Schedule of Investments (unaudited) | iShares® Currency Hedged MSCI Emerging Markets ETF |
May 31, 2023 | (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Investment Companies | ||||||||
Exchange-Traded Funds — 100.1% | ||||||||
iShares MSCI Emerging Markets ETF(a) | 3,316,069 | $ | 126,640,675 | |||||
Total Investment Companies | ||||||||
(Cost: $150,307,114) | 126,640,675 | |||||||
Short-Term Securities | ||||||||
Money Market Funds — 0.3% | ||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.07%(a)(b) | 410,000 | 410,000 | ||||||
Total Short-Term Securities — 0.3% | ||||||||
(Cost: $410,000) | 410,000 | |||||||
Total Investments in Securities — 100.4% | ||||||||
(Cost: $150,717,114) | 127,050,675 | |||||||
Liabilities in Excess of Other Assets — (0.4)% | (555,731 | ) | ||||||
Net Assets — 100.0% | $ | 126,494,944 |
(a) | Affiliate of the Fund. |
(b) | Annualized 7-day yield as of period end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended May 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 08/31/22 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 05/31/23 | Shares Held at 05/31/23 | Income | Capital Gain Distributions from Underlying Funds | ||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares(a) | $ | — | $ | 23,913 | (b) | $ | — | $ | (23,913 | ) | $ | — | $ | — | — | $ | 20,891 | (c) | $ | — | |||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 960,000 | — | (550,000 | )(b) | — | — | 410,000 | 410,000 | 12,700 | — | |||||||||||||||||||||||||
iShares MSCI Emerging Markets ETF | 153,764,856 | 57,280,440 | (78,972,934 | ) | (7,475,867 | ) | 2,044,180 | 126,640,675 | 3,316,069 | 2,239,518 | — | ||||||||||||||||||||||||
$ | (7,499,780 | ) | $ | 2,044,180 | $ | 127,050,675 | $ | 2,273,109 | $ | — |
(a) | As of period end, the entity is no longer held. |
(b) | Represents net amount purchased (sold). |
(c) | All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Derivative Financial Instruments Outstanding as of Period End
Forward Foreign Currency Exchange Contracts
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||||||
BRL | 32,602,000 | USD | 6,366,459 | Morgan Stanley & Co. International PLC | 06/05/23 | $ | 57,237 | |||||||
CLP | 671,464,000 | USD | 824,742 | Morgan Stanley & Co. International PLC | 06/05/23 | 3,892 | ||||||||
CNH | 45,828,320 | USD | 6,431,323 | Citibank N.A. | 06/05/23 | 9,704 | ||||||||
EUR | 1,880,000 | USD | 2,004,268 | State Street Bank & Trust Company | 06/05/23 | 5,599 | ||||||||
HKD | 12,271,000 | USD | 1,565,897 | Barclays Bank PLC | 06/05/23 | 1,341 | ||||||||
HKD | 19,819,000 | USD | 2,529,624 | HSBC Bank PLC | 06/05/23 | 1,636 | ||||||||
HKD | 15,918,000 | USD | 2,030,797 | State Street Bank & Trust Company | 06/05/23 | 2,232 | ||||||||
INR | 1,426,822,000 | USD | 17,244,021 | JPMorgan Chase Bank N.A. | 06/05/23 | 5,432 |
1
Schedule of Investments (unaudited) (continued) | iShares® Currency Hedged MSCI Emerging Markets ETF |
May 31, 2023 |
Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||||||
INR | 316,000 | USD | 3,816 | Morgan Stanley & Co. International PLC | 06/05/23 | $ | 4 | |||||||
KRW | 21,841,508,000 | USD | 16,479,182 | JPMorgan Chase Bank N.A. | 06/05/23 | 3,375 | ||||||||
KRW | 2,927,812,000 | USD | 2,186,963 | Morgan Stanley & Co. International PLC | 06/05/23 | 22,492 | ||||||||
MXN | 63,210,000 | USD | 3,557,078 | Citibank N.A. | 06/05/23 | 13,950 | ||||||||
MXN | 548,000 | USD | 30,187 | Goldman Sachs & Co. | 06/05/23 | 772 | ||||||||
TRY | 285,000 | USD | 13,381 | Citibank N.A. | 06/05/23 | 124 | ||||||||
TRY | 911,000 | USD | 41,847 | JPMorgan Chase Bank N.A. | 06/05/23 | 1,323 | ||||||||
TWD | 577,758,000 | USD | 18,772,395 | JPMorgan Chase Bank N.A. | 06/05/23 | 30,766 | ||||||||
TWD | 78,903,000 | USD | 2,562,413 | Morgan Stanley & Co. International PLC | 06/05/23 | 5,489 | ||||||||
USD | 7,523,501 | BRL | 37,859,000 | Morgan Stanley & Co. International PLC | 06/05/23 | 63,998 | ||||||||
USD | 959,152 | CLP | 772,925,000 | Morgan Stanley & Co. International PLC | 06/05/23 | 5,308 | ||||||||
USD | 109,564 | CNH | 757,000 | Bank of New York | 06/05/23 | 3,170 | ||||||||
USD | 7,535,940 | CNH | 52,041,320 | Societe Generale | 06/05/23 | 221,696 | ||||||||
USD | 109,887 | CNH | 764,000 | State Street Bank & Trust Company | 06/05/23 | 2,509 | ||||||||
USD | 141,466 | EUR | 128,000 | Bank of America N.A. | 06/05/23 | 4,624 | ||||||||
USD | 23,174 | EUR | 21,000 | Bank of New York | 06/05/23 | 724 | ||||||||
USD | 77,153 | EUR | 70,000 | JPMorgan Chase Bank N.A. | 06/05/23 | 2,318 | ||||||||
USD | 2,122,721 | EUR | 1,919,000 | State Street Bank & Trust Company | 06/05/23 | 71,160 | ||||||||
USD | 110,406 | HKD | 864,000 | JPMorgan Chase Bank N.A. | 06/05/23 | 57 | ||||||||
USD | 19,336,388 | INR | 1,584,322,000 | JPMorgan Chase Bank N.A. | 06/05/23 | 182,851 | ||||||||
USD | 417,033 | INR | 34,134,000 | Morgan Stanley & Co. International PLC | 06/05/23 | 4,372 | ||||||||
USD | 277,355 | KRW | 365,005,000 | Morgan Stanley & Co. International PLC | 06/05/23 | 1,907 | ||||||||
USD | 3,938 | TRY | 81,000 | JPMorgan Chase Bank N.A. | 06/05/23 | 100 | ||||||||
USD | 21,939,032 | TWD | 672,914,000 | JPMorgan Chase Bank N.A. | 06/05/23 | 39,015 | ||||||||
USD | 584,818 | TWD | 17,924,000 | Morgan Stanley & Co. International PLC | 06/05/23 | 1,480 | ||||||||
USD | 55,127 | ZAR | 1,011,000 | BNP Paribas SA | 06/05/23 | 3,871 | ||||||||
USD | 5,021,442 | ZAR | 92,092,000 | Citibank N.A. | 06/05/23 | 352,455 | ||||||||
USD | 64,242 | ZAR | 1,200,000 | Goldman Sachs & Co. | 06/05/23 | 3,403 | ||||||||
USD | 49,597 | ZAR | 915,000 | State Street Bank & Trust Company | 06/05/23 | 3,207 | ||||||||
ZAR | 84,238,000 | USD | 4,249,832 | Citibank N.A. | 06/05/23 | 20,965 | ||||||||
IDR | 39,048,426,000 | USD | 2,603,576 | JPMorgan Chase Bank N.A. | 06/07/23 | 1,278 | ||||||||
USD | 2,934,510 | IDR | 43,027,965,000 | JPMorgan Chase Bank N.A. | 06/07/23 | 64,188 | ||||||||
USD | 73,946 | IDR | 1,088,445,000 | Morgan Stanley & Co. International PLC | 06/07/23 | 1,337 | ||||||||
USD | 54,532 | MYR | 243,000 | Morgan Stanley & Co. International PLC | 06/07/23 | 1,875 | ||||||||
USD | 2,090,950 | MYR | 9,288,000 | State Street Bank & Trust Company | 06/07/23 | 78,289 | ||||||||
USD | 4,921 | THB | 170,000 | Goldman Sachs & Co. | 06/07/23 | 34 | ||||||||
USD | 3,111,812 | THB | 105,782,000 | HSBC Bank PLC | 06/07/23 | 70,601 | ||||||||
USD | 54,892 | THB | 1,859,000 | State Street Bank & Trust Company | 06/07/23 | 1,446 | ||||||||
USD | 9,787 | THB | 337,000 | UBS AG | 06/07/23 | 99 | ||||||||
BRL | 736,000 | USD | 144,093 | Morgan Stanley & Co. International PLC | 07/06/23 | 188 | ||||||||
CLP | 14,740,000 | USD | 18,060 | Morgan Stanley & Co. International PLC | 07/06/23 | 52 |
2
Schedule of Investments (unaudited) (continued) | iShares® Currency Hedged MSCI Emerging Markets ETF |
May 31, 2023 |
Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||||||
CNH | 1,411,000 | USD | 198,600 | Morgan Stanley & Co. International PLC | 07/06/23 | $ | 243 | |||||||
EUR | 46,000 | USD | 49,200 | HSBC Bank PLC | 07/06/23 | 66 | ||||||||
IDR | 439,243,000 | USD | 29,269 | JPMorgan Chase Bank N.A. | 07/06/23 | 11 | ||||||||
USD | 30,432,216 | HKD | 238,033,000 | BNP Paribas SA | 07/06/23 | 8,200 | ||||||||
USD | 1,811,210 | MYR | 8,337,000 | State Street Bank & Trust Company | 07/06/23 | 1,042 | ||||||||
USD | 2,652,398 | THB | 91,891,000 | Citibank N.A. | 07/06/23 | 2,868 | ||||||||
USD | 2,365 | THB | 82,000 | Morgan Stanley & Co. International PLC | 07/06/23 | 1 | ||||||||
USD | 50,419 | TRY | 1,168,000 | JPMorgan Chase Bank N.A. | 07/06/23 | 15 | ||||||||
ZAR | 4,728,000 | USD | 237,819 | JPMorgan Chase Bank N.A. | 07/06/23 | 1,163 | ||||||||
1,387,554 | ||||||||||||||
BRL | 699,000 | USD | 138,767 | Citibank N.A. | 06/05/23 | (1,040 | ) | |||||||
BRL | 4,558,000 | USD | 923,767 | Morgan Stanley & Co. International PLC | 06/05/23 | (25,687 | ) | |||||||
CLP | 8,631,000 | USD | 10,713 | Citibank N.A. | 06/05/23 | (62 | ) | |||||||
CLP | 92,830,000 | USD | 117,231 | Morgan Stanley & Co. International PLC | 06/05/23 | (2,672 | ) | |||||||
CNH | 1,924,000 | USD | 276,784 | BNP Paribas SA | 06/05/23 | (6,372 | ) | |||||||
CNH | 1,879,000 | USD | 268,848 | Citibank N.A. | 06/05/23 | (4,760 | ) | |||||||
CNH | 3,931,000 | USD | 566,494 | JPMorgan Chase Bank N.A. | 06/05/23 | (14,004 | ) | |||||||
EUR | 78,000 | USD | 84,820 | Citibank N.A. | 06/05/23 | (1,432 | ) | |||||||
EUR | 81,000 | USD | 88,190 | Deutsche Bank Securities Inc. | 06/05/23 | (1,595 | ) | |||||||
EUR | 99,000 | USD | 107,541 | State Street Bank & Trust Company | 06/05/23 | (1,703 | ) | |||||||
HKD | 238,033,000 | USD | 30,409,860 | BNP Paribas SA | 06/05/23 | (8,560 | ) | |||||||
HKD | 51,000 | USD | 6,517 | UBS AG | 06/05/23 | (3 | ) | |||||||
INR | 199,496,000 | USD | 2,423,824 | Morgan Stanley & Co. International PLC | 06/05/23 | (12,033 | ) | |||||||
MXN | 2,687,000 | USD | 153,621 | Goldman Sachs & Co. | 06/05/23 | (1,820 | ) | |||||||
MXN | 2,613,000 | USD | 148,810 | Morgan Stanley & Co. International PLC | 06/05/23 | (1,190 | ) | |||||||
MXN | 3,293,000 | USD | 186,590 | State Street Bank & Trust Company | 06/05/23 | (553 | ) | |||||||
TRY | 738,000 | USD | 36,691 | Citibank N.A. | 06/05/23 | (1,719 | ) | |||||||
TRY | 612,000 | USD | 30,550 | HSBC Bank PLC | 06/05/23 | (1,550 | ) | |||||||
TRY | 3,000 | USD | 148 | JPMorgan Chase Bank N.A. | 06/05/23 | (6 | ) | |||||||
TRY | 16,504,000 | USD | 783,898 | UBS AG | 06/05/23 | (1,827 | ) | |||||||
TWD | 35,306,000 | USD | 1,151,608 | JPMorgan Chase Bank N.A. | 06/05/23 | (2,573 | ) | |||||||
USD | 35,996,138 | HKD | 282,154,000 | Bank of America N.A. | 06/05/23 | (40,247 | ) | |||||||
USD | 336,131 | HKD | 2,635,000 | HSBC Bank PLC | 06/05/23 | (408 | ) | |||||||
USD | 56,036 | HKD | 439,000 | UBS AG | 06/05/23 | (33 | ) | |||||||
USD | 98,657 | INR | 8,178,000 | Morgan Stanley & Co. International PLC | 06/05/23 | (210 | ) | |||||||
USD | 274,868 | KRW | 367,397,000 | Citibank N.A. | 06/05/23 | (2,386 | ) | |||||||
USD | 338,150 | KRW | 451,583,000 | Morgan Stanley & Co. International PLC | 06/05/23 | (2,634 | ) | |||||||
USD | 17,654,146 | KRW | 23,585,335,000 | UBS AG | 06/05/23 | (144,380 | ) | |||||||
USD | 12,866 | MXN | 231,000 | Bank of New York | 06/05/23 | (184 | ) | |||||||
USD | 57,834 | MXN | 1,048,000 | Goldman Sachs & Co. | 06/05/23 | (1,372 | ) | |||||||
USD | 3,907,342 | MXN | 70,958,000 | HSBC Bank PLC | 06/05/23 | (101,407 | ) | |||||||
USD | 6,320 | MXN | 114,000 | JPMorgan Chase Bank N.A. | 06/05/23 | (121 | ) | |||||||
USD | 852,103 | TRY | 18,225,000 | Citibank N.A. | 06/05/23 | (11,520 | ) | |||||||
USD | 26,145 | TRY | 569,000 | JPMorgan Chase Bank N.A. | 06/05/23 | (819 | ) |
3
Schedule of Investments (unaudited) (continued) | iShares® Currency Hedged MSCI Emerging Markets ETF |
May 31, 2023 |
Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||||||
USD | 8,337 | TRY | 178,000 | Morgan Stanley & Co. International PLC | 06/05/23 | $ | (98 | ) | ||||||
USD | 36,680 | TWD | 1,129,000 | Morgan Stanley & Co. International PLC | 06/05/23 | (64 | ) | |||||||
ZAR | 10,980,000 | USD | 572,042 | State Street Bank & Trust Company | 06/05/23 | (15,365 | ) | |||||||
IDR | 5,067,984,000 | USD | 341,734 | Morgan Stanley & Co. International PLC | 06/07/23 | (3,658 | ) | |||||||
MYR | 1,194,000 | USD | 266,383 | Morgan Stanley & Co. International PLC | 06/07/23 | (7,649 | ) | |||||||
MYR | 8,337,000 | USD | 1,808,460 | State Street Bank & Trust Company | 06/07/23 | (1,875 | ) | |||||||
THB | 3,569,000 | USD | 104,978 | Bank of America N.A. | 06/07/23 | (2,370 | ) | |||||||
THB | 3,794,000 | USD | 111,364 | Barclays Bank PLC | 06/07/23 | (2,287 | ) | |||||||
THB | 91,891,000 | USD | 2,646,485 | Citibank N.A. | 06/07/23 | (4,638 | ) | |||||||
THB | 4,893,000 | USD | 144,366 | Goldman Sachs & Co. | 06/07/23 | (3,693 | ) | |||||||
THB | 4,001,000 | USD | 118,874 | UBS AG | 06/07/23 | (3,847 | ) | |||||||
CNH | 327,000 | USD | 46,094 | BNP Paribas SA | 07/06/23 | (12 | ) | |||||||
HKD | 15,781,000 | USD | 2,017,684 | Deutsche Bank Securities Inc. | 07/06/23 | (647 | ) | |||||||
HKD | 622,000 | USD | 79,506 | HSBC Bank PLC | 07/06/23 | (6 | ) | |||||||
IDR | 493,051,000 | USD | 32,890 | Morgan Stanley & Co. International PLC | 07/06/23 | (23 | ) | |||||||
INR | 11,101,000 | USD | 134,093 | Morgan Stanley & Co. International PLC | 07/06/23 | (33 | ) | |||||||
MXN | 1,548,000 | USD | 86,926 | Goldman Sachs & Co. | 07/06/23 | (44 | ) | |||||||
MYR | 112,000 | USD | 24,321 | Morgan Stanley & Co. International PLC | 07/06/23 | (3 | ) | |||||||
MYR | 30,000 | USD | 6,518 | State Street Bank & Trust Company | 07/06/23 | (4 | ) | |||||||
THB | 1,193,000 | USD | 34,480 | UBS AG | 07/06/23 | (82 | ) | |||||||
TRY | 152,000 | USD | 6,578 | Bank of America N.A. | 07/06/23 | (18 | ) | |||||||
TWD | 6,845,000 | USD | 223,422 | Morgan Stanley & Co. International PLC | 07/06/23 | (167 | ) | |||||||
USD | 6,697,525 | BRL | 34,509,000 | Morgan Stanley & Co. International | 07/06/23 | (67,446 | ) | |||||||
USD | 820,560 | CLP | 671,464,000 | Morgan Stanley & Co. International PLC | 07/06/23 | (4,507 | ) | |||||||
USD | 6,448,063 | CNH | 45,828,320 | Citibank N.A. | 07/06/23 | (10,200 | ) | |||||||
USD | 2,007,972 | EUR | 1,880,000 | State Street Bank & Trust Company | 07/06/23 | (5,507 | ) | |||||||
USD | 108,961 | EUR | 102,000 | UBS AG | 07/06/23 | (281 | ) | |||||||
USD | 2,601,667 | IDR | 39,048,426,000 | JPMorgan Chase Bank N.A. | 07/06/23 | (1,301 | ) | |||||||
USD | 18,285,976 | INR | 1,514,978,000 | JPMorgan Chase Bank N.A. | 07/06/23 | (9,512 | ) | |||||||
USD | 17,084,481 | KRW | 22,606,930,000 | JPMorgan Chase Bank N.A. | 07/06/23 | (37,700 | ) | |||||||
USD | 9,445 | KRW | 12,475,000 | Morgan Stanley & Co. International PLC | 07/06/23 | (3 | ) | |||||||
USD | 3,533,549 | MXN | 63,210,000 | Citibank N.A. | 07/06/23 | (14,172 | ) | |||||||
USD | 8,665 | MXN | 155,000 | Goldman Sachs & Co. | 07/06/23 | (34 | ) | |||||||
USD | 711,878 | TRY | 16,504,000 | UBS AG | 07/06/23 | (333 | ) | |||||||
USD | 20,652,400 | TWD | 634,923,000 | JPMorgan Chase Bank N.A. | 07/06/23 | (56,113 | ) | |||||||
USD | 4,236,680 | ZAR | 84,238,000 | Citibank N.A. | 07/06/23 | (21,235 | ) | |||||||
ZAR | 1,550,000 | USD | 78,352 | State Street Bank & Trust Company | 07/06/23 | (5 | ) | |||||||
(671,814 | ) | |||||||||||||
$ | 715,740 |
4
Schedule of Investments (unaudited) (continued) | iShares® Currency Hedged MSCI Emerging Markets ETF |
May 31, 2023 |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
● | Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access; |
● | Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and |
● | Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Investment Companies | $ | 126,640,675 | $ | — | $ | — | $ | 126,640,675 | ||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 410,000 | — | — | 410,000 | ||||||||||||
$ | 127,050,675 | $ | — | $ | — | $ | 127,050,675 | |||||||||
Derivative Financial Instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Foreign Currency Exchange Contracts | $ | — | $ | 1,387,554 | $ | — | $ | 1,387,554 | ||||||||
Liabilities | ||||||||||||||||
Foreign Currency Exchange Contracts | — | (671,814 | ) | — | (671,814 | ) | ||||||||||
$ | — | $ | 715,740 | $ | — | 715,740 |
(a) | Derivative financial instruments are forward foreign currency exchange contracts. Forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
5