LOGO

  FEBRUARY 28, 2022

 

  

2022 Semi-Annual Report

(Unaudited)

 

 

iShares, Inc.

·  iShares ESG Aware MSCI EM ETF | ESGE | NASDAQ

·   iShares MSCI Emerging Markets ex China ETF | EMXC | NASDAQ

·   iShares MSCI Emerging Markets Min Vol Factor ETF | EEMV | Cboe BZX

·   iShares MSCI Emerging Markets Multifactor ETF | EMGF | Cboe BZX

·   iShares MSCI Global Min Vol Factor ETF | ACWV | Cboe BZX


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

     9  

Shareholder Expenses

     9  

Schedules of Investments

     10  

Financial Statements

  

Statements of Assets and Liabilities

     41  

Statements of Operations

     43  

Statements of Changes in Net Assets

     45  

Financial Highlights

     48  

Notes to Financial Statements

     53  

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® ESG Aware MSCI EM ETF

 

Investment Objective

The iShares ESG Aware MSCI EM ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization emerging market equities that have positive environmental, social and governance characteristics as identified by the index provider while exhibiting risk and return characteristics similar to those of the parent index, as represented by the MSCI Emerging Markets Extended ESG Focus Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

           Average Annual Total Returns            Cumulative Total Returns  
     6 Months      1 Year      5 Years      Since
Inception
            1 Year      5 Years      Since
Inception
 

Fund NAV

    (11.61 )%       (11.33 )%       7.19      9.42        (11.33 )%       41.49      66.63

Fund Market

    (10.29      (10.77      7.37        9.61          (10.77      42.69        68.27  

Index

    (11.20      (10.47      7.67        10.07                (10.47      44.68        72.36  

The inception date of the Fund was 6/28/16. The first day of secondary market trading was 6/30/16.

Index performance through May 31, 2018 reflects the performance of the MSCI Emerging Markets ESG Focus Index. Index performance beginning on June 1, 2018 reflects the performance of the MSCI Emerging Markets Extended ESG Focus 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 9 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          $         883.90          $       1.17               $      1,000.00          $      1,023.60          $        1.25                     0.25

 

  (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

    25.6

Information Technology

    22.7  

Consumer Discretionary

    12.7  

Communication Services

    10.9  

Materials

    6.4  

Consumer Staples

    5.5  

Health Care

    4.5  

Industrials

    4.3  

Energy

    3.8  

Utilities

    1.8  

Real Estate

    1.8  
TEN LARGEST GEOGRAPHIC ALLOCATION  
   
Country/Geographic Region    
Percent of
Total Investments
 
(a) 

China

    29.9

Taiwan

    17.4  

South Korea

    12.8  

India

    12.5  

South Africa

    4.4  

Brazil

    4.1  

Saudi Arabia

    3.1  

Malaysia

    2.8  

Thailand

    2.5  

United Arab Emirates

    1.8  
  (a) 

Excludes money market funds.

 

 

 

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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 ex China ETF

 

Investment Objective

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

Fund NAV

    (6.81 )%       1.64     5.41       1.64      27.56

Fund Market

    (5.44      3.14       5.75         3.14        29.48  

Index

    (6.15      3.30       6.06               3.30        31.23  

The inception date of the Fund was 7/18/17. The first day of secondary market trading was 7/20/17.

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 9 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          $         931.90          $       1.20               $      1,000.00          $      1,023.60          $      1.25                     0.25

 

  (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

    29.3

Financials

    23.4  

Materials

    11.7  

Communication Services

    6.7  

Energy

    6.0  

Consumer Staples

    5.9  

Consumer Discretionary

    5.6  

Industrials

    5.1  

Health Care

    2.8  

Utilities

    2.4  

Real Estate

    1.1  
TEN LARGEST GEOGRAPHIC ALLOCATION  
   
Country/Geographic Region    
Percent of
Total Investments
 
(a) 

Taiwan

    23.8

India

    18.3  

South Korea

    18.3  

Brazil

    7.4  

Saudi Arabia

    5.9  

South Africa

    5.5  

Mexico

    3.1  

Thailand

    2.7  

Indonesia

    2.5  

Malaysia

    2.2  
  (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 Emerging Markets Min Vol Factor ETF

 

Investment Objective

The iShares MSCI Emerging Markets Min Vol Factor ETF (the “Fund”) seeks to track the investment results of an index composed of emerging market equities that, in the aggregate, have lower volatility characteristics relative to the broader emerging equity markets, as represented by the MSCI Emerging Markets Minimum Volatility (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.

Performance

 

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

Fund NAV

    (1.94 )%       1.18      6.10      3.41        1.18      34.48      39.84

Fund Market

    (1.05      2.29        6.40        3.48          2.29        36.38        40.83  

Index

    (1.78      1.97        6.56        3.71                1.97        37.39        43.96  

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 9 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          $         980.60          $       1.23               $      1,000.00          $      1,023.60          $      1.25                     0.25

 

  (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

    23.7

Communication Services

    16.4  

Information Technology

    16.1  

Consumer Staples

    10.6  

Consumer Discretionary

    9.4  

Health Care

    8.2  

Materials

    5.4  

Utilities

    4.1  

Industrials

    3.9  

Energy

    1.5  

Real Estate

    0.7  
TEN LARGEST GEOGRAPHIC ALLOCATION  
   
Country/Geographic Region    
Percent of
Total Investments
 
(a) 

China

    28.2

Taiwan

    18.3  

India

    13.8  

Saudi Arabia

    9.3  

South Korea

    6.5  

Thailand

    5.3  

Malaysia

    4.1  

United Arab Emirates

    3.7  

Qatar

    2.5  

Philippines

    2.0  
  (a) 

Excludes money market funds.

 

 

 

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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 Multifactor ETF

 

Investment Objective

The iShares MSCI Emerging Markets Multifactor ETF (the “Fund”) seeks to track the investment results of an index composed of stocks of large- and mid-capitalization companies in emerging markets that have favorable exposure to target style factors subject to constraints, as represented by the MSCI Emerging Markets Diversified Multiple-Factor Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

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

Since

Inception

            1 Year      5 Years     

Since

Inception

 

Fund NAV

    (6.27 )%       (0.59 )%       7.25      8.70        (0.59 )%       41.90      68.10

Fund Market

    (4.81      (0.01      7.44        8.89          (0.01      43.16        70.00  

Index

    (6.13      0.34        7.74        9.21                0.34        45.19        73.09  

The inception date of the Fund was 12/8/15. The first day of secondary market trading was 12/10/15.

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 9 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          $         937.30          $       2.16               $      1,000.00          $      1,022.60          $      2.26                     0.45

 

  (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

    23.4

Financials

    14.7  

Materials

    13.1  

Consumer Discretionary

    12.9  

Industrials

    7.4  

Health Care

    6.5  

Communication Services

    5.8  

Energy

    5.3  

Consumer Staples

    4.8  

Utilities

    4.4  

Real Estate

    1.7  
TEN LARGEST GEOGRAPHIC ALLOCATION  
   
Country/Geographic Region    
Percent of
Total Investments
 
(a) 

China

    41.1

India

    16.7  

Taiwan

    14.8  

South Korea

    10.3  

Saudi Arabia

    5.6  

South Africa

    2.7  

Brazil

    2.0  

United Arab Emirates

    1.0  

Qatar

    1.0  

Indonesia

    0.9  
  (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 Global Min Vol Factor ETF

 

Investment Objective

The iShares MSCI Global Min Vol Factor ETF (the “Fund”) seeks to track the investment results of an index composed of developed and emerging market equities that, in the aggregate, have lower volatility characteristics relative to the broader developed and emerging equity markets, as represented by the MSCI ACWI Minimum Volatility (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.

Performance

 

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

Fund NAV

    (4.00 )%       9.72      8.11      9.04        9.72      47.66      137.60

Fund Market

    (4.12      9.74        8.12        8.99          9.74        47.76        136.61  

Index

    (4.06      9.70        7.91        8.79                9.70        46.35        132.32  

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 9 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          $         960.00          $       0.97               $      1,000.00          $      1,023.80          $      1.00                     0.20

 

  (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

    17.5

Health Care

    15.9  

Communication Services

    14.4  

Consumer Staples

    12.1  

Financials

    9.8  

Utilities

    8.0  

Consumer Discretionary

    7.5  

Industrials

    7.1  

Materials

    5.1  

Real Estate

    2.1  

Energy

    0.5  
TEN LARGEST GEOGRAPHIC ALLOCATION  
   
Country/Geographic Region    
Percent of
Total Investments
 
(a) 

United States

    55.8

Japan

    10.2  

Switzerland

    6.1  

Taiwan

    4.9  

China

    4.3  

India

    3.9  

Canada

    2.3  

Hong Kong

    2.2  

Denmark

    1.6  

Saudi Arabia

    1.3  
  (a) 

Excludes money market funds.

 

 

 

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


About Fund Performance

 

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

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

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

Shareholder Expenses

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

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

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

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

 

 

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

  9


Schedule of Investments (unaudited)

February 28, 2022

  

iShares® ESG Aware MSCI EM ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   

Brazil — 2.9%

   

Americanas SA

    747,006     $ 4,377,579  

B3 SA - Brasil, Bolsa, Balcao

    9,261,032       26,054,848  

Banco do Brasil SA

    4,425,322       29,919,937  

Banco Santander Brasil SA

    3,247,212       19,247,007  

Cosan SA

    3,503,113       14,362,002  

Energisa SA

    926,032       7,901,545  

Localiza Rent a Car SA

    2,171,061       24,168,994  

Lojas Renner SA

    2,254,944       11,145,812  

Natura & Co. Holding SA(a)

    2,767,832       12,351,322  

Rumo SA(a)

    2,111,891       6,326,954  

Telefonica Brasil SA

    1,343,576       13,175,985  

Ultrapar Participacoes SA

    4,203,826       11,822,632  

Vibra Energia SA

    1,443,285       6,574,042  
   

 

 

 
          187,428,659  
Chile — 0.6%            

Banco de Chile

    77,276,390       8,193,005  

Banco Santander Chile

    154,145,127       7,569,110  

Enel Americas SA

    200,688,465       23,498,900  
   

 

 

 
      39,261,015  
China — 29.8%            

3SBio Inc.(a)(b)

    8,745,000       6,950,260  

AAC Technologies Holdings Inc.(c)

    3,134,500       8,570,350  

Agricultural Bank of China Ltd., Class H

    21,797,000       8,254,939  

Akeso Inc.(a)(b)

    2,822,000       7,452,182  

Alibaba Group Holding Ltd.(a)

    13,254,268       174,477,511  

Alibaba Health Information Technology Ltd.(a)

    8,898,000       6,230,661  

ANTA Sports Products Ltd.

    417,200       6,371,980  

Baidu Inc., ADR(a)

    217,185       33,107,681  

Bank of China Ltd., Class H

    20,981,000       8,161,933  

BeiGene Ltd., ADR(a)(c)

    37,665       7,929,236  

Bilibili Inc., ADR(a)(c)

    183,625       5,804,386  

BYD Co. Ltd., Class A

    262,055       10,537,705  

BYD Co. Ltd., Class H

    743,000       23,023,596  

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

    426,200       7,702,865  

China Construction Bank Corp., Class A

    10,021,100       9,587,303  

China Construction Bank Corp., Class H

    94,065,000       70,545,416  

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

    9,397,735       8,047,587  

China Feihe Ltd.(b)

    4,751,000       5,669,176  

China Galaxy Securities Co. Ltd., Class A

    4,507,700       7,239,054  

China International Capital Corp. Ltd., Class A

    1,004,813       6,785,460  

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

    2,778,400       6,759,630  

China Lesso Group Holdings Ltd.

    8,835,000       13,602,230  

China Medical System Holdings Ltd.

    8,507,000       15,148,017  

China Mengniu Dairy Co. Ltd.

    2,275,000       14,793,000  

China Merchants Bank Co. Ltd., Class A

    1,851,240       14,633,543  

China Merchants Bank Co. Ltd., Class H

    4,515,000       38,058,317  

China Molybdenum Co. Ltd., Class A

    9,202,200       8,827,621  

China Molybdenum Co. Ltd., Class H

    22,683,000       13,652,959  

China Resources Gas Group Ltd.

    1,370,000       6,284,967  

China Resources Land Ltd.

    4,616,000       22,453,598  

China Resources Mixc Lifestyle Services Ltd.(b)

    1,197,800       6,161,078  

China Suntien Green Energy Corp. Ltd., Class H

    15,632,000       10,361,856  

China Three Gorges Renewables Group Co. Ltd.

    6,381,000       7,202,465  

China Vanke Co. Ltd., Class H

    2,961,600       7,034,338  

CIFI Ever Sunshine Services Group Ltd.

    3,480,000       6,341,361  

Contemporary Amperex Technology Co. Ltd., Class A

    192,303       16,472,540  

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

    3,598,200       7,272,771  

Country Garden Services Holdings Co. Ltd.

    2,514,000       15,038,641  
Security   Shares     Value  

China (continued)

   

CSC Financial Co. Ltd., Class A

    1,668,700     $ 6,832,175  

CSPC Pharmaceutical Group Ltd.

    13,097,520       15,525,311  

ENN Energy Holdings Ltd.

    1,030,500       14,924,106  

Fosun International Ltd.

    22,382,000       24,284,547  

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

    1,614,400       7,920,398  

Ganfeng Lithium Co. Ltd., Class A

    434,950       10,575,843  

GDS Holdings Ltd., ADR(a)

    156,168       6,952,599  

Geely Automobile Holdings Ltd.

    5,830,000       10,859,206  

GEM Co. Ltd., Class A

    5,006,617       7,648,574  

Genscript Biotech Corp.(a)

    1,908,000       7,565,254  

Great Wall Motor Co. Ltd., Class H

    3,687,500       7,763,295  

Hansoh Pharmaceutical Group Co. Ltd.(b)

    3,088,000       6,607,038  

Hopson Development Holdings Ltd.

    3,310,340       6,814,512  

Huatai Securities Co. Ltd., Class A

    7,715,802       19,446,888  

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

    5,776,800       9,458,368  

Industrial & Commercial Bank of China Ltd., Class H

    26,860,000       16,034,213  

Industrial Bank Co. Ltd., Class A

    3,292,868       11,536,139  

JD Health International Inc.(a)(b)

    1,454,250       10,854,101  

JDcom Inc, Class A(a)

    1,427,316       50,982,902  

Jinxin Fertility Group Ltd.(a)(b)

    6,462,000       7,555,897  

Jiumaojiu International Holdings Ltd.(b)

    2,640,000       5,930,762  

KE Holdings Inc., ADR(a)

    338,784       6,575,797  

Kingdee International Software Group Co. Ltd.(a)

    6,524,000       16,124,991  

Lenovo Group Ltd.

    20,152,000             22,440,642  

Li Auto Inc., ADR(a)

    815,827       24,841,932  

Li Ning Co. Ltd.

    1,647,500       16,455,476  

Logan Group Co. Ltd.(c)

    13,762,000       4,578,763  

Longfor Group Holdings Ltd.(b)

    1,412,500       7,553,377  

LONGi Green Energy Technology Co. Ltd., Class A

    696,120       8,664,954  

Meituan, Class B(a)(b)

    4,109,800       91,299,854  

Microport Scientific Corp.

    2,302,600       6,404,869  

Ming Yuan Cloud Group Holdings Ltd.

    3,081,000       6,080,916  

MMG Ltd.(a)

    23,168,000       8,392,134  

NetEase Inc.

    2,118,070       40,967,069  

NIO Inc., ADR(a)

    1,251,347       28,580,766  

Orient Securities Co. Ltd., Class A

    5,456,932       10,673,868  

Pharmaron Beijing Co. Ltd., Class A

    373,600       7,170,011  

Pinduoduo Inc., ADR(a)

    299,123       15,512,519  

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

    2,140,100       6,631,983  

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

    914,063       7,368,360  

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

    5,368,500       41,625,536  

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

    9,156,100       8,088,120  

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

    8,183,000       6,712,184  

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

    5,318,000       7,343,056  

Shanghai Electric Group Co. Ltd., Class A

    10,200,800       7,139,223  

Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A

    1,043,415       7,035,238  

Shanghai Pharmaceuticals Holding Co. Ltd., Class H

    6,692,900       12,081,110  

Shenzhen Inovance Technology Co. Ltd., Class A

    683,572       6,957,273  

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

    135,900       7,066,908  

Shenzhou International Group Holdings Ltd.

    445,600       7,484,568  

Sinopharm Group Co. Ltd., Class H

    3,026,800       7,337,518  

Sunac Services Holdings Ltd.(a)(b)

    5,924,000       5,063,044  

Sungrow Power Supply Co. Ltd., Class A

    851,667       16,491,679  

Sunny Optical Technology Group Co. Ltd.

    1,209,000       28,972,416  

SuZhou TA&A Ultra Clean Technology Co. Ltd., Class A

    556,000       7,937,595  

TCL Technology Group Corp., Class A

    7,614,495       6,729,660  

 

 

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) (continued)

February 28, 2022

  

iShares® ESG Aware MSCI EM ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

China (continued)

   

Tencent Holdings Ltd.

    5,038,800     $ 271,900,256  

Tongcheng Travel Holdings Ltd.(a)

    4,551,600       8,477,119  

Topchoice Medical Corp., Class A(a)

    286,209       7,343,170  

Trip.com Group Ltd., ADR(a)

    241,635       6,239,016  

Unisplendour Corp. Ltd., Class A

    2,838,440       9,894,566  

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

    2,158,500       6,001,113  

Vipshop Holdings Ltd., ADR(a)

    768,565       6,663,459  

Wharf Holdings Ltd. (The)

    1,994,000       7,214,273  

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

    2,145,800       7,126,070  

WuXi AppTec Co. Ltd., Class A

    449,889       7,446,687  

WuXi AppTec Co. Ltd., Class H(b)

    1,074,380       15,293,211  

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

    4,578,500       37,870,681  

Xiaomi Corp., Class B(a)(b)

    6,448,000       12,136,535  

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

    3,617,500       8,634,790  

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

    4,075,536       6,668,311  

Xinyi Solar Holdings Ltd.

    7,916,000       14,378,352  

XPeng Inc., ADR(a)

    548,631       19,953,710  

Yadea Group Holdings Ltd.(b)

    9,952,000       14,764,127  

Yum China Holdings Inc.

    257,668       13,403,889  

Yunnan Baiyao Group Co. Ltd., Class A

    581,800       8,312,350  

Zhejiang Huayou Cobalt Co. Ltd., Class A

    404,200       7,878,854  

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

    9,871,200       6,566,358  
   

 

 

 
        1,943,170,647  
Colombia — 0.1%            

Bancolombia SA

    920,780       9,130,608  
   

 

 

 
Czech Republic — 0.3%            

Moneta Money Bank AS(b)

    4,599,864       18,213,163  
   

 

 

 
Greece — 0.4%            

Alpha Services and Holdings SA(a)

    4,413,364       6,022,210  

OPAP SA

    1,355,329       19,753,542  
   

 

 

 
      25,775,752  
Hungary — 0.5%            

MOL Hungarian Oil & Gas PLC

    3,908,154       30,484,773  
   

 

 

 
India — 12.4%            

Adani Green Energy Ltd.(a)

    554,198       13,637,185  

Adani Total Gas Ltd.

    376,997       7,947,971  

Asian Paints Ltd.

    874,018       36,936,973  

Axis Bank Ltd.(a)

    2,601,917       25,814,004  

Axis Bank Ltd., GDR(a)(d)

    84,646       4,144,744  

Bajaj Finance Ltd.

    201,896       18,902,554  

Bandhan Bank Ltd.(b)

    1,752,960       7,170,182  

Bharti Airtel Ltd.(a)

    1,650,778       15,095,196  

Colgate-Palmolive India Ltd.

    1,350,663       26,056,236  

Dabur India Ltd.

    1,759,476       13,191,551  

Eicher Motors Ltd.

    457,547       15,803,880  

Havells India Ltd.

    773,338       12,217,521  

HCL Technologies Ltd.

    1,781,972       26,795,918  

Hero MotoCorp Ltd.

    280,449       9,499,975  

Hindalco Industries Ltd.

    3,015,182       23,172,048  

Hindustan Unilever Ltd.

    984,549       28,471,496  

Housing Development Finance Corp. Ltd.

    1,874,291       59,238,466  

ICICI Bank Ltd.

    4,774,656       47,291,694  

Info Edge India Ltd.

    179,884       10,692,998  
Security   Shares     Value  

India (continued)

   

Infosys Ltd.

    3,173,861     $ 72,331,869  

Kotak Mahindra Bank Ltd.

    680,587       16,753,393  

Mahindra & Mahindra Ltd.

    340,837       3,598,100  

Mahindra & Mahindra Ltd., GDR

    1,240,272       13,013,688  

Marico Ltd.

    1,269,837       8,693,404  

Mphasis Ltd.

    191,906       7,972,790  

Nestle India Ltd.

    98,628       23,163,255  

Piramal Enterprises Ltd.

    506,645       14,006,454  

Power Grid Corp. of India Ltd.

    2,615,925       7,261,299  

Reliance Industries Ltd.

    2,090,854       65,823,639  

Reliance Industries Ltd., GDR(b)

    91,955       5,771,869  

Shriram Transport Finance Co. Ltd.

    426,703       6,413,779  

State Bank of India

    2,982,708       19,268,902  

Tata Consultancy Services Ltd.

    1,233,682       58,441,642  

Tata Consumer Products Ltd.

    1,201,298       11,502,906  

Tata Motors Ltd.(a)

    1,048,759       6,357,767  

Tech Mahindra Ltd.

    762,625       14,271,227  

Titan Co. Ltd.

    455,877       15,484,543  

United Spirits Ltd.(a)

    715,036       8,442,918  

UPL Ltd.

    801,621       7,124,386  

Wipro Ltd.

    1,889,879       13,975,175  

Zomato Ltd.(a)

    6,045,466       6,414,745  
   

 

 

 
      808,168,342  
Indonesia — 1.7%            

Bank Central Asia Tbk PT

    74,156,400       41,866,161  

Kalbe Farma Tbk PT

    195,239,300       22,354,607  

Telkom Indonesia Persero Tbk PT

    103,755,000       31,324,973  

Unilever Indonesia Tbk PT

    45,462,500       11,698,680  
   

 

 

 
          107,244,421  
Kuwait — 0.4%            

Kuwait Finance House KSCP

    7,499,338       23,459,504  
   

 

 

 
Malaysia — 2.8%            

AMMB Holdings Bhd(a)

    8,589,500       6,888,724  

Axiata Group Bhd

    8,951,300       8,378,852  

CIMB Group Holdings Bhd

    6,774,900       9,228,726  

DiGi.Com Bhd

    7,686,900       7,431,344  

Hartalega Holdings Bhd

    5,791,200       6,372,596  

Malayan Banking Bhd

    9,656,500       20,176,848  

Maxis Bhd

    19,354,900       18,556,299  

Nestle Malaysia Bhd

    915,100       29,243,395  

Petronas Dagangan Bhd

    4,468,800       22,905,460  

Public Bank Bhd

    27,736,300       29,457,206  

RHB Bank Bhd

    10,749,100       15,148,658  

Sime Darby Plantation Bhd

    6,374,800       7,479,156  
   

 

 

 
      181,267,264  
Mexico — 1.8%            

Arca Continental SAB de CV

    2,620,100       17,285,675  

Cemex SAB de CV, NVS(a)

    14,196,900       7,292,192  

Coca-Cola Femsa SAB de CV

    1,376,000       7,556,881  

Fomento Economico Mexicano SAB de CV

    4,368,600       35,200,921  

Grupo Aeroportuario del Sureste SAB de CV, Class B

    306,640       6,631,216  

Grupo Financiero Banorte SAB de CV, Class O

    4,177,700       28,259,292  

Wal-Mart de Mexico SAB de CV

    4,550,400       17,307,561  
   

 

 

 
      119,533,738  
Peru — 0.3%            

Credicorp Ltd.

    127,882       19,342,152  
   

 

 

 
Philippines — 0.1%            

Globe Telecom Inc.

    127,680       6,415,518  
   

 

 

 

 

 

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® ESG Aware MSCI EM ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Poland — 0.7%

   

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

    800,329     $ 5,964,522  

Bank Polska Kasa Opieki SA

    453,581       12,443,549  

KGHM Polska Miedz SA

    218,881       8,594,797  

Orange Polska SA(a)

    3,265,177       6,059,011  

Polski Koncern Naftowy ORLEN SA

    579,843       9,794,610  
   

 

 

 
      42,856,489  
Qatar — 0.8%            

Qatar National Bank QPSC

    8,844,871       52,949,796  
   

 

 

 
Russia — 0.7%            

Gazprom PJSC(e)

    7,224,690       5,824,064  

LUKOIL PJSC(e)

    725,046       12,656,040  

Novatek PJSC, GDR

    168,623       6,495,714  

Novolipetsk Steel PJSC(e)

    5,130,970       3,258,598  

PhosAgro PJSC, GDR

    754,049       4,613,195  

Polymetal International PLC(e)

    1,747,485       5,299,813  

Polyus PJSC(e)

    43,646       1,644,506  

Rosneft Oil Co. PJSC(e)

    759,129       791,947  

Sberbank of Russia PJSC(e)

    10,004,860       4,422,334  

TCS Group Holding PLC, GDR(e)

    124,025       1,428,296  

Yandex NV(a)(e)

    87,150       569,711  
   

 

 

 
      47,004,218  
Saudi Arabia — 3.1%            

Al Rajhi Bank

    829,908       35,604,471  

Almarai Co. JSC

    514,590       6,899,308  

Bank AlBilad(a)

    846,334       13,319,270  

Dr Sulaiman Al Habib Medical Services Group Co.

    392,078       17,929,648  

SABIC Agri-Nutrients Co.

    154,645       6,562,221  

Sahara International Petrochemical Co.

    1,087,716       13,605,309  

Saudi Arabian Mining Co.(a)

    882,391       25,189,216  

Saudi Basic Industries Corp.

    1,691,676       56,395,938  

Saudi National Bank (The)

    845,249       15,397,763  

Savola Group (The)

    1,123,450       10,178,054  
   

 

 

 
      201,081,198  
South Africa — 4.3%            

Absa Group Ltd.

    1,146,546       13,171,344  

Aspen Pharmacare Holdings Ltd.

    511,911       6,691,756  

Bidvest Group Ltd (The)

    1,209,188       16,567,457  

Clicks Group Ltd.

    630,341       12,255,292  

FirstRand Ltd.

    2,391,966       10,298,981  

Gold Fields Ltd.

    1,362,847       18,975,960  

Growthpoint Properties Ltd.

    10,660,261       9,290,139  

Impala Platinum Holdings Ltd.

    856,450       16,336,255  

Kumba Iron Ore Ltd.

    530,511       20,970,455  

MTN Group Ltd.(a)

    1,163,219       14,519,933  

MultiChoice Group

    1,041,982       8,539,831  

Naspers Ltd., Class N

    203,182       25,586,822  

Nedbank Group Ltd.

    663,144       9,427,308  

NEPI Rockcastle PLC

    1,583,039       10,117,386  

Old Mutual Ltd.

    23,367,030       19,148,009  

Standard Bank Group Ltd.

    1,380,840       14,631,394  

Vodacom Group Ltd.

    4,605,664       44,333,588  

Woolworths Holdings Ltd.

    3,676,506       12,105,596  
   

 

 

 
          282,967,506  
South Korea — 12.0%            

Amorepacific Corp.

    46,189       7,129,769  

AMOREPACIFIC Group

    347,541       14,199,273  

CJ CheilJedang Corp.

    46,546       14,743,697  

Coway Co. Ltd.

    236,073       14,178,258  
Security   Shares     Value  

South Korea (continued)

   

Hana Financial Group Inc.

    183,295     $ 7,424,183  

HMM Co. Ltd.(a)

    330,215       7,998,889  

Kakao Corp.

    357,516       28,314,112  

KB Financial Group Inc.

    640,828       31,614,890  

LG Chem Ltd.

    45,828       21,747,406  

LG Corp.

    1       63  

LG Display Co. Ltd.

    1,015,494       15,970,064  

LG Electronics Inc.

    137,353       14,339,152  

LG Household & Health Care Ltd.

    9,250       7,339,351  

LG Innotek Co. Ltd.

    25,840       7,027,638  

NAVER Corp.

    230,978       61,545,753  

NCSoft Corp.

    19,003       7,039,564  

POSCO

    115,470       27,473,054  

Samsung C&T Corp.

    108,177       9,990,755  

Samsung Electro-Mechanics Co. Ltd.

    69,433       9,707,304  

Samsung Electronics Co. Ltd.

    4,404,578       265,390,697  

Samsung Engineering Co. Ltd.(a)

    377,098       7,366,633  

Samsung Fire & Marine Insurance Co. Ltd.

    90,046       14,319,166  

Samsung SDI Co. Ltd.

    63,938       29,465,190  

Samsung SDS Co. Ltd.

    60,852       7,143,909  

Samsung Securities Co. Ltd.

    350,417       12,419,420  

Shinhan Financial Group Co. Ltd.

    1,154,098       37,549,438  

SK Hynix Inc.

    485,958       50,663,309  

SK Inc.

    92,094       17,590,869  

SK Innovation Co. Ltd.(a)

    69,389       11,713,977  

SK Telecom Co. Ltd.

    150,491       6,867,369  

Woori Financial Group Inc.

    1,158,144       13,774,241  
   

 

 

 
          782,047,393  
Taiwan — 17.4%            

Acer Inc.

    28,388,000       29,461,869  

ASE Technology Holding Co. Ltd.

    2,660,000       9,614,058  

Asustek Computer Inc.

    605,000       8,070,987  

AU Optronics Corp.

    9,854,000       7,377,461  

Cathay Financial Holding Co. Ltd.

    29,447,110       66,215,818  

Chailease Holding Co. Ltd.

    1,396,219       12,671,400  

China Steel Corp.

    15,377,000       19,995,550  

CTBC Financial Holding Co. Ltd.

    70,720,000       69,127,207  

Delta Electronics Inc.

    2,365,000       21,077,133  

E.Sun Financial Holding Co Ltd.

    47,501,132       50,211,202  

Evergreen Marine Corp. Taiwan Ltd.

    3,088,000       16,222,057  

Far EasTone Telecommunications Co. Ltd.

    5,524,000       13,662,683  

First Financial Holding Co. Ltd.

    55,149,689       50,778,383  

Fubon Financial Holding Co. Ltd.

    15,233,723       41,132,027  

Hon Hai Precision Industry Co. Ltd.

    4,476,000       16,626,362  

Hotai Motor Co. Ltd.

    452,000       10,233,930  

Innolux Corp.

    11,543,000       7,024,071  

MediaTek Inc.

    1,299,000       51,331,060  

Mega Financial Holding Co. Ltd.

    10,788,000       14,537,918  

momo.com Inc.

    171,000       6,087,437  

Taishin Financial Holding Co. Ltd.

    56,314,831       39,466,852  

Taiwan Semiconductor Manufacturing Co. Ltd.

    23,724,000       510,055,470  

Unimicron Technology Corp.

    965,000       8,972,372  

United Microelectronics Corp.

    12,332,000       23,237,818  

Yageo Corp.

    788,000       12,928,523  

Yang Ming Marine Transport Corp.(a)

    1,857,000       7,848,604  

Yuanta Financial Holding Co. Ltd.

    7,840,040       7,003,449  
   

 

 

 
        1,130,971,701  
Thailand — 2.5%            

Asset World Corp. PCL, NVDR(a)

    49,746,500       7,328,718  

 

 

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® ESG Aware MSCI EM ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Thailand (continued)

   

Bangkok Dusit Medical Services PCL, NVDR

    29,382,500     $ 21,362,930  

BTS Group Holdings PCL, NVDR(c)

    79,445,400       23,158,367  

Delta Electronics Thailand PCL, NVDR

    538,900       6,747,191  

Energy Absolute PCL, NVDR

    3,197,800       9,346,015  

Home Product Center PCL, NVDR

    15,297,100       7,163,305  

Krungthai Card PCL, NVDR

    4,058,000       7,896,875  

Minor International PCL, NVDR(a)

    9,745,600       9,229,553  

PTT Exploration & Production PCL, NVDR

    2,794,300       11,764,710  

PTT PCL, NVDR

    22,318,600       27,167,729  

Siam Cement PCL (The), NVDR

    1,843,100       22,181,034  

Siam Commercial Bank PCL (The), NVDR

    2,642,500       10,211,295  
   

 

 

 
      163,557,722  
Turkey — 0.2%            

Turkcell Iletisim Hizmetleri AS

    8,719,922       12,928,437  
   

 

 

 
United Arab Emirates — 1.8%            

Abu Dhabi Commercial Bank PJSC

    10,034,053       29,429,103  

Abu Dhabi National Oil Co. for Distribution PJSC

    8,527,857       9,574,519  

Emirates Telecommunications Group Co. PJSC

    3,728,920       35,612,785  

First Abu Dhabi Bank PJSC

    8,086,547       45,528,864  
   

 

 

 
      120,145,271  
   

 

 

 

Total Common Stocks — 97.6%
(Cost: $5,865,549,865)

      6,355,405,287  
   

 

 

 

Preferred Stocks

   

Brazil — 1.2%

   

Banco Bradesco SA, Preference Shares, NVS

    8,579,280       33,607,739  

Cia. Energetica de Minas Gerais, Preference Shares, NVS

    7,251,938       17,819,959  

Gerdau SA, Preference Shares, NVS

    2,158,608       10,706,296  

Itau Unibanco Holding SA, Preference Shares, NVS

    2,814,960       13,819,071  
   

 

 

 
      75,953,065  
Colombia — 0.1%            

Bancolombia SA, Preference Shares, NVS

    902,326       7,975,845  
   

 

 

 
Security   Shares     Value  

 

 

South Korea — 0.8%

   

LG Household & Health Care Ltd., Preference Shares, NVS

    8,100     $ 3,550,292  

Samsung Electronics Co. Ltd., Preference Shares, NVS

    849,151       46,930,439  
   

 

 

 
      50,480,731  
   

 

 

 

Total Preferred Stocks — 2.1%
(Cost: $ 120,898,371)

      134,409,641  
   

 

 

 

Short-Term Investments

   

Money Market Funds — 0.4%

   

BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(f)(g)(h)

    25,569,074       25,574,188  
   

 

 

 

Total Short-Term Investments — 0.4%
(Cost: $ 25,569,836)

      25,574,188  
   

 

 

 

Total Investments in Securities — 100.1%
(Cost: $ 6,012,018,072)

 

    6,515,389,116  

Other Assets, Less Liabilities — (0.1)%

      (4,122,347
   

 

 

 

Net Assets — 100.0%

    $   6,511,266,769  
   

 

 

 

 

(a) 

Non-income producing security.

(b) 

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

(c) 

All or a portion of this security is on loan.

(d) 

This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

(e) 

Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(f) 

Affiliate of the Fund.

(g) 

Annualized 7-day yield as of period end.

(h) 

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

 

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

  $ 41,185,570     $     $ (15,594,446 )(a)    $ (13,582   $ (3,354   $ 25,574,188       25,569,074     $ 600,356 (b)    $    
 

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

    6,140,000             (6,140,000 )(a)                              1,003          
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   
          $ (13,582   $ (3,354   $ 25,574,188       $ 601,359     $    
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

 

  (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.

 
  (c) 

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

 

 

 

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® ESG Aware MSCI EM ETF

 

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

 

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

 

 

Long Contracts

           

MSCI Emerging Markets Index

     484        03/18/22      $ 28,447      $ (488,507
           

 

 

 

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)

      $ 488,507  
     

 

 

 

 

  (a) 

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

 

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

 

 

 
     Equity
Contracts
 

 

 

Net Realized Gain (Loss) from:

  

Futures contracts

   $ (1,844,828
  

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

  

Futures contracts

   $ (563,596
  

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

 

 

Futures contracts:

  

Average notional value of contracts — long

   $ 10,478,420      

 

 

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

Fair Value Hierarchy as of Period End

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

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

 

 

 
     Level 1      Level 2              Level 3      Total  

 

 

Investments

           

Assets

           

Common Stocks

   $ 635,490,214      $ 5,684,019,764      $ 35,895,309      $ 6,355,405,287  

Preferred Stocks

     7,975,845        126,433,796               134,409,641  

Money Market Funds

     25,574,188                      25,574,188  
  

 

 

    

 

 

    

 

 

    

 

 

 
   $   669,040,247      $ 5,810,453,560      $   35,895,309      $ 6,515,389,116  
  

 

 

    

 

 

    

 

 

    

 

 

 

Derivative financial instruments(a)

           

Liabilities

           

Futures Contracts

   $ (488,507    $      $      $ (488,507
  

 

 

    

 

 

    

 

 

    

 

 

 

 

  (a) 

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

 

See notes to financial statements.

 

 

14  

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


Schedule of Investments (unaudited)

February 28, 2022

  

iShares® MSCI Emerging Markets ex China ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   
Brazil — 5.5%            

Ambev SA

    2,220,423     $ 6,516,413  

Americanas SA

    269,853       1,581,383  

Atacadao SA

    247,724       913,149  

B3 SA - Brasil, Bolsa, Balcao

    2,880,666       8,104,422  

Banco Bradesco SA

    717,076       2,351,902  

Banco BTG Pactual SA

    554,113       2,752,993  

Banco do Brasil SA

    409,379       2,767,842  

Banco Inter SA

    164,145       636,472  

Banco Santander Brasil SA

    201,460       1,194,102  

BB Seguridade Participacoes SA

    336,517       1,483,877  

BRF SA(a)

    311,663       982,845  

CCR SA

    573,688       1,305,162  

Centrais Eletricas Brasileiras SA

    153,121       1,033,376  

Cia. de Saneamento Basico do Estado de Sao Paulo

    162,722       1,305,717  

Cia. Siderurgica Nacional SA

    322,544       1,587,475  

Cosan SA

    497,669       2,040,335  

Energisa SA

    90,286       770,383  

Engie Brasil Energia SA

    80,508       623,709  

Equatorial Energia SA

    479,942       2,373,454  

Hapvida Participacoes e Investimentos SA(b)

    1,904,893       4,458,964  

Hypera SA

    178,783       1,159,765  

JBS SA

    336,797       2,359,194  

Klabin SA

    337,365       1,515,321  

Localiza Rent a Car SA

    285,409       3,177,271  

Lojas Renner SA

    454,996       2,248,969  

Magazine Luiza SA

    1,403,476       1,619,191  

Natura & Co. Holding SA(a)

    422,619       1,885,918  

Petro Rio SA(a)

    331,521       1,684,828  

Petroleo Brasileiro SA

    1,749,159       12,437,250  

Raia Drogasil SA

    508,681       2,302,869  

Rede D’Or Sao Luiz SA(b)

    184,209       1,814,637  

Rumo SA(a)

    607,623       1,820,360  

Suzano SA

    350,796       3,781,218  

Telefonica Brasil SA

    238,652       2,340,378  

TIM SA

    406,520       1,078,289  

TOTVS SA

    249,781       1,600,154  

Ultrapar Participacoes SA

    356,716       1,003,210  

Vale SA

    1,921,270       35,646,623  

Vibra Energia SA

    556,043       2,532,729  

WEG SA

    787,543       4,462,051  

XP Inc.(a)

    1       32  
   

 

 

 
          131,254,232  
Chile — 0.5%            

Banco de Chile

    20,585,108       2,182,477  

Banco de Credito e Inversiones SA

    22,418       801,432  

Banco Santander Chile

    33,954,674       1,667,303  

Cencosud SA

    668,262       1,229,161  

Cia. Cervecerias Unidas SA

    78,610       623,224  

Empresas CMPC SA

    498,977       824,386  

Empresas COPEC SA

    177,198       1,374,659  

Enel Americas SA

    10,325,429       1,209,019  

Enel Chile SA

        15,637,529       512,642  

Falabella SA

    353,756       1,164,137  
   

 

 

 
      11,588,440  
China — 0.2%            

Silergy Corp.

    37,000       4,930,292  
   

 

 

 
Security   Shares     Value  

Colombia — 0.2%

   

Bancolombia SA

    121,354     $ 1,203,367  

Ecopetrol SA

    2,285,186       1,893,968  

Grupo de Inversiones Suramericana SA

    66,400       538,856  

Interconexion Electrica SA ESP

    218,547       1,348,917  
   

 

 

 
      4,985,108  
Czech Republic — 0.2%            

CEZ AS(c)

    76,561       2,915,430  

Komercni Banka AS(a)

    31,478       1,238,357  

Moneta Money Bank AS(b)

    184,719       731,395  
   

 

 

 
      4,885,182  
Egypt — 0.1%            

Commercial International Bank Egypt SAE(a)

    739,083       2,251,111  

Eastern Co. SAE

    247,449       171,075  

Fawry for Banking & Payment Technology Services SAE(a)

    207,263       127,888  
   

 

 

 
          2,550,074  
Greece — 0.3%            

Alpha Services and Holdings SA(a)

    1,030,566       1,406,248  

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

    1,152,616       1,262,611  

Hellenic Telecommunications Organization SA

    98,444       1,969,074  

JUMBO SA

    49,390       709,597  

OPAP SA

    86,240       1,256,924  

Public Power Corp. SA(a)

    91,338       868,284  
   

 

 

 
      7,472,738  
Hungary — 0.3%            

MOL Hungarian Oil & Gas PLC

    196,761       1,534,795  

OTP Bank Nyrt(a)

    106,828       4,076,471  

Richter Gedeon Nyrt

    66,116       1,388,217  
   

 

 

 
      6,999,483  
India — 18.3%            

ACC Ltd.

    36,636       1,020,425  

Adani Enterprises Ltd.

    129,640       2,850,878  

Adani Green Energy Ltd.(a)

    184,739       4,545,884  

Adani Ports & Special Economic Zone Ltd.

    244,111       2,308,235  

Adani Total Gas Ltd.

    130,428       2,749,725  

Adani Transmission Ltd.(a)

    129,663       3,694,960  

Ambuja Cements Ltd.

    330,141       1,383,655  

Apollo Hospitals Enterprise Ltd.

    47,788       3,058,668  

Asian Paints Ltd.

    180,932       7,646,388  

Aurobindo Pharma Ltd.

    140,930       1,173,165  

Avenue Supermarts Ltd.(a)(b)

    77,181       4,465,254  

Axis Bank Ltd.(a)

    948,801       9,413,195  

Bajaj Auto Ltd.

    33,937       1,596,995  

Bajaj Finance Ltd.

    127,828       11,967,923  

Bajaj Finserv Ltd.

    17,919       3,841,627  

Balkrishna Industries Ltd.

    42,186       1,025,823  

Bandhan Bank Ltd.(b)

    283,274       1,158,684  

Berger Paints India Ltd.

    120,196       1,103,922  

Bharat Electronics Ltd.

    588,215       1,653,053  

Bharat Forge Ltd.

    113,342       1,026,734  

Bharat Petroleum Corp. Ltd.

    424,417       1,979,669  

Bharti Airtel Ltd.(a)

    1,166,603       10,667,759  

Biocon Ltd.(a)

    209,534       973,828  

Britannia Industries Ltd.

    51,412       2,346,710  

Cholamandalam Investment and Finance Co. Ltd.

    197,010       1,817,520  

Cipla Ltd.

    229,417       2,823,674  

Coal India Ltd.

    752,658       1,702,392  

Colgate-Palmolive India Ltd.

    58,386       1,126,350  

 

 

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 ex China ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

India (continued)

   

Container Corp. of India Ltd.

    123,919     $ 991,796  

Dabur India Ltd.

    287,656       2,156,681  

Divi’s Laboratories Ltd.

    63,285       3,596,581  

DLF Ltd.

    300,755       1,411,225  

Dr. Reddy’s Laboratories Ltd.

    55,621       3,003,149  

Eicher Motors Ltd.

    65,821       2,273,487  

GAIL India Ltd.

    699,504       1,352,566  

Godrej Consumer Products Ltd.(a)

    173,514       1,774,515  

Godrej Properties Ltd.(a)

    59,277       1,187,440  

Grasim Industries Ltd.

    123,990       2,646,025  

Havells India Ltd.

    120,836       1,909,018  

HCL Technologies Ltd.

    512,221       7,702,384  

HDFC Asset Management Co. Ltd.(b)

    26,299       731,297  

HDFC Life Insurance Co. Ltd.(b)

    421,425       2,937,721  

Hero MotoCorp Ltd.

    57,784       1,957,385  

Hindalco Industries Ltd.

    728,722       5,600,319  

Hindustan Petroleum Corp. Ltd.

    293,193       1,066,588  

Hindustan Unilever Ltd.

    389,188       11,254,660  

Housing Development Finance Corp. Ltd.

    809,453           25,583,409  

ICICI Bank Ltd.

    2,392,968       23,701,710  

ICICI Lombard General Insurance Co. Ltd.(b)

    89,057       1,498,938  

ICICI Prudential Life Insurance Co. Ltd.(b)

    132,374       845,670  

Indian Oil Corp. Ltd.

    826,506       1,268,598  

Indian Railway Catering & Tourism Corp. Ltd.

    113,212       1,228,455  

Indraprastha Gas Ltd.

    146,244       676,167  

Indus Towers Ltd.(a)

    329,522       945,797  

Info Edge India Ltd.

    37,083       2,204,356  

Infosys Ltd.

    1,583,263       36,082,353  

InterGlobe Aviation Ltd.(a)(b)

    46,422       1,162,126  

ITC Ltd.

    1,418,636       4,084,828  

JSW Steel Ltd.

    398,825       3,346,034  

Jubilant Foodworks Ltd.

    37,798       1,469,560  

Kotak Mahindra Bank Ltd.

    265,802       6,543,007  

Larsen & Toubro Infotech Ltd.(b)

    24,619       1,924,145  

Larsen & Toubro Ltd.

    320,910       7,779,721  

Lupin Ltd.

    109,044       1,083,297  

Mahindra & Mahindra Ltd.

    410,476       4,333,256  

Marico Ltd.

    238,258       1,631,133  

Maruti Suzuki India Ltd.

    64,027       7,096,340  

Mindtree Ltd.

    30,535       1,584,488  

Motherson Sumi Systems Ltd.

    599,654       1,205,628  

Motherson Sumi Wiring India Ltd.(a)

    584,726       360,625  

Mphasis Ltd.

    39,418       1,637,632  

MRF Ltd.

    829       725,379  

Muthoot Finance Ltd.

    59,882       1,084,908  

Nestle India Ltd.

    15,649       3,675,242  

NTPC Ltd.

    2,293,763       4,083,202  

Oil & Natural Gas Corp. Ltd.

    1,100,103       2,369,363  

Page Industries Ltd.

    2,628       1,479,285  

Petronet LNG Ltd.

    372,330       1,068,404  

PI Industries Ltd.

    40,112       1,320,143  

Pidilite Industries Ltd.

    67,467       2,159,732  

Piramal Enterprises Ltd.

    51,905       1,434,940  

Power Grid Corp. of India Ltd.

    1,462,587       4,072,597  

Reliance Industries Ltd.

        1,343,606       42,299,001  

SBI Cards & Payment Services Ltd.(a)

    116,973       1,226,459  

SBI Life Insurance Co. Ltd.(b)

    215,019       3,040,580  

Shree Cement Ltd.

    5,292       1,722,834  

Shriram Transport Finance Co. Ltd.

    97,181       1,460,729  

Siemens Ltd.

    33,487       1,047,632  
Security   Shares     Value  

India (continued)

   

SRF Ltd.

    69,186     $ 2,201,799  

State Bank of India

    853,236       5,512,079  

Sun Pharmaceutical Industries Ltd.

    395,544       4,443,314  

Tata Consultancy Services Ltd.

    435,175       20,614,990  

Tata Consumer Products Ltd.

    289,970       2,776,578  

Tata Motors Ltd.(a)

    779,898       4,727,883  

Tata Power Co. Ltd. (The)

    682,574       2,035,446  

Tata Steel Ltd.

    339,789       5,563,612  

Tech Mahindra Ltd.

    296,397       5,580,504  

Titan Co. Ltd.

    168,507       5,723,592  

Torrent Pharmaceuticals Ltd.

    22,440       821,284  

Trent Ltd.

    89,862       1,328,988  

UltraTech Cement Ltd.

    47,609       4,166,824  

United Spirits Ltd.(a)

    132,204       1,561,023  

UPL Ltd.

    236,607       2,102,839  

Vedanta Ltd.

    526,983       2,682,176  

Wipro Ltd.

    643,772       4,760,530  

Yes Bank Ltd.(a)

    5,434,201       960,018  

Zomato Ltd.(a)

    741,792       792,477  
   

 

 

 
          436,579,591  
Indonesia — 2.5%            

Adaro Energy Tbk PT

    6,210,300       1,064,020  

Aneka Tambang Tbk

    3,986,500       621,090  

Astra International Tbk PT

    9,296,600       3,770,096  

Bank Central Asia Tbk PT

    25,894,400       14,619,090  

Bank Jago Tbk PT(a)

    1,837,900       2,079,160  

Bank Mandiri Persero Tbk PT

    8,929,300       4,827,546  

Bank Negara Indonesia Persero Tbk PT

    3,576,000       2,003,681  

Bank Rakyat Indonesia Persero Tbk PT

    32,298,471       10,327,764  

Barito Pacific Tbk PT

    13,202,900       823,270  

Charoen Pokphand Indonesia Tbk PT

    3,496,300       1,415,725  

Gudang Garam Tbk PT

    236,400       518,050  

Indah Kiat Pulp & Paper Tbk PT

    1,329,600       751,379  

Indocement Tunggal Prakarsa Tbk PT

    718,500       550,431  

Indofood CBP Sukses Makmur Tbk PT

    1,111,500       658,881  

Indofood Sukses Makmur Tbk PT

    2,014,100       871,156  

Kalbe Farma Tbk PT

    9,353,600       1,070,973  

Merdeka Copper Gold Tbk PT(a)

    5,486,400       1,485,582  

Sarana Menara Nusantara Tbk PT

    10,539,400       762,148  

Semen Indonesia Persero Tbk PT

    1,446,500       730,672  

Telkom Indonesia Persero Tbk PT

    23,260,200       7,022,554  

Tower Bersama Infrastructure Tbk PT

    3,751,700       771,535  

Unilever Indonesia Tbk PT

    3,614,500       930,105  

United Tractors Tbk PT

    809,900       1,413,263  
   

 

 

 
      59,088,171  
Kuwait — 1.0%            

Agility Public Warehousing Co. KSC

    600,345       2,043,173  

Boubyan Bank KSCP(a)

    590,596       1,607,857  

Kuwait Finance House KSCP

        2,214,449       6,927,262  

Mabanee Co. KPSC(a)

    246,609       690,635  

Mobile Telecommunications Co. KSCP

    1,104,002       2,263,456  

National Bank of Kuwait SAKP

    3,150,819       11,045,077  
   

 

 

 
      24,577,460  
Malaysia — 2.2%            

AMMB Holdings Bhd(a)

    960,600       770,395  

Axiata Group Bhd

    1,472,600       1,378,425  

CIMB Group Holdings Bhd

    3,180,400       4,332,321  

Dialog Group Bhd

    1,962,300       1,322,029  

DiGi.Com Bhd

    1,615,700       1,561,985  

 

 

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 ex China ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Malaysia (continued)

   

Fraser & Neave Holdings Bhd

    18,400     $ 99,045  

Genting Bhd

    1,058,800       1,173,633  

Genting Malaysia Bhd

    1,475,700       1,056,184  

HAP Seng Consolidated Bhd(c)

    222,700       402,064  

Hartalega Holdings Bhd

    814,200       895,940  

Hong Leong Bank Bhd

    344,600       1,649,759  

Hong Leong Financial Group Bhd

    55,200       254,011  

IHH Healthcare Bhd

    873,500       1,370,413  

Inari Amertron Bhd

    1,468,100       1,136,710  

IOI Corp. Bhd

    1,302,100       1,430,753  

Kuala Lumpur Kepong Bhd

    211,100       1,307,276  

Malayan Banking Bhd

    2,137,300       4,465,798  

Malaysia Airports Holdings Bhd(a)

    533,744       781,833  

Maxis Bhd

    1,276,800       1,224,118  

MISC Bhd

    685,900       1,203,034  

Nestle Malaysia Bhd

    24,400       779,739  

Petronas Chemicals Group Bhd

    1,114,800       2,535,748  

Petronas Dagangan Bhd

    127,400       653,007  

Petronas Gas Bhd

    326,400       1,355,017  

PPB Group Bhd

    284,940       1,217,536  

Press Metal Aluminium Holdings Bhd

    1,544,600       2,512,711  

Public Bank Bhd

    6,994,100       7,428,051  

QL Resources Bhd

    308,200       363,365  

RHB Bank Bhd

    944,500       1,331,080  

Sime Darby Bhd

    1,469,400       795,737  

Sime Darby Plantation Bhd

    849,500       996,666  

Telekom Malaysia Bhd

    591,700       713,112  

Tenaga Nasional Bhd

    1,014,300       2,217,249  

Top Glove Corp. Bhd

        2,496,900       1,219,160  

Westports Holdings Bhd

    244,700       227,885  
   

 

 

 
          52,161,789  
Mexico — 3.1%            

Alfa SAB de CV, Class A

    1,422,600       1,065,509  

America Movil SAB de CV, Series L, NVS

    14,475,900       13,082,804  

Arca Continental SAB de CV

    202,700       1,337,280  

Becle SAB de CV

    224,600       563,227  

Cemex SAB de CV, NVS(a)

    7,084,500       3,638,931  

Coca-Cola Femsa SAB de CV

    247,900       1,361,447  

Fibra Uno Administracion SA de CV

    1,521,000       1,714,012  

Fomento Economico Mexicano SAB de CV

    912,900       7,355,885  

Gruma SAB de CV, Class B

    101,225       1,372,846  

Grupo Aeroportuario del Pacifico SAB de CV, Class B

    173,400       2,522,220  

Grupo Aeroportuario del Sureste SAB de CV, Class B

    100,215       2,167,190  

Grupo Bimbo SAB de CV, Series A

    724,300       2,230,438  

Grupo Carso SAB de CV, Series A1

    189,200       576,163  

Grupo Financiero Banorte SAB de CV, Class O

    1,225,900       8,292,378  

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

    1,018,600       1,660,118  

Grupo Mexico SAB de CV, Series B

    1,473,800       7,560,772  

Grupo Televisa SAB de CV, CPO

    1,140,000       2,443,533  

Industrias Penoles SAB de CV

    70,255       876,841  

Kimberly-Clark de Mexico SAB de CV, Class A

    735,000       1,031,390  

Megacable Holdings SAB de CV, CPO

    136,800       402,899  

Orbia Advance Corp. SAB de CV

    504,700       1,289,288  

Promotora y Operadora de Infraestructura SABde CV

    113,825       890,104  

Telesites SAB de CV

    612,500       679,160  
Security   Shares     Value  

Mexico (continued)

   

Wal-Mart de Mexico SAB de CV

    2,437,300     $ 9,270,332  
   

 

 

 
      73,384,767  
Peru — 0.4%            

Cia. de Minas Buenaventura SAA, ADR(a)

    104,245       1,032,025  

Credicorp Ltd.

    31,907       4,825,934  

Southern Copper Corp.

    39,823       2,763,318  
   

 

 

 
      8,621,277  
Philippines — 1.1%            

Aboitiz Equity Ventures Inc.

    961,150       1,122,935  

AC Energy Corp.

    3,680,400       610,170  

Ayala Corp.

    131,930       2,187,254  

Ayala Land Inc.

    3,976,200       3,031,201  

Bank of the Philippine Islands

    777,580       1,519,710  

BDO Unibank Inc.

    961,740       2,437,207  

Globe Telecom Inc.

    11,980       601,957  

GT Capital Holdings Inc.

    49,624       561,978  

International Container Terminal Services Inc.

    445,780       1,831,115  

JG Summit Holdings Inc.

    1,505,540       1,778,271  

Jollibee Foods Corp.

    219,640       1,032,441  

Manila Electric Co.

    78,820       567,165  

Metro Pacific Investments Corp.

    7,266,600       549,864  

Metropolitan Bank & Trust Co.

    885,037       985,676  

Monde Nissin Corp.(a)(b)

    2,164,200       697,339  

PLDT Inc.

    35,120       1,232,317  

SM Investments Corp.

    122,365       2,128,917  

SM Prime Holdings Inc.

        4,878,000       3,807,237  

Universal Robina Corp.

    340,310       796,513  
   

 

 

 
          27,479,267  
Poland — 1.0%            

Allegro.eu SA(a)(b)

    166,346       1,239,708  

Bank Polska Kasa Opieki SA

    87,571       2,402,424  

CD Projekt SA

    33,448       1,328,543  

Cyfrowy Polsat SA

    134,546       872,402  

Dino Polska SA(a)(b)

    23,355       1,642,251  

KGHM Polska Miedz SA

    63,406       2,489,762  

LPP SA

    502       1,032,434  

mBank SA(a)

    7,252       708,752  

Orange Polska SA(a)

    322,668       598,758  

PGE Polska Grupa Energetyczna SA(a)

    409,705       794,760  

Polski Koncern Naftowy ORLEN SA

    141,841       2,395,954  

Polskie Gornictwo Naftowe i Gazownictwo SA

    820,511       1,081,359  

Powszechna Kasa Oszczednosci Bank Polski SA(a)

    412,433       3,963,699  

Powszechny Zaklad Ubezpieczen SA

    286,639       2,150,552  

Santander Bank Polska SA

    17,954       1,345,909  
   

 

 

 
      24,047,267  
Qatar — 1.3%            

Barwa Real Estate Co.

    656,706       653,248  

Commercial Bank PSQC (The)

    930,397       1,764,643  

Industries Qatar QSC

    730,005       3,660,099  

Masraf Al Rayan QSC(a)

    2,127,469       2,914,581  

Mesaieed Petrochemical Holding Co.

    2,180,903       1,595,763  

Ooredoo QPSC

    464,900       977,644  

Qatar Electricity & Water Co. QSC

    225,352       1,112,645  

Qatar Fuel QSC

    182,282       928,966  

Qatar Gas Transport Co. Ltd.

    1,151,918       1,190,655  

Qatar International Islamic Bank QSC

    306,038       860,272  

Qatar Islamic Bank SAQ

    562,744       3,251,848  

Qatar National Bank QPSC

    2,114,961       12,661,208  
   

 

 

 
      31,571,572  

 

 

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 ex China ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Russia — 0.9%

   

Alrosa PJSC(d)

    1,271,273     $ 370,312  

Gazprom PJSC(d)

    5,613,440       4,525,182  

Inter RAO UES PJSC(d)

    19,580,300       189,014  

LUKOIL PJSC(d)

    197,285       3,443,708  

Magnit PJSC, GDR

    133,326       211,607  

MMC Norilsk Nickel PJSC(d)

    29,789       2,017,976  

Mobile TeleSystems PJSC, ADR

    209,440       1,151,920  

Moscow Exchange MICEX-RTS PJSC(d)

    631,870       212,673  

Novatek PJSC, GDR

    43,315       1,668,585  

Novolipetsk Steel PJSC(d)

    785,210       498,674  

Ozon Holdings PLC, ADR(a)(d)

    539       1,977  

PhosAgro PJSC, GDR

    67,667       413,980  

Polymetal International PLC(d)

    137,561       417,198  

Polyus PJSC(d)

    13,397       504,776  

Rosneft Oil Co. PJSC(d)

    532,936       555,976  

Sberbank of Russia PJSC(d)

    4,933,827       2,180,843  

Severstal PAO(d)

    109,143       521,249  

Surgutneftegas PJSC(d)

    3,671,000       277,218  

Tatneft PJSC(d)

    685,605       870,602  

TCS Group Holding PLC, GDR(d)

    58,085       668,918  

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

    1,500,930       316,722  

VK Co. Ltd.(a)(d)

    873       887  

VTB Bank PJSC(d)

        1,160,968,000       77,582  

X5 Retail Group NV, GDR(d)

    67,732       291,359  

Yandex NV(a)(d)

    149,219       975,464  
   

 

 

 
          22,364,402  

Saudi Arabia — 5.9%

   

Abdullah Al Othaim Markets Co.

    24,442       726,957  

Advanced Petrochemical Co.

    50,284       1,008,847  

Al Rajhi Bank

    574,928       24,665,394  

Alinma Bank

    441,775       4,188,941  

Almarai Co. JSC

    125,580       1,683,700  

Arab National Bank

    297,131       2,221,298  

Bank AlBilad(a)

    174,532       2,746,716  

Bank Al-Jazira

    179,264       1,288,027  

Banque Saudi Fransi

    282,092       4,006,451  

Bupa Arabia for Cooperative Insurance Co.

    29,372       1,273,674  

Co for Cooperative Insurance (The)

    33,967       713,879  

Dar Al Arkan Real Estate Development Co.(a)

    220,021       642,894  

Dr Sulaiman Al Habib Medical Services Group Co.

    24,236       1,108,307  

Emaar Economic City(a)

    188,387       624,210  

Etihad Etisalat Co.(a)

    183,621       1,711,391  

Jarir Marketing Co.

    28,509       1,591,795  

Mobile Telecommunications Co.(a)

    179,092       643,289  

Mouwasat Medical Services Co.

    23,340       1,294,716  

National Industrialization Co.(a)

    149,832       907,641  

National Petrochemical Co.

    55,054       664,369  

Rabigh Refining & Petrochemical Co.(a)

    104,507       686,064  

Riyad Bank(a)

    648,744       6,149,071  

SABIC Agri-Nutrients Co.

    100,608       4,286,692  

Sahara International Petrochemical Co.

    168,033       2,101,781  

Saudi Arabian Mining Co.(a)

    203,124       5,798,489  

Saudi Arabian Oil Co.(b)

    1,011,049       11,217,088  

Saudi Basic Industries Corp.

    421,471       14,050,712  

Saudi British Bank (The)(a)

    390,554       4,040,882  

Saudi Cement Co.

    2,004       29,786  

Saudi Electricity Co.

    391,358       2,888,473  

Saudi Industrial Investment Group

    103,761       979,702  

Saudi Kayan Petrochemical Co.(a)

    338,927       1,852,902  

Saudi National Bank (The)

    1,037,082       18,892,353  
Security   Shares     Value  

Saudi Arabia (continued)

   

Saudi Research & Media Group(a)

    16,902     $ 1,126,289  

Saudi Telecom Co.

    284,192       8,671,057  

Savola Group (The)

    131,141       1,188,090  

Yanbu National Petrochemical Co.

    119,472       2,192,992  
   

 

 

 
      139,864,919  
South Africa — 5.5%            

Absa Group Ltd.

    345,535       3,969,453  

African Rainbow Minerals Ltd.

    37,505       667,449  

Anglo American Platinum Ltd.

    25,029       3,906,648  

AngloGold Ashanti Ltd.

    198,398       4,641,897  

Aspen Pharmacare Holdings Ltd.

    181,308       2,370,078  

Bid Corp. Ltd.

    155,895       3,167,326  

Bidvest Group Ltd (The)

    131,312       1,799,146  

Capitec Bank Holdings Ltd.

    38,264       5,166,125  

Clicks Group Ltd.

    114,376       2,223,735  

Discovery Ltd.(a)

    209,700       2,147,546  

Exxaro Resources Ltd.

    117,742       1,518,725  

FirstRand Ltd.

    2,350,075       10,118,613  

Gold Fields Ltd.

    422,288       5,879,839  

Growthpoint Properties Ltd.

    1,567,387       1,365,937  

Harmony Gold Mining Co. Ltd.

    268,586       1,147,021  

Impala Platinum Holdings Ltd.

    385,277       7,348,921  

Kumba Iron Ore Ltd.

    28,324       1,119,613  

Mr. Price Group Ltd.

    122,100       1,664,554  

MTN Group Ltd.(a)

    798,531       9,967,699  

MultiChoice Group

    182,079       1,492,275  

Naspers Ltd., Class N

    102,179       12,867,458  

Nedbank Group Ltd.

    219,593       3,121,752  

NEPI Rockcastle PLC

    208,010       1,329,416  

Northam Platinum Holdings Ltd.(a)

    161,539       2,608,262  

Old Mutual Ltd.

    2,279,747       1,868,129  

Pepkor Holdings Ltd.(b)

    631,618       901,651  

Rand Merchant Investment Holdings Ltd.

    380,204       1,196,278  

Reinet Investments SCA

    65,342       1,347,019  

Remgro Ltd.

    244,101       2,218,241  

Sanlam Ltd.

    875,993       3,691,553  

Sasol Ltd.(a)

    265,676       6,095,920  

Shoprite Holdings Ltd.

    239,225       3,568,345  

Sibanye Stillwater Ltd.

        1,264,664       5,966,212  

SPAR Group Ltd (The)

    91,910       980,772  

Standard Bank Group Ltd.

    617,991       6,548,239  

Tiger Brands Ltd.

    83,719       889,336  

Vodacom Group Ltd.

    294,698       2,836,729  

Woolworths Holdings Ltd.

    477,211       1,571,308  
   

 

 

 
          131,289,220  
South Korea — 17.2%            

Alteogen Inc.(a)(c)

    12,969       584,129  

Amorepacific Corp.(c)

    15,225       2,350,142  

AMOREPACIFIC Group

    15,591       636,992  

BGF retail Co. Ltd.

    3,888       550,799  

Celltrion Healthcare Co. Ltd.

    40,700       2,164,735  

Celltrion Inc.

    46,427       6,197,071  

Celltrion Pharm Inc.(a)

    8,013       589,579  

Cheil Worldwide Inc.

    30,326       570,187  

CJ CheilJedang Corp.

    4,096       1,297,430  

CJ Corp.

    6,537       460,502  

CJ ENM Co. Ltd.

    5,280       576,172  

CJ Logistics Corp.(a)

    4,574       474,240  

Coway Co. Ltd.

    26,664       1,601,407  

 

 

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 ex China ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

South Korea (continued)

   

DB Insurance Co. Ltd.

    21,668     $ 1,113,721  

Doosan Bobcat Inc.

    24,454       784,848  

Doosan Heavy Industries & Construction Co. Ltd.(a)

    161,903       2,838,746  

Douzone Bizon Co. Ltd.

    1,009       40,861  

Ecopro BM Co. Ltd.

    5,186       1,641,119  

E-MART Inc.

    9,722       1,060,226  

F&F Co. Ltd./New(a)

    1,517       1,133,863  

Green Cross Corp.

    2,827       430,151  

GS Engineering & Construction Corp.

    31,333       1,126,079  

GS Holdings Corp.

    16,714       558,900  

Hana Financial Group Inc.

    141,904       5,765,252  

Hankook Tire & Technology Co. Ltd.

    36,085       1,063,180  

Hanmi Pharm Co. Ltd.(a)

    3,479       770,598  

Hanon Systems

    91,986       890,813  

Hanwha Solutions Corp.(a)

    59,513       1,691,925  

HLB Inc.(a)

    43,318       1,134,989  

HMM Co. Ltd.(a)

    125,439       3,038,543  

Hotel Shilla Co. Ltd.

    14,629       988,728  

HYBE Co. Ltd.(a)

    7,841       1,905,247  

Hyundai Engineering & Construction Co. Ltd.

    37,538       1,367,592  

Hyundai Glovis Co. Ltd.

    9,044       1,334,129  

Hyundai Heavy Industries Holdings Co. Ltd.

    23,415       1,008,235  

Hyundai Mobis Co. Ltd.

    31,154       5,849,661  

Hyundai Motor Co.

    66,267       9,750,971  

Hyundai Steel Co.

    41,499       1,384,028  

Iljin Materials Co. Ltd.

    10,962       839,105  

Industrial Bank of Korea

    105,257       945,582  

Kakao Corp.

    146,526             11,604,386  

Kakao Games Corp.(a)(c)

    14,061       873,632  

KakaoBank Corp.(a)

    45,294       1,828,683  

Kangwon Land Inc.(a)

    41,695       927,380  

KB Financial Group Inc.

    187,031       9,227,070  

Kia Corp.

    123,410       7,650,842  

Korea Aerospace Industries Ltd.(a)

    32,846       1,021,901  

Korea Electric Power Corp.(a)

    121,034       2,345,555  

Korea Investment Holdings Co. Ltd.(a)

    20,219       1,343,253  

Korea Shipbuilding & Offshore Engineering Co. Ltd.(a)

    18,381       1,362,693  

Korea Zinc Co. Ltd.

    4,086       1,874,005  

Korean Air Lines Co. Ltd.(a)

    81,164       1,999,632  

Krafton Inc.(a)

    10,378       2,574,622  

KT&G Corp.

    52,772       3,508,100  

Kumho Petrochemical Co. Ltd.(a)

    8,643       1,166,033  

L&F Co. Ltd.(a)

    10,574       1,739,798  

LG Chem Ltd.

    21,706       10,300,454  

LG Corp.

    40,958       2,574,219  

LG Display Co. Ltd.

    110,746       1,741,636  

LG Electronics Inc.

    50,086       5,228,796  

LG Energy Solution(a)

    9,938       3,405,378  

LG Household & Health Care Ltd.

    4,498       3,568,908  

LG Innotek Co. Ltd.

    6,760       1,866,116  

LG Uplus Corp.

        103,337       1,135,090  

Lotte Chemical Corp.

    8,278       1,525,633  

Lotte Shopping Co. Ltd.

    5,857       418,499  

Meritz Financial Group Inc.

    15,730       482,098  

Meritz Fire & Marine Insurance Co. Ltd.

    19,822       677,577  

Meritz Securities Co. Ltd.

    115,670       566,432  

Mirae Asset Securities Co. Ltd.

    137,133       1,011,958  

NAVER Corp.

    57,899       15,427,606  

NCSoft Corp.

    7,736       2,865,762  
Security   Shares     Value  

South Korea (continued)

   

Netmarble Corp.(b)

    10,207     $ 877,067  

NH Investment & Securities Co. Ltd.(a)

    81,045       784,267  

Orion Corp./Republic of Korea

    12,154       930,076  

Pan Ocean Co. Ltd.

    130,529       720,311  

Pearl Abyss Corp.(a)

    14,135       1,133,670  

POSCO

    34,929       8,310,438  

POSCO Chemical Co. Ltd.

    14,778       1,415,573  

S-1 Corp.

    4,376       254,742  

Samsung Biologics Co. Ltd.(a)(b)

    7,814       5,083,421  

Samsung C&T Corp.

    40,061       3,699,859  

Samsung Electro-Mechanics Co. Ltd.

    26,738       3,738,192  

Samsung Electronics Co. Ltd.

    2,247,380       135,412,234  

Samsung Engineering Co. Ltd.(a)

    74,720       1,459,660  

Samsung Fire & Marine Insurance Co. Ltd.

    14,247       2,265,566  

Samsung Heavy Industries Co. Ltd.(a)

    295,168       1,438,877  

Samsung Life Insurance Co. Ltd.

    33,756       1,687,784  

Samsung SDI Co. Ltd.

    25,881       11,927,001  

Samsung SDS Co. Ltd.

    16,864       1,979,801  

Samsung Securities Co. Ltd.

    29,840       1,057,584  

SD Biosensor Inc.

    17,484       793,967  

Seegene Inc.

    17,222       738,135  

Shinhan Financial Group Co. Ltd.

    207,089       6,737,795  

SK Biopharmaceuticals Co. Ltd.(a)

    12,971       920,683  

SK Bioscience Co. Ltd.(a)

    10,778       1,319,860  

SK Chemicals Co. Ltd.

    5,338       560,747  

SK Hynix Inc.

    257,209             26,815,196  

SK IE Technology Co. Ltd.(a)(b)

    10,760       1,117,505  

SK Inc.

    19,756       3,773,592  

SK Innovation Co. Ltd.(a)

    23,906       4,035,716  

SK Square Co. Ltd.(a)

    41,191       1,911,638  

SK Telecom Co. Ltd.

    6,895       314,640  

SKC Co. Ltd.

    9,477       1,102,118  

S-Oil Corp.

    21,457       1,528,154  

Woori Financial Group Inc.

        221,147       2,645,271  

Yuhan Corp.

    24,987       1,214,073  
   

 

 

 
      412,059,437  
Taiwan — 23.7%            

Accton Technology Corp.

    229,000       2,076,702  

Acer Inc.

    1,353,000       1,404,182  

Advantech Co. Ltd.

    172,299       2,268,921  

Airtac International Group

    63,439       2,110,114  

ASE Technology Holding Co. Ltd.

    1,550,000       5,602,177  

Asia Cement Corp.

    1,027,000       1,659,895  

ASMedia Technology Inc.

    13,000       804,808  

Asustek Computer Inc.

    322,000       4,295,633  

AU Optronics Corp.

    3,908,000       2,925,829  

Catcher Technology Co. Ltd.

    314,000       1,611,702  

Cathay Financial Holding Co. Ltd.

    3,815,063       8,578,686  

Chailease Holding Co. Ltd.

    627,939       5,698,867  

Chang Hwa Commercial Bank Ltd.

    1,994,974       1,266,577  

Cheng Shin Rubber Industry Co. Ltd.

    860,000       1,100,198  

China Development Financial Holding Corp.

    7,106,920       4,866,922  

China Steel Corp.

    5,615,000       7,301,490  

Chunghwa Telecom Co. Ltd.

    1,816,000       8,071,424  

Compal Electronics Inc.

    1,982,000       1,805,625  

CTBC Financial Holding Co. Ltd.

    8,635,000       8,440,518  

Delta Electronics Inc.

    915,000       8,154,578  

E Ink Holdings Inc.

    402,000       2,166,498  

E.Sun Financial Holding Co Ltd.

    5,692,772       6,017,560  

Eclat Textile Co. Ltd.

    88,000       1,824,080  

 

 

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

  19


Schedule of Investments (unaudited) (continued)

February 28, 2022

  

iShares® MSCI Emerging Markets ex China ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Taiwan (continued)

   

eMemory Technology Inc.

    30,000     $ 2,024,617  

Evergreen Marine Corp. Taiwan Ltd.

    1,197,000       6,288,148  

Far Eastern New Century Corp.

    1,377,000       1,459,680  

Far EasTone Telecommunications Co. Ltd.

    691,000       1,709,072  

Feng TAY Enterprise Co. Ltd.

    193,000       1,438,691  

First Financial Holding Co. Ltd.

    4,845,457       4,461,394  

Formosa Chemicals & Fibre Corp.

    1,702,000       4,825,294  

Formosa Petrochemical Corp.

    517,000       1,818,591  

Formosa Plastics Corp.

    1,779,000       6,717,531  

Foxconn Technology Co. Ltd.

    436,000       1,003,564  

Fubon Financial Holding Co. Ltd.

    3,523,230       9,512,946  

Giant Manufacturing Co. Ltd.

    137,000       1,422,307  

Globalwafers Co. Ltd.

    99,000       2,450,489  

Hiwin Technologies Corp.

    124,800       1,191,536  

Hon Hai Precision Industry Co. Ltd.

    5,878,200       21,834,915  

Hotai Motor Co. Ltd.

    137,600       3,115,462