
		FEBRUARY 28, 2023

2023 Semi-Annual Report

(Unaudited)

iShares, Inc.

· iShares Currency Hedged MSCI Emerging Markets ETF | HEEM | Cboe BZX

· iShares MSCI Emerging Markets ETF | EEM | NYSE Arca

The Markets in Review

Dear Shareholder,

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

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

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

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

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

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

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

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of February 28, 2023

	6-Month		12-Month

U.S. large cap equities (S&P 500^® Index)		1.26%		(7.69)%

U.S. small cap equities (Russell 2000^® Index)		3.63		(6.02)

International equities (MSCI Europe, Australasia, Far East Index)		12.58		(3.14)

Emerging market equities (MSCI Emerging Markets Index)		(2.29)		(15.28)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		1.74		2.11

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(4.81)		(14.06)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(2.13)		(9.72)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		0.66		(5.10)

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		2.52		(5.45)

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


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

Table of Contents


	Page


The Markets in Review		2

Semi-Annual Report:

Fund Summary		4

About Fund Performance		6

Disclosure of Expenses		6

Schedules of Investments		7

Financial Statements

Statements of Assets and Liabilities		27

Statements of Operations		28

Statements of Changes in Net Assets		29

Financial Highlights		30

Notes to Financial Statements		32

Statement Regarding Liquidity Risk Management Program		41

Supplemental Information		42

General Information		43

Glossary of Terms Used in this Report		44


Fund Summary as of February 28, 2023		iShares^® Currency Hedged MSCI Emerging Markets ETF

Investment Objective

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

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception

Fund NAV		(1.03	)%		(11.64	)%		0.43	%		2.84	%		(11.64	)%		2.15	%		26.66	%
Fund Market		(1.25	)		(12.16	)		0.41			2.82			(12.16	)		2.06			26.48
Index		(1.56	)		(11.21	)		0.65			3.27			(11.21	)		3.32			31.24

The inception date of the Fund was September 23, 2014. The first day of secondary market trading was September 25, 2014.

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

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 989.70	$ 0.00			$ 1,000.00	$ 1,024.80	$ 0.00		0.00	%

^(a)

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

Portfolio Information

PORTFOLIO COMPOSITION



Investment Type	Percent of Net Assets

Investment Companies		99.9	%
Short-term Investments		1.3
Forward foreign currency exchange contracts, net cumulative appreciation		2.2
Other assets less liabilities		(3.4	)

SECTOR ALLOCATION (of the UNDERLYING FUND)



Sector	Percent of Total Investment^(a)

Financials		21.7	%
Information Technology		20.2
Consumer Discretionary		13.8
Communication Services		10.1
Materials		8.7
Consumer Staples		6.3
Industrials		6.0
Energy		4.7
Health Care		3.9
Utilities		2.6
Real Estate		2.0

^(a)

Excludes money market funds.


4		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of February 28, 2023		iShares^® MSCI Emerging Markets ETF

Investment Objective

The iShares MSCI Emerging Markets ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization emerging market equities, as represented by the MSCI Emerging Markets Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		(2.03	)%		(15.42	)%		(2.54	)%		0.88	%		(15.42	)%		(12.08	)%		9.11	%
Fund Market		(1.58	)		(16.23	)		(2.36	)		0.93			(16.23	)		(11.25	)		9.67
Index		(2.29	)		(15.28	)		(1.87	)		1.52			(15.28	)		(8.99	)		16.24

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 979.70	$ 3.44			$ 1,000.00	$ 1,021.30	$ 3.51		0.70	%

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments	^(a)

Financials	21.7	%
Information Technology	20.2
Consumer Discretionary	13.8
Communication Services	10.1
Materials	8.7
Consumer Staples	6.3
Industrials	6.0
Energy	4.7
Health Care	3.9
Utilities	2.6
Real Estate	2.0

GEOGRAPHIC ALLOCATION



Country/Geographic Region	Percent of Total Investments	^(a)

China	32.2	%
Taiwan	15.1
India	13.2
South Korea	11.7
Brazil	5.0
Saudi Arabia	4.0
South Africa	3.4
Mexico	2.7
Thailand	2.1
Indonesia	1.9
Malaysia	1.5
United Arab Emirates	1.4
Other (each representing less than 1%)	5.8

^(a)

Excludes money market funds.


F U N D S U M M A R Y		5

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.


6		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

February 28, 2023

iShares^® Currency Hedged MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Investment Companies

Exchange-Traded Funds — 99.9%
iShares MSCI Emerging Markets ETF^(a)		3,570,408	$	136,496,698


Total Investment Companies (Cost: $160,991,433)				136,496,698


Short-Term Securities

Money Market Funds — 1.3%
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%^(a)(b)		1,790,000		1,790,000


Total Short-Term Securities — 1.3% (Cost: $1,790,000)				1,790,000


Total Investments in Securities — 101.2% (Cost: $162,781,433)				138,286,698

Liabilities in Excess of Other Assets — (1.2)%				(1,682,801	)


Net Assets — 100.0%			$	136,603,897

^(a)	Affiliate of the Fund.

^(b)	Annualized 7-day yield as of period end.

Affiliates

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




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


BlackRock Cash Funds: Institutional, SL Agency Shares^(a)	$	—	$	4,905	^(b)	$	—		$	(4,905	)	$	—	$	—		—	$	9,576	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		960,000		830,000	^(b)		—			—			—		1,790,000		1,790,000		9,042			—
iShares MSCI Emerging Markets ETF		153,764,856		48,531,247			(60,298,932	)		(6,716,357	)		1,215,884		136,496,698		3,570,408		2,235,931			—


									$	(6,721,262	)	$	1,215,884	$	138,286,698			$	2,254,549		$	—

^(a)

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

^(b)

Represents net amount purchased (sold).

^(c)

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

Forward Foreign Currency Exchange Contracts

Currency Purchased

Currency Sold

Counterparty

Settlement Date

Unrealized
Appreciation
(Depreciation)

BRL

32,000

USD

6,103

Morgan Stanley & Co. International PLC

03/03/23

CLP

785,738,000

USD

945,818

Morgan Stanley & Co. International PLC

03/03/23

3,421

CNH

50,821,320

USD

7,311,149

State Street Bank London

03/03/23

1,925

HKD

289,034,000

USD

36,821,963

Morgan Stanley & Co. International PLC

03/03/23

2,583

INR

121,408,000

USD

1,466,267

Morgan Stanley & Co. International PLC

03/03/23

2,420

MXN

5,064,000

USD

271,400

Bank of America N.A.

03/03/23

5,322


S C H E D U L E O F I N V E S T M E N T S		7

Schedule of Investments (unaudited) (continued)

February 28, 2023

iShares^® Currency Hedged MSCI Emerging Markets ETF

Forward Foreign Currency Exchange Contracts (continued)



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

MXN	67,125,000	USD	3,663,029	Goldman Sachs International		03/03/23	$	5,013
MXN	41,000	USD	2,153	Morgan Stanley & Co. International PLC		03/03/23		87
MXN	56,000	USD	3,018	State Street Bank London		03/03/23		42
MXN	1,079,000	USD	57,031	UBS AG		03/03/23		1,931
TRY	759,000	USD	39,820	BNP Paribas SA		03/03/23		353
TRY	1,134,000	USD	59,614	Citibank N.A.		03/03/23		408
TRY	529,000	USD	27,719	JPMorgan Chase Bank N.A.		03/03/23		281
TWD	628,277,000	USD	20,458,385	Morgan Stanley & Co. International PLC		03/03/23		137,533
USD	875,633	BRL	4,506,000	Morgan Stanley & Co. International PLC		03/03/23		15,151
USD	7,152,025	BRL	36,608,000	State Street Bank London		03/03/23		161,230
USD	931,988	CLP	747,958,000	JPMorgan Chase Bank N.A.		03/03/23		28,391
USD	137,764	CLP	109,893,000	Morgan Stanley & Co. International PLC		03/03/23		5,004
USD	8,092	CNH	55,000	Bank of NewYork		03/03/23		178
USD	692,350	CNH	4,706,000	BNP Paribas SA		03/03/23		15,167
USD	7,311,409	CNH	49,316,320	HSBC Bank PLC		03/03/23		214,902
USD	183,193	CNH	1,232,000	State Street Bank London		03/03/23		5,910
USD	137,099	EUR	126,000	Bank of America N.A.		03/03/23		3,820
USD	18,248	EUR	17,000	Deutsche Bank AG		03/03/23		266
USD	48,094	EUR	44,000	HSBC Bank PLC		03/03/23		1,553
USD	1,994,352	EUR	1,834,000	State Street Bank London		03/03/23		54,413
USD	3,406,155	HKD	26,697,000	Barclays Bank PLC		03/03/23		4,808
USD	39,432	HKD	309,000	JPMorgan Chase Bank N.A.		03/03/23		63
USD	31,826,685	HKD	249,089,000	State Street Bank London		03/03/23		91,355
USD	6,528,727	HKD	51,100,000	UBS AG		03/03/23		18,302
USD	2,865,727	IDR	43,125,305,000	Morgan Stanley & Co. International PLC		03/03/23		37,600
USD	19,110,701	INR	1,565,262,000	JPMorgan Chase Bank N.A.		03/03/23		175,535
USD	1,976,959	INR	163,108,000	Morgan Stanley & Co. International PLC		03/03/23		3,822
USD	545,853	KRW	720,089,000	Morgan Stanley & Co. International PLC		03/03/23		1,671
USD	544,998	KRW	720,089,000	UBS AG		03/03/23		816
USD	250,749	MYR	1,074,000	Morgan Stanley & Co. International PLC		03/03/23		11,379
USD	2,109,296	MYR	8,974,000	State Street Bank London		03/03/23		109,201
USD	100,656	THB	3,343,000	Barclays Bank PLC		03/03/23		6,055
USD	3,291,198	THB	108,169,000	Citibank N.A.		03/03/23		230,203
USD	18,317,189	TWD	548,380,000	JPMorgan Chase Bank N.A.		03/03/23		340,422
USD	4,375,401	TWD	130,835,000	Morgan Stanley & Co. International PLC		03/03/23		86,422
USD	332,267	ZAR	5,806,000	Bank of America N.A.		03/03/23		16,150
USD	4,745,653	ZAR	82,916,000	BNP Paribas SA		03/03/23		231,158
USD	5,532	ZAR	98,000	Goldman Sachs International		03/03/23		196
USD	42,954	ZAR	768,000	HSBC Bank PLC		03/03/23		1,139
USD	435,472	ZAR	7,626,000	JPMorgan Chase Bank N.A.		03/03/23		20,262
USD	127,528	ZAR	2,182,000	State Street Bank London		03/03/23		8,726
USD	18,661,784	KRW	23,009,980,000	JPMorgan Chase Bank N.A.		03/06/23		1,261,241
USD	2,142,616	KRW	2,667,906,000	Morgan Stanley & Co. International PLC		03/06/23		125,100


8		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 28, 2023

iShares^® Currency Hedged MSCI Emerging Markets ETF

Forward Foreign Currency Exchange Contracts (continued)



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

CNH	723,000	USD	104,222	Morgan Stanley & Co. International PLC		04/04/23	$	25
HKD	28,875,000	USD	3,684,466	JPMorgan Chase Bank N.A.		04/04/23		19
MXN	1,233,000	USD	66,871	Deutsche Bank AG		04/04/23		101
USD	59,274	CNH	411,000	Bank of NewYork		04/04/23		13
USD	49,941	EUR	47,000	Citibank N.A.		04/04/23		131
USD	32,911	EUR	31,000	JPMorgan Chase Bank N.A.		04/04/23		57
USD	1,949,750	EUR	1,835,000	State Street Bank London		04/04/23		5,041
USD	206,725	HKD	1,620,000	Bank of America N.A.		04/04/23		11
USD	2,894,627	THB	101,791,000	Citibank N.A.		04/04/23		5,123
USD	10,002	TRY	192,000	Bank of America N.A.		04/04/23		3
USD	39,267	TRY	754,000	UBS AG		04/04/23		—
USD	75,374	ZAR	1,387,000	Bank of NewYork		04/04/23		63
USD	4,908,792	ZAR	90,367,000	BNP Paribas SA		04/04/23		2,020
CLP	19,487,000	USD	23,371	Morgan Stanley & Co. International PLC		04/06/23		66
INR	39,000	USD	471	Morgan Stanley & Co. International PLC		04/06/23		—
KRW	720,089,000	USD	545,702	UBS AG		04/06/23		111
MYR	168,000	USD	37,483	Morgan Stanley & Co. International PLC		04/06/23		29
USD	7,232,537	BRL	38,062,000	Morgan Stanley & Co. International PLC		04/06/23		10,573
USD	25,749	CLP	21,387,000	Morgan Stanley & Co. International PLC		04/06/23		27
USD	2,653,469	IDR	40,450,360,000	Morgan Stanley & Co. International PLC		04/06/23		2,999
USD	18,321,220	INR	1,518,078,000	Morgan Stanley & Co. International PLC		04/06/23		2,546
USD	17,767,033	KRW	23,413,245,000	Morgan Stanley & Co. International PLC		04/06/23		20,235
USD	13,397	MYR	60,000	Morgan Stanley & Co. International PLC		04/06/23		—
USD	250,730	TWD	7,683,000	Morgan Stanley & Co. International PLC		04/07/23		49


								3,498,180

BRL	41,082,000	USD	7,862,048	Morgan Stanley & Co. International PLC		03/03/23		(16,881	)
CLP	72,113,000	USD	90,781	Morgan Stanley & Co. International PLC		03/03/23		(3,662	)
CNH	31,000	USD	4,569	Bank of America N.A.		03/03/23		(108	)
CNH	453,000	USD	67,193	Bank of NewYork		03/03/23		(2,007	)
CNH	3,961,000	USD	577,576	BNP Paribas SA		03/03/23		(7,597	)
CNH	43,000	USD	6,267	Citibank N.A.		03/03/23		(79	)
EUR	1,000	USD	1,069	BNP Paribas SA		03/03/23		(11	)
EUR	1,000	USD	1,072	Goldman Sachs International		03/03/23		(14	)
EUR	184,000	USD	197,564	JPMorgan Chase Bank N.A.		03/03/23		(2,935	)
EUR	1,835,000	USD	1,946,017	State Street Bank London		03/03/23		(5,021	)
HKD	405,000	USD	51,655	Bank of America N.A.		03/03/23		(56	)
HKD	16,212,000	USD	2,071,493	JPMorgan Chase Bank N.A.		03/03/23		(5,993	)
HKD	21,544,000	USD	2,747,848	State Street Bank London		03/03/23		(3,022	)
IDR	43,125,305,000	USD	2,831,919	Morgan Stanley & Co. International PLC		03/03/23		(3,791	)


S C H E D U L E O F I N V E S T M E N T S		9

Schedule of Investments (unaudited) (continued)

February 28, 2023

iShares^® Currency Hedged MSCI Emerging Markets ETF

Forward Foreign Currency Exchange Contracts (continued)



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

INR	1,621,780,000		USD	19,646,502	Morgan Stanley & Co. International PLC		03/03/23	$	(27,630	)
KRW	720,089,000		USD	584,280	Morgan Stanley & Co. International PLC		03/03/23		(40,098	)
KRW	720,089,000		USD	545,853	UBS AG		03/03/23		(1,671	)
MYR	10,048,000		USD	2,245,659	Morgan Stanley & Co. International PLC		03/03/23		(6,194	)
THB	219,000		USD	6,676	BNP Paribas SA		03/03/23		(479	)
THB	101,791,000		USD	2,889,122	Citibank N.A.		03/03/23		(8,614	)
THB	87,000		USD	2,537	Goldman Sachs International		03/03/23		(75	)
THB	9,352,000		USD	274,746	HSBC Bank PLC		03/03/23		(10,101	)
THB	63,000		USD	1,877	UBS AG		03/03/23		(94	)
TRY	15,966,000		USD	845,388	State Street Bank London		03/03/23		(312	)
TWD	50,938,000		USD	1,681,251	Morgan Stanley & Co. International PLC		03/03/23		(11,423	)
USD	179,146		INR	14,818,000	Morgan Stanley & Co. International PLC		03/03/23		(109	)
USD	87,293		MXN	1,635,000	Deutsche Bank AG		03/03/23		(2,051	)
USD	29,832		MXN	556,000	Goldman Sachs International		03/03/23		(551	)
USD	3,731		MXN	72,000	HSBC Bank PLC		03/03/23		(204	)
USD	3,468,990		MXN	65,557,000	JPMorgan Chase Bank N.A.		03/03/23		(113,368	)
USD	291,013		MXN	5,545,000	State Street Bank London		03/03/23		(11,993	)
USD	870,207		TRY	16,627,000	BNP Paribas SA		03/03/23		(9,856	)
USD	73,775		TRY	1,404,000	Citibank N.A.		03/03/23		(539	)
USD	18,724		TRY	357,000	JPMorgan Chase Bank N.A.		03/03/23		(172	)
ZAR	90,367,000		USD	4,922,498	BNP Paribas SA		03/03/23		(2,321	)
ZAR	1,873,000		USD	107,214	JPMorgan Chase Bank N.A.		03/03/23		(5,236	)
ZAR	7,100,000		USD	393,249	State Street Bank London		03/03/23		(6,678	)
ZAR	56,000		USD	3,175	UBS AG		03/03/23		(126	)
KRW	25,677,886,000		USD	19,539,707	Morgan Stanley & Co. International PLC		03/06/23		(121,648	)
THB	116,000		USD	3,303	Barclays Bank PLC		04/04/23		(10	)
THB	1,561,000		USD	44,394	BNP Paribas SA		04/04/23		(83	)
USD	7,325,640		CNH	50,821,320	State Street Bank London		04/04/23		(2,131	)
USD	36,877,871		HKD	289,034,000	Morgan Stanley & Co. International PLC		04/04/23		(3,221	)
USD	3,705,521		MXN	68,315,000	Goldman Sachs International		04/04/23		(5,104	)
USD	831,195		TRY	15,966,000	State Street Bank London		04/04/23		(288	)
ZAR	3,221,000		USD	174,990	JPMorgan Chase Bank N.A.		04/04/23		(95	)
BRL	1,464,000		USD	278,380	Morgan Stanley & Co. International PLC		04/06/23		(598	)
INR	11,886,000		USD	143,481	Morgan Stanley & Co. International PLC		04/06/23		(53	)
KRW	240,086,000		USD	182,232	Morgan Stanley & Co. International PLC		04/06/23		(251	)
USD	941,342		CLP	785,738,000	Morgan Stanley & Co. International PLC		04/06/23		(3,663	)
USD	2,053,249		MYR	9,208,000	Morgan Stanley & Co. International PLC		04/06/23		(2,805	)
USD	20,607,960		TWD	631,737,000	Morgan Stanley & Co. International PLC		04/07/23		(4,345	)


									(455,367	)


									$3,042,813


10		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 28, 2023

iShares^® Currency Hedged MSCI Emerging Markets ETF

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
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	3,498,180	$	—	$	—	$	3,498,180


Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	455,367	$	—	$	—	$	455,367

For the period ended February 28, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:




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


Net Realized Gain (Loss) from
Forward foreign currency exchange contracts	$	—	$	—	$	—	$	(1,514,572	)	$	—	$	—	$	(1,514,572	)


Net Change in Unrealized Appreciation (Depreciation) on
Forward foreign currency exchange contracts	$	—	$	—	$	—	$	1,977,720		$	—	$	—	$	1,977,720

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Forward foreign currency exchange contracts
Average amounts purchased — in USD	$	142,529,311
Average amounts sold — in USD	$	272,154,395

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

Derivative Financial Instruments - Offsetting as of Period End

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




	Assets		Liabilities


Derivative Financial Instruments:
Forward foreign currency exchange contracts	$	3,498,180	$	455,367


Total derivative assets and liabilities in the Statement of Assets and Liabilities		3,498,180		455,367
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—


Total derivative assets and liabilities subject to an MNA		3,498,180		455,367

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




Counterparty	Derivative Assets Subject to an MNA by Counterparty	Derivatives Available for Offset	^(a)		Non-Cash Collateral Received		Cash Collateral Received	^(b)	Net Amount of Derivative Assets	^(c)


Bank of America N.A	$ 25,306	$ (164	)	$	—	$	—		$ 25,142
Bank of NewYork	254	(254	)		—		—		—
Barclays Bank PLC	10,863	(10	)		—		—		10,853
BNP Paribas SA	248,698	(20,347	)		—		—		228,351
Citibank N.A	235,865	(9,232	)		—		—		226,633
Deutsche Bank AG	367	(367	)		—		—		—
Goldman Sachs International	5,209	(5,209	)		—		—		—
HSBC Bank PLC	217,594	(10,305	)		—		—		207,289
JPMorgan Chase Bank N.A	1,826,271	(127,799	)		—		(1,698,472	)	—
Morgan Stanley & Co. International PLC	468,750	(246,372	)		—		—		222,378
State Street Bank London	437,843	(29,445	)		—		—		408,398


S C H E D U L E O F I N V E S T M E N T S		11

Schedule of Investments (unaudited) (continued)

February 28, 2023

iShares^® Currency Hedged MSCI Emerging Markets ETF

Derivative Financial Instruments - Offsetting as of Period End (continued)



	Derivative Assets Subject to an MNA by			Derivatives Available				Non-Cash Collateral			Cash Collateral				Net Amount of Derivative
Counterparty	Counterparty					for Offset	^(a)			Received			Received	^(b)			Assets	^(c)

UBS AG		$	21,160		$	(1,891	)		$	—		$	—			$	19,269


		$	3,498,180		$	(451,395	)		$	—		$	(1,698,472	)		$	1,348,313



	Derivative Liabilities Subject to an MNA by			Derivatives Available				Non-Cash Collateral			Cash Collateral			Net Amount of Derivative
Counterparty	Counterparty					for Offset	^(a)			Pledged			Pledged			Liabilities	^(d)

Bank of America N.A		$	164		$	(164	)		$	—		$	—		$	—
Bank of NewYork			2,007			(254	)			—			—			1,753
Barclays Bank PLC			10			(10	)			—			—			—
BNP Paribas SA			20,347			(20,347	)			—			—			—
Citibank N.A			9,232			(9,232	)			—			—			—
Deutsche Bank AG			2,051			(367	)			—			—			1,684
Goldman Sachs International			5,744			(5,209	)			—			—			535
HSBC Bank PLC			10,305			(10,305	)			—			—			—
JPMorgan Chase Bank N.A			127,799			(127,799	)			—			—			—
Morgan Stanley & Co. International PLC			246,372			(246,372	)			—			—			—
State Street Bank London			29,445			(29,445	)			—			—			—
UBS AG			1,891			(1,891	)			—			—			—


		$	455,367		$	(451,395	)		$	—		$	—		$	3,972

^(a)

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

^(b)

Excess of collateral received from the individual counterparty is not shown for financial reporting purposes.

^(c)

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

^(d)

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

Fair Value Hierarchy as of Period End

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

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




	Level 1		Level 2			Level 3		Total


Assets
Investments
Long-Term Investments
Investment Companies	$	136,496,698	$	—		$	—	$	136,496,698
Short-Term Securities
Money Market Funds		1,790,000		—			—		1,790,000


	$	138,286,698	$	—		$	—	$	138,286,698

Derivative Financial Instruments^(a)
Assets
Foreign Currency Exchange Contracts	$	—	$	3,498,180		$	—	$	3,498,180
Liabilities
Foreign Currency Exchange Contracts		—		(455,367	)		—		(455,367	)


	$	—	$	3,042,813		$	—		3,042,813

^(a)

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

See notes to financial statements.


12		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

February 28, 2023

iShares^® MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Brazil — 3.8%
Ambev SA		17,965,777	$	45,948,630
Atacadao SA		2,112,262		5,426,453
B3 SA - Brasil, Bolsa, Balcao		23,206,876		46,764,374
Banco Bradesco SA		5,707,645		12,689,833
Banco BTG Pactual SA		4,604,055		17,763,881
Banco do Brasil SA		3,301,314		25,411,942
Banco Santander Brasil SA		1,404,560		7,600,337
BB Seguridade Participacoes SA		2,308,992		15,087,646
CCR SA		4,658,881		9,779,695
Centrais Eletricas Brasileiras SA		4,505,135		29,532,558
Cia. de Saneamento Basico do Estado de Sao Paulo		1,339,191		13,237,283
Cia. Siderurgica Nacional SA		2,682,738		8,542,005
Cosan SA		4,763,428		13,629,421
CPFL Energia SA		922,311		5,336,084
Energisa SA		740,196		5,470,052
Eneva SA^(a)		2,215,946		4,837,839
Engie Brasil Energia SA		806,172		6,048,465
Equatorial Energia SA		3,935,627		19,116,407
Hapvida Participacoes e Investimentos SA^(a)(b)		17,985,540		15,424,667
Hypera SA		1,677,196		13,342,733
JBS SA		3,000,624		10,998,477
Klabin SA		2,953,279		10,977,243
Localiza Rent a Car SA		2,865,345		30,369,499
Localiza Rent a Car SA, NVS		11,851		119,971
Lojas Renner SA		3,823,517		13,620,337
Magazine Luiza SA^(a)		12,000,649		8,228,964
Natura & Co. Holding SA		3,469,169		10,151,500
Petro Rio SA^(a)		2,795,871		17,996,706
Petroleo Brasileiro SA		14,437,828		79,284,026
Raia Drogasil SA		4,191,860		18,159,162
Rede D’Or Sao Luiz SA^(b)		2,233,907		10,901,895
Rumo SA		4,980,999		17,087,116
Sendas Distribuidora SA		3,386,181		11,732,578
Suzano SA		2,872,931		26,197,123
Telefonica Brasil SA		1,925,012		14,317,770
Tim SA		3,143,552		7,361,344
TOTVS SA		2,058,253		10,728,729
Ultrapar Participacoes SA		2,877,153		7,243,098
Vale SA		14,588,191		237,737,817
Vibra Energia SA		4,546,779		12,844,524
WEG SA		6,459,191		48,313,310


				925,361,494

Chile — 0.4%
Banco de Chile		178,849,790		18,583,593
Banco de Credito e Inversiones SA		228,529		7,151,282
Banco Santander Chile		257,319,703		10,909,358
Cencosud SA		5,552,660		10,499,248
Cia. Cervecerias Unidas SA		489,228		3,733,730
Cia. Sud Americana de Vapores SA		62,191,991		5,992,084
Empresas CMPC SA		4,343,394		7,217,212
Empresas COPEC SA		1,515,509		10,949,707
Enel Americas SA		82,577,341		10,281,386
Enel Chile SA		97,980,522		4,410,901
Falabella SA		2,829,131		6,225,837


				95,954,338

China — 32.1%
360 DigiTech Inc.		410,009		8,347,783


Security	Shares		Value

China (continued)
360 Security Technology Inc., Class A		2,312,306	$	3,587,921
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		605,388		1,909,950
3SBio Inc.^(b)		5,741,000		5,693,007
AAC Technologies Holdings Inc.^(a)		2,771,500		6,194,147
Advanced Micro-Fabrication Equipment Inc., Class A^(a)		166,829		2,527,322
AECC Aviation Power Co. Ltd., Class A		664,073		4,383,185
Agricultural Bank of China Ltd., Class A		21,608,800		9,109,263
Agricultural Bank of China Ltd., Class H		108,964,000		37,777,514
Aier Eye Hospital Group Co. Ltd., Class A		1,691,605		7,594,459
Air China Ltd., Class A^(a)		2,414,193		3,858,712
Air China Ltd., Class H^(a)		5,834,000		5,379,138
Akeso Inc.^(a)(b)		1,309,000		6,670,574
Alibaba Group Holding Ltd.^(a)		56,737,856		623,630,847
Alibaba Health Information Technology Ltd.^(a)(c)		18,084,000		12,948,636
Aluminum Corp. of China Ltd., Class A		4,314,900		3,433,269
Aluminum Corp. of China Ltd., Class H		14,304,000		7,304,090
Anhui Conch Cement Co. Ltd., Class A		1,104,286		4,875,784
Anhui Conch Cement Co. Ltd., Class H		4,598,000		16,880,692
Anhui Gujing Distillery Co. Ltd., Class A		100,285		3,944,619
Anhui Gujing Distillery Co. Ltd., Class B		413,700		7,111,522
Anhui Kouzi Distillery Co. Ltd., Class A		179,252		1,777,904
Anjoy Foods Group Co. Ltd., Class A		86,100		2,027,985
ANTA Sports Products Ltd.		4,706,602		62,151,756
Asymchem Laboratories Tianjin Co. Ltd., Class A		99,680		2,050,510
Autohome Inc., ADR		291,820		8,900,512
Avary Holding Shenzhen Co. Ltd., Class A		553,904		2,263,757
AVIC Industry-Finance Holdings Co. Ltd., Class A		3,478,289		2,177,284
AviChina Industry & Technology Co. Ltd., Class H		8,512,000		4,058,401
AVICOPTER PLC, Class A		200,153		1,307,834
Baidu Inc.^(a)		8,473,880		145,694,055
Bank of Beijing Co. Ltd., Class A		5,838,206		3,637,083
Bank of Chengdu Co. Ltd., Class A		1,115,395		2,306,834
Bank of China Ltd., Class A		10,672,800		4,960,534
Bank of China Ltd., Class H		301,686,000		110,643,861
Bank of Communications Co. Ltd., Class A		10,616,793		7,485,239
Bank of Communications Co. Ltd., Class H		32,401,600		19,157,703
Bank of Hangzhou Co. Ltd., Class A		1,517,645		2,649,999
Bank of Jiangsu Co. Ltd., Class A		4,005,710		4,144,221
Bank of Nanjing Co. Ltd., Class A		2,656,246		3,787,598
Bank of Ningbo Co. Ltd., Class A		1,590,479		6,749,518
Bank of Shanghai Co. Ltd., Class A		4,164,442		3,583,176
Baoshan Iron & Steel Co. Ltd., Class A		5,678,173		5,375,277
BeiGene Ltd.^(a)		2,343,422		40,619,272
Beijing Capital International Airport Co. Ltd., Class H^(a)		7,844,000		5,741,689
Beijing Enlight Media Co. Ltd., Class A		1,149,995		1,256,024
Beijing Enterprises Holdings Ltd.		2,034,000		6,662,715
Beijing Enterprises Water Group Ltd.		17,394,000		4,367,511
Beijing Kingsoft Office Software Inc., Class A		130,281		5,456,604
Beijing New Building Materials PLC, Class A		487,313		2,106,766
Beijing Shiji Information Technology Co. Ltd., Class A		515,386		1,231,055
Beijing Tongrentang Co. Ltd., Class A		325,500		2,292,908
Beijing United Information Technology Co. Ltd., Class A		112,300		1,305,168
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		150,693		2,750,870
Betta Pharmaceuticals Co. Ltd., Class A		167,943		1,408,020
BGI Genomics Co. Ltd., Class A		170,700		1,366,349


S C H E D U L E O F I N V E S T M E N T S		13

Schedule of Investments (unaudited) (continued)

February 28, 2023

iShares^® MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
Bilibili Inc.^(a)		722,894	$	13,991,814
BOC Aviation Ltd.^(b)		854,500		6,173,323
BOE Technology Group Co. Ltd., Class A		9,800,300		5,872,880
Bosideng International Holdings Ltd.		12,820,000		7,111,538
BYD Co. Ltd., Class A		420,112		15,717,934
BYD Co. Ltd., Class H		3,154,500		84,806,324
BYD Electronic International Co. Ltd.^(c)		2,614,000		7,622,148
C&D International Investment Group Ltd.		2,376,000		7,674,923
Caitong Securities Co. Ltd., Class A		2,224,874		2,466,907
CGN Power Co. Ltd., Class H^(b)		42,930,000		9,628,825
Changchun High & New Technology Industry Group Inc., Class A		108,094		3,064,369
Changjiang Securities Co. Ltd., Class A		2,835,835		2,306,165
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A		94,000		2,040,608
Chaozhou Three-Circle Group Co. Ltd., Class A		632,130		2,893,520
China Cinda Asset Management Co. Ltd., Class H		35,033,000		4,553,357
China CITIC Bank Corp. Ltd., Class H		34,098,800		15,776,075
China Coal Energy Co. Ltd., Class H		8,151,000		6,307,554
China Communications Services Corp. Ltd., Class H		10,062,000		3,912,056
China Conch Venture Holdings Ltd.		6,414,000		12,908,021
China Construction Bank Corp., Class A		2,935,268		2,382,353
China Construction Bank Corp., Class H		367,056,760		224,373,510
China CSSC Holdings Ltd., Class A		1,224,300		4,206,016
China Eastern Airlines Corp. Ltd., Class A^(a)		3,289,797		2,570,743
China Energy Engineering Corp. Ltd.		7,990,452		2,736,231
China Everbright Bank Co. Ltd., Class A		11,500,403		4,931,075
China Everbright Bank Co. Ltd., Class H		9,600,000		2,764,533
China Everbright Environment Group Ltd.		14,744,813		5,980,007
China Evergrande Group^(a)(c)(d)		13,878,388		1,671,280
China Feihe Ltd.^(b)		13,863,000		11,111,300
China Galaxy Securities Co. Ltd., Class A		1,311,000		1,814,102
China Galaxy Securities Co. Ltd., Class H		12,609,500		6,285,092
China Gas Holdings Ltd.		11,636,400		16,271,940
China Greatwall Technology Group Co. Ltd., Class A		1,157,873		2,166,406
China Hongqiao Group Ltd.		9,315,500		9,963,882
China International Capital Corp. Ltd., Class H^(b)		5,856,000		12,608,402
China Jinmao Holdings Group Ltd.		21,724,000		4,215,572
China Jushi Co. Ltd., Class A		1,193,540		2,602,155
China Lesso Group Holdings Ltd.		4,503,000		4,749,696
China Life Insurance Co. Ltd., Class A		887,812		4,568,794
China Life Insurance Co. Ltd., Class H		27,610,000		46,835,166
China Literature Ltd.^(a)(b)		1,492,400		6,389,933
China Longyuan Power Group Corp. Ltd., Class H		13,100,000		16,069,568
China Medical System Holdings Ltd.		5,413,000		8,149,013
China Meidong Auto Holdings Ltd.		2,398,000		5,162,468
China Mengniu Dairy Co. Ltd.		12,238,000		53,867,645
China Merchants Bank Co. Ltd., Class A		4,884,389		26,234,973
China Merchants Bank Co. Ltd., Class H		14,823,467		80,439,555
China Merchants Energy Shipping Co. Ltd., Class A		2,079,600		2,105,377
China Merchants Port Holdings Co. Ltd.		5,306,000		7,438,033
China Merchants Securities Co. Ltd., Class A		2,074,979		4,174,133
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		1,837,890		3,916,696
China Minsheng Banking Corp. Ltd., Class A		10,873,655		5,334,866
China Minsheng Banking Corp. Ltd., Class H		20,140,548		6,955,617
China National Building Material Co. Ltd., Class H		15,116,000		13,402,192


Security	Shares		Value

China (continued)
China National Chemical Engineering Co. Ltd., Class A		1,870,067	$	2,426,785
China National Nuclear Power Co. Ltd., Class A		4,774,000		4,163,892
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		942,354		3,938,914
China Oilfield Services Ltd., Class H		6,828,000		7,286,106
China Overseas Land & Investment Ltd.		14,502,460		36,002,175
China Overseas Property Holdings Ltd.		4,860,000		5,671,114
China Pacific Insurance Group Co. Ltd., Class A		1,903,007		7,565,862
China Pacific Insurance Group Co. Ltd., Class H		9,736,800		25,827,451
China Petroleum & Chemical Corp., Class A		8,863,689		5,937,967
China Petroleum & Chemical Corp., Class H		96,762,800		49,366,138
China Power International Development Ltd.		21,383,000		8,479,490
China Railway Group Ltd., Class A		5,341,200		4,642,946
China Railway Group Ltd., Class H		15,870,000		8,271,231
China Resources Beer Holdings Co. Ltd.		6,228,000		46,075,187
China Resources Cement Holdings Ltd.		9,832,000		5,290,400
China Resources Gas Group Ltd.		3,598,500		15,184,498
China Resources Land Ltd.		12,153,333		54,000,499
China Resources Microelectronics Ltd.		265,800		2,071,747
China Resources Mixc Lifestyle Services Ltd.^(b)		2,583,400		14,182,999
China Resources Pharmaceutical Group Ltd.^(b)		5,654,000		4,650,268
China Resources Power Holdings Co. Ltd.		7,454,999		15,222,544
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		332,199		2,433,306
China Ruyi Holdings Ltd.^(a)(c)		20,312,000		5,047,959
China Shenhua Energy Co. Ltd., Class A		1,746,939		7,039,404
China Shenhua Energy Co. Ltd., Class H		12,975,500		39,028,708
China Southern Airlines Co. Ltd., Class A^(a)		3,488,600		3,965,168
China Southern Airlines Co. Ltd., Class H^(a)(c)		6,302,000		4,595,205
China State Construction Engineering Corp. Ltd., Class A		10,158,471		8,217,569
China State Construction International Holdings Ltd.		7,988,000		9,097,268
China Taiping Insurance Holdings Co. Ltd.		5,559,860		6,571,426
China Three Gorges Renewables Group Co. Ltd., Class A		7,057,225		5,677,608
China Tourism Group Duty Free Corp. Ltd.^(a)(b)(c)		221,000		5,589,311
China Tourism Group Duty Free Corp. Ltd., Class A		473,132		13,458,037
China Tower Corp. Ltd., Class H^(b)		170,802,000		18,497,987
China Traditional Chinese Medicine Holdings Co. Ltd.		10,918,000		5,664,878
China United Network Communications Ltd., Class A		7,889,700		5,995,679
China Vanke Co. Ltd., Class A		2,367,366		5,830,302
China Vanke Co. Ltd., Class H		6,180,831		10,806,490
China Yangtze Power Co. Ltd., Class A		5,502,615		16,759,862
China Zhenhua Group Science & Technology Co. Ltd., Class A		172,700		2,581,408
China Zheshang Bank Co. Ltd., Class A^(a)		5,692,100		2,391,793
Chinasoft International Ltd.		10,940,000		7,857,010
Chongqing Brewery Co. Ltd., Class A		133,000		2,631,802
Chongqing Changan Automobile Co. Ltd., Class A		2,028,617		3,909,907
Chongqing Zhifei Biological Products Co. Ltd., Class A		386,076		4,975,357
Chow Tai Fook Jewellery Group Ltd.		7,517,800		14,570,639
CITIC Ltd.		22,408,000		24,724,080
CITIC Securities Co. Ltd., Class A		3,263,393		9,694,480
CITIC Securities Co. Ltd., Class H		7,808,600		16,542,671
CMOC Group Ltd., Class A		5,277,098		4,487,009
CMOC Group Ltd., Class H		12,201,000		6,870,355


14		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 28, 2023

iShares^® MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
Contemporary Amperex Technology Co. Ltd., Class A		562,030	$	32,563,125
COSCO SHIPPING Energy Transportation Co. Ltd., Class A^(a)		886,200		1,846,396
COSCO SHIPPING Holdings Co. Ltd., Class A		3,126,564		4,848,624
COSCO SHIPPING Holdings Co. Ltd., Class H		12,235,849		12,691,305
COSCO SHIPPING Ports Ltd.		7,570,000		4,927,916
Country Garden Holdings Co. Ltd.^(c)		47,498,939		14,566,152
Country Garden Services Holdings Co. Ltd.		8,315,000		15,482,171
CRRC Corp. Ltd., Class A		6,869,300		5,634,082
CRRC Corp. Ltd., Class H		15,928,000		7,287,725
CSC Financial Co. Ltd., Class A		1,212,933		4,672,287
CSPC Pharmaceutical Group Ltd.		34,688,479		37,265,769
Dali Foods Group Co. Ltd.^(b)		8,756,000		3,541,525
Daqin Railway Co. Ltd., Class A		4,010,500		3,917,664
Daqo New Energy Corp., ADR^(a)(c)		230,752		10,194,623
DHC Software Co. Ltd., Class A		2,063,298		1,951,473
Dongfang Electric Corp. Ltd., Class A		695,600		1,973,992
Dongfeng Motor Group Co. Ltd., Class H		11,060,000		5,650,190
Dongxing Securities Co. Ltd., Class A		1,709,197		2,112,600
Dongyue Group Ltd.		5,805,000		6,574,085
East Money Information Co. Ltd., Class A		3,151,599		9,462,790
Ecovacs Robotics Co. Ltd., Class A		142,253		1,851,244
ENN Energy Holdings Ltd.		3,062,700		43,599,820
Eve Energy Co. Ltd., Class A		486,453		5,078,090
Everbright Securities Co. Ltd., Class A		1,005,483		2,262,369
Fangda Carbon New Material Co. Ltd., Class A^(a)		1,306,834		1,257,836
Far East Horizon Ltd.^(c)		6,088,000		5,385,269
First Capital Securities Co. Ltd., Class A		2,055,500		1,768,994
Flat Glass Group Co. Ltd., Class A		464,600		2,308,036
Flat Glass Group Co. Ltd., Class H		1,599,000		4,235,674
Focus Media Information Technology Co. Ltd., Class A		3,839,178		3,605,405
Foshan Haitian Flavouring & Food Co. Ltd., Class A		920,880		10,895,634
Fosun International Ltd.^(c)		9,802,500		8,019,847
Foxconn Industrial Internet Co. Ltd., Class A		2,772,597		3,830,152
Fuyao Glass Industry Group Co. Ltd., Class A		504,972		2,694,537
Fuyao Glass Industry Group Co. Ltd., Class H^(b)		2,331,200		10,446,912
Ganfeng Lithium Co. Ltd., Class H^(b)(c)		1,368,480		9,559,232
Ganfeng Lithium Group Co. Ltd., Class A		413,073		4,297,349
GCL-Poly Energy Holdings Ltd.^(a)(c)		77,726,000		20,015,559
GD Power Development Co. Ltd., Class A^(a)		4,939,500		2,791,919
GDS Holdings Ltd., Class A^(a)		3,518,000		8,510,269
Geely Automobile Holdings Ltd.^(c)		23,255,000		30,212,373
GEM Co. Ltd., Class A		1,796,400		2,036,906
Gemdale Corp., Class A		1,096,830		1,526,436
Genscript Biotech Corp.^(a)(c)		4,456,000		12,196,947
GF Securities Co. Ltd., Class A		1,470,694		3,448,561
GF Securities Co. Ltd., Class H		4,327,400		6,144,092
GigaDevice Semiconductor Inc., Class A		177,994		2,683,221
Ginlong Technologies Co. Ltd., Class A^(a)		97,700		2,227,810
GoerTek Inc., Class A		889,800		2,754,273
Gotion High-tech Co. Ltd., Class A		472,823		2,007,133
Great Wall Motor Co. Ltd., Class A		645,800		3,203,977
Great Wall Motor Co. Ltd., Class H		11,670,500		15,487,429
Gree Electric Appliances Inc. of Zhuhai, Class A		746,200		3,808,503
Greentown China Holdings Ltd.		3,301,000		4,513,513
Greentown Service Group Co. Ltd.		5,022,000		3,351,005
Guangdong Haid Group Co. Ltd., Class A		442,227		4,039,600
Guangdong Investment Ltd.		11,548,110		11,669,839


Security	Shares		Value

China (continued)
Guanghui Energy Co. Ltd., Class A		1,860,200	$	2,881,775
Guangzhou Automobile Group Co. Ltd., Class A		1,227,700		2,026,521
Guangzhou Automobile Group Co. Ltd., Class H		11,451,838		7,301,973
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		616,096		2,799,105
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		133,784		1,622,851
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		181,091		1,788,957
Guangzhou Tinci Materials Technology Co. Ltd., Class A		489,800		3,164,218
Guosen Securities Co. Ltd., Class A		2,325,051		3,227,800
Guotai Junan Securities Co. Ltd., Class A		2,344,040		4,818,351
H World Group Ltd., ADR		750,436		35,548,153
Haidilao International Holding Ltd.^(a)(b)(c)		4,277,000		11,846,118
Haier Smart Home Co. Ltd., Class A		1,602,441		6,069,104
Haier Smart Home Co. Ltd., Class H		8,726,600		30,884,085
Haitian International Holdings Ltd.		2,738,000		7,156,494
Haitong Securities Co. Ltd., Class A		3,213,100		4,228,913
Haitong Securities Co. Ltd., Class H		9,643,200		6,205,891
Hangzhou First Applied Material Co. Ltd., Class A		362,880		3,585,419
Hangzhou Robam Appliances Co. Ltd., Class A		349,464		1,546,390
Hangzhou Silan Microelectronics Co. Ltd., Class A		377,700		1,830,738
Hangzhou Tigermed Consulting Co. Ltd., Class A		144,600		2,397,180
Hangzhou Tigermed Consulting Co. Ltd., Class H^(b)		414,300		4,757,962
Hansoh Pharmaceutical Group Co. Ltd.^(b)		4,646,000		8,352,276
Henan Shuanghui Investment & Development Co. Ltd., Class A		915,600		3,485,912
Hengan International Group Co. Ltd.^(c)		2,514,500		11,564,901
Hengli Petrochemical Co. Ltd., Class A		1,528,491		3,882,889
Hengyi Petrochemical Co. Ltd., Class A		1,595,549		1,862,852
Hithink RoyalFlush Information Network Co. Ltd., Class A		163,600		2,782,085
Hoshine Silicon Industry Co. Ltd., Class A		141,700		1,997,901
Hua Hong Semiconductor Ltd.^(a)(b)		2,274,000		8,720,055
Huadong Medicine Co. Ltd., Class A		505,405		3,489,718
Huafon Chemical Co. Ltd., Class A		1,835,800		2,153,357
Hualan Biological Engineering Inc., Class A		546,383		1,742,767
Huaneng Power International Inc., Class A^(a)		2,246,000		2,639,004
Huaneng Power International Inc., Class H^(a)(c)		15,472,000		7,614,328
Huatai Securities Co. Ltd., Class A		2,354,809		4,268,627
Huatai Securities Co. Ltd., Class H^(b)		5,032,200		5,664,683
Huaxia Bank Co. Ltd., Class A		3,865,160		2,902,973
Huaxin Cement Co. Ltd., Class A		467,806		1,174,398
Huayu Automotive Systems Co. Ltd., Class A		888,468		2,417,162
Huizhou Desay Sv Automotive Co. Ltd., Class A		150,600		2,467,387
Hundsun Technologies Inc., Class A		568,544		3,633,240
Hygeia Healthcare Holdings Co. Ltd.^(a)(b)(c)		1,312,400		9,561,643
Iflytek Co. Ltd., Class A		631,719		4,388,251
Imeik Technology Development Co. Ltd., Class A		64,400		5,444,397
Industrial & Commercial Bank of China Ltd., Class A		15,745,762		9,741,121
Industrial & Commercial Bank of China Ltd., Class H		214,213,085		106,884,126
Industrial Bank Co. Ltd., Class A		4,901,842		11,924,535
Industrial Securities Co. Ltd., Class A		2,807,476		2,596,754
Ingenic Semiconductor Co. Ltd., Class A		133,300		1,448,497
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A		12,373,300		3,652,713
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		3,071,400		1,953,339


S C H E D U L E O F I N V E S T M E N T S		15

Schedule of Investments (unaudited) (continued)

February 28, 2023

iShares^® MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		1,624,370	$	7,122,460
Inner Mongolia Yitai Coal Co. Ltd., Class B		4,455,200		6,007,423
Innovent Biologics Inc.^(a)(b)(c)		3,975,500		19,335,343
Inspur Electronic Information Industry Co. Ltd., Class A		646,390		3,621,107
iQIYI Inc., ADR^(a)(c)		1,614,160		12,477,457
JA Solar Technology Co. Ltd., Class A		568,100		4,983,003
Jafron Biomedical Co. Ltd., Class A		246,756		1,149,852
JCET Group Co. Ltd., Class A		610,200		2,469,684
JD Health International Inc.^(a)(b)		4,309,800		30,169,675
JD.com Inc., Class A		8,267,854		183,793,750
Jiangsu Eastern Shenghong Co. Ltd., Class A		1,090,900		2,433,938
Jiangsu Expressway Co. Ltd., Class H		5,198,000		4,969,115
Jiangsu GoodWe Power Supply Technology Co. Ltd., NVS		73,787		4,123,592
Jiangsu Hengli Hydraulic Co. Ltd., Class A		371,588		3,684,714
Jiangsu Hengrui Medicine Co. Ltd., Class A		1,571,941		9,839,078
Jiangsu King’s Luck Brewery JSC Ltd., Class A		370,286		3,416,469
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		367,750		8,979,764
Jiangsu Zhongtian Technology Co. Ltd., Class A		881,824		2,037,152
Jiangxi Copper Co. Ltd., Class A		1,020,700		2,882,705
Jiangxi Copper Co. Ltd., Class H		4,069,000		6,417,107
JiuGui Liquor Co. Ltd., Class A		95,400		2,081,883
Jiumaojiu International Holdings Ltd.^(b)(c)		2,865,000		6,923,003
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A		300,733		1,647,965
JOYY Inc., ADR		184,303		5,787,114
Juewei Food Co. Ltd., Class A		208,014		1,568,909
Kanzhun Ltd., ADR^(a)		689,117		13,885,708
KE Holdings Inc., ADR^(a)		2,550,517		46,546,935
Kingboard Holdings Ltd.		2,604,000		9,296,628
Kingboard Laminates Holdings Ltd.		3,800,000		4,738,847
Kingdee International Software Group Co. Ltd.^(a)(c)		10,111,000		18,892,033
Kingsoft Corp. Ltd.		3,741,200		12,352,008
Koolearn Technology Holding Ltd.^(a)(b)(c)		1,532,000		8,724,598
Kuaishou Technology^(a)(b)		6,728,800		45,092,818
Kunlun Energy Co. Ltd.		15,340,000		12,291,090
Kweichow Moutai Co. Ltd., Class A		289,587		75,646,809
LB Group Co. Ltd., Class A		725,000		2,282,217
Legend Biotech Corp., ADR^(a)(c)		189,515		8,751,803
Lenovo Group Ltd.		27,922,000		25,127,057
Lens Technology Co. Ltd., Class A		1,394,500		2,553,869
Lepu Medical Technology Beijing Co. Ltd., Class A		613,370		2,070,586
Li Auto Inc.^(a)		4,274,890		50,440,110
Li Ning Co. Ltd.		9,085,500		77,523,893
Lingyi iTech Guangdong Co., Class A^(a)		3,013,780		2,482,105
Longfor Group Holdings Ltd.^(b)		7,154,000		20,479,280
LONGi Green Energy Technology Co. Ltd., Class A		1,803,971		11,487,949
Lufax Holding Ltd., ADR		2,701,080		5,834,333
Luxshare Precision Industry Co. Ltd., Class A		1,721,346		7,397,936
Luzhou Laojiao Co. Ltd., Class A		346,039		12,424,749
Mango Excellent Media Co. Ltd., Class A		481,400		2,318,653
Maxscend Microelectronics Co. Ltd., Class A		145,344		2,447,529
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A^(a)		1,462,680		1,381,296
Meituan, Class B^(a)(b)		19,251,100		334,101,416
Metallurgical Corp. of China Ltd., Class A		5,316,590		2,609,170
Microport Scientific Corp.^(a)(c)		2,541,000		7,208,912


Security	Shares		Value

China (continued)
Ming Yang Smart Energy Group Ltd., Class A		567,800	$	2,073,982
MINISO Group Holding Ltd.		327,771		5,867,101
Minth Group Ltd.		2,974,000		7,728,213
Montage Technology Co. Ltd., Class A		310,600		2,580,043
Muyuan Foods Co. Ltd., Class A		1,257,939		8,954,185
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A		546,453		1,357,975
NARI Technology Co. Ltd., Class A		1,746,645		6,598,641
NAURA Technology Group Co. Ltd., Class A		126,400		4,229,855
NavInfo Co. Ltd., Class A		812,600		1,522,586
NetEase Inc.		7,600,950		118,122,158
New China Life Insurance Co. Ltd., Class A		629,902		2,825,072
New China Life Insurance Co. Ltd., Class H		2,944,700		7,136,647
New Hope Liuhe Co. Ltd., Class A^(a)		1,262,097		2,394,455
New Oriental Education & Technology Group Inc.^(a)(c)		5,895,600		22,735,077
Nine Dragons Paper Holdings Ltd.^(c)		6,676,000		5,440,128
Ninestar Corp., Class A		476,338		3,695,257
Ningbo Deye Technology Co. Ltd., NVS		64,000		3,043,019
Ningbo Joyson Electronic Corp., Class A^(a)		434,300		982,739
Ningbo Orient Wires & Cables Co. Ltd.		178,800		1,414,988
Ningbo Shanshan Co. Ltd.		615,100		1,581,892
Ningbo Tuopu Group Co. Ltd., Class A		298,300		2,872,686
Ningxia Baofeng Energy Group Co. Ltd., Class A		1,755,600		3,991,945
NIO Inc., ADR^(a)(c)		5,216,092		48,979,104
Nongfu Spring Co. Ltd., Class H^(b)		6,853,800		38,471,506
Oppein Home Group Inc., Class A		143,300		2,919,724
Orient Overseas International Ltd.^(c)		500,000		8,031,613
Orient Securities Co. Ltd., Class A		2,176,134		3,193,382
Ovctek China Inc., Class A		246,900		1,222,306
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A^(a)		2,296,789		1,844,758
People’s Insurance Co. Group of China Ltd. (The), Class A		2,899,400		2,177,510
People’s Insurance Co. Group of China Ltd. (The), Class H		28,562,000		9,030,466
Perfect World Co. Ltd., Class A		612,900		1,253,562
PetroChina Co. Ltd., Class A		5,071,500		3,809,268
PetroChina Co. Ltd., Class H		79,350,000		40,479,448
Pharmaron Beijing Co. Ltd., Class A		275,000		2,361,813
Pharmaron Beijing Co. Ltd., Class H^(b)		727,400		4,078,968
PICC Property & Casualty Co. Ltd., Class H		26,529,192		23,301,934
Pinduoduo Inc., ADR^(a)		1,919,195		168,370,977
Ping An Bank Co. Ltd., Class A		4,531,367		8,969,935
Ping An Healthcare and Technology Co. Ltd.^(a)(b)(c)		1,954,200		4,478,428
Ping An Insurance Group Co. of China Ltd., Class A		2,675,084		18,566,213
Ping An Insurance Group Co. of China Ltd., Class H		24,043,500		164,133,767
Poly Developments and Holdings Group Co. Ltd., Class A		2,842,784		6,173,994
Pop Mart International Group Ltd.^(b)(c)		2,148,600		5,986,042
Postal Savings Bank of China Co. Ltd., Class A		6,883,200		4,477,257
Postal Savings Bank of China Co. Ltd., Class H^(b)		30,012,000		18,031,284
Power Construction Corp. of China Ltd., Class A		3,994,300		4,126,645
Pylon Technologies Co. Ltd., NVS		105,280		4,061,982
Qinghai Salt Lake Industry Co. Ltd., Class A^(a)		1,302,500		4,640,006
Rongsheng Petrochemical Co. Ltd., Class A		2,610,358		5,075,992
SAIC Motor Corp. Ltd., Class A		1,995,406		4,314,613
Sangfor Technologies Inc., Class A		119,800		2,459,716
Sany Heavy Equipment International Holdings Co. Ltd.		4,778,000		4,768,336


16		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 28, 2023

iShares^® MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
Sany Heavy Industry Co. Ltd., Class A		2,140,752	$	5,769,634
Satellite Chemical Co. Ltd., Class A		1,096,484		2,742,484
Seazen Holdings Co. Ltd., Class A^(a)		510,573		1,436,825
SF Holding Co. Ltd., Class A		1,162,835		9,004,962
SG Micro Corp., Class A		101,786		2,295,288
Shaanxi Coal Industry Co. Ltd., Class A		2,583,776		7,435,509
Shandong Gold Mining Co. Ltd., Class A		1,251,736		3,420,193
Shandong Gold Mining Co. Ltd., Class H^(b)		2,531,250		4,340,673
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		680,680		3,537,971
Shandong Linglong Tyre Co. Ltd., Class A		455,400		1,476,468
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		9,747,600		15,734,238
Shanghai Bairun Investment Holding Group Co. Ltd., Class A		353,672		2,134,850
Shanghai Baosight Software Co. Ltd., Class A		456,080		3,247,377
Shanghai Baosight Software Co. Ltd., Class B		2,135,631		6,961,403
Shanghai Construction Group Co. Ltd., Class A		3,281,152		1,279,570
Shanghai Electric Group Co. Ltd., Class A^(a)		4,788,691		2,885,660
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		553,500		2,683,866
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		1,840,500		5,384,599
Shanghai Fudan Microelectronics Group Co. Ltd.		341,085		3,530,550
Shanghai Fudan Microelectronics Group Co. Ltd., Class H		941,000		3,861,185
Shanghai International Airport Co. Ltd., Class A^(a)		311,598		2,631,198
Shanghai International Port Group Co. Ltd., Class A		2,959,989		2,265,507
Shanghai Junshi Biosciences Co. Ltd., Class A^(a)		161,600		1,228,263
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		4,314,306		3,366,621
Shanghai M&G Stationery Inc., Class A		285,737		2,227,352
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		805,800		2,290,458
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		2,876,500		5,072,669
Shanghai Pudong Development Bank Co. Ltd., Class A		7,263,195		7,503,144
Shanghai Putailai New Energy Technology Co. Ltd., Class A		383,715		2,773,934
Shanghai RAAS Blood Products Co. Ltd., Class A		2,453,700		2,188,959
Shanghai Rural Commercial Bank Co. Ltd.		2,503,900		2,136,206
Shanxi Coking Coal Energy Group Co. Ltd., Class A		973,300		1,822,528
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		755,100		2,424,161
Shanxi Meijin Energy Co. Ltd., Class A		1,221,800		1,651,645
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		285,300		11,613,693
Shengyi Technology Co. Ltd., Class A		794,000		2,070,937
Shennan Circuits Co. Ltd., Class A		150,340		1,724,978
Shenwan Hongyuan Group Co. Ltd., Class A		6,572,670		3,987,042
Shenzhen Dynanonic Co. Ltd.		47,700		1,551,190
Shenzhen Inovance Technology Co. Ltd., Class A		694,297		7,314,249
Shenzhen International Holdings Ltd.		5,149,000		4,475,212
Shenzhen Kangtai Biological Products Co. Ltd., Class A		293,035		1,461,319
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		286,032		12,904,536
Shenzhen Overseas Chinese Town Co. Ltd., Class A		2,310,700		1,763,113
Shenzhen Transsion Holding Co. Ltd., Class A		196,801		2,283,635


Security	Shares		Value

China (continued)
Shenzhou International Group Holdings Ltd.		3,197,000	$	34,980,168
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		394,600		1,703,336
Shimao Group Holdings Ltd.^(a)(c)(d)		3,384,740		862,420
Sichuan Chuantou Energy Co. Ltd., Class A		1,393,760		2,603,102
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		663,978		2,756,011
Sichuan Road & Bridge Co. Ltd., Class A		1,135,100		2,075,485
Sichuan Swellfun Co. Ltd., Class A		143,193		1,705,801
Sino Biopharmaceutical Ltd.		40,134,750		20,721,233
Sinoma Science & Technology Co. Ltd., Class A		553,500		1,832,170
Sinopharm Group Co. Ltd., Class H		5,239,600		14,033,283
Skshu Paint Co. Ltd., Class A^(a)		110,640		1,948,408
Smoore International Holdings Ltd.^(b)(c)		6,935,000		8,598,184
Songcheng Performance Development Co. Ltd., Class A		888,518		2,004,650
StarPower Semiconductor Ltd., Class A		45,500		1,930,618
Sunac China Holdings Ltd.^(a)(d)		12,385,000		2,248,326
Sungrow Power Supply Co. Ltd., Class A		359,900		6,179,164
Sunny Optical Technology Group Co. Ltd.		2,753,700		31,314,599
Sunwoda Electronic Co. Ltd., Class A		504,200		1,565,314
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		620,300		2,600,040
Suzhou Maxwell Technologies Co. Ltd., Class A		54,900		2,895,317
TAL Education Group, ADR^(a)(c)		1,694,683		11,913,622
TBEA Co. Ltd., Class A		1,033,200		3,205,065
TCL Technology Group Corp., Class A		4,329,755		2,762,835
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		800,293		5,016,608
Tencent Holdings Ltd.		23,854,000		1,047,867,902
Tencent Music Entertainment Group, ADR^(a)(c)		2,719,641		20,506,093
Thunder Software Technology Co. Ltd., Class A		128,187		1,759,926
Tianma Microelectronics Co. Ltd., Class A		730,623		1,005,061
Tianqi Lithium Corp., Class A^(a)		358,100		4,215,853
Tingyi Cayman Islands Holding Corp.^(c)		7,554,000		12,204,101
Tongcheng Travel Holdings Ltd.^(a)		4,856,400		9,639,844
Tongkun Group Co. Ltd., Class A		834,700		1,963,328
Tongwei Co. Ltd., Class A		1,061,984		6,404,773
Topchoice Medical Corp., Class A^(a)		91,900		1,931,494
Topsports International Holdings Ltd.^(b)		7,327,000		6,408,678
TravelSky Technology Ltd., Class H		3,798,000		7,496,910
Trina Solar Co. Ltd.		545,886		4,847,585
Trip.com Group Ltd., ADR^(a)(c)		2,097,502		74,566,196
Tsingtao Brewery Co. Ltd., Class A		203,390		3,262,971
Tsingtao Brewery Co. Ltd., Class H		2,280,000		22,503,091
Unigroup Guoxin Microelectronics Co. Ltd., Class A		224,439		3,573,867
Uni-President China Holdings Ltd.		5,412,000		4,745,131
Unisplendour Corp. Ltd., Class A		856,454		3,125,294
Vinda International Holdings Ltd.		1,629,000		4,486,820
Vipshop Holdings Ltd., ADR^(a)		1,637,730		24,385,800
Walvax Biotechnology Co. Ltd., Class A		413,247		2,271,478
Wanhua Chemical Group Co. Ltd., Class A		782,791		11,746,686
Want Want China Holdings Ltd.		18,883,000		11,879,511
Weibo Corp., ADR^(a)(c)		266,138		5,503,734
Weichai Power Co. Ltd., Class A		2,072,444		3,703,077
Weichai Power Co. Ltd., Class H		7,164,800		10,634,326
Wens Foodstuffs Group Co. Ltd., Class A		1,737,270		4,941,426
Western Securities Co. Ltd., Class A		2,379,310		2,266,828
Western Superconducting Technologies Co. Ltd., Class A		168,866		2,201,675
Will Semiconductor Co. Ltd. Shanghai, Class A		290,370		3,590,248


S C H E D U L E O F I N V E S T M E N T S		17

Schedule of Investments (unaudited) (continued)

February 28, 2023

iShares^® MSCI Emerging Markets ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
Wingtech Technology Co. Ltd., Class A		318,900	$	2,470,248
Wuhan Guide Infrared Co. Ltd., Class A		1,237,340		2,120,722
Wuliangye Yibin Co. Ltd., Class A		912,528		26,778,690
WUS Printed Circuit Kunshan Co. Ltd., Class A		683,523		1,611,031
WuXi AppTec Co. Ltd., Class A		661,229		7,875,030
WuXi AppTec Co. Ltd., Class H^(b)(c)		1,304,670		13,919,456
Wuxi Biologics Cayman Inc., New^(a)(b)		13,868,000		97,078,067
Wuxi Shangji Automation Co. Ltd., Class A		111,080		1,774,866
XCMG Construction Machinery Co. Ltd., Class A		3,398,669		3,469,048
Xiaomi Corp., Class B^(a)(b)		58,796,600		89,075,800
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		1,444,493		2,358,805
Xinyi Solar Holdings Ltd.		18,894,000		20,202,874
XPeng Inc.^(a)(c)		3,203,176		14,238,264
Xtep International Holdings Ltd.		5,161,000		5,837,769
Yadea Group Holdings Ltd.^(b)		4,790,000		10,280,262
Yankuang Energy Group Co. Ltd., Class A		640,400		3,287,427
Yankuang Energy Group Co. Ltd., Class H		5,846,800		17,635,940
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		307,298		1,363,827
Yealink Network Technology Corp. Ltd., Class A		284,630		2,727,511
Yifeng Pharmacy Chain Co. Ltd., Class A		254,436		2,213,879
Yihai International Holding Ltd.^(c)		1,886,000		5,490,586
Yihai Kerry Arawana Holdings Co. Ltd., Class A		373,100		2,466,838
YongXing Special Materials Technology Co. Ltd., Class A		120,100		1,583,957
Yonyou Network Technology Co. Ltd., Class A		929,751		3,115,012
YTO Express Group Co. Ltd., Class A		923,400		2,411,989
Yuexiu Property Co. Ltd.		5,139,000		7,568,449
Yum China Holdings Inc.		1,624,273		95,393,553
Yunda Holding Co. Ltd., Class A		913,004		1,674,257
Yunnan Baiyao Group Co. Ltd., Class A		490,522		4,012,927
Yunnan Energy New Material Co. Ltd., Class A		232,400		4,194,213
Zai Lab Ltd., ADR^(a)		339,578		12,615,323
Zangge Mining Co. Ltd.		433,100		1,737,150
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		192,764		8,567,365
Zhaojin Mining Industry Co. Ltd., Class H^(a)		4,759,000		4,997,492
Zhejiang Century Huatong Group Co. Ltd., Class A^(a)		2,352,298		1,487,033
Zhejiang Chint Electrics Co. Ltd., Class A		590,023		2,546,871
Zhejiang Dahua Technology Co. Ltd., Class A		974,784		2,029,822
Zhejiang Expressway Co. Ltd., Class H		5,768,000		4,652,006
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		510,004		1,521,973
Zhejiang Huayou Cobalt Co. Ltd., Class A		413,815		3,521,307
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		348,484		3,434,902
Zhejiang NHU Co. Ltd., Class A		868,587		2,369,460
Zhejiang Supcon Technology Co. Ltd.		311,331		4,388,097
Zhejiang Supor Co. Ltd., Class A		183,282		1,499,522
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A		184,047		1,395,106
Zheshang Securities Co. Ltd., Class A		1,338,000		1,986,046
ZhongAn Online P&C Insurance Co. Ltd., Class H^(a)(b)(c)		2,731,700		7,865,181
Zhongji Innolight Co. Ltd., Class A		304,500		1,553,267
Zhongsheng Group Holdings Ltd.^(c)		2,377,000		11,873,658
Zhuzhou CRRC Times Electric Co. Ltd.		2,314,400		10,546,368
Zijin Mining Group Co. Ltd., Class A		5,456,700		8,966,603
Zijin Mining Group Co. Ltd., Class H		21,748,000		32,912,578
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		2,487,054		2,398,789


Security	Shares		Value

China (continued)
ZTE Corp., Class A		918,300	$	4,253,050
ZTE Corp., Class H		2,561,400		7,610,195
ZTO Express Cayman Inc., ADR		1,614,811		38,852,353


				7,848,712,056

Colombia — 0.0%
Bancolombia SA		973,766		7,193,889
Interconexion Electrica SA ESP		1,761,627		6,238,921


				13,432,810

Czech Republic — 0.2%
CEZ AS		630,966		29,453,402
Komercni Banka AS		272,581		9,182,286
Moneta Money Bank AS^(b)		1,253,863		4,776,539


				43,412,227

Egypt — 0.1%
Commercial International Bank Egypt SAE		9,268,992		16,069,144
Eastern Co. SAE		4,110,572		2,485,400
Egyptian Financial Group-Hermes Holding Co.^(a)		1,423,920		959,972


				19,514,516

Greece — 0.4%
Alpha Services and Holdings SA^(a)		8,272,943		12,944,311
Eurobank Ergasias Services and Holdings SA, Class A^(a)		10,009,129		15,343,203
FF Group^(a)(d)		246,892		2
Hellenic Telecommunications Organization SA		790,576		12,127,459
JUMBO SA		428,260		8,551,471
Motor Oil Hellas Corinth Refineries SA		237,298		6,294,829
Mytilineos SA		389,142		10,499,165
National Bank of Greece SA^(a)		2,165,883		12,118,662
OPAP SA		686,623		10,657,037
Public Power Corp. SA^(a)		842,299		7,388,290
Terna Energy SA		196,805		4,092,074


				100,016,503

Hungary — 0.2%
MOL Hungarian Oil & Gas PLC		1,583,967		12,028,135
OTP Bank Nyrt		844,242		25,574,512
Richter Gedeon Nyrt		418,444		8,771,283


				46,373,930

India — 13.2%
ABB India Ltd.		193,003		7,506,310
ACC Ltd.		251,715		5,268,983
Adani Enterprises Ltd.		654,895		10,794,444