LOGO

  FEBRUARY 29, 2024

 

 

  

 

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


The Markets in Review

Dear Shareholder,

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

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

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

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

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

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

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

 

LOGO

Rob Kapito

President, BlackRock Inc.

LOGO

Rob Kapito

President, BlackRock Inc.

 

Total Returns as of February 29, 2024

 

 
    

 

6-Month

 

   

 

 12-Month

 

 
   

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

    13.93%        30.45%  
   

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

    8.97          10.05    
   

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

    9.23          14.41    
   

Emerging market equities
(MSCI Emerging Markets Index)

    4.93          8.73    
   

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

    2.69          5.22    
   

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

    0.58          0.69    
   

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

    2.35          3.33    
   

Tax-exempt municipal bonds
(Bloomberg Municipal Bond Index)

    4.33          5.42    
   

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

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

 

 

 

2  

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


Table of Contents

 

      Page  

The Markets in Review

     2  

Semi-Annual Report:

  

Fund Summary

     4  

About Fund Performance

     10  

Disclosure of Expenses

     10  

Schedules of Investments

     11  

Financial Statements

  

Statements of Assets and Liabilities

     40  

Statements of Operations

     42  

Statements of Changes in Net Assets

     44  

Financial Highlights

     47  

Notes to Financial Statements

     53  

Board Review and Approval of Investment Advisory Contract

     63  

Statement Regarding Liquidity Risk Management Program

     65  

Supplemental Information

     66  

General Information

     67  

Glossary of Terms Used in this Report

     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

 

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               
         

Beginning

Account Value

(09/01/23)

 

 

 

   

  

 

 

 

   

Ending

Account Value

(02/29/24)

 

 

 

   

  

 

 

 

   

Expenses

Paid During

the Period

 

 

(a) 

            

Beginning

Account Value

(09/01/23)

 

 

 

    

  

 

 

 

   

Ending

Account Value

(02/29/24)

 

 

 

   

  

 

 

 

   

Expenses

Paid During

the Period

 

 

(a) 

            

 Annualized

Expense

Ratio

 

 

 

        $    1,000.00               $   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 TT 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               
     

Beginning

Account Value

(09/01/23)

 

 

 

            

Ending

Account Value

(02/29/24)

 

 

 

             

Expenses

Paid During

the Period

 

 

(a) 

            

Beginning

Account Value

(09/01/23)

 

 

 

            

Ending

Account Value

(02/29/24)

 

 

 

            

Expenses

Paid During

the Period

 

 

(a) 

            

 Annualized

Expense

Ratio

 

 

 

    $   1,000.00               $ 1,088.40                $    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

 

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           
 

 

 

     

 

 

      
         

Beginning

Account Value

(09/01/23)

 

 

 

      

Ending

Account Value

(02/29/24)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

           

Beginning

Account Value

(09/01/23)

 

 

 

      

Ending

Account Value

(02/29/24)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a)  

      

Annualized

Expense

Ratio

 

 

 

  $   1,000.00          $   1,010.30          $   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 TT 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           
 

 

 

     

 

 

      
         

Beginning

Account Value

(09/01/23)

 

 

 

      

Ending

Account Value

(02/29/24)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

           

Beginning

Account Value

(09/01/23)

 

 

 

      

Ending

Account Value

(02/29/24)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a)  

      

Annualized

Expense

Ratio

 

 

 

  $   1,000.00          $    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           
 

 

 

     

 

 

      
         

Beginning

Account Value

(09/01/23)

 

 

 

      

Ending

Account Value

(02/29/24)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

           

Beginning

Account Value

(09/01/23)

 

 

 

      

Ending

Account Value

(02/29/24)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

  $   1,000.00          $   1,100.70          $   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  

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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           
 

 

 

     

 

 

      
         

Beginning

Account Value

(01/17/24)

 

 

(a)  

      

Ending

Account Value

(02/29/24)

 

 

 

      

Expenses

Paid During

the Period

 

 

(b)  

           

Beginning

Account Value

(09/01/23)

 

 

 

      

Ending

Account Value

(02/29/24)

 

 

 

      

Expenses

Paid During

the Period

 

 

(b)  

      

Annualized

Expense

Ratio

 

 

 

  $   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


About Fund Performance

 

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

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

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

Disclosure of Expenses

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

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

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

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

 

 

10  

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


Schedule of Investments (unaudited) 

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%
(Cost: $5,732,504)

      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%
(Cost: $217,035)

      217,035  
   

 

 

 

Total Investments — 104.0%
(Cost: $5,949,539)

      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 EO 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 TT 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 EO 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 TT 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 EO 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 TT 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%
(Cost: $6,555,960,528)

 

    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%
(Cost: $17,864,196)

 

    17,312,380  
   

 

 

 

Total Long-Term Investments — 99.5%
(Cost: $6,573,824,724)

 

    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%
(Cost: $16,271,574)

 

    16,269,599  
   

 

 

 

Total Investments — 99.7%
(Cost: $6,590,096,298)

 

    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 EO 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 TT 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 EO 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 TT 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