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FEBRUARY 29, 2024 |
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2024 Semi-Annual Report (Unaudited) |
iShares Trust
· iShares Emergent Food and AgTech Multisector ETF | IVEG | NASDAQ
· iShares ESG Aware MSCI EAFE ETF | ESGD | NASDAQ
· iShares ESG MSCI EM Leaders ETF | LDEM | NASDAQ
· iShares MSCI Global Sustainable Development Goals ETF | SDG | NASDAQ
· iShares MSCI Water Management Multisector ETF | IWTR | NASDAQ
· iShares Paris-Aligned Climate MSCI World ex USA ETF | PABD | NASDAQ
Dear Shareholder,
The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended February 29, 2024. Significantly tighter monetary policy helped to rein in inflation, and the Consumer Price Index decelerated substantially while remaining above pre-pandemic levels. A moderating labor market helped ease inflationary pressure, although wages continued to grow. Wage and job growth powered robust consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.
Equity returns were robust during the period, as interest rates stabilized and the economy proved to be more resilient than many investors expected. The U.S. economy continued to show strength, and growth further accelerated in the second half of 2023. Large-capitalization U.S. stocks posted particularly substantial gains, supported by the performance of a few notable technology companies, while small-capitalization U.S. stocks advanced at a significantly slower pace. Meanwhile, international developed market equities also gained strongly, while emerging market stocks advanced at a more modest pace.
The 10-year U.S. Treasury yield rose during the reporting period, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. However, higher yields drove positive returns overall for 10-year U.S. Treasuries and solid gains in shorter-duration U.S. Treasuries. The corporate bond market benefited from improving economic sentiment, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.
The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates three times during the 12-month period, but paused its tightening after its July meeting. The Fed also continued to reduce its balance sheet by not replacing some of the securities that reach maturity.
Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has stopped tightening for now, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period despite the market’s hopes for rapid interest rate cuts, as reflected in the recent rally. In this new regime, we anticipate greater volatility and dispersion of returns, creating more opportunities for selective portfolio management.
Looking at developed market stocks, we have an overweight stance on U.S. stocks overall, particularly given the promise of emerging AI technologies. We are also overweight Japanese stocks as shareholder-friendly policies generate increased investor interest, although we maintain an underweight stance on European stocks. In credit, there are selective opportunities in the near term despite tighter credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries and hard-currency emerging market bonds.
Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.
Rob Kapito
President, BlackRock Inc.
Rob Kapito
President, BlackRock Inc.
Total Returns as of February 29, 2024
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6-Month
|
12-Month
|
|||||||
U.S.
large cap equities |
13.93% | 30.45% | ||||||
U.S.
small cap equities |
8.97 | 10.05 | ||||||
International
equities |
9.23 | 14.41 | ||||||
Emerging
market equities |
4.93 | 8.73 | ||||||
3-month Treasury bills |
2.69 | 5.22 | ||||||
U.S.
Treasury securities |
0.58 | 0.69 | ||||||
U.S.
investment grade bonds |
2.35 | 3.33 | ||||||
Tax-exempt municipal
bonds |
4.33 | 5.42 | ||||||
U.S.
high yield bonds |
6.18 | 11.01 | ||||||
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. |
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T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T |
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68 |
Fund Summary as of February 29, 2024 | iShares® Emergent Food and AgTech Multisector ETF |
Investment Objective
The iShares Emergent Food and AgTech Multisector ETF (the “Fund”) seeks to track the investment results of an index composed of companies from U.S. and non-U.S. markets that are expected to benefit from creating or using agricultural technologies or innovative food products or services as represented by the Morningstar Global Food Innovation Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||
6-Month Total Returns |
1 Year |
Since Inception |
1 Year |
Since Inception |
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Fund NAV |
(1.01 | )% | (6.38 | )% | (9.69 | )% | (6.38 | )% | (17.17 | )% | ||||||||||||||
Fund Market |
(1.27 | ) | (6.61 | ) | (9.71 | ) | (6.61 | ) | (17.22 | ) | ||||||||||||||
Index |
(1.05 | ) | (6.70 | ) | (9.69 | ) | (6.70 | ) | (17.17 | ) |
The inception date of the Fund was April 25, 2022. The first day of secondary market trading was April 27, 2022.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||||||||||||||||||||||||||
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Beginning Account Value (09/01/23) |
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Ending Account Value (02/29/24) |
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Expenses Paid During the Period |
(a) |
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Beginning Account Value (09/01/23) |
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Ending Account Value (02/29/24) |
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Expenses Paid During the Period |
(a) |
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Annualized Expense Ratio |
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$ | 1,000.00 | $ 989.90 | $ 2.33 | $ 1,000.00 | $ 1,022.50 | $ 2.36 | 0.47 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
Sector |
Percent of Total Investments(a) | |
Materials |
49.2% | |
Industrials |
18.4 | |
Consumer Staples |
14.1 | |
Health Care |
13.2 | |
Information Technology |
5.1 |
GEOGRAPHIC ALLOCATION
Country/Geographic Region |
Percent of Total Investments(a) | |
United States |
60.8% | |
Germany |
9.8 | |
France |
6.8 | |
Norway |
6.2 | |
Netherlands |
4.6 | |
Japan |
3.9 | |
Canada |
3.8 | |
United Kingdom |
3.5 | |
Australia |
0.6 |
(a) |
Excludes money market funds. |
4 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of February 29, 2024 | iShares® ESG Aware MSCI EAFE ETF |
Investment Objective
The iShares ESG Aware MSCI EAFE ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization developed market equities, excluding the U.S. and Canada 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 EAFE Extended ESG Focus Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6-Month Total Returns |
1 Year | 5 Years |
Since Inception |
1 Year | 5 Years |
Since Inception |
||||||||||||||||||||||||||
Fund NAV |
8.84 | % | 14.35 | % | 7.02 | % | 8.12 | % | 14.35 | % | 40.38 | % | 82.06 | % | ||||||||||||||||||
Fund Market |
8.92 | 14.53 | 7.04 | 8.14 | 14.53 | 40.53 | 82.31 | |||||||||||||||||||||||||
Index |
8.63 | 13.87 | 7.03 | 8.19 | 13.87 | 40.48 | 82.92 |
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 EAFE ESG Focus Index. Index performance beginning on June 1, 2018 reflects the performance of the MSCI EAFE 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||
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Beginning Account Value (09/01/23) |
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Ending Account Value (02/29/24) |
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Expenses Paid During the Period |
(a) |
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Beginning Account Value (09/01/23) |
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Ending Account Value (02/29/24) |
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Expenses Paid During the Period |
(a) |
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Annualized Expense Ratio |
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$ | 1,000.00 | $ 1,088.40 | $ 1.04 | $ 1,000.00 | $ 1,023.90 | $ 1.01 | 0.20 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
Sector |
Percent of Total Investments(a) | |
Financials |
18.9% | |
Industrials |
17.0 | |
Consumer Discretionary |
12.6 | |
Health Care |
12.5 | |
Information Technology |
10.0 | |
Consumer Staples |
8.6 | |
Materials |
7.3 | |
Energy |
4.3 | |
Communication Services |
3.9 | |
Utilities |
3.0 | |
Real Estate |
1.9 |
GEOGRAPHIC ALLOCATION
Country/Geographic Region |
Percent of Total Investments(a) | |
Japan |
23.7% | |
United Kingdom |
13.8 | |
France |
11.3 | |
Switzerland |
10.3 | |
Germany |
8.0 | |
Australia |
7.2 | |
Netherlands |
5.0 | |
Denmark |
3.7 | |
Sweden |
3.0 | |
Spain |
2.5 | |
Italy |
2.4 | |
Hong Kong |
1.9 | |
Finland |
1.5 | |
Ireland |
1.3 | |
Singapore |
1.2 | |
Norway |
1.0 | |
Other (each representing less than 1%) |
2.2 |
(a) |
Excludes money market funds. |
F U N D S U M M A R Y |
5 |
Fund Summary as of February 29, 2024 | iShares® ESG MSCI EM Leaders ETF |
Investment Objective
The iShares ESG MSCI EM Leaders ETF (the “Fund”) seeks to track the investment results of an index composed of large and mid-capitalization stocks of emerging market companies with high environmental, social, and governance performance relative to their sector peers as determined by the index provider, as represented by the MSCI EM Extended ESG Leaders 5% Issuer Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||
6-Month Total Returns |
1 Year |
Since Inception |
|
1 Year |
Since Inception |
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Fund NAV |
1.03 | % | 2.35 | % | (1.22 | )% | 2.35 | % | (4.86 | )% | ||||||||||||
Fund Market |
0.97 | 2.07 | (1.39 | ) | 2.07 | (5.55 | ) | |||||||||||||||
Index |
1.64 | 3.31 | (0.62 | ) | 3.31 | (2.49 | ) |
The inception date of the Fund was February 5, 2020. The first day of secondary market trading was February 7, 2020.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||||||
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Beginning Account Value (09/01/23) |
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Ending Account Value (02/29/24) |
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Expenses Paid During the Period |
(a) |
|
Beginning Account Value (09/01/23) |
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Ending Account Value (02/29/24) |
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|
Expenses Paid During the Period |
(a) |
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Annualized Expense Ratio |
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$ 1,000.00 | $ 1,010.30 | $ 0.80 | $ 1,000.00 | $ 1,024.10 | $ 0.81 | 0.16 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
Sector |
Percent of Total Investments(a) | |
Financials |
24.7% | |
Information Technology |
13.6 | |
Communication Services |
13.2 | |
Consumer Discretionary |
13.1 | |
Industrials |
8.0 | |
Materials |
6.6 | |
Consumer Staples |
6.2 | |
Energy |
5.5 | |
Health Care |
4.2 | |
Utilities |
2.8 | |
Real Estate |
2.1 |
GEOGRAPHIC ALLOCATION
Country/Geographic Region |
Percent of Total Investments(a) | |
China |
27.5% | |
India |
18.7 | |
Taiwan |
14.5 | |
South Korea |
7.2 | |
South Africa |
5.0 | |
Brazil |
4.8 | |
Mexico |
3.4 | |
Saudi Arabia |
2.6 | |
Indonesia |
2.5 | |
Malaysia |
2.4 | |
Thailand |
2.4 | |
United Arab Emirates |
2.3 | |
Poland |
1.4 | |
Other (each representing less than 1%) |
5.3 |
(a) |
Excludes money market funds. |
6 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of February 29, 2024 | iShares® MSCI Global Sustainable Development Goals ETF |
Investment Objective
The iShares MSCI Global Sustainable Development Goals ETF (the “Fund”) (formerly the iShares MSCI Global Impact ETF) seeks to track the investment results of an index composed of companies that derive a majority of their revenue from products and services that address at least one of the world’s major social and environmental challenges as identified by the United Nations Sustainable Development Goals, as represented by the MSCIACWI Sustainable Impact Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||
6-Month Total Returns |
1 Year | 5 Years |
Since Inception |
1 Year | 5 Years |
Since Inception |
||||||||||||||||||||||||
Fund NAV |
(0.96 | )% | 1.07 | % | 7.67 | % | 7.98 | % | 1.07 | % | 44.68 | % | 82.86 | % | ||||||||||||||||
Fund Market |
(1.09 | ) | 0.82 | 7.45 | 7.91 | 0.82 | 43.20 | 81.97 | ||||||||||||||||||||||
Index |
(1.19 | ) | 1.17 | 7.64 | 8.08 | 1.17 | 44.52 | 84.23 |
The inception date of the Fund was April 20, 2016. The first day of secondary market trading was April 22, 2016.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||||||
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Beginning Account Value (09/01/23) |
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Ending Account Value (02/29/24) |
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Expenses Paid During the Period |
(a) |
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Beginning Account Value (09/01/23) |
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Ending Account Value (02/29/24) |
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|
Expenses Paid During the Period |
(a) |
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Annualized Expense Ratio |
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$ 1,000.00 | $ 990.40 | $ 2.42 | $ 1,000.00 | $ 1,022.40 | $ 2.46 | 0.49 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
Sector |
|
Percent of Total Investments |
(a) | |
Consumer Staples |
20.1 | % | ||
Health Care |
19.5 | |||
Industrials |
18.4 | |||
Real Estate |
16.9 | |||
Consumer Discretionary |
11.1 | |||
Materials |
6.0 | |||
Information Technology |
4.5 | |||
Utilities |
3.5 |
GEOGRAPHIC ALLOCATION
Country/Geographic Region | |
Percent of Total Investments |
(a) | |
United States |
23.4 | % | ||
China |
14.6 | |||
Japan |
13.1 | |||
Denmark |
9.1 | |||
France |
5.5 | |||
Switzerland |
4.4 | |||
Hong Kong |
4.2 | |||
Belgium |
4.2 | |||
South Korea |
3.7 | |||
Sweden |
2.7 | |||
Canada |
2.5 | |||
Germany |
2.4 | |||
Taiwan |
1.8 | |||
United Kingdom |
1.8 | |||
Australia |
1.4 | |||
Norway |
1.0 | |||
Other (each representing less than 1%) |
4.2 |
(a) |
Excludes money market funds. |
F U N D S U M M A R Y |
7 |
Fund Summary as of February 29, 2024 | iShares® MSCI Water Management Multisector ETF |
Investment Objective
The iShares MSCI Water Management Multisector ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. and non-U.S. companies that either 1) derive a proportion of their revenues from sustainable water products or services or 2) demonstrate relative efficiency in their water management, as represented by the MSCI ACWI IMI Sustainable Water Transition Extended Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||
6-Month Total Returns |
1 Year |
Since Inception |
1 Year |
Since Inception |
||||||||||||||||||
Fund NAV |
10.07 | % | 14.09 | % | 16.96 | % | 14.09 | % | 25.38 | % | ||||||||||||
Fund Market |
9.65 | 13.90 | 16.77 | 13.90 | 25.08 | |||||||||||||||||
Index |
10.07 | 13.92 | 16.78 | 13.92 | 25.12 |
The inception date of the Fund was September 20, 2022. The first day of secondary market trading was September 22, 2022.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||||||
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Beginning Account Value (09/01/23) |
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Ending Account Value (02/29/24) |
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Expenses Paid During the Period |
(a) |
|
Beginning Account Value (09/01/23) |
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Ending Account Value (02/29/24) |
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|
Expenses Paid During the Period |
(a) |
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Annualized Expense Ratio |
| ||||||||||||||
$ 1,000.00 | $ 1,100.70 | $ 2.45 | $ 1,000.00 | $ 1,022.50 | $ 2.36 | 0.47 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
Sector |
Percent of Total Investments(a) | |
Industrials |
32.7% | |
Utilities |
17.4 | |
Information Technology |
15.0 | |
Consumer Staples |
13.7 | |
Consumer Discretionary |
10.9 | |
Materials |
9.9 | |
Real Estate |
0.4 |
GEOGRAPHIC ALLOCATION
Country/Geographic Region |
Percent of Total Investments(a) | |
United States |
52.4% | |
United Kingdom |
8.0 | |
Taiwan |
6.8 | |
Switzerland |
6.1 | |
Brazil |
4.9 | |
Japan |
4.5 | |
France |
4.4 | |
Mexico |
2.7 | |
Austria |
2.6 | |
India |
2.5 | |
Saudi Arabia |
2.3 | |
China |
1.8 | |
Other (each representing less than 1%) |
1.0 |
(a) |
Excludes money market funds. |
8 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of February 29, 2024 | iShares® Paris-Aligned Climate MSCI World ex USA ETF |
Investment Objective
The iShares Paris-Aligned Climate MSCI World ex USA ETF(the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization developed market equities, excluding the U.S., that is designed to be compatible with the objectives of the Paris Agreement by, in aggregate, following a decarbonization trajectory, reducing exposure to climate-related transition and physical risks and increasing exposure to companies favorably positioned for the transition to a low-carbon economy, as represented by the MSCI World ex USA Climate Paris Aligned Benchmark Extended Select 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
Cumulative Total Returns | ||||
Since Inception |
||||
Fund NAV |
5.48 | % | ||
Fund Market |
6.29 | |||
Index |
5.51 |
The inception date of the Fund was January 17, 2024. The first day of secondary market trading was January 19, 2024.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||||||
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Beginning Account Value (01/17/24) |
(a) |
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Ending Account Value (02/29/24) |
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Expenses Paid During the Period |
(b) |
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Beginning Account Value (09/01/23) |
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Ending Account Value (02/29/24) |
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|
Expenses Paid During the Period |
(b) |
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Annualized Expense Ratio |
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$ 1,000.00 | $ 1,054.80 | $ 0.15 | $ 1,000.00 | $ 1,024.30 | $ 0.60 | 0.12 | % |
(a) |
Commencement of operations. |
(b) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 44/366 for actual expenses and 182/366 for hypothetical expenses (to reflect the six month period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
Sector |
Percent of Total Investments(a) | |
Financials |
23.5% | |
Industrials |
18.6 | |
Health Care |
13.3 | |
Consumer Discretionary |
11.0 | |
Information Technology |
10.6 | |
Real Estate |
5.6 | |
Materials |
5.5 | |
Consumer Staples |
5.3 | |
Utilities |
3.7 | |
Communication Services |
2.6 | |
Energy |
0.3 |
GEOGRAPHIC ALLOCATION
Country/Geographic Region |
Percent of Total Investments(a) | |
Japan |
20.7% | |
Canada |
12.3 | |
France |
10.5 | |
United Kingdom |
10.1 | |
Switzerland |
9.9 | |
Germany |
6.3 | |
Australia |
6.3 | |
Netherlands |
4.5 | |
Denmark |
3.6 | |
Sweden |
3.1 | |
Italy |
2.3 | |
Spain |
2.1 | |
Finland |
1.4 | |
Hong Kong |
1.4 | |
Singapore |
1.3 | |
Belgium |
1.2 | |
Other (each representing less than 1%) |
3.0 |
(a) |
Excludes money market funds. |
F U N D S U M M A R Y |
9 |
Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.
Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, index returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, index returns would be lower.
Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.
The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”
The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.
10 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) February 29, 2024 |
iShares® Emergent Food and AgTech Multisector ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
|
||||||||
Common Stocks |
||||||||
Australia — 0.6% | ||||||||
Nufarm Ltd./Australia |
7,055 | $ | 26,454 | |||||
|
|
|||||||
Canada — 3.8% | ||||||||
Nutrien Ltd. |
3,455 | 180,343 | ||||||
|
|
|||||||
France — 6.7% | ||||||||
Danone SA |
2,924 | 186,584 | ||||||
Eurofins Scientific SE |
2,304 | 137,694 | ||||||
|
|
|||||||
324,278 | ||||||||
Germany — 9.8% | ||||||||
BASF SE |
3,860 | 196,617 | ||||||
Bayer AG, Registered |
5,292 | 159,893 | ||||||
GEA Group AG |
2,784 | 112,297 | ||||||
|
|
|||||||
468,807 | ||||||||
Japan — 3.9% | ||||||||
Kubota Corp. |
12,800 | 187,858 | ||||||
|
|
|||||||
Netherlands — 4.6% | ||||||||
CNH Industrial NV |
16,817 | 200,963 | ||||||
Corbion NV |
1,105 | 20,972 | ||||||
|
|
|||||||
221,935 | ||||||||
Norway — 6.2% | ||||||||
Bakkafrost P/F |
907 | 56,660 | ||||||
Mowi ASA |
8,389 | 162,017 | ||||||
Salmar ASA |
1,263 | 80,212 | ||||||
|
|
|||||||
298,889 | ||||||||
United Kingdom — 3.4% | ||||||||
Croda International PLC |
2,292 | 138,178 | ||||||
Genus PLC |
1,200 | 27,137 | ||||||
|
|
|||||||
165,315 | ||||||||
United States — 60.5% | ||||||||
AGCO Corp. |
1,111 | 121,877 | ||||||
CF Industries Holdings Inc. |
2,480 | 200,186 | ||||||
Corteva Inc. |
4,185 | 223,981 | ||||||
Deere & Co. |
512 | 186,906 | ||||||
Ecolab Inc. |
973 | 218,769 |
Security | Shares | Value | ||||||
|
||||||||
United States (continued) | ||||||||
Exponent Inc. |
855 | $ | 69,161 | |||||
FMC Corp. |
2,191 | 123,550 | ||||||
International Flavors & Fragrances Inc. |
2,444 | 184,522 | ||||||
International Paper Co. |
5,075 | 179,452 | ||||||
Kellanova |
3,430 | 189,164 | ||||||
Mosaic Co. (The) |
5,265 | 164,057 | ||||||
Neogen Corp.(a) |
3,685 | 63,345 | ||||||
Packaging Corp. of America |
1,130 | 204,745 | ||||||
Sealed Air Corp. |
2,436 | 84,943 | ||||||
Sotera Health Co.(a) |
1,917 | 28,774 | ||||||
Trimble Inc.(a) |
3,989 | 244,087 | ||||||
Waters Corp.(a)(b) |
637 | 214,937 | ||||||
Westrock Co. |
4,510 | 204,258 | ||||||
|
|
|||||||
2,906,714 | ||||||||
|
|
|||||||
Total
Long-Term Investments — 99.5% |
4,780,593 | |||||||
|
|
|||||||
Short-Term Securities |
||||||||
Money Market Funds — 4.5% |
||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%(c)(d)(e) |
216,927 | 217,035 | ||||||
|
|
|||||||
Total
Short-Term Securities — 4.5% |
217,035 | |||||||
|
|
|||||||
Total
Investments — 104.0% |
4,997,628 | |||||||
Liabilities in Excess of Other Assets — (4.0)% |
(193,067 | ) | ||||||
|
|
|||||||
Net Assets — 100.0% |
$ | 4,804,561 | ||||||
|
|
(a) |
Non-income producing security. |
(b) |
All or a portion of this security is on loan. |
(c) |
Affiliate of the Fund. |
(d) |
Annualized 7-day yield as of period end. |
(e) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 29, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
||||||||||||||||||||||||||||||||||||
Affiliated Issuer |
Value at 08/31/23 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 02/29/24 |
Shares Held at 02/29/24 |
Income |
Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | — | $ | 217,029 | (a) | $ | — | $ | 6 | $ | — | $ | 217,035 | 216,927 | $ | 53 | (b) | $ | — | |||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares(c) |
— | — | 0 | (a) | — | — | — | — | 41 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
$ | 6 | $ | — | $ | 217,035 | $ | 94 | $ | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Represents net amount purchased (sold). |
(b) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
(c) |
As of period end, the entity is no longer held. |
S C H E D U L E O F I N V E S T M E N T S |
11 |
Schedule of Investments (unaudited) (continued) February 29, 2024 |
iShares® Emergent Food and AgTech Multisector ETF |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
|
||||||||||||||||
Description |
Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
||||||||||||
|
||||||||||||||||
Long Contracts |
||||||||||||||||
Micro E-Mini Russell 2000 Index |
2 | 03/15/24 | $ | 21 | $ | 71 | ||||||||||
|
|
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) |
$ | — | $ | — | $ | 71 | $ | — | $ | — | $ | — | $ | 71 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the period ended February 29, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:
|
||||||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total |
||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Net Realized Gain (Loss) from |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | 582 | $ | — | $ | — | $ | — | $ | 582 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | 62 | $ | — | $ | — | $ | — | $ | 62 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
| |||
Futures contracts: |
||||
Average notional value of contracts — long |
$ | 23,878 | ||
|
|
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
||||||||||||||||
Assets |
||||||||||||||||
Investments |
||||||||||||||||
Long-Term Investments |
||||||||||||||||
Common Stocks |
$ | 3,288,020 | $ | 1,492,573 | $ | — | $ | 4,780,593 | ||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
217,035 | — | — | 217,035 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 3,505,055 | $ | 1,492,573 | $ | — | $ | 4,997,628 | |||||||||
|
|
|
|
|
|
|
|
12 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 29, 2024 |
iShares® Emergent Food and AgTech Multisector ETF |
Fair Value Hierarchy as of Period End (continued)
|
||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
||||||||||||||||
Derivative Financial Instruments(a) |
||||||||||||||||
Assets |
||||||||||||||||
Equity Contracts |
$ | 71 | $ | — | $ | — | $ | 71 | ||||||||
|
|
|
|
|
|
|
|
(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 |
13 |
Schedule of Investments (unaudited) February 29, 2024 |
iShares® ESG Aware MSCI EAFE ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
|
||||||||
Common Stocks |
||||||||
Australia — 7.2% | ||||||||
ANZ Group Holdings Ltd. |
1,007,937 | $ | 18,682,773 | |||||
APA Group |
1,847,228 | 9,430,595 | ||||||
Aristocrat Leisure Ltd. |
346,138 | 10,516,855 | ||||||
ASX Ltd. |
194,516 | 8,334,405 | ||||||
Aurizon Holdings Ltd. |
2,816,828 | 6,975,872 | ||||||
BlueScope Steel Ltd. |
603,895 | 8,980,206 | ||||||
Brambles Ltd. |
2,241,729 | 22,011,506 | ||||||
Cochlear Ltd. |
81,568 | 18,593,688 | ||||||
Coles Group Ltd. |
752,323 | 8,274,993 | ||||||
Commonwealth Bank of Australia |
856,615 | 64,979,795 | ||||||
Computershare Ltd. |
551,457 | 9,319,626 | ||||||
CSL Ltd. |
250,255 | 46,588,529 | ||||||
Fortescue Ltd. |
1,123,504 | 18,962,508 | ||||||
Goodman Group |
781,970 | 15,223,069 | ||||||
GPT Group (The) |
2,852,376 | 8,067,138 | ||||||
IGO Ltd. |
109,090 | 562,671 | ||||||
Insurance Australia Group Ltd. |
1,918,830 | 7,745,672 | ||||||
James Hardie Industries PLC(a) |
209,853 | 8,300,821 | ||||||
Macquarie Group Ltd. |
216,853 | 27,535,857 | ||||||
Mineral Resources Ltd. |
217,394 | 9,433,643 | ||||||
National Australia Bank Ltd. |
840,181 | 18,668,083 | ||||||
Northern Star Resources Ltd. |
921,171 | 7,657,389 | ||||||
Orica Ltd. |
785,079 | 8,748,882 | ||||||
Pilbara Minerals Ltd.(b) |
3,245,489 | 8,862,769 | ||||||
QBE Insurance Group Ltd. |
1,724,399 | 19,408,063 | ||||||
Ramsay Health Care Ltd. |
231,889 | 8,272,607 | ||||||
REA Group Ltd. |
64,431 | 8,148,547 | ||||||
Rio Tinto Ltd. |
188,473 | 15,177,524 | ||||||
Santos Ltd. |
1,587,164 | 7,308,151 | ||||||
Sonic Healthcare Ltd. |
384,195 | 7,455,601 | ||||||
Stockland |
2,304,815 | 6,726,600 | ||||||
Suncorp Group Ltd. |
1,436,521 | 14,306,383 | ||||||
Telstra Group Ltd. |
3,175,406 | 7,889,969 | ||||||
Transurban Group |
4,799,193 | 42,291,536 | ||||||
Westpac Banking Corp. |
858,246 | 14,726,856 | ||||||
Woodside Energy Group Ltd. |
1,693,517 | 33,411,030 | ||||||
Xero Ltd.(a) |
102,764 | 8,546,732 | ||||||
|
|
|||||||
566,126,944 | ||||||||
Austria — 0.3% | ||||||||
OMV AG |
221,733 | 9,770,873 | ||||||
Verbund AG |
134,444 | 9,732,386 | ||||||
|
|
|||||||
19,503,259 | ||||||||
Belgium — 0.9% | ||||||||
Anheuser-Busch InBev SA/NV |
494,984 | 29,917,087 | ||||||
Argenx SE(a) |
24,591 | 9,217,079 | ||||||
KBC Group NV |
393,259 | 27,702,280 | ||||||
|
|
|||||||
66,836,446 | ||||||||
Denmark — 3.7% | ||||||||
AP Moller - Maersk A/S, Class B, NVS |
4,966 | 7,047,463 | ||||||
Carlsberg A/S, Class B |
65,484 | 9,147,000 | ||||||
Coloplast A/S, Class B |
61,567 | 8,178,143 | ||||||
DSV A/S |
66,104 | 10,606,415 | ||||||
Genmab A/S(a) |
36,676 | 10,189,330 | ||||||
Novo Nordisk A/S |
1,594,099 | 190,280,624 | ||||||
Novozymes A/S, Class B |
178,314 | 10,058,315 | ||||||
Orsted A/S(c) |
199,356 | 11,164,279 | ||||||
Pandora A/S |
81,475 | 13,176,147 | ||||||
Vestas Wind Systems A/S(a) |
610,488 | 17,013,094 | ||||||
|
|
|||||||
286,860,810 |
Security | Shares | Value | ||||||
|
||||||||
Finland — 1.5% | ||||||||
Elisa OYJ |
293,358 | $ | 13,208,769 | |||||
Kesko OYJ, Class B |
485,857 | 9,289,385 | ||||||
Metso OYJ |
898,763 | 9,613,855 | ||||||
Neste OYJ |
459,041 | 12,583,275 | ||||||
Nokia OYJ |
4,992,952 | 17,600,617 | ||||||
Nordea Bank Abp, New |
975,275 | 11,869,575 | ||||||
Sampo OYJ, Class A |
260,605 | 11,652,347 | ||||||
Stora Enso OYJ, Class R |
647,669 | 8,188,872 | ||||||
UPM-Kymmene OYJ |
499,135 | 16,705,737 | ||||||
Wartsila OYJ Abp |
549,999 | 8,514,410 | ||||||
|
|
|||||||
119,226,842 | ||||||||
France — 11.3% | ||||||||
Aeroports de Paris SA |
54,176 | 7,360,161 | ||||||
Air Liquide SA |
140,446 | 28,546,016 | ||||||
Airbus SE |
162,165 | 26,831,654 | ||||||
AXA SA |
1,121,248 | 39,918,555 | ||||||
BNP Paribas SA |
519,896 | 31,204,155 | ||||||
Bouygues SA |
213,444 | 8,440,785 | ||||||
Capgemini SE |
37,074 | 9,018,018 | ||||||
Carrefour SA |
458,907 | 7,710,257 | ||||||
Cie. de Saint-Gobain SA |
117,114 | 9,028,388 | ||||||
Cie. Generale des Etablissements Michelin SCA |
1,109,793 | 41,069,497 | ||||||
Covivio SA/France |
380,460 | 17,083,427 | ||||||
Danone SA |
619,200 | 39,511,959 | ||||||
Dassault Systemes SE |
550,876 | 25,814,639 | ||||||
Engie SA |
790,587 | 12,686,061 | ||||||
EssilorLuxottica SA |
134,842 | 28,631,570 | ||||||
Eurazeo SE |
101,674 | 8,601,666 | ||||||
Gecina SA |
77,308 | 7,467,307 | ||||||
Hermes International SCA |
14,551 | 36,411,536 | ||||||
Kering SA |
52,755 | 24,300,417 | ||||||
L’Oreal SA |
120,939 | 57,768,797 | ||||||
LVMH Moet Hennessy Louis Vuitton SE |
129,793 | 118,466,625 | ||||||
Pernod Ricard SA |
120,103 | 20,073,248 | ||||||
Publicis Groupe SA |
106,233 | 11,240,034 | ||||||
Rexel SA |
568,094 | 14,551,698 | ||||||
Safran SA |
112,956 | 23,685,792 | ||||||
Sanofi SA |
439,219 | 41,863,953 | ||||||
Schneider Electric SE |
389,753 | 88,587,771 | ||||||
Societe Generale SA |
487,468 | 11,838,467 | ||||||
TotalEnergies SE |
1,278,870 | 81,514,083 | ||||||
Worldline SA/France(a)(c) |
591,389 | 6,807,993 | ||||||
|
|
|||||||
886,034,529 | ||||||||
Germany — 7.7% | ||||||||
adidas AG |
89,999 | 18,205,002 | ||||||
Allianz SE, Registered |
194,561 | 53,437,218 | ||||||
BASF SE |
162,434 | 8,273,900 | ||||||
Bayer AG, Registered |
354,122 | 10,699,493 | ||||||
Bayerische Motoren Werke AG |
280,835 | 33,219,436 | ||||||
Commerzbank AG |
653,957 | 7,570,155 | ||||||
Continental AG |
95,548 | 7,664,401 | ||||||
Daimler Truck Holding AG |
197,760 | 8,075,056 | ||||||
Deutsche Bank AG, Registered |
828,031 | 11,089,578 | ||||||
Deutsche Boerse AG |
118,350 | 24,776,240 | ||||||
Deutsche Lufthansa AG, Registered(a) |
967,620 | 7,525,013 | ||||||
E.ON SE |
654,554 | 8,358,194 | ||||||
GEA Group AG |
267,307 | 10,782,219 | ||||||
Heidelberg Materials AG |
92,556 | 8,987,082 | ||||||
Henkel AG & Co. KGaA |
314,997 | 21,251,810 | ||||||
Infineon Technologies AG |
735,304 | 26,401,497 | ||||||
LEG Immobilien SE(a) |
101,709 | 7,491,825 |
14 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 29, 2024 |
iShares® ESG Aware MSCI EAFE ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
|
||||||||
Germany (continued) | ||||||||
Mercedes-Benz Group AG |
334,540 | $ | 26,657,748 | |||||
Merck KGaA |
147,042 | 25,018,727 | ||||||
MTU Aero Engines AG |
32,185 | 7,742,072 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered |
97,542 | 45,412,911 | ||||||
Puma SE |
170,309 | 7,833,090 | ||||||
Rheinmetall AG |
23,190 | 10,640,883 | ||||||
SAP SE |
626,162 | 117,338,550 | ||||||
Siemens AG, Registered |
384,865 | 76,191,265 | ||||||
Vonovia SE |
268,166 | 7,484,282 | ||||||
Zalando SE(a)(b)(c) |
361,870 | 7,658,357 | ||||||
|
|
|||||||
605,786,004 | ||||||||
Hong Kong — 1.8% | ||||||||
AIA Group Ltd. |
5,443,000 | 43,877,031 | ||||||
BOC Hong Kong Holdings Ltd. |
3,600,500 | 9,459,266 | ||||||
Hang Lung Properties Ltd. |
7,125,000 | 7,647,355 | ||||||
Hang Seng Bank Ltd. |
725,600 | 8,267,609 | ||||||
Hong Kong Exchanges & Clearing Ltd. |
660,200 | 20,333,208 | ||||||
MTR Corp. Ltd. |
9,438,000 | 31,223,464 | ||||||
Sands China Ltd.(a) |
2,607,600 | 7,403,875 | ||||||
Sino Land Co. Ltd. |
7,488,000 | 8,064,100 | ||||||
Swire Pacific Ltd., Class A |
994,500 | 8,238,371 | ||||||
|
|
|||||||
144,514,279 | ||||||||
Ireland — 1.3% | ||||||||
CRH PLC |
576,544 | 48,020,510 | ||||||
Flutter Entertainment PLC(a) |
89,513 | 19,382,692 | ||||||
Kerry Group PLC, Class A |
253,895 | 22,294,984 | ||||||
Kingspan Group PLC |
95,986 | 8,679,905 | ||||||
|
|
|||||||
98,378,091 | ||||||||
Israel — 0.6% | ||||||||
Bank Hapoalim BM |
1,503,054 | 14,397,366 | ||||||
CyberArk Software Ltd.(a) |
29,198 | 7,701,265 | ||||||
Elbit Systems Ltd. |
37,569 | 8,356,690 | ||||||
Isracard Ltd. |
1 | 4 | ||||||
Nice Ltd.(a) |
42,953 | 10,508,718 | ||||||
Wix.com Ltd.(a) |
60,382 | 8,464,349 | ||||||
|
|
|||||||
49,428,392 | ||||||||
Italy — 2.4% | ||||||||
Assicurazioni Generali SpA |
1,825,019 | 43,287,641 | ||||||
Enel SpA |
5,053,530 | 32,155,854 | ||||||
Eni SpA |
514,822 | 7,927,451 | ||||||
Intesa Sanpaolo SpA |
9,873,226 | 31,440,360 | ||||||
Mediobanca Banca di Credito Finanziario SpA |
602,508 | 8,207,401 | ||||||
Moncler SpA |
218,221 | 15,721,971 | ||||||
Stellantis NV |
394,972 | 10,332,307 | ||||||
Terna - Rete Elettrica Nazionale |
1,151,469 | 9,020,609 | ||||||
UniCredit SpA |
882,922 | 29,573,124 | ||||||
|
|
|||||||
187,666,718 | ||||||||
Japan — 23.5% | ||||||||
Advantest Corp. |
376,700 | 17,733,490 | ||||||
Aeon Co. Ltd. |
350,500 | 8,368,873 | ||||||
Ajinomoto Co. Inc. |
546,300 | 20,093,608 | ||||||
ANA Holdings Inc.(a) |
367,300 | 8,007,964 | ||||||
Asahi Group Holdings Ltd. |
313,400 | 10,736,291 | ||||||
Asahi Kasei Corp. |
3,532,600 | 24,579,736 | ||||||
Astellas Pharma Inc. |
1,289,800 | 14,095,903 | ||||||
Azbil Corp. |
396,700 | 11,657,933 | ||||||
Bridgestone Corp. |
1,211,200 | 52,011,979 | ||||||
Chugai Pharmaceutical Co. Ltd. |
448,600 | 17,917,812 | ||||||
Daifuku Co. Ltd. |
357,900 | 8,497,837 | ||||||
Daiichi Sankyo Co. Ltd. |
957,400 | 31,530,921 |
Security | Shares | Value | ||||||
|
||||||||
Japan (continued) | ||||||||
Daikin Industries Ltd. |
141,100 | $ | 19,886,956 | |||||
Daiwa Securities Group Inc. |
3,786,400 | 27,915,954 | ||||||
Disco Corp. |
33,600 | 10,949,813 | ||||||
Eisai Co. Ltd. |
184,000 | 7,632,445 | ||||||
ENEOS Holdings Inc. |
2,605,600 | 11,242,088 | ||||||
FANUC Corp. |
887,200 | 25,861,338 | ||||||
Fast Retailing Co. Ltd. |
93,500 | 27,082,259 | ||||||
FUJIFILM Holdings Corp. |
211,200 | 13,452,740 | ||||||
Fujitsu Ltd. |
147,600 | 23,065,850 | ||||||
Hankyu Hanshin Holdings Inc. |
771,800 | 22,256,882 | ||||||
Hitachi Ltd. |
530,900 | 44,978,115 | ||||||
Honda Motor Co. Ltd. |
3,419,000 | 40,626,471 | ||||||
Hoya Corp. |
263,400 | 34,383,452 | ||||||
Ibiden Co. Ltd. |
190,900 | 8,836,182 | ||||||
Inpex Corp. |
779,100 | 10,384,398 | ||||||
ITOCHU Corp. |
1,104,600 | 47,984,848 | ||||||
JFE Holdings Inc. |
708,400 | 11,617,978 | ||||||
Kao Corp. |
226,000 | 8,551,391 | ||||||
KDDI Corp. |
1,579,100 | 47,738,975 | ||||||
Keyence Corp. |
58,200 | 27,275,752 | ||||||
Kirin Holdings Co. Ltd. |
597,900 | 8,312,087 | ||||||
Komatsu Ltd. |
459,900 | 13,350,011 | ||||||
Kubota Corp. |
992,200 | 14,561,924 | ||||||
Marubeni Corp. |
1,449,100 | 24,014,480 | ||||||
MatsukiyoCocokara & Co. |
429,100 | 7,115,843 | ||||||
Mazda Motor Corp. |
657,400 | 7,634,064 | ||||||
Mitsubishi Chemical Group Corp. |
1,322,800 | 7,590,674 | ||||||
Mitsubishi Corp. |
1,320,000 | 28,313,386 | ||||||
Mitsubishi Electric Corp. |
1,198,100 | 19,083,314 | ||||||
Mitsubishi Heavy Industries Ltd. |
201,600 | 15,956,013 | ||||||
Mitsubishi UFJ Financial Group Inc. |
4,652,000 | 47,789,082 | ||||||
Mitsui Chemicals Inc. |
277,300 | 7,690,123 | ||||||
Mitsui Fudosan Co. Ltd. |
452,800 | 12,292,098 | ||||||
Mizuho Financial Group Inc. |
1,476,200 | 27,578,491 | ||||||
NEC Corp. |
163,200 | 11,015,543 | ||||||
Nintendo Co. Ltd. |
402,880 | 22,513,026 | ||||||
Nippon Telegraph & Telephone Corp. |
6,476,600 | 7,876,617 | ||||||
Nippon Yusen KK |
288,300 | 9,181,331 | ||||||
Nitto Denko Corp. |
85,500 | 7,861,208 | ||||||
Nomura Holdings Inc. |
2,547,700 | 14,505,746 | ||||||
Nomura Research Institute Ltd. |
490,900 | 13,794,306 | ||||||
Obayashi Corp. |
844,200 | 8,173,068 | ||||||
Omron Corp. |
332,600 | 12,366,965 | ||||||
Oriental Land Co. Ltd./Japan |
619,000 | 22,185,084 | ||||||
ORIX Corp. |
593,100 | 12,461,348 | ||||||
Pan Pacific International Holdings Corp. |
316,700 | 7,466,058 | ||||||
Panasonic Holdings Corp. |
1,399,400 | 13,229,410 | ||||||
Rakuten Group Inc.(a)(b) |
1,468,000 | 8,046,066 | ||||||
Recruit Holdings Co. Ltd.(b) |
726,100 | 29,287,852 | ||||||
Renesas Electronics Corp. |
843,600 | 13,938,871 | ||||||
Secom Co. Ltd. |
111,200 | 8,114,502 | ||||||
Seiko Epson Corp. |
493,700 | 7,991,816 | ||||||
Sekisui Chemical Co. Ltd. |
572,000 | 8,064,893 | ||||||
Sekisui House Ltd. |
1,053,100 | 23,458,513 | ||||||
Seven & i Holdings Co. Ltd. |
570,300 | 8,499,144 | ||||||
SG Holdings Co. Ltd. |
831,300 | 10,428,498 | ||||||
Shimadzu Corp. |
299,600 | 8,184,546 | ||||||
Shin-Etsu Chemical Co. Ltd. |
637,200 | 27,192,087 | ||||||
Shionogi & Co. Ltd. |
159,800 | 7,955,942 | ||||||
Shiseido Co. Ltd. |
275,800 | 7,498,190 | ||||||
SoftBank Corp. |
3,436,500 | 45,201,881 | ||||||
SoftBank Group Corp. |
469,800 | 27,827,555 |
S C H E D U L E O F I N V E S T M E N T S |
15 |
Schedule of Investments (unaudited) (continued) February 29, 2024 |
iShares® ESG Aware MSCI EAFE ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Japan (continued) | ||||||||
Sompo Holdings Inc. |
329,600 | $ | 19,323,072 | |||||
Sony Group Corp. |
789,300 | 67,996,732 | ||||||
Sumitomo Metal Mining Co. Ltd. |
423,600 | 11,027,304 | ||||||
Sumitomo Mitsui Financial Group Inc. |
585,300 | 32,609,703 | ||||||
Sumitomo Mitsui Trust Holdings Inc. |
393,600 | 7,975,607 | ||||||
Sysmex Corp. |
224,800 | 12,623,601 | ||||||
Takeda Pharmaceutical Co. Ltd. |
769,594 | 22,507,684 | ||||||
TDK Corp. |
165,700 | 8,639,077 | ||||||
Terumo Corp. |
209,900 | 8,178,058 | ||||||
Tokio Marine Holdings Inc. |
885,600 | 25,874,274 | ||||||
Tokyo Electron Ltd. |
249,400 | 61,878,356 | ||||||
Tokyo Gas Co. Ltd. |
369,700 | 8,092,059 | ||||||
Tokyu Corp. |
662,000 | 8,237,152 | ||||||
Toray Industries Inc. |
4,425,200 | 20,417,575 | ||||||
Toyota Motor Corp. |
4,634,500 | 111,628,480 | ||||||
Unicharm Corp.(b) |
227,100 | 7,531,345 | ||||||
West Japan Railway Co. |
190,900 | 7,937,947 | ||||||
Yamaha Corp. |
494,000 | 10,803,258 | ||||||
Yamaha Motor Co. Ltd. |
2,525,700 | 22,643,737 | ||||||
Yaskawa Electric Corp. |
411,600 | 16,870,826 | ||||||
Yokogawa Electric Corp. |
678,200 | 14,356,000 | ||||||
|
|
|||||||
1,849,709,737 | ||||||||
Netherlands — 5.0% | ||||||||
Adyen NV(a)(c) |
8,973 | 14,197,415 | ||||||
AerCap Holdings NV(a) |
98,109 | 7,572,053 | ||||||
Akzo Nobel NV |
260,107 | 18,958,951 | ||||||
ASM International NV |
19,574 | 11,954,767 | ||||||
ASML Holding NV |
208,374 | 197,747,233 | ||||||
BE Semiconductor Industries NV |
45,905 | 8,314,210 | ||||||
Heineken NV |
98,742 | 9,122,894 | ||||||
ING Groep NV |
1,682,199 | 23,150,154 | ||||||
Koninklijke Ahold Delhaize NV |
756,865 | 22,540,841 | ||||||
Koninklijke KPN NV |
6,810,434 | 24,895,266 | ||||||
Prosus NV |
700,127 | 20,449,309 | ||||||
Universal Music Group NV |
331,899 | 10,020,156 | ||||||
Wolters Kluwer NV |
142,173 | 22,451,927 | ||||||
|
|
|||||||
391,375,176 | ||||||||
New Zealand — 0.2% | ||||||||
EBOS Group Ltd. |
431,694 | 9,729,924 | ||||||
Meridian Energy Ltd. |
2,401,081 | 8,743,066 | ||||||
|
|
|||||||
18,472,990 | ||||||||
Norway — 1.0% | ||||||||
DNB Bank ASA |
775,826 | 15,534,919 | ||||||
Equinor ASA |
941,907 | 23,207,432 | ||||||
Gjensidige Forsikring ASA |
486,188 | 7,680,911 | ||||||
Kongsberg Gruppen ASA |
116,748 | 7,436,003 | ||||||
Norsk Hydro ASA |
1,347,456 | 6,916,157 | ||||||
Orkla ASA |
1,478,241 | 10,597,206 | ||||||
Telenor ASA |
938,117 | 10,263,263 | ||||||
|
|
|||||||
81,635,891 | ||||||||
Portugal — 0.3% | ||||||||
Galp Energia SGPS SA |
1,196,606 | 18,829,402 | ||||||
|
|
|||||||
Singapore — 1.2% | ||||||||
CapitaLand Investment Ltd/Singapore |
6,849,500 | 14,169,671 | ||||||
City Developments Ltd. |
3,865,200 | 16,291,582 | ||||||
DBS Group Holdings Ltd. |
305,200 | 7,567,514 | ||||||
Grab Holdings Ltd., Class A(a) |
2,186,380 | 6,712,187 | ||||||
Keppel Ltd. |
3,787,500 | 20,424,292 | ||||||
Oversea-Chinese Banking Corp. Ltd. |
921,000 | 8,895,858 | ||||||
United Overseas Bank Ltd. |
638,400 | 13,284,216 |
Security | Shares | Value | ||||||
Singapore (continued) | ||||||||
Wilmar International Ltd. |
2,984,800 | $ | 7,371,257 | |||||
|
|
|||||||
94,716,577 | ||||||||
Spain — 2.5% | ||||||||
ACS Actividades de Construccion y Servicios SA |
217,238 | 8,907,960 | ||||||
Amadeus IT Group SA |
460,536 | 27,244,778 | ||||||
Banco Bilbao Vizcaya Argentaria SA |
2,981,235 | 29,735,673 | ||||||
Banco Santander SA |
8,700,445 | 36,258,974 | ||||||
Cellnex Telecom SA(c) |
249,761 | 9,029,992 | ||||||
Corp. ACCIONA Energias Renovables SA |
13,106 | 270,982 | ||||||
Endesa SA |
518,659 | 9,341,107 | ||||||
Iberdrola SA |
4,020,198 | 46,172,574 | ||||||
Industria de Diseno Textil SA |
574,586 | 25,562,223 | ||||||
Redeia Corp. SA |
248,322 | 3,950,889 | ||||||
|
|
|||||||
196,475,152 | ||||||||
Sweden — 3.0% | ||||||||
Alfa Laval AB |
206,961 | 7,792,418 | ||||||
Assa Abloy AB, Class B |
438,133 | 12,506,285 | ||||||
Atlas Copco AB, Class A |
1,536,701 | 26,695,776 | ||||||
Boliden AB |
680,423 | 17,244,910 | ||||||
Epiroc AB |
571,338 | 10,371,002 | ||||||
EQT AB |
286,409 | 8,390,851 | ||||||
Essity AB, Class B |
575,837 | 13,426,251 | ||||||
Evolution AB(c) |
101,300 | 13,122,808 | ||||||
H & M Hennes & Mauritz AB, Class B |
557,993 | 7,577,010 | ||||||
Saab AB, Class B |
102,095 | 8,048,515 | ||||||
Sandvik AB |
375,618 | 8,457,894 | ||||||
Skandinaviska Enskilda Banken AB, Class A |
624,492 | 9,287,882 | ||||||
Svenska Cellulosa AB SCA, Class B |
955,908 | 13,534,014 | ||||||
Svenska Handelsbanken AB, Class A |
1,418,234 | 16,961,820 | ||||||
Swedbank AB, Class A |
412,414 | 9,070,169 | ||||||
Tele2 AB, Class B |
1,665,347 | 13,967,900 | ||||||
Telia Co. AB |
6,570,953 | 15,639,707 | ||||||
Volvo AB, Class B |
913,673 | 25,174,911 | ||||||
|
|
|||||||
237,270,123 | ||||||||
Switzerland — 10.2% | ||||||||
ABB Ltd., Registered |
1,627,806 | 75,110,742 | ||||||
Alcon Inc. |
418,646 | 35,697,030 | ||||||
Coca-Cola HBC AG, Class DI |
252,426 | 7,868,946 | ||||||
DSM-Firmenich AG |
154,880 | 16,598,245 | ||||||
Geberit AG, Registered |
14,807 | 8,608,629 | ||||||
Givaudan SA, Registered |
6,699 | 28,108,585 | ||||||
Holcim AG |
210,421 | 17,174,467 | ||||||
Kuehne + Nagel International AG, Registered |
73,902 | 24,881,764 | ||||||
Logitech International SA, Registered |
157,480 | 13,934,835 | ||||||
Lonza Group AG, Registered |
54,584 | 28,490,463 | ||||||
Nestle SA, Registered |
1,011,524 | 104,912,414 | ||||||
Novartis AG, Registered |
982,460 | 99,127,741 | ||||||
Partners Group Holding AG |
5,476 | 7,873,750 | ||||||
Roche Holding AG, NVS |
299,867 | 78,403,537 | ||||||
SGS SA |
137,378 | 13,191,305 | ||||||
SIG Group AG |
630,136 | 12,483,465 | ||||||
Sika AG, Registered |
73,462 | 21,246,416 | ||||||
Sonova Holding AG, Registered |
58,142 | 17,933,729 | ||||||
STMicroelectronics NV |
534,837 | 24,285,479 | ||||||
Straumann Holding AG |
47,777 | 7,551,663 | ||||||
Swiss Re AG |
284,077 | 34,286,548 | ||||||
Temenos AG, Registered |
108,208 | 8,143,280 | ||||||
UBS Group AG, Registered |
1,850,485 | 52,834,671 | ||||||
VAT Group AG(c) |
17,315 | 8,691,264 | ||||||
Zurich Insurance Group AG |
102,970 | 54,783,163 | ||||||
|
|
|||||||
802,222,131 |
16 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 29, 2024 |
iShares® ESG Aware MSCI EAFE ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
|
||||||||
United Kingdom — 13.7% | ||||||||
3i Group PLC |
963,002 | $ | 30,087,125 | |||||
Anglo American PLC |
913,206 | 19,676,806 | ||||||
Antofagasta PLC |
360,456 | 8,281,563 | ||||||
Ashtead Group PLC |
152,644 | 10,978,882 | ||||||
AstraZeneca PLC |
714,509 | 90,066,302 | ||||||
Aviva PLC |
3,274,050 | 18,492,414 | ||||||
BAE Systems PLC |
1,879,737 | 29,505,578 | ||||||
Barclays PLC |
8,259,582 | 17,262,563 | ||||||
Barratt Developments PLC |
1,232,216 | 7,270,203 | ||||||
Berkeley Group Holdings PLC |
197,844 | 11,623,947 | ||||||
BP PLC |
4,466,667 | 25,951,617 | ||||||
BT Group PLC |
5,612,304 | 7,408,081 | ||||||
Bunzl PLC |
199,543 | 7,953,618 | ||||||
Burberry Group PLC |
544,925 | 8,847,830 | ||||||
Centrica PLC |
4,611,073 | 7,336,525 | ||||||
Coca-Cola Europacific Partners PLC |
220,954 | 15,164,072 | ||||||
Compass Group PLC |
285,572 | 7,835,697 | ||||||
Croda International PLC |
163,305 | 9,845,167 | ||||||
DCC PLC |
193,616 | 13,760,802 | ||||||
Diageo PLC |
1,578,098 | 59,123,893 | ||||||
Entain PLC |
639,744 | 7,372,918 | ||||||
GSK PLC |
1,865,185 | 39,016,759 | ||||||
HSBC Holdings PLC |
8,682,707 | 67,584,189 | ||||||
Informa PLC |
1,467,353 | 15,044,658 | ||||||
Intertek Group PLC |
145,413 | 8,511,635 | ||||||
J Sainsbury PLC |
3,866,515 | 12,205,909 | ||||||
Kingfisher PLC |
4,511,592 | 13,379,554 | ||||||
Legal & General Group PLC |
4,307,948 | 13,208,361 | ||||||
Lloyds Banking Group PLC |
32,523,741 | 19,230,433 | ||||||
London Stock Exchange Group PLC |
132,893 | 14,925,636 | ||||||
Mondi PLC, NVS |
492,939 | 8,764,203 | ||||||
National Grid PLC |
2,596,882 | 33,980,206 | ||||||
NatWest Group PLC, NVS |
3,739,525 | 11,306,823 | ||||||
Pearson PLC |
607,004 | 7,379,093 | ||||||
Prudential PLC |
927,437 | 9,137,891 | ||||||
Reckitt Benckiser Group PLC |
221,118 | 13,970,865 | ||||||
RELX PLC |
1,336,707 | 58,553,235 | ||||||
Rentokil Initial PLC |
1,421,467 | 7,913,274 | ||||||
Rio Tinto PLC |
526,144 | 33,752,316 | ||||||
Rolls-Royce Holdings PLC(a) |
3,740,533 | 17,458,192 | ||||||
Sage Group PLC (The) |
1,427,731 | 22,490,469 | ||||||
Segro PLC |
1,257,161 | 13,445,953 | ||||||
Shell PLC |
3,028,942 | 93,684,604 | ||||||
SSE PLC |
1,101,170 | 22,631,675 | ||||||
St. James’s Place PLC |
903,891 | 5,755,400 | ||||||
Standard Chartered PLC |
1,213,102 | 10,256,733 |
Security | Shares | Value | ||||||
|
||||||||
United Kingdom (continued) | ||||||||
Taylor Wimpey PLC |
4,530,354 | $ | 7,895,250 | |||||
Tesco PLC |
3,513,630 | 12,392,688 | ||||||
Unilever PLC |
1,317,713 | 64,349,513 | ||||||
WPP PLC |
805,750 | 7,208,646 | ||||||
|
|
|||||||
1,079,279,766 | ||||||||
|
|
|||||||
Total
Common Stocks — 99.3% |
|
7,800,349,259 | ||||||
|
|
|||||||
Preferred Stocks |
|
|||||||
Germany — 0.2% | ||||||||
Henkel AG & Co. KGaA, Preference Shares, NVS |
115,288 | 8,673,553 | ||||||
Sartorius AG, Preference Shares, NVS |
22,810 | 8,638,827 | ||||||
|
|
|||||||
17,312,380 | ||||||||
|
|
|||||||
Total
Preferred Stocks — 0.2% |
|
17,312,380 | ||||||
|
|
|||||||
Total
Long-Term Investments — 99.5% |
|
7,817,661,639 | ||||||
|
|
|||||||
Short-Term Securities |
|
|||||||
Money Market Funds — 0.2% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%(d)(e)(f) |
15,841,678 | 15,849,599 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%(d)(e) |
420,000 | 420,000 | ||||||
|
|
|||||||
Total
Short-Term Securities — 0.2% |
|
16,269,599 | ||||||
|
|
|||||||
Total
Investments — 99.7% |
|
7,833,931,238 | ||||||
Other Assets Less Liabilities — 0.3% |
|
24,014,734 | ||||||
|
|
|||||||
Net Assets — 100.0% |
|
$ | 7,857,945,972 | |||||
|
|
(a) |
Non-income producing security. |
(b) |
All or a portion of this security is on loan. |
(c) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(d) |
Affiliate of the Fund. |
(e) |
Annualized 7-day yield as of period end. |
(f) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
S C H E D U L E O F I N V E S T M E N T S |
17 |
Schedule of Investments (unaudited) (continued) February 29, 2024 |
iShares® ESG Aware MSCI EAFE ETF |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 29, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 08/31/23 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 02/29/24 |
Shares Held at 02/29/24 |
Income |
Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | 6,361,879 | $ | 9,487,829 | (a) | $ | — | $ | 1,988 | $ | (2,097 | ) | $ | 15,849,599 | 15,841,678 | $ | 16,734 | (b) | $ | — | ||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
1,330,000 | — | (910,000 | )(a) | — | — | 420,000 | 420,000 | 97,635 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
$ | 1,988 | $ | (2,097 | ) | $ | 16,269,599 | $ | 114,369 | $ | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 |
||||||||||||||||
TOPIX Index |
60 | 03/07/24 | $ | 10,745 | $ | 829,684 | ||||||||||
Euro STOXX 50 Index |
295 | 03/15/24 | 15,641 | 776,068 | ||||||||||||
FTSE 100 Index |
89 | 03/15/24 | 8,580 | 27,490 | ||||||||||||
SPI 200 Index |
38 | 03/21/24 | 4,741 | 102,371 | ||||||||||||
|
|
|||||||||||||||
$ | 1,735,613 | |||||||||||||||
|
|
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) |
$ | — | $ | — | $ | 1,735,613 | $ | — | $ | — | $ | — | $ | 1,735,613 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the period ended February 29, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:
|
||||||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Net Realized Gain (Loss) from |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | 2,021,611 | $ | — | $ | — | $ | — | $ | 2,021,611 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | 1,565,951 | $ | — | $ | — | $ | — | $ | 1,565,951 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 29, 2024 |
iShares® ESG Aware MSCI EAFE ETF |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
||||
Futures contracts: |
||||
Average notional value of contracts — long |
$ | 42,369,448 | ||
|
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
||||||||||||||||
Assets |
||||||||||||||||
Investments |
||||||||||||||||
Long-Term Investments |
||||||||||||||||
Common Stocks |
$ | 55,877,189 | $ | 7,744,472,070 | $ | — | $ | 7,800,349,259 | ||||||||
Preferred Stocks |
— | 17,312,380 | — | 17,312,380 | ||||||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
16,269,599 | — | — | 16,269,599 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 72,146,788 | $ | 7,761,784,450 | $ | — | $ | 7,833,931,238 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Derivative Financial Instruments(a) |
||||||||||||||||
Assets |
||||||||||||||||
Equity Contracts |
$ | — | $ | 1,735,613 | $ | — | $ | 1,735,613 | ||||||||
|
|
|
|
|
|
|
|
(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 |
19 |
Schedule of Investments (unaudited) February 29, 2024 |
iShares® ESG MSCI EM Leaders ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
||||||||
Brazil — 3.1% | ||||||||
Atacadao SA |
6,670 | $ | 16,222 | |||||
Banco Santander Brasil SA |
3,822 | 21,989 | ||||||
CCR SA |
10,084 | 27,953 | ||||||
Cia. de Saneamento Basico do Estado de Sao Paulo |
3,359 | 53,489 | ||||||
Cia. Siderurgica Nacional SA |
6,881 | 23,282 | ||||||
Cosan SA |
11,741 | 40,151 | ||||||
Energisa SA |
2,130 | 21,784 | ||||||
Equatorial Energia SA |
10,042 | 69,046 | ||||||
Hapvida Participacoes e Investimentos SA(a)(b) |
49,207 | 36,328 | ||||||
Klabin SA |
7,571 | 34,374 | ||||||
Localiza Rent a Car SA |
8,809 | 93,918 | ||||||
Localiza Rent a Car SA, NVS(b) |
44 | 448 | ||||||
Lojas Renner SA |
9,672 | 30,741 | ||||||
Magazine Luiza SA(b) |
31,377 | 13,444 | ||||||
Magazine Luiza SA, NVS |
3,005 | 1,288 | ||||||
Natura & Co. Holding SA(b) |
9,010 | 29,561 | ||||||
PRIO SA |
8,086 | 71,099 | ||||||
Raia Drogasil SA |
12,546 | 67,234 | ||||||
Rede D’Or Sao Luiz SA(a) |
5,744 | 29,257 | ||||||
Rumo SA |
13,110 | 59,918 | ||||||
Telefonica Brasil SA |
4,237 | 46,435 | ||||||
TIM SA/Brazil |
8,519 | 31,138 | ||||||
TOTVS SA |
5,327 | 32,887 | ||||||
Ultrapar Participacoes SA |
7,053 | 41,656 | ||||||
WEG SA |
16,652 | 122,903 | ||||||
|
|
|||||||
1,016,545 | ||||||||
Chile — 0.3% | ||||||||
Cencosud SA |
12,687 | 22,785 | ||||||
Empresas CMPC SA |
11,177 | 19,842 | ||||||
Empresas Copec SA |
3,891 | 24,972 | ||||||
Enel Americas SA |
222,123 | 22,648 | ||||||
Falabella SA(b) |
8,732 | 22,147 | ||||||
|
|
|||||||
112,394 | ||||||||
China — 27.4% | ||||||||
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A |
1,500 | 4,040 | ||||||
AAC Technologies Holdings Inc. |
7,500 | 18,646 | ||||||
Agricultural Bank of China Ltd., Class A |
50,800 | 29,509 | ||||||
Agricultural Bank of China Ltd., Class H |
269,000 | 110,356 | ||||||
Aier Eye Hospital Group Co. Ltd., Class A |
5,200 | 10,571 | ||||||
Air China Ltd., Class A(b) |
7,200 | 7,457 | ||||||
Air China Ltd., Class H(b) |
18,000 | 9,639 | ||||||
Alibaba Group Holding Ltd. |
161,216 | 1,482,168 | ||||||
Alibaba Health Information Technology Ltd.(b) |
54,000 | 23,596 | ||||||
Angel Yeast Co. Ltd., Class A |
500 | 2,331 | ||||||
Anhui Conch Cement Co. Ltd., Class A |
2,200 | 7,303 | ||||||
Anhui Conch Cement Co. Ltd., Class H |
11,000 | 23,936 | ||||||
Anjoy Foods Group Co. Ltd., Class A |
200 | 2,418 | ||||||
Asymchem Laboratories Tianjin Co. Ltd., Class A |
200 | 2,820 | ||||||
Baidu Inc.(b) |
22,350 | 282,803 | ||||||
Beijing Enterprises Water Group Ltd. |
42,000 | 9,852 | ||||||
Beijing Tongrentang Co. Ltd., Class A |
800 | 4,941 | ||||||
BOC Aviation Ltd.(a) |
2,300 | 16,931 | ||||||
Bosideng International Holdings Ltd. |
38,000 | 19,113 | ||||||
BYD Co. Ltd., Class A |
1,000 | 26,413 | ||||||
BYD Co. Ltd., Class H |
10,500 | 258,616 | ||||||
By-health Co. Ltd., Class A |
900 | 2,108 | ||||||
CECEP Solar Energy Co. Ltd., Class A |
2,300 | 1,733 | ||||||
China Baoan Group Co. Ltd., Class A |
1,400 | 2,310 | ||||||
China Construction Bank Corp., Class H |
952,000 | 590,389 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
China Eastern Airlines Corp. Ltd., Class A(b) |
11,000 | $ | 5,807 | |||||
China Feihe Ltd.(a) |
37,000 | 18,403 | ||||||
China Jushi Co. Ltd., Class A |
1,978 | 2,746 | ||||||
China Literature Ltd.(a)(b) |
4,200 | 12,876 | ||||||
China Medical System Holdings Ltd. |
13,000 | 21,370 | ||||||
China Mengniu Dairy Co. Ltd. |
31,000 | 77,511 | ||||||
China Merchants Bank Co. Ltd., Class A |
12,300 | 54,469 | ||||||
China Merchants Bank Co. Ltd., Class H |
38,500 | 148,880 | ||||||
China Merchants Port Holdings Co. Ltd. |
12,000 | 14,882 | ||||||
China National Medicines Corp. Ltd., Class A |
400 | 1,748 | ||||||
China Overseas Land & Investment Ltd. |
37,500 | 55,381 | ||||||
China Resources Gas Group Ltd. |
9,400 | 28,367 | ||||||
China Resources Land Ltd. |
32,000 | 97,739 | ||||||
China Resources Pharmaceutical Group Ltd.(a) |
15,500 | 10,483 | ||||||
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A |
600 | 4,578 | ||||||
China Ruyi Holdings Ltd.(b)(c) |
52,000 | 10,207 | ||||||
China Southern Airlines Co. Ltd., Class A(b) |
7,500 | 6,150 | ||||||
China Three Gorges Renewables Group Co. Ltd., Class A |
17,000 | 10,892 | ||||||
China Tourism Group Duty Free Corp. Ltd.(a)(c) |
1,100 | 10,772 | ||||||
China Tourism Group Duty Free Corp. Ltd., Class A |
1,200 | 14,450 | ||||||
China Vanke Co. Ltd., Class A |
5,400 | 7,502 | ||||||
China Vanke Co. Ltd., Class H |
23,600 | 18,195 | ||||||
China Yangtze Power Co. Ltd., Class A |
14,600 | 50,751 | ||||||
Chongqing Zhifei Biological Products Co. Ltd., Class A |
1,400 | 10,392 | ||||||
Chow Tai Fook Jewellery Group Ltd.(c) |
19,000 | 28,311 | ||||||
CITIC Ltd. |
58,000 | 58,346 | ||||||
CMOC Group Ltd., Class A |
10,500 | 8,937 | ||||||
CMOC Group Ltd., Class H |
36,000 | 22,209 | ||||||
CNGR Advanced Material Co. Ltd. |
400 | 2,631 | ||||||
Contemporary Amperex Technology Co. Ltd., Class A |
2,640 | 59,710 | ||||||
Country Garden Services Holdings Co. Ltd. |
22,000 | 16,746 | ||||||
CSPC Innovation Pharmaceutical Co. Ltd. |
700 | 3,325 | ||||||
CSPC Pharmaceutical Group Ltd. |
89,360 | 69,598 | ||||||
East Buy Holding Ltd.(a)(b)(c) |
4,500 | 13,871 | ||||||
Ecovacs Robotics Co. Ltd., Class A |
300 | 1,551 | ||||||
ENN Energy Holdings Ltd. |
7,800 | 63,335 | ||||||
ENN Natural Gas Co. Ltd., Class A |
1,550 | 4,025 | ||||||
Far East Horizon Ltd. |
20,000 | 16,067 | ||||||
Fosun International Ltd. |
25,000 | 14,423 | ||||||
Ganfeng Lithium Group Co. Ltd., Class A |
820 | 4,547 | ||||||
Ganfeng Lithium Group Co. Ltd., Class H(a) |
4,240 | 14,046 | ||||||
Geely Automobile Holdings Ltd. |
61,000 | 66,385 | ||||||
GEM Co. Ltd., Class A |
3,600 | 2,675 | ||||||
Genscript Biotech Corp.(b)(c) |
12,000 | 24,260 | ||||||
Goldwind Science & Technology Co Ltd., Class A |
2,400 | 2,543 | ||||||
GoodWe Technologies Co. Ltd., NVS |
93 | 1,398 | ||||||
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A |
700 | 2,875 | ||||||
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A |
200 | 1,668 | ||||||
Haier Smart Home Co. Ltd., Class A |
3,800 | 12,657 | ||||||
Haier Smart Home Co. Ltd., Class H |
23,800 | 72,082 | ||||||
Haitian International Holdings Ltd. |
6,000 | 15,192 | ||||||
Hangzhou Robam Appliances Co. Ltd., Class A |
400 | 1,384 | ||||||
Hangzhou Tigermed Consulting Co. Ltd., Class A |
200 | 1,249 | ||||||
Hansoh Pharmaceutical Group Co. Ltd.(a) |
12,000 | 21,151 | ||||||
Henan Shuanghui Investment & Development Co. Ltd., Class A |
2,100 | 8,501 | ||||||
Hoymiles Power Electronics Inc., NVS |
45 | 1,452 | ||||||
Huadong Medicine Co. Ltd., Class A |
1,200 | 5,588 | ||||||
Huatai Securities Co. Ltd., Class A |
4,600 | 9,263 | ||||||
Huatai Securities Co. Ltd., Class H(a) |
12,800 | 15,108 |
20 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 29, 2024 |
iShares® ESG MSCI EM Leaders ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Hygeia Healthcare Holdings Co. Ltd.(a) |
3,200 | $ | 12,037 | |||||
Imeik Technology Development Co. Ltd., Class A |
100 | 4,538 | ||||||
Industrial & Commercial Bank of China Ltd., Class A |
37,300 | 27,564 | ||||||
Industrial & Commercial Bank of China Ltd., Class H |
645,000 | 330,635 | ||||||
Inner Mongolia Yili Industrial Group Co. Ltd., Class A |
3,800 | 14,919 | ||||||
Innovent Biologics Inc.(a)(b) |
11,500 | 62,204 | ||||||
JD Logistics Inc.(a)(b) |
18,000 | 17,773 | ||||||
JD.com Inc. |
23,100 | 260,704 | ||||||
Jiangsu Eastern Shenghong Co. Ltd., Class A |
3,600 | 5,240 | ||||||
Jiangsu Expressway Co. Ltd., Class H |
12,000 | 12,326 | ||||||
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A |
3,700 | 21,836 | ||||||
Jiangsu Zhongtian Technology Co. Ltd., Class A |
1,700 | 3,083 | ||||||
Joincare Pharmaceutical Group Industry Co. Ltd., Class A |
600 | 1,003 | ||||||
Juneyao Airlines Co. Ltd., Class A(b) |
1,400 | 2,590 | ||||||
Kanzhun Ltd., ADR |
2,261 | 35,385 | ||||||
Kingdee International Software Group Co. Ltd.(b) |
28,000 | 30,108 | ||||||
Kuaishou Technology(a)(b) |
23,200 | 131,008 | ||||||
Kuang-Chi Technologies Co. Ltd., Class A(b) |
1,800 | 3,704 | ||||||
Kunlun Energy Co. Ltd. |
38,000 | 32,396 | ||||||
Lenovo Group Ltd. |
80,000 | 88,378 | ||||||
Lepu Medical Technology Beijing Co. Ltd., Class A |
1,100 | 2,303 | ||||||
Li Auto Inc.(b) |
11,404 | 260,262 | ||||||
Longfor Group Holdings Ltd.(a) |
18,500 | 23,171 | ||||||
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A(b) |
1,800 | 1,394 | ||||||
Ming Yang Smart Energy Group Ltd., Class A |
1,600 | 2,264 | ||||||
MINISO Group Holding Ltd. |
3,768 | 17,318 | ||||||
NetEase Inc. |
19,200 | 417,073 | ||||||
NIO Inc., ADR(b)(c) |
13,316 | 76,567 | ||||||
Nongfu Spring Co. Ltd., Class H(a) |
19,800 | 111,965 | ||||||
Offshore Oil Engineering Co. Ltd., Class A |
2,800 | 2,401 | ||||||
Orient Overseas International Ltd. |
1,500 | 23,316 | ||||||
Perfect World Co. Ltd., Class A |
1,000 | 1,621 | ||||||
Pharmaron Beijing Co. Ltd., Class A |
850 | 2,747 | ||||||
Pop Mart International Group Ltd.(a) |
4,800 | 11,966 | ||||||
Postal Savings Bank of China Co. Ltd., Class A |
16,057 | 10,785 | ||||||
Postal Savings Bank of China Co. Ltd., Class H(a) |
80,000 | 42,030 | ||||||
Sany Heavy Equipment International Holdings Co. Ltd. |
10,000 | 7,766 | ||||||
SF Holding Co. Ltd., Class A |
3,000 | 15,909 | ||||||
Shandong Nanshan Aluminum Co. Ltd., Class A |
6,100 | 2,623 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H |
24,800 | 16,123 | ||||||
Shanghai Electric Group Co. Ltd., Class A(b) |
7,800 | 4,585 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A |
1,000 | 3,406 | ||||||
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H |
6,000 | 10,811 | ||||||
Shanghai M&G Stationery Inc., Class A |
800 | 3,950 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class A |
1,700 | 4,271 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H |
7,000 | 11,257 | ||||||
Shanghai Putailai New Energy Technology Co. Ltd., Class A |
1,595 | 4,151 | ||||||
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A |
2,000 | 1,832 | ||||||
Shenzhen Inovance Technology Co. Ltd., Class A |
850 | 7,443 | ||||||
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A |
700 | 27,989 | ||||||
Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A |
500 | 5,619 | ||||||
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A |
900 | 2,680 | ||||||
Sichuan Kelun Pharmaceutical Co. Ltd., Class A |
700 | 2,666 | ||||||
Sino Biopharmaceutical Ltd. |
105,000 | 41,733 | ||||||
Sinoma Science & Technology Co. Ltd., Class A |
1,000 | 2,170 | ||||||
Sinopharm Group Co. Ltd., Class H |
13,600 | 38,059 | ||||||
Sinotruk Hong Kong Ltd. |
6,500 | 17,185 | ||||||
Skshu Paint Co. Ltd., Class A(b) |
420 | 2,247 |
Security | Shares | Value | ||||||
China (continued) | ||||||||
Sungrow Power Supply Co. Ltd., Class A |
900 | $ | 10,866 | |||||
Sunwoda Electronic Co. Ltd., Class A |
1,200 | 2,363 | ||||||
TCL Technology Group Corp., Class A(b) |
11,300 | 7,090 | ||||||
Tencent Holdings Ltd. |
44,700 | 1,565,869 | ||||||
Tianqi Lithium Corp., Class A |
900 | 6,681 | ||||||
Tongcheng Travel Holdings Ltd.(b) |
12,400 | 31,173 | ||||||
Topchoice Medical Corp., Class A(b) |
300 | 2,729 | ||||||
Vinda International Holdings Ltd. |
3,000 | 8,885 | ||||||
Vipshop Holdings Ltd., ADR(b) |
3,422 | 65,874 | ||||||
Want Want China Holdings Ltd. |
49,000 | 27,036 | ||||||
Weichai Power Co. Ltd., Class A |
3,700 | 8,669 | ||||||
Weichai Power Co. Ltd., Class H |
20,000 | 39,367 | ||||||
Western Mining Co. Ltd., Class A |
1,500 | 3,458 | ||||||
WuXi AppTec Co. Ltd., Class A |
1,392 | 10,491 | ||||||
WuXi AppTec Co. Ltd., Class H(a)(c) |
3,460 | 21,329 | ||||||
Wuxi Biologics Cayman Inc.(a)(b) |
38,500 | 91,191 | ||||||
XPeng Inc.(b) |
11,400 | 53,355 | ||||||
Yadea Group Holdings Ltd.(a) |
12,000 | 18,853 | ||||||
Yihai Kerry Arawana Holdings Co. Ltd., Class A |
1,100 | 4,923 | ||||||
Yum China Holdings Inc. |
4,014 | 172,160 | ||||||
Yunnan Baiyao Group Co. Ltd., Class A |
1,140 | 7,870 | ||||||
Yunnan Chihong Zinc&Germanium Co. Ltd. |
3,300 | 2,355 | ||||||
Yunnan Energy New Material Co. Ltd., Class A |
700 | 4,453 | ||||||
Zai Lab Ltd.(b) |
9,300 | 19,848 | ||||||
Zangge Mining Co. Ltd. |
1,000 | 4,060 | ||||||
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A |
400 | 12,361 | ||||||
Zhejiang Chint Electrics Co. Ltd., Class A |
1,500 | 4,277 | ||||||
Zhejiang Expressway Co. Ltd., Class H |
14,840 | 11,317 | ||||||
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A |
800 | 1,546 | ||||||
Zhejiang Weixing New Building Materials Co. Ltd., Class A |
900 | 1,962 | ||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A |
4,900 | 5,436 | ||||||
ZTO Express Cayman Inc., ADR |
4,118 | 79,024 | ||||||
|
|
|||||||
8,957,619 | ||||||||
Colombia — 0.1% | ||||||||
Bancolombia SA |
2,541 | 21,325 | ||||||
Interconexion Electrica SA ESP |
4,573 | 19,480 | ||||||
|
|
|||||||
40,805 | ||||||||
Czech Republic — 0.1% | ||||||||
Komercni Banka AS |
755 | 26,276 | ||||||
Moneta Money Bank AS(a) |
3,180 | 13,959 | ||||||
|
|
|||||||
40,235 | ||||||||
Egypt — 0.2% | ||||||||
Commercial International Bank - Egypt (CIB) |
36,001 | 51,393 | ||||||
|
|
|||||||
Greece — 0.5% | ||||||||
Alpha Services and Holdings SA(b) |
21,931 | 41,312 | ||||||
Eurobank Ergasias Services and Holdings SA, Class A(b) |
25,737 | 53,171 | ||||||
Hellenic Telecommunications Organization SA |
1,827 | 27,566 | ||||||
Motor Oil Hellas Corinth Refineries SA |
659 | 18,828 | ||||||
Mytilineos SA |
980 | 38,131 | ||||||
|
|
|||||||
179,008 | ||||||||
Hungary — 0.5% | ||||||||
MOL Hungarian Oil & Gas PLC |
4,487 | 35,701 | ||||||
OTP Bank Nyrt |
2,189 | 104,952 | ||||||
Richter Gedeon Nyrt |
1,355 | 36,073 | ||||||
|
|
|||||||
176,726 | ||||||||
India — 18.7% | ||||||||
ABB India Ltd. |
528 | 34,612 | ||||||
Adani Green Energy Ltd.(b) |
3,133 | 71,605 | ||||||
Ashok Leyland Ltd. |
14,551 | 29,804 |
S C H E D U L E O F I N V E S T M E N T S |
21 |
Schedule of Investments (unaudited) (continued) February 29, 2024 |
iShares® ESG MSCI EM Leaders ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
India (continued) | ||||||||
Asian Paints Ltd. |
3,787 | $ | 129,169 | |||||
Astral Ltd. |
1,310 | 32,690 | ||||||
AU Small Finance Bank Ltd.(a) |
1,640 | 11,242 | ||||||
Axis Bank Ltd. |
22,591 | 292,441 | ||||||
Bajaj Finance Ltd. |
2,755 | 214,938 | ||||||
Berger Paints India Ltd. |
2,845 | 20,817 | ||||||
Bharti Airtel Ltd. |
22,348 | 302,570 | ||||||
Britannia Industries Ltd. |
1,069 | 64,064 | ||||||
Cipla Ltd. |
5,143 | 91,821 | ||||||
Colgate-Palmolive India Ltd. |
1,366 | 41,542 | ||||||
Cummins India Ltd. |
1,382 | 45,662 | ||||||
Dabur India Ltd. |
6,267 | 40,697 | ||||||
DLF Ltd. |
7,239 | 78,642 | ||||||
Eicher Motors Ltd. |
1,356 | 61,965 | ||||||
GAIL India Ltd. |
22,925 | 50,306 | ||||||
GMR Airports Infrastructure Ltd.(b) |
23,352 | 23,657 | ||||||
Grasim Industries Ltd. |
2,588 | 68,310 | ||||||
Havells India Ltd. |
2,446 | 45,130 | ||||||
HCL Technologies Ltd. |
9,417 | 188,718 | ||||||
Hero MotoCorp Ltd. |
1,179 | 62,833 | ||||||
Hindalco Industries Ltd. |
12,950 | 78,554 | ||||||
Hindustan Unilever Ltd. |
8,135 | 236,686 | ||||||
ICICI Prudential Life Insurance Co. Ltd.(a) |
3,619 | 23,259 | ||||||
Indian Hotels Co. Ltd., Class A |
8,614 | 60,970 | ||||||
Indraprastha Gas Ltd. |
3,312 | 16,998 | ||||||
Info Edge India Ltd. |
702 | 44,533 | ||||||
Infosys Ltd. |
32,903 | 662,156 | ||||||
InterGlobe Aviation Ltd.(a)(b) |
1,485 | 56,511 | ||||||
Kotak Mahindra Bank Ltd. |
10,774 | 219,197 | ||||||
Lupin Ltd. |
2,180 | 42,643 | ||||||
Mahindra & Mahindra Ltd. |
9,281 | 216,106 | ||||||
Marico Ltd. |
5,069 | 31,937 | ||||||
Max Healthcare Institute Ltd. |
7,634 | 73,043 | ||||||
Nestle India Ltd., NVS |
3,335 | 104,444 | ||||||
PI Industries Ltd. |
824 | 36,499 | ||||||
Pidilite Industries Ltd. |
1,536 | 50,715 | ||||||
Power Grid Corp. of India Ltd. |
46,152 | 157,677 | ||||||
Reliance Industries Ltd. |
30,147 | 1,061,031 | ||||||
Shree Cement Ltd. |
88 | 27,007 | ||||||
Shriram Finance Ltd. |
2,797 | 82,162 | ||||||
Siemens Ltd. |
900 | 50,743 | ||||||
Supreme Industries Ltd. |
646 | 32,308 | ||||||
Suzlon Energy Ltd.(b) |
30,763 | 16,788 | ||||||
Tata Consultancy Services Ltd. |
8,976 | 442,796 | ||||||
Torrent Pharmaceuticals Ltd. |
1,007 | 32,444 | ||||||
TVS Motor Co. Ltd. |
2,377 | 61,253 | ||||||
UPL Ltd. |
4,535 | 25,683 | ||||||
Vedanta Ltd. |
9,211 | 29,680 | ||||||
Zomato Ltd.(b) |
60,116 | 119,655 | ||||||
|
|
|||||||
6,096,713 | ||||||||
Indonesia — 2.5% | ||||||||
Aneka Tambang Tbk |
87,000 | 8,080 | ||||||
Bank Central Asia Tbk PT |
548,300 | 345,027 | ||||||
Bank Rakyat Indonesia Persero Tbk PT |
674,000 | 262,647 | ||||||
Barito Pacific Tbk PT |
288,584 | 17,938 | ||||||
Kalbe Farma Tbk PT |
218,700 | 20,704 | ||||||
Merdeka Copper Gold Tbk PT(b) |
99,857 | 14,362 | ||||||
Sarana Menara Nusantara Tbk PT |
210,000 | 12,314 | ||||||
Telkom Indonesia Persero Tbk PT |
489,600 | 124,804 | ||||||
Unilever Indonesia Tbk PT |
71,900 | 12,490 | ||||||
|
|
|||||||
818,366 |
Security | Shares | Value | ||||||
Kazakhstan — 0.0% | ||||||||
Polymetal International PLC(b)(d) |
7,120 | $ | 1 | |||||
|
|
|||||||
Kuwait — 0.7% | ||||||||
Kuwait Finance House KSCP |
84,709 | 223,180 | ||||||
|
|
|||||||
Malaysia — 2.4% | ||||||||
AMMB Holdings Bhd |
17,700 | 16,202 | ||||||
Axiata Group Bhd |
28,600 | 16,765 | ||||||
CELCOMDIGI Bhd |
35,000 | 32,139 | ||||||
CIMB Group Holdings Bhd |
63,000 | 85,792 | ||||||
Gamuda Bhd |
19,300 | 21,514 | ||||||
IHH Healthcare Bhd |
21,800 | 28,252 | ||||||
Kuala Lumpur Kepong Bhd |
4,900 | 23,155 | ||||||
Malayan Banking Bhd |
53,100 | 106,684 | ||||||
Malaysia Airports Holdings Bhd |
9,163 | 16,374 | ||||||
Maxis Bhd(c) |
24,500 | 19,206 | ||||||
MISC Bhd |
12,300 | 19,720 | ||||||
MR DIY Group M Bhd(a) |
34,600 | 11,372 | ||||||
Nestle Malaysia Bhd |
700 | 18,424 | ||||||
Petronas Chemicals Group Bhd |
27,000 | 39,851 | ||||||
Petronas Dagangan Bhd |
3,100 | 14,920 | ||||||
Petronas Gas Bhd |
7,400 | 27,975 | ||||||
PPB Group Bhd |
6,000 | 19,699 | ||||||
Press Metal Aluminium Holdings Bhd |
37,500 | 37,010 | ||||||
Public Bank Bhd |
141,700 | 131,516 | ||||||
QL Resources Bhd |
9,700 | 11,871 | ||||||
RHB Bank Bhd |
13,500 | 15,944 | ||||||
Sime Darby Bhd |
28,700 | 16,399 | ||||||
Telekom Malaysia Bhd |
12,000 | 15,307 | ||||||
YTL Corp. Bhd |
29,700 | 16,710 | ||||||
YTL Power International Bhd |
23,600 | 19,644 | ||||||
|
|
|||||||
782,445 | ||||||||
Mexico — 3.4% | ||||||||
America Movil SAB de CV |
185,331 | 173,541 | ||||||
Arca Continental SAB de CV |
5,077 | 54,692 | ||||||
Cemex SAB de CV, NVS(b) |
150,194 | 114,820 | ||||||
Fibra Uno Administracion SA de CV |
28,545 | 51,583 | ||||||
Fomento Economico Mexicano SAB de CV |
19,303 | 241,035 | ||||||
Gruma SAB de CV, Class B |
1,870 | 33,302 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B |
1,791 | 52,549 | ||||||
Grupo Bimbo SAB de CV, Series A |
12,958 | 54,206 | ||||||
Grupo Financiero Banorte SAB de CV, Class O |
25,807 | 266,818 | ||||||
Industrias Penoles SAB de CV(b)(c) |
2,025 | 25,375 | ||||||
Orbia Advance Corp. SAB de CV |
10,500 | 19,418 | ||||||
Prologis Property Mexico SA de CV |
7,079 | 31,819 | ||||||
|
|
|||||||
1,119,158 | ||||||||
Netherlands — 0.1% | ||||||||
NEPI Rockcastle NV |
5,327 | 38,008 | ||||||
|
|
|||||||
Peru — 0.4% | ||||||||
Credicorp Ltd. |
668 | 114,148 | ||||||
|
|
|||||||
Philippines — 0.6% | ||||||||
Ayala Corp. |
2,570 | 31,016 | ||||||
JG Summit Holdings Inc. |
27,728 | 20,223 | ||||||
PLDT Inc. |
750 | 17,500 | ||||||
SM Investments Corp. |
2,490 | 41,666 | ||||||
SM Prime Holdings Inc. |
102,500 | 57,618 | ||||||
Universal Robina Corp. |
8,730 | 18,174 | ||||||
|
|
|||||||
186,197 | ||||||||
Poland — 1.4% | ||||||||
Allegro.eu SA (a)(b) |
5,311 | 42,920 | ||||||
CD Projekt SA |
631 | 17,342 |
22 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 29, 2024 |
iShares® ESG MSCI EM Leaders ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Poland (continued) | ||||||||
KGHM Polska Miedz SA |
1,418 | $ | 38,325 | |||||
mBank SA(b) |
151 | 26,312 | ||||||
ORLEN SA |
5,696 | 88,478 | ||||||
Powszechna Kasa Oszczednosci Bank Polski SA |
8,636 | 120,346 | ||||||
Powszechny Zaklad Ubezpieczen SA |
5,837 | 71,826 | ||||||
Santander Bank Polska SA |
355 | 48,957 | ||||||
|
|
|||||||
454,506 | ||||||||
Qatar — 0.7% | ||||||||
Qatar Fuel QSC |
5,754 | 23,594 | ||||||
Qatar Gas Transport Co. Ltd. |
25,406 | 27,854 | ||||||
Qatar National Bank QPSC |
45,452 | 189,835 | ||||||
|
|
|||||||
241,283 | ||||||||
Russia — 0.0% | ||||||||
Gazprom PJSC(b)(d) |
244,340 | 27 | ||||||
LUKOIL PJSC(b)(d) |
8,544 | 1 | ||||||
Mobile TeleSystems PJSC(b)(d) |
18,946 | 2 | ||||||
Moscow Exchange MICEX-RTS PJSC(b)(d) |
30,360 | 3 | ||||||
Novatek PJSC(b)(d) |
18,630 | 2 | ||||||
Novolipetsk Steel PJSC(b)(d) |
31,136 | 4 | ||||||
PhosAgro PJSC(b)(d) |
910 | — | ||||||
PhosAgro PJSC, New(b)(d) |
18 | — | ||||||
Polyus PJSC(b)(d) |
698 | — | ||||||
|
|
|||||||
39 | ||||||||
Saudi Arabia — 2.6% | ||||||||
ACWA Power Co. |
941 | 66,251 | ||||||
Alinma Bank |
9,656 | 113,335 | ||||||
Bank AlBilad |
4,783 | 63,127 | ||||||
Dr Sulaiman Al Habib Medical Services Group Co. |
867 | 76,348 | ||||||
Sahara International Petrochemical Co. |
3,664 | 29,940 | ||||||
Saudi Arabian Oil Co.(a) |
26,210 | 221,602 | ||||||
Saudi Basic Industries Corp. |
8,879 | 186,539 | ||||||
Saudi Electricity Co. |
8,323 | 44,429 | ||||||
Savola Group (The) |
2,625 | 37,097 | ||||||
|
|
|||||||
838,668 | ||||||||
South Africa — 5.0% | ||||||||
Absa Group Ltd. |
8,430 | 71,965 | ||||||
Anglo American Platinum Ltd. |
671 | 25,813 | ||||||
Aspen Pharmacare Holdings Ltd. |
3,788 | 38,708 | ||||||
Bid Corp. Ltd. |
3,312 | 77,481 | ||||||
Bidvest Group Ltd. (The) |
2,872 | 34,988 | ||||||
Capitec Bank Holdings Ltd. |
861 | 90,713 | ||||||
Clicks Group Ltd. |
2,335 | 36,533 | ||||||
Discovery Ltd. |
5,188 | 36,794 | ||||||
FirstRand Ltd. |
50,094 | 169,473 | ||||||
Gold Fields Ltd. |
8,821 | 116,203 | ||||||
Impala Platinum Holdings Ltd. |
8,928 | 30,298 | ||||||
Kumba Iron Ore Ltd. |
657 | 18,393 | ||||||
MTN Group Ltd. |
16,694 | 72,677 | ||||||
Naspers Ltd., Class N |
1,817 | 298,899 | ||||||
Nedbank Group Ltd. |
4,443 | 50,829 | ||||||
Northam Platinum Holdings Ltd. |
3,710 | 21,216 | ||||||
Old Mutual Ltd. |
44,778 | 27,869 | ||||||
Sanlam Ltd. |
17,139 | 65,723 | ||||||
Sasol Ltd. |
5,814 | 43,816 | ||||||
Shoprite Holdings Ltd. |
4,959 | 66,763 | ||||||
Sibanye Stillwater Ltd. |
28,463 | 29,337 | ||||||
Standard Bank Group Ltd. |
13,246 | 139,380 | ||||||
Vodacom Group Ltd. |
6,242 | 30,598 | ||||||
Woolworths Holdings Ltd./South Africa |
9,322 | 31,188 | ||||||
|
|
|||||||
1,625,657 |
Security | Shares | Value | ||||||
South Korea — 7.1% | ||||||||
Amorepacific Corp. |
296 | $ | 26,616 | |||||
CJ CheilJedang Corp. |
83 | 18,705 | ||||||
Coway Co. Ltd. |
555 | 22,590 | ||||||
Doosan Bobcat Inc. |
535 | 18,889 | ||||||
Doosan Enerbility Co. Ltd.(b)(c) |
4,405 | 53,765 | ||||||
Hana Financial Group Inc. |
2,901 | 123,431 | ||||||
Hanon Systems |
1,827 | 8,466 | ||||||
Hanwha Solutions Corp. |
1,095 | 22,865 | ||||||
HD Hyundai Co. Ltd. |
423 | 22,486 | ||||||
HMM Co. Ltd.(b) |
2,342 | 32,132 | ||||||
Hyundai Engineering & Construction Co. Ltd.(b) |
757 | 19,746 | ||||||
Hyundai Glovis Co. Ltd.(b) |
186 | 26,629 | ||||||
Kakao Corp. |
3,071 | 123,264 | ||||||
KB Financial Group Inc. |
3,802 | 181,333 | ||||||
Korea Zinc Co. Ltd. |
81 | 27,233 | ||||||
Korean Air Lines Co. Ltd. |
1,859 | 32,117 | ||||||
Kumho Petrochemical Co. Ltd.(b) |
152 | 16,881 | ||||||
LG Chem Ltd. |
489 | 167,021 | ||||||
LG Corp. |
940 | 66,166 | ||||||
LG Display Co. Ltd.(b) |
2,400 | 20,483 | ||||||
LG Electronics Inc. |
1,048 | 74,919 | ||||||
LG Energy Solution Ltd.(b) |
458 | 138,095 | ||||||
LG H&H Co. Ltd. |
91 | 21,857 | ||||||
LG Uplus Corp. |
2,213 | 17,164 | ||||||
Lotte Chemical Corp. |
199 | 18,298 | ||||||
Mirae Asset Securities Co. Ltd.(b) |
2,432 | 16,504 | ||||||
NAVER Corp. |
1,283 | 188,384 | ||||||
NCSoft Corp. |
145 | 21,148 | ||||||
Netmarble Corp.(a)(b) |
240 | 11,144 | ||||||
POSCO Future M Co. Ltd.(b) |
310 | 74,098 | ||||||
Samsung Engineering Co. Ltd.(b) |
1,561 | 28,871 | ||||||
Samsung SDI Co. Ltd. |
544 | 154,546 | ||||||
Samsung SDS Co. Ltd. |
376 | 45,229 | ||||||
Samsung Securities Co. Ltd. |
620 | 19,377 | ||||||
Shinhan Financial Group Co. Ltd. |
4,325 | 141,382 | ||||||
SK Biopharmaceuticals Co. Ltd.(b) |
312 | 22,738 | ||||||
SK Bioscience Co. Ltd.(b) |
258 | 11,923 | ||||||
SK IE Technology Co. Ltd.(a)(b) |
269 | 14,837 | ||||||
SK Inc. |
368 | 53,082 | ||||||
SK Innovation Co. Ltd.(b) |
591 | 52,143 | ||||||
SK Square Co. Ltd.(b) |
974 | 51,108 | ||||||
SKC Co. Ltd.(b) |
190 | 11,838 | ||||||
Woori Financial Group Inc. |
5,933 | 66,478 | ||||||
Yuhan Corp. |
568 | 28,810 | ||||||
|
|
|||||||
2,314,791 | ||||||||
Taiwan — 14.4% | ||||||||
Acer Inc. |
29,000 | 41,475 | ||||||
Airtac International Group |
1,000 | 38,313 | ||||||
AUO Corp. |
65,600 | 36,383 | ||||||
Cathay Financial Holding Co. Ltd. |
94,650 | 135,050 | ||||||
China Airlines Ltd. |
30,000 | 18,999 | ||||||
China Steel Corp. |
117,000 | 91,119 | ||||||
Chunghwa Telecom Co. Ltd. |
39,000 | 148,577 | ||||||
CTBC Financial Holding Co. Ltd. |
174,000 | 161,979 | ||||||
Delta Electronics Inc. |
19,000 | 177,054 | ||||||
E.Sun Financial Holding Co. Ltd. |
138,174 | 110,465 | ||||||
Eva Airways Corp. |
27,000 | 26,879 | ||||||
Evergreen Marine Corp. Taiwan Ltd. |
9,800 | 51,339 | ||||||
Far Eastern New Century Corp. |
30,000 | 30,944 | ||||||
Far EasTone Telecommunications Co. Ltd. |
18,000 | 44,845 | ||||||
First Financial Holding Co. Ltd. |
106,456 | 91,305 | ||||||
Fubon Financial Holding Co. Ltd. |
78,089 | 168,120 |
S C H E D U L E O F I N V E S T M E N T S |
23 |
Schedule of Investments (unaudited) (continued) February 29, 2024 |
iShares® ESG MSCI EM Leaders ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
|
||||||||
Taiwan (continued) | ||||||||
Hotai Motor Co. Ltd. |
3,100 | $ | 65,836 | |||||
Hua Nan Financial Holdings Co. Ltd. |
86,650 | 60,344 | ||||||
Lite-On Technology Corp. |
20,000 | 69,393 | ||||||
MediaTek Inc. |
15,000 | 541,295 | ||||||
Mega Financial Holding Co. Ltd. |
113,211 | 138,699 | ||||||
Nan Ya Plastics Corp. |
47,000 | 88,879 | ||||||
PharmaEssentia Corp.(b) |
2,000 | 20,785 | ||||||
President Chain Store Corp. |
6,000 | 51,156 | ||||||
SinoPac Financial Holdings Co. Ltd. |
102,820 | 65,427 | ||||||
Taishin Financial Holding Co. Ltd. |
108,477 | 59,733 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. |
100,724 | 82,759 | ||||||
Taiwan High Speed Rail Corp. |
21,000 | 20,068 | ||||||
Taiwan Mobile Co. Ltd. |
18,000 | 56,409 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. |
75,000 | 1,643,589 | ||||||
Uni-President Enterprises Corp. |
48,000 | 116,555 | ||||||
United Microelectronics Corp. |
113,000 | 174,227 | ||||||
Voltronic Power Technology Corp. |
1,000 | 50,821 | ||||||
Wan Hai Lines Ltd. |
7,260 | 11,565 | ||||||
Yang Ming Marine Transport Corp. |
17,000 | 26,821 | ||||||
|
|
|||||||
4,717,207 | ||||||||
Thailand — 2.4% | ||||||||
Advanced Info Service PCL, NVDR |
11,700 | 65,641 | ||||||
Airports of Thailand PCL, NVDR |
42,400 | 75,139 | ||||||
Asset World Corp. PCL, NVDR |
82,700 | 8,885 | ||||||
Bangkok Dusit Medical Services PCL, NVDR |
111,800 | 88,821 | ||||||
Bangkok Expressway & Metro PCL, NVDR |
73,300 | 16,477 | ||||||
Berli Jucker PCL, NVDR |
500 | 338 | ||||||
BTS Group Holdings PCL, NVDR |
80,500 | 11,569 | ||||||
Bumrungrad Hospital PCL, NVDR |
5,800 | 36,188 | ||||||
Central Retail Corp. PCL, NVDR |
18,300 | 17,763 | ||||||
Charoen Pokphand Foods PCL, NVDR(c) |
39,200 | 20,654 | ||||||
CP ALL PCL, NVDR |
57,100 | 91,558 | ||||||
Delta Electronics Thailand PCL, NVDR |
30,800 | 61,314 | ||||||
Energy Absolute PCL, NVDR |
17,200 | 16,929 | ||||||
Home Product Center PCL, NVDR |
60,300 | 18,833 | ||||||
Indorama Ventures PCL, NVDR |
17,800 | 11,568 | ||||||
Intouch Holdings PCL, NVDR |
9,500 | 17,952 | ||||||
Kasikornbank PCL, NVDR |
5,900 | 20,246 | ||||||
Minor International PCL, NVDR |
34,300 | 30,372 | ||||||
Muangthai Capital PCL, NVDR |
7,700 | 9,854 | ||||||
PTT Exploration & Production PCL, NVDR |
13,600 | 57,111 | ||||||
PTT Global Chemical PCL, NVDR |
22,600 | 23,920 | ||||||
PTT Oil & Retail Business PCL, NVDR |
28,600 | 14,428 | ||||||
SCG Packaging PCL, NVDR |
12,600 | 9,839 | ||||||
Siam Cement PCL (The), NVDR |
7,500 | 56,254 | ||||||
|
|
|||||||
781,653 | ||||||||
Turkey — 0.6% | ||||||||
Haci Omer Sabanci Holding AS |
9,764 | 24,854 | ||||||
KOC Holding AS |
7,616 | 41,017 | ||||||
Turk Hava Yollari AO(b) |
5,562 | 50,177 | ||||||
Turkiye Is Bankasi AS, Class C |
86,626 | 30,719 | ||||||
Turkiye Sise ve Cam Fabrikalari AS |
13,754 | 22,514 | ||||||
Yapi ve Kredi Bankasi AS |
32,877 | 24,263 | ||||||
|
|
|||||||
193,544 | ||||||||
United Arab Emirates — 2.3% | ||||||||
Abu Dhabi Commercial Bank PJSC |
28,304 | 66,041 | ||||||
Abu Dhabi Islamic Bank PJSC |
14,107 | 43,170 | ||||||
Aldar Properties PJSC |
37,843 | 56,977 | ||||||
Emaar Properties PJSC |
65,579 | 144,979 | ||||||
Emirates NBD Bank PJSC |
18,525 | 92,299 |
Security | Shares | Value | ||||||
|
||||||||
United Arab Emirates (continued) | ||||||||
Emirates Telecommunications Group Co. PJSC |
34,405 | $ | 169,545 | |||||
First Abu Dhabi Bank PJSC |
43,577 | 161,887 | ||||||
|
|
|||||||
734,898 | ||||||||
|
|
|||||||
Total
Common Stocks — 97.5% |
31,855,187 | |||||||
|
|
|||||||
Preferred Stocks |
||||||||
Brazil — 1.7% | ||||||||
Banco Bradesco SA, Preference Shares, NVS |
52,094 | 144,091 | ||||||
Cia. Energetica de Minas Gerais, Preference Shares, NVS |
13,963 | 33,622 | ||||||
Gerdau SA, Preference Shares, NVS |
11,676 | 50,498 | ||||||
Itau Unibanco Holding SA, Preference Shares, NVS |
48,031 | 327,930 | ||||||
|
|
|||||||
556,141 | ||||||||
Chile — 0.2% | ||||||||
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares |
1,402 | 69,529 | ||||||
|
|
|||||||
Colombia — 0.1% | ||||||||
Bancolombia SA, Preference Shares, NVS |
4,519 | 36,935 | ||||||
|
|
|||||||
South Korea — 0.1% | ||||||||
LG Chem Ltd., Preference Shares, NVS |
76 | 17,182 | ||||||
|
|
|||||||
Total
Preferred Stocks — 2.1% |
679,787 | |||||||
|
|
|||||||
Rights |
||||||||
South Korea — 0.0% | ||||||||
LG Display Co. Ltd., (Expires 03/14/24, Strike Price KRW 10070)(b) |
762 | 750 | ||||||
|
|
|||||||
Total
Rights — 0.0% |
750 | |||||||
|
|
|||||||
Total
Long-Term Investments — 99.6% |
32,535,724 | |||||||
|
|
|||||||
Short-Term Securities |
||||||||
Money Market Funds — 0.8% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%(e)(f)(g) |
266,348 | 266,481 | ||||||
|
|
|||||||
Total
Short-Term Securities — 0.8% |
266,481 | |||||||
|
|
|||||||
Total
Investments — 100.4% |
32,802,205 | |||||||
Liabilities in Excess of Other Assets — (0.4)% |
(145,590 | ) | ||||||
|
|
|||||||
Net Assets — 100.0% |
$ | 32,656,615 | ||||||
|
|
(a) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(b) |
Non-income producing security. |
(c) |
All or a portion of this security is on loan. |
(d) |
Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(e) |
Affiliate of the Fund. |
(f) |
Annualized 7-day yield as of period end. |
(g) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
24 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 29, 2024 |
iShares® ESG MSCI EM Leaders ETF |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 29, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
||||||||||||||||||||||||||||||||||||
Affiliated Issuer |
Value at 08/31/23 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 02/29/24 |
Shares Held at 02/29/24 |
Income |
Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | 419,971 | $ | — | $ | (153,686 | )(a) | $ | 146 | $ | 50 | $ | 266,481 | 266,348 | $ | 1,781 | (b) | $ | — | |||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares(c) |
— | — | 0 | (a) | — | — | — | — | 4,740 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
$ | 146 | $ | 50 | $ | 266,481 | $ | 6,521 | $ | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Represents net amount purchased (sold). |
(b) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
(c) |
As of period end, the entity is no longer held. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
|
||||||||||||||||
Description |
Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
||||||||||||
|
||||||||||||||||
Long Contracts |
||||||||||||||||
MSCI Emerging Markets Index |
1 | 03/15/24 | $ | 51 | $ | (20 | ) | |||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
|
||||||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Liabilities — Derivative Financial Instruments |
||||||||||||||||||||||||||||
Futures contracts |
||||||||||||||||||||||||||||
Unrealized depreciation on futures contracts(a) |
$ | — | $ | — | $ | 20 | $ | — | $ | — | $ | — | $ | 20 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the period ended February 29, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:
|
||||||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Net Realized Gain (Loss) from |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | 1,540 | $ | — | $ | — | $ | — | $ | 1,540 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | (125 | ) | $ | — | $ | — | $ | — | $ | (125 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
||||
Futures contracts: |
||||
Average notional value of contracts — long |
$ | 25,420 | ||
|
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
S C H E D U L E O F I N V E S T M E N T S |
25 |
Schedule of Investments (unaudited) (continued) February 29, 2024 |
iShares® ESG MSCI EM Leaders ETF |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
||||||||||||||||
Assets |
||||||||||||||||
Investments |
||||||||||||||||
Long-Term Investments |
||||||||||||||||
Common Stocks |
$ | 5,495,044 | $ | 26,360,103 | $ | 40 | $ | 31,855,187 | ||||||||
Preferred Stocks |
593,076 | 86,711 | — | 679,787 | ||||||||||||
Rights |
— | 750 | — | 750 | ||||||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
266,481 | — | — | 266,481 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 6,354,601 | $ | 26,447,564 | $ | 40 | $ | 32,802,205 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Derivative Financial Instruments(a) |
||||||||||||||||
Liabilities |
||||||||||||||||
Equity Contracts |
$ | (20 | ) | $ | — | $ | — | $ | (20 | ) | ||||||
|
|
|
|
|
|
|
|
(a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, bank borrowings payable of $370,066 are categorized as Level 2 within the fair value hierarchy.
See notes to financial statements.
26 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) February 29, 2024 |
iShares® MSCI Global Sustainable Development Goals ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
|
||||||||
Common Stocks |
||||||||
Australia — 1.4% | ||||||||
CSL Ltd. |
18,585 | $ | 3,459,862 | |||||
IDP Education Ltd. |
23,807 | 295,723 | ||||||
Vicinity Ltd. |
412,335 | 520,710 | ||||||
|
|
|||||||
4,276,295 | ||||||||
Austria — 0.5% | ||||||||
Verbund AG |
19,113 | 1,383,588 | ||||||
|
|
|||||||
Belgium — 4.2% | ||||||||
Argenx SE(a) |
778 | 291,606 | ||||||
Elia Group SA/NV |
9,679 | 1,076,666 | ||||||
Umicore SA |
539,567 | 11,291,706 | ||||||
|
|
|||||||
12,659,978 | ||||||||
Canada — 2.5% | ||||||||
Northland Power Inc. |
47,978 | 813,096 | ||||||
RioCan REIT |
20,519 | 270,331 | ||||||
Saputo Inc. |
155,412 | 3,161,718 | ||||||
West Fraser Timber Co. Ltd. |
40,903 | 3,291,770 | ||||||
|
|
|||||||
7,536,915 | ||||||||
Chile — 0.8% | ||||||||
Empresas CMPC SA |
1,375,299 | 2,441,502 | ||||||
|
|
|||||||
China — 14.6% | ||||||||
Akeso Inc.(a)(b) |
28,000 | 167,900 | ||||||
Anjoy Foods Group Co. Ltd., Class A |
4,300 | 51,986 | ||||||
BeiGene Ltd.(a) |
34,021 | 438,012 | ||||||
Beijing Enterprises Water Group Ltd. |
4,254,000 | 997,908 | ||||||
BYD Co. Ltd., Class A |
44,800 | 1,183,286 | ||||||
BYD Co. Ltd., Class H |
260,000 | 6,403,817 | ||||||
CECEP Solar Energy Co. Ltd., Class A |
85,700 | 64,564 | ||||||
China Longyuan Power Group Corp. Ltd., Class H |
1,856,000 | 1,307,947 | ||||||
China Medical System Holdings Ltd. |
112,000 | 184,114 | ||||||
China Mengniu Dairy Co. Ltd. |
1,417,000 | 3,542,984 | ||||||
China Railway Signal & Communication Corp. Ltd., Class A |
163,655 | 110,759 | ||||||
China Three Gorges Renewables Group Co. Ltd., Class A |
287,500 | 184,195 | ||||||
Chongqing Zhifei Biological Products Co. Ltd., Class A |
15,700 | 116,415 | ||||||
Contemporary Amperex Technology Co. Ltd., Class A |
129,120 | 2,920,365 | ||||||
CSPC Pharmaceutical Group Ltd. |
701,520 | 546,379 | ||||||
East Buy Holding Ltd.(a)(b)(c) |
60,000 | 184,949 | ||||||
Flat Glass Group Co. Ltd., Class A |
22,300 | 67,478 | ||||||
Flat Glass Group Co. Ltd., Class H |
27,000 | 49,917 | ||||||
GoodWe Technologies Co. Ltd., NVS |
3,938 | 59,189 | ||||||
Hansoh Pharmaceutical Group Co. Ltd.(b) |
50,000 | 88,128 | ||||||
Hebei Yangyuan Zhihui Beverage Co. Ltd., Class A |
7,800 | 27,130 | ||||||
Henan Shuanghui Investment & Development Co. Ltd., Class A |
85,300 | 345,306 | ||||||
Hengan International Group Co. Ltd. |
311,500 | 960,106 | ||||||
Hengdian Group DMEGC Magnetics Co. Ltd. |
41,600 | 82,838 | ||||||
Hoymiles Power Electronics Inc., NVS |
441 | 14,220 | ||||||
Innovent Biologics Inc.(a)(b) |
35,500 | 191,441 | ||||||
Kingdee
International Software Group Co. |
260,000 | 279,575 | ||||||
Li Auto Inc.(a) |
412,844 | 9,421,909 | ||||||
Ming Yang Smart Energy Group Ltd., Class A |
164,200 | 232,390 | ||||||
New Oriental Education & Technology Group Inc.(a) |
260,700 | 2,472,313 | ||||||
NIO Inc., ADR(a)(c) |
620,406 | 3,567,335 | ||||||
Nongfu Spring Co. Ltd., Class H(b) |
57,800 | 326,847 | ||||||
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A |
7,800 | 23,205 | ||||||
Sungrow Power Supply Co. Ltd., Class A |
22,800 | 275,271 | ||||||
Tingyi Cayman Islands Holding Corp. |
1,172,000 | 1,303,329 |
Security | Shares | Value | ||||||
|
||||||||
China (continued) | ||||||||
Vinda International Holdings Ltd. |
119,000 | $ | 352,424 | |||||
Xinyi Solar Holdings Ltd. |
2,570,000 | 1,556,251 | ||||||
XPeng Inc.(a)(c) |
353,532 | 1,654,633 | ||||||
Yadea Group Holdings Ltd.(b) |
598,000 | 939,500 | ||||||
Yihai Kerry Arawana Holdings Co. Ltd., Class A |
45,900 | 205,412 | ||||||
Zai Lab Ltd.(a) |
22,850 | 48,766 | ||||||
Zhejiang Chint Electrics Co. Ltd., Class A |
71,000 | 202,434 | ||||||
Zhejiang Leapmotor Technology Co. Ltd.(a)(b) |
231,400 | 809,804 | ||||||
|
|
|||||||
43,962,731 | ||||||||
Denmark — 9.0% | ||||||||
Genmab A/S(a) |
2,528 | 702,329 | ||||||
Novo Nordisk A/S |
75,029 | 8,955,884 | ||||||
Orsted A/S(b) |
68,666 | 3,845,414 | ||||||
Rockwool A/S, Class B |
4,204 | 1,345,493 | ||||||
Vestas Wind Systems A/S(a) |
443,417 | 12,357,155 | ||||||
|
|
|||||||
27,206,275 | ||||||||
France — 5.5% | ||||||||
Alstom SA |
904,534 | 12,063,829 | ||||||
Covivio SA/France |
15,946 | 716,008 | ||||||
Gecina SA |
3,354 | 323,968 | ||||||
Ipsen SA |
3,351 | 368,118 | ||||||
Klepierre SA |
50,126 | 1,273,365 | ||||||
Unibail-Rodamco-Westfield, New(a) |
23,677 | 1,731,343 | ||||||
|
|
|||||||
16,476,631 | ||||||||
Germany — 2.4% | ||||||||
LEG Immobilien SE(a) |
19,290 | 1,420,890 | ||||||
Vonovia SE |
211,088 | 5,891,284 | ||||||
|
|
|||||||
7,312,174 | ||||||||
Hong Kong — 4.2% | ||||||||
Henderson Land Development Co. Ltd. |
269,000 | 773,995 | ||||||
Link REIT |
221,120 | 1,096,447 | ||||||
MTR Corp. Ltd. |
388,000 | 1,283,609 | ||||||
Swire Properties Ltd. |
195,200 | 401,520 | ||||||
WH Group Ltd.(b) |
15,314,500 | 9,203,337 | ||||||
|
|
|||||||
12,758,908 | ||||||||
India — 0.6% | ||||||||
Adani Green Energy Ltd.(a) |
5,593 | 127,828 | ||||||
Colgate-Palmolive India Ltd. |
4,994 | 151,873 | ||||||
Hindustan Unilever Ltd. |
30,606 | 890,474 | ||||||
Macrotech Developers Ltd. |
13,239 | 185,504 | ||||||
Marico Ltd. |
25,662 | 161,683 | ||||||
Nestle India Ltd., NVS |
10,058 | 314,992 | ||||||
|
|
|||||||
1,832,354 | ||||||||
Indonesia — 0.0% | ||||||||
Unilever Indonesia Tbk PT |
569,400 | 98,916 | ||||||
|
|
|||||||
Japan — 13.1% | ||||||||
Asahi Intecc Co. Ltd. |
6,900 | 143,613 | ||||||
Central Japan Railway Co. |
201,100 | 5,057,641 | ||||||
Chugai Pharmaceutical Co. Ltd. |
19,200 | 766,879 | ||||||
Daiichi Sankyo Co. Ltd. |
60,300 | 1,985,915 | ||||||
Daiwa House Industry Co. Ltd. |
409,200 | 11,815,423 | ||||||
East Japan Railway Co. |
127,700 | 7,554,918 | ||||||
Eisai Co. Ltd. |
22,400 | 929,167 | ||||||
GLP J-REIT |
318 | 252,297 | ||||||
Japan Metropolitan Fund Invest |
640 | 377,184 | ||||||
Japan Real Estate Investment Corp. |
91 | 328,026 | ||||||
Kyowa Kirin Co. Ltd. |
18,800 | 372,301 | ||||||
Nippon Building Fund Inc. |
110 | 423,634 | ||||||
Nippon Prologis REIT Inc. |
197 | 329,591 | ||||||
Nissin Foods Holdings Co. Ltd. |
45,300 | 1,320,421 |
S C H E D U L E O F I N V E S T M E N T S |
27 |
Schedule of Investments (unaudited) (continued) February 29, 2024 |
iShares® MSCI Global Sustainable Development Goals ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
|
||||||||
Japan (continued) | ||||||||
Nomura Real Estate Master Fund Inc. |
348 | $ | 345,873 | |||||
Ono Pharmaceutical Co. Ltd. |
47,200 | 781,613 | ||||||
Shionogi & Co. Ltd. |
18,600 | 926,036 | ||||||
Sysmex Corp. |
10,400 | 584,010 | ||||||
Terumo Corp. |
27,600 | 1,075,343 | ||||||
TOTO Ltd. |
79,900 | 2,163,533 | ||||||
Unicharm Corp. |
56,500 | 1,873,716 | ||||||
|
|
|||||||
39,407,134 | ||||||||
Malaysia — 0.1% | ||||||||
PPB Group Bhd |
55,300 | 181,556 | ||||||
QL Resources Bhd |
187,300 | 229,226 | ||||||
|
|
|||||||
410,782 | ||||||||
Mexico — 0.6% | ||||||||
Gruma SAB de CV, Class B |
53,534 | 953,352 | ||||||
Kimberly-Clark de Mexico SAB de CV, Class A |
327,946 | 728,844 | ||||||
|
|
|||||||
1,682,196 | ||||||||
Netherlands — 0.3% | ||||||||
JDE Peet’s NV |
36,670 | 837,840 | ||||||
|
|
|||||||
Norway — 1.0% | ||||||||
Mowi ASA |
110,265 | 2,129,549 | ||||||
Salmar ASA |
13,959 | 886,529 | ||||||
|
|
|||||||
3,016,078 | ||||||||
Saudi Arabia — 0.2% | ||||||||
ACWA Power Co. |
1,729 | 121,730 | ||||||
Almarai Co. JSC |
22,639 | 354,951 | ||||||
|
|
|||||||
476,681 | ||||||||
Singapore — 0.9% | ||||||||
CapitaLand Ascendas REIT |
314,900 | 641,750 | ||||||
CapitaLand Integrated Commercial Trust |
670,740 | 978,361 | ||||||
City Developments Ltd. |
245,000 | 1,032,660 | ||||||
|
|
|||||||
2,652,771 | ||||||||
South Korea — 3.7% | ||||||||
LG Energy Solution Ltd.(a) |
14,169 | 4,282,016 | ||||||
Samsung SDI Co. Ltd. |
24,313 | 6,907,107 | ||||||
|
|
|||||||
11,189,123 | ||||||||
Spain — 0.2% | ||||||||
Corp. ACCIONA Energias Renovables SA |
1,018 | 21,049 | ||||||
EDP Renovaveis SA |
37,853 | 516,349 | ||||||
|
|
|||||||
537,398 | ||||||||
Sweden — 2.7% | ||||||||
Essity AB, Class B |
275,178 | 6,416,067 | ||||||
Svenska Cellulosa AB SCA, Class B |
77,688 | 1,099,929 | ||||||
Swedish Orphan Biovitrum AB(a) |
19,634 | 482,213 | ||||||
|
|
|||||||
7,998,209 | ||||||||
Switzerland — 4.4% | ||||||||
Geberit AG, Registered |
2,537 | 1,474,984 | ||||||
Novartis AG, Registered |
116,383 | 11,742,752 | ||||||
|
|
|||||||
13,217,736 | ||||||||
Taiwan — 1.8% | ||||||||
Taiwan High Speed Rail Corp. |
496,000 | 473,980 | ||||||
Uni-President Enterprises Corp. |
2,021,000 | 4,907,473 | ||||||
|
|
|||||||
5,381,453 | ||||||||
Thailand — 0.0% | ||||||||
BTS Group Holdings PCL, NVDR |
1,052,800 | 151,298 | ||||||
|
|
Security | Shares | Value | ||||||
|
||||||||
United Kingdom — 1.8% | ||||||||
Berkeley Group Holdings PLC |
23,292 | $ | 1,368,477 | |||||
Land Securities Group PLC |
51,091 | 400,268 | ||||||
Pearson PLC |
289,556 | 3,520,011 | ||||||
|
|
|||||||
5,288,756 | ||||||||
United States — 23.3% | ||||||||
Alexandria Real Estate Equities Inc. |
15,988 | 1,994,183 | ||||||
Alnylam Pharmaceuticals Inc.(a) |
3,676 | 555,407 | ||||||
Amgen Inc. |
24,851 | 6,804,949 | ||||||
BioMarin Pharmaceutical Inc.(a) |
10,121 | 873,240 | ||||||
Boston Properties Inc. |
26,917 | 1,742,068 | ||||||
Darling Ingredients Inc.(a) |
99,024 | 4,189,706 | ||||||
Dexcom Inc.(a)(c) |
11,604 | 1,335,272 | ||||||
Digital Realty Trust Inc. |
48,854 | 7,172,256 | ||||||
Edwards Lifesciences Corp.(a) |
22,553 | 1,914,073 | ||||||
Enphase Energy Inc.(a) |
17,034 | 2,163,488 | ||||||
First Solar Inc.(a) |
15,868 | 2,441,927 | ||||||
Hormel Foods Corp. |
106,143 | 3,748,971 | ||||||
Incyte Corp.(a) |
20,323 | 1,186,050 | ||||||
Insulet Corp.(a) |
3,350 | 549,400 | ||||||
Jazz Pharmaceuticals PLC(a) |
11,117 | 1,321,811 | ||||||
Kimberly-Clark Corp. |
86,108 | 10,433,706 | ||||||
Regeneron Pharmaceuticals Inc.(a) |
4,138 | 3,997,681 | ||||||
Rivian Automotive Inc., Class A(a)(c) |
134,375 | 1,521,125 | ||||||
Sun Communities Inc. |
13,222 | 1,768,575 | ||||||
United Therapeutics Corp.(a) |
3,962 | 893,986 | ||||||
Vertex Pharmaceuticals Inc.(a)(c) |
9,113 | 3,834,204 | ||||||
Weyerhaeuser Co. |
189,443 | 6,513,050 | ||||||
Xylem Inc./NY |
26,085 | 3,314,099 | ||||||
|
|
|||||||
70,269,227 | ||||||||
|
|
|||||||
Total
Long-Term Investments — 99.8% |
|
300,462,949 | ||||||
|
|
|||||||
Short-Term Securities |
|
|||||||
Money Market Funds — 1.9% |
|
|||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%(d)(e)(f) |
5,851,515 | 5,854,441 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.30%(d)(e) |
20,000 | 20,000 | ||||||
|
|
|||||||
Total
Short-Term Securities — 1.9% |
|
5,874,441 | ||||||
|
|
|||||||
Total
Investments — 101.7% |
|
306,337,390 | ||||||
Liabilities in Excess of Other Assets — (1.7)% |
|
(5,175,266 | ) | |||||
|
|
|||||||
Net Assets — 100.0% |
|
$ | 301,162,124 | |||||
|
|
(a) |
Non-income producing security. |
(b) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) |
All or a portion of this security is on loan. |
(d) |
Affiliate of the Fund. |
(e) |
Annualized 7-day yield as of period end. |
(f) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
28 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 29, 2024 |
iShares® MSCI Global Sustainable Development Goals ETF |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 29, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
||||||||||||||||||||||||||||||||||||
Affiliated Issuer |
Value at 08/31/23 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 02/29/24 |
Shares Held at 02/29/24 |
Income |
Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | 8,698,366 | $ | — | $ | (2,844,439 | )(a) | $ | (216 | ) | $ | 730 | $ | 5,854,441 | 5,851,515 | $ | 30,473 | (b) | $ | — | ||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
310,000 | — | (290,000 | )(a) | — | — | 20,000 | 20,000 | 12,619 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
$ | (216 | ) | $ | 730 | $ | 5,874,441 | $ | 43,092 | $ | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Represents net amount purchased (sold). |
(b) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
|
||||||||||||||||
Description |
Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
||||||||||||
|
||||||||||||||||
Long Contracts |
||||||||||||||||
MSCI EAFE Index |
4 | 03/15/24 | $ | 458 | $ | 6,754 | ||||||||||
MSCI Emerging Markets Index |
4 | 03/15/24 | 203 | 272 | ||||||||||||
S&P 500 E-Mini Index |
1 | 03/15/24 | 255 | 11,148 | ||||||||||||
|
|
|||||||||||||||
$ | 18,174 | |||||||||||||||
|
|
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) |
$ | — | $ | — | $ | 18,174 | $ | — | $ | — | $ | — | $ | 18,174 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the period ended February 29, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:
|
||||||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Net Realized Gain (Loss) from |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | 24,725 | $ | — | $ | — | $ | — | $ | 24,725 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | 63,568 | $ | — | $ | — | $ | — | $ | 63,568 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
S C H E D U L E O F I N V E S T M E N T S |
29 |
Schedule of Investments (unaudited) (continued) February 29, 2024 |
iShares® MSCI Global Sustainable Development Goals ETF |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
||||
Futures contracts: |
||||
Average notional value of contracts — long |
$ | 1,875,406 | ||
|
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
||||||||||||||||
Assets |
||||||||||||||||
Investments |
||||||||||||||||
Long-Term Investments |
||||||||||||||||
Common Stocks |
$ | 87,751,445 | $ | 212,711,504 | $ | — | $ | 300,462,949 | ||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
5,874,441 | — | — | 5,874,441 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 93,625,886 | $ | 212,711,504 | $ | — | $ | 306,337,390 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Derivative Financial Instruments(a) |
||||||||||||||||
Assets |
||||||||||||||||
Equity Contracts |
$ | 18,174 | $ | — | $ | — | $ | 18,174 | ||||||||
|
|
|
|
|
|
|
|
(a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, bank borrowings payable of $150,027 are categorized as Level 2 within the fair value hierarchy.
See notes to financial statements.
30 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) February 29, 2024 |
iShares® MSCI Water Management Multisector ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
|
||||||||
Common Stocks |
||||||||
Beverages — 9.4% | ||||||||
Coca-Cola Europacific Partners PLC |
1,088 | $ | 74,669 | |||||
Coca-Cola Femsa SAB de CV |
2,800 | 27,329 | ||||||
Diageo PLC |
8,672 | 324,899 | ||||||
Fomento Economico Mexicano SAB de CV |
10,800 | 134,859 | ||||||
|
|
|||||||
561,756 | ||||||||
Building Products — 10.3% | ||||||||
Astral Ltd. |
2,944 | 73,466 | ||||||
Geberit AG, Registered |
620 | 360,461 | ||||||
Genuit Group PLC |
11,072 | 56,584 | ||||||
Zurn Elkay Water Solutions Corp. |
3,824 | 121,412 | ||||||
|
|
|||||||
611,923 | ||||||||
Chemicals — 7.7% | ||||||||
Ecolab Inc. |
1,493 | 335,686 | ||||||
Ganfeng Lithium Group Co. Ltd., Class A |
400 | 2,223 | ||||||
Johnson Matthey PLC |
932 | 18,167 | ||||||
Saudi Basic Industries Corp. |
4,984 | 104,709 | ||||||
|
|
|||||||
460,785 | ||||||||
Commercial Services & Supplies — 1.0% | ||||||||
China Everbright Environment Group Ltd. |
166,000 | 61,661 | ||||||
|
|
|||||||
Construction Materials — 2.2% | ||||||||
Wienerberger AG |
3,672 | 128,318 | ||||||
|
|
|||||||
Electric Utilities — 0.4% | ||||||||
Verbund AG |
348 | 25,192 | ||||||
|
|
|||||||
Electronic Equipment, Instruments & Components — 2.6% | ||||||||
Badger Meter Inc. |
980 | 155,516 | ||||||
|
|
|||||||
Food Products — 4.2% | ||||||||
Britannia Industries Ltd. |
572 | 34,279 | ||||||
Kellanova |
1,456 | 80,299 | ||||||
McCormick & Co. Inc./MD, NVS |
1,364 | 93,925 | ||||||
Tata Consumer Products Ltd. |
2,828 | 40,556 | ||||||
|
|
|||||||
249,059 | ||||||||
Hotels, Restaurants & Leisure — 10.9% | ||||||||
Fosun Tourism Group(a)(b) |
1,200 | 664 | ||||||
Hilton Worldwide Holdings Inc. |
1,332 | 272,154 | ||||||
Marriott International Inc./MD, Class A |
1,468 | 366,809 | ||||||
Minor International PCL, NVDR |
6,200 | 5,490 | ||||||
Star Entertainment Group Ltd. (The)(b) |
4,576 | 1,549 | ||||||
|
|
|||||||
646,666 | ||||||||
Independent Power and Renewable Electricity Producers — 0.7% | ||||||||
AES Brasil Energia SA(b) |
4,056 | 8,518 | ||||||
Auren Energia SA |
3,164 | 8,166 | ||||||
Meridian Energy Ltd. |
7,042 | 25,642 | ||||||
|
|
|||||||
42,326 | ||||||||
Machinery — 17.2% | ||||||||
Energy Recovery Inc.(b) |
2,320 | 36,262 | ||||||
Franklin Electric Co. Inc. |
1,345 | 139,826 | ||||||
Kurita Water Industries Ltd. |
3,600 | 146,718 |
Security | Shares | Value | ||||||
|
||||||||
Machinery (continued) | ||||||||
METAWATER Co. Ltd. |
1,300 | $ | 20,069 | |||||
Organo Corp. |
1,200 | 61,676 | ||||||
Takuma Co. Ltd. |
2,700 | 35,124 | ||||||
Watts Water Technologies Inc., Class A |
896 | 182,739 | ||||||
Xylem Inc./NY |
3,156 | 400,970 | ||||||
|
|
|||||||
1,023,384 | ||||||||
Multi-Utilities — 4.5% | ||||||||
ACEA SpA |
356 | 5,290 | ||||||
Veolia Environnement SA |
8,412 | 260,758 | ||||||
|
|
|||||||
266,048 | ||||||||
Real Estate Management & Development — 0.4% | ||||||||
Amata Corp. PCL, NVDR |
1,600 | 1,004 | ||||||
Swire Pacific Ltd., Class A |
3,000 | 24,852 | ||||||
|
|
|||||||
25,856 | ||||||||
Semiconductors & Semiconductor Equipment — 12.3% | ||||||||
Macronix International Co. Ltd. |
12,000 | 10,813 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. |
18,000 | 394,461 | ||||||
Texas Instruments Inc. |
1,954 | 326,963 | ||||||
|
|
|||||||
732,237 | ||||||||
Trading Companies & Distributors — 4.1% | ||||||||
Core & Main Inc., Class A(b) |
5,102 | 243,518 | ||||||
|
|
|||||||
Water Utilities — 11.3% | ||||||||
AlKhorayef Water & Power Technologies Co.(b) |
470 | 30,403 | ||||||
American States Water Co. |
1,344 | 95,975 | ||||||
American Water Works Co. Inc. |
2,144 | 254,150 | ||||||
Beijing Enterprises Water Group Ltd. |
182,000 | 42,694 | ||||||
Cia de Saneamento de Minas Gerais Copasa MG |
8,456 | 35,160 | ||||||
Cia. de Saneamento Basico do Estado de Sao Paulo |
11,116 | 177,012 | ||||||
Cia. de Saneamento do Parana |
6,820 | 35,437 | ||||||
|
|
|||||||
670,831 | ||||||||
|
|
|||||||
Total
Common Stocks — 99.2% |
|
5,905,076 | ||||||
|
|
|||||||
Preferred Stocks |
||||||||
Water Utilities — 0.4% |
||||||||
Cia. de Saneamento do Parana, Preference Shares, NVS |
22,496 | 23,849 | ||||||
|
|
|||||||
Total
Preferred Stocks — 0.4% |
|
23,849 | ||||||
|
|
|||||||
Total
Investments — 99.6% |
|
5,928,925 | ||||||
Other Assets Less Liabilities — 0.4% |
|
24,549 | ||||||
|
|
|||||||
Net Assets — 100.0% |
|
$ | 5,953,474 | |||||
|
|
(a) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(b) |
Non-income producing security. |
S C H E D U L E O F I N V E S T M E N T S |
31 |
Schedule of Investments (unaudited) (continued) February 29, 2024 |
iShares® MSCI Water Management Multisector ETF |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 29, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
||||||||||||||||||||||||||||||||||||
Affiliated Issuer |
Value at 08/31/23 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 02/29/24 |
Shares Held at 02/29/24 |
Income |
Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares(a) |
$ | — | $ | — | $ | (21 | )(b) | $ | 21 | $ | — | $ | — | — | $ | 12 | (c) | $ | — | |||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares(a) |
— | — | 0 | (b) | — | — | — | — | 192 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
$ | 21 | $ | — | $ | — | $ | 204 | $ | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
As of period end, the entity is no longer held. |
(b) |
Represents net amount purchased (sold). |
(c) |
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 Categorized by Risk Exposure
For the period ended February 29, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:
|
||||||||||||||||||||||||||||
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
|
||||||||||||||||||||||||||||
Net Realized Gain (Loss) from |
||||||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ | (1,311 | ) | $ | — | $ | — | $ | — | $ | (1,311 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
||||
Futures contracts: |
||||
Average notional value of contracts — long |
$ | 11,442 | ||
|
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
||||||||||||||||
Assets |
||||||||||||||||
Investments |
||||||||||||||||
Long-Term Investments |
||||||||||||||||
Common Stocks |
$ | 3,637,757 | $ | 2,267,319 | $ | — | $ | 5,905,076 | ||||||||
Preferred Stocks |
23,849 | — | — | 23,849 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 3,661,606 | $ | 2,267,319 | $ | — | $ | 5,928,925 | |||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
32 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) February 29, 2024 |
iShares® Paris-Aligned Climate MSCI World ex USA ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
|
||||||||
Common Stocks |
||||||||
Australia — 6.2% | ||||||||
ANZ Group Holdings Ltd. |
1,368 | $ | 25,357 | |||||
Aristocrat Leisure Ltd. |
196 | 5,955 | ||||||
ASX Ltd. |
96 | 4,113 | ||||||
Brambles Ltd. |
416 | 4,085 | ||||||
Cochlear Ltd. |
36 | 8,206 | ||||||
Coles Group Ltd. |
336 | 3,696 | ||||||
Commonwealth Bank of Australia |
616 | 46,728 | ||||||
Computershare Ltd. |
220 | 3,718 | ||||||
CSL Ltd. |
148 | 27,552 | ||||||
Dexus |
2,140 | 10,248 | ||||||
Endeavour Group Ltd./Australia |
1,128 | 4,038 | ||||||
Goodman Group |
1,612 | 31,382 | ||||||
GPT Group (The) |
2,676 | 7,568 | ||||||
James Hardie Industries PLC(a) |
336 | 13,291 | ||||||
Macquarie Group Ltd. |
136 | 17,269 | ||||||
Medibank Pvt Ltd. |
1,128 | 2,636 | ||||||
Mineral Resources Ltd. |
176 | 7,637 | ||||||
National Australia Bank Ltd. |
1,336 | 29,685 | ||||||
Northern Star Resources Ltd. |
732 | 6,085 | ||||||
Pilbara Minerals Ltd. |
2,560 | 6,991 | ||||||
QBE Insurance Group Ltd. |
868 | 9,769 | ||||||
REA Group Ltd. |
32 | 4,047 | ||||||
Scentre Group |
3,624 | 7,335 | ||||||
Sonic Healthcare Ltd. |
88 | 1,708 | ||||||
Stockland |
2,420 | 7,071 | ||||||
Suncorp Group Ltd. |
1,532 | 15,257 | ||||||
Transurban Group |
2,284 | 20,127 | ||||||
Treasury Wine Estates Ltd. |
460 | 3,693 | ||||||
Vicinity Ltd. |
7,868 | 9,936 | ||||||
Wesfarmers Ltd. |
632 | 27,431 | ||||||
Westpac Banking Corp. |
460 | 7,893 | ||||||
WiseTech Global Ltd. |
40 | 2,467 | ||||||
Xero Ltd.(a) |
28 | 2,329 | ||||||
|
|
|||||||
385,303 | ||||||||
Austria — 0.2% | ||||||||
Verbund AG |
144 | 10,424 | ||||||
|
|
|||||||
Belgium — 1.2% | ||||||||
Anheuser-Busch InBev SA/NV |
356 | 21,517 | ||||||
Argenx SE(a) |
8 | 2,999 | ||||||
D’ieteren Group |
28 | 5,410 | ||||||
Elia Group SA/NV |
200 | 22,247 | ||||||
Groupe Bruxelles Lambert NV |
60 | 4,512 | ||||||
KBC Group NV |
140 | 9,862 | ||||||
UCB SA |
52 | 6,000 | ||||||
Warehouses De Pauw CVA |
152 | 4,071 | ||||||
|
|
|||||||
76,618 | ||||||||
Canada — 12.2% | ||||||||
Agnico Eagle Mines Ltd. |
264 | 12,662 | ||||||
Bank of Montreal |
176 | 15,930 | ||||||
Bank of Nova Scotia (The) |
140 | 6,789 | ||||||
BCE Inc. |
160 | 5,937 | ||||||
Brookfield Asset Management Ltd. |
104 | 4,238 | ||||||
CAE Inc.(a) |
140 | 2,614 | ||||||
Cameco Corp. |
432 | 17,507 | ||||||
Canadian Imperial Bank of Commerce |
548 | 25,931 | ||||||
Canadian Pacific Kansas City Ltd. |
324 | 27,509 | ||||||
CCL Industries Inc., Class B, NVS |
64 | 3,262 | ||||||
CGI Inc.(a) |
136 | 15,615 | ||||||
Constellation Software Inc./Canada |
4 | 11,136 |
Security | Shares | Value | ||||||
|
||||||||
Canada (continued) | ||||||||
Dollarama Inc. |
260 | $ | 20,112 | |||||
Element Fleet Management Corp. |
556 | 9,279 | ||||||
Fairfax Financial Holdings Ltd. |
16 | 17,078 | ||||||
First Quantum Minerals Ltd. |
508 | 4,810 | ||||||
FirstService Corp. |
20 | 3,291 | ||||||
GFL Environmental Inc. |
172 | 6,201 | ||||||
Gildan Activewear Inc. |
184 | 6,407 | ||||||
Great-West Lifeco Inc. |
588 | 18,110 | ||||||
Hydro One Ltd.(b) |
1,516 | 45,185 | ||||||
iA Financial Corp. Inc. |
140 | 8,682 | ||||||
IGM Financial Inc. |
148 | 3,888 | ||||||
Intact Financial Corp. |
148 | 24,611 | ||||||
Ivanhoe Mines Ltd., Class A(a) |
1,320 | 14,035 | ||||||
Kinross Gold Corp. |
488 | 2,388 | ||||||
Loblaw Companies Ltd. |
176 | 18,757 | ||||||
Lundin Mining Corp. |
1,472 | 11,638 | ||||||
Manulife Financial Corp. |
1,268 | 30,094 | ||||||
Metro Inc./CN |
204 | 11,045 | ||||||
National Bank of Canada |
160 | 12,489 | ||||||
Northland Power Inc. |
924 | 15,659 | ||||||
Nutrien Ltd. |
256 | 13,363 | ||||||
Open Text Corp. |
44 | 1,692 | ||||||
Pan American Silver Corp. |
252 | 3,127 | ||||||
Power Corp. of Canada |
620 | 17,913 | ||||||
Quebecor Inc., Class B |
272 | 6,361 | ||||||
RB Global Inc. |
44 | 3,320 | ||||||
Restaurant Brands International Inc. |
168 | 13,045 | ||||||
RioCan REIT |
860 | 11,330 | ||||||
Rogers Communications Inc., Class B, NVS |
196 | 8,674 | ||||||
Royal Bank of Canada |
612 | 59,436 | ||||||
Shopify Inc., Class A(a) |
348 | 26,588 | ||||||
Stantec Inc. |
188 | 15,698 | ||||||
Sun Life Financial Inc. |
452 | 24,006 | ||||||
TFI International Inc. |
80 | 11,820 | ||||||
Thomson Reuters Corp. |
124 | 19,575 | ||||||
TMX Group Ltd. |
372 | 9,758 | ||||||
Toromont Industries Ltd. |
92 | 8,450 | ||||||
Toronto-Dominion Bank (The) |
732 | 43,953 | ||||||
Wheaton Precious Metals Corp. |
628 | 25,881 | ||||||
|
|
|||||||
756,879 | ||||||||
Denmark — 3.6% | ||||||||
Carlsberg A/S, Class B |
32 | 4,470 | ||||||
Coloplast A/S, Class B |
24 | 3,188 | ||||||
Demant A/S(a) |
28 | 1,404 | ||||||
DSV A/S |
48 | 7,702 | ||||||
Genmab A/S(a) |
16 | 4,445 | ||||||
Novo Nordisk A/S |
1,180 | 140,850 | ||||||
Novozymes A/S, Class B |
371 | 20,927 | ||||||
Pandora A/S |
40 | 6,469 | ||||||
Rockwool A/S, Class B |
32 | 10,242 | ||||||
Tryg A/S |
148 | 3,147 | ||||||
Vestas Wind Systems A/S(a) |
736 | 20,511 | ||||||
|
|
|||||||
223,355 | ||||||||
Finland — 1.4% | ||||||||
Elisa OYJ |
104 | 4,684 | ||||||
Kesko OYJ, Class B |
1,024 | 19,578 | ||||||
Kone OYJ, Class B |
160 | 7,834 | ||||||
Nokia OYJ |
2,392 | 8,432 | ||||||
Nordea Bank Abp, New |
452 | 5,501 | ||||||
Orion OYJ, Class B |
96 | 3,774 | ||||||
Sampo OYJ, Class A |
400 | 17,899 |
S C H E D U L E O F I N V E S T M E N T S |
33 |
Schedule of Investments (unaudited) (continued) February 29, 2024 |
iShares® Paris-Aligned Climate MSCI World ex USA ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
|
||||||||
Finland (continued) | ||||||||
UPM-Kymmene OYJ |
272 | $ | 9,104 | |||||
Wartsila OYJ Abp |
572 | 8,855 | ||||||
|
|
|||||||
85,661 | ||||||||
France — 10.3% | ||||||||
Aeroports de Paris SA |
40 | 5,445 | ||||||
Air Liquide SA |
84 | 17,073 | ||||||
Alstom SA |
608 | 8,126 | ||||||
Amundi SA(b) |
36 | 2,372 | ||||||
AXA SA |
596 | 21,219 | ||||||
Bouygues SA |
40 | 1,582 | ||||||
Capgemini SE |
40 | 9,730 | ||||||
Cie. de Saint-Gobain SA |
204 | 15,727 | ||||||
Cie. Generale des Etablissements Michelin SCA |
120 | 4,441 | ||||||
Covivio SA/France |
216 | 9,699 | ||||||
Dassault Systemes SE |
388 | 18,182 | ||||||
Edenred SE |
200 | 9,897 | ||||||
Eiffage SA |
96 | 10,454 | ||||||
EssilorLuxottica SA |
116 | 24,631 | ||||||
Eurofins Scientific SE |
36 | 2,151 | ||||||
Gecina SA |
172 | 16,614 | ||||||
Getlink SE |
1,224 | 20,898 | ||||||
Hermes International SCA |
16 | 40,037 | ||||||
Ipsen SA |
24 | 2,636 | ||||||
Kering SA |
32 | 14,740 | ||||||
Klepierre SA |
300 | 7,621 | ||||||
Legrand SA |
200 | 20,256 | ||||||
L’Oreal SA |
100 | 47,767 | ||||||
LVMH Moet Hennessy Louis Vuitton SE |
100 | 91,274 | ||||||
Pernod Ricard SA |
144 | 24,067 | ||||||
Publicis Groupe SA |
48 | 5,079 | ||||||
Remy Cointreau SA |
24 | 2,543 | ||||||
Sanofi SA |
440 | 41,938 | ||||||
Sartorius Stedim Biotech |
8 | 2,202 | ||||||
Schneider Electric SE |
428 | 97,281 | ||||||
SEB SA |
20 | 2,370 | ||||||
Vinci SA |
316 | 40,493 | ||||||
Vivendi SE |
268 | 2,995 | ||||||
Worldline SA/France(a)(b) |
64 | 737 | ||||||
|
|
|||||||
642,277 | ||||||||
Germany — 5.9% | ||||||||
adidas AG |
64 | 12,946 | ||||||
Allianz SE, Registered |
164 | 45,044 | ||||||
Beiersdorf AG |
56 | 8,027 | ||||||
Brenntag SE |
64 | 5,844 | ||||||
Carl Zeiss Meditec AG, Bearer |
28 | 3,438 | ||||||
Deutsche Bank AG, Registered |
192 | 2,571 | ||||||
Deutsche Boerse AG |
68 | 14,236 | ||||||
Deutsche Post AG, Registered |
372 | 17,273 | ||||||
Deutsche Telekom AG, Registered |
852 | 20,251 | ||||||
GEA Group AG |
120 | 4,840 | ||||||
Infineon Technologies AG |
476 | 17,091 | ||||||
Knorr-Bremse AG |
148 | 10,362 | ||||||
LEG Immobilien SE(a) |
76 | 5,598 | ||||||
Merck KGaA |
64 | 10,889 | ||||||
MTU Aero Engines AG |
8 | 1,924 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered |
80 | 37,246 | ||||||
Puma SE |
36 | 1,656 | ||||||
Rational AG |
4 | 3,292 | ||||||
Rheinmetall AG |
20 | 9,177 | ||||||
SAP SE |
384 | 71,959 |
Security | Shares | Value | ||||||
|
||||||||
Germany (continued) | ||||||||
Scout24 SE(b) |
24 | $ | 1,745 | |||||
Siemens AG, Registered |
200 | 39,594 | ||||||
Siemens Healthineers AG(b) |
88 | 5,281 | ||||||
Symrise AG, Class A |
32 | 3,275 | ||||||
Talanx AG(a) |
36 | 2,570 | ||||||
Vonovia SE |
408 | 11,387 | ||||||
Zalando SE(a)(b) |
68 | 1,439 | ||||||
|
|
|||||||
368,955 | ||||||||
Hong Kong — 1.4% | ||||||||
AIA Group Ltd. |
4,800 | 38,694 | ||||||
CK Asset Holdings Ltd. |
2,000 | 9,200 | ||||||
ESR Group Ltd.(b) |
5,600 | 7,462 | ||||||
Futu Holdings Ltd., ADR(a) |
28 | 1,498 | ||||||
Henderson Land Development Co. Ltd. |
4,000 | 11,509 | ||||||
Hong Kong Exchanges & Clearing Ltd. |
300 | 9,240 | ||||||
MTR Corp. Ltd. |
2,000 | 6,616 | ||||||
|
|
|||||||
84,219 | ||||||||
Ireland — 0.6% | ||||||||
Flutter Entertainment PLC(a) |
52 | 11,260 | ||||||
Kerry Group PLC, Class A |
44 | 3,863 | ||||||
Kingspan Group PLC |
212 | 19,171 | ||||||
Smurfit Kappa Group PLC |
24 | 1,026 | ||||||
|
|
|||||||
35,320 | ||||||||
Israel — 0.6% | ||||||||
Azrieli Group Ltd. |
100 | 7,258 | ||||||
Bank Hapoalim BM |
724 | 6,935 | ||||||
Bank Leumi Le-Israel BM |
172 | 1,442 | ||||||
Check Point Software Technologies Ltd.(a) |
24 | 3,850 | ||||||
CyberArk Software Ltd.(a) |
8 | 2,110 | ||||||
Elbit Systems Ltd. |
12 | 2,669 | ||||||
Nice Ltd.(a) |
20 | 4,893 | ||||||
Teva Pharmaceutical Industries Ltd., ADR(a) |
300 | 3,945 | ||||||
Wix.com Ltd.(a) |
8 | 1,122 | ||||||
|
|
|||||||
34,224 | ||||||||
Italy — 2.3% | ||||||||
Amplifon SpA |
76 | 2,538 | ||||||
Banco BPM SpA |
1,504 | 8,756 | ||||||
Enel SpA |
1,320 | 8,399 | ||||||
Ferrari NV |
72 | 30,389 | ||||||
FinecoBank Banca Fineco SpA |
416 | 5,763 | ||||||
Mediobanca Banca di Credito Finanziario SpA |
1,164 | 15,856 | ||||||
Moncler SpA |
112 | 8,076 | ||||||
Nexi SpA(a)(b) |
136 | 998 | ||||||
Poste Italiane SpA(b) |
264 | 3,097 | ||||||
Recordati Industria Chimica e Farmaceutica SpA |
100 | 5,599 | ||||||
Terna - Rete Elettrica Nazionale |
3,860 | 30,239 | ||||||
UniCredit SpA |
672 | 22,508 | ||||||
|
|
|||||||
142,218 | ||||||||
Japan — 20.5% | ||||||||
Advantest Corp. |
400 | 18,830 | ||||||
Asahi Group Holdings Ltd. |
400 | 13,703 | ||||||
Astellas Pharma Inc. |
1,200 | 13,114 | ||||||
Azbil Corp. |
400 | 11,755 | ||||||
Bandai Namco Holdings Inc. |
400 | 7,703 | ||||||
Canon Inc. |
400 | 11,698 | ||||||
Central Japan Railway Co. |
1,600 | 40,240 | ||||||
Chugai Pharmaceutical Co. Ltd. |
400 | 15,977 | ||||||
Concordia Financial Group Ltd. |
1,200 | 6,084 | ||||||
Daifuku Co. Ltd. |
400 | 9,497 | ||||||
Daiichi Sankyo Co. Ltd. |
800 | 26,347 | ||||||
Daiwa House Industry Co. Ltd. |
400 | 11,550 |
34 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 29, 2024 |
iShares® Paris-Aligned Climate MSCI World ex USA ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
|
||||||||
Japan (continued) | ||||||||
Daiwa Securities Group Inc. |
800 | $ | 5,898 | |||||
East Japan Railway Co. |
400 | 23,665 | ||||||
FANUC Corp. |
800 | 23,320 | ||||||
Hamamatsu Photonics KK |
400 | 14,381 | ||||||
Hoya Corp. |
400 | 52,215 | ||||||
Iida Group Holdings Co. Ltd. |
400 | 5,162 | ||||||
Japan Exchange Group Inc. |
800 | 20,945 | ||||||
Japan Metropolitan Fund Invest |
12 | 7,072 | ||||||
Japan Post Bank Co. Ltd. |
800 | 8,530 | ||||||
Japan Real Estate Investment Corp. |
4 | 14,419 | ||||||
KDX Realty Investment Corp. |
4 | 4,004 | ||||||
Keisei Electric Railway Co. Ltd. |
400 | 18,688 | ||||||
Kintetsu Group Holdings Co. Ltd. |
400 | 12,302 | ||||||
Kirin Holdings Co. Ltd. |
400 | 5,561 | ||||||
Koito Manufacturing Co. Ltd. |
400 | 5,070 | ||||||
Komatsu Ltd. |
400 | 11,611 | ||||||
Kyocera Corp. |
800 | 11,807 | ||||||
Kyowa Kirin Co. Ltd. |
400 | 7,921 | ||||||
M3 Inc. |
400 | 5,753 | ||||||
MatsukiyoCocokara & Co. |
400 | 6,633 | ||||||
MISUMI Group Inc. |
400 | 6,114 | ||||||
Mitsubishi Corp. |
400 | 8,580 | ||||||
Mitsubishi Estate Co. Ltd. |
800 | 12,245 | ||||||
Mitsubishi UFJ Financial Group Inc. |
4,000 | 41,091 | ||||||
Mizuho Financial Group Inc. |
400 | 7,473 | ||||||
Murata Manufacturing Co. Ltd. |
800 | 16,122 | ||||||
Nidec Corp. |
400 | 15,179 | ||||||
Nintendo Co. Ltd. |
400 | 22,352 | ||||||
Nippon Building Fund Inc. |
4 | 15,405 | ||||||
Nippon Paint Holdings Co. Ltd. |
400 | 2,972 | ||||||
NTT Data Group Corp. |
400 | 6,515 | ||||||
Odakyu Electric Railway Co. Ltd. |
400 | 5,624 | ||||||
Olympus Corp. |
800 | 11,383 | ||||||
Omron Corp. |
400 | 14,873 | ||||||
Ono Pharmaceutical Co. Ltd. |
400 | 6,624 | ||||||
Oriental Land Co. Ltd./Japan |
400 | 14,336 | ||||||
ORIX Corp. |
800 | 16,808 | ||||||
Otsuka Holdings Co. Ltd. |
400 | 16,231 | ||||||
Pan Pacific International Holdings Corp. |
400 | 9,430 | ||||||
Rakuten Group Inc.(a) |
800 | 4,385 | ||||||
Recruit Holdings Co. Ltd. |
400 | 16,134 | ||||||
Renesas Electronics Corp. |
800 | 13,218 | ||||||
Rohm Co. Ltd. |
400 | 6,815 | ||||||
SBI Holdings Inc. |
400 | 10,770 | ||||||
Seiko Epson Corp. |
400 | 6,475 | ||||||
Shimadzu Corp. |
400 | 10,927 | ||||||
Shin-Etsu Chemical Co. Ltd. |
800 | 34,139 | ||||||
Shionogi & Co. Ltd. |
400 | 19,915 | ||||||
Shiseido Co. Ltd. |
400 | 10,875 | ||||||
Shizuoka Financial Group Inc., NVS |
2,000 | 19,577 | ||||||
SoftBank Group Corp. |
400 | 23,693 | ||||||
Sony Group Corp. |
400 | 34,459 | ||||||
Sumitomo Metal Mining Co. Ltd. |
400 | 10,413 | ||||||
Sumitomo Mitsui Financial Group Inc. |
400 | 22,286 | ||||||
T&D Holdings Inc. |
400 | 6,962 | ||||||
Takeda Pharmaceutical Co. Ltd. |
400 | 11,698 | ||||||
Terumo Corp. |
400 | 15,585 | ||||||
TIS Inc. |
400 | 9,027 | ||||||
Tokio Marine Holdings Inc. |
800 | 23,373 | ||||||
Tokyo Electron Ltd. |
400 | 99,244 | ||||||
Toyota Motor Corp. |
2,800 | 67,442 | ||||||
Unicharm Corp. |
400 | 13,265 |
Security | Shares | Value | ||||||
|
||||||||
Japan (continued) | ||||||||
USS Co. Ltd. |
800 | $ | 13,926 | |||||
West Japan Railway Co. |
400 | 16,633 | ||||||
Yamaha Corp. |
400 | 8,748 | ||||||
Yaskawa Electric Corp. |
400 | 16,395 | ||||||
Yokogawa Electric Corp. |
800 | 16,934 | ||||||
ZOZO Inc. |
400 | 9,078 | ||||||
|
|
|||||||
1,273,203 | ||||||||
Netherlands — 4.4% | ||||||||
Adyen NV(a)(b) |
8 | 12,658 | ||||||
Akzo Nobel NV |
84 | 6,123 | ||||||
ASML Holding NV |
148 | 140,452 | ||||||
ASR Nederland NV |
112 | 5,169 | ||||||
BE Semiconductor Industries NV |
12 | 2,173 | ||||||
Davide Campari-Milano NV |
440 | 4,462 | ||||||
EXOR NV, NVS |
124 | 13,394 | ||||||
Ferrovial SE |
628 | 23,581 | ||||||
Heineken Holding NV |
108 | 8,342 | ||||||
IMCD NV |
24 | 3,661 | ||||||
NN Group NV |
292 | 13,031 | ||||||
Prosus NV |
672 | 19,628 | ||||||
Qiagen NV, NVS |
104 | 4,447 | ||||||
Universal Music Group NV |
288 | 8,695 | ||||||
Wolters Kluwer NV |
52 | 8,212 | ||||||
|
|
|||||||
274,028 | ||||||||
New Zealand — 0.5% | ||||||||
Auckland International Airport Ltd. |
904 | 4,458 | ||||||
Mercury NZ Ltd. |
4,332 | 17,619 | ||||||
Meridian Energy Ltd. |
3,256 | 11,856 | ||||||
|
|
|||||||
33,933 | ||||||||
Norway — 0.7% | ||||||||
Adevinta ASA(a) |
92 | 982 | ||||||
DNB Bank ASA |
1,160 | 23,228 | ||||||
Gjensidige Forsikring ASA |
544 | 8,594 | ||||||
Kongsberg Gruppen ASA |
28 | 1,785 | ||||||
Orkla ASA |
480 | 3,441 | ||||||
Salmar ASA |
40 | 2,540 | ||||||
|
|
|||||||
40,570 | ||||||||
Portugal — 0.3% | ||||||||
EDP - Energias de Portugal SA |
5,196 | 20,693 | ||||||
|
|
|||||||
Singapore — 1.3% | ||||||||
CapitaLand Ascendas REIT |
7,600 | 15,488 | ||||||
CapitaLand Integrated Commercial Trust |
22,400 | 32,673 | ||||||
City Developments Ltd. |
2,800 | 11,802 | ||||||
Genting Singapore Ltd. |
14,800 | 10,016 | ||||||
Grab Holdings Ltd., Class A(a) |
704 | 2,161 | ||||||
Mapletree Logistics Trust |
4,000 | 4,406 | ||||||
Sea Ltd., ADR(a) |
48 | 2,329 | ||||||
Singapore Technologies Engineering Ltd. |
800 | 2,369 | ||||||
|
|
|||||||
81,244 | ||||||||
Spain — 2.1% | ||||||||
ACS Actividades de Construccion y Servicios SA |
489 | 20,109 | ||||||
Aena SME SA(b) |
88 | 16,719 | ||||||
Amadeus IT Group SA |
212 | 12,542 | ||||||
Banco Bilbao Vizcaya Argentaria SA |
152 | 1,516 | ||||||
CaixaBank SA |
1,340 | 6,062 | ||||||
Cellnex Telecom SA(b) |
28 | 1,012 | ||||||
Corp. ACCIONA Energias Renovables SA |
23 | 475 | ||||||
EDP Renovaveis SA |
672 | 9,167 | ||||||
Grifols SA(a) |
56 | 461 | ||||||
Iberdrola SA |
2,244 | 25,773 |
S C H E D U L E O F I N V E S T M E N T S |
35 |
Schedule of Investments (unaudited) (continued) February 29, 2024 |
iShares® Paris-Aligned Climate MSCI World ex USA ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Spain (continued) | ||||||||
Industria de Diseno Textil SA |
844 | $ | 37,548 | |||||
|
|
|||||||
131,384 | ||||||||
Sweden — 3.1% | ||||||||
Assa Abloy AB, Class B |
260 | 7,422 | ||||||
Atlas Copco AB, Class A |
812 | 14,106 | ||||||
Atlas Copco AB, Class B |
720 | 10,779 | ||||||
Boliden AB |
424 | 10,746 | ||||||
Epiroc AB |
348 | 6,317 | ||||||
Epiroc AB, Class B |
268 | 4,422 | ||||||
Evolution AB(b) |
52 | 6,736 | ||||||
H & M Hennes & Mauritz AB, Class B |
548 | 7,441 | ||||||
Hexagon AB, Class B |
972 | 11,402 | ||||||
Holmen AB, Class B |
60 | 2,409 | ||||||
Industrivarden AB, Class A |
188 | 6,418 | ||||||
Investor AB, Class B |
684 | 17,209 | ||||||
Nibe Industrier AB, Class B |
1,088 | 6,073 | ||||||
Sandvik AB |
532 | 11,979 | ||||||
Skandinaviska Enskilda Banken AB, Class A |
848 | 12,612 | ||||||
Skanska AB, Class B |
808 | 14,912 | ||||||
Svenska Cellulosa AB SCA, Class B |
544 | 7,702 | ||||||
Svenska Handelsbanken AB, Class A |
1,060 | 12,678 | ||||||
Swedbank AB, Class A |
160 | 3,519 | ||||||
Tele2 AB, Class B |
528 | 4,429 | ||||||
Telefonaktiebolaget LM Ericsson, Class B |
1,136 | 6,169 | ||||||
Volvo AB, Class B |
164 | 4,519 | ||||||
|
|
|||||||
189,999 | ||||||||
Switzerland — 9.8% | ||||||||
ABB Ltd., Registered |
1,600 | 73,828 | ||||||
Alcon Inc. |
176 | 15,007 | ||||||
Baloise Holding AG, Registered |
184 | 29,688 | ||||||
Banque Cantonale Vaudoise, Registered |
64 | 7,671 | ||||||
BKW AG |
76 | 10,648 | ||||||
Coca-Cola HBC AG, Class DI |
44 | 1,372 | ||||||
DSM-Firmenich AG |
72 | 7,716 | ||||||
Geberit AG, Registered |
40 | 23,256 | ||||||
Givaudan SA, Registered |
8 | 33,567 | ||||||
Julius Baer Group Ltd. |
152 | 8,142 | ||||||
Kuehne + Nagel International AG, Registered |
20 | 6,734 | ||||||
Logitech International SA, Registered |
56 | 4,955 | ||||||
Lonza Group AG, Registered |
20 | 10,439 | ||||||
Novartis AG, Registered |
768 | 77,489 | ||||||
Partners Group Holding AG |
8 | 11,503 | ||||||
Roche Holding AG, NVS |
264 | 69,026 | ||||||
Sandoz Group AG(a) |
136 | 4,207 | ||||||
Schindler Holding AG, Participation Certificates, NVS |
52 | 13,701 | ||||||
Schindler Holding AG, Registered |
20 | 5,086 | ||||||
SGS SA |
16 | 1,536 | ||||||
Sika AG, Registered |
52 | 15,039 | ||||||
Sonova Holding AG, Registered |
24 | 7,403 | ||||||
STMicroelectronics NV |
276 | 12,532 | ||||||
Straumann Holding AG |
48 | 7,587 | ||||||
Swatch Group AG (The), Bearer |
20 | 4,722 | ||||||
Swiss Life Holding AG, Registered |
12 | 8,723 | ||||||
Swiss Prime Site AG, Registered |
204 | 19,497 | ||||||
Swiss Re AG |
160 | 19,311 | ||||||
Swisscom AG, Registered |
36 | 20,577 | ||||||
Temenos AG, Registered |
24 | 1,806 | ||||||
UBS Group AG, Registered |
1,156 | 33,006 | ||||||
VAT Group AG(b) |
8 | 4,016 | ||||||
Zurich Insurance Group AG |
72 | 38,306 | ||||||
|
|
|||||||
608,096 |
Security | Shares | Value | ||||||
United Kingdom — 10.0% | ||||||||
3i Group PLC |
1,240 | $ | 38,741 | |||||
abrdn PLC |
2,308 | 4,596 | ||||||
Admiral Group PLC |
128 | 4,319 | ||||||
Antofagasta PLC |
928 | 21,321 | ||||||
Ashtead Group PLC |
308 | 22,153 | ||||||
AstraZeneca PLC |
540 | 68,069 | ||||||
Auto Trader Group PLC(b) |
320 | 2,996 | ||||||
Aviva PLC |
2,716 | 15,341 | ||||||
Barclays PLC |
8,120 | 16,971 | ||||||
Barratt Developments PLC |
1,640 | 9,676 | ||||||
Berkeley Group Holdings PLC |
272 | 15,981 | ||||||
Bunzl PLC |
268 | 10,682 | ||||||
Burberry Group PLC |
160 | 2,598 | ||||||
Coca-Cola Europacific Partners PLC |
148 | 10,157 | ||||||
Compass Group PLC |
592 | 16,244 | ||||||
Croda International PLC |
56 | 3,376 | ||||||
Diageo PLC |
960 | 35,967 | ||||||
Entain PLC |
152 | 1,754 | ||||||
Experian PLC |
292 | 12,505 | ||||||
GSK PLC |
1,604 | 33,553 | ||||||
Haleon PLC |
2,404 | 10,085 | ||||||
Halma PLC |
228 | 6,640 | ||||||
Hargreaves Lansdown PLC |
180 | 1,659 | ||||||
Hikma Pharmaceuticals PLC |
48 | 1,191 | ||||||
HSBC Holdings PLC |
6,200 | 48,259 | ||||||
Informa PLC |
1,160 | 11,893 | ||||||
InterContinental Hotels Group PLC |
72 | 7,646 | ||||||
Intertek Group PLC |
20 | 1,171 | ||||||
JD Sports Fashion PLC |
1,668 | 2,493 | ||||||
Legal & General Group PLC |
2,920 | 8,953 | ||||||
Lloyds Banking Group PLC |
32,280 | 19,086 | ||||||
London Stock Exchange Group PLC |
112 | 12,579 | ||||||
Mondi PLC, NVS |
72 | 1,280 | ||||||
NatWest Group PLC, NVS |
2,156 | 6,519 | ||||||
Next PLC |
116 | 12,196 | ||||||
Ocado Group PLC(a) |
144 | 933 | ||||||
Pearson PLC |
280 | 3,404 | ||||||
Persimmon PLC |
320 | 5,515 | ||||||
Prudential PLC |
888 | 8,749 | ||||||
Reckitt Benckiser Group PLC |
268 | 16,933 | ||||||
RELX PLC |
612 | 26,808 | ||||||
Rentokil Initial PLC |
1,084 | 6,035 | ||||||
Rio Tinto PLC |
76 | 4,876 | ||||||
Schroders PLC |
488 | 2,432 | ||||||
Segro PLC |
1,212 | 12,963 | ||||||
Smith & Nephew PLC |
320 | 4,222 | ||||||
Smiths Group PLC |
368 | 7,492 | ||||||
Spirax-Sarco Engineering PLC |
64 | 8,350 | ||||||
Taylor Wimpey PLC |
5,216 | 9,090 | ||||||
Wise PLC, Class A(a) |
88 | 1,022 | ||||||
WPP PLC |
320 | 2,863 | ||||||
|
|
|||||||
620,337 | ||||||||
|
|
|||||||
Total
Common Stocks — 98.6% |
6,118,940 | |||||||
|
|
|||||||
Preferred Stocks |
||||||||
Germany — 0.3% | ||||||||
Dr Ing hc F Porsche AG, Preference Shares, NVS |
44 | 4,114 | ||||||
Henkel AG & Co. KGaA, Preference Shares, NVS |
112 | 8,426 |
36 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 29, 2024 |
iShares® Paris-Aligned Climate MSCI World ex USA ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
|
||||||||
Germany (continued) | ||||||||
Sartorius AG, Preference Shares, NVS |
16 | $ | 6,060 | |||||
|
|
|||||||
18,600 | ||||||||
|
|
|||||||
Total
Preferred Stocks — 0.3% |
18,600 | |||||||
|
|
|||||||
Total
Investments — 98.9% |
6,137,540 | |||||||
Other Assets Less Liabilities — 1.1% |
67,120 | |||||||
|
|
|||||||
Net Assets — 100.0% |
$ | 6,204,660 | ||||||
|
|
(a) |
Non-income producing security. |
(b) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended February 29, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
||||||||||||||||||||||||||||||||||||||||
Affiliated Issuer | |
Value at 01/17/24 |
(a) |
|
Purchases at Cost |
|
|
Proceeds from Sale |
|
|
Net Realized Gain (Loss) |
|
|
Change in Unrealized Appreciation (Depreciation) |
|
|
Value at 02/29/24 |
|
|
Shares Held at 02/29/24 |
|
Income |
|
Capital Gain Distributions from Underlying Funds |
|
|
|
| ||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares(b) |
$ — | $ 10,000 | $ | (10,000 | ) | $ | — | $ | — | $ | — | — | $ | — | $ | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Commencement of operations. |
(b) |
As of period end, the entity is no longer held. |
OTC Total Return Swaps
|
||||||||||||||||||||||||||
Reference Entity |
Payment Frequency |
Counterparty(a) |
Termination Date |
Net Notional |
Accrued Unrealized Appreciation (Depreciation) |
Net Value of Reference Entity |
Gross Notional Amount Net Asset Percentage |
|||||||||||||||||||
|
||||||||||||||||||||||||||
Equity Securities Long |
Monthly | HSBC Bank PLC(b) | 02/08/28 | $ | 4,383 | $ | (8 | ) | $ | 4,375 | 0.1 | % | ||||||||||||||
Monthly | JPMorgan Chase Bank NA | 02/10/25 | 41,950 | (1 | )(c) | 41,950 | 0.7 | |||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||
$ | (9 | ) | $ | 46,325 | ||||||||||||||||||||||
|
|
|
|
(a) |
The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions. |
(c) |
Amount includes $(1) of net dividends, payable for referenced securities purchased and financing fees. |
The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest:
(b) | ||
Range: | 45 basis points | |
Benchmarks: | EUR - 1D Euro Short Term Rate (ESTR) |
S C H E D U L E O F I N V E S T M E N T S |
37 |
Schedule of Investments (unaudited) (continued) February 29, 2024 |
iShares® Paris-Aligned Climate MSCI World ex USA ETF |
The following table represents the individual long positions and related values of equity securities underlying the total return swap with HSBC Bank PLC as of period end, termination date February 08, 2028.
Shares | Value |
% of Basket Value |
||||||||||
Reference Entity — Long |
||||||||||||
Common Stocks | ||||||||||||
Singapore | ||||||||||||
Singapore Exchange Ltd. |
600 | $ | 4,215 | 96.3% | ||||||||
|
|
|||||||||||
Spain | ||||||||||||
Redeia Corp. SA |
10 | 160 | 3.7 | |||||||||
|
|
|||||||||||
Total Reference Entity — Long |
|
4,375 | ||||||||||
|
|
|||||||||||
Net Value of Reference Entity — HSBC Bank PLC |
|
$ | 4,375 | |||||||||
|
|
The following table represents the individual long positions and related values of equity securities underlying the total return swap with JPMorgan Chase Bank NA as of period end, termination date February 10, 2025.
Shares | Value |
% of Basket Value |
||||||||||
Reference Entity — Long |
||||||||||||
Common Stocks | ||||||||||||
Hong Kong | ||||||||||||
Hong Kong Exchanges & Clearing Ltd. |
200 | $ | 6,160 | 14.7% | ||||||||
|
|
Shares | Value |
% of Basket Value |
||||||||||
Netherlands | ||||||||||||
ASM International NV |
9 | $ | 5,497 | 13.1 | ||||||||
|
|
|||||||||||
Spain | ||||||||||||
Redeia Corp. SA |
1,904 | 30,293 | 72.2 | |||||||||
|
|
|||||||||||
Total Reference Entity — Long |
41,950 | |||||||||||
|
|
|||||||||||
Net Value of Reference Entity — JPMorgan Chase Bank NA |
|
$ | 41,950 | |||||||||
|
|
Balances Reported in the Statements of Assets and Liabilities for Total Return Swaps
Description |
Swap Premiums Paid |
Swap Premiums Received |
Unrealized Appreciation |
Unrealized Depreciation |
||||||||||||
Total Return Swaps |
$ | — | $ | — | $ | — | $ | (9 | ) |
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
Liabilities — Derivative Financial Instruments |
||||||||||||||||||||||||||||
Swaps — OTC |
||||||||||||||||||||||||||||
Unrealized depreciation on OTC swaps; Swap premiums received |
$ | — | $ | — | $ | 9 | $ | — | $ | — | $ | — | $ | 9 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the period ended February 29, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total | ||||||||||||||||||||||
Net Realized Gain (Loss) from |
||||||||||||||||||||||||||||
Swaps |
$ | — | $ | — | $ | 122 | $ | — | $ | — | $ | — | $ | 122 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on |
||||||||||||||||||||||||||||
Swaps |
$ | — | $ | — | $ | (9 | ) | $ | — | $ | — | $ | — | $ | (9 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
38 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 29, 2024 |
iShares® Paris-Aligned Climate MSCI World ex USA ETF |
Average Quarterly Balances of Outstanding Derivative Financial Instruments
|
||||
Total return swaps: |
||||
Average notional value |
$ | 46,333 | ||
|
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Derivative Financial Instruments - Offsetting as of Period End
The Fund’s derivative assets and liabilities (by type) were as follows:
|
||||||||||||||||
Assets | Liabilities | |||||||||||||||
|
||||||||||||||||
Derivative Financial Instruments: |
||||||||||||||||
Swaps - OTC |
$ | — | $ | 9 | ||||||||||||
|
|
|
|
|||||||||||||
Total derivative assets and liabilities in the Statement of Assets and Liabilities |
— | 9 | ||||||||||||||
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”) |
— | — | ||||||||||||||
|
|
|
|
|||||||||||||
Total derivative assets and liabilities subject to an MNA |
$ | — | $ | 9 | ||||||||||||
|
|
|
|
The following table presents the Fund’s derivative liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral pledged by the Fund:
| ||||||||||||||||||||||
Derivative Liabilities Subject to an MNA by |
Derivatives Available |
Non-Cash Collateral |
Cash Collateral |
Net Amount of Derivative | ||||||||||||||||||
Counterparty | Counterparty | for Offset(a) |
|
Pledged | Pledged(b) | Liabilities(c) | ||||||||||||||||
| ||||||||||||||||||||||
HSBC Bank PLC |
$8 | $ | — | $— | $— | $8 | ||||||||||||||||
JPMorgan Chase Bank NA |
1 | — | — | — | 1 | |||||||||||||||||
|
|
|
|
|
| |||||||||||||||||
$9 | $ | — | $— | $— | $9 | |||||||||||||||||
|
|
|
|
|
|
(a) |
The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA. |
(b) |
Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes. |
(c) |
Net amount represents the net amount payable due to the counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the Statements of Assets and Liabilities. |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
||||||||||||||||
Assets |
||||||||||||||||
Investments |
||||||||||||||||
Long-Term Investments |
||||||||||||||||
Common Stocks |
$ | 807,110 | $ | 5,311,830 | $ | — | $ | 6,118,940 | ||||||||
Preferred Stocks |
— | 18,600 | — | 18,600 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 807,110 | $ | 5,330,430 | $ | — | $ | 6,137,540 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Derivative Financial Instruments(a) |
||||||||||||||||
Liabilities |
||||||||||||||||
Equity Contracts |
$ | — | $ | (9 | ) | $ | — | $ | (9 | ) | ||||||
|
|
|
|
|
|
|
|
(a) |
Derivative financial instruments are swaps. Swaps 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 |
39 |
Statements of Assets and Liabilities (unaudited)
February 29, 2024
iShares Emergent Food and AgTech Multisector ETF |
iShares ESG Aware MSCI EAFE ETF |
iShares ESG MSCI EM Leaders ETF |
iShares MSCI Global Sustainable Development Goals ETF |
|||||||||||||
|
||||||||||||||||
ASSETS |
||||||||||||||||
Investments, at value — unaffiliated(a)(b) |
$ | 4,780,593 | $ | 7,817,661,639 | $ | 32,535,724 | $ | 300,462,949 | ||||||||
Investments, at value — affiliated(c) |
217,035 | 16,269,599 | 266,481 | 5,874,441 | ||||||||||||
Cash |
4,408 | 5,774 | 434,709 | 311,517 | ||||||||||||
Cash pledged for futures contracts |
2,000 | — | — | 24,000 | ||||||||||||
Foreign currency collateral pledged for futures contracts(d) |
— | 1,951,579 | — | — | ||||||||||||
Foreign currency, at value(e) |
4,135 | 11,904,248 | 103,231 | 820,112 | ||||||||||||
Receivables: |
||||||||||||||||
Investments sold |
— | 374,509,136 | 1,005,344 | 29,386,771 | ||||||||||||
Securities lending income — affiliated |
3 | 4,494 | 177 | 6,097 | ||||||||||||
Capital shares sold |
— | 539,150 | — | — | ||||||||||||
Dividends — unaffiliated |
8,328 | 10,556,014 | 70,182 | 237,564 | ||||||||||||
Dividends — affiliated |
— | 4,979 | 246 | 888 | ||||||||||||
Tax reclaims |
6,722 | 12,081,285 | 841 | 436,595 | ||||||||||||
Variation margin on futures contracts |
134 | 120,475 | 14 | 1,694 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total assets |
5,023,358 | 8,245,608,372 | 34,416,949 | 337,562,628 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
LIABILITIES |
||||||||||||||||
Bank borrowings |
— | — | 370,066 | 150,027 | ||||||||||||
Collateral on securities loaned, at value |
217,035 | 15,861,167 | 272,975 | 5,856,443 | ||||||||||||
Payables: |
||||||||||||||||
Investments purchased |
— | 370,511,753 | 952,225 | 29,373,398 | ||||||||||||
Capital shares redeemed |
— | — | — | 866,137 | ||||||||||||
Deferred foreign capital gain tax |
— | — | 160,963 | 33,585 | ||||||||||||
Investment advisory fees |
1,762 | 1,220,435 | 4,105 | 120,914 | ||||||||||||
Professional fees |
— | 69,045 | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total liabilities |
218,797 | 387,662,400 | 1,760,334 | 36,400,504 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Commitments and contingent liabilities |
||||||||||||||||
NET ASSETS |
$ | 4,804,561 | $ | 7,857,945,972 | $ | 32,656,615 | $ | 301,162,124 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSETS CONSIST OF |
||||||||||||||||
Paid-in capital |
$ | 6,189,943 | $ | 7,236,077,668 | $ | 34,732,083 | $ | 395,902,596 | ||||||||
Accumulated earnings (loss) |
(1,385,382 | ) | 621,868,304 | (2,075,468 | ) | (94,740,472 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSETS |
$ | 4,804,561 | $ | 7,857,945,972 | $ | 32,656,615 | $ | 301,162,124 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSET VALUE |
||||||||||||||||
Shares outstanding |
250,000 | 101,900,000 | 750,000 | 3,900,000 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net asset value |
$ | 19.22 | $ | 77.11 | $ | 43.54 | $ | 77.22 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Shares authorized |
Unlimited | Unlimited | Unlimited | Unlimited | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Par value |
None | None | None | None | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
(a) Investments, at cost — unaffiliated |
$ | 5,732,504 | $ | 6,573,824,724 | $ | 33,016,740 | $ | 324,896,858 | ||||||||
(b) Securities loaned, at value |
$ | 212,575 | $ | 15,411,269 | $ | 261,634 | $ | 5,532,981 | ||||||||
(c) Investments, at cost — affiliated |
$ | 217,035 | $ | 16,271,574 | $ | 266,431 | $ | 5,873,906 | ||||||||
(d) Foreign currency collateral pledged, at cost |
$ | — | $ | 1,975,184 | $ | — | $ | — | ||||||||
(e) Foreign currency, at cost |
$ | 4,159 | $ | 11,879,273 | $ | 104,035 | $ | 827,931 |
See notes to financial statements.
40 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Assets and Liabilities (unaudited) (continued)
February 29, 2024
iShares MSCI Water Management Multisector ETF |
iShares Paris-Aligned Climate MSCI World ex USA ETF |
|||||||
|
||||||||
ASSETS |
||||||||
Investments, at value — unaffiliated(a) |
$ | 5,928,925 | $ | 6,137,540 | ||||
Cash |
2,899 | 1,038 | ||||||
Foreign currency, at value(b) |
778 | 4,064 | ||||||
Receivables: |
||||||||
Investments sold |
99,767 | 55,363 | ||||||
Swaps |
— | 123 | ||||||
Dividends — unaffiliated |
15,352 | 6,965 | ||||||
Tax reclaims |
2,479 | 156 | ||||||
|
|
|
|
|||||
Total assets |
6,050,200 | 6,205,249 | ||||||
|
|
|
|
|||||
LIABILITIES |
||||||||
Payables: |
||||||||
Investments purchased |
91,164 | — | ||||||
Deferred foreign capital gain tax |
3,386 | — | ||||||
Investment advisory fees |
2,176 | 580 | ||||||
Unrealized depreciation on OTC swaps |
— | 9 | ||||||
|
|
|
|
|||||
Total liabilities |
96,726 | 589 | ||||||
|
|
|
|
|||||
Commitments and contingent liabilities |
||||||||
NET ASSETS |
$ | 5,953,474 | $ | 6,204,660 | ||||
|
|
|
|
|||||
NET ASSETS CONSIST OF |
||||||||
Paid-in capital |
$ | 4,982,461 | $ | 5,882,292 | ||||
Accumulated earnings |
971,013 | 322,368 | ||||||
|
|
|
|
|||||
NET ASSETS |
$ | 5,953,474 | $ | 6,204,660 | ||||
|
|
|
|
|||||
NET ASSETVALUE |
||||||||
Shares outstanding |
200,000 | 120,000 | ||||||
|
|
|
|
|||||
Net asset value |
$ | 29.77 | $ | 51.71 | ||||
|
|
|
|
|||||
Shares authorized |
Unlimited | Unlimited | ||||||
|
|
|
|
|||||
Par value |
None | None | ||||||
|
|
|
|
|||||
(a) Investments, at cost — unaffiliated |
$ | 4,941,382 | $ | 5,823,902 | ||||
(b) Foreign currency, at cost |
$ | 783 | $ | 4,074 |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S |
41 |
Statements of Operations (unaudited)
Six Months Ended February 29, 2024
iShares Emergent Food and AgTech Multisector ETF |
iShares ESG Aware MSCI EAFE ETF |
iShares ESG MSCI EM Leaders ETF |
iShares MSCI Global Sustainable Development Goals ETF |
|||||||||||||
|
||||||||||||||||
INVESTMENT INCOME |
||||||||||||||||
Dividends — unaffiliated |
$ | 48,566 | $ | 67,613,408 | $ | 388,256 | $ | 2,354,801 | ||||||||
Dividends — affiliated |
41 | 97,635 | 4,740 | 12,619 | ||||||||||||
Securities lending income — affiliated — net |
53 | 16,734 | 1,781 | 30,473 | ||||||||||||
Other income — unaffiliated |
— | 38,850 | — | — | ||||||||||||
Foreign taxes withheld |
(2,408 | ) | (5,153,472 | ) | (42,645 | ) | (130,352 | ) | ||||||||
Foreign withholding tax claims |
— | 1,064,466 | — | — | ||||||||||||
Other foreign taxes |
— | — | (652 | ) | — | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total investment income |
46,252 | 63,677,621 | 351,480 | 2,267,541 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
EXPENSES |
||||||||||||||||
Investment advisory |
12,036 | 7,247,908 | 33,388 | 823,230 | ||||||||||||
Commitment costs |
— | — | 370 | 897 | ||||||||||||
Professional |
— | 114,119 | — | — | ||||||||||||
Interest expense |
— | — | 596 | 2,608 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total expenses |
12,036 | 7,362,027 | 34,354 | 826,735 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net investment income |
34,216 | 56,315,594 | 317,126 | 1,440,806 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
REALIZED AND UNREALIZED GAIN (LOSS) |
||||||||||||||||
Net realized gain (loss) from: |
||||||||||||||||
Investments — unaffiliated(a) |
(109,432 | ) | (70,288,661 | ) | 1,402,035 | (15,383,457 | ) | |||||||||
Investments — affiliated |
6 | 1,988 | 146 | (216 | ) | |||||||||||
Foreign currency transactions |
96 | 124,157 | (318 | ) | (58,742 | ) | ||||||||||
Futures contracts |
582 | 2,021,611 | 1,540 | 24,725 | ||||||||||||
In-kind redemptions — unaffiliated(b) |
(81,407 | ) | 24,509,219 | 267,466 | 5,932,429 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
(190,155 | ) | (43,631,686 | ) | 1,670,869 | (9,485,261 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net change in unrealized appreciation (depreciation) on: |
||||||||||||||||
Investments — unaffiliated(c) |
39,808 | 611,428,932 | (1,476,791 | ) | 2,619,471 | |||||||||||
Investments — affiliated |
— | (2,097 | ) | 50 | 730 | |||||||||||
Foreign currency translations |
(38 | ) | 76,015 | 7,419 | 7,645 | |||||||||||
Futures contracts |
62 | 1,565,951 | (125 | ) | 63,568 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
39,832 | 613,068,801 | (1,469,447 | ) | 2,691,414 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net realized and unrealized gain (loss) |
(150,323 | ) | 569,437,115 | 201,422 | (6,793,847 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
$ | (116,107 | ) | $ | 625,752,709 | $ | 518,548 | $ | (5,353,041 | ) | ||||||
|
|
|
|
|
|
|
|
|||||||||
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable of |
$ | — | $ | — | $ | (60,809 | ) | $ | (8,706 | ) | ||||||
(b) See Note 2 of the Notes to Financial Statements |
||||||||||||||||
(c) Net of increase in deferred foreign capital gain tax of |
$ | — | $ | — | $ | (95,969 | ) | $ | (23,075 | ) |
See notes to financial statements.
42 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Operations (unaudited) (continued)
Six Months Ended February 29, 2024
|
iShares MSCI Water Management Multisector ETF |
|
|
iShares Paris-Aligned Climate MSCI World ex USA ETF |
(a) | |||||||
|
||||||||||||
INVESTMENT INCOME |
||||||||||||
Dividends — unaffiliated |
$ | 53,712 | $ | 11,295 | ||||||||
Dividends — affiliated |
192 | — | ||||||||||
Securities lending income — affiliated — net |
12 | — | ||||||||||
Foreign taxes withheld |
(1,960 | ) | (976 | ) | ||||||||
|
|
|
|
|||||||||
Total investment income |
51,956 | 10,319 | ||||||||||
|
|
|
|
|||||||||
EXPENSES |
||||||||||||
Investment advisory |
12,936 | 855 | ||||||||||
Interest expense |
72 | — | ||||||||||
Commitment costs |
20 | — | ||||||||||
|
|
|
|
|||||||||
Total expenses |
13,028 | 855 | ||||||||||
|
|
|
|
|||||||||
Net investment income |
38,928 | 9,464 | ||||||||||
|
|
|
|
|||||||||
REALIZED AND UNREALIZED GAIN (LOSS) |
||||||||||||
Net realized gain (loss) from: |
||||||||||||
Investments — unaffiliated(b) |
(16,333 | ) | (763 | ) | ||||||||
Investments — affiliated |
21 | — | ||||||||||
Foreign currency transactions |
(675 | ) | (70 | ) | ||||||||
Futures contracts |
(1,311 | ) | — | |||||||||
Swaps |
— | 122 | ||||||||||
|
|
|
|
|||||||||
(18,298 | ) | (711 | ) | |||||||||
|
|
|
|
|||||||||
Net change in unrealized appreciation (depreciation) on: |
||||||||||||
Investments — unaffiliated(c) |
530,442 | 313,638 | ||||||||||
Foreign currency translations |
7 | (14 | ) | |||||||||
Swaps |
— | (9 | ) | |||||||||
|
|
|
|
|||||||||
530,449 | 313,615 | |||||||||||
|
|
|
|
|||||||||
Net realized and unrealized gain |
512,151 | 312,904 | ||||||||||
|
|
|
|
|||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
$ | 551,079 | $ | 322,368 | ||||||||
|
|
|
|
|||||||||
(a) For the period from January 17, 2024 (commencement of operations) to February 29, 2024 |
||||||||||||
(b) Net of foreign capital gain tax and capital gain tax refund, if applicable of |
$ | (111 | ) | $ | — | |||||||
(c) Net of increase in deferred foreign capital gain tax of |
$ | (3,277 | ) | $ | — |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S |
43 |
Statements of Changes in Net Assets
iShares Emergent Food and AgTech Multisector ETF |
iShares ESG Aware MSCI EAFE ETF |
|||||||||||||||||||||||
Six Months Ended 02/29/24 (unaudited) |
Year Ended 08/31/23 |
Six Months Ended 02/29/24 (unaudited) |
Year Ended 08/31/23 |
|||||||||||||||||||||
|
||||||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||||||||||
OPERATIONS |
||||||||||||||||||||||||
Net investment income |
$ | 34,216 | $ | 128,743 | $ | 56,315,594 | $ | 207,040,679 | ||||||||||||||||
Net realized loss |
(190,155 | ) | (237,582 | ) | (43,631,686 | ) | (90,560,087 | ) | ||||||||||||||||
Net change in unrealized appreciation (depreciation) |
39,832 | (213,614 | ) | 613,068,801 | 1,047,683,033 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
Net increase (decrease) in net assets resulting from operations |
(116,107 | ) | (322,453 | ) | 625,752,709 | 1,164,163,625 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) |
||||||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders |
(52,019 | ) | (121,313 | ) | (91,664,404 | ) | (168,489,438 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions |
(915,219 | ) | 1,066,423 | 63,214,489 | (111,292,713 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
NET ASSETS |
||||||||||||||||||||||||
Total increase (decrease) in net assets |
(1,083,345 | ) | 622,657 | 597,302,794 | 884,381,474 | |||||||||||||||||||
Beginning of period |
5,887,906 | 5,265,249 | 7,260,643,178 | 6,376,261,704 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
End of period |
$ | 4,804,561 | $ | 5,887,906 | $ | 7,857,945,972 | $ | 7,260,643,178 | ||||||||||||||||
|
|
|
|
|
|
|
|
(a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
44 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Changes in Net Assets (continued)
iShares ESG MSCI EM Leaders ETF |
iShares MSCI Global Sustainable Development Goals ETF |
|||||||||||||||||||
Six Months Ended 02/29/24 (unaudited) |
Year Ended 08/31/23 |
Six Months Ended 02/29/24 (unaudited) |
Year Ended 08/31/23 |
|||||||||||||||||
|
||||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||||||
OPERATIONS |
||||||||||||||||||||
Net investment income |
$ | 317,126 | $ | 1,259,362 | $ | 1,440,806 | $ | 7,516,583 | ||||||||||||
Net realized gain (loss) |
1,670,869 | (493,948 | ) | (9,485,261 | ) | (19,075,734 | ) | |||||||||||||
Net change in unrealized appreciation (depreciation) |
(1,469,447 | ) | (971,701 | ) | 2,691,414 | 21,377,446 | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net increase (decrease) in net assets resulting from operations |
518,548 | (206,287 | ) | (5,353,041 | ) | 9,818,295 | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) |
||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders |
(1,066,536 | ) | (2,612,115 | ) | (3,295,295 | ) | (7,206,217 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||
Net decrease in net assets derived from capital share transactions |
(19,820,777 | ) | (4,550,261 | ) | (64,271,603 | ) | (44,320,664 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
NET ASSETS |
||||||||||||||||||||
Total decrease in net assets |
(20,368,765 | ) | (7,368,663 | ) | (72,919,939 | ) | (41,708,586 | ) | ||||||||||||
Beginning of period |
53,025,380 | 60,394,043 | 374,082,063 | 415,790,649 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
End of period |
$ | 32,656,615 | $ | 53,025,380 | $ | 301,162,124 | $ | 374,082,063 | ||||||||||||
|
|
|
|
|
|
|
|
(a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S |
45 |
Statements of Changes in Net Assets (continued)
iShares MSCI Water Management Multisector ETF |
iShares Paris-Aligned Climate MSCI World ex USA ETF |
|||||||||||||||||
Six Months | Period From |
| ||||||||||||||||
Ended | Period From | 01/17/24 | (a) | |||||||||||||||
02/29/24 | 09/20/22 | (a) | to 02/29/24 |
| ||||||||||||||
(unaudited) | to 08/31/23 | (unaudited) |
| |||||||||||||||
|
||||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||||
OPERATIONS |
||||||||||||||||||
Net investment income |
$ | 38,928 | $ | 91,276 | $ | 9,464 | ||||||||||||
Net realized gain (loss) |
(18,298 | ) | 147,987 | (711 | ) | |||||||||||||
Net change in unrealized appreciation (depreciation) |
530,449 | 453,605 | 313,615 | |||||||||||||||
|
|
|
|
|
|
|||||||||||||
Net increase in net assets resulting from operations |
551,079 | 692,868 | 322,368 | |||||||||||||||
|
|
|
|
|
|
|||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(b) |
||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders |
(199,551 | ) | (73,383 | ) | — | |||||||||||||
|
|
|
|
|
|
|||||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||
Net increase in net assets derived from capital share transactions |
— | 4,982,461 | 5,882,292 | |||||||||||||||
|
|
|
|
|
|
|||||||||||||
NET ASSETS |
||||||||||||||||||
Total increase in net assets |
351,528 | 5,601,946 | 6,204,660 | |||||||||||||||
Beginning of period |
5,601,946 | — | — | |||||||||||||||
|
|
|
|
|
|
|||||||||||||
End of period |
$ | 5,953,474 | $ | 5,601,946 | $ | 6,204,660 | ||||||||||||
|
|
|
|
|
|
(a) |
Commencement of operations. |
(b) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
46 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
(For a share outstanding throughout each period)
iShares Emergent Food and AgTech Multisector ETF | ||||||||||||||||||||||
Six Months Ended | Period From |
| ||||||||||||||||||||
02/29/24 | Year Ended | 04/25/22 | (a) | |||||||||||||||||||
(unaudited) | 08/31/23 | to 08/31/22 |
| |||||||||||||||||||
|
||||||||||||||||||||||
Net asset value, beginning of period |
$ | 19.63 | $ | 21.06 | $ | 24.09 | ||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||
Net investment income(b) |
0.12 | 0.45 | 0.21 | |||||||||||||||||||
Net realized and unrealized loss(c) |
(0.32 | ) | (1.48 | ) | (3.09 | ) | ||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||
Net decrease from investment operations |
(0.20 | ) | (1.03 | ) | (2.88 | ) | ||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||
Distributions from net investment income(d) |
(0.21 | ) | (0.40 | ) | (0.15 | ) | ||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||
Net asset value, end of period |
$ | 19.22 | $ | 19.63 | $ | 21.06 | ||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||
Total Return(e) |
||||||||||||||||||||||
Based on net asset value |
(1.01 | )%(f) | (4.92 | )% | (12.00 | )%(f) | ||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||
Ratios to Average Net Assets(g) |
||||||||||||||||||||||
Total expenses |
0.47 | %(h) | 0.47 | % | 0.47 | %(h) | ||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||
Net investment income |
1.34 | %(h) | 2.20 | % | 2.78 | %(h) | ||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||
Supplemental Data |
||||||||||||||||||||||
Net assets, end of period (000) |
$ | 4,805 | $ | 5,888 | $ | 5,265 | ||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||
Portfolio turnover rate(i) |
19 | % | 18 | % | 1 | % | ||||||||||||||||
|
|
|
|
|
|
(a) |
Commencement of operations. |
(b) |
Based on average shares outstanding. |
(c) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(d) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(e) |
Where applicable, assumes the reinvestment of distributions. |
(f) |
Not annualized. |
(g) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(h) |
Annualized. |
(i) |
Portfolio turnover rate excludes in-kind transactions, if any. |
See notes to financial statements.
F I N A N C I A L H I G H L I G H T S |
47 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares ESG Aware MSCI EAFE ETF | ||||||||||||||||||||||||||||||||
Six Months Ended 02/29/24 (unaudited) |
Year Ended 08/31/23 |
Year Ended 08/31/22 |
Year Ended 08/31/21 |
Year Ended 08/31/20 |
Year Ended 08/31/19 |
|||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 71.75 | $ | 62.03 | $ | 80.85 | $ | 65.21 | $ | 62.01 | $ | 65.51 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net investment income(a) |
0.56 | (b) | 2.04 | 2.07 | 1.84 | 1.53 | 2.12 | |||||||||||||||||||||||||
Net realized and unrealized gain (loss)(c) |
5.72 | 9.35 | (18.37 | ) | 15.47 | 2.85 | (3.92 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net increase (decrease) from investment operations |
6.28 | 11.39 | (16.30 | ) | 17.31 | 4.38 | (1.80 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Distributions from net investment income(d) |
(0.92 | ) | (1.67 | ) | (2.52 | ) | (1.67 | ) | (1.18 | ) | (1.70 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net asset value, end of period |
$ | 77.11 | $ | 71.75 | $ | 62.03 | $ | 80.85 | $ | 65.21 | $ | 62.01 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total Return(e) |
||||||||||||||||||||||||||||||||
Based on net asset value |
8.84 | %(b)(f) | 18.42 | % | (20.54 | )% | 26.69 | % | 7.12 | % | (2.68 | )% | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Ratios to Average Net Assets(g) |
||||||||||||||||||||||||||||||||
Total expenses |
0.20 | %(h) | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Total expenses excluding professional fees for foreign withholding tax claims |
0.20 | %(h) | 0.20 | % | 0.20 | % | N/A | N/A | N/A | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net investment income |
1.55 | %(b)(h) | 2.98 | % | 2.84 | % | 2.45 | % | 2.47 | % | 3.39 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Supplemental Data |
||||||||||||||||||||||||||||||||
Net assets, end of period (000) |
$ | 7,857,946 | $ | 7,260,643 | $ | 6,376,262 | $ | 6,694,669 | $ | 3,025,519 | $ | 917,780 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Portfolio turnover rate(i) |
12 | % | 26 | % | 27 | % | 25 | % | 30 | % | 26 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Based on average shares outstanding. |
(b) |
Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended February 29, 2024: |
• Net investment income per share by $0.01.
• Total return by 0.02%.
• Ratio of net investment income to average net assets by 0.03%.
(c) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(d) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(e) |
Where applicable, assumes the reinvestment of distributions. |
(f) |
Not annualized. |
(g) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(h) |
Annualized. |
(i) |
Portfolio turnover rate excludes in-kind transactions, if any. |
See notes to financial statements.
48 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares ESG MSCI EM Leaders ETF |
||||||||||||||||||||||||||||||||||||
Six Months Ended |
|
Period From |
| |||||||||||||||||||||||||||||||||
02/29/24 |
|
Year Ended | Year Ended | Year Ended | 02/05/20 | (a) | ||||||||||||||||||||||||||||||
(unaudited) |
|
08/31/23 | 08/31/22 | 08/31/21 | to 08/31/20 |
| ||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 44.19 | $ | 46.46 | $ | 63.49 | $ | 51.84 | $ | 51.43 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Net investment income(b) |
0.33 | 1.07 | 0.96 | 1.01 | 0.79 | |||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(c) |
0.09 | (1.30 | ) | (16.79 | ) | 11.67 | (0.03 | ) | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Net increase (decrease) from investment operations |
0.42 | (0.23 | ) | (15.83 | ) | 12.68 | 0.76 | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Distributions(d) |
||||||||||||||||||||||||||||||||||||
From net investment income |
(1.07 | ) | (0.62 | ) | (0.90 | ) | (1.03 | ) | (0.35 | ) | ||||||||||||||||||||||||||
From net realized gain |
— | (1.42 | ) | (0.30 | ) | — | — | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Total distributions |
(1.07 | ) | (2.04 | ) | (1.20 | ) | (1.03 | ) | (0.35 | ) | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Net asset value, end of period |
$ | 43.54 | $ | 44.19 | $ | 46.46 | $ | 63.49 | $ | 51.84 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Total Return(e) |
||||||||||||||||||||||||||||||||||||
Based on net asset value |
1.03 | %(f) | (0.48 | )% | (25.25 | )%(g) | 24.68 | % | 1.54 | %(f) | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Ratios to Average Net Assets(h) |
||||||||||||||||||||||||||||||||||||
Total expenses |
0.16 | %(i) | 0.17 | % | 0.16 | % | 0.16 | % | 0.16 | %(i) | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Net investment income |
1.52 | %(i) | 2.40 | % | 1.60 | % | 1.66 | % | 3.04 | %(i) | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Supplemental Data |
||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) |
$ | 32,657 | $ | 53,025 | $ | 60,394 | $ | 882,529 | $ | 647,969 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Portfolio turnover rate(j) |
5 | % | 37 | % | 17 | % | 34 | % | 19 | % | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Commencement of operations. |
(b) |
Based on average shares outstanding. |
(c) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(d) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(e) |
Where applicable, assumes the reinvestment of distributions. |
(f) |
Not annualized. |
(g) |
Includes payments received from an affiliate, which impacted the Fund’s total return. Excluding payments, the Fund’s total return would have been-26.07%. |
(h) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(i) |
Annualized. |
(j) |
Portfolio turnover rate excludes in-kind transactions, if any. |
See notes to financial statements.
F I N A N C I A L H I G H L I G H T S |
49 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Global Sustainable Development Goals ETF | ||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended 02/29/24 (unaudited) |
Year Ended 08/31/23 |
Year Ended 08/31/22 |
Year Ended 08/31/21 |
Year Ended 08/31/20 |
Year Ended 08/31/19 |
|||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 78.75 | $ | 78.45 | $ | 100.03 | $ | 81.68 | $ | 57.03 | $ | 58.35 | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
Net investment income(a) |
0.33 | 1.43 | 1.81 | 1.12 | 1.19 | 1.02 | ||||||||||||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) |
(1.10 | ) | 0.24 | (21.60 | ) | 18.09 | 24.32 | (1.29 | ) | |||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
Net increase (decrease) from investment operations |
(0.77 | ) | 1.67 | (19.79 | ) | 19.21 | 25.51 | (0.27 | ) | |||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
Distributions from net investment income(c) |
(0.76 | ) | (1.37 | ) | (1.79 | ) | (0.86 | ) | (0.86 | ) | (1.05 | ) | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
Net asset value, end of period |
$ | 77.22 | $ | 78.75 | $ | 78.45 | $ | 100.03 | $ | 81.68 | $ | 57.03 | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
Total Return(d) |
||||||||||||||||||||||||||||||||||||||||||||||
Based on net asset value |
(0.96 | )%(e) | 2.08 | % | (19.93 | )% | 23.60 | % | 45.10 | % | (0.40 | )% | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
Ratios to Average Net Assets(f) |
||||||||||||||||||||||||||||||||||||||||||||||
Total expenses |
0.49 | %(g) | 0.49 | % | 0.49 | % | 0.49 | % | 0.49 | % | 0.49 | % | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
Total expenses excluding professional fees for foreign withholding tax claims |
N/A | 0.49 | % | N/A | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
Net investment income |
0.86 | %(g) | 1.82 | % | 2.06 | % | 1.19 | % | 1.82 | % | 1.79 | % | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
Supplemental Data |
||||||||||||||||||||||||||||||||||||||||||||||
Net assets, end of period (000) |
$ | 301,162 | $ | 374,082 | $ | 415,791 | $ | 565,145 | $ | 175,604 | $ | 54,174 | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
Portfolio turnover rate(h) |
26 | % | 44 | % | 54 | % | 70 | % | 47 | % | 43 | % | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Based on average shares outstanding. |
(b) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) |
Where applicable, assumes the reinvestment of distributions. |
(e) |
Not annualized. |
(f) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(g) |
Annualized. |
(h) |
Portfolio turnover rate excludes in-kind transactions, if any. |
See notes to financial statements.
50 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares MSCI Water Management Multisector ETF | ||||||||||||||||
Six Months Ended | Period From | |||||||||||||||
02/29/24 | 09/20/22 | (a) | ||||||||||||||
(unaudited) | to 08/31/23 | |||||||||||||||
|
||||||||||||||||
Net asset value, beginning of period |
$ | 28.01 | $ | 24.91 | ||||||||||||
|
|
|
|
|||||||||||||
Net investment income(b) |
0.19 | 0.46 | ||||||||||||||
Net realized and unrealized gain(c) |
2.57 | 3.01 | ||||||||||||||
|
|
|
|
|||||||||||||
Net increase from investment operations |
2.76 | 3.47 | ||||||||||||||
|
|
|
|
|||||||||||||
Distributions(d) |
||||||||||||||||
From net investment income |
(0.23 | ) | (0.37 | ) | ||||||||||||
From net realized gain |
(0.77 | ) | — | |||||||||||||
|
|
|
|
|||||||||||||
Total distributions |
(1.00 | ) | (0.37 | ) | ||||||||||||
|
|
|
|
|||||||||||||
Net asset value, end of period |
$ | 29.77 | $ | 28.01 | ||||||||||||
|
|
|
|
|||||||||||||
Total Return(e) |
||||||||||||||||
Based on net asset value |
10.07 | %(f) | 13.91 | %(f) | ||||||||||||
|
|
|
|
|||||||||||||
Ratios to Average Net Assets(g) |
||||||||||||||||
Total expenses |
0.47 | %(h) | 0.47 | %(h) | ||||||||||||
|
|
|
|
|||||||||||||
Net investment income |
1.41 | %(h) | 1.77 | %(h) | ||||||||||||
|
|
|
|
|||||||||||||
Supplemental Data |
||||||||||||||||
Net assets, end of period (000) |
$ | 5,953 | $ | 5,602 | ||||||||||||
|
|
|
|
|||||||||||||
Portfolio turnover rate(i) |
20 | % | 51 | % | ||||||||||||
|
|
|
|
(a) |
Commencement of operations. |
(b) |
Based on average shares outstanding. |
(c) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(d) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(e) |
Where applicable, assumes the reinvestment of distributions. |
(f) |
Not annualized. |
(g) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(h) |
Annualized. |
(i) |
Portfolio turnover rate excludes in-kind transactions, if any. |
See notes to financial statements.
F I N A N C I A L H I G H L I G H T S |
51 |
Financial Highlights (continued)
(For a share outstanding throughout the period)
iShares Paris-Aligned Climate MSCI World ex USA ETF |
||||||||
Period From | ||||||||
01/17/24 | (a) | |||||||
to 02/29/24 | ||||||||
(unaudited) | ||||||||
|
||||||||
Net asset value, beginning of period |
$ | 49.02 | ||||||
|
|
|||||||
Net investment income(b) |
0.08 | |||||||
Net realized and unrealized gain(c) |
2.61 | |||||||
|
|
|||||||
Net increase from investment operations |
2.69 | |||||||
|
|
|||||||
Net asset value, end of period |
$ | 51.71 | ||||||
|
|
|||||||
Total Return(d) |
||||||||
Based on net asset value |
5.48 | %(e) | ||||||
|
|
|||||||
Ratios to Average Net Assets(f) |
||||||||
Total expenses |
0.12 | %(g) | ||||||
|
|
|||||||
Net investment income |
1.30 | %(g) | ||||||
|
|
|||||||
Supplemental Data |
||||||||
Net assets, end of period (000) |
$ | 6,205 | ||||||
|
|
|||||||
Portfolio turnover rate(h) |
0 | %(i) | ||||||
|
|
(a) |
Commencement of operations. |
(b) |
Based on average shares outstanding. |
(c) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(d) |
Where applicable, assumes the reinvestment of distributions. |
(e) |
Not annualized. |
(f) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(g) |
Annualized. |
(h) |
Portfolio turnover rate excludes in-kind transactions, if any. |
(i) |
Rounds to less than 1%. |
See notes to financial statements.
52 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited)
1. |
ORGANIZATION |
iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.
These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):
iShares ETF |
Diversification Classification | |
Emergent Food and AgTech Multisector |
Non-diversified | |
ESG Aware MSCI EAFE |
Diversified | |
ESG MSCI EM Leaders |
Diversified | |
MSCI Global Sustainable Development Goals |
Diversified | |
MSCI Water Management Multisector |
Non-diversified | |
Paris-Aligned Climate MSCI World ex USA(a) |
Diversified |
(a) |
The Fund commenced operations on January 17, 2024. |
2. |
SIGNIFICANT ACCOUNTING POLICIES |
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.
Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.
Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.
Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 29, 2024, if any, are disclosed in the Statements of Assets and Liabilities.
The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.
Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.
In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.
N O T E S T O F I N A N C I A L S T A T E M E N T S |
53 |
Notes to Financial Statements (unaudited) (continued)
Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.
Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.
3. |
INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS |
Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
• |
Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price. |
• |
Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV. |
• |
Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded. |
• |
Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments. |
Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.
Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.
Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• |
Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access; |
• |
Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and |
• |
Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable
54 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
4. |
SECURITIES AND OTHER INVESTMENTS |
Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.
Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.
As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:
|
||||||||||||||||
iShares ETF and Counterparty | |
Securities Loaned at Value |
|
|
Cash Collateral Received |
(a) |
|
Non-Cash Collateral Received, at Fair Value |
(a) |
Net Amount | ||||||
|
||||||||||||||||
Emergent Food and AgTech Multisector |
||||||||||||||||
BofA Securities, Inc. |
$ | 212,575 | $ | (212,575 | ) | $ | — | $ | — | |||||||
|
|
|
|
|
|
|
|
|||||||||
ESG Aware MSCI EAFE |
||||||||||||||||
Citigroup Global Markets, Inc. |
$ | 33,163 | $ | (33,163 | ) | $ | — | $ | — | |||||||
Goldman Sachs & Co. LLC |
944,978 | (944,978 | ) | — | — | |||||||||||
J.P. Morgan Securities LLC |
2,119,989 | (2,119,989 | ) | — | — | |||||||||||
Morgan Stanley |
10,362,831 | (10,362,831 | ) | — | — | |||||||||||
SG Americas Securities LLC |
1,559,050 | (1,559,050 | ) | — | — | |||||||||||
State Street Bank & Trust Co. |
391,258 | (391,258 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 15,411,269 | $ | (15,411,269 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
|||||||||
ESG MSCI EM Leaders |
||||||||||||||||
BofA Securities, Inc. |
$ | 21,752 | $ | (21,752 | ) | $ | — | $ | — | |||||||
HSBC Bank PLC |
95,859 | (95,859 | ) | — | — | |||||||||||
Morgan Stanley |
144,023 | (144,023 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 261,634 | $ | (261,634 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
|||||||||
MSCI Global Sustainable Development Goals |
||||||||||||||||
BNP Paribas SA |
$ | 564,886 | $ | (564,667 | ) | $ | — | $ | 219 | (b) | ||||||
Goldman Sachs & Co. LLC |
957,333 | (957,333 | ) | — | — | |||||||||||
J.P. Morgan Securities LLC |
231,709 | (231,709 | ) | — | — | |||||||||||
Jefferies LLC |
84,148 | (84,148 | ) | — | — | |||||||||||
Morgan Stanley |
3,602,849 | (3,602,849 | ) | — | — | |||||||||||
Wells Fargo Securities LLC |
92,056 | (92,056 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 5,532,981 | $ | (5,532,762 | ) | $ | — | $ | 219 | ||||||||
|
|
|
|
|
|
|
|
(a) |
Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s Statements of Assets and Liabilities. |
N O T E S T O F I N A N C I A L S T A T E M E N T S |
55 |
Notes to Financial Statements (unaudited) (continued)
(b) |
The market value of the loaned securities is determined as of February 29, 2024. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty. |
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.
5. |
DERIVATIVE FINANCIAL INSTRUMENTS |
Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).
Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.
Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.
Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”).
For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statements of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the Statements of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Funds’ basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.
Total return swaps are entered into by the iShares Paris-Aligned Climate MSCI World ex USA ETF to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).
Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket or underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instruments or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Fund receives payment from or makes a payment to the counterparty.
Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap’s market value. The market value also includes interest charges and credits (“financing fees”) related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.
Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Fund and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Statements of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.
Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.
56 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.
For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a fund and the counterparty.
Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.
For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.
6. |
INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).
For its investment advisory services to each of the following Funds, BFAis entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:
iShares ETF | Investment Advisory Fees | |||
Emergent Food and AgTech Multisector |
0.47 | % | ||
ESG Aware MSCI EAFE |
0.20 | |||
ESG MSCI EM Leaders |
0.16 | |||
MSCI Global Sustainable Development Goals |
0.49 | |||
MSCI Water Management Multisector |
0.47 | |||
Paris-Aligned Climate MSCI World ex USA |
0.12 |
Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.
Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.
Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
N O T E S T O F I N A N C I A L S T A T E M E N T S |
57 |
Notes to Financial Statements (unaudited) (continued)
In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended February 29, 2024, the Funds paid BTC the following amounts for securities lending agent services:
iShares ETF | Amounts | |||
Emergent Food and AgTech Multisector |
$ | 20 | ||
ESG Aware MSCI EAFE |
4,961 | |||
ESG MSCI EM Leaders |
489 | |||
MSCI Global Sustainable Development Goals |
7,620 | |||
MSCI Water Management Multisector |
2 |
Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.
Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.
For the six months ended February 29, 2024, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:
iShares ETF | Purchases | Sales |
Net Realized Gain (Loss) |
|||||||||
ESG Aware MSCI EAFE |
$ | 259,679,293 | $ | 359,941,483 | $ | (21,111,628 | ) | |||||
ESG MSCI EM Leaders |
482,838 | 136,343 | (31,891 | ) | ||||||||
MSCI Global Sustainable Development Goals |
19,577,591 | 29,261,635 | (3,010,584 | ) |
Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.
A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.
7. |
PURCHASES AND SALES |
For the six months ended February 29, 2024, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:
iShares ETF | Purchases | Sales | ||||||
Emergent Food and AgTech Multisector |
$ | 1,002,245 | $ | 1,009,032 | ||||
ESG Aware MSCI EAFE |
974,546,380 | 908,035,092 | ||||||
ESG MSCI EM Leaders |
2,011,703 | 14,294,335 | ||||||
MSCI Global Sustainable Development Goals |
88,413,649 | 95,121,087 | ||||||
MSCI Water Management Multisector |
1,131,019 | 1,295,077 | ||||||
Paris-Aligned Climate MSCI World ex USA |
9,497 | 55,355 |
For the six months ended February 29, 2024, in-kind transactions were as follows:
iShares ETF |
In-kind Purchases |
In-kind Sales |
||||||
Emergent Food and AgTech Multisector |
$ | — | $ | 909,890 | ||||
ESG Aware MSCI EAFE |
67,301,606 | 92,836,224 | ||||||
ESG MSCI EM Leaders |
— | 8,296,417 | ||||||
MSCI Global Sustainable Development Goals |
— | 57,020,148 | ||||||
Paris-Aligned Climate MSCI World ex USA |
5,870,283 | — |
8. |
INCOME TAX INFORMATION |
Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.
58 |
2 0 2 4 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (unaudited) (continued)
Management has analyzed tax laws and regulations and their application to the Funds as of February 29, 2024, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.
As of August 31, 2023, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:
iShares ETF |
Non-Expiring Capital Loss Carryforwards |
|||
Emergent Food and AgTech Multisector |
$ | (220,484 | ) | |
ESG Aware MSCI EAFE |
(566,529,694 | ) | ||
ESG MSCI EM Leaders |
(2,182,392 | ) | ||
MSCI Global Sustainable Development Goals |
(57,913,571 | ) |
A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.
As of February 29, 2024, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:
iShares ETF | Tax Cost |
Gross Unrealized Appreciation |
Gross Unrealized Depreciation |
Net Unrealized Appreciation (Depreciation) |
||||||||||||
Emergent Food and AgTech Multisector |
$ | 5,976,148 | $ | 128,410 | $ | (1,106,859 | ) | $ | (978,449 | ) | ||||||
ESG Aware MSCI EAFE |
6,623,907,609 | 1,594,897,470 | (383,138,228 | ) | 1,211,759,242 | |||||||||||
ESG MSCI EM Leaders |
34,269,365 | 6,523,603 | (7,990,783 | ) | (1,467,180 | ) | ||||||||||
MSCI Global Sustainable Development Goals |
333,767,284 | 23,750,365 | (51,162,085 | ) | (27,411,720 | ) | ||||||||||
MSCI Water Management Multisector |
4,942,142 | 1,152,425 | (165,642 | ) | 986,783 | |||||||||||
Paris-Aligned Climate MSCI World ex USA |
5,823,902 | 436,160 | (122,531 | ) | 313,629 |
9. |
LINE OF CREDIT |
The iShares ESG MSCI EM Leaders ETF, iShares MSCI Global Sustainable Development Goals ETF and iShares MSCI Water Management Multisector ETF, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on October 16, 2024. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.
For the six months ended February 29, 2024, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Syndicated Credit Agreement were as follows:
iShares ETF |
Maximum Amount Borrowed |
Average Borrowing |
Weighted Average Interest Rates |
|||||||||
ESG MSCI EM Leaders |
$ | 370,000 | $ | 18,330 | 6.44 | % | ||||||
MSCI Global Sustainable Development Goals |
150,000 | 2,736 | 6.42 | |||||||||
MSCI Water Management Multisector |
100,000 | 2,198 | 6.47 |
10. |
PRINCIPAL RISKS |
In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.
BFA uses an indexing approach to try to achieve each Fund’s investment objective. The Fund is not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.
N O T E S T O F I N A N C I A L S T A T E M E N T S |
59 |
Notes to Financial Statements (unaudited) (continued)
The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.
Market Risk: Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) lack of reliable settlement procedures and significant delays in registereing the transfer of securities; (iii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iv) lack of publicly available or reliable information about issuers as a result of not being subject to the same degree of regulatory requirements and accounting, auditing and financial reporting standards; and (v) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments.
Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.
The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore each Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by each Fund, and each Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. Each Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.
Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.
With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.
Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.
Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedule of Investments.
The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries
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Notes to Financial Statements (unaudited) (continued)
deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the the Funds invest.
Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.
Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. These events and actions have adversely affected, and may in the future adversely affect, the value and exchange rate of the Euro and may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-European Union member states. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but have been, and may continue to be, significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.
Certain Funds invest a significant portion of their assets in securities of issuers located in China or with significant exposure to Chinese issuers. Investments in Chinese securities, including certain Hong Kong-listed securities, involve risks specific to China. China may be subject to considerable degrees of economic, political and social instability and demonstrates significantly higher volatility from time to time in comparison to developed markets. Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries may disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation. Incidents involving China’s or the region’s security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and a fund’s investments. Reduction in spending on Chinese products and services, supply chain diversification, institution of tariffs, sanctions or other trade barriers, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. In addition, measures may be taken to limit the flow of capital and/or sanctions may be imposed, which could prohibit or restrict the ability to own or transfer fund assets and may also include retaliatory actions, such as seizure of fund assets.
Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.
Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.
Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.
11. |
CAPITAL SHARE TRANSACTIONS |
Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.
Transactions in capital shares were as follows:
|
||||||||||||||||
Six Months Ended 02/29/24 |
Year Ended 08/31/23 |
|||||||||||||||
iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
|
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Emergent Food and AgTech Multisector |
||||||||||||||||
Shares sold |
— | $ | — | 50,000 | $ | 1,066,423 | ||||||||||
Shares redeemed |
(50,000 | ) | (915,219 | ) | — | — | ||||||||||
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|
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|
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(50,000 | ) | $ | (915,219 | ) | 50,000 | $ | 1,066,423 | |||||||||
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ESG Aware MSCI EAFE |
||||||||||||||||
Shares sold |
2,100,000 | $ | 156,448,250 | 3,100,000 | $ | 217,263,238 | ||||||||||
Shares redeemed |
(1,400,000 | ) | (93,233,761 | ) | (4,700,000 | ) | (328,555,951 | ) | ||||||||
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700,000 | $ | 63,214,489 | (1,600,000 | ) | $ | (111,292,713 | ) | |||||||||
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N O T E S T O F I N A N C I A L S T A T E M E N T S |
61 |
Notes to Financial Statements (unaudited) (continued)
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Six Months Ended 02/29/24 |
Year Ended 08/31/23 |
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iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
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ESG MSCI EM Leaders |
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Shares sold |
— | $ | 30,551 | 200,000 | $ | 8,952,435 | ||||||||||
Shares redeemed |
(450,000 | ) | (19,851,328 | ) | (300,000 | ) | (13,502,696 | ) | ||||||||
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(450,000 | ) | $ | (19,820,777 | ) | (100,000 | ) | $ | (4,550,261 | ) | |||||||
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MSCI Global Sustainable Development Goals |
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Shares sold |
— | $ | 24,501 | 250,000 | $ | 18,922,112 | ||||||||||
Shares redeemed |
(850,000 | ) | (64,296,104 | ) | (800,000 | ) | (63,242,776 | ) | ||||||||
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(850,000 | ) | $ | (64,271,603 | ) | (550,000 | ) | $ | (44,320,664 | ) | |||||||
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Six Months Ended 02/29/24 |
Period Ended 08/31/23 |
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iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
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MSCI Water Management Multisector(a) |
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Shares sold |
— | $ | — | 200,000 | $ | 4,982,461 | ||||||||||
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Period Ended 02/29/24 |
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iShares ETF | Shares | Amount | ||||||||||||||
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Paris-Aligned Climate MSCI World ex USA(b) |
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Shares sold |
120,000 | $ | 5,882,292 | |||||||||||||
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|
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(a) |
The Fund commenced operations on September 20, 2022. |
(b) |
The Fund commenced operations on January 17, 2024. |
The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Authorized Participants purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator , to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Authorized Participants transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.
From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.
12. |
FOREIGN WITHHOLDING TAX CLAIMS |
The Internal Revenue Service (“IRS”) has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which the iShares ESG Aware MSCI EAFE ETF is able to pass through to its shareholders as a foreign tax credit in the current year, the Fund will be able to offset the prior years’ withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Funds.
13. |
SUBSEQUENT EVENTS |
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.
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Board Review and Approval of Investment Advisory Contract
iShares Paris-Aligned Climate MSCI World ex USA ETF (each the “Fund”)
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required to consider the approval of the proposed Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the terms of the proposed Advisory Agreement. At a meeting held on December 12-14, 2023, the Board, including the Independent Board Members, approved the selection of BFA as investment adviser and approved the proposed Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA. The Board also considered information previously provided by BFA, BlackRock Institutional Trust Company, N.A. (“BTC”), and BlackRock, Inc. (“BlackRock”), as applicable, at prior Board meetings. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses of the Fund; (ii) the nature, extent and quality of the services to be provided by BFA; (iii) the costs of services to be provided to the Fund and the availability of information related to profits to be realized by BFA and its affiliates; (iv) potential economies of scale; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, no one of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the Advisory Agreement are discussed below.
Expenses of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances.
The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.
Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level of the Fund supported the Board’s approval of the Advisory Agreement
Nature, Extent and Quality of Services to be Provided by BFA: The Board reviewed the scope of services to be provided by BFA under the Advisory Agreement. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time and have made significant investments into the iShares business to support the iShares funds and their shareholders. The Board considered representations by BFA, BTC, and BlackRock that the scope and quality of services to be provided to the Fund would be similar to the scope and quality of services provided to other iShares funds. The Board also considered BFA’s compliance program and its compliance record with respect to other iShares funds including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons who will be responsible for the day-to-day management of the Fund, as well as the resources that will be available to them in managing the Fund. The Board also considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided throughout the year with respect to other iShares funds, and other matters related to BFA’s portfolio compliance program and other compliance programs and services.
Based on review of this information, the Board concluded that the nature, extent and quality of services to be provided to the Fund under the Advisory Agreement supported the Board’s approval of the Advisory Agreement.
Costs of Services to be Provided to the Fund and Profits to be Realized by BFA and Affiliates: The Board did not consider the profitability of the Fund to BFA based on the fees payable under the Advisory Agreement or revenue to be received by BFA or its affiliates in connection with services to be provided to the Fund since the proposed relationship had not yet commenced. The Board noted that it expects to receive profitability information from BFA periodically following the Fund’s launch and will thus be in a position to evaluate whether any new or additional breakpoints or other adjustments in Fund fees would be appropriate.
Economies of Scale: The Board considered information that it had previously received regarding potential economies of scale, efficiencies and scale benefits shared with the iShares funds through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for any breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.
This consideration of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the Advisory Agreement.
Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board
B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T |
63 |
Board Review and Approval of Investment Advisory Contract (continued)
noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board further noted that BFA previously provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the iShares funds, including in terms of the different and generally more extensive services provided to the iShares funds, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement.
Other Benefits to BFA and/or its Affiliates: Except as noted below, the Board did not consider the “fallout” benefits or ancillary revenue to be received by BFA and/or its affiliates in connection with the services to be provided to the Fund by BFA since the proposed relationship had not yet commenced. However, the Board considered the potential payment of advisory fees and/or administration fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also noted the potential revenue to be received by BFA and/or its affiliates pursuant to an agreement that would permit a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board also considered the potential for revenue to BTC, the Fund’s securities lending agent, and its affiliates in the event of any loaning of portfolio securities of the Fund. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that will be provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the Advisory Agreement.
Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services to be rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the Advisory Agreement.
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Statement Regarding Liquidity Risk Management Program (unaudited)
In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Emergent Food and AgTech Multisector ETF, iShares ESG Aware MSCI EAFE ETF, iShares ESG MSCI EM Leaders ETF, iShares MSCI Global Sustainable Development Goals ETF and iShares MSCI Water Management Multisector ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.
The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 8, 2023 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2022 through September 30, 2023 (the “Program Reporting Period”).
The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays, delays in the repatriation of the local currency in certain non-U.S. countries, the continued illiquidity of Russian equity securities and the suspension of select sanctions in Venezuela.
The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:
a) |
The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes. |
b) |
Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size utilized for liquidity classifications. The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections. |
c) |
Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. The Committee also considered that ETFs generally do not engage in borrowing. |
d) |
The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs. However, there were no ETFs with persistent deviations of fund premium/discount or bid/ask spreads from long-term averages over the Program Reporting Period. |
e) |
The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review. There were no ETFs for which the custom baskets accepted by the ETF had a significant change in its liquidity profile. |
There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.
S T A T E M E N T R E G A R D I N G L I Q U I D I T Y R I S K M A N A G E M E N T P R O G R A M |
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Supplemental Information (unaudited)
Section 19(a) Notices
The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.
February 29, 2024
Total Cumulative Distributions for the Fiscal Year-to-Date |
% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date |
|||||||||||||||||||||||||||||||||||
iShares ETF |
Net Investment Income |
Net Realized Capital Gains |
Return of Capital |
Total Per Share |
Net Investment Income |
Net Realized Capital Gains |
Return of Capital |
Total Per Share |
||||||||||||||||||||||||||||
MSCI Water Management Multisector |
$ | 0.224515 | $ | 0.773240 | $ | — | $ | 0.997755 | 23 | % | 77 | % | — | % | 100 | % |
Tailored Shareholder Reports for Open-End Mutual Funds and ETFs
Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.
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Electronic Delivery
Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.
To enroll in electronic delivery:
• |
Go to icsdelivery.com. |
• |
If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor. |
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
Availability of Quarterly Schedule of Investments
The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.
Availability of Proxy Voting Policies and Proxy Voting Records
A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.
A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.
G E N E R A L I N F O R M A T I O N |
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Glossary of Terms Used in this Report
Portfolio Abbreviation | ||
ADR | American Depositary Receipt | |
JSC | Joint Stock Company | |
NVDR | Non-Voting Depositary Receipt | |
NVS | Non-Voting Shares | |
PJSC | Public Joint Stock Company | |
REIT | Real Estate Investment Trust |
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Want to know more?
iShares.com | 1-800-474-2737
This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.
Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Morningstar Inc. or MSCI Inc., nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
iS-SAR-817-0224
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