LOGO

  FEBRUARY 28, 2023

 

  

2023 Semi-Annual Report

(Unaudited)

 

iShares, Inc.

 

·  

iShares MSCI Agriculture Producers ETF  |  VEGI  |  NYSE Arca

 

·  

iShares MSCI Global Energy Producers ETF  |  FILL  |  NYSE Arca

 

·  

iShares MSCI Global Gold Miners ETF  |  RING  |  NASDAQ

 

·  

iShares MSCI Global Metals & Mining Producers ETF  |  PICK  |  Cboe BZX

 

·  

iShares MSCI Global Silver and Metals Miners ETF  |  SLVP  |  Cboe BZX


The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended February 28, 2023, as investors navigated changing economic conditions and volatile markets. The U.S. economy shrank in the first half of 2022 before returning to modest growth in the second half of the year, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high before beginning to moderate. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly during the first half of the reporting period. Both large-and small-capitalization U.S. stocks fell, although equities began to recover in the second half of the period as inflation eased and economic growth resumed. Emerging market stocks and international equities from developed markets declined overall, pressured by rising interest rates and a strong U.S. dollar.

The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to fluctuating inflation data and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and higher interest rates led to rising borrowing costs for corporate issuers.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates eight times. Furthermore, the Fed wound down its bond-buying programs and accelerated the reduction of its balance sheet.

Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth slowed in the last year, we believe that taming inflation requires a more substantial decline that lowers demand to a level more in line with the economy’s productive capacity. Although the Fed has decelerated the pace of interest rate hikes, it still seems determined to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, but the dimming economic outlook has not yet been fully reflected in current market prices. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions. Turmoil in the banking sector shortly following the end of the period highlighted the potential for the knock-on effects of substantially higher interest rates to disrupt markets with little warning.

While we favor an overweight to equities in the long term, several factors lead us to take an underweight stance on equities overall in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with the possibility of a recession in a business environment characterized by higher costs and reduced pricing power. Nevertheless, we are overweight on emerging market stocks as a weaker U.S. dollar provides a supportive backdrop. We also see long-term opportunities in credit, where valuations are appealing and higher yields provide attractive income, although we are neutral on credit in the near term, as we believe that troubles in the banking sector will likely lead to reduced lending. However, we believe there are still some strong opportunities for a six- to twelve-month horizon, particularly short-term U.S. Treasuries, global inflation-linked bonds, and emerging market bonds denominated in local currency.

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 28, 2023

 

 
    

 

6-Month

 

   

 

12-Month

 

 

 

U.S. large cap equities

(S&P 500® Index)

 

 

 

 

 

1.26%

 

 

 

 

 

 

(7.69)%

 

 

 

U.S. small cap equities

(Russell 2000® Index)

 

 

 

 

 

3.63   

 

 

    (6.02)    

 

International equities

(MSCI Europe, Australasia, Far East Index)

 

 

 

 

 

12.58   

 

 

 

 

 

 

(3.14)  

 

 

 

Emerging market equities

(MSCI Emerging Markets Index)

 

 

 

 

 

(2.29)  

 

 

 

 

 

 

(15.28)  

 

 

 

3-month Treasury bills

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

 

 

 

 

 

1.74   

 

 

 

 

 

 

2.11   

 

 

 

U.S. Treasury securities

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

 

 

 

 

 

(4.81)  

 

 

 

 

 

 

(14.06)  

 

 

 

U.S. investment grade bonds

(Bloomberg U.S. Aggregate Bond Index)

 

 

 

 

 

(2.13)  

 

 

 

 

 

 

(9.72)  

 

 

 

Tax-exempt municipal bonds

(Bloomberg Municipal Bond Index)

 

 

 

 

 

0.66   

 

 

 

 

 

 

(5.10)  

 

 

 

U.S. high yield bonds

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

 

 

 

 

 

2.52   

 

 

 

 

 

 

(5.45)  

 

 

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


Table of Contents

 

     

Page

 

 

The Markets in Review

     2  

Semi-Annual Report:

  

Fund Summary

     4  

About Fund Performance

     9  

Disclosure of Expenses

     9  

Schedules of Investments

     10  

Financial Statements

  

Statements of Assets and Liabilities

     29  

Statements of Operations

     31  

Statements of Changes in Net Assets

     33  

Financial Highlights

     36  

Notes to Financial Statements

     41  

Statement Regarding Liquidity Risk Management Program

     50  

General Information

     51  

Glossary of Terms Used in this Report

     52  

 

 

 


Fund Summary  as of February 28, 2023    iShares® MSCI Agriculture Producers ETF

 

Investment Objective

The iShares MSCI Agriculture Producers ETF (the “Fund”) (formerly the iShares MSCI Global Agriculture Producers ETF) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of agriculture, as represented by the MSCIACWI Select Agriculture Producers Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

           Average Annual Total Returns            Cumulative Total Returns  
     6-Month
Total Returns
     1 Year      5 Years     10 Years             1 Year      5 Years      10 Years  

Fund NAV

    0.68      2.46      9.81     6.53        2.46      59.67      88.27

Fund Market

    0.37        1.73        9.65       6.45          1.73        58.47        86.86  

Index

    0.47        2.56        9.91       6.60                2.56        60.42        89.52  

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
(09/01/22)
 
 
 
      

Ending
Account Value
(02/28/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
           

Beginning
Account Value
(09/01/22)
 
 
 
      

Ending
Account Value
(02/28/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
  $      1,000.00          $      1,006.80          $      1.94               $      1,000.00          $      1,022.90          $      1.96          0.39

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

Portfolio Information

 

INDUSTRY ALLOCATION

 

Industry    
Percent of
Total Investments
 
(a) 

Fertilizers & Agricultural Chemicals

    36.7

Agricultural & Farm Machinery

    32.0  

Agricultural Products

    18.3  

Packaged Foods & Meats

    12.9  

Other (each representing less than 1%)

    0.1  

GEOGRAPHIC ALLOCATION

 

Country/Geographic Region    
Percent of
Total Investments
 
(a) 

United States

    59.7

Canada

    7.4  

Norway

    4.1  

Japan

    3.7  

India

    3.5  

United Kingdom

    3.3  

China

    2.3  

Chile

    2.3  

Saudi Arabia

    2.1  

Malaysia

    1.6  

Singapore

    1.3  

Germany

    1.2  

Israel

    1.1  

Other (each representing less than 1%)

    6.4  

 

  (a) 

Excludes money market funds.

 

 

 

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Fund Summary  as of February 28, 2023    iShares® MSCI Global Energy Producers ETF

 

Investment Objective

The iShares MSCI Global Energy Producers ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of energy exploration and production, as represented by the MSCI ACWI Select Energy Producers Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

                  Average Annual Total Returns                         Cumulative Total Returns         
     6-Month
Total Returns
     1 Year      5 Years     10 Years               1 Year      5 Years      10 Years     

Fund NAV

    3.55      18.27      7.23     3.36%         18.27      41.78      39.18%  

Fund Market

    3.79        17.23        7.30       3.40            17.23        42.23        39.77     

Index

    3.34        17.21        6.97       3.13                  17.21        40.07        36.14     

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
(09/01/22)


 
      

Ending
Account Value
(02/28/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
           

Beginning
Account Value
(09/01/22)
 
 
 
      

Ending
Account Value
(02/28/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
    

Annualized

Expense

Ratio

 

 

 

      $      1,000.00          $      1,035.50          $      1.97               $      1,000.00          $      1,022.90          $      1.96        0.39

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

 

INDUSTRY ALLOCATION

 

Industry    
Percent of
Total Investments(a)
 
 

Integrated Oil & Gas

    57.8

Oil & Gas Exploration & Production

    28.1  

Oil & Gas Refining & Marketing

    10.9  

Coal & Consumable Fuels

    3.2  

GEOGRAPHIC ALLOCATION

 

Country/Geographic Region    
Percent of    
Total Investments
 
 (a) 

United States

    53.8

United Kingdom

    12.8  

Canada

    8.5  

France

    5.8  

India

    3.8  

Australia

    2.8  

Brazil

    1.9  

Norway

    1.4  

China

    1.4  

Italy

    1.4  

Japan

    1.1  

Other (each representing less than 1%)

    5.3  

 

  (a)

Excludes money market funds.

 

 

 

U N D  U M M A R Y

  5


Fund Summary  as of February 28, 2023    iShares® MSCI Global Gold Miners ETF

 

Investment Objective

The iShares MSCI Global Gold Miners ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of gold mining, as represented by the MSCI ACWI Select Gold Miners Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

           Average Annual Total Returns            Cumulative Total Returns  
     6-Month
Total Returns
     1 Year      5 Years     10 Years             1 Year      5 Years      10 Years  

Fund NAV

    18.35      (21.12 )%       5.99     (2.83 )%         (21.12 )%       33.79      (24.92 )% 

Fund Market

    18.69        (22.15      5.98       (2.77        (22.15      33.73        (24.46

Index

    18.05        (22.45      6.11       (2.69              (22.45      34.49        (23.90

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
(09/01/22)
 
 
 
      

Ending
Account Value
(02/28/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
           

Beginning
Account Value
(09/01/22)
 
 
 
      

Ending
Account Value
(02/28/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
    

Annualized
Expense
Ratio
 
 
 
  $     1,000.00          $     1,183.50          $     2.11               $     1,000.00          $     1,022.90          $     1.96        0.39

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

 

GEOGRAPHIC ALLOCATION

 

Country/Geographic Region    
Percent of
Total Investments(a)
 
 

Canada

    53.3

United States

    19.3  

Australia

    6.3  

South Africa

    6.3  

China

    4.6  

Saudi Arabia

    4.3  

Turkey

    1.8  

United Kingdom

    1.7  

Peru

    1.4  

Indonesia

    1.0  

Russia

    0.0  

TEN LARGEST HOLDINGS

 

Security    
Percent of
Total Investments(a)
 
 

Newmont Corp.

    18.5

Barrick Gold Corp.

    15.1  

Agnico Eagle Mines Ltd.

    11.0  

Wheaton Precious Metals Corp.

    4.6  

Newcrest Mining Ltd.

    4.4  

AngloGold Ashanti Ltd.

    4.3  

Gold Fields Ltd.

    4.2  

Zijin Mining Group Co. Ltd., Class H

    4.1  

Yamana Gold Inc.

    3.1  

Kinross Gold Corp.

    3.0  

 

  (a) 

Excludes money market funds.

 

 

 

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Fund Summary  as of February 28, 2023    iShares® MSCI Global Metals & Mining Producers ETF

 

Investment Objective

The iShares MSCI Global Metals & Mining Producers ETF(the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in mining, extraction or production of diversified metals, excluding gold and silver, as represented by the MSCI ACWI Select Metals & Mining Producers ex Gold & Silver Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

           Average Annual Total Returns            Cumulative Total Returns  
     6-Month
Total Returns
     1 Year      5 Years     10 Years             1 Year      5 Years      10 Years  

Fund NAV

    18.72      (4.48 )%       8.97     4.62        (4.48 )%       53.66      57.05

Fund Market

    19.39        (5.38      9.15       4.72          (5.38      54.94        58.55  

Index

    18.48        (4.49      9.34       4.86                (4.49      56.25        60.72  

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
(09/01/22)
 
 
 
      

Ending
Account Value
(02/28/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
           

Beginning
Account Value
(09/01/22)
 
 
 
      

Ending
Account Value
(02/28/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
    

Annualized
Expense
Ratio
 
 
 
  $     1,000.00          $     1,187.20          $     2.11               $     1,000.00          $     1,022.90          $     1.96        0.39

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

 

INDUSTRY ALLOCATION

 

Industry    
Percent of
Total Investments
 
(a) 

Diversified Metals & Mining

    48.9

Steel

    34.9  

Copper

    10.1  

Aluminum

    4.3  

Precious Metals & Minerals

    1.8  

GEOGRAPHIC ALLOCATION

 

Country/Geographic Region    
Percent of
Total Investments
 
(a) 

Australia

    26.1

United States

    18.2  

United Kingdom

    17.3  

Brazil

    6.7  

Canada

    4.9  

Japan

    4.4  

India

    3.0  

South Korea

    2.3  

China

    2.2  

South Africa

    2.1  

Taiwan

    1.8  

Sweden

    1.7  

France

    1.7  

Saudi Arabia

    1.4  

Mexico

    1.2  

Other (each representing less than 1%)

    5.0  

 

  (a)

Excludes money market funds.

 

 

 

U N D  U M M A R Y

  7


Fund Summary  as of February 28, 2023    iShares® MSCI Global Silver and Metals Miners ETF

 

Investment Objective

The iShares MSCIGlobal Silver and Metals Miners ETF(the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of silver exploration or metals mining, as represented by the MSCI ACWI Select Silver Miners Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

           Average Annual Total Returns            Cumulative Total Returns  
     6-Month
Total Returns
     1 Year      5 Years     10 Years             1 Year      5 Years      10 Years  

Fund NAV

    12.37      (24.97 )%       1.35     (4.56 )%         (24.97 )%       6.93      (37.31 )% 

Fund Market

    11.57        (25.67      1.13       (4.64        (25.67      5.79        (37.80

Index

    12.38        (25.09      1.35       (4.58              (25.09      6.92        (37.43

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
(09/01/22)
 
 
 
      

Ending
Account Value
(02/28/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
           

Beginning
Account Value
(09/01/22)
 
 
 
      

Ending
Account Value
(02/28/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
    

Annualized
Expense
Ratio
 
 
 
  $     1,000.00          $     1,123.70          $     2.05               $     1,000.00          $     1,022.90          $     1.96        0.39

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

 

GEOGRAPHIC ALLOCATION

 

Country/Geographic Region    
Percent of
Total Investments
 
(a) 

Canada

    65.9

United States

    20.0  

Mexico

    7.8  

Japan

    4.7  

Other (each representing less than 1%)

    1.6  

TEN LARGEST HOLDINGS

 

Security    
Percent of
Total Investments
 
(a) 

Pan American Silver Corp.

    15.0

Hecla Mining Co.

    14.8  

Industrias Penoles SAB de CV

    7.7  

First Majestic Silver Corp.

    6.7  

Asahi Holdings Inc.

    4.7  

Wheaton Precious Metals Corp.

    4.6  

Newmont Corp.

    4.5  

Fortuna Silver Mines Inc.

    4.5  

MAG Silver Corp.

    4.4  

Agnico Eagle Mines Ltd.

    4.4  

 

  (a)

Excludes money market funds.

 

 

 

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2 0 2 3  H A R E S   E M I - A N N U A L  E P O R T  T O  H A R E  H O L D E R S


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. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Disclosure of Expenses

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

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

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

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

 

 

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

  9


Schedule of Investments  (unaudited)

February 28, 2023

  

iShares® MSCI Agriculture Producers ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

 

Australia — 0.8%  

Australian Agricultural Co. Ltd.(a)

    105,007     $ 117,827  

Costa Group Holdings Ltd.

    231,220       404,864  

Elders Ltd.

    77,883       487,435  

Inghams Group Ltd.

    184,997       402,703  

Nufarm Ltd./Australia

    192,090       747,921  

Select Harvests Ltd.

    60,201       169,036  
   

 

 

 
      2,329,786  
Brazil — 0.5%  

BrasilAgro - Co. Brasileira de Propriedades Agricolas

    22,933       113,626  

Jalles Machado SA

    51,341       76,588  

Sao Martinho SA

    79,293       411,955  

SLC Agricola SA

    59,307       558,129  

Tres Tentos Agroindustrial SA

    61,748       150,258  
   

 

 

 
      1,310,556  
Canada — 7.4%  

Ag Growth International Inc.

    9,396       378,732  

Nutrien Ltd.

    261,331       20,362,559  

Rogers Sugar Inc.

    46,723       212,642  
   

 

 

 
      20,953,933  
China — 2.3%  

Asia - Potash International Investment Guangzhou Co. Ltd.(a)

    27,500       112,691  

AustAsia Group Ltd.

    58,848       30,588  

Beijing Dabeinong Technology Group Co. Ltd., Class A(a)

    122,600       145,256  

China BlueChemical Ltd., Class H

    756,000       170,640  

China Modern Dairy Holdings Ltd.(b)

    1,566,000       213,575  

China XLX Fertiliser Ltd.

    275,000       145,171  

China Youran Dairy Group Ltd.(a)(b)(c)

    375,000       91,844  

COFCO Joycome Foods Ltd.

    1,163,000       339,572  

First Tractor Co. Ltd., Class H

    200,000       99,414  

Fujian Sunner Development Co. Ltd., Class A

    37,100       132,456  

Heilongjiang Agriculture Co. Ltd., Class A

    52,700       107,923  

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

    103,400       393,669  

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

    193,500       848,449  

Jiangsu Yangnong Chemical Co. Ltd., Class A

    9,500       146,730  

Muyuan Foods Co. Ltd., Class A

    159,266       1,133,677  

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

    133,800       253,846  

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

    162,400       578,531  

Shandong Hualu Hengsheng Chemical Co. Ltd., Class A

    63,680       330,990  

Shandong Weifang Rainbow Chemical Co. Ltd.

    8,500       94,699  

Sinofert Holdings Ltd.

    1,056,000       127,865  

Wens Foodstuffs Group Co. Ltd., Class A

    198,820       565,516  

Yuan Longping High-Tech Agriculture Co. Ltd., Class A(a)

    39,300       96,680  

Yunnan Yuntianhua Co. Ltd.(a)

    54,900       191,690  

Zangge Mining Co. Ltd.

    47,400       190,120  
   

 

 

 
      6,541,592  
Egypt — 0.1%  

Abou Kir Fertilizers & Chemical Industries

    161,776       220,398  

Misr Fertilizers Production Co. SAE

    23,499       109,541  
   

 

 

 
      329,939  
France — 0.1%  

Vilmorin & Cie SA

    2,854       145,651  
   

 

 

 
Germany — 1.2%  

K+S AG, Registered

    96,253       2,284,745  

KWS Saat SE & Co. KGaA

    5,751       383,715  
Security   Shares     Value  
Germany (continued)  

Suedzucker AG

    35,572     $ 603,562  
   

 

 

 
      3,272,022  
Hong Kong — 0.9%  

WH Group Ltd.(c)

    4,189,500       2,437,991  
   

 

 

 
India — 3.5%  

Astec Lifesciences Ltd.

    2,928       47,787  

Balrampur Chini Mills Ltd.

    60,936       263,022  

Bayer CropScience Ltd.

    6,714       347,533  

Chambal Fertilisers and Chemicals Ltd.

    82,842       274,969  

Coromandel International Ltd.

    59,544       646,859  

Deepak Fertilisers & Petrochemicals Corp. Ltd.

    28,539       213,046  

EID Parry India Ltd.

    39,743       241,403  

Escorts Kubota Ltd.

    16,178       406,145  

Gujarat Ambuja Exports Ltd.

    34,246       94,430  

Gujarat Narmada Valley Fertilizers & Chemicals Ltd.

    38,678       245,814  

Gujarat State Fertilizers & Chemicals Ltd.

    99,168       149,979  

Kaveri Seed Co. Ltd.

    10,011       62,471  

Paradeep Phosphates Ltd., NVS

    141,893       93,830  

PI Industries Ltd.

    38,099       1,427,322  

Rallis India Ltd.

    38,718       91,970  

Rashtriya Chemicals & Fertilizers Ltd.

    68,648       80,905  

Sharda Cropchem Ltd.

    13,472       76,562  

Shree Renuka Sugars Ltd.(a)

    317,825       167,407  

Sumitomo Chemical India Ltd.

    49,689       268,756  

Tata Coffee Ltd.

    37,627       94,480  

Tata Consumer Products Ltd.

    280,032       2,421,480  

Triveni Engineering & Industries Ltd.

    36,100       117,751  

UPL Ltd.

    245,387       2,058,856  
   

 

 

 
      9,892,777  
Indonesia — 0.7%  

Astra Agro Lestari Tbk PT

    239,500       130,362  

Charoen Pokphand Indonesia Tbk PT

    3,707,100       1,306,464  

Inti Agri Resources Tbk PT(a)(d)

    2,230,700        

Japfa Comfeed Indonesia Tbk PT

    2,626,900       231,645  

Perusahaan Perkebunan London Sumatra Indonesia Tbk PT

    1,528,500       106,746  

Sawit Sumbermas Sarana Tbk PT

    1,659,600       176,842  
   

 

 

 
      1,952,059  
Ireland — 0.1%  

Origin Enterprises PLC

    57,518       257,340  
   

 

 

 
Israel — 1.1%  

ICL Group Ltd.

    356,190       2,585,000  

Israel Corp. Ltd.

    1,951       665,153  
   

 

 

 
      3,250,153  
Japan — 3.7%  

Hokuto Corp.

    10,300       142,513  

Kubota Corp.

    508,900       7,681,215  

Kumiai Chemical Industry Co. Ltd.

    36,800       233,282  

Maruha Nichiro Corp.

    21,200       377,408  

Mitsui DM Sugar Holdings Co. Ltd.

    8,400       128,416  

NH Foods Ltd.

    41,000       1,132,102  

Prima Meat Packers Ltd.

    11,700       183,947  

Sakata Seed Corp.

    14,600       435,732  

YAMABIKO Corp.

    16,600       153,936  
   

 

 

 
      10,468,551  
Malaysia — 1.5%  

Farm Fresh Bhd

    369,900       129,367  

Genting Plantations Bhd

    134,100       179,896  

 

 

10  

2 0 2 3  H A R E S   E M I - A N N U A L  E P O R T  T O  H A R E  H O L D E R S


Schedule of Investments  (unaudited) (continued)

February 28, 2023

  

iShares® MSCI Agriculture Producers ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Malaysia (continued)  

IOI Corp. Bhd

    1,264,500     $ 1,079,210  

Kuala Lumpur Kepong Bhd

    217,400       1,007,356  

QL Resources Bhd

    553,907       717,147  

Sime Darby Plantation Bhd

    1,044,600       984,982  

Ta Ann Holdings Bhd

    77,800       57,906  

TSH Resources Bhd

    275,400       63,215  

United Plantations Bhd

    52,200       191,933  
   

 

 

 
      4,411,012  
Netherlands — 0.6%  

OCI NV

    52,929       1,758,179  
   

 

 

 
Norway — 4.1%  

Austevoll Seafood ASA

    45,408       387,998  

Bakkafrost P/F

    25,256       1,652,392  

Grieg Seafood ASA

    22,587       162,854  

Leroy Seafood Group ASA

    135,586       672,328  

Mowi ASA

    207,830       3,588,135  

Salmar ASA

    32,812       1,360,225  

Yara International ASA

    83,180       3,954,278  
   

 

 

 
      11,778,210  
Poland — 0.1%  

Grupa Azoty SA(a)

    24,686       214,812  
   

 

 

 
Qatar — 0.1%  

Baladna

    378,473       139,440  
   

 

 

 
Russia — 0.0%  

PhosAgro PJSC(a)(d)

    7,038       1  

PhosAgro PJSC, GDR(a)(d)

    2        

PhosAgro PJSC, New(a)(d)

    136       1  

Ros Agro PLC, GDR(a)(d)

    5,334       1  
   

 

 

 
      3  
Saudi Arabia — 2.1%  

Al Jouf Agricultural Development Co.

    7,318       102,575  

Almarai Co. JSC

    125,596       1,755,043  

National Agriculture Development Co. (The)(a)

    24,792       158,272  

SABIC Agri-Nutrients Co.

    107,618       3,828,218  

Saudi Fisheries Co.(a)

    9,759       69,345  

Tanmiah Food Co.

    2,989       96,218  
   

 

 

 
      6,009,671  
Singapore — 1.3%  

Bumitama Agri Ltd.

    175,100       83,686  

First Resources Ltd.

    276,300       315,029  

Golden Agri-Resources Ltd.

    3,254,900       615,521  

Wilmar International Ltd.

    965,100       2,819,688  
   

 

 

 
      3,833,924  
South Africa — 0.1%  

Astral Foods Ltd.

    19,230       171,201  

Oceana Group Ltd.

    43,476       171,631  
   

 

 

 
      342,832  
South Korea — 0.2%  

Dongwon Industries Co. Ltd.

    8,789       342,344  

Harim Holdings Co. Ltd.

    22,303       201,842  

Hyundai Feed Inc.(a)(b)

    5,533       74,497  

Namhae Chemical Corp.

    11,128       75,732  
   

 

 

 
      694,415  
Sweden — 0.7%  

Husqvarna AB, Class B

    210,807       1,866,495  
   

 

 

 
Security   Shares     Value  
Taiwan — 0.5%  

Charoen Pokphand Enterprise.

    90,800     $ 239,409  

Sesoda Corp.

    83,000       115,301  

Sinon Corp.

    179,000       232,434  

Taiwan Fertilizer Co. Ltd.

    369,000       692,812  

Taiwan TEA Corp.(a)

    259,000       185,841  
   

 

 

 
      1,465,797  
Thailand — 0.6%  

Betagro PCL, NVS

    312,800       296,503  

Charoen Pokphand Foods PCL, NVDR

    1,946,800       1,222,759  

GFPT PCL, NVDR

    243,000       83,884  

Khon Kaen Sugar Industry PCL, NVDR

    987,754       103,397  

Thaifoods Group PCL, NVDR

    616,900       92,537  
   

 

 

 
      1,799,080  
Turkey — 0.4%  

Hektas Ticaret TAS(a)

    566,667       1,067,020  

Turk Traktor ve Ziraat Makineleri AS

    6,641       198,763  
   

 

 

 
      1,265,783  
United Kingdom — 3.3%  

CNH Industrial NV

    514,088       8,427,115  

Cranswick PLC

    26,919       1,013,479  
   

 

 

 
      9,440,594  
United States — 59.4%  

AGCO Corp.(b)

    31,855       4,485,505  

American Vanguard Corp.

    13,831       288,653  

Archer-Daniels-Midland Co.

    275,976       21,967,690  

Benson Hill Inc.(a)(b)

    56,301       125,551  

Bunge Ltd.

    75,257       7,187,044  

Cal-Maine Foods Inc.

    18,861       1,071,305  

CF Industries Holdings Inc.

    98,562       8,465,490  

Corteva Inc.

    358,948       22,358,871  

Darling Ingredients Inc.(a)

    80,518       5,094,374  

Deere & Co.

    144,047       60,390,264  

FMC Corp.

    63,283       8,172,999  

Fresh Del Monte Produce Inc.

    19,047       595,790  

Ingredion Inc.

    32,934       3,273,640  

Intrepid Potash Inc.(a)(b)

    5,420       171,651  

Lamb Weston Holdings Inc.

    72,258       7,272,045  

Lindsay Corp.

    5,539       833,564  

Mosaic Co. (The)

    171,052       9,098,256  

Pilgrim’s Pride Corp.(a)(b)

    23,797       556,612  

Scotts Miracle-Gro Co. (The)

    20,898       1,724,085  

Titan International Inc.(a)

    25,009       310,362  

Toro Co. (The)

    52,253       5,770,821  

Vital Farms Inc.(a)

    10,127       163,652  
   

 

 

 
      169,378,224  
   

 

 

 

Total Common Stocks — 97.4%
(Cost: $294,367,119)

      277,540,821  
   

 

 

 

Preferred Stocks

   
Chile — 2.2%            

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

    71,750       6,403,732  
   

 

 

 

Total Preferred Stocks — 2.2%
(Cost: $5,027,479)

      6,403,732  
   

 

 

 

Total Long-Term Investments — 99.6%
(Cost: $299,394,598)

      283,944,553  
   

 

 

 

 

 

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

  11


Schedule of Investments  (unaudited) (continued)

February 28, 2023

  

iShares® MSCI Agriculture Producers ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Short-Term Securities

   
Money Market Funds — 1.6%            

BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%(e)(f)(g)

    4,624,052     $ 4,626,826  
   

 

 

 

Total Short-Term Securities — 1.6%
(Cost: $4,626,344)

      4,626,826  
   

 

 

 

Total Investments — 101.2%
(Cost: $304,020,942)

      288,571,379  

Liabilities in Excess of Other Assets — (1.2)%

      (3,468,304
   

 

 

 

NetAssets—100.0%

    $ 285,103,075  
   

 

 

 

 

 

(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) 

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.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer   Value at
08/31/22
    Purchases
at Cost
    Proceeds
from Sale
   

Net Realized

Gain (Loss)

   

Change in
Unrealized
Appreciation

(Depreciation)

    Value at
02/28/23
    Shares
Held at
02/28/23
    Income     Capital
Gain
Distributions
from
Underlying
Funds
 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $ 807,964     $ 3,818,841 (a)    $     $ (136   $ 157     $ 4,626,826       4,624,052     $ 14,416 (b)    $  

BlackRock Cash Funds: Treasury, SL Agency Shares(c)

                0 (a)                              6,439        
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
        $ (136   $ 157     $ 4,626,826       $ 20,855     $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

  (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

                 

Euro STOXX 50 Index

     6          03/17/23        $ 269        $ 16,785  

S&P 500 E-Mini Index

     3          03/17/23          596          (204
                 

 

 

 
                  $ 16,581  
                 

 

 

 

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)

   $      $      $ 16,785      $      $      $      $ 16,785  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

 

12  

2 0 2 3  H A R E S   E M I - A N N U A L  E P O R T  T O  H A R E  H O L D E R S


Schedule of Investments  (unaudited) (continued)

February 28, 2023

  

iShares® MSCI Agriculture Producers  ETF

 

Derivative Financial Instruments Categorized by Risk Exposure (continued)

 

      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)

   $           —      $           —      $ 204      $           —      $           —      $           —      $ 204  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

  (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 28, 2023, 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

   $      $      $ 115,947      $      $      $      $ 115,947  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on

                    

Futures contracts

   $           —      $           —      $ 8,938      $           —      $           —      $           —      $ 8,938  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

Futures contracts

        

Average notional value of contracts — long

   $ 1,018,164  

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

   $ 197,237,734        $ 80,303,084        $ 3        $ 277,540,821  

Preferred Stocks

              6,403,732                   6,403,732  

Short-Term Securities

                 

Money Market Funds

     4,626,826                            4,626,826  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 201,864,560        $ 86,706,816        $ 3        $ 288,571,379  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative Financial Instruments(a)

                 

Assets

                 

Equity Contracts

   $        $ 16,785        $        $ 16,785  

Liabilities

                 

Equity Contracts

     (204                          (204
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ (204      $ 16,785        $          16,581  
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a) 

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

 

See notes to financial statements.

 

 

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

  13


Schedule of Investments  (unaudited)

February 28, 2023

  

iShares® MSCI Global Energy Producers ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

 

Australia — 2.8%  

Beach Energy Ltd.

    68,404     $ 64,513  

Boss Energy Ltd. (a)

    14,504       25,013  

Karoon Energy Ltd.(a)

    24,206       37,646  

New Hope Corp. Ltd.

    22,793       83,000  

Paladin Energy Ltd.(a)

    121,520       56,509  

Santos Ltd.

    136,493       637,342  

Strike Energy Ltd.(a)

    84,638       19,934  

Terracom Ltd.

    23,912       12,114  

Washington H Soul Pattinson & Co. Ltd.

    9,515       186,126  

Whitehaven Coal Ltd.

    35,446       171,704  

Woodside Energy Group Ltd.

    81,707       1,979,758  
   

 

 

 
      3,273,659  
Austria — 0.3%  

OMV AG

    6,373       310,413  
   

 

 

 
Brazil — 1.0%  

3R Petroleum Oleo E Gas SA(a)

    7,644       53,160  

Enauta Participacoes SA

    5,292       13,929  

Petro Rio SA(a)

    30,404       195,707  

Petroleo Brasileiro SA

    160,258       880,042  

Petroreconcavo SA

    5,482       29,633  
   

 

 

 
      1,172,471  
Canada — 8.5%  

Advantage Energy Ltd.(a)

    7,866       46,003  

Africa Oil Corp.

    16,665       34,075  

ARC Resources Ltd.

    27,376       298,137  

Athabasca Oil Corp.(a)

    25,284       55,219  

Baytex Energy Corp.(a)

    23,520       90,667  

Birchcliff Energy Ltd.

    11,784       72,457  

Cameco Corp.

    18,619       508,969  

Canadian Natural Resources Ltd.

    47,657       2,693,171  

Cardinal Energy Ltd.(b)

    5,880       30,682  

Cenovus Energy Inc.

    62,010       1,143,402  

Crescent Point Energy Corp.

    23,879       163,277  

Crew Energy Inc.(a)

    5,880       20,124  

Denison Mines Corp.(a)

    34,104       42,989  

Energy Fuels Inc./Canada(a)

    6,762       45,542  

Enerplus Corp.

    9,861       156,461  

Freehold Royalties Ltd.

    5,797       65,766  

Frontera Energy Corp.(a)

    2,548       22,968  

Headwater Exploration Inc.

    8,428       36,998  

Imperial Oil Ltd.

    9,101       450,148  

International Petroleum Corp.(a)

    4,141       41,789  

Kelt Exploration Ltd.(a)

    6,860       23,629  

MEG Energy Corp.(a)

    11,466       181,170  

NexGen Energy Ltd.(a)

    17,542       73,922  

NuVista Energy Ltd.(a)

    7,644       67,225  

Obsidian Energy Ltd.(a)

    2,940       20,771  

Paramount Resources Ltd., Class A

    3,234       70,629  

Parex Resources Inc.

    4,704       76,671  

Peyto Exploration & Development Corp.

    7,252       63,033  

Pipestone Energy Corp.(a)

    5,096       10,644  

PrairieSky Royalty Ltd.

    9,417       147,898  

Spartan Delta Corp.

    5,684       51,612  

Suncor Energy Inc.

    58,329       1,960,402  

Surge Energy Inc.

    3,748       24,199  

Tamarack Valley Energy Ltd.

    21,558       68,568  

Topaz Energy Corp.

    3,920       55,561  
Security   Shares     Value  
Canada (continued)  

Tourmaline Oil Corp.

    13,795     $ 604,574  

Vermilion Energy Inc.

    6,958       93,215  

Whitecap Resources Inc.

    25,748       197,379  
   

 

 

 
      9,809,946  
China — 1.4%  

AAG Energy Holdings Ltd.(c)

    67,000       14,735  

CGN Mining Co. Ltd.(a)

    90,000       10,669  

China Coal Energy Co. Ltd., Class H.

    91,000       70,419  

China Shenhua Energy Co. Ltd., Class A.

    17,800       71,726  

China Shenhua Energy Co. Ltd., Class H

    146,000       439,150  

Guanghui Energy Co. Ltd., Class A

    19,600       30,364  

Inner Mongolia Dian Tou Energy Corp. Ltd.

    5,800       11,120  

Inner Mongolia Yitai Coal Co. Ltd., Class B

    47,800       64,454  

Jizhong Energy Resources Co. Ltd.

    10,100       10,349  

PetroChina Co. Ltd., Class A

    55,600       41,762  

PetroChina Co. Ltd., Class H

    898,000       458,104  

Pingdingshan Tianan Coal Mining Co. Ltd.

    7,000       12,087  

Productive Technologies Co. Ltd.(a)

    196,000       24,720  

Shaanxi Coal Industry Co. Ltd., Class A

    24,300       69,930  

Shan Xi Hua Yang Group New Energy Co. Ltd.

    7,300       16,716  

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

    9,810       18,370  

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

    9,800       31,462  

Yankuang Energy Group Co. Ltd., Class A

    6,900       35,420  

Yankuang Energy Group Co. Ltd., Class H

    68,000       205,111  
   

 

 

 
      1,636,668  
Finland — 0.8%  

Neste OYJ

    18,168       876,265  
   

 

 

 
France — 5.7%  

Etablissements Maurel et Prom SA

    2,548       9,486  

TotalEnergies SE

    107,043       6,604,997  
   

 

 

 
      6,614,483  
Greece — 0.1%  

Hellenic Energy Holdings SA

    2,971       26,271  

Motor Oil Hellas Corinth Refineries SA

    2,766       73,238  
   

 

 

 
      99,509  
Hong Kong — 0.0%  

United Energy Group Ltd.(b)

    360,000       33,042  
   

 

 

 
Hungary — 0.1%  

MOL Hungarian Oil & Gas PLC

    17,248       130,976  
   

 

 

 
India — 3.8%  

Bharat Petroleum Corp. Ltd.

    38,464       147,684  

Coal India Ltd.

    68,167       177,537  

Gujarat Mineral Development Corp. Ltd.

    3,822       6,165  

Hindustan Petroleum Corp. Ltd.

    26,950       70,213  

Indian Oil Corp. Ltd.

    122,856       113,031  

Oil & Natural Gas Corp. Ltd.

    107,937       198,048  

Oil India Ltd.

    11,760       35,055  

Reliance Industries Ltd.

    98,646       2,766,836  

Reliance Industries Ltd., GDR(c)

    16,018       890,326  
   

 

 

 
      4,404,895  
Indonesia — 0.4%  

Adaro Energy Indonesia Tbk PT

    607,600       119,043  

Bukit Asam Tbk PT

    159,400       40,335  

Bumi Resources Tbk PT(a)

    3,151,200       28,103  

Energi Mega Persada Tbk PT, NVS

    404,000       7,206  

Harum Energy Tbk PT

    117,600       12,564  

 

 

14  

2 0 2 3  H A R E S   E M I - A N N U A L  E P O R T  T O  H A R E  H O L D E R S


Schedule of Investments  (unaudited) (continued)

February 28, 2023

  

iShares® MSCI Global Energy Producers ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Indonesia (continued)  

Indika Energy Tbk PT

    68,600     $ 10,342  

Indo Tambangraya Megah Tbk PT

    19,600       47,776  

Medco Energi Internasional Tbk PT

    294,012       22,060  

Sugih Energy Tbk PT(a)(d)

    206,700        

United Tractors Tbk PT

    71,200       130,228  
   

 

 

 
      417,657  
Israel — 0.1%  

Delek Group Ltd.(a)

    392       36,643  

Equital Ltd.(a)

    960       22,680  

Naphtha Israel Petroleum Corp. Ltd.

    1,373       5,098  

Oil Refineries Ltd.

    89,082       26,878  

Paz Oil Co. Ltd.(a)

    411       43,555  
   

 

 

 
      134,854  
Italy — 1.3%  

Eni SpA

    107,751       1,521,878  

Saras SpA(a)

    24,206       36,616  
   

 

 

 
      1,558,494  
Japan — 1.1%  

Cosmo Energy Holdings Co. Ltd.

    3,536       105,693  

ENEOS Holdings Inc.

    130,400       448,299  

Idemitsu Kosan Co. Ltd.

    9,268       205,115  

Inpex Corp.

    44,400       465,507  

Japan Petroleum Exploration Co. Ltd.

    1,400       50,443  
   

 

 

 
      1,275,057  
Malaysia — 0.0%  

Hibiscus Petroleum Bhd

    58,800       13,933  
   

 

 

 
Norway — 1.4%  

Aker BP ASA

    13,623       365,650  

BW Energy Ltd.(a)

    3,822       10,728  

DNO ASA

    21,787       24,964  

Equinor ASA

    40,984       1,254,657  
   

 

 

 
      1,655,999  
Philippines — 0.0%  

Semirara Mining & Power Corp.

    29,600       16,025  
   

 

 

 
Poland — 0.4%  

Polski Koncern Naftowy ORLEN SA

    27,527       411,131  
   

 

 

 
Portugal — 0.2%  

Galp Energia SGPS SA

    21,270       259,484  
   

 

 

 
Russia — 0.0%  

LUKOIL PJSC(a)(d)

    17,021       2  

Rosneft Oil Co. PJSC(a)(d)

    47,821       6  

Surgutneftegas PJSC(a)(d)

    285,010       38  

Tatneft PJSC(a)(d)

    57,983       8  
   

 

 

 
      54  
Saudi Arabia — 0.8%  

Rabigh Refining & Petrochemical Co.(a)

    17,761       47,879  

Saudi Arabian Oil Co.(c)

    103,837       877,194  
   

 

 

 
      925,073  
South Africa — 0.2%  

Exxaro Resources Ltd.

    10,795       118,219  

Thungela Resources Ltd.

    5,518       64,159  
   

 

 

 
      182,378  
South Korea — 0.4%  

HD Hyundai Co. Ltd.

    1,960       88,027  

SK Innovation Co. Ltd.(a)

    2,356       266,476  
Security   Shares     Value  
South Korea (continued)  

S-Oil Corp.

    1,963     $ 119,023  
   

 

 

 
      473,526  
Spain — 0.8%  

Repsol SA

    59,166       935,701  
   

 

 

 
Thailand — 0.5%  

Bangchak Corp. PCL, NVDR

    44,100       40,187  

Banpu PCL, NVDR

    346,000       106,657  

Esso Thailand PCL, NVDR(b)

    39,200       9,906  

IRPC PCL, NVDR

    480,200       38,842  

PTT Exploration & Production PCL, NVDR

    58,831       248,999  

Star Petroleum Refining PCL, NVDR.

    88,800       27,602  

Thai Oil PCL, NVDR

    52,100       74,298  
   

 

 

 
      546,491  
Turkey — 0.2%  

Turkiye Petrol Rafinerileri AS(a)

    5,898       184,948  
   

 

 

 
United Arab Emirates — 0.0%  

Dana Gas PJSC

    150,724       32,410  
   

 

 

 
United Kingdom — 12.7%  

BP PLC

    780,795       5,131,016  

Capricorn Energy PLC(a)

    13,230       39,689  

Diversified Energy Co. PLC

    34,594       43,359  

Energean PLC

    5,096       73,924  

EnQuest PLC(a)

    61,348       14,015  

Genel Energy PLC

    7,056       10,633  

Gulf Keystone Petroleum Ltd.

    8,330       20,770  

Harbour Energy PLC

    18,605       64,915  

Pantheon Resources PLC(a)(b)

    31,262       21,472  

Serica Energy PLC

    8,428       26,250  

Shell PLC

    303,590       9,195,248  

Tullow Oil PLC(a)

    46,550       19,487  
   

 

 

 
      14,660,778  
United States — 53.4%  

Antero Resources Corp.(a)

    11,662       305,544  

APA Corp.

    13,818       530,335  

Arch Resources Inc.

    784       123,362  

Berry Corp.

    2,352       22,179  

California Resources Corp.

    2,254       95,119  

Callon Petroleum Co.(a)(b)

    2,100       81,396  

Centrus Energy Corp., Class A(a)(b)

    438       19,627  

Chesapeake Energy Corp.

    4,880       394,353  

Chevron Corp.

    78,994       12,699,865  

Chord Energy Corp.

    1,699       228,719  

Civitas Resources Inc.

    2,352       165,040  

CNX Resources Corp.(a)

    7,534       115,647  

Comstock Resources Inc.

    3,920       47,589  

ConocoPhillips

    53,568       5,536,253  

CONSOL Energy Inc.

    1,410       77,169  

Coterra Energy Inc.

    34,016       849,379  

Crescent Energy Co., Class A

    1,704       19,664  

CVR Energy Inc.

    1,274       40,424  

Delek U.S. Holdings Inc.

    2,744       69,066  

Denbury Inc.(a)

    2,159       179,996  

Devon Energy Corp.

    26,725       1,441,012  

Diamondback Energy Inc.

    7,166       1,007,396  

Earthstone Energy Inc., Class A(a)(b)

    2,058       28,709  

Enviva Inc.

    1,415       61,637  

EOG Resources Inc.

    25,217       2,850,025  

 

 

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

  15


Schedule of Investments  (unaudited) (continued)

February 28, 2023

  

iShares® MSCI Global Energy Producers ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
United States (continued)  

EQT Corp.

    14,116     $ 468,369  

Exxon Mobil Corp.

    177,144       19,469,897  

Gran Tierra Energy Inc.(a)

    15,190       12,673  

Gulfport Energy Corp.(a)

    530       35,044  

Hess Corp.

    11,922       1,605,893  

HF Sinclair Corp.

    6,456       320,992  

Kimbell Royalty Partners LP

    2,254       34,779  

Kosmos Energy Ltd.(a)

    19,915       156,731  

Laredo Petroleum Inc.(a)

    658       33,815  

Magnolia Oil & Gas Corp., Class A.

    7,258       158,587  

Marathon Oil Corp.

    27,354       687,953  

Marathon Petroleum Corp.

    20,175       2,493,630  

Matador Resources Co.

    5,099       274,275  

Murphy Oil Corp.

    6,428       250,821  

Northern Oil and Gas Inc.

    2,842       88,216  

Occidental Petroleum Corp.

    31,105       1,821,509  

Ovintiv Inc.

    10,627       454,517  

Par Pacific Holdings Inc.(a)

    1,960       54,449  

PBF Energy Inc., Class A

    4,318       188,740  

PDC Energy Inc.

    3,914       262,669  

Peabody Energy Corp.(a)

    4,900       133,770  

Permian Res Corp., NVS

    8,936       96,598  

Pioneer Natural Resources Co.

    9,765       1,957,004  

Range Resources Corp.

    10,364       279,206  

Ranger Oil Corp.

    882       36,603  

SandRidge Energy Inc.(a)

    1,313       19,157  

SilverBow Resources Inc.(a)

    588       14,477  

Sitio Royalties Corp.

    3,134       73,680  

SM Energy Co.

    5,396       159,236  

Southwestern Energy Co.(a)

    37,842       200,563  

Talos Energy Inc.(a)

    2,450       43,634  

Tellurian Inc.(a)

    20,384       30,372  

Texas Pacific Land Corp.

    270       480,651  

Uranium Energy Corp.(a)(b)

    15,600       57,720  

VAALCO Energy Inc.

    4,410       20,683  

Valero Energy Corp.

    16,561       2,181,581  

Viper Energy Partners LP

    2,531       72,463  

Vitesse Energy Inc.(a)

    928       16,138  

W&T Offshore Inc.(a)

    4,214       23,641  
   

 

 

 
      61,760,241  
   

 

 

 

Total Common Stocks — 98.4%
(Cost: $87,695,011)

      113,806,561  
   

 

 

 
Security   Shares     Value  

Preferred Stocks

 

Brazil — 0.9%  

Petroleo Brasileiro SA, Preference Shares, NVS

    204,923     $ 987,930  
   

 

 

 
Russia — 0.0%  

Surgutneftegas PJSC, Preference Shares,
NVS(a)(d)

    275,500       37  
   

 

 

 

Total Preferred Stocks — 0.9%
(Cost: $925,150)

      987,967  
   

 

 

 

Total Long-Term Investments — 99.3%
(Cost: $88,620,161)

      114,794,528  
   

 

 

 

Short-Term Securities

 

Money Market Funds — 0.2%  

BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%(e)(f)(g)

    269,272       269,433  

BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(e)(f)

    20,000       20,000  
   

 

 

 

Total Short-Term Securities — 0.2%
(Cost: $289,197)

      289,433  
   

 

 

 

Total Investments — 99.5%
(Cost: $88,909,358)

      115,083,961  

Other Assets Less Liabilities — 0.5%.

      541,193  
   

 

 

 

NetAssets — 100.0%

    $ 115,625,154  
   

 

 

 

 

(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) 

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.

 

 

16  

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Schedule of Investments  (unaudited) (continued)

February 28, 2023

  

iShares® MSCI Global Energy Producers  ETF

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer   Value at
08/31/22
    Purchases
at Cost
    Proceeds
from Sale
    Net Realized
Gain (Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
    Value at
02/28/23
    Shares
Held at
02/28/23
    Income     Capital
Gain
Distributions
from
Underlying
Funds
 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $ 504,806     $     $ (236,033 )(a)    $ 684     $ (24   $ 269,433       269,272     $ 2,676 (b)    $  

BlackRock Cash Funds: Treasury, SL Agency Shares

    160,000             (140,000 )(a)                  20,000       20,000       4,093        
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
        $ 684     $ (24   $ 289,433       $ 6,769     $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

  (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

                 

E-Mini Energy Select Sector Index

     7          03/17/23        $ 612        $ (23,929

FTSE 100 Index

     1          03/17/23          95          (844
                 

 

 

 
                  $ (24,773
                 

 

 

 

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)

   $      $      $ 24,773      $      $      $      $ 24,773  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

  (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 28, 2023, 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

   $      $      $ (20,611    $      $      $      $ (20,611
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on

                    

Futures contracts

   $      $      $ (20,807    $      $      $      $ (20,807
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

Futures contracts

        

Average notional value of contracts — long

   $ 968,568  

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

 

 

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

  17


Schedule of Investments  (unaudited) (continued)

February 28, 2023

  

iShares® MSCI Global Energy Producers  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

   $ 73,119,284        $ 40,687,223        $ 54        $ 113,806,561  

Preferred Stocks

     987,930                   37          987,967  

Short-Term Securities

                 

Money Market Funds

     289,433                            289,433  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 74,396,647        $ 40,687,223        $ 91        $ 115,083,961  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative Financial Instruments(a)

                 

Liabilities

                 

Equity Contracts

   $ (23,929      $ (844      $        $ (24,773
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a) 

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

 

See notes to financial statements.

 

 

18  

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Schedule of Investments  (unaudited)

February 28, 2023

  

iShares® MSCI Global Gold Miners ETF

(Percentages shown are based on Net Assets)

 

Security   Shares      Value  

Common Stocks

 

Australia — 6.3%  

De Grey Mining Ltd.(a)(b)

    5,268,984      $ 4,932,818  

Newcrest Mining Ltd.

    1,214,984        18,599,868  

West African Resources Ltd.(a)

    5,075,712        3,159,855  
    

 

 

 
       26,692,541  
Canada — 53.0%  

Agnico Eagle Mines Ltd.

    1,013,789        46,673,672  

Alamos Gold Inc., Class A

    1,124,603        11,464,440  

B2Gold Corp.

    3,058,844        10,446,473  

Barrick Gold Corp.

    3,965,247        64,077,462  

Calibre Mining Corp.(a)

    3,156,707        2,637,337  

Centerra Gold Inc.

    857,530        5,417,302  

Eldorado Gold Corp.(a)

    687,586        6,424,860  

Equinox Gold Corp.(a)

    1,204,160        4,368,334  

IAMGOLD Corp.(a)

    2,041,126        4,622,264  

Kinross Gold Corp.

    3,466,720        12,804,887  

Lundin Gold Inc.

    425,166        4,393,434  

New Gold Inc.(a)

    3,515,388        3,220,399  

SSR Mining Inc.

    613,592        8,395,575  

Torex Gold Resources Inc.(a)

    410,937        5,059,540  

Wesdome Gold Mines Ltd.(a)

    729,887        3,482,275  

Wheaton Precious Metals Corp.

    471,246        19,633,811  

Yamana Gold Inc.

    2,590,804        13,253,068  
    

 

 

 
       226,375,133  
China — 4.6%  

Zijin Mining Group Co. Ltd., Class A

    1,245,135        2,046,041  

Zijin Mining Group Co. Ltd., Class H

    11,648,000        17,627,630  
    

 

 

 
       19,673,671  
Indonesia — 1.0%  

Aneka Tambang Tbk

    34,306,500        4,476,744  
    

 

 

 
Peru — 1.4%  

Cia. de Minas Buenaventura SAA, ADR.

    771,981        5,851,616  
    

 

 

 
Russia — 0.0%  

Polymetal International PLC(a)(c)

    822,891        110  

Polyus PJSC(a)(c)

    62,547        8  
    

 

 

 
       118  
Saudi Arabia — 4.3%  

AngloGold Ashanti Ltd.

    1,078,322        18,161,659  
    

 

 

 
South Africa — 6.2%  

DRDGOLD Ltd.

    3,835,467        2,815,453  
Security   Shares      Value  
South Africa (continued)  

Gold Fields Ltd.

    1,988,784      $ 18,048,453  

Harmony Gold Mining Co. Ltd.

    1,869,019        5,740,966  
    

 

 

 
       26,604,872  
Turkey — 1.8%  

Koza Altin Isletmeleri AS

    5,863,400        7,586,811  
    

 

 

 
United Kingdom — 1.7%  

Centamin PLC

    4,198,374        5,145,373  

Hochschild Mining PLC

    2,869,824        2,204,647  
    

 

 

 
       7,350,020  
United States — 19.3%  

Coeur Mining Inc.(a)

    1,210,180        3,775,762  

Newmont Corp.

    1,798,679        78,440,391  
    

 

 

 
       82,216,153  
    

 

 

 

Total Long-Term Investments — 99.6%
(Cost: $520,666,835)

       424,989,338  
    

 

 

 

Short-Term Securities

    
Money Market Funds — 0.3%             

BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%(d)(e)(f)

    1,165,760        1,166,460  

BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%(d)(e)

    120,000        120,000  
    

 

 

 

Total Short-Term Securities — 0.3%
(Cost: $1,285,324)

       1,286,460  
    

 

 

 

Total Investments — 99.9%
(Cost: $521,952,159)

       426,275,798  

Other Assets Less Liabilities — 0.1%

       399,959  
    

 

 

 

NetAssets —100.0%

     $ 426,675,757  
    

 

 

 

 

(a) 

Non-income producing security.

(b) 

All or a portion of this security is on loan.

(c) 

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

(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.

 

 

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

  19


Schedule of Investments  (unaudited) (continued)

February 28, 2023

  

iShares® MSCI Global Gold Miners ETF

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer   Value at
08/31/22
    Purchases
at Cost
    Proceeds
from Sale
    Net Realized
Gain (Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
    Value at
02/28/23
    Shares
Held at
02/28/23
    Income    

Capital

Gain
Distributions
from
Underlying
Funds

 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $ 1,922,895     $     $ (759,022 )(a)    $ 2,679     $ (92   $ 1,166,460       1,165,760     $ 22,527 (b)    $  

BlackRock Cash Funds: Treasury, SL Agency Shares

    100,000       20,000 (a)                        120,000       120,000       6,538        
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
        $ 2,679     $ (92   $ 1,286,460       $ 29,065     $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

  (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

                 

S&P/TSX 60 Index

     10          03/16/23        $ 1,783        $ (4,991
                 

 

 

 

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)

   $        $        $ 4,991        $        $        $        $ 4,991  
  

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

 

  (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 28, 2023, 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

   $        $        $ (175,999      $        $        $        $ (175,999
  

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on

                                

Futures contracts

   $        $        $ 35,182        $        $        $        $ 35,182  
  

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

Futures contracts

        

Average notional value of contracts — long

   $ 1,444,841  

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

 

 

20  

2 0 2 3  H A R E S   E M I - A N N U A L  E P O R T  T O  H A R E  H O L D E R S


Schedule of Investments  (unaudited) (continued)

February 28, 2023

  

iShares® MSCI Global Gold Miners 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

  $ 314,442,902     $ 110,546,318      $ 118      $ 424,989,338  

Short-Term Securities

         

Money Market Funds

    1,286,460                     1,286,460  
 

 

 

   

 

 

    

 

 

    

 

 

 
  $ 315,729,362     $ 110,546,318      $ 118      $ 426,275,798  
 

 

 

   

 

 

    

 

 

    

 

 

 

Derivative Financial Instruments(a)

         

Liabilities

         

Equity Contracts

  $ (4,991   $      $      $ (4,991
 

 

 

   

 

 

    

 

 

    

 

 

 

 

  (a) 

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

 

 

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

  21


Schedule of Investments  (unaudited)

February 28, 2023

  

iShares® MSCI Global Metals & Mining  Producers ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

 

Australia — 26.0%  

29Metals Ltd.(a)

    368,419     $ 394,444  

Allkem Ltd.(b)

    786,713       5,980,520  

Alumina Ltd.

    3,429,659       3,460,508  

Arafura Rare Earths Ltd.(b)

    2,390,376       965,090  

Argosy Minerals Ltd.(b)

    1,574,700       730,829  

AVZ Minerals Ltd.(a)(b)(c)

    3,302,250       1,384,803  

BHP Group Ltd.

    6,964,876       210,792,254  

BlueScope Steel Ltd.

    644,525       8,246,499  

Chalice Mining Ltd.(b)

    464,418       1,976,680  

Champion Iron Ltd.

    458,925       2,260,274  

Core Lithium Ltd.(a)(b)

    2,025,650       1,259,109  

Coronado Global Resources Inc.(d)

    1,028,775       1,304,651  

Deterra Royalties Ltd.

    609,725       1,825,984  

Fortescue Metals Group Ltd.

    2,327,975       33,359,686  

Goulamina Holdings Pty Ltd.(b)

    1,246,575       437,915  

Grange Resources Ltd.(a)

    706,875       450,111  

IGO Ltd.

    933,800       8,208,615  

Iluka Resources Ltd.

    589,425       4,107,968  

Imdex Ltd.

    548,232       864,763  

ionner Ltd.(a)(b)

    2,036,582       517,274  

Jervois Global Ltd.(a)(b)

    2,327,742       281,001  

Lake Resources NL(a)(b)

    1,725,285       720,858  

Liontown Resources Ltd.(a)(b)

    2,272,317       2,063,667  

Lynas Rare Earths Ltd.(b)

    1,237,575       6,796,762  

Mincor Resources NL(a)(b)

    528,868       447,753  

Mineral Resources Ltd. .

    234,900       12,973,191  

Mount Gibson Iron Ltd.(a)(b)

    822,150       312,070  

Neometals Ltd.(b)

    646,292       384,147  

Nickel Mines Ltd.

    1,482,259       972,285  

OZ Minerals Ltd.

    461,825       8,682,609  

Perenti Global Ltd.(b)

    848,588       604,752  

Pilbara Minerals Ltd.(a)(b)

    3,493,050       9,733,617  

Rio Tinto Ltd.

    510,914       39,930,018  

Sandfire Resources Ltd.(a)

    679,469       2,675,458  

Sayona Mining Ltd.(a)(b)

    9,150,559       1,432,762  

Sims Ltd.

    231,826       2,476,135  

South32 Ltd.

    6,364,582       18,491,813  

Syrah Resources Ltd.(b)

    872,591       1,100,390  

Vulcan Energy Resources Ltd.(a)(b)

    129,653       555,338  

Vulcan Steel Ltd.

    75,466       424,227  
   

 

 

 
      399,586,830  
Austria — 0.4%  

voestalpine AG

    160,225       5,917,922  
   

 

 

 
Belgium — 0.1%  

Bekaert SA

    49,300       2,175,270  
   

 

 

 
Brazil — 5.8%  

Bradespar SA

    47,665       227,152  

Cia. Brasileira de Aluminio

    201,550       401,141  

Cia. Siderurgica Nacional SA

    912,050       2,904,024  

Vale SA

    5,254,996       85,638,533  
   

 

 

 
      89,170,850  
Canada — 4.9%  

Algoma Steel Group Inc.

    121,179       973,340  

Altius Minerals Corp.

    54,463       864,144  

Capstone Mining Corp.(b)

    474,150       2,109,264  

ERO Copper Corp.(a)(b)

    105,850       1,660,088  

Filo Mining Corp.(a)(b)

    117,450       1,850,623  
Security   Shares     Value  
Canada (continued)  

First Quantum Minerals Ltd.

    808,485     $ 17,662,835  

Global Atomic Corp.(a)(b)

    209,764       470,413  

Hudbay Minerals Inc.

    304,183       1,509,211  

Ivanhoe Mines Ltd., Class A(b)

    836,760       6,990,886  

Labrador Iron Ore Royalty Corp.

    79,772       2,123,940  

Largo Inc.(b)

    54,375       347,888  

Lithium Americas Corp.(a)(b)

    147,966       3,493,928  

Lundin Mining Corp.

    913,599       5,684,467  

Major Drilling Group International Inc.(b)

    102,950       805,794  

Solaris Resources Inc.(b)

    71,050       297,842  

Stelco Holdings Inc.

    48,866       1,998,331  

Taseko Mines Ltd.(b)

    406,777       694,606  

Teck Resources Ltd., Class B.

    627,768       25,060,112  
   

 

 

 
      74,597,712  
Chile — 0.0%  

CAP SA

    92,075       765,445  
   

 

 

 
China — 2.2%  

Aluminum Corp. of China Ltd., Class A

    1,160,065       923,038  

Aluminum Corp. of China Ltd., Class H.

    5,214,000       2,662,439  

Anhui Honglu Steel Construction Group Co. Ltd., Class A

    76,950       390,706  

Baoshan Iron & Steel Co. Ltd., Class A.

    1,812,593       1,715,902  

Chengtun Mining Group Co. Ltd., Class A

    290,000       260,400  

China Hongqiao Group Ltd.

    3,262,500       3,489,578  

China Metal Recycling Holdings Ltd.(c)

    132,000        

China Minmetals Rare Earth Co. Ltd., Class A(b)

    72,500       419,961  

China Nonferrous Mining Corp. Ltd.

    1,450,000       730,466  

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

    290,070       1,212,454  

China Oriental Group Co. Ltd.

    2,630,000       533,573  

China Zhongwang Holdings Ltd.(b)(c)

    1,552,000       150,682  

CMOC Group Ltd., Class A

    1,595,000       1,356,196  

CMOC Group Ltd., Class H.

    4,680,000       2,635,297  

GEM Co. Ltd., Class A

    427,217       484,414  

Guangdong HEC Technology Holding Co. Ltd., Class A

    218,400       296,341  

Henan Shenhuo Coal & Power Co. Ltd.

    217,500       584,369  

Hesteel Co. Ltd., Class A

    860,000       311,769  

Huaibei Mining Holdings Co. Ltd.

    217,500       454,709  

Hunan Valin Steel Co. Ltd., Class A

    580,000       468,297  

Inner Mongolia BaoTou Steel Union Co. Ltd., Class A

    3,770,021       1,112,945  

Inner Mongolia ERDOS Resources Co. Ltd.

    101,060       243,432  

Jiangxi Copper Co. Ltd., Class A.

    147,125       415,517  

Jiangxi Copper Co. Ltd., Class H

    1,580,000       2,491,774  

Jinchuan Group International Resources Co. Ltd.

    4,350,000       338,350  

MMG Ltd.(a)(b)

    3,934,000       1,109,589  

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

    725,000       582,313  

Shandong Nanshan Aluminum Co. Ltd., Class A.

    1,003,430       521,222  

Shanxi Meijin Energy Co. Ltd., Class A.

    365,128       493,585  

Shanxi Taigang Stainless Steel Co. Ltd., Class A

    507,500       348,951  

Shenghe Resources Holding Co. Ltd., Class A

    145,000       334,234  

Shougang Fushan Resources Group Ltd.

    2,900,000       931,586  

Sinomine Resource Group Co. Ltd., Class A

    37,900       408,252  

Tiangong International Co. Ltd.

    1,450,000       534,404  

Tianshan Aluminum Group Co. Ltd., Class A

    349,000       416,030  

Tibet Summit Resources Co. Ltd., Class-A(b)

    72,500       272,810  

Tongling Nonferrous Metals Group Co. Ltd., Class A

    936,800       454,934  

Western Mining Co. Ltd., Class A

    217,500       359,455  

Western Superconducting Technologies Co. Ltd., Class A

    35,850       467,412  

 

 

22  

2 0 2 3  H A R E S   E M I - A N N U A L  E P O R T  T O  H A R E  H O L D E R S


Schedule of Investments  (unaudited) (continued)

February 28, 2023

  

iShares® MSCI Global Metals & Mining  Producers ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
China (continued)  

Xiamen Tungsten Co. Ltd., Class A

    145,099     $ 477,716  

Yintai Gold Co. Ltd., Class A.

    204,040       340,239