Table of Contents

 

LOGO

  AUGUST 31, 2022

 

 

   

 

2022 Annual Report

 

 

iShares, Inc.

·  iShares ESG Aware MSCI EM ETF | ESGE | NASDAQ

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

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

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

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


Table of Contents

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of August 31, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022, ending the run of robust growth that followed the reopening of global economies and the development of COVID-19 vaccines. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks and economically sensitive small-capitalization stocks. While both large- and small-capitalization U.S. stocks fell, declines for small-capitalization U.S. stocks were steeper. Both emerging market stocks and international equities from developed markets fell significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose notably during the reporting period as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates four times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and began to reduce its balance sheet. As investors attempted to assess the Fed’s future trajectory, the Fed’s statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

The horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metals markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption have magnified supply problems for key commodities. We believe elevated energy prices will continue to exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will ultimately err on the side of protecting employment, even at the expense of higher inflation. In the meantime, however, we are likely to see a period of slowing growth paired with relatively high inflation.

In this environment, while we favor an overweight to equities in the long-term, the market’s concerns over excessive rate hikes from central banks moderate our outlook. Furthermore, the energy shock and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. We take the opposite view on credit, where higher spreads provide near-term opportunities, while the likelihood of higher inflation leads us to take an underweight stance on credit in the long term. We believe that investment-grade corporates, U.K. gilts, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

Overall, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

 

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

 

Total Returns as of August 31, 2022

 

     
     6-Month    12-Month 
     

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

      (8.84)%   (11.23)%
     

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

    (9.31)   (17.88)   
     

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

  (13.97)   (19.80)   
     

Emerging market equities
(MSCI Emerging Markets Index)

  (13.30)   (21.80)   
     

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

    0.36   0.39 
     

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

    (9.71)   (13.27)   
     

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

    (7.76)   (11.52)   
     

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)

    (5.72)   (8.63)  
     

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

    (7.78)   (10.61)   
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

 

 

2  

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


Table of Contents

Table of Contents

 

      Page

The Markets in Review

   2

Annual Report:

  

Market Overview

   4

Fund Summary

   5

About Fund Performance

   15

Disclosure of Expenses

   15

Schedules of Investments

   16

Financial Statements

  

Statements of Assets and Liabilities

   48

Statements of Operations

   50

Statements of Changes in Net Assets

   52

Financial Highlights

   55

Notes to Financial Statements

   60

Report of Independent Registered Public Accounting Firm

   71

Important Tax Information

   72

Board Review and Approval of Investment Advisory Contract

   73

Supplemental Information

   81

Director and Officer Information

   83

General Information

   86

Glossary of Terms Used in this Report

   87

 

 

 


Table of Contents

Market Overview

 

iShares, Inc.

Global Market Overview

Global equity markets declined in U.S. dollar terms during the 12 months ended August 31, 2022 (“reporting period”). The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned -15.88% in U.S. dollar terms for the reporting period.

For the first third of the reporting period, economic recovery supported stocks in most regions of the world. The global economy continued to rebound from the impact of restrictions imposed at the beginning of the coronavirus pandemic, as mitigation and adaptation allowed most economic activity to continue. However, substantial challenges emerged at the beginning of 2022 which negatively affected stock prices. Inflation rose significantly in many countries, reducing consumers’ purchasing power and leading many central banks to tighten monetary policy. Russia’s invasion of Ukraine presented a further challenge to the global economy, disrupting important commodities markets.

The U.S. economy grew briskly over the final half of 2021, powered primarily by consumer spending. Record-high personal savings rates allowed consumers to spend at an elevated level, releasing pent-up demand for goods and services. Growth subsequently stalled in the first half of 2022, and the economy contracted amid lower inventories and faltering business investment. Despite the economic downturn, unemployment declined substantially, falling to 3.7% in August 2022 while the number of long-term unemployed dropped below the pre-pandemic level. Although high inflation negatively impacted consumer sentiment, which declined significantly, consumer spending continued to grow.

Rising inflation led to a shift in policy from the U.S. Federal Reserve (“the Fed”). As the reporting period began, the Fed was using accommodative monetary policy to stimulate the economy. Short-term interest rates were kept at near-zero levels, and the Fed used bond-buying programs to stabilize debt markets. However, rising prices led the Fed to tighten monetary policy during the reporting period in an attempt to prevent runaway inflation. The Fed slowed and then ended its bond-buying activities, finally reversing course as it began to reduce its balance sheet in June 2022. In March 2022, the Fed began to raise short-term interest rates, followed by three more increases for a total increase of 225 basis points, the most rapid rise in decades. Interest rates rose significantly in response, leading to higher borrowing costs for businesses. In that environment, the U.S. dollar significantly appreciated relative to most foreign currencies.

Stocks declined in Europe in U.S. dollar terms as economic growth stalled and the euro declined sharply relative to the U.S. dollar. Significantly higher inflation and Russia’s invasion of Ukraine negatively impacted equities. Russia is an important trading partner with many European countries, and new sanctions imposed limits on certain types of trade with Russia. Investors became concerned that the sharp rise in energy prices during the reporting period would constrain economic growth, as Europe relies on imported energy for much of its industrial and heating needs. The European Central Bank (“ECB”) responded to elevated inflation by raising interest rates in July 2022, the first such increase in over a decade.

Despite relatively low inflation by global standards, Asia-Pacific stocks declined significantly in U.S. dollar terms. Chinese stocks faced significant headwinds amid regulatory interventions by the Chinese government and strict lockdowns following COVID-19 outbreaks. Japanese stocks also declined amid an economic contraction in the first quarter of 2022 and a sharp decline in the Japanese yen relative to the U.S. dollar. Emerging market stocks declined substantially, as higher interest rates and a strengthening U.S. dollar raised the cost of borrowing in many emerging economies.

 

 

4  

2 0 2 2   I S H A R E S   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


Table of Contents
Fund Summary as of August 31, 2022    iShares® ESG Aware MSCI EM ETF

 

Investment Objective

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

Performance

 

     Average Annual Total Returns         Cumulative Total Returns  
     1 Year      5 Years     

Since

Inception

         1 Year      5 Years     

Since

Inception

 

Fund NAV

    (25.08 )%       0.36      5.75       (25.08 )%       1.82      41.23

Fund Market

    (25.13      0.14        5.65         (25.13      0.70        40.45  

Index

    (24.59      0.70        6.37           (24.59      3.56        46.36  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

The inception date of the Fund was June 28, 2016. The first day of secondary market trading was June 30, 2016.

Index performance through May 31, 2018 reflects the performance of the MSCI Emerging Markets ESG Focus Index. Index performance beginning on June 1, 2018 reflects the performance of the MSCI Emerging Markets Extended ESG Focus Index.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

 

    Actual         Hypothetical 5% Return           
                                                              
   

Beginning

Account Value

(03/01/22)

 

 

 

      

Ending

Account Value

(08/31/22

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

     

Beginning

Account Value

(03/01/22

 

 

      

Ending

Account Value

(08/31/22

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

                 
      $        1,000.00          $        847.60          $        1.16           $      1,000.00          $      1,023.90          $        1.28          0.25

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

 

 

F U N D   S U M M A R Y

  5


Table of Contents
Fund Summary as of August 31, 2022   (continued)    iShares® ESG Aware MSCI EM ETF

 

Portfolio Management Commentary

Investor interest in the environmental, social, and governance (“ESG”) attributes of companies was positive during the reporting period, even as equity markets declined. Many emerging market countries continued to advance ESG-related regulation and legislation. In China, a new set of voluntary guidelines for ESG reporting took effect in June 2022. The Taiwan Stock Exchange imposed a reporting requirement for listed companies that mandated disclosure of greenhouse gas emissions, energy management, and other ESG-related metrics. Regulatory authorities in India released a proposal for regulating ESG impact ratings that would require the accreditation of ratings providers.

With a negative global macro backdrop, the Index, which consists of emerging market stocks, declined significantly for the reporting period. Within China, the consumer discretionary and information technology sectors detracted substantially from the Index’s return amid the government’s campaign to rein in large online companies, which included billions of dollars in antitrust fines and restrictions on listings on foreign stock exchanges. The life sciences tools and services industry in the healthcare sector declined after the U.S. included a company on the list of firms prohibited from receiving certain technology exports.

South Korean stocks also weighed on the Index’s return, particularly in the technology hardware, storage, and peripherals industry. Budgetary reductions from major chip customers amid global economic uncertainty slowed sales growth and lowered profits.

In terms of relative performance, the Index underperformed the broader market, as represented by the MSCI Emerging Markets Index, while tracking it relatively closely. Relative to the broader market, the ESG security selection process leads to overweight stocks with higher ESG ratings and underweight stocks with lower ESG characteristics. Due to the ESG selection process, the Index is structurally underweight to the Energy sector and overweight to Financials, which were net detractors to relative performance. A modest underweight to Consumer Discretionary was a small source of relative outperformance.

Portfolio Information

 

SECTOR ALLOCATION

 

   
    Percent of  

Sector

    Total Investments (a) 

Financials

    24.3

Information Technology

    19.8  

Consumer Discretionary

    14.0  

Communication Services

    11.2  

Materials

    6.6  

Consumer Staples

    5.8  

Energy

    5.2  

Industrials

    4.8  

Health Care

    4.7  

Utilities

    2.3  

Real Estate

    1.3  

GEOGRAPHIC ALLOCATION

 

   
    Percent of  

Country/Geographic Region

    Total Investments (a) 

China

    30.2

Taiwan

    15.2  

India

    14.3  

South Korea

    11.9  

Brazil

    4.7  

South Africa

    4.0  

Saudi Arabia

    4.0  

Thailand

    3.0  

Malaysia

    2.7  

Indonesia

    1.9  

Mexico

    1.8  

United Arab Emirates

    1.7  

Qatar

    1.0  

Other (each representing less than 1%)

    3.6  
  (a) 

Excludes money market funds.

 

 

 

6  

2 0 2 2   I S H A R E S   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


Table of Contents
Fund Summary as of August 31, 2022       iShares® MSCI Emerging Markets ex China ETF

 

Investment Objective

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

Performance

 

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

Fund NAV

    (19.17 )%       1.67      1.99       (19.17 )%       8.64      10.63

Fund Market

    (19.85      1.35        1.83         (19.85      6.95        9.76  

Index

    (18.52      2.25        2.58           (18.52      11.79        13.94  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

The inception date of the Fund was July 18, 2017. The first day of secondary market trading was July 20, 2017.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

 

    Actual         Hypothetical 5% Return           
                                                              
   

Beginning

Account Value

(03/01/22)

 

 

 

      

Ending

Account Value

(08/31/22

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

     

Beginning

Account Value

(03/01/22

 

 

      

Ending

Account Value

(08/31/22

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

                 
      $      1,000.00          $         867.30          $        1.18           $      1,000.00          $     1,023.90          $        1.28          0.25

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

 

 

F U N D   S U M M A R Y

  7


Table of Contents
Fund Summary as of August 31, 2022   (continued)    iShares® MSCI Emerging Markets ex China ETF

 

Portfolio Management Commentary

Emerging markets stocks outside of China declined sharply during the reporting period, as higher interest rates and a strengthening U.S. dollar raised the cost of borrowing in many emerging economies. The strong U.S. dollar made investments denominated in some foreign currencies worth less in U.S. dollar terms, which further detracted from the Index’s performance.

South Korean stocks detracted the most from the Index’s return, particularly in the technology hardware, storage, and peripherals industry in the information technology sector. Budgetary reductions from major chip customers slowed sales growth, lowered profits, and affected capacity expansion plans for producers of semiconductors. Indications of weakening consumer demand for electronics further pressured the near-term outlook for semiconductors stocks.

South Korean media and entertainment stocks in the communication services sector also weighed on the Index’s return. Revenues slowed for operators of major search, messaging, and content platforms in the face of diminished e-commerce business, rising labor costs, and stagnating growth in online advertising sales.

BlackRock suspended the purchase of Russian securities in its active and index funds on Monday, February 28, 2022, in response to the Russian attack on Ukraine. All major index providers began the removal of Russian securities from their indexes beginning the week of March 7, 2022. In the weeks leading up to the invasion, Russian equities and the Russian ruble lost substantial value as investors fled due to expectations that Western nations might impose punishing sanctions on Russian companies. In the days following the attack, the country’s stock market endured even steeper price declines. Russian energy and financials stocks weighed on the Index’s performance, as integrated oil and gas companies and banks were impacted strongly by the investor exodus.

The Taiwanese information technology sector was another source of weakness, as stocks of companies in the semiconductors industry declined against a backdrop of lower global consumer demand. Other factors that affected the overall Taiwanese market during the reporting period specifically pressured chipmakers, including tensions between the U.S. and China over Taiwan’s status.

Portfolio Information

 

SECTOR ALLOCATION

 

   
    Percent of  

Sector

    Total Investments (a) 

Information Technology

    25.9

Financials

    24.8  

Materials

    10.7  

Energy

    6.5  

Consumer Discretionary

    6.3  

Consumer Staples

    6.3  

Communication Services

    6.1  

Industrials

    5.9  

Utilities

    3.3  

Health Care

    3.0  

Real Estate

    1.2  

GEOGRAPHIC ALLOCATION

 

   
    Percent of  

Country/Geographic Region

    Total Investments (a) 

Taiwan

    21.5

India

    21.2  

South Korea

    17.0  

Brazil

    7.8  

Saudi Arabia

    7.0  

South Africa

    4.8  

Thailand

    3.0  

Mexico

    2.9  

Indonesia

    2.9  

Malaysia

    2.2  

United Arab Emirates

    1.9  

Qatar

    1.7  

Kuwait

    1.3  

Philippines

    1.1  

Other (each representing less than 1%)

    3.7  
  (a) 

Excludes money market funds.

 

 

 

8  

2 0 2 2   I S H A R E S   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


Table of Contents
Fund Summary as of August 31, 2022    iShares® MSCI Emerging Markets Min Vol Factor ETF

 

Investment Objective

The iShares MSCI Emerging Markets Min Vol Factor ETF (the “Fund”) seeks to track the investment results of an index composed of emerging market equities that, in the aggregate, have lower volatility characteristics relative to the broader emerging equity markets, as represented by the MSCI Emerging Markets Minimum Volatility (USD) Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

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

Fund NAV

    (12.68 )%       1.28      2.31       (12.68 )%       6.58      25.69

Fund Market

    (12.72      1.20        2.25         (12.72      6.17        24.93  

Index

    (12.15      1.76        2.64           (12.15      9.11        29.80  

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

 

LOGO

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

 

    Actual         Hypothetical 5% Return           
                                                              
   

Beginning

Account Value

(03/01/22)

 

 

 

      

Ending

Account Value

(08/31/22

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

     

Beginning

Account Value

(03/01/22

 

 

      

Ending

Account Value

(08/31/22

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

                 
      $        1,000.00          $      890.50          $       1.19           $      1,000.00          $     1,023.90          $        1.28          0.25

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

 

 

F U N D   S U M M A R Y

  9


Table of Contents
Fund Summary as of August 31, 2022   (continued)    iShares® MSCI Emerging Markets Min Vol Factor ETF

 

Portfolio Management Commentary

Lower volatility emerging markets stocks declined during the reporting period, as higher interest rates and a strengthening U.S. dollar raised the cost of borrowing in many emerging economies. The strong U.S. dollar made investments denominated in some foreign currencies worth less in U.S. dollar terms, which further detracted from the Index’s performance. Relate to broad emerging market stocks, as represented by the MSCI Emerging Markets Index, the Index outperformed significantly over the reporting period.

Chinese equities were the largest detractors from the Index’s return amid coronavirus-related restrictions, a far-reaching regulatory crackdown, and supply chain disruptions. Consumer discretionary companies weighed on the Index’s performance as the government’s campaign to rein in large internet firms, which included billions of dollars in anti-trust fines and restrictions on listings on foreign stock exchanges, weighed on investor sentiment. The Chinese internet and direct marketing retail industry declined as competitive advantages weakened, while concerns surrounding customer growth and slowing consumption pressured margins and earnings.

Chinese healthcare stocks detracted from the Index’s performance after the U.S. Commerce Department added several pharmaceuticals, biotechnology, and life sciences companies to a list of firms with restricted access to U.S. technology. Chinese information technology companies also declined, notably in the technology hardware and equipment industry, as domestic demand for consumer electronics shrank.

South Korean communication services stocks also detracted from the Index’s return, led by the media and entertainment industry. Revenues slowed for operators of major search, messaging, and content platforms in the face of diminished e-commerce business, rising labor costs, and stagnating growth in online advertising sales. In the information technology sector, South Korean technology hardware, storage, and peripherals equities declined during the reporting period. Budgetary reductions from major chip customers amid global economic uncertainty slowed sales growth, lowered profits, and affected capacity expansion plans for producers of semiconductors. Demand for personal computers and cell phones slackened as inflation diminished consumers’ buying power, further weakening the near-term outlook for semiconductors stocks.

In terms of relative performance, the Index outperformed the broader market, as measured by the MSCI Emerging Markets Index. Stocks with low-volatility characteristics benefited from the sharp downturn in global markets precipitated by recession concerns, rising interest rates, and geopolitical instability. From a country perspective, positioning within Taiwan helped relative performance, specifically overweight positions in communication services, financials, and information technology. An underweight position to China and positioning within the country also contributed. Underweights to Brazil and Indonesia and sector allocation within India hindered relative performance.

Portfolio Information

 

SECTOR ALLOCATION

 

   
    Percent of  

Sector

    Total Investments (a) 

Financials

    23.5

Information Technology

    15.1  

Communication Services

    14.5  

Consumer Staples

    11.6  

Health Care

    8.9  

Consumer Discretionary

    8.0  

Materials

    5.7  

Utilities

    4.7  

Industrials

    4.4  

Real Estate

    2.0  

Energy

    1.6  

GEOGRAPHIC ALLOCATION

 

   
    Percent of  

Country/Geographic Region

    Total Investments (a) 

China

    26.0

Taiwan

    18.4  

India

    13.9  

Saudi Arabia

    9.9  

South Korea

    6.6  

Thailand

    5.6  

Malaysia

    4.7  

United Arab Emirates

    4.0  

Qatar

    3.3  

Kuwait

    2.6  

Philippines

    1.4  

Other (each representing less than 1%)

    3.6  

 

  (a) 

Excludes money market funds.

 

 

 

10  

2 0 2 2   I S H A R E S   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


Table of Contents
Fund Summary as of August 31, 2022      iShares® MSCI Emerging Markets Multifactor ETF

 

Investment Objective

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

Performance

 

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

Fund NAV

    (16.80 )%       1.31      6.12       (16.80 )%       6.71      49.22

Fund Market

    (17.03      1.02        6.01         (17.03      5.22        48.17  

Index

    (15.92      1.77        6.73           (15.92      9.15        55.03  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

The inception date of the Fund was December 8, 2015. The first day of secondary market trading was December 10, 2015.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

 

    Actual         Hypothetical 5% Return           
                                                              
   

Beginning
Account Value
(03/01/22)
 
 
 
      

Ending
Account Value
(08/31/22
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
     

Beginning
Account Value
(03/01/22
 
 
      

Ending
Account Value
(08/31/22
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
                 
      $        1,000.00          $        887.70          $        2.19           $      1,000.00          $      1,022.90          $        2.35          0.46

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

 

 

F U N D   S U M M A R Y

  11


Table of Contents
Fund Summary as of August 31, 2022   (continued)    iShares® MSCI Emerging Markets Multifactor ETF

 

Portfolio Management Commentary

Emerging markets stocks with favorable exposure to four targeted factors — value, quality, momentum, and small size — declined during the reporting period. The strong U.S. dollar made investments denominated in some foreign currencies worth less in U.S. dollar terms, which further detracted from the Index’s performance. Relative to the broad market, as represented by the MSCI Emerging Markets Index, the Index outperformed.

Chinese equities were the largest detractors from the Index’s return, notably in the consumer discretionary sector. Internet and direct marketing retail companies declined as competitive advantages weakened and concerns surrounding slowing consumption pressured margins and earnings. In the apparel, accessories, and luxury goods industry, a sportswear retailer faced allegations of violating U.S. sanctions against North Korea in its labor practices, leading the U.S. to ban its products. Within the materials sector, a slowdown in economic growth widely attributed to government-imposed COVID-related lockdowns led to investment cuts by property developers and a drop in new construction starts. And an ongoing government investigation into the chief executive officer and majority shareholder of a maker of flavors and fragrances weighed on the specialty chemicals industry.

The Taiwanese information technology sector was another source of weakness, led by the semiconductors industry. In the wake of rising inflation and higher interest rates, a reduction in consumer demand for electronics products weighed on chip makers. Political tensions between the U.S. and China over Taiwan’s status further pressured semiconductor companies.

South Korean equities in the consumer discretionary sector detracted from the Index’s performance, particularly in the automobiles and components industry. The war in Ukraine and subsequent sanctions against Russia resulted in factory shutdowns where Korean automakers produced cars for several markets, and a global chip shortage decreased vehicle shipments for some automakers.

For the reporting period, the Index outperformed the broader market, as represented by the MSCI Emerging Markets Index. The Index’s research-based selection process focuses on four investment factors: value, quality, momentum, and size. Of the four target style factors, exposure to value, momentum, and quality contributed to the Index’s performance, while size detracted.

From a country perspective, stock selection in China was a driver of outperformance, though an overweight position in the country detracted. An overweight in India added to relative performance, as did an underweight position and stock selection in South Korea. Regional characteristics that detracted from relative performance included an underweight to Brazil, a slight overweight to Russia, sector allocation within Taiwan, and an underweight to Mexico. BlackRock suspended the purchase of Russian securities in its active and index funds on Monday, February 28, 2022, in response to the Russian attack on Ukraine. All major index providers began the removal of Russian securities from their indexes beginning the week of March 7.

Portfolio Information

 

SECTOR ALLOCATION

 

   

Sector

   
Percent of
Total Investments
 
(a) 

Information Technology

    18.4

Financials

    16.8  

Consumer Discretionary

    16.1  

Materials

    9.9  

Industrials

    8.6  

Utilities

    6.8  

Energy

    6.5  

Health Care

    6.2  

Communication Services

    5.0  

Consumer Staples

    3.9  

Real Estate

    1.8  

 

  (a)

Excludes money market funds.

 

GEOGRAPHIC ALLOCATION

 

   

Country/Geographic Region

   
Percent of
Total Investments
 
(a) 

China

    37.0

India

    19.5  

South Korea

    12.8  

Taiwan

    9.6  

Saudi Arabia

    8.1  

Brazil

    2.5  

Indonesia

    2.1  

South Africa

    1.8  

Poland

    1.1  

Other (each representing less than 1%)

    5.5  

 

 

12  

2 0 2 2   I S H A R E S   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


Table of Contents

 

Fund Summary as of August 31, 2022      iShares® MSCI Global Min Vol Factor ETF

 

Investment Objective

The iShares MSCI Global Min Vol Factor ETF (the “Fund”) seeks to track the investment results of an index composed of developed and emerging market equities that, in the aggregate, have lower volatility characteristics relative to the broader developed and emerging equity markets, as represented by the MSCI ACWI Minimum Volatility (USD) Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

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

Fund NAV

    (9.21 )%       5.44      7.93       (9.21 )%       30.32      114.48

Fund Market

    (9.41      5.37        7.84         (9.41      29.90        112.72  

Index

    (9.11      5.33        7.73           (9.11      29.62        110.50  

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

 

LOGO

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

 

    Actual         Hypothetical 5% Return           
                                                              
   

Beginning
Account Value
(03/01/22)
 
 
 
      

Ending
Account Value
(08/31/22
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
     

Beginning
Account Value
(03/01/22
 
 
      

Ending
Account Value
(08/31/22
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
                 
      $        1,000.00          $         945.70          $        0.98           $      1,000.00          $      1,024.20          $        1.02          0.20

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

 

 

F U N D   S U M M A R Y

  13


Table of Contents
Fund Summary as of August 31, 2022   (continued)    iShares® MSCI Global Min Vol Factor ETF

 

Portfolio Management Commentary

Lower volatility global stocks declined as global growth cooled in an environment of high inflation, rising interest rates, and volatility in commodities markets. Stocks in the U.S., which represented approximately 56% of the Index on average, detracted from the Index’s return, led by the communication services sector. Stocks of streaming content providers in the entertainment industry declined amid stiff competition, as more entrants into the streaming market weighed on revenue growth. Consumers switched frequently among streaming providers, creating significant customer turnover. Stocks of broadband providers in the media industry also declined, as slowing revenue and customer growth challenged broadband providers and rising interest rates pressured highly indebted companies in the industry. The information technology sector was another detractor from the Index’s return, as the return of some remote workers to physical offices negatively impacted the sales growth of software platforms designed to facilitate online collaboration.

Stocks in Japan, which endured two quarters of economic contraction during the reporting period, also detracted notably from the Index’s performance. The Japanese yen declined significantly relative to the U.S. dollar, reducing the value of Japanese assets denominated in U.S. dollars. Despite strong earnings amid increasing factory automation, the Japanese information technology sector was pressured by both the widening gap between U.S. and Japanese interest rates and the global revaluation of information technology stocks in response to sharply declining demand.

Swiss stocks also declined, as the war in Ukraine disrupted supply chains and contributed to rising inflation. Prices for food and energy climbed, and in June 2022 the Swiss National Bank raised interest rates for the first time since 2007. The healthcare sector was the largest detractor, as the pharmaceuticals industry was negatively impacted by the failure of a cancer drug trial.

In terms of relative performance, the Index notably outperformed the broader market, as measured by the MSCI ACWI Index. Low volatility stocks generally benefited from an environment of slowing global economic growth, rising interest rates, and geopolitical instability. Positioning among U.S. stocks contributed substantially to the Index’s performance relative to the broader market, particularly within the consumer staples and utilities sectors. Positioning in Taiwanese stocks was also additive, driven primarily by financials and information technology stocks. On the downside, an underweight allocation to the U.S. energy sector detracted from the Index’s relative performance.

Portfolio Information

 

SECTOR ALLOCATION

 

   

Sector

   
Percent of
Total Investments
 
(a) 

Health Care

    16.7

Information Technology

    16.4  

Consumer Staples

    13.0  

Communication Services

    12.2  

Financials

    10.5  

Industrials

    8.6  

Utilities

    8.3  

Consumer Discretionary

    6.3  

Materials

    4.9  

Real Estate

    2.1  

Energy

    1.0  

 

  (a) 

Excludes money market funds.

 

GEOGRAPHIC ALLOCATION

 

   

Country/Geographic Region

   
Percent of
Total Investments
 
(a) 

United States

    56.3

Japan

    10.3  

Switzerland

    6.0  

Taiwan

    5.0  

India

    4.7  

China

    4.1  

Canada

    2.3  

Hong Kong

    2.1  

Saudi Arabia

    1.6  

Singapore

    1.1  

Other (each representing less than 1%)

    6.5  

 

 

14  

2 0 2 2   I S H A R E S   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


Table of Contents

 

About Fund Performance

 

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

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

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

Disclosure of Expenses

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

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

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

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

 

 

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

  15


Table of Contents

Schedule of Investments

August 31, 2022

  

iShares® ESG Aware MSCI EM ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   
Brazil — 2.8%            

Atacadao SA

    1,130,149     $ 4,290,413  

B3 SA - Brasil, Bolsa, Balcao

    5,241,494       11,939,048  

Banco do Brasil SA

    1,403,354       11,245,930  

Banco Santander Brasil SA

    1,172,580       6,619,767  

CCR SA

    2,118,149       5,614,577  

Cosan SA

    2,673,227       10,266,622  

Localiza Rent a Car SA

    1,115,756       13,044,033  

Lojas Renner SA

    1,757,965       8,944,590  

Natura & Co. Holding SA

    1,667,975       4,623,289  

Petroleo Brasileiro SA

    1,816,503       12,978,513  

Rumo SA

    1,521,907       5,912,221  

Telefonica Brasil SA

    1,061,915       8,397,506  

Ultrapar Participacoes SA

    2,658,845       6,914,919  

Vibra Energia SA

    1,280,630       4,519,523  

WEG SA

    746,782       4,060,907  
   

 

 

 
          119,371,858  
Chile — 0.5%            

Banco de Chile

    47,178,879       4,476,005  

Enel Americas SA

    142,423,519       15,430,208  
   

 

 

 
      19,906,213  
China — 30.1%            

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

    1,583,900       4,639,777  

3SBio Inc.(a)

    6,644,500       4,417,652  

AAC Technologies Holdings Inc.(b)

    2,565,500       4,752,906  

Agricultural Bank of China Ltd., Class H

    16,191,000       5,290,598  

Alibaba Group Holding Ltd.(c)

    10,256,368       122,364,021  

Alibaba Health Information Technology Ltd.(c)

    11,728,000       6,720,892  

Baidu Inc.(c)

    236,644       4,224,232  

Baidu Inc., ADR(c)

    143,971       20,727,505  

Bank of China Ltd., Class H

    32,263,000       11,258,758  

Bank of Ningbo Co. Ltd., Class A

    1,006,000       4,324,864  

BeiGene Ltd., ADR(b)(c)

    25,171       4,320,854  

Bosideng International Holdings Ltd.

    8,390,000       4,710,909  

BYD Co. Ltd., Class A

    181,655       7,514,374  

BYD Co. Ltd., Class H

    590,500       18,196,446  

CanSino Biologics Inc., Class H(a)

    559,400       3,491,522  

China Construction Bank Corp., Class A

    7,594,600       6,059,178  

China Construction Bank Corp., Class H

    75,569,000       46,715,462  

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

    6,371,735       4,515,696  

China Galaxy Securities Co. Ltd., Class A

    3,327,900       4,755,334  

China International Capital Corp. Ltd., Class A

    708,513       4,258,076  

China Lesso Group Holdings Ltd.

    7,570,000       8,997,717  

China Medical System Holdings Ltd.

    6,474,000       9,581,388  

China Mengniu Dairy Co. Ltd.

    1,785,000       8,082,975  

China Merchants Bank Co. Ltd., Class A

    1,576,940       7,964,485  

China Merchants Bank Co. Ltd., Class H

    3,374,000       17,255,010  

China Overseas Land & Investment Ltd.

    1,713,500       4,604,981  

China Resources Beer Holdings Co. Ltd.

    686,000       4,782,118  

China Resources Gas Group Ltd.

    1,675,000       6,521,454  

China Resources Land Ltd.

    3,366,000       13,781,233  

China Suntien Green Energy Corp. Ltd., Class H

    14,111,000       6,328,722  

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

    4,696,100       4,133,821  

China Vanke Co. Ltd., Class H

    2,320,200       4,529,562  

CIFI Holdings Group Co. Ltd.(b)

    15,391,280       3,895,451  

CMOC Group Ltd., Class A

    13,374,500       9,489,045  

CMOC Group Ltd., Class H

    11,232,000       5,008,534  
Security   Shares     Value  
China (continued)            

Contemporary Amperex Technology Co. Ltd., Class A(c)

    152,503     $ 10,570,654  

Country Garden Services Holdings Co. Ltd.

    2,600,000       5,109,424  

CSC Financial Co. Ltd., Class A

    1,207,300       4,633,081  

CSPC Pharmaceutical Group Ltd.

    11,195,520       11,357,000  

ENN Energy Holdings Ltd.

    826,600       12,008,363  

Far East Horizon Ltd.

    7,035,000       5,329,390  

Fosun International Ltd.

    22,501,500       16,609,073  

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

    929,600       4,435,899  

Ganfeng Lithium Co. Ltd., Class A

    481,950       5,940,946  

Geely Automobile Holdings Ltd.

    2,841,000       5,708,187  

GEM Co. Ltd., Class A

    3,657,400       4,421,178  

Genscript Biotech Corp.(c)

    1,498,000       4,811,864  

Great Wall Motor Co. Ltd., Class H

    3,057,000           4,586,511  

Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A

    1,177,700       4,631,653  

Hansoh Pharmaceutical Group Co. Ltd.(a)

    2,624,000       5,235,238  

Huadong Medicine Co. Ltd., Class A

    705,000       4,303,996  

Huatai Securities Co. Ltd., Class A

    5,037,502       9,543,738  

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

    3,376,600       4,513,237  

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

    826,000       4,458,316  

Industrial & Commercial Bank of China Ltd., Class H

    20,677,000       10,504,802  

Industrial Bank Co. Ltd., Class A

    1,937,468       4,779,178  

JD Health International Inc.(a)(c)

    1,738,000       11,972,423  

JD.com Inc., Class A

    1,142,678       36,171,616  

Jinxin Fertility Group Ltd.(a)

    6,515,500       4,242,741  

Jiumaojiu International Holdings Ltd.(a)

    1,938,000       3,812,796  

KE Holdings Inc., ADR(c)

    275,397       4,968,162  

Kingdee International Software Group Co. Ltd.(c)

    5,790,000       11,237,827  

Kuaishou Technology(a)(c)

    921,100       7,980,858  

Lenovo Group Ltd.

    13,728,000       11,306,543  

Li Auto Inc., ADR(c)

    631,694       18,173,836  

Li Ning Co. Ltd.

    1,173,500       10,688,598  

Longfor Group Holdings Ltd.(a)

    1,511,500       4,905,971  

LONGi Green Energy Technology Co. Ltd., Class A

    754,848       5,554,175  

Meituan, Class B(a)(c)

    3,267,100       78,466,618  

Microport Scientific Corp.(b)(c)

    2,319,300       4,608,631  

Ming Yang Smart Energy Group Ltd., Class A

    990,100       3,825,902  

Ming Yuan Cloud Group Holdings Ltd.

    5,389,000       4,416,938  

MMG Ltd.(c)

    16,572,000       4,533,444  

NetEase Inc.

    1,629,470       29,098,071  

NIO Inc., ADR(b)(c)

    897,682       17,872,849  

Orient Securities Co. Ltd., Class A

    3,929,388       4,905,050  

Pinduoduo Inc., ADR(c)

    225,702       16,092,553  

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

    1,821,600       4,931,310  

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

    3,994,000       23,491,284  

Pop Mart International Group Ltd.(a)(b)

    1,798,600       4,648,121  

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

    10,809,400       7,035,236  

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

    6,897,000       4,117,310  

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

    4,119,200       5,587,978  

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

    6,907,800       4,229,032  

Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A

    753,715       4,393,511  

Shanghai Pharmaceuticals Holding Co. Ltd., Class A

    1,731,600       4,323,035  

Shanghai Pharmaceuticals Holding Co. Ltd., Class H

    3,578,500       5,202,396  

Shenzhen Inovance Technology Co. Ltd., Class A

    476,172       4,116,261  

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

    101,900       4,385,847  

Shenzhou International Group Holdings Ltd.

    392,600       4,103,183  

Sinopharm Group Co. Ltd., Class H

    1,983,200       4,418,159  

 

 

16  

2 0 2 2   I S H A R E S   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


Table of Contents

Schedule of Investments  (continued)

August 31, 2022

  

iShares® ESG Aware MSCI EM ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
China (continued)            

Sungrow Power Supply Co. Ltd., Class A

    513,167     $ 8,211,330  

Sunny Optical Technology Group Co. Ltd.

    1,013,800       13,840,853  

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

    390,200       4,406,732  

Tencent Holdings Ltd.

    4,075,600       168,447,587  

Tianqi Lithium Corp., Class A(c)

    268,200       4,435,638  

Tongcheng Travel Holdings Ltd.(c)

    3,497,600       7,163,646  

Topchoice Medical Corp., Class A(c)

    236,309       3,963,065  

Trip.com Group Ltd., ADR(b)(c)

    209,857       5,397,522  

Unisplendour Corp. Ltd., Class A

    2,283,340       5,692,442  

Vipshop Holdings Ltd., ADR(b)(c)

    563,936       6,547,297  

Wharf Holdings Ltd. (The)

    1,511,000       5,690,369  

WuXi AppTec Co. Ltd., Class A

    375,889       4,853,533  

WuXi AppTec Co. Ltd., Class H(a)

    789,980       8,918,088  

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

    3,504,500       30,917,043  

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

    2,729,200       5,040,011  

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

    2,925,136       4,358,926  

Xinyi Solar Holdings Ltd.

    5,186,000       7,131,885  

XPeng Inc., ADR(c)

    510,042       9,445,978  

Yadea Group Holdings Ltd.(a)

    6,926,000       13,210,629  

Yum China Holdings Inc.(b)

    438,097       21,953,041  

Yunnan Baiyao Group Co. Ltd., Class A

    624,040       4,719,428  

Zhejiang Huayou Cobalt Co. Ltd., Class A

    373,690       4,021,869  
   

 

 

 
          1,279,892,457  
Colombia — 0.1%            

Bancolombia SA

    786,436       6,072,728  
   

 

 

 
Czech Republic — 0.2%            

Moneta Money Bank AS(a)

    2,819,384       8,936,186  
   

 

 

 
Greece — 0.4%            

Alpha Services and Holdings SA(c)

    4,458,740       4,117,661  

OPAP SA

    959,579       12,639,488  
   

 

 

 
      16,757,149  
Hungary — 0.3%            

MOL Hungarian Oil & Gas PLC

    1,727,087       11,900,235  
   

 

 

 
India — 14.2%            

Adani Green Energy Ltd.(c)

    368,804       11,143,722  

Adani Total Gas Ltd.

    274,777       12,814,898  

Asian Paints Ltd.

    684,285       28,807,591  

AU Small Finance Bank Ltd.(a)

    911,497       7,168,228  

Axis Bank Ltd.

    2,220,498       20,693,906  

Bajaj Finance Ltd.

    204,586       18,464,152  

Bandhan Bank Ltd.(a)

    1,648,512       5,689,308  

Bharti Airtel Ltd.

    1,288,554       11,672,292  

Colgate-Palmolive India Ltd.

    751,655       15,782,450  

Eicher Motors Ltd.

    302,405       12,620,944  

Havells India Ltd.

    449,253       7,777,313  

HCL Technologies Ltd.

    1,220,428       14,195,818  

Hero MotoCorp Ltd.

    210,909       7,429,310  

Hindalco Industries Ltd.

    2,016,319       10,935,707  

Hindustan Unilever Ltd.

    754,208       24,968,781  

Housing Development Finance Corp. Ltd.

    1,195,181       36,184,598  

ICICI Bank Ltd.

    3,457,912       37,917,197  

ICICI Prudential Life Insurance Co. Ltd.(a)

    686,293       5,066,490  

Info Edge India Ltd.

    175,082       9,418,175  

Infosys Ltd.

    2,302,405       42,435,835  

Kotak Mahindra Bank Ltd.

    743,363       17,635,670  
Security   Shares     Value  
India (continued)            

Mahindra & Mahindra Ltd.

    503,550     $ 8,172,934  

Mahindra & Mahindra Ltd., GDR

    893,775       14,356,450  

Marico Ltd.

    3,164,546       20,774,805  

Mphasis Ltd.

    149,699       3,938,201  

Nestle India Ltd.

    77,253       19,234,364  

Piramal Pharma Ltd., NVS

    1,705,532       4,582,034  

Power Grid Corp. of India Ltd.

    3,687,104       10,556,441  

Reliance Industries Ltd.

    1,809,700       59,285,853  

Reliance Industries Ltd., GDR(a)

    69,941       4,594,616  

Shriram Transport Finance Co. Ltd.

    349,400       5,864,438  

State Bank of India

    1,607,220       10,581,887  

Tata Consultancy Services Ltd.

    942,104       37,572,601  

Tata Consumer Products Ltd.

    757,700       7,658,122  

Tata Elxsi Ltd.

    52,165       5,818,688  

Tech Mahindra Ltd.

    568,337       7,572,254  

Titan Co. Ltd.

    156,129       5,059,250  

United Spirits Ltd.(c)

    557,345       5,633,577  

UPL Ltd.

    636,113       6,092,724  

Wipro Ltd.

    780,667       3,997,157  

Zomato Ltd.(c)

    5,612,977       4,012,299  
   

 

 

 
          604,181,080  
Indonesia — 1.9%            

Bank Central Asia Tbk PT

    44,691,500       24,679,667  

Bank Negara Indonesia Persero Tbk PT

    7,455,200       4,276,048  

Kalbe Farma Tbk PT

    173,043,100       19,567,526  

Merdeka Copper Gold Tbk PT(c)

    15,048,900       4,327,614  

Telkom Indonesia Persero Tbk PT

    72,356,500       22,157,786  

Unilever Indonesia Tbk PT

    25,566,400       7,900,706  
   

 

 

 
      82,909,347  
Kuwait — 0.5%            

Kuwait Finance House KSCP

    8,146,014       23,778,057  
   

 

 

 
Malaysia — 2.7%            

Axiata Group Bhd

    6,333,600       4,295,040  

Kuala Lumpur Kepong Bhd

    988,900       5,112,981  

Malayan Banking Bhd

    7,833,500       15,670,896  

Maxis Bhd

    10,936,200       9,374,734  

Nestle Malaysia Bhd

    588,400       17,459,810  

Petronas Dagangan Bhd(b)

    2,984,900       15,673,143  

Press Metal Aluminium Holdings Bhd

    3,883,400       4,116,001  

Public Bank Bhd

    20,497,600       21,523,300  

RHB Bank Bhd

    6,828,400       8,725,192  

Sime Darby Bhd

    14,632,700       7,455,353  

Sime Darby Plantation Bhd

    4,171,900       4,146,874  
   

 

 

 
      113,553,324  
Mexico — 1.8%            

Arca Continental SAB de CV

    2,034,400       13,849,451  

Coca-Cola Femsa SAB de CV

    802,300       4,905,433  

Fomento Economico Mexicano SAB de CV

    3,049,800       19,114,896  

Grupo Aeroportuario del Sureste SAB de CV, Class B

    247,050       5,232,606  

Grupo Bimbo SAB de CV, Series A

    1,022,000       3,359,236  

Grupo Financiero Banorte SAB de CV, Class O

    3,046,700       17,993,020  

Wal-Mart de Mexico SAB de CV

    3,577,300       11,690,836  
   

 

 

 
      76,145,478  
Peru — 0.2%            

Credicorp Ltd.

    80,363       10,357,987  
   

 

 

 
Philippines — 0.2%            

Globe Telecom Inc.

    100,260       3,740,853  

 

 

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

  17


Table of Contents

Schedule of Investments  (continued)

August 31, 2022

  

iShares® ESG Aware MSCI EM ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Philippines (continued)            

GT Capital Holdings Inc.

    450,060     $ 3,854,714  
   

 

 

 
      7,595,567  
Poland — 0.3%            

Allegro.eu SA (a)(c)

    753,359       3,951,506  

KGHM Polska Miedz SA

    236,649       4,434,657  

Polski Koncern Naftowy ORLEN SA

    312,158       4,043,138  
   

 

 

 
      12,429,301  
Qatar — 1.0%            

Qatar Fuel QSC

    474,481       2,450,490  

Qatar National Bank QPSC

    6,861,062       38,412,819  
   

 

 

 
      40,863,309  
Romania — 0.1%            

NEPI Rockcastle SA

    772,282       4,115,138  
   

 

 

 
Russia — 0.0%            

Gazprom PJSC(c)(d)

    7,224,690       1,184  

LUKOIL PJSC(d)

    725,046       119  

Novatek PJSC(d)

    1,686,230       277  

Novolipetsk Steel PJSC(d)

    5,130,970       841  

PhosAgro PJSC(d)

    249,741       41  

PhosAgro PJSC, New(d)

    4,826       48  

Polymetal International PLC(d)

    1,747,485       287  

Polyus PJSC(d)

    43,646       7  

Rosneft Oil Co. PJSC(d)

    759,129       125  

Sberbank of Russia PJSC(c)(d)

    10,004,860       1,640  

TCS Group Holding PLC, GDR(c)(d)

    124,025       20  

Yandex NV(c)(d)

    87,150       14  
   

 

 

 
      4,603  
Saudi Arabia — 4.0%            

ACWA Power Co.

    90,069       4,193,156  

Al Rajhi Bank

    1,553,255       37,184,591  

Bank AlBilad(c)

    690,533       9,277,985  

Banque Saudi Fransi

    255,479       3,381,240  

Dr Sulaiman Al Habib Medical Services Group Co.

    241,607       12,837,141  

Etihad Etisalat Co.

    883,238       8,599,763  

SABIC Agri-Nutrients Co.

    132,228       6,104,157  

Sahara International Petrochemical Co.

    676,438       8,543,899  

Saudi Arabian Mining Co.(c)

    1,167,559       23,038,084  

Saudi Arabian Oil Co.(a)

    1,144,962       11,404,948  

Saudi Basic Industries Corp.

    1,124,939       29,884,269  

Saudi Investment Bank (The)

    713,514       3,796,297  

Saudi National Bank (The)

    246,009       4,561,957  

Savola Group (The)

    833,035       7,216,165  
   

 

 

 
          170,023,652  
South Africa — 4.0%            

Absa Group Ltd.

    791,142       8,193,980  

Anglo American Platinum Ltd.

    57,615       4,032,133  

Bidvest Group Ltd. (The)

    736,607       9,243,738  

Clicks Group Ltd.

    409,460       7,124,120  

FirstRand Ltd.

    1,855,191       6,929,340  

Gold Fields Ltd.

    1,347,043       10,879,193  

Growthpoint Properties Ltd.

    5,117,669       3,806,413  

Impala Platinum Holdings Ltd.

    870,384       9,120,186  

Kumba Iron Ore Ltd.

    367,886       8,144,739  

MTN Group Ltd.

    554,123       4,010,766  

MultiChoice Group

    705,286       4,760,307  

Naspers Ltd., Class N

    169,741       23,934,574  

Nedbank Group Ltd.

    517,683       6,110,454  

Old Mutual Ltd.

    16,625,520       9,849,328  
Security   Shares     Value  
South Africa (continued)            

Sanlam Ltd.

    1,906,520     $ 5,927,075  

Sasol Ltd.(c)

    214,822       4,131,596  

SPAR Group Ltd. (The)

    432,967       3,957,906  

Standard Bank Group Ltd.

    862,122       7,693,210  

Vodacom Group Ltd.

    3,609,676       26,569,586  

Woolworths Holdings Ltd.

    1,948,393       6,369,993  
   

 

 

 
          170,788,637  
South Korea — 11.2%            

Amorepacific Corp.

    44,726       4,076,373  

AMOREPACIFIC Group

    265,275       6,866,967  

CJ CheilJedang Corp.

    27,941       8,475,560  

Coway Co. Ltd.

    200,585       9,516,638  

Hana Financial Group Inc.

    276,536       8,060,098  

HD Hyundai Co. Ltd.

    105,408       4,949,255  

HMM Co. Ltd.

    247,600       4,080,474  

Kakao Corp.

    274,991       14,933,016  

KB Financial Group Inc.

    571,265       20,970,532  

LG Chem Ltd.

    35,641       16,683,419  

LG Corp.

    1       61  

LG Display Co. Ltd.

    773,254       8,936,473  

LG Electronics Inc.

    89,570       6,702,524  

LG H&H Co. Ltd.

    8,312       4,401,545  

NAVER Corp.

    206,054       36,563,579  

NCSoft Corp.

    18,722       5,261,111  

POSCO Holdings Inc.

    98,445       18,622,366  

Samsung C&T Corp.

    151,568       13,570,921  

Samsung Electro-Mechanics Co. Ltd.

    41,673       4,314,680  

Samsung Electronics Co. Ltd.

    3,352,342       148,511,242  

Samsung Fire & Marine Insurance Co. Ltd.

    61,306       8,909,851  

Samsung Life Insurance Co. Ltd.

    98,406       4,541,835  

Samsung SDI Co. Ltd.

    46,748       20,667,362  

Samsung SDS Co. Ltd.

    44,196       4,218,002  

Samsung Securities Co. Ltd.

    185,679       4,674,494  

Shinhan Financial Group Co. Ltd.

    775,145       21,001,366  

SK Hynix Inc.

    390,538       27,457,918  

SK Inc.

    92,557       16,009,483  

SK Innovation Co. Ltd.(c)

    68,456       9,636,913  

Woori Financial Group Inc.

    1,409,095       12,746,565  
   

 

 

 
      475,360,623  
Taiwan — 15.2%            

Acer Inc.

    36,783,000       26,418,348  

ASE Technology Holding Co. Ltd.

    1,509,000       4,198,053  

Asustek Computer Inc.

    962,000       8,004,839  

AUO Corp.

    9,084,000       4,960,131  

Cathay Financial Holding Co. Ltd.

    21,859,110       31,801,207  

Chailease Holding Co. Ltd.

    796,129       5,111,712  

China Steel Corp.

    9,676,000       9,163,812  

Chunghwa Telecom Co. Ltd.

    1,120,000       4,452,402  

CTBC Financial Holding Co. Ltd.

    27,455,000       21,029,322  

Delta Electronics Inc.

    2,634,000       22,551,378  

E Ink Holdings Inc.

    642,000       4,992,087  

E.Sun Financial Holding Co. Ltd.

    28,447,254       26,211,549  

Eva Airways Corp.

    4,145,000       4,536,161  

Evergreen Marine Corp. Taiwan Ltd.

    2,609,000       7,476,651  

Far EasTone Telecommunications Co. Ltd.

    8,572,000       21,023,304  

First Financial Holding Co. Ltd.

    33,397,722       28,975,147  

Fubon Financial Holding Co. Ltd.

    9,796,723       18,369,330  

Hon Hai Precision Industry Co. Ltd.

    1,921,000       6,840,256  

Hotai Motor Co. Ltd.

    344,000       6,892,973  

MediaTek Inc.

    1,044,000       22,588,740  

 

 

18  

2 0 2 2   I S H A R E S   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


Table of Contents

Schedule of Investments  (continued)

August 31, 2022

  

iShares® ESG Aware MSCI EM ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Taiwan (continued)            

Mega Financial Holding Co. Ltd.

    8,698,625     $ 10,202,843  

momo.com Inc.

    177,000       4,197,106  

Shanghai Commercial & Savings Bank Ltd. (The)

    4,428,000       7,244,826  

Taishin Financial Holding Co. Ltd.

    34,399,507       17,073,395  

Taiwan Semiconductor Manufacturing Co. Ltd.

    18,144,000       297,013,313  

Unimicron Technology Corp.

    783,000       3,836,485  

United Microelectronics Corp.

    10,839,000       14,420,927  

Voltronic Power Technology Corp.

    98,000       5,530,004  
   

 

 

 
      645,116,301  
Thailand — 3.0%            

Advanced Info Service PCL, NVDR

    3,060,100       16,099,533  

Asset World Corp. PCL, NVDR

    30,321,100       4,644,010  

Bangkok Dusit Medical Services PCL, NVDR

    15,700,900       12,583,492  

BTS Group Holdings PCL, NVDR

    56,130,700       12,920,885  

Delta Electronics Thailand PCL, NVDR

    267,700       3,847,098  

Energy Absolute PCL, NVDR

    1,951,400       4,555,922  

Intouch Holdings PCL, NVDR

    4,392,000       8,748,567  

Kasikornbank PCL, NVDR

    951,700       4,006,471  

Krungthai Card PCL, NVDR

    2,573,200       4,242,769  

Minor International PCL, NVDR(c)

    5,678,300       5,084,903  

PTT Exploration & Production PCL, NVDR

    2,731,200       12,631,885  

PTT Public Company Ltd., NVDR

    20,087,400       20,638,243  

SCB X PCL, NVS

    1,428,700       4,318,754  

Siam Cement PCL (The), NVDR

    1,272,300       12,481,226  
   

 

 

 
      126,803,758  
Turkey — 0.2%            

Aselsan Elektronik Sanayi Ve Ticaret AS

    3,192,822       4,567,430  

Turkiye Petrol Rafinerileri AS(c)

    237,535       4,691,485  
   

 

 

 
      9,258,915  
United Arab Emirates — 1.7%            

Abu Dhabi Commercial Bank PJSC

    7,913,441       19,521,695  

Emirates Telecommunications Group Co. PJSC

    2,956,460       20,701,900  

First Abu Dhabi Bank PJSC

    6,431,310       33,400,697  
   

 

 

 
      73,624,292  
   

 

 

 

Total Common Stocks — 96.6%
(Cost: $4,312,487,595)

      4,109,746,195  
   

 

 

 

Preferred Stocks

   
Brazil — 1.9%            

Banco Bradesco SA, Preference Shares, NVS

    5,657,248       20,617,681  

Cia. Energetica de Minas Gerais, Preference Shares, NVS

    7,291,335       16,958,549  
Security   Shares     Value  

 

 
Brazil (continued)            

Gerdau SA, Preference Shares, NVS

    1,372,563     $ 6,152,577  

Itau Unibanco Holding SA, Preference Shares, NVS

    2,806,782       13,924,928  

Petroleo Brasileiro SA, Preference Shares, NVS

    3,496,452       22,333,365  
   

 

 

 
      79,987,100  
Chile — 0.2%            

Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares

    97,224       9,719,905  
   

 

 

 
Colombia — 0.3%            

Bancolombia SA, Preference Shares, NVS

    1,460,064       10,081,002  
   

 

 

 
South Korea — 0.6%            

Samsung Electronics Co. Ltd., Preference Shares, NVS

    666,692       26,969,129  
   

 

 

 

Total Preferred Stocks — 3.0%
(Cost: $120,187,346)

      126,757,136  
   

 

 

 

Total Long-Term Investments — 99.6%
(Cost: $4,432,674,941)

      4,236,503,331  
   

 

 

 

Short-Term Securities

   
Money Market Funds — 0.7%            

BlackRock Cash Funds: Institutional, SL Agency Shares, 2.42%(e)(f)(g)

    23,465,374       23,472,414  

BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(e)(f)

    5,610,000       5,610,000  
   

 

 

 

Total Short-Term Securities — 0.7%
(Cost: $29,070,190)

      29,082,414  
   

 

 

 

Total Investments in Securities — 100.3%
(Cost: $4,461,745,131)

 

    4,265,585,745  

Liabilities in Excess of Other Assets — (0.3)%

 

    (14,061,073
   

 

 

 

Net Assets — 100.0%

    $  4,251,524,672  
   

 

 

 

 

(a) 

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

(b) 

All or a portion of this security is on loan.

(c) 

Non-income producing security.

(d) 

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

(e) 

Affiliate of the Fund.

(f) 

Annualized 7-day yield as of period end.

(g) 

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

 

 

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

  19


Table of Contents

Schedule of Investments   (continued)

August 31, 2022

  

iShares® ESG Aware MSCI EM ETF

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

 
Affiliated Issuer    Value at
08/31/21
    

Purchases

at Cost

     Proceeds
from Sale
     Net Realized
Gain (Loss)
     Change in
Unrealized
Appreciation
(Depreciation)
     Value at
08/31/22
     Shares
Held at
08/31/22
     Income     

Capital

Gain
Distributions
from
Underlying
Funds

 

 

 

BlackRock Cash Funds: Institutional, SL Agency Shares

   $ 41,185,570      $      $ (17,706,675 )(a)     $ (10,999    $ 4,518      $ 23,472,414        23,465,374      $ 821,916 (b)     $  

BlackRock Cash Funds: Treasury, SL Agency Shares

     6,140,000               (530,000 )(a)                      5,610,000        5,610,000        39,484         
           

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 
            $ (10,999    $ 4,518      $ 29,082,414         $ 861,400      $  
           

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 

 

  (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

     225        09/16/22      $ 11,046      $ 26,884  
           

 

 

 

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)

   $      $      $ 26,884      $      $      $      $ 26,884  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

  (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 August 31, 2022, 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

   $      $      $ (6,130,483    $      $      $      $ (6,130,483
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on

                    

Futures contracts

   $      $      $ (48,205    $      $      $      $ (48,205
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

Futures contracts

        

Average notional value of contracts — long

   $ 11,484,200      

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

 

 

20  

2 0 2 2   I S H A R E S   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


Table of Contents

Schedule of Investments   (continued)

August 31, 2022

  

iShares® ESG Aware MSCI EM ETF

 

Fair Value Hierarchy as of Period End

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

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

 

                                                                                                   

 

 
     Level 1        Level 2        Level 3        Total  

 

 

Investments

                 

Assets

                 

Common Stocks

   $ 453,933,147        $ 3,655,808,445        $ 4,603        $ 4,109,746,195  

Preferred Stocks

     99,788,007          26,969,129                   126,757,136  

Money Market Funds

     29,082,414                            29,082,414  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 582,803,568        $ 3,682,777,574        $ 4,603        $ 4,265,585,745  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative financial instruments(a)

                 

Assets

                 

Futures Contracts

   $ 26,884        $        $        $ 26,884  
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (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

  21


Table of Contents

Schedule of Investments

August 31, 2022

  

iShares® MSCI Emerging Markets ex China ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   
Brazil — 5.6%            

Ambev SA

    2,474,599     $ 7,263,403  

Americanas SA

    335,452       1,053,607  

Atacadao SA

    261,529       992,849  

B3 SA - Brasil, Bolsa, Balcao

    3,200,698       7,290,533  

Banco Bradesco SA

    846,998       2,578,896  

Banco BTG Pactual SA

    617,193       3,019,291  

Banco do Brasil SA

    451,418       3,617,487  

Banco Santander Brasil SA

    196,369       1,108,595  

BB Seguridade Participacoes SA

    370,478       2,013,901  

BRF SA(a)

    311,890       950,226  

CCR SA

    625,153       1,657,093  

Centrais Eletricas Brasileiras SA

    547,153       4,849,536  

Cia. de Saneamento Basico do Estado de Sao Paulo

    178,813       1,689,347  

Cia. Siderurgica Nacional SA

    348,529       924,516  

Cosan SA

    633,258       2,432,050  

CPFL Energia SA

    120,382       809,195  

Energisa SA

    102,596       833,997  

Engie Brasil Energia SA

    110,106       857,161  

Equatorial Energia SA

    531,770       2,471,590  

Hapvida Participacoes e Investimentos SA(b)

    2,426,109       3,394,986  

Hypera SA

    218,404       1,808,139  

JBS SA

    409,390       2,328,512  

Klabin SA

    396,684       1,435,791  

Localiza Rent a Car SA

    386,910       4,523,271  

Lojas Renner SA

    516,669       2,628,831  

Magazine Luiza SA(a)

    1,576,582       1,294,019  

Natura & Co. Holding SA

    469,103       1,300,259  

Petro Rio SA(a)

    370,741       1,946,205  

Petroleo Brasileiro SA

    1,938,559       13,850,576  

Raia Drogasil SA

    563,135       2,355,416  

Rede D’Or Sao Luiz SA(b)

    208,844       1,337,992  

Rumo SA

    681,716       2,648,293  

Suzano SA

    391,377       3,329,684  

Telefonica Brasil SA

    265,614       2,100,446  

Tim SA

    449,878       1,023,000  

TOTVS SA

    274,737       1,507,716  

Ultrapar Participacoes SA

    377,018       980,519  

Vale SA

    2,098,233       26,014,153  

Vibra Energia SA

    609,263       2,150,175  

WEG SA

    877,458       4,771,507  

XP Inc.(a)

    1       19  
   

 

 

 
          129,142,782  
Chile — 0.5%            

Banco de Chile

    23,664,715       2,245,145  

Banco de Credito e Inversiones SA

    28,045       826,095  

Banco Santander Chile

    34,470,020       1,384,570  

Cencosud SA

    747,457       1,044,980  

Cia. Cervecerias Unidas SA

    67,562       367,160  

Cia. Sud Americana de Vapores SA

    7,866,566       740,357  

Empresas CMPC SA

    573,735       1,088,256  

Empresas COPEC SA

    200,949       1,733,374  

Enel Americas SA

    11,550,637       1,251,400  

Enel Chile SA

    16,822,182       552,199  

Falabella SA

    395,872       932,867  
   

 

 

 
      12,166,403  
Colombia — 0.2%            

Bancolombia SA

    135,209       1,044,061  

Ecopetrol SA

    2,542,368       1,295,580  
Security   Shares     Value  
Colombia (continued)            

Interconexion Electrica SA ESP

    243,497     $ 1,053,926  
   

 

 

 
      3,393,567  
Czech Republic — 0.2%            

CEZ AS(c)

    84,761       3,433,840  

Komercni Banka AS

    37,721       883,465  

Moneta Money Bank AS(b)

    186,322       590,557  
   

 

 

 
      4,907,862  
Egypt — 0.1%            

Commercial International Bank Egypt SAE

    936,514       1,854,792  

Eastern Co. SAE

    601,868       304,922  

Egyptian Financial Group-Hermes Holding Co.(a)

    407,407       271,322  
   

 

 

 
          2,431,036  
Greece — 0.4%            

Alpha Services and Holdings SA(a)

    1,214,267       1,121,379  

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

    1,406,681       1,305,129  

Hellenic Telecommunications Organization SA

    112,372       1,787,709  

JUMBO SA

    63,779       911,769  

Mytilineos SA

    54,670       854,913  

National Bank of Greece SA(a)

    300,638       970,229  

OPAP SA

    104,407       1,375,240  

Public Power Corp. SA(a)

    111,825       583,770  
   

 

 

 
      8,910,138  
Hungary — 0.2%            

MOL Hungarian Oil & Gas PLC

    213,766       1,472,923  

OTP Bank Nyrt

    116,234       2,471,949  

Richter Gedeon Nyrt

    73,727       1,486,492  
   

 

 

 
      5,431,364  
India — 21.0%            

ACC Ltd.

    39,554       1,133,396  

Adani Enterprises Ltd.

    149,108       5,917,164  

Adani Green Energy Ltd.(a)

    165,568       5,002,776  

Adani Ports & Special Economic Zone Ltd.

    270,156       2,826,507  

Adani Power Ltd.(a)

    397,241       2,028,571  

Adani Total Gas Ltd.

    143,792       6,706,092  

Adani Transmission Ltd.(a)

    145,748       7,147,264  

Ambuja Cements Ltd.

    309,435       1,586,732  

Apollo Hospitals Enterprise Ltd.

    52,449       2,818,000  

Asian Paints Ltd.

    201,152       8,468,262  

AU Small Finance Bank Ltd.(b)

    86,130       677,347  

Aurobindo Pharma Ltd.

    137,424       935,614  

Avenue Supermarts Ltd.(a)(b)

    84,745       4,763,706  

Axis Bank Ltd.

    1,229,856       11,461,629  

Bajaj Auto Ltd.

    35,877       1,827,354  

Bajaj Finance Ltd.

    142,277       12,840,684  

Bajaj Finserv Ltd.

    20,005       4,193,952  

Balkrishna Industries Ltd.

    40,211       1,021,483  

Bandhan Bank Ltd.(b)

    361,023       1,245,954  

Berger Paints India Ltd.

    125,646       1,050,823  

Bharat Electronics Ltd.

    635,065       2,426,572  

Bharat Forge Ltd.

    131,894       1,214,173  

Bharat Petroleum Corp. Ltd.

    452,400       1,853,206  

Bharti Airtel Ltd.

    1,149,823       10,415,605  

Biocon Ltd.

    220,059       851,458  

Britannia Industries Ltd.

    56,546       2,645,865  

Cholamandalam Investment and Finance
Co. Ltd.

    213,550       2,092,172  

Cipla Ltd.

    253,262       3,281,853  

Coal India Ltd.

    807,265       2,358,817  

Colgate-Palmolive India Ltd.

    64,106       1,346,029  

 

 

22  

2 0 2 2   I S H A R E S   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


Table of Contents

Schedule of Investments  (continued)

August 31, 2022

  

iShares® MSCI Emerging Markets ex China ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
India (continued)            

Container Corp. of India Ltd.

    141,515     $ 1,227,570  

Dabur India Ltd.

    322,508       2,351,507  

Divi’s Laboratories Ltd.

    69,348       3,130,976  

DLF Ltd.

    322,003       1,555,444  

Dr. Reddy’s Laboratories Ltd.

    61,019       3,224,627  

Eicher Motors Ltd.

    71,231       2,972,843  

GAIL India Ltd.

    810,766       1,377,190  

Godrej Consumer Products Ltd.(a)

    215,515       2,482,492  

Godrej Properties Ltd.(a)

    64,608       1,126,876  

Grasim Industries Ltd.

    137,974       2,875,576  

Havells India Ltd.

    129,701       2,245,339  

HCL Technologies Ltd.

    569,076       6,619,399  

HDFC Life Insurance Co. Ltd.(b)

    497,209       3,563,102  

Hero MotoCorp Ltd.

    57,108       2,011,640  

Hindalco Industries Ltd.

    704,156       3,819,060  

Hindustan Petroleum Corp. Ltd.

    336,223       1,020,519  

Hindustan Unilever Ltd.

    430,939       14,266,650  

Housing Development Finance Corp. Ltd.

    902,044       27,309,754  

ICICI Bank Ltd.

    2,703,411       29,643,834  

ICICI Lombard General Insurance Co. Ltd.(b)

    124,736       2,003,698  

ICICI Prudential Life Insurance Co. Ltd.(b)

    187,859       1,386,850  

Indian Oil Corp. Ltd.

    1,487,484       1,327,295  

Indian Railway Catering & Tourism Corp. Ltd.

    125,708       1,102,633  

Indraprastha Gas Ltd.

    161,092       842,241  

Indus Towers Ltd.

    358,151       890,633  

Info Edge India Ltd.

    36,735       1,976,084  

Infosys Ltd.

    1,764,329       32,518,507  

InterGlobe Aviation Ltd.(a)(b)

    49,823       1,244,204  

ITC Ltd.

    1,549,457       6,192,063  

Jindal Steel & Power Ltd.

    215,339       1,158,679  

JSW Steel Ltd.

    378,538       3,139,267  

Jubilant Foodworks Ltd.

    204,730       1,559,477  

Kotak Mahindra Bank Ltd.

    290,597       6,894,172  

Larsen & Toubro Infotech Ltd.(b)

    27,338       1,564,372  

Larsen & Toubro Ltd.

    360,589       8,606,262  

Lupin Ltd.

    107,687       899,880  

Mahindra & Mahindra Ltd.

    455,647       7,395,438  

Marico Ltd.

    271,428       1,781,887  

Maruti Suzuki India Ltd.

    63,115       7,119,208  

Mindtree Ltd.

    31,172       1,268,387  

Mphasis Ltd.

    43,664       1,148,689  

MRF Ltd.

    1,047       1,116,019  

Muthoot Finance Ltd.

    64,305       842,477  

Nestle India Ltd.

    17,661       4,397,216  

NTPC Ltd.

    2,018,747       4,138,144  

Oil & Natural Gas Corp. Ltd.

    1,303,689       2,256,834  

Page Industries Ltd.

    3,181       2,026,669  

Petronet LNG Ltd.

    399,844       1,103,073  

PI Industries Ltd.

    39,469       1,687,664  

Pidilite Industries Ltd.

    80,407       2,744,733  

Piramal Pharma Ltd., NVS

    252,616       678,671  

Power Grid Corp. of India Ltd.

    1,630,937       4,669,489  

Reliance Industries Ltd.

    1,596,103           52,288,406  

Samvardhana Motherson International Ltd.

    683,029       1,041,804  

SBI Cards & Payment Services Ltd.

    122,703       1,406,945  

SBI Life Insurance Co. Ltd.(b)

    235,379       3,889,811  

Shree Cement Ltd.

    5,565       1,527,706  

Shriram Transport Finance Co. Ltd.

    98,802       1,658,323  

Siemens Ltd.

    37,400       1,342,828  

SRF Ltd.

    76,880       2,426,165  
Security   Shares     Value  
India (continued)            

State Bank of India

    935,466     $ 6,159,080  

Sun Pharmaceutical Industries Ltd.

    502,669       5,609,894  

Tata Consultancy Services Ltd.

    480,669       19,169,842  

Tata Consumer Products Ltd.

    287,748       2,908,287  

Tata Elxsi Ltd.

    17,972       2,004,667  

Tata Motors Ltd.(a)

    867,792       5,053,667  

Tata Power Co. Ltd. (The)

    744,384       2,182,805  

Tata Steel Ltd.

    3,833,897       5,147,399  

Tech Mahindra Ltd.

    303,712       4,046,515  

Titan Co. Ltd.

    185,241       6,002,603  

Torrent Pharmaceuticals Ltd.

    53,152       1,027,044  

Trent Ltd.

    93,998       1,644,033  

UltraTech Cement Ltd.

    53,429       4,441,813  

United Spirits Ltd.(a)

    148,627       1,502,304  

UPL Ltd.

    258,766       2,478,475  

Vedanta Ltd.

    384,958       1,290,152  

Wipro Ltd.

    715,622       3,664,115  

Yes Bank Ltd.(a)

    5,866,100       1,202,347  

Zomato Ltd.(a)

    1,232,192       880,802  
   

 

 

 
          484,642,205  
Indonesia — 2.9%            

Adaro Energy Indonesia Tbk PT

    7,617,800       1,816,059  

Adaro Minerals Indonesia Tbk PT(a)

    4,241,800       489,194  

Aneka Tambang Tbk

    4,325,000       578,324  

Astra International Tbk PT

    10,597,400       4,972,502  

Bank Central Asia Tbk PT

    28,924,900       15,972,990  

Bank Jago Tbk PT(a)

    2,166,300       1,227,514  

Bank Mandiri Persero Tbk PT

    9,717,700       5,782,857  

Bank Negara Indonesia Persero Tbk PT

    3,884,000       2,227,729  

Bank Rakyat Indonesia Persero Tbk PT

    35,671,171       10,417,016  

Barito Pacific Tbk PT

    14,476,500       799,141  

Charoen Pokphand Indonesia Tbk PT

    3,856,300       1,526,411  

Gudang Garam Tbk PT

    251,500       402,171  

Indah Kiat Pulp & Paper Tbk PT

    1,425,800       798,660  

Indofood CBP Sukses Makmur Tbk PT

    1,258,400       704,321  

Indofood Sukses Makmur Tbk PT

    2,299,700       964,759  

Kalbe Farma Tbk PT

    11,081,100       1,253,039  

Merdeka Copper Gold Tbk PT(a)

    6,276,659       1,804,980  

Sarana Menara Nusantara Tbk PT

    11,979,600       1,001,522  

Semen Indonesia Persero Tbk PT

    1,554,800       690,425  

Sumber Alfaria Trijaya Tbk PT

    8,806,400       1,292,445  

Telkom Indonesia Persero Tbk PT

    25,830,800       7,910,186  

Tower Bersama Infrastructure Tbk PT

    2,735,400       519,330  

Unilever Indonesia Tbk PT

    3,945,400       1,219,235  

United Tractors Tbk PT

    873,700       1,989,473  

Vale Indonesia Tbk PT(a)

    1,322,300       541,974  
   

 

 

 
      66,902,257  
Kuwait — 1.3%            

Agility Public Warehousing Co. KSC

    784,520       2,140,289  

Boubyan Bank KSCP

    683,155       1,851,759  

Gulf Bank KSCP

    816,169       926,724  

Kuwait Finance House KSCP

    2,692,974       7,860,739  

Mabanee Co. KPSC

    310,088       833,391  

Mobile Telecommunications Co. KSCP

    1,131,098       2,220,562  

National Bank of Kuwait SAKP

    3,774,486       12,911,805  
   

 

 

 
      28,745,269  
Malaysia — 2.2%            

AMMB Holdings Bhd

    990,100       920,244  

Axiata Group Bhd

    1,433,800       972,311  

 

 

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

  23


Table of Contents

Schedule of Investments  (continued)

August 31, 2022

  

iShares® MSCI Emerging Markets ex China ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Malaysia (continued)            

CIMB Group Holdings Bhd

    3,559,900     $ 4,257,174  

Dialog Group Bhd

    1,909,800       1,033,121  

DiGi.Com Bhd

    1,619,600       1,351,768  

Genting Bhd

    1,111,500       1,161,723  

Genting Malaysia Bhd

    1,590,400       1,055,667  

HAP Seng Consolidated Bhd

    325,300       505,158  

Hartalega Holdings Bhd

    901,400       334,337  

Hong Leong Bank Bhd

    339,300       1,579,285  

Hong Leong Financial Group Bhd

    120,100       519,156  

IHH Healthcare Bhd

    948,600       1,309,234  

Inari Amertron Bhd

    1,382,500       822,821  

IOI Corp. Bhd

    1,366,200       1,291,258  

Kuala Lumpur Kepong Bhd

    227,000       1,173,674  

Malayan Banking Bhd

    2,471,300       4,943,829  

Malaysia Airports Holdings Bhd(a)

    345,944       452,049  

Maxis Bhd(c)

    1,223,700       1,048,981  

MISC Bhd

    735,200       1,163,263  

MR DIY Group M Bhd(b)

    1,164,350       562,088  

Nestle Malaysia Bhd

    36,800       1,091,980  

Petronas Chemicals Group Bhd

    1,245,500       2,443,009  

Petronas Dagangan Bhd

    151,100       793,397  

Petronas Gas Bhd

    389,700       1,506,001  

PPB Group Bhd

    317,140       1,247,160  

Press Metal Aluminium Holdings Bhd

    1,918,500       2,033,411  

Public Bank Bhd

    7,976,900       8,376,064  

QL Resources Bhd

    497,100       566,464  

RHB Bank Bhd

    753,800       963,191  

Sime Darby Bhd

    1,419,100       723,031  

Sime Darby Plantation Bhd

    1,075,400       1,068,949  

Telekom Malaysia Bhd

    631,800       839,900  

Tenaga Nasional Bhd

    1,339,100       2,689,869  

Top Glove Corp. Bhd(c)

    2,759,700       494,111  
   

 

 

 
          51,293,678  
Mexico — 2.9%            

Alfa SAB de CV, Class A

    1,497,300       952,790  

America Movil SAB de CV, Series L, NVS

    14,646,000       12,482,159  

Arca Continental SAB de CV

    232,500       1,582,775  

Cemex SAB de CV, NVS(a)

    7,940,900       2,944,359  

Coca-Cola Femsa SAB de CV

    275,900       1,686,911  

Fibra Uno Administracion SA de CV

    1,618,700       1,694,507  

Fomento Economico Mexicano SAB de CV

    1,016,900       6,373,512  

Gruma SAB de CV, Class B(c)

    106,370       1,159,080  

Grupo Aeroportuario del Pacifico SAB de CV, Class B

    189,800       2,702,317  

Grupo Aeroportuario del Sureste SAB de CV, Class B

    100,470       2,127,990  

Grupo Bimbo SAB de CV, Series A

    698,600       2,296,245  

Grupo Carso SAB de CV, Series A1(c)

    231,500       796,659  

Grupo Financiero Banorte SAB de CV, Class O

    1,361,100       8,038,303  

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

    1,132,600       1,784,366  

Grupo Mexico SAB de CV, Series B

    1,629,300       6,168,963  

Grupo Televisa SAB, CPO(c)

    1,254,400       1,580,881  

Industrias Penoles SAB de CV

    75,415       619,858  

Kimberly-Clark de Mexico SAB de CV, Class A(c)

    792,400       1,073,367  

Operadora De Sites Mexicanos SAB de CV

    675,300       672,401  

Orbia Advance Corp. SAB de CV

    521,100       983,408  

Promotora y Operadora de Infraestructura SAB de CV

    123,080       865,131  

Wal-Mart de Mexico SAB de CV

    2,745,200       8,971,482  
   

 

 

 
      67,557,464  
Security   Shares     Value  
Peru — 0.3%            

Cia. de Minas Buenaventura SAA, ADR

    113,314     $ 602,831  

Credicorp Ltd.

    37,496       4,832,859  

Southern Copper Corp.

    44,809       2,109,160  
   

 

 

 
      7,544,850  
Philippines — 1.1%            

Aboitiz Equity Ventures Inc.

    876,510       874,220  

ACEN Corp.

    4,484,420       597,197  

Ayala Corp.

    129,160       1,609,529  

Ayala Land Inc.

    3,843,000       1,950,831  

Bank of the Philippine Islands

    886,330       1,496,469  

BDO Unibank Inc.

    1,027,060       2,348,523  

Converge Information and Communications Technology Solutions Inc.(a)

    1,173,100       361,728  

Globe Telecom Inc.

    13,360       498,482  

GT Capital Holdings Inc.

    53,474       457,999  

International Container Terminal Services Inc.

    507,560       1,634,679  

JG Summit Holdings Inc.

    1,658,120       1,507,821  

Jollibee Foods Corp.

    244,400       1,041,702  

Manila Electric Co.

    110,380       591,157  

Metro Pacific Investments Corp.

    5,475,600       363,331  

Metropolitan Bank & Trust Co.

    1,012,527       946,338  

Monde Nissin Corp.(a)(b)

    3,190,700       936,420  

PLDT Inc.

    43,710       1,302,894  

SM Investments Corp.

    125,415       1,851,244  

SM Prime Holdings Inc.

    6,010,400       4,040,324  

Universal Robina Corp.

    441,800       958,913  
   

 

 

 
          25,369,801  
Poland — 0.8%            

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

    192,915       1,011,875  

Bank Polska Kasa Opieki SA

    95,146       1,316,260  

CD Projekt SA

    34,245       610,693  

Cyfrowy Polsat SA

    133,787       551,775  

Dino Polska SA(a)(b)

    25,594       1,867,173  

KGHM Polska Miedz SA

    72,388       1,356,506  

LPP SA

    586       1,055,165  

mBank SA(a)(c)

    7,826       359,535  

Orange Polska SA

    344,005       438,383  

PGE Polska Grupa Energetyczna SA(a)

    459,306       700,146  

Polski Koncern Naftowy ORLEN SA

    211,934       2,745,015  

Polskie Gornictwo Naftowe i Gazownictwo SA(a)

    899,997       1,069,132  

Powszechna Kasa Oszczednosci Bank Polski SA

    454,946       2,269,517  

Powszechny Zaklad Ubezpieczen SA

    312,032       1,867,770  

Santander Bank Polska SA

    19,144       869,895  
   

 

 

 
      18,088,840  
Qatar — 1.7%            

Barwa Real Estate Co.

    953,788       952,963  

Commercial Bank PSQC (The)

    1,697,404       3,372,597  

Industries Qatar QSC

    803,107       3,951,943  

Masraf Al Rayan QSC

    2,899,112       3,555,803  

Mesaieed Petrochemical Holding Co.

    2,399,508       1,692,591  

Ooredoo QPSC

    418,427       1,032,185  

Qatar Electricity & Water Co. QSC

    251,286       1,290,274  

Qatar Fuel QSC

    260,481       1,345,272  

Qatar Gas Transport Co. Ltd.

    1,307,690       1,418,697  

Qatar International Islamic Bank QSC

    373,537       1,206,915  

Qatar Islamic Bank SAQ

    864,944       6,008,580  

Qatar National Bank QPSC

    2,418,372       13,539,666  
   

 

 

 
      39,367,486  

 

 

24  

2 0 2 2   I S H A R E S   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


Table of Contents

Schedule of Investments  (continued)

August 31, 2022

  

iShares® MSCI Emerging Markets ex China ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Romania — 0.1%            

NEPI Rockcastle SA

    231,766     $ 1,234,975  
   

 

 

 
Russia — 0.0%            

Alrosa PJSC(d)

    1,271,273       208  

Gazprom PJSC(a)(d)

    5,613,440       920  

Inter RAO UES PJSC(d)

    19,580,300       3,210  

LUKOIL PJSC(d)

    197,285       32  

Magnit PJSC(d)

    26,665       4  

Magnit PJSC, GDR(d)

    1        

MMC Norilsk Nickel PJSC(d)

    29,789       5  

Mobile TeleSystems PJSC(d)

    418,880       69  

Moscow Exchange MICEX-RTS
PJSC(a)(d)

    631,870       104  

Novatek PJSC(d)

    433,150       71  

Novolipetsk Steel PJSC(d)

    785,210       129  

Ozon Holdings PLC, ADR(a)(d)

    534        

PhosAgro PJSC(d)

    22,411       4  

PhosAgro PJSC, GDR(d)

    1        

PhosAgro PJSC, New(d)

    433       4  

Polymetal International PLC(d)

    137,561       23  

Polyus PJSC(d)

    13,397       2  

Rosneft Oil Co. PJSC(d)

    532,936       87  

Sberbank of Russia PJSC(a)(d)

    4,933,827       809  

Severstal PAO(d)

    109,143       18  

Surgutneftegas PJSC(d)

    3,671,000       602  

Tatneft PJSC(d)

    685,605       112  

TCS Group Holding PLC, GDR(a)(d)

    58,085       10  

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

    1,500,930       246  

VK Co. Ltd.(a)(d)

    873        

VTB Bank PJSC(d)

    1,160,968,000       190  

X5 Retail Group NV, GDR(d)

    67,732       11  

Yandex NV(a)(d)

    149,219       25  
   

 

 

 
      6,895  
Saudi Arabia — 6.9%            

ACWA Power Co.

    42,151       1,958,870  

Advanced Petrochemical Co.

    66,768       885,783  

Al Rajhi Bank

    1,027,505           24,598,249  

Alinma Bank

    510,804       5,146,228  

Almarai Co. JSC

    131,371       1,848,936  

AngloGold Ashanti Ltd.

    218,954       2,924,057  

Arab National Bank

    315,835       2,517,722  

Bank AlBilad(a)

    258,794       3,477,150  

Bank Al-Jazira

    210,374       1,313,587  

Banque Saudi Fransi

    311,184       4,106,550  

Bupa Arabia for Cooperative Insurance Co.

    31,635       1,383,558  

Dar Al Arkan Real Estate Development Co.(a)

    275,057       1,031,266  

Dr Sulaiman Al Habib Medical Services Group Co.

    45,882       2,437,817  

Elm Co.

    12,378       1,129,785  

Emaar Economic City(a)

    213,751       572,767  

Etihad Etisalat Co.

    199,046       1,936,026  

Jarir Marketing Co.

    31,692       1,446,984  

Mobile Telecommunications Co.(a)

    210,702       647,424  

Mouwasat Medical Services Co.

    25,845       1,656,411  

National Industrialization Co.(a)

    170,031       717,239  

Rabigh Refining & Petrochemical Co.(a)

    219,696       1,010,535  

Reinet Investments SCA

    71,646       1,175,908  

Riyad Bank

    707,474       6,662,377  

SABIC Agri-Nutrients Co.

    112,494       5,193,160  

Sahara International Petrochemical Co.

    188,489       2,380,752  

Saudi Arabian Mining Co.(a)

    451,022       8,899,493  

Saudi Arabian Oil Co.(b)

    1,269,869       12,649,144  
Security   Shares     Value  
Saudi Arabia (continued)            

Saudi Basic Industries Corp.

    471,983     $ 12,538,339  

Saudi British Bank (The)

    483,664       5,130,669  

Saudi Electricity Co.

    441,371       2,954,477  

Saudi Industrial Investment Group

    190,978       1,295,253  

Saudi Investment Bank (The)

    256,850       1,365,640  

Saudi Kayan Petrochemical Co.(a)

    384,026       1,493,384  

Saudi National Bank (The)

    1,148,744       21,302,150  

Saudi Research & Media Group(a)

    18,730       1,049,895  

Saudi Tadawul Group Holding Co.

    18,921       1,143,035  

Saudi Telecom Co.

    801,845       8,902,491  

Savola Group (The)

    138,557       1,200,250  

Yanbu National Petrochemical Co.

    131,310       1,744,890  
   

 

 

 
          159,828,251  
South Africa — 4.7%            

Absa Group Ltd.

    424,020       4,391,641  

African Rainbow Minerals Ltd.

    58,242       803,411  

Anglo American Platinum Ltd.

    27,771       1,938,681  

Aspen Pharmacare Holdings Ltd.

    204,110       1,751,630  

Bid Corp. Ltd.

    175,267       3,326,018  

Bidvest Group Ltd. (The)

    152,329       1,911,588  

Capitec Bank Holdings Ltd.

    45,642       5,427,078  

Clicks Group Ltd.

    129,426       2,251,859  

Discovery Ltd.(a)

    263,061       1,884,817  

Exxaro Resources Ltd.

    128,633       1,638,815  

FirstRand Ltd.

    2,647,964       9,890,434  

Foschini Group Ltd. (The)

    171,400       1,272,435  

Gold Fields Ltd.

    466,460       3,767,295  

Growthpoint Properties Ltd.

    1,798,956       1,338,025  

.Harmony Gold Mining Co. Ltd.

    297,052       756,473  

Impala Platinum Holdings Ltd.

    442,915       4,641,017  

Kumba Iron Ore Ltd.

    33,992       752,559  

Mr. Price Group Ltd.

    134,643       1,458,561  

MTN Group Ltd.

    887,240       6,421,882  

MultiChoice Group

    195,517       1,319,636  

Naspers Ltd., Class N

    114,340       16,122,676  

Nedbank Group Ltd.

    239,704       2,829,338  

Northam Platinum Holdings Ltd.(a)

    175,669       1,653,235  

Old Mutual Ltd.

    2,463,119       1,459,207  

Pepkor Holdings Ltd.(b)

    865,345       1,015,958  

Remgro Ltd.

    276,498       2,050,353  

Sanlam Ltd.

    935,594       2,908,617  

Sasol Ltd.(a)

    296,914       5,710,442  

Shoprite Holdings Ltd.

    264,654       3,588,714  

Sibanye Stillwater Ltd.

    1,470,316       3,284,717  

SPAR Group Ltd. (The)

    103,455       945,719  

Standard Bank Group Ltd.

    704,789       6,289,237  

Vodacom Group Ltd.

    338,543       2,491,899  

Woolworths Holdings Ltd.

    523,455       1,711,361  
   

 

 

 
      109,005,328  
South Korea — 16.0%            

Alteogen Inc.(a)

    14,165       667,853  

Amorepacific Corp.

    15,032       1,370,032  

AMOREPACIFIC Group

    15,267       395,205  

BGF retail Co. Ltd.

    4,101       491,212  

Celltrion Healthcare Co. Ltd.

    44,517       2,382,289  

Celltrion Inc.

    51,667       7,272,516  

Celltrion Pharm Inc.(a)

    8,611       500,861  

Cheil Worldwide Inc.

    35,992       586,796  

CJ CheilJedang Corp.

    4,434       1,345,000  

CJ Corp.

    7,793       453,416  

 

 

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

  25


Table of Contents

Schedule of Investments   (continued)

August 31, 2022

  

iShares® MSCI Emerging Markets ex China ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
South Korea (continued)            

CJ ENM Co. Ltd.

    5,522     $ 402,481  

CJ Logistics Corp.(a)

    4,926       434,188  

Coway Co. Ltd.

    28,826       1,367,633  

DB Insurance Co. Ltd.

    24,039       1,070,547  

Doosan Bobcat Inc.

    26,406       678,907  

Doosan Enerbility Co. Ltd.(a)

    213,871       3,214,192  

Ecopro BM Co. Ltd.

    25,441       2,105,059  

E-MART Inc.

    10,729       778,906  

F&F Co. Ltd./New

    9,010       950,686  

Green Cross Corp.

    2,974       363,050  

GS Engineering & Construction Corp.

    33,082       739,990  

GS Holdings Corp.

    25,184       864,617  

Hana Financial Group Inc.

    156,294       4,555,447