|
|
FEBRUARY 28, 2023 |
|
2023 Semi-Annual Report (Unaudited) | ||
iShares Trust
| · |
iShares MSCI Brazil Small-Cap ETF | EWZS | NASDAQ |
| · |
iShares MSCI China ETF | MCHI | NASDAQ |
| · |
iShares MSCI China Small-Cap ETF | ECNS | NYSE Arca |
| · |
iShares MSCI Indonesia ETF | EIDO | NYSE Arca |
| · |
iShares MSCI Peru ETF | EPU | NYSE Arca |
| · |
iShares MSCI Philippines ETF | EPHE | NYSE Arca |
| · |
iShares MSCI Poland ETF | EPOL | NYSE Arca |
| · |
iShares MSCI Qatar ETF | QAT | NASDAQ |
| · |
iShares MSCI Saudi Arabia ETF | KSA | NYSE Arca |
| · |
iShares MSCI UAE ETF | UAE | NASDAQ |
Dear Shareholder,
Significant economic headwinds emerged during the 12-month reporting period ended February 28, 2023, as investors navigated changing economic conditions and volatile markets. The U.S. economy shrank in the first half of 2022 before returning to modest growth in the second half of the year, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high before beginning to moderate. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.
Equity prices fell as interest rates rose, particularly during the first half of the reporting period. Both large-and small-capitalization U.S. stocks fell, although equities began to recover in the second half of the period as inflation eased and economic growth resumed. Emerging market stocks and international equities from developed markets declined overall, pressured by rising interest rates and a strong U.S. dollar.
The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to fluctuating inflation data and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and higher interest rates led to rising borrowing costs for corporate issuers.
The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates eight times. Furthermore, the Fed wound down its bond-buying programs and accelerated the reduction of its balance sheet.
Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth slowed in the last year, we believe that taming inflation requires a more substantial decline that lowers demand to a level more in line with the economy’s productive capacity. Although the Fed has decelerated the pace of interest rate hikes, it still seems determined to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, but the dimming economic outlook has not yet been fully reflected in current market prices. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions. Turmoil in the banking sector shortly following the end of the period highlighted the potential for the knock-on effects of substantially higher interest rates to disrupt markets with little warning.
While we favor an overweight to equities in the long term, several factors lead us to take an underweight stance on equities overall in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with the possibility of a recession in a business environment characterized by higher costs and reduced pricing power. Nevertheless, we are overweight on emerging market stocks as a weaker U.S. dollar provides a supportive backdrop. We also see long-term opportunities in credit, where valuations are appealing and higher yields provide attractive income, although we are neutral on credit in the near term, as we believe that troubles in the banking sector will likely lead to reduced lending. However, we believe there are still some strong opportunities for a six- to twelve-month horizon, particularly short-term U.S. Treasuries, global inflation-linked bonds, and emerging market bonds denominated in local currency.
Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, 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.
Rob Kapito
President, BlackRock, Inc.
Rob Kapito
President, BlackRock, Inc.
|
Total Returns as of February 28, 2023
|
||||||||
| 6-Month | 12-Month | |||||||
|
U.S.
large cap equities |
1.26 | % | (7.69 | )% | ||||
|
U.S.
small cap equities |
3.63 | (6.02 | ) | |||||
|
International
equities |
12.58 | (3.14 | ) | |||||
|
Emerging
market equities |
(2.29 | ) | (15.28 | ) | ||||
|
3-month Treasury bills |
1.74 | 2.11 | ||||||
|
U.S.
Treasury securities |
(4.81 | ) | (14.06 | ) | ||||
|
U.S.
investment grade bonds |
(2.13 | ) | (9.72 | ) | ||||
|
Tax-exempt municipal
bonds |
0.66 | (5.10 | ) | |||||
|
U.S.
high yield bonds |
2.52 | (5.45 | ) | |||||
|
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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| 2 |
T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T |
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Financial Statements |
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| Fund Summary as of February 28, 2023 | iShares® MSCI Brazil Small-Cap ETF |
Investment Objective
The iShares MSCI Brazil Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization Brazilian equities, as represented by the MSCI Brazil Small Cap Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
| Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
| 6-Month Total Returns |
1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
|
Fund NAV |
(13.30 | )% | (17.71 | )% | (5.10 | )% | (5.83 | )% | (17.71 | )% | (23.02 | )% | (45.14 | )% | ||||||||||||||||||
|
Fund Market |
(13.15 | ) | (19.02 | ) | (5.24 | ) | (5.90 | ) | (19.02 | ) | (23.58 | ) | (45.56 | ) | ||||||||||||||||||
|
Index |
(13.18 | ) | (17.40 | ) | (4.32 | ) | (5.27 | ) | (17.40 | ) | (19.83 | ) | (41.80 | ) | ||||||||||||||||||
Past performance is not an indication 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” for more information.
Expense Example
| Actual |
Hypothetical 5% Return |
|||||||||||||||||||||||||||
|
Beginning Account Value (09/01/22) |
|
|
Ending Account Value (02/28/23) |
|
|
Expenses Paid During the Period |
(a) |
Beginning Account Value (09/01/22) |
|
Ending Account Value (02/28/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| |||||||||||
| $ 1,000.00 | $ 867.00 | $ 2.73 | $ 1,000.00 | $ 1,021.90 | $ 2.96 | 0.59 | % | |||||||||||||||||||||
| (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 “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
|
Sector |
|
Percent of Total Investments |
(a) | |
|
Industrials |
18.7 | % | ||
|
Consumer Discretionary |
17.9 | |||
|
Utilities |
13.1 | |||
|
Consumer Staples |
12.7 | |||
|
Materials |
11.8 | |||
|
Real Estate |
8.7 | |||
|
Health Care |
5.5 | |||
|
Energy |
4.7 | |||
|
Information Technology |
4.3 | |||
|
Financials |
2.6 | |||
| (a) |
Excludes money market funds. |
TEN LARGEST HOLDINGS
|
Security |
|
Percent of Total Investments |
(a) | |
|
Embraer SA |
4.6 | % | ||
|
Metalurgica Gerdau SA (Preferred) |
3.3 | |||
|
Transmissora Alianca de Energia Eletrica SA |
2.9 | |||
|
Aliansce Sonae Shopping Centers SA |
2.8 | |||
|
Multiplan Empreendimentos Imobiliarios SA |
2.8 | |||
|
Bradespar SA (Preferred) |
2.8 | |||
|
3R Petroleum Oleo E Gas SA |
2.6 | |||
|
Cielo SA |
2.3 | |||
|
SLC Agricola SA |
2.3 | |||
|
EDP - Energias do Brasil SA |
2.0 | |||
| 4 |
2 0 2 3 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, 2023 | iShares® MSCI China ETF |
Investment Objective
The iShares MSCI China ETF (the “Fund”) seeks to track the investment results of an index composed of Chinese equities that are available to international investors, as represented by the MSCI 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-Month Total Returns |
1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
|
Fund NAV |
(2.44 | )% | (16.57 | )% | (5.96 | )% | 1.92 | % | (16.57 | )% | (26.47 | )% | 20.95 | % | ||||||||||||||||||
|
Fund Market |
(2.26 | ) | (16.65 | ) | (5.77 | ) | 1.93 | (16.65 | ) | (25.72 | ) | 21.10 | ||||||||||||||||||||
|
Index |
(2.83 | ) | (16.14 | ) | (5.49 | ) | 2.44 | (16.14 | ) | (24.58 | ) | 27.28 | ||||||||||||||||||||
Past performance is not an indication 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” for more information.
Expense Example
| Actual |
Hypothetical 5% Return |
|||||||||||||||||||||||||||
|
Beginning Account Value (09/01/22) |
|
|
Ending Account Value (02/28/23) |
|
|
Expenses Paid During the Period |
(a) |
Beginning Account Value (09/01/22) |
|
Ending Account Value (02/28/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| |||||||||||
| $ 1,000.00 | $ 975.60 | $ 2.89 | $ 1,000.00 | $ 1,021.90 | $ 2.96 | 0.59 | % | |||||||||||||||||||||
| (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 “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
|
Sector |
|
Percent of Total Investments |
(a) | |
|
Consumer Discretionary |
29.3 | % | ||
|
Communication Services |
19.0 | |||
|
Financials |
15.7 | |||
|
Health Care |
6.3 | |||
|
Information Technology |
6.1 | |||
|
Consumer Staples |
5.7 | |||
|
Industrials |
5.5 | |||
|
Materials |
3.7 | |||
|
Real Estate |
3.5 | |||
|
Energy |
2.6 | |||
|
Utilities |
2.6 | |||
| (a) |
Excludes money market funds. |
TEN LARGEST HOLDINGS
|
Security |
|
Percent of Total Investments |
(a) | |
|
Tencent Holdings Ltd. |
13.3 | % | ||
|
Alibaba Group Holding Ltd. |
7.9 | |||
|
Meituan, Class B |
4.3 | |||
|
China Construction Bank Corp., Class H |
2.9 | |||
|
JD.com Inc., Class A |
2.3 | |||
|
Pinduoduo Inc. |
2.2 | |||
|
Ping An Insurance Group Co. of China Ltd., Class H |
2.1 | |||
|
Baidu Inc. |
1.9 | |||
|
NetEase Inc. |
1.5 | |||
|
Bank of China Ltd., Class H |
1.4 | |||
|
F U N D S U M M A R Y |
5 |
| Fund Summary as of February 28, 2023 | iShares® MSCI China Small-Cap ETF |
Investment Objective
The iShares MSCI China Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization Chinese equities that are available to international investors, as represented by the MSCI China Small Cap Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
| Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
|
6-Month Total Returns |
1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
|
Fund NAV |
5.67 | % | (14.05 | )% | (3.21 | )% | 1.80 | % | (14.05 | )% | (15.04 | )% | 19.49 | % | ||||||||||||||||||
|
Fund Market |
6.20 | (14.57 | ) | (3.10 | ) | 1.78 | (14.57 | ) | (14.58 | ) | 19.27 | |||||||||||||||||||||
|
Index |
4.93 | (14.46 | ) | (5.18 | ) | 0.24 | (14.46 | ) | (23.36 | ) | 2.44 | |||||||||||||||||||||
Past performance is not an indication 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” for more information.
Expense Example
| Actual |
Hypothetical 5% Return |
|||||||||||||||||||||||||||
|
Beginning Account Value (09/01/22) |
|
|
Ending Account Value (02/28/23) |
|
|
Expenses Paid During the Period |
(a) |
Beginning Account Value (09/01/22) |
|
Ending Account Value (02/28/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| |||||||||||
| $ 1,000.00 | $ 1,056.70 | $ 3.01 | $ 1,000.00 | $ 1,021.90 | $ 2.96 | 0.59 | % | |||||||||||||||||||||
| (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 “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
|
Sector |
|
Percent
of Total Investments |
(a) | |
|
Health Care |
20.0 | % | ||
|
Consumer Discretionary |
15.1 | |||
|
Real Estate |
13.5 | |||
|
Information Technology |
10.8 | |||
|
Industrials |
9.8 | |||
|
Materials |
7.8 | |||
|
Communication Services |
7.3 | |||
|
Financials |
6.6 | |||
|
Utilities |
3.9 | |||
|
Consumer Staples |
3.8 | |||
|
Energy |
1.4 | |||
| (a) |
Excludes money market funds. |
TEN LARGEST HOLDINGS
|
Security |
|
Percent
of Total Investments |
(a) | |
|
JinkoSolar Holding Co. Ltd. |
2.3 | % | ||
|
International Alliance Financial Leasing Co. Ltd. |
1.9 | |||
|
HUTCHMED China Ltd. |
1.6 | |||
|
Lifetech Scientific Corp. |
1.4 | |||
|
Hello Group Inc. |
1.4 | |||
|
Jinxin Fertility Group Ltd. |
1.3 | |||
|
Keymed Biosciences Inc. |
1.3 | |||
|
Weimob Inc. |
1.2 | |||
|
China Education Group Holdings Ltd. |
1.1 | |||
|
RLX Technology Inc. |
1.0 | |||
| 6 |
2 0 2 3 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, 2023 | iShares® MSCI Indonesia ETF |
Investment Objective
The iShares MSCI Indonesia ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Indonesian equities, as represented by the MSCI Indonesia IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
| Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
| 6-Month Total Returns |
1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
|
Fund NAV |
(3.34 | )% | (2.91 | )% | (2.72 | )% | (2.31 | )% | (2.91 | )% | (12.87 | )% | (20.84 | )% | ||||||||||||||||||
|
Fund Market |
(2.60 | ) | (3.54 | ) | (2.56 | ) | (2.31 | ) | (3.54 | ) | (12.15 | ) | (20.86 | ) | ||||||||||||||||||
|
Index |
(3.36 | ) | (1.97 | ) | (2.17 | ) | (1.80 | ) | (1.97 | ) | (10.41 | ) | (16.61 | ) | ||||||||||||||||||
Index performance through May 28, 2019 reflects the performance of MSCI Indonesia Investable Market Index. Index performance beginning on May 29, 2019 reflects the performance of the MSCI Indonesia IMI 25/50 Index.
Past performance is not an indication 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” for more information.
Expense Example
| Actual |
Hypothetical 5% Return |
|||||||||||||||||||||||||||
|
Beginning Account Value (09/01/22) |
|
|
Ending Account Value (02/28/23) |
|
|
Expenses Paid During |
|
Beginning Account Value (09/01/22) |
|
Ending Account Value (02/28/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| |||||||||||
| $ 1,000.00 | $ 966.60 | $ 2.88 | $ 1,000.00 | $ 1,021.90 | $ 2.96 | 0.59 | % | |||||||||||||||||||||
| (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 “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
|
Sector |
|
Percent
of Total Investments |
(a) | |
|
Financials |
45.3 | % | ||
|
Consumer Staples |
11.3 | |||
|
Materials |
11.0 | |||
|
Communication Services |
9.2 | |||
|
Energy |
7.7 | |||
|
Consumer Discretionary |
6.7 | |||
|
Health Care |
3.3 | |||
|
Real Estate |
2.3 | |||
|
Industrials |
1.9 | |||
|
Utilities |
1.1 | |||
|
Information Technology |
0.2 | |||
| (a) |
Excludes money market funds. |
TEN LARGEST HOLDINGS
|
Security |
|
Percent
of Total Investments |
(a) | |
|
Bank Central Asia Tbk PT |
19.8 | % | ||
|
Bank Rakyat Indonesia Persero Tbk PT |
12.5 | |||
|
Telkom Indonesia Persero Tbk PT |
6.8 | |||
|
Bank Mandiri Persero Tbk PT |
6.1 | |||
|
Astra International Tbk PT |
4.1 | |||
|
Bank Negara Indonesia Persero Tbk PT |
3.4 | |||
|
Kalbe Farma Tbk PT |
2.5 | |||
|
Merdeka Copper Gold Tbk PT |
2.4 | |||
|
Adaro Energy Indonesia Tbk PT |
2.4 | |||
|
Charoen Pokphand Indonesia Tbk PT |
2.2 | |||
|
F U N D S U M M A R Y |
7 |
| Fund Summary as of February 28, 2023 | iShares® MSCI Peru ETF |
Investment Objective
The iShares MSCI Peru ETF (the “Fund”) seeks to track the investment results of an index composed of Peruvian equities, as represented by the MSCI All Peru Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
On March 29, 2023, the Board approved a proposal to change the name of MSCI Peru to MSCI Peru and Global Exposure as well as the Fund’s investment objective. These changes became effective on April 10, 2023.
Performance
| Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
|
6-Month Total Returns |
1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
|
Fund NAV |
17.02 | % | (10.43 | )% | (4.16 | )% | (1.77 | )% | (10.43 | )% | (19.12 | )% | (16.35 | )% | ||||||||||||||||||
|
Fund Market |
16.16 | (12.05 | ) | (4.23 | ) | (1.91 | ) | (12.05 | ) | (19.44 | ) | (17.55 | ) | |||||||||||||||||||
|
Index |
17.28 | (9.87 | ) | (3.91 | ) | (1.30 | ) | (9.87 | ) | (18.08 | ) | (12.23 | ) | |||||||||||||||||||
Past performance is not an indication 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” for more information.
Expense Example
| Actual |
Hypothetical 5% Return |
|||||||||||||||||||||||||||
|
Beginning Account Value (09/01/22) |
|
|
Ending Account Value (02/28/23) |
|
|
Expenses Paid During the Period |
(a) |
Beginning Account Value (09/01/22) |
|
Ending Account Value (02/28/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| |||||||||||
| $ 1,000.00 | $ 1,170.20 | $ 3.17 | $ 1,000.00 | $ 1,021.90 | $ 2.96 | 0.59 | % | |||||||||||||||||||||
| (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 “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
|
Sector |
|
Percent
of Total Investments |
(a) | |
|
Materials |
47.8 | % | ||
|
Financials |
26.7 | |||
|
Consumer Staples |
8.1 | |||
|
Consumer Discretionary |
5.3 | |||
|
Industrials |
4.6 | |||
|
Energy |
2.8 | |||
|
Real Estate |
2.7 | |||
|
Utilities |
2.0 | |||
| (a) |
Excludes money market funds. |
TEN LARGEST HOLDINGS
|
Security |
|
Percent
of Total Investments |
(a) | |
|
Credicorp Ltd. |
22.5 | % | ||
|
Southern Copper Corp. |
22.3 | |||
|
Cia. de Minas Buenaventura SAA |
4.7 | |||
|
Alicorp SAA |
4.2 | |||
|
Ferreycorp SAA |
3.7 | |||
|
Sociedad Minera Cerro Verde SAA |
3.5 | |||
|
InRetail Peru Corp. |
2.9 | |||
|
PetroTal Corp. |
2.8 | |||
|
Falabella SA |
2.7 | |||
|
Parque Arauco SA |
2.7 | |||
| 8 |
2 0 2 3 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, 2023 | iShares® MSCI Philippines ETF |
Investment Objective
The iShares MSCI Philippines ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Philippine equities, as represented by the MSCI Philippines IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
| Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
|
6-Month Total Returns |
1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
|
Fund NAV |
0.77 | % | (16.66 | )% | (5.26 | )% | (3.21 | )% | (16.66 | )% | (23.69 | )% | (27.81 | )% | ||||||||||||||||||
|
Fund Market |
1.31 | (18.53 | ) | (5.22 | ) | (3.24 | ) | (18.53 | ) | (23.50 | ) | (28.06 | ) | |||||||||||||||||||
|
Index |
0.92 | (15.93 | ) | (4.56 | ) | (2.52 | ) | (15.93 | ) | (20.81 | ) | (22.50 | ) | |||||||||||||||||||
Index performance through November 30, 2020 reflects the performance of the MSCI Philippines Investible Market Index (IMI). Index performance beginning on December 1, 2020 reflects the performance of the MSCI Philippines IMI 25/50 Index.
Past performance is not an indication 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” for more information.
Expense Example
| Actual |
Hypothetical 5% Return |
|||||||||||||||||||||||||||
|
Beginning Account Value (09/01/22) |
|
|
Ending Account Value (02/28/23) |
|
|
Expenses Paid During the Period |
(a) |
Beginning Account Value (09/01/22) |
|
Ending Account Value (02/28/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| |||||||||||
| $ 1,000.00 | $ 1,007.70 | $ 2.94 | $ 1,000.00 | $ 1,021.90 | $ 2.96 | 0.59 | % | |||||||||||||||||||||
| (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 “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
|
Sector |
|
Percent
of Total Investments |
(a) | |
|
Industrials |
28.4 | % | ||
|
Financials |
20.7 | |||
|
Real Estate |
20.3 | |||
|
Consumer Staples |
9.9 | |||
|
Consumer Discretionary |
7.5 | |||
|
Communication Services |
5.7 | |||
|
Utilities |
5.4 | |||
|
Energy |
1.1 | |||
|
Materials |
1.0 | |||
| (a) |
Excludes money market funds. |
TEN LARGEST HOLDINGS
|
Security |
|
Percent
of Total Investments |
(a) | |
|
SM Prime Holdings Inc. |
11.5 | % | ||
|
BDO Unibank Inc. |
8.3 | |||
|
Ayala Land Inc. |
5.9 | |||
|
SM Investments Corp. |
5.9 | |||
|
Bank of the Philippine Islands |
4.9 | |||
|
International Container Terminal Services Inc. |
4.5 | |||
|
Ayala Corp. |
4.2 | |||
|
PLDT Inc. |
4.0 | |||
|
JG Summit Holdings Inc. |
4.0 | |||
|
Jollibee Foods Corp. |
3.9 | |||
|
F U N D S U M M A R Y |
9 |
| Fund Summary as of February 28, 2023 | iShares® MSCI Poland ETF |
Investment Objective
The iShares MSCI Poland ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Polish equities, as represented by the MSCI Poland IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
| Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
|
6-Month Total Returns |
1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
|
Fund NAV |
27.62 | % | (9.81 | )% | (8.08 | )% | (3.09 | )% | (9.81 | )% | (34.39 | )% | (26.95 | )% | ||||||||||||||||||
|
Fund Market |
27.86 | (9.59 | ) | (7.99 | ) | (3.07 | ) | (9.59 | ) | (34.05 | ) | (26.79 | ) | |||||||||||||||||||
|
Index |
27.85 | (10.21 | ) | (7.98 | ) | (2.88 | ) | (10.21 | ) | (34.01 | ) | (25.31 | ) | |||||||||||||||||||
Certain sectors and markets performed exceptionally well based on market conditions during the six-months period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.
Past performance is not an indication 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” for more information.
Expense Example
| Actual |
Hypothetical 5% Return |
|||||||||||||||||||||||||||
|
Beginning Account Value (09/01/22) |
|
|
Ending Account Value (02/28/23) |
|
|
Expenses Paid During the Period |
(a) |
Beginning Account Value (09/01/22) |
|
Ending Account Value (02/28/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| |||||||||||
| $ 1,000.00 | $ 1,276.20 | $ 3.33 | $ 1,000.00 | $ 1,021.90 | $ 2.96 | 0.59 | % | |||||||||||||||||||||
| (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 “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
|
Sector |
|
Percent
of Total Investments |
(a) | |
|
Financials |
39.9 | % | ||
|
Energy |
16.7 | |||
|
Consumer Discretionary |
12.7 | |||
|
Materials |
7.6 | |||
|
Communication Services |
7.4 | |||
|
Consumer Staples |
5.3 | |||
|
Utilities |
4.6 | |||
|
Information Technology |
3.0 | |||
|
Industrials |
2.1 | |||
|
Health Care |
0.7 | |||
| (a) |
Excludes money market funds. |
TEN LARGEST HOLDINGS
|
Security |
|
Percent
of Total Investments |
(a) | |
|
Polski Koncern Naftowy ORLEN SA |
16.7 | % | ||
|
Powszechna Kasa Oszczednosci Bank Polski SA |
10.6 | |||
|
Powszechny Zaklad Ubezpieczen SA |
8.6 | |||
|
Bank Polska Kasa Opieki SA |
6.4 | |||
|
Dino Polska SA |
4.6 | |||
|
KGHM Polska Miedz SA |
4.3 | |||
|
Santander Bank Polska SA |
4.3 | |||
|
Allegro.eu SA |
4.2 | |||
|
LPP SA |
4.1 | |||
|
CD Projekt SA |
3.5 | |||
| 10 |
2 0 2 3 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, 2023 | iShares® MSCI Qatar ETF |
Investment Objective
The iShares MSCI Qatar ETF (the “Fund”) seeks to track the investment results of an index composed of Qatar equities, as represented by the MSCI All Qatar Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
| Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
|
6-Month Total Returns |
1 Year | 5 Years |
Since Inception |
1 Year | 5 Years |
Since Inception |
||||||||||||||||||||||||||
|
Fund NAV |
(18.43 | )% | (16.44 | )% | 6.47 | % | 0.14 | % | (16.44 | )% | 36.82 | % | 1.27 | % | ||||||||||||||||||
|
Fund Market |
(18.75 | ) | (17.19 | ) | 6.56 | 0.11 | (17.19 | ) | 37.42 | 1.01 | ||||||||||||||||||||||
|
Index |
(18.87 | ) | (15.67 | ) | 7.20 | 0.76 | (15.67 | ) | 41.59 | 6.94 | ||||||||||||||||||||||
The inception date of the Fund was April 29, 2014. The first day of secondary market trading was May 1, 2014.
Past performance is not an indication 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” for more information.
Expense Example
| Actual |
Hypothetical 5% Return |
|||||||||||||||||||||||||||
|
Beginning Account Value (09/01/22) |
|
|
Ending Account Value (02/28/23) |
|
|
Expenses Paid During the Period |
(a) |
Beginning Account Value (09/01/22) |
|
Ending Account Value (02/28/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| |||||||||||
| $ 1,000.00 | $ 815.70 | $ 2.66 | $ 1,000.00 | $ 1,021.90 | $ 2.96 | 0.59 | % | |||||||||||||||||||||
| (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 “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
|
Sector |
|
Percent
of Total Investments |
(a) | |
|
Financials |
52.3 | % | ||
|
Industrials |
14.4 | |||
|
Energy |
8.9 | |||
|
Materials |
8.2 | |||
|
Real Estate |
5.0 | |||
|
Communication Services |
4.9 | |||
|
Utilities |
3.5 | |||
|
Consumer Staples |
2.0 | |||
|
Health Care |
0.8 | |||
| (a) |
Excludes money market funds. |
TEN LARGEST HOLDINGS
|
Security |
|
Percent
of Total Investments |
(a) | |
|
Qatar National Bank QPSC |
23.4 | % | ||
|
Qatar Islamic Bank SAQ |
12.1 | |||
|
Industries Qatar QSC |
8.3 | |||
|
Commercial Bank PSQC (The) |
4.5 | |||
|
Masraf Al Rayan QSC |
4.4 | |||
|
Mesaieed Petrochemical Holding Co. |
4.1 | |||
|
Qatar Gas Transport Co. Ltd. |
4.0 | |||
|
Qatar International Islamic Bank QSC |
3.8 | |||
|
Qatar Fuel QSC |
3.7 | |||
|
Qatar Electricity & Water Co. QSC |
3.5 | |||
|
F U N D S U M M A R Y |
11 |
| Fund Summary as of February 28, 2023 | iShares® MSCI Saudi Arabia ETF |
Investment Objective
The iShares MSCI Saudi Arabia ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Saudi Arabian equities, as represented by the MSCI Saudi Arabia IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
| Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
|
6-Month Total Returns |
1 Year | 5 Years |
Since Inception |
1 Year | 5 Years |
Since Inception |
||||||||||||||||||||||||||
|
Fund NAV |
(17.34 | )% | (19.46 | )% | 8.54 | % | 7.45 | % | (19.46 | )% | 50.65 | % | 70.87 | % | ||||||||||||||||||
|
Fund Market |
(17.30 | ) | (20.71 | ) | 8.54 | 7.39 | (20.71 | ) | 50.62 | 70.15 | ||||||||||||||||||||||
|
Index |
(17.15 | ) | (18.43 | ) | 9.30 | 8.27 | (18.43 | ) | 55.96 | 80.89 | ||||||||||||||||||||||
The inception date of the Fund was September 16, 2015. The first day of secondary market trading was September 17, 2015.
Past performance is not an indication 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” for more information.
Expense Example
| Actual |
Hypothetical 5% Return |
|||||||||||||||||||||||||||
|
|
Beginning Account Value (09/01/22) |
|
|
Ending Account Value (02/28/23) |
|
|
Expenses Paid During the Period |
(a) |
Beginning Account Value (09/01/22) |
|
Ending Account Value |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||||||
| $ 1,000.00 | $ 826.60 | $ 3.35 | $ 1,000.00 | $ 1,021.10 | $ 3.71 | 0.74 | % | |||||||||||||||||||||
| (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 “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
|
Sector |
|
Percent
of Total Investments |
(a) | |
|
Financials |
41.9 | % | ||
|
Materials |
22.6 | |||
|
Energy |
8.1 | |||
|
Communication Services |
7.6 | |||
|
Health Care |
4.6 | |||
|
Consumer Staples |
4.5 | |||
|
Consumer Discretionary |
3.0 | |||
|
Utilities |
3.0 | |||
|
Real Estate |
2.2 | |||
|
Industrials |
1.9 | |||
|
Information Technology |
0.6 | |||
| (a) |
Excludes money market funds. |
TEN LARGEST HOLDINGS
|
Security |
|
Percent
of Total Investments |
(a) | |
|
Al Rajhi Bank |
13.2 | % | ||
|
Saudi National Bank (The) |
9.9 | |||
|
Saudi Basic Industries Corp. |
7.5 | |||
|
Saudi Arabian Oil Co. |
7.1 | |||
|
Saudi Telecom Co. |
4.5 | |||
|
Saudi Arabian Mining Co. |
4.4 | |||
|
Riyad Bank |
3.5 | |||
|
Saudi British Bank (The) |
3.0 | |||
|
Alinma Bank |
2.9 | |||
|
SABIC Agri-Nutrients Co. |
2.4 | |||
| 12 |
2 0 2 3 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, 2023 | iShares® MSCI UAE ETF |
Investment Objective
The iShares MSCI UAE ETF (the “Fund”) seeks to track the investment results of an index composed of UAE equities, as represented by the MSCI All UAE Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
| Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
|
6-Month Total Returns |
1 Year | 5 Years |
Since Inception |
1 Year | 5 Years |
Since Inception |
||||||||||||||||||||||||||
|
Fund NAV |
(9.20 | )% | (14.24 | )% | 1.49 | % | (2.11 | )% | (14.24 | )% | 7.67 | % | (17.20 | )% | ||||||||||||||||||
|
Fund Market |
(10.04 | ) | (14.40 | ) | 1.68 | (2.10 | ) | (14.40 | ) | 8.68 | (17.10 | ) | ||||||||||||||||||||
|
Index |
(8.94 | ) | (13.35 | ) | 2.41 | (1.37 | ) | (13.35 | ) | 12.64 | (11.46 | ) | ||||||||||||||||||||
The inception date of the Fund was April 29, 2014. The first day of secondary market trading was May 1, 2014.
Past performance is not an indication 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” for more information.
Expense Example
| Actual |
Hypothetical 5% Return |
|||||||||||||||||||||||||||
|
Beginning Account Value (09/01/22) |
|
|
Ending Account Value (02/28/23) |
|
|
Expenses Paid During the Period |
(a) |
Beginning Account Value (09/01/22) |
|
Ending Account Value (02/28/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| |||||||||||
| $ 1,000.00 | $ 908.00 | $ 2.79 | $ 1,000.00 | $ 1,021.90 | $ 2.96 | 0.59 | % | |||||||||||||||||||||
| (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 “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
|
Sector |
|
Percent
of Total Investments |
(a) | |
|
Financials |
40.1 | % | ||
|
Communication Services |
23.4 | |||
|
Real Estate |
13.5 | |||
|
Industrials |
12.7 | |||
|
Consumer Discretionary |
5.1 | |||
|
Utilities |
2.3 | |||
|
Energy |
1.6 | |||
|
Consumer Staples |
1.3 | |||
|
Health Care |
0.0 | (b) | ||
| (a) |
Excludes money market funds. |
| (b) |
Rounds to less than 0.1% |
TEN LARGEST HOLDINGS
|
Security |
|
Percent
of Total Investments |
(a) | |
|
Emirates Telecommunications Group Co. PJSC |
21.6 | % | ||
|
First Abu Dhabi Bank PJSC |
15.1 | |||
|
Emaar Properties PJSC |
7.6 | |||
|
Abu Dhabi Islamic Bank PJSC |
4.7 | |||
|
Emirates NBD Bank PJSC |
4.6 | |||
|
Abu Dhabi National Oil Co. for Distribution PJSC |
4.5 | |||
|
Dubai Islamic Bank PJSC |
4.5 | |||
|
Abu Dhabi Commercial Bank PJSC |
4.3 | |||
|
Multiply Group |
4.1 | |||
|
Aldar Properties PJSC |
4.0 | |||
|
F U N D S U M M A R Y |
13 |
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 the 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 the 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.
| 14 |
2 0 2 3 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, 2023 |
iShares® MSCI Brazil Small-Cap ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
|
Common Stocks |
||||||||
| Aerospace & Defense — 4.6% | ||||||||
|
Embraer SA(a) |
1,099,739 | $ | 3,484,833 | |||||
|
|
|
|||||||
| Auto Components — 0.5% | ||||||||
|
Mahle-Metal Leve SA |
60,234 | 370,922 | ||||||
|
|
|
|||||||
| Biotechnology — 0.4% | ||||||||
|
Blau Farmaceutica SA(a) |
56,144 | 305,629 | ||||||
|
|
|
|||||||
| Commercial Services & Supplies — 2.1% | ||||||||
|
Ambipar Participacoes e Empreendimentos SA |
70,689 | 274,496 | ||||||
|
GPS Participacoes e Empreendimentos SA(a)(b) |
419,187 | 944,791 | ||||||
|
Orizon Valorizacao de Residuos SA(a) |
55,942 | 417,899 | ||||||
|
|
|
|||||||
| 1,637,186 | ||||||||
| Communications Equipment — 0.9% | ||||||||
|
Intelbras SA Industria de Telecomunicacao Eletronica Brasileira |
128,162 | 693,509 | ||||||
|
|
|
|||||||
| Diversified Consumer Services — 2.7% | ||||||||
|
Anima Holding SA(a) |
473,984 | 288,802 | ||||||
|
Cogna Educacao(a) |
2,936,534 | 1,133,007 | ||||||
|
YDUQS Participacoes SA |
459,482 | 618,733 | ||||||
|
|
|
|||||||
| 2,040,542 | ||||||||
| Electric Utilities — 6.6% | ||||||||
|
Alupar Investimento SA |
229,274 | 1,188,969 | ||||||
|
EDP - Energias do Brasil SA |
409,236 | 1,534,405 | ||||||
|
Light SA |
408,085 | 194,866 | ||||||
|
Transmissora Alianca de Energia Eletrica SA |
320,485 | 2,172,500 | ||||||
|
|
|
|||||||
| 5,090,740 | ||||||||
| Food & Staples Retailing — 2.2% | ||||||||
|
Cia. Brasileira de Distribuicao |
253,243 | 751,682 | ||||||
|
Grupo Mateus SA(a) |
864,302 | 931,088 | ||||||
|
|
|
|||||||
| 1,682,770 | ||||||||
| Food Products — 10.4% | ||||||||
|
BrasilAgro - Co. Brasileira de Propriedades Agricolas |
72,090 | 357,183 | ||||||
|
BRF SA(a) |
1,016,320 | 1,195,796 | ||||||
|
Camil Alimentos SA |
197,166 | 302,408 | ||||||
|
Jalles Machado SA |
161,401 | 240,771 | ||||||
|
M. Dias Branco SA |
132,618 | 850,354 | ||||||
|
Marfrig Global Foods SA |
516,388 | 628,292 | ||||||
|
Minerva SA |
427,628 | 925,427 | ||||||
|
Sao Martinho SA |
249,282 | 1,295,107 | ||||||
|
SLC Agricola SA |
182,651 | 1,718,900 | ||||||
|
Tres Tentos Agroindustrial SA |
194,122 | 472,379 | ||||||
|
|
|
|||||||
| 7,986,617 | ||||||||
| Health Care Providers & Services — 5.0% | ||||||||
|
Alliar Medicos A Frente SA(a) |
74,042 | 293,456 | ||||||
|
CM Hospitalar SA |
156,705 | 527,094 | ||||||
|
Fleury SA |
365,116 | 989,599 | ||||||
|
Hospital Mater Dei SA |
149,568 | 242,259 | ||||||
|
Instituto Hermes Pardini SA |
71,735 | 263,896 | ||||||
|
Odontoprev SA |
444,771 | 980,366 | ||||||
|
Oncoclinicas do Brasil Servicos Medicos SA(a) |
233,870 | 339,496 | ||||||
|
Qualicorp Consultoria e Corretora de Seguros SA |
222,214 | 198,214 | ||||||
|
|
|
|||||||
| 3,834,380 | ||||||||
| Hotels, Restaurants & Leisure — 1.4% | ||||||||
|
Smartfit Escola de Ginastica e Danca SA(a) |
366,943 | 1,088,469 | ||||||
|
|
|
|||||||
| Household Durables — 4.3% | ||||||||
|
Cury Construtora e Incorporadora SA |
205,528 | 494,638 | ||||||
| Security | Shares | Value | ||||||
| Household Durables (continued) | ||||||||
|
Cyrela Brazil Realty SA Empreendimentos e Participacoes |
469,141 | $ | 1,342,336 | |||||
|
Direcional Engenharia SA |
152,569 | 448,488 | ||||||
|
Ez Tec Empreendimentos e Participacoes SA |
172,903 | 419,753 | ||||||
|
MRV Engenharia e Participacoes SA |
491,509 | 553,898 | ||||||
|
|
|
|||||||
| 3,259,113 | ||||||||
| Independent Power and Renewable Electricity Producers — 3.5% | ||||||||
|
AES Brasil Energia SA |
376,761 | 713,877 | ||||||
|
Auren Energia SA |
391,203 | 1,105,885 | ||||||
|
Omega Energia SA(a) |
487,228 | 858,974 | ||||||
|
|
|
|||||||
| 2,678,736 | ||||||||
| Insurance — 0.5% | ||||||||
|
IRB Brasil Resseguros S/A(a) |
115,853 | 417,787 | ||||||
|
|
|
|||||||
| IT Services — 3.1% | ||||||||
|
Cielo SA |
1,913,086 | 1,753,968 | ||||||
|
Locaweb Servicos de Internet SA(a)(b) |
695,375 | 649,492 | ||||||
|
|
|
|||||||
| 2,403,460 | ||||||||
| Machinery — 1.4% | ||||||||
|
Iochpe Maxion SA |
216,488 | 466,019 | ||||||
|
Tupy SA |
112,805 | 584,984 | ||||||
|
|
|
|||||||
| 1,051,003 | ||||||||
| Marine — 0.4% | ||||||||
|
Hidrovias do Brasil SA(a) |
773,406 | 273,291 | ||||||
|
|
|
|||||||
| Metals & Mining — 1.2% | ||||||||
|
Bradespar SA |
53,982 | 257,256 | ||||||
|
Cia. Brasileira de Aluminio |
233,092 | 463,918 | ||||||
|
Metalurgica Gerdau SA |
85,699 | 183,824 | ||||||
|
|
|
|||||||
| 904,998 | ||||||||
| Oil, Gas & Consumable Fuels — 4.6% | ||||||||
|
3R Petroleum Oleo E Gas SA(a) |
285,318 | 1,984,248 | ||||||
|
Enauta Participacoes SA |
166,375 | 437,908 | ||||||
|
Petroreconcavo SA |
206,305 | 1,115,173 | ||||||
|
|
|
|||||||
| 3,537,329 | ||||||||
| Paper & Forest Products — 1.0% | ||||||||
|
Dexco SA |
589,428 | 734,048 | ||||||
|
|
|
|||||||
| Professional Services — 0.6% | ||||||||
|
Boa Vista Servicos SA |
333,131 | 482,951 | ||||||
|
|
|
|||||||
| Real Estate Management & Development — 8.7% | ||||||||
|
Aliansce Sonae Shopping Centers SA |
651,790 | 2,126,383 | ||||||
|
BR Properties SA |
7,420 | 340,528 | ||||||
|
Iguatemi SA |
336,465 | 1,242,275 | ||||||
|
Iguatemi SA |
364,659 | 170,647 | ||||||
|
JHSF Participacoes SA |
531,510 | 429,436 | ||||||
|
LOG Commercial Properties e Participacoes SA |
71,937 | 202,121 | ||||||
|
Multiplan Empreendimentos Imobiliarios SA |
442,204 | 2,125,944 | ||||||
|
|
|
|||||||
| 6,637,334 | ||||||||
| Road & Rail — 2.9% | ||||||||
|
Movida Participacoes SA |
226,774 | 285,013 | ||||||
|
SIMPAR SA |
524,780 | 719,694 | ||||||
|
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA |
481,366 | 1,221,011 | ||||||
|
|
|
|||||||
| 2,225,718 | ||||||||
| Specialty Retail — 2.1% | ||||||||
|
Grupo SBF SA |
152,473 | 238,810 | ||||||
|
Pet Center Comercio e Participacoes SA |
541,788 | 667,475 | ||||||
|
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, 2023 |
iShares® MSCI Brazil Small-Cap ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
|
Specialty Retail (continued) |
| |||||||
|
Via S/A(a) |
2,000,994 | $ | 737,648 | |||||
|
|
|
|||||||
| 1,643,933 | ||||||||
| Technology Hardware, Storage & Peripherals — 0.2% | ||||||||
|
Multilaser Industrial SA |
320,997 | 141,018 | ||||||
|
|
|
|||||||
| Textiles, Apparel & Luxury Goods — 5.9% | ||||||||
|
Arezzo Industria e Comercio SA |
103,452 | 1,474,089 | ||||||
|
Grendene SA |
494,098 | 621,934 | ||||||
|
Grupo De Moda Soma SA |
798,188 | 1,338,584 | ||||||
|
Guararapes Confeccoes SA |
156,231 | 131,897 | ||||||
|
Vivara Participacoes SA |
166,322 | 688,422 | ||||||
|
Vulcabras Azaleia SA |
130,667 | 289,015 | ||||||
|
|
|
|||||||
| 4,543,941 | ||||||||
| Trading Companies & Distributors — 1.0% | ||||||||
|
Armac Locacao Logistica E Servicos SA |
162,435 | 421,333 | ||||||
|
Mills Estruturas e Servicos de Engenharia SA |
173,442 | 375,344 | ||||||
|
|
|
|||||||
| 796,677 | ||||||||
| Transportation Infrastructure — 2.8% | ||||||||
|
EcoRodovias Infraestrutura e Logistica SA |
381,371 | 298,660 | ||||||
|
Santos Brasil Participacoes SA |
810,872 | 1,240,597 | ||||||
|
Wilson Sons Holdings Brasil SA, NVS |
308,518 | 602,251 | ||||||
|
|
|
|||||||
| 2,141,508 | ||||||||
| Water Utilities — 2.0% | ||||||||
|
Cia. de Saneamento de Minas Gerais-COPASA |
297,512 | 808,072 | ||||||
|
Cia. de Saneamento do Parana |
220,555 | 718,691 | ||||||
|
|
|
|||||||
| 1,526,763 | ||||||||
|
|
|
|||||||
|
Total
Common Stocks — 83.0% |
63,615,205 | |||||||
|
|
|
|||||||
|
Preferred Stocks |
||||||||
| Aerospace & Defense — 0.4% | ||||||||
|
Taurus Armas SA, Preference Shares, NVS |
112,595 | 313,346 | ||||||
|
|
|
|||||||
| Airlines — 1.2% | ||||||||
|
Azul SA, Preference Shares, NVS |
446,402 | 607,941 | ||||||
|
Gol Linhas Aereas Inteligentes SA, Preference Shares, NVS |
289,894 | 306,204 | ||||||
|
|
|
|||||||
| 914,145 | ||||||||
| Banks — 2.0% | ||||||||
|
Banco ABC Brasil SA, Preference Shares, NVS |
132,201 | 458,308 | ||||||
|
Banco do Estado do Rio Grande do Sul SA, Class B, |
||||||||
|
Preference Shares, NVS |
316,931 | 604,750 | ||||||
|
Banco Pan SA, Preference Shares, NVS |
507,603 | 498,349 | ||||||
|
|
|
|||||||
| 1,561,407 | ||||||||
| Chemicals — 1.5% | ||||||||
|
Unipar Carbocloro SA, Class B, Preference Shares, NVS |
76,660 | 1,161,003 | ||||||
|
|
|
|||||||
| Security | Shares | Value | ||||||
| Electric Utilities — 0.2% | ||||||||
|
Cia Energetica do Ceara, Class A, Preference Shares, NVS |
22,105 | $ | 192,109 | |||||
|
|
|
|||||||
| Machinery — 1.2% | ||||||||
|
Marcopolo SA, Preference Shares, NVS |
757,703 | 457,333 | ||||||
|
Randon SA Implementos e Participacoes, Preference Shares, NVS |
283,063 | 430,370 | ||||||
|
|
|
|||||||
| 887,703 | ||||||||
| Metals & Mining — 8.1% | ||||||||
|
Bradespar SA, Preference Shares, NVS |
399,202 | 2,109,069 | ||||||
|
Cia Ferro Ligas da Bahia - FERBASA, Preference Shares, NVS |
55,282 | 606,624 | ||||||
|
Metalurgica Gerdau SA, Preference Shares, NVS |
1,046,435 | 2,514,426 | ||||||
|
Usinas Siderurgicas de Minas Gerais SA Usiminas, Class A, Preference Shares, NVS |
728,559 | 950,455 | ||||||
|
|
|
|||||||
| 6,180,574 | ||||||||
| Textiles, Apparel & Luxury Goods — 0.8% | ||||||||
|
Alpargatas SA, Preference Shares, NVS |
349,436 | 629,398 | ||||||
|
|
|
|||||||
| Water Utilities — 0.6% | ||||||||
|
Cia de Saneamento do Parana, Preference Shares, NVS |
694,282 | 452,206 | ||||||
|
|
|
|||||||
|
Total
Preferred Stocks — 16.0% |
12,291,891 | |||||||
|
|
|
|||||||
|
Total
Long-Term Investments — 99.0% |
75,907,096 | |||||||
|
|
|
|||||||
|
Short-Term Securities |
||||||||
| Money Market Funds — 0.1% | ||||||||
|
BlackRock
Cash Funds: Treasury, |
50,000 | 50,000 | ||||||
|
|
|
|||||||
|
Total
Short-Term Securities — 0.1% |
50,000 | |||||||
|
|
|
|||||||
|
Total
Investments — 99.1% |
75,957,096 | |||||||
|
Other Assets Less Liabilities — 0.9% |
692,015 | |||||||
|
|
|
|||||||
|
Net Assets — 100.0% |
$ | 76,649,111 | ||||||
|
|
|
|||||||
| (a) |
Non-income producing security. |
| (b) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
| (c) |
Affiliate of the Fund. |
| (d) |
Annualized 7-day yield as of period end. |
| 16 |
2 0 2 3 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, 2023 |
iShares® MSCI Brazil Small-Cap ETF |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
Affiliated Issuer |
Value at 08/31/22 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 02/28/23 |
Shares Held at 02/28/23 |
Income |
Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares |
$ | 40,000 | $ | 10,000 | (a) | $ | — | $ | — | $ | — | $ | 50,000 | 50,000 | $ | 2,515 | $ | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| (a) |
Represents net amount purchased (sold). |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
|
Description |
Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
||||||||||
|
Long Contracts |
||||||||||||||
|
MSCI Brazil Index |
14 | 03/17/23 | $ 651 | $ | (27,011 | ) | ||||||||
|
|
|
|||||||||||||
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:
|
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total |
||||||||||||||||||
|
Liabilities — Derivative Financial Instruments |
||||||||||||||||||||||||
|
Futures contracts |
||||||||||||||||||||||||
|
Unrealized depreciation on futures contracts(a) |
$ | — | $ | — | $ 27,011 | $ | — | $ — | $ | — | $ | 27,011 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| (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, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
|
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total |
||||||||||||||||||
|
Net Realized Gain (Loss) from |
||||||||||||||||||||||||
|
Futures contracts |
$ | — | $ | — | $ 40,131 | $ | — | $ — | $ | — | $ | 40,131 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Net Change in Unrealized Appreciation (Depreciation) on |
||||||||||||||||||||||||
|
Futures contracts |
$ | — | $ | — | $(54,066) | $ | — | $ — | $ | — | $ | (54,066 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
Futures contracts |
||||
|
Average notional value of contracts — long |
$ | 765,363 |
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 |
17 |
|
Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Brazil Small-Cap 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 | |||||||||||||
|
Assets |
||||||||||||||||
|
Investments |
||||||||||||||||
|
Long-Term Investments |
||||||||||||||||
|
Common Stocks |
$ | 62,901,328 | $ | 713,877 | $ | — | $ | 63,615,205 | ||||||||
|
Preferred Stocks |
12,291,891 | — | — | 12,291,891 | ||||||||||||
|
Short-Term Securities |
||||||||||||||||
|
Money Market Funds |
50,000 | — | — | 50,000 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 75,243,219 | $ | 713,877 | $ | — | $ | 75,957,096 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Derivative Financial Instruments(a) |
||||||||||||||||
|
Liabilities |
||||||||||||||||
|
Equity Contracts |
$ | (27,011 | ) | $ | — | $ | — | $ | (27,011 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
| 18 |
2 0 2 3 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, 2023 |
iShares® MSCI China ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
|
Common Stocks |
||||||||
| Aerospace & Defense — 0.1% | ||||||||
|
AECC Aero-Engine Control Co. Ltd., Class A |
74,800 | $ | 272,234 | |||||
|
AECC Aviation Power Co. Ltd., Class A |
694,476 | 4,583,859 | ||||||
|
AviChina Industry & Technology Co. Ltd., Class H |
11,061,000 | 5,273,728 | ||||||
|
Kuang-Chi Technologies Co. Ltd., Class A |
607,600 | 1,529,663 | ||||||
|
|
|
|||||||
| 11,659,484 | ||||||||
| Air Freight & Logistics — 0.7% | ||||||||
|
SF Holding Co. Ltd., Class A |
1,215,283 | 9,411,117 | ||||||
|
YTO Express Group Co. Ltd., Class A |
868,000 | 2,267,280 | ||||||
|
Yunda Holding Co. Ltd., Class A |
868,557 | 1,592,751 | ||||||
|
ZTO Express Cayman Inc., ADR |
1,713,317 | 41,222,407 | ||||||
|
|
|
|||||||
| 54,493,555 | ||||||||
| Airlines — 0.2% | ||||||||
|
Air China Ltd., Class A(a) |
1,736,014 | 2,774,749 | ||||||
|
Air China Ltd., Class H(a) |
6,966,000 | 6,422,879 | ||||||
|
China Eastern Airlines Corp. Ltd., Class A(a) |
3,472,096 | 2,713,196 | ||||||
|
China Southern Airlines Co. Ltd., Class A(a) |
3,385,234 | 3,847,681 | ||||||
|
China
Southern Airlines Co. Ltd., |
6,966,000 | 5,079,372 | ||||||
|
|
|
|||||||
| 20,837,877 | ||||||||
| Auto Components — 0.4% | ||||||||
|
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A |
86,895 | 1,886,369 | ||||||
|
Fuyao Glass Industry Group Co. Ltd., Class A |
434,098 | 2,316,353 | ||||||
|
Fuyao Glass Industry Group Co. Ltd., Class H(c) |
2,430,400 | 10,891,461 | ||||||
|
Huayu Automotive Systems Co. Ltd., Class A |
954,872 | 2,597,820 | ||||||
|
Huizhou Desay Sv Automotive Co. Ltd., Class A |
174,100 | 2,852,404 | ||||||
|
Minth Group Ltd. |
3,472,000 | 9,022,311 | ||||||
|
Ningbo Tuopu Group Co. Ltd., Class A |
260,400 | 2,507,701 | ||||||
|
Sailun Group Co. Ltd., Class A |
768,361 | 1,228,904 | ||||||
|
Shandong Linglong Tyre Co. Ltd., Class A |
434,028 | 1,407,177 | ||||||
|
Shenzhen Kedali Industry Co. Ltd., Class A |
86,800 | 1,527,874 | ||||||
|
|
|
|||||||
| 36,238,374 | ||||||||
| Automobiles — 3.8% | ||||||||
|
BYD Co. Ltd., Class A |
448,969 | 16,797,580 | ||||||
|
BYD Co. Ltd., Class H |
3,306,000 | 88,879,286 | ||||||
|
Chongqing Changan Automobile Co. Ltd., Class A |
2,182,620 | 4,206,728 | ||||||
|
Dongfeng Motor Group Co. Ltd., Class H |
9,374,000 | 4,788,868 | ||||||
|
Geely Automobile Holdings Ltd. |
24,336,000 | 31,616,784 | ||||||
|
Great Wall Motor Co. Ltd., Class A |
520,800 | 2,583,820 | ||||||
|
Great Wall Motor Co. Ltd., Class H |
12,175,500 | 16,157,593 | ||||||
|
Guangzhou Automobile Group Co. Ltd., Class A |
1,128,400 | 1,862,610 | ||||||
|
Guangzhou Automobile Group Co. Ltd., Class H |
11,728,400 | 7,478,316 | ||||||
|
Li Auto Inc.(a) |
4,586,280 | 54,114,250 | ||||||
|
NIO Inc., ADR(a)(b) |
5,558,977 | 52,198,794 | ||||||
|
SAIC Motor Corp. Ltd., Class A |
2,256,804 | 4,879,827 | ||||||
|
XPeng Inc.(a)(b) |
3,758,472 | 16,706,580 | ||||||
|
Yadea Group Holdings Ltd.(c) |
5,208,000 | 11,177,370 | ||||||
|
|
|
|||||||
| 313,448,406 | ||||||||
| Banks — 9.6% | ||||||||
|
Agricultural Bank of China Ltd., Class A |
21,092,400 | 8,891,573 | ||||||
|
Agricultural Bank of China Ltd., Class H |
115,937,000 | 40,195,033 | ||||||
|
Bank of Beijing Co. Ltd., Class A |
5,215,799 | 3,249,336 | ||||||
|
Bank of Chengdu Co. Ltd., Class A |
1,215,293 | 2,513,441 | ||||||
|
Bank of China Ltd., Class A |
8,853,600 | 4,115,001 | ||||||
|
Bank of China Ltd., Class H |
320,310,000 | 117,474,245 | ||||||
|
Bank of Communications Co. Ltd., Class A |
9,680,722 | 6,825,274 | ||||||
|
Bank of Communications Co. Ltd., Class H |
34,754,200 | 20,548,696 | ||||||
|
Bank of Hangzhou Co. Ltd., Class A |
1,822,828 | 3,182,887 | ||||||
| Security | Shares | Value | ||||||
| Banks (continued) | ||||||||
|
Bank of Jiangsu Co. Ltd., Class A |
3,985,215 | $ | 4,123,018 | |||||
|
Bank of Nanjing Co. Ltd., Class A |
3,088,804 | 4,404,392 | ||||||
|
Bank of Ningbo Co. Ltd., Class A |
1,616,502 | 6,859,952 | ||||||
|
Bank of Shanghai Co. Ltd., Class A |
4,340,010 | 3,734,239 | ||||||
|
China CITIC Bank Corp. Ltd., Class H |
35,589,800 | 16,465,898 | ||||||
|
China Construction Bank Corp., Class A |
2,129,514 | 1,728,378 | ||||||
|
China Construction Bank Corp., Class H |
388,918,000 | 237,736,793 | ||||||
|
China Everbright Bank Co. Ltd., Class A |
11,631,200 | 4,987,158 | ||||||
|
China Everbright Bank Co. Ltd., Class H |
8,763,000 | 2,523,500 | ||||||
|
China Merchants Bank Co. Ltd., Class A |
5,121,225 | 27,507,064 | ||||||
|
China Merchants Bank Co. Ltd., Class H |
15,639,150 | 84,865,859 | ||||||
|
China Minsheng Banking Corp. Ltd., Class A |
9,461,270 | 4,641,918 | ||||||
|
China Minsheng Banking Corp. Ltd., Class H |
22,214,160 | 7,671,747 | ||||||
|
China Zheshang Bank Co. Ltd., Class A(a) |
4,985,900 | 2,095,052 | ||||||
|
Chongqing Rural Commercial Bank Co. Ltd., Class A |
829,000 | 431,812 | ||||||
|
Huaxia Bank Co. Ltd., Class A |
4,340,061 | 3,259,653 | ||||||
|
Industrial & Commercial Bank of China Ltd., Class A |
15,276,800 | 9,450,997 | ||||||
|
Industrial & Commercial Bank of China Ltd., Class H |
227,575,000 | 113,551,210 | ||||||
|
Industrial Bank Co. Ltd., Class A |
5,068,210 | 12,329,253 | ||||||
|
Ping An Bank Co. Ltd., Class A |
4,693,655 | 9,291,188 | ||||||
|
Postal Savings Bank of China Co. Ltd., Class A |
7,030,800 | 4,573,265 | ||||||
|
Postal Savings Bank of China Co. Ltd., Class H(c) |
31,270,000 | 18,787,094 | ||||||
|
Shanghai Pudong Development Bank Co. Ltd., Class A |
7,378,024 | 7,621,766 | ||||||
|
Shanghai Rural Commercial Bank Co. Ltd. |
2,305,700 | 1,967,112 | ||||||
|
|
|
|||||||
| 797,603,804 | ||||||||
| Beverages — 3.4% | ||||||||
|
Anhui Gujing Distillery Co. Ltd., Class A |
97,596 | 3,838,850 | ||||||
|
Anhui Gujing Distillery Co. Ltd., Class B |
434,380 | 7,467,013 | ||||||
|
Anhui Kouzi Distillery Co. Ltd., Class A |
145,200 | 1,439,496 | ||||||
|
Anhui Yingjia Distillery Co. Ltd., Class A |
150,000 | 1,514,213 | ||||||
|
Beijing Yanjing Brewery Co. Ltd., Class A |
682,100 | 1,323,990 | ||||||
|
China Resources Beer Holdings Co. Ltd. |
6,598,000 | 48,812,474 | ||||||
|
Chongqing Brewery Co. Ltd., Class A |
173,600 | 3,435,194 | ||||||
|
Jiangsu King’s Luck Brewery JSC Ltd., Class A |
347,203 | 3,203,492 | ||||||
|
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A |
347,276 | 8,479,827 | ||||||
|
JiuGui Liquor Co. Ltd., Class A |
87,400 | 1,907,301 | ||||||
|
Kweichow Moutai Co. Ltd., Class A |
306,655 | 80,105,364 | ||||||
|
Luzhou Laojiao Co. Ltd., Class A |
367,700 | 13,202,501 | ||||||
|
Nongfu Spring Co. Ltd., Class H(b)(c) |
7,095,800 | 39,829,891 | ||||||
|
Shanghai Bairun Investment Holding Group Co. Ltd., Class A |
294,997 | 1,780,674 | ||||||
|
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A |
295,286 | 12,020,193 | ||||||
|
Sichuan Swellfun Co. Ltd., Class A |
108,552 | 1,293,137 | ||||||
|
Tsingtao Brewery Co. Ltd., Class A |
173,663 | 2,786,063 | ||||||
|
Tsingtao Brewery Co. Ltd., Class H |
2,396,000 | 23,647,985 | ||||||
|
Wuliangye Yibin Co. Ltd., Class A |
958,077 | 28,115,354 | ||||||
|
|
|
|||||||
| 284,203,012 | ||||||||
| Biotechnology — 1.5% | ||||||||
|
3SBio Inc.(c) |
5,941,000 | 5,891,335 | ||||||
|
Akeso Inc.(a)(c) |
1,865,000 | 9,503,911 | ||||||
|
BeiGene Ltd.(a) |
2,527,534 | 43,810,543 | ||||||
|
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A |
114,475 | 2,089,718 | ||||||
|
BGI Genomics Co. Ltd., Class A |
173,699 | 1,390,354 | ||||||
|
Bloomage Biotechnology Corp. Ltd. |
68,688 | 1,253,942 | ||||||
|
Chongqing Zhifei Biological Products Co. Ltd., Class A |
434,040 | 5,593,468 | ||||||
|
Hualan Biological Engineering Inc., Class A |
475,872 | 1,517,862 | ||||||
|
Imeik Technology Development Co. Ltd., Class A |
49,944 | 4,222,282 | ||||||
|
Innovent Biologics Inc.(a)(c) |
4,051,500 | 19,704,979 | ||||||
|
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, 2023 |
iShares® MSCI China ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Biotechnology (continued) | ||||||||
|
Legend Biotech Corp., ADR(a)(b) |
199,714 | $ | 9,222,793 | |||||
|
Shanghai Junshi Biosciences Co. Ltd., Class A(a) |
173,600 | 1,319,471 | ||||||
|
Shanghai RAAS Blood Products Co. Ltd., Class A |
2,343,600 | 2,090,739 | ||||||
|
Shenzhen Kangtai Biological Products Co. Ltd., Class A |
273,188 | 1,362,345 | ||||||
|
Walvax Biotechnology Co. Ltd., Class A |
434,097 | 2,386,083 | ||||||
|
Zai Lab Ltd., ADR(a)(b) |
357,616 | 13,285,434 | ||||||
|
|
|
|||||||
| 124,645,259 | ||||||||
| Building Products — 0.1% | ||||||||
|
Beijing New Building Materials PLC, Class A |
520,870 | 2,251,841 | ||||||
|
China Lesso Group Holdings Ltd. |
4,351,000 | 4,589,368 | ||||||
|
Guangdong Kinlong Hardware Products Co. Ltd., Class A |
87,400 | 1,207,568 | ||||||
|
Zhejiang Weixing New Building Materials Co. Ltd., Class A |
222,100 | 820,669 | ||||||
|
Zhuzhou Kibing Group Co. Ltd., Class A |
694,400 | 1,093,431 | ||||||
|
|
|
|||||||
| 9,962,877 | ||||||||
| Capital Markets — 1.7% | ||||||||
|
Caitong Securities Co. Ltd., Class A |
242,400 | 268,769 | ||||||
|
Changjiang Securities Co. Ltd., Class A |
2,517,236 | 2,047,074 | ||||||
|
China Cinda Asset Management Co. Ltd., Class H |
36,235,000 | 4,709,585 | ||||||
|
China Galaxy Securities Co. Ltd., Class A |
1,235,800 | 1,710,043 | ||||||
|
China Galaxy Securities Co. Ltd., Class H |
12,177,000 | 6,069,516 | ||||||
|
China International Capital Corp. Ltd., Class A |
348,002 | 2,097,943 | ||||||
|
China International Capital Corp. Ltd., Class H(c) |
5,696,400 | 12,264,771 | ||||||
|
China Merchants Securities Co. Ltd., Class A |
1,996,468 | 4,016,196 | ||||||
|
CITIC Securities Co. Ltd., Class A |
2,952,631 | 8,771,307 | ||||||
|
CITIC Securities Co. Ltd., Class H |
7,870,800 | 16,674,443 | ||||||
|
CSC Financial Co. Ltd., Class A |
1,215,299 | 4,681,401 | ||||||
|
Dongxing Securities Co. Ltd., Class A |
1,215,211 | 1,502,024 | ||||||
|
East Money Information Co. Ltd., Class A |
3,223,876 | 9,679,805 | ||||||
|
Everbright Securities Co. Ltd., Class A |
1,041,699 | 2,343,857 | ||||||
|
First Capital Securities Co. Ltd., Class A |
1,388,889 | 1,195,299 | ||||||
|
GF Securities Co. Ltd., Class A |
1,507,399 | 3,534,629 | ||||||
|
GF Securities Co. Ltd., Class H |
4,175,000 | 5,927,712 | ||||||
|
Guosen Securities Co. Ltd., Class A |
2,083,233 | 2,892,091 | ||||||
|
Guotai Junan Securities Co. Ltd., Class A |
2,135,759 | 4,390,214 | ||||||
|
Guoyuan Securities Co. Ltd., Class A |
1,539,070 | 1,558,721 | ||||||
|
Haitong Securities Co. Ltd., Class A |
2,517,259 | 3,313,084 | ||||||
|
Haitong Securities Co. Ltd., Class H |
10,416,000 | 6,703,227 | ||||||
|
Hithink RoyalFlush Information Network Co. Ltd., Class A |
118,587 | 2,016,620 | ||||||
|
Huatai Securities Co. Ltd., Class A |
2,343,693 | 4,248,477 | ||||||
|
Huatai Securities Co. Ltd., Class H(c) |
4,938,600 | 5,559,319 | ||||||
|
Huaxi Securities Co. Ltd., Class A |
1,302,073 | 1,546,839 | ||||||
|
Industrial Securities Co. Ltd., Class A |
2,619,792 | 2,423,157 | ||||||
|
Orient Securities Co. Ltd., Class A |
2,137,321 | 3,136,425 | ||||||
|
SDIC Capital Co. Ltd., Class A |
814,600 | 825,167 | ||||||
|
Sealand Securities Co. Ltd., Class A |
2,690,837 | 1,349,682 | ||||||
|
Shanxi Securities Co. Ltd., Class A |
1,441,341 | 1,201,149 | ||||||
|
Shenwan Hongyuan Group Co. Ltd., Class A |
7,162,179 | 4,344,644 | ||||||
|
SooChow Securities Co. Ltd., Class A |
1,773,435 | 1,795,931 | ||||||
|
Western Securities Co. Ltd., Class A |
1,996,430 | 1,902,048 | ||||||
|
Zheshang Securities Co. Ltd., Class A |
1,128,400 | 1,674,928 | ||||||
|
Zhongtai Securities Co. Ltd. |
1,388,800 | 1,391,928 | ||||||
|
|
|
|||||||
| 139,768,025 | ||||||||
| Chemicals — 1.3% | ||||||||
|
Chengxin Lithium Group Co. Ltd., Class A |
260,400 | 1,420,240 | ||||||
|
CNGR Advanced Material Co. Ltd. |
86,776 | 876,879 | ||||||
|
Do-Fluoride New Materials Co. Ltd., Class A |
260,400 | 1,365,438 | ||||||
| Security | Shares | Value | ||||||
| Chemicals (continued) | ||||||||
|
Dongyue Group Ltd.(b) |
5,701,000 | $ | 6,456,307 | |||||
|
Ganfeng Lithium Co. Ltd., Class H(b)(c) |
1,499,800 | 10,476,541 | ||||||
|
Ganfeng Lithium Group Co. Ltd., Class A |
392,541 | 4,083,747 | ||||||
|
Guangzhou Tinci Materials Technology Co. Ltd., Class A |
521,600 | 3,369,653 | ||||||
|
Hangzhou Oxygen Plant Group Co. Ltd., Class A |
260,400 | 1,459,784 | ||||||
|
Hengli Petrochemical Co. Ltd., Class A |
1,649,210 | 4,189,557 | ||||||
|
Hengyi Petrochemical Co. Ltd., Class A |
1,562,476 | 1,824,238 | ||||||
|
Hoshine Silicon Industry Co. Ltd., Class A |
173,600 | 2,447,676 | ||||||
|
Huafon Chemical Co. Ltd., Class A |
1,518,000 | 1,780,584 | ||||||
|
Hubei Xingfa Chemicals Group Co. Ltd., Class A |
347,200 | 1,753,333 | ||||||
|
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A |
2,830,170 | 1,799,922 | ||||||
|
Inner Mongolia Yuan Xing Energy Co. Ltd., Class A |
1,041,600 | 1,414,181 | ||||||
|
Jiangsu Eastern Shenghong Co. Ltd., Class A |
1,130,100 | 2,521,398 | ||||||
|
Jiangsu Yangnong Chemical Co. Ltd., Class A |
74,800 | 1,155,304 | ||||||
|
LB Group Co. Ltd., Class A |
694,400 | 2,185,892 | ||||||
|
Ningbo Shanshan Co. Ltd. |
749,791 | 1,928,286 | ||||||
|
Ningxia Baofeng Energy Group Co. Ltd., Class A |
1,864,700 | 4,240,020 | ||||||
|
Qinghai Salt Lake Industry Co. Ltd., Class A(a) |
1,215,200 | 4,329,010 | ||||||
|
Rongsheng Petrochemical Co. Ltd., Class A |
2,691,292 | 5,233,373 | ||||||
|
Satellite Chemical Co. Ltd., Class A |
938,043 | 2,346,198 | ||||||
|
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A |
694,400 | 3,609,284 | ||||||
|
Shanghai Putailai New Energy Technology Co. Ltd., Class A |
347,200 | 2,509,961 | ||||||
|
Shenzhen Capchem Technology Co. Ltd., Class A |
222,720 | 1,486,362 | ||||||
|
Shenzhen Dynanonic Co. Ltd. |
13,200 | 429,260 | ||||||
|
Shenzhen Senior Technology Co. Ltd., Class A |
316,997 | 967,460 | ||||||
|
Sichuan Yahua Industrial Group Co. Ltd., Class A |
158,600 | 558,246 | ||||||
|
Sinoma Science & Technology Co. Ltd., Class A |
520,800 | 1,723,928 | ||||||
|
Skshu Paint Co. Ltd., Class A(a) |
104,200 | 1,834,997 | ||||||
|
SuZhou TA&A Ultra Clean Technology Co. Ltd., Class A |
173,600 | 1,433,264 | ||||||
|
Tianqi Lithium Corp., Class A(a) |
347,200 | 4,087,529 | ||||||
|
Tongkun Group Co. Ltd., Class A |
781,264 | 1,837,639 | ||||||
|
Wanhua Chemical Group Co. Ltd., Class A |
781,273 | 11,723,906 | ||||||
|
Weihai Guangwei Composites Co. Ltd., Class A |
173,600 | 1,663,118 | ||||||
|
Yunnan Energy New Material Co. Ltd., Class A |
224,404 | 4,049,906 | ||||||
|
Yunnan Yuntianhua Co. Ltd.(a) |
260,400 | 909,217 | ||||||
|
Zangge Mining Co. Ltd. |
260,400 | 1,044,456 | ||||||
|
Zhejiang Juhua Co. Ltd., Class A |
607,572 | 1,646,269 | ||||||
|
Zhejiang Yongtai Technology Co. Ltd., Class A |
260,400 | 870,130 | ||||||
|
|
|
|||||||
| 111,042,493 | ||||||||
| Commercial Services & Supplies — 0.1% | ||||||||
|
China Everbright Environment Group Ltd. |
14,756,148 | 5,984,603 | ||||||
|
Shanghai M&G Stationery Inc., Class A |
260,400 | 2,029,847 | ||||||
|
Zhejiang Weiming Environment Protection Co. Ltd., Class A |
161,600 | 456,089 | ||||||
|
|
|
|||||||
| 8,470,539 | ||||||||
| Communications Equipment — 0.3% | ||||||||
|
BYD Electronic International Co. Ltd. |
2,610,500 | 7,611,942 | ||||||
|
Guangzhou Haige Communications Group Inc. Co., Class A |
1,388,884 | 1,902,989 | ||||||
|
Hengtong Optic-Electric Co. Ltd., Class A |
248,400 | 526,276 | ||||||
|
Yealink Network Technology Corp. Ltd., Class A |
203,094 | 1,946,180 | ||||||
|
Zhongji Innolight Co. Ltd., Class A |
260,477 | 1,328,704 | ||||||
|
ZTE Corp., Class A |
984,064 | 4,557,632 | ||||||
|
ZTE Corp., Class H |
3,124,840 | 9,284,236 | ||||||
|
|
|
|||||||
| 27,157,959 | ||||||||
| 20 |
2 0 2 3 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, 2023 |
iShares® MSCI China ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
|
Construction & Engineering — 0.8% |
| |||||||
|
China Communications Services Corp. Ltd., Class H |
10,176,800 | $ | 3,956,690 | |||||
|
China Conch Venture Holdings Ltd. |
6,524,500 | 13,130,400 | ||||||
|
China Energy Engineering Corp. Ltd. |
7,424,200 | 2,542,325 | ||||||
|
China National Chemical Engineering Co. Ltd., Class A |
1,736,095 | 2,252,930 | ||||||
|
China Railway Group Ltd., Class A |
4,342,098 | 3,774,457 | ||||||
|
China Railway Group Ltd., Class H |
17,973,000 | 9,367,286 | ||||||
|
China State Construction Engineering Corp. Ltd., Class A |
10,416,038 | 8,425,925 | ||||||
|
China State Construction International Holdings Ltd. |
8,680,000 | 9,885,364 | ||||||
|
Metallurgical Corp. of China Ltd., Class A |
5,989,200 | 2,939,260 | ||||||
|
Power Construction Corp. of China Ltd., Class A |
4,253,297 | 4,394,223 | ||||||
|
Sichuan Road & Bridge Co. Ltd., Class A |
1,128,400 | 2,063,234 | ||||||
|
|
|
|||||||
| 62,732,094 | ||||||||
| Construction Materials — 0.5% | ||||||||
|
Anhui Conch Cement Co. Ltd., Class A |
1,160,191 | 5,122,622 | ||||||
|
Anhui Conch Cement Co. Ltd., Class H |
4,774,000 | 17,526,843 | ||||||
|
China Jushi Co. Ltd., Class A |
1,302,005 | 2,838,631 | ||||||
|
China National Building Material Co. Ltd., Class H |
15,624,000 | 13,852,597 | ||||||
|
China Resources Cement Holdings Ltd.(b) |
10,416,000 | 5,604,638 | ||||||
|
|
|
|||||||
| 44,945,331 | ||||||||
| Consumer Finance — 0.2% | ||||||||
|
360 DigiTech Inc.(b) |
440,734 | 8,973,344 | ||||||
|
Lufax Holding Ltd., ADR |
2,758,594 | 5,958,563 | ||||||
|
|
|
|||||||
| 14,931,907 | ||||||||
| Distributors — 0.0% | ||||||||
|
Wuchan Zhongda Group Co. Ltd., Class A |
1,649,203 | 1,160,190 | ||||||
|
|
|
|||||||
| Diversified Consumer Services — 0.6% | ||||||||
|
Koolearn Technology Holding Ltd.(a)(b)(c) |
1,610,000 | 9,168,800 | ||||||
|
New Oriental Education & Technology Group Inc.(a) |
6,249,690 | 24,100,546 | ||||||
|
Offcn Education Technology Co. Ltd., Class A(a) |
1,492,500 | 1,226,239 | ||||||
|
TAL Education Group, ADR(a) |
1,821,367 | 12,804,210 | ||||||
|
|
|
|||||||
| 47,299,795 | ||||||||
| Diversified Financial Services — 0.1% | ||||||||
|
AVIC Industry-Finance Holdings Co. Ltd., Class A |
3,031,482 | 1,897,599 | ||||||
|
Far East Horizon Ltd.(b) |
6,532,000 | 5,778,018 | ||||||
|
|
|
|||||||
| 7,675,617 | ||||||||
| Diversified Telecommunication Services — 0.2% | ||||||||
|
China Tower Corp. Ltd., Class H(c) |
178,844,000 | 19,368,941 | ||||||
|
|
|
|||||||
| Electrical Equipment — 1.1% | ||||||||
|
Beijing Easpring Material Technology Co. Ltd., Class A |
124,000 | 1,063,710 | ||||||
|
Contemporary Amperex Technology Co. Ltd., Class A |
595,622 | 34,509,392 | ||||||
|
Dongfang Electric Corp. Ltd., Class A |
781,200 | 2,216,909 | ||||||
|
Eve Energy Co. Ltd., Class A |
529,236 | 5,524,702 | ||||||
|
Fangda Carbon New Material Co. Ltd., Class A(a) |
1,388,847 | 1,336,775 | ||||||
|
Ginlong Technologies Co. Ltd., Class A(a) |
118,400 | 2,699,823 | ||||||
|
Gotion High-tech Co. Ltd., Class A |
471,892 | 2,003,181 | ||||||
|
Hongfa Technology Co. Ltd., Class A |
326,791 | 1,647,792 | ||||||
|
Jiangsu GoodWe Power Supply Technology Co. Ltd., NVS |
20,126 | 1,124,743 | ||||||
|
Jiangsu Zhongtian Technology Co. Ltd., Class A |
868,000 | 2,005,216 | ||||||
|
Jiangxi Special Electric Motor Co. Ltd., NVS(a) |
335,200 | 861,249 | ||||||
|
Ming Yang Smart Energy Group Ltd., Class A |
518,452 | 1,893,730 | ||||||
|
NARI Technology Co. Ltd., Class A |
1,765,012 | 6,668,029 | ||||||
|
Ningbo Orient Wires & Cables Co. Ltd. |
236,731 | 1,873,442 | ||||||
|
Ningbo Ronbay New Energy Technology Co. Ltd. |
110,180 | 1,142,827 | ||||||
|
Pylon Technologies Co. Ltd., NVS |
22,142 | 854,297 | ||||||
|
Shanghai Electric Group Co. Ltd., Class A(a) |
3,211,600 | 1,935,307 | ||||||
|
Sungrow Power Supply Co. Ltd., Class A |
370,600 | 6,362,874 | ||||||
| Security | Shares | Value | ||||||
|
Electrical Equipment (continued) |
| |||||||
|
Sunwoda Electronic Co. Ltd., Class A |
520,808 | $ | 1,616,874 | |||||
|
Suzhou Maxwell Technologies Co. Ltd., Class A |
35,592 | 1,877,051 | ||||||
|
TBEA Co. Ltd., Class A |
1,128,457 | 3,500,560 | ||||||
|
Titan Wind Energy Suzhou Co. Ltd., Class A |
434,000 | 955,256 | ||||||
|
Xinjiang Goldwind Science & Technology Co. Ltd., Class A |
783,320 | 1,279,133 | ||||||
|
Zhejiang Chint Electrics Co. Ltd., Class A |
607,621 | 2,622,834 | ||||||
|
|
|
|||||||
| 87,575,706 | ||||||||
| Electronic Equipment, Instruments & Components — 1.3% | ||||||||
|
AAC Technologies Holdings Inc.(a) |
3,038,000 | 6,789,759 | ||||||
|
Avary Holding Shenzhen Co. Ltd., Class A |
476,600 | 1,947,822 | ||||||
|
BOE Technology Group Co. Ltd., Class A |
9,808,400 | 5,877,734 | ||||||
|
Chaozhou Three-Circle Group Co. Ltd., Class A |
574,977 | 2,631,907 | ||||||
|
China Zhenhua Group Science & Technology Co. Ltd., Class A |
142,700 | 2,132,987 | ||||||
|
Foxconn Industrial Internet Co. Ltd., Class A |
2,343,686 | 3,237,641 | ||||||
|
GoerTek Inc., Class A |
868,000 | 2,686,794 | ||||||
|
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A |
173,619 | 1,715,143 | ||||||
|
Hengdian Group DMEGC Magnetics Co. Ltd. |
393,700 | 1,232,676 | ||||||
|
Kingboard Holdings Ltd. |
2,613,000 | 9,328,760 | ||||||
|
Kingboard Laminates Holdings Ltd. |
4,287,000 | 5,346,168 | ||||||
|
Lens Technology Co. Ltd., Class A |
1,388,842 | 2,543,507 | ||||||
|
Lingyi iTech Guangdong Co., Class A(a) |
2,343,813 | 1,930,330 | ||||||
|
Luxshare Precision Industry Co. Ltd., Class A |
1,823,041 | 7,834,997 | ||||||
|
Maxscend Microelectronics Co. Ltd., Class A |
133,852 | 2,254,009 | ||||||
|
Raytron Technology Co. Ltd., Class A |
70,314 | 467,795 | ||||||
|
Shengyi Technology Co. Ltd., Class A |
781,200 | 2,037,551 | ||||||
|
Shennan Circuits Co. Ltd., Class A |
104,424 | 1,198,145 | ||||||
|
Sunny Optical Technology Group Co. Ltd. |
2,865,500 | 32,585,969 | ||||||
|
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A |
434,000 | 1,819,148 | ||||||
|
Tianma Microelectronics Co. Ltd., Class A |
1,041,636 | 1,432,897 | ||||||
|
Unisplendour Corp. Ltd., Class A |
731,527 | 2,669,421 | ||||||
|
Westone Information Industry Inc., Class A |
229,500 | 1,033,714 | ||||||
|
Wingtech Technology Co. Ltd., Class A |
347,200 | 2,689,465 | ||||||
|
Wuhan Guide Infrared Co. Ltd., Class A |
982,557 | 1,684,041 | ||||||
|
WUS Printed Circuit Kunshan Co. Ltd., Class A |
868,018 | 2,045,877 | ||||||
|
Xiamen Faratronic Co. Ltd. |
74,800 | 1,639,049 | ||||||
|
Zhejiang Dahua Technology Co. Ltd., Class A |
958,000 | 1,994,873 | ||||||
|
Zhejiang Supcon Technology Co. Ltd. |
82,616 | 1,164,442 | ||||||
|
|
|
|||||||
| 111,952,621 | ||||||||
| Energy Equipment & Services — 0.1% | ||||||||
|
China Oilfield Services Ltd., Class H |
7,160,000 | 7,640,380 | ||||||
|
Offshore Oil Engineering Co. Ltd., Class A |
1,336,198 | 1,309,742 | ||||||
|
Yantai Jereh Oilfield Services Group Co. Ltd., Class A |
260,492 | 1,156,096 | ||||||
|
|
|
|||||||
| 10,106,218 | ||||||||
| Entertainment — 2.4% | ||||||||
|
37 Interactive Entertainment Network Technology |
||||||||
|
Group Co. Ltd., Class A |
694,400 | 2,190,776 | ||||||
|
Beijing Enlight Media Co. Ltd., Class A |
902,100 | 985,273 | ||||||
|
Bilibili Inc.(a) |
735,365 | 14,233,194 | ||||||
|
China Ruyi Holdings Ltd.(a)(b) |
19,752,000 | 4,908,787 | ||||||
|
iQIYI Inc., ADR(a)(b) |
1,759,332 | 13,599,636 | ||||||
|
Kingsoft Corp. Ltd. |
3,821,400 | 12,616,798 | ||||||
|
Mango Excellent Media Co. Ltd., Class A |
520,880 | 2,508,808 | ||||||
|
NetEase Inc. |
7,994,660 | 124,240,587 | ||||||
|
Perfect World Co. Ltd., Class A |
628,000 | 1,284,446 | ||||||
|
Tencent Music Entertainment Group, ADR(a) |
2,887,186 | 21,769,382 | ||||||
|
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, 2023 |
iShares® MSCI China ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Entertainment (continued) | ||||||||
|
Zhejiang Century Huatong Group Co. Ltd., Class A(a) |
2,430,498 | $ | 1,536,468 | |||||
|
|
|
|||||||
| 199,874,155 | ||||||||
| Food & Staples Retailing — 0.0% | ||||||||
|
DaShenLin Pharmaceutical Group Co. Ltd., Class A |
288,889 | 1,605,469 | ||||||
|
Yifeng Pharmacy Chain Co. Ltd., Class A |
270,380 | 2,352,610 | ||||||
|
|
|
|||||||
| 3,958,079 | ||||||||
| Food Products — 1.9% | ||||||||
|
Angel Yeast Co. Ltd., Class A |
260,411 | 1,515,260 | ||||||
|
Anjoy Foods Group Co. Ltd., Class A |
87,400 | 2,058,605 | ||||||
|
Beijing Dabeinong Technology Group Co. Ltd., Class A(a) |
1,388,800 | 1,645,442 | ||||||
|
China Feihe Ltd.(c) |
13,050,000 | 10,459,675 | ||||||
|
China Mengniu Dairy Co. Ltd. |
12,551,000 | 55,245,367 | ||||||
|
Chongqing Fuling Zhacai Group Co. Ltd., Class A |
260,423 | 958,556 | ||||||
|
Dali Foods Group Co. Ltd.(b)(c) |
9,384,500 | 3,795,734 | ||||||
|
Foshan Haitian Flavouring & Food Co. Ltd., Class A |
937,121 | 11,087,794 | ||||||
|
Guangdong Haid Group Co. Ltd., Class A |
468,097 | 4,275,914 | ||||||
|
Henan Shuanghui Investment & Development Co. Ltd., Class A |
875,708 | 3,334,033 | ||||||
|
Inner Mongolia Yili Industrial Group Co. Ltd., Class A |
1,475,623 | 6,470,242 | ||||||
|
Juewei Food Co. Ltd., Class A |
156,085 | 1,177,244 | ||||||
|
Muyuan Foods Co. Ltd., Class A |
1,357,868 | 9,665,493 | ||||||
|
New Hope Liuhe Co. Ltd., Class A(a) |
1,302,099 | 2,470,347 | ||||||
|
Tingyi Cayman Islands Holding Corp.(b) |
8,680,000 | 14,023,246 | ||||||
|
Uni-President China Holdings Ltd. |
5,970,000 | 5,234,374 | ||||||
|
Want Want China Holdings Ltd. |
19,097,000 | 12,014,140 | ||||||
|
Wens Foodstuffs Group Co. Ltd., Class A |
1,736,016 | 4,937,859 | ||||||
|
Yihai International Holding Ltd. |
1,933,000 | 5,627,414 | ||||||
|
Yihai Kerry Arawana Holdings Co. Ltd., Class A |
312,977 | 2,069,321 | ||||||
|
|
|
|||||||
| 158,066,060 | ||||||||
| Gas Utilities — 1.2% | ||||||||
|
Beijing Enterprises Holdings Ltd. |
2,170,000 | 7,108,207 | ||||||
|
China Gas Holdings Ltd. |
11,645,600 | 16,284,805 | ||||||
|
China Resources Gas Group Ltd. |
3,744,800 | 15,801,837 | ||||||
|
ENN Energy Holdings Ltd. |
3,213,800 | 45,750,841 | ||||||
|
ENN Natural Gas Co. Ltd., Class A |
571,800 | 1,588,420 | ||||||
|
Kunlun Energy Co. Ltd. |
15,646,000 | 12,536,270 | ||||||
|
|
|
|||||||
| 99,070,380 | ||||||||
| Health Care Equipment & Supplies — 0.6% | ||||||||
|
Autobio Diagnostics Co. Ltd., Class A |
141,900 | 1,434,344 | ||||||
|
Jafron Biomedical Co. Ltd., Class A |
260,420 | 1,213,525 | ||||||
|
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A |
366,300 | 1,660,794 | ||||||
|
Lepu Medical Technology Beijing Co. Ltd., Class A |
492,351 | 1,662,056 | ||||||
|
Microport Scientific Corp.(a)(b) |
2,665,300 | 7,561,556 | ||||||
|
Ovctek China Inc., Class A |
208,640 | 1,032,896 | ||||||
|
Shandong Weigao Group Medical Polymer Co. Ltd., Class H |
10,255,600 | 16,554,233 | ||||||
|
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A |
293,395 | 13,236,723 | ||||||
|
Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A |
161,600 | 1,424,226 | ||||||
|
|
|
|||||||
| 45,780,353 | ||||||||
| Health Care Providers & Services — 0.6% | ||||||||
|
Aier Eye Hospital Group Co. Ltd., Class A |
1,797,027 | 8,067,751 | ||||||
|
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A |
520,895 | 2,366,579 | ||||||
|
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A |
120,994 | 1,467,704 | ||||||
|
Huadong Medicine Co. Ltd., Class A |
520,880 | 3,596,570 | ||||||
| Security | Shares | Value | ||||||
| Health Care Providers & Services (continued) | ||||||||
|
Hygeia Healthcare Holdings Co. Ltd.(a)(b)(c) |
1,388,800 | $ | 10,118,264 | |||||
|
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A(a) |
1,215,225 | 1,147,610 | ||||||
|
Shanghai Pharmaceuticals Holding Co. Ltd., Class A |
575,597 | 1,636,114 | ||||||
|
Shanghai Pharmaceuticals Holding Co. Ltd., Class H |
3,385,200 | 5,969,755 | ||||||
|
Sinopharm Group Co. Ltd., Class H |
5,212,400 | 13,960,433 | ||||||
|
Topchoice Medical Corp., Class A(a) |
86,800 | 1,824,305 | ||||||
|
|
|
|||||||
| 50,155,085 | ||||||||
| Hotels, Restaurants & Leisure — 3.0% | ||||||||
|
H World Group Ltd., ADR |
795,106 | 37,664,171 | ||||||
|
Haidilao International Holding Ltd.(a)(b)(c) |
4,340,000 | 12,020,611 | ||||||
|
Jiumaojiu International Holdings Ltd.(b)(c) |
3,472,000 | 8,389,761 | ||||||
|
Shanghai Jinjiang International Hotels Co. Ltd., Class A |
173,600 | 1,549,674 | ||||||
|
Shenzhen Overseas Chinese Town Co. Ltd., Class A |
2,430,438 | 1,854,476 | ||||||
|
Songcheng Performance Development Co. Ltd., Class A |
868,077 | 1,958,532 | ||||||
|
Tongcheng Travel Holdings Ltd.(a) |
5,106,000 | 10,135,294 | ||||||
|
Trip.com Group Ltd., ADR(a)(b) |
2,219,584 | 78,906,211 | ||||||
|
Yum China Holdings Inc.(b) |
1,703,297 | 100,034,633 | ||||||
|
|
|
|||||||
| 252,513,363 | ||||||||
| Household Durables — 0.6% | ||||||||
|
Ecovacs Robotics Co. Ltd., Class A |
174,000 | 2,264,391 | ||||||
|
Gree Electric Appliances Inc. of Zhuhai, Class A |
661,529 | 3,376,354 | ||||||
|
Haier Smart Home Co. Ltd., Class A |
1,649,246 | 6,246,374 | ||||||
|
Haier Smart Home Co. Ltd., Class H |
9,200,800 | 32,562,314 | ||||||
|
Jason Furniture Hangzhou Co. Ltd., Class A |
239,750 | 1,625,061 | ||||||
|
Oppein Home Group Inc., Class A |
173,620 | 3,537,491 | ||||||
|
TCL Technology Group Corp., Class A |
4,079,600 | 2,603,210 | ||||||
|
Zhejiang Supor Co. Ltd., Class A |
173,696 | 1,421,094 | ||||||
|
|
|
|||||||
| 53,636,289 | ||||||||
| Household Products — 0.1% | ||||||||
|
Vinda International Holdings Ltd. |
1,736,000 | 4,781,534 | ||||||
|
|
|
|||||||
| Independent Power and Renewable Electricity Producers — 1.2% | ||||||||
|
CECEP Solar Energy Co. Ltd., Class A |
781,200 | 796,731 | ||||||
|
CECEP Wind Power Corp, Class A |
1,600,800 | 911,692 | ||||||
|
CGN Power Co. Ltd., Class H(c) |
40,867,000 | 9,166,112 | ||||||
|
China Longyuan Power Group Corp. Ltd., Class H |
14,136,000 | 17,340,413 | ||||||
|
China National Nuclear Power Co. Ltd., Class A |
4,774,076 | 4,163,958 | ||||||
|
China Power International Development Ltd. |
22,031,000 | 8,736,456 | ||||||
|
China Resources Power Holdings Co. Ltd. |
8,680,000 | 17,723,903 | ||||||
|
China Three Gorges Renewables Group Co. Ltd., Class A |
7,164,026 | 5,763,531 | ||||||
|
China Yangtze Power Co. Ltd., Class A |
5,645,241 | 17,194,273 | ||||||
|
GD Power Development Co. Ltd., Class A(a) |
4,166,400 | 2,354,945 | ||||||
|
Huadian Power International Corp. Ltd., Class A |
1,610,200 | 1,328,356 | ||||||
|
Huaneng Power International Inc., Class A(a) |
1,816,452 | 2,134,294 | ||||||
|
Huaneng Power International Inc., Class H(a)(b) |
16,872,000 | 8,303,318 | ||||||
|
Shenzhen Energy Group Co. Ltd., Class A |
1,128,480 | 1,010,982 | ||||||
|
Sichuan Chuantou Energy Co. Ltd., Class A |
1,338,562 | 2,500,009 | ||||||
|
|
|
|||||||
| 99,428,973 | ||||||||
| Industrial Conglomerates — 0.4% | ||||||||
|
China Baoan Group Co. Ltd., Class A |
781,200 | 1,436,227 | ||||||
|
CITIC Ltd. |
24,315,000 | 26,828,186 | ||||||
|
Fosun International Ltd.(b) |
9,734,500 | 7,964,213 | ||||||
|
|
|
|||||||
| 36,228,626 | ||||||||
| Insurance — 4.1% | ||||||||
|
China Life Insurance Co. Ltd., Class A |
781,205 | 4,020,180 | ||||||
|
China Life Insurance Co. Ltd., Class H |
29,573,000 | 50,165,026 | ||||||
| 22 |
2 0 2 3 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, 2023 |
iShares® MSCI China ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Insurance (continued) | ||||||||
|
China Pacific Insurance Group Co. Ltd., Class A |
1,822,847 | $ | 7,247,166 | |||||
|
China Pacific Insurance Group Co. Ltd., Class H |
10,257,200 | 27,207,843 | ||||||
|
China Taiping Insurance Holdings Co. Ltd. |
5,060,124 | 5,980,768 | ||||||
|
New China Life Insurance Co. Ltd., Class A |
644,276 | 2,889,539 | ||||||
|
New China Life Insurance Co. Ltd., Class H |
3,094,600 | 7,499,938 | ||||||
|
People’s Insurance Co. Group of China Ltd. (The), Class A |
821,800 | 617,189 | ||||||
|
People’s Insurance Co. Group of China Ltd. (The), Class H |
35,599,000 | 11,255,359 | ||||||
|
PICC Property & Casualty Co. Ltd., Class H |
27,798,462 | 24,416,799 | ||||||
|
Ping An Insurance Group Co. of China Ltd., Class A |
2,690,843 | 18,675,588 | ||||||
|
Ping An Insurance Group Co. of China Ltd., Class H |
25,617,000 | 174,875,318 | ||||||
|
ZhongAn Online P&C Insurance Co. Ltd., Class H(a)(c) |
2,832,300 | 8,154,832 | ||||||
|
|
|
|||||||
| 343,005,545 | ||||||||
| Interactive Media & Services — 16.1% | ||||||||
|
Autohome Inc., ADR |
306,700 | 9,354,351 | ||||||
|
Baidu Inc.(a) |
8,941,256 | 153,729,796 | ||||||
|
JOYY Inc., ADR |
185,219 | 5,815,876 | ||||||
|
Kanzhun Ltd., ADR(a)(b) |
737,679 | 14,864,232 | ||||||
|
Kuaishou Technology(a)(c) |
7,091,800 | 47,525,450 | ||||||
|
Tencent Holdings Ltd. |
25,127,600 | 1,103,815,104 | ||||||
|
Weibo Corp., ADR(a) |
286,109 | 5,916,734 | ||||||
|
|
|
|||||||
| 1,341,021,543 | ||||||||
| Internet & Direct Marketing Retail — 17.6% | ||||||||
|
Alibaba Group Holding Ltd.(a) |
59,931,668 | 658,735,447 | ||||||
|
Alibaba
Health Information Technology |
18,608,000 | 13,323,834 | ||||||
|
JD Health International Inc.(a)(c) |
4,495,750 | 31,471,371 | ||||||
|
JD.com Inc., Class A |
8,736,596 | 194,213,848 | ||||||
|
Meituan, Class B(a)(c) |
20,331,240 | 352,847,165 | ||||||
|
Pinduoduo Inc., ADR(a) |
2,047,221 | 179,602,698 | ||||||
|
Ping
An Healthcare and Technology Co. |
1,971,600 | 4,518,303 | ||||||
|
Vipshop Holdings Ltd., ADR(a) |
1,693,784 | 25,220,444 | ||||||
|
|
|
|||||||
| 1,459,933,110 | ||||||||
| IT Services — 0.3% | ||||||||
|
Chinasoft International Ltd. |
11,664,000 | 8,376,981 | ||||||
|
DHC Software Co. Ltd., Class A |
1,562,428 | 1,477,749 | ||||||
|
GDS Holdings Ltd., Class A(a) |
3,523,620 | 8,523,865 | ||||||
|
TravelSky Technology Ltd., Class H |
3,472,000 | 6,853,415 | ||||||
|
|
|
|||||||
| 25,232,010 | ||||||||
| Life Sciences Tools & Services — 1.9% | ||||||||
|
Genscript Biotech Corp.(a) |
5,208,000 | 14,255,319 | ||||||
|
Hangzhou Tigermed Consulting Co. Ltd., Class A |
86,837 | 1,439,584 | ||||||
|
Hangzhou Tigermed Consulting Co. Ltd., Class H(c) |
540,700 | 6,209,583 | ||||||
|
Pharmaron Beijing Co. Ltd., Class A |
261,150 | 2,242,864 | ||||||
|
Pharmaron Beijing Co. Ltd., Class H(c) |
813,100 | 4,559,539 | ||||||
|
WuXi AppTec Co. Ltd., Class A |
712,117 | 8,481,090 | ||||||
|
WuXi AppTec Co. Ltd., Class H(c) |
1,388,881 | 14,817,899 | ||||||
|
Wuxi Biologics Cayman Inc., New(a)(c) |
14,756,000 | 103,294,199 | ||||||
|
|
|
|||||||
| 155,300,077 | ||||||||
| Machinery — 1.0% | ||||||||
|
China CSSC Holdings Ltd., Class A |
1,388,800 | 4,771,147 | ||||||
|
CRRC Corp. Ltd., Class A |
5,286,010 | 4,335,495 | ||||||
|
CRRC Corp. Ltd., Class H |
14,959,000 | 6,844,367 | ||||||
|
Haitian International Holdings Ltd. |
2,604,000 | 6,806,249 | ||||||
|
Jiangsu Hengli Hydraulic Co. Ltd., Class A |
364,956 | 3,618,950 | ||||||
|
Ningbo Deye Technology Co. Ltd., NVS |
47,400 | 2,253,736 | ||||||
|
North Industries Group Red Arrow Co. Ltd., Class A |
434,000 | 1,413,661 | ||||||
|
Sany Heavy Equipment International Holdings Co. Ltd. |
5,814,000 | 5,802,240 | ||||||
|
Sany Heavy Industry Co. Ltd., Class A |
2,215,593 | 5,971,341 | ||||||
| Security | Shares | Value | ||||||
| Machinery (continued) | ||||||||
|
Shenzhen Inovance Technology Co. Ltd., Class A |
694,430 | $ | 7,315,650 | |||||
|
Weichai Power Co. Ltd., Class A |
1,649,268 | 2,946,939 | ||||||
|
Weichai Power Co. Ltd., Class H |
7,823,000 | 11,611,257 | ||||||
|
Wuxi Shangji Automation Co. Ltd., Class A |
113,040 | 1,806,183 | ||||||
|
XCMG Construction Machinery Co. Ltd., Class A |
2,711,999 | 2,768,158 | ||||||
|
Zhejiang Dingli Machinery Co. Ltd., Class A |
190,909 | 1,608,170 | ||||||
|
Zhuzhou CRRC Times Electric Co. Ltd., NVS |
149,600 | 1,113,544 | ||||||
|
Zhuzhou CRRC Times Electric Co. Ltd. |
2,260,400 | 10,300,298 | ||||||
|
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A |
2,083,216 | 2,009,283 | ||||||
|
|
|
|||||||
| 83,296,668 | ||||||||
| Marine — 0.3% | ||||||||
|
COSCO SHIPPING Holdings Co. Ltd., Class A |
3,261,670 | 5,058,145 | ||||||
|
COSCO SHIPPING Holdings Co. Ltd., Class H |
13,036,600 | 13,521,863 | ||||||
|
Orient Overseas International Ltd.(b) |
545,000 | 8,754,458 | ||||||
|
|
|
|||||||
| 27,334,466 | ||||||||
| Media — 0.1% | ||||||||
|
China Literature Ltd.(a)(c) |
1,564,600 | 6,699,068 | ||||||
|
Focus Media Information Technology Co. Ltd., Class A |
3,992,838 | 3,749,709 | ||||||
|
|
|
|||||||
| 10,448,777 | ||||||||
| Metals & Mining — 1.7% | ||||||||
|
Aluminum Corp. of China Ltd., Class A |
3,472,000 | 2,762,592 | ||||||
|
Aluminum Corp. of China Ltd., Class H |
15,624,000 | 7,978,125 | ||||||
|
Baoshan Iron & Steel Co. Ltd., Class A |
5,955,093 | 5,637,425 | ||||||
|
Chengtun Mining Group Co. Ltd., Class A |
1,215,200 | 1,091,164 | ||||||
|
China Hongqiao Group Ltd. |
9,998,000 | 10,693,886 | ||||||
|
China Minmetals Rare Earth Co. Ltd., Class A(a) |
305,850 | 1,771,655 | ||||||
|
China Northern Rare Earth Group High-Tech Co. Ltd., Class A |
954,800 | 3,990,937 | ||||||
|
CMOC Group Ltd., Class A |
4,947,600 | 4,206,844 | ||||||
|
CMOC Group Ltd., Class H |
14,238,000 | 8,017,385 | ||||||
|
GEM Co. Ltd., Class A |
1,562,400 | 1,771,578 | ||||||
|
Henan Shenhuo Coal & Power Co. Ltd. |
335,200 | 900,600 | ||||||
|
Hunan Valin Steel Co. Ltd., Class A |
1,864,700 | 1,505,576 | ||||||
|
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A |
12,759,692 | 3,766,779 | ||||||
|
Jiangxi Copper Co. Ltd., Class A |
487,600 | 1,377,101 | ||||||
|
Jiangxi Copper Co. Ltd., Class H |
5,208,000 | 8,213,392 | ||||||
|
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A(a) |
1,870,600 | 1,502,448 | ||||||
|
Shandong Gold Mining Co. Ltd., Class A |
868,091 | 2,371,937 | ||||||
|
Shandong Gold Mining Co. Ltd., Class H(c) |
3,126,500 | 5,361,427 | ||||||
|
Shandong Nanshan Aluminum Co. Ltd., Class A |
4,860,800 | 2,524,895 | ||||||
|
Shanxi Meijin Energy Co. Ltd., Class A |
1,302,206 | 1,760,339 | ||||||
|
Shanxi Taigang Stainless Steel Co. Ltd., Class A |
1,996,400 | 1,372,700 | ||||||
|
Shenghe Resources Holding Co. Ltd., Class A |
435,158 | 1,003,066 | ||||||
|
Sinomine Resource Group Co. Ltd., Class A |
74,800 | 805,732 | ||||||
|
Tianshan Aluminum Group Co. Ltd., Class A |
1,215,200 | 1,448,595 | ||||||
|
Tongling Nonferrous Metals Group Co. Ltd., Class A |
3,401,800 | 1,652,003 | ||||||
|
Western Superconducting Technologies Co. Ltd., Class A |
94,256 | 1,228,910 | ||||||
|
Yintai Gold Co. Ltd., Class A |
321,600 | 536,272 | ||||||
|
YongXing Special Materials Technology Co. Ltd., Class A |
86,800 | 1,144,775 | ||||||
|
Yunnan Aluminium Co. Ltd., Class A |
1,215,200 | 2,327,490 | ||||||
|
Yunnan Tin Co. Ltd., Class A |
694,400 | 1,544,458 | ||||||
|
Zhaojin Mining Industry Co. Ltd., Class H(a) |
5,023,500 | 5,275,247 | ||||||
|
Zhejiang Huayou Cobalt Co. Ltd., Class A |
384,806 | 3,274,459 | ||||||
|
Zijin Mining Group Co. Ltd., Class A |
4,925,517 | 8,093,748 | ||||||
|
Zijin Mining Group Co. Ltd., Class H |
23,396,000 | 35,406,597 | ||||||
|
|
|
|||||||
| 142,320,137 | ||||||||
|
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) (continued) February 28, 2023 |
iShares® MSCI China ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Multiline Retail — 0.1% | ||||||||
|
MINISO Group Holding Ltd. |
383,059 | $ | 6,856,756 | |||||
|
|
|
|||||||
| Oil, Gas & Consumable Fuels — 2.5% | ||||||||
|
China Coal Energy Co. Ltd., Class H |
8,436,000 | 6,528,097 | ||||||
|
China Merchants Energy Shipping Co. Ltd., Class A |
1,676,200 | 1,696,977 | ||||||
|
China Petroleum & Chemical Corp., Class A |
7,985,888 | 5,349,910 | ||||||
|
China Petroleum & Chemical Corp., Class H |
103,669,000 | 52,889,522 | ||||||
|
China Shenhua Energy Co. Ltd., Class A |
1,544,886 | 6,225,218 | ||||||
|
China Shenhua Energy Co. Ltd., Class H |
13,893,500 | 41,789,939 | ||||||
|
COSCO SHIPPING Energy Transportation Co. Ltd., Class A(a) |
758,600 | 1,580,542 | ||||||
|
Guanghui Energy Co. Ltd., Class A |
1,716,745 | 2,659,538 | ||||||
|
Inner Mongolia Yitai Coal Co. Ltd., Class B |
4,651,000 | 6,271,441 | ||||||
|
PetroChina Co. Ltd., Class A |
5,513,892 | 4,141,554 | ||||||
|
PetroChina Co. Ltd., Class H |
85,086,000 | 43,405,599 | ||||||
|
Shaanxi Coal Industry Co. Ltd., Class A |
2,601,689 | 7,487,059 | ||||||
|
Shan Xi Hua Yang Group New Energy Co. Ltd. |
595,600 | 1,363,834 | ||||||
|
Shanxi Coking Coal Energy Group Co. Ltd., Class A |
1,215,200 | 2,275,492 | ||||||
|
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A |
954,800 | 3,065,274 | ||||||
|
Yankuang Energy Group Co. Ltd., Class A |
520,803 | 2,673,488 | ||||||
|
Yankuang Energy Group Co. Ltd., Class H |
6,406,000 | 19,322,678 | ||||||
|
|
|
|||||||
| 208,726,162 | ||||||||
| Paper & Forest Products — 0.1% | ||||||||
|
Nine Dragons Paper Holdings Ltd.(b) |
6,944,000 | 5,658,515 | ||||||
|
|
|
|||||||
| Personal Products — 0.2% | ||||||||
|
By-health Co. Ltd., Class A |
520,800 | 1,718,496 | ||||||
|
Hengan International Group Co. Ltd. |
2,604,000 | 11,976,537 | ||||||
|
Yunnan Botanee Bio-Technology Group Co. Ltd. |
86,879 | 1,729,199 | ||||||
|
|
|
|||||||
| 15,424,232 | ||||||||
| Pharmaceuticals — 1.8% | ||||||||
|
Apeloa Pharmaceutical Co. Ltd., Class A |
260,400 | 898,289 | ||||||
|
Asymchem Laboratories Tianjin Co. Ltd., Class A |
52,220 | 1,074,214 | ||||||
|
Beijing Tongrentang Co. Ltd., Class A |
335,188 | 2,361,152 | ||||||
|
Betta Pharmaceuticals Co. Ltd., Class A |
120,998 | 1,014,437 | ||||||
|
Changchun High & New Technology Industry Group Inc., Class A |
96,696 | 2,741,246 | ||||||
|
China Medical System Holdings Ltd. |
5,219,000 | 7,856,955 | ||||||
|
China Resources Pharmaceutical Group Ltd.(c) |
6,324,000 | 5,201,325 | ||||||
|
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A |
260,417 | 1,907,514 | ||||||
|
China Traditional Chinese Medicine Holdings Co. Ltd. |
12,216,000 | 6,338,354 | ||||||
|
CSPC Pharmaceutical Group Ltd. |
36,478,400 | 39,188,678 | ||||||
|
Dong-E-E-Jiao Co. Ltd., Class A |
260,779 | 1,793,020 | ||||||
|
Hansoh Pharmaceutical Group Co. Ltd.(c) |
5,208,000 | 9,362,603 | ||||||
|
Humanwell Healthcare Group Co. Ltd., Class A |
434,300 | 1,666,973 | ||||||
|
Jiangsu Hengrui Medicine Co. Ltd., Class A |
1,562,480 | 9,779,860 | ||||||
|
Joincare Pharmaceutical Group Industry Co. Ltd., Class A |
730,962 | 1,387,266 | ||||||
|
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A |
391,055 | 971,800 | ||||||
|
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A |
607,684 | 2,946,599 | ||||||
|
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H |
1,752,000 | 5,125,682 | ||||||
|
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A |
314,431 | 1,677,054 | ||||||
|
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A |
460,542 | 1,987,982 | ||||||
|
Sichuan Kelun Pharmaceutical Co. Ltd., Class A |
520,865 | 2,161,984 | ||||||
|
Sino Biopharmaceutical Ltd. |
41,666,000 | 21,511,804 | ||||||
|
Yunnan Baiyao Group Co. Ltd., Class A |
461,342 | 3,774,207 | ||||||
| Security | Shares | Value | ||||||
| Pharmaceuticals (continued) | ||||||||
|
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A |
155,509 | $ | 6,911,573 | |||||
|
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A |
423,499 | 1,263,821 | ||||||
|
Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A |
236,800 | 1,342,409 | ||||||
|
Zhejiang NHU Co. Ltd., Class A |
954,831 | 2,604,729 | ||||||
|
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A |
124,706 | 945,292 | ||||||
|
|
|
|||||||
| 145,796,822 | ||||||||
| Real Estate Management & Development — 3.5% | ||||||||
|
C&D International Investment Group Ltd. |
2,448,000 | 7,907,497 | ||||||
|
China Evergrande Group(a)(b)(d) |
11,096,000 | 1,336,216 | ||||||
|
China Jinmao Holdings Group Ltd. |
21,864,000 | 4,242,740 | ||||||
|
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A |
2,076,133 | 4,424,411 | ||||||
|
China Overseas Land & Investment Ltd. |
15,629,500 | 38,800,038 | ||||||
|
China Overseas Property Holdings Ltd. |
5,050,000 | 5,892,824 | ||||||
|
China Resources Land Ltd. |
12,932,665 | 57,463,279 | ||||||
|
China Resources Mixc Lifestyle Services Ltd.(c) |
2,726,600 | 14,969,175 | ||||||
|
China Vanke Co. Ltd., Class A |
2,577,628 | 6,348,131 | ||||||
|
China Vanke Co. Ltd., Class H |
6,431,631 | 11,244,986 | ||||||
|
Country Garden Holdings Co. Ltd.(b) |
49,476,727 | 15,172,665 | ||||||
|
Country Garden Services Holdings Co. Ltd. |
8,478,000 | 15,785,670 | ||||||
|
Gemdale Corp., Class A |
1,216,297 | 1,692,695 | ||||||
|
Greentown China Holdings Ltd. |
3,472,000 | 4,747,324 | ||||||
|
Greentown Service Group Co. Ltd. |
6,944,000 | 4,633,488 | ||||||
|
KE Holdings Inc., ADR(a)(b) |
2,700,770 | 49,289,052 | ||||||
|
Longfor Group Holdings Ltd.(c) |
7,383,500 | 21,136,254 | ||||||
|
Poly Developments and Holdings Group Co. Ltd., Class A |
3,038,075 | 6,598,130 | ||||||
|
Seazen Holdings Co. Ltd., Class A(a) |
600,464 | 1,689,790 | ||||||
|
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B |
5,335,878 | 4,163,794 | ||||||
|
Shimao Group Holdings Ltd.(a)(b) |
2,810,504 | 716,107 | ||||||
|
Sunac China Holdings Ltd.(a)(d) |
9,076,000 | 1,647,622 | ||||||
|
Yuexiu Property Co. Ltd. |
6,087,600 | 8,965,498 | ||||||
|
|
|
|||||||
| 288,867,386 | ||||||||
| Road & Rail — 0.0% | ||||||||
|
Daqin Railway Co. Ltd., Class A |
3,696,100 | 3,610,542 | ||||||
|
|
|
|||||||
| Semiconductors & Semiconductor Equipment — 1.9% | ||||||||
|
3peak Inc. |
15,738 | 577,142 | ||||||
|
Advanced Micro-Fabrication Equipment Inc., Class A(a) |
173,788 | 2,632,746 | ||||||
|
Amlogic Shanghai Co. Ltd.(a) |
70,265 | 804,687 | ||||||
|
China Resources Microelectronics Ltd. |
244,628 | 1,906,724 | ||||||
|
Daqo New Energy Corp., ADR(a)(b) |
248,325 | 10,970,999 | ||||||
|
Flat Glass Group Co. Ltd., Class A |
434,000 | 2,156,021 | ||||||
|
Flat Glass Group Co. Ltd., Class H |
1,736,000 | 4,598,580 | ||||||
|
GCL-Poly Energy Holdings Ltd.(a) |
82,144,000 | 21,153,257 | ||||||
|
GigaDevice Semiconductor Inc., Class A |
183,687 | 2,769,042 | ||||||
|
Hangzhou Chang Chuan Technology Co. Ltd. |
74,800 | 475,019 | ||||||
|
Hangzhou First Applied Material Co. Ltd., Class A |
360,240 | 3,559,335 | ||||||
|
Hangzhou Lion Electronics Co. Ltd. |
149,180 | 956,944 | ||||||
|
Hangzhou Silan Microelectronics Co. Ltd., Class A |
347,200 | 1,682,902 | ||||||
|
Hua Hong Semiconductor Ltd.(a)(c) |
2,017,000 | 7,734,543 | ||||||
|
Ingenic Semiconductor Co. Ltd., Class A |
174,000 | 1,890,761 | ||||||
|
JA Solar Technology Co. Ltd., Class A |
607,640 | 5,329,823 | ||||||
|
JCET Group Co. Ltd., Class A |
520,900 | 2,108,257 | ||||||
|
Jiangsu Pacific Quartz Co. Ltd., NVS |
87,400 | 1,806,012 | ||||||
|
LONGi Green Energy Technology Co. Ltd., Class A |
1,922,523 | 12,242,905 | ||||||
|
Montage Technology Co. Ltd., Class A |
255,601 | 2,123,186 | ||||||
|
NAURA Technology Group Co. Ltd., Class A |
109,200 | 3,654,273 | ||||||
|
SG Micro Corp., Class A |
65,100 | 1,468,014 | ||||||
| 24 |
2 0 2 3 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, 2023 |
iShares® MSCI China ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Semiconductors & Semiconductor Equipment (continued) | ||||||||
|
Shanghai Aiko Solar Energy Co. Ltd.(a) |
250,700 | $ | 1,319,901 | |||||
|
Shanghai Fudan Microelectronics Group Co. Ltd. |
82,616 | 855,153 | ||||||
|
Shanghai Fudan Microelectronics Group Co. Ltd., Class H |
1,118,000 | 4,587,465 | ||||||
|
Shenzhen SC New Energy Technology Corp., Class A |
86,800 | 1,609,426 | ||||||
|
StarPower Semiconductor Ltd., Class A |
22,000 | 933,486 | ||||||
|
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A |
781,298 | 4,897,538 | ||||||
|
Tianshui Huatian Technology Co. Ltd., Class A |
954,829 | 1,314,610 | ||||||
|
TongFu Microelectronics Co. Ltd., Class A(a) |
473,296 | 1,518,872 | ||||||
|
Tongwei Co. Ltd., Class A |
1,128,499 | 6,805,922 | ||||||
|
Trina Solar Co. Ltd. |
544,645 | 4,836,565 | ||||||
|
Unigroup Guoxin Microelectronics Co. Ltd., Class A |
262,293 | 4,176,638 | ||||||
|
Will Semiconductor Co. Ltd. Shanghai, Class A |
275,145 | 3,402,000 | ||||||
|
Xinyi Solar Holdings Ltd. |
20,832,000 | 22,275,128 | ||||||
|
Yangzhou Yangjie Electronic Technology Co. Ltd. |
74,800 | 587,917 | ||||||
|
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A |
401,893 | 3,961,339 | ||||||
|
|
|
|||||||
| 155,683,132 | ||||||||
| Software — 0.7% | ||||||||
|
360 Security Technology Inc., Class A |
2,083,200 | 3,232,425 | ||||||
|
Beijing Kingsoft Office Software Inc., Class A |
83,052 | 3,478,495 | ||||||
|
Beijing Shiji Information Technology Co. Ltd., Class A |
486,745 | 1,162,643 | ||||||
|
China National Software & Service Co. Ltd., Class A |
160,027 | 1,644,756 | ||||||
|
Hundsun Technologies Inc., Class A |
504,640 | 3,224,866 | ||||||
|
Iflytek Co. Ltd., Class A |
558,462 | 3,879,370 | ||||||
|
Kingdee
International Software Group Co. |
10,416,000 | 19,461,914 | ||||||
|
NavInfo Co. Ltd., Class A |
1,041,618 | 1,951,702 | ||||||
|
Sangfor Technologies Inc., Class A |
98,200 | 2,016,228 | ||||||
|
Shanghai Baosight Software Co. Ltd., Class A |
391,034 | 2,784,237 | ||||||
|
Shanghai Baosight Software Co. Ltd., Class B |
1,903,272 | 6,203,995 | ||||||
|
Thunder Software Technology Co. Ltd., Class A |
173,600 | 2,383,418 | ||||||
|
Yonyou Network Technology Co. Ltd., Class A |
954,812 | 3,198,976 | ||||||
|
|
|
|||||||
| 54,623,025 | ||||||||
| Specialty Retail — 0.8% | ||||||||
|
China Meidong Auto Holdings Ltd.(b) |
2,110,000 | 4,542,456 | ||||||
|
China
Tourism Group Duty Free Corp. |
244,800 | 6,191,237 | ||||||
|
China Tourism Group Duty Free Corp. Ltd., Class A |
487,524 | 13,867,411 | ||||||
|
Chow Tai Fook Jewellery Group Ltd.(b) |
8,353,800 | 16,190,934 | ||||||
|
Pop Mart International Group Ltd.(b)(c) |
2,181,600 | 6,077,980 | ||||||
|
Topsports International Holdings Ltd.(c) |
7,674,000 | 6,712,188 | ||||||
|
Zhongsheng Group Holdings Ltd.(b) |
2,604,000 | 13,007,575 | ||||||
|
|
|
|||||||
| 66,589,781 | ||||||||
| Technology Hardware, Storage & Peripherals — 1.6% | ||||||||
|
China Greatwall Technology Group Co. Ltd., Class A |
868,000 | 1,624,047 | ||||||
|
Inspur Electronic Information Industry Co. Ltd., Class A |
448,216 | 2,510,927 | ||||||
|
Lenovo Group Ltd. |
29,534,000 | 26,577,699 | ||||||
|
Ninestar Corp., Class A |
401,226 | 3,112,566 | ||||||
|
Shenzhen Transsion Holding Co. Ltd., Class A |
112,263 | 1,302,674 | ||||||
|
Xiaomi Corp., Class B(a)(c) |
61,916,200 | 93,801,939 | ||||||
|
|
|
|||||||
| 128,929,852 | ||||||||
| Textiles, Apparel & Luxury Goods — 2.4% | ||||||||
|
ANTA Sports Products Ltd. |
4,983,400 | 65,806,937 | ||||||
|
Bosideng International Holdings Ltd. |
13,888,000 | 7,703,981 | ||||||
|
Li Ning Co. Ltd. |
9,669,500 | 82,506,993 | ||||||
|
Shenzhou International Group Holdings Ltd. |
3,302,400 | 36,133,408 | ||||||
|
Xtep International Holdings Ltd. |
5,454,000 | 6,169,191 | ||||||
|
|
|
|||||||
| 198,320,510 | ||||||||
| Security | Shares | Value | ||||||
| Tobacco — 0.1% | ||||||||
|
Smoore International Holdings Ltd.(b)(c) |
6,962,000 | $ | 8,631,660 | |||||
|
|
|
|||||||
| Trading Companies & Distributors — 0.1% | ||||||||
|
Beijing United Information Technology Co. Ltd., Class A |
142,150 | 1,652,089 | ||||||
|
BOC Aviation Ltd.(b)(c) |
869,100 | 6,278,801 | ||||||
|
COSCO SHIPPING Development Co. Ltd., Class A |
1,649,200 | 595,625 | ||||||
|
Xiamen C & D Inc., Class A |
665,788 | 1,264,883 | ||||||
|
|
|
|||||||
| 9,791,398 | ||||||||
| Transportation Infrastructure — 0.5% | ||||||||
|
Beijing Capital International Airport Co. Ltd., Class H(a) |
8,440,000 | 6,177,952 | ||||||
|
China Merchants Port Holdings Co. Ltd. |
5,230,000 | 7,331,495 | ||||||
|
COSCO SHIPPING Ports Ltd.(b) |
6,494,000 | 4,227,462 | ||||||
|
Jiangsu Expressway Co. Ltd., Class H |
4,968,000 | 4,749,243 | ||||||
|
Shanghai International Airport Co. Ltd., Class A(a) |
347,499 | 2,934,354 | ||||||
|
Shanghai International Port Group Co. Ltd., Class A |
3,472,077 | 2,657,448 | ||||||
|
Shenzhen International Holdings Ltd. |
5,208,000 | 4,526,491 | ||||||
|
Zhejiang Expressway Co. Ltd., Class H |
6,456,000 | 5,206,891 | ||||||
|
|
|
|||||||
| 37,811,336 | ||||||||
| Water Utilities — 0.2% | ||||||||
|
Beijing Enterprises Water Group Ltd. |
18,878,000 | 4,740,133 | ||||||
|
Guangdong Investment Ltd. |
12,152,000 | 12,280,095 | ||||||
|
|
|
|||||||
| 17,020,228 | ||||||||
| Wireless Telecommunication Services — 0.1% | ||||||||
|
China United Network Communications Ltd., Class A |
6,432,727 | 4,888,471 | ||||||
|
|
|
|||||||
|
Total
Common Stocks — 99.8% |
8,295,895,122 | |||||||
|
|
|
|||||||
|
Rights |
||||||||
| Pharmaceuticals — 0.0% | ||||||||
|
Kangmei Pharmaceutical Co. Ltd. (Expires 12/31/49)(a) |
82,699 | — | ||||||
|
|
|
|||||||
|
Total
Rights — 0.0% |
|
— | ||||||
|
|
|
|||||||
|
Total
Long-Term Investments — 99.8% |
|
8,295,895,122 | ||||||
|
|
|
|||||||
|
Short-Term Securities |
||||||||
| Money Market Funds — 2.2% | ||||||||
|
BlackRock
Cash Funds: Institutional, |
182,418,980 | 182,528,431 | ||||||
|
BlackRock
Cash Funds: Treasury, |
1,820,000 | 1,820,000 | ||||||
|
|
|
|||||||
|
Total
Short-Term Securities — 2.2% |
|
184,348,431 | ||||||
|
|
|
|||||||
|
Total
Investments — 102.0% |
|
8,480,243,553 | ||||||
|
Liabilities in Excess of Other Assets — (2.0)% |
|
(167,324,835 | ) | |||||
|
|
|
|||||||
|
Net Assets — 100.0% |
|
$ | 8,312,918,718 | |||||
|
|
|
|||||||
| (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. |
|
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, 2023 |
iShares® MSCI China ETF |
| (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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
|
||||||||||||||||||||||||||||||||||||
| Affiliated Issuer |
Value at 08/31/22 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 02/28/23 |
Shares Held at 02/28/23 |
Income |
Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||
|
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | 211,036,965 | $ | — | $ | (28,543,412 | )(a) | $ | 44,040 | $ | (9,162 | ) | $ | 182,528,431 | 182,418,980 | $ | 1,238,922 | (b) | $ | — | ||||||||||||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares |
7,230,000 | — | (5,410,000 | )(a) | — | — | 1,820,000 | 1,820,000 | 184,477 | 13 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| $ | 44,040 | $ | (9,162 | ) | $ | 184,348,431 | $ | 1,423,399 | $ | 13 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| (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 China Index |
705 | 03/17/23 | $ | 17,086 | $ | (360,144 | ) | |||||||||
|
|
|
|||||||||||||||
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:
|
|
||||||||||||||||||||||||||||
| Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Liabilities — Derivative Financial Instruments |
||||||||||||||||||||||||||||
|
Futures contracts |
||||||||||||||||||||||||||||
|
Unrealized depreciation on futures contracts(a) |
$ | — | $ | — | $ | 360,144 | $ | — | $ | — | $ | — | $ | 360,144 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| (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, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
|
|
||||||||||||||||||||||||||||
| Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Net Realized Gain (Loss) from |
||||||||||||||||||||||||||||
|
Futures contracts |
$ | — | $ | — | $ | (1,708,684 | ) | $ | — | $ | — | $ | — | $ | (1,708,684 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Net Change in Unrealized Appreciation (Depreciation) on |
||||||||||||||||||||||||||||
|
Futures contracts |
$ | — | $ | — | $ | 798,470 | $ | — | $ | — | $ | — | $ | 798,470 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| 26 |
2 0 2 3 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, 2023 |
iShares® MSCI China ETF |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
|
||||
|
Futures contracts |
||||
|
Average notional value of contracts — long |
$ | 19,845,617 | ||
|
|
||||
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 | |||||||||||||
|
|
||||||||||||||||
|
Assets |
||||||||||||||||
|
Investments |
||||||||||||||||
|
Long-Term Investments |
||||||||||||||||
|
Common Stocks |
$ | 715,077,485 | $ | 7,577,833,799 | $ | 2,983,838 | $ | 8,295,895,122 | ||||||||
|
Rights |
— | — | — | — | ||||||||||||
|
Short-Term Securities |
||||||||||||||||
|
Money Market Funds |
184,348,431 | — | — | 184,348,431 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 899,425,916 | $ | 7,577,833,799 | $ | 2,983,838 | $ | 8,480,243,553 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Derivative Financial Instruments(a) |
||||||||||||||||
|
Liabilities |
||||||||||||||||
|
Equity Contracts |
$ | — | $ | (360,144) | $ | — | $ | (360,144) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (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 |
27 |
|
Schedule of Investments (unaudited) February 28, 2023 |
iShares® MSCI China Small-Cap ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
|
Common Stocks |
|
|||||||
| Auto Components — 2.1% | ||||||||
|
Huazhong In-Vehicle Holdings Co. Ltd.(a) |
420,000 | $ | 129,487 | |||||
|
Intron Technology Holdings Ltd. |
294,000 | 186,858 | ||||||
|
Nexteer Automotive Group Ltd. |
672,000 | 426,909 | ||||||
|
Prinx Chengshan Holdings Ltd. |
20,000 | 13,861 | ||||||
|
Tianneng Power International Ltd.(a) |
530,000 | 679,927 | ||||||
|
Wuling Motors Holdings Ltd.(a) |
950,000 | 112,732 | ||||||
|
|
|
|||||||
| 1,549,774 | ||||||||
| Beverages — 0.3% | ||||||||
|
China Foods Ltd. |
672,000 | 237,355 | ||||||
|
China Huiyuan Juice Group Ltd.(b) |
81,000 | — | ||||||
|
|
|
|||||||
| 237,355 | ||||||||
| Biotechnology — 5.1% | ||||||||
|
Alphamab Oncology(a)(c)(d) |
336,000 | 622,056 | ||||||
|
Ascentage Pharma Group International(c)(d) |
121,800 | 387,658 | ||||||
|
Ascletis Pharma Inc.(c)(d) |
294,000 | 120,721 | ||||||
|
Brii Biosciences Ltd.(a)(d) |
189,000 | 143,175 | ||||||
|
CARsgen Therapeutics Holdings Ltd., NVS(c)(d) |
84,000 | 169,631 | ||||||
|
CStone Pharmaceuticals(c)(d) |
420,000 | 210,590 | ||||||
|
Everest Medicines Ltd.(a)(c)(d) |
117,500 | 254,963 | ||||||
|
I-Mab, ADR(d) |
34,986 | 150,440 | ||||||
|
Jacobio Pharmaceuticals Group Co. Ltd. (c)(d) |
176,400 | 197,048 | ||||||
|
Keymed Biosciences Inc.(c)(d) |
120,000 | 965,058 | ||||||
|
Kintor Pharmaceutical Ltd. (a)(c)(d) |
273,000 | 336,616 | ||||||
|
Shanghai Haohai Biological Technology Co. Ltd., Class H(c) |
29,400 | 154,128 | ||||||
|
Shanghai Henlius Biotech Inc.(c)(d) |
53,400 | 101,053 | ||||||
|
Untrade Cteg(b) |
600,000 | 3,823 | ||||||
|
|
|
|||||||
| 3,816,960 | ||||||||
| Building Products — 0.5% | ||||||||
|
China State Construction Development Holdings Ltd. |
504,000 | 129,806 | ||||||
|
Luoyang Glass Co. Ltd., Class H (d) |
202,000 | 222,202 | ||||||
|
|
|
|||||||
| 352,008 | ||||||||
| Capital Markets — 2.1% | ||||||||
|
Bairong Inc. (c)(d) |
147,000 | 199,775 | ||||||
|
China Everbright Ltd.(a) |
726,000 | 520,180 | ||||||
|
China Renaissance Holdings Ltd.(a)(c) |
151,200 | 140,575 | ||||||
|
Noah Holdings Ltd., ADR(a)(d) |
23,940 | 447,918 | ||||||
|
Up Fintech Holding Ltd., ADR(a)(d) |
76,745 | 286,259 | ||||||
|
|
|
|||||||
| 1,594,707 | ||||||||
| Chemicals — 3.3% | ||||||||
|
China BlueChemical Ltd., Class H |
1,176,000 | 265,440 | ||||||
|
China Longevity Group Co. Ltd.(b)(d) |
96,000 | — | ||||||
|
China XLX Fertiliser Ltd. |
420,000 | 221,716 | ||||||
|
Fufeng Group Ltd.(a) |
1,176,600 | 754,519 | ||||||
|
Global New Material International Holdings Ltd. |
462,000 | 291,936 | ||||||
|
Guizhou Zhongyida Co. Ltd.(d) |
277,200 | 149,663 | ||||||
|
Huabao International Holdings Ltd.(a) |
756,000 | 379,042 | ||||||
|
Shanghai Chlor-Alkali Chemical Co. Ltd., Class B |
310,893 | 208,647 | ||||||
|
Sinofert Holdings Ltd. |
1,596,000 | 193,251 | ||||||
|
Untradelumena Newmat, NVS(b) |
21,700 | — | ||||||
|
|
|
|||||||
| 2,464,214 | ||||||||
| Commercial Services & Supplies — 1.0% | ||||||||
|
Binjiang Service Group Co. Ltd. |
68,500 | 211,541 | ||||||
|
China Conch Environment Protection Holdings Ltd.(d) |
1,260,000 | 466,242 | ||||||
|
Dynagreen Environmental Protection Group Co. Ltd., Class H |
294,000 | 100,097 | ||||||
|
|
|
|||||||
| 777,880 | ||||||||
| Security | Shares | Value | ||||||
| Communications Equipment — 0.1% | ||||||||
|
Eastern Communications Co. Ltd., Class B |
226,800 | $ | 97,066 | |||||
|
|
|
|||||||
| Construction & Engineering — 1.4% | ||||||||
|
Greentown Management Holdings Co. Ltd.(c) |
462,000 | 371,768 | ||||||
|
ReneSola Ltd., ADR(a)(d) |
25,578 | 115,868 | ||||||
|
Sinopec Engineering Group Co. Ltd., Class H |
1,134,000 | 568,137 | ||||||
|
|
|
|||||||
| 1,055,773 | ||||||||
| Construction Materials — 0.5% | ||||||||
|
Asia Cement China Holdings Corp. |
357,000 | 180,252 | ||||||
|
MH Development Ltd.(b) |
112,000 | 3,209 | ||||||
|
West China Cement Ltd. |
1,680,000 | 203,427 | ||||||
|
|
|
|||||||
| 386,888 | ||||||||
| Consumer Finance — 1.2% | ||||||||
|
FinVolution Group, ADR |
103,824 | 526,388 | ||||||
|
LexinFintech Holdings Ltd., ADR(d) |
79,000 | 218,830 | ||||||
|
Yixin Group Ltd.(a)(c)(d) |
987,000 | 144,815 | ||||||
|
|
|
|||||||
| 890,033 | ||||||||
| Distributors — 0.6% | ||||||||
|
China Tobacco International HK Co. Ltd. |
168,000 | 236,370 | ||||||
|
Xinhua Winshare Publishing and Media Co. Ltd., Class H |
276,000 | 209,295 | ||||||
|
|
|
|||||||
| 445,665 | ||||||||
| Diversified Consumer Services — 3.7% | ||||||||
|
China East Education Holdings Ltd.(c) |
420,000 | 316,372 | ||||||
|
China Education Group Holdings Ltd. |
733,000 | 841,853 | ||||||
|
China Maple Leaf Educational Systems Ltd.(b)(d) |
1,088,000 | 35,104 | ||||||
|
China New Higher Education Group Ltd.(c) |
672,000 | 272,499 | ||||||
|
China Yuhua Education Corp. Ltd.(a)(c)(d) |
1,326,000 | 221,298 | ||||||
|
Fu Shou Yuan International Group Ltd. |
882,000 | 664,954 | ||||||
|
Hope Education Group Co. Ltd.(c)(d) |
2,772,000 | 233,492 | ||||||
|
Youdao Inc., ADR(a)(d) |
28,848 | 235,111 | ||||||
|
|
|
|||||||
| 2,820,683 | ||||||||
| Diversified Financial Services — 3.3% | ||||||||
|
CSSC Hong Kong Shipping Co. Ltd. |
924,000 | 153,162 | ||||||
|
Genertec Universal Medical Group Co. Ltd.(c) |
798,000 | 460,729 | ||||||
|
Haitong UniTrust International Leasing Co. Ltd., Class H(a)(c) |
1,092,000 | 141,901 | ||||||
|
International Alliance Financial Leasing Co. Ltd. (a)(c)(d) |
650,000 | 1,466,944 | ||||||
|
SY Holdings Group Ltd.(a) |
315,000 | 238,105 | ||||||
|
|
|
|||||||
| 2,460,841 | ||||||||
| Electrical Equipment — 1.3% | ||||||||
|
China Fiber Optic Network System Group Ltd.(b) |
181,600 | — | ||||||
|
China High Speed Transmission Equipment Group Co. Ltd.(d) |
294,000 | 121,538 | ||||||
|
Hangzhou Steam Turbine Power Group Co. Ltd., Class B |
256,210 | 370,799 | ||||||
|
Harbin Electric Co. Ltd., Class H(d) |
504,000 | 250,682 | ||||||
|
Sun King Technology Group Ltd.(d) |
962,000 | 226,937 | ||||||
|
Trony Solar Holdings Co. Ltd.(b) |
216,000 | — | ||||||
|
|
|
|||||||
| 969,956 | ||||||||
| Electronic Equipment, Instruments & Components — 1.3% | ||||||||
|
Anxin-China Holdings Ltd.(b) |
672,000 | 1 | ||||||
|
BOE Varitronix Ltd. |
242,000 | 536,250 | ||||||
|
FIH Mobile Ltd. (a)(d) |
2,394,000 | 256,340 | ||||||
|
Truly International Holdings Ltd. |
1,344,000 | 188,540 | ||||||
|
|
|
|||||||
| 981,131 | ||||||||
| Entertainment — 3.8% | ||||||||
|
Alibaba Pictures Group Ltd.(d) |
9,240,000 | 582,405 | ||||||
|
CMGE Technology Group Ltd.(a)(d) |
840,000 | 233,776 | ||||||
|
DouYu International Holdings Ltd., ADR(d) |
109,326 | 136,658 | ||||||
|
Fire Rock Holdings Ltd.(a)(b)(d) |
1,472,000 | 72,854 | ||||||
| 28 |
2 0 2 3 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, 2023 |
iShares® MSCI China Small-Cap ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Entertainment (continued) | ||||||||
|
HUYA Inc., ADR(d) |
64,951 | $ | 279,289 | |||||
|
iDreamSky Technology Holdings Ltd.(a)(c)(d) |
537,600 | 245,697 | ||||||
|
Maoyan Entertainment(a)(c)(d) |
302,400 | 338,456 | ||||||
|
NetDragon Websoft Holdings Ltd. |
189,000 | 430,172 | ||||||
|
Untrade SMI Holdings(b) |
267,200 | — | ||||||
|
XD Inc.(d) |
168,000 | 543,788 | ||||||
|
|
|
|||||||
| 2,863,095 | ||||||||
| Equity Real Estate Investment Trusts (REITs) — 0.7% | ||||||||
|
Yuexiu REIT(a) |
1,806,000 | 545,817 | ||||||
|
|
|
|||||||
| Food & Staples Retailing — 0.4% | ||||||||
|
DingDong Cayman Ltd.(a)(d) |
69,048 | 312,787 | ||||||
|
|
|
|||||||
| Food Products — 2.0% | ||||||||
|
Ausnutria Dairy Corp. Ltd.(a) |
294,000 | 159,586 | ||||||
|
China Modern Dairy Holdings Ltd.(a) |
2,394,000 | 326,500 | ||||||
|
China Youran Dairy Group Ltd.(a)(c)(d) |
588,000 | 144,011 | ||||||
|
COFCO Joycome Foods Ltd. |
1,806,000 | 527,314 | ||||||
|
Zhou Hei Ya International Holdings Co. Ltd.(a)(c) |
735,000 | 371,306 | ||||||
|
|
|
|||||||
| 1,528,717 | ||||||||
| Gas Utilities — 0.5% | ||||||||
|
Towngas Smart Energy Co. Ltd. |
756,000 | 382,525 | ||||||
|
|
|
|||||||
| Health Care Equipment & Supplies — 3.8% | ||||||||
|
AK Medical Holdings Ltd.(c) |
420,000 | 501,462 | ||||||
|
Beijing Chunlizhengda Medical Instruments Co. Ltd., Class H |
73,500 | 194,585 | ||||||
|
Kangji Medical Holdings Ltd. |
231,000 | 282,600 | ||||||
|
Lifetech Scientific Corp. (d) |
2,856,000 | 1,063,667 | ||||||
|
Peijia Medical Ltd.(c)(d) |
294,000 | 427,065 | ||||||
|
Untrade Hosa International Ltd.(b) |
220,000 | — | ||||||
|
Venus MedTech Hangzhou Inc., Class H(a)(c)(d) |
210,000 | 365,791 | ||||||
|
|
|
|||||||
| 2,835,170 | ||||||||
| Health Care Providers & Services — 3.7% | ||||||||
|
Arrail Group Ltd., NVS(a) |
126,000 | 219,510 | ||||||
|
China Resources Medical Holdings Co. Ltd. |
651,000 | 564,415 | ||||||
|
Gushengtang Holdings Ltd.(d) |
63,000 | 443,886 | ||||||
|
Jinxin Fertility Group Ltd.(a)(c) |
1,260,000 | 1,003,013 | ||||||
|
New Horizon Health Ltd.(c)(d) |
134,500 | 562,842 | ||||||
|
|
|
|||||||
| 2,793,666 | ||||||||
| Health Care Technology — 0.6% | ||||||||
|
Medlive Technology Co. Ltd.(a)(c) |
147,000 | 179,734 | ||||||
|
Yidu Tech Inc. (a)(c)(d) |
226,800 | 248,558 | ||||||
|
|
|
|||||||
| 428,292 | ||||||||
| Hotels, Restaurants & Leisure — 2.9% | ||||||||
|
China Travel International Investment Hong Kong Ltd.(a)(d) |
1,680,000 | 333,944 | ||||||
|
Haichang Ocean Park Holdings Ltd.(c)(d) |
2,478,000 | 602,974 | ||||||
|
Helens International Holdings Co. Ltd. (a)(d) |
198,500 | 348,721 | ||||||
|
Huangshan Tourism Development Co. Ltd., Class B |
161,700 | 133,786 | ||||||
|
Nayuki Holdings Ltd.(a)(d) |
252,000 | 233,360 | ||||||
|
Xiabuxiabu Catering Management China Holdings Co. Ltd.(c) |
504,000 | 537,924 | ||||||
|
|
|
|||||||
| 2,190,709 | ||||||||
| Household Durables — 2.2% | ||||||||
|
Chervon Holdings Ltd. |
75,600 | 381,881 | ||||||
|
Konka Group Co. Ltd., Class B |
516,600 | 125,015 | ||||||
|
Q Technology Group Co. Ltd.(d) |
378,000 | 228,034 | ||||||
|
Skyworth Group Ltd. |
1,092,000 | 599,089 | ||||||
|
TCL Electronics Holdings Ltd. |
672,000 | 290,424 | ||||||
|
|
|
|||||||
| 1,624,443 | ||||||||
| Security | Shares | Value | ||||||
| Independent Power and Renewable Electricity Producers — 2.6% | ||||||||
|
Beijing Jingneng Clean Energy Co. Ltd., Class H |
1,092,000 | $ | 272,850 | |||||
|
Canvest Environmental Protection Group Co. Ltd. |
378,000 | 186,300 | ||||||
|
CGN New Energy Holdings Co. Ltd. |
1,008,000 | 351,080 | ||||||
|
China Datang Corp. Renewable Power Co. Ltd., Class H |
1,722,000 | 599,546 | ||||||
|
China Everbright Greentech Ltd.(a)(c) |
462,000 | 105,476 | ||||||
|
Concord New Energy Group Ltd. |
4,620,000 | 441,640 | ||||||
|
|
|
|||||||
| 1,956,892 | ||||||||
| Industrial Conglomerates — 0.6% | ||||||||
|
Shanghai Industrial Holdings Ltd. |
336,000 | 435,016 | ||||||
|
|
|
|||||||
| Interactive Media & Services — 2.9% | ||||||||
|
Hello Group Inc., ADR |
115,388 | 1,016,568 | ||||||
|
Meitu Inc.(a)(c)(d) |
1,701,000 | 635,017 | ||||||
|
Sohu.com Ltd., ADR(a)(d) |
19,614 | 280,873 | ||||||
|
Tongdao Liepin Group(d) |
142,800 | 236,121 | ||||||
|
|
|
|||||||
| 2,168,579 | ||||||||
| Internet & Direct Marketing Retail — 0.9% | ||||||||
|
Baozun Inc., ADR(d) |
37,545 | 236,158 | ||||||
|
Dada Nexus Ltd., ADR(a)(d) |
48,987 | 438,924 | ||||||
|
|
|
|||||||
| 675,082 | ||||||||
| IT Services — 2.8% | ||||||||
|
Chindata Group Holdings Ltd., ADR(a)(d) |
100,422 | 679,857 | ||||||
|
Digital China Holdings Ltd. |
630,000 | 293,098 | ||||||
|
Kingsoft Cloud Holdings Ltd., ADR(a)(d) |
82,866 | 319,034 | ||||||
|
National Agricultural Holdings Ltd., NVS(b) |
108,900 | 139 | ||||||
|
Vnet Group Inc., ADR(d) |
76,818 | 304,967 | ||||||
|
Yeahka Ltd.(a)(d) |
159,200 | 528,503 | ||||||
|
|
|
|||||||
| 2,125,598 | ||||||||
| Life Sciences Tools & Services — 0.2% | ||||||||
|
Viva Biotech Holdings(c)(d) |
588,000 | 118,521 | ||||||
|
|
|
|||||||
| Machinery — 2.7% | ||||||||
|
China Yuchai International Ltd. |
11,004 | 89,463 | ||||||
|
CIMC Enric Holdings Ltd. |
556,000 | 570,683 | ||||||
|
First Tractor Co. Ltd., Class H |
304,000 | 151,109 | ||||||
|
LK Technology Holdings Ltd.(a) |
420,000 | 566,154 | ||||||
|
Lonking Holdings Ltd. |
1,470,000 | 266,115 | ||||||
|
Shanghai Highly Group Co. Ltd., Class B |
193,284 | 88,325 | ||||||
|
Shanghai Mechanical and Electrical Industry Co. Ltd., Class B |
163,705 | 178,243 | ||||||
|
Shanghai New Power Automotive Technology Co. Ltd., Class B |
260,465 | 111,246 | ||||||
|
|
|
|||||||
| 2,021,338 | ||||||||
| Media — 0.6% | ||||||||
|
Flowing Cloud Technology Ltd., NVS |
336,000 | 175,076 | ||||||
|
Joy Spreader Group Inc.(a)(d) |
924,000 | 143,941 | ||||||
|
Mobvista Inc.(c)(d) |
294,000 | 151,028 | ||||||
|
|
|
|||||||
| 470,045 | ||||||||
| Metals & Mining — 3.3% | ||||||||
|
China Metal Recycling Holdings Ltd.(b) |
184,800 | — | ||||||
|
China Nonferrous Mining Corp Ltd. |
1,008,000 | 507,800 | ||||||
|
China Oriental Group Co. Ltd. |
840,000 | 170,419 | ||||||
|
China Zhongwang Holdings Ltd.(a)(b)(d) |
1,271,200 | 123,420 | ||||||
|
Jinchuan Group International Resources Co. Ltd. |
2,394,000 | 186,209 | ||||||
|
MMG Ltd.(d) |
2,352,000 | 663,384 | ||||||
|
Shougang Fushan Resources Group Ltd. |
1,344,000 | 431,742 | ||||||
|
Tiangong International Co. Ltd. |
1,092,000 | 402,461 | ||||||
|
Untrade Real Gold Mining(b) |
126,000 | — | ||||||
|
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) (continued) February 28, 2023 |
iShares® MSCI China Small-Cap ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Metals & Mining (continued) | ||||||||
|
Youyuan International Holdings Ltd.(b) |
120,000 | $ | 818 | |||||
|
|
|
|||||||
| 2,486,253 | ||||||||
| Oil, Gas & Consumable Fuels — 1.4% | ||||||||
|
AAG Energy Holdings Ltd.(c) |
780,000 | 171,538 | ||||||
|
CGN Mining Co. Ltd.(d) |
1,470,000 | 174,267 | ||||||
|
Kinetic Development Group Ltd. |
1,932,000 | 159,987 | ||||||
|
Productive Technologies Co. Ltd.(a)(d) |
2,352,000 | 296,644 | ||||||
|
Sinopec Kantons Holdings Ltd. |
756,000 | 260,319 | ||||||
|
|
|
|||||||
| 1,062,755 | ||||||||
| Paper & Forest Products — 0.7% | ||||||||
|
China Forestry Holdings Co. Ltd.(b) |
306,000 | — | ||||||
|
Lee & Man Paper Manufacturing Ltd. |
1,008,000 | 436,294 | ||||||
|
Qunxing Paper Holdings Co. Ltd.(b) |
148,000 | — | ||||||
|
Shandong Chenming Paper Holdings Ltd., Class B(d) |
399,000 | 125,022 | ||||||
|
Superb Summit International Group Ltd.(b) |
2,975 | — | ||||||
|
|
|
|||||||
| 561,316 | ||||||||
| Pharmaceuticals — 6.7% | ||||||||
|
Antengene Corp. Ltd.(c)(d) |
231,000 | 117,222 | ||||||
|
Beijing Tong Ren Tang Chinese Medicine Co. Ltd. |
196,000 | 302,312 | ||||||
|
China Animal Healthcare Ltd.(b) |
140,000 | — | ||||||
|
China Shineway Pharmaceutical Group Ltd. |
226,000 | 197,474 | ||||||
|
Grand Pharmaceutical Group Ltd., Class A |
819,000 | 465,902 | ||||||
|
Hua Han Health Industry Holdings Ltd.(b) |
505,580 | 1 | ||||||
|
Hua Medicine(c)(d) |
525,000 | 271,672 | ||||||
|
HUTCHMED China Ltd.(d) |
365,500 | 1,206,702 | ||||||
|
Luye Pharma Group Ltd. (c)(d) |
1,365,000 | 628,211 | ||||||
|
Ocumension Therapeutics(c)(d) |
231,000 | 296,500 | ||||||
|
Shanghai Haixin Group Co., Class B |
344,463 | 113,687 | ||||||
|
Sihuan Pharmaceutical Holdings Group Ltd. |
2,898,000 | 336,389 | ||||||
|
SSY Group Ltd. |
1,008,000 | 604,415 | ||||||
|
Tong Ren Tang Technologies Co. Ltd., Class H |
444,000 | 318,843 | ||||||
|
YiChang HEC ChangJiang Pharmaceutical Co. Ltd., Class H(c)(d) |
201,600 | 208,009 | ||||||
|
|
|
|||||||
| 5,067,339 | ||||||||
| Real Estate Management & Development — 12.8% | ||||||||
|
Agile Group Holdings Ltd.(d) |
924,000 | 254,662 | ||||||
|
A-Living Smart City Services Co. Ltd., Class A(c) |
598,500 | 613,583 | ||||||
|
C&D Property Management Group Co. Ltd. |
314,000 | 203,619 | ||||||
|
Central China New Life Ltd. |
247,000 | 88,647 | ||||||
|
China Aoyuan Group Ltd.(a)(b)(d) |
896,000 | 77,737 | ||||||
|
China Overseas Grand Oceans Group Ltd. |
1,386,000 | 539,193 | ||||||
|
China SCE Group Holdings Ltd. |
1,302,000 | 149,285 | ||||||
|
China South City Holdings Ltd.(d) |
3,528,000 | 233,878 | ||||||
|
CIFI Ever Sunshine Services Group Ltd. |
618,000 | 249,799 | ||||||
|
CIFI Holdings Group Co. Ltd.(a) |
3,192,000 | 342,791 | ||||||
|
Colour Life Services Group Co. Ltd.(a)(b)(d) |
320,000 | 14,587 | ||||||
|
Cosmopolitan International Holdings Ltd.(d) |
1,260,000 | 209,239 | ||||||
|
Excellence Commercial Property & Facilities Management Group Ltd.(a) |
294,000 | 131,784 | ||||||
|
Gemdale Properties & Investment Corp. Ltd. |
4,452,000 | 352,330 | ||||||
|
Guangzhou R&F Properties Co. Ltd., Class H(a)(d) |
1,293,600 | 318,766 | ||||||
|
Hopson Development Holdings Ltd. |
659,400 | 672,959 | ||||||
|
Jinke Smart Services Group Co. Ltd. |
100,800 | 155,938 | ||||||
|
Kaisa Group Holdings Ltd.(a)(b)(d) |
2,048,000 | 73,715 | ||||||
|
KWG Group Holdings Ltd.(d) |
966,000 | 206,175 | ||||||
|
Midea Real Estate Holding Ltd.(c) |
260,400 | 322,624 | ||||||
|
Poly Property Group Co. Ltd. |
1,302,000 | 312,353 | ||||||
|
Powerlong Real Estate Holdings Ltd.(a) |
966,000 | 200,999 | ||||||
|
Radiance Holdings Group Co. Ltd.(a) |
630,000 | 384,450 | ||||||
| Security | Shares | Value | ||||||
| Real Estate Management & Development (continued) | ||||||||
|
Redco Properties Group Ltd.(a)(c)(d) |
672,000 | $ | 112,230 | |||||
|
SCE Intelligent Commercial Management Holdings Ltd. |
378,000 | 89,705 | ||||||
|
Seazen Group Ltd.(d) |
1,512,000 | 508,980 | ||||||
|
Shanghai Jinqiao Export Processing Zone Development Co. Ltd., Class B |
210,040 | 201,465 | ||||||
|
Shenzhen Investment Ltd. |
2,016,000 | 367,972 | ||||||
|
Shimao Services Holdings Ltd.(a)(c)(d) |
756,000 | 219,074 | ||||||
|
Shoucheng Holdings Ltd. |
1,933,600 | 404,361 | ||||||
|
Shui On Land Ltd. |
2,829,500 | 349,781 | ||||||
|
Sino-Ocean Group Holding Ltd.(a) |
2,352,000 | 297,173 | ||||||
|
SOHO China Ltd.(d) |
1,596,000 | 297,247 | ||||||
|
Sunac Services Holdings Ltd.(c) |
798,000 | 319,099 | ||||||
|
Yuexiu Services Group Ltd., NVS |
294,000 | 175,852 | ||||||
|
Zhuguang Holdings Group Co. Ltd.(a)(d) |
1,680,000 | 188,372 | ||||||
|
|
|
|||||||
| 9,640,424 | ||||||||
| Semiconductors & Semiconductor Equipment — 2.3% | ||||||||
|
JinkoSolar Holding Co. Ltd., ADR(d) |
32,802 | 1,738,506 | ||||||
|
|
|
|||||||
| Software — 3.8% | ||||||||
|
Agora Inc., ADR(a)(d) |
52,122 | 159,493 | ||||||
|
AsiaInfo Technologies Ltd.(c) |
134,400 | 232,293 | ||||||
|
China Youzan Ltd.(d) |
11,256,000 | 304,007 | ||||||
|
Inspur International Ltd.(d) |
420,000 | 322,649 | ||||||
|
Linklogis Inc.(c)(d) |
630,000 | 296,040 | ||||||
|
Ming Yuan Cloud Group Holdings Ltd.(a) |
546,000 | 372,828 | ||||||
|
Tuya Inc.(a)(d) |
153,083 | 316,882 | ||||||
|
Weimob Inc.(c)(d) |
1,470,000 | 884,048 | ||||||
|
|
|
|||||||
| 2,888,240 | ||||||||
| Specialty Retail — 0.9% | ||||||||
|
Boshiwa International Holding Ltd.(b) |
67,000 | — | ||||||
|
GOME Retail Holdings Ltd.(a)(d) |
24,486,000 | 493,922 | ||||||
|
Pou Sheng International Holdings Ltd. |
1,638,000 | 175,726 | ||||||
|
|
|
|||||||
| 669,648 | ||||||||
| Technology Hardware, Storage & Peripherals — 0.4% | ||||||||
|
Canaan Inc., ADR(a)(d) |
108,906 | 304,937 | ||||||
|
|
|
|||||||
| Textiles, Apparel & Luxury Goods — 1.8% | ||||||||
|
361 Degrees International Ltd.(d) |
630,000 | 302,157 | ||||||
|
China Lilang Ltd. |
294,000 | 149,816 | ||||||
|
Fuguiniao Co. Ltd.(b) |
43,200 | — | ||||||
|
Golden Solar New Energy Technology Holdings Ltd. (a)(d) |
651,200 | 706,099 | ||||||
|
JNBY Design Ltd. |
147,000 | 184,028 | ||||||
|
|
|
|||||||
| 1,342,100 | ||||||||
| Tobacco — 1.0% | ||||||||
|
RLX Technology Inc., ADR(d) |
393,195 | 766,730 | ||||||
|
|
|
|||||||
| Trading Companies & Distributors — 0.3% | ||||||||
|
China Aircraft Leasing Group Holdings Ltd. |
168,000 | 109,640 | ||||||
|
CITIC Resources Holdings Ltd. |
2,184,000 | 137,785 | ||||||
|
|
|
|||||||
| 247,425 | ||||||||
| Transportation Infrastructure — 2.0% | ||||||||
|
Anhui Expressway Co. Ltd., Class H |
320,000 | 299,069 | ||||||
|
COSCO SHIPPING International Hong Kong Co. Ltd. |
420,000 | 131,707 | ||||||
|
Hainan Meilan International Airport Co. Ltd., Class H(a)(d) |
159,000 | 391,997 | ||||||
|
Sichuan Expressway Co. Ltd., Class H |
588,000 | 142,286 | ||||||
|
Tianjin Port Development Holdings Ltd. |
1,428,000 | 109,234 | ||||||
|
Yuexiu Transport Infrastructure Ltd. |
786,000 | 443,509 | ||||||
|
|
|
|||||||
| 1,517,802 | ||||||||
| Water Utilities — 0.8% | ||||||||
|
China Everbright Water Ltd. |
177,100 | 28,232 | ||||||
| 30 |
2 0 2 3 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, 2023 |
iShares® MSCI China Small-Cap ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Water Utilities (continued) | ||||||||
|
China Water Affairs Group Ltd.(a) |
640,000 | $ | 569,417 | |||||
|
|
|
|||||||
| 597,649 | ||||||||
|
|
|
|||||||
|
Total
Long-Term Investments — 99.9% |
|
75,268,350 | ||||||
|
|
|
|||||||
|
Short-Term Securities |
||||||||
| Money Market Funds — 22.4% | ||||||||
|
BlackRock
Cash Funds: Institutional, |
16,660,232 | 16,670,229 | ||||||
|
BlackRock
Cash Funds: Treasury, |
180,000 | 180,000 | ||||||
|
|
|
|||||||
|
Total
Short-Term Securities — 22.4% |
|
16,850,229 | ||||||
|
|
|
|||||||
|
Total
Investments — 122.3% |
|
92,118,579 | ||||||
|
Liabilities
in Excess of Other |
(16,771,158) | |||||||
|
|
|
|||||||
|
Net Assets — 100.0% |
$ | 75,347,421 | ||||||
|
|
|
|||||||
| (a) |
All or a portion of this security is on loan. |
| (b) |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| (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) |
Non-income producing security. |
| (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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
|
||||||||||||||||||||||||||||||||||||
| Affiliated Issuer | Value at 08/31/22 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Value at 02/28/23 |
Shares Held at 02/28/23 |
Income | Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||
|
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | 9,612,515 | $ | 7,051,966 | (a) | $ | — | $ | 3,649 | $ | 2,099 | $ | 16,670,229 | 16,660,232 | $ | 392,090 | (b) | $ | — | |||||||||||||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares |
60,000 | 120,000 | (a) | — | — | — | 180,000 | 180,000 | 1,689 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| $ | 3,649 | $ | 2,099 | $ | 16,850,229 | $ | 393,779 | $ | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| (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 China Index |
9 | 03/17/23 | $ | 218 | $ | (9,768 | ) | |||||||||
|
|
|
|||||||||||||||
|
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, 2023 |
iShares® MSCI China Small-Cap ETF |
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
|
|
||||||||||||||||||||||||||||
| Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Liabilities — Derivative Financial Instruments |
||||||||||||||||||||||||||||
|
Futures contracts |
||||||||||||||||||||||||||||
|
Unrealized depreciation on futures contracts(a) |
$ | — | $ | — | $ | 9,768 | $ | — | $ | — | $ | — | $ | 9,768 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| (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, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
|
|
||||||||||||||||||||||||||||
| Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Net Realized Gain (Loss) from |
||||||||||||||||||||||||||||
|
Futures contracts |
$ | — | $ | — | $ | (36,688 | ) | $ | — | $ | — | $ | — | $ | (36,688 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Net Change in Unrealized Appreciation (Depreciation) on |
||||||||||||||||||||||||||||
|
Futures contracts |
$ | — | $ | — | $ | 7,102 | $ | — | $ | — | $ | — | $ | 7,102 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
|
||||
|
Futures contracts |
||||
|
Average notional value of contracts — long |
$ | 109,057 | ||
|
|
||||
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 | |||||||||||||
|
|
||||||||||||||||
|
Assets |
||||||||||||||||
|
Investments |
||||||||||||||||
|
Long-Term Investments |
||||||||||||||||
|
Common Stocks |
$ | 12,859,329 | $ | 62,003,613 | $ | 405,408 | $ | 75,268,350 | ||||||||
|
Short-Term Securities |
||||||||||||||||
|
Money Market Funds |
16,850,229 | — | — | 16,850,229 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 29,709,558 | $ | 62,003,613 | $ | 405,408 | $ | 92,118,579 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Derivative Financial Instruments(a) |
||||||||||||||||
|
Liabilities |
||||||||||||||||
|
Equity Contracts |
$ | — | $ | (9,768 | ) | $ | — | $ | (9,768 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
| 32 |
2 0 2 3 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, 2023 |
iShares® MSCI Indonesia ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
|
Common Stocks |
||||||||
| Automobiles — 4.1% | ||||||||
|
Astra International Tbk PT |
45,956,130 | $ | 18,382,801 | |||||
|
|
|
|||||||
| Banks — 43.8% | ||||||||
|
Bank Aladin Syariah Tbk PT(a) |
12,971,400 | 1,105,759 | ||||||
|
Bank BTPN Syariah Tbk PT |
9,492,200 | 1,456,196 | ||||||
|
Bank Bukopin Tbk PT(a) |
51,732,400 | 403,682 | ||||||
|
Bank Central Asia Tbk PT |
153,021,890 | 87,763,973 | ||||||
|
Bank Mandiri Persero Tbk PT |
41,416,260 | 27,150,436 | ||||||
|
Bank Negara Indonesia Persero Tbk PT |
26,332,758 | 15,144,658 | ||||||
|
Bank Neo Commerce Tbk PT(a) |
13,274,066 | 556,472 | ||||||
|
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT |
18,432,376 | 1,595,329 | ||||||
|
Bank Pembangunan Daerah Jawa Timur Tbk PT |
26,561,800 | 1,288,746 | ||||||
|
Bank Rakyat Indonesia Persero Tbk PT |
180,566,954 | 55,265,292 | ||||||
|
Bank Tabungan Negara Persero Tbk PT |
29,180,026 | 2,534,667 | ||||||
|
|
|
|||||||
| 194,265,210 | ||||||||
| Capital Markets — 0.5% | ||||||||
|
Pacific Strategic Financial Tbk PT(a) |
30,076,900 | 2,218,788 | ||||||
|
Pool Advista Indonesia Tbk PT(a)(b) |
7,126,300 | — | ||||||
|
|
|
|||||||
| 2,218,788 | ||||||||
| Chemicals — 1.8% | ||||||||
|
Barito Pacific Tbk PT |
106,278,752 | 6,515,175 | ||||||
|
Surya Esa Perkasa Tbk PT |
21,421,800 | 1,503,101 | ||||||
|
|
|
|||||||
| 8,018,276 | ||||||||
| Construction & Engineering — 0.7% | ||||||||
|
PP Persero Tbk PT(a) |
18,465,522 | 774,657 | ||||||
|
Waskita Karya Persero Tbk PT(a)(b) |
62,167,119 | 1,408,050 | ||||||
|
Wijaya Karya Persero Tbk PT(a) |
17,974,670 | 742,319 | ||||||
|
|
|
|||||||
| 2,925,026 | ||||||||
| Construction Materials — 3.0% | ||||||||
|
Berkah Beton Sadaya Tbk PT(b) |
64,732,500 | 2,525,629 | ||||||
|
Indocement Tunggal Prakarsa Tbk PT |
6,017,644 | 4,388,762 | ||||||
|
Semen Indonesia Persero Tbk PT |
13,043,941 | 6,178,394 | ||||||
|
|
|
|||||||
| 13,092,785 | ||||||||
| Consumer Finance — 0.4% | ||||||||
|
BFI Finance Indonesia Tbk PT |
20,007,700 | 1,790,509 | ||||||
|
|
|
|||||||
| Diversified Telecommunication Services — 7.7% | ||||||||
|
Inovisi Infracom Tbk PT(b) |
9,476,400 | — | ||||||
|
Sarana Menara Nusantara Tbk PT |
59,394,900 | 4,088,786 | ||||||
|
Telkom Indonesia Persero Tbk PT |
117,808,790 | 30,010,124 | ||||||
|
|
|
|||||||
| 34,098,910 | ||||||||
| Electronic Equipment, Instruments & Components — 0.1% | ||||||||
|
Metrodata Electronics Tbk PT |
13,035,500 | 512,872 | ||||||
|
|
|
|||||||
| Food & Staples Retailing — 2.1% | ||||||||
|
Sumber Alfaria Trijaya Tbk PT |
49,196,200 | 9,355,727 | ||||||
|
|
|
|||||||
| Food Products — 6.4% | ||||||||
|
Astra Agro Lestari Tbk PT |
734,700 | 399,903 | ||||||
|
Charoen Pokphand Indonesia Tbk PT |
27,178,625 | 9,578,346 | ||||||
|
Cisarua Mountain Dairy PT TBK |
3,159,900 | 922,069 | ||||||
|
Indofood CBP Sukses Makmur Tbk PT |
9,160,554 | 6,083,364 | ||||||
|
Indofood Sukses Makmur Tbk PT |
16,790,330 | 7,128,481 | ||||||
|
Inti Agri Resources Tbk PT(a)(b) |
190,840,700 | — | ||||||
|
Japfa Comfeed Indonesia Tbk PT |
20,417,900 | 1,800,489 | ||||||
|
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT |
19,551,800 | 1,365,441 | ||||||
| Security | Shares | Value | ||||||
| Food Products (continued) | ||||||||
|
Sawit Sumbermas Sarana Tbk PT |
8,699,300 | $ | 926,975 | |||||
|
|
|
|||||||
| 28,205,068 | ||||||||
| Gas Utilities — 1.1% | ||||||||
|
Perusahaan Gas Negara Tbk PT |
45,818,707 | 4,700,076 | ||||||
|
|
|
|||||||
| Health Care Providers & Services — 0.8% | ||||||||
|
Medikaloka Hermina Tbk PT |
16,616,000 | 1,623,465 | ||||||
|
Metro Healthcare Indonesia TBK PT(a) |
50,460,400 | 1,588,290 | ||||||
|
Siloam International Hospitals Tbk PT |
6,239,100 | 535,949 | ||||||
|
|
|
|||||||
| 3,747,704 | ||||||||
| Household Products — 1.7% | ||||||||
|
Unilever Indonesia Tbk PT |
27,962,120 | 7,662,003 | ||||||
|
|
|
|||||||
| Insurance — 0.6% | ||||||||
|
Panin Financial Tbk PT |
93,599,678 | 2,442,747 | ||||||
|
|
|
|||||||
| Internet & Direct Marketing Retail — 0.6% | ||||||||
|
Bukalapak.com PT Tbk(a) |
161,683,500 | 2,777,153 | ||||||
|
|
|
|||||||
| Marine — 0.5% | ||||||||
|
Temas Tbk PT |
2,605,000 | 570,538 | ||||||
|
Trada Alam Minera Tbk PT(a)(b) |
163,879,000 | — | ||||||
|
Transcoal Pacific Tbk PT |
2,729,200 | 1,588,305 | ||||||
|
|
|
|||||||
| 2,158,843 | ||||||||
| Media — 0.6% | ||||||||
|
Media Nusantara Citra Tbk PT(a) |
27,822,000 | 1,185,454 | ||||||
|
Surya Citra Media Tbk PT |
103,779,800 | 1,470,130 | ||||||
|
|
|
|||||||
| 2,655,584 | ||||||||
| Metals & Mining — 4.5% | ||||||||
|
Aneka Tambang Tbk |
33,632,554 | 4,388,799 | ||||||
|
Bumi Resources Minerals Tbk PT(a) |
115,950,300 | 1,238,834 | ||||||
|
Merdeka Copper Gold Tbk PT(a) |
35,834,206 | 10,666,334 | ||||||
|
Timah Tbk PT |
6,113,400 | 477,095 | ||||||
|
Vale Indonesia Tbk PT(a) |
7,119,100 | 3,184,506 | ||||||
|
|
|
|||||||
| 19,955,568 | ||||||||
| Multiline Retail — 1.2% | ||||||||
|
Matahari Department Store Tbk PT |
2,432,100 | 825,319 | ||||||
|
Mitra Adiperkasa Tbk PT(a) |
43,560,600 | 4,313,235 | ||||||
|
|
|
|||||||
| 5,138,554 | ||||||||
| Oil, Gas & Consumable Fuels — 7.7% | ||||||||
|
Adaro Energy Indonesia Tbk PT |
54,234,239 | 10,625,715 | ||||||
|
AKR Corporindo Tbk PT |
47,123,300 | 4,276,962 | ||||||
|
Bukit Asam Tbk PT |
16,812,200 | 4,254,152 | ||||||
|
Bumi Resources Tbk PT(a) |
193,328,300 | 1,724,109 | ||||||
|
Energi Mega Persada Tbk PT, NVS |
22,993,400 | 410,112 | ||||||
|
Harum Energy Tbk PT |
6,834,000 | 730,134 | ||||||
|
Indika Energy Tbk PT |
4,561,900 | 687,748 | ||||||
|
Indo Tambangraya Megah Tbk PT |
2,182,700 | 5,320,486 | ||||||
|
Medco Energi Internasional Tbk PT |
43,120,886 | 3,235,445 | ||||||
|
Sekawan Intipratama Tbk PT(b) |
30,572,100 | — | ||||||
|
Sugih Energy Tbk PT(a)(b) |
39,886,700 | — | ||||||
|
United Tractors Tbk PT |
1,607,796 | 2,940,741 | ||||||
|
|
|
|||||||
| 34,205,604 | ||||||||
| Paper & Forest Products — 1.7% | ||||||||
|
Indah Kiat Pulp & Paper Tbk PT |
10,537,600 | 5,473,956 | ||||||
|
Pabrik Kertas Tjiwi Kimia Tbk PT |
4,641,100 | 2,129,964 | ||||||
|
|
|
|||||||
| 7,603,920 | ||||||||
| Personal Products — 0.5% | ||||||||
|
Industri Jamu Dan Farmasi Sido Muncul Tbk PT |
35,579,037 | 2,053,085 | ||||||
|
|
|
|||||||
|
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, 2023 |
iShares® MSCI Indonesia ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Pharmaceuticals — 2.5% | ||||||||
|
Kalbe Farma Tbk PT |
80,556,285 | $ | 11,143,792 | |||||
|
|
|
|||||||
| Real Estate Management & Development — 2.3% | ||||||||
|
Bumi Serpong Damai Tbk PT(a) |
35,823,622 | 2,324,562 | ||||||
|
Ciputra Development Tbk PT |
42,802,213 | 2,778,635 | ||||||
|
Hanson International Tbk PT(a)(b) |
372,896,535 | — | ||||||
|
Lippo Karawaci Tbk PT(a) |
138,882,542 | 737,671 | ||||||
|
Pakuwon Jati Tbk PT |
81,925,977 | 2,482,322 | ||||||
|
Rimo International Lestari Tbk PT(a)(b) |
54,096,000 | — | ||||||
|
Summarecon Agung Tbk PT |
49,429,286 | 1,960,189 | ||||||
|
|
|
|||||||
| 10,283,379 | ||||||||
| Software — 0.1% | ||||||||
|
Digital Mediatama Maxima Tbk PT(a) |
6,096,700 | 395,786 | ||||||
|
|
|
|||||||
| Specialty Retail — 0.7% | ||||||||
|
Ace Hardware Indonesia Tbk PT |
31,888,979 | 1,055,888 | ||||||
|
Erajaya Swasembada Tbk PT |
48,507,100 | 1,637,668 | ||||||
|
Map Aktif Adiperkasa PT(a) |
1,713,300 | 549,379 | ||||||
|
|
|
|||||||
| 3,242,935 | ||||||||
| Security | Shares | Value | ||||||
| Tobacco — 0.7% | ||||||||
|
Gudang Garam Tbk PT |
1,864,442 | $ | 3,056,462 | |||||
|
|
|
|||||||
| Transportation Infrastructure — 0.7% | ||||||||
|
Astrindo Nusantara Infrastructure Tbk PT(a) |
118,552,600 | 1,173,731 | ||||||
|
Jasa Marga Persero Tbk PT(a) |
10,072,408 | 2,146,390 | ||||||
|
|
|
|||||||
| 3,320,121 | ||||||||
| Wireless Telecommunication Services — 0.9% | ||||||||
|
Smartfren Telecom Tbk PT(a) |
261,626,200 | 1,149,114 | ||||||
|
XL Axiata Tbk PT |
20,120,700 | 2,757,134 | ||||||
|
|
|
|||||||
| 3,906,248 | ||||||||
|
Total
Investments — 100.0% |
|
443,315,536 | ||||||
|
Other Assets Less Liabilities — 0.0% |
221,628 | |||||||
|
|
|
|||||||
|
Net Assets — 100.0% |
$ | 443,537,164 | ||||||
|
|
|
|||||||
| (a) |
Non-income producing security. |
| (b) |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
|
||||||||||||||||||||||||||||||||||||
| Affiliated Issuer | Value at 08/31/22 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Value at 02/28/23 |
Shares Held at 02/28/23 |
Income |
Capital Gain |
|||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares(a) |
$ | 260,000 | $ | — | $ | (260,000 | )(b) | $ | — | $ | — | $ | — | — | $ | 7,437 | $ | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| (a) |
As of period end, the entity is no longer held. |
| (b) |
Represents net amount purchased (sold). |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
|
|
||||||||||||||||
| Description | Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
||||||||||||
|
|
||||||||||||||||
|
Long Contracts |
||||||||||||||||
|
MSCI Emerging Markets Index |
16 | 03/17/23 | $ | 770 | $ | (18,748 | ) | |||||||||
|
|
|
|||||||||||||||
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:
|
|
||||||||||||||||||||||||||||
| Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Liabilities — Derivative Financial Instruments |
||||||||||||||||||||||||||||
|
Futures contracts |
||||||||||||||||||||||||||||
|
Unrealized depreciation on futures contracts(a) |
$ | — | $ | — | $ | 18,748 | $ | — | $ | — | $ | — | $ | 18,748 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| (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). |
| 34 |
2 0 2 3 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, 2023 |
iShares® MSCI Indonesia ETF |
For the period ended February 28, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
|
|
||||||||||||||||||||||||||||
| Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Net Realized Gain (Loss) from |
||||||||||||||||||||||||||||
|
Futures contracts |
$ | — | $ | — | $ | 69,967 | $ | — | $ | — | $ | — | $ | 69,967 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Net Change in Unrealized Appreciation (Depreciation) on |
||||||||||||||||||||||||||||
|
Futures contracts |
$ | — | $ | — | $ | (11,990 | ) | $ | — | $ | — | $ | — | $ | (11,990 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
|
||||
|
Futures contracts |
||||
|
Average notional value of contracts — long |
$ | 950,098 | ||
|
|
||||
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 | |||||||||||||
|
|
||||||||||||||||
|
Assets |
||||||||||||||||
|
Investments |
||||||||||||||||
|
Long-Term Investments |
||||||||||||||||
|
Common Stocks |
$ | 22,938,960 | $ | 416,442,897 | $ | 3,933,679 | $ | 443,315,536 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Derivative Financial Instruments(a) |
||||||||||||||||
|
Liabilities |
||||||||||||||||
|
Equity Contracts |
$ | (18,748 | ) | $ | — | $ | — | $ | (18,748 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (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 |
35 |
|
Schedule of Investments (unaudited) February 28, 2023 |
iShares® MSCI Peru ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
|
Common Stocks |
||||||||
| Banks — 26.6% | ||||||||
|
Banco BBVA Peru SA |
6,189,456 | $ | 2,821,656 | |||||
|
Banco de Credito del Peru S.A., Class C |
423,177 | 289,935 | ||||||
|
Credicorp Ltd. |
219,234 | 27,934,796 | ||||||
|
Intercorp Financial Services Inc. |
86,705 | 2,066,180 | ||||||
|
|
|
|||||||
| 33,112,567 | ||||||||
| Construction & Engineering — 0.8% | ||||||||
|
Aenza SAA(a) |
6,120,965 | 1,048,428 | ||||||
|
|
|
|||||||
| Construction Materials — 2.0% | ||||||||
|
Cementos Pacasmayo SAA |
2,339,312 | 2,496,598 | ||||||
|
|
|
|||||||
| Diversified Consumer Services — 2.6% | ||||||||
|
Laureate Education Inc., Class A |
268,004 | 3,178,527 | ||||||
|
|
|
|||||||
| Electric Utilities — 2.0% | ||||||||
|
Interconexion Electrica SA ESP |
709,214 | 2,511,729 | ||||||
|
|
|
|||||||
| Food & Staples Retailing — 2.9% | ||||||||
|
InRetail Peru Corp.(b) |
106,193 | 3,610,562 | ||||||
|
|
|
|||||||
| Food Products — 5.2% | ||||||||
|
Alicorp SAA |
3,074,300 | 5,184,795 | ||||||
|
Casa Grande SAA |
570,896 | 1,293,780 | ||||||
|
|
|
|||||||
| 6,478,575 | ||||||||
| Metals & Mining — 45.6% | ||||||||
|
Cia. de Minas Buenaventura SAA, ADR |
773,923 | 5,866,336 | ||||||
|
Corp. Aceros Arequipa SA, NVS |
3,373,711 | 1,120,170 | ||||||
|
Fortuna Silver Mines Inc.(a) |
1,016,775 | 3,301,072 | ||||||
|
Hochschild Mining PLC |
3,399,411 | 2,611,485 | ||||||
|
MMG Ltd.(a) |
10,592,000 | 2,987,484 | ||||||
|
Pan American Silver Corp. |
182,245 | 2,716,646 | ||||||
|
Sociedad Minera Cerro Verde SAA |
148,790 | 4,374,426 | ||||||
|
Southern Copper Corp. |
375,966 | 27,704,934 | ||||||
|
Volcan Cia. Minera SAA, Class B, NVS(a) |
22,892,706 | 2,895,635 | ||||||
|
Wheaton Precious Metals Corp. |
79,165 | 3,298,300 | ||||||
|
|
|
|||||||
| 56,876,488 | ||||||||
| Security | Shares | Value | ||||||
| Multiline Retail — 2.7% | ||||||||
|
Falabella SA |
1,540,949 | $ | 3,391,041 | |||||
|
|
|
|||||||
| Oil, Gas & Consumable Fuels — 2.8% | ||||||||
|
PetroTal Corp.(a) |
7,003,986 | 3,496,268 | ||||||
|
|
|
|||||||
| Real Estate Management & Development — 2.7% | ||||||||
|
Parque Arauco SA |
2,713,080 | 3,327,143 | ||||||
|
|
|
|||||||
| Trading Companies & Distributors — 3.7% | ||||||||
|
Ferreycorp SAA |
8,096,969 | 4,608,734 | ||||||
|
|
|
|||||||
|
Total
Long-Term Investments — 99.6% |
|
124,136,660 | ||||||
|
|
|
|||||||
|
Short-Term Securities |
||||||||
| Money Market Funds — 0.1% | ||||||||
|
BlackRock
Cash Funds: |
70,000 | 70,000 | ||||||
|
|
|
|||||||
|
Total
Short-Term Securities — 0.1% |
|
70,000 | ||||||
|
|
|
|||||||
|
Total
Investments — 99.7% |
|
124,206,660 | ||||||
|
Other Assets Less Liabilities — 0.3% |
418,790 | |||||||
|
|
|
|||||||
|
Net Assets — 100.0% |
$ | 124,625,450 | ||||||
|
|
|
|||||||
| (a) |
Non-income producing security. |
| (b) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
| (c) |
Affiliate of the Fund. |
| (d) |
Annualized 7-day yield as of period end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
|
||||||||||||||||||||||||||||||||||||
|
Affiliated Issuer |
Value at 08/31/22 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change in Appreciation (Depreciation) |
Value at 02/28/23 |
Shares Held at 02/28/23 |
Income |
Capital Gain Underlying |
|||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares |
$ | — | $ | 70,000 | (a) | $ | — | $ | — | $ | — | $ | 70,000 | 70,000 | $ | 3,916 | $ | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| (a) |
Represents net amount purchased (sold). |
| 36 |
2 0 2 3 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, 2023 |
iShares® MSCI Peru 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 |
11 | 03/17/23 | $ | 530 | $ | (27,000 | ) | |||||||||
|
|
|
|||||||||||||||
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:
|
|
||||||||||||||||||||||||||||
| Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Liabilities — Derivative Financial Instruments |
||||||||||||||||||||||||||||
|
Futures contracts |
||||||||||||||||||||||||||||
|
Unrealized depreciation on futures contracts(a) |
$ | — | $ | — | $ | 27,000 | $ | — | $ | — | $ | — | $ | 27,000 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| (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, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
|
|
||||||||||||||||||||||||||||
| Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Net Realized Gain (Loss) from |
||||||||||||||||||||||||||||
|
Futures contracts |
$ | — | $ | — | $ | (8,295 | ) | $ | — | $ | — | $ | — | $ | (8,295 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Net Change in Unrealized Appreciation (Depreciation) on |
||||||||||||||||||||||||||||
|
Futures contracts |
$ | — | $ | — | $ | (21,824 | ) | $ | — | $ | — | $ | — | $ | (21,824 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
|
||||
|
Futures contracts |
||||
|
Average notional value of contracts — long |
$ | 559,548 | ||
|
|
||||
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 | |||||||||||||
|
|
||||||||||||||||
|
Assets |
||||||||||||||||
|
Investments |
||||||||||||||||
|
Long-Term Investments |
||||||||||||||||
|
Common Stocks |
$ | 115,146,650 | $ | 8,990,010 | $ | — | $ | 124,136,660 | ||||||||
|
Short-Term Securities |
||||||||||||||||
|
Money Market Funds |
70,000 | — | — | 70,000 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 115,216,650 | $ | 8,990,010 | $ | — | $ | 124,206,660 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Derivative Financial Instruments(a) |
||||||||||||||||
|
Liabilities |
||||||||||||||||
|
Equity Contracts |
$ | (27,000 | ) | $ | — | $ | — | $ | (27,000 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (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 |
37 |
|
Schedule of Investments (unaudited) February 28, 2023 |
iShares® MSCI Philippines ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
|
Common Stocks |
||||||||
| Airlines — 0.3% | ||||||||
|
Cebu Air Inc.(a) |
510,140 | $ | 386,837 | |||||
|
|
|
|||||||
| Banks — 19.0% | ||||||||
|
Bank of the Philippine Islands |
3,391,605 | 6,725,229 | ||||||
|
BDO Unibank Inc. |
5,116,198 | 11,394,657 | ||||||
|
Metropolitan Bank & Trust Co. |
4,972,484 | 5,223,401 | ||||||
|
Security Bank Corp. |
1,424,870 | 2,643,889 | ||||||
|
|
|
|||||||
| 25,987,176 | ||||||||
| Chemicals — 1.0% | ||||||||
|
D&L Industries Inc. |
9,749,100 | 1,387,667 | ||||||
|
|
|
|||||||
| Diversified Financial Services — 1.8% | ||||||||
|
Metro Pacific Investments Corp. |
34,196,050 | 2,519,938 | ||||||
|
|
|
|||||||
| Diversified Telecommunication Services — 1.7% | ||||||||
|
Converge Information and Communications Technology Solutions Inc.(a) |
8,031,200 | 2,356,406 | ||||||
|
|
|
|||||||
| Electric Utilities — 4.3% | ||||||||
|
Manila Electric Co. |
802,270 | 4,605,639 | ||||||
|
Synergy Grid & Development Phils Inc. |
5,906,000 | 1,256,688 | ||||||
|
|
|
|||||||
| 5,862,327 | ||||||||
| Equity Real Estate Investment Trusts (REITs) — 1.5% | ||||||||
|
AREIT Inc. |
619,400 | 402,683 | ||||||
|
Filinvest REIT Corp. |
96,200 | 8,911 | ||||||
|
MREIT Inc. |
4,826,800 | 1,302,386 | ||||||
|
RL Commercial REIT Inc. |
3,684,700 | 379,454 | ||||||
|
|
|
|||||||
| 2,093,434 | ||||||||
| Food & Staples Retailing — 2.7% | ||||||||
|
Cosco Capital Inc. |
6,579,600 | 495,699 | ||||||
|
Puregold Price Club Inc. |
3,515,960 | 2,001,179 | ||||||
|
Robinsons Retail Holdings Inc. |
1,163,900 | 1,143,143 | ||||||
|
|
|
|||||||
| 3,640,021 | ||||||||
| Food Products — 7.3% | ||||||||
|
Century Pacific Food Inc. |
4,035,800 | 1,913,997 | ||||||
|
Monde Nissin Corp.(b) |
17,725,700 | 3,859,601 | ||||||
|
Universal Robina Corp. |
1,701,318 | 4,195,365 | ||||||
|
|
|
|||||||
| 9,968,963 | ||||||||
| Hotels, Restaurants & Leisure — 5.6% | ||||||||
|
Bloomberry Resorts Corp.(a) |
13,883,865 | 2,291,441 | ||||||
|
Jollibee Foods Corp. |
1,240,881 | 5,377,140 | ||||||
|
|
|
|||||||
| 7,668,581 | ||||||||
| Independent Power and Renewable Electricity Producers — 0.1% | ||||||||
|
ACEN Corp. |
1,440,774 | 164,870 | ||||||
|
|
|
|||||||
| Industrial Conglomerates — 23.7% | ||||||||
|
Aboitiz Equity Ventures Inc. |
4,764,027 | 4,646,888 | ||||||
|
Alliance Global Group Inc. |
10,107,239 | 2,295,944 | ||||||
|
Ayala Corp. |
511,098 | 5,762,422 | ||||||
| Security | Shares | Value | ||||||
| Industrial Conglomerates (continued) | ||||||||
|
DMCI Holdings Inc. |
11,522,400 | $ | 2,195,324 | |||||
|
GT Capital Holdings Inc. |
273,616 | 2,564,054 | ||||||
|
JG Summit Holdings Inc. |
6,183,831 | 5,500,706 | ||||||
|
LT Group Inc. |
7,821,300 | 1,482,744 | ||||||
|
SM Investments Corp. |
526,366 | 8,091,616 | ||||||
|
|
|
|||||||
| 32,539,698 | ||||||||
| Oil, Gas & Consumable Fuels — 1.1% | ||||||||
|
Semirara Mining & Power Corp. |
2,669,200 | 1,445,086 | ||||||
|
|
|
|||||||
| Real Estate Management & Development — 18.8% | ||||||||
|
Ayala Land Inc. |
15,903,350 | 8,174,387 | ||||||
|
Megaworld Corp. |
38,276,960 | 1,396,099 | ||||||
|
Robinsons Land Corp. |
1,356,206 | 368,698 | ||||||
|
SM Prime Holdings Inc. |
25,765,435 | 15,836,237 | ||||||
|
|
|
|||||||
| 25,775,421 | ||||||||
| Specialty Retail — 1.9% | ||||||||
|
Wilcon Depot Inc. |
4,618,200 | 2,634,043 | ||||||
|
|
|
|||||||
| Transportation Infrastructure — 4.5% | ||||||||
|
International Container Terminal Services Inc. |
1,705,563 | 6,152,597 | ||||||
|
|
|
|||||||
| Water Utilities — 1.1% | ||||||||
|
Manila Water Co. Inc. |
4,218,829 | 1,447,255 | ||||||
|
|
|
|||||||
| Wireless Telecommunication Services — 4.0% | ||||||||
|
Globe Telecom Inc. |
75 | 2,403 | ||||||
|
PLDT Inc. |
237,639 | 5,513,638 | ||||||
|
|
|
|||||||
| 5,516,041 | ||||||||
|
|
|
|||||||
|
Total
Long-Term Investments — 100.4% |
|
137,546,361 | ||||||
|
|
|
|||||||
|
Short-Term Securities |
||||||||
| Money Market Funds — 0.0% | ||||||||
|
BlackRock
Cash Funds: Treasury, |
30,000 | 30,000 | ||||||
|
|
|
|||||||
|
Total
Short-Term Securities — 0.0% |
|
30,000 | ||||||
|
|
|
|||||||
|
Total
Investments — 100.4% |
|
137,576,361 | ||||||
|
Liabilities in Excess of Other Assets — (0.4)% |
|
(494,861) | ||||||
|
|
|
|||||||
|
Net Assets — 100.0% |
$ | 137,081,500 | ||||||
|
|
|
|||||||
| (a) |
Non-income producing security. |
| (b) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
| (c) |
Affiliate of the Fund. |
| (d) |
Annualized 7-day yield as of period end. |
| 38 |
2 0 2 3 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, 2023 |
iShares® MSCI Philippines ETF |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
|
||||||||||||||||||||||||||||||||||||
| Affiliated Issuer | Value at 08/31/22 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change in Appreciation (Depreciation) |
Value at 02/28/23 |
Shares Held at |
Income |
Capital Underlying |
|||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares |
$ | 170,000 | $ | — | $ | (140,000 | )(a) | $ | — | $ | — | $ | 30,000 | 30,000 | $ | 1,459 | $ | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| (a) |
Represents net amount purchased (sold). |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
|
|
||||||||||||||||
| Description | Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
||||||||||||
|
|
||||||||||||||||
|
Long Contracts |
||||||||||||||||
|
MSCI Emerging Markets Index |
5 | 03/17/23 | $ | 241 | $ | (7,049 | ) | |||||||||
|
|
|
|||||||||||||||
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:
|
|
||||||||||||||||||||||||||||
| Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Liabilities — Derivative Financial Instruments |
||||||||||||||||||||||||||||
|
Futures contracts |
||||||||||||||||||||||||||||
|
Unrealized depreciation on futures contracts(a) |
$ | — | $ | — | $ | 7,049 | $ | — | $ | — | $ | — | $ | 7,049 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| (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, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
|
|
||||||||||||||||||||||||||||
| Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Net Realized Gain (Loss) from |
||||||||||||||||||||||||||||
|
Futures contracts |
$ | — | $ | — | $ | (3,722 | ) | $ | — | $ | — | $ | — | $ | (3,722 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Net Change in Unrealized Appreciation (Depreciation) on |
||||||||||||||||||||||||||||
|
Futures contracts |
$ | — | $ | — | $ | (2,889 | ) | $ | — | $ | — | $ | — | $ | (2,889 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
Futures contracts |
||||
|
Average notional value of contracts — long |
$ | 218,613 | ||
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 |
39 |
|
Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Philippines 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 | |||||||||||||
|
|
||||||||||||||||
|
Assets |
||||||||||||||||
|
Investments |
||||||||||||||||
|
Long-Term Investments |
||||||||||||||||
|
Common Stocks |
$ | 2,789,150 | $ | 134,757,211 | $ | — | $ | 137,546,361 | ||||||||
|
Short-Term Securities |
||||||||||||||||
|
Money Market Funds |
30,000 | — | — | 30,000 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 2,819,150 | $ | 134,757,211 | $ | — | $ | 137,576,361 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Derivative Financial Instruments(a) |
||||||||||||||||
|
Liabilities |
||||||||||||||||
|
Equity Contracts |
$ | (7,049 | ) | $ | — | $ | — | $ | (7,049 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (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 3 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, 2023 |
iShares® MSCI Poland ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
|
|
||||||||
|
Common Stocks |
||||||||
| Banks — 27.5% | ||||||||
|
Alior Bank SA(a)(b) |
306,355 | $ | 2,789,237 | |||||
|
Bank Handlowy w Warszawie SA |
149,893 | 2,811,062 | ||||||
|
Bank Millennium SA(a) |
2,361,021 | 2,400,744 | ||||||
|
Bank Polska Kasa Opieki SA |
618,141 | 12,438,957 | ||||||
|
mBank SA(a)(b) |
55,990 | 4,123,373 | ||||||
|
Powszechna Kasa Oszczednosci Bank Polski SA |
2,957,460 | 20,637,905 | ||||||
|
Santander Bank Polska SA |
124,244 | 8,337,346 | ||||||
|
|
|
|||||||
| 53,538,624 | ||||||||
| Capital Markets — 1.2% | ||||||||
|
Warsaw Stock Exchange(b) |
142,867 | 1,192,136 | ||||||
|
XTB SA(b)(c) |
143,243 | 1,071,880 | ||||||
|
|
|
|||||||
| 2,264,016 | ||||||||
| Chemicals — 1.9% | ||||||||
|
Ciech SA |
150,490 | 1,753,781 | ||||||
|
Grupa Azoty SA(a) |
225,752 | 1,964,445 | ||||||
|
|
|
|||||||
| 3,718,226 | ||||||||
| Construction & Engineering — 1.7% | ||||||||
|
Budimex SA |
51,429 | 3,253,369 | ||||||
|
|
|
|||||||
| Consumer Finance — 2.5% | ||||||||
|
KRUK SA |
66,041 | 4,908,253 | ||||||
|
|
|
|||||||
| Diversified Telecommunication Services — 2.0% | ||||||||
|
Orange Polska SA |
2,552,671 | 3,854,579 | ||||||
|
|
|
|||||||
| Electric Utilities — 4.6% | ||||||||
|
Enea SA(a) |
1,223,159 | 1,778,695 | ||||||
|
PGE Polska Grupa Energetyczna SA(a) |
3,396,488 | 5,095,834 | ||||||
|
Tauron Polska Energia SA(a) |
4,424,156 | 2,139,851 | ||||||
|
|
|
|||||||
| 9,014,380 | ||||||||
| Entertainment — 3.5% | ||||||||
|
CD Projekt SA(b) |
230,505 | 6,857,525 | ||||||
|
|
|
|||||||
| Food & Staples Retailing — 5.3% | ||||||||
|
Dino Polska SA(a)(b)(c) |
106,562 | 8,896,165 | ||||||
|
Eurocash SA(a) |
425,422 | 1,428,169 | ||||||
|
|
|
|||||||
| 10,324,334 | ||||||||
| Health Care Providers & Services — 0.7% | ||||||||
|
Neuca SA(b) |
10,214 | 1,352,361 | ||||||
|
|
|
|||||||
| Hotels, Restaurants & Leisure — 0.9% | ||||||||
|
AmRest Holdings SE(a) |
358,358 | 1,676,238 | ||||||
|
|
|
|||||||
| Insurance — 8.6% | ||||||||
|
Powszechny Zaklad Ubezpieczen SA |
2,033,878 | 16,722,463 | ||||||
|
|
|
|||||||
| Internet & Direct Marketing Retail — 4.2% | ||||||||
|
Allegro.eu SA (a)(c) |
1,243,855 | 8,107,298 | ||||||
|
|
|
|||||||
| Media — 1.9% | ||||||||
|
Cyfrowy Polsat SA |
959,237 | 3,715,690 | ||||||
|
|
|
|||||||
| Security | Shares | Value | ||||||
|
|
||||||||
| Metals & Mining — 5.7% | ||||||||
|
Jastrzebska Spolka Weglowa SA(a)(b) |
220,868 | $ | 2,713,751 | |||||
|
KGHM Polska Miedz SA |
292,649 | 8,346,043 | ||||||
|
|
|
|||||||
| 11,059,794 | ||||||||
| Multiline Retail — 2.9% | ||||||||
|
Pepco Group NV(a) |
579,581 | 5,741,039 | ||||||
|
|
|
|||||||
| Oil, Gas & Consumable Fuels — 16.7% | ||||||||
|
Polski Koncern Naftowy ORLEN SA |
2,171,219 | 32,428,389 | ||||||
|
|
|
|||||||
| Professional Services — 0.4% | ||||||||
|
Grupa Pracuj SA |
59,543 | 722,780 | ||||||
|
|
|
|||||||
| Software — 3.0% | ||||||||
|
Asseco Poland SA(b) |
231,062 | 4,143,671 | ||||||
|
LiveChat Software SA |
51,851 | 1,631,799 | ||||||
|
|
|
|||||||
| 5,775,470 | ||||||||
| Textiles, Apparel & Luxury Goods — 4.7% | ||||||||
|
CCC SA(a)(b) |
152,799 | 1,214,565 | ||||||
|
LPP SA |
3,744 | 7,908,216 | ||||||
|
|
|
|||||||
| 9,122,781 | ||||||||
|
|
|
|||||||
|
Total
Long-Term Investments — 99.9% |
194,157,609 | |||||||
|
|
|
|||||||
|
Short-Term Securities |
||||||||
| Money Market Funds — 6.4% | ||||||||
|
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%(d)(e)(f) |
9,738,901 | 9,744,744 | ||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(d)(e) |
2,550,000 | 2,550,000 | ||||||
|
|
|
|||||||
|
Total
Short-Term Securities — 6.4% |
12,294,744 | |||||||
|
|
|
|||||||
|
Total
Investments — 106.3% |
206,452,353 | |||||||
|
Liabilities in Excess of Other Assets — (6.3)% |
|
(12,153,018 | ) | |||||
|
|
|
|||||||
|
Net Assets — 100.0% |
$ | 194,299,335 | ||||||
|
|
|
|||||||
| (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) |
Affiliate of the Fund. |
| (e) |
Annualized 7-day yield as of period end. |
| (f) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
|
S C H E D U L E O F I N V E S T M E N T S |
41 |
|
Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Poland ETF |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
|
||||||||||||||||||||||||||||||||||||
| Affiliated Issuer | Value
at 08/31/22 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Value
at 02/28/23 |
Shares Held at 02/28/23 |
Income |
Capital Gain |
|||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||
|
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | 5,617,290 | $ | 4,123,411 | (a) | $ | — | $ | 3,703 | $ | 340 | $ | 9,744,744 | 9,738,901 | $ | 57,524 | (b) | $ | — | |||||||||||||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares |
1,140,000 | 1,410,000 | (a) | — | — | — | 2,550,000 | 2,550,000 | 34,203 | 3 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| $ | 3,703 | $ | 340 | $ | 12,294,744 | $ | 91,727 | $ | 3 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| (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 |
8 | 03/17/23 | $ | 385 | $ | (10,915 | ) | |||||||||
|
|
|
|||||||||||||||
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:
|
|
||||||||||||||||||||||||||||
| Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Liabilities — Derivative Financial Instruments |
||||||||||||||||||||||||||||
|
Futures contracts |
||||||||||||||||||||||||||||
|
Unrealized depreciation on futures contracts(a) |
$ | — | $ | — | $ | 10,915 | $ | — | $ | — | $ | — | $ | 10,915 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| (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, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
|
|
||||||||||||||||||||||||||||
| Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Net Realized Gain (Loss) from |
||||||||||||||||||||||||||||
|
Futures contracts |
$ | — | $ | — | $ | (11,694 | ) | $ | — | $ | — | $ | — | $ | (11,694 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Net Change in Unrealized Appreciation (Depreciation) on |
||||||||||||||||||||||||||||
|
Futures contracts |
$ | — | $ | — | $ | (10,476 | ) | $ | — | $ | — | $ | — | $ | (10,476 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
|
||||
|
Futures contracts |
||||
|
Average notional value of contracts — long |
$ | 315,393 | ||
|
|
||||
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
| 42 |
2 0 2 3 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, 2023 |
iShares® MSCI Poland 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 | |||||||||||||
|
|
||||||||||||||||
|
Assets |
||||||||||||||||
|
Investments |
||||||||||||||||
|
Long-Term Investments |
||||||||||||||||
|
Common Stocks |
$ | 3,706,940 | $ | 190,450,669 | $ | — | $ | 194,157,609 | ||||||||
|
Short-Term Securities |
||||||||||||||||
|
Money Market Funds |
12,294,744 | — | — | 12,294,744 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 16,001,684 | $ | 190,450,669 | $ | — | $ | 206,452,353 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Derivative Financial Instruments(a) |
||||||||||||||||
|
Liabilities |
||||||||||||||||
|
Equity Contracts |
$ | (10,915 | ) | $ | — | $ | — | $ | (10,915 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (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 |
43 |
|
Schedule of Investments (unaudited) February 28, 2023 |
iShares® MSCI Qatar ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
|
|
||||||||
|
Common Stocks |
||||||||
|
Air Freight & Logistics — 0.8% |
||||||||
|
Gulf Warehousing Co. |
599,722 | $ | 566,535 | |||||
|
|
|
|||||||
| Banks — 49.6% | ||||||||
|
Commercial Bank PSQC (The) |
1,797,598 | 3,024,596 | ||||||
|
Doha Bank QPSC |
2,112,065 | 954,220 | ||||||
|
Masraf Al Rayan QSC |
4,004,359 | 2,957,683 | ||||||
|
Qatar International Islamic Bank QSC |
908,488 | 2,607,133 | ||||||
|
Qatar Islamic Bank SAQ |
1,618,939 | 8,242,389 | ||||||
|
Qatar National Bank QPSC |
3,437,075 | 15,859,681 | ||||||
|
|
|
|||||||
| 33,645,702 | ||||||||
| Chemicals — 4.1% | ||||||||
|
Mesaieed Petrochemical Holding Co. |
4,805,786 | 2,763,258 | ||||||
|
|
|
|||||||
| Construction & Engineering — 0.4% | ||||||||
|
Estithmar Holding QPSC(a) |
499,192 | 259,492 | ||||||
|
|
|
|||||||
| Construction Materials — 1.8% | ||||||||
|
Qatar National Cement Co. QSC |
586,139 | 678,246 | ||||||
|
Qatari Investors Group QSC |
976,369 | 526,103 | ||||||
|
|
|
|||||||
| 1,204,349 | ||||||||
| Diversified Financial Services — 0.5% | ||||||||
|
Salam International Investment Ltd. QSC(a) |
2,454,296 | 346,754 | ||||||
|
|
|
|||||||
| Diversified Telecommunication Services — 3.4% | ||||||||
|
Ooredoo QPSC |
903,106 | 2,275,755 | ||||||
|
|
|
|||||||
| Energy Equipment & Services — 1.2% | ||||||||
|
Gulf International Services QSC(a) |
1,648,262 | 823,936 | ||||||
|
|
|
|||||||
| Food & Staples Retailing — 1.1% | ||||||||
|
Al Meera Consumer Goods Co. QSC |
176,507 | 768,451 | ||||||
|
|
|
|||||||
| Food Products — 0.8% | ||||||||
|
Baladna |
1,538,218 | 566,723 | ||||||
|
|
|
|||||||
| Health Care Providers & Services — 0.8% | ||||||||
|
Medicare Group |
327,832 | 537,804 | ||||||
|
|
|
|||||||
| Industrial Conglomerates — 10.8% | ||||||||
|
Aamal Co. |
3,179,392 | 841,363 | ||||||
|
Industries Qatar QSC |
1,473,609 | 5,619,994 | ||||||
|
Mannai Corp. QSC |
249,308 | 471,606 | ||||||
|
Qatar Industrial Manufacturing Co. QSC |
449,900 | 373,600 | ||||||
|
|
|
|||||||
| 7,306,563 | ||||||||
| Insurance — 1.5% | ||||||||
|
Qatar Insurance Co. SAQ |
2,183,056 | 1,016,181 | ||||||
|
|
|
|||||||
| Marine — 2.4% | ||||||||
|
Qatar Navigation QSC |
667,485 | 1,643,275 | ||||||
|
|
|
|||||||
| Security | Shares | Value | ||||||
|
|
||||||||
| Metals & Mining — 2.3% | ||||||||
|
Qatar Aluminum Manufacturing Co. |
3,431,103 | $ | 1,588,297 | |||||
|
|
|
|||||||
| Multi-Utilities — 3.5% | ||||||||
|
Qatar Electricity & Water Co. QSC |
496,733 | 2,372,066 | ||||||
|
|
|
|||||||
| Oil, Gas & Consumable Fuels — 7.7% | ||||||||
|
Qatar Fuel QSC |
568,721 | 2,527,720 | ||||||
|
Qatar Gas Transport Co. Ltd. |
2,709,858 | 2,707,281 | ||||||
|
|
|
|||||||
| 5,235,001 | ||||||||
| Real Estate Management & Development — 5.0% | ||||||||
|
Barwa Real Estate Co. |
2,231,434 | 1,679,105 | ||||||
|
Ezdan Holding Group QSC(a) |
2,465,116 | 589,116 | ||||||
|
Mazaya Real Estate Development QPSC(a) |
2,060,780 | 314,773 | ||||||
|
United Development Co. QSC |
2,629,147 | 829,363 | ||||||
|
|
|
|||||||
| 3,412,357 | ||||||||
| Wireless Telecommunication Services — 1.6% | ||||||||
|
Vodafone Qatar QSC |
2,421,375 | 1,053,508 | ||||||
|
|
|
|||||||
|
Total
Common Stocks — 99.3% |
67,386,007 | |||||||
|
|
|
|||||||
|
Rights |
||||||||
| Banks — 0.7% | ||||||||
|
Lesha Bank LLC (a) |
1,916,776 | 451,700 | ||||||
|
|
|
|||||||
|
Total
Rights — 0.7% |
451,700 | |||||||
|
|
|
|||||||
|
Total
Long-Term Investments — 100.0% |
67,837,707 | |||||||
|
|
|
|||||||
|
Short-Term Securities |
||||||||
| Money Market Funds — 0.4% | ||||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(b)(c) |
260,000 | 260,000 | ||||||
|
|
|
|||||||
|
Total
Short-Term Securities — 0.4% |
260,000 | |||||||
|
|
|
|||||||
|
Total
Investments — 100.4% |
68,097,707 | |||||||
|
Liabilities in Excess of Other Assets — (0.4)% |
|
(252,144 | ) | |||||
|
|
|
|||||||
|
Net Assets — 100.0% |
$ | 67,845,563 | ||||||
|
|
|
|||||||
| (a) |
Non-income producing security. |
| (b) |
Affiliate of the Fund. |
| (c) |
Annualized 7-day yield as of period end. |
| 44 |
2 0 2 3 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, 2023 |
iShares® MSCI Qatar ETF |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
|
||||||||||||||||||||||||||||||||||||
| Affiliated Issuer | Value
at 08/31/22 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Value
at 02/28/23 |
Shares Held at 02/28/23 |
Income |
Capital Gain |
|||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares |
$ | 50,000 | $210,000 | (a) | $ | — | $ | — | $ | — | $ | 260,000 | 260,000 | $ | 1,040 | $ | — | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| (a) |
Represents net amount purchased (sold). |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
|
|
||||||||||||||||
| Description | Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
||||||||||||
|
|
||||||||||||||||
|
Long Contracts |
||||||||||||||||
|
MSCI Emerging Markets Index |
8 | 03/17/23 | $ | 385 | $ | (11,249 | ) | |||||||||
|
|
|
|||||||||||||||
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:
|
|
||||||||||||||||||||||||||||
| Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Liabilities — Derivative Financial Instruments |
||||||||||||||||||||||||||||
|
Futures contracts |
||||||||||||||||||||||||||||
|
Unrealized depreciation on futures contracts(a) |
$ | — | $ | — | $ | 11,249 | $ | — | $ | — | $ | — | $ | 11,249 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| (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, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
|
|
||||||||||||||||||||||||||||
| Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Net Realized Gain (Loss) from |
||||||||||||||||||||||||||||
|
Futures contracts |
$ | — | $ | — | $ | (24,568 | ) | $ | — | $ | — | $ | — | $ | (24,568 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Net Change in Unrealized Appreciation (Depreciation) on |
||||||||||||||||||||||||||||
|
Futures contracts |
$ | — | $ | — | $ | (10,574 | ) | $ | — | $ | — | $ | — | $ | (10,574 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
|
||||
|
Futures contracts |
||||
|
Average notional value of contracts — long |
$ | 217,143 | ||
|
|
||||
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 |
45 |
|
Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Qatar 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 | |||||||||||||
|
|
||||||||||||||||
|
Assets |
||||||||||||||||
|
Investments |
||||||||||||||||
|
Long-Term Investments |
||||||||||||||||
|
Common Stocks |
$ | 6,355,699 | $ | 61,030,308 | $ | — | $ | 67,386,007 | ||||||||
|
Rights |
— | 451,700 | — | 451,700 | ||||||||||||
|
Short-Term Securities |
||||||||||||||||
|
Money Market Funds |
260,000 | — | — | 260,000 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 6,615,699 | $ | 61,482,008 | $ | — | $ | 68,097,707 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Derivative Financial Instruments(a) |
||||||||||||||||
|
Liabilities |
||||||||||||||||
|
Equity Contracts |
$ | (11,249 | ) | $ | — | $ | — | $ | (11,249 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
| 46 |
2 0 2 3 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, 2023 |
iShares® MSCI Saudi Arabia ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
|
|
||||||||
|
Common Stocks |
||||||||
|
Banks — 39.1% |
||||||||
|
Al Rajhi Bank(a) |
5,892,256 | $ | 110,189,428 | |||||
|
Alinma Bank |
3,132,979 | 24,547,590 | ||||||
|
Arab National Bank |
2,005,120 | 12,282,789 | ||||||
|
Bank AlBilad(a) |
1,599,823 | 15,177,255 | ||||||
|
Bank Al-Jazira |
1,469,683 | 7,080,945 | ||||||
|
Banque Saudi Fransi |
1,937,991 | 16,855,988 | ||||||
|
Riyad Bank |
4,255,911 | 29,495,982 | ||||||
|
Saudi British Bank (The) |
2,830,275 | 24,970,510 | ||||||
|
Saudi Investment Bank (The) |
658,074 | 2,769,637 | ||||||
|
Saudi National Bank (The) |
6,562,117 | 82,535,713 | ||||||
|
|
|
|||||||
| 325,905,837 | ||||||||
| Building Products — 0.3% | ||||||||
|
Bawan Co. |
46,258 | 360,924 | ||||||
|
Saudi Ceramic Co. |
214,366 | 1,725,429 | ||||||
|
|
|
|||||||
| 2,086,353 | ||||||||
| Capital Markets — 0.2% | ||||||||
|
Saudi Tadawul Group Holding Co. |
46,713 | 1,775,044 | ||||||
|
|
|
|||||||
| Chemicals — 14.7% | ||||||||
|
Advanced Petrochemical Co. |
489,031 | 6,293,359 | ||||||
|
Alujain Corp. |
99,748 | 965,753 | ||||||
|
Methanol Chemicals Co.(a) |
56,442 | 373,957 | ||||||
|
National Industrialization Co.(a) |
1,327,922 | 4,262,046 | ||||||
|
SABIC Agri-Nutrients Co. |
565,278 | 20,108,227 | ||||||
|
Sahara International Petrochemical Co. |
1,226,481 | 11,556,245 | ||||||
|
Saudi Basic Industries Corp. |
2,656,073 | 62,591,013 | ||||||
|
Saudi Industrial Investment Group |
1,005,588 | 5,987,619 | ||||||
|
Saudi Kayan Petrochemical Co.(a) |
1,390,591 | 4,696,810 | ||||||
|
Yanbu National Petrochemical Co. |
513,710 | 5,744,378 | ||||||
|
|
|
|||||||
| 122,579,407 | ||||||||
| Commercial Services & Supplies — 0.4% | ||||||||
|
Saudi Airlines Catering Co.(a) |
170,937 | 3,598,451 | ||||||
|
|
|
|||||||
| Construction Materials — 3.4% | ||||||||
|
Arabian Cement Co./Saudi Arabia |
247,351 | 2,263,836 | ||||||
|
City Cement Co. |
332,536 | 1,821,502 | ||||||
|
Eastern Province Cement Co. |
212,266 | 2,266,702 | ||||||
|
Najran Cement Co. |
478,133 | 1,588,898 | ||||||
|
Northern Region Cement Co. |
538,752 | 1,591,967 | ||||||
|
Qassim Cement Co. (The) |
191,068 | 3,436,795 | ||||||
|
Riyadh Cement Co. |
76,335 | 618,385 | ||||||
|
Saudi Cement Co. |
310,817 | 4,337,218 | ||||||
|
Southern Province Cement Co. |
268,777 | 3,592,550 | ||||||
|
Yamama Cement Co.(a) |
437,533 | 3,544,430 | ||||||
|
Yanbu Cement Co. |
335,637 | 3,163,288 | ||||||
|
|
|
|||||||
| 28,225,571 | ||||||||
| Consumer Finance — 0.0% | ||||||||
|
Nayifat Finance Co. |
77,331 | 370,107 | ||||||
|
|
|
|||||||
| Diversified Consumer Services — 0.2% | ||||||||
|
Ataa Educational Co. |
42,505 | 606,545 | ||||||
|
National Co. for Learning & Education Ltd. |
42,505 | 1,014,547 | ||||||
|
|
|
|||||||
| 1,621,092 | ||||||||
| Diversified Telecommunication Services — 4.5% | ||||||||
|
Saudi Telecom Co. |
3,990,396 | 37,341,129 | ||||||
|
|
|
|||||||
| Electric Utilities — 2.0% | ||||||||
|
Saudi Electricity Co. |
2,754,755 | 16,281,216 | ||||||
|
|
|
|||||||
| Security | Shares | Value | ||||||
|
|
||||||||
| Equity Real Estate Investment Trusts (REITs) — 0.2% | ||||||||
|
Jadwa REIT Saudi Fund |
453,214 | $ | 1,471,878 | |||||
|
Riyad REIT Fund |
154,346 | 373,459 | ||||||
|
|
|
|||||||
| 1,845,337 | ||||||||
| Food & Staples Retailing — 1.0% | ||||||||
|
Abdullah Al Othaim Markets Co. |
180,838 | 5,438,619 | ||||||
|
Al-Dawaa Medical Services Co. |
21,984 | 440,423 | ||||||
|
Almunajem Foods Co. |
31,425 | 488,118 | ||||||
|
BinDawood Holding Co. |
31,602 | 466,537 | ||||||
|
Nahdi Medical Co. |
33,581 | 1,665,086 | ||||||
|
|
|
|||||||
| 8,498,783 | ||||||||
| Food Products — 3.4% | ||||||||
|
Al Jouf Agricultural Development Co. |
45,661 | 640,025 | ||||||
|
Almarai Co. JSC |
864,361 | 12,078,336 | ||||||
|
Halwani Brothers Co. |
40,795 | 567,985 | ||||||
|
National Agriculture Development Co. (The)(a) |
252,158 | 1,609,780 | ||||||
|
Saudi Fisheries Co.(a) |
59,431 | 422,302 | ||||||
|
Saudia Dairy & Foodstuff Co. |
71,959 | 4,658,827 | ||||||
|
Savola Group (The) |
969,995 | 7,023,093 | ||||||
|
Sinad Holding Co.(a) |
403,807 | 1,097,697 | ||||||
|
Tanmiah Food Co. |
14,656 | 471,785 | ||||||
|
|
|
|||||||
| 28,569,830 | ||||||||
| Gas Utilities — 0.4% | ||||||||
|
National Gas & Industrialization Co. |
207,660 | 2,953,238 | ||||||
|
|
|
|||||||
| Health Care Providers & Services — 4.4% | ||||||||
|
Al Hammadi Holding |
360,183 | 4,565,645 | ||||||
|
Dallah Healthcare Co. |
145,646 | 5,664,653 | ||||||
|
Dr Sulaiman Al Habib Medical Services Group Co. |
198,794 | 12,268,084 | ||||||
|
Middle East Healthcare Co.(a) |
193,726 | 1,714,797 | ||||||
|
Mouwasat Medical Services Co. |
177,896 | 8,556,738 | ||||||
|
National Medical Care Co. |
123,320 | 2,556,672 | ||||||
|
Saudi Chemical Co. Holding |
229,395 | 1,700,711 | ||||||
|
|
|
|||||||
| 37,027,300 | ||||||||
| Hotels, Restaurants & Leisure — 1.1% | ||||||||
|
Alamar Foods, NVS |
10,992 | 458,116 | ||||||
|
Dur Hospitality Co.(a) |
244,079 | 1,503,897 | ||||||
|
Herfy Food Services Co.(a) |
126,132 | 1,151,473 | ||||||
|
Leejam Sports Co. JSC |
107,861 | 2,626,589 | ||||||
|
Seera Group Holding(a) |
639,979 | 3,312,496 | ||||||
|
|
|
|||||||
| 9,052,571 | ||||||||
| Independent Power and Renewable Electricity Producers — 0.6% | ||||||||
|
ACWA Power Co. |
135,181 | 5,016,543 | ||||||
|
|
|
|||||||
| Industrial Conglomerates — 0.1% | ||||||||
|
Astra Industrial Group |
60,120 | 949,639 | ||||||
|
|
|
|||||||
| Insurance — 2.3% | ||||||||
|
Al Rajhi Co. for Co-operative Insurance(a) |
92,081 | 2,453,759 | ||||||
|
Bupa Arabia for Cooperative Insurance Co. |
264,484 | 10,878,192 | ||||||
|
Co. for Cooperative Insurance (The)(a) |
252,151 | 6,252,558 | ||||||
|
|
|
|||||||
| 19,584,509 | ||||||||
| IT Services — 0.6% | ||||||||
|
Al Moammar Information Systems Co. |
26,173 | 681,943 | ||||||
|
Arabian Internet & Communications Services Co. |
6,870 | 452,615 | ||||||
|
Elm Co. |
32,189 | 3,247,482 | ||||||
|
Perfect Presentation For Commercial Services Co., NVS |
8,484 | 405,136 | ||||||
|
|
|
|||||||
| 4,787,176 | ||||||||
| Media — 0.9% | ||||||||
|
Arabian Contracting Services Co. |
20,891 | 606,034 | ||||||
|
S C H E D U L E O F I N V E S T M E N T S |
47 |
|
Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Saudi Arabia ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
|
|
||||||||
| Media (continued) | ||||||||
|
Saudi Research & Media Group(a) |
134,915 | $ | 6,688,720 | |||||
|
|
|
|||||||
| 7,294,754 | ||||||||
| Metals & Mining — 4.4% | ||||||||
|
Al Masane Al Kobra Mining Co. |
21,526 | 428,963 | ||||||
|
Saudi Arabian Mining Co.(a) |
2,161,328 | 36,556,867 | ||||||
|
|
|
|||||||
| 36,985,830 | ||||||||
| Oil, Gas & Consumable Fuels — 8.1% | ||||||||
|
Aldrees Petroleum and Transport Services Co. |
172,030 | 3,860,075 | ||||||
|
Rabigh Refining & Petrochemical Co.(a) |
1,630,382 | 4,395,126 | ||||||
|
Saudi Arabia Refineries Co. |
20,422 | 422,759 | ||||||
|
Saudi Arabian Oil Co.(b) |
6,963,446 | 58,825,750 | ||||||
|
|
|
|||||||
| 67,503,710 | ||||||||
| Paper & Forest Products — 0.1% | ||||||||
|
Middle East Paper Co. |
51,548 | 416,657 | ||||||
|
|
|
|||||||
| Pharmaceuticals — 0.2% | ||||||||
|
Saudi Pharmaceutical Industries & Medical Appliances Corp. |
277,784 | 1,599,736 | ||||||
|
|
|
|||||||
| Professional Services — 0.2% | ||||||||
|
Maharah Human Resources Co. |
94,618 | 1,441,227 | ||||||
|
|
|
|||||||
| Real Estate Management & Development — 2.0% | ||||||||
|
Arriyadh Development Co. |
442,888 | 2,176,531 | ||||||
|
Dar Al Arkan Real Estate Development Co.(a) |
2,038,209 | 7,792,372 | ||||||
|
Emaar Economic City(a) |
1,692,265 | 3,401,422 | ||||||
|
Retal Urban Development Co., NVS |
13,282 | 452,339 | ||||||
|
Saudi Real Estate Co.(a) |
790,574 | 2,601,285 | ||||||
|
Sumou Real Estate Co. |
28,854 | 362,504 | ||||||
|
|
|
|||||||
| 16,786,453 | ||||||||
| Road & Rail — 0.6% | ||||||||
|
Saudi Public Transport Co.(a) |
361,111 | 1,658,105 | ||||||
|
Theeb Rent A Car Co. |
36,070 | 735,692 | ||||||
|
United International Transportation Co. |
190,012 | 2,708,974 | ||||||
|
|
|
|||||||
| 5,102,771 | ||||||||
| Specialty Retail — 1.7% | ||||||||
|
Fawaz Abdulaziz Al Hokair & Co.(a) |
202,475 | 790,858 | ||||||
|
Jarir Marketing Co. |
215,272 | 8,475,424 | ||||||
|
Saudi Automotive Services Co. |
68,170 | 645,867 | ||||||
|
Saudi Co. For Hardware CJSC(a) |
106,710 | 818,873 | ||||||
| Security | Shares | Value | ||||||
|
|
||||||||
| Specialty Retail (continued) | ||||||||
|
United Electronics Co. |
175,735 | $ | 3,741,904 | |||||
|
|
|
|||||||
| 14,472,926 | ||||||||
| Thrifts & Mortgage Finance — 0.1% | ||||||||
|
Amlak International for Real Estate Finance Co. |
114,740 | 454,542 | ||||||
|
Saudi Home Loans Co. |
75,265 | 407,548 | ||||||
|
|
|
|||||||
| 862,090 | ||||||||
| Transportation Infrastructure — 0.4% | ||||||||
|
Saudi Ground Services Co.(a) |
390,731 | 2,220,625 | ||||||
|
Saudi Industrial Services Co. |
112,672 | 719,830 | ||||||
|
|
|
|||||||
| 2,940,455 | ||||||||
| Water Utilities — 0.1% | ||||||||
|
AlKhorayef Water & Power Technologies Co. |
24,468 | 885,742 | ||||||
|
|
|
|||||||
| Wireless Telecommunication Services — 2.2% | ||||||||
|
Etihad Etisalat Co. |
1,308,766 | 13,623,108 | ||||||
|
Mobile Telecommunications Co.(a) |
1,770,913 | 4,892,239 | ||||||
|
|
|
|||||||
| 18,515,347 | ||||||||
|
|
|
|||||||
|
Total
Long-Term Investments — 99.9% |
832,876,831 | |||||||
|
|
|
|||||||
|
Short-Term Securities |
||||||||
| Money Market Funds — 0.0% | ||||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(c)(d) |
340,000 | 340,000 | ||||||
|
|
|
|||||||
|
Total
Short-Term Securities — 0.0% |
340,000 | |||||||
|
|
|
|||||||
|
Total
Investments — 99.9% |
833,216,831 | |||||||
|
Other Assets Less Liabilities — 0.1% |
757,082 | |||||||
|
|
|
|||||||
|
Net Assets — 100.0% |
$ | 833,973,913 | ||||||
|
|
|
|||||||
| (a) |
Non-income producing security. |
| (b) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
| (c) |
Affiliate of the Fund. |
| (d) |
Annualized 7-day yield as of period end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
|
||||||||||||||||||||||||||||||||||||
| Affiliated Issuer | Value
at 08/31/22 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Value
at 02/28/23 |
Shares Held at 02/28/23 |
Income |
Capital Gain |
|||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares |
$ | 3,600,000 | $ | — | $ | (3,260,000 | )(a) | $ | — | $ | — | $ | 340,000 | 340,000 | $ | 23,866 | $ | 1 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| (a) |
Represents net amount purchased (sold). |
| 48 |
2 0 2 3 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, 2023 |
iShares® MSCI Saudi Arabia 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 |
11 | 03/17/23 | $ | 530 | $ | (3,601 | ) | |||||||||
|
|
|
|||||||||||||||
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:
|
|
||||||||||||||||||||||||||||
| Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Liabilities — Derivative Financial Instruments |
||||||||||||||||||||||||||||
|
Futures contracts |
||||||||||||||||||||||||||||
|
Unrealized depreciation on futures contracts(a) |
$ | — | $ | — | $ | 3,601 | $ | — | $ | — | $ | — | $ | 3,601 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| (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, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
|
|
||||||||||||||||||||||||||||
| Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Net Realized Gain (Loss) from |
||||||||||||||||||||||||||||
|
Futures contracts |
$ | — | $ | — | $ | (272,169 | ) | $ | — | $ | — | $ | — | $ | (272,169 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Net Change in Unrealized Appreciation (Depreciation) on |
||||||||||||||||||||||||||||
|
Futures contracts |
$ | — | $ | — | $ | (14,200 | ) | $ | — | $ | — | $ | — | $ | (14,200 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
|
||||
|
Futures contracts |
||||
|
Average notional value of contracts — long |
$ | 977,110 | ||
|
|
||||
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
|
||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
|
||||||||||||||||
|
Assets |
||||||||||||||||
|
Investments |
||||||||||||||||
|
Long-Term Investments |
||||||||||||||||
|
Common Stocks |
$ | 15,192,622 | $ | 817,684,209 | $ | — | $ | 832,876,831 | ||||||||
|
Short-Term Securities |
||||||||||||||||
|
Money Market Funds |
340,000 | — | — | 340,000 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 15,532,622 | $ | 817,684,209 | $ | — | $ | 833,216,831 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Derivative Financial Instruments(a) |
||||||||||||||||
|
Liabilities |
||||||||||||||||
|
Equity Contracts |
$ | (3,601 | ) | $ | — | $ | — | $ | (3,601 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (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 |
49 |
|
Schedule of Investments (unaudited) February 28, 2023 |
iShares® MSCI UAE ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
|
|
||||||||
|
Common Stocks |
||||||||
| Air Freight & Logistics — 1.7% | ||||||||
|
Aramex PJSC |
637,415 | $ | 624,730 | |||||
|
|
|
|||||||
| Airlines — 2.5% | ||||||||
|
Air Arabia PJSC |
1,496,928 | 916,548 | ||||||
|
|
|
|||||||
| Banks — 35.1% | ||||||||
|
Abu Dhabi Commercial Bank PJSC |
684,835 | 1,561,332 | ||||||
|
Abu Dhabi Islamic Bank PJSC |
601,580 | 1,708,915 | ||||||
|
Ajman Bank PJSC(a) |
909,101 | 267,302 | ||||||
|
Dubai Islamic Bank PJSC |
1,050,772 | 1,641,225 | ||||||
|
Emirates NBD Bank PJSC |
457,522 | 1,692,060 | ||||||
|
First Abu Dhabi Bank PJSC |
1,442,056 | 5,524,911 | ||||||
|
Sharjah Islamic Bank |
727,700 | 445,571 | ||||||
|
|
|
|||||||
| 12,841,316 | ||||||||
| Building Products — 1.4% | ||||||||
|
Ras Al Khaimah Ceramics |
656,069 | 517,891 | ||||||
|
|
|
|||||||
| Capital Markets — 1.9% | ||||||||
|
Dubai Financial Market PJSC |
1,447,246 | 566,325 | ||||||
|
SHUAA Capital PSC(a) |
1,294,518 | 133,144 | ||||||
|
|
|
|||||||
| 699,469 | ||||||||
| Construction & Engineering — 0.1% | ||||||||
|
Arabtec Holding PJSC(a)(b) |
2,433,366 | 6 | ||||||
|
Drake & Scull International PJSC(a)(b) |
2,972,998 | 29,948 | ||||||
|
|
|
|||||||
| 29,954 | ||||||||
| Diversified Consumer Services — 0.6% | ||||||||
|
Taaleem Holdings PSC, NVS |
303,970 | 220,130 | ||||||
|
|
|
|||||||
| Diversified Financial Services — 2.5% | ||||||||
|
Al Waha Capital PJSC |
1,314,163 | 479,085 | ||||||
|
Amanat Holdings PJSC |
1,468,583 | 383,828 | ||||||
|
Gulf General Investment Co.(a)(b) |
7,295,803 | 35,455 | ||||||
|
|
|
|||||||
| 898,368 | ||||||||
| Diversified Telecommunication Services — 23.3% | ||||||||
|
Al Yah Satellite Communications Co. |
871,532 | 635,726 | ||||||
|
Emirates Telecommunications Group Co. PJSC |
1,137,797 | 7,899,002 | ||||||
|
|
|
|||||||
| 8,534,728 | ||||||||
| Food Products — 1.3% | ||||||||
|
Agthia Group PJSC |
412,180 | 460,038 | ||||||
|
|
|
|||||||
| Health Care Providers & Services — 0.0% | ||||||||
|
NMC Health PLC, NVS(b) |
112,588 | 1 | ||||||
|
|
|
|||||||
| Industrial Conglomerates — 7.0% | ||||||||
|
Dubai Investments PJSC |
1,381,721 | 860,966 | ||||||
|
Multiply Group(a) |
1,388,073 | 1,509,619 | ||||||
| Security | Shares | Value | ||||||
|
|
||||||||
| Industrial Conglomerates (continued) | ||||||||
|
Q Holding PJSC(a) |
257,720 | $ | 194,068 | |||||
|
|
|
|||||||
| 2,564,653 | ||||||||
| Oil, Gas & Consumable Fuels — 1.6% | ||||||||
|
Dana Gas PJSC |
2,741,676 | 589,548 | ||||||
|
|
|
|||||||
| Real Estate Management & Development — 13.5% | ||||||||
|
Aldar Properties PJSC |
1,135,655 | 1,451,270 | ||||||
|
Deyaar Development PJSC(a) |
236,012 | 31,064 | ||||||
|
Emaar Development PJSC(a) |
25,171 | 32,387 | ||||||
|
Emaar Properties PJSC |
1,824,109 | 2,778,121 | ||||||
|
Eshraq Investments PJSC(a) |
1,709,857 | 224,783 | ||||||
|
RAK Properties PJSC(a) |
1,444,752 | 228,817 | ||||||
|
Union Properties PJSC(a) |
3,098,661 | 199,645 | ||||||
|
|
|
|||||||
| 4,946,087 | ||||||||
| Specialty Retail — 4.5% | ||||||||
|
Abu Dhabi National Oil Co. for Distribution PJSC |
1,399,691 | 1,646,202 | ||||||
|
|
|
|||||||
| Thrifts & Mortgage Finance — 0.5% | ||||||||
|
Amlak Finance PJSC(a) |
877,625 | 192,025 | ||||||
|
|
|
|||||||
| Water Utilities — 2.3% | ||||||||
|
Emirates Central Cooling Systems Corp.(a) |
1,084,920 | 466,683 | ||||||
|
National Central Cooling Co. PJSC |
456,245 | 369,923 | ||||||
|
|
|
|||||||
| 836,606 | ||||||||
|
|
|
|||||||
|
Total
Long-Term Investments — 99.8% |
36,518,294 | |||||||
|
|
|
|||||||
|
Short-Term Securities |
||||||||
| Money Market Funds — 0.1% | ||||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(c)(d) |
50,000 | 50,000 | ||||||
|
|
|
|||||||
|
Total
Short-Term Securities — 0.1% |
50,000 | |||||||
|
|
|
|||||||
|
Total
Investments — 99.9% |
36,568,294 | |||||||
|
Other Assets Less Liabilities — 0.1% |
19,320 | |||||||
|
|
|
|||||||
|
Net Assets — 100.0% |
$ | 36,587,614 | ||||||
|
|
|
|||||||
| (a) |
Non-income producing security. |
| (b) |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| (c) |
Affiliate of the Fund. |
| (d) |
Annualized 7-day yield as of period end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
|
||||||||||||||||||||||||||||||||||||
| Affiliated Issuer | Value
at 08/31/22 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Value
at 02/28/23 |
Shares Held at 02/28/23 |
Income |
Capital Gain |
|||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares |
$ | 80,000 | $ | — | $ | (30,000 | )(a) | $ | — | $ | — | $ | 50,000 | 50,000 | $ | 972 | $ | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| (a) |
Represents net amount purchased (sold). |
| 50 |
2 0 2 3 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, 2023 |
iShares® MSCI UAE ETF |
Derivative Financial Instruments Categorized by Risk Exposure
For the period ended February 28, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
|
|
||||||||||||||||||||||||||||
| Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Net Realized Gain (Loss) from |
||||||||||||||||||||||||||||
|
Futures contracts |
$ | — | $ | — | $ | (2,880 | ) | $ | — | $ | — | $ | — | $ | (2,880 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Net Change in Unrealized Appreciation (Depreciation) on |
||||||||||||||||||||||||||||
|
Futures contracts |
$ | — | $ | — | $ | 2,635 | $ | — | $ | — | $ | — | $ | 2,635 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
|
||||
|
Futures contracts: |
||||
|
Average notional value of contracts — long |
$ | 24,563 | ||
|
|
||||
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 | |||||||||||||
|
|
||||||||||||||||
|
Assets |
||||||||||||||||
|
Investments |
||||||||||||||||
|
Long-Term Investments |
||||||||||||||||
|
Common Stocks |
$ | 11,507,877 | $ | 24,945,007 | $ | 65,410 | $ | 36,518,294 | ||||||||
|
Short-Term Securities |
||||||||||||||||
|
Money Market Funds |
50,000 | — | — | 50,000 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 11,557,877 | $ | 24,945,007 | $ | 65,410 | $ | 36,568,294 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
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 |
51 |
Statements of Assets and Liabilities (unaudited)
February 28, 2023
|
iShares MSCI Brazil Small-Cap ETF |
iShares MSCI China ETF |
iShares MSCI China Small-Cap ETF |
iShares MSCI Indonesia ETF |
|||||||||||||
|
|
||||||||||||||||
|
ASSETS |
||||||||||||||||
|
Investments, at value — unaffiliated(a)(b) |
$ | 75,907,096 | $ | 8,295,895,122 | $ | 75,268,350 | $ | 443,315,536 | ||||||||
|
Investments, at value — affiliated(c) |
50,000 | 184,348,431 | 16,850,229 | — | ||||||||||||
|
Cash |
6,276 | 3,487 | 2,581 | 7,615 | ||||||||||||
|
Cash pledged for futures contracts |
86,000 | 2,731,000 | 45,000 | 7,000 | ||||||||||||
|
Foreign currency, at value(d) |
118,761 | 32,284,790 | 65,847 | 489,013 | ||||||||||||
|
Receivables: |
||||||||||||||||
|
Investments sold |
6,333,726 | 12,953,129 | 2,476,780 | 5,083,074 | ||||||||||||
|
Securities lending income — affiliated |
— | 244,241 | 64,159 | — | ||||||||||||
|
Dividends — unaffiliated |
349,473 | 13,438 | 78,211 | 19,374 | ||||||||||||
|
Dividends — affiliated |
273 | 13,863 | 505 | 386 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Total assets |
82,851,605 | 8,528,487,501 | 94,851,662 | 448,921,998 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
LIABILITIES |
||||||||||||||||
|
Collateral on securities loaned, at value |
— | 182,277,607 | 16,670,346 | — | ||||||||||||
|
Payables: |
||||||||||||||||
|
Investments purchased |
6,160,653 | 29,204,587 | 2,796,346 | 5,114,005 | ||||||||||||
|
Capital shares redeemed |
— | 267 | — | 62,839 | ||||||||||||
|
Investment advisory fees |
35,795 | 3,960,096 | 34,978 | 205,797 | ||||||||||||
|
Variation margin on futures contracts |
6,046 | 126,226 | 2,571 | 2,193 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Total liabilities |
6,202,494 | 215,568,783 | 19,504,241 | 5,384,834 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
NET ASSETS |
$ | 76,649,111 | $ | 8,312,918,718 | $ | 75,347,421 | $ | 443,537,164 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
NET ASSETS CONSIST OF |
||||||||||||||||
|
Paid-in capital |
$ | 154,028,702 | $ | 10,823,374,258 | $ | 113,182,312 | $ | 731,732,519 | ||||||||
|
Accumulated loss |
(77,379,591 | ) | (2,510,455,540 | ) | (37,834,891 | ) | (288,195,355 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
NET ASSETS |
$ | 76,649,111 | $ | 8,312,918,718 | $ | 75,347,421 | $ | 443,537,164 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
NET ASSET VALUE |
||||||||||||||||
|
Shares outstanding |
6,700,000 | 173,600,000 | 2,100,000 | 19,350,000 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Net asset value |
$ | 11.44 | $ | 47.89 | $ | 35.88 | $ | 22.92 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Shares authorized |
Unlimited | Unlimited | Unlimited | Unlimited | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Par value |
None | None | None | None | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
(a) Investments, at cost — unaffiliated |
$ | 79,743,384 | $ | 9,339,675,715 | $ | 85,866,738 | $ | 539,431,926 | ||||||||
|
(b) Securities loaned, at value |
$ | — | $ | 173,070,470 | $ | 14,627,921 | $ | — | ||||||||
|
(c) Investments, at cost — affiliated |
$ | 50,000 | $ | 184,214,967 | $ | 16,842,353 | $ | — | ||||||||
|
(d) Foreign currency, at cost |
$ | 118,732 | $ | 32,304,687 | $ | 66,000 | $ | 492,259 | ||||||||
See notes to financial statements.
| 52 |
2 0 2 3 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) (continued)
February 28, 2023
|
iShares MSCI Peru ETF |
iShares MSCI ETF |
iShares MSCI Poland ETF |
iShares MSCI Qatar |
|||||||||||||
|
|
||||||||||||||||
|
ASSETS |
||||||||||||||||
|
Investments, at value — unaffiliated(a)(b) |
$ | 124,136,660 | $ | 137,546,361 | $ | 194,157,609 | $ | 67,837,707 | ||||||||
|
Investments, at value — affiliated(c) |
70,000 | 30,000 | 12,294,744 | 260,000 | ||||||||||||
|
Cash |
36,189 | 6,559 | 265 | 9,016 | ||||||||||||
|
Cash pledged for futures contracts |
19,000 | 14,000 | 14,000 | 16,000 | ||||||||||||
|
Foreign currency, at value(d) |
25,254 | 404,194 | 444,409 | 319,286 | ||||||||||||
|
Receivables: |
||||||||||||||||
|
Investments sold |
7,139,375 | 6,946,256 | 559,962 | 565,047 | ||||||||||||
|
Securities lending income — affiliated |
— | — | 9,070 | — | ||||||||||||
|
Capital shares sold |
— | 14,890 | — | — | ||||||||||||
|
Dividends — unaffiliated |
571,092 | 34,025 | 69 | — | ||||||||||||
|
Dividends — affiliated |
366 | 242 | 9,440 | 330 | ||||||||||||
|
Tax reclaims |
— | — | 221,535 | — | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Total assets |
131,997,936 | 144,996,527 | 207,711,103 | 69,007,386 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
LIABILITIES |
||||||||||||||||
|
Collateral on securities loaned, at value |
— | — | 9,744,793 | — | ||||||||||||
|
Payables: |
||||||||||||||||
|
Investments purchased |
7,313,143 | 7,845,922 | 600,078 | 989,627 | ||||||||||||
|
Investment advisory fees |
55,713 | 66,765 | 87,867 | 30,142 | ||||||||||||
|
IRS compliance fee for foreign withholding tax claims |
— | — | 2,953,689 | — | ||||||||||||
|
Professional fees |
— | — | 22,667 | — | ||||||||||||
|
Variation margin on futures contracts |
3,630 | 2,340 | 2,674 | 2,872 | ||||||||||||
|
Other liabilities |
— | — | — | 139,182 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Total liabilities |
7,372,486 | 7,915,027 | 13,411,768 | 1,161,823 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
NET ASSETS |
$ | 124,625,450 | $ | 137,081,500 | $ | 194,299,335 | $ | 67,845,563 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
NET ASSETS CONSIST OF |
||||||||||||||||
|
Paid-in capital |
$ | 332,106,890 | $ | 246,355,307 | $ | 430,658,839 | $ | 77,873,735 | ||||||||
|
Accumulated loss |
(207,481,440 | ) | (109,273,807 | ) | (236,359,504 | ) | (10,028,172 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
NET ASSETS |
$ | 124,625,450 | $ | 137,081,500 | $ | 194,299,335 | $ | 67,845,563 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
NET ASSET VALUE |
||||||||||||||||
|
Shares outstanding |
4,250,000 | 5,150,000 | 12,300,000 | 3,700,000 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Net asset value |
$ | 29.32 | $ | 26.62 | $ | 15.80 | $ | 18.34 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Shares authorized |
Unlimited | Unlimited | Unlimited | Unlimited | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Par value |
None | None | None | None | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
(a) Investments, at cost — unaffiliated |
$ | 156,156,493 | $ | 173,300,330 | $ | 296,967,473 | $ | 54,931,721 | ||||||||
|
(b) Securities loaned, at value |
$ | — | $ | — | $ | 9,305,463 | $ | — | ||||||||
|
(c) Investments, at cost — affiliated |
$ | 70,000 | $ | 30,000 | $ | 12,290,791 | $ | 260,000 | ||||||||
|
(d) Foreign currency, at cost |
$ | 23,756 | $ | 405,906 | $ | 454,509 | $ | 319,471 | ||||||||
See notes to financial statements.
|
F I N A N C I A L S T A T E M E N T S |
53 |
Statements of Assets and Liabilities (unaudited) (continued)
February 28, 2023
|
iShares MSCI Saudi Arabia ETF |
iShares MSCI UAE ETF |
|||||||
|
|
||||||||
|
ASSETS |
||||||||
|
Investments, at value — unaffiliated(a) |
$ | 832,876,831 | $ | 36,518,294 | ||||
|
Investments, at value — affiliated(b) |
340,000 | 50,000 | ||||||
|
Cash |
312,928 | 7,035 | ||||||
|
Cash pledged for futures contracts |
19,000 | — | ||||||
|
Foreign currency, at value(c) |
125,900 | — | ||||||
|
Receivables: |
||||||||
|
Investments sold |
3,608,684 | 2,572,364 | ||||||
|
Dividends — unaffiliated |
466,305 | — | ||||||
|
Dividends — affiliated |
524 | 135 | ||||||
|
|
|
|
|
|||||
|
Total assets |
837,750,172 | 39,147,828 | ||||||
|
|
|
|
|
|||||
|
LIABILITIES |
||||||||
|
Foreign bank overdraft(d) |
— | 10,293 | ||||||
|
Payables: |
||||||||
|
Investments purchased |
3,282,361 | 2,533,419 | ||||||
|
Investment advisory fees |
490,268 | 16,502 | ||||||
|
Variation margin on futures contracts |
3,630 | — | ||||||
|
|
|
|
|
|||||
|
Total liabilities |
3,776,259 | 2,560,214 | ||||||
|
|
|
|
|
|||||
|
NET ASSETS |
$ | 833,973,913 | $ | 36,587,614 | ||||
|
|
|
|
|
|||||
|
NET ASSETS CONSIST OF |
||||||||
|
Paid-in capital |
$ | 819,725,593 | $ | 77,122,352 | ||||
|
Accumulated earnings (loss) |
14,248,320 | (40,534,738 | ) | |||||
|
|
|
|
|
|||||
|
NET ASSETS |
$ | 833,973,913 | $ | 36,587,614 | ||||
|
|
|
|
|
|||||
|
NET ASSET VALUE |
||||||||
|
Shares outstanding |
22,900,000 | 2,500,000 | ||||||
|
|
|
|
|
|||||
|
Net asset value |
$ | 36.42 | $ | 14.64 | ||||
|
|
|
|
|
|||||
|
Shares authorized |
Unlimited | Unlimited | ||||||
|
|
|
|
|
|||||
|
Par value |
None | None | ||||||
|
|
|
|
|
|||||
|
(a) Investments, at cost — unaffiliated |
$ | 665,857,060 | $ | 35,477,124 | ||||
|
(b) Investments, at cost — affiliated |
$ | 340,000 | $ | 50,000 | ||||
|
(c) Foreign currency, at cost |
$ | 125,900 | $ | — | ||||
|
(d) Foreign bank overdraft, at cost |
$ | — | $ | 10,296 | ||||
See notes to financial statements.
| 54 |
2 0 2 3 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, 2023
|
iShares MSCI Brazil ETF |
iShares MSCI China ETF |
iShares MSCI China Small-Cap ETF |
iShares MSCI ETF |
|||||||||||||
|
|
||||||||||||||||
|
INVESTMENT INCOME |
||||||||||||||||
|
Dividends — unaffiliated |
$ | 1,481,549 | $ | 28,514,125 | $ | 373,321 | $ | 3,645,568 | ||||||||
|
Dividends — affiliated |
2,515 | 184,477 | 1,689 | 7,437 | ||||||||||||
|
Interest — unaffiliated |
1,462 | — | — | — | ||||||||||||
|
Securities lending income — affiliated — net |
— | 1,238,922 | 392,090 | — | ||||||||||||
|
Foreign taxes withheld |
(125,059 | ) | (1,490,953 | ) | (2,002 | ) | (635,508 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Total investment income |
1,360,467 | 28,446,571 | 765,098 | 3,017,497 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
EXPENSES |
||||||||||||||||
|
Investment advisory |
239,645 | 21,901,433 | 187,605 | 1,468,977 | ||||||||||||
|
Commitment costs |
506 | 26,257 | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Total expenses |
240,151 | 21,927,690 | 187,605 | 1,468,977 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Net investment income |
1,120,316 | 6,518,881 | 577,493 | 1,548,520 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
REALIZED AND UNREALIZED GAIN (LOSS) |
||||||||||||||||
|
Net realized gain (loss) from: |
||||||||||||||||
|
Investments — unaffiliated |
(1,706,265 | ) | (251,354,502 | ) | (7,045,091 | ) | (26,705,698 | ) | ||||||||
|
Investments — affiliated |
— | 44,040 | 3,649 | — | ||||||||||||
|
Capital gain distributions from underlying funds — affiliated |
— | 13 | — | — | ||||||||||||
|
Foreign currency transactions |
104,330 | 38,828 | (1,619 | ) | (23,745 | ) | ||||||||||
|
Futures contracts |
40,131 | (1,708,684 | ) | (36,688 | ) | 69,967 | ||||||||||
|
In-kind redemptions — unaffiliated(a) |
— | 57,248,526 | — | 11,920,027 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (1,561,804 | ) | (195,731,779 | ) | (7,079,749 | ) | (14,739,449 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Net change in unrealized appreciation (depreciation) on: |
||||||||||||||||
|
Investments — unaffiliated |
(11,540,181 | ) | (116,897,428 | ) | 12,118,690 | (4,955,630 | ) | |||||||||
|
Investments — affiliated |
— | (9,162 | ) | 2,099 | — | |||||||||||
|
Foreign currency translations |
(35,761 | ) | (35,136 | ) | 134 | (4,577 | ) | |||||||||
|
Futures contracts |
(54,066 | ) | 798,470 | 7,102 | (11,990 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (11,630,008 | ) | (116,143,256 | ) | 12,128,025 | (4,972,197 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Net realized and unrealized gain (loss) |
(13,191,812 | ) | (311,875,035 | ) | 5,048,276 | (19,711,646 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
$ | (12,071,496 | ) | $ | (305,356,154 | ) | $ | 5,625,769 | $ | (18,163,126 | ) | |||||
|
|
|
|
|
|
|
|
|
|||||||||
| (a) |
See Note 2 of the Notes to Financial Statements. |
See notes to financial statements.
|
F I N A N C I A L S T A T E M E N T S |
55 |
Statements of Operations (unaudited) (continued)
Six Months Ended February 28, 2023
|
iShares MSCI Peru ETF |
iShares MSCI Philippines ETF |
iShares MSCI Poland ETF |
iShares MSCI Qatar ETF |
|||||||||||||
|
|
||||||||||||||||
|
INVESTMENT INCOME |
||||||||||||||||
|
Dividends — unaffiliated |
$ | 1,729,354 | $ | 829,539 | $ | 990,514 | $ | 1,319,719 | ||||||||
|
Dividends — affiliated |
3,916 | 1,459 | 34,203 | 1,040 | ||||||||||||
|
Securities lending income — affiliated — net |
— | — | 57,524 | — | ||||||||||||
|
Foreign taxes withheld |
(52,088 | ) | (201,345 | ) | (151,815 | ) | — | |||||||||
|
IRS compliance fee for foreign withholding tax claims |
— | — | 20,215 | — | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Total investment income |
1,681,182 | 629,653 | 950,641 | 1,320,759 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
EXPENSES |
||||||||||||||||
|
Investment advisory |
355,153 | 343,560 | 497,834 | 234,556 | ||||||||||||
|
Commitment costs |
— | — | — | 528 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Total expenses |
355,153 | 343,560 | 497,834 | 235,084 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Net investment income |
1,326,029 | 286,093 | 452,807 | 1,085,675 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
REALIZED AND UNREALIZED GAIN (LOSS) |
||||||||||||||||
|
Net realized gain (loss) from: |
||||||||||||||||
|
Investments — unaffiliated |
(8,499,470 | ) | (5,923,074 | ) | (6,818,273 | ) | 1,807,897 | |||||||||
|
Investments — affiliated |
— | — | 3,703 | — | ||||||||||||
|
Capital gain distributions from underlying funds — affiliated |
— | — | 3 | — | ||||||||||||
|
Foreign currency transactions |
(37,041 | ) | (726 | ) | 142,378 | (12,533 | ) | |||||||||
|
Futures contracts |
(8,295 | ) | (3,722 | ) | (11,694 | ) | (24,568 | ) | ||||||||
|
In-kind redemptions — unaffiliated(a) |
(295,635 | ) | 1,447,056 | 14,512,507 | — | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (8,840,441 | ) | (4,480,466 | ) | 7,828,624 | 1,770,796 | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Net change in unrealized appreciation (depreciation) on: |
||||||||||||||||
|
Investments — unaffiliated |
26,111,951 | 4,132,724 | 39,741,988 | (19,415,767 | ) | |||||||||||
|
Investments — affiliated |
— | — | 340 | — | ||||||||||||
|
Foreign currency translations |
(4,421 | ) | (191 | ) | (782 | ) | 742 | |||||||||
|
Futures contracts |
(21,824 | ) | (2,889 | ) | (10,476 | ) | (10,574 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| 26,085,706 | 4,129,644 | 39,731,070 | (19,425,599 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Net realized and unrealized gain (loss) |
17,245,265 | (350,822 | ) | 47,559,694 | (17,654,803 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
$ | 18,571,294 | $ | (64,729 | ) | $ | 48,012,501 | $ | (16,569,128 | ) | ||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (a) |
See Note 2 of the Notes to Financial Statements. |
See notes to financial statements.
| 56 |
2 0 2 3 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) (continued)
Six Months Ended February 28, 2023
|
iShares MSCI Saudi Arabia ETF |
iShares MSCI UAE ETF |
|||||||
|
|
||||||||
|
INVESTMENT INCOME |
||||||||
|
Dividends — unaffiliated |
$ | 6,069,355 | $ | 151,297 | ||||
|
Dividends — affiliated |
23,866 | 972 | ||||||
|
Foreign taxes withheld |
(235,236 | ) | — | |||||
|
|
|
|
|
|||||
|
Total investment income |
5,857,985 | 152,269 | ||||||
|
|
|
|
|
|||||
|
EXPENSES |
||||||||
|
Investment advisory |
3,514,761 | 107,197 | ||||||
|
Commitment costs |
6,272 | 232 | ||||||
|
|
|
|
|
|||||
|
Total expenses |
3,521,033 | 107,429 | ||||||
|
|
|
|
|
|||||
|
Net investment income |
2,336,952 | 44,840 | ||||||
|
|
|
|
|
|||||
|
REALIZED AND UNREALIZED GAIN (LOSS) |
||||||||
|
Net realized gain (loss) from: |
||||||||
|
Investments — unaffiliated |
(1,484,029 | ) | (694,733 | ) | ||||
|
Capital gain distributions from underlying funds — affiliated |
1 | — | ||||||
|
Foreign currency transactions |
(65,358 | ) | (7,068 | ) | ||||
|
Futures contracts |
(272,169 | ) | (2,880 | ) | ||||
|
|
|
|
|
|||||
| (1,821,555 | ) | (704,681 | ) | |||||
|
|
|
|
|
|||||
|
Net change in unrealized appreciation (depreciation) on: |
||||||||
|
Investments — unaffiliated |
(189,346,813 | ) | (2,868,671 | ) | ||||
|
Foreign currency translations |
882 | 617 | ||||||
|
Futures contracts |
(14,200 | ) | 2,635 | |||||
|
|
|
|
|
|||||
| (189,360,131 | ) | (2,865,419 | ) | |||||
|
|
|
|
|
|||||
|
Net realized and unrealized loss |
(191,181,686 | ) | (3,570,100 | ) | ||||
|
|
|
|
|
|||||
|
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS |
$ | (188,844,734 | ) | $ | (3,525,260 | ) | ||
|
|
|
|
|
|||||
See notes to financial statements.
|
F I N A N C I A L S T A T E M E N T S |
57 |
Statements of Changes in Net Assets
|
iShares MSCI Brazil Small-Cap ETF |
iShares MSCI China ETF |
|||||||||||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||||||||
|
Six Months Ended 02/28/23 (unaudited) |
Year Ended 08/31/22 |
Six Months Ended 02/28/23 (unaudited) |
Year Ended 08/31/22 |
|||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||
|
INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||||||||||||||||||
|
OPERATIONS |
||||||||||||||||||||||||||||||||
|
Net investment income |
$ | 1,120,316 | $ | 3,157,710 | $ | 6,518,881 | $ | 115,877,719 | ||||||||||||||||||||||||
|
Net realized loss |
(1,561,804 | ) | (6,571,328 | ) | (195,731,779 | ) | (417,082,741 | ) | ||||||||||||||||||||||||
|
Net change in unrealized appreciation (depreciation) |
(11,630,008 | ) | (14,373,457 | ) | (116,143,256 | ) | (1,964,979,076 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
Net decrease in net assets resulting from operations |
(12,071,496 | ) | (17,787,075 | ) | (305,356,154 | ) | (2,266,184,098 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
DISTRIBUTIONS TO SHAREHOLDERS(a) |
||||||||||||||||||||||||||||||||
|
Decrease in net assets resulting from distributions to shareholders |
(2,070,418 | )(b) | (3,944,573 | ) | (111,281,572 | ) | (86,873,082 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||||||||||||||
|
Net increase (decrease) in net assets derived from capital share transactions |
7,925,933 | (3,379,242 | ) | 888,490,102 | 4,011,654,506 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
NET ASSETS |
||||||||||||||||||||||||||||||||
|
Total increase (decrease) in net assets |
(6,215,981 | ) | (25,110,890 | ) | 471,852,376 | 1,658,597,326 | ||||||||||||||||||||||||||
|
Beginning of period |
82,865,092 | 107,975,982 | 7,841,066,342 | 6,182,469,016 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
End of period |
$ | 76,649,111 | $ | 82,865,092 | $ | 8,312,918,718 | $ | 7,841,066,342 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| (a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (b) |
A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
See notes to financial statements.
| 58 |
2 0 2 3 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 China Small-Cap ETF |
iShares MSCI Indonesia ETF |
|||||||||||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||||||||
|
Six Months Ended 02/28/23 (unaudited) |
Year Ended 08/31/22 |
Six Months Ended 02/28/23 (unaudited) |
Year Ended 08/31/22 |
|||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||
|
INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||||||||||||||||||
|
OPERATIONS |
||||||||||||||||||||||||||||||||
|
Net investment income |
$ | 577,493 | $ | 2,280,854 | $ | 1,548,520 | $ | 10,977,273 | ||||||||||||||||||||||||
|
Net realized gain (loss) |
(7,079,749 | ) | (13,987,668 | ) | (14,739,449 | ) | 10,492,545 | |||||||||||||||||||||||||
|
Net change in unrealized appreciation (depreciation) |
12,128,025 | (15,130,649 | ) | (4,972,197 | ) | 24,816,440 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
Net increase (decrease) in net assets resulting from operations |
5,625,769 | (26,837,463 | ) | (18,163,126 | ) | 46,286,258 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
DISTRIBUTIONS TO SHAREHOLDERS(a) |
||||||||||||||||||||||||||||||||
|
Decrease in net assets resulting from distributions to shareholders |
(1,346,985 | ) | (3,772,602 | ) | (5,261,996 | )(b) | (9,891,151 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||||||||||||||
|
Net increase (decrease) in net assets derived from capital share transactions |
15,731,111 | (2,873,258 | ) | 23,781,540 | 54,827,919 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
NET ASSETS |
||||||||||||||||||||||||||||||||
|
Total increase (decrease) in net assets |
20,009,895 | (33,483,323 | ) | 356,418 | 91,223,026 | |||||||||||||||||||||||||||
|
Beginning of period |
55,337,526 | 88,820,849 | 443,180,746 | 351,957,720 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
End of period |
$ | 75,347,421 | $ | 55,337,526 | $ | 443,537,164 | $ | 443,180,746 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(b) A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
See notes to financial statements.
|
F I N A N C I A L S T A T E M E N T S |
59 |
Statements of Changes in Net Assets (continued)
|
iShares MSCI Peru ETF |
iShares MSCI Philippines ETF |
|||||||||||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||||||||
|
Six Months Ended 02/28/23 (unaudited) |
Year Ended 08/31/22 |
Six Months Ended 02/28/23 (unaudited) |
Year Ended 08/31/22 |
|||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||
|
INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||||||||||||||||||
|
OPERATIONS |
||||||||||||||||||||||||||||||||
|
Net investment income |
$ | 1,326,029 | $ | 6,822,237 | $ | 286,093 | $ | 1,572,524 | ||||||||||||||||||||||||
|
Net realized loss |
(8,840,441 | ) | (6,142,433 | ) | (4,480,466 | ) | (5,729,585 | ) | ||||||||||||||||||||||||
|
Net change in unrealized appreciation (depreciation) |
26,085,706 | (4,967,384 | ) | 4,129,644 | (12,137,215 | ) | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
Net increase (decrease) in net assets resulting from operations |
18,571,294 | (4,287,580 | ) | (64,729 | ) | (16,294,276 | ) | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
DISTRIBUTIONS TO SHAREHOLDERS(a) |
||||||||||||||||||||||||||||||||
|
Decrease in net assets resulting from distributions to shareholders |
(1,975,654 | )(b) | (8,147,129 | ) | (574,749 | )(b) | (1,785,174 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||||||||||||||
|
Net increase (decrease) in net assets derived from capital share transactions |
(19,500,193 | ) | 44,102,942 | 28,902,911 | 1,854,320 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
NET ASSETS |
||||||||||||||||||||||||||||||||
|
Total increase (decrease) in net assets |
(2,904,553 | ) | 31,668,233 | 28,263,433 | (16,225,130 | ) | ||||||||||||||||||||||||||
|
Beginning of period |
127,530,003 | 95,861,770 | 108,818,067 | 125,043,197 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
End of period |
$ | 124,625,450 | $ | 127,530,003 | $ | 137,081,500 | $ | 108,818,067 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| (a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (b) |
A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
See notes to financial statements.
| 60 |
2 0 2 3 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 Poland ETF |
iShares MSCI Qatar ETF |
|||||||||||||||
|
|
|
|
|
|||||||||||||
|
Six Months Ended 02/28/23 (unaudited) |
Year Ended 08/31/22 |
Six Months Ended 02/28/23 (unaudited) |
Year Ended 08/31/22 |
|||||||||||||
|
|
||||||||||||||||
|
INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||
|
OPERATIONS |
||||||||||||||||
|
Net investment income |
$ | 452,807 | $ | 6,200,674 | $ | 1,085,675 | $ | 2,793,584 | ||||||||
|
Net realized gain (loss) |
7,828,624 | (14,657,590 | ) | 1,770,796 | 1,428,500 | |||||||||||
|
Net change in unrealized appreciation (depreciation) |
39,731,070 | (116,037,602 | ) | (19,425,599 | ) | 12,484,743 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Net increase (decrease) in net assets resulting from operations |
48,012,501 | (124,494,518 | ) | (16,569,128 | ) | 16,706,827 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
DISTRIBUTIONS TO SHAREHOLDERS(a) |
||||||||||||||||
|
Decrease in net assets resulting from distributions to shareholders |
(3,006,382 | )(b) | (4,548,741 | ) | (486,504 | ) | (3,375,217 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||
|
Net increase (decrease) in net assets derived from capital share transactions |
18,920,604 | (24,730,364 | ) | (11,251,857 | ) | (3,412,513 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
NET ASSETS |
||||||||||||||||
|
Total increase (decrease) in net assets |
63,926,723 | (153,773,623 | ) | (28,307,489 | ) | 9,919,097 | ||||||||||
|
Beginning of period |
130,372,612 | 284,146,235 | 96,153,052 | 86,233,955 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
End of period |
$ | 194,299,335 | $ | 130,372,612 | $ | 67,845,563 | $ | 96,153,052 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (b) |
A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
See notes to financial statements.
|
F I N A N C I A L S T A T E M E N T S |
61 |
Statements of Changes in Net Assets (continued)
|
iShares MSCI Saudi Arabia ETF |
iShares MSCI UAE ETF |
|||||||||||||||
|
|
|
|
|
|||||||||||||
|
Six Months Ended 02/28/23 (unaudited) |
Year Ended 08/31/22 |
Six Months Ended 02/28/23 (unaudited) |
Year Ended 08/31/22 |
|||||||||||||
|
|
||||||||||||||||
|
INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||
|
OPERATIONS |
||||||||||||||||
|
Net investment income |
$ | 2,336,952 | $ | 18,068,521 | $ | 44,840 | $ | 1,029,528 | ||||||||
|
Net realized loss |
(1,821,555 | ) | (19,228,092 | ) | (704,681 | ) | (372,738 | ) | ||||||||
|
Net change in unrealized appreciation (depreciation) |
(189,360,131 | ) | 78,636,960 | (2,865,419 | ) | 1,412,106 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Net increase (decrease) in net assets resulting from operations |
(188,844,734 | ) | 77,477,389 | (3,525,260 | ) | 2,068,896 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
DISTRIBUTIONS TO SHAREHOLDERS(a) |
||||||||||||||||
|
Decrease in net assets resulting from distributions to shareholders |
(9,480,450 | ) | (16,207,813 | ) | (76,044 | ) | (1,475,334 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||
|
Net increase (decrease) in net assets derived from capital share transactions |
(103,303,870 | ) | 175,649,734 | 2,222,434 | 13,655,392 | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
NET ASSETS |
||||||||||||||||
|
Total increase (decrease) in net assets |
(301,629,054 | ) | 236,919,310 | (1,378,870 | ) | 14,248,954 | ||||||||||
|
Beginning of period |
1,135,602,967 | 898,683,657 | 37,966,484 | 23,717,530 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
End of period |
$ | 833,973,913 | $ | 1,135,602,967 | $ | 36,587,614 | $ | 37,966,484 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
| 62 |
2 0 2 3 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 |
(For a share outstanding throughout each period)
| iShares MSCI Brazil Small-Cap ETF | ||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Six Months Ended 02/28/23 (unaudited) |
Year Ended 08/31/22 |
Year Ended 08/31/21 |
Year Ended 08/31/20 |
Year Ended 08/31/19 |
Year Ended 08/31/18 |
|||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Net asset value, beginning of period |
$ | 13.58 | $ | 17.42 | $ | 13.62 | $ | 16.92 | $ | 11.87 | $ | 16.19 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Net investment income(a) |
0.17 | 0.46 | 0.37 | 0.23 | 0.50 | 0.40 | ||||||||||||||||||||||
|
Net realized and unrealized gain (loss)(b) |
(1.99 | ) | (3.71 | ) | 3.79 | (3.30 | ) | 5.15 | (4.01 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Net increase (decrease) from investment operations |
(1.82 | ) | (3.25 | ) | 4.16 | (3.07 | ) | 5.65 | (3.61 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Distributions from net investment income(c) |
(0.32 | )(d) | (0.59 | ) | (0.36 | ) | (0.23 | ) | (0.60 | ) | (0.71 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Net asset value, end of period |
$ | 11.44 | $ | 13.58 | $ | 17.42 | $ | 13.62 | $ | 16.92 | $ | 11.87 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Total Return(e) |
||||||||||||||||||||||||||||
|
Based on net asset value |
(13.30 | )%(f) | (18.61 | )% | 30.34 | % | (18.40 | )% | 48.35 | % | (22.95 | )% | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Ratios to Average Net Assets(g) |
||||||||||||||||||||||||||||
|
Total expenses |
0.59 | %(h) | 0.58 | % | 0.57 | % | 0.59 | % | 0.59 | % | 0.59 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Net investment income |
2.77 | %(h) | 3.18 | % | 2.26 | % | 1.51 | % | 3.26 | % | 2.55 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Supplemental Data |
||||||||||||||||||||||||||||
|
Net assets, end of period (000) |
$ | 76,649 | $ | 82,865 | $ | 107,976 | $ | 97,375 | $ | 106,588 | $ | 48,679 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Portfolio turnover rate(i) |
21 | %(j) | 52 | %(j) | 40 | %(j) | 65 | %(j) | 47 | %(j) | 67 | %(j) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| (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) |
A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| (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 includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars (“cash creations”). |
|
(j) Portfolio turnover rate excluding cash creations was as follows: |
20 | % | 32 | % | 39 | % | 26 | % | 30 | % | 25 | % | ||||||||||||||
|
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|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
See notes to financial statements.
|
F I N A N C I A L H I G H L I G H T S |
63 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| iShares MSCI China ETF | ||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Six Months Ended 02/28/23 (unaudited) |
Year Ended 08/31/22 |
Year Ended 08/31/21 |
Year Ended 08/31/20 |
Year Ended 08/31/19 |
Year Ended 08/31/18 |
|||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Net asset value, beginning of period |
$ | 49.82 | $ | 70.90 | $ | 75.92 | $ | 56.43 | $ | 60.85 | $ | 62.06 | ||||||||||||||||
|
|
|
|
|
|
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|
|
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|
|||||||||||||||||
|
Net investment income(a) |
0.04 | 1.01 | 0.74 | 0.90 | 0.95 | 1.05 | ||||||||||||||||||||||
|
Net realized and unrealized gain (loss)(b) |
(1.26 | ) | (21.30 | ) | (4.98 | ) | 19.40 | (4.49 | ) | (1.10 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Net increase (decrease) from investment operations |
(1.22 | ) | (20.29 | ) | (4.24 | ) | 20.30 | (3.54 | ) | (0.05 | ) | |||||||||||||||||
|
|
|
|
|
|
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|
|
|
|
|
|||||||||||||||||
|
Distributions from net investment income(c) |
(0.71 | ) | (0.79 | ) | (0.78 | ) | (0.81 | ) | (0.88 | ) | (1.16 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Net asset value, end of period |
$ | 47.89 | $ | 49.82 | $ | 70.90 | $ | 75.92 | $ | 56.43 | $ | 60.85 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Total Return(d) |
||||||||||||||||||||||||||||
|
Based on net asset value |
(2.44 | )%(e) | (28.80 | )% | (5.69 | )% | 36.29 | % | (5.76 | )% | (0.22 | )% | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Ratios to Average Net Assets(f) |
||||||||||||||||||||||||||||
|
Total expenses |
0.59 | %(g) | 0.58 | % | 0.57 | % | 0.59 | % | 0.59 | % | 0.59 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Net investment income |
0.18 | %(g) | 1.75 | % | 0.93 | % | 1.43 | % | 1.63 | % | 1.57 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Supplemental Data |
||||||||||||||||||||||||||||
|
Net assets, end of period (000) |
$ | 8,312,919 | $ | 7,841,066 | $ | 6,182,469 | $ | 6,118,904 | $ | 3,588,927 | $ | 3,444,143 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Portfolio turnover rate(h) |
5 | % | 8 | % | 18 | % | 16 | % | 14 | % | 14 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| (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.
| 64 |
2 0 2 3 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 China Small-Cap ETF | ||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Six Months Ended 02/28/23 (unaudited) |
Year Ended 08/31/22 |
Year Ended 08/31/21 |
Year Ended 08/31/20 |
Year Ended 08/31/19 |
Year Ended 08/31/18 |
|||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Net asset value, beginning of period |
$ | 34.59 | $ | 53.83 | $ | 45.21 | $ | 38.46 | $ | 47.23 | $ | 48.50 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Net investment income(a) |
0.31 | 1.44 | 1.50 | 1.46 | 1.39 | 1.51 | ||||||||||||||||||||||
|
Net realized and unrealized gain (loss)(b) |
1.64 | (18.32 | ) | 8.86 | 6.48 | (7.78 | ) | (1.14 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Net increase (decrease) from investment operations |
1.95 | (16.88 | ) | 10.36 | 7.94 | (6.39 | ) | 0.37 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Distributions from net investment income(c) |
(0.66 | ) | (2.36 | ) | (1.74 | ) | (1.19 | ) | (2.38 | ) | (1.64 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Net asset value, end of period |
$ | 35.88 | $ | 34.59 | $ | 53.83 | $ | 45.21 | $ | 38.46 | $ | 47.23 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Total Return(d) |
||||||||||||||||||||||||||||
|
Based on net asset value |
5.67 | %(e) | (32.33 | )% | 23.33 | % | 21.21 | % | (13.60 | )% | 0.58 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Ratios to Average Net Assets(f) |
||||||||||||||||||||||||||||
|
Total expenses |
0.59 | %(g) | 0.58 | % | 0.57 | % | 0.59 | % | 0.59 | % | 0.59 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Net investment income |
1.82 | %(g) | 3.31 | % | 2.82 | % | 3.70 | % | 3.26 | % | 2.91 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Supplemental Data |
||||||||||||||||||||||||||||
|
Net assets, end of period (000) |
$ | 75,347 | $ | 55,338 | $ | 88,821 | $ | 51,989 | $ | 19,230 | $ | 25,977 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Portfolio turnover rate(h) |
24 | % | 64 | % | 51 | % | 39 | % | 38 | % | 63 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| (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 |
65 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| iShares MSCI Indonesia ETF | ||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Six Months Ended 02/28/23 (unaudited) |
Year Ended 08/31/22 |
Year Ended 08/31/21 |
Year Ended 08/31/20 |
Year Ended 08/31/19 |
Year Ended 08/31/18 |
|||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Net asset value, beginning of period |
$ | 23.96 | $ | 21.33 | $ | 19.69 | $ | 25.22 | $ | 23.57 | $ | 26.89 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Net investment income(a) |
0.07 | 0.59 | 0.27 | 0.36 | 0.41 | 0.43 | ||||||||||||||||||||||
|
Net realized and unrealized gain (loss)(b) |
(0.88 | ) | 2.54 | 1.68 | (5.66 | ) | 1.70 | (3.27 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Net increase (decrease) from investment operations |
(0.81 | ) | 3.13 | 1.95 | (5.30 | ) | 2.11 | (2.84 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Distributions from net investment income(c) |
(0.23 | )(d) | (0.50 | ) | (0.31 | ) | (0.23 | ) | (0.46 | ) | (0.48 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Net asset value, end of period |
$ | 22.92 | $ | 23.96 | $ | 21.33 | $ | 19.69 | $ | 25.22 | $ | 23.57 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Total Return(e) |
||||||||||||||||||||||||||||
|
Based on net asset value |
(3.34 | )%(f) | 14.69 | % | 9.88 | % | (21.04 | )% | 9.00 | % | (10.67 | )% | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Ratios to Average Net Assets(g) |
||||||||||||||||||||||||||||
|
Total expenses |
0.59 | %(h) | 0.58 | % | 0.57 | % | 0.59 | % | 0.59 | % | 0.59 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Net investment income |
0.62 | %(h) | 2.52 | % | 1.26 | % | 1.65 | % | 1.64 | % | 1.63 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Supplemental Data |
||||||||||||||||||||||||||||
|
Net assets, end of period (000) |
$ | 443,537 | $ | 443,181 | $ | 351,958 | $ | 319,892 | $ | 402,185 | $ | 414,758 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Portfolio turnover rate(i) |
6 | % | 16 | % | 10 | % | 13 | % | 12 | % | 7 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| (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) |
A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| (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.
| 66 |
2 0 2 3 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 Peru ETF | ||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Six Months Ended 02/28/23 (unaudited) |
Year Ended 08/31/22 |
Year Ended 08/31/21 |
Year Ended 08/31/20 |
Year Ended 08/31/19 |
Year Ended 08/31/18 |
|||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Net asset value, beginning of period |
$ | 25.51 | $ | 27.00 | $ | 31.65 | $ | 34.11 | $ | 37.44 | $ | 37.54 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Net investment income(a) |
0.31 | 1.34 | 0.79 | 0.69 | 0.85 | 1.09 | ||||||||||||||||||||||
|
Net realized and unrealized gain (loss)(b) |
4.01 | (1.08 | ) | (5.00 | ) | (2.34 | ) | (3.36 | ) | (0.06 | ) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Net increase (decrease) from investment operations |
4.32 | 0.26 | (4.21 | ) | (1.65 | ) | (2.51 | ) | 1.03 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Distributions from net investment income(c) |
(0.51 | )(d) | (1.75 | ) | (0.44 | ) | (0.81 | ) | (0.82 | ) | (1.13 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Net asset value, end of period |
$ | 29.32 | $ | 25.51 | $ | 27.00 | $ | 31.65 | $ | 34.11 | $ | 37.44 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Total Return(e) |
||||||||||||||||||||||||||||
|
Based on net asset value |
17.02 | %(f) | 0.24 | % | (13.49 | )% | (4.78 | )% | (6.75 | )% | 2.60 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Ratios to Average Net Assets(g) |
||||||||||||||||||||||||||||
|
Total expenses |
0.59 | %(h) | 0.58 | % | 0.57 | % | 0.59 | % | 0.59 | % | 0.59 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Net investment income |
2.21 | %(h) | 4.36 | % | 2.42 | % | 2.15 | % | 2.33 | % | 2.65 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Supplemental Data |
||||||||||||||||||||||||||||
|
Net assets, end of period (000) |
$ | 124,625 | $ | 127,530 | $ | 95,862 | $ | 82,297 | $ | 163,738 | $ | 164,717 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Portfolio turnover rate(i) |
12 | % | 24 | % | 33 | % | 26 | % | 18 | % | 11 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| (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) |
A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| (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.
|
F I N A N C I A L H I G H L I G H T S |
67 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| iShares MSCI Philippines ETF | ||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Six Months Ended 02/28/23 (unaudited) |
Year Ended 08/31/22 |
Year Ended 08/31/21 |
Year Ended 08/31/20 |
Year Ended 08/31/19 |
Year Ended 08/31/18 |
|||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Net asset value, beginning of period |
$ | 26.54 | $ | 30.50 | $ | 26.63 | $ | 34.45 | $ | 33.08 | $ | 35.88 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Net investment income(a) |
0.06 | 0.39 | 0.26 | 0.17 | 0.28 | 0.14 | ||||||||||||||||||||||
|
Net realized and unrealized gain (loss)(b) |
0.14 | (3.90 | ) | 3.90 | (7.80 | ) | 1.35 | (2.79 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Net increase (decrease) from investment operations |
0.20 | (3.51 | ) | 4.16 | (7.63 | ) | 1.63 | (2.65 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Distributions from net investment income(c) |
(0.12 | )(d) | (0.45 | ) | (0.29 | ) | (0.19 | ) | (0.26 | ) | (0.15 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Net asset value, end of period |
$ | 26.62 | $ | 26.54 | $ | 30.50 | $ | 26.63 | $ | 34.45 | $ | 33.08 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Total Return(e) |
||||||||||||||||||||||||||||
|
Based on net asset value |
0.77 | %(f) | (11.65 | )% | 15.57 | % | (22.16 | )% | 4.93 | % | (7.40 | )% | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Ratios to Average Net Assets(g) |
||||||||||||||||||||||||||||
|
Total expenses |
0.59 | %(h) | 0.58 | % | 0.57 | % | 0.59 | % | 0.59 | % | 0.59 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Net investment income |
0.49 | %(h) | 1.28 | % | 0.87 | % | 0.57 | % | 0.83 | % | 0.40 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Supplemental Data |
||||||||||||||||||||||||||||
|
Net assets, end of period (000) |
$ | 137,082 | $ | 108,818 | $ | 125,043 | $ | 118,507 | $ | 217,028 | $ | 172,013 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Portfolio turnover rate(i) |
8 | % | 13 | % | 20 | % | 16 | % | 8 | % | 8 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| (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) |
A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| (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.
| 68 |
2 0 2 3 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 Poland ETF | ||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Six Months Ended 02/28/23 (unaudited) |
Year Ended 08/31/22 |
Year Ended 08/31/21 |
Year Ended 08/31/20 |
Year Ended 08/31/19 |
Year Ended 08/31/18 |
|||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Net asset value, beginning of period |
$ | 12.60 | $ | 23.10 | $ | 18.24 | $ | 20.68 | $ | 24.31 | $ | 27.33 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Net investment income(a) |
0.04 | 0.51 | (b) | 0.16 | (b) | 0.17 | (b) | 0.65 | (b) | 0.33 | (b) | |||||||||||||||||
|
Net realized and unrealized gain (loss)(c) |
3.43 | (10.65 | ) | 4.86 | (1.95 | ) | (3.93 | ) | (2.90 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Net increase (decrease) from investment operations |
3.47 | (10.14 | ) | 5.02 | (1.78 | ) | (3.28 | ) | (2.57 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Distributions from net investment income(d) |
(0.27 | )(e) | (0.36 | ) | (0.16 | ) | (0.66 | ) | (0.35 | ) | (0.45 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Net asset value, end of period |
$ | 15.80 | $ | 12.60 | $ | 23.10 | $ | 18.24 | $ | 20.68 | $ | 24.31 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Total Return(f) |
||||||||||||||||||||||||||||
|
Based on net asset value |
27.62 | %(g) | (44.38 | )%(b) | 27.65 | %(b) | (8.76 | )%(b) | (13.64 | )%(b) | (9.53 | )%(b) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Ratios to Average Net Assets(h) |
||||||||||||||||||||||||||||
|
Total expenses |
0.59 | %(i) | 0.65 | % | 0.61 | % | 0.78 | % | 0.61 | % | 0.63 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Total expenses excluding professional fees for foreign withholding tax claims |
N/A | 0.58 | % | 0.57 | % | 0.59 | % | 0.59 | % | 0.59 | % | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Net investment income |
0.54 | %(i) | 2.72 | %(b) | 0.80 | %(b) | 0.93 | %(b) | 2.81 | %(b) | 1.28 | %(b) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Supplemental Data |
||||||||||||||||||||||||||||
|
Net assets, end of period (000) |
$ | 194,299 | $ | 130,373 | $ | 284,146 | $ | 253,594 | $ | 260,578 | $ | 263,758 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Portfolio turnover rate(j) |
7 | % | 11 | % | 22 | % | 15 | % | 5 | % | 7 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| (a) |
Based on average shares outstanding. |
| (b) |
Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended August 31, 2022, August 31, 2021, August 31, 2020, August 31, 2019 and August 31, 2018, respectively: |
| • |
Net investment income per share by $0.15, $0.07, $0.28, $0.05 and $0.08, respectively. |
| • |
Total return by 0.76%, 0.38%, 1.40%, 0.21% and 0.41%, respectively. |
| • |
Ratio of net investment income to average net assets by 0.78%, 0.34%, 1.54%, 0.22% and 0.32%, respectively. |
| (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) |
A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end. |
| (f) |
Where applicable, assumes the reinvestment of distributions. |
| (g) |
Not annualized. |
| (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.
|
F I N A N C I A L H I G H L I G H T S |
69 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| iShares MSCI Qatar ETF | ||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Six Months Ended 02/28/23 (unaudited) |
Year Ended 08/31/22 |
Year Ended 08/31/21 |
Year Ended 08/31/20 |
Year Ended 08/31/19 |
Year Ended 08/31/18 |
|||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Net asset value, beginning of period |
$ | 22.62 | $ | 19.60 | $ | 17.62 | $ | 17.44 | $ | 17.82 | $ | 16.19 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Net investment income(a) |
0.28 | 0.63 | 0.37 | 0.56 | 0.64 | 0.66 | ||||||||||||||||||||||
|
Net realized and unrealized gain (loss)(b) |
(4.44 | ) | 3.20 | 2.03 | 0.11 | (0.26 | ) | 1.71 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Net increase (decrease) from investment operations |
(4.16 | ) | 3.83 | 2.40 | 0.67 | 0.38 | 2.37 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Distributions(c) |
||||||||||||||||||||||||||||
|
From net investment income |
(0.12 | ) | (0.81 | ) | (0.42 | ) | (0.45 | ) | (0.76 | ) | (0.74 | ) | ||||||||||||||||
|
Return of capital |
— | — | — | (0.04 | ) | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Total distributions |
(0.12 | ) | (0.81 | ) | (0.42 | ) | (0.49 | ) | (0.76 | ) | (0.74 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Net asset value, end of period |
$ | 18.34 | $ | 22.62 | $ | 19.60 | $ | 17.62 | $ | 17.44 | $ | 17.82 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Total Return(d) |
||||||||||||||||||||||||||||
|
Based on net asset value |
(18.43 | )%(e) | 19.69 | % | 13.70 | % | 4.10 | % | 1.98 | % | 14.96 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Ratios to Average Net Assets(f) |
||||||||||||||||||||||||||||
|
Total expenses |
0.59 | %(g) | 0.58 | % | 0.57 | % | 0.59 | % | 0.59 | % | 0.59 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Net investment income |
2.75 | %(g) | 2.89 | % | 1.98 | % | 3.31 | % | 3.48 | % | 4.09 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Supplemental Data |
||||||||||||||||||||||||||||
|
Net assets, end of period (000) |
$ | 67,846 | $ | 96,153 | $ | 86,234 | $ | 87,223 | $ | 50,576 | $ | 55,253 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Portfolio turnover rate(h) |
4 | %(i) | 38 | %(i) | 26 | %(i) | 24 | %(i) | 33 | %(i) | 58 | %(i) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| (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 includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars (“cash creations”). |
|
(i) Portfolio turnover rate excluding cash creations was as follows: |
4 | % | 12 | % | 9 | % | 14 | % | 23 | % | 22 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
See notes to financial statements.
| 70 |
2 0 2 3 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 Saudi Arabia ETF | ||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Six Months Ended 02/28/23 (unaudited) |
Year Ended 08/31/22 |
Year Ended 08/31/21 |
Year Ended 08/31/20 |
Year Ended 08/31/19 |
Year Ended 08/31/18 |
|||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Net asset value, beginning of period |
$ | 44.53 | $ | 41.22 | $ | 28.70 | $ | 30.21 | $ | 29.72 | $ | 26.15 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Net investment income(a) |
0.10 | 0.69 | 0.71 | 0.57 | 1.11 | 1.28 | ||||||||||||||||||||||
|
Net realized and unrealized gain (loss)(b) |
(7.81 | ) | 3.23 | 12.27 | (1.26 | ) | 0.12 | 2.92 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Net increase (decrease) from investment operations |
(7.71 | ) | 3.92 | 12.98 | (0.69 | ) | 1.23 | 4.20 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Distributions from net investment income(c) |
(0.40 | ) | (0.61 | ) | (0.46 | ) | (0.82 | ) | (0.74 | ) | (0.63 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Net asset value, end of period |
$ | 36.42 | $ | 44.53 | $ | 41.22 | $ | 28.70 | $ | 30.21 | $ | 29.72 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Total Return(d) |
||||||||||||||||||||||||||||
|
Based on net asset value |
(17.34 | )%(e) | 9.60 | % | 45.37 | % | (2.21 | )% | 4.14 | % | 16.23 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Ratios to Average Net Assets(f) |
||||||||||||||||||||||||||||
|
Total expenses |
0.74 | %(g) | 0.74 | % | 0.74 | % | 0.74 | % | 0.74 | % | 0.74 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Net investment income |
0.49 | %(g) | 1.56 | % | 2.06 | % | 2.03 | % | 3.46 | % | 4.31 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Supplemental Data |
||||||||||||||||||||||||||||
|
Net assets, end of period (000) |
$ | 833,974 | $ | 1,135,603 | $ | 898,684 | $ | 516,629 | $ | 646,591 | $ | 257,099 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Portfolio turnover rate(h) |
4 | %(i) | 36 | %(i) | 13 | %(i) | 64 | %(i) | 82 | %(i) | 20 | %(i) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| (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 includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars (“cash creations”). |
|
(i) Portfolio turnover rate excluding cash creations was as follows: |
2 | % | 8 | % | 6 | % | 20 | % | 14 | % | 10 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
See notes to financial statements.
|
F I N A N C I A L H I G H L I G H T S |
71 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| iShares MSCI UAE ETF | ||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Six Months Ended 02/28/23 (unaudited) |
Year Ended 08/31/22 |
Year Ended 08/31/21 |
Year Ended 08/31/20 |
Year Ended 08/31/19 |
Year Ended 08/31/18 |
|||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Net asset value, beginning of period |
$ | 16.16 | $ | 14.82 | $ | 10.91 | $ | 14.09 | $ | 15.61 | $ | 17.74 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Net investment income(a) |
0.02 | 0.49 | 0.46 | 0.53 | 0.57 | 0.70 | ||||||||||||||||||||||
|
Net realized and unrealized gain (loss)(b) |
(1.51 | ) | 1.50 | 3.96 | (3.16 | ) | (1.54 | ) | (2.04 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Net increase (decrease) from investment operations |
(1.49 | ) | 1.99 | 4.42 | (2.63 | ) | (0.97 | ) | (1.34 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Distributions from net investment income(c) |
(0.03 | ) | (0.65 | ) | (0.51 | ) | (0.55 | ) | (0.55 | ) | (0.79 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Net asset value, end of period |
$ | 14.64 | $ | 16.16 | $ | 14.82 | $ | 10.91 | $ | 14.09 | $ | 15.61 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Total Return(d) |
||||||||||||||||||||||||||||
|
Based on net asset value |
(9.20 | )%(e) | 13.30 | % | 40.74 | % | (18.43 | )% | (5.95 | )% | (7.55 | )% | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Ratios to Average Net Assets(f) |
||||||||||||||||||||||||||||
|
Total expenses |
0.59 | %(g) | 0.58 | % | 0.57 | % | 0.59 | % | 0.59 | % | 0.59 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Net investment income |
0.25 | %(g) | 2.93 | % | 3.61 | % | 4.46 | % | 3.95 | % | 4.18 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Supplemental Data |
||||||||||||||||||||||||||||
|
Net assets, end of period (000) |
$ | 36,588 | $ | 37,966 | $ | 23,718 | $ | 38,177 | $ | 45,807 | $ | 39,018 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
Portfolio turnover rate(h) |
14 | % | 52 | % | 112 | % | 67 | % | 55 | % | 33 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| (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.
| 72 |
2 0 2 3 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 Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust 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 |
|||
|
MSCI Brazil Small-Cap |
Diversified | |||
|
MSCI China |
Non-diversified | |||
|
MSCI China Small-Cap |
Diversified | |||
|
MSCI Indonesia |
Non-diversified | |||
|
MSCI Peru |
Non-diversified | |||
|
MSCI Philippines |
Non-diversified | |||
|
MSCI Poland |
Non-diversified | |||
|
MSCI Qatar |
Non-diversified | |||
|
MSCI Saudi Arabia |
Non-diversified | |||
|
MSCI UAE |
Non-diversified | |||
| 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, 2023, 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.
Collateralization: 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.
|
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 |
73 |
Notes to Financial Statements (unaudited) (continued)
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. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. 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 BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.
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. |
| • |
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 is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the 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 Valuation Committee 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 Valuation Committee deems relevant and consistent with the principles of fair value measurement.
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 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.
| 74 |
2 0 2 3 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)
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 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 BFA, 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.
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 |
|
Securities Loaned at Value |
|
|
Cash Collateral Received |
(a) |
|
Non-Cash Collateral Received, at Fair Value |
(a) |
|
Net Amount |
| ||||
|
|
||||||||||||||||
|
MSCI China |
||||||||||||||||
|
Barclays Bank PLC |
$ | 5,432,238 | $ | (5,432,238 | ) | $ | — | $ | — | |||||||
|
Barclays Capital, Inc. |
2,345,707 | (2,345,707 | ) | — | — | |||||||||||
|
BNP Paribas SA |
37,330,249 | (37,330,249 | ) | — | — | |||||||||||
|
BofA Securities, Inc. |
18,189,091 | (18,189,091 | ) | — | — | |||||||||||
|
Citadel Clearing LLC |
28,089 | (28,089 | ) | — | — | |||||||||||
|
Citigroup Global Markets, Inc. |
8,412,759 | (8,412,759 | ) | — | — | |||||||||||
|
Credit Suisse Securities (USA) LLC |
525,833 | (525,833 | ) | — | — | |||||||||||
|
Goldman Sachs & Co. LLC |
11,138,642 | (11,138,642 | ) | — | — | |||||||||||
|
HSBC Bank PLC |
6,961,781 | (6,961,781 | ) | — | — | |||||||||||
|
J.P. Morgan Securities LLC |
18,404,254 | (18,404,254 | ) | — | — | |||||||||||
|
Jefferies LLC |
366,210 | (366,210 | ) | — | — | |||||||||||
|
Macquarie Bank Ltd. |
3,783,863 | (3,783,863 | ) | — | — | |||||||||||
|
Morgan Stanley |
47,692,833 | (47,692,833 | ) | — | — | |||||||||||
|
Nomura Securities International, Inc. |
1,819,782 | (1,819,782 | ) | — | — | |||||||||||
|
State Street Bank & Trust Co. |
49,081 | (49,081 | ) | — | — | |||||||||||
|
Toronto-Dominion Bank |
7,381,891 | (7,381,891 | ) | — | — | |||||||||||
|
UBS AG |
1,800,063 | (1,800,063 | ) | — | — | |||||||||||
|
UBS Securities LLC |
409,530 | (409,530 | ) | — | — | |||||||||||
|
Virtu Americas LLC |
861,979 | (861,979 | ) | — | — | |||||||||||
|
Wells Fargo Bank N.A. |
136,595 | (136,595 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 173,070,470 | $ | (173,070,470 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
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 |
75 |
Notes to Financial Statements (unaudited) (continued)
|
|
||||||||||||||||
|
iShares ETF and Counterparty |
|
Securities Loaned at Value |
|
|
Cash Collateral Received |
(a) |
|
Non-Cash Collateral Received, at Fair Value |
(a) |
|
Net Amount |
| ||||
|
|
||||||||||||||||
|
MSCI China Small-Cap |
||||||||||||||||
|
Barclays Bank PLC |
$ | 382,577 | $ | (382,577 | ) | $ | — | $ | — | |||||||
|
Barclays Capital, Inc. |
1,474,711 | (1,474,711 | ) | — | — | |||||||||||
|
BNP Paribas SA |
452,736 | (452,736 | ) | — | — | |||||||||||
|
BofA Securities, Inc. |
2,278,914 | (2,278,914 | ) | — | — | |||||||||||
|
Citigroup Global Markets, Inc. |
1,055,034 | (1,055,034 | ) | — | — | |||||||||||
|
Goldman Sachs & Co. LLC |
1,149,078 | (1,149,078 | ) | — | — | |||||||||||
|
J.P. Morgan Securities LLC |
2,367,481 | (2,367,481 | ) | — | — | |||||||||||
|
Morgan Stanley |
3,693,798 | (3,693,798 | ) | — | — | |||||||||||
|
Nomura Securities International, Inc. |
12,615 | (12,615 | ) | — | — | |||||||||||
|
SG Americas Securities LLC |
1,016,802 | (1,016,802 | ) | — | — | |||||||||||
|
UBS AG |
433,668 | (433,668 | ) | — | — | |||||||||||
|
UBS Securities LLC |
4,075 | (4,000 | ) | — | 75 | (b) | ||||||||||
|
Wells Fargo Bank N.A. |
306,432 | (306,432 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 14,627,921 | $ | (14,627,846 | ) | $ | — | $ | 75 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
MSCI Poland |
||||||||||||||||
|
BofA Securities, Inc. |
$ | 54,166 | $ | (54,166 | ) | $ | — | $ | — | |||||||
|
Goldman Sachs & Co. LLC |
8,075,399 | (8,075,399 | ) | — | — | |||||||||||
|
Morgan Stanley |
1,175,898 | (1,175,898 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 9,305,463 | $ | (9,305,463 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (a) |
Collateral received, if any, 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 Statements of Assets and Liabilities. |
| (b) |
The market value of the loaned securities is determined as of February 28, 2023. 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).
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 Trust, 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 trustees).
For its investment advisory services to each of the iShares MSCI Brazil Small-Cap, iShares MSCI China, iShares MSCI China Small-Cap, iShares MSCI Indonesia, iShares MSCI Peru, iShares MSCI Philippines, iShares MSCI Poland, iShares MSCI Qatar and iShares MSCI UAE ETFs, BFA is entitled to an annual investment advisory fee,
| 76 |
2 0 2 3 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)
accrued daily and paid monthly by the Funds, based on each 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 Fees | |||
|
First $2 billion |
0.7400 | % | ||
|
Over $2 billion, up to and including $4 billion |
0.6900 | |||
|
Over $4 billion, up to and including $8 billion |
0.6400 | |||
|
Over $8 billion, up to and including $16 billion |
0.5700 | |||
|
Over $16 billion, up to and including $24 billion |
0.5100 | |||
|
Over $24 billion, up to and including $32 billion |
0.4800 | |||
|
Over $32 billion, up to and including $40 billion |
0.4500 | |||
|
Over $40 billion |
0.4275 | |||
For its investment advisory services to the iShares MSCI Saudi Arabia ETF, BFA is entitled to an annual investment advisory fee of 0.74%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.
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, 2023, the Funds paid BTC the following amounts for securities lending agent services:
| iShares ETF | Amounts | |||
|
MSCI China |
$ | 298,733 | ||
|
MSCI China Small-Cap |
85,061 | |||
|
MSCI Poland |
13,781 | |||
Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.
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, 2023, 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) |
|||||||||
|
MSCI China |
$ | 22,833,287 | $ | 24,626,660 | $ | (24,170,456 | ) | |||||
|
MSCI China Small-Cap |
6,712,097 | 5,224,222 | 2,116,527 | |||||||||
|
MSCI Peru |
1,484,676 | 396,711 | (149,382 | ) | ||||||||
|
MSCI Poland |
432,282 | 117,344 | (40,627 | ) | ||||||||
|
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 |
77 |
Notes to Financial Statements (unaudited) (continued)
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, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:
| iShares ETF | Purchases | Sales | ||||||
|
MSCI Brazil Small-Cap |
$ | 24,335,707 | $ | 17,279,999 | ||||
|
MSCI China |
1,539,811,503 | 401,305,739 | ||||||
|
MSCI China Small-Cap |
27,939,853 | 14,808,348 | ||||||
|
MSCI Indonesia |
29,864,172 | 46,132,419 | ||||||
|
MSCI Peru |
14,321,501 | 16,173,857 | ||||||
|
MSCI Philippines |
10,097,694 | 9,423,294 | ||||||
|
MSCI Poland |
10,988,147 | 13,492,502 | ||||||
|
MSCI Qatar |
3,558,543 | 14,101,356 | ||||||
|
MSCI Saudi Arabia |
38,972,819 | 146,587,899 | ||||||
|
MSCI UAE |
7,323,069 | 5,171,369 | ||||||
For the six months ended February 28, 2023, in-kind transactions were as follows:
|
iShares ETF |
In-kind Purchases |
In-kind Sales |
||||||
|
MSCI China |
$ | 122,700,426 | $ | 417,540,798 | ||||
|
MSCI China Small-Cap |
1,970,294 | — | ||||||
|
MSCI Indonesia |
143,418,824 | 106,268,805 | ||||||
|
MSCI Peru |
9,810,357 | 28,151,941 | ||||||
|
MSCI Philippines |
40,624,318 | 11,841,249 | ||||||
|
MSCI Poland |
94,807,872 | 75,875,238 | ||||||
| 8. |
INCOME TAX INFORMATION |
Each Fund is treated as an entity separate from the Trust’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, 2023, 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, 2022, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:
| iShares ETF | Amounts | |||
|
MSCI Brazil Small-Cap |
$ | 59,632,998 | ||
|
MSCI China |
943,741,690 | |||
|
MSCI China Small-Cap |
16,247,124 | |||
|
MSCI Indonesia |
174,454,845 | |||
|
MSCI Peru |
161,123,009 | |||
|
MSCI Philippines |
67,914,213 | |||
|
MSCI Poland |
139,112,019 | |||
|
MSCI Qatar |
16,705,358 | |||
|
MSCI Saudi Arabia |
79,260,119 | |||
|
MSCI UAE |
36,780,655 | |||
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.
| 78 |
2 0 2 3 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)
As of February 28, 2023, 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) |
||||||||||||
|
MSCI Brazil Small-Cap |
$ | 91,793,318 | $ | 11,501,721 | $ | (27,364,954 | ) | $ | (15,863,233 | ) | ||||||
|
MSCI China |
9,900,999,798 | 395,372,134 | (1,816,488,523 | ) | (1,421,116,389 | ) | ||||||||||
|
MSCI China Small-Cap |
106,835,670 | 6,933,193 | (21,660,052 | ) | (14,726,859 | ) | ||||||||||
|
MSCI Indonesia |
541,499,702 | 19,893,402 | (118,096,316 | ) | (98,202,914 | ) | ||||||||||
|
MSCI Peru |
161,413,074 | 2,331,309 | (39,564,723 | ) | (37,233,414 | ) | ||||||||||
|
MSCI Philippines |
174,345,141 | 1,388,396 | (38,164,225 | ) | (36,775,829 | ) | ||||||||||
|
MSCI Poland |
311,128,530 | 2,661,566 | (107,348,658 | ) | (104,687,092 | ) | ||||||||||
|
MSCI Qatar |
64,266,903 | 15,403,896 | (11,584,341 | ) | 3,819,555 | |||||||||||
|
MSCI Saudi Arabia |
737,593,345 | 195,309,647 | (99,689,762 | ) | 95,619,885 | |||||||||||
|
MSCI UAE |
39,555,858 | 6,059,391 | (9,046,955 | ) | (2,987,564 | ) | ||||||||||
| 9. |
LINE OF CREDIT |
The iShares MSCI Brazil Small-Cap ETF, iShares MSCI China ETF, iShares MSCI Qatar ETF, iShares MSCI Saudi Arabia ETF and iShares MSCI UAE ETF, 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 11, 2023. 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) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate 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.
During the six months ended February 28, 2023, the Funds did not borrow under the Syndicated Credit Agreement.
| 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.
Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.
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.
|
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 |
79 |
Notes to Financial Statements (unaudited) (continued)
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 BFA 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 China or with significant exposure to Chinese issuers. Investments in Chinese securities, including certain Hong Kong-listed securities, involve 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.
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. Investment percentages in specific sectors are presented in the Schedule of Investments.
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 Funds may be exposed to financial instruments that are tied to the London Interbank Offered Rate (“LIBOR”) to determine payment obligations, financing terms, hedging strategies or investment value. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, announced that a majority of USD LIBOR settings will no longer be published after June 30, 2023. All other LIBOR settings and certain other interbank offered rates ceased to be published after December 31, 2021. SOFR has been used increasingly on a voluntary basis in new instruments and transactions. The Federal Reserve Board adopted regulations that provide a fallback mechanism by identifying benchmark rates based on SOFR that will replace LIBOR in certain financial contracts after June 30, 2023. The ultimate effect of the LIBOR transition process on the Funds is uncertain.
| 80 |
2 0 2 3 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)
| 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:
|
|
||||||||||||||||||||||||||||
|
Six Months Ended 02/28/23 |
Year Ended 08/31/22 |
|||||||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||||
| iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
MSCI Brazil Small-Cap |
||||||||||||||||||||||||||||
|
Shares sold |
600,000 | $ | 7,925,933 | 1,550,000 | $ | 20,799,927 | ||||||||||||||||||||||
|
Shares redeemed |
— | — | (1,650,000 | ) | (24,179,169 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| 600,000 | $ | 7,925,933 | (100,000 | ) | $ | (3,379,242 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
MSCI China |
||||||||||||||||||||||||||||
|
Shares sold |
30,800,000 | $ | 1,475,749,175 | 71,000,000 | $ | 4,051,227,026 | ||||||||||||||||||||||
|
Shares redeemed |
(14,600,000 | ) | (587,259,073 | ) | (800,000 | ) | (39,572,520 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| 16,200,000 | $ | 888,490,102 | 70,200,000 | $ | 4,011,654,506 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
MSCI China Small-Cap |
||||||||||||||||||||||||||||
|
Shares sold |
500,000 | $ | 15,731,111 | 100,000 | $ | 4,311,829 | ||||||||||||||||||||||
|
Shares redeemed |
— | — | (150,000 | ) | (7,185,087 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| 500,000 | $ | 15,731,111 | (50,000 | ) | $ | (2,873,258 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
MSCI Indonesia |
||||||||||||||||||||||||||||
|
Shares sold |
6,050,000 | $ | 143,953,847 | 11,350,000 | $ | 273,842,673 | ||||||||||||||||||||||
|
Shares redeemed |
(5,200,000 | ) | (120,172,307 | ) | (9,350,000 | ) | (219,014,754 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| 850,000 | $ | 23,781,540 | 2,000,000 | $ | 54,827,919 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
MSCI Peru |
||||||||||||||||||||||||||||
|
Shares sold |
350,000 | $ | 10,738,920 | 8,450,000 | $ | 262,036,259 | ||||||||||||||||||||||
|
Shares redeemed |
(1,100,000 | ) | (30,239,113 | ) | (7,000,000 | ) | (217,933,317 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| (750,000 | ) | $ | (19,500,193 | ) | 1,450,000 | $ | 44,102,942 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
MSCI Philippines |
||||||||||||||||||||||||||||
|
Shares sold |
1,500,000 | $ | 40,747,736 | 3,750,000 | $ | 115,441,475 | ||||||||||||||||||||||
|
Shares redeemed |
(450,000 | ) | (11,844,825 | ) | (3,750,000 | ) | (113,587,155 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| 1,050,000 | $ | 28,902,911 | — | $ | 1,854,320 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
MSCI Poland |
||||||||||||||||||||||||||||
|
Shares sold |
7,000,000 | $ | 95,556,059 | 5,750,000 | $ | 122,087,777 | ||||||||||||||||||||||
|
Shares redeemed |
(5,050,000 | ) | (76,635,455 | ) | (7,700,000 | ) | (146,818,141 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| 1,950,000 | $ | 18,920,604 | (1,950,000 | ) | $ | (24,730,364 | ) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
MSCI Qatar |
||||||||||||||||||||||||||||
|
Shares sold |
— | $ | 57,990 | 1,200,000 | $ | 26,058,936 | ||||||||||||||||||||||
|
Shares redeemed |
(550,000 | ) | (11,309,847 | ) | (1,350,000 | ) | (29,471,449 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| (550,000 | ) | $ | (11,251,857 | ) | (150,000 | ) | $ | (3,412,513 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
MSCI Saudi Arabia |
||||||||||||||||||||||||||||
|
Shares sold |
500,000 | $ | 21,758,734 | 10,850,000 | $ | 493,999,432 | ||||||||||||||||||||||
|
Shares redeemed |
(3,100,000 | ) | (125,062,604 | ) | (7,150,000 | ) | (318,349,698 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| (2,600,000 | ) | $ | (103,303,870 | ) | 3,700,000 | $ | 175,649,734 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
MSCI UAE |
||||||||||||||||||||||||||||
|
Shares sold |
150,000 | $ | 2,222,434 | 1,350,000 | $ | 23,345,364 | ||||||||||||||||||||||
|
Shares redeemed |
— | — | (600,000 | ) | (9,689,972 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| 150,000 | $ | 2,222,434 | 750,000 | $ | 13,655,392 | |||||||||||||||||||||||
|
|
|
|
|
|
|
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The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust 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 Trust’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.
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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 |
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Notes to Financial Statements (unaudited) (continued)
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.
| 12. |
FOREIGN WITHHOLDING TAX CLAIMS |
The iShares MSCI Poland ETF is seeking a closing agreement with the Internal Revenue Service (“IRS”) to address any prior years’ U.S. income tax liabilities attributable to Fund shareholders resulting from the recovery of foreign taxes. The closing agreement would result in the Fund paying a compliance fee to the IRS, on behalf of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by Fund shareholders on their tax returns in prior years. The Fund has accrued a liability for the estimated IRS compliance fee related to foreign withholding tax claims, which is disclosed in the Statement of Assets and Liabilities. The actual IRS compliance fee may differ from the estimate and that difference may be material.
13. SUBSEQUENT EVENTS
Management’s evaluation of the impact of all subsequent events on the Funds’ financial statements was completed through the date the financial statements were available to be issued and the following items were noted:
On March 29, 2023, the Board approved a proposal to change the name of MSCI Peru to MSCI Peru and Global Exposure as well as the Fund’s investment objective. These changes became effective on April 10, 2023.
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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 Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares MSCI Brazil Small-Cap ETF, iShares MSCI China ETF, iShares MSCI China Small-Cap ETF, iShares MSCI Indonesia ETF, iShares MSCI Peru ETF, iShares MSCI Philippines ETF, iShares MSCI Poland ETF, iShares MSCI Qatar ETF, iShares MSCI Saudi Arabia ETF and iShares MSCI UAE ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.
The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 9, 2022 (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, 2021 through September 30, 2022 (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, the imposition of capital controls in certain non-U.S. countries, Russian sanctions and the closure of the Russian securities market.
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. The Committee also considered that ETFs generally do not engage in borrowing. |
| 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. However, there were no ETFs with persistent deviations of fund premium/discount or bid/ask spreads from long-term averages over the Program Reporting Period. |
| 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. |
There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. 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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S T A T E M E N T R E G A R D I N G L I Q U I D I T Y R I S K M A N A G E M E N T P R O G R A M |
83 |
Supplemental Information (unaudited)
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, 2023
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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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MSCI Brazil Small-Cap(a) |
$ | 0.280573 | $ | — | $ | 0.040422 | $ | 0.320995 | 87 | % | — | % | 13 | % | 100 | % | ||||||||||||||||||||
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MSCI Indonesia(a) |
0.153187 | — | 0.078619 | 0.231806 | 66 | — | 34 | 100 | ||||||||||||||||||||||||||||
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MSCI Peru(a) |
0.471015 | — | 0.035563 | 0.506578 | 93 | — | 7 | 100 | ||||||||||||||||||||||||||||
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MSCI Philippines(a) |
0.117640 | — | 0.005962 | 0.123602 | 95 | — | 5 | 100 | ||||||||||||||||||||||||||||
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MSCI Poland(a) |
0.258945 | — | 0.009482 | 0.268427 | 96 | — | 4 | 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. |
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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 Trust’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.
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G E N E R A L I N F O R M A T I O N |
85 |
Glossary of Terms Used in this Report
| Portfolio Abbreviation | ||
| ADR | American Depositary Receipt | |
| JSC | Joint Stock Company | |
| NVS | Non-Voting Shares | |
| PJSC | Public Joint Stock Company | |
| REIT | Real Estate Investment Trust | |
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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.
©2023 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-806-0223
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