LOGO

      JANUARY 31, 2022

 

  

2022 Semi-Annual Report

(Unaudited)

 

iShares Trust

 

·  

iShares Currency Hedged MSCI ACWI ex U.S. ETF | HAWX | NYSE Arca

 

·  

iShares Currency Hedged MSCI EAFE ETF | HEFA | Cboe BZX

 

·  

iShares Currency Hedged MSCI EAFE Small-Cap ETF | HSCZ | NYSE Arca

 

·  

iShares MSCI ACWI ex U.S. ETF | ACWX | NASDAQ

 

·  

iShares MSCI EAFE ETF | EFA | NYSE Arca

 

·  

iShares MSCI EAFE Small-Cap ETF | SCZ | NASDAQ


The Markets in Review

Dear Shareholder,

The 12-month reporting period as of January 31, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. Continued growth meant that the U.S. economy regained and then surpassed its pre-pandemic output. However, rapid changes in consumer spending led to supply constraints and elevated inflation.

Equity prices were mixed, as persistently high inflation droveinvestors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined slightly, while large-capitalization U.S. stocks posted a strong advance. International equities from developed markets also gained, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose significantly during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. In the corporate bond market, the improving economy assuaged credit concerns and led to positive returns for high-yield corporate bonds, outpacing the modest negative return of investment-grade corporate bonds.

The U.S. Federal Reserve (the “Fed”) maintained accommodative monetary policy during the reporting period by keeping near-zero interest rates. However, the Fed’s tone shifted late in the period, as it reduced its bond-buying program and raised the prospect of higher rates in 2022. Continued high inflation and the Fed’s new tone led many analysts to anticipate that the Fed will raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy. Sanctions on Russia and general wartime disruption are likely to drive already-high commodity prices even further upwards, and we have already seen spikes in energy and metal markets. While this will exacerbate inflationary pressure, it could also constrain economic growth, making the Fed’s way forward less clear. Its challenge will be combating inflation without stifling a recovery that is now facing additional supply shocks.

In this environment, we favor an overweight to equities, as we believe low interest rates and continued economic growth will support further gains, albeit likely more modest than what we saw in 2021. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. U.S. and other developed-market equities have room for further growth, while we believe Chinese equities stand to gain from a more accommodative monetary and fiscal environment. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

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

Sincerely,

 

LOGO

Rob Kapito

President, BlackRock, Inc.

 

LOGO

Rob Kapito

President, BlackRock, Inc.

 

Total Returns as of January 31, 2022
     
      6-Month       12-Month  
   

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

    3.44%   23.29%
   

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

  (8.41)   (1.21)
   

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

  (3.43)   7.03
   

Emerging market equities (MSCI Emerging Markets Index)

  (4.59)   (7.23)
   

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

  0.01   0.04
   

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

  (3.87)   (4.43)
   

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

  (3.17)   (2.97)
   

Tax-exempt municipal bonds (S&P Municipal Bond Index)

  (2.56)   (1.22)
   

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

  (1.55)   2.05
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

 

 

2  

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


Table of Contents

 

      Page  

The Markets in Review

     2  

Fund Summary

     4  

About Fund Performance

     10  

Shareholder Expenses

     10  

Schedules of Investments

     11  

Financial Statements:

  

Statements of Assets and Liabilities

     83  

Statements of Operations

     85  

Statements of Changes in Net Assets

     87  

Financial Highlights

     90  

Notes to Financial Statements

     96  

Statement Regarding Liquidity Risk Management Program

     108  

Supplemental Information

     109  

General Information

     110  

Glossary of Terms Used in this Report

     111  

 

 

  3


Fund Summary as of January 31,  2022    iShares® Currency Hedged MSCI ACWI ex U.S. ETF

 

Investment Objective

The iShares Currency Hedged MSCI ACWI ex U.S. ETF (the “Fund”) seeks to track the investment results of an index composed of large-and mid-capitalization developed and emerging equities, excluding the U.S., while mitigating exposure to fluctuations between the value of the component currencies and the U.S. dollar, as represented by the MSCI ACWI ex USA 100% Hedged to USD Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI ACWI ex U.S. ETF.

Performance

 

           Average Annual Total Returns           Cumulative Total Returns  
     6 Months      1 Year      5 Years    

Since 

Inception

           1 Year      5 Years     

Since

Inception

 

Fund NAV

    0.73      9.79      9.13     7.23       9.79      54.77      58.46

Fund Market

    0.76        9.56        9.12       7.24         9.56        54.73        58.57  

Index

    0.21        8.96        9.14       7.21               8.96        54.85        58.20  

The inception date of the Fund was 6/29/15. The first day of secondary market trading was 7/1/15.

Past performance is no guarantee 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” on page 10 for more information.

Expense Example

 

Actual     Hypothetical 5% Return           

 

 

   

 

 

      
 

Beginning

Account Value

(08/01/21)

 

 

 

      

Ending

Account Value

(01/31/22)

 

 

 

      

Expenses

Paid During

the Period 

 

 

(a)(b) 

   

Beginning

Account Value

(08/01/21)

 

 

 

   

Ending

Account Value

(01/31/22)

 

 

 

      

Expenses

Paid During

the Period 

 

 

(a)(b) 

      

Annualized

Expense

Ratio

 

 

 (a)  

  $      1,000.00          $      1,007.30          $        0.15       $      1,000.00       $      1,025.10          $        0.15          0.03

 

  (a) 

Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.

 
  (b) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 10 for more information.

 

Portfolio Information

 

ALLOCATION BY INVESTMENT TYPE  
   
Investment Type   Percent of
Net Assets
 

Investment Companies

    100.1

Short-term Investments

    0.0 (a) 
Forward foreign currency exchange contracts, net cumulative appreciation     0.8  

Other assets less liabilities

    (0.9

 

  (a) 

Rounds to less than 0.1%.

 

ALLOCATION BY SECTOR (of the UNDERLYING FUND)

   
Sector  

Percent of

Total Investment(a)

 

Financials

    20.4

Information Technology

    12.6  

Consumer Discretionary

    12.2  

Industrials

    12.1  

Health Care

    8.9  

Consumer Staples

    8.4  

Materials

    8.2  

Communication Services

    6.3  

Energy

    5.4  

Utilities

    3.1  

Real Estate

    2.4  

 

  (a) 

Excludes money market funds.

 

 

 

4  

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


Fund Summary as of January 31, 2022    iShares® Currency Hedged MSCI EAFE ETF

 

Investment Objective

The iShares Currency Hedged MSCI EAFE ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization equities in Europe, Australasia, and the Far East while mitigating exposure to fluctuations between the value of the component currencies and the U.S. dollar, as represented by the MSCI EAFE® 100% Hedged to USD Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI EAFE ETF.

Performance

 

           Average Annual Total Returns         Cumulative Total Returns  
     6 Months      1 Year      5 Years    

Since

Inception

           1 Year      5 Years     

Since

Inception

 

Fund NAV

    2.03      16.40      9.33     8.42       16.40      56.18      90.96

Fund Market

    2.09        16.32        9.31       8.42         16.32        56.05        90.94  

Index

    1.55        15.57        9.33       8.41           15.57        56.21        90.84  

The inception date of the Fund was 1/31/14. The first day of secondary market trading was 2/4/14.

Past performance is no guarantee 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” on page 10 for more information.

Expense Example

 

Actual     Hypothetical 5% Return         

 

 

   

 

 

    
 

Beginning

Account Value

(08/01/21)

 

 

 

      

Ending

Account Value

(01/31/22)

 

 

 

      

Expenses

Paid During

the Period 

 

 

(a)(b) 

   

Beginning

Account Value

(08/01/21)

 

 

 

      

Ending

Account Value

(01/31/22)

 

 

 

      

Expenses

Paid During

the Period 

 

 

(a)(b) 

    

Annualized

Expense

Ratio

 

 

 (a)  

  $      1,000.00          $      1,020.30          $    0.15       $      1,000.00          $      1,025.10          $        0.15        0.03

 

  (a) 

Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.

 
  (b) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 10 for more information.

 

Portfolio Information

 

ALLOCATION BY INVESTMENT TYPE

 

   
Investment Type  

Percent of

Net Assets

 

Investment Companies

    100.2

Short-term Investments

    0.3  
Forward foreign currency exchange contracts, net cumulative appreciation     1.1  

Other assets less liabilities

    (1.6

ALLOCATION BY SECTOR (of the UNDERLYING FUND)

 

   
Sector   Percent of
Total Investment(a)
 

Financials

    18.1

Industrials

    15.5  

Consumer Discretionary

    12.6  

Health Care

    12.3  

Consumer Staples

    10.3  

Information Technology

    8.7  

Materials

    7.7  

Communication Services

    4.6  

Energy

    3.9  

Utilities

    3.4  

Real Estate

    2.9  

 

  (a) 

Excludes money market funds.

 

 

 

F U N D   S U M M A R Y

  5


Fund Summary as of January 31, 2022    iShares® Currency Hedged MSCI EAFE Small-Cap ETF

 

Investment Objective

The iShares Currency Hedged MSCI EAFE Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization developed market equities, excluding the U.S. and Canada, while mitigating exposure to fluctuations between the value of the component currencies and the U.S. dollar, as represented by the MSCI EAFE Small-Cap 100% Hedged to USD Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI EAFE Small-Cap ETF.

Performance

 

          Average Annual Total Returns          Cumulative Total Returns  
     6 Months     1 Year     5 Years    

Since

Inception

   

    

   1 Year     5 Years    

Since

Inception

 

Fund NAV

    (2.72 )%      11.43     10.02     9.16        11.43     61.18     78.26

Fund Market

    (2.69     11.12       10.03       9.17          11.12       61.29       78.32  

Index

    (3.36     10.40       10.16       9.19            10.40       62.19       78.38  

The inception date of the Fund was 6/29/15. The first day of secondary market trading was 7/1/15.

Past performance is no guarantee 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” on page 10 for more information.

Expense Example

 

Actual     Hypothetical 5% Return        

 

 

   

 

 

   
 

Beginning

Account Value

(08/01/21)

 

 

 

   

Ending

Account Value

(01/31/22)

 

 

 

    

Expenses

Paid During

the Period 

 

 

(a)(b) 

   

Beginning

Account Value

(08/01/21)

 

 

 

    

Ending

Account Value

(01/31/22)

 

 

 

    

Expenses

Paid During

the Period 

 

 

(a)(b) 

   

Annualized

Expense

Ratio

 

 

 (a)  

  $       1,000.00       $        972.80        $        0.15       $      1,000.00        $      1,025.10        $        0.15       0.03

 

  (a) 

Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.

 
  (b) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 10 for more information.

 

Portfolio Information

 

ALLOCATION BY INVESTMENT TYPE

 

   
Investment Type  

Percent of

Net Assets

 
Investment Companies     100.1
Short-term Investments     0.1  
Forward foreign currency exchange contracts, net cumulative appreciation     1.1  
Other assets less liabilities     (1.3

ALLOCATION BY SECTOR (of the UNDERLYING FUND)

 

   
Sector  

Percent of

Total Investment(a)

 

Industrials

    23.4

Consumer Discretionary

    12.6  

Real Estate

    12.3  

Financials

    11.0  

Information Technology

    10.0  

Materials

    9.5  

Health Care

    6.1  

Consumer Staples

    5.6  

Communication Services

    4.5  

Utilities

    3.1  

Energy

    1.9  

 

  (a) 

Excludes money market funds.

 

 

 

6  

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


Fund Summary as of January 31, 2022    iShares® MSCI ACWI ex U.S. ETF

 

Investment Objective

The iShares MSCI ACWI ex U.S. ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization non-U.S. equities, as represented by the MSCI ACWI ex USA 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 Months     1 Year     5 Years     10 Years             1 Year     5 Years     10 Years  

Fund NAV

    (2.34 )%      4.50     8.14     6.16        4.50     47.86     81.75

Fund Market

    (2.62     4.64       8.11       6.13          4.64       47.68       81.35  

Index

    (3.27     3.63       8.04       6.18            3.63       47.18       82.16  

Past performance is no guarantee 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” on page 10 for more information.

Expense Example

 

Actual     Hypothetical 5% Return        

 

 

   

 

 

   
 

Beginning

Account Value

(08/01/21)

 

 

 

   

Ending

Account Value

(01/31/22)

 

 

 

    

Expenses

Paid During

the Period 

 

 

(a)(b) 

   

Beginning

Account Value

(08/01/21)

 

 

 

    

Ending

Account Value

(01/31/22)

 

 

 

    

Expenses

Paid During

the Period 

 

 

(a)(b) 

   

Annualized

Expense

Ratio

 

 

 (a)  

  $      1,000.00       $        976.60        $        1.59       $      1,000.00        $      1,023.60        $        1.63       0.32

 

  (a) 

Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.

 
  (b) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 10 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

   
Sector    

Percent of

Total Investments

 

(a) 

Financials

    20.4

Information Technology

    12.6  

Consumer Discretionary

    12.2  

Industrials

    12.1  

Health Care

    8.9  

Consumer Staples

    8.4  

Materials

    8.2  

Communication Services

    6.3  

Energy

    5.4  

Utilities

    3.1  

Real Estate

    2.4  

 

  (a) 

Excludes money market funds.

 

TEN LARGEST GEOGRAPHIC ALLOCATION

 

   
Country/Geographic Region    

Percent of

Total Investments

 

(a) 

Japan

    14.2

China

    9.6  

United Kingdom

    9.0  

Canada

    7.6  

France

    7.3  

Switzerland

    6.4  

Germany

    5.6  

Australia

    4.8  

Taiwan

    4.7  

India

    3.7  

 

 

F U N D   S U M M A R Y

  7


Fund Summary as of January 31, 2022    iShares® MSCI EAFE ETF

 

Investment Objective

The iShares 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, as represented by the MSCI EAFE 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 Months     1 Year     5 Years     10 Years             1 Year     5 Years     10 Years  

Fund NAV

    (2.61 )%      8.17     8.06     6.99        8.17     47.33     96.54

Fund Market

    (2.74     8.25       8.04       6.97          8.25       47.18       96.14  

Index

    (3.43     7.03       7.85       6.94            7.03       45.92       95.60  

Past performance is no guarantee 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” on page 10 for more information.

Expense Example

 

Actual     Hypothetical 5% Return        

 

 

   

 

 

   
 

Beginning

Account Value

(08/01/21)

 

 

 

   

Ending

Account Value

(01/31/22)

 

 

 

    

Expenses

Paid During

the Period 

 

 

(a)(b) 

   

Beginning

Account Value

(08/01/21)

 

 

 

    

Ending

Account Value

(01/31/22)

 

 

 

    

Expenses

Paid During

the Period 

 

 

(a)(b) 

   

Annualized
Expense
Ratio
 
 
 
  $      1,000.00       $        973.90        $        1.64       $      1,000.00        $      1,023.50        $        1.68       0.33

 

  (a) 

Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.

 
  (b) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 10 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

   
Sector    
Percent of
Total Investments
 
(a) 

Financials

    18.1

Industrials

    15.5  

Consumer Discretionary

    12.6  

Health Care

    12.3  

Consumer Staples

    10.3  

Information Technology

    8.7  

Materials

    7.7  

Communication Services

    4.6  

Energy

    3.9  

Utilities

    3.4  

Real Estate

    2.9  

 

  (a) 

Excludes money market funds.

 

TEN LARGEST GEOGRAPHIC ALLOCATION

 

   
Country/Geographic Region    
Percent of
Total Investments
 
(a) 

Japan

    22.5

United Kingdom

    14.3  

France

    11.6  

Switzerland

    10.3  

Germany

    8.9  

Australia

    7.7  

Netherlands

    5.3  

Sweden

    3.5  

Hong Kong

    2.9  

Denmark

    2.5  

 

 

8  

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Fund Summary as of January 31, 2022    iShares® MSCI EAFE Small-Cap ETF

 

Investment Objective

The iShares MSCI EAFE Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization developed market equities, excluding the U.S. and Canada, as represented by the MSCI EAFE Small Cap 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 Months     1 Year     5 Years     10 Years           1 Year     5 Years     10 Years  

Fund NAV

    (7.27 )%      3.32     8.65     9.08        3.32     51.39     138.59

Fund Market

    (7.15     3.83       8.68       9.03          3.83       51.65       137.47  

Index

    (7.98     2.42       8.61       9.09            2.42       51.12       138.68  

Past performance is no guarantee 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” on page 10 for more information.

Expense Example

 

Actual     Hypothetical 5% Return        

 

 

   

 

 

   
 

Beginning

Account Value

(08/01/21)

 

 

 

   


Ending

Account Value
(01/31/22)

 


 

    

Expenses

Paid During

the Period 

 

 

(a)(b) 

   

Beginning

Account Value

(08/01/21)

 

 

 

    

Ending

Account Value

(01/31/22)

 

 

 

    

Expenses

Paid During

the Period 

 

 

(a)(b) 

   

Annualized

Expense

Ratio

 

 

 

  $      1,000.00       $        927.30        $        1.89       $      1,000.00        $      1,023.20        $        1.99       0.39

 

  (a) 

Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.

 
  (b) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 10 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

   
Sector    
Percent of
Total Investments
 
(a) 

Industrials

    23.4

Consumer Discretionary

    12.6  

Real Estate

    12.3  

Financials

    11.0  

Information Technology

    10.0  

Materials

    9.5  

Health Care

    6.1  

Consumer Staples

    5.6  

Communication Services

    4.5  

Utilities

    3.1  

Energy

    1.9  

 

  (a) 

Excludes money market funds.

 

TEN LARGEST GEOGRAPHIC ALLOCATION

 

   
Country/Geographic Region    
Percent of
Total Investments
 
(a) 

Japan

    27.3

United Kingdom

    17.2  

Australia

    9.3  

Sweden

    6.8  

Germany

    5.3  

Switzerland

    4.9  

France

    3.5  

Israel

    3.2  

Italy

    2.9  

Netherlands

    2.7  

 

 

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 by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Shareholder 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 (or from the commencement of operations if less than 6 months) 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 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 a 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  

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Schedule of Investments (unaudited)

January 31, 2022

  

iShares® Currency Hedged MSCI ACWI ex U.S. ETF

(Percentages shown are based on Net Assets)

 

Security   Shares      Value  

 

 

Investment Companies

    
Exchange-Traded Funds — 100.1%             

iShares MSCI ACWI ex U.S. ETF(a)

    2,263,984      $ 122,662,653  
    

 

 

 

Total Investment Companies — 100.1%
(Cost: $112,882,129)

       122,662,653  
    

 

 

 
Short-Term Investments             

Money Market Funds — 0.0%

    

BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(a)(b)

    60,000        60,000  
    

 

 

 

Total Short-Term Investments — 0.0%
(Cost: $60,000)

       60,000  
    

 

 

 

Total Investments in Securities — 100.1%
(Cost: $112,942,129)

       122,722,653  

Other Assets, Less Liabilities — (0.1)%

       (166,834
    

 

 

 

Net Assets — 100.0%

     $   122,555,819  
    

 

 

 

 

(a) 

Affiliate of the Fund.

(b) 

Annualized 7-day yield as of period end.

 

Affiliates

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

 

 

 

   
       Affiliated Issuer  

Value at

07/31/21

    

Purchases

at Cost

    

Proceeds

from Sales

   

Net Realized

Gain (Loss)

    

Change in

Unrealized

Appreciation

(Depreciation)

   

Value at

01/31/22

   

Shares

Held at

01/31/22

     Income     

Capital

Gain

Distributions

from

Underlying

Funds

   

    

 

 

   
 

BlackRock Cash Funds: Treasury, SL Agency Shares

  $ 70,000      $      $ (10,000) (a)     $      $     $ 60,000       60,000      $ 2      $    
 

iShares MSCI ACWI ex U.S. ETF

    120,314,149        18,477,151        (10,449,636     1,219,806        (6,898,817     122,662,653       2,263,984        2,153,505           
           

 

 

    

 

 

   

 

 

      

 

 

    

 

 

   
            $ 1,219,806      $ (6,898,817)     $ 122,722,653        $ 2,153,507      $    
           

 

 

    

 

 

   

 

 

      

 

 

    

 

 

   

 

  (a) 

Represents net amount purchased (sold).

 

Derivative Financial Instruments Outstanding as of Period End

Forward Foreign Currency Exchange Contracts

 

             
Currency Purchased            Currency Sold               Counterparty     Settlement Date               

Unrealized

Appreciation

(Depreciation)

 

AUD

     7,684,000       USD       5,413,787        MS   02/04/22           $ 19,221  

BRL

     505,000       USD       92,688        MS   02/04/22             2,362  

BRL

     326,000       USD       58,059        SSB   02/04/22             3,300  

CAD

     11,933,000       USD       9,382,765        SSB   02/04/22             4,776  

CHF

     7,639,000       USD       8,205,133        MS   02/04/22             38,958  

CLP

     23,000       USD       29        MS   02/04/22              

CLP

     18,785,000       USD       21,969        SSB   02/04/22             1,485  

DKK

     14,217,000       USD       2,142,050        CITI   02/04/22             4,647  

EUR

     23,807,000       USD       26,687,647        SSB   02/04/22             59,396  

GBP

     8,630,000       USD       11,578,439        SSB   02/04/22             27,897  

HKD

     80,544,000       USD       10,329,463        CITI   02/04/22             597  

ILS

     1,085,000       USD       341,448        JPM   02/04/22             1,333  

 

 

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

  11


Schedule of Investments (unaudited) (continued)

January 31, 2022

   iShares® Currency Hedged MSCI ACWI ex U.S. ETF

 

Forward Foreign Currency Exchange Contracts (continued)

 

             
Currency Purchased          Currency Sold               Counterparty     Settlement Date               

Unrealized

Appreciation

(Depreciation)

 

ILS

     61,000     USD     19,219        SSB   02/04/22           $ 53  

INR

     20,741,000     USD     277,357        MS   02/04/22             496  

JPY

     2,070,262,000     USD     17,967,375        BOA   02/04/22             22,661  

JPY

     19,237,000     USD     167,090        DB   02/04/22             75  

MXN

     15,286,000     USD     740,052        JPM   02/04/22             749  

MXN

     870,000     USD     42,087        SSB   02/04/22             76  

NOK

     4,625,000     USD     518,709        JPM   02/04/22             1,288  

NOK

     273,000     USD     30,546        SSB   02/04/22             148  

NZD

     245,000     USD     160,900        JPM   02/04/22             306  

RUB

     91,515,000     USD     1,179,217        MS   02/04/22             4,030  

SEK

     28,785,000     USD     3,083,925        BOA   02/04/22             3,073  

SGD

     1,098,000     USD     812,040        CITI   02/04/22             721  

TRY

     68,000     USD     5,036        BBP   02/04/22             63  

TRY

     1,178,000     USD     87,667        CITI   02/04/22             650  

USD

     5,823,504     AUD     8,009,000        BNP   02/04/22             160,703  

USD

     86,524     AUD     119,000        DB   02/04/22             2,384  

USD

     41,165     CAD     52,000        BOA   02/04/22             257  

USD

     9,993,667     CAD     12,624,000        JPM   02/04/22             62,526  

USD

     8,619,819     CHF     7,848,000        BNP   02/04/22             150,173  

USD

     278,978     CHF     254,000        DB   02/04/22             4,858  

USD

     2,272,972     DKK     14,857,000        BNP   02/04/22             29,639  

USD

     13,326     DKK     87,000        BOA   02/04/22             190  

USD

     344,778     EUR     303,000        BOA   02/04/22             4,360  

USD

     46,704     EUR     41,000        MS   02/04/22             640  

USD

     28,214,848     EUR     24,796,000        SSB   02/04/22             356,668  

USD

     12,242,150     GBP     9,039,000        CITI   02/04/22             85,757  

USD

     195,027     GBP     144,000        SSB   02/04/22             1,364  

USD

     11,274,705     HKD     87,897,000        BNP   02/04/22             1,595  

USD

     14,781     ILS     46,000        BBP   02/04/22             248  

USD

     354,738     ILS     1,104,000        BNP   02/04/22             5,955  

USD

     4,705,352     INR     351,071,000        MS   02/04/22             2,301  

USD

     739,884     MXN     15,222,000        BNP   02/04/22             2,185  

USD

     41,660     MXN     857,000        BOA   02/04/22             127  

USD

     3,737     MXN     77,000        SSB   02/04/22             5  

USD

     557,382     NOK     4,918,000        BNP   02/04/22             4,442  

USD

     193,677     NZD     283,000        BNP   02/04/22             7,467  

USD

     684     NZD     1,000        UBS   02/04/22             26  

USD

     1,282,439     RUB     96,961,000        MS   02/04/22             28,778  

USD

     3,354,050     SEK     30,361,000        BNP   02/04/22             98,037  

USD

     879,554     SGD     1,186,000        HSBC   02/04/22             1,654  

USD

     648,435     THB     21,532,000        BNP   02/04/22             1,741  

ZAR

     18,443,000     USD     1,191,868        MS   02/04/22             7,748  

KRW

     6,488,980,000     USD     5,379,537        MS   02/07/22             3,084  

MYR

     2,192,000     USD     523,787        MS   02/07/22             490  

USD

     5,793,235     KRW     6,893,145,000        MS   02/07/22             75,358  

USD

     526,927     MYR     2,192,000        MS   02/07/22             2,650  

CNH

     10,000     USD     1,569        DB   02/09/22              

CNH

     12,332,000     USD     1,933,112        MS   02/09/22             2,178  

TWD

     161,313,000     USD     5,795,517        MS   02/09/22             5,156  

USD

     6,191,616     TWD     171,045,000        MS   02/09/22             40,988  

 

 

12  

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


Schedule of Investments (unaudited) (continued)

January 31, 2022

   iShares® Currency Hedged MSCI ACWI ex U.S. ETF

 

Forward Foreign Currency Exchange Contracts (continued)

 

             
Currency Purchased          Currency Sold               Counterparty     Settlement Date               

Unrealized

Appreciation

(Depreciation)

 

AUD

     678,000     USD     477,743        BNP   03/04/22           $ 1,689  

CAD

     343,000     USD     269,685        SSB   03/04/22             143  

CHF

     467,000     USD     501,996        BOA   03/04/22             2,364  

CNH

     817,000     USD     127,883        UBS   03/04/22             118  

DKK

     1,603,000     USD     241,669        DB   03/04/22             517  

EUR

     821,000     USD     920,902        CITI   03/04/22             2,014  

HKD

     857,000     USD     109,901        JPM   03/04/22             12  

ILS

     37,000     USD     11,650        CITI   03/04/22             46  

INR

     2,872,000     USD     38,369        MS   03/04/22             12  

JPY

     149,003,000     USD     1,293,451        BOA   03/04/22             1,636  

MXN

     846,000     USD     40,773        UBS   03/04/22             37  

NZD

     22,000     USD     14,442        BOA   03/04/22             27  

SEK

     2,433,000     USD     260,726        DB   03/04/22             260  

TRY

     20,000     USD     1,473        SSB   03/04/22             5  

TWD

     1,622,000     USD     58,410        MS   03/04/22             35  

USD

     1,514,171     BRL     8,099,000        MS   03/04/22             296  

USD

     101,570     CAD     129,000        JPM   03/04/22             89  

USD

     214,885     CLP     172,367,000        MS   03/04/22             478  

USD

     359,175     JPY     41,290,000        JPM   03/04/22             296  

USD

     143,669     KRW     173,317,000        MS   03/04/22             34  

USD

     3,138     MXN     65,000        JPM   03/04/22             3  

USD

     11,551     RUB     901,000        MS   03/04/22             2  

USD

     645     SEK     6,000        CITI   03/04/22             1  

USD

     609,224     THB     20,275,000        CITI   03/04/22             368  

USD

     841     THB     28,000        JPM   03/04/22              

USD

     4,241     THB     141,000        UBS   03/04/22             7  

USD

     5,380     ZAR     83,000        SSB   03/04/22             2  
                       

 

 

 
                          1,360,584  
                       

 

 

 

AUD

     1,000     USD     717        BNP   02/04/22             (10

AUD

     434,000     USD     310,518        BOA   02/04/22             (3,656

AUD

     9,000     USD     6,548        JPM   02/04/22             (184

BRL

     8,099,000     USD     1,524,690        MS   02/04/22             (307

CAD

     741,000     USD     586,886        BOA   02/04/22             (3,951

CAD

     2,000     USD     1,588        BSCH   02/04/22             (14

CHF

     45,000     USD     49,403        BBP   02/04/22             (839

CHF

     1,000     USD     1,085        BOA   02/04/22             (6

CHF

     417,000     USD     454,249        JPM   02/04/22             (4,218

CLP

     176,566,000     USD     220,992        MS   02/04/22             (540

DKK

     727,000     USD     110,454        BOA   02/04/22             (681

EUR

     3,000     USD     3,385        BNP   02/04/22             (14

EUR

     1,330,000     USD     1,503,634        UBS   02/04/22             (9,386

GBP

     1,000     USD     1,352        BNP   02/04/22             (7

GBP

     552,000     USD     745,771        JPM   02/04/22             (3,396

HKD

     113,000     USD     14,495        CITI   02/04/22             (2

HKD

     2,116,000     USD     271,430        DB   02/04/22             (46

HKD

     11,000     USD     1,413        JPM   02/04/22             (2

HKD

     5,113,000     USD     656,657        SSB   02/04/22             (896

ILS

     4,000     USD     1,288        SSB   02/04/22             (25

INR

     333,455,000     USD     4,468,289        MS   02/04/22             (1,227

JPY

     130,081,000     USD     1,141,383        JPM   02/04/22             (11,013

 

 

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

  13


Schedule of Investments (unaudited) (continued)

January 31, 2022

   iShares® Currency Hedged MSCI ACWI ex U.S. ETF

 

Forward Foreign Currency Exchange Contracts (continued)

 

             
Currency Purchased          Currency Sold               Counterparty     Settlement Date               

Unrealized

Appreciation

(Depreciation)

 

NOK

     19,000     USD     2,157        JPM   02/04/22           $ (21

NOK

     1,000     USD     113        SSB   02/04/22              

NZD

     25,000     USD     17,113        BBP   02/04/22             (663

NZD

     14,000     USD     9,361        BNP   02/04/22             (149

RUB

     5,446,000     USD     72,085        MS   02/04/22             (1,670

SEK

     4,000     USD     432        DB   02/04/22             (3

SEK

     1,572,000     USD     169,872        JPM   02/04/22             (1,286

SGD

     11,000     USD     8,158        BBP   02/04/22             (16

SGD

     7,000     USD     5,194        BSCH   02/04/22             (12

SGD

     70,000     USD     52,072        SSB   02/04/22             (257

THB

     20,275,000     USD     609,549        CITI   02/04/22             (608

THB

     47,000     USD     1,418        HSBC   02/04/22             (6

THB

     3,000     USD     91        SSB   02/04/22             (1

THB

     1,207,000     USD     36,608        UBS   02/04/22             (357

USD

     6,386     BRL     36,000        CITI   02/04/22             (390

USD

     1,583,972     BRL     8,894,000        SSB   02/04/22             (90,045

USD

     1,733     CLP     1,483,000        CITI   02/04/22             (118

USD

     226,760     CLP     193,891,000        SSB   02/04/22             (15,324

USD

     41,804     INR     3,125,000        MS   02/04/22             (59

USD

     19,278,701     JPY     2,219,580,000        BOA   02/04/22             (8,869

USD

     91,216     TRY     1,246,000        MS   02/04/22             (2,200

USD

     8,187     ZAR     131,000        BBP   02/04/22             (334

USD

     1,172,952     ZAR     18,803,000        BNP   02/04/22             (50,080

USD

     37,543     ZAR     602,000        CITI   02/04/22             (1,614

ZAR

     3,000     USD     197        CITI   02/04/22             (2

ZAR

     1,090,000     USD     71,382        DB   02/04/22             (484

KRW

     404,165,000     USD     338,124        MS   02/07/22             (2,868

CNH

     710,000     USD     112,020        DB   02/09/22             (598

CNH

     2,000     USD     316        JPM   02/09/22             (2

TWD

     9,732,000     USD     351,643        MS   02/09/22             (1,689

USD

     2,035,225     CNH     12,971,000        BNP   02/09/22             (344

USD

     13,018     CNH     83,000        CITI   02/09/22             (8

BRL

     56,000     USD     10,475        MS   03/04/22             (7

CHF

     18,000     USD     19,463        JPM   03/04/22             (23

CNH

     115,000     USD     18,021        HSBC   03/04/22             (3

DKK

     144,000     USD     21,769        BOA   03/04/22             (13

EUR

     171,000     USD     192,336        UBS   03/04/22             (109

GBP

     326,000     USD     438,492        BBP   03/04/22             (140

KRW

     599,364,000     USD     496,848        MS   03/04/22             (131

MYR

     26,000     USD     6,221        MS   03/04/22             (2

NOK

     38,000     USD     4,271        UBS   03/04/22             (1

NZD

     6,000     USD     3,948        BOA   03/04/22             (1

RUB

     7,030,000     USD     90,152        MS   03/04/22             (38

SGD

     3,000     USD     2,220        HSBC   03/04/22              

USD

     451,081     AUD     638,000        BOA   03/04/22             (66

USD

     5,414,309     AUD     7,684,000        MS   03/04/22             (19,251

USD

     150,991     BRL     808,000        MS   03/04/22             (41

USD

     9,382,529     CAD     11,933,000        SSB   03/04/22             (4,835

USD

     8,211,031     CHF     7,639,000        MS   03/04/22             (39,099

USD

     53     CLP     43,000        MS   03/04/22              

 

 

14  

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


Schedule of Investments (unaudited) (continued)

January 31, 2022

   iShares® Currency Hedged MSCI ACWI ex U.S. ETF

 

Forward Foreign Currency Exchange Contracts (continued)

 

             
Currency Purchased          Currency Sold               Counterparty     Settlement Date               

Unrealized

Appreciation

(Depreciation)

 

USD

     1,929,966     CNH     12,332,000        MS   03/04/22           $ (2,105

USD

     2,143,301     DKK     14,217,000        CITI   03/04/22             (4,647

USD

     26,702,526     EUR     23,807,000        SSB   03/04/22             (59,811

USD

     419,842     GBP     313,000        DB   03/04/22             (1,030

USD

     11,576,170     GBP     8,630,000        SSB   03/04/22             (28,072

USD

     232,503     HKD     1,813,000        BOA   03/04/22             (20

USD

     10,329,306     HKD     80,544,000        CITI   03/04/22             (704

USD

     341,623     ILS     1,085,000        JPM   03/04/22             (1,336

USD

     947     ILS     3,000        UBS   03/04/22             (1

USD

     4,467,968     INR     334,570,000        MS   03/04/22             (3,129

USD

     17,971,102     JPY     2,070,262,000        BOA   03/04/22             (22,964

USD

     5,374,591     KRW     6,488,980,000        MS   03/04/22             (3,091

USD

     736,641     MXN     15,286,000        JPM   03/04/22             (741

USD

     496,748     MYR     2,081,000        MS   03/04/22             (1,004

USD

     15,356     NOK     137,000        DB   03/04/22             (39

USD

     518,445     NOK     4,625,000        JPM   03/04/22             (1,289

USD

     160,830     NZD     245,000        JPM   03/04/22             (305

USD

     1,114,967     RUB     87,106,000        MS   03/04/22             (1,609

USD

     3,084,608     SEK     28,785,000        BOA   03/04/22             (3,140

USD

     50,280     SGD     68,000        BOA   03/04/22             (48

USD

     811,923     SGD     1,098,000        CITI   03/04/22             (730

USD

     84,471     TRY     1,152,000        CITI   03/04/22             (675

USD

     5,137     TRY     70,000        MS   03/04/22             (36

USD

     5,825,996     TWD     162,003,000        MS   03/04/22             (11,369

USD

     1,187,100     ZAR     18,443,000        MS   03/04/22             (7,819

USD

     11,070     ZAR     172,000        UBS   03/04/22             (74
                       

 

 

 
                          (440,045
                       

 

 

 
    

Net unrealized appreciation

                   $ 920,539  
                       

 

 

 

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:

 

 

 
    

Foreign

Currency

Exchange

Contracts

 

 

 

Assets — Derivative Financial Instruments

  

Forward foreign currency exchange contracts

  

Unrealized appreciation on forward foreign currency exchange contracts

   $ 1,360,584  
  

 

 

 

Liabilities — Derivative Financial Instruments

  

Forward foreign currency exchange contracts

  

Unrealized depreciation on forward foreign currency exchange contracts

   $ 440,045  

 

 

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

  15


Schedule of Investments (unaudited) (continued)

January 31, 2022

   iShares® Currency Hedged MSCI ACWI ex U.S. ETF

 

For the period ended January 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

 

 

 
    

Foreign

Currency

Exchange

Contracts

 

 

 

Net Realized Gain (Loss) from:

  

Forward foreign currency exchange contracts

   $ 3,319,483  
  

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

  

Forward foreign currency exchange contracts

   $ 880,945  
  

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

   

Forward foreign currency exchange contracts:

  

Average amounts purchased — in USD

     $128,241,077  

Average amounts sold — in USD

     $248,981,363  

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

Derivative Financial Instruments - Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:

 

 

 
     Assets        Liabilities  

 

 

Derivative Financial Instruments:

       

Forward foreign currency exchange contracts

   $ 1,360,584        $   440,045  
  

 

 

      

 

 

 

Total derivative assets and liabilities in the Statement of Assets and Liabilities

     1,360,584          440,045  

Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)

               
  

 

 

      

 

 

 

Total derivative assets and liabilities subject to an MNA

     1,360,584          440,045  
  

 

 

      

 

 

 

The following tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:

 

 

 
   

Derivative

Assets

Subject to

an MNA by

 

 

 

 

 

 

Derivatives

Available

 

 

      

Non-Cash

Collateral

 

 

      

Cash

Collateral

 

 

 

Net Amount

of Derivative

 

 

Counterparty     Counterparty         for Offset (a)         Received          Received         Assets (b)(c) 

 

 

Bank of America N.A.

    $ 34,695       $ (34,695      $        $       $  

Barclays Bank PLC

      311         (311                          

BNP Paribas SA

      463,626         (50,604                         413,022  

Citibank N.A.

      94,801                  (9,498                         85,303  

Deutsche Bank Securities Inc.

      8,094         (2,200                              5,894  

HSBC Bank PLC

      1,654         (9                         1,645  

JPMorgan Chase Bank N.A.

      66,602         (23,816                         42,786  

Morgan Stanley & Co. International PLC

      235,295         (99,291                         136,004  

State Street Bank and Trust Co.

               455,318         (199,266                         256,052  

UBS AG

      188         (188                          
   

 

 

     

 

 

      

 

 

      

 

 

     

 

 

 
    $ 1,360,584       $ (419,878      $        $       $ 940,706  
   

 

 

     

 

 

      

 

 

      

 

 

     

 

 

 

 

 

16  

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


Schedule of Investments (unaudited) (continued)

January 31, 2022

   iShares® Currency Hedged MSCI ACWI ex U.S. ETF

 

 

 
 

Derivative

Liabilities

Subject to

an MNA by

 

 

 

 

   

Derivatives

Available

 

 

      

Non-Cash

Collateral

 

 

      

Cash

Collateral

 

 

 

Net Amount

of Derivative

 

 

Counterparty

  Counterparty

 

      for Offset (a)         Pledged          Pledged         Liabilities (c)(d) 

 

 

Banco Santander Central Hispano

     $ 26       $        $        $       $ 26  

Bank of America N.A.

       43,415         (34,695                         8,720  

Barclays Bank PLC

       1,992         (311                         1,681  

BNP Paribas SA

       50,604         (50,604                          

Citibank N.A.

       9,498         (9,498                          

Deutsche Bank Securities Inc.

       2,200         (2,200                          

HSBC Bank PLC

       9         (9                          

JPMorgan Chase Bank N.A.

       23,816                  (23,816                               

Morgan Stanley & Co. International PLC

            99,291         (99,291                          

State Street Bank and Trust Co.

       199,266         (199,266                          

UBS AG

       9,928         (188                         9,740  
    

 

 

     

 

 

      

 

 

      

 

 

     

 

 

 
     $ 440,045       $ (419,878      $        $       $ 20,167  
    

 

 

     

 

 

      

 

 

      

 

 

     

 

 

 

 

  (a) 

The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

 

 

  (b) 

Net amount represents the net amount receivable from the counterparty in the event of default.

 

 

  (c) 

Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

 

 

  (d) 

Net amount represents the net amount payable due to the counterparty in the event of default.

 

Fair Value Hierarchy as of Period End

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

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

 

                                                                                   

 

 
     Level 1        Level 2        Level 3        Total  

 

 

Investments

                 

Assets

                 

Investment Companies

   $ 122,662,653        $        $        $ 122,662,653  

Money Market Funds

     60,000                            60,000  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 122,722,653        $        $        $ 122,722,653  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative financial instruments(a)

                 

Assets

                 

Forward Foreign Currency Exchange Contracts

   $        $   1,360,584        $             —        $ 1,360,584  

Liabilities

                 

Forward Foreign Currency Exchange Contracts

              (440,045                 (440,045
  

 

 

      

 

 

      

 

 

      

 

 

 
   $        $ 920,539        $        $ 920,539  
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a) 

Derivative financial instruments are forward foreign currency exchange contracts. Forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

 

See notes to financial statements.

 

 

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

  17


Schedule of Investments (unaudited) 

January 31, 2022

  

iShares® Currency Hedged MSCI EAFE ETF

(Percentages shown are based on Net Assets)

 

Security   Shares      Value  

 

 

Investment Companies

    

Exchange-Traded Funds — 100.2%

    

iShares MSCI EAFE ETF(a)

    44,309,678      $ 3,359,559,786  
    

 

 

 

Total Investment Companies — 100.2%
(Cost: $3,100,386,438)

       3,359,559,786  
    

 

 

 

Short-Term Investments

    
Money Market Funds — 0.3%             

BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(a)(b)

    9,400,000        9,400,000  
    

 

 

 

Total Short-Term Investments — 0.3%
(Cost: $9,400,000)

 

     9,400,000  
    

 

 

 

Total Investments in Securities — 100.5%
(Cost: $3,109,786,438)

 

     3,368,959,786  

Other Assets, Less Liabilities — (0.5)%

 

     (16,021,117
    

 

 

 

Net Assets — 100.0%

     $   3,352,938,669  
    

 

 

 

 

(a) 

Affiliate of the Fund.

 

(b) 

Annualized 7-day yield as of period end.

 

Affiliates

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

 

 

 

   
    Affiliated Issuer   Value at
07/31/21
    

Purchases

at Cost

    Proceeds
from Sales
   

Net Realized

Gain (Loss)

    

Change in

Unrealized

Appreciation

(Depreciation)

   

Value at

01/31/22

    

Shares

Held at

01/31/22

     Income     

Capital

Gain

Distributions

from

Underlying

Funds

     
 

 

   

    

 

BlackRock Cash Funds: Treasury, SL Agency Shares

  $      $ 9,400,000 (a)    $     $      $     $ 9,400,000        9,400,000      $ 109      $         
 

iShares MSCI EAFE ETF

    2,837,556,835        897,868,035       (224,536,234     19,511,683        (170,840,533     3,359,559,786        44,309,678        62,933,861           
          

 

 

    

 

 

   

 

 

       

 

 

    

 

 

   
           $ 19,511,683      $ (170,840,533   $ 3,368,959,786         $ 62,933,970      $    
          

 

 

    

 

 

   

 

 

       

 

 

    

 

 

   

 

  (a) 

Represents net amount purchased (sold).

 

Derivative Financial Instruments Outstanding as of Period End

Forward Foreign Currency Exchange Contracts

 

             
Currency Purchased             Currency Sold             Counterparty     Settlement Date               

Unrealized

Appreciation

(Depreciation)

 

AUD

     330,557,000     USD        232,893,934     CITI   02/04/22           $ 827,926  

CHF

     328,041,000     USD        352,337,261     MS   02/04/22             1,688,086  

DKK

     607,149,000     USD        91,475,299     UBS   02/04/22             201,202  

EUR

     1,005,790,000     USD        1,127,490,590     SSB   02/04/22             2,509,353  

GBP

     373,037,000     USD        500,485,091     SSB   02/04/22             1,205,884  

HKD

     709,070,000     USD        90,935,545     CITI   02/04/22             5,260  

ILS

     46,712,000     USD        14,700,218     JPM   02/04/22             57,374  

JPY

       89,240,997,000     USD        774,504,111     BOA   02/04/22             976,846  

JPY

     775,499,000     USD        6,735,819     CITI   02/04/22             3,064  

NOK

     199,872,000     USD        22,416,315     JPM   02/04/22             55,675  

NZD

     10,528,000     USD        6,914,106     JPM   02/04/22             13,155  

SEK

     1,234,392,000     USD        132,245,423     BNP   02/04/22             134,838  

 

 

18  

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


Schedule of Investments (unaudited) (continued)

January 31, 2022

  

iShares® Currency Hedged MSCI EAFE ETF

 

Forward Foreign Currency Exchange Contracts (continued)

 

           
Currency Purchased    

Currency Sold

    Counterparty     Settlement Date               

Unrealized

Appreciation

(Depreciation)

 

SGD

     47,714,000     USD        35,287,505     CITI   02/04/22           $ 31,345  

USD

     228,526,381     AUD        314,290,000     BNP   02/04/22             6,306,178  

USD

     1,014,948     AUD        1,427,000     BSCH   02/04/22             5,981  

USD

     570,383     AUD        799,000     HSBC   02/04/22             5,447  

USD

     5,366,600     AUD        7,454,000     MS   02/04/22             96,214  

USD

     3,291,622     AUD        4,527,000     SSB   02/04/22             90,786  

USD

     4,132,489     AUD        5,761,000     UBS   02/04/22             59,148  

USD

     364,548,918     CHF        332,036,000     MS   02/04/22             6,212,123  

USD

     115,662     DKK        756,000     BNP   02/04/22             1,509  

USD

     274,186     DKK        1,790,000     BOA   02/04/22             3,905  

USD

     89,932,526     DKK        587,853,000     HSBC   02/04/22             1,169,626  

USD

     1,620,499     DKK        10,617,000     MS   02/04/22             17,384  

USD

     370,820     DKK        2,455,000     RBS   02/04/22             127  

USD

     843,399     DKK        5,550,000     SSB   02/04/22             5,376  

USD

     128,083     DKK        840,000     TNTC   02/04/22             1,247  

USD

     268,428     DKK        1,762,000     UBS   02/04/22             2,375  

USD

     12,128,692     EUR        10,659,000     BOA   02/04/22             153,359  

USD

     1,734,172     EUR        1,528,000     CBA   02/04/22             17,471  

USD

     2,375,554     EUR        2,074,000     CITI   02/04/22             45,425  

USD

     9,466,103     EUR        8,369,000     JPM   02/04/22             63,574  

USD

     8,073,138     EUR        7,115,000     MS   02/04/22             79,472  

USD

     64,717     EUR        57,000     RBS   02/04/22             678  

USD

         1,098,987,548     EUR        965,888,000     SSB   02/04/22             13,817,299  

USD

     4,964,144     EUR        4,416,000     TDB   02/04/22             2,790  

USD

     15,991,077     EUR        14,107,000     UBS   02/04/22             141,934  

USD

     480,434,316     GBP        354,729,000     CITI   02/04/22             3,365,452  

USD

     4,523,361     GBP        3,338,000     HSBC   02/04/22             34,143  

USD

     1,302,551     GBP        966,000     JPM   02/04/22             3,395  

USD

     12,462,162     GBP        9,236,000     MS   02/04/22             40,826  

USD

     28,510     GBP        21,000     RBS   02/04/22             268  

USD

     11,903,819     GBP        8,769,000     SSB   02/04/22             110,544  

USD

     1,587,344     GBP        1,169,000     UBS   02/04/22             15,176  

USD

     146,667     HKD        1,143,000     CITI   02/04/22             73  

USD

     91,434,666     HKD        712,821,000     HSBC   02/04/22             12,783  

USD

     244,838     HKD        1,906,000     JPM   02/04/22             387  

USD

     722,550     HKD        5,629,000     MS   02/04/22             611  

USD

     2,451,249     HKD        19,096,000     SSB   02/04/22             2,118  

USD

     567,114     ILS        1,765,000     CITI   02/04/22             9,503  

USD

     13,928,422     ILS        43,355,000     HSBC   02/04/22             231,398  

USD

     37,658     ILS        119,000     JPM   02/04/22             62  

USD

     272,328     ILS        851,000     SSB   02/04/22             3,474  

USD

     169,389     ILS        527,000     TNTC   02/04/22             2,896  

USD

     78,998     ILS        247,000     UBS   02/04/22             963  

USD

     1,613,688     JPY        184,747,000     HSBC   02/04/22             8,285  

USD

     1,926,636     JPY        219,591,000     JPM   02/04/22             18,447  

USD

     4,734,453     JPY        539,099,000     SSB   02/04/22             49,824  

USD

     10,106,918     JPY        1,152,782,000     UBS   02/04/22             89,544  

USD

     332,990     NOK        2,938,000     BNP   02/04/22             2,665  

USD

     86,070     NOK        750,000     CITI   02/04/22             1,746  

USD

     21,530,219     NOK        189,965,000     HSBC   02/04/22             172,092  

 

 

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

  19


Schedule of Investments (unaudited) (continued)

January 31, 2022

  

iShares® Currency Hedged MSCI EAFE ETF

 

Forward Foreign Currency Exchange Contracts (continued)

 

           
Currency Purchased      Currency Sold     Counterparty     Settlement Date           

Unrealized

Appreciation

(Depreciation)

 

USD

    504,094        NOK          4,468,000     SSB   02/04/22       $ 1,748  

USD

    29,200        NZD          43,000     BNP   02/04/22         907  

USD

    16,737        NZD          25,000     CBA   02/04/22         287  

USD

    7,591,476        NZD          11,092,000     HSBC   02/04/22         293,112  

USD

    677        NZD          1,000     RBS   02/04/22         19  

USD

    186,491        NZD          276,000     SSB   02/04/22         4,888  

USD

    40,789        NZD          61,000     TDB   02/04/22         652  

USD

    55,174        NZD          82,000     UBS   02/04/22         1,219  

USD

    9,368,411        SEK          84,823,000     BNP   02/04/22         271,713  

USD

    325,336        SEK          3,016,000     CITI   02/04/22         1,890  

USD

    122,888,311        SEK          1,112,390,000     HSBC   02/04/22         3,591,945  

USD

    1,889,511        SEK          17,404,000     MS   02/04/22         23,049  

USD

    278,874        SEK          2,493,000     RBS   02/04/22         11,517  

USD

    784,293        SEK          7,153,000     SSB   02/04/22         17,182  

USD

    946,683        SEK          8,732,000     TNTC   02/04/22         10,234  

USD

    1,319,564        SEK          12,018,000     UBS   02/04/22         30,714  

USD

    34,781,623        SGD          46,899,000     HSBC   02/04/22         66,052  

USD

    172,124        SGD          232,000     MS   02/04/22         393  

USD

    57,144        SGD          77,000     RBS   02/04/22         147  

USD

    405,952        SGD          546,000     SSB   02/04/22         1,792  

AUD

    23,848,000        USD          16,804,112     BNP   03/03/22         59,329  

CHF

    14,068,000        USD          15,121,186     MS   03/03/22         71,795  

DKK

    54,928,000        USD          8,280,753     CITI   03/03/22         17,723  

EUR

    18,877,000        USD          21,173,600     CITI   03/03/22         46,183  

HKD

    16,387,000        USD          2,101,468     JPM   03/03/22         214  

ILS

    850,000        USD          267,630     CITI   03/03/22         1,041  

JPY

        5,135,212,000        USD          44,576,969     BOA   03/03/22         56,074  

NZD

    761,000        USD          499,584     BOA   03/03/22         931  

SEK

    80,787,000        USD          8,657,302     CITI   03/03/22         8,550  

USD

    14,645,002        JPY          1,683,672,000     JPM   03/03/22         11,253  
                   

 

 

 
                      44,788,664  
                   

 

 

 

AUD

    1,281,000        USD          931,948     JPM   02/04/22         (26,211

AUD

    2,892,000        USD          2,102,839     MS   02/04/22         (58,037

CHF

    5,484,000        USD          6,019,592     MS   02/04/22         (101,201

DKK

    5,324,000        USD          815,084     BNP   02/04/22         (11,186

EUR

    9,942,000        USD          11,320,053     MS   02/04/22         (150,267

GBP

    2,536,000        USD          3,432,637     JPM   02/04/22         (22,014

GBP

    3,258,000        USD          4,408,192     MS   02/04/22         (26,564

HKD

    33,349,000        USD          4,277,837     CITI   02/04/22         (707

HKD

    6,189,000        USD          793,865     MS   02/04/22         (103

ILS

    295,000        USD          95,012     SSB   02/04/22         (1,813

ILS

    408,000        USD          131,466     TNTC   02/04/22         (2,568

JPY

    638,301,000        USD          5,548,577     JPM   02/04/22         (1,908

JPY

    780,265,000        USD          6,782,065     UBS   02/04/22         (1,766

NOK

    1,745,000        USD          198,002     CITI   02/04/22         (1,809

NOK

    1,284,000        USD          145,775     JPM   02/04/22         (1,412

NZD

    962,000        USD          658,486     CITI   02/04/22         (25,505

NZD

    92,000        USD          62,943     SSB   02/04/22         (2,408

NZD

    13,000        USD          8,898     UBS   02/04/22         (345

SEK

    4,608,000        USD          510,004     JPM   02/04/22         (15,827

 

 

20  

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


Schedule of Investments (unaudited) (continued)

January 31, 2022

  

iShares® Currency Hedged MSCI EAFE ETF

 

Forward Foreign Currency Exchange Contracts (continued)

 

             
    Currency Purchased                 Currency Sold                 Counterparty        Settlement Date               

Unrealized

Appreciation

(Depreciation)

 

SEK

     10,805,000        USD     1,195,173        MS      02/04/22             $ (36,409

SGD

     416,000        USD     308,518        BNP      02/04/22             (587

SGD

     412,000        USD     305,706        BSCH      02/04/22             (735

SGD

     437,000        USD     324,089        CITI      02/04/22             (613

USD

     330,119        AUD     472,000        HSBC      02/04/22             (3,610

USD

     1,604,312        CHF     1,489,000        MS      02/04/22             (2,632

USD

     127,299        DKK     850,000        SSB      02/04/22             (1,047

USD

     1,693,284        EUR     1,519,000        UBS      02/04/22             (13,305

USD

     807,537        GBP     603,000        CBA      02/04/22             (3,427

USD

     884,687        HKD     6,898,000        CITI      02/04/22             (6

USD

     5,001        HKD     39,000        RBS      02/04/22             (1

USD

     137,951        HKD     1,076,000        SSB      02/04/22             (49

USD

     86,303        ILS     274,000        BOA      02/04/22             (261

USD

     22,217        ILS     71,000        SSB      02/04/22             (214

USD

     64,716        ILS     206,000        TNTC      02/04/22             (365

USD

     3,288,437        JPY     381,712,000        BNP      02/04/22             (28,540

USD

     756,298,215        JPY     87,073,521,000        BOA      02/04/22             (347,942

USD

     7,526,129        JPY     867,929,000        BSCH      02/04/22             (15,947

USD

     4,016,157        JPY     464,045,000        CBA      02/04/22             (16,273

USD

     2,403,742        JPY     277,001,000        MS      02/04/22             (3,324

USD

     43,486        JPY     5,029,000        TDB      02/04/22             (215

USD

     2,332,802        JPY     269,606,000        UBS      02/04/22             (10,004

USD

     161,705        NOK     1,447,000        CITI      02/04/22             (984

USD

     373,667        NOK     3,333,000        SSB      02/04/22             (1,069

USD

     9,812        NZD     15,000        SSB      02/04/22             (58

USD

     188,339        SEK     1,776,000        SSB      02/04/22             (2,125

USD

     148,022        SGD     201,000        BNP      02/04/22             (762

USD

     755,543        SGD     1,024,000        SSB      02/04/22             (2,442

CHF

     1,242,000        USD     1,343,088        MS      03/03/22             (1,768

DKK

     7,128,000        USD     1,077,560        HSBC      03/03/22             (668

EUR

     8,543,000        USD     9,608,987        UBS      03/03/22             (5,734

GBP

     14,822,000        USD     19,938,125        JPM      03/03/22             (7,772

NOK

     1,978,000        USD     222,339        UBS      03/03/22             (57

NZD

     272,000        USD     178,963        BOA      03/03/22             (67

SEK

     1,412,000        USD     151,716        CITI      03/03/22             (254

SGD

     220,000        USD     162,835        SSB      03/03/22             (8

USD

     232,917,404        AUD     330,557,000        CITI      03/03/22             (826,655

USD

     19,390,429        AUD     27,426,000        TNTC      03/03/22             (3,094

USD

     352,570,152        CHF     328,041,000        MS      03/03/22             (1,703,433

USD

     91,525,976        DKK     607,149,000        UBS      03/03/22             (201,588

USD

     1,128,101,105        EUR     1,005,790,000        SSB      03/03/22             (2,515,311

USD

     500,389,967        GBP     373,037,000        SSB      03/03/22             (1,212,985

USD

     24,727,640        GBP     18,435,000        UBS      03/03/22             (60,921

USD

     4,296,247        HKD     33,501,000        BOA      03/03/22             (357

USD

     90,934,157        HKD     709,070,000        CITI      03/03/22             (6,203

USD

     14,707,068        ILS     46,712,000        JPM      03/03/22             (57,813

USD

     20,842        ILS     66,000        SSB      03/03/22             (19

USD

     774,661,432        JPY     89,240,997,000        BOA      03/03/22             (982,736

USD

     962,681        NOK     8,588,000        CITI      03/03/22             (2,412

USD

     22,405,329        NOK     199,872,000        JPM      03/03/22             (55,662

 

 

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

  21


Schedule of Investments (unaudited) (continued)

January 31, 2022

  

iShares® Currency Hedged MSCI EAFE ETF

 

Forward Foreign Currency Exchange Contracts (continued)

 

 

 
    Currency Purchased                  Currency Sold                 Counterparty     Settlement Date               Unrealized 
Appreciation 
(Depreciation) 
 

 

 

USD

     6,911,211          NZD       10,528,000        JPM   03/03/22           $ (13,128)  

USD

     132,275,111          SEK       1,234,392,000        BNP   03/03/22             (135,524)  

USD

     2,457,838          SGD       3,324,000        BOA   03/03/22             (2,333)  

USD

     35,282,547          SGD       47,714,000        CITI   03/03/22             (31,710)  
                          

 

 

 
                             (8,772,809)  
                          

 

 

 
     Net unrealized appreciation                    $ 36,015,855   
                          

 

 

 

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:

 

 

 
     Foreign
Currency
Exchange
Contracts
 

 

 

Assets — Derivative Financial Instruments

  

Forward foreign currency exchange contracts

  

Unrealized appreciation on forward foreign currency exchange contracts

   $ 44,788,664  
  

 

 

 

Liabilities — Derivative Financial Instruments

  

Forward foreign currency exchange contracts

  

Unrealized depreciation on forward foreign currency exchange contracts

   $ 8,772,809  
  

 

 

 

For the period ended January 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

 

 

 
     Foreign
Currency
Exchange
Contracts
 

 

 

Net Realized Gain (Loss) from:

  

Forward foreign currency exchange contracts

   $ 100,653,249  
  

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

  

Forward foreign currency exchange contracts

   $ 45,076,552  
  

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

 

 

Forward foreign currency exchange contracts:

  

Average amounts purchased — in USD

   $ 3,227,914,138      

Average amounts sold — in USD

   $ 6,338,550,392      

 

 

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

Derivative Financial Instruments - Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:

 

 

 
     Assets      Liabilities  

 

 

Derivative Financial Instruments:

     

Forward foreign currency exchange contracts

   $ 44,788,664      $  8,772,809  
  

 

 

    

 

 

 

Total derivative assets and liabilities in the Statement of Assets and Liabilities

     44,788,664        8,772,809  

Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)

             
  

 

 

    

 

 

 

Total derivative assets and liabilities subject to an MNA

     44,788,664        8,772,809  
  

 

 

    

 

 

 

 

 

22  

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


Schedule of Investments (unaudited) (continued)

January 31, 2022

  

iShares® Currency Hedged MSCI EAFE ETF

 

The following tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:

 

 

 
 

Derivative

Assets

Subject to

an MNA by

 

 

 

 

   

Derivatives

Available

 

 

    

Non-Cash

Collateral

 

 

   

Cash

Collateral

 

 

 

Net Amount

of Derivative

 

 

Counterparty

  Counterparty

 

      for Offset (a)        Received       Received (b)         Assets (c)(d)  

 

 

Banco Santander Central Hispano

 

 

  $ 5,981             $ (5,981    $     $       $  

Bank of America N.A.

      1,191,115         (1,191,115                     

BNP Paribas SA

      6,777,139         (176,599                    6,600,540  

Citibank N.A.

      4,365,181         (896,858                    3,468,323  

Commonwealth Bank of Australia

      17,758         (17,758                     

HSBC Bank PLC

      5,584,883         (4,278                    5,580,605  

JPMorgan Chase Bank N.A.

      223,536         (201,747                    21,789  

Morgan Stanley & Co. International PLC

      8,229,953         (2,083,738            (6,146,215        

Royal Bank of Scotland PLC

      12,756         (1                    12,755  

State Street Bank and Trust Co.

      17,820,268         (3,739,548                    14,080,720  

The Northern Trust Company

      14,377         (6,027                    8,350  

Toronto Dominion Bank

      3,442                  (215                    3,227  

UBS AG

 

    

    542,275         (293,720                    248,555  
   

 

 

     

 

 

    

 

 

   

 

 

     

 

 

 
    $ 44,788,664       $ (8,617,585    $     $ (6,146,215     $ 30,024,864