LOGO

  FEBRUARY 28, 2022

 

 

   

  

2022 Semi-Annual Report

(Unaudited)

 

 

iShares, Inc.

·  iShares MSCI Hong Kong ETF | EWH | NYSE Arca

·  iShares MSCI Japan Small-Cap ETF | SCJ | NYSE Arca

·  iShares MSCI Malaysia ETF | EWM | NYSE Arca

·  iShares MSCI Pacific ex Japan ETF | EPP | NYSE Arca

·  iShares MSCI Singapore ETF | EWS | NYSE Arca

·  iShares MSCI Taiwan ETF | EWT | NYSE Arca

·  iShares MSCI Thailand ETF | THD | NYSE Arca


The Markets in Review

Dear Shareholder,

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

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

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

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

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

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

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

Sincerely,

 

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

 

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

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

  (2.62)%   16.39%
   

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

  (9.46)     (6.01) 
   

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

  (6.78)     2.83  
   

Emerging market equities (MSCI Emerging Markets Index)

  (9.81)     (10.69) 
   

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

  0.02      0.04  
   

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

  (3.94)     (1.67) 
   

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

  (4.07)     (2.64) 
   

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)

  (3.09)     (0.66) 
   

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

  (3.07)     0.64  
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

 

 

2  

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


Table of Contents

 

      Page

The Markets in Review

   2

Fund Summary

   4

About Fund Performance

   11

Shareholder Expenses

   11

Schedules of Investments

   12

Financial Statements

  

Statements of Assets and Liabilities

   40

Statements of Operations

   42

Statements of Changes in Net Assets

   44

Financial Highlights

   48

Notes to Financial Statements

   55

Statement Regarding Liquidity Risk Management Program

   64

Supplemental Information

   65

General Information

   66

Glossary of Terms Used in this Report

   67

 

 

 

    


Fund Summary as of February 28, 2022    iShares® MSCI Hong Kong ETF

 

Investment Objective

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

Performance

 

           Average Annual Total Returns           Cumulative Total Returns  
     6 Months      1 Year      5 Years      10 Years            1 Year      5 Years      10 Years  

Fund NAV

    (10.83 )%       (11.66 )%       4.21      5.34       (11.66 )%       22.91      68.28

Fund Market

    (11.00      (11.59      4.10        5.36         (11.59      22.22        68.56  

Index

    (10.78      (11.36      4.72        5.89               (11.36      25.92        77.31  

Index performance through August 31, 2020 reflects the performance of the MSCI Hong Kong Index. Index performance beginning on September 1, 2020 reflects the performance of the MSCI Hong Kong 25/50 Index.

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

Expense Example

 

Actual           Hypothetical 5% Return           

 

 

     

 

 

      
 

Beginning
Account Value
(09/01/21)
 
 
 
      

Ending
Account Value
(02/28/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(09/01/21)
 
 
 
      

Ending
Account Value
(02/28/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
      

    Annualized
Expense
Ratio
 
 
 
  $      1,000.00          $      891.70          $        2.30               $      1,000.00          $      1,022.40          $        2.46          0.49

 

  (a) 

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

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

   

Sector

   
Percent of
Total Investments
 
(a) 

Financials

    41.7

Real Estate

    21.2  

Industrials

    16.1  

Utilities

    11.3  

Consumer Discretionary

    5.7  

Consumer Staples

    2.7  

Communication Services

    1.3  

TEN LARGEST HOLDINGS

 

   

Security

   
Percent of
Total Investments
 
(a) 

AIA Group Ltd.

    22.3

Hong Kong Exchanges & Clearing Ltd.

    12.6  

Techtronic Industries Co. Ltd.

    4.7  

CK Hutchison Holdings Ltd.

    4.1  

Hong Kong & China Gas Co. Ltd.

    3.8  

CLP Holdings Ltd.

    3.8  

Link REIT

    3.7  

Sun Hung Kai Properties Ltd.

    3.4  

Hang Seng Bank Ltd.

    3.2  

BOC Hong Kong Holdings Ltd.

    3.0  

 

  (a) 

Excludes money market funds.

 

 

 

4  

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Fund Summary as of February 28, 2022    iShares® MSCI Japan Small-Cap ETF

 

Investment Objective

The iShares MSCI Japan Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization Japanese equities, as represented by the MSCI Japan Small Cap 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

    (9.75 )%       (5.50 )%       4.04      7.05       (5.50 )%       21.92      97.58

Fund Market

    (9.20      (5.90      4.22        7.14         (5.90      22.97        99.27  

Index

    (10.36      (5.75      4.24        7.33               (5.75      23.07        102.95  

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

Expense Example

 

Actual           Hypothetical 5% Return           

 

 

     

 

 

      
 

Beginning
Account Value
(09/01/21)
 
 
 
      

Ending
Account Value
(02/28/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(09/01/21)
 
 
 
      

Ending
Account Value
(02/28/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
      

    Annualized
Expense
Ratio
 
 
 
  $      1,000.00          $      902.50          $        2.31               $      1,000.00          $      1,022.40          $        2.46          0.49

 

  (a) 

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

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

   

Sector

   
Percent of
Total Investments
 
(a) 

Industrials

    25.2

Consumer Discretionary

    15.5  

Information Technology

    11.6  

Real Estate

    10.7  

Materials

    10.4  

Consumer Staples

    8.6  

Financials

    6.9  

Health Care

    5.5  

Utilities

    2.5  

Communication Services

    2.4  

Energy

    0.7  

TEN LARGEST HOLDINGS

 

   

Security

   
Percent of
Total Investments
 
(a) 

BayCurrent Consulting Inc.

    0.7

Ebara Corp.

    0.7  

Taiyo Yuden Co. Ltd.

    0.6  

MatsukiyoCocokara & Co.

    0.5  

Sojitz Corp.

    0.5  

SCREEN Holdings Co. Ltd.

    0.5  

Advance Residence Investment Corp.

    0.5  

Food & Life Companies Ltd.

    0.5  

Nagoya Railroad Co. Ltd.

    0.4  

Tokyu Fudosan Holdings Corp.

    0.4  

 

  (a) 

Excludes money market funds.

 

 

 

U N D   S U M M A R Y

  5


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

 

Investment Objective

The iShares MSCI Malaysia ETF (the “Fund”) seeks to track the investment results of an index composed of Malaysian equities, as represented by the MSCI Malaysia 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

    (0.37 )%       (0.80 )%       1.35      (1.53 )%        (0.80 )%       6.92      (14.30 )% 

Fund Market

    0.91        1.57        1.60        (1.43       1.57        8.24        (13.39

Index

    (0.28      (0.75      1.64        (1.24             (0.75      8.47        (11.75

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

Expense Example

 

Actual           Hypothetical 5% Return           

 

 

     

 

 

      
 

Beginning
Account Value
(09/01/21)
 
 
 
      

Ending
Account Value
(02/28/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(09/01/21)
 
 
 
      

Ending
Account Value
(02/28/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
      

    Annualized
Expense
Ratio
 
 
 
  $      1,000.00          $      996.30          $      2.47               $      1,000.00          $      1,022.30          $      2.51          0.50

 

  (a) 

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

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

   

Sector

   
Percent of
Total Investments
 
(a) 

Financials

    38.4

Consumer Staples

    13.0  

Materials

    9.7  

Communication Services

    8.3  

Utilities

    7.5  

Industrials

    6.7  

Health Care

    6.5  

Consumer Discretionary

    4.0  

Energy

    3.8  

Information Technology

    2.1  

TEN LARGEST HOLDINGS

 

   

Security

   
Percent of
Total Investments
 
(a) 

Public Bank Bhd

    13.9

Malayan Banking Bhd

    8.9  

CIMB Group Holdings Bhd

    8.2  

Petronas Chemicals Group Bhd

    4.9  

Press Metal Aluminium Holdings Bhd

    4.7  

Tenaga Nasional Bhd

    4.5  

Petronas Gas Bhd

    3.0  

Hong Leong Bank Bhd

    2.8  

DiGi.Com Bhd

    2.7  

IOI Corp. Bhd

    2.5  
  (a) 

Excludes money market funds.

 

 

 

6  

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

 

Investment Objective

The iShares MSCI Pacific ex Japan ETF (the “Fund”) seeks to track the investment results of an index composed of Pacific region developed market equities, excluding Japan, as represented by the MSCI Pacific ex Japan Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

             Average Annual Total Returns           Cumulative Total Returns  
     6 Months      1 Year      5 Years      10 Years            1 Year      5 Years      10 Years  

Fund NAV

    (6.05 )%       (1.92 )%       5.49      4.62       (1.92 )%       30.65      57.07

Fund Market

    (5.73      (1.54      5.53        4.76         (1.54      30.89        59.14  

Index

    (6.53      (1.93      5.84        5.01               (1.93      32.80        63.11  

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

Expense Example

 

Actual           Hypothetical 5% Return           

 

 

     

 

 

      
 

Beginning
Account Value
(09/01/21)
 
 
 
      

Ending
Account Value
(02/28/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(09/01/21)
 
 
 
      

Ending
Account Value
(02/28/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
      

    Annualized

Expense

Ratio

 

 

 

  $      1,000.00          $      939.50          $      2.26               $      1,000.00          $      1,022.50          $      2.36          0.47

 

  (a) 

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

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

   

Sector

   
Percent of
Total Investments
 
(a) 

Financials

    36.8

Materials

    15.8  

Real Estate

    10.5  

Industrials

    7.9  

Health Care

    7.0  

Consumer Discretionary

    5.4  

Communication Services

    5.0  

Consumer Staples

    4.1  

Utilities

    3.7  

Energy

    2.4  

Information Technology

    1.4  

GEOGRAPHIC ALLOCATION

 

   

Country/Geographic Region

   
Percent of
Total Investments
 
(a) 

Australia

    60.6

Hong Kong

    23.2  

Singapore

    12.0  

New Zealand

    2.2  

Cayman Islands

    1.3  

Ireland

    0.7  

Malta

    0.0  
  (a)

Excludes money market funds.

 

 

 

U N D   S U M M A R Y

  7


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

 

Investment Objective

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

Performance

 

            Average Annual Total Returns           Cumulative Total Returns  
     6 Months     1 Year      5 Years      10 Years            1 Year      5 Years      10 Years  

Fund NAV

    (4.70 )%(a)      (0.15 )%       2.98      1.86       (0.15 )%       15.81      20.29

Fund Market

    (4.80     0.81        3.00        1.93         0.81        15.92        21.11  

Index

    (5.54     (0.46      3.33        2.24               (0.46      17.77        24.84  

 

  (a) 

The NAV total return presented in the table for the six-months period differs from the same period return disclosed in the financial highlights. The total return in the financial highlights is calculated in the same manner but differs due to certain adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

 

Index performance through November 30, 2016 reflects the performance of the MSCI Singapore Index. Index performance beginning on December 1, 2016 reflects the performance of the MSCI Singapore 25/50 Index.

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

Expense Example

 

Actual           Hypothetical 5% Return           

 

 

     

 

 

      
 

Beginning
Account Value
(09/01/21)
 
 
 
      

Ending
Account Value
(02/28/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(09/01/21)
 
 
 
      

Ending
Account Value
(02/28/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
      

    Annualized

Expense

Ratio

 

 

 

  $      1,000.00          $      953.00          $      2.37               $      1,000.00          $      1,022.40          $      2.46          0.49

 

  (a) 

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

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

   

Sector

   
Percent of
Total Investments
 
(a) 

Financials

    35.5

Communication Services

    21.4  

Real Estate

    19.4  

Industrials

    14.1  

Consumer Staples

    3.9  

Information Technology

    2.9  

Consumer Discretionary

    2.8  

TEN LARGEST HOLDINGS

 

   

Security

   
Percent of
Total Investments
 
(a) 

DBS Group Holdings Ltd.

    17.2

Sea Ltd.

    16.7  

Oversea-Chinese Banking Corp. Ltd.

    10.5  

Singapore Telecommunications Ltd.

    4.7  

United Overseas Bank Ltd.

    4.3  

Ascendas Real Estate Investment Trust

    4.3  

Keppel Corp. Ltd.

    4.1  

Wilmar International Ltd.

    3.9  

Singapore Exchange Ltd.

    3.5  

Singapore Airlines Ltd.

    3.5  
  (a) 

Excludes money market funds.

 

 

 

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

 

Investment Objective

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

Performance

 

             Average Annual Total Returns           Cumulative Total Returns  
     6 Months      1 Year      5 Years      10 Years            1 Year      5 Years      10 Years  

Fund NAV

    1.57      12.93      17.48      11.50       12.93      123.80      196.99

Fund Market

    1.11        12.37        17.58        11.57         12.37        124.78        198.91  

Index

    0.52        12.64        17.89        12.04               12.64        127.75        211.61  

Index performance through November 30, 2016 reflects the performance of the MSCI Taiwan Index. Index performance beginning on December 1, 2016 reflects the performance of the MSCI Taiwan 25/50 Index.

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

Expense Example

 

Actual           Hypothetical 5% Return           

 

 

     

 

 

      
 

Beginning
Account Value
(09/01/21)
 
 
 
      

Ending
Account Value
(02/28/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(09/01/21)
 
 
 
      

Ending
Account Value
(02/28/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
      

    Annualized
Expense
Ratio
 
 
 
  $        1,000.00          $      1,015.70          $      2.90               $      1,000.00          $      1,021.90          $      2.91          0.58

 

  (a) 

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

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

   

Sector

   
Percent of
Total Investments
 
(a) 

Information Technology

    58.8

Financials

    18.9  

Materials

    7.1  

Industrials

    4.9  

Consumer Discretionary

    3.8  

Communication Services

    2.9  

Consumer Staples

    1.8  

Other (each representing less than 1%)

    1.8  

TEN LARGEST HOLDINGS

 

   

Security

   
Percent of
Total Investments
 
(a) 

Taiwan Semiconductor Manufacturing Co. Ltd.

    21.7

MediaTek Inc.

    5.3  

Hon Hai Precision Industry Co. Ltd.

    4.1  

United Microelectronics Corp.

    2.1  

Fubon Financial Holding Co. Ltd.

    2.0  

Cathay Financial Holding Co. Ltd.

    1.8  

CTBC Financial Holding Co. Ltd.

    1.7  

Delta Electronics Inc.

    1.7  

Chunghwa Telecom Co. Ltd.

    1.6  

Nan Ya Plastics Corp.

    1.6  
  (a) 

Excludes money market funds.

 

 

 

U N D   S U M M A R Y

  9


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

 

Investment Objective

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

Performance

 

             Average Annual Total Returns           Cumulative Total Returns  
     6 Months      1 Year      5 Years      10 Years            1 Year      5 Years      10 Years  

Fund NAV

    0.84      4.84      3.70      3.56       4.84      19.92      41.82

Fund Market

    2.06        5.82        3.92        3.70         5.82        21.17        43.76  

Index

    0.42        2.40        3.88        3.72               2.40        20.97        44.15  

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

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

Expense Example

 

Actual           Hypothetical 5% Return           

 

 

     

 

 

      
 

Beginning
Account Value
(09/01/21)
 
 
 
      

Ending
Account Value
(02/28/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(09/01/21)
 
 
 
      

Ending
Account Value
(02/28/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
      

    Annualized

Expense

Ratio

 

 

 

  $      1,000.00          $      1,008.40          $      2.84               $      1,000.00          $      1,022.00          $      2.86          0.57

 

  (a) 

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

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

   

Sector

   
Percent of
Total Investments
 
(a) 

Energy

    13.9

Consumer Staples

    12.1  

Materials

    11.2  

Utilities

    9.8  

Financials

    9.2  

Industrials

    9.1  

Consumer Discretionary

    8.7  

Communication Services

    8.6  

Health Care

    6.9  

Real Estate

    6.4  

Information Technology

    4.1  

TEN LARGEST HOLDINGS

 

   

Security

   
Percent of
Total Investments
 
(a) 

CP ALL PCL

    6.8

PTT PCL

    6.7  

Siam Cement PCL (The)

    5.2  

Airports of Thailand PCL

    4.7  

Advanced Info Service PCL

    4.6  

Bangkok Dusit Medical Services PCL

    3.8  

PTT Exploration & Production PCL

    3.2  

Gulf Energy Development PCL

    2.5  

Energy Absolute PCL

    2.4  

Delta Electronics Thailand PCL

    2.2  
  (a) 

Excludes money market funds.

 

 

 

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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. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Shareholder Expenses

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

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

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

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

 

 

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

  11


Schedule of Investments (unaudited) 

February 28, 2022

  

iShares® MSCI Hong Kong ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   
Banks — 6.2%            

BOC Hong Kong Holdings Ltd.

    7,245,000     $ 26,046,238  

Hang Seng Bank Ltd.

    1,474,600       27,193,229  
   

 

 

 
      53,239,467  
Beverages — 1.3%            

Budweiser Brewing Co. APAC Ltd.(a)

    3,585,900       11,130,524  
   

 

 

 
Building Products — 1.2%            

Xinyi Glass Holdings Ltd.

    3,907,000       10,407,235  
   

 

 

 
Capital Markets — 13.2%            

Futu Holdings Ltd., ADR(b)(c)

    108,967       4,658,339  

Hong Kong Exchanges & Clearing Ltd.

    2,220,426       107,594,413  
   

 

 

 
      112,252,752  
Diversified Telecommunication Services — 1.3%  

HKT Trust & HKT Ltd., Class SS

    8,070,500       10,885,147  
   

 

 

 
Electric Utilities — 7.5%            

CK Infrastructure Holdings Ltd.

    1,318,500       8,185,249  

CLP Holdings Ltd.

    3,150,700       32,097,089  

HK Electric Investments & HK Electric Investments Ltd., Class SS

    6,418,000       6,332,094  

Power Assets Holdings Ltd.

    2,790,000       17,584,049  
   

 

 

 
      64,198,481  
Equity Real Estate Investment Trusts (REITs) — 3.7%  

Link REIT

    3,934,800       31,796,326  
   

 

 

 
Food Products — 1.4%  

WH Group Ltd.(a)

    16,853,000       11,769,724  
   

 

 

 
Gas Utilities — 3.8%  

Hong Kong & China Gas Co. Ltd.

    21,453,495       32,442,969  
   

 

 

 
Hotels, Restaurants & Leisure — 4.7%  

Galaxy Entertainment Group Ltd.(b)

    4,138,000       23,078,580  

Melco Resorts & Entertainment Ltd., ADR(b)

    477,838       4,787,937  

Sands China Ltd.(b)

    4,788,400       12,629,314  
   

 

 

 
      40,495,831  
Industrial Conglomerates — 7.0%            

CK Hutchison Holdings Ltd.

    4,989,767       34,983,571  

Jardine Matheson Holdings Ltd.

    420,400       25,013,800  
   

 

 

 
      59,997,371  
Insurance — 22.3%            

AIA Group Ltd.

    18,301,400       190,038,896  
   

 

 

 
Machinery — 4.7%  

Techtronic Industries Co. Ltd.

    2,375,147       39,798,095  
   

 

 

 
Marine — 1.3%  

SITC International Holdings Co. Ltd.

    2,630,000       10,843,903  
   

 

 

 
Security   Shares     Value  
Real Estate Management & Development — 17.5%  

CK Asset Holdings Ltd.

    3,918,767     $ 24,751,103  

ESR Cayman Ltd.(a)(b)

    3,818,200       11,779,246  

Hang Lung Properties Ltd.

    4,247,000       8,902,037  

Henderson Land Development Co. Ltd.

    3,000,762       12,475,784  

Hongkong Land Holdings Ltd.

    2,401,000       13,002,368  

New World Development Co. Ltd.

    3,115,266       12,459,945  

Sino Land Co. Ltd.

    6,836,000       8,628,391  

Sun Hung Kai Properties Ltd.

    2,496,500       29,023,761  

Swire Pacific Ltd., Class A

    1,127,500       6,230,805  

Swire Properties Ltd.

    2,655,000       6,904,374  

Wharf Real Estate Investment Co. Ltd.

    3,335,150       14,972,438  
   

 

 

 
      149,130,252  
Road & Rail — 1.9%            

MTR Corp. Ltd.

    3,094,083       16,038,185  
   

 

 

 
Specialty Retail — 1.0%  

Chow Tai Fook Jewellery Group Ltd.(b)

    4,014,200       8,335,640  
   

 

 

 

Total Common Stocks — 100.0%
(Cost: $975,239,202)

 

    852,800,798  
   

 

 

 

Short-Term Investments

   
Money Market Funds — 0.2%            

BlackRock Cash Funds: Institutional,
SL Agency Shares, 0.09%(d)(e)(f)

    1,036,519       1,036,726  

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

    710,000       710,000  
   

 

 

 
      1,746,726  
   

 

 

 

Total Short-Term Investments — 0.2%
(Cost: $1,746,807)

 

    1,746,726  
   

 

 

 

Total Investments in Securities — 100.2%
(Cost: $976,986,009)

 

    854,547,524  

Other Assets, Less Liabilities — (0.2)%

 

    (1,420,721
   

 

 

 

Net Assets — 100.0%

 

  $ 853,126,803  
   

 

 

 

 

(a) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

 

(b) 

Non-income producing security.

 

(c) 

All or a portion of this security is on loan.

 

(d) 

Affiliate of the Fund.

 

(e) 

Annualized 7-day yield as of period end.

 

(f) 

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

 

 

12  

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Schedule of Investments (unaudited) (continued)

February 28, 2022

  

iShares® MSCI Hong Kong ETF

 

Affiliates

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

 

 

 
Affiliated Issuer  

Value at

08/31/21

   

  Purchases

at Cost

   

Proceeds

from Sales

   

Net Realized

Gain (Loss)

   

Change in

Unrealized

Appreciation

(Depreciation)

   

Value at

02/28/22

   

Shares

Held at

02/28/22

    Income    

Capital

Gain

Distributions

from

Underlying

Funds

 

 

 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $ 14,915,960     $     $ (13,879,130 )(a)    $ (23   $ (81   $ 1,036,726       1,036,519     $ 517,214 (b)    $  

BlackRock Cash Funds: Treasury, SL Agency Shares

    1,700,000             (990,000 )(a)                   710,000       710,000       61        
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
        $ (23   $ (81   $ 1,746,726       $ 517,275     $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

  (a) 

Represents net amount purchased (sold).

 
  (b) 

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

 

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

 

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

 

 

Long Contracts

       

MSCI EAFE Index

    3       03/18/22     $ 324     $ (14,688
       

 

 

 

Derivative Financial Instruments Categorized by Risk Exposure

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

 

 

 
     Equity
Contracts
 

 

 

Liabilities — Derivative Financial Instruments

  

Futures contracts

  

Unrealized depreciation on futures contracts(a)

   $ 14,688  
  

 

 

 

 

  (a) 

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

 

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

 

 

 
     Equity
Contracts
 

 

 

Net Realized Gain (Loss) from:

  

Futures contracts

   $ (228,556
  

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

  

Futures contracts

   $ (40,639
  

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

   

Futures contracts:

  

Average notional value of contracts — long

   $ 2,536,465  

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

 

 

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

  13


Schedule of Investments (unaudited) (continued)

February 28, 2022

  

iShares® MSCI Hong Kong ETF

 

Fair Value Hierarchy as of Period End

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

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

 

                                                                                                   

 

 
     Level 1        Level 2        Level 3        Total  

 

 

Investments

                 

Assets

                 

Common Stocks

   $ 60,579,354        $ 792,221,444        $        $ 852,800,798  

Money Market Funds

     1,746,726                            1,746,726  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 62,326,080        $ 792,221,444        $        $ 854,547,524  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative financial instruments(a)

                 

Liabilities

                 

Futures Contracts

   $ (14,688      $        $        $ (14,688
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a) 

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

 

See notes to financial statements.

 

 

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Schedule of Investments (unaudited) 

February 28, 2022

  

iShares® MSCI Japan Small-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   
Air Freight & Logistics — 0.3%            

Kintetsu World Express Inc.

    3,000     $ 78,622  

Konoike Transport Co. Ltd.

    3,000       31,376  

Maruwa Unyu Kikan Co. Ltd.

    3,000       27,728  

Mitsui-Soko Holdings Co. Ltd.

    2,000       41,629  

SBS Holdings Inc.

    2,000       58,102  
   

 

 

 
      237,457  
Auto Components — 3.0%            

Eagle Industry Co. Ltd.

    2,000       18,049  

Exedy Corp.

    3,000       43,653  

FCC Co. Ltd.

    3,000       36,914  

G-Tekt Corp.

    2,000       25,303  

Ichikoh Industries Ltd.

    3,000       13,234  

JTEKT Corp.

    18,000       155,275  

KYB Corp.

    2,000       53,722  

Musashi Seimitsu Industry Co. Ltd.

    4,000       62,436  

NGK Spark Plug Co. Ltd.

    14,000       252,289  

NHK Spring Co. Ltd.

    17,000       135,486  

Nifco Inc./Japan

    7,000       199,052  

Nippon Seiki Co. Ltd.

    4,000       33,898  

NOK Corp.

    8,000       83,745  

Pacific Industrial Co. Ltd.

    4,000       35,461  

Piolax Inc.

    2,000       30,059  

Shoei Co. Ltd.

    2,000       79,408  

Sumitomo Riko Co. Ltd.

    3,000       16,412  

Sumitomo Rubber Industries Ltd.

    15,000       145,143  

Tokai Rika Co. Ltd.

    5,000       66,358  

Topre Corp.

    3,000       31,113  

Toyo Tire Corp.

    10,000       132,541  

Toyoda Gosei Co. Ltd.

    6,000       114,189  

Toyota Boshoku Corp.

    6,000       109,800  

TPR Co. Ltd.

    2,000       24,207  

TS Tech Co. Ltd.

    8,000       107,948  

Yokohama Rubber Co. Ltd. (The)

    11,000       154,224  
   

 

 

 
      2,159,919  
Automobiles — 0.3%            

Mitsubishi Motors Corp.(a)

    59,000       154,835  

Nissan Shatai Co. Ltd.

    6,000       34,288  
   

 

 

 
      189,123  
Banks — 4.3%            

77 Bank Ltd. (The)

    5,000       67,516  

Aozora Bank Ltd.

    11,000       247,679  

Awa Bank Ltd. (The)

    3,000       60,468  

Bank of Kyoto Ltd. (The)

    5,000       222,176  

Chugoku Bank Ltd. (The)

    13,000       102,296  

Daishi Hokuetsu Financial Group Inc.

    3,000       69,391  

Fukuoka Financial Group Inc.

    15,000       295,717  

Gunma Bank Ltd. (The)

    32,000       105,784  

Hachijuni Bank Ltd. (The)

    33,000       124,711  

Hirogin Holdings Inc.

    25,000       147,272  

Hokkoku Financial Holdings Inc.

    2,000       52,812  

Hokuhoku Financial Group Inc.

    10,000       81,326  

Hyakugo Bank Ltd. (The)

    18,000       55,503  

Iyo Bank Ltd. (The)

    20,000       107,184  

Juroku Financial Group Inc.

    2,000       42,361  

Keiyo Bank Ltd. (The)

    10,000       44,541  

Kiyo Bank Ltd. (The)

    5,000       64,123  

Kyushu Financial Group Inc.

    32,000       114,204  

Mebuki Financial Group Inc.

    87,000       204,009  
Security   Shares     Value  

Banks (continued)

   

Musashino Bank Ltd. (The)

    2,000     $ 33,039  

Nanto Bank Ltd. (The)

    2,000       37,040  

Nishi-Nippon Financial Holdings Inc.

    11,000       78,613  

North Pacific Bank Ltd.

    23,000       50,695  

Ogaki Kyoritsu Bank Ltd. (The)

    3,000       52,987  

Okinawa Financial Group Inc.

    2,000       40,867  

San-in Godo Bank Ltd. (The)

    13,000       76,605  

Seven Bank Ltd.

    54,000       115,276  

Shiga Bank Ltd. (The)

    3,000       58,224  

Shinsei Bank Ltd.

    6,000       112,452  

Suruga Bank Ltd.

    14,000       54,902  

Toho Bank Ltd. (The)

    17,000       31,268  

TOMONY Holdings Inc.

    12,000       35,985  

Yamaguchi Financial Group Inc.

    17,500       108,040  
   

 

 

 
      3,095,066  
Beverages — 0.5%            

Coca-Cola Bottlers Japan Holdings Inc.

    11,000       140,051  

Sapporo Holdings Ltd.

    6,000       118,687  

Takara Holdings Inc.

    13,000       129,166  
   

 

 

 
      387,904  
Biotechnology — 0.6%            

AnGes Inc.(a)

    13,000       35,793  

GNI Group Ltd.(a)

    4,097       45,436  

HEALIOS K.K.(a)

    2,000       22,119  

PeptiDream Inc.(a)

    9,000       160,199  

Pharma Foods International Co. Ltd.

    2,000       28,071  

SanBio Co. Ltd.(a)

    3,000       48,884  

Takara Bio Inc.

    4,000       83,588  
   

 

 

 
      424,090  
Building Products — 1.2%            

Aica Kogyo Co. Ltd.

    5,000       139,993  

Bunka Shutter Co. Ltd.

    5,000       47,364  

Central Glass Co. Ltd.

    3,000       53,835  

Nichias Corp.

    5,000       113,266  

Nichiha Corp.

    2,000       45,050  

Nippon Sheet Glass Co. Ltd.(a)

    8,000       33,389  

Nitto Boseki Co. Ltd.

    2,000       53,139  

Noritz Corp.

    2,000       26,914  

Sanwa Holdings Corp.

    16,000       178,811  

Sekisui Jushi Corp.

    2,000       33,386  

Shin Nippon Air Technologies Co. Ltd.

    1,000       17,896  

Sinko Industries Ltd.

    2,000       30,271  

Takara Standard Co. Ltd.

    3,000       35,633  

Takasago Thermal Engineering Co. Ltd.

    4,000       67,419  
   

 

 

 
      876,366  
Capital Markets — 0.7%            

GMO Financial Holdings Inc.

    3,000       21,315  

JAFCO Group Co. Ltd.

    7,000       105,294  

M&A Capital Partners Co. Ltd.(a)

    1,000       43,887  

Matsui Securities Co. Ltd.

    10,000       70,262  

Monex Group Inc.

    14,000       63,827  

Okasan Securities Group Inc.

    13,000       44,248  

SPARX Group Co. Ltd.

    8,000       17,728  

Strike Co. Ltd.

    1,000       38,960  

Tokai Tokyo Financial Holdings Inc.

    17,000       62,154  

Uzabase Inc.(a)

    2,000       17,363  

WealthNavi Inc.(a)

    2,000       30,169  
   

 

 

 
      515,207  

 

 

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 Japan Small-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Chemicals — 6.6%            

ADEKA Corp.

    7,000     $ 162,346  

Air Water Inc.

    16,000       232,938  

C.I. Takiron Corp.

    4,000       19,512  

Chugoku Marine Paints Ltd.

    3,000       24,043  

Daicel Corp.

    23,000       176,999  

Denka Co. Ltd.

    7,000       214,989  

DIC Corp.

    7,000       159,456  

Fujimi Inc.

    2,000       119,322  

Fujimori Kogyo Co. Ltd.

    1,000       34,705  

Fuso Chemical Co. Ltd.

    2,000       80,704  

JCU Corp.

    2,000       86,523  

JSP Corp.

    1,000       14,033  

Kaneka Corp.

    4,000       130,836  

Kanto Denka Kogyo Co. Ltd.

    4,000       41,861  

KeePer Technical Laboratory Co. Ltd.

    1,000       18,889  

KH Neochem Co. Ltd.

    3,000       74,182  

Konishi Co. Ltd.

    3,000       41,691  

Kumiai Chemical Industry Co. Ltd.

    7,049       50,022  

Kuraray Co. Ltd.

    27,000       253,439  

Kureha Corp.

    1,400       112,349  

Lintec Corp.

    4,000       89,162  

Nihon Parkerizing Co. Ltd.

    7,000       60,209  

Nippon Kayaku Co. Ltd.

    12,000       118,861  

Nippon Shokubai Co. Ltd.

    2,000       97,527  

Nippon Soda Co. Ltd.

    2,000       58,591  

NOF Corp.

    6,000       261,026  

Okamoto Industries Inc.

    1,000       34,901  

Osaka Organic Chemical Industry Ltd.

    1,000       26,473  

Osaka Soda Co. Ltd.

    1,000       27,362  

Sakata INX Corp.

    4,000       33,455  

Sanyo Chemical Industries Ltd.

    1,000       44,677  

Shikoku Chemicals Corp.

    3,000       38,067  

Shin-Etsu Polymer Co. Ltd.

    4,000       38,294  

Showa Denko KK

    16,000       292,489  

Sumitomo Bakelite Co. Ltd.

    3,000       125,156  

T. Hasegawa Co. Ltd.

    3,000       62,991  

Taiyo Holdings Co. Ltd.

    3,000       80,514  

Takasago International Corp.

    1,000       24,030  

Taki Chemical Co. Ltd.

    400       16,627  

Teijin Ltd.

    16,000       192,478  

Tenma Corp.

    1,000       22,663  

Toagosei Co. Ltd.

    9,000       85,613  

Tokai Carbon Co. Ltd.

    17,000       163,171  

Tokuyama Corp.

    5,000       77,047  

Tokyo Ohka Kogyo Co. Ltd.

    3,000       191,289  

Toyo Gosei Co. Ltd.

    400       33,568  

Toyo Ink SC Holdings Co. Ltd.

    3,000       50,286  

Toyobo Co. Ltd.

    7,000       75,770  

Ube Industries Ltd.

    9,000       165,886  

Zeon Corp.

    12,000       140,828  
   

 

 

 
      4,777,850  
Commercial Services & Supplies — 1.5%            

Aeon Delight Co. Ltd.

    2,000       51,927  

Daiseki Co. Ltd.

    4,012       163,441  

Duskin Co. Ltd.

    3,000       73,238  

Japan Elevator Service Holdings Co. Ltd.

    5,000       65,597  

Kokuyo Co. Ltd.

    7,000       98,133  

Matsuda Sangyo Co. Ltd.

    1,060       22,958  

Midac Holdings Co. Ltd.

    1,000       20,461  

Mitsubishi Pencil Co. Ltd.

    3,000       33,526  
Security   Shares     Value  
Commercial Services & Supplies (continued)            

Nippon Kanzai Co. Ltd.

    2,000     $ 49,665  

Nippon Parking Development Co. Ltd.

    16,000       19,523  

Okamura Corp.

    5,000       51,519  

Park24 Co. Ltd.(a)

    10,000       149,458  

Pilot Corp.

    2,000       82,265  

Prestige International Inc.

    8,000       48,725  

Raksul Inc.(a)

    2,000       54,631  

Sato Holdings Corp.

    2,000       35,525  

TRE Holdings Corp.

    4,000       59,952  
   

 

 

 
      1,080,544  
Construction & Engineering — 4.1%            

Chiyoda Corp.(a)

    14,000       43,811  

Chudenko Corp.

    2,000       38,089  

COMSYS Holdings Corp.

    10,000       241,821  

Dai-Dan Co. Ltd.

    1,000       20,308  

Daiho Corp.

    1,000       31,254  

EXEO Group Inc.

    9,000       187,347  

Hazama Ando Corp.

    12,000       96,658  

INFRONEER Holdings Inc.

    18,840       167,153  

JDC Corp.

    4,000       18,680  

JGC Holdings Corp.

    20,000       200,458  

JTOWER Inc.(a)

    1,000       36,122  

Kandenko Co. Ltd.

    9,000       68,437  

Kinden Corp.

    11,000       156,009  

Kumagai Gumi Co. Ltd.

    3,000       75,418  

Kyudenko Corp.

    4,000       107,387  

Mirait Holdings Corp.

    8,000       135,960  

Nippon Densetsu Kogyo Co. Ltd.

    3,000       41,598  

Nippon Koei Co. Ltd.

    1,000       26,738  

Nippon Road Co. Ltd. (The)

    900       76,376  

Nishimatsu Construction Co. Ltd.

    3,000       99,796  

Okumura Corp.

    3,000       84,725  

Penta-Ocean Construction Co. Ltd.

    25,000       131,598  

Raito Kogyo Co. Ltd.

    4,000       68,150  

Raiznext Corp.

    2,000       19,803  

Sanki Engineering Co. Ltd.

    4,000       51,909  

Shinnihon Corp.

    2,000       13,053  

SHO-BOND Holdings Co. Ltd.

    4,000       179,193  

Sumitomo Densetsu Co. Ltd.

    1,000       20,152  

Sumitomo Mitsui Construction Co. Ltd.

    13,000       49,942  

Taihei Dengyo Kaisha Ltd.

    1,000       22,785  

Taikisha Ltd.

    2,000       54,073  

Takamatsu Construction Group Co. Ltd.

    1,000       17,727  

Toa Corp./Tokyo

    1,000       22,507  

Toda Corp.

    20,000       133,554  

Toenec Corp.

    1,000       30,965  

Tokyu Construction Co. Ltd.

    7,040       43,635  

Totetsu Kogyo Co. Ltd.

    2,000       43,673  

Toyo Construction Co. Ltd.

    6,000       31,264  

Yokogawa Bridge Holdings Corp.

    3,000       54,801  

Yurtec Corp.

    3,000       19,258  
   

 

 

 
      2,962,187  
Construction Materials — 0.5%            

Maeda Kosen Co. Ltd.

    2,000       57,907  

Mitani Sekisan Co. Ltd.

    1,000       53,697  

Sumitomo Osaka Cement Co. Ltd.

    3,000       89,118  

Taiheiyo Cement Corp.

    10,000       192,284  
   

 

 

 
      393,006  

 

 

16  

2 0 2 2   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 Japan Small-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Consume Finance — 1.0%            

AEON Financial Service Co. Ltd.

    10,000     $ 102,996  

Aiful Corp.

    28,000       89,773  

Credit Saison Co. Ltd.

    13,000       146,340  

Jaccs Co. Ltd.

    2,000       56,483  

Marui Group Co. Ltd.

    15,000       295,214  

Orient Corp.

    47,000       51,645  
   

 

 

 
      742,451  
Containers & Packaging — 0.7%            

FP Corp.

    4,100       116,503  

Fuji Seal International Inc.

    4,000       63,207  

Pack Corp. (The)

    1,000       23,922  

Rengo Co. Ltd.

    16,000       119,757  

Toyo Seikan Group Holdings Ltd.

    13,000       173,685  
   

 

 

 
      497,074  
Distributors — 0.2%            

Arata Corp.

    1,000       34,857  

Doshisha Co. Ltd.

    2,000       27,117  

Paltac Corp.

    3,000       116,742  
   

 

 

 
      178,716  
Diversified Consumer Services — 0.3%            

Benesse Holdings Inc.

    6,000       122,210  

LITALICO Inc.

    2,000       49,771  

Riso Kyoiku Co. Ltd.

    10,000       31,343  
   

 

 

 
      203,324  
Diversified Financial Services — 0.8%            

eGuarantee Inc.

    3,000       53,392  

Financial Products Group Co. Ltd.

    6,000       44,685  

Fuyo General Lease Co. Ltd.

    1,500       98,258  

Japan Securities Finance Co. Ltd.

    8,000       63,832  

Mizuho Leasing Co. Ltd.

    2,000       54,024  

Ricoh Leasing Co. Ltd.

    1,000       32,359  

Zenkoku Hosho Co. Ltd.

    5,000       210,263  
   

 

 

 
      556,813  
Diversified Telecommunication Services — 0.3%            

ARTERIA Networks Corp.

    2,000       23,164  

Internet Initiative Japan Inc.

    5,000       160,691  

Usen-Next Holdings Co. Ltd.

    1,000       21,169  

Vision Inc./Tokyo Japan(a)

    3,000       30,479  
   

 

 

 
      235,503  
Electric Utilities — 1.4%            

Chugoku Electric Power Co. Inc. (The)

    26,000       203,528  

Hokkaido Electric Power Co. Inc.

    16,000       70,050  

Hokuriku Electric Power Co.

    15,000       73,454  

Kyushu Electric Power Co. Inc.

    36,000       271,489  

Okinawa Electric Power Co. Inc. (The)

    4,092       51,525  

Shikoku Electric Power Co. Inc.

    14,000       107,645  

Tohoku Electric Power Co. Inc.

    39,000       253,243  
   

 

 

 
      1,030,934  
Electrical Equipment — 1.3%            

Daihen Corp.

    2,000       75,297  

Fujikura Ltd.(a)

    21,000       113,544  

Furukawa Electric Co. Ltd.

    6,000       118,787  

GS Yuasa Corp.

    6,000       129,198  

Idec Corp./Japan

    2,000       44,411  

Mabuchi Motor Co. Ltd.

    4,000       138,277  

Nippon Carbon Co. Ltd.

    1,000       35,667  

Nissin Electric Co. Ltd.

    4,000       50,903  

Nitto Kogyo Corp.

    2,000       28,117  
Security   Shares     Value  
Electrical Equipment (continued)            

Sanyo Denki Co. Ltd.

    1,000     $ 44,319  

Toyo Tanso Co. Ltd.

    1,000       26,978  

Ushio Inc.

    8,000       130,698  
   

 

 

 
      936,196  
Electronic Equipment, Instruments & Components — 4.2%  

Ai Holdings Corp.

    3,000       45,220  

Alps Alpine Co. Ltd.

    19,000       190,766  

Amano Corp.

    5,000       98,023  

Anritsu Corp.

    12,000       168,582  

Canon Electronics Inc.

    2,000       27,914  

Canon Marketing Japan Inc.

    4,000       83,601  

Citizen Watch Co. Ltd.

    24,000       104,546  

CONEXIO Corp.

    1,000       12,117  

Daiwabo Holdings Co. Ltd.

    8,000       123,835  

Dexerials Corp.

    5,000       142,756  

ESPEC Corp.

    1,000       18,011  

Hioki E.E. Corp.

    1,000       60,043  

Horiba Ltd.

    3,000       172,606  

Hosiden Corp.

    4,000       41,320  

Iriso Electronics Co. Ltd.

    2,000       71,437  

Japan Aviation Electronics Industry Ltd.

    4,000       63,038  

Japan Display Inc.(a)

    48,000       17,659  

Kaga Electronics Co. Ltd.

    1,000       26,319  

Koa Corp.

    3,000       38,017  

Macnica Fuji Electronics Holdings Inc.

    4,000       94,146  

Maruwa Co. Ltd./Aichi

    1,000       130,595  

Meiko Electronics Co. Ltd.

    2,000       70,072  

Nichicon Corp.

    4,000       42,530  

Nippon Ceramic Co. Ltd.

    2,000       43,969  

Nippon Electric Glass Co. Ltd.

    7,000       168,496  

Nippon Signal Company Ltd.

    4,000       30,295  

Nissha Co. Ltd.

    3,000       34,485  

Nohmi Bosai Ltd.

    2,000       34,797  

Oki Electric Industry Co. Ltd.

    8,000       58,944  

Optex Group Co. Ltd.

    3,000       43,704  

Restar Holdings Corp.

    1,000       17,280  

Riken Keiki Co. Ltd.

    1,000       42,188  

Ryosan Co. Ltd.

    2,000       40,832  

Ryoyo Electro Corp.

    1,000       19,034  

Siix Corp.

    3,000       29,336  

Taiyo Yuden Co. Ltd.

    10,000       452,116  

Tamura Corp.

    6,000       31,474  

Topcon Corp.

    9,000       118,676  

Yokowo Co. Ltd.

    1,000       23,899  
   

 

 

 
      3,032,678  
Energy Equipment & Services — 0.0%            

Modec Inc.

    2,000       20,457  
   

 

 

 
Entertainment — 0.8%            

Avex Inc.

    3,000       36,149  

Bushiroad Inc.(a)

    1,000       10,703  

COLOPL Inc.

    5,000       28,182  

Daiichikosho Co. Ltd.

    3,000       91,425  

DeNA Co. Ltd.

    8,000       122,938  

GungHo Online Entertainment Inc.

    4,000       88,780  

Shochiku Co. Ltd.(a)

    1,000       104,176  

Toei Co. Ltd.

    500       77,776  
   

 

 

 
      560,129  

 

 

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 Japan Small-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Equity Real Estate Investment Trusts (REITs) — 8.6%  

Activia Properties Inc.

    60     $ 203,648  

Advance Residence Investment Corp.

    120       336,102  

AEON REIT Investment Corp.

    140       174,568  

Comforia Residential REIT Inc.

    60       161,951  

CRE Logistics REIT Inc.

    50       82,911  

Daiwa Office Investment Corp.

    30       185,508  

Daiwa Securities Living Investments Corp.

    170       155,334  

Frontier Real Estate Investment Corp.

    40       164,660  

Fukuoka REIT Corp.

    60       81,918  

Global One Real Estate Investment Corp.

    90       86,902  

Hankyu Hanshin REIT Inc.

    60       75,593  

Heiwa Real Estate REIT Inc.

    80       96,332  

Hoshino Resorts REIT Inc.

    20       113,146  

Hulic Reit Inc.

    110       149,511  

Ichigo Office REIT Investment Corp.

    110       79,490  

Industrial & Infrastructure Fund Investment Corp.

    170       255,739  

Invincible Investment Corp.

    550       188,611  

Itochu Advance Logistics Investment Corp.

    50       63,787  

Japan Excellent Inc.

    110       122,825  

Japan Hotel REIT Investment Corp.

    400       204,702  

Japan Logistics Fund Inc.

    70       183,698  

Japan Prime Realty Investment Corp.

    70       227,917  

Kenedix Office Investment Corp.

    40       237,178  

Kenedix Residential Next Investment Corp.

    80       131,427  

Kenedix Retail REIT Corp.

    50       114,060  

LaSalle Logiport REIT

    160       229,526  

Mirai Corp.

    150       63,932  

Mitsubishi Estate Logistics REIT Investment Corp.

    32       118,730  

Mitsui Fudosan Logistics Park Inc.

    51       232,897  

Mori Hills REIT Investment Corp.

    140       168,267  

Mori Trust Hotel Reit Inc.

    30       32,026  

Mori Trust Sogo REIT Inc.

    90       107,653  

Nippon Accommodations Fund Inc.

    40       210,499  

NIPPON REIT Investment Corp.

    40       125,209  

NTT UD REIT Investment Corp.

    120       157,274  

One REIT Inc.

    20       49,863  

Samty Residential Investment Corp.

    30       30,747  

Sekisui House Reit Inc.

    360       239,238  

SOSiLA Logistics REIT Inc.

    60       77,196  

Star Asia Investment Corp.

    130       65,683  

Starts Proceed Investment Corp.

    20       39,306  

Takara Leben Real Estate Investment Corp.

    50       49,846  

Tokyu REIT Inc.

    70       110,003  

United Urban Investment Corp.

    260       298,095  
   

 

 

 
      6,283,508  
Food & Staples Retailing — 2.7%            

Aeon Hokkaido Corp.

    2,000       20,414  

Ain Holdings Inc.

    2,200       122,763  

Arcs Co. Ltd.

    4,000       75,757  

Axial Retailing Inc.

    1,000       28,954  

Belc Co. Ltd.

    1,000       47,889  

Cawachi Ltd.

    1,000       21,356  

Create SD Holdings Co. Ltd.

    2,000       54,862  

Daikokutenbussan Co. Ltd.

    500       20,759  

Fuji Co. Ltd./Ehime

    1,000       27,386  

G-7 Holdings Inc.

    2,000       28,931  

Genky DrugStores Co. Ltd.

    1,000       34,365  

Halows Co. Ltd.

    1,000       25,451  

Heiwado Co. Ltd.

    3,000       52,290  

Inageya Co. Ltd.

    2,000       25,020  
Security   Shares     Value  
Food & Staples Retailing (continued)  

JM Holdings Co. Ltd.

    1,000     $ 15,547  

Kato Sangyo Co. Ltd.

    2,000       53,913  

Kusuri no Aoki Holdings Co. Ltd.

    1,400       82,317  

Life Corp.

    1,000       26,483  

MatsukiyoCocokara & Co.

    10,000       385,522  

Maxvalu Tokai Co. Ltd.

    1,000       22,697  

Mitsubishi Shokuhin Co. Ltd.

    1,000       26,956  

Nihon Chouzai Co. Ltd.

    1,000       12,116  

Qol Holdings Co. Ltd.

    2,000       22,374  

Retail Partners Co. Ltd.

    2,000       22,386  

San-A Co. Ltd.

    2,000       74,260  

Shoei Foods Corp.

    1,000       36,784  

Sugi Holdings Co. Ltd.

    3,000       170,907  

Sundrug Co. Ltd.

    6,000       163,331  

United Super Markets Holdings Inc.

    5,000       46,184  

Valor Holdings Co. Ltd.

    3,000       58,101  

Yaoko Co. Ltd.

    2,000       114,593  

Yokorei Co. Ltd.

    4,000       30,409  
   

 

 

 
      1,951,077  
Food Products — 4.0%            

Ariake Japan Co. Ltd.

    2,000       99,872  

Calbee Inc.

    8,000       179,886  

DyDo Group Holdings Inc.

    1,000       44,888  

Ezaki Glico Co. Ltd.

    4,000       136,457  

Fuji Oil Holdings Inc.

    4,000       77,599  

Fujicco Co. Ltd.

    2,000       34,780  

Fujiya Co. Ltd.

    1,000       22,235  

Hokuto Corp.

    2,000       34,310  

House Foods Group Inc.

    5,000       129,262  

Itoham Yonekyu Holdings Inc.

    13,000       78,117  

J-Oil Mills Inc.

    2,000       30,231  

Kagome Co. Ltd.

    7,000       186,872  

Kameda Seika Co. Ltd.

    1,000       35,933  

Kewpie Corp.

    9,000       192,110  

Kotobuki Spirits Co. Ltd.

    2,000       106,668  

Maruha Nichiro Corp.

    4,000       87,273  

Megmilk Snow Brand Co. Ltd.

    4,000       70,439  

Mitsui DM Sugar Holdings Co. Ltd.

    1,000       17,851  

Morinaga & Co. Ltd./Japan

    3,000       97,608  

Morinaga Milk Industry Co. Ltd.

    3,000       150,387  

NH Foods Ltd.

    7,000       262,729  

Nichirei Corp.

    10,000       220,358  

Nippn Corp., New

    4,000       59,338  

Nippon Suisan Kaisha Ltd.

    25,000       118,384  

Nisshin Oillio Group Ltd. (The)

    2,000       53,161  

Prima Meat Packers Ltd.

    2,000       42,219  

Riken Vitamin Co. Ltd.

    2,000       30,243  

S Foods Inc.

    2,000       57,511  

Sakata Seed Corp.

    2,000       58,761  

Showa Sangyo Co. Ltd.

    1,000       23,843  

Yamazaki Baking Co. Ltd.

    11,000       148,920  

Yukiguni Maitake Co. Ltd.

    2,000       20,869  
   

 

 

 
      2,909,114  
Gas Utilities — 0.6%            

Nippon Gas Co. Ltd.

    10,000       150,471  

Saibu Gas Holdings Co. Ltd.

    2,000       39,956  

Shizuoka Gas Co. Ltd.

    4,000       30,196  

Toho Gas Co. Ltd.

    7,000       187,227  
   

 

 

 
      407,850  

 

 

18  

2 0 2 2   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 Japan Small-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Health Care Equipment & Supplies — 1.5%            

CYBERDYNE Inc.(a)(b)

    10,000     $ 30,209  

Eiken Chemical Co. Ltd.

    3,000       45,579  

Hogy Medical Co. Ltd.

    2,000       58,324  

Japan Lifeline Co. Ltd.

    6,000       57,309  

Jeol Ltd.

    3,000       174,949  

Mani Inc.

    7,000       99,041  

Menicon Co. Ltd.

    5,000       130,810  

Nagaileben Co. Ltd.

    2,000       38,207  

Nakanishi Inc.

    6,000       112,143  

Nihon Kohden Corp.

    7,000       190,990  

Nipro Corp.

    12,000       114,600  

Paramount Bed Holdings Co. Ltd.

    3,000       52,883  
   

 

 

 
      1,105,044  
Health Care Providers & Services — 1.5%            

Alfresa Holdings Corp.

    17,000       261,618  

As One Corp.

    2,400       145,086  

BML Inc.

    2,000       58,013  

Elan Corp.

    3,000       25,556  

H.U. Group Holdings Inc.

    5,000       132,331  

Japan Medical Dynamic Marketing Inc.

    1,000       14,007  

Ship Healthcare Holdings Inc.

    7,000       139,339  

Solasto Corp.

    5,000       44,770  

Suzuken Co. Ltd.

    6,000       193,417  

Toho Holdings Co. Ltd.

    5,000       82,265  

Tokai Corp./Gifu

    2,000       32,766  
   

 

 

 
      1,129,168  
Health Care Technology — 0.3%            

EM Systems Co. Ltd.

    3,000       18,844  

JMDC Inc.(a)

    2,200       122,102  

Medical Data Vision Co. Ltd.

    2,000       18,729  

Medley Inc.(a)

    2,000       39,131  

MedPeer Inc.(a)

    1,000       27,817  
   

 

 

 
      226,623  
Hotels, Restaurants & Leisure — 3.5%            

Airtrip Corp.

    1,000       27,045  

Arcland Service Holdings Co. Ltd.

    1,000       19,779  

Atom Corp.

    10,000       67,155  

Colowide Co. Ltd.

    7,000       105,343  

Create Restaurants Holdings Inc.

    10,000       63,054  

Curves Holdings Co. Ltd.

    5,000       30,815  

Doutor Nichires Holdings Co. Ltd.

    3,000       42,300  

Food & Life Companies Ltd.

    10,000       332,870  

Fuji Kyuko Co. Ltd.

    2,000       69,978  

Fujio Food Group Inc.

    1,000       11,433  

Hiday Hidaka Corp.

    2,084       32,518  

HIS Co. Ltd.(a)

    4,000       68,851  

Ichibanya Co. Ltd.

    1,000       40,704  

Kappa Create Co. Ltd.(a)

    2,000       24,168  

KFC Holdings Japan Ltd.

    1,000       25,305  

Kisoji Co. Ltd.

    2,000       37,637  

KOMEDA Holdings Co. Ltd.

    4,000       73,620  

Koshidaka Holdings Co. Ltd.

    4,000       22,220  

Kura Sushi Inc.

    2,000       64,672  

Kyoritsu Maintenance Co. Ltd.

    3,080       114,100  

Matsuyafoods Holdings Co. Ltd.

    1,000       32,067  

Monogatari Corp. (The)

    1,000       55,298  

MOS Food Services Inc.

    2,000       53,033  

Ohsho Food Service Corp.

    1,000       52,637  

Open Door Inc.(a)

    1,000       16,943  
Security   Shares     Value  
Hotels, Restaurants & Leisure (continued)            

Plenus Co. Ltd.

    2,000     $ 34,795  

Resorttrust Inc.

    7,000       118,204  

Ringer Hut Co. Ltd.

    2,000       39,036  

Round One Corp.

    5,000       56,172  

Royal Holdings Co. Ltd.

    2,000       34,307  

Saizeriya Co. Ltd.

    3,000       76,720  

Skylark Holdings Co. Ltd.

    20,000       262,426  

Tokyotokeiba Co. Ltd.

    1,000       35,538  

Toridoll Holdings Corp.

    4,000       84,994  

Tosho Co. Ltd.

    1,000       15,124  

Yoshinoya Holdings Co. Ltd.

    6,000       124,796  

Zensho Holdings Co. Ltd.

    8,000       192,182  
   

 

 

 
      2,557,839  
Household Durables — 2.1%            

Casio Computer Co. Ltd.

    17,000       199,179  

Chofu Seisakusho Co. Ltd.

    1,000       17,401  

ES-Con Japan Ltd.

    3,000       19,801  

Fujitsu General Ltd.

    5,000       108,428  

Haseko Corp.

    23,000       293,593  

Ki-Star Real Estate Co. Ltd.

    1,000       44,182  

Nagawa Co. Ltd.

    1,000       84,818  

Nikon Corp.

    27,000       282,226  

Pressance Corp.

    2,000       31,352  

Sangetsu Corp.

    4,000       56,104  

Sumitomo Forestry Co. Ltd.

    13,000       250,686  

Tama Home Co. Ltd.

    1,000       20,143  

Tamron Co. Ltd.

    1,000       20,550  

Token Corp.

    1,000       79,207  

Zojirushi Corp.

    3,000       37,909  
   

 

 

 
      1,545,579  
Household Products — 0.3%            

Earth Corp.

    1,000       48,917  

Pigeon Corp.

    10,000       184,137  
   

 

 

 
      233,054  
Independent Power and Renewable Electricity Producers — 0.5%  

Electric Power Development Co. Ltd.

    13,000       206,260  

eRex Co. Ltd.

    2,000       32,316  

RENOVA Inc.(a)

    3,000       37,419  

West Holdings Corp.

    2,080       78,542  
   

 

 

 
      354,537  
Industrial Conglomerates — 0.7%            

Katakura Industries Co. Ltd.

    2,000       40,941  

Keihan Holdings Co. Ltd.

    9,000       240,175  

Mie Kotsu Group Holdings Inc.

    4,000       16,135  

Nisshinbo Holdings Inc.

    13,000       114,750  

Noritsu Koki Co. Ltd.

    2,000       35,978  

TOKAI Holdings Corp.

    9,000       71,630  
   

 

 

 
      519,609  
Insurance — 0.1%            

Anicom Holdings Inc.

    7,000       45,083  

LIFENET INSURANCE CO.(a)

    4,000       20,175  
   

 

 

 
      65,258  
Interactive Media & Services — 0.4%            

Bengo4.com Inc.(a)

    1,000       37,705  

Dip Corp.

    3,000       89,011  

giftee Inc.(a)

    1,000       7,486  

Gree Inc.

    10,000       82,317  

 

 

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

  19


Schedule of Investments (unaudited) (continued)

February 28, 2022

  

iShares® MSCI Japan Small-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Interactive Media & Services (continued)

   

Mixi Inc.

    4,000     $ 77,804  
   

 

 

 
      294,323  
Internet & Direct Marketing Retail — 0.2%            

ASKUL Corp.

    3,000       43,568  

Belluna Co. Ltd.

    4,000       25,725  

Demae-Can Co. Ltd.(a)

    4,000       25,828  

Media Do Co. Ltd.

    1,000       21,917  

Oisix ra daichi Inc.(a)

    2,000       44,929  
   

 

 

 
      161,967  
IT Services — 2.8%            

Argo Graphics Inc.

    1,000       27,768  

BASE Inc.(a)

    7,000       25,658  

Bell System24 Holdings Inc.

    3,000       35,023  

Change Inc.(a)

    3,000       46,334  

Comture Corp.

    2,000       51,496  

Digital Garage Inc.

    3,000       104,492  

DTS Corp.

    3,000       71,881  

Future Corp.

    4,000       49,732  

GMO GlobalSign Holdings KK

    400       15,364  

GMO internet Inc.

    6,000       136,592  

Hennge KK(a)

    1,000       7,464  

Infocom Corp.

    2,000       35,451  

Infomart Corp.

    17,000       101,293  

Information Services International-Dentsu Ltd.

    2,000       65,098  

JIG-SAW Inc.(a)

    500       24,684  

Kanematsu Electronics Ltd.

    1,000       34,064  

Mitsubishi Research Institute Inc.

    1,000       33,811  

NEC Networks & System Integration Corp.

    6,000       92,253  

NET One Systems Co. Ltd.

    8,000       196,828  

Nihon Unisys Ltd.

    6,000       164,377  

NS Solutions Corp.

    3,000       95,548  

NSD Co. Ltd.

    6,000       112,657  

Oro Co. Ltd.

    1,000       20,887  

Relia Inc.

    3,000       27,580  

SB Technology Corp.

    1,000       22,911  

SHIFT Inc.(a)

    1,000       193,838  

TechMatrix Corp.

    3,000       46,937  

TKC Corp.

    3,000       81,908  

Transcosmos Inc.

    2,000       55,314  

Uchida Yoko Co. Ltd.

    1,000       41,540  

Zuken Inc.

    1,000       28,102  
   

 

 

 
      2,046,885  
Leisure Products — 1.1%            

GLOBERIDE Inc.

    1,000       25,051  

Heiwa Corp.

    5,016       84,621  

Mizuno Corp.

    2,000       39,522  

Roland Corp.

    1,000       33,892  

Sankyo Co. Ltd.

    4,000       111,672  

Sega Sammy Holdings Inc.

    15,000       273,591  

Snow Peak Inc.

    2,000       49,427  

Tomy Co. Ltd.

    7,000       76,555  

Universal Entertainment Corp.(a)

    2,000       41,140  

Yonex Co. Ltd.

    5,000       39,811  
   

 

 

 
      775,282  
Life Sciences Tools & Services — 0.0%            

CellSource Co. Ltd.(a)

    1,000       30,541  
   

 

 

 
Machinery — 7.1%            

Aichi Corp.

    2,000       15,354  
Security   Shares     Value  

Machinery (continued)

   

Aida Engineering Ltd.

    4,000     $     34,634  

Amada Co. Ltd.

    30,000       265,823  

CKD Corp.

    5,000       87,206  

Daiwa Industries Ltd.

    3,000       28,989  

DMG Mori Co. Ltd.

    10,000       139,693  

Ebara Corp.

    9,000       469,721  

Fuji Corp./Aichi

    6,000       122,013  

Fujitec Co. Ltd.

    6,000       143,844  

Fukushima Galilei Co. Ltd.

    1,000       34,413  

Furukawa Co. Ltd.

    3,000       34,755  

Giken Ltd.

    1,000       31,146  

Glory Ltd.

    4,000       72,546  

Harmonic Drive Systems Inc.

    4,000       163,615  

Hirata Corp.

    1,000       45,628  

Hitachi Zosen Corp.

    14,000       97,044  

Hosokawa Micron Corp.

    1,000       23,395  

IHI Corp.

    12,000       277,714  

Japan Steel Works Ltd. (The)

    5,000       163,291  

Kawasaki Heavy Industries Ltd.

    13,000       239,845  

Kitz Corp.

    5,000       28,537  

Kyokuto Kaihatsu Kogyo Co. Ltd.

    3,000       37,876  

Makino Milling Machine Co. Ltd.

    2,000       65,312  

Max Co. Ltd.

    2,000       30,856  

Meidensha Corp.

    3,000       58,727  

METAWATER Co. Ltd.

    2,000       36,919  

Mitsubishi Logisnext Co. Ltd.

    2,000       16,241  

Mitsuboshi Belting Ltd.

    2,000       37,699  

Morita Holdings Corp.

    3,000       32,001  

Nabtesco Corp.

    10,000       277,155  

Nachi-Fujikoshi Corp.

    1,000       36,361  

Nikkiso Co. Ltd.

    4,000       27,711  

Nissei ASB Machine Co. Ltd.

    1,000       26,239  

Nitta Corp.

    2,000       48,483  

Nittoku Co. Ltd.

    1,000       23,123  

Noritake Co. Ltd./Nagoya Japan

    1,000       39,934  

NSK Ltd.

    34,000       219,355  

NTN Corp.(a)

    36,000       68,095  

Obara Group Inc.

    1,000       27,036  

Oiles Corp.

    2,096       29,240  

OKUMA Corp.

    2,000       81,569  

Organo Corp.

    1,000       71,178  

OSG Corp.

    7,000       116,993  

Shibaura Machine Co. Ltd.

    2,000       53,402  

Shibuya Corp.

    1,000       21,517  

Shima Seiki Manufacturing Ltd.

    2,000       31,132  

Shinmaywa Industries Ltd.

    5,000       40,633  

Sodick Co. Ltd.

    4,000       27,106  

Star Micronics Co. Ltd.

    3,000       38,273  

Sumitomo Heavy Industries Ltd.

    10,000       242,308  

Tadano Ltd.

    9,000       76,847  

Takeuchi Manufacturing Co. Ltd.

    3,000       67,066  

Takuma Co. Ltd.

    6,000       76,253  

Teikoku Sen-I Co. Ltd.

    2,000       33,160  

THK Co. Ltd.

    10,000       229,730  

Tocalo Co. Ltd.

    5,000       58,718  

Tsubaki Nakashima Co. Ltd.

    4,000       34,011  

Tsubakimoto Chain Co.

    2,000       57,196  

Tsugami Corp.

    3,000       33,261  

Tsukishima Kikai Co. Ltd.

    2,000       18,229  

Union Tool Co.

    1,000       32,374  

 

 

20  

2 0 2 2   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 Japan Small-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Machinery (continued)

   

YAMABIKO Corp.

    3,000     $ 34,744  
   

 

 

 
      5,133,269  

Marine — 0.5%

   

Iino Kaiun Kaisha Ltd.

    7,000       54,147  

Kawasaki Kisen Kaisha Ltd.(a)

    4,000       281,808  

NS United Kaiun Kaisha Ltd.

    1,000       36,547  
   

 

 

 
      372,502  

Media — 0.8%

   

Direct Marketing MiX Inc.

    2,000       27,995  

Fuji Media Holdings Inc.

    4,000       43,415  

Gakken Holdings Co. Ltd.

    2,000       17,984  

Kadokawa Corp.

    8,016       203,427  

Nippon Television Holdings Inc.

    5,000       57,199  

Proto Corp.

    2,000       20,128  

Septeni Holdings Co. Ltd.

    6,000       33,625  

SKY Perfect JSAT Holdings Inc.

    13,000       48,886  

TBS Holdings Inc.

    3,000       48,576  

TV Asahi Holdings Corp.

    2,000       27,335  

ValueCommerce Co. Ltd.

    1,000       31,297  

Vector Inc.

    3,000       29,117  

Zenrin Co. Ltd.

    3,000       29,179  
   

 

 

 
        618,163  

Metals & Mining — 2.1%

   

Aichi Steel Corp.

    1,000       22,922  

Asahi Holdings Inc.

    7,000       135,943  

Daido Steel Co. Ltd.

    2,000       71,922  

Daiki Aluminium Industry Co. Ltd.

    2,000       30,315  

Dowa Holdings Co. Ltd.

    4,000       180,522  

Kobe Steel Ltd.

    30,000       159,324  

Kyoei Steel Ltd.

    2,000       27,684  

Maruichi Steel Tube Ltd.

    5,000       124,098  

Mitsubishi Materials Corp.

    10,000       179,993  

Mitsui Mining & Smelting Co. Ltd.

    5,000       146,413  

Nippon Light Metal Holdings Co. Ltd.

    5,000       80,124  

Sanyo Special Steel Co. Ltd.

    2,000       37,053  

Toho Titanium Co. Ltd.

    3,000       28,426  

Tokyo Steel Manufacturing Co. Ltd.

    8,000       78,270  

UACJ Corp.(a)

    3,014       61,786  

Yamato Kogyo Co. Ltd.

    4,000       128,622  

Yodogawa Steel Works Ltd.

    2,000       48,035  
   

 

 

 
      1,541,452  

Multiline Retail — 1.1%

   

H2O Retailing Corp.

    8,035       60,080  

Isetan Mitsukoshi Holdings Ltd.

    30,000       241,936  

Izumi Co. Ltd.

    3,000       83,881  

J Front Retailing Co. Ltd.

    22,000       184,268  

Kintetsu Department Store Co. Ltd.(a)

    1,000       21,984  

Matsuya Co. Ltd.(a)

    2,000       12,038  

Seria Co. Ltd.

    4,000       102,620  

Takashimaya Co. Ltd.

    13,000       126,892  
   

 

 

 
      833,699  

Oil, Gas & Consumable Fuels — 0.7%

 

Cosmo Energy Holdings Co. Ltd.

    5,000       113,014  

Itochu Enex Co. Ltd.

    4,000       36,401  

Iwatani Corp.

    4,200       199,619  

Japan Petroleum Exploration Co. Ltd.

    3,000       71,211  

Mitsuuroko Group Holdings Co. Ltd.

    3,000       28,265  
Security   Shares     Value  

Oil, Gas & Consumable Fuels (continued)

   

San-Ai Oil Co. Ltd.

    5,000     $ 41,571  
   

 

 

 
      490,081  

Paper & Forest Products — 0.4%

   

Daiken Corp.

    1,000       19,558  

Daio Paper Corp.

    7,000       103,992  

Hokuetsu Corp.

    11,000       68,597  

Nippon Paper Industries Co. Ltd.

    9,000       85,907  

Tokushu Tokai Paper Co. Ltd.

    1,000       28,859  
   

 

 

 
      306,913  

Personal Products — 1.1%

   

Euglena Co. Ltd.(a)

    9,000       60,026  

Fancl Corp.

    7,000       198,751  

Kitanotatsujin Corp.

    6,000       11,754  

Mandom Corp.

    3,000       35,975  

Milbon Co. Ltd.

    2,000       105,884  

Noevir Holdings Co. Ltd.

    1,000       45,070  

Premier Anti-Aging Co. Ltd.(a)

    300       16,965  

Rohto Pharmaceutical Co. Ltd.

    8,000       268,335  

YA-MAN Ltd.

    3,000       24,890  
   

 

 

 
      767,650  

Pharmaceuticals — 1.5%

   

Hisamitsu Pharmaceutical Co. Inc.

    5,000       159,772  

JCR Pharmaceuticals Co. Ltd.

    6,000       114,534  

Kaken Pharmaceutical Co. Ltd.

    3,000       110,257  

Kissei Pharmaceutical Co. Ltd.

    2,000       42,277  

KYORIN Holdings Inc.

    4,000       65,091  

Mochida Pharmaceutical Co. Ltd.

    2,000       66,785  

Nichi-Iko Pharmaceutical Co. Ltd.

    5,050       37,137  

Sawai Group Holdings Co. Ltd.

    3,000       119,228  

Seikagaku Corp.

    3,000       23,809  

Sosei Group Corp.(a)

    7,000       87,288  

Torii Pharmaceutical Co. Ltd.

    1,000       25,429  

Towa Pharmaceutical Co. Ltd.

    2,000       51,828  

Tsumura & Co.

    5,000       138,874  

ZERIA Pharmaceutical Co. Ltd.

    2,000       34,508  
   

 

 

 
        1,076,817  

Professional Services — 2.6%

   

Altech Corp.

    1,080       18,228  

BayCurrent Consulting Inc.

    1,200       479,872  

BeNext-Yumeshin Group Co.

    5,016       71,454  

en Japan Inc.

    3,000       79,247  

Fullcast Holdings Co. Ltd.

    2,000       41,291  

Funai Soken Holdings Inc.

    3,000       58,335  

Insource Co. Ltd.

    2,000       34,425  

IR Japan Holdings Ltd.

    1,000       35,662  

JAC Recruitment Co. Ltd.

    1,000       15,939  

Link And Motivation Inc.

    3,000       10,884  

Makuake Inc.(a)

    400       6,385  

Meitec Corp.

    2,000       118,031  

Nomura Co. Ltd.

    7,000       56,613  

Outsourcing Inc.

    10,000       123,945  

Pasona Group Inc.

    2,000       44,007  

SMS Co. Ltd.

    6,000       163,418  

S-Pool Inc.

    6,000       52,871  

TechnoPro Holdings Inc.

    10,000       290,356  

UT Group Co. Ltd.

    2,000       60,855  

Visional Inc.(a)

    1,000       73,119  

WDB Holdings Co. Ltd.

    1,000       22,680  

Weathernews Inc.

    400       27,737  

 

 

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

  21


Schedule of Investments (unaudited) (continued)

February 28, 2022

  

iShares® MSCI Japan Small-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Professional Services (continued)

   

World Holdings Co. Ltd.

    1,000     $ 18,753  
   

 

 

 
      1,904,107  

Real Estate Management & Development — 2.0%

   

Aeon Mall Co. Ltd.

    9,000       126,558  

Goldcrest Co. Ltd.

    1,000       16,234  

Heiwa Real Estate Co. Ltd.

    3,000       107,270  

Ichigo Inc.

    22,000       51,194  

Katitas Co. Ltd.

    5,000       157,828  

Keihanshin Building Co. Ltd.

    3,000       38,992