NPORT-EX 2 NPORT_2QNX_85583875_1123.htm

Schedule of Investments (unaudited) iShares® Currency Hedged MSCI Emerging Markets ETF
November 30, 2023 (Percentages shown are based on Net Assets)

 

Security  Shares   Value 
         
Investment Companies          
           
Exchange-Traded Funds — 99.9%          
iShares MSCI Emerging Markets ETF(a)(b)   3,256,573   $128,830,028 
           
Total Investment Companies          
(Cost: $146,773,031)       128,830,028 
           
Short-Term Securities          
           
Money Market Funds — 20.3%          
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(a)(c)(d)   26,074,367    26,087,405 
           
Total Short-Term Securities — 20.3%          
(Cost: $26,084,861)        26,087,405 
           
Total Investments in Securities — 120.2%          
(Cost: $172,857,892)        154,917,433 
           
Liabilities in Excess of Other Assets — (20.2)%        (25,995,837)
           
Net Assets — 100.0%       $128,921,596 

 

(a) Affiliate of the Fund.

(b) All or a portion of this security is on loan.

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

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

 

Affiliates

 

Investments in issuers considered to be affiliate(s) of the Fund during the period ended November 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer  Value at
08/31/23		   Purchases
at Cost		   Proceeds
from Sale		   Net Realized
Gain (Loss)		   Change in
Unrealized
Appreciation
(Depreciation)		   Value at
11/30/23		   Shares
Held at
11/30/23		   Income   Capital
Gain
Distributions
from
Underlying
Funds		 
BlackRock Cash Funds: Institutional, SL Agency Shares  $—   $26,074,411(a)   $—   $10,451   $2,543   $26,087,405    26,074,367   $15,480(b)   $— 
BlackRock Cash Funds: Treasury, SL Agency Shares(c)    1,240,000    —    (1,240,000)(a)    —    —    —    —    4,438    — 
iShares MSCI Emerging Markets ETF   134,168,374    3,545,764    (10,181,488)   (525,795)   1,823,173    128,830,028    3,256,573    —    — 
                  $(515,344)  $1,825,716   $154,917,433        $19,918   $— 

 

(a) Represents net amount purchased (sold).

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

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

 

Derivative Financial Instruments Outstanding as of Period End

 

Forward Foreign Currency Exchange Contracts

 

Currency Purchased  Currency Sold   Counterparty  Settlement Date  Unrealized
Appreciation
(Depreciation)		 
BRL  33,124,000  USD  6,713,417   Citibank N.A.  12/06/23  $14,307 
BRL  1,033,000  USD  203,619   State Street Bank & Trust Company  12/06/23   6,191 
CLP  38,486,000  USD  42,787   JPMorgan Chase Bank N.A.  12/06/23   1,335 
CLP  8,770,000  USD  9,755   Morgan Stanley & Co. International  12/06/23   299 
             PLC        
CNH  2,003,000  USD  273,447   Morgan Stanley & Co. International  12/06/23   6,889 
             PLC        
HKD  3,164,000  USD  404,680   Morgan Stanley & Co. International  12/06/23   386 
             PLC        
IDR  36,291,188,000  USD  2,334,139   JPMorgan Chase Bank N.A.  12/06/23   3,548 
IDR  2,825,787,000  USD  177,388   State Street Bank & Trust Company  12/06/23   4,635 

 

1

 

Schedule of Investments (unaudited) (continued) iShares® Currency Hedged MSCI Emerging Markets ETF
November 30, 2023

 

Forward Foreign Currency Exchange Contracts (continued)

 

Currency Purchased  Currency Sold   Counterparty  Settlement Date  Unrealized
Appreciation
(Depreciation)		 
INR  1,607,203,000  USD  19,272,637   JPMorgan Chase Bank N.A.  12/06/23  $1,065 
KRW  1,572,444,000  USD  1,162,964   JPMorgan Chase Bank N.A.  12/06/23   53,136 
KRW  20,468,508,000  USD  15,777,046   Morgan Stanley & Co. International  12/06/23   52,938 
             PLC        
MXN  53,510,000  USD  3,079,370   Bank of America N.A.  12/06/23   492 
MXN  2,768,000  USD  152,494   Morgan Stanley & Co. International  12/06/23   6,823 
             PLC        
MYR  8,327,000  USD  1,781,053   State Street Bank & Trust Company  12/06/23   4,395 
THB  81,962,000  USD  2,328,879   Citibank N.A.  12/06/23   1,432 
THB  4,870,000  USD  135,542   Morgan Stanley & Co. International  12/06/23   2,920 
             PLC        
TRY  370,000  USD  12,740   BNP Paribas SA  12/06/23   30 
TRY  2,266,000  USD  78,059   Morgan Stanley & Co. International  12/06/23   145 
             PLC        
TWD  609,298,000  USD  19,437,018   State Street Bank & Trust Company  12/06/23   50,897 
USD  25,597  BRL  125,000   Citibank N.A.  12/06/23   208 
USD  15,163  BRL  74,000   Morgan Stanley & Co. International  12/06/23   133 
             PLC        
USD  228  CLP  198,000   Morgan Stanley & Co. International  12/06/23   1 
             PLC        
USD  1,821  CNH  13,000   BNP Paribas SA  12/06/23   1 
USD  158,144  HKD  1,234,000   Bank of America N.A.  12/06/23   163 
USD  8,328  HKD  65,000   HSBC Bank PLC  12/06/23   6 
USD  5,153  IDR  79,771,000   Morgan Stanley & Co. International  12/06/23   15 
             PLC        
USD  36,448  INR  3,037,000   Deutsche Bank Securities Inc.  12/06/23   28 
USD  42,511  INR  3,539,000   Morgan Stanley & Co. International  12/06/23   71 
             PLC        
USD  19,842,050  INR  1,653,924,000   State Street Bank & Trust Company  12/06/23   8,066 
USD  251,632  INR  20,973,000   UBS AG  12/06/23   122 
USD  35,060  KRW  45,291,000   Morgan Stanley & Co. International  12/06/23   33 
             PLC        
USD  12,626  MXN  219,000   Bank of America N.A.  12/06/23   21 
USD  5,846  MXN  101,000   HSBC Bank PLC  12/06/23   32 
USD  3,869  MYR  18,000   Morgan Stanley & Co. International  12/06/23   9 
             PLC        
USD  688  THB  24,000   Goldman Sachs & Co.  12/06/23   6 
USD  4,408  THB  155,000   Morgan Stanley & Co. International  12/06/23   1 
             PLC        
USD  6,079  TWD  190,000   Morgan Stanley & Co. International  12/06/23   2 
             PLC        
USD  1,232  ZAR  23,000   Goldman Sachs & Co.  12/06/23   12 
USD  87,589  ZAR  1,630,000   State Street Bank & Trust Company  12/06/23   1,138 
USD  3,887,564  ZAR  73,089,000   UBS AG  12/06/23   11,068 
ZAR  70,775,000  USD  3,734,199   Bank of America N.A.  12/06/23   19,568 
CNH  365,000  USD  51,191   HSBC Bank PLC  01/04/24   8 
THB  433,000  USD  12,278   Bank of America N.A.  01/04/24   65 
THB  1,453,000  USD  41,387   BNP Paribas SA  01/04/24   35 
USD  735,969  CLP  640,146,000   Citibank N.A.  01/04/24   3,604 
USD  23,112  CLP  20,106,000   Morgan Stanley & Co. International  01/04/24   109 
             PLC        
USD  6,037,579  CNH  43,012,320   Bank of America N.A.  01/04/24   4,108 
USD  2,395,145  EUR  2,192,000   Bank of America N.A.  01/04/24   5,684 
USD  27,870,467  HKD  217,672,000   BNP Paribas SA  01/04/24   3,383 

2

 

Schedule of Investments (unaudited) (continued) iShares® Currency Hedged MSCI Emerging Markets ETF
November 30, 2023

 

Forward Foreign Currency Exchange Contracts (continued)

 

Currency Purchased  Currency Sold   Counterparty  Settlement Date  Unrealized
Appreciation
(Depreciation)		 
USD   2,333,238  IDR  36,291,188,000   JPMorgan Chase Bank N.A.  01/04/24  $1,394 
USD   61,818  IDR  961,085,000   Morgan Stanley & Co. International  01/04/24   65 
              PLC        
USD   17,009,482  KRW  22,048,901,000   Morgan Stanley & Co. International  01/04/24   26,581 
              PLC        
USD   4,287  MYR  20,000   Morgan Stanley & Co. International  01/04/24   2 
              PLC        
USD   69,589  TRY  2,060,000   Bank of America N.A.  01/04/24   329 
USD   824,127  TRY  24,456,000   BNP Paribas SA  01/04/24   1,878 
USD   1,193,774  TWD  37,198,000   Morgan Stanley & Co. International  01/04/24   1,550 
              PLC        
USD   19,020,452  TWD  593,343,000   State Street Bank & Trust Company  01/04/24   3,353 
ZAR   205,000  USD  10,835   Bank of America N.A.  01/04/24   10 
                     304,725 
BRL   501,000  USD  102,769   State Street Bank & Trust Company  12/06/23   (1,013)
CLP   640,146,000  USD  737,453   Citibank N.A.  12/06/23   (3,563)
CLP   9,678,000  USD  11,131   State Street Bank & Trust Company  12/06/23   (36)
CNH   43,012,320  USD  6,024,515   Bank of America N.A.  12/06/23   (4,602)
CNH   650,000  USD  91,178   Bank of New York  12/06/23   (205)
EUR   2,055,000  USD  2,242,396   Bank of America N.A.  12/06/23   (5,355)
EUR   31,000  USD  34,073   Barclays Bank PLC  12/06/23   (327)
HKD   3,291,000  USD  422,092   Bank of America N.A.  12/06/23   (767)
HKD   217,672,000  USD  27,870,781   BNP Paribas SA  12/06/23   (3,674)
IDR   548,658,000  USD  35,569   State Street Bank & Trust Company  12/06/23   (228)
INR   74,270,000  USD  891,082   State Street Bank & Trust Company  12/06/23   (430)
KRW   309,443,000  USD  240,251   State Street Bank & Trust Company  12/06/23   (933)
MXN   809,000  USD  47,186   Bank of America N.A.  12/06/23   (623)
MYR   125,000  USD  26,882   State Street Bank & Trust Company  12/06/23   (80)
THB   1,239,000  USD  35,750   Goldman Sachs & Co.  12/06/23   (524)
TRY   24,456,000  USD  844,902   BNP Paribas SA  12/06/23   (878)
USD   12,618  BRL  63,000   Citibank N.A.  12/06/23   (178)
USD   19,350  BRL  98,000   Morgan Stanley & Co. International  12/06/23   (555)
              PLC        
USD   6,760,624  BRL  34,298,000   State Street Bank & Trust Company  12/06/23   (205,548)
USD   768,877  CLP  692,043,000   JPMorgan Chase Bank N.A.  12/06/23   (24,510)
USD   1,367  CLP  1,210,000   Morgan Stanley & Co. International  12/06/23   (20)
              PLC        
USD   4,071  CLP  3,629,000   State Street Bank & Trust Company  12/06/23   (90)
USD   33,670  CNH  244,000   Bank of America N.A.  12/06/23   (480)
USD   11,070  CNH  81,000   Bank of New York  12/06/23   (266)
USD   93,245  CNH  683,000   JPMorgan Chase Bank N.A.  12/06/23   (2,346)
USD   6,095,333  CNH  44,644,320   UBS AG  12/06/23   (152,991)
USD   158,767  EUR  150,000   Citibank N.A.  12/06/23   (4,521)
USD   4,342  EUR  4,000   HSBC Bank PLC  12/06/23   (12)
USD   41,293  EUR  39,000   JPMorgan Chase Bank N.A.  12/06/23   (1,162)
USD   2,003,525  EUR  1,893,000   State Street Bank & Trust Company  12/06/23   (57,165)
USD   28,100,550  HKD  219,715,000   BNP Paribas SA  12/06/23   (28,109)
USD   345,552  HKD  2,702,000   JPMorgan Chase Bank N.A.  12/06/23   (368)
USD   52,570  HKD  411,000   State Street Bank & Trust Company  12/06/23   (47)
USD   26,194  IDR  417,587,000   JPMorgan Chase Bank N.A.  12/06/23   (705)
USD   4,310  IDR  68,582,000   Morgan Stanley & Co. International  12/06/23   (108)
              PLC        
USD   2,454,689  IDR  39,099,693,000   State Street Bank & Trust Company  12/06/23   (63,907)

 

3

 

Schedule of Investments (unaudited) (continued) iShares® Currency Hedged MSCI Emerging Markets ETF
November 30, 2023

 

Forward Foreign Currency Exchange Contracts (continued)

 

Currency Purchased  Currency Sold   Counterparty  Settlement Date  Unrealized
Appreciation
(Depreciation)		 
USD  16,401,635  KRW  22,189,063,000   Citibank N.A.  12/06/23  $(758,995)
USD  88,043  KRW  116,041,000   State Street Bank & Trust Company  12/06/23   (1,701)
USD  43,792  MXN  794,000   Bank of America N.A.  12/06/23   (1,908)
USD  5,646  MXN  101,000   HSBC Bank PLC  12/06/23   (167)
USD  3,078,101  MXN  55,872,000   UBS AG  12/06/23   (137,709)
USD  6,637  MYR  31,000   Morgan Stanley & Co. International  12/06/23   (10)
             PLC        
USD  1,768,682  MYR  8,403,000   State Street Bank & Trust Company  12/06/23   (33,062)
USD  2,395,888  THB  86,240,000   Citibank N.A.  12/06/23   (56,053)
USD  13,034  THB  465,000   Goldman Sachs & Co.  12/06/23   (187)
USD  32,943  THB  1,187,000   State Street Bank & Trust Company  12/06/23   (806)
USD  275  TRY  8,000   BNP Paribas SA  12/06/23   (1)
USD  1,892  TRY  55,000   Deutsche Bank Securities Inc.  12/06/23   (6)
USD  1,578  TRY  46,000   Goldman Sachs & Co.  12/06/23   (9)
USD  928,023  TRY  26,983,000   State Street Bank & Trust Company  12/06/23   (3,212)
USD  124,016  TWD  4,018,000   JPMorgan Chase Bank N.A.  12/06/23   (4,496)
USD  35,380  TWD  1,121,000   Morgan Stanley & Co. International  12/06/23   (475)
             PLC        
USD  18,635,924  TWD  603,969,000   State Street Bank & Trust Company  12/06/23   (681,547)
ZAR  1,070,000  USD  57,482   Goldman Sachs & Co.  12/06/23   (731)
ZAR  2,897,000  USD  154,087   Morgan Stanley & Co. International  12/06/23   (436)
             PLC        
BRL  184,000  USD  37,259   Morgan Stanley & Co. International  01/04/24   (11)
             PLC        
CNH  969,000  USD  136,022   BNP Paribas SA  01/04/24   (98)
EUR  11,000  USD  11,993   JPMorgan Chase Bank N.A.  01/04/24   (2)
HKD  1,528,000  USD  195,644   Citibank N.A.  01/04/24   (24)
HKD  4,785,000  USD  612,691   State Street Bank & Trust Company  01/04/24   (99)
MYR  74,000  USD  15,880   Morgan Stanley & Co. International  01/04/24   (26)
             PLC        
TRY  104,000  USD  3,505   UBS AG  01/04/24   (9)
USD  6,696,452  BRL  33,124,000   Citibank N.A.  01/04/24   (9,015)
USD  598,646  BRL  2,963,000   Morgan Stanley & Co. International  01/04/24   (1,169)
             PLC        
USD  19,258,665  INR  1,607,203,000   JPMorgan Chase Bank N.A.  01/04/24   (6,579)
USD  886,034  INR  73,938,000   Morgan Stanley & Co. International  01/04/24   (247)
             PLC        
USD  3,083,861  MXN  53,840,000   Bank of America N.A.  01/04/24   (731)
USD  158,262  MXN  2,763,000   BNP Paribas SA  01/04/24   (36)
USD  1,774,995  MYR  8,291,000   State Street Bank & Trust Company  01/04/24   (1,331)
USD  2,333,189  THB  81,962,000   Citibank N.A.  01/04/24   (3,359)
USD  17,752  TWD  554,000   Morgan Stanley & Co. International  01/04/24   (5)
             PLC        
USD  3,974,549  ZAR  75,526,000   Bank of America N.A.  01/04/24   (20,954)
                    (2,291,532)
                   $(1,986,807)

 

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;

 

4

 

Schedule of Investments (unaudited) (continued) iShares® Currency Hedged MSCI Emerging Markets ETF
November 30, 2023

 

Fair Value Hierarchy as of Period End (continued)

 

●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  $128,830,028   $—   $—   $128,830,028 
Short-Term Securities                    
Money Market Funds   26,087,405    —    —    26,087,405 
   $154,917,433   $—   $—   $154,917,433 
Derivative Financial Instruments(a)                    
Assets                    
Foreign Currency Exchange Contracts  $—   $304,725   $—   $304,725 
Liabilities                    
Foreign Currency Exchange Contracts   —    (2,291,532)   —    (2,291,532)
   $—   $(1,986,807)  $—    (1,986,807)

 

(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