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FEBRUARY 28, 2022 |
2022 Semi-Annual Report (Unaudited)
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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
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,
Rob Kapito
President, BlackRock, Inc.
Rob Kapito
President, BlackRock, Inc.
Total Returns as of February 28, 2022 | ||||
6-Month | 12-Month | |||
U.S.
large cap equities |
(2.62)% | 16.39% | ||
U.S.
small cap equities |
(9.46) | (6.01) | ||
International
equities |
(6.78) | 2.83 | ||
Emerging
market equities |
(9.81) | (10.69) | ||
3-month
Treasury bills |
0.02 | 0.04 | ||
U.S.
Treasury securities |
(3.94) | (1.67) | ||
U.S.
investment grade bonds |
(4.07) | (2.64) | ||
Tax-exempt
municipal bonds |
(3.09) | (0.66) | ||
U.S.
high yield bonds |
(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. |
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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 |
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Financial Statements |
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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 |
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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 | |||||||||||||||||||||||||||||||||
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Beginning Account Value (09/01/21) |
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Ending Account Value (02/28/22) |
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Expenses Paid During the Period |
(a) |
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Beginning Account Value (09/01/21) |
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Ending Account Value (02/28/22) |
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Expenses Paid During the Period |
(a) |
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Annualized Expense Ratio |
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$ 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. |
4 |
2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of February 28, 2022 | iShares® MSCI Emerging Markets 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 |
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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 | |||||||||||||||||||||||||||||||||
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Beginning Account Value (09/01/21) |
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Ending Account Value (02/28/22) |
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Expenses Paid During the Period |
(a) |
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Beginning Account Value (09/01/21) |
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Ending Account Value (02/28/22) |
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Expenses Paid During the Period |
(a) |
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Annualized Expense Ratio |
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$ 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. |
F 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 | |||||||||||||||||||||||||||||||||
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Beginning Account Value (09/01/21) |
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Ending Account Value (02/28/22) |
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Expenses Paid During the Period |
(a) |
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Beginning Account Value (09/01/21) |
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Ending Account Value (02/28/22) |
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Expenses Paid During the Period |
(a) |
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Annualized Expense Ratio |
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$ 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 |
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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 | |||||||||||||||||||||||||||||||||
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Beginning Account Value (09/01/21) |
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Ending Account Value (02/28/22) |
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Expenses Paid During the Period |
(a) |
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Beginning Account Value (09/01/21) |
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Ending Account Value (02/28/22) |
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Expenses Paid During the Period |
(a) |
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Annualized Expense Ratio |
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$ 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. |
F 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 | |||||||||||||||||||||||||||||||||
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Beginning Account Value (09/01/21) |
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Ending Account Value (02/28/22) |
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Expenses Paid During the Period |
(a) |
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Beginning Account Value (09/01/21) |
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Ending Account Value (02/28/22) |
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Expenses Paid During the Period |
(a) |
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Annualized Expense Ratio |
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$ 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. |
8 |
2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
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.
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., |
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. |
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., |
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 | ||||||
|
|
S C H E D U L E O F I N V E S T M E N T S |
11 |
Schedule of Investments (unaudited) (continued) February 28, 2022 |
iShares® 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% |
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% |
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% |
25,574,188 | |||||||
|
|
|||||||
Total
Investments in Securities — 100.1% |
|
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 |
| ||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
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 | ||||||
Hua Nan Financial Holdings Co. Ltd. |
4,304,035 | 3,412,799 | ||||||
Innolux Corp. |
4,537,000 | 2,760,825 | ||||||
Inventec Corp. |
1,257,000 | 1,160,839 | ||||||
Largan Precision Co. Ltd. |
46,000 | 3,342,949 | ||||||
Lite-On Technology Corp. |
939,000 | 2,308,888 | ||||||
MediaTek Inc. |
712,000 | 28,135,269 | ||||||
Mega Financial Holding Co. Ltd. |
5,173,000 | 6,971,139 | ||||||
Micro-Star International Co. Ltd. |
301,000 | 1,696,670 | ||||||
momo.com Inc. |
20,000 | 711,981 | ||||||
Nan Ya Plastics Corp. |
2,496,000 | 7,872,383 | ||||||
Nan Ya Printed Circuit Board Corp. |
103,000 | 1,972,410 | ||||||
Nanya Technology Corp. |
597,000 | 1,671,839 | ||||||
Nien Made Enterprise Co. Ltd. |
76,000 | 985,245 | ||||||
Novatek Microelectronics Corp. |
267,000 | 4,426,450 | ||||||
Oneness Biotech Co. Ltd.(a) |
104,000 | 918,138 | ||||||
Parade Technologies Ltd. |
35,000 | 2,416,458 | ||||||
Pegatron Corp. |
965,000 | 2,391,807 | ||||||
Pou Chen Corp. |
995,000 | 1,147,447 | ||||||
President Chain Store Corp. |
250,000 | 2,336,127 | ||||||
Quanta Computer Inc. |
1,262,000 | 4,219,997 | ||||||
Realtek Semiconductor Corp. |
217,000 | 3,577,887 | ||||||
Ruentex Development Co. Ltd. |
506,400 | 1,307,538 | ||||||
Shanghai Commercial & Savings Bank Ltd/The |
1,767,437 | 2,911,404 | ||||||
Shin Kong Financial Holding Co. Ltd. |
6,063,897 | 2,459,119 | ||||||
SinoPac Financial Holdings Co. Ltd. |
4,998,259 | 3,069,236 | ||||||
Synnex Technology International Corp. |
629,000 | 1,628,460 | ||||||
Taishin Financial Holding Co. Ltd. |
5,070,886 | 3,553,805 | ||||||
Taiwan Cement Corp. |
2,395,983 | 4,067,476 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. |
4,413,831 | 4,187,329 | ||||||
Taiwan High Speed Rail Corp. |
898,000 | 950,418 | ||||||
Taiwan Mobile Co. Ltd. |
752,000 | 2,780,814 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. |
11,577,000 | 248,900,361 | ||||||
Unimicron Technology Corp. |
567,000 | 5,271,850 | ||||||
Uni-President Enterprises Corp. |
2,363,000 | 5,685,123 | ||||||
United Microelectronics Corp. |
5,541,000 | 10,441,190 | ||||||
Vanguard International Semiconductor Corp. |
428,000 | 1,942,420 | ||||||
Voltronic Power Technology Corp. |
27,000 | 1,402,197 | ||||||
Wan Hai Lines Ltd. |
283,100 | 1,928,323 | ||||||
Win Semiconductors Corp. |
155,000 | 1,696,898 | ||||||
Winbond Electronics Corp. |
1,425,000 | 1,716,115 | ||||||
Wiwynn Corp. |
36,000 | 1,285,762 | ||||||
WPG Holdings Ltd. |
682,520 | 1,362,111 | ||||||
Yageo Corp. |
205,000 | 3,363,385 | ||||||
Yang Ming Marine Transport Corp.(a) |
814,000 | 3,440,368 |
Security | Shares | Value | ||||||
Taiwan (continued) |
||||||||
Yuanta Financial Holding Co. Ltd. |
4,815,320 | $ | 4,301,490 | |||||
Zhen Ding Technology Holding Ltd. |
312,000 | 1,034,838 | ||||||
|
|
|||||||
566,452,800 | ||||||||
Thailand — 2.7% | ||||||||
Advanced Info Service PCL, NVDR |
540,100 | 3,801,935 | ||||||
Airports of Thailand PCL, NVDR(a) |
2,004,400 | 3,960,158 | ||||||
Asset World Corp. PCL, NVDR(a)(c) |
4,019,400 | 592,143 | ||||||
B Grimm Power PCL, NVDR(c) |
401,100 | 425,550 | ||||||
Bangkok Commercial Asset Management PCL, NVDR(c) |
912,400 | 614,244 | ||||||
Bangkok Dusit Medical Services PCL, NVDR |
4,567,600 | 3,320,933 | ||||||
Bangkok Expressway & Metro PCL, NVDR |
3,696,500 | 1,010,703 | ||||||
Berli Jucker PCL, NVDR |
638,300 | 656,341 | ||||||
BTS Group Holdings PCL, NVDR |
3,917,500 | 1,141,953 | ||||||
Bumrungrad Hospital PCL, NVDR |
228,200 | 1,075,347 | ||||||
Carabao Group PCL, NVDR(c) |
129,100 | 422,668 | ||||||
Central Pattana PCL, NVDR |
978,900 | 1,664,650 | ||||||
Central Retail Corp. PCL, NVDR |
889,400 | 1,045,800 | ||||||
Charoen Pokphand Foods PCL, NVDR |
1,869,800 | 1,448,751 | ||||||
CP ALL PCL, NVDR |
2,751,200 | 5,747,851 | ||||||
Delta Electronics Thailand PCL, NVDR |
143,100 | 1,791,655 | ||||||
Electricity Generating PCL, NVDR |
92,600 | 510,075 | ||||||
Energy Absolute PCL, NVDR(c) |
691,400 | 2,020,713 | ||||||
Global Power Synergy PCL, NVDR |
315,100 | 727,371 | ||||||
Gulf Energy Development PCL, NVDR |
1,388,800 | 2,159,212 | ||||||
Home Product Center PCL, NVDR |
2,929,700 | 1,371,916 | ||||||
Indorama Ventures PCL, NVDR |
790,300 | 1,094,919 | ||||||
Intouch Holdings PCL, NVDR |
538,050 | 1,251,153 | ||||||
Krung Thai Bank PCL, NVDR |
1,133,800 | 487,792 | ||||||
Krungthai Card PCL, NVDR |
427,200 | 831,332 | ||||||
Land & Houses PCL, NVDR |
3,486,100 | 1,026,662 | ||||||
Minor International PCL, NVDR(a) |
1,505,000 | 1,425,308 | ||||||
Muangthai Capital PCL, NVDR |
375,100 | 594,100 | ||||||
Osotspa PCL, NVDR |
617,200 | 668,098 | ||||||
PTT Exploration & Production PCL, NVDR |
611,900 | 2,576,254 | ||||||
PTT Global Chemical PCL, NVDR |
1,055,000 | 1,719,298 | ||||||
PTT Oil & Retail Business PCL, NVDR |
1,528,000 | 1,210,801 | ||||||
PTT PCL, NVDR |
4,684,000 | 5,701,686 | ||||||
Ratch Group PCL, NVDR |
414,000 | 583,832 | ||||||
SCG Packaging PCL, NVDR |
613,000 | 1,152,999 | ||||||
Siam Cement PCL (The), NVDR |
365,700 | 4,401,066 | ||||||
Siam Commercial Bank PCL (The), NVDR |
400,800 | 1,548,794 | ||||||
Sri Trang Gloves Thailand PCL, NVDR(c) |
532,000 | 419,250 | ||||||
Srisawad Corp. PCL, NVDR |
370,400 | 657,579 | ||||||
Thai Oil PCL, NVDR |
573,500 | 953,374 | ||||||
Thai Union Group PCL, NVDR |
1,387,700 | 866,383 | ||||||
True Corp. PCL, NVDR(c) |
5,377,600 | 826,630 | ||||||
|
|
|||||||
65,507,279 | ||||||||
Turkey — 0.4% | ||||||||
Akbank TAS |
1,514,849 | 773,221 | ||||||
Aselsan Elektronik Sanayi Ve Ticaret AS |
348,979 | 560,777 | ||||||
BIM Birlesik Magazalar AS |
211,180 | 1,115,389 | ||||||
Eregli Demir ve Celik Fabrikalari TAS |
612,449 | 1,375,330 | ||||||
Ford Otomotiv Sanayi AS |
34,942 | 680,650 | ||||||
KOC Holding AS |
384,439 | 878,860 | ||||||
Turkcell Iletisim Hizmetleri AS |
570,314 | 845,566 | ||||||
Turkiye Garanti Bankasi AS |
1,124,615 | 900,326 | ||||||
Turkiye Is Bankasi AS, Class C |
704,332 | 407,822 | ||||||
Turkiye Petrol Rafinerileri AS(a) |
56,691 | 790,137 |
20 |
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 | ||||||
Turkey (continued) |
||||||||
Turkiye Sise ve Cam Fabrikalari AS |
559,329 | $ | 500,316 | |||||
|
|
|||||||
8,828,394 | ||||||||
United Arab Emirates — 1.9% | ||||||||
Abu Dhabi Commercial Bank PJSC |
1,299,816 | 3,812,260 | ||||||
Abu Dhabi Islamic Bank PJSC |
683,371 | 1,648,655 | ||||||
Abu Dhabi National Oil Co. for Distribution PJSC |
1,105,781 | 1,241,498 | ||||||
Aldar Properties PJSC |
1,887,805 | 2,157,495 | ||||||
Dubai Islamic Bank PJSC |
1,373,687 | 2,282,956 | ||||||
Emaar Properties PJSC |
1,815,900 | 2,515,377 | ||||||
Emirates NBD Bank PJSC |
1,237,953 | 4,829,304 | ||||||
Emirates Telecommunications Group Co. PJSC |
1,636,425 | 15,628,561 | ||||||
First Abu Dhabi Bank PJSC |
2,056,205 | 11,576,842 | ||||||
|
|
|||||||
45,692,948 | ||||||||
|
|
|||||||
Total
Common Stocks — 96.4% |
2,304,236,109 | |||||||
|
|
|||||||
Preferred Stocks |
||||||||
Brazil — 1.9% |
||||||||
Alpargatas SA, Preference Shares, NVS |
90,052 | 448,385 | ||||||
Banco Bradesco SA, Preference Shares, NVS |
2,264,060 | 8,869,035 | ||||||
Braskem SA, Class A, Preference Shares, NVS |
88,703 | 831,199 | ||||||
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS |
117,318 | 779,198 | ||||||
Cia. Energetica de Minas Gerais, Preference |
||||||||
Shares, NVS |
505,297 | 1,241,650 | ||||||
Gerdau SA, Preference Shares, NVS |
533,134 | 2,644,246 | ||||||
Itau Unibanco Holding SA, Preference Shares, NVS |
2,282,893 | 11,207,073 | ||||||
Itausa SA, Preference Shares, NVS |
2,135,104 | 4,134,880 | ||||||
Petroleo Brasileiro SA, Preference Shares, NVS |
2,237,329 | 14,706,985 | ||||||
|
|
|||||||
44,862,651 | ||||||||
Chile — 0.2% | ||||||||
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares |
63,628 | 4,225,655 | ||||||
|
|
|||||||
Colombia — 0.1% | ||||||||
Bancolombia SA, Preference Shares, NVS |
213,347 | 1,885,818 | ||||||
|
|
|||||||
Russia — 0.0% | ||||||||
Surgutneftegas PJSC, Preference Shares, NVS(d) |
3,036,700 | 326,055 | ||||||
|
|
|||||||
South Korea — 1.0% | ||||||||
Hyundai Motor Co. |
||||||||
Preference Shares, NVS |
8,508 | 624,034 | ||||||
Series 2, Preference Shares, NVS |
17,058 | 1,261,875 | ||||||
LG Chem Ltd., Preference Shares, NVS |
3,298 | 747,490 |
Security | Shares | Value | ||||||
|
||||||||
South Korea (continued) |
||||||||
LG Household & Health Care Ltd., Preference Shares, NVS |
548 | $ | 240,193 | |||||
Samsung Electronics Co. Ltd., Preference Shares, NVS |
385,495 | 21,305,338 | ||||||
|
|
|||||||
24,178,930 | ||||||||
|
|
|||||||
Total
Preferred Stocks — 3.2% |
75,479,109 | |||||||
|
|
|||||||
Rights |
||||||||
Brazil — 0.0% |
||||||||
Americanas SA (Expires 03/03/22)(a) |
4,992 | 6,560 | ||||||
|
|
|||||||
South Korea — 0.0% | ||||||||
Samsung Biologics Co. Ltd. (Expires 04/08/22)(a) |
518 | 60,280 | ||||||
|
|
|||||||
Total
Rights — 0.0% |
66,840 | |||||||
|
|
|||||||
Short-Term Investments |
||||||||
Money Market Funds — 0.7% |
||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(e)(f)(g) |
12,937,350 | 12,939,937 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(e)(f) |
4,450,000 | 4,450,000 | ||||||
|
|
|||||||
17,389,937 | ||||||||
|
|
|||||||
Total
Short-Term Investments — 0.7% |
17,389,937 | |||||||
|
|
|||||||
Total
Investments in Securities — 100.3% |
2,397,171,995 | |||||||
Other Assets, Less Liabilities — (0.3)% |
(6,091,722 | ) | ||||||
|
|
|||||||
Net Assets — 100.0% |
$ | 2,391,080,273 | ||||||
|
|
(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) |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(e) |
Affiliate of the Fund. |
(f) |
Annualized 7-day yield as of period end. |
(g) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
S C H E D U L E O F I N V E S T M E N T S |
21 |
Schedule of Investments (unaudited) (continued) February 28, 2022 |
iShares® MSCI Emerging Markets ex China ETF |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
||||||||||||||||||||||||||||||||||||||||
Affiliated Issuer |
Value at 08/31/21 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 02/28/22 |
Shares Held at 02/28/22 |
Income |
Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | 5,479,242 | $ | 7,463,585 | (a) | $ | — | $ | (2,640 | ) | $ | (250 | ) | $ | 12,939,937 | 12,937,350 | $ | 133,858 | (b) | $ | — | |||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
— | 4,450,000 | (a) | — | — | — | 4,450,000 | 4,450,000 | 134 | — | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
$ | (2,640 | ) | $ | (250 | ) | $ | 17,389,937 | $ | 133,992 | $ | — | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Represents net amount purchased (sold). |
(b) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
|
||||||||||||||||
Description | Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
||||||||||||
|
||||||||||||||||
Long Contracts |
||||||||||||||||
MSCI Emerging Markets Index |
120 | 03/18/22 | $ | 7,053 | $ | (214,466 | ) | |||||||||
|
|
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) |
$ | 214,466 | ||
|
|
(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 |
$ | 90,316 | ||
|
|
|||
Net Change in Unrealized Appreciation (Depreciation) on: |
||||
Futures contracts |
$ | (359,146 | ) | |
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
||||
Futures contracts: |
||||
Average notional value of contracts — long |
$ | 6,187,483 | ||
|
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
22 |
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 |
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 |
$ | 212,037,455 | $ | 2,073,280,344 | $ | 18,918,310 | $ | 2,304,236,109 | ||||||||
Preferred Stocks |
1,885,818 | 73,267,236 | 326,055 | 75,479,109 | ||||||||||||
Rights |
— | 66,840 | — | 66,840 | ||||||||||||
Money Market Funds |
17,389,937 | — | — | 17,389,937 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 231,313,210 | $ | 2,146,614,420 | $ | 19,244,365 | $ | 2,397,171,995 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Derivative financial instruments(a) |
||||||||||||||||
Liabilities |
||||||||||||||||
Futures Contracts |
$ | (214,466 | ) | $ | — | $ | — | $ | (214,466 | ) | ||||||
|
|
|
|
|
|
|
|
(a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
S C H E D U L E O F I N V E S T M E N T S |
23 |
Schedule of Investments (unaudited) February 28, 2022 |
iShares® MSCI Emerging Markets Min Vol Factor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
||||||||
Brazil — 0.1% |
||||||||
Raia Drogasil SA |
679,115 | $ | 3,074,448 | |||||
|
|
|||||||
China — 28.1% |
||||||||
360 Security Technology Inc., Class A(a) |
4,029,200 | 6,706,760 | ||||||
51job Inc., ADR(a) |
55,142 | 2,856,356 | ||||||
Addsino Co. Ltd., Class A |
831,000 | 1,980,592 | ||||||
Agricultural Bank of China Ltd., Class A |
19,412,098 | 9,170,996 | ||||||
Agricultural Bank of China Ltd., Class H |
75,375,000 | 28,545,949 | ||||||
Alibaba Group Holding Ltd.(a) |
1,703,468 | 22,424,238 | ||||||
Anhui Gujing Distillery Co. Ltd., Class B |
1,016,589 | 14,906,109 | ||||||
ANTA Sports Products Ltd. |
574,800 | 8,779,036 | ||||||
Apeloa Pharmaceutical Co. Ltd., Class A |
652,400 | 2,929,025 | ||||||
Bank of China Ltd., Class A |
19,447,200 | 9,550,638 | ||||||
Bank of China Ltd., Class H |
127,194,000 | 49,516,839 | ||||||
Bank of Communications Co. Ltd., Class A |
13,568,274 | 10,285,666 | ||||||
Bank of Communications Co. Ltd., Class H |
8,492,000 | 5,821,515 | ||||||
Bank of Ningbo Co. Ltd., Class A |
469,865 | 2,841,061 | ||||||
Bank of Shanghai Co. Ltd., Class A |
3,289,184 | 3,645,571 | ||||||
BeiGene Ltd., ADR(a)(b) |
40,517 | 8,529,638 | ||||||
Beijing Capital International Airport Co. Ltd., Class H(a) |
7,456,000 | 4,775,638 | ||||||
Beijing Sinnet Technology Co. Ltd., Class A |
869,973 | 2,072,175 | ||||||
Beijing Tiantan Biological Products Corp. Ltd., Class A |
743,195 | 3,228,158 | ||||||
Beijing-Shanghai High Speed Railway Co. Ltd., Class A |
5,739,400 | 4,702,104 | ||||||
BOE Technology Group Co. Ltd., Class A |
4,233,500 | 3,159,630 | ||||||
BYD Co. Ltd., Class H |
240,500 | 7,452,456 | ||||||
CGN Power Co. Ltd., Class H(c) |
45,785,000 | 12,980,551 | ||||||
Changchun High & New Technology Industry Group Inc., Class A |
102,200 | 2,965,530 | ||||||
Chifeng
Jilong Gold Mining Co. Ltd., |
719,300 | 1,789,968 | ||||||
China CITIC Bank Corp. Ltd., Class H |
14,368,000 | 6,751,712 | ||||||
China Conch Venture Holdings Ltd. |
2,235,000 | 10,755,352 | ||||||
China Construction Bank Corp., Class A |
5,409,884 | 5,175,699 | ||||||
China Construction Bank Corp., Class H |
11,436,000 | 8,576,595 | ||||||
China Feihe Ltd.(c) |
2,922,000 | 3,486,704 | ||||||
China Gas Holdings Ltd. |
1,563,200 | 2,470,438 | ||||||
China Huishan Dairy Holdings Co. Ltd.(a)(d) |
22,241,266 | 28 | ||||||
China Life Insurance Co. Ltd., Class H |
1,212,000 | 2,007,835 | ||||||
China Mengniu Dairy Co. Ltd. |
2,822,000 | 18,349,822 | ||||||
China Merchants Bank Co. Ltd., Class H |
1,540,500 | 12,985,346 | ||||||
China Minsheng Banking Corp. Ltd., Class A |
3,129,954 | 1,939,758 | ||||||
China National Medicines Corp. Ltd., Class A |
417,300 | 1,841,866 | ||||||
China Petroleum & Chemical Corp., Class H |
7,134,000 | 3,549,070 | ||||||
China Resources Beer Holdings Co. Ltd. |
3,196,000 | 25,342,368 | ||||||
China Resources Gas Group Ltd. |
2,186,000 | 10,040,275 | ||||||
China Shenhua Energy Co. Ltd., Class H |
1,328,500 | 3,661,325 | ||||||
China Tourism Group Duty Free Corp. Ltd., Class A |
429,081 | 13,858,840 | ||||||
China Tower Corp. Ltd., Class H(c) |
181,440,000 | 21,147,467 | ||||||
China TransInfo Technology Co. Ltd., Class A |
890,516 | 1,967,428 | ||||||
China United Network Communications Ltd., Class A |
17,453,800 | 10,574,539 | ||||||
China Yangtze Power Co. Ltd., Class A |
13,071,072 | 48,089,951 | ||||||
China Zhenhua Group Science & Technology Co. Ltd., Class A |
126,200 | 2,352,214 | ||||||
Chongqing Zhifei Biological Products Co. Ltd., Class A |
138,300 | 2,830,456 | ||||||
CSPC Pharmaceutical Group Ltd. |
2,440,000 | 2,892,285 | ||||||
Daan Gene Co Ltd., Class A |
791,400 | 2,326,542 | ||||||
Dali Foods Group Co. Ltd.(c) |
3,724,000 | 1,961,365 | ||||||
DHC Software Co. Ltd., Class A |
1,706,800 | 2,237,725 | ||||||
ENN Energy Holdings Ltd. |
761,000 | 11,021,101 |
Security | Shares | Value | ||||||
China (continued) |
||||||||
Foshan Haitian Flavouring & Food Co. Ltd., Class A |
199,031 | $ | 3,136,783 | |||||
Founder Securities Co. Ltd., Class A |
4,642,000 | 5,298,744 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class A |
262,203 | 1,840,260 | ||||||
GCL System Integration Technology Co. Ltd., Class A(a) |
3,301,700 | 1,924,983 | ||||||
Giant Network Group Co. Ltd., Class A |
1,107,553 | 1,681,276 | ||||||
Guangdong Haid Group Co. Ltd., Class A |
921,822 | 9,650,059 | ||||||
Guangdong Investment Ltd. |
7,920,000 | 10,657,901 | ||||||
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A |
792,800 | 3,738,841 | ||||||
Guangzhou Haige Communications Group Inc. Co., Class A |
1,299,300 | 2,056,019 | ||||||
Hangzhou
Tigermed Consulting Co. Ltd., |
577,300 | 6,495,231 | ||||||
Hansoh Pharmaceutical Group Co. Ltd.(c) |
4,978,000 | 10,626,506 | ||||||
Hengan International Group Co. Ltd. |
977,500 | 5,183,949 | ||||||
Hengtong Optic-Electric Co. Ltd., Class A |
1,332,100 | 3,126,228 | ||||||
Huagong Tech Co. Ltd., Class A |
566,315 | 2,211,684 | ||||||
Hualan Biological Engineering Inc., Class A |
432,980 | 1,767,936 | ||||||
Huaxia Bank Co. Ltd., Class A |
5,254,920 | 4,690,721 | ||||||
Hundsun Technologies Inc., Class A |
551,600 | 4,584,259 | ||||||
Iflytek Co. Ltd., Class A |
1,300,100 | 10,159,336 | ||||||
Industrial & Commercial Bank of China Ltd., Class A |
2,624,000 | 1,938,523 | ||||||
Industrial & Commercial Bank of China Ltd., Class H |
50,940,000 | 30,408,891 | ||||||
Industrial Bank Co. Ltd., Class A |
1,423,912 | 4,988,492 | ||||||
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A(a) |
16,277,800 | 6,947,759 | ||||||
Inspur Electronic Information Industry Co. Ltd., Class A |
819,422 | 4,284,807 | ||||||
JDcom Inc, Class A(a) |
806,137 | 28,794,747 | ||||||
Jiangsu Expressway Co. Ltd., Class H |
11,298,000 | 12,088,206 | ||||||
Jiangsu Hengrui Medicine Co. Ltd., Class A |
2,191,657 | 13,957,510 | ||||||
Jiangsu Zhongtian Technology Co. Ltd., Class A |
1,697,400 | 5,045,022 | ||||||
Jointown Pharmaceutical Group Co. Ltd., Class A |
1,038,678 | 2,194,954 | ||||||
Kingdee
International Software |
1,595,000 | 3,942,269 | ||||||
Kweichow Moutai Co. Ltd., Class A |
21,190 | 6,026,208 | ||||||
Legend Biotech Corp., ADR(a)(b) |
75,466 | 2,987,699 | ||||||
Lenovo Group Ltd. |
2,960,000 | 3,296,164 | ||||||
Meituan, Class B(a)(c) |
187,800 | 4,172,007 | ||||||
NavInfo Co. Ltd., Class A(a) |
1,279,300 | 3,483,150 | ||||||
NetEase Inc. |
431,855 | 8,352,809 | ||||||
PetroChina Co. Ltd., Class A |
2,772,000 | 2,555,659 | ||||||
Pharmaron Beijing Co. Ltd., Class H(c) |
92,100 | 1,116,625 | ||||||
Pinduoduo Inc., ADR(a) |
89,395 | 4,636,025 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H |
2,875,000 | 22,291,779 | ||||||
Postal
Savings Bank of China Co. Ltd., |
35,225,000 | 28,922,679 | ||||||
Sangfor Technologies Inc., Class A |
97,600 | 2,263,756 | ||||||
SDIC Power Holdings Co. Ltd., Class A |
3,856,272 | 6,116,997 | ||||||
SF Holding Co. Ltd., Class A |
653,700 | 6,271,915 | ||||||
Shandong Gold Mining Co. Ltd., Class A |
2,009,368 | 6,558,996 | ||||||
Shandong Gold Mining Co. Ltd., Class H(b)(c) |
4,984,000 | 9,358,938 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H |
2,604,800 | 3,596,689 | ||||||
Shanghai Baosight Software Co. Ltd., Class B |
3,639,834 | 15,718,820 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H |
363,500 | 1,457,456 | ||||||
Shanghai
International Airport Co. Ltd., |
308,800 | 2,569,073 | ||||||
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B |
10,156,991 | 9,049,879 | ||||||
Shanghai M&G Stationery Inc., Class A |
322,751 | 2,782,108 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H |
2,625,600 | 4,739,375 | ||||||
Shanghai Pudong Development Bank Co. Ltd., Class A |
3,117,568 | 4,149,731 | ||||||
Shanghai RAAS Blood Products Co. Ltd., Class A |
3,801,200 | 4,025,805 |
24 |
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 Min Vol Factor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) |
||||||||
Shenzhen Goodix Technology Co. Ltd., Class A |
107,600 | $ | 1,558,206 | |||||
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A |
147,900 | 7,690,918 | ||||||
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A(a) |
428,229 | 1,699,957 | ||||||
Shenzhou International Group Holdings Ltd. |
983,300 | 16,516,104 | ||||||
Sichuan Chuantou Energy Co. Ltd., Class A |
2,044,157 | 3,900,012 | ||||||
Sino Biopharmaceutical Ltd. |
9,571,000 | 6,109,789 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class A |
2,803,264 | 1,813,397 | ||||||
Sinopharm Group Co. Ltd., Class H |
853,200 | 2,068,313 | ||||||
Songcheng Performance Development Co. Ltd., Class A |
1,449,259 | 3,556,154 | ||||||
Suningcom Co Ltd, Class A(a) |
5,250,079 | 2,994,923 | ||||||
Tencent Holdings Ltd. |
480,400 | 25,923,014 | ||||||
Thunder Software Technology Co. Ltd., Class A |
85,800 | 1,911,422 | ||||||
Tianjin 712 Communication & Broadcasting Co. Ltd., Class A |
435,292 | 2,373,957 | ||||||
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A |
682,400 | 5,224,700 | ||||||
Tianshui Huatian Technology Co. Ltd., Class A |
1,195,500 | 2,278,510 | ||||||
Topchoice Medical Corp., Class A(a) |
123,599 | 3,171,139 | ||||||
TravelSky Technology Ltd., Class H |
1,270,000 | 2,392,240 | ||||||
Vipshop Holdings Ltd., ADR(a) |
190,101 | 1,648,176 | ||||||
Walvax Biotechnology Co. Ltd., Class A |
485,301 | 3,616,945 | ||||||
Want Want China Holdings Ltd.(b) |
3,213,000 | 3,420,320 | ||||||
WuXi AppTec Co. Ltd., Class H(c) |
512,064 | 7,288,951 | ||||||
Wuxi Biologics Cayman Inc., New(a)(c) |
653,000 | 5,401,235 | ||||||
Xiaomi Corp., Class B(a)(c) |
5,897,400 | 11,100,187 | ||||||
Yealink Network Technology Corp. Ltd., Class A |
171,900 | 2,083,782 | ||||||
Yonyou Network Technology Co. Ltd., Class A |
391,100 | 1,951,750 | ||||||
Yum China Holdings Inc. |
750,908 | 39,062,234 | ||||||
Yunnan Baiyao Group Co. Ltd., Class A |
157,067 | 2,244,063 | ||||||
Zhejiang Dahua Technology Co. Ltd., Class A |
865,000 | 2,575,765 | ||||||
Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A |
217,900 | 1,659,435 | ||||||
Zhejiang Supor Co. Ltd., Class A |
195,185 | 1,567,419 | ||||||
Zhongsheng Group Holdings Ltd. |
857,500 | 5,987,856 | ||||||
ZTE Corp., Class A |
2,189,100 | 10,130,452 | ||||||
ZTE Corp., Class H |
1,229,200 | 3,028,191 | ||||||
ZTO Express Cayman Inc., ADR |
469,408 | 13,819,371 | ||||||
|
|
|||||||
1,047,501,430 | ||||||||
Czech Republic — 0.4% |
||||||||
CEZ AS |
172,797 | 6,580,081 | ||||||
Komercni Banka AS(a) |
200,532 | 7,889,011 | ||||||
|
|
|||||||
14,469,092 | ||||||||
Egypt — 0.2% |
||||||||
Commercial International Bank Egypt SAE(a) |
2,859,288 | 8,708,867 | ||||||
|
|
|||||||
Greece — 0.6% |
||||||||
Hellenic Telecommunications Organization SA |
1,154,221 | 23,086,696 | ||||||
|
|
|||||||
Hungary — 0.5% |
||||||||
OTP Bank Nyrt(a) |
96,175 | 3,669,961 | ||||||
Richter Gedeon Nyrt |
730,597 | 15,340,112 | ||||||
|
|
|||||||
19,010,073 | ||||||||
India — 13.8% |
||||||||
ACC Ltd. |
274,910 | 7,657,090 | ||||||
Apollo Hospitals Enterprise Ltd. |
52,770 | 3,377,540 | ||||||
Asian Paints Ltd. |
772,073 | 32,628,664 | ||||||
Bajaj Auto Ltd. |
185,175 | 8,713,898 | ||||||
Bharti Airtel Ltd.(a) |
1,242,817 | 11,364,682 | ||||||
Britannia Industries Ltd. |
244,888 | 11,177,959 |
Security | Shares | Value | ||||||
India (continued) |
||||||||
Cipla Ltd. |
1,303,355 | $ | 16,041,748 | |||||
Colgate-Palmolive India Ltd. |
121,194 | 2,338,007 | ||||||
Dabur India Ltd. |
2,653,524 | 19,894,615 | ||||||
Divi’s Laboratories Ltd. |
183,241 | 10,413,860 | ||||||
Dr. Reddy’s Laboratories Ltd. |
277,672 | 14,992,366 | ||||||
Eicher Motors Ltd. |
401,744 | 13,876,419 | ||||||
HCL Technologies Ltd. |
2,447,377 | 36,801,765 | ||||||
Hindustan Unilever Ltd. |
896,387 | 25,922,000 | ||||||
Housing Development Finance Corp. Ltd. |
268,246 | 8,478,129 | ||||||
Infosys Ltd. |
2,088,953 | 47,606,960 | ||||||
ITC Ltd. |
732,281 | 2,108,534 | ||||||
Lupin Ltd. |
714,011 | 7,093,340 | ||||||
Marico Ltd. |
2,609,300 | 17,863,473 | ||||||
Maruti Suzuki India Ltd. |
27,380 | 3,034,623 | ||||||
Mindtree Ltd. |
36,817 | 1,910,466 | ||||||
Mphasis Ltd. |
105,710 | 4,391,752 | ||||||
MRF Ltd. |
14,577 | 12,754,946 | ||||||
Nestle India Ltd. |
28,066 | 6,591,434 | ||||||
Page Industries Ltd. |
34,180 | 19,239,706 | ||||||
Pidilite Industries Ltd. |
823,387 | 26,357,995 | ||||||
Reliance Industries Ltd. |
367,184 | 11,559,577 | ||||||
Sun Pharmaceutical Industries Ltd. |
1,315,934 | 14,782,448 | ||||||
Tata Consultancy Services Ltd. |
931,052 | 44,105,537 | ||||||
Tech Mahindra Ltd. |
1,377,200 | 25,929,649 | ||||||
Titan Co. Ltd. |
476,532 | 16,186,121 | ||||||
UltraTech Cement Ltd. |
23,994 | 2,099,997 | ||||||
Wipro Ltd. |
3,225,210 | 23,849,608 | ||||||
Yes Bank Ltd.(a) |
12,299,477 | 2,172,853 | ||||||
|
|
|||||||
513,317,761 | ||||||||
Kuwait — 2.0% |
||||||||
Kuwait Finance House KSCP |
3,607,340 | 11,284,517 | ||||||
Mobile Telecommunications Co. KSCP |
12,859,440 | 26,364,783 | ||||||
National Bank of Kuwait SAKP |
10,071,217 | 35,304,272 | ||||||
|
|
|||||||
72,953,572 | ||||||||
Malaysia — 4.1% |
||||||||
DiGi.Com Bhd |
10,785,600 | 10,427,025 | ||||||
Hong Leong Bank Bhd |
3,331,600 | 15,949,909 | ||||||
IHH Healthcare Bhd |
14,297,700 | 22,431,312 | ||||||
IOI Corp. Bhd |
2,092,000 | 2,298,699 | ||||||
Malayan Banking Bhd |
15,549,000 | 32,488,977 | ||||||
Malaysia Airports Holdings Bhd(a) |
1,235,600 | 1,809,918 | ||||||
Maxis Bhd |
6,095,100 | 5,843,611 | ||||||
Nestle Malaysia Bhd |
661,900 | 21,152,009 | ||||||
Petronas Chemicals Group Bhd |
3,235,300 | 7,359,084 | ||||||
Petronas Dagangan Bhd |
947,600 | 4,857,057 | ||||||
PPB Group Bhd |
2,505,200 | 10,704,606 | ||||||
Public Bank Bhd |
3,314,100 | 3,519,724 | ||||||
Telekom Malaysia Bhd |
2,594,500 | 3,126,871 | ||||||
Tenaga Nasional Bhd |
4,243,300 | 9,275,809 | ||||||
Westports Holdings Bhd |
2,859,800 | 2,663,289 | ||||||
|
|
|||||||
153,907,900 | ||||||||
Mexico — 0.7% |
||||||||
Wal-Mart de Mexico SAB de CV |
7,184,300 | 27,325,666 | ||||||
|
|
|||||||
Peru — 0.7% |
||||||||
Cia. de Minas Buenaventura SAA, ADR(a) |
364,459 | 3,608,144 | ||||||
Credicorp Ltd. |
151,833 | 22,964,741 | ||||||
|
|
|||||||
26,572,885 |
S C H E D U L E O F I N V E S T M E N T S |
25 |
Schedule of Investments (unaudited) (continued) February 28, 2022 |
iShares® MSCI Emerging Markets Min Vol Factor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Philippines — 2.0% |
||||||||
Bank of the Philippine Islands |
6,926,868 | $ | 13,537,940 | |||||
BDO Unibank Inc. |
5,912,363 | 14,982,901 | ||||||
Globe Telecom Inc. |
238,445 | 11,981,110 | ||||||
International Container Terminal Services Inc. |
3,299,890 | 13,554,844 | ||||||
Manila Electric Co. |
1,273,130 | 9,161,056 | ||||||
Metropolitan Bank & Trust Co. |
3,980,153 | 4,432,743 | ||||||
PLDT Inc. |
56,375 | 1,978,128 | ||||||
SM Investments Corp. |
120,815 | 2,101,950 | ||||||
Universal Robina Corp. |
729,340 | 1,707,057 | ||||||
|
|
|||||||
73,437,729 | ||||||||
Poland — 0.3% |
||||||||
Allegro.eu SA(a)(c) |
196,741 | 1,466,229 | ||||||
Dino Polska SA(a)(c) |
140,460 | 9,876,709 | ||||||
|
|
|||||||
11,342,938 | ||||||||
Qatar — 2.5% |
||||||||
Masraf Al Rayan QSC(a) |
20,487,768 | 28,067,742 | ||||||
Qatar Electricity & Water Co. QSC |
2,553,453 | 12,607,327 | ||||||
Qatar Fuel QSC |
924,748 | 4,712,802 | ||||||
Qatar Islamic Bank SAQ |
3,133,124 | 18,104,936 | ||||||
Qatar National Bank QPSC |
4,754,342 | 28,461,855 | ||||||
|
|
|||||||
91,954,662 | ||||||||
Russia — 0.1% |
||||||||
Polymetal International PLC(d) |
244,417 | 741,274 | ||||||
Polyus PJSC(d) |
95,932 | 3,614,552 | ||||||
Rosneft Oil Co. PJSC(d) |
759,070 | 791,886 | ||||||
Yandex NV(a)(d) |
49,681 | 324,771 | ||||||
|
|
|||||||
5,472,483 | ||||||||
Saudi Arabia — 9.2% |
||||||||
Abdullah Al Othaim Markets Co. |
361,329 | 10,746,687 | ||||||
Advanced Petrochemical Co. |
380,380 | 7,631,558 | ||||||
Al Rajhi Bank |
1,449,745 | 62,196,538 | ||||||
Alinma Bank |
4,531,753 | 42,970,391 | ||||||
Bank AlBilad(a) |
207,188 | 3,260,643 | ||||||
Bank Al-Jazira |
852,245 | 6,123,450 | ||||||
Bupa Arabia for Cooperative Insurance Co. |
82,640 | 3,583,564 | ||||||
Co for Cooperative Insurance (The) |
360,933 | 7,585,674 | ||||||
Dr Sulaiman Al Habib Medical Services Group Co. |
91,941 | 4,204,443 | ||||||
Emaar Economic City(a) |
857,160 | 2,840,155 | ||||||
Etihad Etisalat Co.(a) |
2,722,203 | 25,371,573 | ||||||
Jarir Marketing Co. |
543,282 | 30,334,049 | ||||||
Mobile Telecommunications Co.(a) |
2,197,948 | 7,894,912 | ||||||
SABIC Agri-Nutrients Co. |
544,645 | 23,206,160 | ||||||
Saudi Arabian Oil Co.(c) |
1,036,023 | 11,494,162 | ||||||
Saudi Basic Industries Corp. |
890,934 | 29,701,349 | ||||||
Saudi Electricity Co. |
1,453,115 | 10,724,919 | ||||||
Saudi Telecom Co. |
1,554,091 | 47,417,281 | ||||||
Yanbu National Petrochemical Co. |
386,828 | 7,100,498 | ||||||
|
|
|||||||
344,388,006 | ||||||||
South Korea — 6.0% |
||||||||
Amorepacific Corp. |
12,823 | 1,979,368 | ||||||
Celltrion Healthcare Co. Ltd.(b) |
27,101 | 1,441,437 | ||||||
Celltrion Inc. |
26,186 | 3,495,304 | ||||||
CJ Logistics Corp.(a) |
41,443 | 4,296,880 | ||||||
Coway Co. Ltd. |
83,805 | 5,033,227 | ||||||
F&F Co. Ltd./New(a) |
3,377 | 2,524,098 | ||||||
Hanon Systems |
448,493 | 4,343,304 | ||||||
HLB Inc.(a) |
65,280 | 1,710,422 | ||||||
Hotel Shilla Co. Ltd.(b) |
213,665 | 14,440,946 | ||||||
Kakao Corp. |
89,457 | 7,084,705 |
Security | Shares | Value | ||||||
South Korea (continued) |
||||||||
Kia Corp. |
27,144 | $ | 1,682,801 | |||||
KT&G Corp. |
298,455 | 19,840,258 | ||||||
LG Household & Health Care Ltd. |
1,909 | 1,514,683 | ||||||
LG Uplus Corp. |
318,002 | 3,493,045 | ||||||
NAVER Corp. |
110,316 | 29,394,493 | ||||||
NCSoft Corp. |
16,411 | 6,079,371 | ||||||
Netmarble Corp.(c) |
51,866 | 4,456,740 | ||||||
Orion Corp./Republic of Korea |
28,215 | 2,159,131 | ||||||
Pearl Abyss Corp.(a)(b) |
45,019 | 3,610,662 | ||||||
S-1 Corp. |
158,216 | 9,210,279 | ||||||
Samsung Biologics Co. Ltd.(a)(c) |
21,168 | 13,770,905 | ||||||
Samsung Electronics Co. Ltd. |
513,118 | 30,917,092 | ||||||
Samsung SDS Co. Ltd. |
89,440 | 10,500,086 | ||||||
SK Bioscience Co. Ltd.(a) |
10,380 | 1,271,121 | ||||||
SK Hynix Inc. |
143,286 | 14,938,211 | ||||||
SK Telecom Co. Ltd. |
247,344 | 11,287,070 | ||||||
Yuhan Corp. |
252,086 | 12,248,403 | ||||||
|
|
|||||||
222,724,042 | ||||||||
Taiwan — 18.2% |
||||||||
Accton Technology Corp. |
466,000 | 4,225,952 | ||||||
Advantech Co. Ltd. |
2,624,855 | 34,565,423 | ||||||
Asustek Computer Inc. |
1,949,000 | 26,000,584 | ||||||
Cathay Financial Holding Co. Ltd. |
3,295,034 | 7,409,331 | ||||||
China Steel Corp. |
7,196,000 | 9,357,350 | ||||||
Chunghwa Telecom Co. Ltd. |
13,846,000 | 61,540,163 | ||||||
Compal Electronics Inc. |
24,776,000 | 22,571,222 | ||||||
Delta Electronics Inc. |
411,000 | 3,662,876 | ||||||
E.Sun Financial Holding Co Ltd. |
18,929,459 | 20,009,437 | ||||||
Far EasTone Telecommunications Co. Ltd. |
15,025,000 | 37,161,805 | ||||||
First Financial Holding Co. Ltd. |
65,284,899 | 60,110,251 | ||||||
Formosa Petrochemical Corp. |
2,074,000 | 7,295,468 | ||||||
Formosa Plastics Corp. |
2,220,840 | 8,385,925 | ||||||
Hon Hai Precision Industry Co. Ltd. |
2,265,000 | 8,413,474 | ||||||
Hua Nan Financial Holdings Co. Ltd. |
55,045,089 | 43,646,903 | ||||||
Lite-On Technology Corp. |
7,572,752 | 18,620,483 | ||||||
Mega Financial Holding Co. Ltd. |
11,772,000 | 15,863,958 | ||||||
Pou Chen Corp. |
3,018,000 | 3,480,396 | ||||||
President Chain Store Corp. |
5,330,000 | 49,806,234 | ||||||
Quanta Computer Inc. |
2,576,000 | 8,613,877 | ||||||
Synnex Technology International Corp. |
9,834,000 | 25,459,899 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. |
66,630,330 | 63,211,107 | ||||||
Taiwan High Speed Rail Corp. |
7,001,000 | 7,409,660 | ||||||
Taiwan Mobile Co. Ltd. |
15,535,000 | 57,446,729 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. |
2,597,000 | 55,834,347 | ||||||
Uni-President Enterprises Corp. |
2,790,000 | 6,712,439 | ||||||
United Microelectronics Corp. |
1,261,000 | 2,376,167 | ||||||
WPG Holdings Ltd. |
5,607,440 | 11,190,819 | ||||||
|
|
|||||||
680,382,279 | ||||||||
Thailand — 5.3% |
||||||||
Advanced Info Service PCL, NVDR |
7,041,300 | 49,565,938 | ||||||
Airports of Thailand PCL, NVDR(a) |
16,559,000 | 32,716,150 | ||||||
Bangkok Dusit Medical Services PCL, NVDR |
34,316,500 | 24,950,259 | ||||||
Bangkok Expressway & Metro PCL, NVDR |
6,915,400 | 1,890,820 | ||||||
Bumrungrad Hospital PCL, NVDR |
2,517,100 | 11,861,335 | ||||||
CP ALL PCL, NVDR |
13,780,600 | 28,790,650 | ||||||
Home Product Center PCL, NVDR |
23,781,300 | 11,136,274 | ||||||
Intouch Holdings PCL, NVDR |
7,810,900 | 18,163,058 | ||||||
PTT Oil & Retail Business PCL, NVDR |
12,148,300 | 9,626,420 | ||||||
Siam Cement PCL (The), NVDR |
422,400 | 5,083,429 |
26 |
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 Min Vol Factor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Thailand (continued) |
||||||||
Sri Trang Gloves Thailand PCL, NVDR |
2,146,000 | $ | 1,691,186 | |||||
Thai Union Group PCL, NVDR |
3,111,800 | 1,942,792 | ||||||
|
|
|||||||
197,418,311 | ||||||||
Turkey — 0.5% |
||||||||
BIM Birlesik Magazalar AS |
2,095,462 | 11,067,594 | ||||||
Turkcell Iletisim Hizmetleri AS |
2,316,687 | 3,434,795 | ||||||
Turkiye Petrol Rafinerileri AS(a) |
168,804 | 2,352,724 | ||||||
Turkiye Sise ve Cam Fabrikalari AS |
2,649,698 | 2,370,135 | ||||||
|
|
|||||||
19,225,248 | ||||||||
United Arab Emirates — 3.7% |
||||||||
Abu Dhabi National Oil Co. for Distribution PJSC |
23,528,422 | 26,416,172 | ||||||
Aldar Properties PJSC |
10,921,738 | 12,482,006 | ||||||
Dubai Islamic Bank PJSC |
3,408,592 | 5,664,803 | ||||||
Emirates Telecommunications Group Co. PJSC |
7,514,943 | 71,770,929 | ||||||
First Abu Dhabi Bank PJSC |
3,539,151 | 19,926,122 | ||||||
|
|
|||||||
136,260,032 | ||||||||
|
|
|||||||
Total
Common Stocks — 99.0% |
3,692,534,120 | |||||||
|
|
|||||||
Preferred Stocks |
||||||||
Russia — 0.1% |
||||||||
Surgutneftegas PJSC, Preference Shares, NVS(d) |
40,815,200 | 4,382,392 | ||||||
|
|
|||||||
South Korea — 0.5% |
||||||||
LG Household & Health Care Ltd., Preference Shares, NVS |
16,548 | 7,253,115 | ||||||
Samsung Electronics Co. Ltd., Preference Shares, NVS |
195,153 | 10,785,615 | ||||||
|
|
|||||||
18,038,730 | ||||||||
|
|
|||||||
Total
Preferred Stocks — 0.6% |
22,421,122 | |||||||
|
|
Security | Shares | Value | ||||||
|
||||||||
Rights |
||||||||
South Korea — 0.0% |
||||||||
Samsung Biologics Co. Ltd. (Expires 04/08/22)(a) |
1,495 | $ | 174,096 | |||||
|
|
|||||||
Total
Rights — 0.0% |
174,096 | |||||||
|
|
|||||||
Short-Term Investments |
||||||||
Money Market Funds — 1.3% |
||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(e)(f)(g) |
43,082,941 | 43,091,558 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(e)(f) |
6,090,000 | 6,090,000 | ||||||
|
|
|||||||
49,181,558 | ||||||||
|
|
|||||||
Total
Short-Term Investments — 1.3% |
|
49,181,558 | ||||||
|
|
|||||||
Total
Investments in Securities — 100.9% |
|
3,764,310,896 | ||||||
Other Assets, Less Liabilities — (0.9)% |
|
(31,737,121 | ) | |||||
|
|
|||||||
Net Assets — 100.0% |
$ | 3,732,573,775 | ||||||
|
|
(a) |
Non-income producing security. |
(b) |
All or a portion of this security is on loan. |
(c) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(d) |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(e) |
Affiliate of the Fund. |
(f) |
Annualized 7-day yield as of period end. |
(g) |
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 |
Value at 02/28/22 |
Shares Held at 02/28/22 |
Income |
Capital Gain from |
|||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | 15,776,157 | $ | 27,321,615 | (a) | $ | — | $ | 1,372 | $ | (7,586 | ) | $ | 43,091,558 | 43,082,941 | $ | 182,713 | (b) | $ | — | ||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
7,590,000 | — | (1,500,000 | )(a) | — | — | 6,090,000 | 6,090,000 | 353 | — | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
$ | 1,372 | $ | (7,586 | ) | $ | 49,181,558 | $ | 183,066 | $ | — | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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. |
S C H E D U L E O F I N V E S T M E N T S |
27 |
Schedule of Investments (unaudited) (continued) February 28, 2022 |
iShares® MSCI Emerging Markets Min Vol Factor 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 |
186 | 03/18/22 | $ | 10,932 | $ | (352,004 | ) | |||||||||
U.S. 2 Year Treasury Note |
10 | 06/30/22 | 2,152 | 3,737 | ||||||||||||
|
|
|||||||||||||||
$ | (348,267 | ) | ||||||||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
|
||||
Equity Contracts |
||||
|
||||
Assets — Derivative Financial Instruments |
||||
Futures contracts |
||||
Unrealized appreciation on futures contracts(a) |
$ | 3,737 | ||
|
|
|||
Liabilities — Derivative Financial Instruments |
||||
Futures contracts |
||||
Unrealized depreciation on futures contracts(a) |
$ | 352,004 | ||
|
|
(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 |
Interest Rate Contracts |
Total | ||||||||||
|
||||||||||||
Net Realized Gain (Loss) from: |
||||||||||||
Futures contracts |
$ | 327,303 | $ | (22,263 | ) | $ | 305,040 | |||||
|
|
|
|
|
|
|||||||
Net Change in Unrealized Appreciation (Depreciation) on: |
||||||||||||
Futures contracts |
$ | (606,864 | ) | $ | (1,330 | ) | $ | (608,194 | ) | |||
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
||||
Futures contracts: |
||||
Average notional value of contracts — long |
$ | 16,838,191 | ||
|
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.
28 |
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 Min Vol Factor ETF |
Fair Value Hierarchy as of Period End (continued)
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
||||||||||||||||
Investments |
||||||||||||||||
Assets |
||||||||||||||||
Common Stocks |
$ | 334,882,772 | $ | 3,352,178,837 | $ | 5,472,511 | $ | 3,692,534,120 | ||||||||
Preferred Stocks |
— | 18,038,730 | 4,382,392 | 22,421,122 | ||||||||||||
Rights |
— | 174,096 | — | 174,096 | ||||||||||||
Money Market Funds |
49,181,558 | — | — | 49,181,558 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 384,064,330 | $ | 3,370,391,663 | $ | 9,854,903 | $ | 3,764,310,896 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Derivative financial instruments(a) |
||||||||||||||||
Assets |
||||||||||||||||
Futures Contracts |
$ | 3,737 | $ | — | $ | — | $ | 3,737 | ||||||||
Liabilities |
||||||||||||||||
Futures Contracts |
(352,004 | ) | — | — | (352,004 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | (348,267 | ) | $ | — | $ | — | $ | (348,267 | ) | |||||||
|
|
|
|
|
|
|
|
(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
See notes to financial statements.
S C H E D U L E O F I N V E S T M E N T S |
29 |
Schedule of Investments (unaudited) February 28, 2022 |
iShares® MSCI Emerging Markets Multifactor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
||||||||
Brazil — 1.3% |
||||||||
BB Seguridade Participacoes SA |
797,804 | $ | 3,517,928 | |||||
Telefonica Brasil SA |
578,175 | 5,669,962 | ||||||
TIM SA |
965,663 | 2,561,410 | ||||||
|
|
|||||||
11,749,300 | ||||||||
Chile — 0.3% | ||||||||
Cencosud SA |
1,631,582 | 3,001,033 | ||||||
|
|
|||||||
China — 40.9% | ||||||||
360 DigiTech Inc., ADR |
97,435 | 1,826,906 | ||||||
3SBio Inc.(a)(b) |
1,448,000 | 1,150,826 | ||||||
Alibaba Group Holding Ltd.(b) |
806,448 | 10,615,980 | ||||||
Aluminum Corp. of China Ltd., Class H(b) |
4,496,000 | 3,177,880 | ||||||
Anhui Conch Cement Co. Ltd., Class H |
1,407,000 | 7,550,701 | ||||||
Apeloa Pharmaceutical Co. Ltd., Class A |
80,800 | 362,761 | ||||||
Bank of China Ltd., Class H |
14,767,000 | 5,748,818 | ||||||
Bank of Communications Co. Ltd., Class H |
9,976,000 | 6,838,840 | ||||||
Baoshan Iron & Steel Co. Ltd., Class A |
1,525,400 | 1,748,360 | ||||||
Beijing Enterprises Holdings Ltd. |
575,500 | 1,967,348 | ||||||
Bosideng International Holdings Ltd. |
3,706,000 | 2,108,592 | ||||||
CECEP Solar Energy Co. Ltd., Class A |
200,700 | 320,648 | ||||||
China Cinda Asset Management Co. Ltd., Class H |
10,008,000 | 1,806,579 | ||||||
China CITIC Bank Corp. Ltd., Class H |
10,177,000 | 4,782,306 | ||||||
China Coal Energy Co. Ltd., Class H |
2,340,000 | 1,458,601 | ||||||
China Communications Services Corp. Ltd., Class H |
2,730,000 | 1,497,735 | ||||||
China Conch Venture Holdings Ltd. |
1,863,500 | 8,967,605 | ||||||
China Construction Bank Corp., Class H |
38,566,000 | 28,923,133 | ||||||
China Everbright Bank Co. Ltd., Class H |
3,604,000 | 1,340,355 | ||||||
China Hongqiao Group Ltd. |
2,599,000 | 3,638,622 | ||||||
China Lesso Group Holdings Ltd. |
1,238,000 | 1,906,006 | ||||||
China Longyuan Power Group Corp. Ltd., Class H |
3,807,000 | 7,856,086 | ||||||
China Medical System Holdings Ltd. |
1,552,000 | 2,763,574 | ||||||
China Meidong Auto Holdings Ltd. |
638,000 | 3,004,015 | ||||||
China Merchants Port Holdings Co. Ltd. |
1,706,000 | 3,216,486 | ||||||
China National Building Material Co. Ltd., Class H |
4,676,000 | 5,998,505 | ||||||
China Power International Development Ltd. |
4,476,000 | 2,537,163 | ||||||
China Railway Group Ltd., Class H |
4,555,000 | 2,674,495 | ||||||
China Resources Cement Holdings Ltd. |
2,776,000 | 2,375,395 | ||||||
China Resources Power Holdings Co. Ltd. |
2,194,000 | 4,900,452 | ||||||
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A |
67,000 | 379,824 | ||||||
China Shenhua Energy Co. Ltd., Class H |
3,849,500 | 10,609,162 | ||||||
China State Construction International Holdings Ltd. |
2,302,000 | 3,241,944 | ||||||
China Taiping Insurance Holdings Co. Ltd. |
1,843,800 | 2,182,335 | ||||||
China Tower Corp. Ltd., Class H(a) |
22,284,000 | 2,597,278 | ||||||
China Traditional Chinese Medicine Holdings Co. Ltd. |
3,150,000 | 1,795,688 | ||||||
China Zhenhua Group Science & Technology Co. Ltd., Class A |
35,200 | 656,085 | ||||||
Chinasoft International Ltd. |
2,972,000 | 2,711,655 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class H(b) |
3,823,500 | 7,728,153 | ||||||
COSCO SHIPPING Ports Ltd. |
2,086,000 | 1,719,017 | ||||||
Daan Gene Co Ltd., Class A |
93,580 | 275,105 | ||||||
Dali Foods Group Co. Ltd.(a) |
2,336,500 | 1,230,593 | ||||||
Daqo New Energy Corp., ADR(b) |
23,365 | 1,120,586 | ||||||
Dongfeng Motor Group Co. Ltd., Class H |
3,096,000 | 2,664,808 | ||||||
Dongyue Group Ltd. |
1,670,000 | 2,422,735 | ||||||
Far East Horizon Ltd. |
1,901,000 | 1,620,129 | ||||||
Fosun International Ltd. |
2,861,500 | 3,104,737 | ||||||
GF Securities Co. Ltd., Class H |
1,263,200 | 1,896,420 |
Security | Shares | Value | ||||||
China (continued) |
||||||||
Haitian International Holdings Ltd. |
725,000 | $ | 1,931,617 | |||||
Haitong Securities Co. Ltd., Class H |
3,108,800 | 2,675,087 | ||||||
Hengan International Group Co. Ltd. |
736,500 | 3,905,860 | ||||||
Hesteel Co. Ltd., Class A |
737,700 | 300,767 | ||||||
Hopson Development Holdings Ltd.(c) |
819,350 | 1,686,676 | ||||||
Huabao International Holdings Ltd. |
1,046,000 | 600,098 | ||||||
Huadian Power International Corp. Ltd., Class A |
453,200 | 309,779 | ||||||
Huaxi Securities Co. Ltd., Class A |
184,700 | 260,733 | ||||||
Huaxin Cement Co. Ltd., Class A |
94,000 | 305,841 | ||||||
Hunan Valin Steel Co. Ltd., Class A |
468,420 | 433,491 | ||||||
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A |
568,700 | 447,630 | ||||||
Inner Mongolia Yuan Xing Energy Co. Ltd., Class A(b) |
255,700 | 366,259 | ||||||
Intco Medical Technology Co. Ltd., Class A |
37,350 | 302,913 | ||||||
JDcom Inc, Class A(b) |
16,761 | 598,693 | ||||||
Jiangsu Expressway Co. Ltd., Class H |
1,392,000 | 1,489,359 | ||||||
Jiangxi Copper Co. Ltd., Class H |
1,268,000 | 2,282,400 | ||||||
Kingboard Holdings Ltd. |
758,500 | 3,548,375 | ||||||
Kingboard Laminates Holdings Ltd. |
1,067,000 | 1,777,992 | ||||||
Kunlun Energy Co. Ltd. |
4,440,000 | 4,367,554 | ||||||
Lee & Man Paper Manufacturing Ltd. |
1,476,000 | 948,854 | ||||||
Lenovo Group Ltd. |
8,234,000 | 9,169,127 | ||||||
Li Ning Co. Ltd. |
1,806,500 | 18,043,592 | ||||||
Luxi Chemical Group Co. Ltd., Class A |
133,100 | 355,688 | ||||||
Metallurgical Corp. of China Ltd., Class A |
1,218,800 | 790,489 | ||||||
Nine Dragons Paper Holdings Ltd. |
1,876,000 | 1,797,146 | ||||||
Noah Holdings Ltd., ADR(b)(c) |
38,933 | 1,104,140 | ||||||
North Industries Group Red Arrow Co. Ltd., Class A(b) |
97,300 | 347,962 | ||||||
Northeast Securities Co. Ltd., Class A |
154,800 | 203,185 | ||||||
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A(b) |
598,400 | 400,678 | ||||||
PetroChina Co. Ltd., Class H |
24,046,000 | 12,879,654 | ||||||
PICC Property & Casualty Co. Ltd., Class H |
7,863,000 | 8,300,075 | ||||||
Postal Savings Bank of China Co. Ltd., Class H(a) |
9,052,000 | 7,432,451 | ||||||
Sailun Group Co. Ltd., Class A |
210,900 | 404,552 | ||||||
Sany Heavy Equipment International Holdings Co. Ltd. |
1,256,000 | 1,302,468 | ||||||
Shaanxi Coal Industry Co. Ltd., Class A |
664,800 | 1,501,955 | ||||||
Shandong Buchang Pharmaceuticals Co. Ltd., Class A |
75,900 | 250,899 | ||||||
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A |
145,775 | 818,911 | ||||||
Shandong Sun Paper Industry JSC Ltd., Class A |
183,300 | 357,841 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H |
2,834,800 | 3,914,271 | ||||||
Shanghai Baosight Software Co. Ltd., Class B |
441,041 | 1,904,659 | ||||||
Shanghai International Port Group Co. Ltd., Class A |
642,300 | 581,419 | ||||||
Shanghai Medicilon Inc., Class A |
4,289 | 263,982 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H |
891,900 | 1,609,936 | ||||||
Shanxi Coking Coal Energy Group Co. Ltd., Class A |
284,100 | 478,180 | ||||||
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A |
208,000 | 458,359 | ||||||
Shanxi Taigang Stainless Steel Co. Ltd., Class A |
382,500 | 444,283 | ||||||
Shenzhen International Holdings Ltd. |
1,423,000 | 1,466,233 | ||||||
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A(b) |
70,100 | 278,279 | ||||||
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A |
116,160 | 443,176 | ||||||
Sichuan Hebang Biotechnology Co. Ltd., Class A(b) |
618,300 | 384,676 | ||||||
Sinopharm Group Co. Ltd., Class H |
1,529,200 | 3,707,061 | ||||||
Sinotrans Ltd., Class A |
292,300 | 199,416 | ||||||
Sinotruk Hong Kong Ltd. |
791,500 | 1,181,446 | ||||||
Sun Art Retail Group Ltd. |
1,568,000 | 565,706 | ||||||
Tencent Holdings Ltd. |
366,300 | 19,766,028 | ||||||
Tibet Summit Resources Co. Ltd., Class-A |
63,700 | 346,069 |
30 |
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 Multifactor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) |
||||||||
Tingyi Cayman Islands Holding Corp. |
2,244,000 | $ | 4,964,630 | |||||
Titan Wind Energy Suzhou Co. Ltd., Class A |
125,300 | 414,113 | ||||||
Uni-President China Holdings Ltd. |
1,480,000 | 1,539,014 | ||||||
Vinda International Holdings Ltd.(c) |
413,000 | 1,175,908 | ||||||
Vipshop Holdings Ltd., ADR(b) |
511,722 | 4,436,630 | ||||||
Want Want China Holdings Ltd. |
5,455,000 | 5,806,987 | ||||||
Westone Information Industry Inc., Class A |
58,200 | 426,073 | ||||||
Wharf Holdings Ltd. (The) |
1,567,000 | 5,669,391 | ||||||
Wuchan Zhongda Group Co. Ltd., Class A |
356,700 | 320,176 | ||||||
Xiamen Faratronic Co. Ltd. |
15,500 | 525,938 | ||||||
Xinjiang Zhongtai Chemical Co. Ltd., Class A |
166,000 | 285,391 | ||||||
Yadea Group Holdings Ltd.(a) |
1,366,000 | 2,026,507 | ||||||
Yankuang Energy Group Co Ltd, Class H |
1,732,000 | 4,246,554 | ||||||
YongXing Special Materials Technology Co. Ltd., Class A |
28,000 | 663,928 | ||||||
Youngor Group Co. Ltd., Class A |
310,600 | 333,616 | ||||||
Yuexiu Property Co. Ltd. |
1,587,400 | 1,587,830 | ||||||
Yum China Holdings Inc. |
144,295 | 7,506,226 | ||||||
Zhejiang Expressway Co. Ltd., Class H |
1,634,000 | 1,474,044 | ||||||
Zhejiang Semir Garment Co. Ltd., Class A |
182,900 | 205,448 | ||||||
Zhejiang Weixing New Building Materials Co. Ltd., Class A |
110,700 | 407,736 | ||||||
Zhongsheng Group Holdings Ltd. |
655,000 | 4,573,814 | ||||||
Zhuzhou CRRC Times Electric Co. Ltd. |
623,800 | 3,251,571 | ||||||
Zhuzhou Kibing Group Co. Ltd., Class A |
185,400 | 463,543 | ||||||
Zibo Qixiang Tengda Chemical Co. Ltd., Class-A |
197,200 | 302,653 | ||||||
|
|
|||||||
365,622,718 | ||||||||
Egypt — 0.1% | ||||||||
Eastern Co. SAE |
1,153,966 | 797,798 | ||||||
|
|
|||||||
Hungary — 0.7% | ||||||||
MOL Hungarian Oil & Gas PLC |
319,779 | 2,494,372 | ||||||
Richter Gedeon Nyrt |
159,311 | 3,345,002 | ||||||
|
|
|||||||
5,839,374 | ||||||||
India — 16.7% | ||||||||
ACC Ltd. |
85,662 | 2,385,950 | ||||||
Adani Enterprises Ltd. |
313,368 | 6,891,190 | ||||||
Adani Total Gas Ltd. |
313,368 | 6,606,524 | ||||||
Ambuja Cements Ltd. |
792,077 | 3,319,677 | ||||||
Apollo Hospitals Enterprise Ltd. |
106,942 | 6,844,815 | ||||||
Aurobindo Pharma Ltd. |
333,903 | 2,779,559 | ||||||
Balkrishna Industries Ltd. |
99,147 | 2,410,925 | ||||||
Cipla Ltd. |
551,614 | 6,789,288 | ||||||
Colgate-Palmolive India Ltd. |
139,494 | 2,691,040 | ||||||
Container Corp. of India Ltd. |
278,142 | 2,226,132 | ||||||
Dr. Reddy’s Laboratories Ltd. |
132,732 | 7,166,609 | ||||||
HCL Technologies Ltd. |
1,237,127 | 18,602,960 | ||||||
HDFC Asset Management Co. Ltd.(a) |
60,864 | 1,692,447 | ||||||
Hero MotoCorp Ltd. |
136,626 | 4,628,092 | ||||||
Hindustan Petroleum Corp. Ltd. |
727,536 | 2,646,655 | ||||||
Jubilant Foodworks Ltd. |
90,056 | 3,501,315 | ||||||
Larsen & Toubro Infotech Ltd.(a) |
59,895 | 4,681,209 | ||||||
Marico Ltd. |
588,375 | 4,028,062 | ||||||
Mindtree Ltd. |
75,130 | 3,898,561 | ||||||
Mphasis Ltd. |
96,072 | 3,991,339 | ||||||
MRF Ltd. |
2,167 | 1,896,136 | ||||||
NTPC Ltd. |
3,670,115 | 6,533,290 | ||||||
Page Industries Ltd. |
6,365 | 3,582,818 | ||||||
SRF Ltd. |
168,807 | 5,372,173 | ||||||
Tata Steel Ltd. |
629,363 | 10,305,017 | ||||||
Tech Mahindra Ltd. |
717,995 | 13,518,268 |
Security | Shares | Value | ||||||
India (continued) |
||||||||
Vedanta Ltd. |
1,270,968 | $ | 6,468,824 | |||||
Wipro Ltd. |
468,905 | 3,467,433 | ||||||
|
|
|||||||
148,926,308 | ||||||||
Indonesia — 0.9% | ||||||||
Adaro Energy Tbk PT |
16,404,800 | 2,810,659 | ||||||
Gudang Garam Tbk PT |
546,200 | 1,196,950 | ||||||
Indofood Sukses Makmur Tbk PT |
5,005,000 | 2,164,805 | ||||||
United Tractors Tbk PT |
1,169,500 | 2,040,759 | ||||||
|
|
|||||||
8,213,173 | ||||||||
Kuwait — 0.6% | ||||||||
Mobile Telecommunications Co. KSCP |
2,465,817 | 5,055,487 | ||||||
|
|
|||||||
Malaysia — 0.2% | ||||||||
Sime Darby Bhd |
3,096,100 | 1,676,658 | ||||||
|
|
|||||||
Philippines — 0.5% | ||||||||
Globe Telecom Inc. |
30,300 | 1,522,480 | ||||||
PLDT Inc. |
86,225 | 3,025,527 | ||||||
|
|
|||||||
4,548,007 | ||||||||
Poland — 0.6% | ||||||||
Cyfrowy Polsat SA |
328,006 | 2,126,804 | ||||||
Orange Polska SA(b) |
750,270 | 1,392,235 | ||||||
PGE Polska Grupa Energetyczna SA(b) |
960,920 | 1,864,027 | ||||||
|
|
|||||||
5,383,066 | ||||||||
Qatar — 1.0% | ||||||||
Barwa Real Estate Co. |
1,072,983 | 1,067,334 | ||||||
Commercial Bank PSQC (The) |
2,245,961 | 4,259,814 | ||||||
Ooredoo QPSC |
910,318 | 1,914,319 | ||||||
Qatar Electricity & Water Co. QSC |
303,212 | 1,497,068 | ||||||
|
|
|||||||
8,738,535 | ||||||||
Russia — 0.4% | ||||||||
Inter RAO UES PJSC(d) |
41,455,000 | 400,177 | ||||||
PhosAgro PJSC, GDR |
153,986 | 942,071 | ||||||
TCS Group Holding PLC, GDR(d) |
135,475 | 1,560,156 | ||||||
United
Co. RUSAL International |
3,441,260 | 726,165 | ||||||
|
|
|||||||
3,628,569 | ||||||||
Saudi Arabia — 5.6% | ||||||||
Abdullah Al Othaim Markets Co. |
50,216 | 1,493,530 | ||||||
Advanced Petrochemical Co. |
120,960 | 2,426,819 | ||||||
Arab National Bank |
683,832 | 5,112,206 | ||||||
Banque Saudi Fransi |
352,839 | 5,011,245 | ||||||
Bupa Arabia for Cooperative Insurance Co. |
68,383 | 2,965,330 | ||||||
Co for Cooperative Insurance (The) |
69,705 | 1,464,979 | ||||||
Dr Sulaiman Al Habib Medical Services Group Co. |
59,846 | 2,736,745 | ||||||
Jarir Marketing Co. |
67,016 | 3,741,826 | ||||||
Mobile Telecommunications Co.(b) |
502,871 | 1,806,286 | ||||||
Mouwasat Medical Services Co. |
55,846 | 3,097,889 | ||||||
National Petrochemical Co. |
136,433 | 1,646,419 | ||||||
SABIC Agri-Nutrients Co. |
244,146 | 10,402,540 | ||||||
Saudi Cement Co. |
4,382 | 65,130 | ||||||
Saudi Industrial Investment Group |
251,784 | 2,377,322 | ||||||
Yanbu National Petrochemical Co. |
288,491 | 5,295,453 | ||||||
|
|
|||||||
49,643,719 | ||||||||
South Africa — 2.7% | ||||||||
Aspen Pharmacare Holdings Ltd. |
442,193 | 5,780,395 | ||||||
Exxaro Resources Ltd. |
281,326 | 3,628,756 | ||||||
Kumba Iron Ore Ltd. |
73,160 | 2,891,926 | ||||||
Mr. Price Group Ltd. |
292,272 | 3,984,460 | ||||||
Rand Merchant Investment Holdings Ltd. |
872,998 | 2,746,810 |
S C H E D U L E O F I N V E S T M E N T S |
31 |
Schedule of Investments (unaudited) (continued) February 28, 2022 |
iShares® MSCI Emerging Markets Multifactor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
South Africa (continued) |
||||||||
Reinet Investments SCA |
156,323 | $ | 3,222,584 | |||||
Tiger Brands Ltd. |
190,937 | 2,028,300 | ||||||
|
|
|||||||
24,283,231 | ||||||||
South Korea — 10.2% | ||||||||
BGF retail Co. Ltd. |
8,912 | 1,262,531 | ||||||
Coway Co. Ltd. |
63,083 | 3,788,688 | ||||||
DB Insurance Co. Ltd. |
52,450 | 2,695,895 | ||||||
E-MART Inc. |
22,243 | 2,425,696 | ||||||
F&F Co. Ltd./New(b) |
3,919 | 2,929,209 | ||||||
GS Holdings Corp. |
53,053 | 1,774,042 | ||||||
Hana Financial Group Inc. |
182,809 | 7,427,134 | ||||||
Hankook Tire & Technology Co. Ltd. |
84,710 | 2,495,829 | ||||||
Kia Corp. |
292,033 | 18,104,678 | ||||||
Kumho Petrochemical Co. Ltd.(b) |
20,835 | 2,810,863 | ||||||
LG Innotek Co. Ltd. |
16,184 | 4,467,636 | ||||||
LG Uplus Corp. |
243,831 | 2,678,325 | ||||||
POSCO |
84,463 | 20,095,753 | ||||||
S-1 Corp.(c) |
19,355 | 1,126,719 | ||||||
Samsung Electronics Co. Ltd. |
233,146 | 14,047,834 | ||||||
SD Biosensor Inc. |
41,280 | 1,874,569 | ||||||
SK Telecom Co. Ltd. |
29,792 | 1,359,501 | ||||||
|
|
|||||||
91,364,902 | ||||||||
Taiwan — 14.7% | ||||||||
Acer Inc. |
653,000 | 677,702 | ||||||
Asustek Computer Inc. |
804,000 | 10,725,741 | ||||||
AU Optronics Corp. |
9,324,000 | 6,980,662 | ||||||
Catcher Technology Co. Ltd. |
551,000 | 2,828,178 | ||||||
Compal Electronics Inc. |
4,773,000 | 4,348,258 | ||||||
eMemory Technology Inc. |
74,000 | 4,994,057 | ||||||
Innolux Corp. |
10,772,000 | 6,554,907 | ||||||
Inventec Corp. |
2,970,000 | 2,742,794 | ||||||
Lite-On Technology Corp. |
2,411,718 | 5,930,124 | ||||||
momo.com Inc. |
52,000 | 1,851,150 | ||||||
Nien Made Enterprise Co. Ltd. |
183,000 | 2,372,368 | ||||||
Pegatron Corp. |
2,283,000 | 5,658,545 | ||||||
Pou Chen Corp. |
2,687,000 | 3,098,682 | ||||||
Synnex Technology International Corp. |
1,521,000 | 3,937,818 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. |
1,969,000 | 42,332,626 | ||||||
United Microelectronics Corp. |
9,495,000 | 17,891,914 | ||||||
Wan Hai Lines Ltd. |
695,100 | 4,734,643 | ||||||
WPG Holdings Ltd. |
1,818,160 | 3,628,518 | ||||||
|
|
|||||||
131,288,687 | ||||||||
Thailand — 0.5% | ||||||||
Krung Thai Bank PCL, NVDR |
3,972,700 | 1,709,166 | ||||||
Srisawad Corp. PCL, NVDR(c) |
430,100 | 763,566 |
Security | Shares | Value | ||||||
|
||||||||
Thailand (continued) |
||||||||
Thai Union Group PCL, NVDR |
3,265,900 | $ | 2,039,001 | |||||
|
|
|||||||
4,511,733 | ||||||||
United Arab Emirates — 1.0% |
||||||||
Abu Dhabi Islamic Bank PJSC |
1,655,784 | 3,994,634 | ||||||
Aldar Properties PJSC |
4,390,984 | 5,018,275 | ||||||
|
|
|||||||
9,012,909 | ||||||||
|
|
|||||||
Total
Common Stocks — 98.9% |
883,285,207 | |||||||
|
|
|||||||
Preferred Stocks |
||||||||
Brazil — 0.6% |
||||||||
Itausa SA, Preference Shares, NVS |
3,022,960 | 5,854,317 | ||||||
|
|
|||||||
Total
Preferred Stocks — 0.6% |
5,854,317 | |||||||
|
|
|||||||
Short-Term Investments |
||||||||
Money Market Funds — 0.5% |
||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(e)(f)(g) |
1,315,366 | 1,315,629 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(e)(f) |
2,860,000 | 2,860,000 | ||||||
|
|
|||||||
4,175,629 | ||||||||
|
|
|||||||
Total
Short-Term Investments — 0.5% |
4,175,629 | |||||||
|
|
|||||||
Total
Investments in Securities — 100.0% |
893,315,153 | |||||||
Other Assets, Less Liabilities — (0.0)% |
(280,220 | ) | ||||||
|
|
|||||||
Net Assets — 100.0% |
$ | 893,034,933 | ||||||
|
|
(a) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(b) |
Non-income producing security. |
(c) |
All or a portion of this security is on loan. |
(d) |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(e) |
Affiliate of the Fund. |
(f) |
Annualized 7-day yield as of period end. |
(g) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
32 |
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 Multifactor ETF |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
||||||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value
at 08/31/21 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Value
at 02/28/22 |
Shares Held at 02/28/22 |
Income |
Capital Gain |
|||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | 8,548,912 | $ | — | $ | (7,231,927 | )(a) | $ | (470 | ) | $ | (886 | ) | $ | 1,315,629 | 1,315,366 | $ | 30,112 | (b) | $ | — | |||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
2,300,000 | 560,000 | (a) | — | — | — | 2,860,000 | 2,860,000 | 163 | — | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
$ | (470 | ) | $ | (886 | ) | $ | 4,175,629 | $ | 30,275 | $ | — | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Represents net amount purchased (sold). |
(b) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
|
||||||||||||||||
Description | Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
||||||||||||
|
||||||||||||||||
Long Contracts |
||||||||||||||||
MSCI Emerging Markets Index |
68 | 03/18/22 | $ | 3,997 | $ | (142,620 | ) | |||||||||
|
|
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) |
$ | 142,620 | ||
|
|
(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 |
$ | (121,309 | ) | |
|
|
|||
Net Change in Unrealized Appreciation (Depreciation) on: |
||||
Futures contracts |
$ | (142,620 | ) | |
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
||||
Futures contracts: |
||||
Average notional value of contracts — long |
$ | 2,362,688 | ||
|
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
S C H E D U L E O F I N V E S T M E N T S |
33 |
Schedule of Investments (unaudited) (continued) February 28, 2022 |
iShares® MSCI Emerging Markets Multifactor ETF |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
||||||||||||||||
Investments |
||||||||||||||||
Assets |
||||||||||||||||
Common Stocks |
$ | 73,586,933 | $ | 807,011,776 | $ | 2,686,498 | $ | 883,285,207 | ||||||||
Preferred Stocks |
— | 5,854,317 | — | 5,854,317 | ||||||||||||
Money Market Funds |
4,175,629 | — | — | 4,175,629 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 77,762,562 | $ | 812,866,093 | $ | 2,686,498 | $ | 893,315,153 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Derivative financial instruments(a) |
||||||||||||||||
Liabilities |
||||||||||||||||
Futures Contracts |
$ | (142,620 | ) | $ | — | $ | — | $ | (142,620 | ) | ||||||
|
|
|
|
|
|
|
|
(a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
34 |
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 Global Min Vol Factor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
||||||||
Belgium — 0.2% |
||||||||
Etablissements Franz Colruyt NV |
87,235 | $ | 3,489,127 | |||||
Proximus SADP |
237,566 | 4,722,878 | ||||||
|
|
|||||||
8,212,005 | ||||||||
Canada — 2.3% |
||||||||
Agnico Eagle Mines Ltd. |
48,846 | 2,467,542 | ||||||
BCE Inc. |
116,409 | 6,113,883 | ||||||
CGI Inc.(a) |
170,929 | 14,014,155 | ||||||
Franco-Nevada Corp. |
295,531 | 43,521,749 | ||||||
Loblaw Companies Ltd. |
149,616 | 11,670,638 | ||||||
Metro Inc. |
113,959 | 5,948,345 | ||||||
TELUS Corp. |
690,796 | 17,445,665 | ||||||
Thomson Reuters Corp. |
27,120 | 2,742,169 | ||||||
Waste Connections Inc. |
116,984 | 14,446,354 | ||||||
|
|
|||||||
118,370,500 | ||||||||
China — 4.3% |
||||||||
Agricultural Bank of China Ltd., Class A |
7,174,699 | 3,389,594 | ||||||
Agricultural Bank of China Ltd., Class H |
6,648,000 | 2,517,724 | ||||||
Alibaba Group Holding Ltd.(a) |
162,148 | 2,134,496 | ||||||
Bank of China Ltd., Class H |
37,014,000 | 14,409,613 | ||||||
Bank of Communications Co. Ltd., Class H |
5,623,000 | 3,854,731 | ||||||
BeiGene Ltd., ADR(a) |
7,417 | 1,561,427 | ||||||
Beijing-Shanghai High Speed Railway Co. Ltd., Class A |
3,914,600 | 3,207,105 | ||||||
China Conch Venture Holdings Ltd. |
1,851,500 | 8,909,859 | ||||||
China Construction Bank Corp., Class H |
14,556,000 | 10,916,484 | ||||||
China Feihe Ltd.(b) |
1,729,000 | 2,063,146 | ||||||
China Huishan Dairy Holdings Co. Ltd.(a)(c) |
2,093,055 | 3 | ||||||
China Meidong Auto Holdings Ltd. |
564,000 | 2,655,587 | ||||||
China Merchants Bank Co. Ltd., Class A |
1,124,000 | 8,884,911 | ||||||
China Resources Gas Group Ltd. |
1,272,000 | 5,842,282 | ||||||
China State Construction Engineering Corp. Ltd., Class A |
3,882,400 | 3,136,380 | ||||||
China Tourism Group Duty Free Corp. Ltd., Class A |
187,300 | 6,049,582 | ||||||
China Tower Corp. Ltd., Class H(b) |
64,960,000 | 7,571,316 | ||||||
China Yangtze Power Co. Ltd., Class A |
2,128,900 | 7,832,464 | ||||||
Chongqing Zhifei Biological Products Co. Ltd., Class A |
153,900 | 3,149,726 | ||||||
CITIC Securities Co. Ltd., Class A |
988,408 | 3,663,169 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class A(a) |
1,203,150 | 3,378,176 | ||||||
Country Garden Services Holdings Co. Ltd. |
543,000 | 3,248,203 | ||||||
East Money Information Co. Ltd., Class A |
986,500 | 4,204,731 | ||||||
Guangdong Investment Ltd. |
2,063,147 | 2,776,366 | ||||||
Hansoh Pharmaceutical Group Co. Ltd.(b) |
1,904,000 | 4,064,457 | ||||||
I-Mab, ADR(a) |
49,332 | 1,219,487 | ||||||
Industrial & Commercial Bank of China Ltd., Class A |
6,015,151 | 4,443,792 | ||||||
Industrial & Commercial Bank of China Ltd., Class H |
17,682,000 | 10,555,359 | ||||||
JDcom Inc, Class A(a) |
8,928 | 318,903 | ||||||
Jiangsu Hengrui Medicine Co. Ltd., Class A |
615,540 | 3,920,050 | ||||||
LONGi Green Energy Technology Co. Ltd., Class A |
268,380 | 3,340,660 | ||||||
Luxshare Precision Industry Co. Ltd., Class A |
424,200 | 2,941,862 | ||||||
NAURA Technology Group Co. Ltd., Class A |
48,200 | 2,336,540 | ||||||
Ping An Bank Co. Ltd., Class A |
1,868,400 | 4,675,343 | ||||||
Postal Savings Bank of China Co. Ltd., Class H(b) |
12,258,000 | 10,064,846 | ||||||
SF Holding Co. Ltd., Class A |
405,000 | 3,885,767 | ||||||
Shanghai Pudong Development Bank Co. Ltd., Class A |
2,716,800 | 3,616,277 | ||||||
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A |
116,800 | 6,073,693 | ||||||
Tencent Holdings Ltd. |
187,200 | 10,101,557 | ||||||
Will Semiconductor Co. Ltd. Shanghai, Class A |
83,300 | 3,268,927 | ||||||
WuXi AppTec Co. Ltd., Class A |
183,804 | 3,042,375 |
Security | Shares | Value | ||||||
China (continued) |
||||||||
Wuxi Biologics Cayman Inc., New(a)(b) |
495,500 | $ | 4,098,487 | |||||
Xiaomi Corp., Class B(a)(b) |
4,787,800 | 9,011,679 | ||||||
Yadea Group Holdings Ltd.(b) |
1,560,000 | 2,314,312 | ||||||
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A |
57,200 | 3,292,938 | ||||||
ZTO Express Cayman Inc., ADR |
401,634 | 11,824,105 | ||||||
|
|
|||||||
223,768,491 | ||||||||
Denmark — 1.6% |
||||||||
Coloplast A/S, Class B |
183,718 | 27,638,179 | ||||||
Novo Nordisk A/S, Class B |
509,843 | 52,760,289 | ||||||
Tryg A/S |
212,877 | 4,816,513 | ||||||
|
|
|||||||
85,214,981 | ||||||||
Finland — 0.2% |
||||||||
Elisa Oyj |
225,276 | 12,481,898 | ||||||
|
|
|||||||
France — 0.8% |
||||||||
Eurofins Scientific SE |
22,369 | 2,269,958 | ||||||
Hermes International |
16,385 | 22,595,515 | ||||||
Orange SA |
1,512,720 | 18,291,344 | ||||||
|
|
|||||||
43,156,817 | ||||||||
Germany — 0.8% |
||||||||
Deutsche Telekom AG, Registered |
1,762,597 | 31,593,973 | ||||||
Symrise AG |
49,265 | 5,859,902 | ||||||
Telefonica Deutschland Holding AG |
1,611,810 | 4,398,379 | ||||||
|
|
|||||||
41,852,254 | ||||||||
Hong Kong — 2.2% |
||||||||
CLP Holdings Ltd. |
1,587,754 | 16,174,907 | ||||||
Hang Seng Bank Ltd. |
1,180,200 | 21,764,173 | ||||||
HK Electric Investments & HK Electric Investments Ltd., Class SS |
4,251,500 | 4,194,593 | ||||||
HKT Trust & HKT Ltd., Class SS |
6,089,000 | 8,212,584 | ||||||
Hong Kong & China Gas Co. Ltd. |
13,310,579 | 20,128,874 | ||||||
Jardine Matheson Holdings Ltd. |
221,000 | 13,149,500 | ||||||
Link REIT |
1,449,700 | 11,714,734 | ||||||
MTR Corp. Ltd.(d) |
2,386,500 | 12,370,427 | ||||||
Power Assets Holdings Ltd. |
1,088,000 | 6,857,149 | ||||||
|
|
|||||||
114,566,941 | ||||||||
India — 3.9% |
||||||||
ACC Ltd. |
119,771 | 3,335,991 | ||||||
Adani Green Energy Ltd.(a) |
210,079 | 5,169,427 | ||||||
Adani Total Gas Ltd. |
203,546 | 4,291,222 | ||||||
Adani Transmission Ltd.(a) |
130,166 | 3,709,294 | ||||||
Ambuja Cements Ltd. |
1,117,031 | 4,681,593 | ||||||
Asian Paints Ltd. |
455,616 | 19,254,839 | ||||||
Avenue Supermarts Ltd.(a)(b) |
130,488 | 7,549,295 | ||||||
Bajaj Auto Ltd. |
72,358 | 3,404,996 | ||||||
Berger Paints India Ltd. |
374,546 | 3,439,963 | ||||||
Bharat Petroleum Corp. Ltd. |
690,221 | 3,219,497 | ||||||
Dabur India Ltd. |
852,469 | 6,391,328 | ||||||
Dr. Reddy’s Laboratories Ltd. |
65,116 | 3,515,813 | ||||||
Eicher Motors Ltd. |
191,643 | 6,619,436 | ||||||
HCL Technologies Ltd. |
952,296 | 14,319,892 | ||||||
HDFC Asset Management Co. Ltd.(b) |
89,184 | 2,479,941 | ||||||
Hero MotoCorp Ltd. |
81,429 | 2,758,339 | ||||||
Hindustan Petroleum Corp. Ltd. |
985,591 | 3,585,417 | ||||||
Hindustan Unilever Ltd. |
167,890 | 4,855,096 | ||||||
Indian Oil Corp. Ltd. |
3,022,910 | 4,639,842 | ||||||
Infosys Ltd. |
545,440 | 12,430,505 | ||||||
Larsen & Toubro Infotech Ltd.(b) |
52,872 | 4,132,313 |
S C H E D U L E O F I N V E S T M E N T S |
35 |
Schedule of Investments (unaudited) (continued) February 28, 2022 |
iShares® MSCI Global Min Vol Factor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
India (continued) |
||||||||
Larsen & Toubro Ltd. |
213,618 | $ | 5,178,674 | |||||
Maruti Suzuki India Ltd. |
40,471 | 4,485,545 | ||||||
MRF Ltd. |
2,605 | 2,279,388 | ||||||
Petronet LNG Ltd. |
1,195,746 | 3,431,203 | ||||||
PI Industries Ltd. |
126,450 | 4,161,649 | ||||||
Pidilite Industries Ltd. |
235,135 | 7,527,065 | ||||||
SBI Cards & Payment Services Ltd.(a) |
195,957 | 2,054,604 | ||||||
Shree Cement Ltd. |
11,346 | 3,693,741 | ||||||
Sun Pharmaceutical Industries Ltd. |
434,932 | 4,885,777 | ||||||
Tata Consultancy Services Ltd. |
254,673 | 12,064,299 | ||||||
Tech Mahindra Ltd. |
389,647 | 7,336,196 | ||||||
UltraTech Cement Ltd. |
79,492 | 6,957,280 | ||||||
Wipro Ltd. |
591,633 | 4,374,976 | ||||||
Wipro Ltd., ADR |
1,048,139 | 7,640,933 | ||||||
Yes Bank Ltd.(a) |
16,352,348 | 2,888,842 | ||||||
|
|
|||||||
202,744,211 | ||||||||
Ireland — 0.3% |
||||||||
Kerry Group PLC, Class A |
142,614 | 16,990,906 | ||||||
|
|
|||||||
Israel — 0.6% |
||||||||
Azrieli Group Ltd. |
27,848 | 2,375,766 | ||||||
Bank Hapoalim BM |
443,769 | 4,703,280 | ||||||
Bank Leumi Le-Israel BM |
638,078 | 6,912,248 | ||||||
Check Point Software Technologies Ltd.(a) |
74,315 | 10,766,757 | ||||||
Isracard Ltd. |
— | 1 | ||||||
Nice Ltd.(a) |
21,867 | 4,946,492 | ||||||
|
|
|||||||
29,704,544 | ||||||||
Italy — 0.3% |
||||||||
DiaSorin SpA |
38,836 | 5,811,977 | ||||||
Ferrari NV |
10,306 | 2,214,639 | ||||||
Infrastrutture Wireless Italiane SpA(b) |
534,844 | 5,461,458 | ||||||
Recordati Industria Chimica e Farmaceutica SpA |
93,869 | 4,591,271 | ||||||
|
|
|||||||
18,079,345 | ||||||||
Japan — 10.2% |
||||||||
Ajinomoto Co. Inc. |
90,500 | 2,637,261 | ||||||
Asahi Intecc Co. Ltd. |
111,500 | 2,407,655 | ||||||
Canon Inc. |
1,038,200 | 24,431,902 | ||||||
Capcom Co. Ltd. |
99,400 | 2,412,520 | ||||||
Chubu Electric Power Co. Inc. |
388,000 | 3,875,601 | ||||||
Chugai Pharmaceutical Co. Ltd. |
581,100 | 19,277,191 | ||||||
CyberAgent Inc. |
276,800 | 3,622,109 | ||||||
East Japan Railway Co. |
74,200 | 4,408,129 | ||||||
FUJIFILM Holdings Corp. |
184,100 | 11,702,154 | ||||||
Hamamatsu Photonics KK |
216,300 | 10,960,230 | ||||||
Hankyu Hanshin Holdings Inc. |
88,400 | 2,644,667 | ||||||
Hirose Electric Co. Ltd. |
51,100 | 7,683,533 | ||||||
Itochu Techno-Solutions Corp. |
83,600 | 2,167,199 | ||||||
Japan Post Bank Co. Ltd. |
648,800 | 5,692,783 | ||||||
KDDI Corp. |
571,700 | 18,603,827 | ||||||
Keio Corp. |
125,400 | 5,130,997 | ||||||
Keyence Corp. |
55,600 | 26,298,835 | ||||||
Kintetsu Group Holdings Co. Ltd.(a) |
176,500 | 5,302,469 | ||||||
Kirin Holdings Co. Ltd. |
165,000 | 2,743,200 | ||||||
Koei Tecmo Holdings Co. Ltd. |
94,800 | 3,291,983 | ||||||
Lawson Inc. |
79,600 | 3,318,979 | ||||||
McDonald’s Holdings Co. Japan Ltd. |
123,700 | 5,318,885 | ||||||
MEIJI Holdings Co. Ltd. |
103,700 | 6,223,864 | ||||||
Mizuho Financial Group Inc. |
1,017,700 | 13,412,393 | ||||||
MonotaRO Co. Ltd. |
401,800 | 7,563,080 |
Security | Shares | Value | ||||||
Japan (continued) |
||||||||
NEC Corp. |
140,000 | $ | 6,057,187 | |||||
Nexon Co. Ltd. |
310,800 | 6,790,150 | ||||||
Nintendo Co. Ltd. |
38,800 | 19,650,330 | ||||||
Nippon Paint Holdings Co. Ltd. |
240,400 | 2,151,602 | ||||||
Nippon Prologis REIT Inc. |
3,184 | 9,361,120 | ||||||
Nippon Telegraph & Telephone Corp. |
1,116,200 | 32,080,579 | ||||||
Nissin Foods Holdings Co. Ltd. |
36,900 | 2,948,205 | ||||||
Nitori Holdings Co. Ltd. |
111,300 | 16,748,216 | ||||||
Nomura Research Institute Ltd. |
143,690 | 5,043,918 | ||||||
NTT Data Corp. |
690,000 | 13,105,940 | ||||||
Obic Co. Ltd. |
95,100 | 15,295,313 | ||||||
Odakyu Electric Railway Co. Ltd. |
134,700 | 2,222,346 | ||||||
Ono Pharmaceutical Co. Ltd. |
127,400 | 3,136,587 | ||||||
Oracle Corp. Japan |
61,600 | 4,399,819 | ||||||
Oriental Land Co. Ltd./Japan |
160,200 | 29,615,334 | ||||||
Otsuka Corp. |
71,600 | 2,781,196 | ||||||
Pan Pacific International Holdings Corp. |
542,900 | 8,886,211 | ||||||
Rinnai Corp. |
57,900 | 4,763,243 | ||||||
Secom Co. Ltd. |
297,400 | 21,842,952 | ||||||
Seven & i Holdings Co. Ltd. |
76,900 | 3,741,779 | ||||||
SG Holdings Co. Ltd. |
290,500 | 6,157,199 | ||||||
Shimano Inc. |
55,800 | 12,994,021 | ||||||
Shionogi & Co. Ltd. |
48,629 | 3,233,457 | ||||||
SoftBank Corp. |
3,392,600 | 42,863,408 | ||||||
Sohgo Security Services Co. Ltd. |
110,100 | 3,975,068 | ||||||
Suntory Beverage & Food Ltd. |
222,800 | 8,878,377 | ||||||
Sysmex Corp. |
146,500 | 11,727,397 | ||||||
Tobu Railway Co. Ltd. |
302,200 | 7,428,252 | ||||||
Toho Co. Ltd./Tokyo |
158,300 | 6,601,964 | ||||||
Toyo Suisan Kaisha Ltd. |
142,400 | 5,986,051 | ||||||
Tsuruha Holdings Inc. |
60,900 | 4,896,042 | ||||||
USS Co. Ltd. |
173,900 | 2,888,840 | ||||||
Welcia Holdings Co. Ltd. |
154,700 | 4,125,415 | ||||||
|
|
|||||||
533,508,964 | ||||||||
Kuwait — 0.2% |
||||||||
Mobile Telecommunications Co. KSCP |
3,481,486 | 7,137,840 | ||||||
National Bank of Kuwait SAKP |
1,425,988 | 4,998,747 | ||||||
|
|
|||||||
12,136,587 | ||||||||
Malaysia — 0.5% |
||||||||
DiGi.Com Bhd |
2,723,400 | 2,632,859 | ||||||
Hong Leong Bank Bhd |
1,047,000 | 5,012,473 | ||||||
IHH Healthcare Bhd |
1,995,100 | 3,130,063 | ||||||
Malayan Banking Bhd |
2,976,500 | 6,219,271 | ||||||
Maxis Bhd |
3,137,100 | 3,007,660 | ||||||
Petronas Chemicals Group Bhd |
1,367,200 | 3,109,863 | ||||||
Petronas Gas Bhd |
689,600 | 2,862,805 | ||||||
|
|
|||||||
25,974,994 | ||||||||
Netherlands — 0.6% |
||||||||
Koninklijke Ahold Delhaize NV |
610,297 | 18,774,104 | ||||||
Koninklijke KPN NV |
1,732,702 | 5,929,536 | ||||||
QIAGEN NV(a) |
90,234 | 4,533,571 | ||||||
|
|
|||||||
29,237,211 | ||||||||
New Zealand — 0.2% |
||||||||
Fisher & Paykel Healthcare Corp. Ltd. |
137,876 | 2,590,967 | ||||||
Spark New Zealand Ltd. |
1,802,898 | 5,535,438 | ||||||
|
|
|||||||
8,126,405 | ||||||||
Norway — 0.0% |
||||||||
Telenor ASA |
175,832 | 2,601,542 | ||||||
|
|
36 |
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 Global Min Vol Factor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Peru — 0.1% |
||||||||
Credicorp Ltd. |
22,559 | $ | 3,412,049 | |||||
|
|
|||||||
Philippines — 0.2% |
||||||||
BDO Unibank Inc. |
2,683,349 | 6,800,048 | ||||||
Globe Telecom Inc. |
39,640 | 1,991,785 | ||||||
PLDT Inc. |
121,090 | 4,248,897 | ||||||
|
|
|||||||
13,040,730 | ||||||||
Qatar — 0.3% |
||||||||
Qatar Islamic Bank SAQ |
548,947 | 3,172,122 | ||||||
Qatar National Bank QPSC |
2,006,735 | 12,013,313 | ||||||
|
|
|||||||
15,185,435 | ||||||||
Russia — 0.1% |
||||||||
PhosAgro PJSC, GDR |
126,400 | 773,302 | ||||||
Polymetal International PLC(c) |
250,942 | 761,063 | ||||||
Polyus PJSC(c) |
53,523 | 2,016,654 | ||||||
|
|
|||||||
3,551,019 | ||||||||
Saudi Arabia — 1.3% |
||||||||
Alinma Bank |
1,557,630 | 14,769,554 | ||||||
Bank AlBilad(a) |
384,691 | 6,054,115 | ||||||
Jarir Marketing Co. |
94,161 | 5,257,462 | ||||||
SABIC Agri-Nutrients Co. |
306,103 | 13,042,395 | ||||||
Saudi Arabian Oil Co.(b) |
556,901 | 6,178,541 | ||||||
Saudi Basic Industries Corp. |
120,680 | 4,023,147 | ||||||
Saudi Telecom Co. |
632,750 | 19,306,002 | ||||||
|
|
|||||||
68,631,216 | ||||||||
Singapore — 0.6% |
||||||||
Oversea-Chinese Banking Corp. Ltd.(d) |
513,700 | 4,451,426 | ||||||
Singapore Exchange Ltd. |
1,183,200 | 8,208,789 | ||||||
Singapore Telecommunications Ltd. |
10,181,500 | 19,098,232 | ||||||
|
|
|||||||
31,758,447 | ||||||||
Sweden — 0.2% |
||||||||
Telefonaktiebolaget LM Ericsson, Class B |
727,627 | 6,695,547 | ||||||
Telia Co. AB |
725,681 | 2,698,207 | ||||||
|
|
|||||||
9,393,754 | ||||||||
Switzerland — 6.1% |
||||||||
EMS-Chemie Holding AG, Registered |
10,820 | 10,702,395 | ||||||
Givaudan SA, Registered |
8,720 | 36,409,541 | ||||||
Kuehne + Nagel International AG, Registered |
84,031 | 22,916,525 | ||||||
Logitech International SA, Registered |
214,770 | 16,071,000 | ||||||
Nestle SA, Registered |
542,904 | 70,738,067 | ||||||
Novartis AG, Registered |
277,673 | 24,405,068 | ||||||
Roche Holding AG, Bearer |
24,185 | 10,095,039 | ||||||
Roche Holding AG, NVS |
205,174 | 77,706,230 | ||||||
Schindler Holding AG, Registered |
32,356 | 7,252,642 | ||||||
SGS SA, Registered |
3,019 | 8,638,415 | ||||||
Swiss Prime Site AG, Registered |
83,275 | 8,160,406 | ||||||
Swisscom AG, Registered |
40,305 | 24,143,183 | ||||||
|
|
|||||||
317,238,511 | ||||||||
Taiwan — 4.9% |
||||||||
Acer Inc. |
4,183,000 | 4,341,236 | ||||||
Advantech Co. Ltd. |
595,482 | 7,841,609 | ||||||
Asia Cement Corp. |
3,373,000 | 5,451,632 | ||||||
Asustek Computer Inc. |
1,088,000 | 14,514,436 | ||||||
Chang Hwa Commercial Bank Ltd. |
6,720,345 | 4,266,641 | ||||||
China Development Financial Holding Corp. |
20,780,000 | 14,230,446 | ||||||
China Steel Corp. |
7,877,000 | 10,242,892 | ||||||
Chunghwa Telecom Co. Ltd. |
5,896,000 | 26,205,460 | ||||||
Compal Electronics Inc. |
6,732,000 | 6,132,929 |
Security | Shares | Value | ||||||
Taiwan (continued) |
||||||||
CTBC Financial Holding Co. Ltd. |
3,829,000 | $ | 3,742,761 | |||||
E.Sun Financial Holding Co Ltd. |
9,496,377 | 10,038,171 | ||||||
Far EasTone Telecommunications Co. Ltd. |
2,568,000 | 6,351,515 | ||||||
First Financial Holding Co. Ltd. |
15,993,644 | 14,725,947 | ||||||
Formosa Petrochemical Corp. |
811,000 | 2,852,760 | ||||||
Hua Nan Financial Holdings Co. Ltd. |
13,222,932 | 10,484,860 | ||||||
Inventec Corp. |
4,149,000 | 3,831,600 | ||||||
Lite-On Technology Corp. |
3,390,000 | 8,335,601 | ||||||
Mega Financial Holding Co. Ltd. |
16,775,000 | 22,606,005 | ||||||
Nan Ya Plastics Corp. |
1,065,000 | 3,359,010 | ||||||
Novatek Microelectronics Corp. |
308,000 | 5,106,167 | ||||||
President Chain Store Corp. |
628,000 | 5,868,352 | ||||||
Quanta Computer Inc. |
4,044,000 | 13,522,717 | ||||||
Synnex Technology International Corp. |
2,136,250 | 5,530,680 | ||||||
Taishin Financial Holding Co. Ltd. |
9,803,694 | 6,870,676 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. |
14,679,457 | 13,926,161 | ||||||
Taiwan Mobile Co. Ltd. |
2,542,000 | 9,400,038 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. |
564,000 | 12,125,750 | ||||||
WPG Holdings Ltd. |
2,561,760 | 5,112,527 | ||||||
|
|
|||||||
257,018,579 | ||||||||
Thailand — 0.5% |
||||||||
Advanced Info Service PCL, NVDR |
1,834,200 | 12,911,514 | ||||||
Bangkok Dusit Medical Services PCL, NVDR |
7,567,400 | 5,501,977 | ||||||
Bumrungrad Hospital PCL, NVDR |
700,100 | 3,299,083 | ||||||
Home Product Center PCL, NVDR |
7,717,100 | 3,613,753 | ||||||
|
|
|||||||
25,326,327 | ||||||||
United Arab Emirates — 0.5% |
||||||||
Abu Dhabi National Oil Co. for Distribution PJSC |
2,786,367 | 3,128,350 | ||||||
Emirates Telecommunications Group Co. PJSC |
2,178,904 | 20,809,468 | ||||||
|
|
|||||||
23,937,818 | ||||||||
United Kingdom — 0.1% |
||||||||
AstraZeneca PLC |
34,218 | 4,159,072 | ||||||
|
|
|||||||
United States — 55.6% |
||||||||
Abbott Laboratories |
94,668 | 11,418,854 | ||||||
Accenture PLC, Class A |
39,474 | 12,474,573 | ||||||
Activision Blizzard Inc. |
364,918 | 29,740,817 | ||||||
Adobe Inc.(a) |
35,930 | 16,803,742 | ||||||
Akamai Technologies Inc.(a) |
166,995 | 18,078,879 | ||||||
Alphabet Inc., Class C, NVS(a) |
6,220 | 16,780,440 | ||||||
Amazon.com Inc.(a) |
9,649 | 29,634,588 | ||||||
Ameren Corp. |
65,741 | 5,650,439 | ||||||
American Electric Power Co. Inc. |
188,948 | 17,128,136 | ||||||
American Tower Corp. |
22,660 | 5,140,874 | ||||||
American Water Works Co. Inc. |
98,002 | 14,807,122 | ||||||
Amgen Inc. |
31,284 | 7,085,200 | ||||||
Amphenol Corp., Class A |
206,370 | 15,686,184 | ||||||
Aon PLC, Class A |
51,798 | 15,132,268 | ||||||
Arista Networks Inc.(a) |
28,757 | 3,529,347 | ||||||
Arthur J Gallagher & Co. |
61,659 | 9,753,837 | ||||||
AT&T Inc. |
642,206 | 15,213,860 | ||||||
Automatic Data Processing Inc. |
97,582 | 19,949,664 | ||||||
AutoZone Inc.(a) |
13,493 | 25,142,721 | ||||||
Baxter International Inc. |
162,686 | 13,823,429 | ||||||
Becton Dickinson and Co. |
61,367 | 16,647,640 | ||||||
Berkshire Hathaway Inc., Class B(a) |
95,474 | 30,690,117 | ||||||
BioMarin Pharmaceutical Inc.(a)(d) |
158,971 | 12,418,814 | ||||||
Bio-Rad Laboratories Inc., Class A(a) |
6,187 | 3,872,815 | ||||||
Black Knight Inc.(a) |
241,944 | 13,594,833 |
S C H E D U L E O F I N V E S T M E N T S |
37 |
Schedule of Investments (unaudited) (continued) February 28, 2022 |
iShares® MSCI Global Min Vol Factor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
United States (continued) |
||||||||
Booz Allen Hamilton Holding Corp. |
133,558 | $ | 10,776,795 | |||||
Bristol-Myers Squibb Co. |
100,956 | 6,932,649 | ||||||
Broadridge Financial Solutions Inc. |
122,149 | 17,859,405 | ||||||
Brown & Brown Inc. |
225,621 | 15,254,236 | ||||||
Campbell Soup Co. |
156,501 | 7,037,850 | ||||||
Cboe Global Markets Inc. |
121,342 | 14,232,203 | ||||||
CH Robinson Worldwide Inc. |
203,423 | 19,666,936 | ||||||
Charter Communications Inc., Class A(a) |
20,819 | 12,528,458 | ||||||
Church & Dwight Co. Inc. |
213,481 | 20,889,116 | ||||||
Cisco Systems Inc. |
698,474 | 38,953,895 | ||||||
Citrix Systems Inc. |
191,616 | 19,640,640 | ||||||
Clorox Co. (The) |
137,828 | 20,093,944 | ||||||
CME Group Inc. |
77,733 | 18,386,186 | ||||||
CMS Energy Corp. |
132,669 | 8,492,143 | ||||||
Cognizant Technology Solutions Corp., Class A |
43,938 | 3,784,380 | ||||||
Colgate-Palmolive Co. |
172,650 | 13,285,417 | ||||||
Comcast Corp., Class A |
297,150 | 13,894,734 | ||||||
Consolidated Edison Inc. |
546,467 | 46,870,475 | ||||||
Cooper Companies Inc. (The) |
11,539 | 4,719,682 | ||||||
Costco Wholesale Corp. |
26,678 | 13,852,551 | ||||||
Crown Castle International Corp. |
97,599 | 16,259,017 | ||||||
Danaher Corp. |
75,351 | 20,677,068 | ||||||
Dollar General Corp. |
200,393 | 39,745,948 | ||||||
Dominion Energy Inc. |
339,008 | 26,961,306 | ||||||
Domino’s Pizza Inc. |
44,337 | 19,162,895 | ||||||
Duke Energy Corp. |
401,398 | 40,304,373 | ||||||
Electronic Arts Inc. |
210,501 | 27,384,075 | ||||||
Eli Lilly & Co. |
131,723 | 32,924,164 | ||||||
Erie Indemnity Co., Class A, NVS |
39,175 | 6,859,542 | ||||||
Evergy Inc. |
56,939 | 3,553,563 | ||||||
Eversource Energy |
94,727 | 7,748,669 | ||||||
Expeditors International of Washington Inc. |
262,719 | 27,154,636 | ||||||
F5 Inc.(a) |
38,669 | 7,766,669 | ||||||
Fidelity National Information Services Inc. |
75,478 | 7,187,770 | ||||||
Fiserv Inc.(a)(d) |
139,351 | 13,610,412 | ||||||
General Mills Inc. |
178,192 | 12,015,487 | ||||||
Genuine Parts Co. |
19,968 | 2,439,291 | ||||||
Gilead Sciences Inc. |
746,797 | 45,106,539 | ||||||
Henry Schein Inc.(a)(d) |
46,340 | 4,002,849 | ||||||
Hershey Co. (The) |
199,915 | 40,434,808 | ||||||
Home Depot Inc. (The) |
63,879 | 20,174,905 | ||||||
Horizon Therapeutics PLC(a) |
88,298 | 8,050,129 | ||||||
Hormel Foods Corp. |
460,457 | 21,936,171 | ||||||
Humana Inc. |
14,871 | 6,458,773 | ||||||
Incyte Corp.(a) |
236,900 | 16,180,270 | ||||||
Intel Corp. |
54,717 | 2,610,001 | ||||||
Intercontinental Exchange Inc. |
70,648 | 9,051,422 | ||||||
International Business Machines Corp. |
39,659 | 4,858,624 | ||||||
Intuit Inc. |
21,227 | 10,069,452 | ||||||
Jack Henry & Associates Inc. |
114,336 | 20,214,605 | ||||||
JM Smucker Co. (The) |
84,410 | 11,374,247 | ||||||
Johnson & Johnson |
308,284 | 50,734,298 | ||||||
Juniper Networks Inc. |
114,332 | 3,863,278 | ||||||
Kellogg Co. |
296,670 | 18,969,080 | ||||||
Keysight Technologies Inc.(a) |
284,540 | 44,778,060 | ||||||
Kimberly-Clark Corp. |
126,058 | 16,406,449 | ||||||
Kroger Co. (The) |
1,097,751 | 51,374,747 | ||||||
Liberty Broadband Corp., Class C, NVS(a) |
188,278 | 27,620,383 | ||||||
MarketAxess Holdings Inc. |
12,298 | 4,690,826 | ||||||
Marsh & McLennan Companies Inc. |
219,817 | 34,161,760 |
Security | Shares | Value | ||||||
United States (continued) |
||||||||
Masimo Corp.(a) |
15,501 | $ | 2,440,632 | |||||
Mastercard Inc., Class A |
42,654 | 15,390,416 | ||||||
McCormick & Co. Inc./MD, NVS |
248,623 | 23,661,451 | ||||||
McDonald’s Corp. |
188,410 | 46,117,116 | ||||||
Medtronic PLC |
138,376 | 14,528,096 | ||||||
Merck & Co. Inc. |
693,010 | 53,070,706 | ||||||
Microsoft Corp. |
73,999 | 22,110,161 | ||||||
Mondelez International Inc., Class A |
91,376 | 5,983,300 | ||||||
Motorola Solutions Inc. |
212,948 | 46,940,128 | ||||||
Netflix Inc.(a) |
40,307 | 15,901,918 | ||||||
Neurocrine Biosciences Inc.(a) |
93,822 | 8,431,783 | ||||||
Newmont Corp. |
1,002,949 | 66,395,224 | ||||||
NextEra Energy Inc. |
672,796 | 52,659,743 | ||||||
Old Dominion Freight Line Inc. |
11,323 | 3,555,762 | ||||||
Oracle Corp. |
176,910 | 13,439,853 | ||||||
O’Reilly Automotive Inc.(a) |
25,288 | 16,417,981 | ||||||
Palo Alto Networks Inc.(a)(d) |
5,221 | 3,102,579 | ||||||
Paychex Inc. |
377,676 | 44,966,105 | ||||||
PepsiCo Inc. |
360,159 | 58,972,435 | ||||||
Pfizer Inc. |
453,419 | 21,283,488 | ||||||
Pool Corp. |
9,200 | 4,218,936 | ||||||
Procter & Gamble Co. (The) |
269,877 | 42,071,126 | ||||||
Progressive Corp. (The) |
171,908 | 18,210,214 | ||||||
Public Storage |
143,176 | 50,830,343 | ||||||
Regeneron Pharmaceuticals Inc.(a) |
104,188 | 64,425,692 | ||||||
Republic Services Inc. |
344,623 | 41,451,254 | ||||||
Rollins Inc. |
233,197 | 7,609,218 | ||||||
SBA Communications Corp. |
9,570 | 2,903,442 | ||||||
Seagen Inc.(a) |
136,586 | 17,601,838 | ||||||
Southern Co. (The) |
509,122 | 32,975,832 | ||||||
Starbucks Corp. |
97,702 | 8,968,067 | ||||||
Take-Two Interactive Software Inc.(a) |
125,417 | 20,317,554 | ||||||
Target Corp. |
134,198 | 26,808,734 | ||||||
T-Mobile U.S. Inc.(a) |
306,867 | 37,809,083 | ||||||
Tradeweb Markets Inc., Class A |
91,398 | 7,721,303 | ||||||
Tyler Technologies Inc.(a)(d) |
63,166 | 27,051,471 | ||||||
United Parcel Service Inc., Class B |
13,239 | 2,785,750 | ||||||
UnitedHealth Group Inc. |
30,942 | 14,724,370 | ||||||
VeriSign Inc.(a) |
118,380 | 25,300,174 | ||||||
Verizon Communications Inc. |
1,593,990 | 85,549,443 | ||||||
Vertex Pharmaceuticals Inc.(a) |
179,937 | 41,389,109 | ||||||
Visa Inc., Class A |
240,641 | 52,007,333 | ||||||
Walmart Inc. |
397,893 | 53,779,218 | ||||||
Walt Disney Co. (The)(a) |
54,788 | 8,133,826 | ||||||
Waste Management Inc. |
484,742 | 69,996,745 | ||||||
WEC Energy Group Inc. |
415,005 | 37,715,654 | ||||||
West Pharmaceutical Services Inc. |
57,140 | 22,117,751 | ||||||
Western Union Co. (The) |
628,328 | 11,423,003 | ||||||
Xcel Energy Inc. |
579,411 | 39,011,743 | ||||||
Zoom
Video Communications Inc., |
21,634 | 2,868,668 | ||||||
|
|
|||||||
2,905,373,220 | ||||||||
|
|
|||||||
Total
Common Stocks — 99.7% |
5,204,754,773 | |||||||
|
|
|||||||
Short-Term Investments |
||||||||
Money Market Funds — 0.4% |
||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(e)(f)(g) |
11,396,338 | 11,398,617 |
38 |
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 Global Min Vol Factor ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
|
||||||||
Money Market Funds (continued) |
||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(e)(f) |
9,430,000 | $ | 9,430,000 | |||||
|
|
|||||||
20,828,617 | ||||||||
|
|
|||||||
Total
Short-Term Investments — 0.4% |
20,828,617 | |||||||
|
|
|||||||
Total
Investments in Securities — 100.1% |
5,225,583,390 | |||||||
Other Assets, Less Liabilities — (0.1)% |
(2,643,592 | ) | ||||||
|
|
|||||||
Net Assets — 100.0% |
$ | 5,222,939,798 | ||||||
|
|
|||||||
(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) |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(d) |
All or a portion of this security is on loan. |
(e) |
Affiliate of the Fund. |
(f) |
Annualized 7-day yield as of period end. |
(g) |
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 |
|||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | 8,628,779 | $ | 2,774,264 | (a) | $ | — | $ | 1,965 | $ | (6,391 | ) | $ | 11,398,617 | 11,396,338 | $ | 21,164 | (b) | $ | — | ||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
9,940,000 | — | (510,000 | )(a) | — | — | 9,430,000 | 9,430,000 | 539 | — | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
$ | 1,965 | $ | (6,391 | ) | $ | 20,828,617 | $ | 21,703 | $ | — | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Represents net amount purchased (sold). |
(b) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
|
||||||||||||||||
Description | Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
||||||||||||
|
||||||||||||||||
Long Contracts |
||||||||||||||||
MSCI EAFE Index |
34 | 03/18/22 | $ | 3,672 | $ | (147,576 | ) | |||||||||
MSCI Emerging Markets Index |
30 | 03/18/22 | 1,763 | (58,062 | ) | |||||||||||
S&P 500 E-Mini Index |
33 | 03/18/22 | 7,207 | (242,070 | ) | |||||||||||
U.S. 2 Year Treasury Note |
8 | 06/30/22 | 1,721 | 2,677 | ||||||||||||
|
|
|||||||||||||||
$ | (445,031 | ) | ||||||||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
|
||||||||
Equity Contracts |
||||||||
|
||||||||
Assets — Derivative Financial Instruments |
||||||||
Futures contracts |
||||||||
Unrealized appreciation on futures contracts(a) |
$ | 2,677 | ||||||
|
|
S C H E D U L E O F I N V E S T M E N T S |
39 |
Schedule of Investments (unaudited) (continued) February 28, 2022 |
iShares® MSCI Global Min Vol Factor ETF |
Derivative Financial Instruments Categorized by Risk Exposure (continued)
|
||||
Equity Contracts |
||||
|
||||
Liabilities — Derivative Financial Instruments |
||||
Futures contracts |
||||
Unrealized depreciation on futures contracts(a) |
$ | 447,708 | ||
|
|
(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 |
Interest Rate Contracts |
Total | ||||||||||
|
||||||||||||
Net Realized Gain (Loss) from: |
||||||||||||
Futures contracts |
$ | 372,472 | $ | (21,083 | ) | $ | 351,389 | |||||
|
|
|
|
|
|
|||||||
Net Change in Unrealized Appreciation (Depreciation) on: |
||||||||||||
Futures contracts |
$ | (862,718 | ) | $ | (1,312 | ) | $ | (864,030 | ) | |||
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: |
||||
Average notional value of contracts — long |
$ | 14,969,112 | ||
Average notional value of contracts — short |
$ | (437,469 | ) |
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 |
$ | 3,104,470,287 | $ | 2,097,506,766 | $ | 2,777,720 | $ | 5,204,754,773 | ||||||||
Money Market Funds |
20,828,617 | — | — | 20,828,617 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 3,125,298,904 | $ | 2,097,506,766 | $ | 2,777,720 | $ | 5,225,583,390 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Derivative financial instruments(a) |
||||||||||||||||
Assets |
||||||||||||||||
Futures Contracts |
$ | 2,677 | $ | — | $ | — | $ | 2,677 | ||||||||
Liabilities |
||||||||||||||||
Futures Contracts |
(447,708 | ) | — | — | (447,708 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | (445,031 | ) | $ | — | $ | — | $ | (445,031 | ) | |||||||
|
|
|
|
|
|
|
|
(a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
40 |
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 |
Statements of Assets and Liabilities (unaudited)
February 28, 2022
iShares ESG Aware MSCI EM ETF |
iShares MSCI Emerging Markets ex China ETF |
iShares MSCI Emerging Markets Min Vol Factor ETF |
iShares MSCI Emerging Markets Multifactor ETF |
|||||||||||||
|
||||||||||||||||
ASSETS |
||||||||||||||||
Investments in securities, at value (including securities on loan)(a): |
||||||||||||||||
Unaffiliated(b) |
$ | 6,489,814,928 | $ | 2,379,782,058 | $ | 3,715,129,338 | $ | 889,139,524 | ||||||||
Affiliated(c) |
25,574,188 | 17,389,937 | 49,181,558 | 4,175,629 | ||||||||||||
Cash |
72,210,235 | — | 3,390 | 835,380 | ||||||||||||
Foreign currency, at value(d) |
55,773,404 | 1,578,194 | 10,086,786 | 1,076,146 | ||||||||||||
Cash pledged: |
||||||||||||||||
Futures contracts |
2,210,000 | 312,000 | 493,000 | 195,000 | ||||||||||||
Receivables: |
||||||||||||||||
Investments sold |
274,794,597 | 18,572,217 | 904,247 | 4,197,991 | ||||||||||||
Securities lending income — Affiliated |
51,233 | 27,863 | 18,952 | 423 | ||||||||||||
Capital shares sold |
5,986,320 | 69,272 | 305,817 | — | ||||||||||||
Dividends |
11,088,215 | 5,139,533 | 4,518,865 | 2,184,821 | ||||||||||||
Tax reclaims |
55,061 | 15,912 | 39,600 | 671 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total assets |
6,937,558,181 | 2,422,886,986 | 3,780,681,553 | 901,805,585 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
LIABILITIES |
||||||||||||||||
Bank overdraft |
— | 260,876 | — | — | ||||||||||||
Collateral on securities loaned, at value |
25,598,860 | 12,944,493 | 43,094,962 | 1,321,595 | ||||||||||||
Deferred foreign capital gain tax |
17,759,012 | 635,104 | 3,854,281 | 1,861,470 | ||||||||||||
Payables: |
||||||||||||||||
Investments purchased |
361,460,601 | 17,407,793 | 304,596 | 5,223,195 | ||||||||||||
Variation margin on futures contracts |
658,775 | 88,200 | 130,569 | 50,025 | ||||||||||||
Bank borrowings |
19,550,674 | — | — | — | ||||||||||||
Investment advisory fees |
1,263,474 | 470,247 | 723,370 | 314,367 | ||||||||||||
Foreign taxes |
16 | — | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total liabilities |
426,291,412 | 31,806,713 | 48,107,778 | 8,770,652 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSETS |
$ | 6,511,266,769 | $ | 2,391,080,273 | $ | 3,732,573,775 | $ | 893,034,933 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSETS CONSIST OF: |
||||||||||||||||
Paid-in capital |
$ | 6,326,303,411 | $ | 2,482,910,673 | $ | 3,854,505,882 | $ | 854,991,936 | ||||||||
Accumulated earnings (loss) |
184,963,358 | (91,830,400 | ) | (121,932,107 | ) | 38,042,997 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSETS |
$ | 6,511,266,769 | $ | 2,391,080,273 | $ | 3,732,573,775 | $ | 893,034,933 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Shares outstanding |
173,500,000 | 41,400,000 | 60,300,000 | 18,100,000 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net asset value |
$ | 37.53 | $ | 57.76 | $ | 61.90 | $ | 49.34 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Shares authorized |
600 million | 100 million | 500 million | 525 million | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Par value |
$ | 0.001 | $ | 0.001 | $ | 0.001 | $ | 0.001 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
(a) Securities loaned, at value |
$ | 24,238,355 | $ | 4,825,342 | $ | 36,418,053 | $ | 1,125,209 | ||||||||
(b) Investments, at cost — Unaffiliated |
$ | 5,986,448,236 | $ | 2,414,953,192 | $ | 3,391,279,612 | $ | 799,052,512 | ||||||||
(c) Investments, at cost — Affiliated |
$ | 25,569,836 | $ | 17,390,187 | $ | 49,174,925 | $ | 4,175,051 | ||||||||
(d) Foreign currency, at cost |
$ | 55,768,058 | $ | 1,590,741 | $ | 10,087,551 | $ | 1,086,765 |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S |
41 |
Statements of Assets and Liabilities (unaudited) (continued)
February 28, 2022
iShares MSCI Global Min Vol Factor ETF |
||||
|
||||
ASSETS |
||||
Investments in securities, at value (including securities on loan)(a): |
||||
Unaffiliated(b) |
$ | 5,204,754,773 | ||
Affiliated(c) |
20,828,617 | |||
Foreign currency, at value(d) |
4,474,346 | |||
Cash pledged: |
||||
Futures contracts |
591,000 | |||
Receivables: |
||||
Investments sold |
523,003 | |||
Securities lending income — Affiliated |
1,788 | |||
Dividends |
5,896,965 | |||
Tax reclaims |
4,103,778 | |||
|
|
|||
Total assets |
5,241,174,270 | |||
|
|
|||
LIABILITIES |
||||
Bank overdraft |
219,272 | |||
Collateral on securities loaned, at value |
11,316,839 | |||
Deferred foreign capital gain tax |
5,130,332 | |||
Payables: |
||||
Investments purchased |
213 | |||
Variation margin on futures contracts |
107,964 | |||
Capital shares redeemed |
649,091 | |||
Investment advisory fees |
810,761 | |||
|
|
|||
Total liabilities |
18,234,472 | |||
|
|
|||
NET ASSETS |
$ | 5,222,939,798 | ||
|
|
|||
NET ASSETS CONSIST OF: |
||||
Paid-in capital |
$ | 4,605,301,365 | ||
Accumulated earnings |
617,638,433 | |||
|
|
|||
NET ASSETS |
$ | 5,222,939,798 | ||
|
|
|||
Shares outstanding |
51,500,000 | |||
|
|
|||
Net asset value |
$ | 101.42 | ||
|
|
|||
Shares authorized |
500 million | |||
|
|
|||
Par value |
$ | 0.001 | ||
|
|
|||
(a) Securities loaned, at value |
$ | 11,137,090 | ||
(b) Investments, at cost — Unaffiliated |
$ | 4,448,390,934 | ||
(c) Investments, at cost — Affiliated |
$ | 20,826,323 | ||
(d) Foreign currency, at cost |
$ | 4,502,639 |
See notes to financial statements.
42 |
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 |
Statements of Operations (unaudited)
Six Months Ended February 28, 2022
iShares ESG Aware MSCI EM ETF |
iShares MSCI Emerging Markets ex China ETF |
iShares MSCI Emerging Markets Min Vol Factor ETF (Consolidated) |
iShares MSCI Emerging Markets Multifactor ETF |
|||||||||||||
|
||||||||||||||||
INVESTMENT INCOME |
||||||||||||||||
Dividends — Unaffiliated |
$ | 60,889,475 | $ | 22,775,063 | $ | 23,433,828 | $ | 8,503,772 | ||||||||
Dividends — Affiliated |
6,779 | 1,149 | 1,297 | 662 | ||||||||||||
Interest — Unaffiliated |
— | — | 78 | — | ||||||||||||
Securities lending income — Affiliated — net |
594,580 | 132,843 | 181,769 | 29,613 | ||||||||||||
Foreign taxes withheld |
(7,506,593 | ) | (2,805,050 | ) | (2,729,963 | ) | (1,111,652 | ) | ||||||||
Other foreign taxes |
(265,254 | ) | (24,063 | ) | (138 | ) | (2,073 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total investment income |
53,718,987 | 20,079,942 | 20,886,871 | 7,420,322 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
EXPENSES |
||||||||||||||||
Investment advisory fees |
8,244,894 | 2,339,547 | 12,835,576 | 1,858,236 | ||||||||||||
Commitment fees |
19,090 | 14,979 | 19,090 | 6,574 | ||||||||||||
Professional fees |
217 | 217 | 217 | 217 | ||||||||||||
Mauritius income taxes |
— | — | 298 | — | ||||||||||||
Interest expense |
14,212 | 5,028 | 2,902 | 7,702 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total expenses |
8,278,413 | 2,359,771 | 12,858,083 | 1,872,729 | ||||||||||||
Less: |
||||||||||||||||
Investment advisory fees waived |
— | — | (8,180,720 | ) | — | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total expenses after fees waived |
8,278,413 | 2,359,771 | 4,677,363 | 1,872,729 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net investment income |
45,440,574 | 17,720,171 | 16,209,508 | 5,547,593 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
REALIZED AND UNREALIZED GAIN (LOSS) |
||||||||||||||||
Net realized gain (loss) from: |
||||||||||||||||
Investments — Unaffiliated(a) |
(85,006,682 | ) | (36,799,897 | ) | 263,130,468 | 23,480,501 | ||||||||||
Investments — Affiliated |
(13,582 | ) | (2,640 | ) | 1,372 | (470 | ) | |||||||||
In-kind redemptions — Unaffiliated |
21,432,720 | — | 7,042,281 | — | ||||||||||||
Futures contracts |
(1,844,828 | ) | 90,316 | 305,040 | (121,309 | ) | ||||||||||
Foreign currency transactions |
(1,316,794 | ) | (569,959 | ) | 34,106 | (397,055 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Net realized gain (loss) |
(66,749,166 | ) | (37,282,180 | ) | 270,513,267 | 22,961,667 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net change in unrealized appreciation (depreciation) on: |
||||||||||||||||
Investments — Unaffiliated(b) |
(816,743,734 | ) | (125,360,487 | ) | (358,232,153 | ) | (81,672,738 | ) | ||||||||
Investments — Affiliated |
(3,354 | ) | (250 | ) | (7,586 | ) | (886 | ) | ||||||||
Futures contracts |
(563,596 | ) | (359,146 | ) | (608,194 | ) | (142,620 | ) | ||||||||
Foreign currency translations |
(4,576 | ) | 532,648 | (171,281 | ) | (25,490 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Net change in unrealized appreciation (depreciation) |
(817,315,260 | ) | (125,187,235 | ) | (359,019,214 | ) | (81,841,734 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net realized and unrealized loss |
(884,064,426 | ) | (162,469,415 | ) | (88,505,947 | ) | (58,880,067 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS |
$ | (838,623,852 | ) | $ | (144,749,244 | ) | $ | (72,296,439 | ) | $ | (53,332,474 | ) | ||||
|
|
|
|
|
|
|
|
|||||||||
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable |
$ | (2,764,964 | ) | $ | (1,051,410 | ) | $ | (1,101,354 | ) | $ | (1,534,084 | ) | ||||
(b) Net of reduction in deferred foreign capital gain tax of |
$ | 7,802,457 | $ | 3,173,836 | $ | 4,134,800 | $ | 2,497,231 |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S |
43 |
Statements of Operations (unaudited) (continued)
Six Months Ended February 28, 2022
iShares MSCI Global Min Vol Factor ETF |
||||
|
||||
INVESTMENT INCOME |
||||
Dividends — Unaffiliated |
$ | 41,978,262 | ||
Dividends — Affiliated |
894 | |||
Securities lending income — Affiliated — net |
20,809 | |||
Foreign taxes withheld |
(1,746,458 | ) | ||
Other foreign taxes |
(83,433 | ) | ||
|
|
|||
Total investment income |
40,170,074 | |||
|
|
|||
EXPENSES |
||||
Investment advisory fees |
8,331,331 | |||
Commitment fees |
16,943 | |||
Professional fees |
217 | |||
Interest expense |
3,610 | |||
|
|
|||
Total expenses |
8,352,101 | |||
Less: |
||||
Investment advisory fees waived |
(3,063,589 | ) | ||
|
|
|||
Total expenses after fees waived |
5,288,512 | |||
|
|
|||
Net investment income |
34,881,562 | |||
|
|
|||
REALIZED AND UNREALIZED GAIN (LOSS) |
||||
Net realized gain (loss) from: |
||||
Investments — Unaffiliated(a) |
93,819,487 | |||
Investments — Affiliated |
1,965 | |||
In-kind redemptions — Unaffiliated |
30,232,770 | |||
Futures contracts |
351,389 | |||
Foreign currency transactions |
(902,041 | ) | ||
|
|
|||
Net realized gain |
123,503,570 | |||
|
|
|||
Net change in unrealized appreciation (depreciation) on: |
||||
Investments — Unaffiliated(b) |
(374,574,242 | ) | ||
Investments — Affiliated |
(6,391 | ) | ||
Futures contracts |
(864,030 | ) | ||
Foreign currency translations |
(105,326 | ) | ||
|
|
|||
Net change in unrealized appreciation (depreciation) |
(375,549,989 | ) | ||
|
|
|||
Net realized and unrealized loss |
(252,046,419 | ) | ||
|
|
|||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS |
$ | (217,164,857 | ) | |
|
|
|||
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable |
$ | (17,702 | ) | |
(b) Net of reduction in deferred foreign capital gain tax of |
$ | 400,937 |
See notes to financial statements.
44 |
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 |
Statements of Changes in Net Assets
iShares ESG Aware MSCI EM ETF |
iShares MSCI Emerging Markets ex China ETF | |||||||||||||||||||||
|
|
|
||||||||||||||||||||
Six Months Ended 02/28/22 (unaudited) |
Year Ended 08/31/21 |
Six Months Ended 02/28/22 (unaudited) |
Year Ended 08/31/21 |
|||||||||||||||||||
|
||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||||||||
OPERATIONS |
||||||||||||||||||||||
Net investment income |
$ | 45,440,574 | $ | 113,247,754 | $ | 17,720,171 | $ | 11,581,156 | ||||||||||||||
Net realized gain (loss) |
(66,749,166 | ) | 61,224,537 | (37,282,180 | ) | (15,405,558 | ) | |||||||||||||||
Net change in unrealized appreciation (depreciation) |
(817,315,260 | ) | 864,277,615 | (125,187,235 | ) | 86,165,901 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||
Net increase (decrease) in net assets resulting from operations |
(838,623,852 | ) | 1,038,749,906 | (144,749,244 | ) | 82,341,499 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) |
||||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders |
(133,979,813 | ) | (85,824,734 | ) | (26,460,646 | ) | (4,756,653 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||||
Net increase in net assets derived from capital share transactions |
378,426,970 | 2,498,038,201 | 1,280,823,566 | 1,130,275,959 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||
NET ASSETS |
||||||||||||||||||||||
Total increase (decrease) in net assets |
(594,176,695 | ) | 3,450,963,373 | 1,109,613,676 | 1,207,860,805 | |||||||||||||||||
Beginning of period |
7,105,443,464 | 3,654,480,091 | 1,281,466,597 | 73,605,792 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||
End of period |
$ | 6,511,266,769 | $ | 7,105,443,464 | $ | 2,391,080,273 | $ | 1,281,466,597 | ||||||||||||||
|
|
|
|
|
|
|
|
(a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S |
45 |
Statements of Changes in Net Assets (continued)
iShares MSCI Emerging Markets Min Vol Factor ETF (Consolidated) |
iShares MSCI Emerging Markets Multifactor ETF |
|||||||||||||||||||||
|
|
|
||||||||||||||||||||
Six Months Ended 02/28/22 (unaudited) |
Year Ended 08/31/21 |
Six Months Ended 02/28/22 (unaudited) |
Year Ended 08/31/21 |
|||||||||||||||||||
|
||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||||||||
OPERATIONS |
||||||||||||||||||||||
Net investment income |
$ | 16,209,508 | $ | 87,105,453 | $ | 5,547,593 | $ | 16,623,722 | ||||||||||||||
Net realized gain |
270,513,267 | 322,703,890 | 22,961,667 | 5,150,252 | ||||||||||||||||||
Net change in unrealized appreciation (depreciation) |
(359,019,214 | ) | 238,627,963 | (81,841,734 | ) | 117,257,997 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||
Net increase (decrease) in net assets resulting from operations |
(72,296,439 | ) | 648,437,306 | (53,332,474 | ) | 139,031,971 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) |
||||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders |
(48,413,834 | ) | (97,556,628 | ) | (15,540,802 | ) | (12,014,914 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions |
(21,230,434 | ) | (924,624,509 | ) | 200,709,002 | 92,574,411 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||
NET ASSETS |
||||||||||||||||||||||
Total increase (decrease) in net assets |
(141,940,707 | ) | (373,743,831 | ) | 131,835,726 | 219,591,468 | ||||||||||||||||
Beginning of period |
3,874,514,482 | 4,248,258,313 | 761,199,207 | 541,607,739 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||
End of period |
$ | 3,732,573,775 | $ | 3,874,514,482 | $ | 893,034,933 | $ | 761,199,207 | ||||||||||||||
|
|
|
|
|
|
|
|
(a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
46 |
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 |
Statements of Changes in Net Assets (continued)
iShares MSCI Global Min Vol Factor ETF |
||||||||||||||||
|
|
|||||||||||||||
Six Months Ended 02/28/22 (unaudited) |
Year Ended 08/31/21 |
|||||||||||||||
|
||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||
OPERATIONS |
||||||||||||||||
Net investment income |
$ | 34,881,562 | $ | 110,335,290 | ||||||||||||
Net realized gain |
123,503,570 | 425,892,769 | ||||||||||||||
Net change in unrealized appreciation (depreciation) |
(375,549,989 | ) | 291,860,683 | |||||||||||||
|
|
|
|
|||||||||||||
Net increase (decrease) in net assets resulting from operations |
(217,164,857 | ) | 828,088,742 | |||||||||||||
|
|
|
|
|||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) |
||||||||||||||||
Decrease in net assets resulting from distributions to shareholders |
(58,519,534 | ) | (97,299,099 | ) | ||||||||||||
|
|
|
|
|||||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions |
192,363,070 | (1,349,346,257 | ) | |||||||||||||
|
|
|
|
|||||||||||||
NET ASSETS |
||||||||||||||||
Total decrease in net assets |
(83,321,321 | ) | (618,556,614 | ) | ||||||||||||
Beginning of period |
5,306,261,119 | 5,924,817,733 | ||||||||||||||
|
|
|
|
|||||||||||||
End of period |
$ | 5,222,939,798 | $ | 5,306,261,119 | ||||||||||||
|
|
|
|
(a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S |
47 |
(For a share outstanding throughout each period)
iShares ESG Aware MSCI EM ETF | ||||||||||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||||||||||||||||||
02/28/22 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||||||||||||||
(unaudited | ) | 08/31/21 | 08/31/20 | 08/31/19 | 08/31/18 | (a) | 08/31/17 | (a) | ||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 43.35 | $ | 35.93 | $ | 32.03 | $ | 33.65 | $ | 34.58 | $ | 28.23 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net investment income(b) |
0.28 | 0.75 | 0.89 | 0.91 | 0.94 | 0.85 | ||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(c) |
(5.27 | ) | 7.23 | 3.89 | (1.85 | ) | (1.17 | ) | 5.81 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net increase (decrease) from investment operations |
(4.99 | ) | 7.98 | 4.78 | (0.94 | ) | (0.23 | ) | 6.66 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Distributions(d) |
||||||||||||||||||||||||||||||||||||||||
From net investment income |
(0.83 | ) | (0.56 | ) | (0.88 | ) | (0.68 | ) | (0.70 | ) | (0.31 | ) | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Total distributions |
(0.83 | ) | (0.56 | ) | (0.88 | ) | (0.68 | ) | (0.70 | ) | (0.31 | ) | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 37.53 | $ | 43.35 | $ | 35.93 | $ | 32.03 | $ | 33.65 | $ | 34.58 | ||||||||||||||||||||||||||||
|
|
|
|
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|
|
|
|
|
|
|||||||||||||||||||||||||||||
Total Return(e) |
||||||||||||||||||||||||||||||||||||||||
Based on net asset value |
(11.61 | )%(f) | 22.30 | % | 15.11 | % | (2.76 | )% | (0.72 | )% | 23.75 | % | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Ratios to Average Net Assets(g) |
||||||||||||||||||||||||||||||||||||||||
Total expenses |
0.25 | %(h) | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | 0.42 | % | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Net investment income |
1.38 | %(h) | 1.76 | % | 2.75 | % | 2.76 | % | 2.63 | % | 2.73 | % | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Supplemental Data |
||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) |
$ | 6,511,267 | $ | 7,105,443 | $ | 3,654,480 | $ | 672,543 | $ | 329,753 | $ | 96,812 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Portfolio turnover rate(i) |
20 | %(f) | 41 | % | 46 | % | 34 | % | 45 | % | 29 | % | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Per share amounts reflect a two-for-one stock split effective after the close of trading on May 24, 2018. |
(b) |
Based on average shares outstanding. |
(c) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(d) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(e) |
Where applicable, assumes the reinvestment of distributions. |
(f) |
Not annualized. |
(g) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(h) |
Annualized. |
(i) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
48 |
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 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Emerging Markets ex China ETF | ||||||||||||||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||||||||
Six Months Ended |
Period From |
|||||||||||||||||||||||||||||||||||||||||||
02/28/22 | |
Year Ended |
|
|
Year Ended |
|
|
Year Ended |
|
|
Year Ended |
|
|
07/18/17 |
(a) | |||||||||||||||||||||||||||||
(unaudited) | 08/31/21 | 08/31/20 | 08/31/19 | 08/31/18 | to 08/31/17 | |||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 62.82 | $ | 46.00 | $ | 46.25 | $ | 49.59 | $ | 51.14 | $ | 50.22 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Net investment income(b) |
0.57 | 1.58 | 1.46 | 1.62 | 1.10 | 0.13 | ||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(c) |
(4.80 | ) | 16.09 | (0.05 | ) | (3.83 | ) | (1.80 | ) | 0.79 | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Net increase (decrease) from investment operations |
(4.23 | ) | 17.67 | 1.41 | (2.21 | ) | (0.70 | ) | 0.92 | |||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Distributions(d) |
||||||||||||||||||||||||||||||||||||||||||||
From net investment income |
(0.83 | ) | (0.85 | ) | (1.66 | ) | (1.13 | ) | (0.85 | ) | — | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Total distributions |
(0.83 | ) | (0.85 | ) | (1.66 | ) | (1.13 | ) | (0.85 | ) | — | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 57.76 | $ | 62.82 | $ | 46.00 | $ | 46.25 | $ | 49.59 | $ | 51.14 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Total Return(e) |
||||||||||||||||||||||||||||||||||||||||||||
Based on net asset value |
(6.81 | )%(f) | 38.66 | % | 2.87 | % | (4.42 | )% | (1.41 | )% | 1.83 | %(f) | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Ratios to Average Net Assets(g) |
||||||||||||||||||||||||||||||||||||||||||||
Total expenses |
0.25 | %(h) | 0.25 | % | 0.36 | % | 0.49 | % | 0.49 | % | 0.49 | %(h) | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Total expenses after fees waived |
0.25 | %(h) | 0.22 | % | 0.16 | % | 0.26 | % | 0.41 | % | 0.41 | %(h) | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Net investment income |
1.89 | %(h) | 2.65 | % | 3.24 | % | 3.38 | % | 2.09 | % | 2.07 | %(h) | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Supplemental Data |
||||||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) |
$ | 2,391,080 | $ | 1,281,467 | $ | 73,606 | $ | 27,748 | $ | 9,919 | $ | 10,227 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Portfolio turnover rate(i) |
11 | %(f) | 51 | % | 18 | % | 10 | % | 9 | % | 0 | %(f)(j) | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Commencement of operations. |
(b) |
Based on average shares outstanding. |
(c) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(d) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(e) |
Where applicable, assumes the reinvestment of distributions. |
(f) |
Not annualized. |
(g) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(h) |
Annualized. |
(i) |
Portfolio turnover rate excludes in-kind transactions. |
(j) |
Rounds to less than 1%. |
See notes to financial statements.
F I N A N C I A L H I G H L I G H T S |
49 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Emerging Markets Min Vol Factor ETF (Consolidated) |
||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
Six Months Ended 02/28/22 (unaudited) |
Year Ended 08/31/21 |
Year Ended 08/31/20 |
Year Ended 08/31/19 |
Year Ended 08/31/18 |
Year Ended 08/31/17 |
|||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 63.94 | $ | 55.97 | $ | 56.84 | $ | 59.22 | $ | 58.01 | $ | 53.40 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net investment income(a) |
0.27 | 1.32 | (b) | 1.42 | 1.57 | 1.49 | 1.28 | |||||||||||||||||||||
Net realized and unrealized gain (loss)(c) |
(1.49 | ) | 8.12 | (0.82 | ) | (2.46 | ) | 1.23 | 4.48 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) from investment operations |
(1.22 | ) | 9.44 | 0.60 | (0.89 | ) | 2.72 | 5.76 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Distributions(d) |
||||||||||||||||||||||||||||
From net investment income |
(0.82 | ) | (1.47 | ) | (1.47 | ) | (1.49 | ) | (1.51 | ) | (1.15 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total distributions |
(0.82 | ) | (1.47 | ) | (1.47 | ) | (1.49 | ) | (1.51 | ) | (1.15 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net asset value, end of period |
$ | 61.90 | $ | 63.94 | $ | 55.97 | $ | 56.84 | $ | 59.22 | $ | 58.01 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total Return(e) |
||||||||||||||||||||||||||||
Based on net asset value |
(1.94 | )%(f) | 17.04 | %(b) | 1.07 | % | (1.44 | )%(g) | 4.70 | % | 11.11 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Ratios to Average Net Assets(h) |
||||||||||||||||||||||||||||
Total expenses |
0.69 | %(i) | 0.69 | % | 0.70 | % | 0.68 | % | 0.67 | % | 0.69 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses after fees waived |
0.25 | %(i) | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | 0.25 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses excluding professional fees for foreign withholding tax claims |
N/A | 0.69 | % | N/A | N/A | N/A | N/A | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net investment income |
0.87 | %(i) | 2.15 | %(b) | 2.59 | % | 2.71 | % | 2.47 | % | 2.40 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Supplemental Data |
||||||||||||||||||||||||||||
Net assets, end of period (000) |
$ | 3,732,574 | $ | 3,874,514 | $ | 4,248,258 | $ | 5,417,265 | $ | 4,666,697 | $ | 4,037,428 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Portfolio turnover rate(j) |
12 | %(f) | 38 | % | 23 | % | 24 | % | 22 | % | 23 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Based on average shares outstanding. |
(b) |
Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2021: |
• Net investment income per share by $0.01.
• Total return by 0.02%.
• Ratio of net investment income to average net assets by 0.01%.
(c) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(d) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(e) |
Where applicable, assumes the reinvestment of distributions. |
(f) |
Not annualized. |
(g) |
Includes payment received from an affiliate, which had no impact on the Fund’s total return. |
(h) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(i) |
Annualized. |
(j) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
50 |
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 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Emerging Markets Multifactor ETF | ||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended 02/28/22 (unaudited) |
Year Ended |
Year Ended |
Year Ended |
Year Ended |
Year Ended |
|||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 53.61 | $ | 44.03 | $ | 40.35 | $ | 44.78 | $ | 46.04 | $ | 37.46 | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.34 | 1.23 | 1.11 | 1.47 | 1.39 | 0.91 | ||||||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) |
(3.68 | ) | 9.24 | 3.73 | (4.72 | ) | (1.63 | ) | 8.53 | |||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
Net increase (decrease) from investment operations |
(3.34 | ) | 10.47 | 4.84 | (3.25 | ) | (0.24 | ) | 9.44 | |||||||||||||||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||||||||||||
Distributions(c) |
||||||||||||||||||||||||||||||||||||||||||||||||
From net investment income |
(0.93 | ) | (0.89 | ) | (1.16 | ) | (1.18 | ) | (1.02 | ) | (0.86 | ) | ||||||||||||||||||||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
Total distributions |
(0.93 | ) | (0.89 | ) | (1.16 | ) | (1.18 | ) | (1.02 | ) | (0.86 | ) | ||||||||||||||||||||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 49.34 | $ | 53.61 | $ | 44.03 | $ | 40.35 | $ | 44.78 | $ | 46.04 | ||||||||||||||||||||||||||||||||||||
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|
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|
|
|
|
|||||||||||||||||||||||||||||||||||||
Total Return(d) |
||||||||||||||||||||||||||||||||||||||||||||||||
Based on net asset value |
(6.27 | )%(e) | 23.97 | % | 12.17 | % | (7.16 | )% | (0.65 | )% | 25.80 | % | ||||||||||||||||||||||||||||||||||||
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|
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|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
Ratios to Average Net Assets(f) |
||||||||||||||||||||||||||||||||||||||||||||||||
Total expenses |
0.45 | %(g) | 0.45 | % | 0.45 | % | 0.45 | % | 0.45 | % | 0.50 | % | ||||||||||||||||||||||||||||||||||||
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|
|
|
|
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|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
Total expenses after fees waived |
0.45 | %(g) | 0.45 | % | 0.45 | % | 0.45 | % | 0.42 | % | 0.42 | % | ||||||||||||||||||||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
Net investment income |
1.34 | %(g) | 2.44 | % | 2.71 | % | 3.55 | % | 2.87 | % | 2.24 | % | ||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||||||||
Supplemental Data |
||||||||||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) |
$ | 893,035 | $ | 761,199 | $ | 541,608 | $ | 411,575 | $ | 291,071 | $ | 82,873 | ||||||||||||||||||||||||||||||||||||
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|
|
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|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||
Portfolio turnover rate(h) |
21 | %(e) | 49 | % | 45 | % | 53 | % | 39 | % | 36 | % | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Based on average shares outstanding. |
(b) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) |
Where applicable, assumes the reinvestment of distributions. |
(e) |
Not annualized. |
(f) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(g) |
Annualized. |
(h) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
F I N A N C I A L H I G H L I G H T S |
51 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Global Min Vol Factor ETF | ||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
Six Months Ended 02/28/22 (unaudited) |
Year Ended 08/31/21 |
Year Ended 08/31/20 |
Year Ended 08/31/19 |
Year Ended 08/31/18 |
Year Ended 08/31/17 |
|||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 106.77 | $ | 93.16 | $ | 93.54 | $ | 87.04 | $ | 81.13 | $ | 75.82 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net investment income(a) |
0.69 | 1.97 | 2.13 | 2.16 | 1.82 | 1.84 | ||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) |
(4.91 | ) | 13.38 | (0.18 | ) | 6.36 | 5.85 | 5.40 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) from investment operations |
(4.22 | ) | 15.35 | 1.95 | 8.52 | 7.67 | 7.24 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Distributions(c) |
||||||||||||||||||||||||||||
From net investment income |
(1.13 | ) | (1.74 | ) | (2.33 | ) | (2.02 | ) | (1.76 | ) | (1.93 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total distributions |
(1.13 | ) | (1.74 | ) | (2.33 | ) | (2.02 | ) | (1.76 | ) | (1.93 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net asset value, end of period |
$ | 101.42 | $ | 106.77 | $ | 93.16 | $ | 93.54 | $ | 87.04 | $ | 81.13 | ||||||||||||||||
|
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|
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|
|
|
|
|
|
|
|||||||||||||||||
Total Return(d) |
||||||||||||||||||||||||||||
Based on net asset value |
(4.00 | )%(e) | 16.63 | % | 2.13 | % | 9.99 | % | 9.56 | % | 9.75 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Ratios to Average Net Assets(f) |
||||||||||||||||||||||||||||
Total expenses |
0.32 | %(g) | 0.32 | % | 0.32 | % | 0.32 | % | 0.31 | % | 0.32 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total expenses after fees waived |
0.20 | %(g) | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net investment income |
1.32 | %(g) | 2.00 | % | 2.33 | % | 2.45 | % | 2.17 | % | 2.40 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Supplemental Data |
||||||||||||||||||||||||||||
Net assets, end of period (000) |
$ | 5,222,940 | $ | 5,306,261 | $ | 5,924,818 | $ | 5,275,720 | $ | 3,342,400 | $ | 3,675,374 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Portfolio turnover rate(h) |
10 | %(e) | 25 | % | 22 | % | 21 | % | 23 | % | 24 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Based on average shares outstanding. |
(b) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) |
Where applicable, assumes the reinvestment of distributions. |
(e) |
Not annualized. |
(f) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(g) |
Annualized. |
(h) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
52 |
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 |
Notes to Financial Statements (unaudited)
1. |
ORGANIZATION |
iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is organized as a Maryland corporation and is authorized to have multiple series or portfolios.
These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):
iShares ETF | Diversification Classification | |||
ESG Aware MSCI EM |
Diversified | |||
MSCI Emerging Markets ex China |
Diversified | |||
MSCI Emerging Markets Min Vol Factor |
Diversified | |||
MSCI Emerging Markets Multifactor |
Diversified | |||
MSCI Global Min Vol Factor |
Diversified |
Basis of Consolidation: The accompanying consolidated financial statements for the iShares MSCI Emerging Markets Min Vol Factor ETF includes the accounts of its subsidiary in the Republic of Mauritius, which is a wholly-owned subsidiary (the “Subsidiary”) of the Fund that invests in Indian securities. Through this investment structure, the Fund expects to obtain certain benefits under a current tax treaty between Mauritius and India. The net assets of the Subsidiary as of period end were $1,064, which is less than 0.1% of the Fund’s consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated.
Effective June 15, 2021, MSCI Emerging Markets Min Vol Factor no longer invests in the Subsidiary. MSCI Emerging Markets Min Vol Factor transferred substantially all of the assets of MSCI Emerging Markets Min Vol Factor’s wholly owned Mauritius Subsidiary to MSCI Emerging Markets Min Vol Factor through on-exchange transactions in India. MSCI Emerging Markets Min Vol Factor recognized a net realized gain of $220,328,652 as a result of this transaction. After the transfer, MSCI Emerging Markets Min Vol Factor began making new investments in India directly.
2. |
SIGNIFICANT ACCOUNTING POLICIES |
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.
Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.
Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.
Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2022, if any, are disclosed in the Statements of Assets and Liabilities.
The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.
N O T E S T O F I N A N C I A L S T A T E M E N T S |
53 |
Notes to Financial Statements (unaudited) (continued)
The iShares MSCI Emerging Markets Min Vol Factor ETF has conducted investment activities in India through its Subsidiary and expects to obtain benefits under the Double Tax Avoidance Agreement (“DTAA”) between India and Mauritius. In order to be eligible to claim benefits under the DTAA, the Subsidiary must have commercial substance, on an annual basis, to satisfy certain tests and conditions, including the establishment and maintenance of valid tax residence in Mauritius, have the place of effective management outside of India, and related requirements. The Fund has obtained a current tax residence certificate issued by the Mauritian Revenue Authorities.
Based upon current interpretation and practice of the current tax laws in India and Mauritius and the DTAA, the Subsidiary is subject to tax in Mauritius on its net income at the rate of 15%. However, the Subsidiary is entitled to a tax credit equivalent to the higher of the actual foreign tax incurred or 80% of the Mauritius tax on its foreign source income, thus reducing its maximum effective tax rate to 3% up to June 30, 2021. After June 30, 2021, under the new tax regime and subject to meeting the necessary substance requirements as required under the Financial Services Act 2007 (as amended by the Finance Act 2018) and such guidelines issued by the Financial Services Commission (the “FSC”), the Subsidiary is entitled to either (a) a foreign tax credit equivalent to the actual foreign tax suffered on its foreign income against the Subsidiary’s tax liability computed at 15% on such income, or (b) a partial exemption of 80% of some of the income derived, including interest income or foreign source dividends. Taxes on income, if any, are paid by the Subsidiary and are disclosed in its Consolidated Statements of Operations. Any dividends paid by the Subsidiary to its Fund are not subject to tax in Mauritius. The Subsidiary is currently exempt from tax in Mauritius on any gains from the sale of securities.
The DTAA provides that capital gains will be taxable in India with respect to the sale of shares acquired on or after April 1, 2017. Capital gains arising from shares acquired before April 1, 2017, regardless of when they are sold, will continue to be exempt from taxation under the amended DTAA, assuming requirements for eligibility under the DTAA are satisfied. There can be no assurance, however, that the DTAA will remain in effect during the Subsidiary’s existence or that it will continue to enjoy its benefits on the shares acquired prior to April 1, 2017.
Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.
In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.
Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.
Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.
3. |
INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS |
Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Directors of the Company (the “Board”). If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
• |
Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price. |
• |
Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price. |
• |
Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV. |
• |
Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded. |
Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price
54 |
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 |
Notes to Financial Statements (unaudited) (continued)
is not available, the investment will be valued by the Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.
Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.
Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• |
Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access; |
• |
Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and |
• |
Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
4. |
SECURITIES AND OTHER INVESTMENTS |
Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.
Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.
N O T E S T O F I N A N C I A L S T A T E M E N T S |
55 |
Notes to Financial Statements (unaudited) (continued)
As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:
|
||||||||||||||||
iShares ETF and Counterparty | |
Market Value of Securities on Loan |
|
|
Cash Collateral Received |
(a) |
|
Non-Cash Collateral Received |
|
Net Amount | ||||||
|
||||||||||||||||
ESG Aware MSCI EM |
||||||||||||||||
Barclays Bank PLC |
$ | 7,097,050 | $ | 7,097,050 | $ | — | $ | — | ||||||||
BNP Paribas SA |
1,837,851 | 1,837,851 | — | — | ||||||||||||
Citigroup Global Markets, Inc. |
3,862,327 | 3,862,327 | — | — | ||||||||||||
Credit Suisse Securities (USA) LLC |
104,804 | 104,804 | — | — | ||||||||||||
J.P. Morgan Securities LLC |
9,814,851 | 9,814,851 | — | — | ||||||||||||
Macquarie Bank Ltd. |
1,354,659 | 1,354,659 | — | — | ||||||||||||
Scotia Capital (USA), Inc. |
166,813 | 166,813 | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 24,238,355 | $ | 24,238,355 | $ | — | $ | — | |||||||||
|
|
|
|
|
|
|
|
|||||||||
MSCI Emerging Markets ex China |
||||||||||||||||
Barclays Capital, Inc. |
$ | 334,247 | $ | 334,247 | $ | — | $ | — | ||||||||
BNP Paribas SA |
771,804 | 771,804 | — | — | ||||||||||||
BofA Securities, Inc. |
199,005 | 199,005 | — | — | ||||||||||||
Citigroup Global Markets, Inc. |
1,077,264 | 1,077,264 | — | — | ||||||||||||
Credit Suisse Securities (USA) LLC |
499,210 | 499,210 | — | — | ||||||||||||
Macquarie Bank Ltd. |
196,699 | 196,699 | — | — | ||||||||||||
Morgan Stanley |
1,742,780 | 1,742,780 | — | — | ||||||||||||
UBS AG |
4,333 | 4,333 | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 4,825,342 | $ | 4,825,342 | $ | — | $ | — | |||||||||
|
|
|
|
|
|
|
|
|||||||||
MSCI Emerging Markets Min Vol Factor |
||||||||||||||||
BofA Securities, Inc. |
$ | 10,426,557 | $ | 10,426,557 | $ | — | $ | — | ||||||||
J.P. Morgan Securities LLC |
300,521 | 300,521 | — | — | ||||||||||||
Macquarie Bank Ltd. |
175,519 | 175,519 | — | — | ||||||||||||
Morgan Stanley |
25,258,121 | 25,258,121 | — | — | ||||||||||||
Wells Fargo Bank N.A |
257,335 | 257,335 | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 36,418,053 | $ | 36,418,053 | $ | — | $ | — | |||||||||
|
|
|
|
|
|
|
|
|||||||||
MSCI Emerging Markets Multifactor |
||||||||||||||||
Credit Suisse Securities (USA) LLC |
$ | 493,362 | $ | 493,362 | $ | — | $ | — | ||||||||
HSBC Bank PLC |
85,417 | 85,417 | — | — | ||||||||||||
J.P. Morgan Securities LLC |
488,217 | 488,217 | — | — | ||||||||||||
Morgan Stanley |
58,213 | 58,213 | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 1,125,209 | $ | 1,125,209 | $ | — | $ | — | |||||||||
|
|
|
|
|
|
|
|
|||||||||
MSCI Global Min Vol Factor |
||||||||||||||||
BNP Paribas SA |
$ | 3,021,761 | $ | 2,977,036 | $ | — | $ | (44,725 | )(b) | |||||||
Citigroup Global Markets, Inc. |
2,510,548 | 2,510,548 | — | — | ||||||||||||
J.P. Morgan Securities LLC |
5,321,765 | 5,321,765 | — | — | ||||||||||||
Morgan Stanley |
29,546 | 29,546 | — | — | ||||||||||||
RBC Capital Markets LLC |
253,470 | 253,470 | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 11,137,090 | $ | 11,092,365 | $ | — | $ | (44,725 | ) | ||||||||
|
|
|
|
|
|
|
|
(a) |
Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities. |
(b) |
The market value of the loaned securities is determined as of February 28, 2022. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty. |
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.
5. |
DERIVATIVE FINANCIAL INSTRUMENTS |
Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).
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Notes to Financial Statements (unaudited) (continued)
Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.
Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.
6. |
INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent directors).
For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:
iShares ETF | Investment Advisory Fee | |||
ESG Aware MSCI EM |
0.25 | % | ||
MSCI Emerging Markets ex China |
0.25 | |||
MSCI Emerging Markets Multifactor |
0.45 |
For its investment advisory services to the iShares MSCI Emerging Markets Min Vol Factor ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:
Aggregate Average Daily Net Assets | Investment Advisory Fee | |||
First $14 billion |
0.75 | % | ||
Over $14 billion, up to and including $28 billion |
0.68 | |||
Over $28 billion, up to and including $42 billion |
0.61 | |||
Over $42 billion, up to and including $56 billion |
0.54 | |||
Over $56 billion, up to and including $70 billion |
0.47 | |||
Over $70 billion, up to and including $84 billion |
0.41 | |||
Over $84 billion |
0.35 |
For its investment advisory services to the iShares MSCI Global Min Vol Factor ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:
Aggregate Average Daily Net Assets | Investment Advisory Fee | |||
First $30 billion |
0.350 | % | ||
Over $30 billion, up to and including $60 billion |
0.320 | |||
Over $60 billion, up to and including $90 billion |
0.280 | |||
Over $90 billion, up to and including $120 billion |
0.252 | |||
Over $120 billion, up to and including $150 billion |
0.227 | |||
Over $150 billion |
0.204 |
The Subsidiary has entered into a separate contract with BFA under which BFA provides investment advisory services to the Subsidiary but does not receive separate compensation from the Subsidiary for providing it with such services. The Subsidiary has also entered into separate arrangements that provide for the provision of other services to the Subsidiary (including administrative, custody, transfer agency and other services), and BFA pays the costs and expenses related to the provision of those services.
N O T E S T O F I N A N C I A L S T A T E M E N T S |
57 |
Notes to Financial Statements (unaudited) (continued)
Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and any other fund expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statement of Operations does not include acquired fund fees and expenses.
For each of the iShares MSCI Emerging Markets Min Vol Factor and iShares MSCI Global Min Vol Factor ETFs, BFA has contractually agreed to waive a portion of its investment advisory fee for each Fund through December 31, 2023 in order to limit each Fund’s total annual operating expenses after fee waiver to 0.25% and 0.20%, respectively, of average daily net assets.
For each of the iShares MSCI Emerging Markets ex China and iShares MSCI Emerging Markets Multifactor ETFs, BFA has contractually agreed to waive a portion of its investment advisory fee for each Fund through December 31, 2022 and December 31, 2026, respectively, in an amount equal to the acquired fund fees and expenses, if any, attributable to each Fund’s investments in other iShares funds.
These amounts are included in investment advisory fees waived in the Statements of Operations. For the six months ended February 28, 2022, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:
iShares ETF | Amounts waived | |||
MSCI Emerging Markets Min Vol Factor |
$ | 8,180,720 | ||
MSCI Global Min Vol Factor |
3,063,589 |
Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.
Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.
Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended February 28, 2022, the Funds paid BTC the following amounts for securities lending agent services:
iShares ETF |
Fees Paid to BTC |
|||
ESG Aware MSCI EM |
$ | 140,824 | ||
MSCI Emerging Markets ex China |
30,596 | |||
MSCI Emerging Markets Min Vol Factor |
44,914 | |||
MSCI Emerging Markets Multifactor |
7,611 | |||
MSCI Global Min Vol Factor |
7,462 |
Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.
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Notes to Financial Statements (unaudited) (continued)
Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.
For the six months ended February 28, 2022, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:
iShares ETF | Purchases | Sales | Net Realized Gain (Loss) | |||||||||
ESG Aware MSCI EM |
$ | 60,870,045 | $ | 47,519,509 | $ | (9,491,903 | ) | |||||
MSCI Emerging Markets ex China |
1,573,882 | 5,263,490 | (1,054,953 | ) | ||||||||
MSCI Emerging Markets Min Vol Factor |
36,537,756 | 19,099,682 | (2,928,529 | ) | ||||||||
MSCI Emerging Markets Multifactor |
26,696,787 | 16,127,556 | 238,497 | |||||||||
MSCI Global Min Vol Factor |
82,262,754 | 108,245,429 | 18,683,326 |
Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.
A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.
7. |
PURCHASES AND SALES |
For the six months ended February 28, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:
iShares ETF | Purchases | Sales | ||||||
ESG Aware MSCI EM |
$ | 1,573,860,040 | $ | 1,288,290,379 | ||||
MSCI Emerging Markets ex China |
1,193,082,872 | 201,471,704 | ||||||
MSCI Emerging Markets Min Vol Factor |
467,557,113 | 476,022,096 | ||||||
MSCI Emerging Markets Multifactor |
342,759,403 | 173,776,713 | ||||||
MSCI Global Min Vol Factor |
606,263,315 | 534,616,376 |
For the six months ended February 28, 2022, in-kind transactions were as follows:
iShares ETF | In-kind Purchases |
In-kind Sales | ||||||
ESG Aware MSCI EM |
$ | 116,845,242 | $ | 110,034,352 | ||||
MSCI Emerging Markets ex China |
278,136,733 | — | ||||||
MSCI Emerging Markets Min Vol Factor |
4,715,369 | 31,584,259 | ||||||
MSCI Emerging Markets Multifactor |
20,397,815 | — | ||||||
MSCI Global Min Vol Factor |
204,470,313 | 97,388,602 |
8. |
INCOME TAX INFORMATION |
Each Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.
Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.
As of August 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:
iShares ETF | Non-Expiring | |||
ESG Aware MSCI EM |
$ | 96,635,574 | ||
MSCI Emerging Markets ex China |
11,629,292 | |||
MSCI Emerging Markets Min Vol Factor |
871,741,410 | |||
MSCI Emerging Markets Multifactor |
62,842,118 | |||
MSCI Global Min Vol Factor |
235,562,633 |
A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.
N O T E S T O F I N A N C I A L S T A T E M E N T S |
59 |
Notes to Financial Statements (unaudited) (continued)
As of February 28, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:
iShares ETF | Tax Cost | Gross Unrealized Appreciation |
Gross Unrealized Depreciation |
Net Unrealized Appreciation (Depreciation) | ||||||||||||
ESG Aware MSCI EM |
$ | 6,124,145,007 | $ | 1,158,608,481 | $ | (767,852,879 | ) | $ | 390,755,602 | |||||||
MSCI Emerging Markets ex China |
2,439,306,369 | 169,097,504 | (211,446,344 | ) | (42,348,840 | ) | ||||||||||
MSCI Emerging Markets Min Vol Factor |
3,272,783,751 | 781,298,885 | (290,120,007 | ) | 491,178,878 | |||||||||||
MSCI Emerging Markets Multifactor |
813,892,992 | 153,426,808 | (74,147,267 | ) | 79,279,541 | |||||||||||
MSCI Global Min Vol Factor |
4,491,927,928 | 1,009,068,255 | (275,857,824 | ) | 733,210,431 |
9. |
LINE OF CREDIT |
The Funds, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 12, 2022. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.
For the six months ended February 28, 2022, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Syndicated Credit Agreement were as follows:
iShares ETF | Maximum Amount Borrowed |
Average Borrowing |
Weighted Interest Rates |
|||||||||
ESG Aware MSCI EM |
$ | 58,000,000 | $ | 2,560,453 | 1.10 | % | ||||||
MSCI Emerging Markets ex China |
18,900,000 | 918,232 | 1.09 | |||||||||
MSCI Emerging Markets Min Vol Factor |
15,800,000 | 523,757 | 1.10 | |||||||||
MSCI Emerging Markets Multifactor |
41,932,090 | 1,390,014 | 1.10 | |||||||||
MSCI Global Min Vol Factor |
19,653,000 | 651,481 | 1.10 |
10. |
PRINCIPAL RISKS |
In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.
BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.
The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.
Market Risk: Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) lack of publicly available or reliable information about issuers as a result of not being subject to the same degree of regulatory requirements and accounting, auditing and financial reporting standards; and (iv) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments.
An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic
60 |
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Notes to Financial Statements (unaudited) (continued)
may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.
Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.
The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.
Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.
With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.
Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.
Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedule of Investments.
Certain Funds invest a significant portion of their assets in securities of issuers located in Russia or with significant exposure to Russian issuers or countries. Russia launched a large-scale invasion of Ukraine on February 24, 2022. Governments in the U.S. and many other countries have imposed economic sanctions on certain Russian individuals and Russian corporate and banking entities. Jurisdictions have instituted broader sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border payments. The extent and duration of the military action, resulting sanctions and resulting future market disruptions, including declines in Russia’s stock markets and the value of the ruble against the U.S. dollar, are impossible to predict, but could be significant. Any such disruptions caused by the Russian military action or any response to such activity from the international community may negatively impact Russia’s economy and Russian issuers of securities in which the Fund invests.
Certain Funds invest a significant portion of their assets in securities of issuers located in China or with significant exposure to Chinese issuers or countries. Investments in Chinese securities, including certain Hong Kong-listed securities, involves risks specific to China. China may be subject to considerable degrees of economic, political and social instability and demonstrates significantly higher volatility from time to time in comparison to developed markets. Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries may disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation. Incidents involving China’s or the region’s security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and a fund’s investments. Reduction in spending on Chinese products and services, institution of tariffs or other trade barriers, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. In addition, measures may be taken to limit the flow of capital and/or sanctions may be imposed, which could prohibit or restrict the ability to own or transfer fund assets and may also include retaliatory actions, such as seizure of fund assets.
N O T E S T O F I N A N C I A L S T A T E M E N T S |
61 |
Notes to Financial Statements (unaudited) (continued)
Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.
Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio.
Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a Fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.
LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.
11. |
CAPITAL SHARE TRANSACTIONS |
Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.
Transactions in capital shares were as follows:
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||||||||||||||||
Six Months Ended 02/28/22 |
Year Ended 08/31/21 |
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iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
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ESG Aware MSCI EM |
||||||||||||||||
Shares sold |
17,200,000 | $ | 679,753,097 | 76,700,000 | $ | 3,110,611,419 | ||||||||||
Shares redeemed |
(7,600,000 | ) | (301,326,127 | ) | (14,500,000 | ) | (612,573,218 | ) | ||||||||
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|
|
|
|
|
|
|||||||||
Net increase |
9,600,000 | $ | 378,426,970 | 62,200,000 | $ | 2,498,038,201 | ||||||||||
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MSCI Emerging Markets ex China |
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Shares sold |
21,000,000 | $ | 1,280,823,566 | 18,800,000 | $ | 1,130,275,959 | ||||||||||
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MSCI Emerging Markets Min Vol Factor |
||||||||||||||||
Shares sold |
1,400,000 | $ | 86,911,885 | 600,000 | $ | 39,620,351 | ||||||||||
Shares redeemed |
(1,700,000 | ) | (108,142,319 | ) | (15,900,000 | ) | (964,244,860 | ) | ||||||||
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|
|
|
|
|
|
|
|||||||||
Net decrease |
(300,000 | ) | $ | (21,230,434 | ) | (15,300,000 | ) | $ | (924,624,509 | ) | ||||||
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|
|
|||||||||
MSCI Emerging Markets Multifactor |
||||||||||||||||
Shares sold |
3,900,000 | $ | 200,709,002 | 2,100,000 | $ | 102,725,207 | ||||||||||
Shares redeemed |
— | — | (200,000 | ) | (10,150,796 | ) | ||||||||||
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|
|
|
|
|||||||||
Net increase |
3,900,000 | $ | 200,709,002 | 1,900,000 | $ | 92,574,411 | ||||||||||
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|||||||||
MSCI Global Min Vol Factor |
||||||||||||||||
Shares sold |
2,900,000 | $ | 307,862,382 | 500,000 | $ | 52,148,364 | ||||||||||
Shares redeemed |
(1,100,000 | ) | (115,499,312 | ) | (14,400,000 | ) | (1,401,494,621 | ) | ||||||||
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|
|
|
|
|
|
|
|||||||||
Net increase (decrease) |
1,800,000 | $ | 192,363,070 | (13,900,000 | ) | $ | (1,349,346,257 | ) | ||||||||
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The consideration for the purchase of Creation Units of a fund in the Company generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Company may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Company’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.
From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.
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Notes to Financial Statements (unaudited) (continued)
12. |
SUBSEQUENT EVENTS |
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.
N O T E S T O F I N A N C I A L S T A T E M E N T S |
63 |
Statement Regarding Liquidity Risk Management Program (unaudited)
In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares, Inc. (the “Company”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares ESG Aware MSCI EM ETF, iShares MSCI Emerging Markets ex China ETF, iShares MSCI Emerging Markets Min Vol Factor ETF, iShares MSCI Emerging Markets Multifactor ETF and iShares MSCI Global Min Vol Factor ETF (the “Funds” or “ETFs”), each a series of the Company, which is reasonably designed to assess and manage each Fund’s liquidity risk.
The Board of Directors (the “Board”) of the Company, on behalf of the Funds, met on December 9, 2021 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2020 through September 30, 2021 (the “Program Reporting Period”).
The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and the imposition of capital controls in certain non-U.S. countries.
The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:
a) |
The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes. |
b) |
Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections. |
c) |
Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements. |
d) |
The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages. |
e) |
The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review. |
As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.
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Supplemental Information (unaudited)
Regulation Regarding Derivatives
On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.
Section 19(a) Notices
The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.
February 28, 2022
Total Cumulative Distributions for the Fiscal Year-to-Date |
%
Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date |
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iShares ETF |
Net Investment Income |
Net Realized Capital Gains |
Return of Capital |
Total Per Share |
Net Investment Income |
Net Realized Capital Gains |
Return of Capital |
Total Per Share |
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ESG Aware MSCI EM(a) |
$ | 0.532670 | $ | — | $ | 0.297955 | $ | 0.830625 | 64 | % | — | % | 36 | % | 100 | % | ||||||||||||||||
MSCI Emerging Markets ex China(a) |
0.625853 | — | 0.199506 | 0.825359 | 76 | — | 24 | 100 | ||||||||||||||||||||||||
MSCI Emerging Markets Min Vol Factor(a) |
0.703039 | — | 0.116146 | 0.819185 | 86 | — | 14 | 100 | ||||||||||||||||||||||||
MSCI Emerging Markets Multifactor(a) |
0.755630 | — | 0.174098 | 0.929728 | 81 | — | 19 | 100 | ||||||||||||||||||||||||
MSCI Global Min Vol Factor(a) |
1.021488 | — | 0.106056 | 1.127544 | 91 | — | 9 | 100 |
(a) |
The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share. |
S U P P L E M E N T A L I N F O R M A T I O N |
65 |
Electronic Delivery
Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.
To enroll in electronic delivery:
• |
Go to icsdelivery.com. |
• |
If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor. |
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
Availability of Quarterly Schedule of Investments
The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.
Availability of Proxy Voting Policies and Proxy Voting Records
A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.
A description of the Company’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.
66 |
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 |
Glossary of Terms Used in this Report
Portfolio Abbreviations - Equity | ||
ADR | American Depositary Receipt | |
CPO | Certificates of Participation (Ordinary) | |
GDR | Global Depositary Receipt | |
JSC | Joint Stock Company | |
NVDR | Non-Voting Depositary Receipt | |
NVS | Non-Voting Shares | |
PJSC | Public Joint Stock Company | |
REIT | Real Estate Investment Trust |
G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T |
67 |
Want to know more?
iShares.com | 1-800-474-2737
This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.
Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.
©2022 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
iS-SAR-816-0222
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