LOGO

  AUGUST 31, 2023

 

   2023 Annual Report

 

iShares, Inc.

 

·  

iShares Emerging Markets Equity Factor ETF | EMGF | Cboe BZX

 

·  

iShares ESG Aware MSCI EM ETF | ESGE | NASDAQ

 

·  

iShares MSCI Emerging Markets ex China ETF | EMXC | NASDAQ

 

·  

iShares MSCI Emerging Markets Min Vol Factor ETF | EEMV | Cboe BZX

 

·  

iShares MSCI Global Min Vol Factor ETF | ACWV | Cboe BZX


The Markets in Review

Dear Shareholder,

Despite an uncertain economic landscape during the 12-month reporting period ended August 31, 2023, the resilience of the U.S. economy in the face of ever tighter financial conditions provided an encouraging backdrop for investors. While inflation was near multi-decade highs at the beginning of the period, it declined precipitously as commodity prices dropped. Labor shortages also moderated, although wages continued to grow and unemployment rates reached the lowest levels in decades. This robust labor market powered further growth in consumer spending, backstopping the economy.

Equity returns were solid, as the durability of consumer sentiment eased investors’ concerns about the economy’s trajectory. The U.S. economy resumed growth in the third quarter of 2022 and continued to expand thereafter. Most major classes of equities rose, as large-capitalization U.S. stocks and developed market equities advanced strongly. However, small-capitalization U.S. stocks and emerging market equities posted more modest gains.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. The corporate bond market also faced inflationary headwinds, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates seven times during the 12-month period. Furthermore, the Fed wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity. However, the Fed declined to raise interest rates at its June 2023 meeting, the first time it paused its tightening in the current cycle, before again raising rates in July 2023.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has decelerated the pace of interest rate hikes and recently opted for two pauses, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period to keep inflation under control. Furthermore, ongoing structural changes may mean that the Fed will be hesitant to cut interest rates in the event of faltering economic activity lest inflation accelerate again. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt.

While we favor an overweight position to developed market equities in the long term, we prefer an underweight stance in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with macroeconomic constraints. Nevertheless, we are overweight on emerging market stocks in the near term as growth trends for emerging markets appear brighter. We also believe that stocks with an AI tilt should benefit from an investment cycle that is set to support revenues and margins. In credit, there are selective opportunities in the near term despite tightening credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries, U.S. inflation-linked bonds, U.S. mortgage-backed securities, and hard-currency emerging market bonds.

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

 

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

 

Total Returns as of August 31, 2023

 

    

 

 6-Month

 

 

 

12-Month

 

 

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

 

  14.50%   15.94%

 

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

 

  0.99    4.65 

 

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

 

  4.75    17.92 

 

Emerging market equities
(MSCI Emerging Markets Index)

 

  3.62    1.25 

 

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

 

  2.47    4.25 

 

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

 

  0.11    (4.71)

 

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

 

  0.95    (1.19)

 

Tax-exempt municipal bonds
(Bloomberg Municipal Bond Index)

 

  1.04    1.70 

 

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

 

  4.55    7.19 

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  

Annual Report:

  

Market Overview

     4  

Fund Summary

     5  

About Fund Performance

     15  

Disclosure of Expenses

     15  

Schedules of Investments

     16  

Financial Statements

  

Statements of Assets and Liabilities

     51  

Statements of Operations

     53  

Statements of Changes in Net Assets

     55  

Financial Highlights

     58  

Notes to Financial Statements

     63  

Report of Independent Registered Public Accounting Firm

     75  

Important Tax Information

     76  

Board Review and Approval of Investment Advisory Contract

     77  

Supplemental Information

     84  

Director and Officer Information

     86  

General Information

     88  

Glossary of Terms Used in this Report

     89  

 

 

 


Market Overview

 

iShares, Inc.

Global Market Overview

Global equity markets advanced during the 12 months ended August 31, 2023 (“reporting period”), supported by continued economic growth and moderating inflation. The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned 13.95% in U.S. dollar terms for the reporting period. Despite concerns about the impact of higher interest rates and rising prices, the global economy continued to grow, albeit at a slower pace than during the initial post-coronavirus pandemic recovery. Inflation began to subside in most regions of the world, and lower energy prices reduced pressure on consumers, leading consumer and business sentiment to improve. While the Russian invasion of Ukraine continued to disrupt trade in Europe and elsewhere, market adaptation lessened the economic impact of the ongoing war. The prices of several key commodities, including oil, natural gas, and wheat, either stabilized or declined during the reporting period, easing pressure on the world’s economies.

The U.S. Federal Reserve (“Fed”) tightened monetary policy rapidly, raising short-term interest rates seven times over the course of the reporting period. The pace of tightening decelerated as the Fed twice lowered the increment of increase before pausing entirely in June 2023, the first time it declined to take action since the tightening cycle began. However, the Fed then raised interest rates again at its July 2023 meeting and stated that it would continue to monitor economic data. The Fed also continued to decrease the size of its balance sheet by reducing the store of U.S. Treasuries it had accumulated to stabilize markets in the early phases of the pandemic.

Despite the tightening financial conditions, the U.S. economy demonstrated continued strength, and U.S. equities advanced. The economy returned to growth in the third quarter of 2022 and showed robust, if slightly slower, growth thereafter. Consumers powered the economy, increasing their spending in both nominal and inflation-adjusted terms. A strong labor market bolstered spending, as unemployment remained low, and the number of employed persons reached an all-time high. Tightness in the labor market drove higher wages, although wage growth slowed as the reporting period continued.

European stocks outpaced their counterparts in most other regions of the globe, advancing strongly for the reporting period despite modest economic growth. European stocks benefited from a solid recovery following the early phases of the war in Ukraine. While the conflict disrupted critical natural gas supplies, new sources were secured and prices declined, while a warm winter helped moderate consumption. The European Central Bank (“ECB”) responded to the highest inflation since the introduction of the euro by raising interest rates eight times and beginning to reduce the size of its debt holdings.

Stocks in the Asia-Pacific region gained, albeit at a slower pace than other regions of the world. Japan returned to growth in the fourth quarter of 2022 and first half of 2023, as strong business investment and exports helped boost the economy and support Japanese equities. However, Chinese stocks were negatively impacted by slowing economic growth. While investors were initially optimistic following China’s lifting of several pandemic-related lockdowns in December 2022, subsequent performance disappointed, and tensions with the U.S. increased. Emerging market stocks advanced modestly, as the resilient global economic environment reassured investors. The declining value of the U.S. dollar relative to many other currencies and the slowing pace of the Fed’s interest rate increases also supported emerging market stocks.

 

4  

2 0 2 3  I S H A R E S   A N N U A L  R E P O R TT O  S H A R E H O L D E R S


Fund Summary as of August 31, 2023

 

   iShares® Emerging Markets Equity Factor ETF

 

Investment Objective

The iShares Emerging Markets Equity Factor ETF (the “Fund”)(formerly the iShares MSCI Emerging Markets Multifactor ETF) seeks to track the investment results of an index composed of stocks of large- and mid-capitalization companies in emerging markets that have favorable exposure to target style factors subject to constraints, as represented by the STOXX Emerging Markets Equity Factor 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  
     1 Year      5 Years      Since
Inception
           1 Year     5 Years      Since
Inception
 

Fund NAV

    0.30      1.50      5.35       0.30     7.73      49.67

Fund Market

    0.56        1.45        5.29         0.56       7.49        49.01  

Index(a)

    0.35        2.28        5.88         0.35       11.93        55.56  

MSCI Emerging Markets Diversified Multiple Factor Index

    1.90        2.59        6.10         1.90       13.66        57.98  

Stoxx Emerging Markets Equity Factor Index(b)

    N/A        N/A        N/A               N/A       N/A        N/A  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

The inception date of the Fund was December 8, 2015. The first day of secondary market trading was December 10, 2015.

 

  (a)

Index performance through February 28, 2023 reflects the performance of the MSCI Emerging Markets Diversified Multiple Factor Index. Index performance beginning on March 1, 2023 reflects the performance of the STOXX Emerging Markets Equity Factor Index, which effective as of March 1, 2023, replaced the MSCI Emerging markets Diversified Multiple Factor Index as the underlying index of the fund.

 
  (b)

The inception date of the STOXX Emerging Markets Equity Factor Index was December 2, 2022. The cumulative total return for this index for the period March 1, 2023 through August 31, 2023 was 5.11%.

 

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

 

Actual           Hypothetical 5% Return                    

 

 

     

 

 

           
 

Beginning
Account Value
(03/01/23)
 
 
 
      

Ending
Account Value
(08/31/23)
 
 
 
      

Expenses
Paid During

the Period

 
 

(a) 

           

Beginning
Account Value
(03/01/23)
 
 
 
      

Ending
Account Value
(08/31/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
                 

Annualized
Expense
Ratio
 
 
 
  $   1,000.00          $  1,048.00          $  1.45               $  1,000.00          $  1,023.80          $  1.43                     0.28

 

  (a)

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

 

 

F U N D  S U M M A R Y

  5


Fund Summary as of August 31, 2023  (continued)    iShares® Emerging Markets Equity Factor ETF

 

Portfolio Management Commentary

Emerging markets stocks with favorable exposure to five targeted factors — value, quality, momentum, low volatility, and small size — were nearly flat during the reporting period. Taiwanese stocks contributed the most to the Index’s return, as the Taiwanese economy returned to growth in the second quarter of 2023 and unemployment fell to the lowest level in 23 years. Exports of microchips to the U.S. continued to increase, and the 2022 CHIPS and Science Act in the U.S. encouraged Taiwanese investment in U.S. semiconductor manufacturing facilities.

The Taiwanese information technology sector was a source of strength, led by companies in its technology hardware, storage, and peripherals industry. Continued growth of cloud computing fueled robust sales of high-end power units used in data centers, bolstering profits in the industry. The semiconductors and semiconductor equipment industry also posted gains, helped by growing investor interest in technologies related to artificial intelligence (“AI”). Semiconductor manufacturers made capital investments in anticipation of rising customer demand for AI microchips. A slowdown in the U.S. inflation rate also provided a tailwind to Taiwanese information technology stocks, as investors grew optimistic that the monetary tightening cycle was nearing an end.

South Korean stocks advanced, particularly the steel industry in the materials sector. A leading steelmaker exceeded earnings expectations, with operating profit rising substantially, as it recovered from a lengthy, typhoon-related mill closure early in the reporting period. Battery material sales also increased significantly, bolstering earnings.

Stocks in Turkey further contributed to the Index’s performance, led by the industrials sector. Strong automotive demand domestically combined with rising exports benefited auto manufacturing operations in the industrial conglomerates industry.

On the downside, Chinese stocks detracted notably from the Index’s return, negatively impacted by slowing economic growth. While investors were initially optimistic following China’s lifting of several coronavirus pandemic-related lockdowns in December 2022, subsequent economic performance disappointed. The financials sector faced headwinds, as the insurance industry’s profits were negatively impacted by volatile financial markets and the lingering economic disruption from the lockdowns. The declining value of the Chinese yuan relative to the U.S. dollar also decreased the value of Chinese stocks in U.S. dollar terms.

Equities in SaudiArabia also declined, most notably in the financials sector. Tighter liquidity amid rapid credit growth and a slowing economy drove investors’ concerns about the Saudi banking industry.

Portfolio Information

 

SECTOR ALLOCATION  
   
Sector    
Percent of
Total Investments
 
(a) 

Information Technology

    22.6

Financials

    22.1  

Consumer Discretionary

    13.5  

Communication Services

    9.6  

Consumer Staples

    7.3  

Materials

    6.8  

Industrials

    6.7  

Energy

    5.2  

Utilities

    2.9  

Health Care

    2.3  

Real Estate

    1.0  
GEOGRAPHIC ALLOCATION  
   
Country/Geographic Region    
Percent of
Total Investments
 
(a) 

China

    27.5

India

    18.1  

Taiwan

    15.2  

South Korea

    12.8  

Brazil

    5.1  

Saudi Arabia

    2.9  

Mexico

    2.7  

Indonesia

    2.3  

South Africa

    2.2  

United Arab Emirates

    2.2  

Thailand

    1.4  

Turkey

    1.2  

Qatar

    1.1  

Malaysia

    1.0  

Other (each representing less than 1%)

    4.3  
  (a) 

Excludes money market funds.

 

 

 

6  

2 0 2 3  I S H A R E S   A N N U A L  R E P O R TT O  S H A R E H O L D E R S


Fund Summary as of August 31, 2023

 

   iShares® ESG Aware MSCI EM ETF

 

Investment Objective

The iShares ESG Aware MSCI EM ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization emerging market equities that have positive environmental, social and governance characteristics as identified by the index provider while exhibiting risk and return characteristics similar to those of the parent index, as represented by the MSCI Emerging Markets Extended ESG Focus Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

    Average Annual Total Returns           Cumulative Total Returns  
     1 Year      5 Years      Since
Inception
           1 Year     5 Years      Since
Inception
 

Fund NAV

    1.81      0.87      5.19       1.81     4.42      43.79

Fund Market

    1.98        0.71        5.13         1.98       3.61        43.22  

Index

    1.46        1.23        5.67               1.46       6.28        48.50  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

The inception date of the Fund was June 28, 2016. The first day of secondary market trading was June 30, 2016.

Index performance through May 31, 2018 reflects the performance of the MSCI Emerging Markets ESG Focus Index. Index performance beginning on June 1, 2018 reflects the performance of the MSCI Emerging Markets Extended ESG Focus Index.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

 

Actual           Hypothetical 5% Return                    

 

 

     

 

 

           
 

Beginning
Account Value
(03/01/23)
 
 
 
      

Ending
Account Value
(08/31/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
           

Beginning
Account Value
(03/01/23)
 
 
 
      

Ending
Account Value
(08/31/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
                 

Annualized
Expense
Ratio
 
 
 
  $   1,000.00          $  1,037.70          $   1.34               $ 1,000.00          $  1,023.90          $    1.33                     0.26

 

  (a)

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

 

 

F U N D  S U M M A R Y

  7


Fund Summary as of August 31, 2023  (continued)

 

   iShares® ESG Aware MSCI EM ETF

 

Portfolio Management Commentary

Investor interest in the environmental, social, and governance (“ESG”) attributes of companies was mixed during the reporting period. Globally, fund flows to ESG-focused investments slowed in the first half of 2023 while remaining net positive.

During the reporting period, the Index of emerging market stocks with a tilt towards favorable ESG characteristics posted a modest advance. Taiwanese stocks contributed the most to the Index’s return, led by the information technology sector. Personal computer sales rebounded from a post-coronavirus pandemic slump, driving a notable recovery in industry profits late in the reporting period.

Mexican stocks also advanced, as the beverages industry in the consumer staples sector posted gains amid high consumer demand and effective digital initiatives to improve operations. Stocks from South Korea also contributed due to optimism surrounding the effect of new artificial intelligence advances on the information technology sector.

On the downside, Chinese stocks detracted from the Index’s return. Concerns about a slowdown in China’s consumer spending weighed on the industry.

In terms of relative performance, the Index was nearly in line with the broader market, as represented by the MSCI Emerging Markets Index. The Index balances seeking similar risk and return to the broad market while tilting towards companies with favorable ESG characteristics. Compared to the broader market, the Index held an underweight position in the utilities sector which helped support relative performance. Stock selection in the information technology sector also contributed to the Index’s relative performance, while stock selection in the industrials sector and financials sector detracted.

Portfolio Information

 

SECTOR ALLOCATION  
   
Sector    
Percent of
Total Investments
 
(a) 

Financials

    24.9

Information Technology

    21.1  

Consumer Discretionary

    14.0  

Communication Services

    11.6  

Consumer Staples

    5.9  

Materials

    5.8  

Industrials

    5.5  

Energy

    4.5  

Health Care

    3.8  

Utilities

    1.6  

Real Estate

    1.3  

GEOGRAPHIC ALLOCATION  
   
Country/Geographic Region    
Percent of
Total Investments
 
(a) 

China

    29.2

Taiwan

    16.3  

India

    14.6  

South Korea

    12.7  

Brazil

    4.7  

Saudi Arabia

    3.5  

South Africa

    3.4  

Thailand

    2.9  

Mexico

    2.3  

Malaysia

    2.2  

Indonesia

    1.7  

United Arab Emirates

    1.4  

Other (each representing less than 1%)

    5.1  
  (a) 

Excludes money market funds.

 

 

 

8  

2 0 2 3  I S H A R E S   A N N U A L  R E P O R TT O  S H A R E H O L D E R S


Fund Summary as of August 31, 2023

 

   iShares® MSCI Emerging Markets ex China ETF

 

Investment Objective

The iShares MSCI Emerging Markets ex China ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization emerging market equities, excluding China, as represented by the MSCI Emerging Markets ex China 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  
     1 Year      5 Years      Since
Inception
           1 Year     5 Years      Since
Inception
 

Fund NAV

    5.69      3.09      2.59       5.69     16.46      16.93

Fund Market

    6.71        3.05        2.61         6.71       16.19        17.12  

Index

    5.48        3.53        3.05               5.48       18.93        20.18  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

The inception date of the Fund was July 18, 2017. The first day of secondary market trading was July 20, 2017.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

 

Actual           Hypothetical 5% Return                    

 

 

     

 

 

           
 

Beginning
Account Value
(03/01/23)
 
 
 
      

Ending
Account Value
(08/31/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
           

Beginning
Account Value
(03/01/23)
 
 
 
      

Ending
Account Value
(08/31/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
                 

Annualized
Expense
Ratio
 
 
 
  $    1,000.00          $  1,073.60          $  1.31               $  1,000.00          $  1,023.90          $  1.28                     0.25

 

  (a)

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

 

 

F U N D  S U M M A R Y

  9


Fund Summary as of August 31, 2023  (continued)

 

   iShares® MSCI Emerging Markets ex China ETF

 

Portfolio Management Commentary

Emerging market stocks outside of China advanced during the reporting period, as the resilient global economic environment reassured investors. The declining value of the U.S. dollar relative to many other currencies and the slowing pace of the Fed’s interest rate increases also supported emerging market stocks.

South Korean stocks contributed the most to the Index’s return, led by the information technology sector. A U.S. law enacted in August 2022 encouraged South Korean companies in the technology hardware and equipment industry to expand manufacturing in the U.S. Investors also responded favorably to early-2023 production cuts by microchip producers. The South Korean materials sector also contributed, led by the steel industry. As a South Korean steel company diversified into electric vehicle battery production, it benefited from investor optimism that a U.S. automaker will soon pivot from Chinese battery producers to South Korean producers.

Taiwanese information technology stocks contributed meaningfully to the Index’s performance. A slowdown in the U.S. inflation rate supported Taiwanese information technology stocks, as investors grew optimistic that the monetary tightening cycle was nearing an end. Companies in the technology hardware, storage, and peripherals industry and the semiconductors industry were buoyed by growing investor interest in technologies related to artificial intelligence (“AI”). In this environment, Taiwanese companies that manufacture AI servers and produce microchips for AI applications posted strong gains.

Mexican stocks also contributed, led by the consumer staples sector. The beverages industry advanced, as strong sales growth across business segments benefited a leading operator of convenience stores and bottling operations. The company’s strategic investments in digital enterprises further buoyed investor sentiment. Brazilian stocks also contributed, led by the energy sector. Investors reacted positively to the new government’s policies on pricing and capital allocation for a state-owned oil company.

On the downside, stocks in Saudi Arabia and Qatar weighed on the Index’s performance, driven by the financials sector. Banks in both countries were negatively impacted by large investments in a Swiss financial services company that was forced by the Swiss government into a takeover arrangement with a competing firm.

Portfolio Information

 

SECTOR ALLOCATION  
   
Sector    
Percent of
Total Investments
 
(a) 

Information Technology

    26.7

Financials

    24.8  

Materials

    10.2  

Industrials

    7.5  

Consumer Staples

    6.5  

Consumer Discretionary

    6.4  

Energy

    5.9  

Communication Services

    5.1  

Health Care

    3.0  

Utilities

    2.7  

Real Estate

    1.2  

GEOGRAPHIC ALLOCATION  
   
Country/Geographic Region    
Percent of
Total Investments
 
(a) 

India

    21.5

Taiwan

    21.2  

South Korea

    17.9  

Brazil

    7.5  

Saudi Arabia

    6.2  

South Africa

    4.1  

Mexico

    3.7  

Thailand

    2.9  

Indonesia

    2.9  

Malaysia

    2.0  

United Arab Emirates

    1.9  

Qatar

    1.3  

Poland

    1.2  

Kuwait

    1.2  

Turkey

    1.0  

Other (each representing less than 1%)

    3.5  
  (a) 

Excludes money market funds.

 

 

 

10  

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Fund Summary as of August 31, 2023    iShares® MSCI Emerging Markets Min Vol Factor ETF

 

Investment Objective

The iShares MSCI Emerging Markets Min Vol Factor ETF (the “Fund”) seeks to track the investment results of an index composed of emerging market equities that, in the aggregate, have lower volatility characteristics relative to the broader emerging equity markets, as represented by the MSCI Emerging Markets Minimum Volatility (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.

Performance

 

    Average Annual Total Returns            Cumulative Total Returns  
     1 Year     5 Years     10 Years             1 Year     5 Years     10 Years  

Fund NAV

    1.62     0.68     2.25        1.62     3.45     24.95

Fund Market

    1.49       0.64       2.31          1.49       3.24       25.66  

Index

    1.76       1.12       2.58                1.76       5.74       29.07  

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

 

LOGO

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

 

Actual         Hypothetical 5% Return           

 

 

     

 

 

      
 

Beginning
Account Value
(03/01/23)
 
 
 
    

Ending
Account Value
(08/31/23)
 
 
 
    

Expenses
Paid During
the Period
 
 
(a) 
       

Beginning
Account Value
(03/01/23)
 
 
 
    

Ending
Account Value
(08/31/23)
 
 
 
    

Expenses
Paid During
the Period
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
  $  1,000.00        $  1,035.40        $  1.28           $  1,000.00        $  1,023.90        $  1.28          0.25

 

  (a)

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

 

 

F U N D  S U M M A R Y

  11


Fund Summary as of August 31, 2023  (continued)    iShares® MSCI Emerging Markets Min Vol Factor ETF

 

Portfolio Management Commentary

Lower-volatility stocks in emerging markets posted a small gain for the reporting period. Taiwanese stocks contributed the most to the Index’s return, as the Taiwanese economy returned to growth in the second quarter of 2023 and unemployment fell to the lowest level in 23 years. Exports of microchips to the U.S. continued to increase, and the 2022 CHIPS and Science Act in the U.S. encouraged Taiwanese investment in U.S. semiconductor manufacturing facilities.

The Taiwanese information technology sector led the advance, as companies in its technology hardware, storage, and peripherals industry were buoyed by growing investor interest in technologies related to artificial intelligence (“AI”). In this environment, companies involved in AI-related activities, such as manufacturing AI servers and producing chips for AI applications, posted strong gains. Continued data center growth fueled robust sales of high-end power units used in their construction, bolstering profits in the industry. A slowdown in the U.S. inflation rate also provided a tailwind to Taiwanese information technology stocks, as investors grew optimistic that the monetary tightening cycle was nearing an end.

Indian stocks also advanced, led by the healthcare sector. Strong sales of generic drugs in the U.S. and the acquisition of a U.S. biotechnology firm benefited Indian pharmaceuticals companies. Collaboration with a U.S. online pharmacy dedicated to low-cost generic drug sales bolstered the industry’s presence in the critical U.S. market.

On the downside, Qatari stocks detracted from the Index’s performance, particularly stocks in the financials sector. Prices for liquefied natural gas, Qatar’s largest export product, dropped by more than two-thirds, as global markets adjusted to supply disruptions following Russia’s invasion of Ukraine in early 2022. This decline negatively impacted stocks in the banking industry, reflecting banks’ significant loan exposure to oil and gas businesses faced with lower values for their products.

In terms of relative performance, the Index was nearly in line with the broader market, as measured by the MSCI Emerging Markets Index. Stocks with low-volatility characteristics generally perform better in an environment of market declines or muted market returns. Looking at sectors, the Index had an overweight position in the healthcare sector and an underweight position in the information technology sector. Both positions detracted from the Index’s relative performance. Stock selection in the financials, industrials, and materials sectors also detracted.

Portfolio Information

 

SECTOR ALLOCATION

 

   
Sector    
Percent of
Total Investments
 
(a) 

Financials

    22.6

Information Technology

    17.3  

Communication Services

    14.4  

Consumer Staples

    11.1  

Health Care

    9.4  

Consumer Discretionary

    8.3  

Industrials

    5.0  

Materials

    4.5  

Utilities

    3.7  

Energy

    2.4  

Real Estate

    1.3  

GEOGRAPHIC ALLOCATION

 

   
Country/Geographic Region    
Percent of
Total Investments
 
(a) 

China

    23.0

Taiwan

    18.5  

India

    16.1  

Saudi Arabia

    9.4  

South Korea

    7.5  

Thailand

    5.8  

Malaysia

    4.4  

United Arab Emirates

    4.0  

Qatar

    2.6  

Kuwait

    2.5  

Philippines

    1.5  

Indonesia

    1.3  

Mexico

    1.0  

Other (each representing less than 1%)

    2.4  

 

  (a) 

Excludes money market funds.

 

 

 

12  

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Fund Summary as of August 31, 2023     iShares® MSCI Global Min Vol Factor ETF

 

Investment Objective

The iShares MSCI Global MinVol Factor ETF (the “Fund”) seeks to track the investment results of an index composed of developed and emerging market equities that, in the aggregate, have lower volatility characteristics relative to the broader developed and emerging equity markets, as represented by the MSCI ACWI Minimum Volatility (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.

Performance

 

    Average Annual Total Returns            Cumulative Total Returns  
     1 Year     5 Years     10 Years             1 Year     5 Years     10 Years  

Fund NAV

    5.00     4.55     7.36        5.00     24.89     103.44

Fund Market

    5.07       4.56       7.37          5.07       24.98       103.64  

Index

    4.61       4.39       7.17                4.61       23.95       99.79  

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

 

LOGO

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

 

      Actual          Hypothetical 5% Return  
 

 

 

     

 

 

      
         

Beginning
Account Value
(03/01/23)
 
 
 
    

Ending
Account Value
(08/31/23)
 
 
 
    

Expenses
Paid During
the Period
 
 
(a) 
       

Beginning
Account Value
(03/01/23)
 
 
 
    

Ending
Account Value
(08/31/23)
 
 
 
    

Expenses
Paid During
the Period
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
          $  1,000.00        $  1,057.10        $  1.04           $  1,000.00        $  1,024.20        $  1.02          0.20

 

  (a)

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

 

 

F U N D  S U M M A R Y

  13


Fund Summary as of August 31, 2023  (continued)    iShares® MSCI Global Min Vol Factor ETF

 

Portfolio Management Commentary

Lower-volatility global stocks advanced for the reporting period, as the world economy showed resilience despite the challenges of inflation and higher interest rates. Stocks in the U.S., which represented approximately 56% of the Index on average, contributed the most to the Index’s return. Solid economic growth and low unemployment helped support strong consumer spending, benefiting U.S. stocks.

The U.S. healthcare sector advanced notably, as innovation in development of new treatments for common medical conditions drove gains in the sector. The biotechnology industry was a leading source of strength, helped by approval of a treatment for several eye diseases. Food and Drug Administration approval of a drug targeting a type of breast cancer bolstered the biotechnology industry’s gains, and development of a promising diabetes drug for treatment of obesity buoyed the pharmaceuticals industry. The U.S. information technology sector also contributed to the Index’s return, particularly the software industry. The rapidly growing use of artificial intelligence (“AI”) applications drove higher revenue and earnings in the industry, as spending on cloud services to power AI increased sharply.

Japanese stocks also gained, helped by Japan’s improving economy and corporate reforms designed to reorient focus on profits. In October 2022, Japan lifted strict coronavirus pandemic-related border controls, driving a significant increase in tourism and stimulating consumer spending. Stocks in the industrials sector advanced, as strong performance in food and retail operations boosted earnings for a large company in the trading companies and distributors industry.

Equities from Taiwan advanced amid strength in the information technology sector. Companies in the technology hardware, storage, and peripherals industry were buoyed by growing investor interest in technologies related to AI, benefiting companies that manufacture AI servers and produce chips for AI applications.

In terms of relative performance, the Index significantly underperformed the broader market, as measured by the MSCI All Country World Index. Stocks with low-volatility characteristics generally perform better in an environment of market declines or muted market returns. Consequently, as global stocks rebounded, led by large information technology companies, lower-volatility stocks posted generally lower returns. Looking at sectors, stock selection in the communication services sector was the largest detractor from the Index’s relative performance. An underweight position in the information technology sector, which rallied sharply during the reporting period, also detracted, as did an overweight position in the utilities sector.

Portfolio Information

 

SECTOR ALLOCATION

 

   
Sector    
Percent of
Total Investments
 
(a) 

Health Care

    18.0

Information Technology

    17.3  

Financials

    13.0  

Communication Services

    12.0  

Consumer Staples

    11.9  

Industrials

    9.2  

Utilities

    7.1  

Consumer Discretionary

    5.9  

Materials

    3.4  

Energy

    1.9  

Real Estate

    0.3  

GEOGRAPHIC ALLOCATION

   
Country/Geographic Region    
Percent of
Total Investments
 
(a) 

United States

    56.3

Japan

    10.7  

China

    7.4  

Taiwan

    5.3  

India

    4.9  

Switzerland

    3.4  

Canada

    1.9  

Hong Kong

    1.8  

Saudi Arabia

    1.4  

Singapore

    1.0  

Other (each representing less than 1%)

    5.9  
(a) 

Excludes money market funds.

 

 

14  

2 0 2 3I S H A R E S  A N N U A L  R E P O R TT O  S H A R E H O L D E R S


About Fund Performance

 

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

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

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

Disclosure of Expenses

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

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

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

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

 

 

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

  15


Schedule of Investments

August 31, 2023

  

iShares® Emerging Markets Equity Factor ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   
Brazil — 3.8%            

B3 SA - Brasil, Bolsa, Balcao

    1,196,719     $ 3,124,681  

Banco do Brasil SA

    149,227       1,419,330  

Centrais Eletricas Brasileiras SA

    101,092       719,804  

Cia. de Saneamento Basico do Estado de Sao Paulo

    32,423       379,225  

Cia. Energetica de Minas Gerais

    57,426       228,333  

Cia. Siderurgica Nacional SA

    183,021       447,569  

CPFL Energia SA

    61,118       421,478  

CSN Mineracao SA

    847,441       732,433  

Hypera SA

    74,783       588,804  

JBS SA

    584,285       2,170,989  

Neoenergia SA

    191,252       704,443  

Petroleo Brasileiro SA

    327,780       2,286,229  

Porto Seguro SA

    54,884       289,268  

Raia Drogasil SA

    45,244       251,069  

Sendas Distribuidora SA

    75,409       176,795  

Suzano SA

    89,905       910,479  

Tim SA

    394,947       1,149,259  

Vale SA

    370,316       4,866,705  

Vibra Energia SA

    325,625       1,213,848  

WEG SA

    170,968       1,238,746  
   

 

 

 
       23,319,487  
Chile — 0.4%            

Banco de Chile

    3,993,209       435,590  

Banco Santander Chile

    1,292,558       61,856  

Cencosud SA

    477,107       1,021,295  

Colbun SA

    1,371,372       215,156  

Empresas CMPC SA

    284,569       516,691  

Empresas COPEC SA

    37,387       270,043  

Quinenco SA

    55,606       174,841  
   

 

 

 
       2,695,472  
China — 27.5%            

37 Interactive Entertainment Network Technology

   

Group Co. Ltd., Class A

    230,600       781,624  

3SBio Inc.(a)

    330,500       276,387  

Agricultural Bank of China Ltd., Class A

    936,300       445,021  

Agricultural Bank of China Ltd., Class H

    1,056,000       361,949  

AIMA Technology Group Co. Ltd.

    89,500       348,818  

Alibaba Group Holding Ltd.(b)

    1,369,348       15,892,838  

Anhui Guangxin Agrochemical Co. Ltd.

    96,860       267,516  

Anhui Gujing Distillery Co. Ltd., Class A

    12,300       486,489  

Anhui Jinhe Industrial Co. Ltd.

    29,600       89,089  

ANTA Sports Products Ltd.

    139,000       1,566,975  

Autohome Inc., ADR

    12,818       370,440  

AVIC Industry-Finance Holdings Co. Ltd., Class A

    783,400       397,305  

Baidu Inc.(b)

    201,650       3,601,315  

Bank of Chengdu Co. Ltd., Class A

    44,300       83,404  

Bank of China Ltd., Class A

    108,900       56,098  

Bank of China Ltd., Class H

    9,829,000       3,331,216  

Bank of Communications Co. Ltd., Class H

    1,283,000       734,326  

Beijing Tongrentang Co. Ltd., Class A

    49,300       380,928  

Biem.L.Fdlkk Garment Co. Ltd.

    48,300       229,109  

Bosideng International Holdings Ltd.

    2,920,000       1,145,847  

BYD Co. Ltd., Class A

    6,000       205,788  

BYD Co. Ltd., Class H

    67,000       2,104,514  

C&S Paper Co. Ltd., Class A

    48,500       68,694  

Caida Securities Co. Ltd.

    302,100       344,711  

China CITIC Bank Corp. Ltd., Class A

    463,700       348,367  

China Coal Energy Co. Ltd.

    214,600       237,425  
Security   Shares     Value  
China (continued)            

China Coal Energy Co. Ltd., Class H

    879,000     $ 599,634  

China Construction Bank Corp., Class H

    10,596,000       5,669,399  

China Galaxy Securities Co. Ltd., Class H

    1,928,500       1,037,464  

China Hongqiao Group Ltd.

    440,500       438,485  

China International Capital Corp. Ltd., Class H(a)

    557,600       1,070,944  

China Life Insurance Co. Ltd., Class H

    346,000       524,412  

China Medical System Holdings Ltd.

    429,000       617,872  

China Merchants Bank Co. Ltd., Class H

    557,500         2,207,599  

China Merchants Securities Co. Ltd., Class H(a)(c)

    443,800       408,968  

China National Building Material Co. Ltd., Class H

    796,000       404,580  

China National Software & Service Co. Ltd., Class A

    88,220       523,129  

China Overseas Property Holdings Ltd.

    480,000       573,109  

China Pacific Insurance Group Co. Ltd., Class H

    31,400       71,813  

China Petroleum & Chemical Corp., Class A

    605,800       505,186  

China Petroleum & Chemical Corp., Class H

    2,496,000       1,459,426  

China Railway Group Ltd., Class H

    383,000       202,619  

China Resources Beer Holdings Co. Ltd.

    216,000       1,268,211  

China Resources Double Crane Pharmaceutical Co. Ltd., Class A

    55,200       122,372  

China Resources Land Ltd.

    174,000       735,446  

China Resources Mixc Lifestyle Services Ltd.(a)

    46,800       202,229  

China Resources Pharmaceutical Group Ltd.(a)

    1,090,500       727,957  

China Resources Power Holdings Co. Ltd.

    262,000       512,953  

China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A

    73,700       481,838  

China Shenhua Energy Co. Ltd., Class A

    188,800       730,924  

China Shenhua Energy Co. Ltd., Class H

    244,000       710,166  

China World Trade Center Co. Ltd.

    43,600       114,954  

China Yongda Automobiles Services Holdings Ltd.

    939,000       416,519  

Chongqing Changan Automobile Co. Ltd., Class A

    218,200       376,503  

Chongqing Rural Commercial Bank Co. Ltd., Class H

    765,000       270,053  

Chow Tai Fook Jewellery Group Ltd.(c)

    431,000       653,552  

CITIC Ltd.

    42,000       41,681  

CMOC Group Ltd., Class H

    519,000       309,617  

CNPC Capital Co. Ltd., NVS

    35,400       32,668  

COFCO Capital Holdings Co. Ltd.

    161,400       169,544  

COSCO Shipping Holdings Co. Ltd., Class H

    557,500       571,708  

Country Garden Holdings Co. Ltd.(b)(c)

    440,000       49,873  

CSC Financial Co. Ltd., Class A

    159,700       566,195  

CSC Financial Co. Ltd., Class H(a)

    676,000       719,543  

Daan Gene Co. Ltd., Class A

    93,110       120,054  

Daqo New Energy Corp., ADR(b)(c)

    10,858       401,420  

DaShenLin Pharmaceutical Group Co. Ltd., Class A

    94,620       346,457  

Eastern Air Logistics Co. Ltd.

    131,400       222,862  

Ecovacs Robotics Co. Ltd., Class A

    59,600       434,586  

Focus Media Information Technology Co. Ltd., Class A

    391,600       413,630  

G-Bits Network Technology Xiamen Co. Ltd., Class A

    7,700       441,941  

GD Power Development Co. Ltd., Class A

    1,289,000       621,802  

GF Securities Co. Ltd., Class H

    435,400       621,258  

Giant Biogene Holding Co. Ltd.(a)(b)

    174,200       835,291  

Great Wall Motor Co. Ltd., Class H

    391,500       463,849  

Gree Electric Appliances Inc. of Zhuhai, Class A

    17,100       84,105  

Gree Real Estate Co. Ltd.

    71,500       61,202  

Greentown China Holdings Ltd.

    222,500       264,236  

Guangdong Zhongsheng Pharmaceutical Co. Ltd.

    77,400       160,912  

Guosheng Financial Holding Inc.(b)

    114,000       164,614  

H World Group Ltd.(b)

    130,500       525,894  

Hainan Haide Capital Management Co. Ltd.

    130,690       210,664  

Hangzhou Binjiang Real Estate Group Co. Ltd.

    315,600       455,522  

Hangzhou Robam Appliances Co. Ltd., Class A

    22,000       83,106  

 

 

16  

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Schedule of Investments (continued)

August 31, 2023

  

iShares® Emerging Markets Equity Factor ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
China (continued)            

Heilongjiang Agriculture Co. Ltd., Class A

    184,000     $ 339,069  

Hengdian Group DMEGC Magnetics Co. Ltd.

    89,300       201,199  

Hisense Home Appliances Group Co. Ltd.

    87,600       294,739  

Holly Futures Co. Ltd.

    46,100       82,202  

Hopson Development Holdings Ltd.(b)

    854,080       523,374  

Huatai Securities Co. Ltd., Class H(a)

    181,600       238,948  

Hundsun Technologies Inc., Class A

    50,900       251,826  

Industrial & Commercial Bank of China Ltd., Class H

    8,637,000       3,959,868  

Inner Mongolia Dazhong Mining Co. Ltd.

    89,900       132,624  

Inner Mongolia Eerduosi Resources Co. Ltd., Class B

    138,720       126,934  

JD Health International Inc.(a)(b)

    158,050       852,152  

JD.com Inc., Class A

    199,000       3,305,012  

Jiangsu Expressway Co. Ltd., Class H

    82,000       74,051  

Jiangsu King’s Luck Brewery JSC Ltd., Class A

    100,000       822,896  

Jiangxi Copper Co. Ltd., Class H

    126,000       196,245  

Jinhui Liquor Co. Ltd.

    52,200       186,802  

Jinneng Holding Shanxi Coal Industry Co. Ltd.

    161,200       216,537  

JiuGui Liquor Co. Ltd., Class A

    31,200       383,955  

Jizhong Energy Resources Co. Ltd.

    346,400       290,067  

Joincare Pharmaceutical Group Industry Co. Ltd., Class A

    189,000       296,385  

Joyoung Co. Ltd., Class A

    70,100       133,880  

JOYY Inc., ADR

    4,854       166,589  

Kanzhun Ltd., ADR(b)

    33,635       497,798  

KE Holdings Inc., ADR(b)

    30,731       528,573  

Kehua Data Co. Ltd.

    14,600       63,903  

Kingboard Holdings Ltd.

    228,500       518,523  

Kingboard Laminates Holdings Ltd.

    1,342,000       1,115,310  

KingClean Electric Co. Ltd.

    37,500       137,115  

Kingnet Network Co. Ltd.(b)

    221,700       461,212  

Koolearn Technology Holding Ltd.(a)(b)

    71,000       359,670  

Kuaishou Technology(a)(b)

    226,900       1,857,385  

Kunlun Energy Co. Ltd.

    728,000       532,957  

Kweichow Moutai Co. Ltd., Class A

    4,700       1,194,759  

Legend Holdings Corp., Class H(a)

    170,000       151,961  

Lenovo Group Ltd.

    1,220,000       1,378,998  

Li Auto Inc.(b)

    95,100       1,979,966  

Li Ning Co. Ltd.

    188,000       888,545  

Lufax Holding Ltd., ADR

    127,394       154,147  

Meihua Holdings Group Co. Ltd.

    307,800       386,149  

Meituan, Class B(a)(b)

    436,120       7,217,415  

Metallurgical Corp. of China Ltd., Class H

    3,150,000       686,591  

MMG Ltd.(b)

    824,000       273,427  

NetEase Inc.

    198,200       4,106,200  

New Oriental Education & Technology Group Inc.(b)

    76,400       414,490  

Newland Digital Technology Co. Ltd., Class A(b)

    98,900       270,924  

Nongfu Spring Co. Ltd., Class H(a)

    378,800       2,127,494  

Northeast Securities Co. Ltd., Class A

    240,300       260,156  

Opple Lighting Co. Ltd.

    53,800       158,638  

Orient Overseas International Ltd.

    132,000       1,770,290  

Orient Securities Co. Ltd.(a)(c)

    1,450,000       804,654  

People.cn Co. Ltd.

    57,700       329,327  

People’s Insurance Co. Group of China Ltd. (The), Class H

    1,377,000       468,708  

Perfect World Co. Ltd., Class A

    192,200       364,749  

PetroChina Co. Ltd., Class A

    2,163,500       2,306,081  

PetroChina Co. Ltd., Class H

    416,000       300,088  

PICC Property & Casualty Co. Ltd., Class H

    429,000       493,332  

Pinduoduo Inc., ADR(b)(c)

    71,126       7,039,340  

Ping An Insurance Group Co. of China Ltd., Class H

    590,000       3,532,416  
Security   Shares     Value  
China (continued)            

Pingdingshan Tianan Coal Mining Co. Ltd.

    57,500     $ 67,417  

Postal Savings Bank of China Co. Ltd., Class H(a)

    2,781,000       1,371,673  

Qifu Technology Inc.

    53,362       907,154  

Radiance Holdings Group Co. Ltd.(b)(c)

    328,000       151,404  

Sanquan Food Co. Ltd., Class A

    102,200       206,527  

Shaanxi Coal Industry Co. Ltd., Class A

    126,900       290,130  

Shan Xi Hua Yang Group New Energy Co. Ltd.

    62,300       64,709  

Shandong Buchang Pharmaceuticals Co. Ltd., Class A

    109,329       263,084  

Shandong Jinjing Science & Technology Co. Ltd.

    67,000       68,242  

Shandong Weigao Group Medical Polymer Co. Ltd., Class H

    350,000       348,489  

Shanghai Baosight Software Co. Ltd., Class B

    343,528       780,373  

Shanghai Flyco Electrical Appliance Co. Ltd.

    15,100       140,737  

Shanghai International Port Group Co. Ltd., Class A

    193,481       135,684  

Shanghai M&G Stationery Inc., Class A

    15,000       77,617  

Shanghai Stonehill Technology Co.Ltd., Class A

    337,600       145,476  

Shanghai Wanye Enterprises Co. Ltd.

    64,100       139,783  

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

    214,700       480,248  

Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A

    6,000       199,663  

Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A

    60,000       227,850  

Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A

    121,760       389,348  

Sino Biopharmaceutical Ltd.

    1,175,000       446,016  

Sinopec Shanghai Petrochemical Co. Ltd., Class H(b)(c)

    1,750,000       245,527  

Sinosoft Co. Ltd.

    31,100       152,869  

Sinotrans Ltd., Class H

    2,610,000       1,058,265  

Sinotruk Hong Kong Ltd.

    666,000       1,235,960  

Skshu Paint Co. Ltd., Class A(b)

    9,520       98,724  

Sun Art Retail Group Ltd.

    593,000       138,938  

Taiji Computer Corp. Ltd.

    63,400       320,718  

TAL Education Group, ADR(b)

    101,415       714,976  

Tencent Holdings Ltd.

    502,900       20,840,344  

Tingyi Cayman Islands Holding Corp.

    1,024,000       1,503,537  

Topsports International Holdings Ltd.(a)

    416,000       338,779  

Trip.com Group Ltd.(b)

    41,450       1,632,547  

Tsingtao Brewery Co. Ltd., Class H

    86,000       715,145  

Uni-President China Holdings Ltd.

    479,000       354,256  

Vipshop Holdings Ltd., ADR(b)(c)

    33,652       531,365  

Want Want China Holdings Ltd.

    1,728,000       1,142,882  

Weichai Power Co. Ltd., Class H

    365,000       472,829  

Xiamen Xiangyu Co. Ltd.

    198,800       191,204  

Yankuang Energy Group Co. Ltd., Class A

    100,350       237,121  

Yankuang Energy Group Co. Ltd., Class H(c)

    525,000       824,191  

Yifeng Pharmacy Chain Co. Ltd., Class A

    16,280       79,591  

Yixintang Pharmaceutical Group Co. Ltd., Class A

    67,000       209,014  

Yongan Futures Co. Ltd.

    68,400       156,864  

Zangge Mining Co. Ltd.

    20,700       63,900  

Zhejiang Semir Garment Co. Ltd., Class A

    178,000       149,384  

Zhongshan Broad Ocean Motor Co. Ltd.

    217,500       162,252  

Zijin Mining Group Co. Ltd., Class H

    364,000       570,153  

ZTE Corp., Class H

    50,000       160,921  
   

 

 

 
      166,599,268  
Colombia — 0.1%            

Bancolombia SA

    9,698       68,992  

Grupo Energia Bogota SA ESP

    410,149       162,034  

Interconexion Electrica SA ESP

    172,843       632,976  
   

 

 

 
      864,002  

 

 

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

  17


Schedule of Investments (continued)

August 31, 2023

  

iShares® Emerging Markets Equity Factor ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Czech Republic — 0.5%            

CEZ AS

    28,858     $ 1,228,647  

Komercni Banka AS

    61,958       1,934,720  
   

 

 

 
       3,163,367  
Egypt — 0.2%            

Eastern Co. SAE

    1,973,210       977,550  
   

 

 

 
Greece — 0.5%            

Hellenic Telecommunications Organization SA

    76,020       1,136,061  

JUMBO SA

    7,750       239,674  

National Bank of Greece SA(b)

    100,737       683,981  

OPAP SA

    65,835       1,111,663  
   

 

 

 
       3,171,379  
Hong Kong — 0.3%            

BOC Hong Kong Holdings Ltd.

    612,500       1,701,702  

Simcere Pharmaceutical Group Ltd.(a)

    403,000       314,123  
   

 

 

 
       2,015,825  
Hungary — 0.2%            

MOL Hungarian Oil & Gas PLC

    78,614       594,481  

OTP Bank Nyrt

    15,700       640,204  

Richter Gedeon Nyrt

    3,276       82,217  
   

 

 

 
       1,316,902  
India — 18.1%            

3M India Ltd.

    3,047       1,146,338  

ABB India Ltd.

    29,943       1,583,619  

ACC Ltd.

    28,576       691,844  

Adani Enterprises Ltd.

    53,174       1,552,373  

AIA Engineering Ltd.

    29,650       1,322,646  

Ambuja Cements Ltd.

    157,877       816,356  

Apollo Hospitals Enterprise Ltd.

    13,819       802,965  

Asian Paints Ltd.

    34,392       1,352,143  

Bajaj Auto Ltd.

    19,818       1,103,535  

Bajaj Finance Ltd.

    16,943       1,464,493  

Bharat Electronics Ltd.

    1,296,013       2,082,174  

Bharti Airtel Ltd.

    169,023       1,747,536  

Britannia Industries Ltd.

    2,051       110,672  

CG Power and Industrial Solutions Ltd.

    35,816       185,647  

Cholamandalam Investment and Finance Co. Ltd.

    14,073       190,569  

Coal India Ltd.

    348,951       968,893  

Colgate-Palmolive India Ltd.

    26,774       627,698  

CRISIL Ltd.

    21,891       1,049,412  

Cummins India Ltd.

    22,232       458,340  

Dr. Reddy’s Laboratories Ltd.

    8,791       594,664  

Emami Ltd.

    142,728       903,914  

GAIL India Ltd.

    369,764       513,505  

General Insurance Corp. of India(a)(b)

    69,345       182,123  

GlaxoSmithKline Pharmaceuticals Ltd.

    24,796       428,006  

Godrej Properties Ltd.(b)

    20,293       403,090  

Gujarat Fluorochemicals Ltd.

    20,141       740,981  

Havells India Ltd.

    88,021       1,470,923  

HCL Technologies Ltd.

    134,126       1,897,433  

HDFC Bank Ltd.

    320,088       6,061,176  

Hero MotoCorp Ltd.

    38,882       1,368,723  

Hindalco Industries Ltd.

    209,535       1,161,655  

Hindustan Aeronautics Ltd.

    27,753       1,306,057  

Hindustan Petroleum Corp. Ltd.

    108,017       323,526  

ICICI Bank Ltd.

    451,214       5,208,785  

Indian Oil Corp. Ltd.

    419,955       451,688  

Indian Railway Finance Corp. Ltd.(a)

    1,741,833       1,055,152  

Indraprastha Gas Ltd.

    109,501       618,190  
Security   Shares     Value  
India (continued)            

Indus Towers Ltd.(b)

    256,904       $ 543,255  

Info Edge India Ltd.

    4,934       257,827  

Infosys Ltd.

    467,726       8,105,298  

InterGlobe Aviation Ltd.(a)(b)

    25,595       752,559  

Jindal Steel & Power Ltd.

    14,847       122,608  

JSW Energy Ltd.

    86,491       366,278  

JSW Steel Ltd.

    8,654       81,413  

Kotak Mahindra Bank Ltd.

    63,983       1,357,711  

L&T Technology Services Ltd.(a)

    14,944       793,861  

Larsen & Toubro Infotech Ltd.(a)

    4,462       279,504  

Larsen & Toubro Ltd.

    67,559       2,204,263  

Life Insurance Corp. of India

    29,685       231,270  

Macrotech Developers Ltd.(b)

    18,131       146,674  

Mahindra & Mahindra Ltd.

    77,254       1,468,881  

Marico Ltd.

    33,210       228,520  

Max Healthcare Institute Ltd.(b)

    8,275       58,959  

Mphasis Ltd.

    39,866       1,168,317  

Muthoot Finance Ltd.

    25,985       395,386  

Nestle India Ltd.

    5,841       1,550,519  

NHPC Ltd., NVS

    4,735,198       2,870,099  

NMDC Ltd.

    224,332       333,145  

NTPC Ltd.

    52,371       139,332  

Oil & Natural Gas Corp. Ltd.

    264,192       555,694  

Oil India Ltd.

    271,059       893,776  

Oracle Financial Services Software Ltd.

    7,508       372,400  

Page Industries Ltd.

    1,301       630,653  

Persistent Systems Ltd.

    11,321       733,484  

Pidilite Industries Ltd.

    3,110       94,434  

Polycab India Ltd.

    2,876       177,861  

Power Finance Corp. Ltd.

    1,281,456       4,024,442  

Power Grid Corp. of India Ltd.

    355,228       1,048,477  

REC Ltd.

    1,118,914       3,223,554  

Reliance Industries Ltd.

    229,067       6,654,633  

SBI Cards & Payment Services Ltd.

    22,608       222,852  

SBI Life Insurance Co. Ltd.(a)

    36,674       572,138  

Schaeffler India Ltd.

    4,999       184,175  

Solar Industries India Ltd.

    2,933       171,309  

SRF Ltd.

    22,340       635,274  

Sun Pharmaceutical Industries Ltd.

    33,208       445,122  

Supreme Industries Ltd.

    29,151       1,568,888  

Tata Consultancy Services Ltd.

    166,553       6,746,043  

Tata Elxsi Ltd.

    10,002       874,699  

Tata Motors Ltd., Class A

    373,288       1,799,389  

Tata Steel Ltd.

    1,052,742       1,561,231  

Tech Mahindra Ltd.

    74,050       1,073,692  

Tube Investments of India Ltd.

    56,529       1,978,822  

Union Bank of India

    168,648       174,814  

Varun Beverages Ltd.

    85,433       927,010  

Vedant Fashions Ltd.

    69,897       1,063,117  

Vedanta Ltd.

    21,807       61,051  

Wipro Ltd.

    540,912       2,664,414  

WNS Holdings Ltd.(b)(c)

    17,344       1,133,430  
   

 

 

 
      109,669,401  
Indonesia — 2.3%            

Adaro Energy Indonesia Tbk PT

    3,850,800       674,609  

Aneka Tambang Tbk

    475,000       61,970  

Avia Avian Tbk PT

    1,574,200       62,017  

Bank Central Asia Tbk PT

    6,280,700       3,781,015  

Bank Mandiri Persero Tbk PT

    2,653,500       1,049,294  

Bank Negara Indonesia Persero Tbk PT

    642,800       387,098  

 

 

18  

2 0 2 3I S H A R E S  A N N U A L  R E P O R TT O  S H A R E H O L D E R S


Schedule of Investments (continued)

August 31, 2023

  

iShares® Emerging Markets Equity Factor ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Indonesia (continued)            

Bank Pan Indonesia Tbk PT(b)

    2,640,300     $ 226,268  

Bank Rakyat Indonesia Persero Tbk PT

    3,456,600       1,259,226  

Bukit Asam Tbk PT

    2,928,000       549,507  

GoTo Gojek Tokopedia Tbk PT(b)

    36,033,800       226,764  

Hanjaya Mandala Sampoerna Tbk PT

    12,548,800       725,078  

Indo Tambangraya Megah Tbk PT

    681,100       1,292,874  

Kalbe Farma Tbk PT

    755,900       89,930  

Perusahaan Gas Negara Tbk PT

    2,334,600       210,616  

Saratoga Investama Sedaya Tbk PT, NVS

    2,881,200       314,893  

Sumber Alfaria Trijaya Tbk PT

    8,236,000       1,568,247  

Telkom Indonesia Persero Tbk PT

    2,952,800       721,779  

Unilever Indonesia Tbk PT

    1,132,000       272,775  

United Tractors Tbk PT

    141,100       240,762  
   

 

 

 
       13,714,722  
Kuwait — 0.3%            

Gulf Bank KSCP

    270,215       220,847  

National Bank of Kuwait SAKP

    461,711       1,377,810  
   

 

 

 
       1,598,657  
Malaysia — 1.0%            

Axiata Group Bhd

    277,200       141,062  

Fraser & Neave Holdings Bhd

    64,400       354,142  

Genting Bhd

    350,400       330,209  

Hong Leong Bank Bhd

    184,700       794,728  

Hong Leong Financial Group Bhd

    112,000       439,793  

Malaysia Airports Holdings Bhd

    53,200       84,477  

Petronas Chemicals Group Bhd

    69,200       106,197  

Petronas Dagangan Bhd

    46,600       222,957  

Petronas Gas Bhd(c)

    98,000       361,586  

Public Bank Bhd

    975,900       889,561  

Sime Darby Bhd

    899,100       445,105  

Telekom Malaysia Bhd

    136,100       149,697  

Westports Holdings Bhd

    251,600       189,798  

YTL Corp. Bhd

    4,088,600       1,385,872  
   

 

 

 
       5,895,184  
Mexico — 2.7%            

America Movil SAB de CV

    2,019,509       1,901,007  

Banco del Bajio SA(a)

    725,227       2,287,482  

Cemex SAB de CV(b)(c)

    133,370       1,062,959  

Coca-Cola Femsa SAB de CV

    110,186       933,613  

Fomento Economico Mexicano SAB de CV

    170,509       1,908,245  

Gruma SAB de CV, Class B

    69,615       1,162,108  

Grupo Aeroportuario del Pacifico SAB de CV, Class B

    118,166       2,171,002  

Grupo Comercial Chedraui SA de CV

    159,656       893,860  

Grupo Financiero Banorte SAB de CV, Class O

    151,000       1,278,990  

Grupo Mexico SAB de CV, Series B

    154,202       734,450  

Wal-Mart de Mexico SAB de CV

    546,941       2,154,660  
   

 

 

 
       16,488,376  
Philippines — 0.8%            

Bank of the Philippine Islands

    746,848       1,450,523  

BDO Unibank Inc.

    104,450       256,798  

DMCI Holdings Inc.

    3,140,000       535,470  

International Container Terminal Services Inc.

    56,720       207,308  

Manila Electric Co.

    171,210       1,038,993  

Metropolitan Bank & Trust Co.

    59,460       57,947  

PLDT Inc.

    35,460       719,634  

Semirara Mining & Power Corp., Class A

    1,251,900       707,410  
   

 

 

 
       4,974,083  
Poland — 0.8%            

Bank Millennium SA(b)

    142,730       210,108  
Security   Shares      Value  
Poland (continued)             

Bank Polska Kasa Opieki SA

    13,678      $ 357,078  

CD Projekt SA

    2,621        93,554  

KGHM Polska Miedz SA

    24,038        662,857  

LPP SA

    496        1,668,606  

mBank SA(b)

    4,046        420,205  

Orange Polska SA

    550,883        955,472  

PGE Polska Grupa Energetyczna SA(b)

    162,477        333,513  

Powszechna Kasa Oszczednosci Bank Polski SA

    33,506        302,585  
    

 

 

 
        5,003,978  
Qatar — 1.1%             

Barwa Real Estate Co.

    375,999        269,855  

Ezdan Holding Group QSC(b)

    497,636        141,643  

Industries Qatar QSC

    613,963        2,080,175  

Mesaieed Petrochemical Holding Co.

    1,490,822        751,790  

Ooredoo QPSC

    671,915        1,990,586  

Qatar Islamic Bank SAQ

    35,319        187,052  

Qatar National Bank QPSC

    345,824        1,479,238  
    

 

 

 
        6,900,339  
Russia — 0.0%             

Inter RAO UES PJSC(b)(d)

    41,455,000        4,324  

PhosAgro PJSC(b)(d)

    51,000        5  

PhosAgro PJSC, New(b)(d)

    986        10  

TCS Group Holding PLC, GDR(b)(d)(e)

    135,475        14  

United Co. RUSAL International PJSC(b)(d)

    3,441,260        359  
    

 

 

 
        4,712  
Saudi Arabia — 2.9%             

Al Rajhi Bank

    115,256        2,215,713  

Alinma Bank

    73,605        723,185  

Arab National Bank

    75,970        522,108  

Bank AlBilad

    57,173        652,909  

Banque Saudi Fransi

    47,141        481,486  

Dar Al Arkan Real Estate Development Co.(b)

    90,943        450,933  

Dr Sulaiman Al Habib Medical Services Group Co.

    30,635        1,981,956  

Elm Co.

    14,556        3,293,602  

Etihad Etisalat Co.

    46,633        561,364  

Nahdi Medical Co.

    38,140        1,542,080  

Riyad Bank

    174,172        1,412,465  

SABIC Agri-Nutrients Co.

    45,181        1,655,653  

Sahara International Petrochemical Co.

    47,281        458,969  

Saudi Arabian Mining Co.(b)

    65,502        705,613  

Saudi Electricity Co.

    52,781        291,150  

Saudi National Bank (The)

    23,925        227,844  

Saudi Telecom Co.

    11,814        125,363  
    

 

 

 
        17,302,393  
South Africa — 2.2%             

African Rainbow Minerals Ltd.

    10,378        98,367  

Anglo American Platinum Ltd.

    27,956        974,946  

Bidvest Group Ltd. (The)

    39,885        601,813  

Clicks Group Ltd.

    45,873        664,351  

Exxaro Resources Ltd.

    54,537        484,667  

FirstRand Ltd.

    22,781        88,514  

Foschini Group Ltd. (The)

    19,832        109,458  

Gold Fields Ltd.

    38,131        487,836  

MTN Group Ltd.

    264,601        1,685,824  

MultiChoice Group

    252,766        1,047,737  

Naspers Ltd., Class N

    4,111        700,294  

Nedbank Group Ltd.

    12,728        145,450  

Northam Platinum Holdings Ltd.(b)

    45,414        299,393  

Sasol Ltd.

    48,107        619,915  

 

 

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

  19


Schedule of Investments (continued)

August 31, 2023

  

iShares® Emerging Markets Equity Factor ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
South Africa (continued)            

Sibanye Stillwater Ltd.

    187,050     $ 282,228  

Standard Bank Group Ltd.

    136,671       1,398,263  

Thungela Resources Ltd.

    195,297       1,551,207  

Woolworths Holdings Ltd.

    534,090       2,097,898  
   

 

 

 
       13,338,161  
South Korea — 12.6%            

Celltrion Healthcare Co. Ltd.

    4,423       216,421  

Celltrion Inc.

    6,856       746,112  

CJ CheilJedang Corp.

    263       59,431  

CJ Corp.

    8,413       447,001  

Coway Co. Ltd.(c)

    30,784       1,005,190  

Daewoo Engineering & Construction Co. Ltd.(b)

    25,658       89,173  

DB HiTek Co. Ltd.(c)

    24,217       978,160  

DB Insurance Co. Ltd.

    20,411       1,260,531  

DL Holdings Co. Ltd.

    20,053       578,976  

Doosan Bobcat Inc.

    14,648       595,230  

Ecopro BM Co. Ltd.

    811       198,606  

Ecopro Co. Ltd.

    495       469,591  

E-MART Inc.

    6,117       341,121  

F&F Co. Ltd./New

    4,485       349,008  

Hana Financial Group Inc.

    76,835       2,296,031  

Hanmi Science Co. Ltd.(c)

    10,316       280,656  

Hanwha Aerospace Co. Ltd.

    5,558       478,817  

HMM Co. Ltd.

    3,999       50,342  

Hyosung TNC Corp.

    630       157,495  

Hyundai Engineering & Construction Co. Ltd.

    4,629       124,159  

Hyundai Glovis Co. Ltd.

    3,144       409,951  

Hyundai Marine & Fire Insurance Co. Ltd.

    13,054       298,484  

Hyundai Mobis Co. Ltd.

    1,316       229,754  

Hyundai Motor Co.

    14,045       2,006,809  

KB Financial Group Inc.

    73,592       2,997,859  

KCC Corp.

    3,543       584,856  

KEPCO Engineering & Construction Co. Inc.

    1,767       88,396  

Kia Corp.

    40,157       2,434,078  

Korea Aerospace Industries Ltd.

    5,196       198,454  

Korea Electric Power Corp.(b)

    18,065       243,132  

Korea Investment Holdings Co. Ltd.

    23,104       907,559  

Krafton Inc.(b)

    822       96,239  

KT Corp.

    37,902       945,396  

KT&G Corp.

    15,661       1,028,948  

Kumho Petrochemical Co. Ltd.

    2,789       262,963  

LG Chem Ltd.

    3,249       1,430,560  

LG Display Co. Ltd.(b)

    30,453       308,091  

LG Electronics Inc .

    14,190       1,056,041  

LG Energy Solution(b)

    1,745       717,206  

LG H&H Co. Ltd.

    849       297,928  

LG Innotek Co. Ltd.

    3,888       792,666  

LG Uplus Corp.

    75,408       595,776  

Meritz Financial Group Inc.

    30,023       1,240,707  

NAVER Corp.

    7,884       1,276,200  

NCSoft Corp.

    3,614       686,621  

Orion Corp./Republic of Korea

    7,539       694,322  

Pearl Abyss Corp.(b)

    11,460       418,113  

POSCO Holdings Inc.

    9,400       4,110,088  

Posco International Corp.

    3,358       201,072  

Samsung Biologics Co. Ltd.(a)(b)

    1,669       929,836  

Samsung C&T Corp.

    863       68,279  

Samsung Card Co. Ltd.

    25,513       577,827  

Samsung Electro-Mechanics Co. Ltd.

    9,456       966,999  

Samsung Electronics Co. Ltd.

    498,649       25,219,796  
Security   Shares      Value  
South Korea (continued)             

Samsung Engineering Co. Ltd.(b)

    22,934      $ 589,145  

Samsung Fire & Marine Insurance Co. Ltd.

    5,020        935,129  

Samsung SDI Co. Ltd.

    2,394        1,110,340  

Samsung SDS Co. Ltd.

    5,951        638,657  

Samsung Securities Co. Ltd.

    22,076        623,071  

SD Biosensor Inc.

    66,999        633,673  

Seegene Inc.

    67,591        1,133,445  

Shinhan Financial Group Co. Ltd.

    86,218        2,315,956  

SK Hynix Inc.

    13,703        1,259,993  

SK Innovation Co. Ltd.(b)

    1,103        147,947  

SK Telecom Co. Ltd.

    4,691        170,397  

Wemade Co. Ltd.(c)

    5,883        160,318  

Woori Financial Group Inc.

    187,206        1,684,205  
    

 

 

 
        76,445,333  
Taiwan — 15.2%             

Accton Technology Corp.

    113,000        1,685,320  

Acer Inc.

    767,000        879,426  

Advantech Co. Ltd.

    62,291        670,334  

ASE Technology Holding Co. Ltd.

    226,000        836,487  

Asustek Computer Inc.

    16,000        201,584  

AUO Corp.

    1,718,800        959,799  

Cathay Financial Holding Co. Ltd.

    1,560,000        2,230,545  

Chicony Electronics Co. Ltd.

    47,000        152,398  

China Airlines Ltd.

    230,000        163,016  

China Development Financial Holding Corp.(b)

    974,000        361,867  

Chunghwa Telecom Co. Ltd.

    122,000        444,794  

CTBC Financial Holding Co. Ltd.

    2,154,000        1,609,950  

Delta Electronics Inc.

    156,000        1,685,875  

Far EasTone Telecommunications Co. Ltd.

    276,000        612,176  

Feng TAY Enterprise Co. Ltd.

    138,880        730,923  

Formosa Sumco Technology Corp.

    99,000        446,273  

Fubon Financial Holding Co. Ltd.

    1,619,000        3,228,548  

Giant Manufacturing Co. Ltd.

    16,000        98,215  

Gigabyte Technology Co. Ltd.

    223,000        2,375,503  

Global Unichip Corp.

    41,000        1,866,029  

Hon Hai Precision Industry Co. Ltd.

    891,000        2,974,819  

Kinsus Interconnect Technology Corp.

    22,000        72,985  

Largan Precision Co. Ltd.

    3,000        192,688  

Lite-On Technology Corp.

    785,718        3,358,994  

MediaTek Inc.

    159,000        3,506,499  

Mega Financial Holding Co. Ltd.

    186,480        209,869  

Micro-Star International Co. Ltd.

    206,000        1,030,115  

momo.com Inc.

    28,380        462,898  

Nan Ya Plastics Corp.

    235,000        487,716  

Nan Ya Printed Circuit Board Corp.

    49,000        370,077  

Nien Made Enterprise Co. Ltd.

    29,000        271,792  

Novatek Microelectronics Corp.

    182,000        2,275,163  

Pou Chen Corp.

    466,000        418,127  

President Chain Store Corp.

    119,000        997,881  

Realtek Semiconductor Corp.

    228,000        2,979,584  

Ruentex Industries Ltd.

    569,000        1,111,682  

Shanghai Commercial & Savings Bank Ltd. (The)

    836,000        1,118,140  

SinoPac Financial Holdings Co. Ltd.

    2,388,840        1,282,202  

Synnex Technology International Corp.

    36,000        69,000  

Taiwan Cooperative Financial Holding Co. Ltd.

    1,565,550        1,290,149  

Taiwan Semiconductor Manufacturing Co. Ltd.

    2,095,000        35,998,282  

Unimicron Technology Corp.

    101,000        584,414  

Uni-President Enterprises Corp.

    959,000        2,126,310  

United Microelectronics Corp.

    1,717,000        2,451,444  

Voltronic Power Technology Corp.

    15,000        680,813  

 

 

20  

2 0 2 3  I S H A R E S   A N N U A L   R E P O R TT O  S H A R E H O L D E R S


Schedule of Investments (continued)

August 31, 2023

  

iShares® Emerging Markets Equity Factor ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Taiwan (continued)            

Wan Hai Lines Ltd.

    171,000     $ 242,727  

Winbond Electronics Corp.(b)

    99,000       81,532  

Wiwynn Corp.

    37,000       1,803,175  

Yang Ming Marine Transport Corp.

    146,000       193,383  

Yuanta Financial Holding Co. Ltd.

    2,922,185       2,235,977  

Yulon Nissan Motor Co. Ltd.

    9,000       52,605  
   

 

 

 
       92,170,104  
Thailand — 1.4%            

Advanced Info Service PCL, NVDR

    224,800       1,385,892  

Carabao Group PCL, NVDR(c)

    63,200       155,191  

Charoen Pokphand Foods PCL, NVDR(c)

    1,145,500       677,070  

Com7 PCL, NVDR(c)

    542,300       498,733  

Delta Electronics Thailand PCL, NVDR

    523,800       1,621,078  

Jasmine Technology Solution PCL(b)(c)

    344,800       356,567  

Kasikornbank PCL, NVDR

    57,100       212,705  

Krung Thai Bank PCL, NVDR

    1,647,700       907,678  

Krungthai Card PCL, NVDR(c)

    360,900       499,572  

MK Restaurants Group PCL, NVDR

    381,100       516,823  

PTT Exploration & Production PCL, NVDR

    102,200       462,683  

SCB X PCL, NVS

    145,600       490,361  

Thai Life Insurance PCL(c)

    2,046,200       689,398  

TOA Paint Thailand PCL, NVDR

    120,700       91,312  
   

 

 

 
       8,565,063  
Turkey — 1.3%            

Anadolu Efes Biracilik Ve Malt Sanayii AS

    248,824       1,003,610  

BIM Birlesik Magazalar AS

    139,767       1,319,313  

Ford Otomotiv Sanayi AS

    31,718       1,024,059  

KOC Holding AS

    222,854       1,182,497  

Tofas Turk Otomobil Fabrikasi AS

    143,786       1,451,071  

Turk Telekomunikasyon AS(b)

    309,145       297,110  

Turkcell Iletisim Hizmetleri AS

    328,882       685,858  

Turkiye Garanti Bankasi AS(c)

    287,082       538,976  

Yapi ve Kredi Bankasi AS

    113,677       67,516  
   

 

 

 
      7,570,010  
United Arab Emirates — 2.2%            

Abu Dhabi Islamic Bank PJSC

    1,011,580       2,869,770  

Abu Dhabi National Energy Co. PJSC

    96,170       90,070  

Abu Dhabi National Oil Co. for Distribution PJSC

    1,442,017       1,495,803  

Dubai Electricity & Water Authority PJSC

    2,583,014       1,793,271  

Emaar Properties PJSC

    389,872       749,240  

Emirates NBD Bank PJSC

    79,295       352,844  

Emirates Telecommunications Group Co. PJSC

    210,105       1,134,899  

Fertiglobe PLC

    1,951,024       1,794,885  

First Abu Dhabi Bank PJSC

    178,363       664,144  

International Holding Co. PJSC(b)

    19,379       2,157,912  
   

 

 

 
      13,102,838  
   

 

 

 

Total Common Stocks — 98.4%
(Cost: $580,670,290)

      596,866,606  
   

 

 

 

 

Preferred Stocks             
Brazil — 1.2%             

Banco Bradesco SA, Preference Shares, NVS

    203,206        613,469  

Cia. Energetica de Minas Gerais, Preference Shares, NVS

    24,522        61,057  
Security   Shares      Value  
Brazil (continued)             

Gerdau SA, Preference Shares, NVS

    296,111      $ 1,545,717  

Itau Unibanco Holding SA, Preference Shares, NVS

    494,105        2,736,907  

Petroleo Brasileiro SA, Preference Shares, NVS

    365,599        2,358,060  
    

 

 

 
       7,315,210  
Chile — 0.1%             

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

    12,470        772,277  
    

 

 

 
South Korea — 0.2%             

Kumho Petrochemical Co. Ltd., 0.00%

    4,892        231,979  

Samsung Electronics Co. Ltd., Preference Shares, NVS

    15,384        627,974  
    

 

 

 
       859,953  
    

 

 

 

Total Preferred Stocks — 1.5%
(Cost: $8,085,862)

       8,947,440  
    

 

 

 
Rights             
South Korea — 0.0%             

SK Innovation Co. Ltd., (Expires 09/19/23, Strike Price KRW 139,600.00)(b)

    81        2,319  
    

 

 

 

Total Rights — 0.0%
(Cost: $—)

       2,319  
    

 

 

 

Total Long-Term Investments — 99.9%
(Cost: $588,756,152)

       605,816,365  
    

 

 

 

Short-Term Securities

    
Money Market Funds — 2.5%             

BlackRock Cash Funds: Institutional, SL Agency Shares, 5.52%(f)(g)(h)

    15,385,480        15,390,096  
    

 

 

 

Total Short-Term Securities — 2.5%
(Cost: $15,388,487)

       15,390,096  
    

 

 

 

Total Investments — 102.4%
(Cost: $604,144,639)

       621,206,461  

Liabilities in Excess of Other Assets — (2.4)%

       (14,772,400
    

 

 

 

Net Assets — 100.0%

     $ 606,434,061  
    

 

 

 

 

(a)

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(b)

Non-income producing security.

(c)

All or a portion of this security is on loan.

(d)

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

(e)

This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

(f)

Affiliate of the Fund.

(g)

Annualized 7-day yield as of period end.

(h)

All or a portion of this security was purchased with the cash collateral from loaned securities.

 

 

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

  21


Schedule of Investments (continued)

August 31, 2023

  

iShares® Emerging Markets Equity Factor ETF

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

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

Capital

Gain
Distributions
from
Underlying
Funds

        
 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $ 9,030,754     $ 6,356,623 (a)    $   —     $ 4,947      $ (2,228   $ 15,390,096       15,385,480     $ 196,625 (b)    $   —     
 

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

    700,000             (700,000 )(a)                              51,607       2     
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

    
          $ 4,947      $ (2,228   $ 15,390,096       $ 248,232     $ 2     
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

    

 

  (a)

Represents net amount purchased (sold).

 
  (b)

All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

 
  (c)

As of period end, the entity is no longer held.

 

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

Description    Number of
Contracts
     Expiration
Date
     Notional
Amount
(000)
     Value/
Unrealized
Appreciation
(Depreciation)
 

Long Contracts

           

MSCI Emerging Markets Index

     6        09/15/23      $ 294      $ 1,889  
           

 

 

 

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

 

               
      Commodity
Contracts
     Credit
Contracts
     Equity
Contracts
     Foreign
Currency
Exchange
Contracts
     Interest
Rate
Contracts
     Other
Contracts
     Total  

Assets — Derivative Financial Instruments

                    

Futures contracts

                    

Unrealized appreciation on futures contracts(a)

   $      $      $ 1,889      $      $      $      $ 1,889  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

  (a)

Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

 

For the period ended August 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

 

               
      Commodity
Contracts
     Credit
Contracts
     Equity
Contracts
     Foreign
Currency
Exchange
Contracts
     Interest
Rate
Contracts
     Other
Contracts
     Total  

Net Realized Gain (Loss) from

                    

Futures contracts

   $      $      $ (217,207    $      $      $      $ (217,207

Forward foreign currency exchange contracts

                          1,363                      1,363  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
   $      $      $ (217,207    $ 1,363      $      $      $ (215,844
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on

                    

Futures contracts

   $      $      $ 31,631      $      $      $      $ 31,631  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

 

22  

2 0 2 3  I S H A R E S   A N N U A L   R E P O R TT O  S H A R E H O L D E R S


Schedule of Investments (continued)

August 31, 2023

  

iShares® Emerging Markets Equity Factor ETF

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

 

 

Futures contracts:

  

Average notional value of contracts — long

   $ 2,992,894   

 

 

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

Fair Value Hierarchy as of Period End

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

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

 

 

 
    Level 1           Level 2           Level 3           Total  

 

 

Assets

             

Investments

             

Long-Term Investments

             

Common Stocks

  $ 88,568,817              $ 508,293,077              $    4,712              $ 596,866,606  

Preferred Stocks

    8,087,487         859,953                 8,947,440  

Rights

    2,319                         2,319  

Short-Term Securities

             

Money Market Funds

    15,390,096                         15,390,096  
 

 

 

     

 

 

     

 

 

     

 

 

 
  $ 112,048,719       $  509,153,030       $ 4,712        $ 621,206,461  
 

 

 

     

 

 

     

 

 

     

 

 

 

Derivative Financial Instruments(a)

             

Assets

             

Equity Contracts

  $ 1,889       $       $       $ 1,889  
 

 

 

     

 

 

     

 

 

     

 

 

 

 

  (a) 

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

See notes to financial statements.

 

 

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

  23


Schedule of Investments

August 31, 2023

  

iShares® ESG Aware MSCI EM ETF

(Percentages shown are based on Net Assets)

 

Security  
Shares
    Value  

Common Stocks

   
Brazil — 2.9%            

B3 SA - Brasil, Bolsa, Balcao

    4,861,293     $  12,693,030  

Banco do Brasil SA

    785,456       7,470,639  

Banco Santander Brasil SA

    1,176,061       6,438,346  

CCR SA

    3,720,967       9,362,436  

Cosan SA

    4,151,226       14,686,742  

Localiza Rent a Car SA

    1,160,292       14,819,816  

Lojas Renner SA

    2,699,759       8,739,237  

Natura & Co. Holding SA(a)

    1,742,553       5,341,617  

Petroleo Brasileiro SA

    1,217,721       8,493,469  

Rumo SA

    1,586,595       7,160,751  

TOTVS SA

    1,749,855       9,802,199  

Ultrapar Participacoes SA

    3,287,292       12,055,052  

Vibra Energia SA

    2,301,086       8,577,871  
   

 

 

 
       125,641,205  
Chile — 0.4%            

Empresas COPEC SA

    1,030,683       7,444,530  

Enel Americas SA(a)

    87,730,754       10,426,044  
   

 

 

 
      17,870,574  
China — 29.1%            

37 Interactive Entertainment Network Technology Group Co. Ltd., Class A

    1,234,500       4,184,365  

3SBio Inc.(b)

    10,569,500       8,838,962  

AAC Technologies Holdings Inc.(c)

    2,528,500       4,897,833  

Agricultural Bank of China Ltd., Class A

    12,902,400       6,132,482  

Agricultural Bank of China Ltd., Class H

    30,299,000       10,385,120  

Alibaba Group Holding Ltd.(a).

    10,692,568       124,099,392  

Alibaba Health Information Technology
Ltd.(a)(c)

    13,814,000       8,155,690  

Baidu Inc.(a)

    1,648,412       29,439,380  

Bank of China Ltd., Class H

    33,379,000       11,312,712  

Bank of Communications Co. Ltd., Class A

    5,651,900       4,312,240  

Beijing Enterprises Water Group Ltd.

    19,388,000       4,466,784  

Bosideng International Holdings Ltd.

    10,268,000       4,029,300  

BYD Co. Ltd., Class A

    268,755       9,217,774  

BYD Co. Ltd., Class H

    872,500       27,405,800  

China Construction Bank Corp., Class A

    7,442,900       6,139,086  

China Construction Bank Corp., Class H

    70,150,000       37,533,817  

China International Capital Corp. Ltd., Class A

    1,104,113       5,919,310  

China International Capital Corp. Ltd., Class H(b)

    3,259,600       6,260,491  

China Medical System Holdings Ltd.

    7,093,000       10,215,769  

China Mengniu Dairy Co. Ltd.

    4,120,000       13,853,362  

China Merchants Bank Co. Ltd., Class A

    1,345,240       5,843,372  

China Merchants Bank Co. Ltd., Class H

    3,855,500       15,267,079  

China Railway Signal & Communication Corp. Ltd., Class A

    5,620,108       4,335,211  

China Resources Beer Holdings Co. Ltd.

    1,048,000       6,153,169  

China Resources Gas Group Ltd.

    2,471,600       6,938,694  

China Resources Land Ltd.

    3,724,000       15,740,225  

China Resources Pharmaceutical Group Ltd.(b)

    8,200,500       5,474,197  

China Tourism Group Duty Free Corp. Ltd., Class A

    266,000       3,987,914  

Chow Tai Fook Jewellery Group Ltd.(c)

    4,340,800       6,582,228  

CITIC Securities Co. Ltd., Class A

    1,420,500       4,340,852  

CMOC Group Ltd., Class A

    13,932,100       10,956,977  

CMOC Group Ltd., Class H

    12,465,000       7,436,182  

Contemporary Amperex Technology Co. Ltd., Class A

    461,285       14,983,943  

Country Garden Services Holdings Co.
Ltd.(c)

    5,837,000       6,781,678  

CSPC Pharmaceutical Group Ltd.

    8,281,520       6,224,455  

ENN Energy Holdings Ltd.

    1,383,900       10,857,544  
Security  
Shares
    Value  
China (continued)            

Far East Horizon Ltd.

    6,539,000     $ 4,467,248  

Fosun International Ltd.

    18,930,500        11,833,132  

Ganfeng Lithium Group Co. Ltd., Class A

    628,750       4,098,149  

Geely Automobile Holdings Ltd.

    8,038,000       9,978,180  

Haier Smart Home Co. Ltd., Class A

    1,354,600       4,374,893  

Haitong Securities Co. Ltd., Class A

    4,647,600       6,282,384  

Hansoh Pharmaceutical Group Co. Ltd.(b)

    3,472,000       4,511,183  

Huatai Securities Co. Ltd., Class A

    5,029,502       10,993,003  

Huatai Securities Co. Ltd., Class H(b)

    3,294,200       4,334,484  

Industrial & Commercial Bank of China Ltd., Class A

    12,463,800       7,911,727  

Industrial & Commercial Bank of China Ltd., Class H

    44,496,000       20,400,403  

Industrial Bank Co. Ltd., Class A

    1,965,568       4,272,374  

JD Health International Inc.(a)(b)

    1,059,950       5,714,891  

JD.com Inc., Class A

    1,619,228       26,892,304  

Jiumaojiu International Holdings Ltd.(b)

    2,693,000       4,319,274  

KE Holdings Inc., ADR(a)

    291,453       5,012,992  

Kingdee International Software Group Co. Ltd.(a)

    4,788,000       7,398,003  

Kuaishou Technology(a)(b)

    1,857,100       15,202,073  

Kunlun Energy Co. Ltd.

    6,038,000       4,420,326  

Lenovo Group Ltd.

    22,314,000       25,222,091  

Li Auto Inc.(a)

    1,328,928       27,668,062  

Meituan, Class B(a)(b)

    3,177,830       52,590,386  

Microport Scientific Corp.(a)

    2,606,300       4,463,039  

NetEase Inc.

    1,784,270       36,965,537  

NIO Inc., ADR(a)(c)

    1,234,732       12,680,698  

Nongfu Spring Co. Ltd., Class H(b)

    2,059,400       11,566,425  

Orient Securities Co. Ltd., Class A

    3,318,452       4,550,102  

Pinduoduo Inc., ADR(a)

    277,459       27,460,117  

Ping An Healthcare and Technology Co.
Ltd.(a)(b)(c)

    1,968,700       4,914,069  

Ping An Insurance Group Co. of China Ltd., Class H

    5,676,000       33,983,035  

Pop Mart International Group Ltd.(b)

    1,557,200       5,064,929  

Postal Savings Bank of China Co. Ltd., Class A

    9,962,600       6,655,478  

Postal Savings Bank of China Co. Ltd., Class H(b)

    9,363,000       4,618,115  

Shandong Weigao Group Medical Polymer Co. Ltd., Class H

    4,062,800       4,045,265  

Shanghai Electric Group Co. Ltd., Class A(a)

    10,095,900       6,195,345  

Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A

    1,366,984       5,242,503  

Shanghai Pharmaceuticals Holding Co. Ltd., Class A

    2,209,200       5,424,355  

Shanghai Pharmaceuticals Holding Co. Ltd., Class H

    3,271,700       5,379,128  

Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A

    340,000       12,613,962  

Sinopharm Group Co. Ltd., Class H

    1,618,000       4,695,311  

Sungrow Power Supply Co. Ltd., Class A

    519,367       7,119,614  

Sunny Optical Technology Group Co. Ltd.

    873,300       7,130,655  

TCL Technology Group Corp., Class A(a)

    14,876,540       8,374,280  

Tencent Holdings Ltd.

    4,074,500        168,848,639  

Tongcheng Travel Holdings Ltd.(a)

    5,243,600       11,751,202  

Trip.com Group Ltd.(a)

    214,371       8,443,204  

Vipshop Holdings Ltd., ADR(a)(c)

    556,176       8,782,019  

Want Want China Holdings Ltd.

    6,580,000       4,351,948  

WuXi AppTec Co. Ltd., Class A

    927,100       10,407,350  

WuXi AppTec Co. Ltd., Class H(b)

    523,880       5,740,806  

Wuxi Biologics Cayman Inc.(a)(b)

    3,711,500       20,923,951  

XPeng Inc.(a)

    1,489,896       13,390,383  

Yadea Group Holdings Ltd.(b)

    7,906,000       15,200,461  

 

 

24  

2 0 2 3  I S H A R E S   A N N U A L   R E P O R TT O  S H A R E H O L D E R S


Schedule of Investments (continued)

August 31, 2023

  

iShares® ESG Aware MSCI EM ETF

(Percentages shown are based on Net Assets)

 

Security  
Shares
    Value  
China (continued)            

Yonyou Network Technology Co. Ltd., Class A

    1,956,400     $ 4,880,890  

Yum China Holdings Inc.

    453,935       24,371,770  

Yunnan Baiyao Group Co. Ltd., Class A

    972,820       7,306,534  
   

 

 

 
       1,260,142,070  
Colombia — 0.1%            

Bancolombia SA

    623,450       4,435,251  
   

 

 

 
Egypt — 0.1%            

Commercial International Bank Egypt SAE

    2,537,904       3,526,465  
   

 

 

 
Greece — 0.7%            

Motor Oil Hellas Corinth Refineries SA

    298,400       7,603,900  

Mytilineos SA

    184,495       7,482,219  

OPAP SA

    847,774       14,315,157  
   

 

 

 
      29,401,276  
Hungary — 0.3%            

MOL Hungarian Oil & Gas PLC

    1,711,993       12,946,140  
   

 

 

 
India — 14.5%            

ABB India Ltd.

    91,249       4,825,958  

Adani Green Energy Ltd.(a)

    344,580       3,865,306  

Ashok Leyland Ltd.

    1,881,128       4,177,570  

Asian Paints Ltd.

    740,402       29,109,378  

Astral Ltd.

    215,335       5,082,672  

AU Small Finance Bank Ltd.(b)

    1,017,126       8,878,867  

Axis Bank Ltd.

    1,645,751       19,335,258  

Bajaj Finance Ltd.

    200,884       17,363,703  

Bandhan Bank Ltd.(b)

    1,487,493       4,120,845  

Bharti Airtel Ltd.

    2,331,869       24,109,296  

Britannia Industries Ltd.

    164,639       8,883,931  

Cholamandalam Investment and Finance Co. Ltd.

    443,424       6,004,597  

Dabur India Ltd.

    1,653,384       11,036,639  

DLF Ltd.

    969,651       5,899,238  

Eicher Motors Ltd.

    112,746       4,541,674  

Havells India Ltd.

    312,477       5,221,819  

HCL Technologies Ltd.

    1,620,071       22,918,572  

HDFC Bank Ltd.

    2,155,527       40,916,250  

Hero MotoCorp Ltd.

    299,574       10,545,592  

Hindalco Industries Ltd.

    955,298       5,296,142  

Hindustan Unilever Ltd.

    855,130       25,867,547  

ICICI Bank Ltd.

    3,609,334       41,665,919  

ICICI Prudential Life Insurance Co. Ltd.(b)

    1,368,976       9,318,678  

IDFC First Bank Ltd.(a)

    7,698,363       8,680,695  

Indian Hotels Co. Ltd. (The), Class A

    1,362,525       6,921,154  

Info Edge India Ltd.

    91,705       4,792,053  

Infosys Ltd.

    2,868,827       49,714,356  

Kotak Mahindra Bank Ltd.

    1,325,488       28,126,681  

Mahindra & Mahindra Ltd.

    614,971       11,692,843  

Mahindra & Mahindra Ltd., GDR

    707,950       13,592,640  

Marico Ltd.

    3,719,471       25,593,932  

PI Industries Ltd.

    197,556       8,655,070  

Power Grid Corp. of India Ltd.

    2,831,508       8,357,371  

Reliance Industries Ltd.

    1,811,974       52,639,720  

Supreme Industries Ltd.

    112,940       6,081,356  

Tata Consultancy Services Ltd.

    475,783       19,271,059  

Tata Consumer Products Ltd.

    1,170,400       11,787,178  

Tata Elxsi Ltd.

    50,763       4,439,348  

Tech Mahindra Ltd.

    615,441       8,923,618  

Titan Co. Ltd.

    243,774       9,134,504  

TVS Motor Co. Ltd.

    490,733       8,409,250  
Security  
Shares
    Value  
India (continued)            

United Spirits Ltd.(a)

    540,714     $ 6,575,574  

UPL Ltd.

    600,117       4,282,384