UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number:
811-09729
Name of Fund:
Fund Address: c/o BlackRock Fund Advisors, 400 Howard Street, San Francisco, CA 94105
Name and address of agent for service: The Corporation Trust Company, 1209 Orange Street, Wilmington, DE 19801
Registrant's telephone number, including area code:
(415) 670-2000
Date of fiscal year end:
8/31/2024
Date of reporting period:
Item 1 — Report to Stockholders
(a) The Report to Shareholders is attached herewith
Annual Shareholder Report — August 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund name | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| $ |
| |
How did the Fund perform last year?
- Global stocks registered solid gains during the reporting period as investor confidence increased due to several central banks cutting interest rates, a slowdown in pricing pressures, and robust corporate earnings.
- Powered by artificial intelligence (“AI”), information technology stocks led the market for most of the reporting period. However, market sentiment pivoted toward more defensive sectors late in the reporting period amid growing uncertainty surrounding economic growth, geopolitics, and the upcoming U.S. presidential election.
- In Germany, the eurozone’s largest economy, growth shrunk during the reporting period, as stagnating economic conditions continued. In France, snap Parliamentary elections and uncertainty surrounding both parties’ plans to reduce the deficit caused volatility.
What contributed to performance?
German stocks contributed the most to the Fund’s performance during the reporting period, led by the information technology sector. Enthusiasm over AI, increased spending on cybersecurity and cloud computing, and ongoing digitalization efforts boosted the sector, most notably within the software and services industry. The German financials sector also contributed to performance, led by insurance companies. Stocks in the Netherlands benefited returns, most notably in the semiconductors and semiconductor equipment industry within the information technology sector. Despite fears of potential export restrictions to China, the stock of Europe’s largest technology firm that manufactures the machines used to build computer chips continued to rise.
What detracted from performance?
During the reporting period, stocks in Ireland detracted from the Fund’s performance, most notably in the materials sector. The stock of a provider of building materials solutions declined after it transitioned its primary listing to the New York Stock Exchange, causing frustration among some shareholders.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: September 1, 2014 through August 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns | ||||||
| 1 Year | 5 Years | 10 Years | ||||
| % | % | % | ||||
| Key Fund statistics | |
| $ | |
| $ | |
The Fund has added the MSCI ACWI ex USA Index in response to new regulatory requirements.
What did the Fund invest in?
(as of August 31, 2024)
Portfolio composition
| Investment Type | Percent of Net Assets |
|
| % | ||
| (a) | ||
| ( |
) | |
| Sector allocation (of the underlying fund)(b) | ||
| Sector | Percent of Total Investments (c) |
|
| % | ||
| |
| |
| |
Additional Information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares Currency Hedged MSCI Eurozone ETF
Annual Shareholder Report — August 31, 2024
HEZU-08/24-AR
Annual Shareholder Report — August 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund name | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| $ |
| |
| |
| |
How did the Fund perform last year?
- Bolstered by solid corporate earnings and a weak yen, Japanese equities registered solid gains during the reporting period.
- Helping the country’s economic growth was accelerating inflation, robust consumption, better-than-expected industrial production, and tight labor conditions.
- After 17 years, Japan’s central bank finally ended its negative interest-rate policy during the reporting period and indicated that more rate hikes would be forthcoming as long as inflation remained on target.
- The yen’s continued weakness and volatility prompted the Bank of Japan to intervene. A surprise rate hike late in the reporting period caused a sharp but brief plunge in global equity markets.
What contributed to performance?
The financials sector was the largest contributor to the Fund’s return during the reporting period. The country’s banking sector gained as the Bank of Japan ended its multi-year zero interest rate policy. The central bank raised rates and reduced its bond buying as it attempted to normalize monetary policy, boosting the net income interest (the difference between the rates banks charge for loans and the rates they pay for deposits) of Japanese banks. Insurance companies also gained on the higher rate regime and anticipated growth. The industrials sector was another source of growth for the Fund, helped by the performance of trading companies and industrial conglomerates. These firms play a vital role in Japan’s economy, operating across various sectors, including commodities, energy, metals, chemicals, consumer goods, logistics, and finance. Information technology stocks also contributed to the Fund’s return, helped by solid performance from technology hardware and semiconductor firms.
What detracted from performance?
During the reporting period, there were no material detractors from the Fund’s return.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: September 1, 2014 through August 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns | ||||||
| 1 Year | 5 Years | 10 Years | ||||
| % | % | % | ||||
| Key Fund statistics | |
| $ | |
| $ | |
The Fund has added the MSCI ACWI ex USA Index in response to new regulatory requirements.
What did the Fund invest in?
(as of August 31, 2024)
Portfolio composition
| Investment Type | Percent of Net Assets |
|
| % | ||
| ( |
) | |
| ( |
) |
| Sector allocation (of the underlying fund)(a) | ||
| Sector | Percent of Total Investments (b) |
|
| % | ||
| |
| |
Additional Information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares Currency Hedged MSCI Japan ETF
Annual Shareholder Report — August 31, 2024
HEWJ-08/24-AR
Annual Shareholder Report — August 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund name | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| $ |
How did the Fund perform last year?
- Global stocks registered solid gains during the reporting period as investor confidence increased due to several central banks cutting interest rates, a slowdown in pricing pressures, and robust corporate earnings.
- The European Central Bank cut its primary lending rate in June, and the U.S. Federal Reserve Bank provided strong indications that it would soon lower interest rates while the Bank of Japan exited its zero-interest rate policy that it had held since 2016.
- During the reporting period, the United States government announced it would allocate $1 billion in Commodity Credit Corporation funding for emergency international food assistance.
What contributed to performance?
Stocks in the United States were the leading contributors to the Fund’s return. Within the materials sector, companies providing containers and packaging gained on strategic initiatives, rising demand, and easing input costs. These companies, which produce paper products, also gained due to a shift away from single-use plastic packaging. Specialty chemicals stocks contributed on cutting-edge technology and artificial intelligence driven solutions for their food service offerings.
What detracted from performance?
Stocks in Germany detracted the most from the Fund’s performance during the reporting period. In the healthcare sector, a major pharmaceutical company faced increasing negative pressures due to litigation from one of its subsidiaries. The firm was forced to cut its dividend in an attempt to reconcile its large debt burden.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: April 25, 2022 through August 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns | ||||
| 1 Year | Since Fund Inception |
|||
| % | ( |
) % | ||
| ( |
) | |||
| ( |
) |
| Key Fund statistics | |
| $ | |
| $ | |
The Fund has added the MSCI All Country World Index in response to new regulatory requirements.
The inception date of the Fund was April 25, 2022 . The first day of secondary market trading was April 27, 2022.
What did the Fund invest in?
(as of August 31, 2024)
Sector allocation
| Sector | Percent of Total Investments(a) |
|
| % | ||
Country/Geographic allocation
| Country/Geographic Region | Percent of Total Investments(a) |
|
| % | ||
| |
Additional Information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc., Morningstar Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares Emergent Food and AgTech Multisector ETF
Annual Shareholder Report — August 31, 2024
IVEG-08/24-AR
Annual Shareholder Report — August 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund name | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| $ |
How did the Fund perform last year?
- Global stocks registered solid gains during the reporting period as investor confidence increased due to several central banks cutting interest rates, a slowdown in pricing pressures, and robust corporate earnings.
- The European Central Bank cut its primary lending rate in June, and the U.S. Federal Reserve Bank provided strong indications that it would soon lower interest rates.
- Inflows into environmental, sustainable, and governance (“ESG”) funds varied by region during the reporting period.
What contributed to performance?
During the reporting period, Japanese stocks contributed the most to the Fund’s return, led by the diversified banking industry within the financials sector. Following the Bank of Japan’s decision to raise rates and corporate governance reforms, Japanese banks generated higher returns on their large reserve balances. Stocks in Europe also contributed to performance, most notably in Switzerland, the Netherlands, and Germany. The Swiss healthcare sector benefited from the strength of a top pharmaceutical company that spun off its generic division, while semiconductor materials and equipment companies in the Netherlands benefited from artificial intelligence (“AI”) enthusiasm. In Germany, the information technology sector also strongly contributed to performance, led by software and services companies that leverage cloud computing and AI.
What detracted from performance?
Amid slowing growth in the region, stocks in Hong Kong detracted from the Fund’s return during the reporting period, led by the financials sector. The stock of a large insurance company sold off as investors fear continued uncertainty in China’s economy will impact the company’s ability to pay dividends and repurchase shares.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: June 16, 2020 through August 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns | ||||
| 1 Year | Since Fund Inception |
|||
| % | % | |||
| Key Fund statistics | |
| $ | |
| $ | |
The Fund has added the MSCI All Country World Index in response to new regulatory requirements.
The inception date of the Fund was June 16, 2020 . The first day of secondary market trading was June 18, 2020.
What did the Fund invest in?
(as of August 31, 2024)
Sector allocation
| Sector | Percent of Total Investments(a) |
|
| % | ||
Country/Geographic allocation
| Country/Geographic Region | Percent of Total Investments(a) |
|
| % | ||
| |
| |
Additional Information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares ESG Advanced MSCI EAFE ETF
Annual Shareholder Report — August 31, 2024
DMXF-08/24-AR
Annual Shareholder Report — August 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund name | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| $ |
How did the Fund perform last year?
- The growing prospect of lower interest rates in the United States helped the performance of emerging market stocks during the reporting period, but weakening growth in China and a stronger U.S. dollar weighed on equities.
- Overall, stocks registered solid gains as investor confidence increased due to several central banks cutting interest rates, a slowdown in pricing pressures, and robust corporate earnings.
What contributed to performance?
Indian stocks contributed the most to the Fund’s return during the reporting period, led by the consumer discretionary and information technology sectors. Several Indian information technology consultancy firms have partnered with large global technology companies to use artificial intelligence (“AI”) to optimize and modernize their service offerings. Among automakers, new product launches and strong order books drove positive returns. Stocks in Taiwan also contributed to performance, most notably in the information technology sector. Companies that manufacture the advanced semiconductor chips necessary to power AI continued to see strong demand from global technology companies, and the world’s biggest chipmaker is based in Taiwan.
What detracted from performance?
Amid a slowing economy, Chinese stocks detracted meaningfully from the Fund’s performance during the reporting period, led by the consumer discretionary sector. Chinese broadline retail companies suffered as consumer spending decreased while competition within the e-commerce space increased.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: October 6, 2020 through August 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns | ||||
| 1 Year | Since Fund Inception |
|||
| % | % | |||
| Key Fund statistics | |
| $ | |
| $ | |
The Fund has added the MSCI Emerging Markets Index in response to new regulatory requirements.
The inception date of the Fund was October 6, 2020 . The first day of secondary market trading was October 8, 2020.
What did the Fund invest in?
(as of August 31, 2024)
Sector allocation
| Sector | Percent of Total Investments(a) |
|
| % | ||
Country/Geographic allocation
| Country/Geographic Region | Percent of Total Investments(a) |
|
| % | ||
| |
| |
Additional Information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares ESG Advanced MSCI EM ETF
Annual Shareholder Report — August 31, 2024
EMXF-08/24-AR
Annual Shareholder Report — August 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund name | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| $ |
How did the Fund perform last year?
- Global stocks registered solid gains during the reporting period as investor confidence increased due to easing monetary policy, a slowdown in pricing pressures, and robust corporate earnings.
- The European Central Bank cut its primary lending rate in June, and the U.S. Federal Reserve Bank provided strong indications that it would soon lower interest rates. Conversely, the Bank of Japan exited its zero-interest rate policy that it had held since 2016.
- Inflows into environmental, sustainable, and governance (“ESG”) funds varied by region during the reporting period.
What contributed to performance?
During the reporting period, Japanese stocks contributed the most to the Fund’s return, led by the diversified banking industry within the financials sector. Following the Bank of Japan’s decision to raise rates and corporate governance reforms, Japanese banks generated higher returns on their large reserve balances. Stocks in Europe also contributed to performance, most notably in the United Kingdom and Switzerland. While the Swiss healthcare sector benefited from the strength of a top pharmaceutical company that spun off its generic division, strong earnings and ample liquidity supported a rise in valuations for most major U.K. banks in the financials sector.
What detracted from performance?
Amid slowing growth in the region, stocks in Hong Kong detracted from the Fund’s return during the reporting period, led by the financials sector. The stock of a large insurance company sold off as investors fear continued uncertainty in China’s economy will impact the company’s ability to pay dividends and repurchase shares.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: June 28, 2016 through August 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns | ||||||
| 1 Year | 5 Years | Since Fund Inception |
||||
| % | % | % | ||||
| Key Fund statistics | |
| $ | |
| $ | |
The Fund has added the MSCI All Country World Index in response to new regulatory requirements.
The inception date of the Fund was June 28, 2016 . The first day of secondary market trading was June 30, 2016.
The performance of the MSCI EAFE Extended ESG Focus Index in this report reflects the performance of the MSCI EAFE ESG Focus Index through May 31, 2018 and, beginning on June 1, 2018, the performance of the MSCI EAFE Extended ESG Focus Index.
What did the Fund invest in?
(as of August 31, 2024)
Sector allocation
| Sector | Percent of Total Investments(a) |
|
| % | ||
Country/Geographic allocation
| Country/Geographic Region | Percent of Total Investments(a) |
|
| % | ||
| |
| |
Additional Information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares ESG Aware MSCI EAFE ETF
Annual Shareholder Report — August 31, 2024
ESGD-08/24-AR
Annual Shareholder Report — August 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund name | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| $ |
How did the Fund perform last year?
- The growing prospect of lower interest rates in the United States helped the performance of emerging market stocks during the reporting period, but weakening growth in China and a stronger U.S. dollar weighed on equities.
- Powered by artificial intelligence (“AI”), information technology stocks led the market for most of the reporting period. However, market sentiment pivoted toward more defensive sectors late in the reporting period amid growing uncertainty surrounding economic growth, geopolitics, and the upcoming U.S. presidential election.
- Inflows into environmental, sustainable, and governance (“ESG”) funds varied by region during the reporting period. Investors in Europe continued to show a growing interest in sustainable themes.
What contributed to performance?
Companies in India were the largest contributors to the Fund’s return during the reporting period. In the consumer discretionary sector, automobile manufacturers gained on new product launches and strong demand. Volume gains for two-wheeler vehicles benefited motorcycle manufacturers. Taiwanese stocks were also strong contributors to the Fund’s return, particularly among semiconductor and semiconductor equipment companies. These firms produce advanced chips for AI applications.
What detracted from performance?
Companies in China were the largest detractors from the Fund’s performance. Automobile firms within the consumer discretionary sector were negatively pressured by tariffs on electric vehicles manufactured in China. Additionally, in the healthcare sector, the Chinese government’s crackdown on corruption weighed on hospitals, the pharmaceutical industry, and insurance funds. Within life sciences tools and services, several firms fell as U.S. lawmakers considered a bill that would prevent federal agencies from contracting with biotechnology companies that are associated with foreign adversaries.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: February 5, 2020 through August 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns | ||||
| 1 Year | Since Fund Inception |
|||
| % | % | |||
| Key Fund statistics | |
| $ | |
| $ | |
The Fund has added the MSCI Emerging Markets Index in response to new regulatory requirements.
The inception date of the Fund was February 5, 2020 . The first day of secondary market trading was February 7, 2020.
What did the Fund invest in?
(as of August 31, 2024)
Sector allocation
| Sector | Percent of Total Investments(a) |
|
| % | ||
Country/Geographic allocation
| Country/Geographic Region | Percent of Total Investments(a) |
|
| % | ||
| |
| |
Additional Information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares ESG MSCI EM Leaders ETF
Annual Shareholder Report — August 31, 2024
LDEM-08/24-AR
Annual Shareholder Report — August 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund name | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| $ |
How did the Fund perform last year?
- The growing prospect of lower interest rates in the United States helped the performance of emerging market stocks during the reporting period, but geopolitical concerns, weakening growth in China, and a stronger U.S. dollar weighed on equities.
- Overall, stocks registered solid gains as investor confidence increased due to several central banks cutting interest rates, a slowdown in pricing pressures, and robust corporate earnings.
- The Brazilian stock market underperformed other emerging markets over the reporting period, influenced by a combination of economic, political, and global factors. Smaller companies were further impacted by high interest rates and inflation, which constrained consumer spending and investment.
What contributed to performance?
The industrials sector, which was the largest weighting of the Fund on average during the reporting period, contributed the most to the Fund’s performance, led by aerospace and defense stocks. Specifically, an aerospace company benefited from an uptick in new plane orders and optimism for future growth.
What detracted from performance?
The consumer discretionary sector, which was the second highest weighting of the Fund on average during the reporting period, was the largest detractor from the Fund’s return. Education services companies were hampered by intensified competition as several new startup educational technology companies entered the market. In consumer durables, homebuilding stocks detracted amid a higher interest rate environment. The healthcare sector also detracted from the Fund’s performance, as hospitals and companies that provide healthcare services came under negative pressure. In the materials sector, steel companies suffered from low demand and rising imports.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: September 1, 2014 through August 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns | ||||||
| 1 Year | 5 Years | 10 Years | ||||
| ( |
) % | ( |
) % | ( |
) % | |
| ( |
) | ( |
) | ( |
) | |
| ( |
) | ( |
) | ( |
) |
| Key Fund statistics | |
| $ | |
| $ | |
The Fund has added the MSCI Emerging Markets Index in response to new regulatory requirements.
What did the Fund invest in?
(as of August 31, 2024)
Sector allocation
| Sector | Percent of Total Investments(a) |
|
| % | ||
Ten largest holdings
| Security | Percent of Total Investments(a) |
|
| % | ||
| |
Additional Information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares MSCI Brazil Small-Cap ETF
Annual Shareholder Report — August 31, 2024
EWZS-08/24-AR
Annual Shareholder Report — August 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund name | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| $ |
How did the Fund perform last year?
- China’s economic struggles continued during the reporting period, exacerbated by a prolonged downturn in the property market. Sluggish domestic demand has led to deflation and reduced growth prospects, prompting the Chinese government to introduce stimulus packages.
- The major policy interventions enacted by the government helped to ease investor concerns, but sentiment remained cautious.
- The threat of increasing policy tariffs on Chinese imports further deteriorated the economic growth landscape as Canada joined the United States, the European Union, and other countries that have imposed sanctions on Chinese imports.
What contributed to performance?
In the financials sector, China’s state-owned diversified banks are some of the largest in the world. During the reporting period, banks contributed to the Fund’s return due to government measures to stimulate the economy. This included lowering bank reserves, which allowed the banks to increase their lending activities. The communications sector also contributed, particularly among interactive media and services firms. Greater usage of social media, increased sales in the gaming sector, and excitement about new online games helped fuel the performance of a major internet and technology company.
What detracted from performance?
In the consumer discretionary sector, automobile stocks were among the largest detractors from the Fund’s return. Stocks of electric vehicle makers fell sharply due to increased tariffs on Chinese imports, and fears grew that more countries would do the same. Decreased consumer spending negatively impacted consumer staples stocks, particularly premier alcoholic beverage stocks. In the healthcare sector, news of the U.S. Biosecure Act negatively impacted Chinese biotechnology firms. The bill would restrict U.S. companies from contracting with Chinese biotech companies that are considered a threat to national security.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: September 1, 2014 through August 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns | ||||||
| 1 Year | 5 Years | 10 Years | ||||
| ( |
) % | ( |
) % | ( |
) % | |
| ( |
) | ( |
) | ( |
) | |
| ( |
) | ( |
) |
| Key Fund statistics | |
| $ | |
| $ | |
The Fund has added the MSCI Emerging Markets Index in response to new regulatory requirements.
What did the Fund invest in?
(as of August 31, 2024)
Sector allocation
| Sector | Percent of Total Investments(a) |
|
| % | ||
Ten largest holdings
| Security | Percent of Total Investments(a) |
|
| % | ||
| |
Additional Information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares MSCI China ETF
Annual Shareholder Report — August 31, 2024
MCHI-08/24-AR
Annual Shareholder Report — August 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund name | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| $ |
How did the Fund perform last year?
- China’s economic struggles continued during the reporting period, exacerbated by a prolonged downturn in the property market. Sluggish domestic demand has led to deflation and reduced growth prospects, prompting the Chinese government to introduce stimulus packages.
- The major policy interventions enacted by the government helped to ease investor concerns, but sentiment remained cautious.
- The threat of increasing policy tariffs on Chinese imports further deteriorated the economic growth landscape as Canada joined the United States, the European Union, and other countries that have imposed sanctions on Chinese imports.
- Stock markets were further hampered by decreasing foreign investments, as investors with significant positions in Chinese stocks began pulling out of the market.
What contributed to performance?
In the financials sector, a credit-tech services company in the consumer finance sector slightly contributed during the reporting period. In addition to benefiting from government actions to stimulate the economy, the company reported better-than-expected earnings, raised its dividend, and continued its share buyback program.
What detracted from performance?
Communications stocks were the largest detractors from the Fund’s return during the reporting period, particularly among interactive media and services companies. Internet services firms faced difficulties in their e-commerce platforms amid weak consumption trends and increasing competition. In the information technology sector, semiconductor and semiconductor equipment stocks were hampered by disparaging political comments in the United States and increased tariff threats. Software applications firms also detracted from the Fund’s return, even as some of the strict regulations targeting the technology sector were eased.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: January 25, 2022 through August 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns | ||||
| 1 Year | Since Fund Inception |
|||
| ( |
) % | ( |
) % | |
| ( |
) | ( |
) | |
| ( |
) | |||
| ( |
) | ( |
) |
| Key Fund statistics | |
| $ | |
| $ | |
The Fund has added the MSCI Emerging Markets Index in response to new regulatory requirements.
The inception date of the Fund was January 25, 2022 . The first day of secondary market trading was January 27, 2022.
What did the Fund invest in?
(as of August 31, 2024)
Sector allocation
| Sector | Percent of Total Investments(a) |
|
| % | ||
Ten largest holdings
| Security | Percent of Total Investments(a) |
|
| % | ||
| |
Additional Information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares MSCI China Multisector Tech ETF
Annual Shareholder Report — August 31, 2024
TCHI-08/24-AR
Annual Shareholder Report — August 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund name | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| $ |
How did the Fund perform last year?
- China’s economic struggles continued during the reporting period, exacerbated by a prolonged downturn in the property market. Sluggish domestic demand has led to deflation and reduced growth prospects, prompting the Chinese government to introduce stimulus packages.
- The major policy interventions enacted by the government helped to ease investor concerns, but sentiment remained cautious.
- The threat of increasing policy tariffs on Chinese imports further deteriorated the economic growth landscape, as Canada joined the United States, the European Union, and other countries that have imposed sanctions on Chinese imports.
What contributed to performance?
Helped by oil, gas, and coal stocks, the energy sector contributed to the Fund’s return during the reporting period. China’s quest for energy security has seen the country stockpiling key resources, including coal and oil, amid concerns about global supply disruptions. This strategic stockpiling has bolstered domestic production and consumption of energy resources. Additionally, coal demand in China grew significantly as usage grew in the electricity generation and industrial sectors.
What detracted from performance?
Stocks in the real estate sector were the largest detractors from the Fund’s performance during the reporting period. China’s property sector has been beleaguered by failing property developers, falling property prices, and a reduction in new construction projects, all leading to a prolonged slowdown in real estate activity. The consumer discretionary sector detracted amid the country’s economic downturn, as hotels, restaurants, and leisure companies fell victim to weaker consumer spending habits. Companies in the healthcare sector were negatively impacted by the Chinese government’s crackdown on corruption that targeted hospitals, the pharmaceutical industry, and insurance funds.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: September 1, 2014 through August 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns | ||||||
| 1 Year | 5 Years | 10 Years | ||||
| ( |
) % | ( |
) % | ( |
) % | |
| ( |
) | ( |
) | ( |
) | |
| ( |
) | ( |
) | ( |
) |
| Key Fund statistics | |
| $ | |
| $ | |
The Fund has added the MSCI Emerging Markets Index in response to new regulatory requirements.
What did the Fund invest in?
(as of August 31, 2024)
Sector allocation
| Sector | Percent of Total Investments(a) |
|
| % | ||
Ten largest holdings
| Security | Percent of Total Investments(a) |
|
| % | ||
| |
Additional Information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares MSCI China Small-Cap ETF
Annual Shareholder Report — August 31, 2024
ECNS-08/24-AR
Annual Shareholder Report — August 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund name | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| $ |
How did the Fund perform last year?
- Global stocks registered solid gains during the reporting period as investor confidence increased due to several central banks cutting interest rates, a slowdown in pricing pressures, and robust corporate earnings.
- The European Central Bank cut its primary lending rate in June, as did Denmark’s central bank; the U.S. Federal Reserve Bank provided strong indications that it would soon lower interest rates. Conversely, the Bank of Japan exited its zero-interest rate policy that it had held since 2016, raising its short-term policy rate and suggesting that more hikes would be forthcoming.
- With inflation continuing to cool and a recession likely in the rearview mirror, Denmark registered solid returns during the reporting period, driven predominately by the healthcare sector.
What contributed to performance?
Stocks in the healthcare sector contributed the most to the Fund’s performance during the reporting period, led by the pharmaceutical industry. Pharmaceutical companies benefited from strong demand for the GLP-1 drug therapies used to treat diabetes and obesity. Financial stocks also contributed to performance, particularly bank stocks, as higher interest rates helped to boost net income (the difference between what banks receive from loans and what they pay on deposits) and profit forecasts.
What detracted from performance?
Stocks in the consumer staples sector detracted the most from the Fund’s return during the reporting period, most notably in the beverages industry. The stock of a large Dutch brewer fell because of declining sales in its key Chinese market as consumers moved away from premium alcohol brands. Utilities stocks also detracted after a renewable energy company pulled out of an offshore wind consortium.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: September 1, 2014 through August 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns | ||||||
| 1 Year | 5 Years | 10 Years | ||||
| % | % | % | ||||
| Key Fund statistics | |
| $ | |
| $ | |
The Fund has added the MSCI ACWI ex USA Index in response to new regulatory requirements.
What did the Fund invest in?
(as of August 31, 2024)
Sector allocation
| Sector | Percent of Total Investments(a) |
|
| % | ||
Ten largest holdings
| Security | Percent of Total Investments(a) |
|
| % | ||
| |
Additional Information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares MSCI Denmark ETF
Annual Shareholder Report — August 31, 2024
EDEN-08/24-AR
Annual Shareholder Report — August 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund name | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| $ |
How did the Fund perform last year?
- Global stocks registered solid gains during the reporting period as investor confidence increased due to several central banks cutting interest rates, a slowdown in pricing pressures, and robust corporate earnings.
- The European Central Bank (“ECB”) cut its primary lending rate in June, and the U.S. Federal Reserve Bank provided strong indications that it would soon lower interest rates. As a member of the Eurozone, Finland’s monetary policy, including its policy rate, is determined by the ECB.
- The Finnish economy gradually moved away from recessionary conditions during the reporting period, allowing for modest returns in select sectors. However, consumer confidence and spending remained low as economic uncertainty persisted.
What contributed to performance?
Stocks in the industrials sector contributed the most to the Fund’s performance during the reporting period, led by the capital goods industry. Industrial machinery companies strongly contributed to performance. Marine and port equipment makers saw increased order demand, particularly in the U.S. as the country continues to move away from Chinese companies. Financial stocks also contributed to performance, most notably among diversified banks.
What detracted from performance?
Stocks in the energy sector detracted the most from the Fund’s return during the reporting period. Within the sector, an oil refining and renewable diesel company detracted from performance after it missed operating profit margins and lowered forecasted sales margins for its renewable products in 2024.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: September 1, 2014 through August 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns | ||||||
| 1 Year | 5 Years | 10 Years | ||||
| % | % | % | ||||
| Key Fund statistics | |
| $ | |
| $ | |
The Fund has added the MSCI ACWI ex USA Index in response to new regulatory requirements.
What did the Fund invest in?
(as of August 31, 2024)
Sector allocation
| Sector | Percent of Total Investments(a) |
|
| % | ||
Ten largest holdings
| Security | Percent of Total Investments(a) |
|
| % | ||
| |
Additional Information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares MSCI Finland ETF
Annual Shareholder Report — August 31, 2024
EFNL-08/24-AR
Annual Shareholder Report — August 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund name | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| $ |
How did the Fund perform last year?
- Global stocks registered solid gains during the reporting period as investor confidence increased due to several central banks cutting interest rates, a slowdown in pricing pressures, and robust corporate earnings.
- The European Central Bank cut its primary lending rate in June, and the U.S. Federal Reserve Bank provided strong indications that it would soon lower interest rates. Conversely, the Bank of Japan exited its zero-interest rate policy that it had held since 2016.
What contributed to performance?
Stocks in the French industrials sector contributed the most to the Fund’s performance during the reporting period, led by a firm in the construction, machinery, and heavy transportation equipment segment. The company, whose mission is to develop and promote sustainable transportation solutions, benefited from a deleveraging plan, a multi-billion-dollar train order, and an upgrade by a credit ratings agency. In the United States, several biotechnology companies in the healthcare sector contributed to the Fund’s return, encouraged by new product offerings.
What detracted from performance?
Chinese stocks were the largest detractors from the Fund’s return during the reporting period. In the consumer discretionary sector, stocks of electric vehicle (“EV”) makers fell sharply due to increased tariffs on Chinese imports and fears that more countries would do the same. In Belgium, stocks in the material sector detracted, led by the chemicals industry. Reduced demand for EVs hampered companies that produce battery materials.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: April 20, 2016 through August 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns | ||||||
| 1 Year | 5 Years | Since Fund Inception |
||||
| % | % | % | ||||
| Key Fund statistics | |
| $ | |
| $ | |
The Fund has added the MSCI All Country World Index in response to new regulatory requirements.
The inception date of the Fund was April 20, 2016 . The first day of secondary market trading was April 22, 2016.
What did the Fund invest in?
(as of August 31, 2024)
Sector allocation
| Sector | Percent of Total Investments(a) |
|
| % | ||
Country/Geographic allocation
| Country/Geographic Region | Percent of Total Investments(a) |
|
| % | ||
| |
| |
Additional Information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares MSCI Global Sustainable Development Goals ETF
Annual Shareholder Report — August 31, 2024
SDG-08/24-AR
Annual Shareholder Report — August 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund name | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| $ |
How did the Fund perform last year?
- Indian equities rallied strongly during the reporting period, with substantial returns across most sectors.
- India’s economy has shown considerable strength, supported by robust infrastructure investment, a buoyant manufacturing sector, improving unemployment data, and significant inflows into domestic mutual funds.
- The Reserve Bank of India held rates steady, helping inflation return to the central bank’s target rate.
- Stocks faced volatility after Prime Minister Narendra Modi unexpectedly lost the Parliamentary majority, forcing Modi to rely on smaller political parties to form a governing majority and pursue his pro-growth agenda.
What contributed to performance?
Automobile manufacturers in the consumer discretionary sector gained on strong domestic demand and new vehicle launches, contributing to the Fund’s return for the reporting period. In the financials sector, robust loan growth helped the performance of diversified banks. Companies that provide electrical components and equipment in the industrials sector were a source of strength, benefiting from the country’s drive to increase access to electricity. Additionally, aerospace and defense companies benefited from a growing demand for domestic air travel, as well as government initiatives to encourage innovation in space ventures. Investment spending on artificial intelligence (“AI”) has intensified as companies seek to improve operational efficiencies and increase automation. IT consulting companies in the information technology sector that help companies identify AI opportunities and develop corporate strategies have benefited from this growing trend.
What detracted from performance?
During the reporting period, there were no significant detractors from the Fund’s performance.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: September 1, 2014 through August 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns | ||||||
| 1 Year | 5 Years | 10 Years | ||||
| % | % | % | ||||
| Key Fund statistics | |
| $ | |
| $ | |
The Fund has added the MSCI Emerging Markets Index in response to new regulatory requirements.
What did the Fund invest in?
(as of August 31, 2024)
Sector allocation
| Sector | Percent of Total Investments(a) |
|
| % | ||
Ten largest holdings
| Security | Percent of Total Investments(a) |
|
| % | ||
| |
Additional Information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares MSCI India ETF
Annual Shareholder Report — August 31, 2024
INDA-08/24-AR
Annual Shareholder Report — August 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund name | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| $ |
How did the Fund perform last year?
- Indian small-capitalization equities rallied strongly during the reporting period, with substantial returns across most sectors.
- India’s economy has shown considerable strength, supported by robust infrastructure investment, a buoyant manufacturing sector, and improving unemployment data. Small-capitalization companies benefited significantly from both domestic and foreign inflows into mutual funds.
- The Reserve Bank of India held rates steady, helping inflation return to the central bank’s target rate.
- Stocks faced volatility after Prime Minister Narendra Modi unexpectedly lost the Parliamentary majority, forcing Modi to rely on smaller political parties to form a governing majority and pursue his pro-growth agenda.
What contributed to performance?
The industrials sector was the largest contributor to the Fund’s performance during the reporting period. India’s ambitious infrastructure plans, including deploying significant capital into various road, rail, and energy projects, revitalized firms engaging in construction and engineering. Sustainable efforts to decarbonize and provide wind and solar energy solutions helped the performance of several heavy electrical equipment companies that supply access to these solutions. In the materials sector, the raw products needed to manufacture these projects supported the demand for various components. Notably, companies that provide chemicals, containers and packaging, and steel saw strong gains. In the financials sector, advances were led by firms that provide capital markets services, buoyed by the country’s growing middle class and increasing attraction of Indian equities to foreign investors.
What detracted from performance?
During the reporting period, there were no significant detractors from the Fund’s performance.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: September 1, 2014 through August 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns | ||||||
| 1 Year | 5 Years | 10 Years | ||||
| % | % | % | ||||
| Key Fund statistics | |
| $ | |
| $ | |
The Fund has added the MSCI Emerging Markets Index in response to new regulatory requirements.
Certain sectors and markets performed exceptionally well based on market conditions during the one-year period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.
What did the Fund invest in?
(as of August 31, 2024)
Sector allocation
| Sector | Percent of Total Investments(a) |
|
| % | ||
Ten largest holdings
| Security | Percent of Total Investments(a) |
|
| % | ||
| |
Additional Information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares MSCI India Small-Cap ETF
Annual Shareholder Report — August 31, 2024
SMIN-08/24-AR
Annual Shareholder Report — August 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund name | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| $ |
How did the Fund perform last year?
- The growing prospect of lower interest rates in the United States helped the performance of emerging market stocks during the reporting period, but geopolitical concerns, weakening growth in China, and a stronger U.S. dollar weighed on equities.
- Indonesia held its general election during the reporting period and continued to embark on a path of progressive democratic reforms. The election of former Defense Minister Prabowo Subianto as president helped relieve some of the country’s political uncertainty and improved investor sentiment.
What contributed to performance?
The largest contribution to the Fund’s return during the reporting period was from the financials sector. The end of the country’s loan classification forbearance policy, which extended loan payments for certain industries particularly impacted by the pandemic, positively impacted diversified banks by reducing their credit risk. In the energy sector, performance was helped by companies that operate in coal and consumable fuels. Indonesia is one of the world’s leading coal exporters, accounting for nearly half of global production, and increasing usage of fossil fuels benefited the Fund’s performance.
What detracted from performance?
The consumer discretionary sector detracted the most from the Fund’s return during the reporting period. Broadline retail companies suffered from an increasingly competitive environment and as the Indonesian government banned e-commerce transactions on social media platforms, which were bringing in an influx of foreign goods to the country. Additionally, a sharp decline in auto sales negatively impacted auto and component companies. While there have been increasing exports of coal, prices have dropped, negatively impacting Indonesia’s industrials stocks that transport coal.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: September 1, 2014 through August 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns | ||||||
| 1 Year | 5 Years | 10 Years | ||||
| ( |
) % | ( |
) % | ( |
) % | |
| ( |
) | ( |
) | ( |
) | |
| ( |
) |
| Key Fund statistics | |
| $ | |
| $ | |
The Fund has added the MSCI Emerging Markets Index in response to new regulatory requirements.
The performance of the MSCI Indonesia IMI 25/50 Index in this report reflects the performance of the MSCI Indonesia Investable Market Index through May 28, 2019 and, beginning on May 29, 2019, the performance of the MSCI Indonesia IMI 25/50 Index.
What did the Fund invest in?
(as of August 31, 2024)
Sector allocation
| Sector | Percent of Total Investments(a) |
|
| % | ||
Ten largest holdings
| Security | Percent of Total Investments(a) |
|
| % | ||
| |
Additional Information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares MSCI Indonesia ETF
Annual Shareholder Report — August 31, 2024
EIDO-08/24-AR
Annual Shareholder Report — August 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund name | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| $ |
How did the Fund perform last year?
- Global stocks registered solid gains during the reporting period as investor confidence increased due to several central banks cutting interest rates, a slowdown in pricing pressures, and robust corporate earnings.
- The European Central Bank (“ECB”) cut its primary lending rate in June, and the U.S. Federal Reserve Bank provided strong indications that it would soon lower interest rates. As a member of the Eurozone, Ireland’s monetary policy, including its policy rate, is determined by the ECB.
- With the economy improving due in part to cooling inflation, Ireland registered solid returns during the reporting period, driven predominately by the consumer discretionary sector.
What contributed to performance?
Stocks in the consumer discretionary sector strongly contributed to the Fund’s return during the reporting period. Within the sector, the hotels, restaurants, and leisure industry added to performance, as Irish online sports betting and gambling operators continued to benefit from the ongoing popularity of sports betting in the U.S. Healthcare stocks also contributed to performance, most notably within the pharmaceutical, biotechnology, and life sciences industry. Due in part to competitive tax rates, Ireland has become the largest exporter of pharmaceuticals in the European Union and a hub for both clinical research institutions and drug manufacturing facilities, including the increasingly popular GLP-1 drugs that treat diabetes and obesity.
What detracted from performance?
Amid an affordability crisis in Ireland, stocks in the real estate sector detracted from the Fund’s performance during the reporting period, most notably among residential real estate investment trusts (“REITs”).
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: September 1, 2014 through August 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns | ||||||
| 1 Year | 5 Years | 10 Years | ||||
| % | % | % | ||||
| Key Fund statistics | |
| $ | |
| $ | |
The Fund has added the MSCI ACWI ex USA Index in response to new regulatory requirements.
What did the Fund invest in?
(as of August 31, 2024)
Sector allocation
| Sector | Percent of Total Investments(a) |
|
| % | ||
Ten largest holdings
| Security | Percent of Total Investments(a) |
|
| % | ||
| |
Additional Information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares MSCI Ireland ETF
Annual Shareholder Report — August 31, 2024
EIRL-08/24-AR
Annual Shareholder Report — August 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund name | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| $ |
How did the Fund perform last year?
- Bolstered by solid corporate earnings and a weak yen, Japanese equities registered significant gains during the reporting period.
- Helping the country’s economic growth was accelerating inflation, better-than-expected industrial production, and tight labor conditions.
- As the country moved from deflation to inflation, the Bank of Japan exited its zero-interest rate policy that it had held since 2016, raising its short-term policy rate and suggesting that more hikes would be forthcoming.
What contributed to performance?
The financials sector was the largest contributor to the Fund’s return during the reporting period. The country’s banking sector gained as the central bank raised rates and reduced its bond buying in an attempt to normalize monetary policy, boosting the net income interest (the difference between the rates banks charge for loans and the rates they pay for deposits) of Japanese banks. Insurance companies also gained on the higher rate regime and anticipated growth. The industrials sector was another source of growth for the Fund, helped by the performance of trading companies and industrial conglomerates. These firms play a vital role in Japan’s economy, operating across various sectors, including commodities, energy, metals, chemicals, consumer goods, logistics, and finance. In the consumer discretionary sector, automobile manufacturers benefited from a recovery from supply chain troubles, price hikes, and a weak yen. Weak currencies can help firms gain market share when their goods are less expensive compared to goods priced in stronger currencies.
What detracted from performance?
During the reporting period, healthcare stocks modestly detracted from the Fund’s return after a major pharmaceutical firm lost patent protection on several of its best-selling drugs.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: March 5, 2019 through August 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns | ||||||
| 1 Year | 5 Years | Since Fund Inception |
||||
| % | % | % | ||||
| Key Fund statistics | |
| $ | |
| $ | |
The Fund has added the MSCI ACWI ex USA Index in response to new regulatory requirements.
The inception date of the Fund was March 5, 2019 . The first day of secondary market trading was March 7, 2019.
What did the Fund invest in?
(as of August 31, 2024)
Sector allocation
| Sector | Percent of Total Investments(a) |
|
| % | ||
Ten largest holdings
| Security | Percent of Total Investments(a) |
|
| % | ||
| |
Additional Information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares MSCI Japan Value ETF
Annual Shareholder Report — August 31, 2024
EWJV-08/24-AR
Annual Shareholder Report — August 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund name | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| $ |
How did the Fund perform last year?
- The growing prospect of lower interest rates in the United States helped the performance of emerging market stocks during the reporting period, but geopolitical concerns, weakening growth in China, and a stronger U.S. dollar weighed on equities.
- The Middle East was negatively impacted by cuts in oil production and falling energy prices and experienced significant volatility due to the ongoing war between Hamas and Israel.
- Given that Kuwait’s economy is petroleum-based, growth was impacted by volatility in energy prices.
- While Kuwait’s stock market rose during the reporting period, the country was hampered by its dysfunctional political system.
What contributed to performance?
The financials sector, which comprised approximately 63% of the Fund’s on average during the reporting period, was the largest contributor to the Fund’s performance. Increasing merger and acquisition activity and higher interest rates have helped the performance of diversified banks. Kuwaiti government policies aimed at encouraging foreign investment have increased construction activity and fueled demand, benefiting firms in the real estate sector.
What detracted from performance?
Stocks in the materials sector slightly detracted from the Fund’s performance during the reporting period. The stock of a commodity chemicals producer was impeded by weak earnings performance and external pressures in the chemicals sector. Rolling blackouts and power grid issues in Kuwait raised concerns about the stability of the energy supply, putting downward pressure on independent power producers in the utilities sector.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: September 1, 2020 through August 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns | ||||
| 1 Year | Since Fund Inception |
|||
| % | % | |||
| Key Fund statistics | |
| $ | |
| $ | |
The Fund has added the MSCI Emerging Markets Index in response to new regulatory requirements.
The inception date of the Fund was September 1, 2020 . The first day of secondary market trading was September 3, 2020.
What did the Fund invest in?
(as of August 31, 2024)
Sector allocation
| Sector | Percent of Total Investments(a) |
|
| % | ||
Ten largest holdings
| Security | Percent of Total Investments(a) |
|
| % | ||
| |
Additional Information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares MSCI Kuwait ETF
Annual Shareholder Report — August 31, 2024
KWT-08/24-AR
Annual Shareholder Report — August 31, 2024
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund name | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| $ |
How did the Fund perform last year?
- Global stocks registered solid gains during the reporting period as investor confidence increased due to several central banks cutting interest rates, a slowdown in pricing pressures, and robust corporate earnings.
- The European Central Bank cut its primary lending rate in June, and New Zealand’s central bank followed suit in August; the U.S. Federal Reserve Bank provided strong indications that it would soon lower interest rates.
- Despite starting the reporting period in a technical recession, New Zealand posted positive returns as economic conditions slightly improved due in part to a tourism recovery.
What contributed to performance?
Stocks in the healthcare sector strongly contributed to the Fund’s return during the reporting period, led by the healthcare equipment and services industry. Within the industry, a leading medical equipment manufacturer and distributor in the respiratory space saw its revenue rise as demand for its hospital consumables (masks, surgical accessories, etc.) increased. Utilities stocks also contributed to performance, most notably within the independent power and renewable electricity producers industry. After finalizing plans to build the world’s first net zero carbon refinery, the stock of New Zealand’s largest electricity generator and retailer rose during the reporting period.
What detracted from performance?
Stocks in the industrials sector detracted from the Fund’s performance during the reporting period. Within the sector, capital goods companies detracted the most, particularly among building products companies, which suffered from materially weaker trading conditions in New Zealand’s residential sector. Consumer staples stocks also detracted from performance.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: September 1, 2014 through August 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns | ||||||
| 1 Year | 5 Years | 10 Years | ||||
| % | % | % | ||||
| Key Fund statistics | |
| $ | |
| $ | |
The Fund has added the MSCI ACWI ex USA Index in response to new regulatory requirements.
What did the Fund invest in?
(as of August 31, 2024)
Sector allocation
| Sector | Percent of Total Investments(a) |
|
| % | ||
| (b) |
Ten largest holdings
| Security | Percent of Total Investments(a) |
|
| % | ||
| |
| |
Material Fund Changes
This is a summary of certain changes to the Fund since August 31, 2023. For more complete information, you may review the Fund’s next prospectus, which we expect to be available approximately 120 days after August 31, 2024 at blackrock.com/fundreports or upon request by contacting us at 1-800-iShares (1-800-474-2737) .
Effective September 3, 2024 , the Fund’s principal investment strategy was updated for a new Underlying Index, the MSCI New Zealand All Cap Top 25 Capped Index. The updates reflect, among other things, that the Fund’s new Underlying Index includes the 25 largest constituents of the MSCI New Zealand All Cap Index, including micro-cap companies.
Additional Information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares MSCI New Zealand ETF
Annual Shareholder Report — August 31, 2024
ENZL-08/24-AR
Annual Shareholder Report — August 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund name | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| $ |
How did the Fund perform last year?
- Global stocks registered solid gains during the reporting period as investor confidence increased due to several central banks cutting interest rates, a slowdown in pricing pressures, and robust corporate earnings.
- The European Central Bank cut its primary lending rate in June, and the U.S. Federal Reserve Bank provided strong indications that it would soon lower interest rates. Conversely, the Bank of Japan exited its zero-interest rate policy that it had held since 2016, raising its short-term policy rate and suggesting that more hikes would be forthcoming.
- While elevated inflation and high credit costs weighed on Norway’s economy, economic conditions improved during the reporting period due in part to a weak krone and increasing exports.
What contributed to performance?
Stocks in the industrial sector contributed the most to the Fund’s performance during the reporting period, led by the capital goods industry. Notably, Norwegian aerospace and defense companies contributed, with defense spending increasing as countries sought to modernize their armed forces amid ongoing global conflicts both in Europe and the Middle East. Financials stocks also contributed to the Fund’s performance, particularly among banks, as Norway’s central bank continued to keep its key policy rate on hold at 4.5%.
What detracted from performance?
Materials stocks detracted the most from the Fund’s return during the reporting period, most notably among fertilizers and agricultural chemicals companies. Amid declining global prices of its fertilizer products and ongoing crop production challenges, the stock of a major Norwegian chemical company declined. Stocks in the healthcare sector also detracted during the reporting period.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: September 1, 2014 through August 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns | ||||||
| 1 Year | 5 Years | 10 Years | ||||
| % | % | % | ||||
| Key Fund statistics | |
| $ | |
| $ | |
The Fund has added the MSCI ACWI ex USA Index in response to new regulatory requirements.
What did the Fund invest in?
(as of August 31, 2024)
Sector allocation
| Sector | Percent of Total Investments(a) |
|
| % | ||
Ten largest holdings
| Security | Percent of Total Investments(a) |
|
| % | ||
| |
Additional Information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares MSCI Norway ETF
Annual Shareholder Report — August 31, 2024
ENOR-08/24-AR
Annual Shareholder Report — August 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund name | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| $ |
How did the Fund perform last year?
- The growing prospect of lower interest rates in the United States helped the performance of emerging market stocks during the reporting period, but geopolitical concerns, weakening growth in China, and a stronger U.S. dollar weighed on equities.
- Overall, stocks registered solid gains as investor confidence increased due to several central banks cutting interest rates, a slowdown in pricing pressures, and robust corporate earnings.
- Stocks in companies with exposure to Peru increased substantially for the reporting period. While the country started off 2024 in contraction territory, Peru’s economy returned to growth later in the reporting period, driven by household spending.
What contributed to performance?
Performance was led by the materials sector, specifically companies engaged in metals and mining. The price of copper, which is Peru’s leading export metal, has been upwardly mobile due to its pivotal role in renewable energy generation and electric vehicles. Rising gold prices also benefited the Fund’s performance, as Peru is home to several gold mines and is one of the world’s top producers of the metal. Materials stocks in Canada and the United Kingdom also contributed to the Fund’s performance, due to the presence of metals and mining companies from both countries operating in Peru.
What detracted from performance?
The energy sector slightly detracted from the Fund’s performance during the reporting period, as oil prices came under increasing downward pricing pressures.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: September 1, 2014 through August 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns | ||||||
| 1 Year | 5 Years | 10 Years | ||||
| % | % | % | ||||
| Key Fund statistics | |
| $ | |
| $ | |
The Fund has added the MSCI Emerging Markets Index in response to new regulatory requirements.
What did the Fund invest in?
(as of August 31, 2024)
Sector allocation
| Sector | Percent of Total Investments(a) |
|
| % | ||
Ten largest holdings
| Security | Percent of Total Investments(a) |
|
| % | ||
| |
Additional Information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares MSCI Peru and Global Exposure ETF
Annual Shareholder Report — August 31, 2024
EPU-08/24-AR
Annual Shareholder Report — August 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund name | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| $ |
How did the Fund perform last year?
- The growing prospect of lower interest rates in the United States helped the performance of emerging market stocks during the reporting period, but geopolitical concerns, weakening growth in China, and a stronger U.S. dollar weighed on equities.
- Overall, stocks registered solid gains as investor confidence increased due to several central banks cutting interest rates, a slowdown in pricing pressures, and robust corporate earnings.
- While inflation remained a concern, the Philippine central bank cut rates for the first time in four years as officials expected pricing pressure to start trending downward.
- Philippine stocks rose during the reporting period, helped by steady economic growth.
What contributed to performance?
Stocks in the industrials sector contributed to the Fund’s return during the reporting period. The stock price of a Philippine-based developer and manager of global port facilities was supported by robust financial performance and strategic acquisitions. In the financials sector, the performance of diversified banks benefited returns. Higher consumer spending and business investment supported lending growth, while banks maintained solid capital positions and strong net interest (the difference between the rates banks charge for loans and the rates they pay for deposits) margins. Strong property demand and consumer activity helped property developers in the real estate sector.
What detracted from performance?
The consumer discretionary sector detracted from the Fund’s performance during the reporting period. Casino and gaming stocks were negatively impacted by declining gaming revenue. In the home improvement industry, the stock of a construction supplies retailer declined amid slowing sales and losses due to a fire at one of its locations.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: September 1, 2014 through August 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns | ||||||
| 1 Year | 5 Years | 10 Years | ||||
| % | ( |
) % | ( |
) % | ||
| ( |
) | ( |
) | |||
| ( |
) | ( |
) |
| Key Fund statistics | |
| $ | |
| $ | |
The Fund has added the MSCI Emerging Markets Index in response to new regulatory requirements.
The performance of the MSCI Philippines IMI 25/50 Index in this report reflects the performance of the MSCI Philippines Investible Market Index (IMI) through November 30, 2020 and, beginning on December 1, 2020, the performance of the MSCI Philippines IMI 25/50 Index.
What did the Fund invest in?
(as of August 31, 2024)
Sector allocation
| Sector | Percent of Total Investments(a) |
|
| % | ||
Ten largest holdings
| Security | Percent of Total Investments(a) |
|
| % | ||
| |
Additional Information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares MSCI Philippines ETF
Annual Shareholder Report — August 31, 2024
EPHE-08/24-AR
Annual Shareholder Report — August 31, 2024
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund name | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| $ |
How did the Fund perform last year?
- The growing prospect of lower interest rates in the United States helped the performance of emerging market stocks, but weakening growth in China and a stronger U.S. dollar weighed on equities.
- The European Central Bank cut its primary lending rate in June, and the U.S. Federal Reserve Bank provided strong indications that it would soon lower interest rates. While inflationary pressures eased, Poland’s central bank left interest rates on hold.
- After stagnating in 2023, Poland’s economy was upwardly revised in 2024, helped by domestic demand, slowing inflation, and substantial public expenditures, benefiting Polish equities. Additionally, Poland began to receive locked funds from the European Union after implementing reforms to restore judicial independence in the country.
What contributed to performance?
Financials stocks, which comprised approximately 47% of the Fund on average during the reporting period, contributed the most to the Fund’s performance. Diversified banks benefited from Poland’s economic recovery and improved investor sentiment. Additionally, interest rates remained high, boosting net interest income (the difference between the rates banks charge for loans and the rates they pay for deposits) for banks. Also contributing to returns were apparel and accessory retailers in the consumer discretionary sector, which rose despite inflationary pressures. These firms benefited from strategic expansions, improving consumer confidence, and retail demand.
What detracted from performance?
Detracting from the Fund’s return during the reporting period were stocks in the consumer staples sector, particularly among food retailers. An increasingly competitive landscape sparked a price war between supermarket operators in Poland, negatively impacting profits for these firms.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: September 1, 2014 through August 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns | ||||||
| 1 Year | 5 Years | 10 Years | ||||
| % | % | % | ||||
| Key Fund statistics | |
| $ | |
| $ | |
The Fund has added the MSCI Emerging Markets Index in response to new regulatory requirements.
Certain sectors and markets performed exceptionally well based on market conditions during the one-year period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.
What did the Fund invest in?
(as of August 31, 2024)
Sector allocation
| Sector | Percent of Total Investments(a) |
|
| % | ||
Ten largest holdings
| Security | Percent of Total Investments(a) |
|
| % | ||
| |
Material Fund Changes
This is a summary of certain changes to the Fund since August 31, 2023. For more complete information, you may review the Fund’s next prospectus, which we expect to be available approximately 120 days after August 31, 2024 at blackrock.com/fundreports or upon request by contacting us at 1-800-iShares (1-800-474-2737) .
The net expense ratio increased from the prior fiscal year end primarily due to an increase in professional fees for foreign withholding tax claims.
Additional Information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares MSCI Poland ETF
Annual Shareholder Report — August 31, 2024
EPOL-08/24-AR
Annual Shareholder Report — August 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund name | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| $ |
How did the Fund perform last year?
- The growing prospect of lower interest rates in the United States helped the performance of emerging market stocks during the reporting period, but geopolitical concerns, weakening growth in China, and a stronger U.S. dollar weighed on equities.
- The Middle East was negatively impacted by cuts in oil production and falling energy prices and experienced significant volatility due to the ongoing war between Hamas and Israel.
- Qatar’s stock market gained during the reporting period but underperformed other emerging markets.
What contributed to performance?
Financial stocks, which comprised approximately 55% of the Fund on average during the reporting period, contributed the most to the Fund’s performance. Diversified banks benefited from higher interest rates, increased lending volumes, stable margins, and higher fee income. As one of the world’s largest exporters of liquified natural gas, companies that provide transport and drilling equipment in the energy sector benefited from the country’s long-term strategic expansion plans. In the industrials sector, transportation companies were positively impacted by an increase in global trade and efforts to diversify services.
What detracted from performance?
A main detractor from the Fund’s performance during the reporting period was the country’s leading supplier of power generation and water salination in the utilities sector. The company reported a profit drop and lower earnings. In healthcare, the country’s implementation of a value-added tax (VAT) is expected to impact the cost of healthcare-related components and supplies. While healthcare supplies are typically exempt, the VAT may still increase operating costs for healthcare providers.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: September 1, 2014 through August 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns | ||||||
| 1 Year | 5 Years | 10 Years | ||||
| % | % | % | ||||
| Key Fund statistics | |
| $ | |
| $ | |
The Fund has added the MSCI Emerging Markets Index in response to new regulatory requirements.
What did the Fund invest in?
(as of August 31, 2024)
Sector allocation
| Sector | Percent of Total Investments(a) |
|
| % | ||
Ten largest holdings
| Security | Percent of Total Investments(a) |
|
| % | ||
| |
Additional Information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares MSCI Qatar ETF
Annual Shareholder Report — August 31, 2024
QAT-08/24-AR
Annual Shareholder Report — August 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund name | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| $ |
How did the Fund perform last year?
- The growing prospect of lower interest rates in the United States helped the performance of emerging market stocks during the reporting period, but geopolitical concerns, weakening growth in China, and a stronger U.S. dollar weighed on equities.
- The Middle East was negatively impacted by cuts in oil production and falling energy prices and experienced significant volatility due to the ongoing war between Hamas and Israel.
- During the reporting period, Saudi Arabia faced a complex set of challenges, largely driven by fluctuations in oil production and global economic trends. The country’s economy is largely dependent on oil production and falling energy prices have curtailed growth.
What contributed to performance?
Companies in the financials sector contributed the most to the Fund’s performance during the reporting period. Diversified banks benefited from increased net interest income (the difference between the rates banks charge for loans and the rates they pay for deposits). Additionally, the implementation of Vision 2030, which seeks to reduce the country’s dependency on oil, brought about reforms in financial regulations, making the banking sector more attractive to foreign investors.
What detracted from performance?
Chemicals firms in the materials sector were among the biggest detractors from the Fund’s return during the reporting period. Companies involved in the commodity chemicals, and fertilizers and agricultural chemicals industries suffered from falling petrochemical prices and slowing global growth. Amid weaker global demand and to stabilize oil prices, Saudi Arabia made voluntary reductions in oil production. These cuts led to a decrease in oil revenue and negatively affected companies across the energy sector, including producers, refiners, and transporters.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: September 16, 2015 through August 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns | ||||||
| 1 Year | 5 Years | Since Fund Inception |
||||
| % | % | % | ||||
| Key Fund statistics | |
| $ | |
| $ | |
The Fund has added the MSCI Emerging Markets Index in response to new regulatory requirements.
The inception date of the Fund was September 16, 2015 . The first day of secondary market trading was September 17, 2015.
What did the Fund invest in?
(as of August 31, 2024)
Sector allocation
| Sector | Percent of Total Investments(a) |
|
| % | ||
Ten largest holdings
| Security | Percent of Total Investments(a) |
|
| % | ||
| |
Additional Information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares MSCI Saudi Arabia ETF
Annual Shareholder Report — August 31, 2024
KSA-08/24-AR
Annual Shareholder Report — August 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund name | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| $ |
How did the Fund perform last year?
- The growing prospect of lower interest rates in the United States helped the performance of emerging market stocks during the reporting period, but geopolitical concerns, weakening growth in China, and a stronger U.S. dollar weighed on equities.
- The Middle East was negatively impacted by cuts in oil production and falling energy prices and experienced significant volatility due to the ongoing war between Hamas and Israel.
- The United Arab Emirates (“UAE”) is one of the world’s ten largest oil producers, and its economy is highly dependent on oil and natural gas exports. However, the country is seeking to become less oil-dependent, and non-oil gross domestic product has significantly increased.
What contributed to performance?
Stocks in the financials sector contributed the most to the Fund’s return for the reporting period. Diversified banks were positively impacted by strong credit growth, higher interest rates, and a growing trend toward digital transformation. The UAE is considered to be one of the top real estate markets in the world, and companies engaging in real estate have benefited from the country’s relaxed visa requirements and high-net-worth individuals seeking luxury investments.
What detracted from performance?
The industrials sector, particularly among industrial conglomerates and holding companies, detracted from the Fund’s return during the reporting period. Consumer discretionary stocks were adversely affected by ongoing geopolitical tensions, particularly among hotels, restaurants, and leisure operators. In the energy sector, companies in the integrated oil and gas, and the oil and gas drilling industries detracted from the Fund’s return. Oil and gas prices continued to come under negative pricing pressures during the reporting period, hampered by geopolitical tensions and supply concerns.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: September 1, 2014 through August 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns | ||||||
| 1 Year | 5 Years | 10 Years | ||||
| % | % | ( |
) % | |||
| ( |
) | |||||
| Key Fund statistics | |
| $ | |
| $ | |
The Fund has added the MSCI Emerging Markets Index in response to new regulatory requirements.
What did the Fund invest in?
(as of August 31, 2024)
Sector allocation
| Sector | Percent of Total Investments(a) |
|
| % | ||
| (b) |
Ten largest holdings
| Security | Percent of Total Investments(a) |
|
| % | ||
| |
| |
Additional Information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares MSCI UAE ETF
Annual Shareholder Report — August 31, 2024
UAE-08/24-AR
Annual Shareholder Report — August 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund name | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| $ |
How did the Fund perform last year?
- Global stocks registered solid gains during the reporting period as investor confidence increased due to several central banks cutting interest rates, a slowdown in pricing pressures, and robust corporate earnings.
- The European Central Bank cut its primary lending rate in June, and the Bank of England followed suit in August; the U.S. Federal Reserve Bank provided strong indications that it would soon lower interest rates.
- Powered by artificial intelligence, information technology stocks led the market for most of the reporting period. However, market sentiment pivoted toward more defensive sectors late in the reporting period amid growing uncertainty surrounding economic growth, geopolitics, and the upcoming U.S. presidential election.
What contributed to performance?
Stocks in the financials sector contributed the most to the Fund’s return during the reporting period, led by the banking industry. Despite a challenging risk environment, strong earnings and ample liquidity supported a rise in valuations for most major U.K. banks, which remain well-capitalized and resilient. Net interest margins (the difference between the rates banks charge for loans and the rates they pay for deposits) declined but remained slightly elevated due to still-high interest rates. Industrial stocks also contributed to performance, most notably within the capital goods industry. An aerospace and defense company benefited from increased demand in the freighter market driven by e-commerce trends and declining orders for a dominant competitor embroiled in controversy. Stocks in the healthcare sector also contributed, led by the pharmaceutical, biotechnology, and life sciences industry.
What detracted from performance?
There were no notable detractors from the Fund’s performance during the reporting period that ended August 31, 2024.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: September 1, 2014 through August 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns | ||||||
| 1 Year | 5 Years | 10 Years | ||||
| % | % | % | ||||
| Key Fund statistics | |
| $ | |
| $ | |
The Fund has added the MSCI ACWI ex USA Index in response to new regulatory requirements.
What did the Fund invest in?
(as of August 31, 2024)
Sector allocation
| Sector | Percent of Total Investments(a) |
|
| % | ||
Ten largest holdings
| Security | Percent of Total Investments(a) |
|
| % | ||
| |
Additional Information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares MSCI United Kingdom ETF
Annual Shareholder Report — August 31, 2024
EWU-08/24-AR
Annual Shareholder Report — August 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund name | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| $ |
How did the Fund perform last year?
- Global stocks registered solid gains during the reporting period as investor confidence increased due to several central banks cutting interest rates, a slowdown in pricing pressures, and robust corporate earnings.
- The European Central Bank cut its primary lending rate in June, and the Bank of England followed suit in August; the U.S. Federal Reserve Bank provided strong indications that it would soon lower interest rates.
- Powered by artificial intelligence, information technology stocks led the market for most of the reporting period. However, market sentiment pivoted toward more defensive sectors late in the reporting period amid growing uncertainty surrounding economic growth, geopolitics, and the upcoming U.S. presidential election.
What contributed to performance?
Stocks in the financials sector contributed the most to the Fund’s performance during the reporting period, led by the financial services industry. As economic conditions stabilized and inflation gradually cooled, increased investor confidence led to higher inflows for asset management firms and custody banks. Industrials stocks also contributed to performance during the reporting period, most notably among trading companies and distributors. A British distribution group acquired a leading distributor of aerospace fasteners, a critical component in aircraft manufacturing, adding to their established position in the industry and expanding their reach into the United States and key markets in Europe.
What detracted from performance?
During the reporting period, stocks in the healthcare sector detracted the most from the Fund’s return, led by the pharmaceutical, biotechnology, and life sciences industry. The stock of a specialty pharmaceuticals business dropped after it discontinued production of its schizophrenia drug and sales of its best-selling opioid addiction treatment slowed as a new treatment at a rival company entered the market.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: September 1, 2014 through August 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns | ||||||
| 1 Year | 5 Years | 10 Years | ||||
| % | % | % | ||||
| Key Fund statistics | |
| $ | |
| $ | |
The Fund has added the MSCI ACWI ex USA Index in response to new regulatory requirements.
What did the Fund invest in?
(as of August 31, 2024)
Sector allocation
| Sector | Percent of Total Investments(a) |
|
| % | ||
Ten largest holdings
| Security | Percent of Total Investments(a) |
|
| % | ||
| |
Additional Information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares MSCI United Kingdom Small-Cap ETF
Annual Shareholder Report — August 31, 2024
EWUS-08/24-AR
Annual Shareholder Report — August 31, 2024
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund name | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| $ |
How did the Fund perform last year?
- Global stocks registered solid gains during the reporting period as investor confidence increased due to several central banks cutting interest rates, a slowdown in pricing pressures, and robust corporate earnings.
- The European Central Bank cut its primary lending rate in June, and the U.S. Federal Reserve Bank provided strong indications that it would soon lower interest rates, while the Bank of Japan exited its zero-interest rate policy that it had held since 2016.
- Governments and businesses continued to invest in technologies to improve water access, quality, and management during the reporting period.
What contributed to performance?
Companies in the United States were the largest contributors to the Fund’s performance. Within the industrials sector, firms focused on industrial machinery and supplies and components, particularly those that manufacture products and equipment used for water conservation and treatment projects, advanced on growing demand.
What detracted from performance?
Companies in the United Kingdom detracted from the Fund’s performance during the reporting period. In the consumer staples sector, a major distiller faced headwinds as large unsold inventory due to lower sales caused the firm to miss profit expectations and warn of continued challenges ahead.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: September 20, 2022 through August 31, 2024
Initial investment of $10,000
See “Average annual total returns” for additional information on fund performance.
| Average annual total returns | ||||
| 1 Year | Since Fund Inception |
|||
| % | % | |||
| Key Fund statistics | |
| $ | |
| $ | |
The Fund has added the MSCI All Country World Index in response to new regulatory requirements.
The inception date of the Fund was September 20, 2022 . The first day of secondary market trading was September 22, 2022.
What did the Fund invest in?
(as of August 31, 2024)
Sector allocation
| Sector | Percent of Total Investments(a) |
|
| % | ||
| (b) |
Country/Geographic allocation
| Country/Geographic Region | Percent of Total Investments(a) |
|
| % | ||
| |
| |
| |
Additional Information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares MSCI Water Management Multisector ETF
Annual Shareholder Report — August 31, 2024
IWTR-08/24-AR
Annual Shareholder Report — August 31, 2024
What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)
| Fund name | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| $ |
| |
| |
How did the Fund perform during the period?
- Global stocks registered solid gains during the reporting period as investor confidence increased due to several central banks cutting interest rates, a slowdown in pricing pressures, and robust corporate earnings.
- The European Central Bank cut its primary lending rate in June, and the U.S. Federal Reserve Bank provided strong indications that it would soon lower interest rates. Conversely, the Bank of Japan exited its zero-interest rate policy that it had held since 2016, raising its short-term policy rate and suggesting that more hikes would be forthcoming.
- The 2015 Paris Climate Accord set emissions goals for its nearly 200 signatory countries with the goal of limiting climate change to well below two degrees Celsius, above pre-industrial levels and preferably below 1.5 degrees.
- Climate change has become an increasingly important investment topic.
What contributed to performance?
Canadian stocks contributed the most to the Fund’s performance during the reporting period. Driven by capital market business strength and a robust investment banking environment, the profits of a handful of large Canadian banks surpassed expectations. In the United Kingdom, financials stocks were also strong performers. Diversified banks delivered solid earnings amid increased consumer activity in wealth management divisions, growing economic optimism, and resilient net interest margins (the ratio of interest income minus interest expense divided by earning assets).
What detracted from performance?
Stocks in Portugal modestly detracted from the Fund’s return during the reporting period. In particular, an electrics utilities firm fell amid rising costs and project delays.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
Fund performance
Cumulative performance: January 17, 2024 through August 31, 2024
Initial investment of $10,000
Average annual total returns
As of the date of this report, the Fund does not have a full fiscal year of performance information to report.
| Key Fund statistics | |
| $ | |
| $ | |
The Fund has added the MSCI ACWI ex USA Index in response to new regulatory requirements
The inception date of the Fund was January 17, 2024 . The first day of secondary market trading was January 19, 2024.
What did the Fund invest in?
(as of August 31, 2024)
Sector allocation
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Country/Geographic allocation
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Additional Information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
iShares Paris-Aligned Climate MSCI World ex USA ETF
Annual Shareholder Report — August 31, 2024
PABD-08/24-AR
