LOGO

  FEBRUARY 29, 2024

 

 

 

  

 

2024 Semi-Annual Report

(Unaudited)

 

 

iShares, Inc.

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

·  iShares MSCI Emerging Markets ETF | EEM | NYSE Arca


The Markets in Review

Dear Shareholder,

The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended February 29, 2024. Significantly tighter monetary policy helped to rein in inflation, and the Consumer Price Index decelerated substantially while remaining above pre-pandemic levels. A moderating labor market helped ease inflationary pressure, although wages continued to grow. Wage and job growth powered robust consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

Equity returns were robust during the period, as interest rates stabilized and the economy proved to be more resilient than many investors expected. The U.S. economy continued to show strength, and growth further accelerated in the second half of 2023. Large-capitalization U.S. stocks posted particularly substantial gains, supported by the performance of a few notable technology companies, while small-capitalization U.S. stocks advanced at a significantly slower pace. Meanwhile, international developed market equities also gained strongly, while emerging market stocks advanced at a more modest pace.

The 10-year U.S. Treasury yield rose during the reporting period, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. However, higher yields drove positive returns overall for 10-year U.S. Treasuries and solid gains in shorter-duration U.S. Treasuries. The corporate bond market benefited from improving economic sentiment, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates three times during the 12-month period, but paused its tightening after its July meeting. The Fed also continued to reduce its balance sheet by not replacing some of the securities that reach maturity.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has stopped tightening for now, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period despite the market’s hopes for rapid interest rate cuts, as reflected in the recent rally. In this new regime, we anticipate greater volatility and dispersion of returns, creating more opportunities for selective portfolio management.

Looking at developed market stocks, we have an overweight stance on U.S. stocks overall, particularly given the promise of emerging AI technologies. We are also overweight Japanese stocks as shareholder-friendly policies generate increased investor interest, although we maintain an underweight stance on European stocks. In credit, there are selective opportunities in the near term despite tighter credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries and hard-currency emerging market bonds.

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.

 

LOGO

Rob Kapito

President, BlackRock Inc.

 

LOGO

Rob Kapito

President, BlackRock Inc.

 

Total Returns as of February 29, 2024

 

 
    

 

  6-Month

 

   

 

 12-Month 

 

 
     

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

    13.93%        30.45%  
     

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

    8.97          10.05    
     

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

    9.23          14.41    
     

Emerging market equities
(MSCI Emerging Markets Index)

    4.93          8.73    
     

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

    2.69          5.22    
     

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

    0.58          0.69    
     

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

    2.35          3.33    
     

Tax-exempt municipal bonds 
(Bloomberg Municipal Bond Index)

    4.33          5.42    
     

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

    6.18          11.01    
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

 

 

 

2  

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


Table of Contents

 

 

     Page  

 

 

The Markets in Review

     2  

Semi-Annual Report:

  

Fund Summary

     4  

About Fund Performance

     6  

Disclosure of Expenses

     6  

Schedules of Investments

     7  

Financial Statements

  

Statements of Assets and Liabilities

     28  

Statements of Operations

     29  

Statements of Changes in Net Assets

     30  

Financial Highlights

     31  

Notes to Financial Statements

     33  

Statement Regarding Liquidity Risk Management Program

     43  

Supplemental Information

     44  

General Information

     45  

Glossary of Terms Used in this Report

     46  

 

 

 

 

 

 


Fund Summary as of February 29, 2024    iShares® Currency Hedged MSCI Emerging Markets ETF

 

Investment Objective

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

Performance

 

          Average Annual Total Returns         Cumulative Total Returns  
     6-Month
Total Returns
    1 Year     5 Years    

Since

Inception

         1 Year     5 Years    

Since

Inception

 

Fund NAV

    4.71     8.91     3.15     3.47       8.91     16.78     37.94

Fund Market

    4.36       8.55       3.03       3.42         8.55       16.07       37.30  

Index

    5.30       9.82       3.67       3.95           9.82       19.77       44.13  

The inception date of the Fund was September 23, 2014. The first day of secondary market trading was September 25, 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

(09/01/23)

 

 

 

      

Ending

Account Value

(02/29/24)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

           

Beginning

Account Value

(09/01/23)

 

 

 

      

Ending

Account Value

(02/29/24)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

    

    Annualized

Expense

Ratio

 

 

 

  $  1,000.00          $  1,047.10          $    0.00               $  1,000.00          $  1,024.90          $    0.00        0.00

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (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

 

PORTFOLIO COMPOSITION

 

   
Investment Type  

Percent of

Net Assets

 

Investment Companies

    99.9

Short-term Investments

    34.0  
Forward foreign currency exchange contracts, net cumulative appreciation     0.5  

Other assets less liabilities

    (34.4
SECTOR ALLOCATION (of the UNDERLYING FUND)

 

   
Sector  

Percent of

Total Investment(a)

 

Financials

    22.8

Information Technology

    22.6  

Consumer Discretionary

    12.7  

Communication Services

    8.4  

Industrials

    7.1  

Materials

    7.1  

Consumer Staples

    5.8  

Energy

    5.4  

Health Care

    3.6  

Utilities

    2.9  

Real Estate

    1.6  

 

  (a)

Excludes money market funds.

 

 

 

4  

2 0 2 4I S H A R E S  S E M I - A N N U A L  R E P O R TT O  S H A R E H O L D E R S


Fund Summary as of February 29, 2024    iShares® MSCI Emerging Markets ETF

 

Investment Objective

The iShares MSCI Emerging Markets ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization emerging market equities, as represented by the MSCI Emerging Markets Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

          Average Annual Total Returns          Cumulative Total Returns  
    

6-Month

Total Returns

    1 Year     5 Years     10 Years           1 Year     5 Years     10 Years  

Fund NAV

    4.29     7.76     1.11     2.32        7.76     5.65     25.83

Fund Market

    4.06       7.46       1.10       2.35          7.46       5.62       26.20  

Index

    4.93       8.73       1.89       3.01            8.73       9.82       34.47  

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

(09/01/23)

 

 

 

      

Ending

Account Value

(02/29/24)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

           

Beginning

Account Value

(09/01/23)

 

 

 

      

Ending

Account Value

(02/29/24)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

    

    Annualized

Expense

Ratio

 

 

 

   $   1,000.00          $  1,042.90          $   3.71               $   1,000.00          $   1,021.20          $    3.67        0.73

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (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

       22.8

Information Technology

       22.6  

Consumer Discretionary

       12.7  

Communication Services

       8.4  

Materials

       7.1  

Industrials

       7.1  

Consumer Staples

       5.8  

Energy

       5.4  

Health Care

       3.6  

Utilities

       2.9  

Real Estate

             1.6  

 

  (a) 

Excludes money market funds.

 

GEOGRAPHIC ALLOCATION

 

Country/Geographic Region

   

Percent of

Total Investments

 

(a) 

China

    25.3

India

    18.0  

Taiwan

    16.8  

South Korea

    12.5  

Brazil

    5.5  

Saudi Arabia

    4.6  

Mexico

    2.6  

South Africa

    2.5  

Indonesia

    1.9  

Thailand

    1.6  

Malaysia

    1.4  

United Arab Emirates

    1.2  

Poland

    1.0  

Other (each representing less than 1%)

    5.1  

 

 

F U N D  S U M M A R Y

    5  


About Fund Performance

 

  

 

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

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

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

Disclosure of Expenses

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

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

 

 

6  

2 0 2 4I S H A R E S  S E M I - A N N U A L  R E P O R TT O  S H A R E H O L D E R S


Schedule of Investments (unaudited)

February 29, 2024

  

iShares® Currency Hedged MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 

Investment Companies

   
Exchange-Traded Funds — 99.9%            

iShares MSCI Emerging Markets ETF(a)(b)

    2,975,975     $ 119,009,240  
   

 

 

 

Total Investment Companies
(Cost: $134,345,987)

      119,009,240  
   

 

 

 

Short-Term Securities

   
Money Market Funds — 34.0%            

BlackRock Cash Funds: Institutional, SL Agency Shares,

   

5.50%(a)(c)(d)

    40,017,475       40,037,484  

BlackRock Cash Funds: Treasury, SL Agency Shares,

   

5.30%(a)(c)

    440,000       440,000  
   

 

 

 

Total Short-Term Securities — 34.0%
(Cost: $40,477,484)

      40,477,484  
   

 

 

 

Total Investments in Securities — 133.9%
(Cost: $174,823,471)

      159,486,724  

Liabilities in Excess of Other Assets — (33.9)%

 

    (40,405,521
   

 

 

 

Net Assets — 100.0%

    $  119,081,203  
   

 

 

 

 

(a) 

Affiliate of the Fund.

(b) 

All or a portion of this security is on loan.

(c) 

Annualized 7-day yield as of period end.

(d) 

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 29, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

                   
Affiliated Issuer  

Value at

08/31/23

   

Purchases

at Cost

   

Proceeds

from Sale

   

 Net Realized

Gain (Loss)

   

Change in

Unrealized

Appreciation

(Depreciation)

   

Value at

02/29/24

   

Shares

Held at

02/29/24

    Income    

Capital

Gain

Distributions

from

Underlying

Funds

 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $     $ 40,013,347 (a)    $     $ 24,137     $     $ 40,037,484       40,017,475     $ 29,168 (b)    $  

BlackRock Cash Funds: Treasury, SL Agency Shares

    1,240,000             (800,000 )(a)                  440,000       440,000       11,525        

iShares MSCI Emerging Markets ETF

    134,168,374       8,330,896       (25,965,238     (1,954,221     4,429,429       119,009,240       2,975,975       2,422,754        
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
        $ (1,930,084   $ 4,429,429     $ 159,486,724       $ 2,463,447     $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

  (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

Forward Foreign Currency Exchange Contracts

 

         
    Currency Purchased     Currency Sold        Counterparty    Settlement Date    

Unrealized

Appreciation

(Depreciation)

       
 

BRL

    33,401,000           USD          6,716,226        State Street Bank & Trust Company      03/06/24           $ 1,227        
 

CLP

    637,182,000     USD      658,927        State Street Bank & Trust Company      03/06/24       573    

  

 

CNH

    651,000     USD      90,274        BNP Paribas SA      03/06/24       74    
 

EUR

    37,000     USD      39,878        Bank of America N.A.      03/06/24       115    
 

INR

    14,599,000     USD      175,610        Morgan Stanley & Co. International PLC      03/06/24       448    

 

 

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

  7


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® Currency Hedged MSCI Emerging Markets ETF

 

Forward Foreign Currency Exchange Contracts (continued)

         
    Currency Purchased     Currency Sold        Counterparty    Settlement Date    

Unrealized

Appreciation

(Depreciation)

       
 

INR

    31,637,000     USD      381,077        State Street Bank & Trust Company      03/06/24     $ 452    
 

KRW

     19,994,210,000           USD      14,985,804        JPMorgan Chase Bank N.A.      03/06/24       24,461    

  

 

MXN

    1,047,000     USD      61,280        Bank of America N.A.      03/06/24             129    
 

MXN

    56,660,000     USD      3,319,954        Citibank N.A.      03/06/24       3,253    
 

MYR

    7,756,000     USD      1,632,668        State Street Bank & Trust Company      03/06/24       1,378    
 

THB

    1,288,000     USD      35,729        HSBC Bank PLC      03/06/24       189    
 

TRY

    25,765,000     USD      821,071        Bank of America N.A.      03/06/24       2,058        
 

TRY

    48,000     USD      1,529        BNP Paribas SA      03/06/24       4    
 

USD

    6,944,694     BRL      34,437,000        Citibank N.A.      03/06/24       18,885    
 

USD

    714,653     CLP      667,529,000        Citibank N.A.      03/06/24       23,744    
 

USD

    5,261,292     CNH      37,662,320        HSBC Bank PLC      03/06/24       34,376    
 

USD

    2,233,187     EUR      2,053,000        Citibank N.A.      03/06/24       14,133    
 

USD

    21,716     EUR      20,000        HSBC Bank PLC      03/06/24       99    
 

USD

    23,755,334     HKD      185,525,000        Bank of America N.A.      03/06/24       58,052    
 

USD

    15,989,266     KRW       21,255,650,000        Citibank N.A.      03/06/24       31,998    
 

USD

    21,571     KRW      28,671,000        Morgan Stanley & Co. International PLC      03/06/24       47    
 

USD

    1,643,720     MYR      7,769,000        State Street Bank & Trust Company      03/06/24       6,935    
 

USD

    2,060,881     THB      72,610,000        Citibank N.A.      03/06/24       36,022    
 

USD

    2,064     THB      73,000        UBS AG      03/06/24       28    
 

USD

    732,557     TRY      22,910,000        UBS AG      03/06/24       639    
 

USD

    19,937,870     TWD      620,307,000        Citibank N.A.      03/06/24       320,716    
 

USD

    3,646,472     ZAR      68,009,000        Bank of America N.A.      03/06/24       101,237    
 

USD

    14,157     ZAR      265,000        Bank of New York      03/06/24       343    
 

ZAR

    65,378,000     USD      3,407,456        Morgan Stanley & Co. International PLC      03/06/24       628    
 

BRL

    539,000     USD      108,067        Citibank N.A.      04/03/24       23    
 

BRL

    632,000     USD      126,605        Morgan Stanley & Co. International PLC      04/03/24       136    
 

CLP

    10,467,000     USD      10,814        Citibank N.A.      04/03/24       4    
 

CLP

    355,000     USD      367        Morgan Stanley & Co. International PLC      04/03/24          
 

CNH

    675,000     USD      93,820        Bank of New York      04/03/24       16    
 

CNH

    579,000     USD      80,481        JPMorgan Chase Bank N.A.      04/03/24       9    
 

EUR

    33,000     USD      35,703        Barclays Bank PLC      04/03/24       7    
 

EUR

    33,000     USD      35,691        HSBC Bank PLC      04/03/24       19    
 

HKD

    2,767,000     USD      353,717        State Street Bank & Trust Company      04/03/24       5    
 

KRW

    328,447,000     USD      246,271        State Street Bank & Trust Company      04/03/24       117    
 

MXN

    2,040,000     USD      119,010        Bank of America N.A.      04/03/24       107    
 

MXN

    1,148,000     USD      66,991        Morgan Stanley & Co. International PLC      04/03/24       42    
 

THB

    1,145,000     USD      31,937        HSBC Bank PLC      04/03/24       65    
 

THB

    881,000     USD      24,555        JPMorgan Chase Bank N.A.      04/03/24       68    
 

TRY

    878,000     USD      27,097        BNP Paribas SA      04/03/24       76    
 

TWD

    97,000     USD      3,068        Morgan Stanley & Co. International PLC      04/03/24          
 

TWD

    9,951,000     USD      314,423        State Street Bank & Trust Company      04/03/24       274    
 

USD

    6,812,997     BRL      33,972,000        State Street Bank & Trust Company      04/03/24       280    
 

USD

    437,400     CNH      3,146,000        JPMorgan Chase Bank N.A.      04/03/24       56    
 

USD

    4,896,766     CNH      35,216,320        Morgan Stanley & Co. International PLC      04/03/24       1,128    
 

USD

    164,685     EUR      152,000        Bank of America N.A.      04/03/24       203    

 

 

8  

2 0 2 4 I S H A R E S  S E M I - A N N U A L  R E P O R TT O  S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® Currency Hedged MSCI Emerging Markets ETF

 

Forward Foreign Currency Exchange Contracts (continued)

         
    Currency Purchased     Currency Sold        Counterparty    Settlement Date    

Unrealized

Appreciation

(Depreciation)

       

  

 

USD

    2,191,874     EUR      2,023,000        State Street Bank & Trust Company      04/03/24     $ 2,747    
 

USD

    2,017,938     HKD      15,784,000        JPMorgan Chase Bank N.A.      04/03/24       172    
 

USD

    21,535,515           HKD      168,448,000        Morgan Stanley & Co. International PLC      04/03/24             1,768    
 

USD

    8,860     IDR      139,267,000        Morgan Stanley & Co. International PLC      04/03/24       2        
 

USD

    15,005,373     KRW       19,994,210,000        JPMorgan Chase Bank N.A.      04/03/24       6,482    
 

USD

    796,937     KRW      1,061,759,000        State Street Bank & Trust Company      04/03/24       446    
 

USD

    1,662,379     MYR      7,883,000        State Street Bank & Trust Company      04/03/24       1,780    
 

USD

    19,167,663     TWD      605,794,000        JPMorgan Chase Bank N.A.      04/03/24       9,688    
 

USD

    1,114,263     TWD      35,233,000        State Street Bank & Trust Company      04/03/24       35    
 

ZAR

    2,278,000     USD      118,385        Bank of America N.A.      04/03/24       86    
 

ZAR

    856,000     USD      44,508        Morgan Stanley & Co. International PLC      04/03/24       9    
 

USD

    20,625,523     INR      1,711,939,000        JPMorgan Chase Bank N.A.      04/04/24       5,962    
 

USD

    1,008,818     INR      83,742,000        State Street Bank & Trust Company      04/04/24       182    
                  

 

 

   
                     714,237    
                  

 

 

   
 

BRL

    791,000     USD      159,516        Citibank N.A.      03/06/24       (434  
 

BRL

    245,000     USD      49,422        Goldman Sachs & Co.      03/06/24       (149  
 

CLP

    18,572,000     USD      19,866        Citibank N.A.      03/06/24       (643  
 

CLP

    11,775,000     USD      12,191        State Street Bank & Trust Company      03/06/24       (4  
 

CNH

    692,000     USD      96,529        Bank of New York      03/06/24       (490  
 

CNH

    36,319,320     USD      5,042,425        Morgan Stanley & Co. International PLC      03/06/24       (1,895  
 

EUR

    13,000     USD      14,142        JPMorgan Chase Bank N.A.      03/06/24       (91  
 

EUR

    2,023,000     USD      2,189,358        State Street Bank & Trust Company      03/06/24       (2,731  
 

HKD

    9,182,000     USD      1,175,792        Bank of America N.A.      03/06/24       (2,967  
 

HKD

    4,782,000     USD      612,273        HSBC Bank PLC      03/06/24       (1,463  
 

HKD

    3,113,000     USD      398,307        JPMorgan Chase Bank N.A.      03/06/24       (681  
 

HKD

    168,448,000     USD      21,518,734        Morgan Stanley & Co. International PLC      03/06/24       (2,713  
 

IDR

     35,505,497,000     USD      2,260,057        JPMorgan Chase Bank N.A.      03/06/24       (336  
 

IDR

    656,159,000     USD      41,983        State Street Bank & Trust Company      03/06/24       (222  
 

INR

    1,711,939,000     USD      20,650,901        JPMorgan Chase Bank N.A.      03/06/24       (5,630  
 

KRW

    1,290,111,000     USD      970,646        State Street Bank & Trust Company      03/06/24       (2,120  
 

MYR

    13,000     USD      2,767        Morgan Stanley & Co. International PLC      03/06/24       (29  
 

THB

    69,692,000     USD      1,945,698        Citibank N.A.      03/06/24       (2,213  
 

THB

    1,703,000     USD      48,343        Morgan Stanley & Co. International PLC      03/06/24       (851  
 

TRY

    476,000     USD      15,219        JPMorgan Chase Bank N.A.      03/06/24       (12  
 

TWD

    605,794,000     USD      19,159,782        JPMorgan Chase Bank N.A.      03/06/24       (1,601  
 

TWD

    3,318,000     USD      106,637        Morgan Stanley & Co. International PLC      03/06/24       (1,705  
 

TWD

    11,195,000     USD      357,713        State Street Bank & Trust Company      03/06/24       (3,673  
 

USD

    2,265,046     IDR      35,698,265,000        Citibank N.A.      03/06/24       (6,944  
 

USD

    29,361     IDR      463,391,000        Morgan Stanley & Co. International PLC      03/06/24       (131  
 

USD

    21,148,433     INR      1,758,175,000        Citibank N.A.      03/06/24       (54,424  
 

USD

    3,306,538     MXN      57,104,000        HSBC Bank PLC      03/06/24       (42,711  

 

 

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

    9  


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® Currency Hedged MSCI Emerging Markets ETF

 

Forward Foreign Currency Exchange Contracts (continued)

         
    Currency Purchased     Currency Sold        Counterparty    Settlement Date    

Unrealized

Appreciation

(Depreciation)

       

  

 

USD

    34,905       MXN        603,000        Morgan Stanley & Co. International PLC      03/06/24     $ (462  
 

USD

    107,591       TRY        3,379,000        UBS AG      03/06/24       (360  
 

ZAR

    1,208,000       USD        63,680        Bank of America N.A.      03/06/24             (708      
 

ZAR

    1,688,000       USD        90,512        Citibank N.A.      03/06/24       (2,518  
 

HKD

    4,212,000       USD        538,466        State Street Bank & Trust Company      04/03/24       (20  
 

IDR

     583,253,000             USD        37,126        Citibank N.A.      04/03/24       (29  
 

MYR

    101,000       USD        21,285        Morgan Stanley & Co. International PLC      04/03/24       (9  
 

MYR

    125,000       USD        26,399        State Street Bank & Trust Company      04/03/24       (67  
 

USD

    707,612       CLP        685,229,000        State Street Bank & Trust Company      04/03/24       (605  
 

USD

    2,258,188       IDR           35,505,497,000        JPMorgan Chase Bank N.A.      04/03/24       (96  
 

USD

    77,486       IDR        1,218,470,000        State Street Bank & Trust Company      04/03/24       (13  
 

USD

    163,190       KRW        217,679,000        Morgan Stanley & Co. International PLC      04/03/24       (104  
 

USD

    3,305,139       MXN        56,660,000        Citibank N.A.      04/03/24       (3,283  
 

USD

    1,947,553       THB        69,692,000        Citibank N.A.      04/03/24       (301  
 

USD

    52,039       THB        1,863,000        JPMorgan Chase Bank N.A.      04/03/24       (31  
 

USD

    856,484       TRY        27,767,000        Bank of America N.A.      04/03/24       (2,867  
 

USD

    3,399,359       ZAR        65,378,000        Morgan Stanley & Co. International PLC      04/03/24       (744  
 

INR

    28,122,000       USD        338,778        Citibank N.A.      04/04/24       (61  
 

INR

    29,940,000       USD        360,719        Morgan Stanley & Co. International PLC      04/04/24       (104  
                  

 

 

   
                     (149,245  
                  

 

 

   
                     $564,992    
                  

 

 

   

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  

 

 

Assets — Derivative Financial Instruments

                   

Forward foreign currency exchange contracts

                   

Unrealized appreciation on forward foreign currency exchange contracts

  $      $      $      $ 714,237      $      $      $ 714,237  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Liabilities — Derivative Financial Instruments

                   

Forward foreign currency exchange contracts

                   

Unrealized depreciation on forward foreign currency exchange contracts

  $      $      $      $ 149,245      $      $      $ 149,245  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

For the period ended February 29, 2024, 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

                  

Forward foreign currency exchange contracts

  $      $      $      $ 2,163,434     $      $      $ 2,163,434  
 

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on

                  

Forward foreign currency exchange contracts

  $      $      $      $ (1,498,901   $      $      $ (1,498,901
 

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

 

 

10  

2 0 2 4 I S H A R E S  S E M I - A N N U A L  R E P O R TT O  S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® Currency Hedged MSCI Emerging Markets ETF

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

   

Forward foreign currency exchange contracts:

 

Average amounts purchased — in USD

  $ 115,301,879  

Average amounts sold — in USD

  $ 225,716,168  

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

Derivative Financial Instruments - Offsetting as of Period End

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

 

 

 
    Assets     Liabilities  

 

 

Derivative Financial Instruments:

   

Forward foreign currency exchange contracts

  $ 714,237     $ 149,245  
 

 

 

   

 

 

 

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

    714,237        149,245  

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

           
 

 

 

   

 

 

 

Total derivative assets and liabilities subject to an MNA

  $ 714,237     $ 149,245  
 

 

 

   

 

 

 

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

 

 

 

Counterparty

 

Derivative

Assets

Subject to

an MNA by

Counterparty

 

 

 

 

 

    

Derivatives

Available

for Offset

 

 

(a) 

   

Non-Cash

Collateral

Received

 

 

 

    


Cash

Collateral
Received

 


(b) 

   

Net Amount

of Derivative

Assets

 

 

(c) 

 

 

Bank of America N.A.

    $ 161,987      $ (6,542   $      $     $ 155,445  

Bank of New York

      359        (359                   

Barclays Bank PLC

         7                           7  

BNP Paribas SA

      154                           154  

Citibank N.A.

      448,778        (70,850            (377,928      

HSBC Bank PLC

      34,748        (34,748                   

JPMorgan Chase Bank N.A.

      46,898        (8,478                  38,420  

Morgan Stanley & Co. International PLC

      4,208        (4,208                   

State Street Bank & Trust Company

      16,431        (9,455                  6,976  

UBS AG

      667        (360                  307  
   

 

 

    

 

 

   

 

 

    

 

 

   

 

 

 
    $ 714,237      $ (135,000   $      $ (377,928   $ 201,309  
   

 

 

    

 

 

   

 

 

    

 

 

   

 

 

 

     

             

 

 

Counterparty

 

Derivative

Liabilities

Subject to

an MNA by

Counterparty

 

 

 

 

 

    

Derivatives

Available

for Offset

 

 

(a) 

   

Non-Cash

Collateral

Pledged

 

 

 

    

Cash

Collateral

Pledged

 

 

 

   

Net Amount

of Derivative

Liabilities

 

 

(d) 

 

 

Bank of America N.A.

    $ 6,542      $ (6,542   $      $     $  

Bank of New York

      490        (359                  131  

Citibank N.A.

      70,850        (70,850                   

Goldman Sachs & Co.

      149                           149  

HSBC Bank PLC

      44,174        (34,748                  9,426  

JPMorgan Chase Bank N.A.

      8,478        (8,478                   

Morgan Stanley & Co. International PLC

      8,747        (4,208                  4,539  

State Street Bank & Trust Company

      9,455        (9,455                   

UBS AG

      360        (360                   
   

 

 

    

 

 

   

 

 

    

 

 

   

 

 

 
    $ 149,245      $ (135,000   $      $     $ 14,245  
   

 

 

    

 

 

   

 

 

    

 

 

   

 

 

 

 

  (a) 

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

 
  (b)

Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

 
  (c) 

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

 
  (d)

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

 

 

 

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

    11  


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® Currency Hedged MSCI Emerging Markets 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

       

Investment Companies

  $ 119,009,240     $     $     $ 119,009,240  

Short-Term Securities

       

Money Market Funds

    40,477,484                   40,477,484  
 

 

 

   

 

 

   

 

 

   

 

 

 
  $ 159,486,724      $     —      $     —      $ 159,486,724  
 

 

 

   

 

 

   

 

 

   

 

 

 

Derivative Financial Instruments(a)

       

Assets

       

Foreign Currency Exchange Contracts

  $     $ 714,237     $     $ 714,237  

Liabilities

       

Foreign Currency Exchange Contracts

          (149,245           (149,245
 

 

 

   

 

 

   

 

 

   

 

 

 
  $     $ 564,992     $       564,992  
 

 

 

   

 

 

   

 

 

   

 

 

 

 

  (a) 

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

 

See notes to financial statements.

 

 

12  

2 0 2 4 I S H A R E S  S E M I - A N N U A L  R E P O R TT O  S H A R E H O L D E R S


Schedule of Investments (unaudited)

February 29, 2024

  

iShares® MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   
Brazil — 3.9%            

Ambev SA

    11,827,077     $ 29,929,921  

Atacadao SA

    1,597,144       3,884,346  

B3 SA - Brasil Bolsa Balcao

    14,411,644       37,195,267  

Banco Bradesco SA

    3,859,618       9,549,859  

Banco BTG Pactual SA

    2,992,517       21,906,156  

Banco do Brasil SA

    2,146,378       24,982,284  

Banco Santander Brasil SA

    912,178       5,247,992  

BB Seguridade Participacoes SA

    1,749,970       11,736,638  

Caixa Seguridade Participacoes S/A

    1,506,778       4,355,656  

CCR SA

    2,553,280       7,077,749  

Centrais Eletricas Brasileiras SA

    3,040,846       26,609,161  

Cia. de Saneamento Basico do Estado de Sao Paulo

    867,260       13,810,284  

Cia. Siderurgica Nacional SA

    1,714,900       5,802,462  

Cosan SA

    3,090,961       10,570,364  

CPFL Energia SA

    551,281       3,924,651  

Energisa SA

    548,998       5,614,664  

Eneva SA(a)

    1,846,059       4,764,526  

Engie Brasil Energia SA

    515,713       4,359,249  

Equatorial Energia SA

    2,580,464       17,742,604  

Hapvida Participacoes e Investimentos SA(a)(b)

    12,383,585       9,142,394  

Hypera SA

    964,357       6,378,479  

JBS SA

    1,939,235       8,995,747  

Klabin SA

    1,896,668       8,611,333  

Localiza Rent a Car SA

    2,293,934       24,457,062  

Localiza Rent a Car SA, NVS(a)

    8,247       83,945  

Lojas Renner SA

    2,444,105       7,768,272  

Magazine Luiza SA(a)

    7,776,708       3,332,137  

Magazine Luiza SA, NVS

    744,932       319,186  

Natura & Co. Holding SA(a)

    2,322,853       7,621,197  

Petroleo Brasileiro SA

    9,366,049       77,662,598  

PRIO SA

    2,020,175       17,763,040  

Raia Drogasil SA

    3,269,481       17,521,067  

Rede D’Or Sao Luiz SA(b)

    1,452,329       7,397,351  

Rumo SA

    3,271,253       14,950,990  

Sendas Distribuidora SA

    3,414,099       9,752,410  

Suzano SA

    1,995,024       22,614,633  

Telefonica Brasil SA

    1,055,339       11,565,824  

TIM SA/Brazil

    2,219,171       8,111,351  

TOTVS SA

    1,376,170       8,496,039  

Ultrapar Participacoes SA

    1,835,322       10,839,664  

Vale SA

    8,566,357       115,439,290  

Vibra Energia SA

    2,933,140       15,258,394  

WEG SA

    4,259,968       31,441,376  
   

 

 

 
      694,587,612  
Chile — 0.4%            

Banco de Chile

    113,770,353       13,192,413  

Banco de Credito e Inversiones SA

    198,621       5,510,054  

Banco Santander Chile

    168,433,008       8,190,985  

Cencosud SA

    3,333,248       5,986,362  

Cia. Sud Americana de Vapores SA

    39,063,910       2,727,430  

Empresas CMPC SA

    2,883,600       5,119,117  

Empresas Copec SA

    989,695       6,351,685  

Enel Americas SA

    54,440,781       5,550,812  

Enel Chile SA

    70,568,699       4,238,972  

Falabella SA(a)

    2,166,829       5,495,729  

Latam Airlines Group SA(a)

     468,177,037       5,888,196  
   

 

 

 
       68,251,755  
China — 25.3%            

360 Security Technology Inc., Class A(a)

    1,202,306       1,461,726  
Security   Shares     Value  
China (continued)            

37 Interactive Entertainment Network Technology Group Co. Ltd., Class A

    365,188     $ 983,621  

AAC Technologies Holdings Inc.

    1,846,000       4,589,433  

Advanced Micro-Fabrication Equipment Inc., Class A

    105,029       2,142,526  

AECC Aviation Power Co. Ltd., Class A

    426,073       2,034,085  

Agricultural Bank of China Ltd., Class A

    13,079,800       7,597,915  

Agricultural Bank of China Ltd., Class H

    69,665,000       28,579,751  

Aier Eye Hospital Group Co. Ltd., Class A

    1,544,317       3,131,124  

Air China Ltd., Class A(a)

    2,042,593       2,115,444  

Air China Ltd., Class H(a)

    4,152,000       2,223,338  

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

    1,285,000       7,705,404  

Alibaba Group Holding Ltd.

    41,004,856       376,985,417  

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

    13,880,000       6,064,908  

Aluminum Corp. of China Ltd., Class A

    2,958,900       2,474,457  

Aluminum Corp. of China Ltd., Class H

    9,672,000       4,819,487  

Anhui Conch Cement Co. Ltd., Class A

    676,986       2,247,207  

Anhui Conch Cement Co. Ltd., Class H

    2,972,500       6,468,112  

Anhui Gujing Distillery Co. Ltd., Class A

    62,985       1,909,039  

Anhui Gujing Distillery Co. Ltd., Class B

    273,000       3,859,781  

Anhui Jianghuai Automobile Group Corp.
Ltd.(a)

    468,200       1,002,534  

Anhui Kouzi Distillery Co. Ltd., Class A

    118,452       699,271  

Anhui Yingjia Distillery Co. Ltd., Class A

    117,800       1,041,638  

Anjoy Foods Group Co. Ltd., Class A

    60,500       731,425  

ANTA Sports Products Ltd.

    3,163,802       30,844,060  

Asymchem Laboratories Tianjin Co. Ltd., Class A

    60,680       851,634  

Autohome Inc., ADR

    178,340       4,635,057  

Avary Holding Shenzhen Co. Ltd., Class A

    447,004       1,305,984  

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

    1,745,289       802,824  

AviChina Industry & Technology Co. Ltd., Class H

    6,029,000       2,473,757  

Avicopter PLC, Class A

    135,553       685,053  

BAIC BluePark New Energy Technology Co. Ltd.

    1,119,900       921,784  

Baidu Inc.(a)

    5,687,780       71,969,737  

Bank of Beijing Co. Ltd., Class A

    3,808,206       2,737,400  

Bank of Chengdu Co. Ltd., Class A

    632,295       1,159,244  

Bank of China Ltd., Class A

    5,999,800       3,717,764  

Bank of China Ltd., Class H

    199,143,000       78,124,057  

Bank of Communications Co. Ltd., Class A

    6,403,593       5,564,656  

Bank of Communications Co. Ltd.,
Class H

    21,866,600       14,325,808  

Bank of Hangzhou Co. Ltd., Class A

    998,845       1,534,750  

Bank of Jiangsu Co. Ltd., Class A

    2,980,110       3,168,495  

Bank of Nanjing Co. Ltd., Class A

    1,725,646       2,093,649  

Bank of Ningbo Co. Ltd., Class A

    1,003,979       3,094,587  

Bank of Shanghai Co. Ltd., Class A

    2,692,542       2,439,424  

Baoshan Iron & Steel Co. Ltd., Class A

    3,673,773       3,394,713  

BeiGene Ltd.(a)

    1,732,022       22,299,342  

Beijing Enlight Media Co. Ltd., Class A

    742,895       932,829  

Beijing Enterprises Holdings Ltd.

    1,413,500       5,317,330  

Beijing Enterprises Water Group Ltd.

    11,970,000       2,807,936  

Beijing Kingsoft Office Software Inc., Class A

    71,481       2,688,980  

Beijing New Building Materials PLC, Class A

    284,213       1,106,563  

Beijing Roborock Technology Co. Ltd., Class A

    24,165       1,092,923  

Beijing Tongrentang Co. Ltd., Class A

    267,000       1,649,106  

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

    135,130       1,386,338  

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

    8,010,100       5,612,498  

Bilibili Inc.(a)(c)

    494,674       4,796,975  

 

 

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

  13


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
China (continued)            

Bloomage Biotechnology Corp. Ltd.

    92,105     $ 816,220  

BOC Aviation Ltd.(b)

    579,300       4,264,317  

BOE Technology Group Co. Ltd., Class A

    6,681,900       3,696,453  

Bosideng International Holdings Ltd.

    10,046,000       5,052,908  

Brilliance China Automotive Holdings Ltd.

    7,448,000       4,335,421  

BYD Co. Ltd., Class A

    279,212       7,374,723  

BYD Co. Ltd., Class H

    2,621,500       64,567,719  

BYD Electronic International Co. Ltd.

    1,996,500       7,538,518  

C&D International Investment Group Ltd.

    1,796,000       2,920,172  

Caitong Securities Co. Ltd., Class A

    999,074       1,105,516  

Cambricon Technologies Corp. Ltd.(a)

    68,154       1,595,112  

CGN Power Co. Ltd.

    1,920,100       1,027,845  

CGN Power Co. Ltd., Class H(b)

    27,351,000       8,306,016  

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

    67,494       1,205,057  

Changjiang Securities Co. Ltd., Class A

    1,234,435       941,798  

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

    51,100       995,920  

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

    397,730       1,399,533  

China Cinda Asset Management Co. Ltd., Class H

    25,097,000       2,403,090  

China CITIC Bank Corp. Ltd., Class H

    22,886,800       12,168,639  

China Coal Energy Co. Ltd., Class H

    5,281,000       5,687,205  

China Communications Services Corp. Ltd., Class H

    6,710,000       2,850,267  

China Construction Bank Corp., Class A

    1,763,568       1,711,329  

China Construction Bank Corp., Class H

     241,666,760        149,871,110  

China CSSC Holdings Ltd., Class A

    767,300       3,781,458  

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

    2,754,297       1,453,974  

China Energy Engineering Corp. Ltd.

    6,654,152       2,010,646  

China Everbright Bank Co. Ltd., Class A

    8,299,903       3,705,081  

China Everbright Bank Co. Ltd., Class H

    5,211,000       1,629,219  

China Feihe Ltd.(b)

    9,480,000       4,715,264  

China Galaxy Securities Co. Ltd., Class A

    822,300       1,385,934  

China Galaxy Securities Co. Ltd., Class H

    8,688,000       4,564,976  

China Gas Holdings Ltd.

    7,031,800       6,435,377  

China Greatwall Technology Group Co. Ltd., Class A

    680,573       979,628  

China Hongqiao Group Ltd.(c)

    6,249,500       4,836,372  

China International Capital Corp. Ltd., Class A

    290,000       1,406,130  

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

    3,976,400       4,984,649  

China Jushi Co. Ltd., Class A

    831,940       1,154,891  

China Life Insurance Co. Ltd., Class A

    448,512       1,882,492  

China Life Insurance Co. Ltd., Class H

    18,609,000       22,810,719  

China Literature Ltd.(a)(b)

    1,040,200       3,188,938  

China Longyuan Power Group Corp. Ltd., Class H

    8,541,000       6,018,954  

China Medical System Holdings Ltd.

    3,542,000       5,822,608  

China Mengniu Dairy Co. Ltd.

    7,995,000       19,990,231  

China Merchants Bank Co. Ltd., Class A

    3,226,489       14,287,974  

China Merchants Bank Co. Ltd., Class H

    9,653,967       37,332,069  

China Merchants Energy Shipping Co. Ltd., Class A

    1,419,000       1,417,740  

China Merchants Port Holdings Co. Ltd.

    3,592,000       4,458,576  

China Merchants Securities Co. Ltd., Class A

    1,471,779       2,879,596  

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

    1,301,590       1,698,284  

China Minsheng Banking Corp. Ltd., Class A

    6,873,155       3,850,754  

China Minsheng Banking Corp. Ltd., Class H

    13,996,548       4,925,989  
Security   Shares     Value  
China (continued)            

China National Building Material Co. Ltd., Class H

    9,942,000     $ 3,739,257  

China National Chemical Engineering Co. Ltd., Class A

    1,282,467       1,241,179  

China National Nuclear Power Co. Ltd., Class A

    3,207,100       3,860,794  

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

    704,754       1,843,257  

China Oilfield Services Ltd., Class H

    4,912,000       4,322,521  

China Overseas Land & Investment Ltd.

    9,668,460       14,278,554  

China Overseas Property Holdings Ltd.(c)

    3,360,000       2,824,859  

China Pacific Insurance Group Co. Ltd., Class A

    1,144,907       4,054,163  

China Pacific Insurance Group Co. Ltd., Class H

    6,413,000       12,164,514  

China Petroleum & Chemical Corp., Class A

    4,793,889       4,148,365  

China Petroleum & Chemical Corp., Class H

    62,020,800       34,170,558  

China Power International Development Ltd.

    12,882,000       5,203,456  

China Railway Group Ltd., Class A

    3,346,500       2,943,831  

China Railway Group Ltd., Class H

    10,220,000       4,978,043  

China Resources Beer Holdings Co. Ltd.

    4,092,000       17,632,244  

China Resources Gas Group Ltd.

    2,370,900       7,154,713  

China Resources Land Ltd.

    8,117,333        24,793,212  

China Resources Microelectronics Ltd.

    292,493       1,736,094  

China Resources Mixc Lifestyle Services
Ltd.(b)

    1,706,200       5,142,177  

China Resources Pharmaceutical Group
Ltd.(b)

    4,067,500       2,751,002  

China Resources Power Holdings Co. Ltd.

    4,932,999       10,619,038  

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

    172,599       1,316,815  

China Ruyi Holdings Ltd.(a)(c)

     14,760,000       2,897,247  

China Shenhua Energy Co. Ltd., Class A

    1,100,039       5,877,086  

China Shenhua Energy Co. Ltd., Class H

    8,429,000       32,432,181  

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

    2,403,800       1,971,020  

China State Construction Engineering Corp. Ltd., Class A

    6,656,871       4,933,364  

China State Construction International Holdings Ltd.

    5,506,000       6,135,403  

China Taiping Insurance Holdings Co. Ltd.

    3,842,260       3,338,236  

China Three Gorges Renewables Group Co. Ltd., Class A

    5,118,825       3,279,526  

China Tourism Group Duty Free Corp.
Ltd.(b)(c)

    193,000       1,889,915  

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

    359,132       4,324,646  

China Tower Corp. Ltd., Class H(b)

    115,412,000       13,988,857  

China United Network Communications Ltd., Class A

    5,063,900       3,369,508  

China Vanke Co. Ltd., Class A

    1,406,366       1,953,926  

China Vanke Co. Ltd., Class H

    5,321,931       4,103,116  

China Yangtze Power Co. Ltd., Class A

    3,764,415       13,085,396  

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

    127,500       1,013,908  

China Zheshang Bank Co. Ltd., Class A

    4,692,730       1,808,740  

Chongqing Brewery Co. Ltd., Class A

    84,600       766,497  

Chongqing Changan Automobile Co. Ltd., Class A

    1,285,817       2,652,385  

Chongqing Zhifei Biological Products Co. Ltd., Class A

    367,913       2,728,066  

Chow Tai Fook Jewellery Group Ltd.(c)

    5,038,800       7,508,169  

CITIC Ltd.

    14,815,000       14,903,470  

CITIC Securities Co. Ltd., Class A

    1,925,793       5,682,174  

CITIC Securities Co. Ltd., Class H

    4,366,100       8,070,530  

CMOC Group Ltd., Class A

    3,333,198       2,837,168  

 

 

14  

2 0 2 4 I S H A R E S  S E M I - A N N U A L R E P O R TT O  S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
China (continued)            

CMOC Group Ltd., Class H

    8,700,000     $ 5,367,090  

CNPC Capital Co. Ltd., NVS

    1,445,100       1,240,734  

Contemporary Amperex Technology Co. Ltd., Class A

    673,534       15,233,619  

COSCO Shipping Energy Transportation Co. Ltd., Class A

    620,800       1,184,018  

COSCO Shipping Energy Transportation Co. Ltd., Class H

    3,216,000       3,042,730  

COSCO Shipping Holdings Co. Ltd., Class A

    2,003,864       2,919,706  

COSCO Shipping Holdings Co. Ltd., Class H

    7,462,849       8,034,059  

COSCO Shipping Ports Ltd.

    3,734,000       2,228,062  

Country Garden Holdings Co. Ltd.(a)(c)

    31,100,939       2,527,349  

Country Garden Services Holdings Co. Ltd.

    5,414,000       4,121,063  

CRRC Corp. Ltd., Class A

    4,067,800       3,599,701  

CRRC Corp. Ltd., Class H

    11,351,000       5,844,087  

CSC Financial Co. Ltd., Class A

    736,033       2,373,782  

CSPC Innovation Pharmaceutical Co. Ltd.

    175,600       827,493  

CSPC Pharmaceutical Group Ltd.

    22,650,479       17,641,320  

Daqin Railway Co. Ltd., Class A

    2,745,100       2,841,703  

Dongfang Electric Corp. Ltd., Class A

    553,900       1,256,065  

Dongfeng Motor Group Co. Ltd., Class H

    6,718,000       2,873,676  

Dongxing Securities Co. Ltd., Class A

    853,797       1,004,507  

East Buy Holding Ltd.(a)(b)(c)

    1,156,500       3,564,887  

East Money Information Co. Ltd., Class A

    2,421,498       4,703,706  

Eastroc Beverage Group Co. Ltd.

    51,000       1,265,291  

Ecovacs Robotics Co. Ltd., Class A

    121,653       628,910  

ENN Energy Holdings Ltd.

    2,009,300       16,315,188  

ENN Natural Gas Co. Ltd., Class A

    410,500       1,066,017  

Eoptolink Technology Inc. Ltd.

    123,900       1,034,506  

Eve Energy Co. Ltd., Class A

    330,853       1,755,559  

Everbright Securities Co. Ltd., Class A

    689,083       1,614,531  

Fangda Carbon New Material Co. Ltd., Class A(a)

    1,313,834       897,008  

Far East Horizon Ltd.

    4,285,000       3,442,448  

First Capital Securities Co. Ltd., Class A

    1,041,900       827,210  

Flat Glass Group Co. Ltd., Class A

    255,400       772,821  

Flat Glass Group Co. Ltd., Class H(c)

    1,066,000       1,970,789  

Focus Media Information Technology Co. Ltd., Class A

    2,618,978       2,283,384  

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

    748,756       4,208,156  

Fosun International Ltd.

    6,552,000       3,780,089  

Founder Securities Co. Ltd., Class A

    1,491,200       1,576,556  

Foxconn Industrial Internet Co. Ltd., Class A

    2,034,997       5,277,072  

Fuyao Glass Industry Group Co. Ltd., Class A

    366,772       2,202,370  

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

    1,536,800       7,703,094  

Ganfeng Lithium Group Co. Ltd., Class A

    300,173       1,664,564  

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

    982,080       3,253,452  

GCL Technology Holdings Ltd.

     53,688,000       7,467,943  

GD Power Development Co. Ltd., Class A

    3,227,900       2,096,272  

Geely Automobile Holdings Ltd.

    15,308,000        16,659,265  

GEM Co. Ltd., Class A

    1,823,100       1,354,904  

Genscript Biotech Corp.(a)(c)

    2,956,000       5,975,956  

GF Securities Co. Ltd., Class A

    1,018,694       2,001,326  

GF Securities Co. Ltd., Class H

    2,771,600       2,975,987  

Giant Biogene Holding Co. Ltd.(a)(b)

    749,600       3,427,509  

GigaDevice Semiconductor Inc., Class A

    122,894       1,248,703  

Ginlong Technologies Co. Ltd., Class A

    70,500       636,360  

GoerTek Inc., Class A

    529,100       1,222,572  

Goldwind Science & Technology Co Ltd., Class A

    1,074,393       1,138,192  
Security   Shares     Value  
China (continued)            

Gongniu Group Co. Ltd.

    85,300     $ 1,205,815  

GoodWe Technologies Co. Ltd., NVS

    29,209       439,021  

Gotion High-tech Co. Ltd., Class A(a)

    368,723       1,012,115  

Great Wall Motor Co. Ltd.

    415,400       1,346,821  

Great Wall Motor Co. Ltd., Class H

    5,807,500       6,554,664  

Gree Electric Appliances Inc. of Zhuhai, Class A

    463,600       2,508,862  

Guangdong Haid Group Co. Ltd., Class A

    306,627       1,831,919  

Guangdong Investment Ltd.

    7,618,110       4,520,721  

Guanghui Energy Co. Ltd., Class A

    1,166,500       1,212,098  

Guangzhou Automobile Group Co. Ltd., Class A

    908,400       1,121,204  

Guangzhou Automobile Group Co. Ltd., Class H

    7,751,838       3,354,206  

Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A

    293,596       1,205,676  

Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A

    98,584       822,016  

Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A

    152,591       829,398  

Guangzhou Tinci Materials Technology Co. Ltd., Class A

    354,200       1,014,005  

Guosen Securities Co. Ltd., Class A

    1,238,751       1,480,159  

Guotai Junan Securities Co. Ltd., Class A

    1,313,040       2,746,843  

H World Group Ltd., ADR

    522,740       19,111,374  

Haidilao International Holding Ltd.(b)(c)

    4,255,000       7,738,019  

Haier Smart Home Co. Ltd., Class A

    1,071,341       3,568,542  

Haier Smart Home Co. Ltd., Class H

    5,984,800        18,125,809  

Hainan Airlines Holding Co. Ltd., Class A(a)

    6,855,200       1,360,747  

Hainan Airport Infrastructure Co. Ltd., NVS(a)

    2,355,600       1,224,467  

Haitian International Holdings Ltd.

    1,788,000       4,527,337  

Haitong Securities Co. Ltd., Class A

    1,718,300       2,176,701  

Haitong Securities Co. Ltd., Class H

    6,485,200       3,219,202  

Hangzhou First Applied Material Co. Ltd., Class A

    328,192       1,265,233  

Hangzhou Robam Appliances Co. Ltd., Class A

    225,864       781,699  

Hangzhou Silan Microelectronics Co. Ltd., Class A

    323,500       936,946  

Hangzhou Tigermed Consulting Co. Ltd., Class A

    55,100       343,985  

Hansoh Pharmaceutical Group Co. Ltd.(b)

    3,004,000       5,294,744  

Henan Shenhuo Coal & Power Co. Ltd.

    495,500       1,264,698  

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

    676,400       2,738,159  

Hengan International Group Co. Ltd.

    1,609,500       4,960,803  

Hengli Petrochemical Co. Ltd., Class A(a)

    1,255,291       2,217,557  

Hengyi Petrochemical Co. Ltd., Class A(a)

    1,098,349       1,052,733  

Hithink RoyalFlush Information Network Co. Ltd., Class A

    85,600       1,624,245  

Hoshine Silicon Industry Co. Ltd., Class A

    155,300       1,140,658  

Hua Hong Semiconductor Ltd.(a)(b)

    1,534,000       3,287,717  

Huadian Power International Corp. Ltd., Class A

    1,646,200       1,414,018  

Huadong Medicine Co. Ltd., Class A

    327,705       1,525,960  

Huafon Chemical Co. Ltd., Class A

    1,104,400       1,044,713  

Huagong Tech Co. Ltd., Class A

    208,600       918,898  

Hualan Biological Engineering Inc., Class A

    483,883       1,322,310  

Huaneng Power International Inc.,
Class A(a)

    1,665,800       2,038,130  

Huaneng Power International Inc.,
Class H(a)

     10,616,000       5,954,107  

Huatai Securities Co. Ltd., Class A

    1,307,909       2,633,805  

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

    2,895,400       3,417,498  

Huaxia Bank Co. Ltd., Class A

    2,644,960       2,325,649  

 

 

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

  15


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
China (continued)            

Huayu Automotive Systems Co. Ltd., Class A

    617,268     $ 1,493,484  

Huizhou Desay Sv Automotive Co. Ltd., Class A

    90,900       1,289,404  

Humanwell Healthcare Group Co. Ltd., Class A

    350,200       1,068,174  

Hunan Valin Steel Co. Ltd., Class A

    1,479,200       1,165,307  

Hundsun Technologies Inc., Class A

    327,144       1,106,264  

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

    884,400       3,319,896  

Hygon Information Technology Co. Ltd., NVS

    312,752       3,691,676  

IEIT Systems Co. Ltd., Class A

    233,790       1,213,006  

Iflytek Co. Ltd., Class A

    371,419       2,548,590  

Imeik Technology Development Co. Ltd., Class A

    36,900       1,675,370  

Industrial & Commercial Bank of China Ltd., Class A

    9,969,962       7,367,733  

Industrial & Commercial Bank of China Ltd., Class H

     163,298,085       83,708,669  

Industrial Bank Co. Ltd., Class A

    3,174,242       7,322,592  

Industrial Securities Co. Ltd., Class A

    1,930,676       1,555,056  

Ingenic Semiconductor Co. Ltd., Class A

    98,100       888,257  

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

    8,757,600       1,871,130  

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

    2,027,600       1,093,280  

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

    997,170       3,914,918  

Inner Mongolia Yitai Coal Co. Ltd., Class B

    2,768,600       5,561,135  

Innovent Biologics Inc.(a)(b)

    3,036,000       16,372,237  

iQIYI Inc., ADR(a)(c)

    1,131,996       4,177,065  

Isoftstone Information Technology Group Co. Ltd., NVS(a)

    151,400       957,163  

JA Solar Technology Co. Ltd., Class A

    567,660       1,474,521  

JCET Group Co. Ltd., Class A

    381,500       1,384,714  

JD Health International Inc.(a)(b)(c)

    2,821,500       10,641,495  

JD Logistics Inc.(a)(b)

    4,929,300       4,867,194  

JD.com Inc.

    5,916,204       66,769,571  

Jiangsu Eastern Shenghong Co. Ltd., Class A

    1,095,400       1,594,480  

Jiangsu Expressway Co. Ltd., Class H

    3,882,000       3,987,540  

Jiangsu Hengli Hydraulic Co. Ltd., Class A

    230,288       1,813,117  

Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A

    997,241       5,885,308  

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

    212,286       1,576,362  

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

    231,250       3,226,831  

Jiangsu Zhongtian Technology Co. Ltd., Class A

    610,624       1,107,305  

Jiangxi Copper Co. Ltd., Class A

    497,200       1,347,871  

Jiangxi Copper Co. Ltd., Class H

    2,902,000       4,306,897  

Jinko Solar Co. Ltd.

    1,160,002       1,422,467  

JiuGui Liquor Co. Ltd., Class A

    65,300       550,708  

Jonjee Hi-Tech Industrial & Commercial Holding Co. Ltd., Class A(a)

    235,733       826,198  

Kanzhun Ltd., ADR

    568,333       8,894,411  

KE Holdings Inc., ADR

    1,663,117        22,601,760  

Kingboard Holdings Ltd.

    1,791,000       3,512,989  

Kingdee International Software Group Co. Ltd.(a)

    7,174,000       7,714,109  

Kingsoft Corp. Ltd.

    2,409,200       6,694,294  

Kuaishou Technology(a)(b)

    5,889,000       33,254,655  

Kunlun Energy Co. Ltd.

    9,986,000       8,513,198  

Kunlun Tech Co. Ltd., Class A(a)

    213,200       1,195,823  

Kweichow Moutai Co. Ltd., Class A

    189,687       44,498,483  

LB Group Co. Ltd., Class A

    546,500       1,421,991  
Security   Shares     Value  
China (continued)            

Legend Biotech Corp., ADR(a)(c)

    183,585     $ 11,962,399  

Lenovo Group Ltd.

    20,226,000       22,344,255  

Lens Technology Co. Ltd., Class A

    993,800       1,667,486  

Lepu Medical Technology Beijing Co. Ltd., Class A

    432,570       905,789  

Li Auto Inc.(a)

    2,892,190       66,005,444  

Li Ning Co. Ltd.

    5,965,500       14,759,301  

Lingyi iTech Guangdong Co., Class A

    1,794,480       1,365,956  

Longfor Group Holdings Ltd.(b)

    4,913,500       6,154,180  

LONGi Green Energy Technology Co. Ltd., Class A

    1,168,371       3,439,484  

Luxshare Precision Industry Co. Ltd., Class A

    1,112,946       4,258,789  

Luzhou Laojiao Co. Ltd., Class A

    222,739       5,401,058  

Mango Excellent Media Co. Ltd., Class A

    319,200       1,096,031  

Maxscend Microelectronics Co. Ltd., Class A

    92,644       1,381,419  

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

    1,010,680       779,860  

Meituan, Class B(a)(b)

     12,794,300        129,889,861  

Metallurgical Corp. of China Ltd., Class A

    3,427,690       1,581,877  

Midea Group Co. Ltd., Class A

    529,100       4,598,348  

Ming Yang Smart Energy Group Ltd., Class A

    430,800       609,706  

MINISO Group Holding Ltd.

    945,080       4,343,676  

Montage Technology Co. Ltd., Class A

    206,400       1,496,602  

Muyuan Foods Co. Ltd., Class A

    881,639       4,697,071  

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

    377,953       751,226  

NARI Technology Co. Ltd., Class A

    1,416,054       4,550,577  

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

    529,941       1,132,972  

NAURA Technology Group Co. Ltd., Class A

    86,200       3,397,119  

NetEase Inc.

    4,875,750       105,913,828  

New China Life Insurance Co. Ltd., Class A

    354,702       1,610,634  

New China Life Insurance Co. Ltd., Class H

    1,930,200       3,707,979  

New Hope Liuhe Co. Ltd., Class A(a)

    1,049,597       1,287,752  

New Oriental Education & Technology Group Inc.(a)

    3,754,100       35,282,081  

Ninestar Corp., Class A

    308,338       1,002,579  

Ningbo Deye Technology Co. Ltd., NVS

    74,300       862,758  

Ningbo Joyson Electronic Corp., Class A

    344,100       793,614  

Ningbo Orient Wires & Cables Co. Ltd.

    149,700       804,274  

Ningbo Shanshan Co. Ltd.

    580,903       921,981  

Ningbo Tuopu Group Co. Ltd., Class A

    186,200       1,512,391  

Ningxia Baofeng Energy Group Co. Ltd., Class A

    1,377,300       2,911,834  

NIO Inc., ADR(a)(c)

    3,418,909       19,658,727  

Nongfu Spring Co. Ltd., Class H(b)

    4,996,200       28,252,513  

OFILM Group Co. Ltd., Class A(a)

    623,300       705,779  

Oppein Home Group Inc., Class A

    87,700       843,746  

Orient Overseas International Ltd.

    331,500       5,133,388  

Orient Securities Co. Ltd., Class A

    1,310,134       1,599,350  

Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A(a)

    2,003,589       884,870  

PDD Holdings Inc., ADR(a)

    1,507,364       187,727,113  

People.cn Co. Ltd.

    181,200       666,897  

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

    1,842,300       1,339,195  

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

    19,804,000       6,596,782  

Perfect World Co. Ltd., Class A

    432,100       700,635  

PetroChina Co. Ltd., Class A

    3,221,300       3,943,273  

PetroChina Co. Ltd., Class H

    53,208,000       41,731,640  

Pharmaron Beijing Co. Ltd., Class A

    235,300       760,426  

 

 

16  

2 0 2 4 I S H A R E S  S E M I - A N N U A L R E P O R TT O  S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
China (continued)            

PICC Property & Casualty Co. Ltd., Class H

    17,297,192     $ 23,647,313  

Ping An Bank Co. Ltd., Class A

    2,938,667       4,308,656  

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

    1,687,584       10,009,549  

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

    16,741,500       74,452,246  

Piotech Inc., NVS

    38,368       1,137,751  

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

    1,781,884       2,408,325  

Pop Mart International Group Ltd.(b)

    1,208,000       3,011,512  

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

    4,707,500       3,161,966  

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

    18,823,000       9,889,108  

Power Construction Corp. of China Ltd., Class A

    2,799,400       1,982,280  

Qifu Technology Inc.

    301,942       4,665,004  

Qinghai Salt Lake Industry Co. Ltd., Class A(a)

    979,500       2,194,193  

Range Intelligent Computing Technology Group Co. Ltd.

    309,700       1,115,235  

Rongsheng Petrochemical Co. Ltd., Class A

    1,672,158       2,377,592  

SAIC Motor Corp. Ltd., Class A

    1,416,106       2,935,337  

Sanan Optoelectronics Co. Ltd., Class A

    960,700       1,656,938  

Sangfor Technologies Inc., Class A(a)

    80,300       706,594  

Sany Heavy Equipment International Holdings Co. Ltd.

    2,999,000       2,319,023  

Sany Heavy Industry Co. Ltd., Class A

    1,462,952       2,822,544  

Satellite Chemical Co. Ltd., Class A(a)

    696,684       1,599,384  

SDIC Capital Co. Ltd., Class A

    1,729,100       1,655,755  

SDIC Power Holdings Co. Ltd., Class A

    1,292,300       2,584,098  

Seazen Holdings Co. Ltd., Class A(a)

    374,973       538,912  

Seres Group Co. Ltd., NVS(a)

    235,200       2,999,495  

SF Holding Co. Ltd., Class A

    778,735       4,129,657  

SG Micro Corp., Class A

    97,121       952,805  

Shaanxi Coal Industry Co. Ltd., Class A

    1,527,376       5,461,330  

Shandong Gold Mining Co. Ltd., Class A

    657,836       1,974,237  

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

    1,792,500       2,832,270  

Shandong Hualu Hengsheng Chemical Co. Ltd., Class A

    454,080       1,729,596  

Shandong Linglong Tyre Co. Ltd., Class A

    368,800       1,131,942  

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

    6,248,000       4,061,858  

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

    263,272       733,718  

Shanghai Baosight Software Co. Ltd., Class A

    321,216       2,085,645  

Shanghai Baosight Software Co. Ltd., Class B

    1,564,297       3,514,778  

Shanghai Construction Group Co. Ltd., Class A

     2,241,752       761,264  

Shanghai Electric Group Co. Ltd., Class A(a)

    2,967,391       1,744,166  

Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A

    386,600       1,316,580  

Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H

    1,302,500       2,346,949   

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

    238,198       1,160,055  

Shanghai International Port Group Co. Ltd., Class A

    1,897,189       1,429,229  

Shanghai Junshi Biosciences Co. Ltd.(a)

    125,200       545,987  

Shanghai M&G Stationery Inc., Class A

    195,537       965,477  

Shanghai Pharmaceuticals Holding Co. Ltd., Class A

    579,300       1,455,250  

Shanghai Pharmaceuticals Holding Co. Ltd., Class H

    1,920,000       3,087,553  
Security   Shares     Value  
China (continued)            

Shanghai Pudong Development Bank Co. Ltd., Class A

    4,849,495     $ 4,804,978  

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

    386,466       1,005,850  

Shanghai RAAS Blood Products Co. Ltd., Class A

    1,385,700       1,382,337  

Shanghai Rural Commercial Bank Co. Ltd.

    1,894,600       1,694,718  

Shanghai United Imaging Healthcare Co. Ltd., NVS

    125,684       2,483,916  

Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A

    234,700       649,479  

Shanxi Coal International Energy Group Co. Ltd.

    360,200       918,826  

Shanxi Coking Coal Energy Group Co. Ltd., Class A

    966,000       1,559,890  

Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A

    488,700       1,751,717  

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

    1,144,400       1,089,577  

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

    185,200       5,962,455  

Shede Spirits Co. Ltd.

    54,900       616,032  

Shengyi Technology Co. Ltd., Class A

    535,300       1,272,026  

Shennan Circuits Co. Ltd., Class A

    114,640       1,115,251  

Shenwan Hongyuan Group Co. Ltd., Class A

    4,493,670       2,853,101  

Shenzhen Inovance Technology Co. Ltd., Class A

    250,697       2,195,345  

Shenzhen Kangtai Biological Products Co. Ltd., Class A

    235,635       791,813  

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

    195,832       7,830,201  

Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A

    139,100       1,561,471  

Shenzhen Overseas Chinese Town Co. Ltd., Class A(a)

    1,448,600       615,895  

Shenzhen Transsion Holding Co. Ltd., Class A

    124,533       2,745,019  

Shenzhou International Group Holdings Ltd.

    2,097,400       17,203,897  

Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A

    289,900       862,438  

Sichuan Chuantou Energy Co. Ltd., Class A

    914,860       1,988,053  

Sichuan Kelun Pharmaceutical Co. Ltd., Class A

    318,578       1,210,872  

Sichuan Road & Bridge Co. Ltd., Class A

    1,388,080       1,570,683  

Sichuan Swellfun Co. Ltd., Class A

    98,193       682,720  

Sino Biopharmaceutical Ltd.(c)

     26,247,750        10,432,424  

Sinoma Science & Technology Co. Ltd., Class A

    411,600       893,032  

Sinopharm Group Co. Ltd., Class H

    3,524,800       9,863,919  

Sinotruk Hong Kong Ltd.

    1,652,000       4,367,635  

Skshu Paint Co. Ltd., Class A(a)

    106,796       571,313  

Smoore International Holdings Ltd.(b)(c)

    4,671,000       3,247,130  

Songcheng Performance Development Co. Ltd., Class A

    617,318       923,251  

SooChow Securities Co. Ltd., Class A

    884,100       894,270  

Spring Airlines Co. Ltd., Class A(a)

    190,300       1,513,759  

StarPower Semiconductor Ltd., Class A

    32,500       683,092  

Sungrow Power Supply Co. Ltd., Class A

    234,300       2,828,767  

Sunny Optical Technology Group Co. Ltd.

    1,785,400       11,490,670  

Sunwoda Electronic Co. Ltd., Class A

    443,100       872,611  

SUPCON Technology Co. Ltd.

    183,243       1,168,835  

Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A

    439,500       911,948  

 

 

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

  17


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
China (continued)            

Suzhou Maxwell Technologies Co. Ltd., Class A

    49,440     $ 832,126  

Suzhou TFC Optical Communication Co. Ltd.

    69,200       1,308,244  

TAL Education Group, ADR(a)

    1,118,559       16,476,374  

TBEA Co. Ltd., Class A

    935,380       1,930,939  

TCL Technology Group Corp., Class A(a)

    3,813,530       2,392,799  

TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A

    691,316       1,295,596  

Tencent Holdings Ltd.

    16,691,900        584,727,550  

Tencent Music Entertainment Group, ADR(a)

    1,905,220       19,947,653  

Thunder Software Technology Co. Ltd., Class A

    79,987       671,685  

Tianma Microelectronics Co. Ltd., Class A(a)

    914,823       1,161,306  

Tianqi Lithium Corp., Class A

    224,000       1,662,901  

Tingyi Cayman Islands Holding Corp.

    5,220,000       5,804,930  

Tongcheng Travel Holdings Ltd.(a)

    3,319,600       8,345,310  

TongFu Microelectronics Co. Ltd., Class A

    338,400       1,042,138  

Tongkun Group Co. Ltd., Class A(a)

    682,500       1,283,666  

Tongwei Co. Ltd., Class A

    709,384       2,604,033  

Topchoice Medical Corp., Class A(a)

    77,700       706,838  

Topsports International Holdings Ltd.(b)

    4,942,000       3,344,347  

TravelSky Technology Ltd., Class H

    2,615,000       3,126,149  

Trina Solar Co. Ltd.

    360,397       1,252,710  

Trip.com Group Ltd.(a)

    1,388,762       63,036,287  

Tsingtao Brewery Co. Ltd., Class A

    121,090       1,345,297  

Tsingtao Brewery Co. Ltd., Class H

    1,550,000       9,918,020  

Unigroup Guoxin Microelectronics Co. Ltd., Class A(a)

    156,839       1,554,035  

Unisplendour Corp. Ltd., Class A(a)

    500,354       1,533,520  

Vinda International Holdings Ltd.

    814,000       2,410,702  

Vipshop Holdings Ltd., ADR(a)

    871,810       16,782,342  

Walvax Biotechnology Co. Ltd., Class A

    351,847       897,100  

Wanhua Chemical Group Co. Ltd., Class A

    494,591       5,440,871  

Want Want China Holdings Ltd.

     12,568,000       6,934,512  

Weichai Power Co. Ltd., Class A

    1,318,144       3,088,460  

Weichai Power Co. Ltd., Class H

    4,749,800       9,349,324  

Wens Foodstuffs Group Co. Ltd., Class A

    1,130,870       3,009,837  

Western Securities Co. Ltd., Class A

    1,146,110       1,267,202  

Western Superconducting Technologies Co. Ltd., Class A

    195,212       1,084,090  

Will Semiconductor Co. Ltd. Shanghai, Class A

    199,970       2,654,826  

Wingtech Technology Co. Ltd., Class A(a)

    181,400       959,268  

Wuhan Guide Infrared Co. Ltd., Class A

    1,079,732       943,544  

Wuliangye Yibin Co. Ltd., Class A

    588,028        11,569,050  

WUS Printed Circuit Kunshan Co. Ltd., Class A

    356,823       1,307,892  

WuXi AppTec Co. Ltd., Class A

    378,229       2,850,430  

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

    880,770       5,429,513  

Wuxi Biologics Cayman Inc.(a)(b)

    9,662,000       22,885,491  

XCMG Construction Machinery Co. Ltd., Class A

    2,196,069       1,805,855  

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

    38,622,800       64,902,652  

Xinjiang Daqo New Energy Co. Ltd.

    329,152       1,332,579  

Xinyi Solar Holdings Ltd.

    12,690,000       7,684,370  

XPeng Inc.(a)(c)

    2,884,076       13,498,319  

Yadea Group Holdings Ltd.(b)(c)

    3,202,000       5,030,565  

Yankuang Energy Group Co. Ltd., Class A

    649,900       2,330,377  

Yankuang Energy Group Co. Ltd., Class H(a)

    5,662,200       13,057,273  

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

    271,298       1,135,568  

Yealink Network Technology Corp. Ltd., Class A

    266,242       1,083,211  

Yifeng Pharmacy Chain Co. Ltd., Class A

    194,090       1,059,861  

Yihai Kerry Arawana Holdings Co. Ltd., Class A

    290,100       1,298,257  

Yintai Gold Co. Ltd., Class A

    596,600       1,237,131  
Security   Shares     Value  
China (continued)            

YongXing Special Materials Technology Co. Ltd., Class A

    98,630     $ 753,816  

Yonyou Network Technology Co. Ltd., Class A

    548,351       964,265  

YTO Express Group Co. Ltd., Class A

    652,200       1,152,570  

Yuexiu Property Co. Ltd.

    4,192,000       2,787,755  

Yum China Holdings Inc.

    1,027,588       44,073,249  

Yunda Holding Co. Ltd., Class A

    641,804       641,276  

Yunnan Aluminium Co. Ltd., Class A

    641,500       1,028,225  

Yunnan Baiyao Group Co. Ltd., Class A

    354,922       2,450,312  

Yunnan Energy New Material Co. Ltd., Class A

    144,800       921,158  

Zai Lab Ltd.(a)

    2,361,760       5,040,410  

Zangge Mining Co. Ltd.

    369,800       1,501,320  

Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A

    97,964       3,027,273  

Zhaojin Mining Industry Co. Ltd., Class H(c)

    3,458,500       3,575,971  

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

    1,293,598       877,788  

Zhejiang China Commodities City Group Co. Ltd., Class A

    801,100       911,904  

Zhejiang Chint Electrics Co. Ltd., Class A

    471,423       1,344,113  

Zhejiang Dahua Technology Co. Ltd., Class A

    549,284       1,407,741  

Zhejiang Expressway Co. Ltd., Class H

    5,154,640       3,931,032  

Zhejiang Huahai Pharmaceutical Co. Ltd., Class A

    374,404       722,986  

Zhejiang Huayou Cobalt Co. Ltd., Class A

    300,815       1,153,912  

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

    258,084       1,324,373  

Zhejiang Juhua Co. Ltd., Class A

    560,700       1,582,637  

Zhejiang Leapmotor Technology Co.
Ltd.(a)(b)(c)

    1,288,000       4,506,230  

Zhejiang NHU Co. Ltd., Class A

    658,687       1,644,098  

Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A

    290,500       1,003,543  

Zhejiang Supor Co. Ltd., Class A

    138,082       1,061,097  

Zhejiang Zheneng Electric Power Co. Ltd., Class A(a)

    2,359,600       1,761,580  

Zheshang Securities Co. Ltd., Class A

    921,700       1,309,126  

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

    1,769,700       2,786,785  

Zhongji Innolight Co. Ltd., Class A

    126,900       2,733,272  

Zhongjin Gold Corp. Ltd., Class A

    842,600       1,213,832  

Zhongsheng Group Holdings Ltd.

    2,035,500       3,705,901  

Zhongtai Securities Co. Ltd.

    1,764,700       1,699,954  

Zhuzhou CRRC Times Electric Co. Ltd.

    1,387,400       4,067,783  

Zijin Mining Group Co. Ltd., Class A

    3,339,400       6,051,683  

Zijin Mining Group Co. Ltd., Class H

     13,538,000        21,746,406  

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

    1,520,354       1,686,806  

ZTE Corp., Class A

    604,000       2,499,024  

ZTE Corp., Class H

    1,886,600       4,249,536  

ZTO Express Cayman Inc., ADR

    1,062,404       20,387,533  
   

 

 

 
      4,494,015,653  
Colombia — 0.1%            

Bancolombia SA

    630,177       5,288,670  

Interconexion Electrica SA ESP

    1,157,083       4,929,026  
   

 

 

 
      10,217,696  
Czech Republic — 0.1%            

CEZ AS

    402,872       13,764,090  

Komercni Banka AS

    187,587       6,528,396  

Moneta Money Bank AS(b)

    853,562       3,746,845  
   

 

 

 
      24,039,331  

 

 

18  

2 0 2 4 I S H A R E S  S E M I - A N N U A L R E P O R TT O  S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued)

February 29, 2024

  

iShares® MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Egypt — 0.1%            

Commercial International Bank - Egypt (CIB)

    9,039,285     $ 12,904,079  

Eastern Co. S.A.E

    4,110,572       2,907,649  

EFG Holding S.A.E.(a)

    2,296,495       842,870  
   

 

 

 
      16,654,598  
Greece — 0.5%            

Alpha Services and Holdings SA(a)

    5,539,714       10,435,366  

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

    6,331,967       13,081,516  

FF Group(d)

    246,892       3  

Hellenic Telecommunications Organization SA

    490,670       7,403,210  

JUMBO SA

    299,790       8,761,308  

Motor Oil Hellas Corinth Refineries SA

    161,140       4,603,981  

Mytilineos SA

    246,359       9,585,529  

National Bank of Greece SA(a)

    1,925,955       15,122,523  

OPAP SA

    468,507       8,542,329  

Piraeus Financial Holdings SA(a)

    1,725,456       7,622,908  

Public Power Corp. SA(a)

    535,884       6,999,910  
   

 

 

 
      92,158,583  
Hungary — 0.3%            

MOL Hungarian Oil & Gas PLC

    1,098,501       8,740,193  

OTP Bank Nyrt

    561,495       26,921,055  

Richter Gedeon Nyrt

    347,459       9,250,235  
   

 

 

 
      44,911,483  
India — 17.9%            

ABB India Ltd.

    134,291       8,803,154  

Adani Enterprises Ltd.

    433,876       17,185,054  

Adani Green Energy Ltd.(a)

    802,673       18,345,083  

Adani Ports & Special Economic Zone Ltd.

    1,334,655       21,188,797  

Adani Power Ltd.(a)

    1,945,786       12,877,466  

Ambuja Cements Ltd.

    1,504,566       10,988,346  

APL Apollo Tubes Ltd.

    432,905       8,062,713  

Apollo Hospitals Enterprise Ltd.

    255,528       18,811,791  

Ashok Leyland Ltd.

    3,849,312       7,884,354  

Asian Paints Ltd.

    969,008       33,051,428  

Astral Ltd.

    331,993       8,284,668  

AU Small Finance Bank Ltd.(b)

    427,058       2,927,490  

Aurobindo Pharma Ltd.

    668,886       8,291,866  

Avenue Supermarts Ltd.(a)(b)

    415,939       19,642,748  

Axis Bank Ltd.

     5,737,180       74,267,941  

Bajaj Auto Ltd.

    171,440       16,339,778  

Bajaj Finance Ltd.

    697,121       54,387,708  

Bajaj Finserv Ltd.

    968,906       18,597,974  

Bajaj Holdings & Investment Ltd.

    67,632       7,460,447  

Balkrishna Industries Ltd.

    196,275       5,271,996  

Bandhan Bank Ltd.(b)

    1,800,847       4,240,857  

Bank of Baroda

    2,624,317       8,396,567  

Berger Paints India Ltd.

    764,319       5,592,673  

Bharat Electronics Ltd.

    9,273,590        22,906,671  

Bharat Forge Ltd.

    648,027       8,985,668  

Bharat Heavy Electricals Ltd.

    2,631,482       7,221,669  

Bharat Petroleum Corp. Ltd.

    1,923,908       13,981,752  

Bharti Airtel Ltd.

    5,665,971       76,711,572  

Britannia Industries Ltd.

    275,050       16,483,372  

CG Power and Industrial Solutions Ltd.

    1,550,046       8,283,159  

Cholamandalam Investment and Finance Co. Ltd.

    1,043,216       13,666,440  

Cipla Ltd.

    1,320,364       23,579,842  

Coal India Ltd.

    3,850,540       20,220,410  

Colgate-Palmolive India Ltd.

    315,159       9,584,345  

Container Corp. of India Ltd.

    692,811       8,161,767  

Cummins India Ltd.

    363,519       12,010,756  
Security   Shares     Value  
India (continued)            

Dabur India Ltd.

    1,583,655     $ 10,283,931  

Divi’s Laboratories Ltd.

    303,606       12,770,586  

DLF Ltd.

    1,870,658       20,322,208  

Dr. Reddy’s Laboratories Ltd.

    288,336       22,357,548  

Eicher Motors Ltd.

    346,994       15,856,509  

GAIL India Ltd.

    5,839,138       12,813,357  

GMR Airports Infrastructure Ltd.(a)

    6,063,220       6,142,469  

Godrej Consumer Products Ltd.

    1,038,091       15,716,743  

Godrej Properties Ltd.(a)

    317,507       9,184,467  

Grasim Industries Ltd.

    668,363       17,641,342  

Havells India Ltd.

    635,974       11,733,991  

HCL Technologies Ltd.

    2,380,780       47,711,225  

HDFC Asset Management Co. Ltd.(b)

    235,699       10,667,066  

HDFC Bank Ltd.

    7,059,123       119,221,197  

HDFC Life Insurance Co. Ltd.(b)

    2,435,826       17,099,091  

Hero MotoCorp Ltd.

    295,623       15,754,793  

Hindalco Industries Ltd.

    3,340,859       20,265,399  

Hindustan Aeronautics Ltd., NVS

    500,385       18,578,422  

Hindustan Petroleum Corp. Ltd.

    1,439,870       8,851,820  

Hindustan Unilever Ltd.

    2,068,049       60,169,376  

ICICI Bank Ltd.

    13,063,076       165,911,031  

ICICI Lombard General Insurance Co.
Ltd.(b)

    607,598       12,552,419  

ICICI Prudential Life Insurance Co. Ltd.(b)

    908,873       5,841,283  

IDFC First Bank Ltd.(a)

    8,515,594       8,319,916  

Indian Hotels Co. Ltd., Class A

    2,176,498       15,405,285  

Indian Oil Corp. Ltd.

    7,116,765       14,192,146  

Indian Railway Catering & Tourism Corp. Ltd.

    608,951       6,809,001  

Indraprastha Gas Ltd.

    796,161       4,086,140  

IndusInd Bank Ltd.

    738,742       13,122,810  

Info Edge India Ltd.

    181,727       11,528,206  

Infosys Ltd.

    8,363,130        168,303,732  

InterGlobe Aviation Ltd.(a)(b)

    370,884       14,083,196  

ITC Ltd.

    7,559,894       36,998,491  

Jindal Steel & Power Ltd.

    906,060       8,453,046  

Jio Financial Services Ltd., NVS(a)

    7,884,443       29,434,184  

JSW Steel Ltd.

    1,533,455       14,784,253  

Jubilant Foodworks Ltd.

    1,008,475       5,640,937  

Kotak Mahindra Bank Ltd.

    2,763,368       56,220,663  

Larsen & Toubro Ltd.

    1,700,199       71,283,044  

LTIMindtree Ltd.(b)

    225,320       14,406,287  

Lupin Ltd.

    543,786       10,636,917  

Macrotech Developers Ltd.