. Ltd., Class H

    2,316,046       3,789,468  

Xinyi Solar Holdings Ltd.(c)

    17,984,000       32,665,522  

XPeng Inc., ADR(a)

    1,437,328       52,275,619  

Yadea Group Holdings Ltd.(b)

    4,574,000       6,785,683  

Yankuang Energy Group Co Ltd, Class H(c)

    6,592,800       16,164,365  

Yankuang Energy Group Co. Ltd., Class A

    545,300       2,736,514  

Yantai Jereh Oilfield Services Group Co. Ltd., Class A

    324,998       2,328,353  

Yealink Network Technology Corp. Ltd., Class A

    271,780       3,294,533  
Security   Shares     Value  
China (continued)            

Yifeng Pharmacy Chain Co. Ltd., Class A

    250,756     $ 1,970,985  

Yihai International Holding Ltd.(c)

    1,759,000       7,359,828  

Yihai Kerry Arawana Holdings Co. Ltd., Class A

    339,500       2,888,170  

Yonghui Superstores Co. Ltd., Class A

    3,051,400       1,767,253  

Yonyou Network Technology Co. Ltd., Class A

    853,551       4,259,570  

Yuexiu Property Co. Ltd.

    5,267,000       5,268,426  

Yum China Holdings Inc.

    1,567,027       81,516,745  

Yunda Holding Co. Ltd., Class A

    807,304       2,486,524  

Yunnan Baiyao Group Co. Ltd., Class A

    316,001       4,514,800  

Yunnan Energy New Material Co. Ltd., Class A

    217,200       9,001,235  

Zai Lab Ltd., ADR(a)

    283,080       15,484,476  

Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A

    141,050       8,120,087  

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

    2,131,878       2,210,427  

Zhejiang Chint Electrics Co. Ltd., Class A

    546,823       4,358,363  

Zhejiang Dahua Technology Co. Ltd., Class A

    954,184       2,841,334  

Zhejiang Expressway Co. Ltd., Class H

    5,948,000       5,365,735  

Zhejiang Huahai Pharmaceutical Co. Ltd., Class A

    481,504       1,765,393  

Zhejiang Huayou Cobalt Co. Ltd., Class A

    295,058       5,835,459  

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

    342,600       3,550,821  

Zhejiang Longsheng Group Co. Ltd., Class A

    1,242,200       2,428,310  

Zhejiang NHU Co. Ltd., Class A

    781,573       4,212,471  

Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A

    727,717       2,328,304  

Zhejiang Supor Co. Ltd., Class A

    194,782       1,564,183  

Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A

    156,847       1,135,985  

Zheshang Securities Co. Ltd., Class A

    1,095,500       2,010,274  

ZhongAn Online P&C Insurance Co. Ltd., Class H(a)(b)(c)

    1,854,400       6,103,635  

Zhongji Innolight Co. Ltd., Class A

    279,300       1,702,717  

Zhongsheng Group Holdings Ltd.

    2,275,000       15,886,149  

Zhuzhou CRRC Times Electric Co. Ltd.

    2,052,200       10,697,135  

Zijin Mining Group Co. Ltd., Class A

    5,223,500       9,348,279  

Zijin Mining Group Co. Ltd., Class H

    20,604,000       30,580,074  

Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A

    2,099,554       2,351,958  

Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H

    4,408,000       2,932,217  

ZTE Corp., Class A

    910,800       4,214,890  

ZTE Corp., Class H

    2,770,400       6,825,008  

ZTO Express Cayman Inc., ADR

    1,597,542       47,031,636  
   

 

 

 
          8,811,747,162  
Colombia — 0.1%            

Bancolombia SA

    912,364       9,047,154  

Ecopetrol SA

    18,473,544       15,310,921  

Grupo de Inversiones Suramericana SA

    518,322       4,206,342  

Interconexion Electrica SA ESP

    1,700,373       10,495,050  
   

 

 

 
      39,059,467  
Czech Republic — 0.2%            

CEZ AS

    603,383       22,976,723  

Komercni Banka AS(a)

    278,444       10,954,101  

Moneta Money Bank AS(b)

    1,440,513       5,703,712  
   

 

 

 
      39,634,536  
Egypt — 0.1%            

Commercial International Bank Egypt SAE(a)

    6,154,530       18,745,569  

Eastern Co. SAE

    3,915,652       2,707,100  

 

 

16  

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


Schedule of Investments  (unaudited) (continued)

February 28, 2022

  

iShares® MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Egypt (continued)            

Fawry for Banking & Payment Technology
Services SAE(a)

    1,975,027     $ 1,218,659  
   

 

 

 
      22,671,328  
Greece — 0.2%            

Alpha Services and Holdings SA(a)

    8,198,649       11,187,381  

Eurobank Ergasias Services and Holdings SA, Class A(a)

    9,691,458       10,616,321  

FF Group(a)(d)

    246,892       2,768  

Hellenic Telecommunications Organization SA

    835,654       16,714,728  

JUMBO SA

    411,364       5,910,160  

OPAP SA

    741,269       10,803,789  

Public Power Corp. SA(a)

    795,797       7,565,063  
   

 

 

 
          62,800,210  
Hungary — 0.2%            

MOL Hungarian Oil & Gas PLC

    1,481,515       11,556,261  

OTP Bank Nyrt(a)

    826,543       31,540,222  

Richter Gedeon Nyrt

    518,502       10,886,821  
   

 

 

 
      53,983,304  
India — 12.4%            

ACC Ltd.

    284,979       7,937,542  

Adani Enterprises Ltd.

    1,034,394       22,747,074  

Adani Green Energy Ltd.(a)

    1,441,223       35,464,265  

Adani Ports & Special Economic Zone Ltd.

    1,866,385       17,647,936  

Adani Total Gas Ltd.

    1,023,423       21,576,130  

Adani Transmission Ltd.(a)

    1,015,547       28,939,682  

Ambuja Cements Ltd.

    2,580,450       10,814,934  

Apollo Hospitals Enterprise Ltd.

    373,970       23,935,924  

Asian Paints Ltd.

    1,406,698       59,448,623  

Aurobindo Pharma Ltd.

    1,047,965       8,723,731  

Avenue Supermarts Ltd.(a)(b)

    600,541       34,743,892  

Axis Bank Ltd.(a)

    8,283,592       82,182,742  

Bajaj Auto Ltd.

    246,273       11,589,025  

Bajaj Finance Ltd.

    996,556       93,302,760  

Bajaj Finserv Ltd.

    142,585       30,568,582  

Balkrishna Industries Ltd.

    332,949       8,096,211  

Bandhan Bank Ltd.(b)

    2,338,164       9,563,858  

Berger Paints India Ltd.

    889,298       8,167,626  

Bharat Electronics Ltd.

    4,500,582       12,647,924  

Bharat Forge Ltd.

    880,561       7,976,759  

Bharat Petroleum Corp. Ltd.

    3,095,945       14,440,862  

Bharti Airtel Ltd.(a)

    9,065,297       82,895,723  

Biocon Ltd.(a)

    1,467,566       6,820,646  

Britannia Industries Ltd.

    390,870       17,841,334  

Cholamandalam Investment and Finance Co. Ltd.

    1,534,897       14,160,223  

Cipla Ltd.

    1,756,904       21,624,048  

Coal India Ltd.

    5,488,169       12,413,363  

Colgate-Palmolive India Ltd.

    409,712       7,903,935  

Container Corp. of India Ltd.

    899,808       7,201,687  

Dabur India Ltd.

    2,207,419       16,549,973  

Divi’s Laboratories Ltd.

    490,118       27,854,139  

DLF Ltd.

    2,321,252       10,891,950  

Dr. Reddy’s Laboratories Ltd.

    420,974       22,729,683  

Eicher Motors Ltd.

    489,867       16,920,227  

GAIL India Ltd.

    5,574,503       10,778,898  

Godrej Consumer Products Ltd.(a)

    1,327,981       13,581,164  

Godrej Properties Ltd.(a)

    462,966       9,274,158  

Grasim Industries Ltd.

    1,009,517       21,543,729  

Havells India Ltd.

    929,636       14,686,783  

HCL Technologies Ltd.

    3,965,802       59,634,667  
Security   Shares     Value  
India (continued)            

HDFC Asset Management Co. Ltd.(b)

    174,006     $ 4,838,588  

HDFC Life Insurance Co. Ltd.(b)

    3,253,943       22,682,982  

Hero MotoCorp Ltd.

    425,224       14,404,107  

Hindalco Industries Ltd.

    5,891,397       45,276,117  

Hindustan Petroleum Corp. Ltd.

    2,310,995       8,407,017  

Hindustan Unilever Ltd.

    3,000,744       86,776,453  

Housing Development Finance Corp. Ltd.

    6,295,479       198,973,649  

ICICI Bank Ltd.

    18,834,704       186,552,721  

ICICI Lombard General Insurance Co. Ltd.(b)

    807,057       13,583,755  

ICICI Prudential Life Insurance Co. Ltd.(b)

    1,320,396       8,435,340  

Indian Oil Corp. Ltd.

    6,572,406       10,087,938  

Indian Railway Catering & Tourism Corp. Ltd.

    920,267       9,985,747  

Indraprastha Gas Ltd.

    1,000,665       4,626,630  

Indus Towers Ltd.(a)

    2,478,406       7,113,542  

Info Edge India Ltd.

    287,006       17,060,742  

Infosys Ltd.

    12,327,400           280,939,803  

InterGlobe Aviation Ltd.(a)(b)

    351,360       8,795,926  

ITC Ltd.

    10,612,654       30,558,136  

JSW Steel Ltd.

    3,153,444       26,456,545  

Jubilant Foodworks Ltd.

    294,859       11,463,915  

Kotak Mahindra Bank Ltd.

    2,014,748       49,595,223  

Larsen & Toubro Infotech Ltd.(b)

    195,173       15,254,123  

Larsen & Toubro Ltd.

    2,515,812       60,990,043  

Lupin Ltd.

    808,277       8,029,826  

Mahindra & Mahindra Ltd.

    3,198,098       33,761,234  

Marico Ltd.

    1,859,147       12,727,867  

Maruti Suzuki India Ltd.

    496,363       55,013,678  

Mindtree Ltd.

    247,860       12,861,670  

Motherson Sumi Systems Ltd.

    4,633,702       9,316,243  

Motherson Sumi Wiring India Ltd.(a)

    4,658,512       2,873,102  

Mphasis Ltd.

    312,901       12,999,562  

MRF Ltd.

    6,919       6,054,159  

Muthoot Finance Ltd.

    453,406       8,214,554  

Nestle India Ltd.

    122,351       28,734,714  

NTPC Ltd.

    17,724,217       31,551,451  

Oil & Natural Gas Corp. Ltd.

    9,252,385       19,927,457  

Page Industries Ltd.

    20,889       11,758,286  

Petronet LNG Ltd.

    2,676,871       7,681,304  

PI Industries Ltd.

    316,543       10,417,880  

Pidilite Industries Ltd.

    570,558       18,264,516  

Piramal Enterprises Ltd.

    439,328       12,145,442  

Power Grid Corp. of India Ltd.

    11,508,961       32,046,885  

Reliance Industries Ltd.

    10,456,819       329,198,442  

SBI Cards & Payment Services Ltd.(a)

    839,297       8,800,008  

SBI Life Insurance Co. Ltd.(b)

    1,663,951       23,529,906  

Shree Cement Ltd.

    39,336       12,806,012  

Shriram Transport Finance Co. Ltd.

    743,300       11,172,554  

Siemens Ltd.

    272,206       8,515,895  

SRF Ltd.

    556,699       17,716,583  

State Bank of India

    6,519,787       42,119,154  

Sun Pharmaceutical Industries Ltd.

    3,069,207       34,477,711  

Tata Consultancy Services Ltd.

    3,376,386       159,945,222  

Tata Consumer Products Ltd.

    2,238,495       21,434,481  

Tata Motors Ltd.(a)

    6,103,291       36,999,257  

Tata Power Co. Ltd. (The)

    5,370,757       16,015,680  

Tata Steel Ltd.

    2,676,927       43,831,267  

Tech Mahindra Ltd.

    2,317,605       43,635,407  

Titan Co. Ltd.

    1,313,243       44,606,260  

Torrent Pharmaceuticals Ltd.

    190,223       6,961,994  

Trent Ltd.

    694,746       10,274,742  

 

 

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

  17



Schedule of Investments  (unaudited) (continued)

February 28, 2022

  

iShares® MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
India (continued)            

UltraTech Cement Ltd.

    370,398     $ 32,417,886  

United Spirits Ltd.(a)

    1,093,194       12,908,087  

UPL Ltd.

    1,842,832       16,378,122  

Vedanta Ltd.

    4,175,840       21,253,702  

Wipro Ltd.

    4,997,394       36,954,458  

Yes Bank Ltd.(a)

    40,654,758       7,182,159  

Zomato Ltd.(a)

    5,802,990       6,199,495  
   

 

 

 
          3,408,395,768  
Indonesia — 1.7%            

Adaro Energy Tbk PT

    55,647,100       9,534,102  

Aneka Tambang Tbk

    32,146,300       5,008,341  

Astra International Tbk PT

    74,224,300       30,100,547  

Bank Central Asia Tbk PT

    202,706,400       114,441,083  

Bank Jago Tbk PT(a)

    12,194,600       13,795,378  

Bank Mandiri Persero Tbk PT

    68,339,700       36,947,249  

Bank Negara Indonesia Persero Tbk PT

    27,438,676       15,374,260  

Bank Rakyat Indonesia Persero Tbk PT

    249,078,808       79,645,475  

Barito Pacific Tbk PT

    106,537,700       6,643,186  

Charoen Pokphand Indonesia Tbk PT

    27,450,345       11,115,218  

Gudang Garam Tbk PT

    1,656,100       3,629,199  

Indah Kiat Pulp & Paper Tbk PT

    10,335,800       5,840,934  

Indocement Tunggal Prakarsa Tbk PT

    5,544,000       4,247,169  

Indofood CBP Sukses Makmur Tbk PT

    8,306,000       4,923,672  

Indofood Sukses Makmur Tbk PT

    15,849,700       6,855,446  

Kalbe Farma Tbk PT

    78,373,815       8,973,684  

Merdeka Copper Gold Tbk PT(a)

    46,142,800       12,494,330  

Sarana Menara Nusantara Tbk PT

    88,229,600       6,380,253  

Semen Indonesia Persero Tbk PT

    10,984,800       5,548,764  

Telkom Indonesia Persero Tbk PT

    182,560,500       55,117,370  

Tower Bersama Infrastructure Tbk PT

    30,990,600       6,373,198  

Unilever Indonesia Tbk PT

    26,844,800       6,907,863  

United Tractors Tbk PT

    6,179,853       10,783,747  
   

 

 

 
      460,680,468  
Kuwait — 0.7%            

Agility Public Warehousing Co. KSC

    4,501,923       15,321,540  

Boubyan Bank KSCP(a)

    4,589,198       12,493,773  

Kuwait Finance House KSCP

    17,136,336       53,606,058  

Mabanee Co. KPSC(a)

    2,280,145       6,385,611  

Mobile Telecommunications Co. KSCP

    7,321,465       15,010,672  

National Bank of Kuwait SAKP

    24,902,860       87,296,038  
   

 

 

 
      190,113,692  
Malaysia — 1.5%            

AMMB Holdings Bhd(a)

    6,707,975       5,379,753  

Axiata Group Bhd

    10,322,500       9,662,362  

CIMB Group Holdings Bhd

    24,180,100       32,937,978  

Dialog Group Bhd

    14,645,612       9,866,957  

DiGi.Com Bhd

    11,747,300       11,356,753  

Fraser & Neave Holdings Bhd(c)

    556,600       2,996,108  

Genting Bhd

    7,739,200       8,578,558  

Genting Malaysia Bhd

    11,326,500       8,106,569  

HAP Seng Consolidated Bhd(c)

    2,390,500       4,315,825  

Hartalega Holdings Bhd(c)

    6,164,100       6,782,932  

Hong Leong Bank Bhd

    2,315,300       11,084,411  

Hong Leong Financial Group Bhd

    939,700       4,324,164  

IHH Healthcare Bhd

    6,477,600       10,162,548  

Inari Amertron Bhd

    10,940,700       8,471,091  

IOI Corp. Bhd

    8,887,820       9,765,975  

Kuala Lumpur Kepong Bhd

    1,610,300       9,972,085  

Malayan Banking Bhd

    16,674,100       34,839,826  
Security   Shares     Value  
Malaysia (continued)            

Malaysia Airports Holdings Bhd(a)

    4,085,000     $ 5,983,744  

Maxis Bhd(c)

    8,637,900       8,281,492  

MISC Bhd

    4,607,000       8,080,445  

Nestle Malaysia Bhd

    266,200       8,506,821  

Petronas Chemicals Group Bhd

    8,982,600       20,432,019  

Petronas Dagangan Bhd

    1,160,600       5,948,818  

Petronas Gas Bhd

    2,869,800       11,913,685  

PPB Group Bhd

    2,507,060       10,712,554  

Press Metal Aluminium Holdings Bhd

    12,517,800       20,363,600  

Public Bank Bhd

    52,912,750       56,195,735  

QL Resources Bhd

    4,296,800       5,065,895  

RHB Bank Bhd

    6,398,225       9,016,989  

Sime Darby Bhd

    9,564,973       5,179,803  

Sime Darby Plantation Bhd

    6,369,473       7,472,907  

Telekom Malaysia Bhd

    4,323,800       5,211,011  

Tenaga Nasional Bhd

    7,864,150       17,190,949  

Top Glove Corp. Bhd(c)

    19,344,300       9,445,234  

Westports Holdings Bhd

    3,639,400       3,389,319  
   

 

 

 
      406,994,915  
Mexico — 2.1%            

Alfa SAB de CV, Class A

    10,582,800       7,926,378  

America Movil SAB de CV, Series L, NVS

    112,935,100       102,066,730  

Arca Continental SAB de CV

    1,581,636       10,434,581  

Becle SAB de CV

    1,949,200       4,887,990  

Cemex SAB de CV, NVS(a)

    55,912,573       28,719,314  

Coca-Cola Femsa SAB de CV

    1,922,393       10,557,627  

Fibra Uno Administracion SA de CV

    11,586,800       13,057,143  

Fomento Economico Mexicano SAB de CV

    7,121,900       57,386,219  

Gruma SAB de CV, Class B

    775,190       10,513,380  

Grupo Aeroportuario del Pacifico SAB de CV, Class B

    1,358,000       19,753,029  

Grupo Aeroportuario del Sureste SAB de CV, Class B

    761,480       16,467,316  

Grupo Bimbo SAB de CV, Series A

    5,838,900       17,980,539  

Grupo Carso SAB de CV, Series A1

    1,814,441       5,525,447  

Grupo Financiero Banorte SAB de CV, Class O

    9,516,056       64,369,630  

Grupo Financiero Inbursa SAB de CV, Class O(a)

    8,378,700       13,655,632  

Grupo Mexico SAB de CV, Series B

    11,481,488       58,901,418  

Grupo Televisa SAB de CV, CPO

    8,821,800       18,909,088  

Industrias Penoles SAB de CV

    520,043       6,490,571  

Kimberly-Clark de Mexico SAB de CV, Class A

    5,562,900       7,806,150  

Megacable Holdings SAB de CV, CPO

    1,019,860       3,003,660  

Orbia Advance Corp. SAB de CV

    3,945,734       10,079,625  

Promotora y Operadora de Infraestructura SAB de CV

    707,255       5,530,685  

Telesites SAB de CV(c)

    5,105,100       5,660,701  

Wal-Mart de Mexico SAB de CV

    19,065,600       72,516,491  
   

 

 

 
          572,199,344  
Peru — 0.2%            

Cia. de Minas Buenaventura SAA, ADR(a)

    805,946       7,978,865  

Credicorp Ltd.

    245,352       37,109,490  

Southern Copper Corp.

    312,036       21,652,178  
   

 

 

 
      66,740,533  
Philippines — 0.8%            

Aboitiz Equity Ventures Inc.

    7,503,710       8,766,769  

AC Energy Corp.

    29,425,000       4,878,340  

Ayala Corp.

    1,010,206       16,748,100  

Ayala Land Inc.

    29,195,500       22,256,789  

Bank of the Philippine Islands

    6,049,484       11,823,172  

 

 

18  

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


Schedule of Investments  (unaudited) (continued)

February 28, 2022

  

iShares® MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Philippines (continued)            

BDO Unibank Inc.

    7,164,031     $ 18,154,834  

Globe Telecom Inc.

    102,715       5,161,105  

GT Capital Holdings Inc.

    365,392       4,137,962  

International Container Terminal Services Inc.

    3,830,690       15,735,192  

JG Summit Holdings Inc.

    11,095,223       13,105,144  

Jollibee Foods Corp.

    1,666,639       7,834,211  

Manila Electric Co.

    816,450       5,874,926  

Metro Pacific Investments Corp.

    46,177,500       3,494,251  

Metropolitan Bank & Trust Co.

    6,507,085       7,247,017  

Monde Nissin Corp.(a)(b)

    16,292,500       5,249,700  

PLDT Inc.

    285,583       10,020,749  

SM Investments Corp.

    876,892       15,256,245  

SM Prime Holdings Inc.

    36,400,725       28,410,453  

Universal Robina Corp.

    3,317,630       7,765,079  
   

 

 

 
          211,920,038  
Poland — 0.7%            

Allegro.eu SA(a)(b)(c)

    1,276,780       9,515,314  

Bank Polska Kasa Opieki SA

    682,163       18,714,471  

CD Projekt SA(c)

    252,215       10,017,893  

Cyfrowy Polsat SA

    933,051       6,049,940  

Dino Polska SA(a)(b)

    183,412       12,896,959  

KGHM Polska Miedz SA

    507,345       19,921,908  

LPP SA

    4,163       8,561,796  

mBank SA(a)

    55,890       5,462,239  

Orange Polska SA(a)

    2,481,791       4,605,324  

PGE Polska Grupa Energetyczna SA(a)

    3,086,276       5,986,867  

Polski Koncern Naftowy ORLEN SA

    1,085,130       18,329,834  

Polskie Gornictwo Naftowe i Gazownictwo SA

    6,254,129       8,242,371  

Powszechna Kasa Oszczednosci Bank Polski SA(a)

    3,213,899       30,887,271  

Powszechny Zaklad Ubezpieczen SA

    2,154,675       16,165,774  

Santander Bank Polska SA

    134,099       10,052,633  
   

 

 

 
      185,410,594  
Qatar — 0.9%            

Barwa Real Estate Co.

    6,832,377       6,796,404  

Commercial Bank PSQC (The)

    7,694,493       14,593,803  

Industries Qatar QSC

    5,546,858       27,810,835  

Masraf Al Rayan QSC(a)

    16,725,418       22,913,415  

Mesaieed Petrochemical Holding Co.

    17,052,734       12,477,460  

Ooredoo QPSC

    2,718,823       5,717,447  

Qatar Electricity & Water Co. QSC

    1,706,273       8,424,491  

Qatar Fuel QSC

    1,854,806       9,452,665  

Qatar Gas Transport Co. Ltd.

    9,403,955       9,720,191  

Qatar International Islamic Bank QSC

    2,575,069       7,238,511  

Qatar Islamic Bank SAQ

    4,155,943       24,015,354  

Qatar National Bank QPSC

    16,362,250       97,952,565  
   

 

 

 
      247,113,141  
Russia — 0.6%            

Alrosa PJSC(d)

    9,805,890       2,856,377  

Gazprom PJSC(d)

    43,696,315       35,225,062  

Inter RAO UES PJSC(d)

    121,651,300       1,174,334  

LUKOIL PJSC(d)

    1,533,792       26,773,105  

Magnit PJSC, GDR

    1,230,782       1,953,420  

MMC Norilsk Nickel PJSC(d)

    233,757       15,835,239  

Mobile TeleSystems PJSC, ADR

    1,581,331       8,697,320  

Moscow Exchange MICEX-RTS PJSC(d)

    5,279,850       1,777,080  

Novatek PJSC, GDR

    337,123       12,986,689  

Novolipetsk Steel PJSC(d)

    5,629,360       3,575,117  

Ozon Holdings PLC, ADR(a)(d)

    197,078       722,931  
Security   Shares     Value  
Russia (continued)            

PhosAgro PJSC, GDR

    526,116     $ 3,218,724  

Polymetal International PLC(d)

    1,312,267       3,979,874  

Polyus PJSC(d)

    126,490       4,765,925  

Rosneft Oil Co. PJSC(d)

    4,281,715       4,466,820  

Sberbank of Russia PJSC(d)

    39,606,181       17,506,667  

Severstal PAO(d)

    805,849       3,848,600  

Surgutneftegas PJSC(d)

    26,192,370       1,977,936  

Tatneft PJSC(d)

    5,175,395       6,571,870  

TCS Group Holding PLC, GDR(d)

    445,207       5,127,089  

United Co. RUSAL International PJSC(a)(d)

    11,428,270       2,411,563  

VK Co. Ltd.(a)(d)

    404,870       411,402  

VTB Bank PJSC(d)

    11,783,971,998       787,471  

X5 Retail Group NV, GDR(d)

    424,766       1,827,189  

Yandex NV(a)(d)

    1,127,576       7,371,114  
   

 

 

 
      175,848,918  
Saudi Arabia — 4.0%            

Abdullah Al Othaim Markets Co.

    150,559       4,477,942  

Advanced Petrochemical Co.

    405,908       8,143,726  

Al Rajhi Bank

    4,512,569       193,596,923  

Alinma Bank

    3,662,763       34,730,568  

Almarai Co. JSC

    864,080       11,585,056  

Arab National Bank

    2,207,111       16,499,968  

Bank AlBilad(a)

    1,411,812       22,218,540  

Bank Al-Jazira

    1,573,023       11,302,299  

Banque Saudi Fransi

    2,191,858       31,130,170  

Bupa Arabia for Cooperative Insurance Co.

    225,521       9,779,392  

Co for Cooperative Insurance (The)

    220,855       4,641,676  

Dar Al Arkan Real Estate Development Co.(a)

    2,021,927       5,908,002  

Dr Sulaiman Al Habib Medical Services Group Co.

    203,437       9,303,133  

Emaar Economic City(a)

    1,549,045       5,132,680  

Etihad Etisalat Co.(a)

    1,354,255       12,621,976  

Jarir Marketing Co.

    215,793       12,048,762  

Mobile Telecommunications Co.(a)

    1,535,258       5,514,565  

Mouwasat Medical Services Co.

    185,150       10,270,640  

National Industrialization Co.(a)

    1,351,894       8,189,401  

National Petrochemical Co.

    471,399       5,688,653  

Rabigh Refining & Petrochemical
Co.(a)

    870,740       5,716,201