Table of Contents

 

LOGO

  AUGUST 31, 2022

 

  

 

2022 Annual Report

 

 

iShares Trust

 

·  

iShares ESG Advanced MSCI EAFE ETF | DMXF | NASDAQ

 

·  

iShares ESG Advanced MSCI EM ETF | EMXF | NASDAQ


Table of Contents

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of August 31, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022, ending the run of robust growth that followed the reopening of global economies and the development of COVID-19 vaccines. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks and economically sensitive small-capitalization stocks. While both large- and small-capitalization U.S. stocks fell, declines for small-capitalization U.S. stocks were steeper. Both emerging market stocks and international equities from developed markets fell significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose notably during the reporting period as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates four times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and began to reduce its balance sheet. As investors attempted to assess the Fed’s future trajectory, the Fed’s statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

The horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metals markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption have magnified supply problems for key commodities. We believe elevated energy prices will continue to exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will ultimately err on the side of protecting employment, even at the expense of higher inflation. In the meantime, however, we are likely to see a period of slowing growth paired with relatively high inflation.

In this environment, while we favor an overweight to equities in the long-term, the market’s concerns over excessive rate hikes from central banks moderate our outlook. Furthermore, the energy shock and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. We take the opposite view on credit, where higher spreads provide near-term opportunities, while the likelihood of higher inflation leads us to take an underweight stance on credit in the long term. We believe that investment-grade corporates, U.K. gilts, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

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

 

LOGO

Rob Kapito

President, BlackRock, Inc.

 

LOGO

Rob Kapito

President, BlackRock, Inc.

 

Total Returns as of August 31, 2022

 

 
     
      6-Month       12-Month  
     

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

    (8.84)     (11.23)
     

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

    (9.31)       (17.88)  
     

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

    (13.97)       (19.80)  
     

Emerging market equities
(MSCI Emerging Markets Index)

    (13.30)       (21.80)  
     

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

    0.36        0.39   
     

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

    (9.71)       (13.27)  
     

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

    (7.76)       (11.52)  
     

Tax-exempt municipal bonds
(Bloomberg Municipal Bond Index)

    (5.72)       (8.63)  
     

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

    (7.78)       (10.61)  
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

Table of Contents

 

      Page  

The Markets in Review

     2  

Annual Report:

  

Market Overview

     4  

Fund Summary

     5  

About Fund Performance

     9  

Disclosure of Expenses

     9  

Schedules of Investments

     10  

Financial Statements

  

Statements of Assets and Liabilities

     25  

Statements of Operations

     26  

Statements of Changes in Net Assets

     27  

Financial Highlights

     28  

Notes to Financial Statements

     30  

Report of Independent Registered Public Accounting Firm

     39  

Important Tax Information

     40  

Board Review and Approval of Investment Advisory Contract

     41  

Supplemental Information

     43  

Trustee and Officer Information

     44  

General Information

     47  

Glossary of Terms Used in this Report

     48  

 

 

 


Table of Contents

Market Overview

 

iShares Trust

Global Market Overview

Global equity markets declined in U.S. dollar terms during the 12 months ended August 31, 2022 (“reporting period”). The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned -15.88% in U.S. dollar terms for the reporting period.

For the first third of the reporting period, economic recovery supported stocks in most regions of the world. The global economy continued to rebound from the impact of restrictions imposed at the beginning of the coronavirus pandemic, as mitigation and adaptation allowed most economic activity to continue. However, substantial challenges emerged at the beginning of 2022 which negatively affected stock prices. Inflation rose significantly in many countries, reducing consumers’ purchasing power and leading many central banks to tighten monetary policy. Russia’s invasion of Ukraine presented a further challenge to the global economy, disrupting important commodities markets.

The U.S. economy grew briskly over the final half of 2021, powered primarily by consumer spending. Record-high personal savings rates allowed consumers to spend at an elevated level, releasing pent-up demand for goods and services. Growth subsequently stalled in the first half of 2022, and the economy contracted amid lower inventories and faltering business investment. Despite the economic downturn, unemployment declined substantially, falling to 3.7% in August 2022 while the number of long-term unemployed dropped below the pre-pandemic level. Although high inflation negatively impacted consumer sentiment, which declined significantly, consumer spending continued to grow.

Rising inflation led to a shift in policy from the U.S. Federal Reserve (“the Fed”). As the reporting period began, the Fed was using accommodative monetary policy to stimulate the economy. Short-term interest rates were kept at near-zero levels, and the Fed used bond-buying programs to stabilize debt markets. However, rising prices led the Fed to tighten monetary policy during the reporting period in an attempt to prevent runaway inflation. The Fed slowed and then ended its bond-buying activities, finally reversing course as it began to reduce its balance sheet in June 2022. In March 2022, the Fed began to raise short-term interest rates, followed by three more increases for a total increase of 225 basis points, the most rapid rise in decades. Interest rates rose significantly in response, leading to higher borrowing costs for businesses. In that environment, the U.S. dollar significantly appreciated relative to most foreign currencies.

Stocks declined in Europe in U.S. dollar terms as economic growth stalled and the euro declined sharply relative to the U.S. dollar. Significantly higher inflation and Russia’s invasion of Ukraine negatively impacted equities. Russia is an important trading partner with many European countries, and new sanctions imposed limits on certain types of trade with Russia. Investors became concerned that the sharp rise in energy prices during the reporting period would constrain economic growth, as Europe relies on imported energy for much of its industrial and heating needs. The European Central Bank (“ECB”) responded to elevated inflation by raising interest rates in July 2022, the first such increase in over a decade.

Despite relatively low inflation by global standards, Asia-Pacific stocks declined significantly in U.S. dollar terms. Chinese stocks faced significant headwinds amid regulatory interventions by the Chinese government and strict lockdowns following COVID-19 outbreaks. Japanese stocks also declined amid an economic contraction in the first quarter of 2022 and a sharp decline in the Japanese yen relative to the U.S. dollar. Emerging market stocks declined substantially, as higher interest rates and a strengthening U.S. dollar raised the cost of borrowing in many emerging economies.

 

 

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Table of Contents
Fund Summary  as of August 31, 2022      iShares® ESG Advanced MSCI EAFE ETF

 

Investment Objective

The iShares ESG Advanced MSCI EAFE ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization developed market companies excluding the U.S. and Canada that have a favorable environmental, social and governance rating while applying extensive screens for company involvement in controversial activities, as represented by the MSCI EAFE Choice ESG Screened 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     

Since

Inception

           1 Year     

Since

Inception

 

Fund NAV

    (24.82 )%       1.82       (24.82 )%       4.08

Fund Market

    (24.50      2.12         (24.50      4.75  

Index

    (24.49      2.11               (24.49      4.72  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

The inception date of the Fund was June 16, 2020. The first day of secondary market trading was June 18, 2020.

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

Expense Example

 

    Actual        Hypothetical 5% Return                          
 

 

 

      

 

 

      
     

Beginning    

Account Value    

(03/01/22)    

 

 

 

      

Ending

Account Value

(08/31/22)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Beginning

Account Value

(03/01/22)

 

 

 

      

Ending

Account Value

(08/31/22)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      


Annualized

Expense
Ratio

 


 

      $        1,000.00              $          847.80          $        0.56          $        1,000.00          $        1,024.60          $        0.61          0.12

 

  (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


Table of Contents
Fund Summary  as of August 31, 2022   (continued)    iShares® ESG Advanced MSCI EAFE ETF

 

Portfolio Management Commentary

Investor interest in the environmental, social, and governance (“ESG”) attributes of companies was positive during the reporting period, even as equity markets declined. Countries around the world continued to advance measures to address ESG-related issues, including Japan, which published a draft code of conduct for ESG evaluation and data provision in July 2022. The U.K. Parliament passed laws requiring companies to provide a sustainability statement on climate-related disclosures in their annual reports. Similarly, French regulators issued a new decree that added biodiversity-related requirements to the climate disclosures for financial institutions.

With a negative global macro backdrop, the Index, which includes developed market stocks outside of North America, declined significantly for the reporting period. Japanese stocks detracted the most from the Index’s return. The country’s recovery from the pandemic continued to lag behind many developed peers, weighed down by a weakening Japanese yen. In the industrials sector, capital goods stocks declined as factory output slowed and costs rose, while lockdowns in China and supply disruptions weighed on Japanese producers. The information technology sector was pressured by the widening gap between U.S. and Japanese interest rates.

Stocks in Europe, including Germany, the Netherlands, France, and Switzerland also declined, as economic growth slowed and inflation rose in both the Eurozone and Switzerland. The war in Ukraine also weighed on European stocks, as sanctions against Russia created uncertainty surrounding energy supplies, exacerbated supply chain issues, and led many companies to suspend or exit their Russian operations.

In terms of relative performance, the Index significantly underperformed the broader market, as represented by the MSCI EAFE Index. Relative to the broader market, the ESG security selection process which overweights stocks with higher ESG ratings results in overweights and underweights to certain sectors that can materially affect performance. For example, significant overweights to Information Technology, Financials, and Industrials detracted from performance, while an underweight to Utilities was beneficial.

Portfolio Information

 

SECTOR ALLOCATION

 

 

 

 
Sector  

Percent of   

Total Investments(a)

 

 

 

Financials

    21.9%  

Industrials

    17.4     

Information Technology

    13.8     

Health Care

    13.1     

Consumer Discretionary

    8.9     

Materials

    6.9     

Communication Services

    6.5     

Consumer Staples

    6.0     

Real Estate

    4.8     

Utilities

    0.7     

 

 

GEOGRAPHIC ALLOCATION

 

 

 

 

Country/Geographic Region

 

Percent of   

Total Investments(a)

 

 

 

Japan

    28.3%  

United Kingdom

    10.7     

Switzerland

    9.6     

France

    9.5     

Netherlands

    6.9     

Germany

    6.7     

Australia

    5.0     

Hong Kong

    4.2     

Denmark

    4.1     

Sweden

    4.1     

Singapore

    2.0     

Spain

    2.0     

Finland

    1.7     

Italy

    1.4     

Israel

    1.1     

Other (each representing less than 1%)

    2.7     

 

 

 

  (a) 

Excludes money market funds.

 

 

 

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Table of Contents
Fund Summary  as of August 31, 2022       iShares® ESG Advanced MSCI EM ETF

 

Investment Objective

The iShares ESG Advanced MSCI EM ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization emerging market companies that have a favorable environmental, social and governance rating while applying extensive screens for company involvement in controversial activities, as represented by the MSCI Emerging Markets Choice ESG Screened 5% Issuer Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

          Average Annual Total Returns                 Cumulative Total Returns  
     1 Year     

Since

Inception

           1 Year     

Since

Inception

 

Fund NAV

    (19.91 )%       1.62       (19.91 )%       3.10

Fund Market

    (20.16      1.66         (20.16      3.19  

Index

    (19.55      2.27               (19.55      4.36  

 

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

 

LOGO

The inception date of the Fund was October 6, 2020. The first day of secondary market trading was October 8, 2020.

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

Expense Example

 

    Actual           Hypothetical 5% Return           
 

 

 

     

 

 

      
     

Beginning

Account Value

(03/01/22)

 

 

 

      

Ending

Account Value

(08/31/22)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

           

Beginning

Account Value

(03/01/22)

 

 

 

      

Ending

Account Value

(08/31/22)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

      $        1,000.00          $          861.60          $        0.75               $        1,000.00          $        1,024.40          $        0.82          0.16

 

  (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


Table of Contents
Fund Summary  as of August 31, 2022   (continued)    iShares® ESG Advanced MSCI EM ETF

 

Portfolio Management Commentary

Investor interest in the environmental, social, and governance (“ESG”) attributes of companies was positive during the reporting period, even as equity markets declined. Many emerging market countries continued to advance ESG-related regulation and legislation. In China, a new set of voluntary guidelines for ESG reporting took effect in June 2022. The Taiwan Stock Exchange imposed a reporting requirement for listed companies that mandates disclosure of greenhouse gas emissions, energy management, and other ESG-related metrics. India released a proposal for regulating ESG impact ratings that would require ratings providers to be accredited by Indian authorities.

With a negative global macro backdrop, the Index, which consists of emerging market stocks, declined significantly for the reporting period. Within China, the consumer discretionary sector detracted substantially from the Index’s return. Automobiles manufacturers, including electric car makers, declined as pandemic-related restrictions slowed production and kept customers home, constraining sales. In the internet and direct marketing retail industry, government pressure to limit food delivery fees weighed on investor sentiment. The life sciences tools and services industry in the healthcare sector declined after a Chinese biologics manufacturer appeared on a U.S. list of firms prohibited from receiving certain technology exports.

Taiwanese stocks also detracted from the Index’s return, as a weaker consumer demand outlook weighed on Taiwan’s semiconductors industry in the information technology sector. In South Korea’s communication services sector, subscription sales on messaging apps fell amid billing changes instituted by a large provider of smartphone operating systems.

In terms of relative performance, the Index outperformed the broader market, as represented by the MSCI Emerging Markets Index. Relative to the broader market the ESG selection process favors stocks with higher ESG ratings, resulting in an overweight to Financials which was a drag on performance, and an underweight to Energy and Materials, which contributed positively. Communication Services contributed the most to outperformance due to a zero-weight exposure to Chinese conglomerate Tencent Holdings which underperformed the broader market.

Portfolio Information

 

 

SECTOR ALLOCATION

 

 

 

 
Sector  

Percent of   

Total Investments(a)

 

 

 

Financials

    33.7%  

Consumer Discretionary

    18.4     

Information Technology

    17.4     

Communication Services

    8.9     

Consumer Staples

    5.5     

Health Care

    5.0     

Materials

    4.6     

Industrials

    3.8     

Real Estate

    2.0     

Utilities

    0.7     

 

 

GEOGRAPHIC ALLOCATION

 

 

 

 
Country/Geographic Region  

Percent of   

Total Investments(a)

 

 

 

China

    31.4%  

Taiwan

    16.7     

India

    13.7     

South Africa

    6.3     

South Korea

    6.1     

Brazil

    4.9     

Saudi Arabia

    3.3     

Indonesia

    3.2     

Thailand

    2.9     

Malaysia

    2.3     

United Arab Emirates

    2.3     

Qatar

    1.2     

Mexico

    1.1     

Other (each representing less than 1%)

    4.6     

 

 

 

  (a) 

Excludes money market funds.

 

 

 

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Table of Contents

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 / S H A R E H O L D E R   E X P E N S E S

  9


Table of Contents

Schedule of Investments  

August 31, 2022

  

iShares® ESG Advanced MSCI EAFE ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 

Common Stocks

   
Australia — 4.9%            

ASX Ltd.

    9,138     $ 486,436  

Aurizon Holdings Ltd.

    92,051       232,809  

BlueScope Steel Ltd.

    20,968       235,257  

Brambles Ltd.

    68,113       573,254  

Cochlear Ltd.

    3,114       453,327  

Computershare Ltd.

    25,806       430,385  

CSL Ltd.

    22,525       4,505,397  

Dexus

    54,445       322,041  

Evolution Mining Ltd.

    77,577       124,670  

Fortescue Metals Group Ltd.

    78,869       980,150  

Goodman Group

    78,010       1,037,376  

GPT Group (The)

    97,229       277,054  

IDP Education Ltd.

    10,179       200,390  

James Hardie Industries PLC

    20,425       462,940  

Lendlease Corp. Ltd.

    30,084       209,641  

Medibank Pvt Ltd.

    137,232       345,683  

Mineral Resources Ltd.

    8,004       341,030  

Mirvac Group

    182,168       259,431  

Newcrest Mining Ltd.

    41,201       495,304  

Northern Star Resources Ltd.

    51,219       270,705  

Orica Ltd.

    19,535       204,339  

QBE Insurance Group Ltd.

    68,507       561,672  

Ramsay Health Care Ltd.

    8,355       407,188  

REA Group Ltd.

    2,287       197,227  

Reece Ltd.

    9,129       98,834  

Scentre Group

    243,988       484,876  

SEEK Ltd.

    16,847       237,689  

Sonic Healthcare Ltd.

    21,505       497,303  

Stockland

    114,753       282,277  

Suncorp Group Ltd.

    59,348       438,300  

Transurban Group

    143,065       1,357,324  

Vicinity Centres

    181,957       238,220  

WiseTech Global Ltd.

    6,769       267,372  
   

 

 

 
          17,515,901  
Austria — 0.1%            

Erste Group Bank AG

    15,943       358,522  

voestalpine AG

    5,394       108,541  
   

 

 

 
      467,063  
Belgium — 0.6%            

Ageas SA/NV

    7,263       294,700  

D’ieteren Group

    1,326       199,897  

Elia Group SA/NV

    1,566       227,495  

Groupe Bruxelles Lambert SA

    4,514       341,241  

KBC Group NV

    11,537       550,228  

Proximus SADP

    7,314       93,100  

Umicore SA

    10,007       318,083  

Warehouses De Pauw CVA

    7,107       216,245  
   

 

 

 
      2,240,989  
Brazil — 0.1%            

Yara International ASA

    8,106       342,863  
   

 

 

 
Denmark — 4.1%            

AP Moller - Maersk A/S, Class A

    140       327,055  

AP Moller - Maersk A/S, Class B, NVS

    212       508,621  

Chr Hansen Holding A/S

    4,831       281,488  

Demant A/S(a)

    4,581       141,114  

DSV A/S

    8,743       1,291,936  

Genmab A/S(a)

    3,070       1,092,816  
Security   Shares     Value  

 

 
Denmark (continued)            

GN Store Nord AS

    5,737     $ 162,258  

Novo Nordisk A/S, Class B

    77,423       8,277,587  

Novozymes A/S, Class B

    9,348       536,515  

Pandora A/S

    4,185       251,421  

Rockwool A/S, Class B

    420       86,450  

Tryg A/S

    18,024       407,266  

Vestas Wind Systems A/S

    47,930       1,199,261  
   

 

 

 
          14,563,788  
Finland — 1.7%            

Elisa OYJ

    6,905       369,267  

Kesko OYJ, Class B

    12,974       272,942  

Kone OYJ, Class B

    16,079       643,039  

Nokia OYJ

    250,223       1,260,965  

Nordea Bank Abp

    160,873       1,491,590  

Orion OYJ, Class B

    5,080       230,328  

Sampo OYJ, Class A

    22,504       1,018,088  

Stora Enso OYJ, Class R

    25,051       372,909  

Wartsila OYJ Abp

    20,996       173,117  
   

 

 

 
      5,832,245  
France — 9.5%            

Accor SA(a)

    8,281       197,512  

Aeroports de Paris(a)

    1,380       188,964  

Air Liquide SA

    24,431       3,061,518  

Amundi SA(b)

    3,073       155,812  

Arkema SA

    2,835       239,335  

AXA SA

    88,044       2,073,579  

BioMerieux

    2,072       189,484  

BNP Paribas SA

    52,032       2,417,937  

Bouygues SA

    11,188       328,647  

Bureau Veritas SA

    14,010       347,727  

Capgemini SE

    7,580       1,309,657  

Carrefour SA

    28,429       474,494  

Cie. Generale des Etablissements Michelin SCA

    30,912       751,819  

Covivio

    2,214       123,602  

Credit Agricole SA

    57,024       524,830  

Danone SA

    30,360       1,597,552  

Dassault Systemes SE

    31,257       1,205,369  

Edenred

    11,536       583,484  

Eiffage SA(c)

    4,009       352,611  

Eurazeo SE

    2,081       124,277  

Eurofins Scientific SE

    6,511       450,484  

Gecina SA

    2,075       184,671  

Getlink SE

    21,548       405,771  

Hermes International

    1,486       1,903,217  

Ipsen SA

    1,877       179,886  

Klepierre SA

    10,276       210,784  

Legrand SA

    13,041       943,577  

L’Oreal SA

    11,285       3,875,768  

Publicis Groupe SA

    10,482       511,787  

Sartorius Stedim Biotech

    1,300       475,490  

Schneider Electric SE

    25,344       3,012,321  

SEB SA

    1,187       87,915  

Societe Generale SA

    37,385       824,168  

Sodexo SA

    4,218       322,592  

Ubisoft Entertainment SA(a)

    4,030       185,844  

Unibail-Rodamco-Westfield(a)(c)

    5,619       288,870  

Valeo

    9,835       187,865  

Vinci SA

    24,955       2,302,184  

Vivendi SE

    34,376       311,600  

 

 

10  

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


Table of Contents

Schedule of Investments   (continued)

August 31, 2022

  

iShares® ESG Advanced MSCI EAFE ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 
France (continued)            

Wendel SE

    1,109     $ 87,136  

Worldline SA/France(a)(b)

    10,979       470,370  
   

 

 

 
          33,470,510  
Germany — 6.4%            

adidas AG

    8,026       1,190,120  

Aroundtown SA

    44,107       128,642  

Bayerische Motoren Werke AG

    15,387       1,133,693  

Bechtle AG

    3,534       135,386  

Beiersdorf AG

    4,712       475,629  

Brenntag SE

    7,179       470,709  

Carl Zeiss Meditec AG, Bearer

    1,863       231,867  

Commerzbank AG(a)

    47,966       319,162  

Continental AG

    5,325       306,583  

Covestro AG(b)

    9,117       274,895  

Daimler Truck Holding AG(a)

    20,700       530,983  

Deutsche Boerse AG

    8,825       1,492,082  

Deutsche Lufthansa AG, Registered(a)(c)

    28,014       166,551  

Deutsche Post AG, Registered

    46,409       1,693,888  

Evonik Industries AG

    10,351       192,996  

GEA Group AG

    6,624       230,428  

Hannover Rueck SE

    2,902       427,714  

HeidelbergCement AG

    6,908       311,948  

HelloFresh SE(a)

    7,392       176,491  

Henkel AG & Co. KGaA

    5,184       324,204  

Infineon Technologies AG

    60,618       1,483,254  

KION Group AG

    3,036       121,309  

Knorr-Bremse AG

    3,391       164,345  

LEG Immobilien SE

    3,391       256,271  

Merck KGaA

    6,031       1,036,005  

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered

    6,593       1,575,205  

Nemetschek SE

    2,484       146,333  

Puma SE

    5,350       327,011  

Rational AG

    210       113,266  

SAP SE

    48,783       4,164,141  

Scout24 SE(b)

    3,824       220,312  

Siemens Healthineers AG(b)

    13,317       652,150  

Symrise AG

    6,287       657,835  

Telefonica Deutschland Holding AG

    54,309       140,983  

United Internet AG, Registered(d)

    4,968       112,379  

Vonovia SE

    33,223       899,397  

Zalando SE(a)(b)

    10,713       248,037  
   

 

 

 
      22,532,204  
Hong Kong — 4.1%            

AIA Group Ltd.

    570,800       5,491,802  

BOC Hong Kong Holdings Ltd.

    176,000       605,757  

Chow Tai Fook Jewellery Group Ltd.

    82,800       166,652  

CK Asset Holdings Ltd.

    103,500       698,600  

ESR Group Ltd.(a)(b)

    96,600       270,490  

Futu Holdings Ltd., ADR(a)

    2,760       135,488  

Hang Lung Properties Ltd.

    92,000       152,997  

Hang Seng Bank Ltd.

    34,500       540,153  

HKT Trust & HKT Ltd., Class SS

    138,000       185,138  

Hong Kong Exchanges & Clearing Ltd.

    56,800       2,288,729  

Link REIT

    96,600       747,590  

MTR Corp. Ltd.

    72,500       371,296  

New World Development Co. Ltd.

    69,000       224,842  

Sino Land Co. Ltd.

    162,000       236,897  

Sun Hung Kai Properties Ltd.

    69,000       810,627  
Security   Shares     Value  

 

 
Hong Kong (continued)            

Swire Pacific Ltd., Class A

    34,500     $ 238,903  

Swire Properties Ltd.

    41,400       95,415  

Techtronic Industries Co. Ltd.

    69,000       813,802  

WH Group Ltd.(b)

    379,500       258,562  

Wharf Real Estate Investment Co. Ltd.

    71,000       323,063  
   

 

 

 
          14,656,803  
Ireland — 0.7%            

CRH PLC

    36,544       1,349,482  

Kerry Group PLC, Class A

    7,666       790,531  

Smurfit Kappa Group PLC

    11,665       391,123  
   

 

 

 
      2,531,136  
Israel — 1.1%            

Bank Hapoalim BM

    59,424       616,075  

Bank Leumi Le-Israel BM

    72,908       770,727  

Check Point Software Technologies Ltd.(a)

    4,717       567,172  

CyberArk Software Ltd.(a)

    1,794       258,838  

Israel Discount Bank Ltd., Class A

    58,420       357,159  

Mizrahi Tefahot Bank Ltd.

    6,868       279,326  

Nice Ltd.(a)

    2,979       636,499  

Wix.com Ltd.(a)

    2,567       162,466  

ZIM Integrated Shipping Services Ltd.

    3,933       141,942  
   

 

 

 
      3,790,204  
Italy — 1.4%            

Amplifon SpA

    5,390       140,468  

Assicurazioni Generali SpA

    53,497       784,627  

DiaSorin SpA

    1,109       145,483  

Ferrari NV

    5,887       1,136,440  

FinecoBank Banca Fineco SpA

    28,399       307,058  

Infrastrutture Wireless Italiane SpA(b)

    15,600       144,579  

Mediobanca Banca di Credito Finanziario SpA

    29,082       230,210  

Moncler SpA

    9,269       412,394  

Nexi SpA(a)(b)

    24,722       202,831  

Poste Italiane SpA(b)

    24,655       197,043  

Prysmian SpA

    11,317       347,237  

Recordati Industria Chimica e Farmaceutica SpA

    4,842       197,554  

Telecom Italia SpA/Milano(a)

    463,135       95,526  

Terna - Rete Elettrica Nazionale

    71,286       506,787  
   

 

 

 
      4,848,237  
Japan — 28.2%            

Advantest Corp.

    7,500       424,765  

Aeon Co. Ltd.

    27,600       538,358  

AGC Inc.(c)

    6,900       234,179  

Ajinomoto Co. Inc.

    20,700       572,145  

ANA Holdings Inc.(a)

    7,000       134,584  

Asahi Intecc Co. Ltd.

    6,900       122,734  

Asahi Kasei Corp.

    59,600       435,544  

Astellas Pharma Inc.

    89,700       1,271,747  

Azbil Corp.

    6,900       196,604  

Bridgestone Corp.

    27,600       1,059,127  

Brother Industries Ltd.

    13,800       264,098  

Canon Inc.

    49,000       1,173,516  

Capcom Co. Ltd.

    6,900       188,333  

Central Japan Railway Co.

    6,900       812,337  

Chiba Bank Ltd. (The)

    20,700       111,818  

Chugai Pharmaceutical Co. Ltd.

    27,600       712,303  

CyberAgent Inc.

    20,700       201,810  

Dai Nippon Printing Co. Ltd.

    13,800       290,474  

Daifuku Co. Ltd.

    6,900       402,532  

Dai-ichi Life Holdings Inc.

    49,100       848,350  

 

 

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

  11


Table of Contents

Schedule of Investments   (continued)

August 31, 2022

  

iShares® ESG Advanced MSCI EAFE ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 
Japan (continued)            

Daiichi Sankyo Co. Ltd.

    82,800     $     2,488,288  

Daikin Industries Ltd.

    11,800       2,059,891  

Daito Trust Construction Co. Ltd.

    3,000       296,707  

Daiwa House Industry Co. Ltd.

    27,600       617,059  

Daiwa House REIT Investment Corp.

    69       159,514  

Daiwa Securities Group Inc.

    55,200       240,960  

Denso Corp.

    20,700       1,129,820  

Dentsu Group Inc.

    6,900       224,247  

Disco Corp.

    1,400       339,934  

East Japan Railway Co.

    13,800       714,794  

Eisai Co. Ltd.

    13,800       562,670  

FANUC Corp.

    8,900       1,433,783  

Fast Retailing Co. Ltd.

    2,600       1,520,302  

FUJIFILM Holdings Corp.

    17,500       888,419  

Fujitsu Ltd.

    9,000       1,059,059  

GMO Payment Gateway Inc.

    2,200       177,679  

Hakuhodo DY Holdings Inc.

    13,800       123,117  

Hamamatsu Photonics KK

    6,900       295,519  

Hankyu Hanshin Holdings Inc.

    13,800       413,842  

Hirose Electric Co. Ltd.

    1,300       184,207  

Hitachi Construction Machinery Co. Ltd.

    6,900       141,848  

Hitachi Metals Ltd.(a)

    13,900       209,150  

Hoshizaki Corp.

    6,900       204,988  

Hoya Corp.

    17,300       1,764,198  

Hulic Co. Ltd.

    14,000       106,091  

Ibiden Co. Ltd.

    6,900       218,999  

Itochu Techno-Solutions Corp.

    6,900       174,136  

Japan Exchange Group Inc.

    20,700       308,476  

Japan Metropolitan Fund Invest

    347       275,579  

Japan Real Estate Investment Corp.

    69       319,579  

JFE Holdings Inc.

    20,700       222,392  

JSR Corp.

    6,900       153,917  

Kajima Corp.

    20,700       217,816  

Kao Corp.

    21,300       922,296  

KDDI Corp.

    75,900       2,322,625  

Keio Corp.

    6,900       262,547  

Keisei Electric Railway Co. Ltd.

    6,900       192,484  

Keyence Corp.

    9,100       3,416,811  

Kikkoman Corp.

    6,900       421,925  

Kintetsu Group Holdings Co. Ltd.

    6,900       234,301  

Kobayashi Pharmaceutical Co. Ltd.

    2,000       113,343  

Kobe Bussan Co. Ltd.

    6,900       175,711  

Komatsu Ltd.

    41,400       866,036  

Konami Group Corp.

    4,800       243,598  

Kubota Corp.

    49,000       760,981  

Kurita Water Industries Ltd.

    6,900       268,461  

Kyocera Corp.

    13,800       767,056  

Kyowa Kirin Co. Ltd.

    13,800       309,323  

Lixil Corp.

    13,800       239,975  

M3 Inc.

    20,700       673,635  

Mazda Motor Corp.

    27,600       244,428  

MEIJI Holdings Co. Ltd.

    6,900       328,708  

MINEBEA MITSUMI Inc.

    13,800       237,182  

MISUMI Group Inc.

    13,900       341,191  

Mitsubishi Chemical Group Corp.

    56,100       294,523  

Mitsubishi Electric Corp.

    89,700       906,879  

Mitsubishi Estate Co. Ltd.

    56,100       755,491  

Mitsubishi HC Capital Inc.

    27,900       135,211  

Mitsubishi UFJ Financial Group Inc.

    558,900       2,897,308  

Mitsui Chemicals Inc.

    6,900       155,012  
Security   Shares     Value  

 

 
Japan (continued)            

Mitsui Fudosan Co. Ltd.

    42,100     $ 852,130  

MonotaRO Co. Ltd.

    13,800       247,603  

MS&AD Insurance Group Holdings Inc.

    20,700       617,604  

Murata Manufacturing Co. Ltd.

    27,600           1,486,161  

NEC Corp.

    11,600       423,071  

NGK Insulators Ltd.

    6,900       98,515  

Nidec Corp.

    21,200       1,408,358  

Nihon M&A Center Holdings Inc.

    14,500       179,702  

Nintendo Co. Ltd.

    5,200       2,128,603  

Nippon Building Fund Inc.

    69       343,686  

Nippon Paint Holdings Co. Ltd.

    34,500       266,076  

Nippon Prologis REIT Inc.

    69       173,585  

Nippon Telegraph & Telephone Corp.

    55,200       1,496,156  

Nippon Yusen KK

    6,900       526,292  

Nissan Chemical Corp.

    6,900       351,146  

Nissin Foods Holdings Co. Ltd.

    2,100       150,247  

Nitori Holdings Co. Ltd.

    3,800       363,286  

Nitto Denko Corp.

    6,900       425,266  

Nomura Holdings Inc.

    138,000       499,683  

Nomura Real Estate Holdings Inc.

    7,000       171,975  

Nomura Real Estate Master Fund Inc.

    207       253,174  

Nomura Research Institute Ltd.

    13,800       371,410  

NTT Data Corp.

    28,100       395,433  

Obayashi Corp.

    28,100       194,356  

Odakyu Electric Railway Co. Ltd.

    13,800       188,522  

Oji Holdings Corp.

    35,100       140,045  

Omron Corp.

    6,900       363,121  

Ono Pharmaceutical Co. Ltd.

    13,800       329,408  

Open House Group Co. Ltd.

    6,900       270,052  

Oriental Land Co. Ltd./Japan

    9,200       1,371,604  

Otsuka Corp.

    6,900       223,035  

Otsuka Holdings Co. Ltd.

    20,700       676,115  

Pan Pacific International Holdings Corp.

    18,200       326,792  

Persol Holdings Co. Ltd.

    7,000       140,519  

Rakuten Group Inc.

    41,400       200,925  

Recruit Holdings Co. Ltd.

    69,000       2,193,551  

Renesas Electronics Corp.(a)

    55,200       522,664  

Resona Holdings Inc.

    96,600       355,608  

Ricoh Co. Ltd.

    27,600       216,921  

Rohm Co. Ltd.

    4,100       306,754  

SCSK Corp.

    6,900       112,355  

Secom Co. Ltd.

    9,500       605,238  

Seiko Epson Corp.

    13,800       216,851  

Sekisui Chemical Co. Ltd.

    13,800       188,140  

Sekisui House Ltd.

    28,100       477,830  

SG Holdings Co. Ltd.

    13,800       228,897  

Sharp Corp./Japan

    13,800       98,788  

Shimadzu Corp.

    13,800       403,044  

Shimizu Corp.

    27,600       151,344  

Shin-Etsu Chemical Co. Ltd.

    17,700       2,055,549  

Shionogi & Co. Ltd.

    13,800       673,783  

Shiseido Co. Ltd.

    20,700       781,918  

Shizuoka Bank Ltd. (The)

    21,000       121,524  

SoftBank Corp.

    131,100       1,437,280  

SoftBank Group Corp.

    55,200       2,186,556  

Sompo Holdings Inc.

    13,800       591,692  

Sony Group Corp.

    59,200       4,706,594  

Square Enix Holdings Co. Ltd.

    6,900       299,605  

SUMCO Corp.

    13,800       187,306  

Sumitomo Chemical Co. Ltd.

    69,000       271,606  

 

 

12  

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


Table of Contents

Schedule of Investments   (continued)

August 31, 2022

  

iShares® ESG Advanced MSCI EAFE ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 
Japan (continued)            

Sumitomo Metal Mining Co. Ltd.

    13,800     $ 434,239  

Sumitomo Mitsui Financial Group Inc.

    62,100       1,873,138  

Sumitomo Realty & Development Co. Ltd.

    14,700       359,502  

Suntory Beverage & Food Ltd.

    6,900       252,034  

Sysmex Corp.

    6,900       421,776  

T&D Holdings Inc.

    20,700       226,069  

Taisei Corp.

    6,900       209,205  

TDK Corp.

    20,700       723,718  

Terumo Corp.

    27,600       886,006  

TIS Inc.

    10,600       301,853  

Tobu Railway Co. Ltd.

    6,900       163,020  

Tokio Marine Holdings Inc.

    28,300       1,568,368  

Tokyo Electron Ltd.

    7,200       2,258,186  

Tokyu Corp.

    27,600       328,102  

Toppan Inc.

    13,800       216,724  

Toray Industries Inc.

    62,100       354,370  

Tosoh Corp.

    13,800       178,432  

TOTO Ltd.

    6,900       237,835  

Trend Micro Inc/Japan

    6,900       424,820  

Unicharm Corp.

    20,700       719,360  

USS Co. Ltd.

    13,800       243,527  

Welcia Holdings Co. Ltd.

    3,000       62,830  

West Japan Railway Co.

    6,900       268,537  

Yakult Honsha Co. Ltd.

    6,900       408,105  

Yamaha Corp.

    6,900       269,161  

Yamaha Motor Co. Ltd.

    13,800       285,995  

Yamato Holdings Co. Ltd.

    13,800       215,129  

Yaskawa Electric Corp.

    13,800       449,368  

Yokogawa Electric Corp.

    13,800       240,856  

Z Holdings Corp.

    119,700       351,903  

ZOZO Inc.

    6,900       152,512  
   

 

 

 
          99,859,113  
Netherlands — 6.9%            

ABN AMRO Bank NV, CVA(b)

    21,964       211,006  

Adyen NV(a)(b)

    1,019       1,572,464  

AerCap Holdings NV(a)(c)

    5,934       261,393  

Akzo Nobel NV

    8,317       523,982  

Argenx SE(a)

    2,586       973,789  

ASM International NV

    2,159       587,009  

ASML Holding NV

    19,045       9,296,157  

Euronext NV(b)

    4,128       305,071  

EXOR NV

    5,254       316,318  

IMCD NV

    2,776       382,965  

ING Groep NV

    182,128       1,596,250  

JDE Peet’s NV

    4,902       151,154  

Just Eat Takeaway.com NV(a)(b)

    7,821       130,106  

Koninklijke Ahold Delhaize NV

    48,661       1,338,509  

Koninklijke DSM NV

    8,109       1,034,025  

NN Group NV

    13,187       541,959  

OCI NV

    4,547       170,707  

Prosus NV

    38,799       2,398,145  

QIAGEN NV(a)

    10,486       475,608  

Randstad NV

    5,869       273,324  

Universal Music Group NV

    34,882       692,685  

Wolters Kluwer NV

    12,214       1,194,441  
   

 

 

 
      24,427,067  
New Zealand — 0.4%            

Auckland International Airport Ltd.(a)

    58,380       269,235  

Fisher & Paykel Healthcare Corp. Ltd.

    26,988       323,092  
Security   Shares     Value  

 

 
New Zealand (continued)            

Mercury NZ Ltd.

    36,989     $ 130,904  

Meridian Energy Ltd.

    55,695       169,914  

Spark New Zealand Ltd.

    92,605       306,329  

Xero Ltd.(a)

    6,085       357,975  
   

 

 

 
      1,557,449  
Norway — 0.6%            

Adevinta ASA(a)

    13,602       110,049  

DNB Bank ASA

    43,472       826,576  

Gjensidige Forsikring ASA

    9,118       185,027  

Mowi ASA

    18,592       381,168  

Orkla ASA

    35,328       295,833  

Telenor ASA

    33,475       366,317  
   

 

 

 
      2,164,970  
Portugal — 0.1%            

Jeronimo Martins SGPS SA

    12,424       275,462  
   

 

 

 
Singapore — 2.0%            

Ascendas Real Estate Investment Trust

    158,899       320,246  

CapitaLand Integrated Commercial Trust

    252,381       373,277  

Capitaland Investment Ltd./Singapore

    124,900       328,834  

City Developments Ltd.

    21,100       122,511  

DBS Group Holdings Ltd.

    85,000       1,979,096  

Grab Holdings Ltd., Class A(a)

    60,627       172,787  

Oversea-Chinese Banking Corp. Ltd.

    159,300       1,373,029  

Singapore Airlines Ltd.(a)

    56,000       212,624  

Singapore Exchange Ltd.

    34,500       234,117  

Singapore Telecommunications Ltd.

    387,100       726,725  

United Overseas Bank Ltd.

    55,200       1,076,370  

UOL Group Ltd.

    21,100       104,399  

Venture Corp. Ltd.(c)

    13,800       180,295  
   

 

 

 
      7,204,310  
South Korea — 0.1%            

Delivery Hero SE(a)(b)

    7,377       306,154  
   

 

 

 
Spain — 2.0%            

Acciona SA

    1,242       243,266  

ACS Actividades de Construccion y Servicios SA

    10,948       243,917  

Aena SME SA(a)(b)

    3,745       459,967  

Amadeus IT Group SA(a)

    21,199       1,119,082  

CaixaBank SA

    205,923       621,785  

Cellnex Telecom SA(b)

    25,898       1,008,538  

EDP Renovaveis SA

    13,938       338,027  

Ferrovial SA

    23,700       594,275  

Grifols SA(a)

    12,903       155,978  

Industria de Diseno Textil SA

    51,434       1,110,534  

Red Electrica Corp. SA

    7,817       142,916  

Telefonica SA

    250,566       1,034,090  
   

 

 

 
          7,072,375  
Sweden — 4.0%            

Alleima AB, NVS

    10,173       40,846  

Assa Abloy AB, Class B

    47,371       959,451  

Atlas Copco AB, Class A

    127,109       1,290,286  

Atlas Copco AB, Class B

    69,525       633,080  

Electrolux AB, Class B

    9,833       124,339  

Embracer Group AB(a)(c)

    33,489       207,781  

Epiroc AB, Class A

    29,075       444,871  

Epiroc AB, Class B

    20,360       277,178  

EQT AB

    13,739       307,724  

Essity AB, Class B

    28,774       638,301  

Fastighets AB Balder, Class B(a)

    27,417       151,402  

 

 

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

  13


Table of Contents

Schedule of Investments   (continued)

August 31, 2022

  

iShares® ESG Advanced MSCI EAFE ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 
Sweden (continued)            

Getinge AB, Class B

    11,152     $ 206,552  

H & M Hennes & Mauritz AB, Class B

    35,986       373,727  

Hexagon AB, Class B

    90,811       928,001  

Holmen AB, Class B

    4,479       192,169  

Husqvarna AB, Class B

    20,016       134,676  

Industrivarden AB, Class A

    6,230       138,069  

Industrivarden AB, Class C

    7,345       161,134  

Indutrade AB

    13,051       241,652  

Investment AB Latour, Class B

    6,348       125,051  

Investor AB, Class A

    20,359       338,381  

Investor AB, Class B

    88,625       1,396,837  

Kinnevik AB, Class B(a)

    10,492       149,312  

Lifco AB, Class B

    10,352       160,799  

Nibe Industrier AB, Class B

    70,481       660,036  

Sagax AB, Class B

    9,091       195,520  

Sandvik AB

    49,625       773,679  

Skandinaviska Enskilda Banken AB, Class A

    76,214       759,754  

SKF AB, Class B

    17,074       255,983  

Svenska Cellulosa AB SCA, Class B

    27,746       415,732  

Svenska Handelsbanken AB, Class A

    68,866       564,024  

Swedish Orphan Biovitrum AB(a)

    7,797       172,324  

Tele2 AB, Class B

    27,395       291,750  

Telia Co. AB

    125,861       442,997  

Volvo Car AB, Class B(a)(c)

    28,471       173,429  
   

 

 

 
          14,326,847  
Switzerland — 9.6%            

ABB Ltd., Registered

    75,997       2,094,752  

Adecco Group AG, Registered

    7,628       241,812  

Alcon Inc.

    23,539       1,549,877  

Bachem Holding AG, Class A

    1,745       120,835  

Baloise Holding AG, Registered

    2,298       331,644  

Clariant AG, Registered(a)

    9,319       172,060  

Coca-Cola HBC AG, Class DI

    9,601       219,088  

Geberit AG, Registered

    1,694       782,704  

Givaudan SA, Registered

    449       1,432,568  

Julius Baer Group Ltd.

    10,025       484,405  

Kuehne + Nagel International AG, Registered

    2,564       592,569  

Logitech International SA, Registered

    7,910       393,569  

Lonza Group AG, Registered

    3,458       1,844,220  

Novartis AG, Registered

    100,983       8,168,315  

Partners Group Holding AG

    1,069       1,031,856  

Schindler Holding AG, Participation Certificates, NVS

    2,277       397,631  

Schindler Holding AG, Registered

    552       93,289  

SGS SA, Registered

    303       667,262  

SIG Group AG

    14,007       329,290  

Sika AG, Registered

    6,725       1,513,089  

Sonova Holding AG, Registered

    2,565       675,810  

STMicroelectronics NV

    31,675       1,103,879  

Straumann Holding AG, Registered

    5,325       583,528  

Swiss Life Holding AG, Registered

    1,457       761,540  

Swiss Prime Site AG, Registered

    3,665       315,198  

Swiss Re AG

    14,233       1,106,696  

Swisscom AG, Registered

    1,247       644,736  

Temenos AG, Registered

    3,044       249,286  

UBS Group AG, Registered

    164,634       2,608,908  

VAT Group AG(b)

    1,247       298,166  

Zurich Insurance Group AG

    7,028       3,119,725  
   

 

 

 
      33,928,307  
Security   Shares     Value  

 

 
United Kingdom — 10.6%            

3i Group PLC

    45,900     $ 646,102  

abrdn PLC

    103,935       176,632  

Admiral Group PLC

    7,884       193,937  

Antofagasta PLC

    18,496       235,341  

Ashtead Group PLC

    21,254       1,044,163  

Auto Trader Group PLC(b)

    43,472       328,243  

AVEVA Group PLC

    5,737       186,042  

Aviva PLC

    128,833       625,000  

Barratt Developments PLC

    49,555       245,336  

Berkeley Group Holdings PLC

    5,058       214,121  

British Land Co. PLC (The)

    42,022       209,615  

Bunzl PLC

    15,531       515,073  

Burberry Group PLC

    18,151       367,171  

CNH Industrial NV

    47,683       580,544  

Coca-Cola Europacific Partners PLC

    9,945       488,996  

Compass Group PLC

    83,598       1,798,281  

Croda International PLC

    6,348       494,794  

Ferguson PLC

    10,008       1,159,008  

Halma PLC

    17,757       427,144  

Hikma Pharmaceuticals PLC

    7,042       107,325  

HSBC Holdings PLC

    941,992       5,771,437  

Informa PLC

    68,935       436,127  

InterContinental Hotels Group PLC

    8,791       477,230  

Intertek Group PLC

    7,529       345,570  

J Sainsbury PLC

    83,602       197,331  

JD Sports Fashion PLC

    121,572       159,020  

Kingfisher PLC

    97,783       262,671  

Land Securities Group PLC

    33,655       253,840  

Legal & General Group PLC

    267,953       784,853  

Lloyds Banking Group PLC

    3,270,840       1,657,517  

London Stock Exchange Group PLC

    15,489       1,452,892  

M&G PLC

    121,580       275,918  

Mondi PLC

    22,082       374,851  

NatWest Group PLC, NVS

    249,326       711,493  

Next PLC

    6,082       409,573  

Ocado Group PLC(a)

    25,211       211,876  

Pearson PLC

    30,719       307,435  

Persimmon PLC

    15,253       260,996  

Phoenix Group Holdings PLC

    35,820       250,188  

Prudential PLC

    128,349       1,347,044  

Reckitt Benckiser Group PLC

    33,328       2,571,641  

RELX PLC

    90,560       2,374,946  

Rentokil Initial PLC

    90,122       544,289  

Sage Group PLC (The)

    47,818       396,349  

Schroders PLC

    6,094       189,561  

Segro PLC

    57,454       626,994  

Severn Trent PLC

    13,190       426,058  

Spirax-Sarco Engineering PLC

    3,381       412,740  

St. James’s Place PLC

    25,425       325,438  

Standard Chartered PLC

    118,303       819,384  

Taylor Wimpey PLC

    163,254       204,808  

United Utilities Group PLC

    33,541       411,088  

Vodafone Group PLC

    1,259,559       1,686,363  

Whitbread PLC

    9,799       284,008  

WPP PLC

    51,546       443,968  
   

 

 

 
      37,708,365  
   

 

 

 

Total Common Stocks — 99.2%
(Cost: $424,983,269)

 

        351,622,362  
   

 

 

 

 

 

14  

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


Table of Contents

Schedule of Investments   (continued)

August 31, 2022

  

iShares® ESG Advanced MSCI EAFE ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 

Preferred Stocks

   
Germany — 0.3%            

Bayerische Motoren Werke AG, Preference Shares, NVS

    2,548     $ 177,147  

Henkel AG & Co. KGaA, Preference Shares, NVS

    8,060       520,141  

Sartorius AG, Preference Shares, NVS

    1,158       482,452  
   

 

 

 
      1,179,740  
   

 

 

 

Total Preferred Stocks — 0.3%
(Cost: $1,514,963)

 

    1,179,740  
   

 

 

 

Total Long-Term Investments — 99.5%
(Cost: $426,498,232)

 

    352,802,102  
   

 

 

 

Short-Term Securities

   
Money Market Funds — 0.5%            

BlackRock Cash Funds: Institutional, SL Agency Shares, 2.42%(e)(f)(g)

    1,630,636       1,631,126  

BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(e)(f)

    30,000       30,000  
   

 

 

 

Total Short-Term Securities — 0.5%
(Cost: $1,660,521)

 

    1,661,126  
   

 

 

 

Total Investments in Securities — 100.0%
(Cost: $428,158,753)

 

    354,463,228  

Liabilities in Excess of Other Assets — (0.0)%

 

    (30,764
   

 

 

 

Net Assets — 100.0%

 

  $   354,432,464  
   

 

 

 

 

(a) 

Non-income producing security.

(b) 

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.

(c) 

All or a portion of this security is on loan.

(d) 

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

(e) 

Affiliate of the Fund.

(f) 

Annualized 7-day yield as of period end.

(g) 

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

Affiliates

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

 

 

 
Affiliated Issuer   

Value at

08/31/21

    

Purchases

at Cost

    

Proceeds

from Sale

    

Net Realized

Gain (Loss)

    

Change in

Unrealized

Appreciation

(Depreciation)

    

Value at

08/31/22

    

Shares

Held at

08/31/22

     Income     

Capital

Gain

Distributions

from

Underlying

Funds

 

 

 

BlackRock Cash Funds: Institutional, SL Agency Shares

   $ 27,552      $ 1,603,634 (a)     $      $ (665    $ 605      $ 1,631,126        1,630,636      $ 7,965 (b)     $  

BlackRock Cash Funds: Treasury, SL Agency Shares

     20,000        10,000 (a)                            30,000        30,000        544         
           

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 
            $ (665    $ 605      $ 1,661,126         $ 8,509      $  
           

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 

 

  (a) 

Represents net amount purchased (sold).

 
  (b) 

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

 

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

 

 
Description   

Number of

Contracts

    

Expiration

Date

    

Notional

Amount

(000)

    

Value/

Unrealized

Appreciation

(Depreciation)

 

 

 

Long Contracts

           

Mini TOPIX Index

     53        09/08/22      $ 743      $ 6,350  

 

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

  15


Table of Contents

Schedule of Investments   (continued)

August 31, 2022

  

iShares® ESG Advanced MSCI EAFE ETF

 

Futures Contracts (continued)

 

 

 
Description   

Number of

Contracts

    

Expiration

Date

    

Notional

Amount

(000)

    

Value/

Unrealized

Appreciation

(Depreciation)

 

 

 

Euro STOXX 50 Index

     26        09/16/22      $ 917      $ (19,479
           

 

 

 
            $ (13,129
           

 

 

 

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)

   $      $      $ 6,350      $      $      $      $ 6,350  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Liabilities — Derivative Financial Instruments

                    

Futures contracts

                    

Unrealized depreciation on futures contracts(a)

   $      $      $ 19,479      $      $      $      $ 19,479  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

  (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, 2022, 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

   $      $      $ (108,861   $      $      $      $ (108,861
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

    

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on

                   

Futures contracts

   $      $      $ (14,867   $      $      $      $ (14,867
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

    

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

 

Futures contracts

       

Average notional value of contracts — long

   $ 1,525,897    

 

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.

 

 

16  

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


Table of Contents

Schedule of Investments   (continued)

August 31, 2022

  

iShares® ESG Advanced MSCI EAFE ETF

 

Fair Value Hierarchy as of Period End (continued)

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

 

 

 
     Level 1      Level 2              Level 3      Total  

 

 

Investments

           

Assets

           

Common Stocks

   $     2,229,928      $ 349,392,434      $      $ 351,622,362  

Preferred Stocks

            1,179,740               1,179,740  

Money Market Funds

     1,661,126                      1,661,126  
  

 

 

    

 

 

    

 

 

    

 

 

 
   $ 3,891,054      $ 350,572,174      $      $ 354,463,228  
  

 

 

    

 

 

    

 

 

    

 

 

 

Derivative financial instruments(a)

           

Assets

           

Futures Contracts

   $      $ 6,350      $      $ 6,350  

Liabilities

           

Futures Contracts

            (19,479             (19,479
  

 

 

    

 

 

    

 

 

    

 

 

 
   $      $ (13,129    $      $ (13,129
  

 

 

    

 

 

    

 

 

    

 

 

 

 

  (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 E   O F   I N V E S T M E N T S

  17


Table of Contents

Schedule of Investments

August 31, 2022

  

iShares® ESG Advanced MSCI EM ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 

Common Stocks

   
Brazil — 2.9%            

Americanas SA

    7,511     $ 23,591  

Atacadao SA

    6,100       23,157  

B3 SA - Brasil, Bolsa, Balcao

    75,410       171,768  

Banco Bradesco SA

    19,128       58,240  

Banco do Brasil SA

    10,640       85,265  

Banco Santander Brasil SA

    4,830       27,268  

CCR SA

    15,030       39,840  

Cia. de Saneamento Basico do Estado de Sao Paulo

    4,240       40,058  

Energisa SA

    2,370       19,266  

Hypera SA

    5,059       41,883  

Localiza Rent a Car SA

    9,160       107,087  

Lojas Renner SA

    12,380       62,990  

Natura & Co. Holding SA

    10,960       30,379  

Rede D’Or Sao Luiz SA(a)

    4,920       31,521  

Rumo SA

    16,030       62,272  

Telefonica Brasil SA

    6,000       47,447  

Tim SA

    10,620       24,149  

TOTVS SA

    6,660       36,549  

WEG SA

    20,850       113,380  
   

 

 

 
      1,046,110  
Chile — 0.4%            

Banco de Chile

    566,750       53,769  

Banco de Credito e Inversiones SA

    715       21,061  

Banco Santander Chile

    798,571       32,076  

Falabella SA

    10,190       24,013  
   

 

 

 
      130,919  
China — 31.3%            

360 Security Technology Inc., Class A

    5,489       5,794  

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

    2,000       5,859  

3SBio Inc.(a)

    15,000       9,973  

AAC Technologies Holdings Inc.

    10,000       18,526  

Agricultural Bank of China Ltd., Class A

    63,000       25,967  

Agricultural Bank of China Ltd., Class H

    354,000       115,674  

Alibaba Group Holding Ltd.(b)

    157,000           1,873,095  

Alibaba Health Information Technology Ltd.(b)

    60,000       34,384  

A-Living Smart City Services Co. Ltd., Class A(a)

    7,500       7,726  

Baidu Inc.(b)

    27,240       486,250  

Bank of China Ltd., Class A

    23,000       10,111  

Bank of China Ltd., Class H

    980,000       341,989  

Bank of Communications Co. Ltd., Class A

    28,000       18,538  

Bank of Communications Co. Ltd., Class H

    110,000       62,675  

Bank of Hangzhou Co. Ltd., Class A

    4,000       8,280  

Bank of Nanjing Co. Ltd., Class A

    8,000       12,279  

Bank of Ningbo Co. Ltd., Class A

    5,000       21,495  

Bank of Shanghai Co. Ltd., Class A

    9,000       7,686  

BeiGene Ltd., ADR(b)

    580       99,563  

Beijing Enterprises Water Group Ltd.

    40,000       10,275  

Beijing Shiji Information Technology Co. Ltd., Class A

    1,428       2,690  

Beijing Sinnet Technology Co. Ltd., Class A

    1,100       1,473  

Bosideng International Holdings Ltd.

    40,000       22,460  

BYD Electronic International Co. Ltd.

    10,000       26,421  

CanSino Biologics Inc., Class H(a)

    2,000       12,483  

China CITIC Bank Corp. Ltd., Class H

    110,000       47,158  

China Conch Venture Holdings Ltd.

    20,000       40,816  

China Construction Bank Corp., Class A

    6,000       4,787  

China Construction Bank Corp., Class H

    1,190,000       735,638  

China Everbright Bank Co. Ltd., Class A

    28,000       11,612  
Security   Shares     Value  

 

 
China (continued)            

China Everbright Bank Co. Ltd., Class H

    40,000     $ 12,263  

China Feihe Ltd.(a)

    40,000       33,106  

China Galaxy Securities Co. Ltd., Class A

    6,000       8,574  

China Galaxy Securities Co. Ltd., Class H

    35,000       19,135  

China International Capital Corp. Ltd., Class A

    400       2,404  

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

    20,000       35,186  

China Jushi Co. Ltd., Class A

    3,171       6,597  

China Lesso Group Holdings Ltd.

    10,000       11,886  

China Life Insurance Co. Ltd., Class A

    2,000       8,889  

China Life Insurance Co. Ltd., Class H

    90,000       129,346  

China Medical System Holdings Ltd.

    20,000       29,600  

China Mengniu Dairy Co. Ltd.

    40,000       181,131  

China Minsheng Banking Corp. Ltd., Class A

    24,976       13,001  

China Minsheng Banking Corp. Ltd., Class H

    75,000       23,857  

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

    4,200       2,688  

China Resources Land Ltd.

    40,000           164,358  

China Resources Mixc Lifestyle Services Ltd.(a)

    8,000       36,278  

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

    1,000       5,702  

China Ruyi Holdings Ltd.(b)

    40,000       10,151  

China Southern Airlines Co. Ltd., Class A(b)

    6,900       6,412  

China Southern Airlines Co. Ltd., Class H(b)

    20,000       10,795  

China Three Gorges Renewables Group Co. Ltd., Class A

    21,000       18,486  

China Vanke Co. Ltd., Class A

    8,000       19,232  

China Vanke Co. Ltd., Class H

    20,000       39,045  

China Zheshang Bank Co. Ltd., Class A(b)

    11,000       5,168  

CIFI Holdings Group Co. Ltd.

    41,600       10,529  

CMOC Group Ltd., Class A

    20,000       14,190  

CMOC Group Ltd., Class H

    30,000       13,377  

Contemporary Amperex Technology Co. Ltd., Class A(b)

    1,700       117,834  

Country Garden Services Holdings Co. Ltd.

    20,000       39,303  

CSC Financial Co. Ltd., Class A

    3,000       11,513  

CSPC Pharmaceutical Group Ltd.

    100,000       101,442  

Dali Foods Group Co. Ltd.(a)

    25,000       11,429  

Dongfeng Motor Group Co. Ltd., Class H

    40,000       25,362  

Far East Horizon Ltd.

    20,000       15,151  

Fuyao Glass Industry Group Co. Ltd., Class A

    1,700       9,597  

Fuyao Glass Industry Group Co. Ltd., Class H(a)

    8,000       38,175  

GDS Holdings Ltd., ADR(b)

    250       6,810  

GDS Holdings Ltd., Class A(b)

    9,000       30,738  

Geely Automobile Holdings Ltd.

    70,000       140,645  

GEM Co. Ltd., Class A

    3,800       4,575  

Genscript Biotech Corp.(b)

    14,000       44,971  

Great Wall Motor Co. Ltd., Class A

    2,000       9,643  

Great Wall Motor Co. Ltd., Class H

    40,000       60,013  

Greentown Service Group Co. Ltd.

    20,000       14,449  

Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A

    1,024       4,027  

Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A

    400       3,852  

Guolian Securities Co. Ltd., Class A

    2,000       3,198  

Haitong Securities Co. Ltd., Class A

    10,000       13,674  

Haitong Securities Co. Ltd., Class H

    28,000       18,332  

Hangzhou Robam Appliances Co. Ltd., Class A

    1,000       3,628  

Hangzhou Tigermed Consulting Co. Ltd., Class H(a)

    2,000       19,802  

Hansoh Pharmaceutical Group Co. Ltd.(a)

    20,000       39,903  

Hopson Development Holdings Ltd.

    9,900       13,612  

Huadong Medicine Co. Ltd., Class A

    1,700       10,325  

Huatai Securities Co. Ltd., Class A

    6,000       11,367  

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

    18,000       24,059  

Huaxia Bank Co. Ltd., Class A

    9,000       6,685  

 

 

18  

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


Table of Contents

Schedule of Investments   (continued)

August 31, 2022

  

iShares® ESG Advanced MSCI EM ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 
China (continued)            

Hundsun Technologies Inc., Class A

    1,378     $ 6,679  

Hygeia Healthcare Holdings Co. Ltd.(a)(b)

    4,000       21,590  

Industrial & Commercial Bank of China Ltd., Class A

    47,000       29,766  

Industrial & Commercial Bank of China Ltd., Class H

    693,000       352,074  

Industrial Bank Co. Ltd., Class A

    15,000       37,001  

Industrial Securities Co. Ltd., Class A(b)

    8,060       7,211  

Jafron Biomedical Co. Ltd., Class A

    700       4,745  

Jinxin Fertility Group Ltd.(a)

    20,000       13,024  

Jiumaojiu International Holdings Ltd.(a)

    10,000       19,674  

Joincare Pharmaceutical Group Industry Co. Ltd., Class A

    1,000       1,576  

Keda Industrial Group Co. Ltd.

    1,000       2,620  

Kingdee International Software Group Co. Ltd.(b)

    30,000       58,227  

Legend Biotech Corp., ADR(b)

    600       27,894  

Lenovo Group Ltd.

    80,000       65,889  

Li Auto Inc., ADR(b)(c)

    6,750       194,197  

Longfor Group Holdings Ltd.(a)

    25,000       81,144  

LONGi Green Energy Technology Co. Ltd., Class A

    5,600       41,205  

Meituan, Class B(a)(b)

    54,000       1,296,929  

Microport Scientific Corp.(b)

    8,000       15,897  

Ming Yang Smart Energy Group Ltd., Class A

    2,000       7,728  

Ming Yuan Cloud Group Holdings Ltd.

    10,000       8,196  

NetEase Inc.

    26,075       465,631  

NIO Inc., ADR(b)

    16,930       332,894  

Orient Securities Co. Ltd., Class A

    5,400       6,741  

Ovctek China Inc., Class A

    1,000       6,149  

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

    100,000       30,906  

Pharmaron Beijing Co. Ltd., Class A

    1,000       9,852  

Pharmaron Beijing Co. Ltd., Class H(a)

    2,000       13,229  

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

    6,000       16,243  

Pop Mart International Group Ltd.(a)

    8,000       20,674  

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

    17,000       11,064  

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

    100,000       59,697  

Sangfor Technologies Inc., Class A

    700       9,742  

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

    32,000       43,410  

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

    9,483       5,806  

Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A

    2,000       11,658  

Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H

    5,000       16,085  

Shanghai Pharmaceuticals Holding Co. Ltd., Class A

    2,000       4,993  

Shanghai Pharmaceuticals Holding Co. Ltd., Class H

    9,000       13,084  

Shanghai Pudong Development Bank Co. Ltd., Class A

    21,000       22,057  

Shengyi Technology Co. Ltd., Class A

    2,000       4,589  

Shenzhen Inovance Technology Co. Ltd., Class A

    2,050       17,721  

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

    1,000       43,041  

Shenzhou International Group Holdings Ltd.

    10,000           104,513  

Sino Biopharmaceutical Ltd.

    130,000       68,278  

Sinopharm Group Co. Ltd., Class H

    16,000       35,645  

Sungrow Power Supply Co. Ltd., Class A

    1,000       16,001  

Sunny Optical Technology Group Co. Ltd.

    9,000       122,872  

TCL Technology Group Corp., Class A

    11,000       6,581  

Titan Wind Energy Suzhou Co. Ltd., Class A

    1,000       1,991  

Tongcheng Travel Holdings Ltd.(b)

    16,000       32,771  

Topsports International Holdings Ltd.(a)

    20,000       15,786  

Transfar Zhilian Co. Ltd., Class A

    3,000       2,412  

Trip.com Group Ltd., ADR(b)(c)

    6,730       173,096  

Unisplendour Corp. Ltd., Class A

    2,000       4,986  

Vipshop Holdings Ltd., ADR(b)

    5,370       62,346  

Want Want China Holdings Ltd.

    60,000       42,265  

Wharf Holdings Ltd. (The)

    20,000       75,319  

WuXi AppTec Co. Ltd., Class A

    2,060       26,599  

WuXi AppTec Co. Ltd., Class H(a)

    4,040       45,608  
Security   Shares     Value  

 

 
China (continued)            

Wuxi Biologics Cayman Inc., New(a)(b)

    45,000     $ 396,994  

Xinjiang Goldwind Science & Technology Co. Ltd., Class A

    2,000       3,693  

Xinjiang Goldwind Science & Technology Co. Ltd., Class H

    10,000       14,902  

Xinyi Solar Holdings Ltd.

    60,000       82,513  

XPeng Inc., ADR(b)

    5,190       96,119  

Yadea Group Holdings Ltd.(a)

    20,000       38,148  

Yonyou Network Technology Co. Ltd., Class A

    3,000       8,677  

Yum China Holdings Inc.

    5,190       260,071  

Yunnan Baiyao Group Co. Ltd., Class A

    1,540       11,647  

Zhejiang Expressway Co. Ltd., Class H

    20,000       15,238  

Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A

    700       4,149  

Zhejiang Weixing New Building Materials Co. Ltd., Class A

    700       2,109  

Zhongsheng Group Holdings Ltd.

    10,000       47,284  

Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A

    5,000       4,158  

Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H

    18,000       8,114  
   

 

 

 
          11,096,594  
Colombia — 0.1%            

Bancolombia SA

    3,530       27,258  

Interconexion Electrica SA ESP

    5,190       22,464  
   

 

 

 
      49,722  
Czech Republic — 0.1%            

Komercni Banka AS

    960       22,484  

Moneta Money Bank AS(a)

    3,920       12,425  
   

 

 

 
      34,909  
Egypt — 0.1%            

Commercial International Bank Egypt SAE

    20,445       40,492  
   

 

 

 
Greece — 0.3%            

Alpha Services and Holdings SA(b)

    28,059       25,913  

Eurobank Ergasias Services and Holdings SA, Class A(b)

    33,799       31,359  

Hellenic Telecommunications Organization SA

    2,386       37,958  

National Bank of Greece SA(b)

    7,040       22,720  
   

 

 

 
      117,950  
Hungary — 0.3%            

OTP Bank Nyrt

    2,810       59,760  

Richter Gedeon Nyrt

    1,670       33,671  
   

 

 

 
      93,431  
India — 13.7%            

Adani Green Energy Ltd.(b)

    3,900       117,842  

Apollo Hospitals Enterprise Ltd.

    1,240       66,623  

Asian Paints Ltd.

    4,740       199,548  

AU Small Finance Bank Ltd.(a)

    2,110       16,594  

Axis Bank Ltd.

    28,031       261,235  

Bajaj Auto Ltd.

    850       43,294  

Bajaj Finance Ltd.

    3,360       303,244  

Bandhan Bank Ltd.(a)

    7,750       26,747  

Berger Paints India Ltd.

    2,989       24,998  

Bharti Airtel Ltd.

    27,060       245,121  

Britannia Industries Ltd.

    1,340       62,700  

Cholamandalam Investment and Finance Co. Ltd.

    5,150       50,455  

Colgate-Palmolive India Ltd.

    1,550       32,545  

Dabur India Ltd.

    7,410       54,029  

Eicher Motors Ltd.

    1,670       69,698  

Havells India Ltd.

    3,050       52,801  

HCL Technologies Ltd.

    13,370       155,518  

HDFC Life Insurance Co. Ltd.(a)

    11,680       83,701  

Hero MotoCorp Ltd.

    1,380       48,611  

 

 

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

  19


Table of Contents

Schedule of Investments   (continued)

August 31, 2022

  

iShares® ESG Advanced MSCI EM ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 
India (continued)            

Hindustan Unilever Ltd.

    10,160     $ 336,357  

ICICI Lombard General Insurance Co. Ltd.(a)

    3,042       48,865  

ICICI Prudential Life Insurance Co. Ltd.(a)

    4,440       32,778  

Info Edge India Ltd.

    881       47,392  

Infosys Ltd.

    41,522       765,296  

Kotak Mahindra Bank Ltd.

    6,880       163,222  

Mahindra & Mahindra Ltd.

    10,680       173,343  

Marico Ltd.

    6,290       41,293  

Mphasis Ltd.

    1,040       27,360  

Nestle India Ltd.

    410       102,081  

PI Industries Ltd.

    950       40,621  

Piramal Pharma Ltd., NVS

    5,600       15,045  

SBI Cards & Payment Services Ltd.

    2,980       34,169  

Shriram Transport Finance Co. Ltd.

    2,370       39,779  

Siemens Ltd.

    890       31,955  

State Bank of India

    22,130       145,703  

Tata Consultancy Services Ltd.

    11,272       449,545  

Tata Elxsi Ltd.

    430       47,964  

Tech Mahindra Ltd.

    7,200       95,929  

Titan Co. Ltd.

    4,430       143,551  

Trent Ltd.

    2,280       39,877  

Wipro Ltd.

    16,830       86,173  

Zomato Ltd.(b)

    28,933       20,682  
   

 

 

 
      4,844,284  
Indonesia — 3.2%            

Bank Central Asia Tbk PT

    685,000       378,273  

Bank Mandiri Persero Tbk PT

    229,000       136,274  

Bank Negara Indonesia Persero Tbk PT

    93,000       53,342  

Bank Rakyat Indonesia Persero Tbk PT

    842,047       245,902  

Barito Pacific Tbk PT

    346,000       19,100  

Kalbe Farma Tbk PT

    249,700       28,236  

Sumber Alfaria Trijaya Tbk PT

    206,000       30,256  

Telkom Indonesia Persero Tbk PT

    610,000       186,801  

Tower Bersama Infrastructure Tbk PT

    60,000       11,391  

Unilever Indonesia Tbk PT

    93,000       28,740  
   

 

 

 
          1,118,315  
Kuwait — 0.6%            

Gulf Bank KSCP

    20,000       22,709  

Kuwait Finance House KSCP

    63,098       184,182  
   

 

 

 
      206,891  
Malaysia — 2.3%            

AMMB Holdings Bhd

    22,100       20,541  

Axiata Group Bhd

    32,000       21,700  

CIMB Group Holdings Bhd

    84,000       100,453  

DiGi.Com Bhd

    37,000       30,881  

HAP Seng Consolidated Bhd

    8,000       12,423  

Hong Leong Bank Bhd

    8,000       37,236  

IHH Healthcare Bhd

    21,000       28,984  

Inari Amertron Bhd

    38,000       22,617  

Kuala Lumpur Kepong Bhd

    5,000       25,852  

Malayan Banking Bhd

    59,000       118,029  

Maxis Bhd

    28,000       24,002  

MR DIY Group M Bhd(a)

    29,000       14,000  

Nestle Malaysia Bhd

    1,000       29,674  

PPB Group Bhd

    8,000       31,460  

Press Metal Aluminium Holdings Bhd

    46,200       48,967  

Public Bank Bhd

    179,000       187,957  

RHB Bank Bhd

    19,000       24,278  

Sime Darby Bhd

    32,000       16,304  
Security   Shares     Value  

 

 
Malaysia (continued)            

Telekom Malaysia Bhd

    14,000     $ 18,611  
   

 

 

 
      813,969  
Mexico — 1.1%            

Arca Continental SAB de CV

    5,000       34,038  

Coca-Cola Femsa SAB de CV

    7,000       42,799  

Grupo Aeroportuario del Sureste SAB de CV, Class B

    2,400       50,833  

Grupo Financiero Banorte SAB de CV, Class O

    32,000       188,984  

Grupo Televisa SAB, CPO

    30,000       37,808  

Industrias Penoles SAB de CV

    1,700       13,973  

Kimberly-Clark de Mexico SAB de CV, Class A

    18,000       24,382  
   

 

 

 
          392,817  
Peru — 0.3%            

Credicorp Ltd.

    890       114,712  
   

 

 

 
Philippines — 0.7%            

Bank of the Philippine Islands

    22,200       37,482  

BDO Unibank Inc.

    25,100       57,395  

Converge Information and Communications Technology Solutions Inc.(b)

    27,000       8,326  

Globe Telecom Inc.

    300       11,194  

GT Capital Holdings Inc.

    1,200       10,278  

Monde Nissin Corp.(a)(b)

    75,000       22,011  

SM Prime Holdings Inc.

    141,000       94,783  
   

 

 

 
      241,469  
Poland — 0.7%            

Allegro.eu SA (a)(b)

    4,570       23,970  

Bank Polska Kasa Opieki SA

    2,264       31,320  

CD Projekt SA

    870       15,515  

KGHM Polska Miedz SA

    1,760       32,981  

LPP SA

    10       18,006  

mBank SA(b)

    194       8,913  

Orange Polska SA

    8,080       10,297  

Powszechna Kasa Oszczednosci Bank Polski SA

    11,110       55,423  

Powszechny Zaklad Ubezpieczen SA

    7,640       45,732  

Santander Bank Polska SA

    450       20,448  
   

 

 

 
      262,605  
Qatar — 1.2%            

Commercial Bank PSQC (The)

    39,620       78,722  

Ooredoo QPSC

    9,490       23,410  

Qatar National Bank QPSC

    56,970       318,956  
   

 

 

 
      421,088  
Romania — 0.1%            

NEPI Rockcastle SA

    5,720       30,479  
   

 

 

 
Russia — 0.0%            

Magnit PJSC(d)

    693        

Moscow Exchange MICEX-RTS PJSC(b)(d)

    12,190       2  

Novolipetsk Steel PJSC(d)

    15,750       3  

PhosAgro PJSC(d)

    563        

PhosAgro PJSC, New(d)

    11        

Polymetal International PLC(d)

    3,451       1  

Polyus PJSC(d)

    329        

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

    1,183        

VK Co. Ltd.(b)(d)

    1,337        
   

 

 

 
      6  
Saudi Arabia — 3.3%            

Al Rajhi Bank

    24,180       578,864  

Almarai Co. JSC

    3,020       42,504  

Bank AlBilad(b)

    6,143       82,537  

 

 

20  

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


Table of Contents

Schedule of Investments   (continued)

August 31, 2022

  

iShares® ESG Advanced MSCI EM ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 
Saudi Arabia (continued)            

Dr Sulaiman Al Habib Medical Services Group Co.

    1,080     $ 57,383  

Etihad Etisalat Co.

    4,550       44,302  

Saudi Basic Industries Corp.

    11,070       294,077  

Saudi Investment Bank (The)

    6,030       32,083  

Savola Group (The)

    3,350       29,019  
   

 

 

 
      1,160,769  
South Africa — 6.3%            

Absa Group Ltd.

    9,960       103,157  

Anglo American Platinum Ltd.

    650       45,376  

Aspen Pharmacare Holdings Ltd.

    4,650       39,905  

Bid Corp. Ltd.

    4,110       77,995  

Bidvest Group Ltd. (The)

    3,560       44,675  

Capitec Bank Holdings Ltd.

    1,080       128,418  

Clicks Group Ltd.

    2,920       50,805  

Discovery Ltd.(b)

    6,270       44,924  

FirstRand Ltd.

    62,320       232,772  

Foschini Group Ltd. (The)

    4,180       31,031  

Gold Fields Ltd.

    11,060       89,324  

Growthpoint Properties Ltd.

    42,260       31,432  

Impala Platinum Holdings Ltd.

    10,360       108,556  

Kumba Iron Ore Ltd.

    800       17,711  

Mr. Price Group Ltd.

    3,250       35,207  

MTN Group Ltd.

    20,890       151,203  

MultiChoice Group

    4,680       31,587  

Naspers Ltd., Class N

    2,690       379,307  

Nedbank Group Ltd.

    5,680       67,044  

Old Mutual Ltd.

    59,080       35,000  

Pepkor Holdings Ltd.(a)

    20,750       24,362  

Remgro Ltd.

    6,600       48,942  

Sanlam Ltd.

    21,590       67,120  

Shoprite Holdings Ltd.

    6,210       84,208  

SPAR Group Ltd. (The)

    2,420       22,122  

Standard Bank Group Ltd.

    16,532       147,525  

Vodacom Group Ltd.

    7,670       56,456  

Woolworths Holdings Ltd.

    12,760       41,717  
   

 

 

 
          2,237,881  
South Korea — 6.0%            

Amorepacific Corp.

    360       32,811  

AMOREPACIFIC Group

    350       9,060  

BGF retail Co. Ltd.

    100       11,978  

CJ CheilJedang Corp.

    100       30,334  

CJ Corp.

    170       9,891  

CJ ENM Co. Ltd.

    130       9,554  

Coway Co. Ltd.

    690       32,737  

DB Insurance Co. Ltd.

    550       24,494  

GS Engineering & Construction Corp.

    830       18,566  

Hana Financial Group Inc.

    3,770       109,883  

Hankook Tire & Technology Co. Ltd.

    910       25,655  

Hanon Systems

    2,280       17,436  

HYBE Co. Ltd.(b)

    230       30,821  

Hyundai Engineering & Construction Co. Ltd.

    940       33,874  

Kakao Corp.

    3,850       209,069  

KB Financial Group Inc.

    4,820       176,937  

LG Corp.

    1,150       70,174  

LG Display Co. Ltd.

    2,880       33,284  

LG Electronics Inc.

    1,310       98,027  

LG H&H Co. Ltd.

    120       63,545  

Lotte Chemical Corp.

    217       28,176  

Mirae Asset Securities Co. Ltd.

    3,950       19,264  

Security

    Shares       Value  

 

 
South Korea (continued)            

NCSoft Corp.

    200     $ 56,202  

Netmarble Corp.(a)

    270       12,730  

POSCO Chemical Co. Ltd.

    337       41,894  

Samsung Fire & Marine Insurance Co. Ltd.

    380       55,227  

Samsung Life Insurance Co. Ltd.

    990       45,692  

Samsung SDS Co. Ltd.

    413       39,416  

Samsung Securities Co. Ltd.

    740       18,630  

Shinhan Financial Group Co. Ltd.

    5,750       155,787  

SK Biopharmaceuticals Co. Ltd.(b)

    380       20,203  

SK Chemicals Co. Ltd.

    145       10,511  

SK Hynix Inc.

    6,750       474,578  

SKC Co. Ltd.

    260       23,618  

Woori Financial Group Inc.

    6,808       61,585  

Yuhan Corp.

    620       26,220  
   

 

 

 
          2,137,863  
Taiwan — 16.6%            

Accton Technology Corp.

    7,000       64,460  

Acer Inc.

    40,000       28,729  

ASE Technology Holding Co. Ltd.

    40,000       111,280  

Asustek Computer Inc.

    10,000       83,210  

AUO Corp.

    100,000       54,603  

Cathay Financial Holding Co. Ltd.

    100,000       145,483  

Chailease Holding Co. Ltd.

    17,315       111,175  

Chang Hwa Commercial Bank Ltd.

    60,600       35,003  

China Airlines Ltd.

    30,000       22,192  

China Development Financial Holding Corp.

    190,000       83,010  

China Steel Corp.

    150,000       142,060  

Chunghwa Telecom Co. Ltd.

    50,000       198,404  

Compal Electronics Inc.

    50,000       37,228  

CTBC Financial Holding Co. Ltd.

    220,000       168,510  

Delta Electronics Inc.

    25,000       214,041  

E Ink Holdings Inc.

    10,000       77,758  

E.Sun Financial Holding Co. Ltd.

    160,232       147,639  

Eclat Textile Co. Ltd.

    2,000       29,273  

Eva Airways Corp.

    30,000       32,831  

Evergreen Marine Corp. Taiwan Ltd.

    30,000       85,972  

Far Eastern New Century Corp.

    40,000       42,862  

Far EasTone Telecommunications Co. Ltd.

    20,000       49,051  

First Financial Holding Co. Ltd.

    133,059       115,439  

Fubon Financial Holding Co. Ltd.

    90,143       169,023  

Hotai Motor Co. Ltd.

    3,000       60,113  

Hua Nan Financial Holdings Co. Ltd.

    105,037       79,725  

Innolux Corp.

    120,000       47,267  

Lite-On Technology Corp.

    20,000       43,041  

MediaTek Inc.

    19,000       411,098  

Mega Financial Holding Co. Ltd.

    133,250       156,292  

Micro-Star International Co. Ltd.

    10,000       37,436  

President Chain Store Corp.

    7,000       61,513  

Shanghai Commercial & Savings Bank Ltd. (The)

    40,000       65,108  

SinoPac Financial Holdings Co. Ltd.

    131,200       74,379  

Taishin Financial Holding Co. Ltd.

    137,941       68,464  

Taiwan Cement Corp.

    70,994       91,390  

Taiwan Cooperative Financial Holding Co. Ltd.

    120,165       108,520  

Taiwan Mobile Co. Ltd.

    20,000       65,373  

Taiwan Semiconductor Manufacturing Co. Ltd.

    108,180       1,706,639  

Unimicron Technology Corp.

    16,000       78,396  

United Microelectronics Corp.

    150,000       199,570  

Vanguard International Semiconductor Corp.

    10,000       24,175  

Voltronic Power Technology Corp.

    1,000       57,002  

Win Semiconductors Corp.

    4,000       23,233  

 

 

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

  21


Table of Contents

Schedule of Investments   (continued)

August 31, 2022

  

iShares® ESG Advanced MSCI EM ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 
Taiwan (continued)            

WPG Holdings Ltd.

    20,000     $ 33,635  

Yageo Corp.

    5,000       53,476  

Yuanta Financial Holding Co. Ltd.

    123,600       82,045