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FEBRUARY 29, 2024 |
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2024 Semi-Annual Report (Unaudited)
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iShares, Inc.
· iShares Currency Hedged MSCI Emerging Markets ETF | HEEM | Cboe BZX
· iShares MSCI Emerging Markets ETF | EEM | NYSE Arca
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.
Rob Kapito
President, BlackRock Inc.
Rob Kapito
President, BlackRock Inc.
Total Returns as of February 29, 2024
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6-Month
|
12-Month
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|||||||
U.S.
large cap equities |
13.93% | 30.45% | ||||||
U.S.
small cap equities |
8.97 | 10.05 | ||||||
International
equities |
9.23 | 14.41 | ||||||
Emerging
market equities |
4.93 | 8.73 | ||||||
3-month
Treasury bills |
2.69 | 5.22 | ||||||
U.S.
Treasury securities |
0.58 | 0.69 | ||||||
U.S.
investment grade bonds |
2.35 | 3.33 | ||||||
Tax-exempt
municipal bonds |
4.33 | 5.42 | ||||||
U.S.
high yield bonds |
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. |
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2 |
T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T |
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Semi-Annual Report: |
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Financial Statements |
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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 |
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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 | |||||||||||||||||||||||||||||
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Beginning Account Value (09/01/23) |
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Ending Account Value (02/29/24) |
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Expenses Paid During the Period |
(a) |
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Beginning Account Value (09/01/23) |
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Ending Account Value (02/29/24) |
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Expenses Paid During the Period |
(a) |
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Annualized Expense Ratio |
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$ 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 |
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Investment Type |
Percent of Net Assets |
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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) |
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Sector |
Percent of Total Investment(a) |
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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 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of February 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 | |||||||||||||||||||||||||||||
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Beginning Account Value (09/01/23) |
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Ending Account Value (02/29/24) |
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Expenses Paid During the Period |
(a) |
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Beginning Account Value (09/01/23) |
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Ending Account Value (02/29/24) |
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Expenses Paid During the Period |
(a) |
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Annualized Expense Ratio |
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$ 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 |
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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 |
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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 |
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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.
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 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) February 29, 2024 |
iShares® Currency Hedged MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
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Investment Companies |
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Exchange-Traded Funds — 99.9% | ||||||||
iShares MSCI Emerging Markets ETF(a)(b) |
2,975,975 | $ | 119,009,240 | |||||
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Total
Investment Companies |
119,009,240 | |||||||
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Short-Term Securities |
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Money Market Funds — 34.0% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, |
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5.50%(a)(c)(d) |
40,017,475 | 40,037,484 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, |
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5.30%(a)(c) |
440,000 | 440,000 | ||||||
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Total
Short-Term Securities — 34.0% |
40,477,484 | |||||||
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Total
Investments in Securities — 133.9% |
159,486,724 | |||||||
Liabilities in Excess of Other Assets — (33.9)% |
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(40,405,521 | ) | |||||
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Net Assets — 100.0% |
$ | 119,081,203 | ||||||
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(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 |
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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 | — | |||||||||||||||||||||||||
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$ | (1,930,084 | ) | $ | 4,429,429 | $ | 159,486,724 | $ | 2,463,447 | $ | — | ||||||||||||||||||||||||||
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(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) |
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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 | ||||||||||||||||||||
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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 E O 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) |
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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 | ||||||||||||||||||||
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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 T T 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 E O 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 T T 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 |
|
|
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 E O 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 T T 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 |
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. |
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., |
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 E O 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 |
1,706,200 | 5,142,177 | ||||||
China
Resources Pharmaceutical Group |
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. |
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 T T 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., |
1,536,800 | 7,703,094 | ||||||
Ganfeng Lithium Group Co. Ltd., Class A |
300,173 | 1,664,564 | ||||||
Ganfeng
Lithium Group Co. Ltd., |
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., |
1,665,800 | 2,038,130 | ||||||
Huaneng
Power International Inc., |
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 E O 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 T T 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 E O 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. |
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 T T 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. |
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. |
570,022 | 7,987,112 | ||||||
Mahindra & Mahindra Ltd. |
2,366,417 | 55,101,370 | ||||||
Marico Ltd. |
1,304,281 | 8,217,616 | ||||||
Maruti Suzuki India Ltd. |
353,934 | 48,168,465 | ||||||
Max Healthcare Institute Ltd. |
1,981,604 | 18,965,281 | ||||||
Mphasis Ltd. |
194,157 | 6,125,058 | ||||||
MRF Ltd. |
5,876 | 10,359,013 | ||||||
Muthoot Finance Ltd. |
305,734 | 4,795,577 | ||||||
Nestle India Ltd., NVS |
853,726 | 26,736,590 | ||||||
NMDC Ltd. |
2,575,867 | 7,017,784 | ||||||
NTPC Ltd. |
10,972,042 | 44,336,443 | ||||||
Oil & Natural Gas Corp. Ltd. |
7,872,032 | 25,043,960 | ||||||
One 97 Communications Ltd., NVS(a) |
618,033 | 2,991,444 | ||||||
Page Industries Ltd. |
15,630 | 6,467,262 | ||||||
Persistent Systems Ltd. |
127,943 | 13,314,143 | ||||||
Petronet LNG Ltd. |
1,863,062 | 6,134,164 | ||||||
PI Industries Ltd. |
208,362 | 9,229,289 | ||||||
Pidilite Industries Ltd. |
390,068 | 12,879,113 | ||||||
Polycab India Ltd. |
111,805 | 6,400,416 | ||||||
Power Finance Corp. Ltd. |
3,727,622 | 18,033,135 | ||||||
Power Grid Corp. of India Ltd. |
11,695,280 | 39,956,639 |
S C H E D U L E O F I N V E S T M E N T S |
19 |
Schedule of Investments (unaudited) (continued) February 29, 2024 |
iShares® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
India (continued) | ||||||||
Punjab National Bank |
5,547,534 | $ | 8,152,407 | |||||
REC Ltd. |
3,301,054 | 17,577,858 | ||||||
Reliance Industries Ltd. |
7,670,187 | 269,954,107 | ||||||
Samvardhana Motherson International Ltd. |
5,991,010 | 8,607,152 | ||||||
SBI Cards & Payment Services Ltd. |
705,527 | 6,120,750 | ||||||
SBI Life Insurance Co. Ltd.(b) |
1,140,469 | 21,309,657 | ||||||
Shree Cement Ltd. |
22,761 | 6,985,209 | ||||||
Shriram Finance Ltd. |
712,469 | 20,928,937 | ||||||
Siemens Ltd. |
224,671 | 12,667,206 | ||||||
Sona Blw Precision Forgings Ltd.(b) |
1,039,858 | 8,637,142 | ||||||
SRF Ltd. |
377,698 | 10,888,288 | ||||||
State Bank of India |
4,492,174 | 40,451,126 | ||||||
Sun Pharmaceutical Industries Ltd. |
2,419,289 | 45,993,170 | ||||||
Supreme Industries Ltd. |
164,564 | 8,230,189 | ||||||
Suzlon Energy Ltd.(a) |
22,084,529 | 12,032,009 | ||||||
Tata Communications Ltd. |
305,243 | 7,068,995 | ||||||
Tata Consultancy Services Ltd. |
2,293,306 | 113,131,304 | ||||||
Tata Consumer Products Ltd. |
1,414,428 | 20,284,163 | ||||||
Tata Elxsi Ltd. |
86,920 | 8,184,821 | ||||||
Tata Motors Ltd. |
4,157,465 | 47,599,322 | ||||||
Tata Motors Ltd., Class A |
1,196,730 | 9,112,542 | ||||||
Tata Power Co. Ltd. (The) |
3,648,495 | 16,362,992 | ||||||
Tata Steel Ltd. |
18,597,773 | 31,526,489 | ||||||
Tech Mahindra Ltd. |
1,342,807 | 20,635,217 | ||||||
Titan Co. Ltd. |
897,790 | 39,234,751 | ||||||
Torrent Pharmaceuticals Ltd. |
257,671 | 8,301,782 | ||||||
Trent Ltd. |
462,304 | 21,606,434 | ||||||
Tube Investments of India Ltd. |
269,809 | 11,326,017 | ||||||
TVS Motor Co. Ltd. |
602,352 | 15,522,059 | ||||||
UltraTech Cement Ltd. |
291,586 | 34,788,042 | ||||||
Union Bank of India Ltd. |
3,086,095 | 5,445,202 | ||||||
United Spirits Ltd. |
738,255 | 10,377,413 | ||||||
UPL Ltd. |
1,142,726 | 6,471,706 | ||||||
Varun Beverages Ltd. |
1,153,816 | 19,608,402 | ||||||
Vedanta Ltd. |
2,245,314 | 7,235,016 | ||||||
Wipro Ltd. |
3,237,528 | 20,198,367 | ||||||
Yes Bank Ltd.(a) |
32,914,574 | 9,678,537 | ||||||
Zomato Ltd.(a) |
15,312,986 | 30,479,127 | ||||||
|
|
|||||||
3,184,826,630 | ||||||||
Indonesia — 1.9% | ||||||||
Adaro Energy Indonesia Tbk PT |
36,433,700 | 5,615,180 | ||||||
Amman Mineral Internasional PT(a) |
16,975,900 | 9,175,611 | ||||||
Aneka Tambang Tbk |
23,124,300 | 2,147,681 | ||||||
Astra International Tbk PT |
51,160,700 | 17,031,303 | ||||||
Bank Central Asia Tbk PT |
139,193,600 | 87,589,788 | ||||||
Bank Mandiri Persero Tbk PT |
93,768,000 | 41,883,680 | ||||||
Bank Negara Indonesia Persero Tbk PT |
37,901,752 | 14,485,449 | ||||||
Bank Rakyat Indonesia Persero Tbk PT |
171,336,908 | 66,767,198 | ||||||
Barito Pacific Tbk PT |
71,670,622 | 4,454,927 | ||||||
Charoen Pokphand Indonesia Tbk PT |
18,723,145 | 5,772,717 | ||||||
GoTo Gojek Tokopedia Tbk PT(a) |
2,121,524,100 | 9,602,815 | ||||||
Indah Kiat Pulp & Paper Tbk PT |
6,444,700 | 3,581,810 | ||||||
Indofood CBP Sukses Makmur Tbk PT |
5,970,500 | 4,401,949 | ||||||
Indofood Sukses Makmur Tbk PT |
11,085,500 | 4,673,334 | ||||||
Kalbe Farma Tbk PT |
53,367,415 | 5,052,250 | ||||||
Merdeka Copper Gold Tbk PT(a) |
26,675,563 | 3,836,679 | ||||||
Sarana Menara Nusantara Tbk PT |
51,787,800 | 3,036,805 | ||||||
Semen Indonesia Persero Tbk PT |
8,396,071 | 3,261,485 | ||||||
Sumber Alfaria Trijaya Tbk PT |
43,810,700 | 7,666,524 | ||||||
Telkom Indonesia Persero Tbk PT |
125,191,000 | 31,912,353 | ||||||
Unilever Indonesia Tbk PT |
19,011,700 | 3,302,701 |
Security | Shares | Value | ||||||
Indonesia (continued) | ||||||||
United Tractors Tbk PT |
3,648,553 | $ | 5,464,418 | |||||
|
|
|||||||
340,716,657 | ||||||||
Kazakhstan — 0.0% | ||||||||
Polymetal International PLC(a)(d) |
1,312,267 | 144 | ||||||
|
|
|||||||
Kuwait — 0.8% | ||||||||
Agility Public Warehousing Co. KSC(a) |
4,060,890 | 7,941,016 | ||||||
Boubyan Bank KSCP |
3,519,502 | 7,358,898 | ||||||
Gulf Bank KSCP |
5,144,265 | 4,935,419 | ||||||
Kuwait Finance House KSCP |
21,698,364 | 57,167,839 | ||||||
Mabanee Co. KPSC |
1,669,829 | 4,438,408 | ||||||
Mobile Telecommunications Co. KSCP |
4,940,662 | 8,080,419 | ||||||
National Bank of Kuwait SAKP |
18,810,883 | 59,934,254 | ||||||
|
|
|||||||
149,856,253 | ||||||||
Malaysia — 1.4% | ||||||||
AMMB Holdings Bhd |
4,218,375 | 3,861,439 | ||||||
Axiata Group Bhd |
7,060,900 | 4,139,025 | ||||||
CELCOMDIGI Bhd |
9,096,300 | 8,352,728 | ||||||
CIMB Group Holdings Bhd |
15,994,500 | 21,780,963 | ||||||
Gamuda Bhd |
4,527,700 | 5,047,210 | ||||||
Genting Bhd |
5,285,200 | 5,316,582 | ||||||
Genting Malaysia Bhd |
7,346,900 | 4,449,633 | ||||||
Hong Leong Bank Bhd |
1,649,600 | 6,859,360 | ||||||
IHH Healthcare Bhd |
4,922,300 | 6,379,126 | ||||||
Inari Amertron Bhd |
6,791,900 | 4,546,760 | ||||||
IOI Corp. Bhd |
6,466,220 | 5,421,809 | ||||||
Kuala Lumpur Kepong Bhd |
1,287,400 | 6,083,585 | ||||||
Malayan Banking Bhd |
13,389,100 | 26,900,173 | ||||||
Malaysia Airports Holdings Bhd |
1,930,900 | 3,450,433 | ||||||
Maxis Bhd(c) |
6,020,400 | 4,719,395 | ||||||
MISC Bhd |
3,282,200 | 5,262,061 | ||||||
MR DIY Group M Bhd(b) |
7,866,300 | 2,585,438 | ||||||
Nestle Malaysia Bhd |
195,100 | 5,134,968 | ||||||
Petronas Chemicals Group Bhd |
7,065,600 | 10,428,684 | ||||||
Petronas Dagangan Bhd |
772,500 | 3,718,028 | ||||||
Petronas Gas Bhd |
2,027,400 | 7,664,431 | ||||||
PPB Group Bhd |
1,640,860 | 5,387,124 | ||||||
Press Metal Aluminium Holdings Bhd |
9,419,700 | 9,296,697 | ||||||
Public Bank Bhd |
36,486,750 | 33,864,471 | ||||||
QL Resources Bhd |
2,799,400 | 3,426,032 | ||||||
RHB Bank Bhd |
3,701,325 | 4,371,409 | ||||||
Sime Darby Bhd |
6,851,973 | 3,915,215 | ||||||
Sime Darby Plantation Bhd |
5,407,373 | 4,941,702 | ||||||
Telekom Malaysia Bhd |
3,116,100 | 3,974,761 | ||||||
Tenaga Nasional Bhd |
6,466,250 | 15,342,951 | ||||||
YTL Corp. Bhd |
7,990,700 | 4,495,874 | ||||||
YTL Power International Bhd |
6,146,300 | 5,115,980 | ||||||
|
|
|||||||
246,234,047 | ||||||||
Mexico — 2.6% | ||||||||
Alfa SAB de CV, Class A |
7,603,947 | 5,670,309 | ||||||
America Movil SAB de CV |
47,330,550 | 44,319,672 | ||||||
Arca Continental SAB de CV |
1,284,936 | 13,842,035 | ||||||
Banco del Bajio SA(b) |
1,976,800 | 7,356,641 | ||||||
Cemex SAB de CV, NVS(a) |
38,463,415 | 29,404,538 | ||||||
Coca-Cola Femsa SAB de CV |
1,332,569 | 13,006,508 | ||||||
Fibra Uno Administracion SA de CV |
7,348,581 | 13,279,334 | ||||||
Fomento Economico Mexicano SAB de CV |
4,898,472 | 61,166,774 | ||||||
Gruma SAB de CV, Class B |
469,666 | 8,363,977 | ||||||
Grupo Aeroportuario del Centro Norte SAB de CV, Class B |
732,654 | 6,350,234 |
20 |
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 T T 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 | ||||||
Mexico (continued) | ||||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B |
978,100 | $ | 14,442,315 | |||||
Grupo Aeroportuario del Sureste SAB de CV, Class B |
469,542 | 13,776,685 | ||||||
Grupo Bimbo SAB de CV, Series A |
3,345,946 | 13,996,858 | ||||||
Grupo Carso SAB de CV, Series A1 |
1,424,941 | 12,328,017 | ||||||
Grupo Financiero Banorte SAB de CV, Class O |
6,542,712 | 67,644,907 | ||||||
Grupo Financiero Inbursa SAB de CV, Class O(a)(c) |
4,665,549 | 14,154,659 | ||||||
Grupo Mexico SAB de CV, Series B |
7,917,388 | 38,434,351 | ||||||
Industrias Penoles SAB de CV(a)(c) |
511,563 | 6,410,351 | ||||||
Kimberly-Clark de Mexico SAB de CV, Class A |
3,860,263 | 8,579,243 | ||||||
Operadora De Sites Mexicanos SAB de CV |
3,277,721 | 3,809,593 | ||||||
Orbia Advance Corp. SAB de CV |
2,629,934 | 4,863,548 | ||||||
Prologis Property Mexico SA de CV |
1,871,642 | 8,412,602 | ||||||
Promotora y Operadora de Infraestructura SAB de CV |
472,425 | 4,909,888 | ||||||
Wal-Mart de Mexico SAB de CV |
13,121,200 | 52,540,998 | ||||||
|
|
|||||||
467,064,037 | ||||||||
Netherlands — 0.1% | ||||||||
NEPI Rockcastle NV |
1,300,516 | 9,279,229 | ||||||
Pepco Group NV(a) |
426,309 | 2,139,377 | ||||||
|
|
|||||||
11,418,606 | ||||||||
Peru — 0.3% | ||||||||
Cia. de Minas Buenaventura SAA, ADR |
519,532 | 7,844,933 | ||||||
Credicorp Ltd. |
170,216 | 29,086,510 | ||||||
Southern Copper Corp. |
216,194 | 17,481,447 | ||||||
|
|
|||||||
54,412,890 | ||||||||
Philippines — 0.7% | ||||||||
Aboitiz Equity Ventures Inc. |
4,292,730 | 4,048,426 | ||||||
Ayala Corp. |
629,516 | 7,597,183 | ||||||
Ayala Land Inc. |
17,081,600 | 10,646,346 | ||||||
Bank of the Philippine Islands |
4,758,008 | 10,593,819 | ||||||
BDO Unibank Inc. |
6,012,243 | 16,379,175 | ||||||
International Container Terminal Services Inc. |
2,578,040 | 13,230,065 | ||||||
JG Summit Holdings Inc. |
7,205,293 | 5,255,128 | ||||||
Jollibee Foods Corp. |
1,137,669 | 5,541,115 | ||||||
Manila Electric Co. |
611,540 | 4,242,651 | ||||||
Metropolitan Bank & Trust Co. |
4,718,245 | 5,203,881 | ||||||
PLDT Inc. |
191,788 | 4,475,178 | ||||||
SM Investments Corp. |
627,292 | 10,496,615 | ||||||
SM Prime Holdings Inc. |
25,664,525 | 14,426,737 | ||||||
Universal Robina Corp. |
2,211,270 | 4,603,391 | ||||||
|
|
|||||||
116,739,710 | ||||||||
Poland — 1.0% | ||||||||
Allegro.eu SA (a)(b)(c) |
1,309,987 | 10,586,547 | ||||||
Bank Polska Kasa Opieki SA |
459,200 | 19,917,060 | ||||||
Budimex SA |
33,610 | 6,144,424 | ||||||
CD Projekt SA |
167,277 | 4,597,406 | ||||||
Dino Polska SA(a)(b)(c) |
123,622 | 14,384,862 | ||||||
KGHM Polska Miedz SA |
355,241 | 9,601,317 | ||||||
LPP SA |
2,834 | 12,732,454 | ||||||
mBank SA(a) |
38,255 | 6,665,856 | ||||||
ORLEN SA |
1,434,072 | 22,275,904 | ||||||
PGE Polska Grupa Energetyczna SA(a) |
2,305,165 | 4,606,743 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA |
2,191,623 | 30,541,146 | ||||||
Powszechny Zaklad Ubezpieczen SA |
1,487,317 | 18,301,765 | ||||||
Santander Bank Polska SA |
90,758 | 12,516,239 | ||||||
|
|
|||||||
172,871,723 |
Security | Shares | Value | ||||||
Qatar — 0.9% | ||||||||
Barwa Real Estate Co. |
4,970,504 | $ | 4,170,409 | |||||
Commercial Bank PSQC (The) |
8,171,223 | 11,333,391 | ||||||
Dukhan Bank |
4,740,904 | 5,414,959 | ||||||
Industries Qatar QSC |
3,820,894 | 13,528,784 | ||||||
Masraf Al Rayan QSC |
14,032,212 | 9,746,821 | ||||||
Mesaieed Petrochemical Holding Co. QSC |
12,079,114 | 6,260,668 | ||||||
Ooredoo QPSC |
2,043,632 | 6,372,164 | ||||||
Qatar Electricity & Water Co. QSC |
1,116,569 | 5,294,775 | ||||||
Qatar Fuel QSC |
1,702,137 | 6,979,579 | ||||||
Qatar Gas Transport Co. Ltd. |
6,416,182 | 7,034,331 | ||||||
Qatar International Islamic Bank QSC |
2,372,716 | 7,424,294 | ||||||
Qatar Islamic Bank SAQ |
4,270,251 | 23,596,753 | ||||||
Qatar National Bank QPSC |
11,598,657 | 48,443,040 | ||||||
|
|
|||||||
155,599,968 | ||||||||
Russia — 0.0% | ||||||||
Alrosa PJSC(a)(d) |
9,805,890 | 1,072 | ||||||
Gazprom PJSC(a)(d) |
43,696,315 | 4,775 | ||||||
Inter RAO UES PJSC(a)(d) |
121,651,300 | 13,295 | ||||||
LUKOIL PJSC(a)(d) |
1,533,792 | 168 | ||||||
MMC Norilsk Nickel PJSC(a)(d) |
233,757 | 26 | ||||||
Mobile TeleSystems PJSC(a)(d) |
3,162,662 | 346 | ||||||
Moscow Exchange MICEX-RTS PJSC(a)(d) |
5,279,850 | 577 | ||||||
Novatek PJSC(a)(d) |
3,371,230 | 368 | ||||||
Novolipetsk Steel PJSC(a)(d) |
5,629,360 | 615 | ||||||
Ozon Holdings PLC, ADR(a)(d) |
197,078 | 21 | ||||||
PhosAgro PJSC(a)(d) |
174,249 | 19 | ||||||
PhosAgro PJSC, GDR(a)(d)(e) |
2 | — | ||||||
PhosAgro PJSC, New(a)(d) |
3,367 | 34 | ||||||
Polyus PJSC(a)(d) |
126,490 | 14 | ||||||
Rosneft Oil Co. PJSC(a)(d) |
4,281,715 | 468 | ||||||
Sberbank of Russia PJSC(a)(d) |
39,606,181 | 4,328 | ||||||
Severstal PAO(a)(d) |
805,849 | 88 | ||||||
Surgutneftegas PJSC(a)(d) |
26,192,370 | 2,863 | ||||||
Tatneft PJSC(a)(d) |
5,175,395 | 566 | ||||||
TCS Group Holding PLC, GDR(a)(d)(e) |
445,207 | 49 | ||||||
United Co. RUSAL International PJSC(a)(d) |
11,428,270 | 1,249 | ||||||
VK Co. Ltd.(a)(d) |
404,870 | 44 | ||||||
VTB Bank PJSC(a)(d) |
11,783,971,998 | 1,288 | ||||||
X5 Retail Group NV, GDR(a)(d) |
424,766 | 46 | ||||||
Yandex NV(a)(d) |
1,127,576 | 123 | ||||||
|
|
|||||||
32,442 | ||||||||
Saudi Arabia — 4.5% | ||||||||
ACWA Power Co. |
236,813 | 16,672,735 | ||||||
Ades Holding Co.(a) |
850,623 | 4,536,293 | ||||||
Advanced Petrochemical Co. |
349,348 | 3,557,103 | ||||||
Al Rajhi Bank |
4,951,900 | 117,598,776 | ||||||
Alinma Bank |
2,461,101 | 28,886,501 | ||||||
Almarai Co. JSC |
619,567 | 9,714,033 | ||||||
Anglogold Ashanti PLC, NVS |
1,063,366 | 20,032,072 | ||||||
Arab National Bank |
1,710,052 | 12,715,009 | ||||||
Arabian Internet & Communications Services Co. |
58,718 | 5,750,703 | ||||||
Bank AlBilad |
1,243,344 | 16,410,070 | ||||||
Bank Al-Jazira(a) |
1,024,571 | 5,322,018 | ||||||
Banque Saudi Fransi |
1,489,402 | 15,143,642 | ||||||
Bupa Arabia for Cooperative Insurance Co. |
202,331 | 12,379,679 | ||||||
Co. for Cooperative Insurance (The) |
177,878 | 7,683,715 | ||||||
Dallah Healthcare Co. |
86,860 | 4,344,969 | ||||||
Dar Al Arkan Real Estate Development Co.(a) |
1,342,821 | 5,004,518 | ||||||
Dr Sulaiman Al Habib Medical Services Group Co. |
222,027 | 19,551,624 |
S C H E D U L E O F I N V E S T M E N T S |
21 |
Schedule of Investments (unaudited) (continued) February 29, 2024 |
iShares® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Saudi Arabia (continued) | ||||||||
Elm Co. |
60,921 | $ | 17,183,292 | |||||
Etihad Etisalat Co. |
948,044 | 13,979,371 | ||||||
Jarir Marketing Co. |
1,484,862 | 6,171,851 | ||||||
Mobile Telecommunications Co. Saudi Arabia |
1,118,508 | 4,443,850 | ||||||
Mouwasat Medical Services Co. |
248,815 | 8,199,650 | ||||||
Nahdi Medical Co. |
96,674 | 3,660,429 | ||||||
Power & Water Utility Co. for Jubail & Yanbu |
194,408 | 3,944,217 | ||||||
Rabigh Refining & Petrochemical Co.(a) |
49,082 | 108,277 | ||||||
Reinet Investments SCA |
348,162 | 8,786,462 | ||||||
Riyad Bank |
3,710,588 | 30,805,667 | ||||||
SABIC Agri-Nutrients Co. |
589,751 | 19,716,458 | ||||||
Sahara International Petrochemical Co. |
902,719 | 7,376,482 | ||||||
Saudi Arabian Mining Co.(a) |
3,299,171 | 43,779,593 | ||||||
Saudi Arabian Oil Co.(b) |
6,607,159 | 55,862,681 | ||||||
Saudi Aramco Base Oil Co. |
131,224 | 5,886,577 | ||||||
Saudi Awwal Bank |
2,542,490 | 27,996,362 | ||||||
Saudi Basic Industries Corp. |
2,262,167 | 47,525,878 | ||||||
Saudi Electricity Co. |
2,114,401 | 11,286,807 | ||||||
Saudi Industrial Investment Group |
938,520 | 5,188,385 | ||||||
Saudi Investment Bank (The) |
1,243,344 | 5,372,092 | ||||||
Saudi Kayan Petrochemical Co.(a) |
1,941,408 | 4,995,490 | ||||||
Saudi National Bank (The) |
7,392,949 | 83,549,392 | ||||||
Saudi Research & Media Group(a) |
95,719 | 6,321,120 | ||||||
Saudi Tadawul Group Holding Co. |
122,521 | 7,909,890 | ||||||
Saudi Telecom Co. |
5,052,436 | 57,191,516 | ||||||
Savola Group (The) |
654,303 | 9,246,743 | ||||||
Yanbu National Petrochemical Co. |
666,466 | 6,651,115 | ||||||
|
|
|||||||
808,443,107 | ||||||||
South Africa — 2.5% | ||||||||
Absa Group Ltd. |
2,122,086 | 18,115,770 | ||||||
Anglo American Platinum Ltd. |
169,546 | 6,522,208 | ||||||
Aspen Pharmacare Holdings Ltd. |
957,728 | 9,786,502 | ||||||
Bid Corp. Ltd. |
851,178 | 19,912,595 | ||||||
Bidvest Group Ltd. (The) |
733,977 | 8,941,661 | ||||||
Capitec Bank Holdings Ltd. |
219,147 | 23,088,820 | ||||||
Clicks Group Ltd. |
606,490 | 9,489,134 | ||||||
Discovery Ltd. |
1,375,181 | 9,752,954 | ||||||
Exxaro Resources Ltd. |
620,527 | 5,757,936 | ||||||
FirstRand Ltd. |
12,756,828 | 43,157,539 | ||||||
Gold Fields Ltd. |
2,258,570 | 29,753,120 | ||||||
Harmony Gold Mining Co. Ltd. |
1,422,088 | 8,266,658 | ||||||
Impala Platinum Holdings Ltd. |
2,234,761 | 7,583,833 | ||||||
Kumba Iron Ore Ltd. |
164,972 | 4,618,442 | ||||||
MTN Group Ltd. |
4,303,004 | 18,733,099 | ||||||
Naspers Ltd., Class N |
463,720 | 76,282,665 | ||||||
Nedbank Group Ltd. |
1,106,385 | 12,657,377 | ||||||
Northam Platinum Holdings Ltd. |
905,816 | 5,179,870 | ||||||
Old Mutual Ltd. |
11,891,493 | 7,401,060 | ||||||
OUTsurance Group Ltd., NVS |
2,052,639 | 4,456,303 | ||||||
Pepkor Holdings Ltd.(b)(c) |
5,127,253 | 4,990,918 | ||||||
Remgro Ltd. |
1,334,698 | 10,122,272 | ||||||
Sanlam Ltd. |
4,459,908 | 17,102,515 | ||||||
Sasol Ltd. |
1,454,340 | 10,960,427 | ||||||
Shoprite Holdings Ltd. |
1,268,247 | 17,074,387 | ||||||
Sibanye Stillwater Ltd. |
7,181,979 | 7,402,397 | ||||||
Standard Bank Group Ltd. |
3,375,813 | 35,521,719 | ||||||
Vodacom Group Ltd. |
1,584,597 | 7,767,665 | ||||||
Woolworths Holdings Ltd./South Africa |
2,383,292 | 7,973,715 | ||||||
|
|
|||||||
448,373,561 | ||||||||
South Korea — 11.8% | ||||||||
Amorepacific Corp. |
73,917 | 6,646,421 |
Security | Shares | Value | ||||||
South Korea (continued) | ||||||||
Celltrion Inc. |
385,778 | $ | 52,171,226 | |||||
Celltrion Pharm Inc.(a)(c) |
47,471 | 3,956,165 | ||||||
CJ CheilJedang Corp. |
21,195 | 4,776,630 | ||||||
CosmoAM&T Co. Ltd.(a) |
61,451 | 8,213,326 | ||||||
Coway Co. Ltd. |
140,566 | 5,721,354 | ||||||
DB Insurance Co. Ltd.(a) |
113,770 | 8,442,251 | ||||||
Doosan Bobcat Inc. |
140,593 | 4,963,723 | ||||||
Doosan Enerbility Co. Ltd.(a) |
1,137,782 | 13,887,158 | ||||||
Ecopro BM Co. Ltd.(a)(c) |
123,619 | 24,846,499 | ||||||
Ecopro Co. Ltd.(a)(c) |
50,396 | 23,503,979 | ||||||
Ecopro Materials Co. Ltd.(a) |
34,648 | 5,024,428 | ||||||
GS Holdings Corp. |
117,913 | 4,256,276 | ||||||
Hana Financial Group Inc. |
733,525 | 31,209,941 | ||||||
Hanjin Kal Corp. |
67,064 | 3,182,971 | ||||||
Hankook Tire & Technology Co. Ltd. |
188,685 | 7,687,080 | ||||||
Hanmi Pharm Co. Ltd.(a) |
17,922 | 4,498,034 | ||||||
Hanmi Semiconductor Co. Ltd.(a) |
112,343 | 7,187,697 | ||||||
Hanon Systems |
474,093 | 2,196,750 | ||||||
Hanwha Aerospace Co. Ltd. |
89,968 | 12,677,771 | ||||||
Hanwha Ocean Co. Ltd.(a) |
182,505 | 3,239,327 | ||||||
Hanwha Solutions Corp. |
277,889 | 5,802,652 | ||||||
HD Hyundai Co. Ltd. |
112,172 | 5,962,887 | ||||||
HD Hyundai Heavy Industries Co. Ltd.(a) |
55,582 | 4,928,756 | ||||||
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.(a) |
107,900 | 9,076,870 | ||||||
HLB Inc.(a) |
296,180 | 18,170,549 | ||||||
HMM Co. Ltd.(a) |
604,421 | 8,292,677 | ||||||
HYBE Co. Ltd. |
52,940 | 7,928,901 | ||||||
Hyundai
Engineering & Construction Co. |
198,197 | 5,169,780 | ||||||
Hyundai Glovis Co. Ltd.(a) |
46,306 | 6,629,385 | ||||||
Hyundai Mobis Co. Ltd. |
153,734 | 28,040,722 | ||||||
Hyundai Motor Co. |
346,494 | 65,233,531 | ||||||
Hyundai Steel Co.(a) |
224,629 | 6,072,891 | ||||||
Industrial Bank of Korea(a) |
685,697 | 7,216,241 | ||||||
Kakao Corp. |
782,523 | 31,408,900 | ||||||
KakaoBank Corp. |
420,335 | 9,007,488 | ||||||
Kakaopay Corp.(a)(c) |
68,142 | 2,258,507 | ||||||
Kangwon Land Inc.(a) |
253,393 | 3,310,680 | ||||||
KB Financial Group Inc. |
963,578 | 45,957,076 | ||||||
Kia Corp.(a) |
657,016 | 61,528,179 | ||||||
Korea Aerospace Industries Ltd.(a) |
185,543 | 7,159,096 | ||||||
Korea Electric Power Corp.(a) |
657,195 | 12,237,352 | ||||||
Korea Investment Holdings Co. Ltd.(a) |
110,220 | 5,886,752 | ||||||
Korea Zinc Co. Ltd.(c) |
21,048 | 7,076,592 | ||||||
Korean Air Lines Co. Ltd. |
456,657 | 7,889,346 | ||||||
Krafton Inc.(a) |
73,699 | 12,596,290 | ||||||
KT Corp. |
169,279 | 4,965,409 | ||||||
KT&G Corp. |
257,731 | 18,001,145 | ||||||
Kum Yang Co. Ltd.(a) |
86,812 | 6,298,533 | ||||||
Kumho Petrochemical Co. Ltd.(a) |
41,873 | 4,650,288 | ||||||
L&F Co. Ltd.(a) |
64,535 | 8,243,884 | ||||||
LG Chem Ltd. |
124,122 | 42,394,624 | ||||||
LG Corp. |
237,406 | 16,710,769 | ||||||
LG Display Co. Ltd.(a) |
590,244 | 5,037,591 | ||||||
LG Electronics Inc. |
268,600 | 19,201,602 | ||||||
LG Energy Solution Ltd.(a)(c) |
118,291 | 35,748,742 | ||||||
LG H&H Co. Ltd. |
23,566 | 5,660,160 | ||||||
LG Innotek Co. Ltd. |
35,067 | 5,329,035 | ||||||
LG Uplus Corp. |
548,145 | 4,251,398 | ||||||
Lotte Chemical Corp. |
47,839 | 4,398,748 | ||||||
Meritz Financial Group Inc. |
260,687 | 16,270,516 | ||||||
Mirae Asset Securities Co. Ltd.(a) |
657,130 | 4,459,381 |
22 |
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 T T 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 | ||||||
South Korea (continued) | ||||||||
NAVER Corp. |
328,181 | $ | 48,187,169 | |||||
NCSoft Corp. |
36,447 | 5,315,851 | ||||||
Netmarble Corp.(a)(b) |
62,741 | 2,913,332 | ||||||
NH Investment & Securities Co. Ltd.(a) |
357,284 | 3,154,706 | ||||||
Orion Corp./Republic of Korea |
60,278 | 4,204,172 | ||||||
Pearl Abyss Corp.(a) |
6,815 | 155,781 | ||||||
Posco DX Co. Ltd.(a) |
134,738 | 5,498,268 | ||||||
POSCO Future M Co. Ltd.(a)(c) |
78,244 | 18,702,388 | ||||||
POSCO Holdings Inc. |
181,129 | 58,865,797 | ||||||
Posco International Corp.(a) |
134,094 | 5,687,816 | ||||||
Samsung Biologics Co. Ltd.(a)(b) |
44,551 | 25,922,839 | ||||||
Samsung C&T Corp. |
209,368 | 24,649,707 | ||||||
Samsung Electro-Mechanics Co. Ltd. |
139,657 | 14,717,197 | ||||||
Samsung Electronics Co. Ltd. |
12,025,628 | 663,728,987 | ||||||
Samsung Engineering Co. Ltd.(a) |
392,316 | 7,255,943 | ||||||
Samsung Fire & Marine Insurance Co. Ltd.(a) |
76,986 | 17,229,389 | ||||||
Samsung Heavy Industries Co. Ltd.(a) |
1,637,427 | 9,734,590 | ||||||
Samsung Life Insurance Co. Ltd. |
200,614 | 14,602,878 | ||||||
Samsung SDI Co. Ltd. |
139,104 | 39,518,213 | ||||||
Samsung SDS Co. Ltd. |
95,539 | 11,492,449 | ||||||
Samsung Securities Co. Ltd. |
158,691 | 4,959,568 | ||||||
Shinhan Financial Group Co. Ltd. |
1,089,380 | 35,611,374 | ||||||
SK Biopharmaceuticals Co. Ltd.(a) |
79,570 | 5,798,968 | ||||||
SK Bioscience Co. Ltd.(a) |
68,348 | 3,158,553 | ||||||
SK Hynix Inc. |
1,375,659 | 162,168,778 | ||||||
SK IE Technology Co. Ltd.(a)(b) |
69,801 | 3,850,047 | ||||||
SK Inc. |
92,680 | 13,368,595 | ||||||
SK Innovation Co. Ltd.(a) |
151,712 | 13,385,237 | ||||||
SK Square Co. Ltd.(a) |
251,349 | 13,188,952 | ||||||
SK Telecom Co. Ltd. |
147,168 | 5,825,534 | ||||||
SKC Co. Ltd.(a) |
48,799 | 3,040,528 | ||||||
S-Oil Corp. |
111,473 | 6,404,070 | ||||||
Woori Financial Group Inc. |
1,510,662 | 16,926,764 | ||||||
Yuhan Corp. |
142,936 | 7,249,984 | ||||||
|
|
|||||||
2,101,227,356 | ||||||||
Taiwan — 16.7% | ||||||||
Accton Technology Corp. |
1,259,000 | 20,718,652 | ||||||
Acer Inc.(c) |
7,429,121 | 10,624,911 | ||||||
Advantech Co. Ltd. |
1,229,213 | 15,170,900 | ||||||
Airtac International Group(c) |
348,526 | 13,353,160 | ||||||
Alchip Technologies Ltd. |
187,000 | 24,531,118 | ||||||
ASE Technology Holding Co. Ltd. |
7,781,110 | 34,350,809 | ||||||
Asia Cement Corp. |
5,865,077 | 7,507,650 | ||||||
Asustek Computer Inc. |
1,773,968 | 25,560,497 | ||||||
AUO Corp. |
16,657,200 | 9,238,450 | ||||||
Catcher Technology Co. Ltd. |
1,481,210 | 9,228,849 | ||||||
Cathay Financial Holding Co. Ltd. |
23,712,000 | 33,833,142 | ||||||
Chailease Holding Co. Ltd.(c) |
3,884,081 | 21,474,502 | ||||||
Chang Hwa Commercial Bank Ltd. |
13,872,047 | 7,816,277 | ||||||
Cheng Shin Rubber Industry Co. Ltd. |
4,979,128 | 7,401,295 | ||||||
China Airlines Ltd.(c) |
7,453,000 | 4,720,000 | ||||||
China Development Financial Holding Corp.(a) |
40,604,588 | 16,140,108 | ||||||
China Steel Corp.(c) |
29,950,313 | 23,325,105 | ||||||
Chunghwa Telecom Co. Ltd.(c) |
9,536,410 | 36,330,475 | ||||||
Compal Electronics Inc. |
10,573,908 | 12,210,387 | ||||||
CTBC Financial Holding Co. Ltd. |
44,247,772 | 41,190,827 | ||||||
Delta Electronics Inc. |
4,901,000 | 45,670,727 | ||||||
E Ink Holdings Inc.(c) |
2,147,000 | 16,714,996 | ||||||
E.Sun Financial Holding Co. Ltd. |
35,202,378 | 28,143,002 | ||||||
Eclat Textile Co. Ltd. |
451,427 | 7,715,681 | ||||||
eMemory Technology Inc. |
164,000 | 14,081,406 | ||||||
Eva Airways Corp. |
6,681,000 | 6,651,004 |
Security | Shares | Value | ||||||
Taiwan (continued) | ||||||||
Evergreen Marine Corp. Taiwan Ltd. |
2,537,324 | $ | 13,292,305 | |||||
Far Eastern New Century Corp. |
7,621,038 | 7,860,774 | ||||||
Far EasTone Telecommunications Co. Ltd. |
4,355,000 | 10,850,041 | ||||||
Feng TAY Enterprise Co. Ltd.(c) |
1,325,593 | 6,934,473 | ||||||
First Financial Holding Co. Ltd.(c) |
27,324,089 | 23,435,211 | ||||||
Formosa Chemicals & Fibre Corp.(c) |
8,987,090 | 16,276,656 | ||||||
Formosa Petrochemical Corp.(c) |
2,872,000 | 6,754,080 | ||||||
Formosa Plastics Corp.(c) |
9,791,280 | 22,221,162 | ||||||
Fubon Financial Holding Co. Ltd. |
19,493,073 | 41,967,179 | ||||||
Gigabyte Technology Co. Ltd.(c) |
1,285,000 | 14,054,929 | ||||||
Global Unichip Corp.(c) |
235,000 | 11,843,982 | ||||||
Globalwafers Co. Ltd. |
549,000 | 9,696,629 | ||||||
Hon Hai Precision Industry Co. Ltd. |
31,316,873 | 102,107,903 | ||||||
Hotai Motor Co. Ltd. |
780,380 | 16,573,152 | ||||||
Hua Nan Financial Holdings Co. Ltd. |
22,174,407 | 15,442,576 | ||||||
Innolux Corp. |
22,007,738 | 10,559,610 | ||||||
Inventec Corp.(c) |
6,812,281 | 11,865,926 | ||||||
Largan Precision Co. Ltd. |
253,000 | 20,763,556 | ||||||
Lite-On Technology Corp. |
5,078,246 | 17,619,769 | ||||||
MediaTek Inc. |
3,826,338 | 138,078,432 | ||||||
Mega Financial Holding Co. Ltd. |
29,023,100 | 35,557,344 | ||||||
Micro-Star International Co. Ltd. |
1,830,000 | 11,074,382 | ||||||
momo.com Inc. |
1,000 | 14,089 | ||||||
Nan Ya Plastics Corp.(c) |
12,198,160 | 23,067,291 | ||||||
Nan Ya Printed Circuit Board Corp.(c) |
585,000 | 3,919,429 | ||||||
Nanya Technology Corp. |
3,207,000 | 6,827,704 | ||||||
Nien Made Enterprise Co. Ltd. |
450,000 | 5,267,803 | ||||||
Novatek Microelectronics Corp.(c) |
1,458,000 | 27,750,623 | ||||||
Parade Technologies Ltd.(c) |
196,000 | 6,304,780 | ||||||
Pegatron Corp. |
4,917,414 | 13,315,169 | ||||||
PharmaEssentia Corp.(a) |
591,000 | 6,141,935 | ||||||
Pou Chen Corp. |
5,792,220 | 5,595,747 | ||||||
Powerchip Semiconductor Manufacturing Corp.(c) |
7,729,000 | 6,756,479 | ||||||
President Chain Store Corp. |
1,447,000 | 12,337,225 | ||||||
Quanta Computer Inc. |
6,814,000 | 50,071,514 | ||||||
Realtek Semiconductor Corp. |
1,242,637 | 22,396,097 | ||||||
Ruentex Development Co. Ltd. |
4,123,916 | 4,745,726 | ||||||
Shanghai Commercial & Savings Bank Ltd. (The) |
9,794,229 | 13,944,959 | ||||||
Shin Kong Financial Holding Co. Ltd.(a)(c) |
33,092,149 | 8,687,843 | ||||||
Silergy Corp. |
820,000 | 10,819,981 | ||||||
SinoPac Financial Holdings Co. Ltd. |
26,851,521 | 17,086,289 | ||||||
Synnex Technology International Corp. |
3,244,834 | 7,993,778 | ||||||
Taishin Financial Holding Co. Ltd. |
28,445,523 | 15,663,469 | ||||||
Taiwan Business Bank |
15,952,184 | 7,067,850 | ||||||
Taiwan Cement Corp.(c) |
16,073,748 | 16,341,634 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. |
26,143,701 | 21,480,678 | ||||||
Taiwan High Speed Rail Corp. |
5,042,000 | 4,818,160 | ||||||
Taiwan Mobile Co. Ltd. |
4,455,600 | 13,963,164 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. |
62,072,000 | 1,360,277,791 | ||||||
Unimicron Technology Corp.(c) |
3,459,000 | 19,653,803 | ||||||
Uni-President Enterprises Corp. |
12,129,839 | 29,454,161 | ||||||
United Microelectronics Corp.(c) |
28,157,000 | 43,413,261 | ||||||
Vanguard International Semiconductor Corp.(c) |
2,329,000 | 5,320,234 | ||||||
Voltronic Power Technology Corp. |
169,000 | 8,588,768 | ||||||
Walsin Lihwa Corp.(c) |
7,098,406 | 8,314,402 | ||||||
Wan Hai Lines Ltd. |
1,693,090 | 2,697,122 | ||||||
Winbond Electronics Corp.(c) |
8,061,863 | 7,127,554 | ||||||
Wistron Corp.(c) |
6,585,000 | 24,112,729 | ||||||
Wiwynn Corp.(c) |
241,000 | 17,792,504 | ||||||
WPG Holdings Ltd. |
4,094,449 | 12,021,733 |
S C H E D U L E O F I N V E S T M E N T S |
23 |
Schedule of Investments (unaudited) (continued) February 29, 2024 |
iShares® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Taiwan (continued) | ||||||||
Yageo Corp.(c) |
841,940 | $ | 14,875,705 | |||||
Yang Ming Marine Transport Corp. |
4,246,000 | 6,698,851 | ||||||
Yuanta Financial Holding Co. Ltd. |
25,287,004 | 21,974,964 | ||||||
Zhen Ding Technology Holding Ltd.(c) |
1,653,075 | 5,260,872 | ||||||
|
|
|||||||
2,978,497,871 | ||||||||
Thailand — 1.6% | ||||||||
Advanced Info Service PCL, NVDR |
3,005,600 | 16,862,457 | ||||||
Airports of Thailand PCL, NVDR(c) |
10,712,200 | 18,983,627 | ||||||
Asset World Corp. PCL, NVDR(c) |
20,308,300 | 2,181,940 | ||||||
Bangkok Dusit Medical Services PCL, NVDR |
27,776,100 | 22,066,996 | ||||||
Bangkok Expressway & Metro PCL, NVDR |
19,420,400 | 4,365,441 | ||||||
Berli Jucker PCL, NVDR |
122,500 | 82,799 | ||||||
BTS Group Holdings PCL, NVDR(c) |
19,301,700 | 2,773,851 | ||||||
Bumrungrad Hospital PCL, NVDR |
1,529,000 | 9,539,963 | ||||||
Central Pattana PCL, NVDR |
5,126,700 | 9,255,148 | ||||||
Central Retail Corp. PCL, NVDR(c) |
4,604,634 | 4,469,659 | ||||||
Charoen Pokphand Foods PCL, NVDR(c) |
9,557,700 | 5,035,934 | ||||||
CP ALL PCL, NVDR |
14,766,100 | 23,676,857 | ||||||
CP Axtra PCL, NVDR |
5,384,500 | 5,000,000 | ||||||
Delta Electronics Thailand PCL, NVDR |
7,867,300 | 15,661,551 | ||||||
Energy Absolute PCL, NVDR(c) |
4,262,100 | 4,194,930 | ||||||
Global Power Synergy PCL, NVDR(c) |
1,943,000 | 2,763,428 | ||||||
Gulf Energy Development PCL, NVDR |
7,445,700 | 8,939,279 | ||||||
Home Product Center PCL, NVDR |
15,030,314 | 4,694,403 | ||||||
Indorama Ventures PCL, NVDR |
4,342,780 | 2,822,277 | ||||||
Intouch Holdings PCL, NVDR |
2,552,425 | 4,823,271 | ||||||
Kasikornbank PCL, NVDR |
1,476,000 | 5,065,065 | ||||||
Krung Thai Bank PCL, NVDR |
8,754,500 | 3,929,080 | ||||||
Krungthai Card PCL, NVDR |
2,660,400 | 3,172,487 | ||||||
Land & Houses PCL, NVDR(c) |
20,942,400 | 4,433,976 | ||||||
Minor International PCL, NVDR |
8,203,020 | 7,263,554 | ||||||
Muangthai Capital PCL, NVDR(c) |
1,863,800 | 2,385,181 | ||||||
PTT Exploration & Production PCL, NVDR(c) |
3,483,039 | 14,626,468 | ||||||
PTT Global Chemical PCL, NVDR(c) |
5,703,430 | 6,036,470 | ||||||
PTT Oil & Retail Business PCL, NVDR |
7,576,000 | 3,821,921 | ||||||
PTT PCL, NVDR |
25,346,900 | 24,193,088 | ||||||
SCB X PCL, NVDR |
2,054,300 | 6,452,403 | ||||||
SCG Packaging PCL, NVDR |
3,189,500 | 2,490,488 | ||||||
Siam Cement PCL (The), NVDR |
1,945,300 | 14,590,778 | ||||||
Thai Oil PCL, NVDR |
3,088,200 | 4,821,481 | ||||||
TMBThanachart Bank PCL, NVDR(c) |
61,611,900 | 3,164,715 | ||||||
True Corp. PCL, NVDR(a)(c) |
26,581,520 | 5,235,451 | ||||||
|
|
|||||||
279,876,417 | ||||||||
Turkey — 0.7% | ||||||||
Akbank TAS |
7,901,900 | 10,520,180 | ||||||
Aselsan Elektronik Sanayi Ve Ticaret AS |
3,519,912 | 6,754,769 | ||||||
BIM Birlesik Magazalar AS |
1,146,195 | 14,225,522 | ||||||
Coca-Cola Icecek A/S |
191,640 | 3,970,065 | ||||||
Enka Insaat ve Sanayi AS |
2 | 2 | ||||||
Eregli
Demir ve Celik Fabrikalari |
3,562,125 | 5,189,512 | ||||||
Ford Otomotiv Sanayi AS |
180,401 | 5,874,448 | ||||||
Haci Omer Sabanci Holding AS |
2,510,135 | 6,389,566 | ||||||
KOC Holding AS |
1,902,165 | 10,244,278 | ||||||
Pegasus Hava Tasimaciligi AS(a) |
115,187 | 3,162,379 | ||||||
Sasa Polyester Sanayi AS(a) |
3,323,056 | 4,209,215 | ||||||
Tofas Turk Otomobil Fabrikasi AS |
320,399 | 2,739,597 | ||||||
Turk Hava Yollari AO(a) |
1,373,672 | 12,392,363 | ||||||
Turkcell Iletisim Hizmetleri AS |
3,046,632 | 6,530,971 | ||||||
Turkiye Is Bankasi AS, Class C |
22,187,846 | 7,868,300 | ||||||
Turkiye Petrol Rafinerileri AS |
2,415,355 | 12,513,150 | ||||||
Turkiye Sise ve Cam Fabrikalari AS |
3,519,613 | 5,761,254 |
Security | Shares | Value | ||||||
Turkey (continued) | ||||||||
Yapi ve Kredi Bankasi AS |
8,522,080 | $ | 6,289,171 | |||||
|
|
|||||||
124,634,742 | ||||||||
United Arab Emirates — 1.2% | ||||||||
Abu Dhabi Commercial Bank PJSC |
7,344,332 | 17,136,341 | ||||||
Abu Dhabi Islamic Bank PJSC |
3,686,333 | 11,280,955 | ||||||
Abu Dhabi National Oil Co. for Distribution PJSC |
7,808,155 | 7,440,488 | ||||||
Aldar Properties PJSC |
9,710,395 | 14,619,988 | ||||||
Americana Restaurants International PLC |
6,411,994 | 5,987,868 | ||||||
Dubai Islamic Bank PJSC |
7,159,505 | 12,553,183 | ||||||
Emaar Properties PJSC |
16,722,720 | 36,969,871 | ||||||
Emirates NBD Bank PJSC |
4,775,352 | 23,792,576 | ||||||
Emirates Telecommunications Group Co. PJSC |
8,801,007 | 43,370,649 | ||||||
First Abu Dhabi Bank PJSC |
11,082,660 | 41,171,740 | ||||||
Multiply Group PJSC(a) |
9,808,613 | 6,066,145 | ||||||
|
|
|||||||
220,389,804 | ||||||||
|
|
|||||||
Total
Common Stocks — 97.3% |
17,306,052,676 | |||||||
|
|
|||||||
Preferred Stocks |
||||||||
Brazil — 1.6% | ||||||||
Banco Bradesco SA, Preference Shares, NVS |
13,477,734 | 37,279,242 | ||||||
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS |
639,364 | 6,162,002 | ||||||
Cia. Energetica de Minas Gerais, Preference Shares, NVS |
3,473,474 | 8,363,840 | ||||||
Companhia Paranaense de Energia, Preference Shares, NVS |
2,582,695 | 5,309,719 | ||||||
Gerdau SA, Preference Shares, NVS |
2,945,569 | 12,739,581 | ||||||
Itau Unibanco Holding SA, Preference Shares, NVS |
12,201,922 | 83,308,168 | ||||||
Itausa SA, Preference Shares, NVS |
13,813,595 | 28,621,438 | ||||||
Petroleo Brasileiro SA, Preference Shares, NVS |
11,994,149 | 96,848,814 | ||||||
|
|
|||||||
278,632,804 | ||||||||
Chile — 0.1% | ||||||||
Sociedad Quimica y Minera de Chile SA, |
||||||||
Class B, Preference Shares |
362,493 | 17,976,969 | ||||||
|
|
|||||||
Colombia — 0.0% | ||||||||
Bancolombia SA, Preference Shares, NVS |
1,129,912 | 9,235,051 | ||||||
|
|
|||||||
Russia — 0.0% | ||||||||
Surgutneftegas PJSC, Preference Shares, NVS(a)(d) |
25,014,400 | 2,734 | ||||||
|
|
|||||||
South Korea — 0.7% | ||||||||
Hyundai Motor Co. |
||||||||
Preference Shares, NVS |
56,702 | 6,802,687 | ||||||
Series 2, Preference Shares, NVS |
91,427 | 11,058,784 | ||||||
LG Chem Ltd., Preference Shares, NVS |
20,267 | 4,581,932 | ||||||
Samsung Electronics Co. Ltd., Preference Shares, NVS |
2,074,450 | 99,338,470 | ||||||
|
|
|||||||
121,781,873 | ||||||||
|
|
|||||||
Total
Preferred Stocks — 2.4% |
427,629,431 | |||||||
|
|
24 |
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 T T 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 | ||||||
|
||||||||
Rights |
||||||||
China — 0.0% | ||||||||
Kangmei
Pharmaceutical Co. Ltd., |
255,006 | $ | — | |||||
|
|
|||||||
South Korea — 0.0% | ||||||||
LG Display Co. Ltd., (Expires 03/14/24, Strike Price KRW 10070)(a) |
187,634 | 184,591 | ||||||
|
|
|||||||
Total
Rights — 0.0% |
184,591 | |||||||
|
|
|||||||
Total
Long-Term Investments — 99.7% |
|
17,733,866,698 | ||||||
|
|
|||||||
Short-Term Securities |
||||||||
Money Market Funds — 2.6% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%(f)(g)(h) |
446,818,337 | 447,041,746 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%(f)(g) |
12,100,000 | 12,100,000 | ||||||
|
|
|||||||
Total
Short-Term Securities — 2.6% |
459,141,746 | |||||||
|
|
|||||||
Total
Investments — 102.3% |
18,193,008,444 | |||||||
Liabilities in Excess of Other Assets — (2.3)% |
|
(408,834,113 | ) | |||||
|
|
|||||||
Net Assets — 100.0% | $ 17,784,174,331 | |||||||
|
|
(a) |
Non-income producing security. |
(b) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) |
All or a portion of this security is on loan. |
(d) |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(e) |
This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
(f) |
Affiliate of the Fund. |
(g) |
Annualized 7-day yield as of period end. |
(h) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 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: Institu-tional, SL Agency Shares |
$ | 706,808,674 | $ | — | $ | (259,894,350) | (a) | $ | 136,479 | $ | (9,057 | ) | $ | 447,041,746 | 446,818,337 | $ | 4,296,969 | (b) | $ | — | ||||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
— | 12,100,000 | (a) | — | — | — | 12,100,000 | 12,100,000 | 1,250,603 | — | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
$ | 136,479 | $ | (9,057 | ) | $ | 459,141,746 | $ | 5,547,572 | $ | — | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Represents net amount purchased (sold). |
(b) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
|
||||||||||||||||
Description |
Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
||||||||||||
|
||||||||||||||||
Long Contracts |
||||||||||||||||
MSCI Emerging Markets Index |
1,176 | 03/15/24 | $ | 59,788 | $ | 459,969 | ||||||||||
|
|
S C H E D U L E O F I N V E S T M E N T S |
25 |
Schedule of Investments (unaudited) (continued) February 29, 2024 |
iShares® MSCI Emerging Markets ETF |
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
|
||||||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Assets — Derivative Financial Instruments |
||||||||||||||||||||||||||||
Futures contracts |
||||||||||||||||||||||||||||
Unrealized appreciation on futures contracts(a) |
$ | — | $ | — | $ | 459,969 | $ | — | $ | — | $ | — | $ | 459,969 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the period ended February 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 |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | (311,921 | ) | $ | — | $ | — | $ | — | $ | (311,921 | ) | ||||||||||||
Forward foreign currency exchange contracts |
— | — | — | 16,951 | — | — | 16,951 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
$ | — | $ | — | $ | (311,921 | ) | $ | 16,951 | $ | — | $ | — | $ | (294,970 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | 553,273 | $ | — | $ | — | $ | — | $ | 553,273 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
||||
Futures contracts: |
||||
Average notional value of contracts — long |
$ | 35,446,358 | ||
Forward foreign currency exchange contracts: |
||||
Average amounts purchased — in USD |
$ | 241,108 | ||
Average amounts sold — in USD |
$ | 481,817 | ||
|
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
||||||||||||||||
Assets |
||||||||||||||||
Investments |
||||||||||||||||
Long-Term Investments |
||||||||||||||||
Common Stocks |
$ | 2,691,568,489 | $ | 14,614,451,598 | $ | 32,589 | $ | 17,306,052,676 | ||||||||
Preferred Stocks |
287,867,855 | 139,758,842 | 2,734 | 427,629,431 | ||||||||||||
Rights |
— | 184,591 | — | 184,591 | ||||||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
459,141,746 | — | — | 459,141,746 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 3,438,578,090 | $ | 14,754,395,031 | $ | 35,323 | $ | 18,193,008,444 | |||||||||
|
|
|
|
|
|
|
|
26 |
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 T T 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 |
Fair Value Hierarchy as of Period End (continued)
|
||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
||||||||||||||||
Derivative Financial Instruments(a) |
||||||||||||||||
Assets |
||||||||||||||||
Equity Contracts |
$ | 459,969 | $ | — | $ | — | $ | 459,969 | ||||||||
|
|
|
|
|
|
|
|
(a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
S C H E D U L E O F I N V E S T M E N T S |
27 |
Statements of Assets and Liabilities (unaudited)
February 29, 2024
iShares Currency Hedged MSCI Emerging Markets ETF |
iShares MSCI Emerging Markets ETF |
|||||||||||||
|
||||||||||||||
ASSETS |
||||||||||||||
Investments, at value — unaffiliated(a)(b) |
$ | — | $ | 17,733,866,698 | ||||||||||
Investments, at value — affiliated(c) |
159,486,724 | 459,141,746 | ||||||||||||
Cash |
1,944 | 59,212,510 | ||||||||||||
Cash pledged for futures contracts |
— | 1,912,000 | ||||||||||||
Foreign currency, at value(d) |
— | 43,334,470 | ||||||||||||
Receivables: |
||||||||||||||
Investments sold |
— | 94,771,637 | ||||||||||||
Securities lending income — affiliated |
2,828 | 441,311 | ||||||||||||
Capital shares sold |
— | 130,912 | ||||||||||||
Dividends — unaffiliated |
— | 33,794,600 | ||||||||||||
Dividends — affiliated |
1,528 | 272,137 | ||||||||||||
Tax reclaims |
— | 422,604 | ||||||||||||
Variation margin on futures contracts |
— | 11,704 | ||||||||||||
Unrealized appreciation on forward foreign currency exchange contracts |
714,237 | — | ||||||||||||
|
|
|
|
|||||||||||
Total assets |
160,207,261 | 18,427,312,329 | ||||||||||||
|
|
|
|
|||||||||||
LIABILITIES |
||||||||||||||
Cash received as collateral for OTC derivatives |
380,000 | — | ||||||||||||
Collateral on securities loaned, at value |
40,037,484 | 446,274,217 | ||||||||||||
Payables: |
||||||||||||||
Investments purchased |
549,566 | 109,707,310 | ||||||||||||
Capital shares redeemed |
9,763 | 15 | ||||||||||||
Deferred foreign capital gain tax |
— | 76,622,493 | ||||||||||||
Foreign taxes |
— | 72,312 | ||||||||||||
Investment advisory fees |
— | 10,017,988 | ||||||||||||
Professional fees |
— | 443,663 | ||||||||||||
Unrealized depreciation on forward foreign currency exchange contracts |
149,245 | — | ||||||||||||
|
|
|
|
|||||||||||
Total liabilities |
41,126,058 | 643,137,998 | ||||||||||||
|
|
|
|
|||||||||||
Commitments and contingent liabilities |
||||||||||||||
NET ASSETS |
$ | 119,081,203 | $ | 17,784,174,331 | ||||||||||
|
|
|
|
|||||||||||
NET ASSETS CONSIST OF |
||||||||||||||
Paid-in capital |
$ | 145,106,879 | $ | 29,556,778,453 | ||||||||||
Accumulated loss |
(26,025,676 | ) | (11,772,604,122 | ) | ||||||||||
|
|
|
|
|||||||||||
NET ASSETS |
$ | 119,081,203 | $ | 17,784,174,331 | ||||||||||
|
|
|
|
|||||||||||
NET ASSET VALUE |
||||||||||||||
Shares outstanding |
4,790,000 | 442,800,000 | ||||||||||||
|
|
|
|
|||||||||||
Net asset value |
$ | 24.86 | $ | 40.16 | ||||||||||
|
|
|
|
|||||||||||
Shares authorized |
250 million | 5 billion | ||||||||||||
|
|
|
|
|||||||||||
Par value |
$ | 0.001 | $ | 0.001 | ||||||||||
|
|
|
|
|||||||||||
(a) Investments, at cost — unaffiliated |
$ | — | $ | 16,565,285,729 | ||||||||||
(b) Securities loaned, at value |
$ | 39,051,195 | $ | 421,954,447 | ||||||||||
(c) Investments, at cost — affiliated |
$ | 174,823,471 | $ | 458,792,342 | ||||||||||
(d) Foreign currency, at cost |
$ | — | $ | 43,722,080 |
See notes to financial statements.
28 |
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 T T O S H A R E H O L D E R S |
Statements of Operations (unaudited)
Six Months Ended February 29, 2024
iShares Currency Hedged MSCI Emerging Markets ETF |
iShares MSCI Emerging Markets ETF |
|||||||||||||
|
||||||||||||||
INVESTMENT INCOME |
||||||||||||||
Dividends — unaffiliated |
$ | — | $ | 160,239,901 | ||||||||||
Dividends — affiliated |
2,434,279 | 1,250,603 | ||||||||||||
Securities lending income — affiliated — net(a) |
29,168 | 4,296,969 | ||||||||||||
Other income — unaffiliated |
— | 4,914,480 | ||||||||||||
Foreign taxes withheld |
— | (18,785,717 | ) | |||||||||||
Foreign withholding tax claims |
— | 82,898 | ||||||||||||
Other foreign taxes |
— | 87,099 | ||||||||||||
|
|
|
|
|||||||||||
Total investment income |
2,463,447 | 152,086,233 | ||||||||||||
|
|
|
|
|||||||||||
EXPENSES |
||||||||||||||
Investment advisory |
493,444 | 63,288,949 | ||||||||||||
Interest expense |
649 | 164,973 | ||||||||||||
Commitment costs |
633 | 19,473 | ||||||||||||
Professional |
— | 499,750 | ||||||||||||
|
|
|
|
|||||||||||
Total expenses |
494,726 | 63,973,145 | ||||||||||||
Less: |
||||||||||||||
Investment advisory fees waived |
(494,726 | ) | — | |||||||||||
|
|
|
|
|||||||||||
Total expenses after fees waived |
— | 63,973,145 | ||||||||||||
|
|
|
|
|||||||||||
Net investment income |
2,463,447 | 88,113,088 | ||||||||||||
|
|
|
|
|||||||||||
REALIZED AND UNREALIZED GAIN (LOSS) |
||||||||||||||
Net realized gain (loss) from: |
||||||||||||||
Investments — unaffiliated(b) |
— | 214,659,645 | ||||||||||||
Investments — affiliated |
(1,456,220 | ) | 136,479 | |||||||||||
Forward foreign currency exchange contracts |
2,163,434 | 16,951 | ||||||||||||
Foreign currency transactions |
— | (1,716,632 | ) | |||||||||||
Futures contracts |
— | (311,921 | ) | |||||||||||
In-kind redemptions — unaffiliated(c) |
— | (83,400,187 | ) | |||||||||||
In-kind redemptions — affiliated(c) |
(473,864 | ) | — | |||||||||||
|
|
|
|
|||||||||||
233,350 | 129,384,335 | |||||||||||||
|
|
|
|
|||||||||||
Net change in unrealized appreciation (depreciation) on: |
||||||||||||||
Investments — unaffiliated(d) |
— | 349,079,953 | ||||||||||||
Investments — affiliated |
4,429,429 | (9,057 | ) | |||||||||||
Forward foreign currency exchange contracts |
(1,498,901 | ) | — | |||||||||||
Foreign currency translations |
— | (940,902 | ) | |||||||||||
Futures contracts |
— | 553,273 | ||||||||||||
|
|
|
|
|||||||||||
2,930,528 | 348,683,267 | |||||||||||||
|
|
|
|
|||||||||||
Net realized and unrealized gain |
3,163,878 | 478,067,602 | ||||||||||||
|
|
|
|
|||||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
$ | 5,627,325 | $ | 566,180,690 | ||||||||||
|
|
|
|
|||||||||||
(a) Net of securities lending income tax paid of |
$ | — | $ | 465,842 | ||||||||||
(b) Net of foreign capital gain tax and capital gain tax refund, if applicable of |
$ | — | $ | (41,498 | ) | |||||||||
(c) See Note 2 of the Notes to Financial Statements. |
||||||||||||||
(d) Net of increase in deferred foreign capital gain tax of |
$ | — | $ | (56,821,025 | ) |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S |
29 |
Statements of Changes in Net Assets
iShares Currency Hedged MSCI Emerging Markets ETF |
iShares MSCI Emerging Markets ETF |
|||||||||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||||||
Six Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||
02/29/24 | Year Ended | 02/29/24 | Year Ended | (a) | ||||||||||||||||||||||||||||
(unaudited) | 08/31/23 | (unaudited) | 08/31/23 | |||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||||||||||||||||||
OPERATIONS |
||||||||||||||||||||||||||||||||
Net investment income |
$ | 2,463,447 | $ | 3,305,910 | $ | 88,113,088 | $ | 498,842,578 | ||||||||||||||||||||||||
Net realized gain (loss) |
233,350 | (7,873,217 | ) | 129,384,335 | (723,710,832 | ) | ||||||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) |
2,930,528 | 6,943,243 | 348,683,267 | 278,661,967 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Net increase in net assets resulting from operations |
5,627,325 | 2,375,936 | 566,180,690 | 53,793,713 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(b) |
||||||||||||||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders |
(2,496,446 | ) | (10,223,364 | ) | (325,507,865 | ) | (532,484,400 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||||||||||||||
Net decrease in net assets derived from capital share transactions |
(18,346,688 | ) | (11,848,604 | ) | (3,814,876,129 | ) | (4,033,313,036 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
NET ASSETS |
||||||||||||||||||||||||||||||||
Total decrease in net assets |
(15,215,809 | ) | (19,696,032 | ) | (3,574,203,304 | ) | (4,512,003,723 | ) | ||||||||||||||||||||||||
Beginning of period |
134,297,012 | 153,993,044 | 21,358,377,635 | 25,870,381,358 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
End of period |
$ | 119,081,203 | $ | 134,297,012 | $ | 17,784,174,331 | $ | 21,358,377,635 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) |
Consolidated Statement of Changes in Net Assets. |
(b) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
30 |
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 T T O S H A R E H O L D E R S |
(For a share outstanding throughout each period)
iShares Currency Hedged MSCI Emerging Markets ETF | ||||||||||||||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
02/29/24 (unaudited) |
Year Ended 08/31/23 |
Year Ended 08/31/22 |
Year Ended 08/31/21 |
Year Ended 08/31/20 |
Year Ended 08/31/19 |
|||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 24.20 | $ | 25.20 | $ | 31.31 | $ | 27.41 | $ | 24.38 | $ | 25.70 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Net investment income(a) |
0.47 | 0.57 | 0.67 | 0.44 | 0.71 | 0.55 | ||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) |
0.66 | 0.12 | (6.12 | ) | 3.92 | 3.03 | (1.27 | ) | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Net increase (decrease) from investment operations |
1.13 | 0.69 | (5.45 | ) | 4.36 | 3.74 | (0.72 | ) | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Distributions(c) |
||||||||||||||||||||||||||||||||||||||||||||
From net investment income |
(0.47 | ) | (0.56 | ) | (0.66 | ) | (0.46 | ) | (0.71 | ) | (0.60 | ) | ||||||||||||||||||||||||||||||||
From net realized gain |
— | (1.13 | ) | — | — | — | — | |||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Total distributions |
(0.47 | ) | (1.69 | ) | (0.66 | ) | (0.46 | ) | (0.71 | ) | (0.60 | ) | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 24.86 | $ | 24.20 | $ | 25.20 | $ | 31.31 | $ | 27.41 | $ | 24.38 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Total Return(d) |
||||||||||||||||||||||||||||||||||||||||||||
Based on net asset value |
4.71 | %(e) | 2.93 | % | (17.62 | )% | 15.96 | % | 15.49 | % | (2.72 | )% | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Ratios to Average Net Assets(f) |
||||||||||||||||||||||||||||||||||||||||||||
Total expenses |
0.78 | %(g) | 0.79 | % | 0.78 | % | 0.78 | % | 0.78 | % | 0.78 | % | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Total expenses after fees waived |
0.00 | %(g) | 0.00 | % | 0.00 | % | 0.00 | %(h) | 0.00 | %(h) | 0.00 | % | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Net investment income |
3.89 | %(g) | 2.36 | % | 2.38 | % | 1.41 | % | 2.84 | % | 2.22 | % | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Supplemental Data |
||||||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) |
$ | 119,081 | $ | 134,297 | $ | 153,993 | $ | 203,180 | $ | 183,626 | $ | 180,376 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Portfolio turnover rate(i) |
4 | % | 11 | % | 4 | % | 6 | % | 9 | % | 7 | % | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Based on average shares outstanding. |
(b) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) |
Where applicable, assumes the reinvestment of distributions. |
(e) |
Not annualized. |
(f) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(g) |
Annualized. |
(h) |
Rounds to less than 0.01%. |
(i) |
Portfolio turnover rate excludes in-kind transactions, if any. |
See notes to financial statements.
F I N A N C I A L H I G H L I G H T S |
31 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Emerging Markets ETF | ||||||||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||
Six Months Ended | ||||||||||||||||||||||||||||||||||||||
|
02/29/24 | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | ||||||||||||||||||||||||||||||||
(unaudited) | 08/31/23 | 08/31/22 | (a) | 08/31/21 | (a) | 08/31/20 | (a) | 08/31/19 | (a) | |||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 39.26 | $ | 39.68 | $ | 52.56 | $ | 44.56 | $ | 40.22 | $ | 43.24 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Net investment income(b) |
0.19 | 0.82 | 1.09 | (c) | 0.75 | 0.98 | 0.90 | |||||||||||||||||||||||||||||||
Net
realized and unrealized gain |
1.46 | (0.35 | ) | (12.88 | ) | 8.01 | 4.52 | (3.02 | ) | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Net increase (decrease) from investment operations |
1.65 | 0.47 | (11.79 | ) | 8.76 | 5.50 | (2.12 | ) | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Distributions from net investment income(e) |
(0.75 | ) | (0.89 | ) | (1.09 | ) | (0.76 | ) | (1.16 | ) | (0.90 | ) | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Net asset value, end of period |
$ | 40.16 | $ | 39.26 | $ | 39.68 | $ | 52.56 | $ | 44.56 | $ | 40.22 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Total Return(f) |
||||||||||||||||||||||||||||||||||||||
Based on net asset value |
4.29 | %(g) | 1.23 | % | (22.73 | )%(c) | 19.72 | % | 13.82 | % | (4.87 | )% | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Ratios to Average Net Assets(h) |
||||||||||||||||||||||||||||||||||||||
Total expenses |
0.73 | %(i) | 0.70 | % | 0.69 | % | 0.69 | % | 0.70 | % | 0.68 | % | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Total expenses excluding professional fees for foreign withholding tax claims |
0.72 | %(i) | N/A | 0.69 | % | 0.68 | % | 0.70 | % | 0.68 | % | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Net investment income |
1.00 | %(i) | 2.12 | % | 2.38 | %(c) | 1.45 | % | 2.38 | % | 2.16 | % | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Supplemental Data |
||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) |
$ | 17,784,174 | $ | 21,358,378 | $ | 25,870,381 | $ | 30,983,302 | $ | 24,024,571 | $ | 24,631,575 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Portfolio turnover rate(j) |
3 | % | 15 | % | 21 | % | 9 | % | 19 | % | 15 | % | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Consolidated Financial Highlights. |
(b) |
Based on average shares outstanding. |
(c) |
Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2022: |
• Net investment income per share by $—..
• Total return by 0.01%.
• Ratio of net investment income to average net assets by 0.01%.
(d) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(e) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(f) |
Where applicable, assumes the reinvestment of distributions. |
(g) |
Not annualized. |
(h) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(i) |
Annualized. |
(j) |
Portfolio turnover rate excludes in-kind transactions, if any. |
See notes to financial statements.
32 |
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 T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited)
1. |
ORGANIZATION |
iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is organized as a Maryland corporation and is authorized to have multiple series or portfolios.
These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):
iShares ETF |
Diversification Classification | |
Currency Hedged MSCI Emerging Markets |
Diversified | |
MSCI Emerging Markets |
Diversified |
Currently the iShares Currency Hedged MSCI Emerging Markets ETF seeks to achieve its investment objective by investing a substantial portion of its assets in the iShares MSCI Emerging Markets ETF (the “underlying fund”). The financial statements, including the accounting policies, and Schedule of Investments for the underlying fund are included in this report and should be read in conjunction with the financial statements of the iShares Currency Hedged MSCI Emerging Markets ETF.
Basis of Consolidation: The accompanying consolidated financial statements for the iShares MSCI Emerging Markets ETF included the accounts of its subsidiary in the Republic of Mauritius, which was a wholly-owned subsidiary (the “Subsidiary”) of the Fund that invested in Indian securities. On June 16, 2023, the Fund filed to liquidate its Subsidiary with the Mauritius Financial Services Commission.
2. |
SIGNIFICANT ACCOUNTING POLICIES |
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest.
Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.
Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes. However, the currency hedged fund has elected to treat realized gains (losses) from certain foreign currency contracts as capital gain (loss) for U.S. federal income tax purposes.
ForeignTaxes: Certain Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 29, 2024, if any, are disclosed in the Statements of Assets and Liabilities.
Certain Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.
Bank Overdraft: Certain Funds had outstanding cash disbursements exceeding deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.
N O T E S T O F I N A N C I A L S T A T E M E N T S |
33 |
Notes to Financial Statements (unaudited) (continued)
Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.
In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.
Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.
Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.
3. |
INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS |
Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Directors of the Company (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
• |
Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price. |
• |
Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price. |
• |
Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV. |
• |
Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded. |
• |
Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the New York Stock Exchange (“NYSE”) based on that day’s prevailing forward exchange rate for the underlying currencies. |
Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.
Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.
Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• |
Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access; |
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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 T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
• |
Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and |
• |
Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
4. |
SECURITIES AND OTHER INVESTMENTS |
Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.
Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.
As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:
|
||||||||||||||||
iShares ETF and Counterparty | |
Securities Loaned at Value |
|
|
Cash Collateral Received |
(a) |
|
Non-Cash Collateral Received, at Fair Value |
(a) |
Net Amount | ||||||
|
||||||||||||||||
Currency Hedged MSCI Emerging Markets |
||||||||||||||||
BofA Securities, Inc. |
$ | 39,051,195 | $ | (39,051,195 | ) | $ | — | $ | — | |||||||
|
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|
|
|
|
|
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N O T E S T O F I N A N C I A L S T A T E M E N T S |
35 |
Notes to Financial Statements (unaudited) (continued)
|
||||||||||||||||
iShares ETF and Counterparty | |
Securities Loaned at Value |
|
|
Cash Collateral Received |
(a) |
|
Non-Cash Collateral Received, at Fair Value |
(a) |
Net Amount | ||||||
|
||||||||||||||||
MSCI Emerging Markets |
||||||||||||||||
Barclays Capital, Inc. |
$ | 12,298,908 | $ | (12,298,908 | ) | $ | — | $ | — | |||||||
BNP Paribas SA |
5,933,574 | (5,933,574 | ) | — | — | |||||||||||
BofA Securities, Inc. |
11,930,720 | (11,930,720 | ) | — | — | |||||||||||
Citigroup Global Markets Ltd |
5,839,752 | (5,839,752 | ) | — | — | |||||||||||
Citigroup Global Markets, Inc. |
3,936,632 | (3,936,632 | ) | — | — | |||||||||||
Goldman Sachs & Co. LLC |
61,231,624 | (61,231,624 | ) | — | — | |||||||||||
Goldman Sachs International |
25,533,020 | (25,533,020 | ) | — | — | |||||||||||
HSBC Bank PLC |
14,958,336 | (14,958,336 | ) | — | — | |||||||||||
J.P. Morgan Securities LLC |
21,531,154 | (21,531,154 | ) | — | — | |||||||||||
J.P. Morgan Securities PLC |
30,814,345 | (30,814,345 | ) | — | — | |||||||||||
Jefferies LLC |
153,099 | (153,099 | ) | — | — | |||||||||||
Macquarie Bank Ltd. |
3,083,233 | (3,083,233 | ) | — | — | |||||||||||
Morgan Stanley |
220,347,824 | (220,347,824 | ) | — | — | |||||||||||
Toronto-Dominion Bank (The) |
78,192 | (78,192 | ) | — | — | |||||||||||
UBS AG |
2,395,457 | (2,395,457 | ) | — | — | |||||||||||
UBS Europe SE |
1,719,161 | (1,719,161 | ) | — | — | |||||||||||
Wells Fargo Bank N.A. |
169,416 | (169,416 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 421,954,447 | $ | (421,954,447 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
(a) |
Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s Statements of Assets and Liabilities. |
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.
5. |
DERIVATIVE FINANCIAL INSTRUMENTS |
Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).
Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.
Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.
Forward Foreign Currency Exchange Contracts: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).
A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Funds are denominated and in some cases, may be used to obtain exposure to a particular market.The contracts are traded over-the-counter (“OTC”) and not on an organized exchange.
The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of Assets and Liabilities. A fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.
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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 T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.
For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a fund and the counterparty.
Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.
For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.
6. |
INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent directors).
For its investment advisory services to the iShares Currency Hedged MSCI Emerging Markets ETF, BFA is entitled to an annual investment advisory fee of 0.78%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.
For its investment advisory services to the iShares MSCI Emerging Markets ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:
Aggregate Average Daily Net Assets | Investment Advisory Fees | |||
First $14 billion |
0.75% | |||
Over $14 billion, up to and including $28 billion |
0.68 | |||
Over $28 billion, up to and including $42 billion |
0.61 | |||
Over $42 billion, up to and including $56 billion |
0.54 | |||
Over $56 billion, up to and including $70 billion |
0.47 | |||
Over $70 billion, up to and including $84 billion |
0.41 | |||
Over $84 billion |
0.35 |
Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statements of Operations does not include acquired fund fees and expenses.
For the iShares Currency Hedged MSCI Emerging Markets ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through December 31, 2025 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investment in the iShares MSCI Emerging Markets ETF (“EEM”), after taking into account any fee waivers by EEM.
This amount is included in investment advisory fees waived in the Statements of Operations. For the six months ended February 29, 2024, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:
iShares ETF | Amounts Waived | |||
Currency Hedged MSCI Emerging Markets |
$ | 494,726 |
N O T E S T O F I N A N C I A L S T A T E M E N T S |
37 |
Notes to Financial Statements (unaudited) (continued)
Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.
Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.
Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended February 29, 2024, the Funds paid BTC the following amounts for securities lending agent services:
iShares ETF | Amounts | |||
Currency Hedged MSCI Emerging Markets |
$ | 9,658 | ||
MSCI Emerging Markets |
1,013,231 |
Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.
Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.
For the six months ended February 29, 2024, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:
iShares ETF | Purchases | Sales |
Net Realized Gain (Loss) |
|||||||||||||||||
MSCI Emerging Markets |
$ | 6,754,059 | $ | 39,915,088 | $ | (73,557,800 | ) |
Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.
A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.
7. |
PURCHASES AND SALES |
For the six months ended February 29, 2024, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:
iShares ETF | Purchases | Sales | ||||||
Currency Hedged MSCI Emerging Markets |
$ | 6,182,819 | $ | 5,598,217 | ||||
MSCI Emerging Markets |
581,522,769 | 3,133,814,725 |
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Notes to Financial Statements (unaudited) (continued)
For the six months ended February 29, 2024, in-kind transactions were as follows:
iShares ETF | In-kind Purchases |
In-kind Sales |
||||||||||
Currency Hedged MSCI Emerging Markets |
$ | 2,148,076 | $ | 20,367,021 | ||||||||
MSCI Emerging Markets |
40,259,695 | 1,596,735,151 |
8. |
INCOME TAX INFORMATION |
Each Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.
Management has analyzed tax laws and regulations and their application to the Funds as of February 29, 2024, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.
As of August 31, 2023, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains and qualified late-year losses as follows:
iShares ETF | Non-Expiring Capital Loss Carryforwards |
Qualified Late-Year Capital Losses |
||||||
Currency Hedged MSCI Emerging Markets |
$ | — | $ | (8,764,793) | ||||
MSCI Emerging Markets |
(13,713,746,522 | ) | — |
A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.
As of February 29, 2024, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:
iShares ETF | Tax Cost |
Gross Unrealized Appreciation |
Gross Unrealized Depreciation |
Net Unrealized Appreciation (Depreciation) |
||||||||||||
Currency Hedged MSCI Emerging Markets |
$ | 176,067,976 | $ | 714,237 | $ | (16,730,497 | ) | $ | (16,016,260) | |||||||
MSCI Emerging Markets |
16,307,041,573 | 5,378,265,402 | (3,491,838,562 | ) | 1,886,426,840 |
9. |
LINE OF CREDIT |
The Funds, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on October 16, 2024. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.
During the six months ended February 29, 2024, the iShares Currency Hedged MSCI Emerging Markets ETF did not borrow under the Syndicated Credit Agreement.
For the six months ended February 29, 2024, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Syndicated Credit Agreement were as follows:
iShares ETF |
Maximum Amount Borrowed |
Average Borrowing |
Weighted Average Interest Rates |
|||||||||
MSCI Emerging Markets |
$ | 89,673,000 | $ | 4,833,615 | 6.44% |
N O T E S T O F I N A N C I A L S T A T E M E N T S |
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Notes to Financial Statements (unaudited) (continued)
10. |
PRINCIPAL RISKS |
In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.
BFA uses an indexing approach to try to achieve each Fund’s investment objective. The Fund is not actively managed, and BFAgenerally does not attempt to take defensive positions under any market conditions, including declining markets.
The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.
Market Risk: Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) lack of reliable settlement procedures and significant delays in registereing the transfer of securities; (iii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iv) lack of publicly available or reliable information about issuers as a result of not being subject to the same degree of regulatory requirements and accounting, auditing and financial reporting standards; and (v) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments.
Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.
The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore each Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by each Fund, and each Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. Each Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.
Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.
With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.
Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.
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Notes to Financial Statements (unaudited) (continued)
Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedule of Investments.
Certain Funds invest a significant portion of their assets in securities of issuers located in China or with significant exposure to Chinese issuers. Investments in Chinese securities, including certain Hong Kong-listed securities, involve risks specific to China. China may be subject to considerable degrees of economic, political and social instability and demonstrates significantly higher volatility from time to time in comparison to developed markets. Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries may disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation. Incidents involving China’s or the region’s security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and a fund’s investments. Reduction in spending on Chinese products and services, supply chain diversification, institution of tariffs, sanctions or other trade barriers, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. In addition, measures may be taken to limit the flow of capital and/or sanctions may be imposed, which could prohibit or restrict the ability to own or transfer fund assets and may also include retaliatory actions, such as seizure of fund assets.
Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.
Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.
11. |
CAPITAL SHARE TRANSACTIONS |
Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.
Transactions in capital shares were as follows:
|
||||||||||||||||
Six Months Ended 02/29/24 |
Year Ended 08/31/23 |
|||||||||||||||
iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
|
||||||||||||||||
Currency Hedged MSCI Emerging Markets |
||||||||||||||||
Shares sold |
90,000 | $ | 2,148,157 | 2,140,000 | $ | 52,467,876 | ||||||||||
Shares redeemed |
(850,000 | ) | (20,494,845 | ) | (2,700,000 | ) | (64,316,480 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
(760,000 | ) | $ | (18,346,688 | ) | (560,000 | ) | $ | (11,848,604 | ) | |||||||
|
|
|
|
|
|
|
|
|||||||||
MSCI Emerging Markets |
||||||||||||||||
Shares sold |
15,300,000 | $ | 611,440,069 | 59,400,000 | $ | 2,379,728,785 | ||||||||||
Shares redeemed |
(116,550,000 | ) | (4,426,316,198 | ) | (167,400,000 | ) | (6,413,041,821 | ) | ||||||||
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|
|
|
|
|
|
|
|||||||||
(101,250,000 | ) | $ | (3,814,876,129 | ) | (108,000,000 | ) | $ | (4,033,313,036 | ) | |||||||
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The consideration for the purchase of Creation Units of a fund in the Company generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Company may be offered in Creation Units solely or partially for cash in U.S. dollars. Authorized Participants purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Company’s administrator , to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Authorized Participants transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.
From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.
N O T E S T O F I N A N C I A L S T A T E M E N T S |
41 |
Notes to Financial Statements (unaudited) (continued)
12. |
FOREIGN WITHHOLDING TAX CLAIMS |
The Internal Revenue Service has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which the iShares MSCI Emerging Markets ETF is able to pass through to its shareholders as a foreign tax credit in the current year, the Fund will be able to offset the prior years’ withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Fund.
13. |
SUBSEQUENT EVENTS |
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.
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Statement Regarding Liquidity Risk Management Program (unaudited)
In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares, Inc. (the “Company”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Currency Hedged MSCI Emerging Markets ETF and iShares MSCI Emerging Markets ETF (the “Funds” or “ETFs”), each a series of the Company, which is reasonably designed to assess and manage each Fund’s liquidity risk.
The Board of Directors (the “Board”) of the Company, on behalf of the Funds, met on December 8, 2023 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2022 through September 30, 2023 (the “Program Reporting Period”).
The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays, delays in the repatriation of the local currency in certain non-U.S. countries, the continued illiquidity of Russian equity securities and the suspension of select sanctions in Venezuela.
The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:
a) |
The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes. |
b) |
Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size utilized for liquidity classifications. The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections. |
c) |
Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. The Committee also considered that ETFs generally do not engage in borrowing. |
d) |
The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs. However, there were no ETFs with persistent deviations of fund premium/discount or bid/ask spreads from long-term averages over the Program Reporting Period. |
e) |
The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review. There were no ETFs for which the custom baskets accepted by the ETF had a significant change in its liquidity profile. |
There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.
S T A T E M E N T R E G A R D I N G L I Q U I D I T Y R I S K M A N A G E M E N T P R O G R A M |
43 |
Supplemental Information (unaudited)
Tailored Shareholder Reports for Open-End Mutual Funds and ETFs
Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.
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Electronic Delivery
Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.
To enroll in electronic delivery:
• |
Go to icsdelivery.com. |
• |
If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor. |
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
Availability of Quarterly Schedule of Investments
The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.
Availability of Proxy Voting Policies and Proxy Voting Records
A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.
A description of the Company’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.
G E N E R A L I N F O R M A T I O N |
45 |
Glossary of Terms Used in this Report
Currency Abbreviation | ||
BRL | Brazilian Real | |
CLP | Chilean Peso | |
CNH | Chinese Yuan | |
EUR | Euro | |
HKD | Hong Kong Dollar | |
IDR | Indonesian Rupiah | |
INR | Indian Rupee | |
KRW | South Korean Won | |
MXN | Mexican Peso | |
MYR | Malaysian Ringgit | |
THB | Thai Baht | |
TRY | Turkish Lira | |
TWD | New Taiwan Dollar | |
USD | United States Dollar | |
ZAR | South African Rand | |
Portfolio Abbreviation | ||
ADR | American Depositary Receipt | |
GDR | Global Depositary Receipt | |
JSC | Joint Stock Company | |
NVDR | Non-Voting Depositary Receipt | |
NVS | Non-Voting Shares | |
PJSC | Public Joint Stock Company |
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Want to know more?
iShares.com | 1-800-474-2737
This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.
Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.
© 2024 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
iS-SAR-805-0224
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