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JANUARY 31, 2022 |
2022 Semi-Annual Report (Unaudited)
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iShares Trust
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iShares Currency Hedged MSCI ACWI ex U.S. ETF | HAWX | NYSE Arca |
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iShares Currency Hedged MSCI EAFE ETF | HEFA | Cboe BZX |
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iShares Currency Hedged MSCI EAFE Small-Cap ETF | HSCZ | NYSE Arca |
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iShares MSCI ACWI ex U.S. ETF | ACWX | NASDAQ |
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iShares MSCI EAFE ETF | EFA | NYSE Arca |
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iShares MSCI EAFE Small-Cap ETF | SCZ | NASDAQ |
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,
Rob Kapito
President, BlackRock, Inc.
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. |
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T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T |
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Financial Statements: |
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111 |
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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 | |||||||||||||||||||||||||
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Beginning Account Value (08/01/21) |
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Ending Account Value (01/31/22) |
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Expenses Paid During the Period |
(a)(b) |
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Beginning Account Value (08/01/21) |
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Ending Account Value (01/31/22) |
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Expenses Paid During the Period |
(a)(b) |
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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 |
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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 |
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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 | |||||||||||||||||||||||||
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Beginning Account Value (08/01/21) |
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Ending Account Value (01/31/22) |
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Expenses Paid During the Period |
(a)(b) |
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Beginning Account Value (08/01/21) |
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Ending Account Value (01/31/22) |
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Expenses Paid During the Period |
(a)(b) |
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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 |
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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 | |||||||||||||||||||||||||
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Beginning Account Value (08/01/21) |
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Ending Account Value (01/31/22) |
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Expenses Paid During the Period |
(a)(b) |
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Beginning Account Value (08/01/21) |
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Ending Account Value (01/31/22) |
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Expenses Paid During the Period |
(a)(b) |
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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 | |||||||||||||||||||||||||
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Beginning Account Value (08/01/21) |
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Ending Account Value (01/31/22) |
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Expenses Paid During the Period |
(a)(b) |
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Beginning Account Value (08/01/21) |
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Ending Account Value (01/31/22) |
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Expenses Paid During the Period |
(a)(b) |
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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 | |||||||||||||||||||||||||
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Beginning Account Value (08/01/21) |
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Ending Account Value (01/31/22) |
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Expenses Paid During the Period |
(a)(b) |
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Beginning Account Value (08/01/21) |
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Ending Account Value (01/31/22) |
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Expenses Paid During the Period |
(a)(b) |
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Annualized Expense Ratio |
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$ 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 |
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 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 | |||||||||||||||||||||||||
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Beginning Account Value (08/01/21) |
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Ending Account Value |
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Expenses Paid During the Period |
(a)(b) |
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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 |
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.
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 |
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) 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% |
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% |
60,000 | |||||||
|
|
|||||||
Total
Investments in Securities — 100.1% |
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% |
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% |
|
9,400,000 | ||||||
|
|
|||||||
Total
Investments in Securities — 100.5% |
|
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 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
||||||||||||||||||||||||||||
Derivative Liabilities Subject to an MNA by |
|
|
Derivatives |
|
|
Non-Cash Collateral |
|
|
Cash Collateral |
|
Net Amount of Derivative |
| ||||||||||||||||
Counterparty |
Counterparty |
|
for Offset | (a) | Pledged | Pledged | Liabilities | (d)(e) | ||||||||||||||||||||
|
||||||||||||||||||||||||||||
Banco Santander Central Hispano |
$ | 16,682 | $ | (5,981 | ) | $ | — | $ | — | $ | 10,701 | |||||||||||||||||
Bank of America N.A. |
1,333,696 | (1,191,115 | ) | — | — | 142,581 | ||||||||||||||||||||||
BNP Paribas SA |
176,599 | (176,599 | ) | — | — | — | ||||||||||||||||||||||
Citibank N.A. |
896,858 | (896,858 | ) | — | — | — | ||||||||||||||||||||||
Commonwealth Bank of Australia |
19,700 | (17,758 | ) | — | — | 1,942 | ||||||||||||||||||||||
HSBC Bank PLC |
4,278 | (4,278 | ) | — | — | — | ||||||||||||||||||||||
JPMorgan Chase Bank N.A. |
|
201,747 | (201,747 | ) | — | — | — | |||||||||||||||||||||
Morgan Stanley & Co. International PLC |
2,083,738 | (2,083,738 | ) | — | — | — | ||||||||||||||||||||||
Royal Bank of Scotland PLC |
1 | (1 | ) | — | — | — | ||||||||||||||||||||||
State Street Bank and Trust Co. |
3,739,548 | (3,739,548 | ) | — | — | — | ||||||||||||||||||||||
The Northern Trust Company |
6,027 | (6,027 | ) | — | — | — | ||||||||||||||||||||||
Toronto Dominion Bank |
215 | (215 | ) | — | — | — | ||||||||||||||||||||||
UBS AG |
293,720 | (293,720 | ) | — | — | — | ||||||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|||||||||||||||||||
$ | 8,772,809 | $ | (8,617,585 | ) | $ | — | $ | — | $ | 155,224 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA. |
(b) |
Excess of collateral received from the individual counterparty is not shown for financial reporting purposes. |
(c) |
Net amount represents the net amount receivable from the counterparty in the event of default. |
(d) |
Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized. |
(e) |
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.
S C H E D U L E O F I N V E S T M E N T S |
23 |
Schedule of Investments (unaudited) (continued) January 31, 2022 |
iShares® Currency Hedged MSCI EAFE ETF |
Fair Value Hierarchy as of Period End (continued)
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 |
$ | 3,359,559,786 | $ | — | $ | — | $ | 3,359,559,786 | ||||||||
Money Market Funds |
9,400,000 | — | — | 9,400,000 | ||||||||||||
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|
|
|
|
|
|
|
|||||||||
$ | 3,368,959,786 | $ | — | $ | — | $ | 3,368,959,786 | |||||||||
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|
|
|
|
|
|
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Derivative financial instruments(a) |
||||||||||||||||
Assets |
||||||||||||||||
Forward Foreign Currency Exchange Contracts |
$ | — | $ | 44,788,664 | $ | — | $ | 44,788,664 | ||||||||
Liabilities |
||||||||||||||||
Forward Foreign Currency Exchange Contracts |
— | (8,772,809 | ) | — | (8,772,809 | ) | ||||||||||
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|
|
|
|
|
|
|
|||||||||
$ | — | $ | 36,015,855 | $ | — | $ | 36,015,855 | |||||||||
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|
|
|
|
|
(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.
24 |
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) January 31, 2022 |
iShares® Currency Hedged MSCI EAFE Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
|
||||||||
Investment Companies |
|
|||||||
Exchange-Traded Funds — 100.2% | ||||||||
iShares MSCI EAFE Small-Cap ETF(a) |
1,586,389 | $ | 108,889,741 | |||||
|
|
|||||||
Total
Investment Companies — 100.2% |
|
108,889,741 | ||||||
|
|
|||||||
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% |
|
60,000 | ||||||
|
|
|||||||
Total
Investments in Securities — 100.2% |
|
108,949,741 | ||||||
Other Assets, Less Liabilities — (0.2)% | (265,799) | |||||||
|
|
|||||||
Net Assets — 100.0% |
|
$ | 108,683,942 | |||||
|
|
(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 |
$ | 60,000 | $ | 0 | (a) | $ | — | $ | — | $ | — | $ | 60,000 | 60,000 | $ | 3 | $ | — | ||||||||||||||||||
iShares MSCI EAFE Small-Cap ETF |
98,122,469 | 27,807,723 | (6,592,169 | ) | 610,162 | (11,058,444 | ) | 108,889,741 | 1,586,389 | 2,281,731 | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
$ | 610,162 | $ | (11,058,444 | ) | $ | 108,949,741 | $ | 2,281,734 | $ | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 |
15,407,000 | USD | 10,854,965 | MS | 02/04/22 | $ | 38,626 | |||||||||||||
CHF |
5,331,000 | USD | 5,726,085 | MS | 02/04/22 | 27,187 | ||||||||||||||
DKK |
13,209,000 | USD | 1,990,116 | UBS | 02/04/22 | 4,377 | ||||||||||||||
EUR |
20,996,000 | USD | 23,536,516 | SSB | 02/04/22 | 52,383 | ||||||||||||||
GBP |
15,220,000 | USD | 20,419,913 | SSB | 02/04/22 | 49,200 | ||||||||||||||
HKD |
15,952,000 | USD | 2,045,784 | CITI | 02/04/22 | 118 | ||||||||||||||
ILS |
9,585,000 | USD | 3,016,390 | JPM | 02/04/22 | 11,773 | ||||||||||||||
JPY |
3,531,016,000 | USD | 30,644,956 | BOA | 02/04/22 | 38,651 | ||||||||||||||
NOK |
25,016,000 | USD | 2,805,628 | JPM | 02/04/22 | 6,968 | ||||||||||||||
NZD |
1,647,000 | USD | 1,081,643 | JPM | 02/04/22 | 2,058 | ||||||||||||||
SEK |
76,625,000 | USD | 8,209,147 | BNP | 02/04/22 | 8,370 | ||||||||||||||
SGD |
2,734,000 | USD | 2,021,965 | CITI | 02/04/22 | 1,796 |
S C H E D U L E O F I N V E S T M E N T S |
25 |