美国
证券交易委员会
华盛顿特区20549
形式 N-CSR
注册企业投资公司的经认证股东报告
投资公司法档案号：
811-09102
基金名称：
iShares，Inc
基金地址：  转交贝莱德基金顾问，400 Howard Street，San Francisco，CA 94105
服务代理人名称和地址：  公司信托公司，2405 York Road，Suite 201，Lutherville-Timonium，Maryland 21093

注册人的电话号码，包括地区代码：
(415) 670-2000
财年结束日期：
8/31/2024
报告期日期：
8/31/2024
第1项-向股东报告
(a)随函附上致股东的报告
TSR - BLK iShares Logo
iShares核心MSCI新兴市场ETF
IEMG | 纽约证券交易所Arca
年度股东报告-2024年8月31日
这年度股东报告 包含有关2023年9月1日至2024年8月31日期间iShares Core MSCI新兴市场ETF（“基金”）的重要信息。 您可以找到有关该基金的更多信息 在…blackrock.com/fundreports. 您还可以通过联系我们来请求此信息 1 - 800-iShares（1 - 800 - 474 - 2737）.
基金去年的成本是多少？
（基于假设的10，000美元投资）
基金名称 费用10，000美元
投资		 支付的成本占a的百分比
10，000美元投资
iShares核心MSCI新兴市场ETF $10 0.09%
基金去年表现如何？
  • 在报告所述期间，美国降息的可能性越来越大，这有助于新兴市场股票的表现。
  • 亚洲股市受益于台湾和印度股市的走强，但中国的增长疲软拖累了股市表现。拉丁美洲经济受到商品价格放缓的负面影响，商品价格是其主要出口产品之一。尽管存在地缘政治方面的担忧，但东欧许多国家的经济增长温和。
  • 在人工智能(“AI”)的推动下，信息技术股在报告期的大部分时间里引领市场。然而，由于围绕经济增长、地缘政治和即将到来的美国总统大选的不确定性越来越大，市场情绪在报告期末转向防御性更强的板块。
是什么对业绩做出了贡献？
在报告所述期间，印度股票是基金业绩的最大贡献者。随着印度经济显示出相当大的实力，所有板块都上涨了，这得益于基础设施投资、活跃的制造业、失业率的改善，以及通胀开始回到印度储备银行的目标利率。投资者对人工智能的热情提振了台湾股市，尤其是那些生产处理人工智能应用程序产生的大量数据所需的半导体的公司。
是什么影响了他们的表现？
中国股市是IMF回报的最大批评者。电动汽车制造商的股价大幅下跌，原因是对中国从欧盟和美国进口的商品提高了关税，人们越来越担心更多的国家会这么做。在消费品领域，食品、饮料和烟草公司受到消费者支出放缓的阻碍，对主要酒精饮料类股产生了负面影响。
所表达的观点反映了贝莱德截至本报告日期的观点，可能会根据市场、经济或其他条件的变化而发生变化。这些观点并不是对未来事件的预测，也不是对未来结果的保证。
基金业绩
累计绩效：2014年9月1日至2024年8月31日
初始投资10,000美元
Fund Performance - Growth of 10K
有关基金业绩的更多信息，请参阅“平均年总回报”。
平均年度总回报
1年 5年 10年
基金资产净值 14.50 % 5.35 % 2.76 %
基金市场 14.33 5.32 2.72
摩根士丹利资本国际新兴市场指数 15.07 4.79 2.56
MSCI新兴市场可投资市场指数 15.22 5.64 2.87
主要基金统计数字
净资产 $80,301,837,079
投资组合持有量 2,893
净投资咨询费 $65,585,857
投资组合流动率 7%
为了响应新的监管要求，该基金增加了MSCI新兴市场指数。
过去的表现并不能预示未来的结果。 业绩结果不反映股东因基金分配或赎回或出售基金份额而缴纳的税款的扣除。 访问 iShares.com 了解更多最新的性能信息。
基金投资了什么？
(as 2024年8月31日）
的部门分配
扇区 占总数的百分比
投资(a)
资讯科技 23.0 %
金融类股 21.6 %
消费者可自由支配 12.0 %
工业类股 8.5 %
通信服务 8.1 %
材料 7.2 %
消费者史泰博 5.3 %
能源 4.7 %
医疗保健 4.4 %
公用事业 3.0 %
房地产 2.2 %
国家/地理分配
国家/地理区域 占总数的百分比
投资(a)
印度 21.8 %
中国 21.4 %
台湾 19.1 %
韩国 11.5 %
巴西 4.9 %
沙特阿拉伯 4.0 %
南非 3.2 %
墨西哥 1.9 %
印度尼西亚 1.8 %
马来西亚 1.7 %
其他# 8.7 %
​(a)
不包括货币市场基金。
​#
列出了十个最大的国家/地理区域。其他国家/地区可在其他位置找到。
附加信息
如果您希望查看有关基金的更多信息，包括但不限于财务报表、基金招股说明书以及代理投票政策和程序，请访问 blackrock.com/fundreports.有关代理投票记录，请访问blackrock.com/proxyrecords.
家居
持有房屋是某些基金投资者的一种选择。持家是一种基于个人投资者偏好的递送方式，在这种方式下，某些股东文件的单一副本可以递送给地址相同的投资者，即使他们的账户是以不同的名字注册的。如果您有兴趣登记购房并收到招股说明书和其他股东文件的单一副本，或如果您目前登记购房并希望更改您的购房状态，请联系您的经纪交易商。
本基金并非由MSCI，Inc.及其附属公司赞助、背书、发行、销售或推广，本公司亦不就投资本基金是否明智作出任何陈述。贝莱德与上述公司并无关联。
©2024贝莱德公司或其附属公司。版权所有。IShares和贝莱德是贝莱德股份有限公司或其附属公司的注册商标。所有其他商标均为其各自所有者的商标。
TSR - BLK iShares Logo Footer
iShares核心MSCI新兴市场ETF
年度股东报告-2024年8月31日
IEMG-08/24-AR
TSR - BLK iShares Logo
iShares货币对冲MSCI新兴市场ETF
Heem | Cboe BZX
年度股东报告-2024年8月31日
这年度股东报告 包含有关2023年9月1日至2024年8月31日期间iShares货币对冲MSCI新兴市场ETF（“基金”）的重要信息。 您可以找到有关该基金的更多信息 在…blackrock.com/fundreports. 您还可以通过联系我们来请求此信息 1 - 800-iShares（1 - 800 - 474 - 2737）.
基金去年的成本是多少？
（基于假设的10，000美元投资）
基金名称 费用10，000美元
投资		 支付的成本占a的百分比
10，000美元投资
iShares货币对冲MSCI新兴市场ETF $0(a) 0.00%(a)
​(a)
不包括因投资于相关基金而间接产生的费用和支出。
基金去年的表现如何？
  • 在报告所述期间，美国降息的可能性越来越大，这帮助了新兴市场股市的表现，尽管对中国需求和美元走强的担忧拖累了回报。
  • 亚洲股市受益于台湾和印度股市的走强，但中国的增长疲软拖累了股市表现。拉丁美洲经济受到商品价格放缓的负面影响，商品价格是其主要出口产品之一。尽管存在地缘政治方面的担忧，但东欧许多国家的经济增长温和。
  • 在人工智能(“AI”)的推动下，信息技术类股在报告期的大部分时间里引领市场，然而，在报告期末，由于围绕经济增长、地缘政治和即将到来的美国总统选举的不确定性越来越大，市场情绪转向更具防御性的板块。
是什么对业绩做出了贡献？
在报告所述期间，印度股票是基金业绩的最大贡献者。随着印度经济显示出相当大的实力，所有板块都上涨了，这得益于基础设施投资、活跃的制造业、失业率的改善，以及通胀开始回到印度储备银行的目标利率。投资者对人工智能的热情提振了台湾股市，尤其是那些生产处理人工智能应用程序产生的大量数据所需的半导体的公司。
是什么影响了他们的表现？
中国股市是IMF回报的最大批评者。由于对中国从欧盟和美国进口的商品提高关税，电动汽车制造商的股价大幅下跌，人们越来越担心会有更多国家这么做。金融类股受到负面影响，因为该国的经济和房地产危机增加了多元化银行账面上的不良贷款。
所表达的观点反映了贝莱德截至本报告日期的观点，可能会根据市场、经济或其他条件的变化而发生变化。这些观点并不是对未来事件的预测，也不是对未来结果的保证。
基金业绩
累计绩效：2014年9月23日至2024年8月31日
初始投资10,000美元
Fund Performance - Growth of 10K
有关基金业绩的更多信息，请参阅“平均年总回报”。
平均年度总回报
1年 5年 自基金以来
开始
基金资产净值 15.12 % 5.51 % 4.28 %
基金市场 15.59 5.59 4.31
摩根士丹利资本国际新兴市场指数 15.07 4.79 3.10
MSCI新兴市场100%对冲美元指数 16.41 6.24 4.80
主要基金统计数字
净资产 $163,644,629
投资组合持有量 118
净投资咨询费 $0
投资组合流动率 6%
为了响应新的监管要求，该基金增加了MSCI新兴市场指数。
的 成立 日期 的 的 基金 曾经是 2014年9月23日. 的 第一 天 的 次要的 市场 交易 曾经是 2014年9月25日。
过去的表现并不能预示未来的结果。 业绩结果不反映股东因基金分配或赎回或出售基金份额而缴纳的税款的扣除。 访问 iShares.com 了解更多最新的性能信息。
基金投资了什么？
(as 2024年8月31日）
投资组合组成
投资类型 百分比
净资产
投资公司 99.9 %
远期外币兑换合约，净累计贬值 (1.0 ) %
其他资产减负债 1.1 %
行业配置（基础基金的）(a)
扇区 占总数的百分比
投资 (b)
资讯科技 23.9 %
金融类股 23.4 %
消费者可自由支配 12.0 %
通信服务 8.9 %
工业类股 6.8 %
材料 6.5 %
能源 5.2 %
消费必需品 5.2 %
医疗保健 3.6 %
公用事业 3.0 %
房地产 1.5 %
​(a)
标的基金为iShares MSCI新兴市场ETF。
​(b)
不包括货币市场基金。
附加信息
如果您希望查看有关基金的更多信息，包括但不限于财务报表、基金招股说明书以及代理投票政策和程序，请访问 blackrock.com/fundreports.有关代理投票记录，请访问blackrock.com/proxyrecords.
家居
持有房屋是某些基金投资者的一种选择。持家是一种基于个人投资者偏好的递送方式，在这种方式下，某些股东文件的单一副本可以递送给地址相同的投资者，即使他们的账户是以不同的名字注册的。如果您有兴趣登记购房并收到招股说明书和其他股东文件的单一副本，或如果您目前登记购房并希望更改您的购房状态，请联系您的经纪交易商。
本基金并非由MSCI，Inc.及其附属公司赞助、背书、发行、销售或推广，本公司亦不就投资本基金是否明智作出任何陈述。贝莱德与上述公司并无关联。
©2024贝莱德公司或其附属公司。版权所有。IShares和贝莱德是贝莱德股份有限公司或其附属公司的注册商标。所有其他商标均为其各自所有者的商标。
TSR - BLK iShares Logo Footer
iShares货币对冲MSCI新兴市场ETF
年度股东报告-2024年8月31日
HEEM-08/24-AR
TSR - BLK iShares Logo
IShares新兴市场股票因素ETF
EMGF | Cboe BZX
年度股东报告-2024年8月31日
这年度股东报告包含2023年9月1日至2024年8月31日期间的iShares新兴市场股票因素ETF(以下简称“基金”)的重要信息。 你可以找到关于该基金的更多信息 在…blackrock.com/fundreports.您也可以通过以下方式与我们联系以获取此信息1-800-iShares(1-800-474-2737).
本报告介绍了本报告所述期间基金发生的变化。
基金去年的成本是多少？
（基于假设的10，000美元投资）
基金名称 10,000澳元的成本
投资		 按百分比支付的成本
10,000美元投资
IShares新兴市场股票因素ETF $29 0.26%
基金去年的表现如何？
  • 在报告所述期间，美国降息的可能性越来越大，这帮助了新兴市场股市的表现，而对中国需求和美元走强的担忧拖累了回报。
  • 亚洲股市受益于台湾和印度股市的走强，但中国的增长疲软拖累了股市表现。拉丁美洲经济受到商品价格放缓的负面影响，商品价格是其主要出口产品之一。尽管存在地缘政治方面的担忧，但东欧许多国家的经济增长温和。
  • 在本报告所述期间，全球宏观背景越来越不稳定，尽管出现了一些明显的乐观情绪。限制性利率环境有利于质量较高的公司，而在新兴市场，强劲的增长势头是由增长前景推动的。
是什么对业绩做出了贡献？
在本报告所述期间，印度股票是基金回报的最大贡献者之一。在工业领域，航空航天和国防公司受益于对国内航空旅行日益增长的需求，以及政府鼓励太空企业创新的举措。在金融领域，强劲的贷款增长有助于多元化银行的表现。台湾股票也对该基金的回报做出了贡献，主要是半导体领域的公司，主要来自台湾最大的公司和世界最大的半导体公司之一。除了用于人工智能应用外，半导体还用于智能手机、笔记本电脑、汽车和许多其他行业。
性能有哪些缺点？
墨西哥股市对该基金在报告期内的表现略有贬损。克劳迪娅·辛鲍姆（Claudia Sheinbaum）的意外胜利阻碍了金融领域的多元化银行，因为许多投资者担心她的政策将对墨西哥股市产生负面影响。
所表达的观点反映了贝莱德截至本报告日期的意见，并可能会根据市场、经济或其他条件的变化而发生变化。这些观点并不是对未来事件的预测，也不能保证未来结果。
基金业绩
累计业绩：2015年12月8日至2024年8月31日
初始投资10，000美元
Fund Performance - Growth of 10K
有关基金业绩的更多信息，请参阅“平均年度总回报”。
平均年度总回报
1年 5年 自基金以来
开始
基金资产净值 20.07 % 6.87 % 6.95 %
基金市场 20.11 6.83 6.89
标准普尔新兴市场指数 16.23 5.55 6.94
斯托克新兴市场股票因素指数 21.42 7.79 7.56
主要基金统计数字
净资产 $667,991,873
投资组合持有量 609
净投资咨询费 $1,508,081
投资组合流动率 29%
为了响应新的监管要求，该基金增加了标准普尔新兴市场指数。
的 成立 日期 的 的 基金 曾经是 2015年12月8日. 的 第一 天 的 次要的 市场 交易 曾经是 2015年12月10日。
本报告中斯托克新兴市场股票因素指数的表现反映了截至2023年2月28日MSCI新兴市场多元化多因素指数的表现，以及自2023年3月1日开始的斯托克新兴市场股票因素指数的表现。
过去的表现并不能预示未来的结果。 业绩结果不反映股东因基金分配或赎回或出售基金份额而缴纳的税款的扣除。 访问 iShares.com 了解更多最新的性能信息。
基金投资了什么？
(as 2024年8月31日）
的部门分配
扇区 占总数的百分比
投资(a)
资讯科技 25.2 %
金融类股 21.7 %
消费者可自由支配 11.7 %
工业类股 8.7 %
通信服务 8.3 %
消费者史泰博 6.9 %
材料 5.4 %
能源 5.2 %
公用事业 3.4 %
医疗保健 2.5 %
房地产 1.0 %
国家/地理分配
国家/地理区域 占总数的百分比
投资(a)
印度 22.6 %
中国 22.1 %
台湾 18.4 %
韩国 13.6 %
巴西 4.3 %
沙特阿拉伯 2.7 %
南非 2.2 %
墨西哥 2.0 %
阿拉伯联合酋长国 2.0 %
印度尼西亚 1.7 %
其他# 8.4 %
​(a)
不包括货币市场基金。
​#
列出了十个最大的国家/地理区域。其他国家/地区可在其他位置找到。
材料资金变化
这是自2023年8月31日以来基金的某些变化的摘要。有关更完整的资料，你可查阅基金的下一份招股说明书，我们预计在2024年8月31日后约120天可于blackrock.com/fundreports或应要求联系我们，地址为1-800-iShares（1-800-474-2737）.  
费用净额比率比上一财政年度结束时有所下降，主要原因是上一财政年度基金的投资咨询协议发生了变化。
附加信息
如果您希望查看有关基金的更多信息，包括但不限于财务报表、基金招股说明书以及代理投票政策和程序，请访问 blackrock.com/fundreports.有关代理投票记录，请访问blackrock.com/proxyrecords.
家居
持有房屋是某些基金投资者的一种选择。持家是一种基于个人投资者偏好的递送方式，在这种方式下，某些股东文件的单一副本可以递送给地址相同的投资者，即使他们的账户是以不同的名字注册的。如果您有兴趣登记购房并收到招股说明书和其他股东文件的单一副本，或如果您目前登记购房并希望更改您的购房状态，请联系您的经纪交易商。
本基金并非由MSCI Inc.、S及P道琼斯指数有限责任公司及其附属公司赞助、背书、发行、出售或推广，这些公司亦不就投资本基金是否明智作出任何陈述。贝莱德与上述公司并无关联。
©2024贝莱德公司或其附属公司。版权所有。IShares和贝莱德是贝莱德股份有限公司或其附属公司的注册商标。所有其他商标均为其各自所有者的商标。
TSR - BLK iShares Logo Footer
IShares新兴市场股票因素ETF
年度股东报告-2024年8月31日
EMGF-08/24-AR
TSR - BLK iShares Logo
iShares ESG意识MSCI Em ETF
ESGE | 纳斯达克
年度股东报告-2024年8月31日
这年度股东报告 包含有关2023年9月1日至2024年8月31日期间iShares ESG Aware MSCI Em ETF（“基金”）的重要信息。 您可以找到有关该基金的更多信息 在…blackrock.com/fundreports. 您还可以通过联系我们来请求此信息 1 - 800-iShares（1 - 800 - 474 - 2737）.
基金去年的成本是多少？
（基于假设的10，000美元投资）
基金名称 费用10，000美元
投资		 支付的成本占a的百分比
10，000美元投资
iShares ESG意识MSCI Em ETF $28 0.26%
基金去年的表现如何？
  • 在报告所述期间，美国降息的可能性越来越大，这帮助了新兴市场股市的表现，而对中国需求和美元走强的担忧拖累了回报。
  • 亚洲股市受益于台湾和印度股市的走强，但中国的增长疲软拖累了股市表现。拉丁美洲经济受到商品价格放缓的负面影响，商品价格是其主要出口产品之一。尽管存在地缘政治方面的担忧，但东欧许多国家的经济增长温和。
是什么对业绩做出了贡献？
台湾股票对该基金的回报贡献最大。投资者对人工智能的热情推高了信息技术类股，特别是那些生产处理这些应用程序产生的大量数据所需的半导体的股票。印度股市也起到了推波助澜的作用，因为在基础设施投资、活跃的制造业、失业率的改善以及通胀开始回到印度储备银行的目标利率的支撑下，印度经济表现出了相当大的实力。
是什么影响了他们的表现？
中国股市是IMF回报的最大批评者。由于对中国从欧盟和美国进口的商品提高关税，电动汽车制造商的股票大幅下跌。由于对美国生物安全法案的担忧，医疗保健类股面临压力，该法案将禁止联邦政府为与某些中国生物技术公司有商业安排的公司提供资金。
所表达的观点反映了贝莱德截至本报告日期的观点，可能会根据市场、经济或其他条件的变化而发生变化。这些观点并不是对未来事件的预测，也不是对未来结果的保证。
基金业绩
累计业绩：2016年6月28日至2024年8月31日
初始投资10,000美元
Fund Performance - Growth of 10K
有关基金业绩的更多信息，请参阅“平均年总回报”。
平均年度总回报
1年 5年 自基金以来
开始
基金资产净值 12.61 % 3.87 % 6.07 %
基金市场 12.85 3.89 6.05
摩根士丹利资本国际新兴市场指数 15.07 4.79 6.47
MSCI新兴市场扩展ESG焦点指数 13.53 4.37 6.60
主要基金统计数字
净资产 $4,369,145,339
投资组合持有量 319
净投资咨询费 $10,283,909
投资组合流动率 32%
为了响应新的监管要求，该基金增加了MSCI新兴市场指数。
的 成立 日期 的 的 基金 曾经是 2016年6月28日. 的 第一 天 的 次要的 市场 交易 曾经是 2016年6月30日。
本报告中MSCI新兴市场扩展ESG焦点指数的表现反映了截至2018年5月31日的MSCI新兴市场ESG焦点指数的表现，以及自2018年6月1日开始的MSCI新兴市场扩展ESG焦点指数的表现。
过去的表现并不能预示未来的结果。 业绩结果不反映股东因基金分配或赎回或出售基金份额而缴纳的税款的扣除。 访问 iShares.com 了解更多最新的性能信息。
基金投资了什么？
(as 2024年8月31日）
的部门分配
扇区 占总数的百分比
投资(a)
金融类股 27.3 %
资讯科技 24.5 %
消费者可自由支配 13.3 %
通信服务 9.5 %
材料 4.9 %
工业类股 4.6 %
消费者史泰博 4.6 %
能源 4.2 %
医疗保健 3.5 %
公用事业 2.4 %
房地产 1.2 %
国家/地理分配
国家/地理区域 占总数的百分比
投资(a)
中国 23.1 %
台湾 20.4 %
印度 20.1 %
韩国 11.6 %
巴西 4.4 %
南非 3.9 %
沙特阿拉伯 3.3 %
马来西亚 2.9 %
泰国 2.1 %
墨西哥 1.5 %
其他# 6.7 %
​(a)
不包括货币市场基金。
​#
列出了十个最大的国家/地理区域。其他国家/地区可在其他位置找到。
附加信息
如果您希望查看有关基金的更多信息，包括但不限于财务报表、基金招股说明书以及代理投票政策和程序，请访问 blackrock.com/fundreports.有关代理投票记录，请访问blackrock.com/proxyrecords.
家居
持有房屋是某些基金投资者的一种选择。持家是一种基于个人投资者偏好的递送方式，在这种方式下，某些股东文件的单一副本可以递送给地址相同的投资者，即使他们的账户是以不同的名字注册的。如果您有兴趣登记购房并收到招股说明书和其他股东文件的单一副本，或如果您目前登记购房并希望更改您的购房状态，请联系您的经纪交易商。
本基金并非由MSCI，Inc.及其附属公司赞助、背书、发行、销售或推广，本公司亦不就投资本基金是否明智作出任何陈述。贝莱德与上述公司并无关联。
©2024贝莱德公司或其附属公司。版权所有。IShares和贝莱德是贝莱德股份有限公司或其附属公司的注册商标。所有其他商标均为其各自所有者的商标。
TSR - BLK iShares Logo Footer
iShares ESG意识MSCI Em ETF
年度股东报告-2024年8月31日
ESGE-08/24-AR
TSR - BLK iShares Logo
iShares Frontier和精选Em ETF
调频 | 纽约证券交易所Arca
年度股东报告-2024年8月31日
这年度股东报告 包含有关2023年9月1日至2024年8月31日期间iShares Frontier和Select Em ETF（“基金”）的重要信息。 您可以找到有关该基金的更多信息 在…blackrock.com/fundreports. 您还可以通过联系我们来请求此信息 1 - 800-iShares（1 - 800 - 474 - 2737）.
本报告描述了报告期内基金发生的变化。
基金去年的成本是多少？
（基于假设的10，000美元投资）
基金名称 费用10，000美元
投资		 支付的成本占a的百分比
10，000美元投资
iShares Frontier和精选Em ETF $81 0.79%
基金去年的表现如何？
  • 在本报告所述期间，美国利率降低的可能性越来越大，这有助于包括前沿市场在内的全球市场的表现。
  • 尽管存在地缘政治方面的担忧，但东欧许多国家的经济增长温和。
是什么对业绩做出了贡献？
在本报告所述期间，哈萨克斯坦的股票是基金回报的主要来源。有利的国际市场条件和日益增长的金融技术举措帮助刺激了资本流入金融股。罗马尼亚股市也起到了推波助澜的作用，该国新兴的股市受益于经济前景的改善和贸易量的增长。随着中国努力实现欧盟的脱碳目标，能源类股上涨，原因是对能源的需求增加，以及转向可再生能源的努力。此外，一个在黑海开发海上天然气项目的项目对石油、天然气和消耗品部门的两家公司产生了积极影响。
是什么影响了他们的表现？
在本报告所述期间，越南股票是基金回报的最大批评者。由于流动性危机、债务压力、违约和丑闻都导致市场信心下降，房地产类股面临重大挑战。尼日利亚的股票也对基金的业绩产生了负面影响，因为该国经济增长乏力，通货膨胀居高不下。尼日利亚最大的水泥制造商股价下跌，原因是货币监管放松。奈拉(尼日利亚货币)贬值的影响蔓延到通信行业，并导致非洲最大的电信运营商之一的外汇损失。
所表达的观点反映了贝莱德截至本报告日期的观点，可能会根据市场、经济或其他条件的变化而发生变化。这些观点并不是对未来事件的预测，也不是对未来结果的保证。
基金业绩
累计绩效：2014年9月1日至2024年8月31日
初始投资10,000美元
Fund Performance - Growth of 10K
有关基金业绩的更多信息，请参阅“平均年总回报”。
平均年度总回报
1年 5年 10年
基金资产净值 5.60 % 1.84 % 0.59 %
基金市场 6.59 2.10 0.54
摩根士丹利资本国际新兴市场指数 15.07 4.79 2.56
MSCI前沿和新兴市场精选指数 8.16 4.10 2.47
主要基金统计数字
净资产 $221,618,330
投资组合持有量 9
净投资咨询费 $3,532,261
投资组合流动率 29%
为了响应新的监管要求，该基金增加了MSCI新兴市场指数。
本报告中MSCI前沿市场和新兴市场精选指数的表现反映了截至2021年2月28日MSCI前沿市场100指数的表现，以及自2021年3月1日开始的MSCI前沿市场和新兴市场精选指数的表现。
过去的表现并不能预示未来的结果。 业绩结果不反映股东因基金分配或赎回或出售基金份额而缴纳的税款的扣除。 访问 iShares.com 了解更多最新的性能信息。
基金投资了什么？
(as 2024年8月31日）
十大持股
安防 占总数的百分比
投资
贝莱德现金基金：财政部、SL机构股份 98.1 %
丹格特水泥有限公司 1.3
孟加拉进出口有限公司。 0.6 %
VNDirect证券公司 0.0 % (a)
Afrland Properties PLC 0.0 % (a)
Nizwa Sukuk Co. 0.0 % (a)
​(a)
四舍五入至0.1%以下。
材料资金变化
这是自2023年8月31日以来基金的某些变化的摘要。有关更完整的资料，你可查阅基金的下一份招股说明书，我们预计在2024年8月31日后约120天可于blackrock.com/fundreports或应要求联系我们，地址为1-800-iShares（1-800-474-2737）. 
如2024年6月7日宣布的那样，联委会核准了关闭和清算基金的提议，基金已进入延长的清算期。在延长的清理结束期间，基金没有按照其投资目标和政策进行管理。相反，基金目前持有的大部分资产为现金和贝莱德基金顾问(“博鳌亚洲基金”)所确定的基金清算资产所得的现金等价物。基金将在切实可行的范围内尽快(称为“最后交易日”)停止买卖、设立及赎回创设单位。目前，基金预计最后交易日期为2025年3月31日或左右。最后交易日期可能早于或迟于2025年3月31日，基金网站将于最后交易日期确定后更新。
有效2024年8月19日，BFA已签约同意在2025年8月18日之前免除部分投资咨询费，以将免除费用后基金的年度运营费用总额限制在平均每日净资产的0.20%。
附加信息
如果您希望查看有关基金的更多信息，包括但不限于财务报表、基金招股说明书以及代理投票政策和程序，请访问 blackrock.com/fundreports.有关代理投票记录，请访问blackrock.com/proxyrecords.
家居
持有房屋是某些基金投资者的一种选择。持家是一种基于个人投资者偏好的递送方式，在这种方式下，某些股东文件的单一副本可以递送给地址相同的投资者，即使他们的账户是以不同的名字注册的。如果您有兴趣登记购房并收到招股说明书和其他股东文件的单一副本，或如果您目前登记购房并希望更改您的购房状态，请联系您的经纪交易商。
本基金并非由MSCI，Inc.及其附属公司赞助、背书、发行、销售或推广，本公司亦不就投资本基金是否明智作出任何陈述。贝莱德与上述公司并无关联。
©2024贝莱德公司或其附属公司。版权所有。IShares和贝莱德是贝莱德股份有限公司或其附属公司的注册商标。所有其他商标均为其各自所有者的商标。
TSR - BLK iShares Logo Footer
iShares Frontier和精选Em ETF
年度股东报告-2024年8月31日
FM-08/24-AR
TSR - BLK iShares Logo
IShares MSCI农业生产者ETF
素食 | 纽约证券交易所Arca
年度股东报告-2024年8月31日
这年度股东报告包含2023年9月1日至2024年8月31日期间的iShares MSCI农业生产者ETF(“基金”)的重要信息。 你可以找到关于该基金的更多信息 在…blackrock.com/fundreports.您也可以通过以下方式与我们联系以获取此信息1-800-iShares(1-800-474-2737).
基金去年的成本是多少？
（基于假设的10，000美元投资）
基金名称 10,000澳元的成本
投资		 按百分比支付的成本
10,000美元投资
IShares MSCI农业生产者ETF $38 0.39%
基金去年的表现如何？
  • 在本报告所述期间，全球农产品生产商在与天气有关的事件、产量增加和具有竞争力的定价中面临严重的定价压力。
  • 小麦和玉米的价格在俄罗斯和乌克兰之间的战争后达到顶峰，但此后趋于平稳。
  • 由于地缘政治风险、中国的出口限制以及低于预期的农作物价格，全球化肥行业面临压力。
是什么对业绩做出了贡献？
在本报告所述期间，印度消费品部门对基金的业绩作出了贡献。由于消费者偏好的变化，从事包装食品和肉类行业的公司经历了转型。这些公司受益于中国的高增长、可支配收入的增加和城市化水平的提高。材料行业也起到了作用，因为印度不断增长的人口和不断增加的食品消费增加了对化肥的需求。
是什么影响了他们的表现？
在本报告所述期间，美国是基金回报的最大批评者，因为该国遭受农业贸易逆差。美元走强对出口产生了负面影响，同时高昂的劳动力成本提高了国内生产特种作物的成本，阻碍了农产品和服务业的公司。加拿大的材料类股也出现下跌，这家全球最大的化肥公司受到巴西市场形势严峻和需求低迷的影响。在土耳其，由于政府试图抗击飙升的通胀和高估的里拉，股市遭受重创。此外，农产品和服务业的公司面临牲畜短缺、小麦产量下降和气候变化的影响。
所表达的观点反映了贝莱德截至本报告日期的观点，可能会根据市场、经济或其他条件的变化而发生变化。这些观点并不是对未来事件的预测，也不是对未来结果的保证。
基金业绩
累计绩效：2014年9月1日至2024年8月31日
初始投资10,000美元
Fund Performance - Growth of 10K
有关基金业绩的更多信息，请参阅“平均年度总回报”。
平均年度总回报
1年 5年 10年
基金资产净值 (5.23 ) % 8.59 % 5.10 %
基金市场 (5.38 ) 8.62 5.01
MSCI所有国家世界指数 23.44 12.14 8.78
MSCI ACWI精选农业生产者可投资市场指数 (5.20 ) 8.71 5.14
主要基金统计数字
净资产 $107,274,966
投资组合持有量 142
净投资咨询费 $566,562
投资组合流动率 7%
为了响应新的监管要求，该基金增加了MSCI所有国家世界指数。
过去的表现并不能预示未来的结果。 业绩结果不反映股东因基金分配或赎回或出售基金份额而缴纳的税款的扣除。 访问 iShares.com 了解更多最新的性能信息。
基金投资了什么？
(as 2024年8月31日）
行业配置
行业 占总数的百分比
投资(a)
农业和农用机械 32.2 %
化肥和农用化学品 31.8 %
农产品与服务 18.5 %
包装食品和肉类 17.5 %
国家/地理分配
国家/地理区域 占总数的百分比
投资(a)
美国 61.4 %
印度 6.1 %
加拿大 5.8 %
挪威 4.7 %
日本 4.5 %
沙特阿拉伯 2.7 %
马来西亚 2.3 %
中国 2.0 %
新加坡 1.4 %
香港 1.3 %
其他# 7.8 %
​(a)
不包括货币市场基金。
​#
列出了十个最大的国家/地理区域。其他国家/地区可在其他位置找到。
附加信息
如果您希望查看有关基金的更多信息，包括但不限于财务报表、基金招股说明书以及代理投票政策和程序，请访问 blackrock.com/fundreports.有关代理投票记录，请访问blackrock.com/proxyrecords.
家居
持有房屋是某些基金投资者的一种选择。持家是一种基于个人投资者偏好的递送方式，在这种方式下，某些股东文件的单一副本可以递送给地址相同的投资者，即使他们的账户是以不同的名字注册的。如果您有兴趣登记购房并收到招股说明书和其他股东文件的单一副本，或如果您目前登记购房并希望更改您的购房状态，请联系您的经纪交易商。
本基金并非由MSCI，Inc.及其附属公司赞助、背书、发行、销售或推广，本公司亦不就投资本基金是否明智作出任何陈述。贝莱德与上述公司并无关联。
©2024贝莱德公司或其附属公司。版权所有。IShares和贝莱德是贝莱德股份有限公司或其附属公司的注册商标。所有其他商标均为其各自所有者的商标。
TSR - BLK iShares Logo Footer
IShares MSCI农业生产者ETF
年度股东报告-2024年8月31日
VEGI-08/24-AR
TSR - BLK iShares Logo
iShares MSCI澳大利亚ETF
Ewa | 纽约证券交易所Arca
年度股东报告-2024年8月31日
这年度股东报告 包含有关2023年9月1日至2024年8月31日期间iShares MSCI Australia ETF（“基金”）的重要信息。 您可以找到有关该基金的更多信息 在…blackrock.com/fundreports. 您还可以通过联系我们来请求此信息 1 - 800-iShares（1 - 800 - 474 - 2737）.
基金去年的成本是多少？
（基于假设的10，000美元投资）
基金名称 费用10，000美元
投资		 支付的成本占a的百分比
10,000美元投资
iShares MSCI澳大利亚ETF $55 0.50%
基金去年的表现如何？
  • 在报告所述期间，由于几家央行降息、定价压力放缓以及企业盈利强劲，投资者信心增强，全球股市稳步上涨。
  • 欧洲央行在6月份下调了基本贷款利率，美国联邦储备银行(Federal Reserve Bank)也提供了强有力的迹象，表明它将很快降低利率。澳大利亚储备银行维持利率不变，理由是通胀居高不下。
  • 由于通胀仍在小幅上升，经济增长疲软，澳大利亚经济在报告期内喜忧参半。虽然仍高于大流行前的水平，但职位空缺减少，失业率保持在低水平。
是什么对业绩做出了贡献？
在本报告所述期间，金融部门的股票对基金的回报作出了巨大贡献，其中以银行业为首。在2023年底信贷增长放缓一段时间后，澳大利亚多元化银行受益于全球央行降息和澳元走强。此外，围绕中国经济的担忧促使受亚洲委托的投资者转向其他地方投资。在本报告所述期间，非必需消费品类股也有所贡献，最显著的是大线零售业。这家拥有多元化业务的澳大利亚最大企业集团受益于注重成本的消费者在生活成本上升的情况下选择在其经济型百货商店购物。
是什么影响了他们的表现？
在本报告所述期间，能源类股对基金业绩的影响最大，最明显的是石油和天然气勘探和生产行业，由于需求减少和地缘政治紧张导致原油价格下跌，澳大利亚最大的独立天然气生产商在与该国第二大独立天然气生产商数十亿美元的合并失败后下跌。
所表达的观点反映了贝莱德截至本报告日期的观点，可能会根据市场、经济或其他条件的变化而发生变化。这些观点并不是对未来事件的预测，也不是对未来结果的保证。
基金业绩
累计绩效：2014年9月1日至2024年8月31日
初始投资10,000美元
Fund Performance - Growth of 10K
有关基金业绩的更多信息，请参阅“平均年总回报”。
平均年度总回报
1年 5年 10年
基金资产净值 21.13 % 7.90 % 4.10 %
基金市场 21.20 7.87 4.08
MSCI ACWI（美国除外）指数 18.21 7.56 4.42
MSCI澳大利亚指数 21.57 8.46 4.56
主要基金统计数字
净资产 $1,439,263,335
投资组合持有量 60
净投资咨询费 $9,124,313
投资组合流动率 5%
为了响应新的监管要求，该基金添加了MSCI ACWI（美国除外）指数。
过去的表现并不能预示未来的结果。 业绩结果不反映股东因基金分配或赎回或出售基金份额而缴纳的税款的扣除。 访问 iShares.com 了解更多最新的性能信息。
基金投资了什么？
(as 2024年8月31日）
的部门分配
扇区 占总数的百分比
投资(a)
金融类股 37.7 %
材料 19.1 %
医疗保健 10.3 %
消费者可自由支配 6.5 %
房地产 6.3 %
工业类股 5.3 %
消费者史泰博 4.5 %
能源 4.2 %
通信服务 2.6 %
资讯科技 2.1 %
公用事业 1.4 %
十大持股
安防 占总数的百分比
投资(a)
澳大利亚联邦银行 12.2 %
必和必拓集团有限公司 10.8 %
CSL有限公司 7.7 %
澳大利亚国家银行有限公司 6.1 %
西太平洋银行公司 5.6 %
澳新银行集团控股有限公司 4.8 %
韦斯特农民有限公司 4.3 %
麦格理集团有限公司 4.1 %
嘉民集团 3.0 %
伍德赛德能源集团有限公司 2.7 %
​(a)
不包括货币市场基金。
附加信息
如果您希望查看有关基金的更多信息，包括但不限于财务报表、基金招股说明书以及代理投票政策和程序，请访问 blackrock.com/fundreports.有关代理投票记录，请访问blackrock.com/proxyrecords.
家居
持有房屋是某些基金投资者的一种选择。持家是一种基于个人投资者偏好的递送方式，在这种方式下，某些股东文件的单一副本可以递送给地址相同的投资者，即使他们的账户是以不同的名字注册的。如果您有兴趣登记购房并收到招股说明书和其他股东文件的单一副本，或如果您目前登记购房并希望更改您的购房状态，请联系您的经纪交易商。
本基金并非由MSCI，Inc.及其附属公司赞助、背书、发行、销售或推广，本公司亦不就投资本基金是否明智作出任何陈述。贝莱德与上述公司并无关联。
©2024贝莱德公司或其附属公司。版权所有。IShares和贝莱德是贝莱德股份有限公司或其附属公司的注册商标。所有其他商标均为其各自所有者的商标。
TSR - BLK iShares Logo Footer
IShares MSCI澳大利亚ETF
年度股东报告-2024年8月31日
EWA-08/24-AR
TSR - BLK iShares Logo
iShares MSCI奥地利ETF
EWO | 纽约证券交易所Arca
年度股东报告-2024年8月31日
这年度股东报告 包含有关2023年9月1日至2024年8月31日期间iShares MSCI Austria ETF（“基金”）的重要信息。 您可以找到有关该基金的更多信息 在…blackrock.com/fundreports. 您还可以通过联系我们来请求此信息 1 - 800-iShares（1 - 800 - 474 - 2737）.
基金去年的成本是多少？
（基于假设的10，000美元投资）
基金名称 费用10，000美元
投资		 支付的成本占a的百分比
10，000美元投资
iShares MSCI奥地利ETF $56 0.50%
基金去年的表现如何？
  • 在报告所述期间，由于几家央行降息、定价压力放缓以及企业盈利强劲，投资者信心增强，全球股市稳步上涨。
  • 欧洲央行(“ECB”)在6月份下调了基本贷款利率，美国联邦储备银行(Federal Reserve Bank)也提供了强烈的迹象，表明它将很快降低利率。作为欧元区成员国，奥地利的货币政策，包括其政策利率，都是由欧洲央行决定的。
  • 在本报告所述期间，财政状况紧张、劳动力短缺和国内需求下降阻碍了奥地利的经济状况。然而，欧洲通胀放缓和央行货币政策放松让位于经济小幅增长。
是什么对业绩做出了贡献？
在本报告所述期间，金融部门的股票对基金的回报作出了巨大贡献，其中以银行业为首。不断下降的通胀、更加稳定的经济和更高的净利率提升了奥地利银行的利润。房地产类股也对业绩做出了贡献，最明显的是房地产运营公司。一家商业地产公司的股票在强劲的经营发展后增加，这是由于更高收益的零售物业和强劲的租金收入增长，这得益于稳定的入住率。
是什么影响了他们的表现？
在本报告所述期间，信息技术部门的股票对基金业绩的影响最大，最明显的是技术硬件和设备行业。一家专门生产高端电路板的奥地利科技公司受到移动设备等关键市场需求疲软和全球电子行业普遍放缓的负面影响。
所表达的观点反映了贝莱德截至本报告日期的观点，可能会根据市场、经济或其他条件的变化而发生变化。这些观点并不是对未来事件的预测，也不是对未来结果的保证。
基金业绩
累计绩效：2014年9月1日至2024年8月31日
初始投资10,000美元
Fund Performance - Growth of 10K
有关基金业绩的更多信息，请参阅“平均年总回报”。
平均年度总回报
1年 5年 10年
基金资产净值 24.05 % 8.31 % 6.16 %
基金市场 23.89 8.33 6.16
MSCI ACWI（美国除外）指数 18.21 7.56 4.42
MSCI奥地利IMI 25/50指数 23.64 8.15 6.14
主要基金统计数字
净资产 $64,168,221
投资组合持有量 23
净投资咨询费 $285,391
投资组合流动率 22%
为了响应新的监管要求，该基金添加了MSCI ACWI（美国除外）指数。
过去的表现并不能预示未来的结果。 业绩结果不反映股东因基金分配或赎回或出售基金份额而缴纳的税款的扣除。 访问 iShares.com 了解更多最新的性能信息。
基金投资了什么？
(as 2024年8月31日）
的部门分配
扇区 占总数的百分比
投资(a)
金融类股 38.4 %
工业类股 14.3 %
公用事业 14.0 %
能源 13.1 %
材料 11.2 %
房地产 7.2 %
资讯科技 1.8 %
十大持股
安防 占总数的百分比
投资(a)
厄斯特集团银行股份公司 22.8 %
OMV AG 11.5 %
Verbund AG 10.4 %
Raiffeisen Bank International AG 4.6 %
安德里茨股份公司 4.6 %
奥钢联股份公司 4.6 %
BAWAG Group AG 4.5 %
维纳伯格股份公司 4.5 %
CA Immobilien Anlagen AG 3.7 %
Immofinanz AG 3.6 %
​(a)
不包括货币市场基金。
附加信息
如果您希望查看有关基金的更多信息，包括但不限于财务报表、基金招股说明书以及代理投票政策和程序，请访问 blackrock.com/fundreports.有关代理投票记录，请访问blackrock.com/proxyrecords.
家居
持有房屋是某些基金投资者的一种选择。持家是一种基于个人投资者偏好的递送方式，在这种方式下，某些股东文件的单一副本可以递送给地址相同的投资者，即使他们的账户是以不同的名字注册的。如果您有兴趣登记购房并收到招股说明书和其他股东文件的单一副本，或如果您目前登记购房并希望更改您的购房状态，请联系您的经纪交易商。
本基金并非由MSCI，Inc.及其附属公司赞助、背书、发行、销售或推广，本公司亦不就投资本基金是否明智作出任何陈述。贝莱德与上述公司并无关联。
©2024贝莱德公司或其附属公司。版权所有。IShares和贝莱德是贝莱德股份有限公司或其附属公司的注册商标。所有其他商标均为其各自所有者的商标。
TSR - BLK iShares Logo Footer
iShares MSCI奥地利ETF
年度股东报告-2024年8月31日
EWO-08/24-AR
TSR - BLK iShares Logo
iShares MSCI比利时ETF
EWK | 纽约证券交易所Arca
年度股东报告-2024年8月31日
这年度股东报告包含2023年9月1日至2024年8月31日期间的iShares MSCI比利时ETF(“基金”)的重要信息。 你可以找到关于该基金的更多信息 在…blackrock.com/fundreports.您也可以通过以下方式与我们联系以获取此信息1-800-iShares(1-800-474-2737).
基金去年的成本是多少？
（基于假设的10，000美元投资）
基金名称 10,000澳元的成本
投资		 按百分比支付的成本
10,000美元投资
iShares MSCI比利时ETF $53 0.50%
基金去年的表现如何？
  • 在报告所述期间，由于几家央行降息、定价压力放缓以及企业盈利强劲，投资者信心增强，全球股市稳步上涨。
  • 欧洲央行(“ECB”)在6月份下调了基本贷款利率，美国联邦储备银行(Federal Reserve Bank)也提供了强烈的迹象，表明它将很快降低利率。作为欧元区成员国，比利时的货币政策，包括其政策利率，都是由欧洲央行决定的。
  • 尽管公共赤字不断增加，但事实证明，在本报告所述期间，比利时的经济具有韧性和快速增长。
是什么对业绩做出了贡献？
在本报告所述期间，医疗保健部门的股票对基金的回报贡献最大，制药、生物技术和生命科学行业为首。比利时制药公司受益于对研发的持续投资、新的高影响药物的成功推出以及全球对创新医疗解决方案的需求。消费品类股进一步推动了业绩，最明显的是在饮料行业。尽管全球啤酒市场持续面临挑战，但在消费者抵制后，一家占主导地位的比利时啤酒制造商的销售额开始反弹，该公司股价上涨。
性能有哪些缺点？
材料行业股票在报告期内削弱了基金的表现，其中化学品行业领涨。电动汽车需求的减少阻碍了生产电池材料的公司，并导致一家公司将新电池工厂的建设推迟了长达两年。
所表达的观点反映了贝莱德截至本报告日期的意见，并可能会根据市场、经济或其他条件的变化而发生变化。这些观点并不是对未来事件的预测，也不能保证未来结果。
基金业绩
累计业绩：2014年9月1日至2024年8月31日
初始投资10，000美元
Fund Performance - Growth of 10K
有关基金业绩的更多信息，请参阅“平均年度总回报”。
平均年度总回报
1年 5年 10年
基金资产净值 13.43 % 4.44 % 4.24 %
基金市场 13.28 4.47 4.27
MSCI ACWI（美国除外）指数 18.21 7.56 4.42
MSCI比利时IMI 25/50指数 13.14 3.17 3.61
主要基金统计数字
净资产 $16,108,336
投资组合持有量 37
净投资咨询费 $92,907
投资组合流动率 18%
为了响应新的监管要求，该基金添加了MSCI ACWI（美国除外）指数。
过去的表现并不能预示未来的结果。 业绩结果不反映股东因基金分配或赎回或出售基金份额而缴纳的税款的扣除。 访问 iShares.com 了解更多最新的性能信息。
基金投资了什么？
(as 2024年8月31日）
的部门分配
扇区 占总数的百分比
投资(a)
消费者史泰博 27.7 %
医疗保健 24.3 %
金融类股 16.1 %
房地产 10.7 %
材料 8.1 %
工业类股 4.6 %
消费者可自由支配 3.2 %
公用事业 1.9 %
资讯科技 1.9 %
通信服务 1.5 %
十大持股
安防 占总数的百分比
投资(a)
百威英博SA/NV 22.4 %
Deliverx SE 13.4 %
UCB SA 8.9 %
KBC Group NV 4.5 %
洪都拉斯SA/NV 4.3 %
布鲁塞尔兰伯特NV集团 3.9 %
Syensquo SA 3.3 %
迪特伦集团 3.2 %
莲花面包店NV 2.9 %
仓库De Pauw CVA 2.6 %
​(a)
不包括货币市场基金。
附加信息
如果您希望查看有关基金的更多信息，包括但不限于财务报表、基金招股说明书以及代理投票政策和程序，请访问 blackrock.com/fundreports.有关代理投票记录，请访问blackrock.com/proxyrecords.
家居
持有房屋是某些基金投资者的一种选择。持家是一种基于个人投资者偏好的递送方式，在这种方式下，某些股东文件的单一副本可以递送给地址相同的投资者，即使他们的账户是以不同的名字注册的。如果您有兴趣登记购房并收到招股说明书和其他股东文件的单一副本，或如果您目前登记购房并希望更改您的购房状态，请联系您的经纪交易商。
本基金并非由MSCI，Inc.及其附属公司赞助、背书、发行、销售或推广，本公司亦不就投资本基金是否明智作出任何陈述。贝莱德与上述公司并无关联。
©2024贝莱德公司或其附属公司。版权所有。IShares和贝莱德是贝莱德股份有限公司或其附属公司的注册商标。所有其他商标均为其各自所有者的商标。
TSR - BLK iShares Logo Footer
iShares MSCI比利时ETF
年度股东报告-2024年8月31日
EWK-08/24-AR
TSR - BLK iShares Logo
iShares MSCI CIC ETF
BKF | 纽约证券交易所Arca
年度股东报告-2024年8月31日
这年度股东报告包含2023年9月1日至2024年8月31日期间的iShares MSCI BIC ETF(“基金”)的重要信息。 你可以找到关于该基金的更多信息 在…blackrock.com/fundreports.您也可以通过以下方式与我们联系以获取此信息1-800-iShares(1-800-474-2737).
基金去年的成本是多少？
（基于假设的10，000美元投资）
基金名称 10,000澳元的成本
投资		 按百分比支付的成本
10,000美元投资
iShares MSCI CIC ETF $75 0.72%
基金去年的表现如何？
  • 在报告所述期间，印度储备银行维持利率不变，帮助通胀回到央行的目标利率。虽然印度股市大幅上涨，但在印度总理纳伦德拉·莫迪出人意料地失去议会多数席位后，股市面临波动。
  • 中国长期的楼市跌势仍在继续，内需低迷导致通缩和增长前景黯淡。政府实施的重大政策干预帮助缓解了投资者的担忧，但市场情绪依然谨慎。
  • 受经济、政治和全球因素的综合影响，巴西股市表现不佳。较小的公司进一步受到高利率和通胀的影响，这些因素限制了消费者的支出和投资。
是什么对业绩做出了贡献？
在本报告所述期间，印度股票是基金业绩的主要驱动力。在基础设施投资、活跃的制造业和不断改善的失业率的支撑下，印度经济已经显示出相当大的实力。在金融领域，强劲的贷款增长有助于多元化银行的表现。在工业领域，航空航天和国防公司受益于对国内航空旅行日益增长的需求，以及政府鼓励太空企业创新的举措。
是什么影响了他们的表现？
在本报告所述期间，中国在经济上的挣扎仍在继续，因此影响了基金的回报。在非必需消费品领域，电动汽车制造商的股票大幅下跌，原因是美国、欧盟和拉丁美洲提高了对中国进口商品的关税，人们越来越担心更多国家会这么做。随着美国接近通过美国生物安全法案，医疗保健类股承压，该法案将禁止联邦政府为与某些中国生物技术公司有商业安排的公司提供资金。
所表达的观点反映了贝莱德截至本报告日期的观点，可能会根据市场、经济或其他条件的变化而发生变化。这些观点并不是对未来事件的预测，也不是对未来结果的保证。
基金业绩
累计业绩：2014年9月1日至2024年8月31日
初始投资10，000美元
Fund Performance - Growth of 10K
有关基金业绩的更多信息，请参阅“平均年度总回报”。
平均年度总回报
1年 5年 10年
基金资产净值 8.26 % (0.08 ) % 0.82 %
基金市场 7.56 (0.02 ) 0.80
摩根士丹利资本国际新兴市场指数 15.07 4.79 2.56
MSCI CIC指数 11.12 0.92 1.55
主要基金统计数字
净资产 $71,259,558
投资组合持有量 693
净投资咨询费 $508,474
投资组合流动率 10%
为了响应新的监管要求，该基金增加了MSCI新兴市场指数。
过去的表现并不能预示未来的结果。 业绩结果不反映股东因基金分配或赎回或出售基金份额而缴纳的税款的扣除。 访问 iShares.com 了解更多最新的性能信息。
基金投资了什么？
(as 2024年8月31日）
的部门分配
扇区 占总数的百分比
投资(a)
金融类股 22.8 %
消费者可自由支配 19.5 %
通信服务 12.8 %
能源 7.9 %
资讯科技 7.8 %
工业类股 7.1 %
材料 6.1 %
消费者史泰博 5.8 %
医疗保健 4.4 %
公用事业 4.3 %
房地产 1.5 %
国家/地理分配
国家/地理区域 占总数的百分比
投资(a)
中国 48.3 %
印度 41.3 %
巴西 10.4 %
俄罗斯 0.0 % (b)
​(a)
不包括货币市场基金。
​(b)
四舍五入至0.1%以下。
附加信息
如果您希望查看有关基金的更多信息，包括但不限于财务报表、基金招股说明书以及代理投票政策和程序，请访问 blackrock.com/fundreports. 有关代理投票记录，请访问 blackrock.com/proxyrecords.
家居
家庭持股是某些基金投资者可以选择的一种选择。托管是一种基于个人投资者偏好的交付方法，其中某些股东文件的单一副本可以交付给共享同一地址的投资者，即使他们的账户注册在不同的名称下。如果您有兴趣加入家庭持股并收到招股说明书和其他股东文件的副本，或者如果您目前已加入家庭持股并希望更改您的家庭持股状态，请联系您的经纪交易商。
本基金并非由MSCI，Inc.赞助、背书、发行、出售或推广。及其附属公司，该公司也不会就投资该基金的可行性做出任何陈述。贝莱德与上述公司没有附属关系。
©2024贝莱德公司或其附属公司。All rights reserved. iSHARES和BLACKROCk是BlackRock，Inc.的注册商标或其附属公司。所有其他商标均属于其各自所有者。
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iShares MSCI CIC ETF
年度股东报告-2024年8月31日
BKF-08/24-AR
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IShares MSCI巴西ETF
EWZ | 纽约证券交易所Arca
年度股东报告-2024年8月31日
这年度股东报告 包含有关2023年9月1日至2024年8月31日期间iShares MSCI巴西ETF（“基金”）的重要信息。 您可以找到有关该基金的更多信息 在…blackrock.com/fundreports. 您还可以通过联系我们来请求此信息 1 - 800-iShares（1 - 800 - 474 - 2737）.
基金去年的成本是多少？
（基于假设的10，000美元投资）
基金名称 10,000澳元的成本
投资		 按百分比支付的成本
10,000美元投资
IShares MSCI巴西ETF $60 0.59%
基金去年的表现如何？
  • 在报告所述期间，美国降息的可能性越来越大，这帮助了新兴市场股市的表现，但地缘政治担忧、中国增长疲软以及美元走强拖累了股市。
  • 总体而言，由于几家央行降息、定价压力放缓以及企业盈利强劲，投资者信心增强，股市稳步上涨。
  • 在报告所述期间，受经济、政治和全球因素的综合影响，巴西股市的表现逊于其他新兴市场。然而，随着严重洪灾的影响被强劲的消费支出所抵消，经济增长出现反弹。
是什么对业绩做出了贡献？
在能源部门的收益中，巴西国有石油公司是本报告所述期间基金回报的主要贡献者。该公司宣布上调汽油价格，并在资本支出增加的帮助下增加了勘探机会。金融公司也对基金的回报作出了贡献，这得益于该国银行的业绩，这些银行被认为是拉丁美洲最大和最先进的银行之一。虽然巴西央行在报告所述期间降低了官方利率，但官方利率仍处于历史高位，这有助于银行的表现。
是什么影响了他们的表现？
在本报告所述期间，材料部门的股票对基金的回报影响最大。廉价进口产品的引入，以及来自巴西最大贸易伙伴之一中国的需求低迷，给专门从事金属和采矿业务的公司带来了压力。在工业板块，运输类股受到挑战，因为巴西政府征收了更高的税收，该国最大的汽油公司提高了价格。
所表达的观点反映了贝莱德截至本报告日期的观点，可能会根据市场、经济或其他条件的变化而发生变化。这些观点并不是对未来事件的预测，也不是对未来结果的保证。
基金业绩
累计绩效：2014年9月1日至2024年8月31日
初始投资10,000美元
Fund Performance - Growth of 10K
有关基金业绩的更多信息，请参阅“平均年总回报”。
平均年度总回报
1年 5年 10年
基金资产净值 3.37 % 0.34 % (1.28 ) %
基金市场 3.62 0.38 (1.26 )
摩根士丹利资本国际新兴市场指数 15.07 4.79 2.56
MSCI明晟巴西25/50指数 3.84 1.05 (0.61 )
主要基金统计数字
净资产 $4,088,521,012
投资组合持有量 56
净投资咨询费 $30,037,337
投资组合流动率 22%
为了响应新的监管要求，该基金增加了MSCI新兴市场指数。
过去的表现并不能预示未来的结果。 业绩结果不反映股东因基金分配或赎回或出售基金份额而缴纳的税款的扣除。 访问 iShares.com 了解更多最新的性能信息。
基金投资了什么？
(as 2024年8月31日）
的部门分配
扇区 占总数的百分比
投资(a)
金融类股 36.3 %
能源 18.3 %
材料 13.5 %
公用事业 9.4 %
工业类股 8.7 %
消费者史泰博 7.8 %
医疗保健 2.3 %
通信服务 1.8 %
消费者可自由支配 1.2 %
资讯科技 0.7 %
十大持股
安防 占总数的百分比
投资(a)
NU Holdings Ltd./开曼群岛，A级 10.3 %
淡水河谷 9.0 %
Itau Unibanco Holding SA（首选） 7.9 %
Petroleo Brasileiro SA(优先) 7.8 %
Petroleo Brasileiro SA 7.1 %
WEG SA 4.1 %
Banco Bradesco SA(优先) 3.6 %
B3 SA -巴西Bolsa Balcao 3.2 %
Ambev SA 2.8 %
Itausa SA(首选) 2.7 %
​(a)
不包括货币市场基金。
附加信息
如果您希望查看有关基金的更多信息，包括但不限于财务报表、基金招股说明书以及代理投票政策和程序，请访问 blackrock.com/fundreports.有关代理投票记录，请访问blackrock.com/proxyrecords.
家居
持有房屋是某些基金投资者的一种选择。持家是一种基于个人投资者偏好的递送方式，在这种方式下，某些股东文件的单一副本可以递送给地址相同的投资者，即使他们的账户是以不同的名字注册的。如果您有兴趣登记购房并收到招股说明书和其他股东文件的单一副本，或如果您目前登记购房并希望更改您的购房状态，请联系您的经纪交易商。
本基金并非由MSCI，Inc.及其附属公司赞助、背书、发行、销售或推广，本公司亦不就投资本基金是否明智作出任何陈述。贝莱德与上述公司并无关联。
©2024贝莱德公司或其附属公司。版权所有。IShares和贝莱德是贝莱德股份有限公司或其附属公司的注册商标。所有其他商标均为其各自所有者的商标。
TSR - BLK iShares Logo Footer
IShares MSCI巴西ETF
年度股东报告-2024年8月31日
EWZ-08/24-AR
TSR - BLK iShares Logo
iShares MSCI加拿大ETF
EWC | 纽约证券交易所Arca
年度股东报告-2024年8月31日
这年度股东报告 包含有关2023年9月1日至2024年8月31日期间iShares MSCI加拿大ETF（“基金”）的重要信息。 您可以找到有关该基金的更多信息 在…blackrock.com/fundreports. 您还可以通过联系我们来请求此信息 1 - 800-iShares（1 - 800 - 474 - 2737）.
基金去年的成本是多少？
（基于假设的10，000美元投资）
基金名称 费用10，000美元
投资		 支付的成本占a的百分比
10,000美元投资
iShares MSCI加拿大ETF $55 0.50%
基金去年的表现如何？
  • 在报告所述期间，由于几家央行降息、定价压力放缓以及企业盈利强劲，投资者信心增强，全球股市稳步上涨。
  • 欧洲央行(European Central Bank)在6月份下调了基本贷款利率，而美国联邦储备银行(Federal Reserve Bank)则提供了强有力的迹象，表明它将很快降低利率。加拿大央行在6月和7月都降息，理由是通胀降温。
  • 在本报告所述期间，由于家庭和企业的弹性，加拿大经济实现了稳健的回报。然而，高生活成本导致消费者可自由支配支出减少，而偿债成本上升抑制了企业投资，在一定程度上阻碍了增长。
是什么对业绩做出了贡献？
在本报告所述期间，金融部门的股票对基金的回报作出了巨大贡献，其中银行部门为首。在资本市场业务实力和稳健的投资银行环境的推动下，少数加拿大大型银行的利润超出预期。与此同时，由于利率上升，并购活动在中断了一段长时间后有所回升。能源类股也做出了贡献，最明显的是石油、天然气和消耗性燃料公司。在避免了管道关闭后，一家加拿大管道和能源公司受益于北美天然气需求的上升和一个新的扩建项目。随着人工智能热情的持续，信息技术板块的股票也做出了贡献。
是什么影响了他们的表现？
在2024年8月31日终了的报告所述期间，基金的回报没有受到明显的诋毁。
所表达的观点反映了贝莱德截至本报告日期的观点，可能会根据市场、经济或其他条件的变化而发生变化。这些观点并不是对未来事件的预测，也不是对未来结果的保证。
基金业绩
累计绩效：2014年9月1日至2024年8月31日
初始投资10,000美元
Fund Performance - Growth of 10K
有关基金业绩的更多信息，请参阅“平均年总回报”。
平均年度总回报
1年 5年 10年
基金资产净值 19.42 % 9.87 % 4.33 %
基金市场 19.43 9.91 4.34
MSCI ACWI（美国除外）指数 18.21 7.56 4.42
MSCI加拿大定制上限指数 19.81 10.03 4.49
主要基金统计数字
净资产 $2,591,045,776
投资组合持有量 91
净投资咨询费 $13,856,813
投资组合流动率 4%
为了响应新的监管要求，该基金添加了MSCI ACWI（美国除外）指数。
本报告中MSCI加拿大定制上限指数的表现反映了MSCI加拿大指数截至2017年8月31日的表现，以及自2017年9月1日开始的MSCI加拿大定制上限指数的表现。
过去的表现并不能预示未来的结果。 业绩结果不反映股东因基金分配或赎回或出售基金份额而缴纳的税款的扣除。 访问 iShares.com 了解更多最新的性能信息。
基金投资了什么？
(as 2024年8月31日）
的部门分配
扇区 占总数的百分比
投资(a)
金融类股 36.0 %
能源 18.5 %
工业类股 12.3 %
材料 11.0 %
资讯科技 9.3 %
消费者史泰博 4.6 %
消费者可自由支配 3.6 %
公用事业 2.8 %
通信服务 1.4 %
房地产 0.5 %
十大持股
安防 占总数的百分比
投资(a)
加拿大皇家银行 8.2 %
多伦多自治领银行（The） 5.0 %
Shopify Inc.，A类 4.3 %
Enbridge Inc. 4.2 %
加拿大太平洋堪萨斯城有限公司 3.7 %
加拿大自然资源有限公司 3.7 %
Brookfield Corp.，A类 3.3 %
星座软件公司/加拿大 3.1 %
Canadian National Railway Co. 3.0 %
丰业银行(The) 2.9 %
​(a)
不包括货币市场基金。
附加信息
如果您希望查看有关基金的更多信息，包括但不限于财务报表、基金招股说明书以及代理投票政策和程序，请访问 blackrock.com/fundreports.有关代理投票记录，请访问blackrock.com/proxyrecords.
家居
持有房屋是某些基金投资者的一种选择。持家是一种基于个人投资者偏好的递送方式，在这种方式下，某些股东文件的单一副本可以递送给地址相同的投资者，即使他们的账户是以不同的名字注册的。如果您有兴趣登记购房并收到招股说明书和其他股东文件的单一副本，或如果您目前登记购房并希望更改您的购房状态，请联系您的经纪交易商。
本基金并非由MSCI，Inc.及其附属公司赞助、背书、发行、销售或推广，本公司亦不就投资本基金是否明智作出任何陈述。贝莱德与上述公司并无关联。
©2024贝莱德公司或其附属公司。版权所有。IShares和贝莱德是贝莱德股份有限公司或其附属公司的注册商标。所有其他商标均为其各自所有者的商标。
TSR - BLK iShares Logo Footer
iShares MSCI加拿大ETF
年度股东报告-2024年8月31日
EWC-08/24-AR
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iShares MSCI智利ETF
ECH | Cboe BZX
年度股东报告-2024年8月31日
这年度股东报告 包含有关2023年9月1日至2024年8月31日期间iShares MSCI Chile ETF（“基金”）的重要信息。 您可以找到有关该基金的更多信息 在…blackrock.com/fundreports. 您还可以通过联系我们来请求此信息 1 - 800-iShares（1 - 800 - 474 - 2737）.
基金去年的成本是多少？
（基于假设的10，000美元投资）
基金名称 费用10，000美元
投资		 支付的成本占a的百分比
10，000美元投资
iShares MSCI智利ETF $59 0.60%
基金去年的表现如何？
  • 在报告所述期间，美国降息的可能性越来越大，这帮助了新兴市场股市的表现，但地缘政治担忧、中国增长疲软以及美元走强拖累了股市。
  • 总体而言，由于几家央行降息、定价压力放缓以及企业盈利强劲，投资者信心增强，股市稳步上涨。
  • 然而，在本报告所述期间，智利股市受到智利最大贸易伙伴中国经济疲软的负面压力而回落。相反，该国最大的出口产品--铜价的上涨帮助了智利经济。
  • 在四年的电价冻结导致数十亿美元的债务之后，中国开始逐步提高电价，此举旨在缓解能源项目的营运资金限制。
是什么对业绩做出了贡献？
在本报告所述期间，金融股对基金业绩的贡献最大。多元化银行公布了稳健的收益，并受益于智利经济复苏的迹象。在消费者可自由支配部门，一家宽线零售商受益于成本削减措施以及向秘鲁的扩张。
是什么影响了他们的表现？
在本报告所述期间，工业股票是基金回报的最大批评者之一。在电子元器件和设备行业，世界上最大的锂生产商之一受到电池用金属价格大幅下跌的负面影响。在公用事业部门，一场造成严重停电的大范围风暴导致政府对一家电力公司的特许权进行审查，导致该公司的股价及其母公司的股票大幅下跌。
所表达的观点反映了贝莱德截至本报告日期的观点，可能会根据市场、经济或其他条件的变化而发生变化。这些观点并不是对未来事件的预测，也不是对未来结果的保证。
基金业绩
累计绩效：2014年9月1日至2024年8月31日
初始投资10,000美元
Fund Performance - Growth of 10K
有关基金业绩的更多信息，请参阅“平均年总回报”。
平均年度总回报
1年 5年 10年
基金资产净值 (2.72 ) % (1.64 ) % (1.79 ) %
基金市场 (2.35 ) (1.59 ) (1.78 )
摩根士丹利资本国际新兴市场指数 15.07 4.79 2.56
MSCI智利IMI 25/50指数 (2.47 ) (1.79 ) (1.81 )
主要基金统计数字
净资产 $530,261,122
投资组合持有量 29
净投资咨询费 $3,322,337
投资组合流动率 31%
为了响应新的监管要求，该基金增加了MSCI新兴市场指数。
过去的表现并不能预示未来的结果。 业绩结果不反映股东因基金分配或赎回或出售基金份额而缴纳的税款的扣除。 访问 iShares.com 了解更多最新的性能信息。
基金投资了什么？
(as 2024年8月31日）
的部门分配
扇区 占总数的百分比
投资(a)
金融类股 31.6 %
材料 18.9 %
公用事业 17.8 %
消费者史泰博 13.7 %
消费者可自由支配 8.4 %
工业类股 4.7 %
房地产 3.3 %
通信服务 1.6 %
十大持股
安防 占总数的百分比
投资(a)
智利银行 13.6 %
Sociedad Quimica y Minera de Chile SA（首选），B类 13.2 %
智利桑坦德银行 8.2 %
Enel Americas SA 5.7 %
拉丁航空集团SA 4.7 %
森科苏德SA 4.5 %
信贷和投资银行 4.4 %
Empresas CMPC SA 4.3 %
Empresas Copec SA 4.3 %
法拉贝拉SA 4.1 %
​(a)
不包括货币市场基金。
附加信息
如果您希望查看有关基金的更多信息，包括但不限于财务报表、基金招股说明书以及代理投票政策和程序，请访问 blackrock.com/fundreports.有关代理投票记录，请访问blackrock.com/proxyrecords.
家居
持有房屋是某些基金投资者的一种选择。持家是一种基于个人投资者偏好的递送方式，在这种方式下，某些股东文件的单一副本可以递送给地址相同的投资者，即使他们的账户是以不同的名字注册的。如果您有兴趣登记购房并收到招股说明书和其他股东文件的单一副本，或如果您目前登记购房并希望更改您的购房状态，请联系您的经纪交易商。
本基金并非由MSCI，Inc.及其附属公司赞助、背书、发行、销售或推广，本公司亦不就投资本基金是否明智作出任何陈述。贝莱德与上述公司并无关联。
©2024贝莱德公司或其附属公司。版权所有。IShares和贝莱德是贝莱德股份有限公司或其附属公司的注册商标。所有其他商标均为其各自所有者的商标。
TSR - BLK iShares Logo Footer
iShares MSCI智利ETF
年度股东报告-2024年8月31日
ECH-08/24-AR
TSR - BLK iShares Logo
iShares MSCI新兴市场亚洲ETF
伊玛 | 纳斯达克
年度股东报告-2024年8月31日
这年度股东报告包含2023年9月1日至2024年8月31日期间的iShares MSCI Emerging Markets Asia ETF(以下简称“基金”)的重要信息。 你可以找到关于该基金的更多信息 在…blackrock.com/fundreports.您也可以通过以下方式与我们联系以获取此信息1-800-iShares(1-800-474-2737).
基金去年的成本是多少？
（基于假设的10，000美元投资）
基金名称 10,000澳元的成本
投资		 按百分比支付的成本
10,000美元投资
iShares MSCI新兴市场亚洲ETF $53 0.49%
基金去年的表现如何？
  • 在报告所述期间，美国降息的可能性越来越大，这有助于新兴市场股票的表现。
  • 亚洲股市受益于台湾和印度股市的走强，但中国增长疲软和美元走强拖累了股市表现。
  • 在人工智能(“AI”)的推动下，信息技术股在报告期的大部分时间里引领市场。然而，由于围绕经济增长、地缘政治和即将到来的美国总统大选的不确定性越来越大，市场情绪在报告期末转向防御性更强的板块。
是什么对业绩做出了贡献？
在本报告所述期间，台湾的信息技术部门是基金回报的重要贡献者。中国的半导体公司是对手机、汽车和人工智能应用至关重要的芯片的主要供应商，导致这些芯片制造商受益于全球需求的增加和技术进步。印度股市是稳健经济增长和积极投资者情绪的强劲受益者。印度金融板块上涨，得益于强劲的贷款增长，这有助于多元化银行的业绩。此外，非必需消费品领域的印度汽车制造商得益于强劲的国内需求和新车的推出。
是什么影响了他们的表现？
中国股市是IMF回报的最大批评者。在非必需消费品领域，由于提高了对中国进口汽车的关税，生产电动汽车的公司大幅减少，人们越来越担心更多国家会这么做。宽线零售商受到竞争日益激烈的环境和消费者支出疲软的影响。
所表达的观点反映了贝莱德截至本报告日期的观点，可能会根据市场、经济或其他条件的变化而发生变化。这些观点并不是对未来事件的预测，也不是对未来结果的保证。
基金业绩
累计绩效：2014年9月1日至2024年8月31日
初始投资10,000美元
Fund Performance - Growth of 10K
有关基金业绩的更多信息，请参阅“平均年总回报”。
平均年度总回报
1年 5年 10年
基金资产净值 15.23 % 5.14 % 3.61 %
基金市场 15.11 5.21 3.58
摩根士丹利资本国际新兴市场指数 15.07 4.79 2.56
MSCI明晟新兴市场亚洲定制封顶指数 16.98 6.02 4.22
主要基金统计数字
净资产 $412,141,320
投资组合持有量 917
净投资咨询费 $2,072,177
投资组合流动率 7%
为了响应新的监管要求，该基金增加了MSCI新兴市场指数。
本报告中MSCI Em亚洲定制上限指数的表现反映了MSCI新兴市场亚洲指数截至2018年5月31日的表现，以及自2018年6月1日开始的MSCI Em亚洲定制上限指数的表现。
过去的表现并不能预示未来的结果。 业绩结果不反映股东因基金分配或赎回或出售基金份额而缴纳的税款的扣除。 访问 iShares.com 了解更多最新的性能信息。
基金投资了什么？
(as 2024年8月31日）
的部门分配
扇区 占总数的百分比
投资(a)
资讯科技 29.9 %
金融类股 18.5 %
消费者可自由支配 13.8 %
通信服务 9.5 %
工业类股 7.0 %
材料 4.8 %
消费者史泰博 4.4 %
能源 4.3 %
医疗保健 4.1 %
公用事业 2.5 %
房地产 1.2 %
国家/地理分配
国家/地理区域 占总数的百分比
投资(a)
中国 30.0 %
印度 25.6 %
台湾 23.3 %
韩国 14.5 %
印度尼西亚 2.2 %
马来西亚 1.9 %
泰国 1.8 %
菲律宾 0.7 %
​(a)
不包括货币市场基金。
附加信息
如果您希望查看有关基金的更多信息，包括但不限于财务报表、基金招股说明书以及代理投票政策和程序，请访问 blackrock.com/fundreports.有关代理投票记录，请访问blackrock.com/proxyrecords.
家居
持有房屋是某些基金投资者的一种选择。持家是一种基于个人投资者偏好的递送方式，在这种方式下，某些股东文件的单一副本可以递送给地址相同的投资者，即使他们的账户是以不同的名字注册的。如果您有兴趣登记购房并收到招股说明书和其他股东文件的单一副本，或如果您目前登记购房并希望更改您的购房状态，请联系您的经纪交易商。
本基金并非由MSCI，Inc.及其附属公司赞助、背书、发行、销售或推广，本公司亦不就投资本基金是否明智作出任何陈述。贝莱德与上述公司并无关联。
©2024贝莱德公司或其附属公司。版权所有。IShares和贝莱德是贝莱德股份有限公司或其附属公司的注册商标。所有其他商标均为其各自所有者的商标。
TSR - BLK iShares Logo Footer
iShares MSCI新兴市场亚洲ETF
年度股东报告-2024年8月31日
EEMA-08/24-AR
TSR - BLK iShares Logo
iShares MSCI新兴市场ETF
EEM | 纽约证券交易所Arca
年度股东报告-2024年8月31日
这年度股东报告包含2023年9月1日至2024年8月31日期间的iShares MSCI Emerging Markets ETF(“基金”)的重要信息。 你可以找到关于该基金的更多信息 在…blackrock.com/fundreports.您也可以通过以下方式与我们联系以获取此信息1-800-iShares(1-800-474-2737).
基金去年的成本是多少？
（基于假设的10，000美元投资）
基金名称 10,000澳元的成本
投资		 按百分比支付的成本
10,000美元投资
iShares MSCI新兴市场ETF $77 0.72%
基金去年的表现如何？
  • 在报告所述期间，美国降息的可能性越来越大，这帮助了新兴市场股市的表现，尽管对中国需求和美元走强的担忧拖累了回报。
  • 亚洲股市受益于台湾和印度股市的走强，但中国的增长疲软拖累了股市表现。拉丁美洲经济受到商品价格放缓的负面影响，商品价格是其主要出口产品之一。尽管存在地缘政治方面的担忧，但东欧许多国家的经济增长温和。
  • 在人工智能(“AI”)的推动下，信息技术类股在报告期的大部分时间里引领市场，然而，在报告期末，由于围绕经济增长、地缘政治和即将到来的美国总统选举的不确定性越来越大，市场情绪转向更具防御性的板块。
是什么对业绩做出了贡献？
在报告所述期间，印度股票是基金业绩的最大贡献者。随着印度经济显示出相当大的实力，所有板块都上涨了，这得益于基础设施投资、活跃的制造业、失业率的改善，以及通胀开始回到印度储备银行的目标利率。投资者对人工智能的热情提振了台湾股市，尤其是那些生产处理人工智能应用程序产生的大量数据所需的半导体的公司。
是什么影响了他们的表现？
中国股市是IMF回报的最大批评者。由于对中国从欧盟和美国进口的商品提高关税，电动汽车制造商的股价大幅下跌，人们越来越担心会有更多国家这么做。金融类股受到负面影响，因为该国的经济和房地产危机增加了多元化银行账面上的不良贷款。
所表达的观点反映了贝莱德截至本报告日期的观点，可能会根据市场、经济或其他条件的变化而发生变化。这些观点并不是对未来事件的预测，也不是对未来结果的保证。
基金业绩
累计绩效：2014年9月1日至2024年8月31日
初始投资10,000美元
Fund Performance - Growth of 10K
有关基金业绩的更多信息，请参阅“平均年总回报”。
平均年度总回报
1年 5年 10年
基金资产净值 13.54 % 3.89 % 1.83 %
基金市场 13.64 3.89 1.82
摩根士丹利资本国际新兴市场指数 15.07 4.79 2.56
主要基金统计数字
净资产 $17,684,130,432
投资组合持有量 1,229
投资咨询费净额 $129,434,207
投资组合流动率 13%
过去的表现并不能预示未来的结果。业绩结果并不反映股东因基金分派或赎回或出售基金份额而须支付的税款的扣减。 访问 iShares.com 了解更多最新的性能信息。
基金投资了什么？
(as 2024年8月31日）
的部门分配
扇区 占总数的百分比
投资(a)
资讯科技 23.9 %
金融类股 23.4 %
消费者可自由支配 12.0 %
通信服务 8.9 %
工业类股 6.8 %
材料 6.5 %
能源 5.2 %
消费者史泰博 5.2 %
医疗保健 3.6 %
公用事业 3.0 %
房地产 1.5 %
国家/地理分配
国家/地理区域 占总数的百分比
投资(a)
中国 23.8 %
印度 20.4 %
台湾 18.5 %
韩国 11.5 %
巴西 5.2 %
沙特阿拉伯 4.0 %
南非 3.1 %
墨西哥 2.0 %
印度尼西亚 1.8 %
马来西亚 1.6 %
其他# 8.1 %
​(a)
不包括货币市场基金。
​#
列出了十个最大的国家/地理区域。其他国家/地理区域可在其他中找到。
附加信息
如果您希望查看有关基金的更多信息，包括但不限于财务报表、基金招股说明书以及代理投票政策和程序，请访问 blackrock.com/fundreports.有关代理投票记录，请访问blackrock.com/proxyrecords.
家居
持有房屋是某些基金投资者的一种选择。持家是一种基于个人投资者偏好的递送方式，在这种方式下，某些股东文件的单一副本可以递送给地址相同的投资者，即使他们的账户是以不同的名字注册的。如果您有兴趣登记购房并收到招股说明书和其他股东文件的单一副本，或如果您目前登记购房并希望更改您的购房状态，请联系您的经纪交易商。
本基金并非由MSCI，Inc.及其附属公司赞助、背书、发行、销售或推广，本公司亦不就投资本基金是否明智作出任何陈述。贝莱德与上述公司并无关联。
©2024贝莱德公司或其附属公司。版权所有。IShares和贝莱德是贝莱德股份有限公司或其附属公司的注册商标。所有其他商标均为其各自所有者的商标。
TSR - BLK iShares Logo Footer
iShares MSCI新兴市场ETF
年度股东报告-2024年8月31日
EEM-08/24-AR
TSR - BLK iShares Logo
iShares MSCI新兴市场（中国除外）ETF
EMXO | 纳斯达克
年度股东报告-2024年8月31日
这年度股东报告包含有关2023年9月1日至2024年8月31日期间安硕MSCI新兴市场(中国除外)ETF(“基金”)的重要信息。 你可以找到关于该基金的更多信息 在…blackrock.com/fundreports.您也可以通过以下方式与我们联系以获取此信息1-800-iShares(1-800-474-2737).
基金去年的成本是多少？
（基于假设的10，000美元投资）
基金名称 10,000澳元的成本
投资		 按百分比支付的成本
10,000美元投资
iShares MSCI新兴市场（中国除外）ETF $28 0.25%
基金去年的表现如何？
  • 在报告所述期间，美国降息的可能性越来越大，这帮助了新兴市场股市的表现，而对中国需求和美元走强的担忧拖累了回报。
  • 亚洲股市受益于台湾和印度股市的走强，但中国的增长疲软拖累了股市表现。拉丁美洲经济受到商品价格放缓的负面影响，商品价格是其主要出口产品之一。而且，尽管存在地缘政治方面的担忧，许多东欧国家的经济增长还是温和的。
  • 在人工智能(“AI”)的推动下，信息技术股在报告期的大部分时间里引领市场。然而，由于围绕经济增长、地缘政治和即将到来的美国总统大选的不确定性越来越大，市场情绪在报告期末转向防御性更强的板块。
是什么对业绩做出了贡献？
在本报告所述期间，来自台湾的信息技术股票是基金业绩的最大贡献者。涨幅主要由半导体领域的公司主导，主要来自中国最大的公司和世界上最大的半导体公司之一。除了在人工智能应用中使用外，半导体还用于智能手机、笔记本电脑、汽车和许多其他行业。在本报告所述期间，印度股票对基金的业绩也有很大贡献。随着印度经济显示出相当大的实力，所有板块都上涨了，这得益于基础设施投资、活跃的制造业、失业率的改善，以及通胀开始回到印度储备银行的目标利率。
是什么影响了他们的表现？
墨西哥股票对基金在本报告所述期间的表现略有贬损，特别是消费品部门。食品、饮料和烟草行业的公司受到成本上升和墨西哥比索升值带来的负面外汇影响的拖累。
所表达的观点反映了贝莱德截至本报告日期的意见，并可能会根据市场、经济或其他条件的变化而发生变化。这些观点并不是对未来事件的预测，也不能保证未来结果。
基金业绩
累计业绩：2017年7月18日至2024年8月31日
初始投资10，000美元
Fund Performance - Growth of 10K
有关基金业绩的更多信息，请参阅“平均年度总回报”。
平均年度总回报
1年 5年 自基金以来
开始
基金资产净值 20.98 % 8.08 % 4.99 %
基金市场 20.75 8.07 4.99
摩根士丹利资本国际新兴市场指数 15.07 4.79 3.10
MSCI新兴市场（不包括中国）指数 22.60 8.71 5.60
主要基金统计数字
净资产 $16,193,581,697
投资组合持有量 715
净投资咨询费 $26,475,831
投资组合流动率 12%
为了响应新的监管要求，该基金增加了MSCI新兴市场指数。
的 成立 日期 的 的 基金 曾经是 2017年7月18. 的 第一 天 的 次要的 市场 交易 曾经是 2017年7月20日。
过去的表现并不能预示未来的结果。 业绩结果不反映股东因基金分配或赎回或出售基金份额而缴纳的税款的扣除。 访问 iShares.com 了解更多最新的性能信息。
基金投资了什么？
(as 2024年8月31日）
的部门分配
扇区 占总数的百分比
投资(a)
资讯科技 29.5 %
金融类股 25.2 %
材料 7.6 %
工业类股 7.4 %
消费者可自由支配 6.8 %
能源 5.5 %
消费者史泰博 5.5 %
通信服务 4.6 %
医疗保健 3.5 %
公用事业 3.0 %
房地产 1.4 %
国家/地理分配
国家/地理区域 占总数的百分比
投资(a)
印度 26.7 %
台湾 24.3 %
韩国 15.1 %
巴西 6.9 %
沙特阿拉伯 5.3 %
南非 4.1 %
墨西哥 2.6 %
印度尼西亚 2.3 %
马来西亚 2.0 %
泰国 1.9 %
其他# 8.8 %
​(a)
不包括货币市场基金。
​#
列出了十个最大的国家/地理区域。其他国家/地理区域可在其他中找到。
附加信息
如果您希望查看有关基金的更多信息，包括但不限于财务报表、基金招股说明书以及代理投票政策和程序，请访问 blackrock.com/fundreports.有关代理投票记录，请访问blackrock.com/proxyrecords.
家居
持有房屋是某些基金投资者的一种选择。持家是一种基于个人投资者偏好的递送方式，在这种方式下，某些股东文件的单一副本可以递送给地址相同的投资者，即使他们的账户是以不同的名字注册的。如果您有兴趣登记购房并收到招股说明书和其他股东文件的单一副本，或如果您目前登记购房并希望更改您的购房状态，请联系您的经纪交易商。
本基金并非由MSCI，Inc.及其附属公司赞助、背书、发行、销售或推广，本公司亦不就投资本基金是否明智作出任何陈述。贝莱德与上述公司并无关联。
©2024贝莱德公司或其附属公司。版权所有。IShares和贝莱德是贝莱德股份有限公司或其附属公司的注册商标。所有其他商标均为其各自所有者的商标。
TSR - BLK iShares Logo Footer
iShares MSCI新兴市场（中国除外）ETF
年度股东报告-2024年8月31日
EMXC-08/24-AR
TSR - BLK iShares Logo
iShares MSCI新兴市场最低风险因子ETF
EEMV | Cboe BZX
年度股东报告-2024年8月31日
这年度股东报告包含2023年9月1日至2024年8月31日期间的iShares MSCI新兴市场最小成交量因子ETF(以下简称“基金”)的重要信息。 你可以找到关于该基金的更多信息 在…blackrock.com/fundreports.您也可以通过以下方式与我们联系以获取此信息1-800-iShares(1-800-474-2737).
基金去年的成本是多少？
（基于假设的10，000美元投资）
基金名称 10,000澳元的成本
投资		 按百分比支付的成本
10,000美元投资
iShares MSCI新兴市场最低风险因子ETF $28 0.26%
基金去年的表现如何？
  • 在报告所述期间，美国降息的可能性越来越大，这帮助了新兴市场股市的表现，而对中国需求和美元走强的担忧拖累了回报。
  • 就地区而言，亚洲股市受益于台湾和印度股市的走强，但中国的增长疲软拖累了股市表现。拉丁美洲经济受到商品价格放缓的负面影响，商品价格是其主要出口产品之一。尽管存在地缘政治方面的担忧，但东欧许多国家的经济增长温和。
  • 在本报告所述期间，全球宏观背景越来越不稳定，多次选举增加了不确定性。随着通胀压力的缓解，新兴国家和发达国家的中央银行开始降低利率。
是什么对业绩做出了贡献？
印度股票是基金业绩的主要贡献者。在医疗保健类股中，制药公司上涨，因为中国在全球药品制造和创新方面处于领先地位。这在仿制药和疫苗领域尤为明显，因为印度制药公司提供了成本效益和高质量的解决方案。此外，信息技术领域的IT咨询公司也受益，这些公司帮助公司发现机会并制定涉及人工智能的公司战略。
是什么影响了他们的表现？
在本报告所述期间，墨西哥股票是基金回报的主要批评者之一。消费品零售行业的一家大公司面临监管挑战，对其股价产生了负面影响。土耳其股市也下跌，因为该国应对飙升的通胀的努力侵蚀了企业利润。
所表达的观点反映了贝莱德截至本报告日期的观点，可能会根据市场、经济或其他条件的变化而发生变化。这些观点并不是对未来事件的预测，也不是对未来结果的保证。
基金业绩
累计业绩：2014年9月1日至2024年8月31日
初始投资10，000美元
Fund Performance - Growth of 10K
有关基金业绩的更多信息，请参阅“平均年度总回报”。
平均年度总回报
1年 5年 10年
基金资产净值 14.15 % 3.69 % 2.14 %
基金市场 14.10 3.62 2.08
摩根士丹利资本国际新兴市场指数 15.07 4.79 2.56
MSCI新兴市场最低波动率（美元）指数 15.60 4.36 2.58
主要基金统计数字
净资产 $4,706,964,476
投资组合持有量 348
净投资咨询费 $11,019,805
投资组合流动率 23%
为了响应新的监管要求，该基金增加了MSCI新兴市场指数。
过去的表现并不能预示未来的结果。 业绩结果不反映股东因基金分配或赎回或出售基金份额而缴纳的税款的扣除。 访问 iShares.com 了解更多最新的性能信息。
基金投资了什么？
(as 2024年8月31日）
的部门分配
扇区 占总数的百分比
投资(a)
金融类股 22.1 %
资讯科技 18.1 %
通信服务 14.3 %
消费者史泰博 10.1 %
医疗保健 9.2 %
消费者可自由支配 8.1 %
工业类股 5.8 %
公用事业 5.0 %
材料 3.4 %
能源 3.3 %
房地产 0.6 %
国家/地理分配
国家/地理区域 占总数的百分比
投资(a)
印度 25.6 %
中国 19.7 %
台湾 14.6 %
沙特阿拉伯 8.7 %
韩国 7.0 %
马来西亚 4.5 %
泰国 4.2 %
阿拉伯联合酋长国 3.4 %
卡塔尔 2.3 %
科威特 2.1 %
其他# 7.9 %
​(a)
不包括货币市场基金。
​#
列出了十个最大的国家/地理区域。其他国家/地理区域可在其他中找到。
附加信息
如果您希望查看有关基金的更多信息，包括但不限于财务报表、基金招股说明书以及代理投票政策和程序，请访问 blackrock.com/fundreports.有关代理投票记录，请访问blackrock.com/proxyrecords.
家居
持有房屋是某些基金投资者的一种选择。持家是一种基于个人投资者偏好的递送方式，在这种方式下，某些股东文件的单一副本可以递送给地址相同的投资者，即使他们的账户是以不同的名字注册的。如果您有兴趣登记购房并收到招股说明书和其他股东文件的单一副本，或如果您目前登记购房并希望更改您的购房状态，请联系您的经纪交易商。
本基金并非由MSCI，Inc.及其附属公司赞助、背书、发行、销售或推广，本公司亦不就投资本基金是否明智作出任何陈述。贝莱德与上述公司并无关联。
©2024贝莱德公司或其附属公司。版权所有。IShares和贝莱德是贝莱德股份有限公司或其附属公司的注册商标。所有其他商标均为其各自所有者的商标。
TSR - BLK iShares Logo Footer
iShares MSCI新兴市场最低风险因子ETF
年度股东报告-2024年8月31日
EEMV-08/24-AR
TSR - BLK iShares Logo
iShares MSCI新兴市场小盘股ETF
Eems | 纽约证券交易所Arca
年度股东报告-2024年8月31日
这年度股东报告包含2023年9月1日至2024年8月31日期间的iShares MSCI Emerging Markets Small-Cap ETF(“基金”)的重要信息。 你可以找到关于该基金的更多信息 在…blackrock.com/fundreports.您也可以通过以下方式与我们联系以获取此信息1-800-iShares(1-800-474-2737).
基金去年的成本是多少？
（基于假设的10，000美元投资）
基金名称 10,000澳元的成本
投资		 按百分比支付的成本
10,000美元投资
iShares MSCI新兴市场小盘股ETF $78 0.73%
基金去年的表现如何？
  • 在报告所述期间，美国降息的可能性越来越大，这有助于新兴市场股票的表现。
  • 亚洲股市受益于台湾和印度股市的走强，但中国的增长疲软拖累了股市表现。拉丁美洲经济受到商品价格放缓的负面影响，商品价格是其主要出口产品之一。尽管存在地缘政治方面的担忧，但东欧许多国家的经济增长温和。
  • 在人工智能(“AI”)的推动下，信息技术股在报告期的大部分时间里引领市场。然而，由于围绕经济增长、地缘政治和即将到来的美国总统大选的不确定性越来越大，市场情绪在报告期末转向防御性更强的板块。
是什么对业绩做出了贡献？
印度股票是基金业绩的最大贡献者。印度股市一直受到稳健的经济增长和强劲的国内资金流入的支撑。在工业部门提供电子元器件和设备的公司是力量的源泉，受益于该国增加电力供应的努力。在台湾，制造处理人工智能应用程序产生的大量数据所需的半导体的公司做出了贡献。
是什么影响了他们的表现？
在报告所述期间，由于中国继续面临经济困境，中国股市对IMF回报的影响最大。在房地产领域，股市受到该国持续的房地产危机的挑战。由于对美国生物安全法案的担忧，医疗保健类股面临进一步压力，该法案将禁止联邦政府为与某些中国生物技术公司有商业安排的公司提供资金。
所表达的观点反映了贝莱德截至本报告日期的意见，并可能会根据市场、经济或其他条件的变化而发生变化。这些观点并不是对未来事件的预测，也不能保证未来结果。
基金业绩
累计业绩：2014年9月1日至2024年8月31日
初始投资10，000美元
Fund Performance - Growth of 10K
有关基金业绩的更多信息，请参阅“平均年度总回报”。
平均年度总回报
1年 5年 10年
基金资产净值 14.41 % 11.08 % 4.53 %
基金市场 13.70 11.10 4.42
摩根士丹利资本国际新兴市场指数 15.07 4.79 2.56
MSCI新兴市场小盘股指数 16.20 11.84 5.01
主要基金统计数字
净资产 $373,810,138
投资组合持有量 1,600
净投资咨询费 $2,594,677
投资组合流动率 33%
为了响应新的监管要求，该基金增加了MSCI新兴市场指数。
过去的表现并不能预示未来的结果。 业绩结果不反映股东因基金分配或赎回或出售基金份额而缴纳的税款的扣除。 访问 iShares.com 了解更多最新的性能信息。
基金投资了什么？
(as 2024年8月31日）
的部门分配
扇区 占总数的百分比
投资(a)
工业类股 18.1 %
资讯科技 17.3 %
消费者可自由支配 12.0 %
材料 11.2 %
金融类股 10.8 %
医疗保健 9.4 %
消费者史泰博 6.1 %
房地产 6.1 %
通信服务 3.7 %
公用事业 3.4 %
能源 1.9 %
国家/地理分配
国家/地理区域 占总数的百分比
投资(a)
印度 30.0 %
台湾 22.3 %
韩国 11.6 %
中国 7.8 %
沙特阿拉伯 3.8 %
南非 3.4 %
巴西 3.4 %
泰国 2.9 %
马来西亚 2.7 %
土耳其 2.0 %
其他# 10.1 %
​(a)
不包括货币市场基金。
​#
列出了十个最大的国家/地理区域。其他国家/地理区域可在其他中找到。
附加信息
如果您希望查看有关基金的更多信息，包括但不限于财务报表、基金招股说明书以及代理投票政策和程序，请访问 blackrock.com/fundreports.有关代理投票记录，请访问blackrock.com/proxyrecords.
家居
持有房屋是某些基金投资者的一种选择。持家是一种基于个人投资者偏好的递送方式，在这种方式下，某些股东文件的单一副本可以递送给地址相同的投资者，即使他们的账户是以不同的名字注册的。如果您有兴趣登记购房并收到招股说明书和其他股东文件的单一副本，或如果您目前登记购房并希望更改您的购房状态，请联系您的经纪交易商。
本基金并非由MSCI，Inc.及其附属公司赞助、背书、发行、销售或推广，本公司亦不就投资本基金是否明智作出任何陈述。贝莱德与上述公司并无关联。
©2024贝莱德公司或其附属公司。版权所有。IShares和贝莱德是贝莱德股份有限公司或其附属公司的注册商标。所有其他商标均为其各自所有者的商标。
TSR - BLK iShares Logo Footer
iShares MSCI新兴市场小盘股ETF
年度股东报告-2024年8月31日
EEM-08/24-AR
TSR - BLK iShares Logo
iShares MSCI欧元区ETF
EZU | Cboe BZX
年度股东报告-2024年8月31日
这年度股东报告包含2023年9月1日至2024年8月31日期间的iShares MSCI欧元区ETF(“基金”)的重要信息。 你可以找到关于该基金的更多信息 在…blackrock.com/fundreports.您也可以通过以下方式与我们联系以获取此信息1-800-iShares(1-800-474-2737).
基金去年的成本是多少？
（基于假设的10，000美元投资）
基金名称 10,000澳元的成本
投资		 按百分比支付的成本
10,000美元投资
iShares MSCI欧元区ETF $56 0.51%
基金去年的表现如何？
  • 在报告所述期间，由于几家央行降息、定价压力放缓以及企业盈利强劲，投资者信心增强，全球股市稳步上涨。
  • 欧洲央行在6月份下调了基本贷款利率，美国联邦储备银行(Federal Reserve Bank)也提供了强有力的迹象，表明它将很快降低利率。
  • 在人工智能(AI)的推动下，信息技术类股在报告期的大部分时间里引领市场。然而，由于围绕经济增长、地缘政治和即将到来的美国总统大选的不确定性越来越大，市场情绪在报告期末转向防御性更强的板块。
是什么对业绩做出了贡献？
在本报告所述期间，在基金中权重第二大的德国股票对基金的业绩贡献最大，其中以信息技术部门为首。对人工智能的热情，在网络安全和云计算方面的支出增加，以及正在进行的数字化努力提振了该行业，尤其是在软件和服务行业。德国金融行业也对业绩做出了贡献，其中保险公司为首。荷兰的股票受益于回报，最明显的是信息技术部门的半导体和半导体设备行业。尽管人们担心可能会限制对中国的出口，但这家欧洲最大的科技公司的股票继续上涨。该公司生产用于制造计算机芯片的机器。
是什么影响了他们的表现？
报告期内，爱尔兰股票削弱了基金的表现，尤其是材料行业。一家建筑材料解决方案提供商在将主要上市转移到纽约证券交易所后，其股价下跌，引起了一些股东的不满。
所表达的观点反映了贝莱德截至本报告日期的意见，并可能会根据市场、经济或其他条件的变化而发生变化。这些观点并不是对未来事件的预测，也不能保证未来结果。
基金业绩
累计业绩：2014年9月1日至2024年8月31日
初始投资10，000美元
Fund Performance - Growth of 10K
有关基金业绩的更多信息，请参阅“平均年度总回报”。
平均年度总回报
1年 5年 10年
基金资产净值 18.02 % 8.99 % 5.25 %
基金市场 17.87 8.99 5.27
MSCI ACWI（美国除外）指数 18.21 7.56 4.42
MSCI动车组指数 17.57 8.76 5.19
主要基金统计数字
净资产 $7,893,589,861
投资组合持有量 224
净投资咨询费 $35,892,528
投资组合流动率 4%
为了响应新的监管要求，该基金添加了MSCI ACWI（美国除外）指数。
过去的表现并不能预示未来的结果。 业绩结果不反映股东因基金分配或赎回或出售基金份额而缴纳的税款的扣除。 访问 iShares.com 了解更多最新的性能信息。
基金投资了什么？
(as 2024年8月31日）
的部门分配
扇区 占总数的百分比
投资(a)
金融类股 19.8 %
工业类股 17.5 %
消费者可自由支配 14.0 %
资讯科技 13.7 %
医疗保健 7.5 %
消费者史泰博 7.0 %
公用事业 5.7 %
材料 5.1 %
通信服务 4.5 %
能源 4.1 %
房地产 1.1 %
国家/地理分配
国家/地理区域 占总数的百分比
投资(a)
法国 34.1 %
德国 26.4 %
荷兰 14.9 %
意大利 8.4 %
西班牙 8.1 %
芬兰 3.1 %
比利时 2.9 %
爱尔兰 0.9 %
奥地利 0.6 %
葡萄牙 0.6 %
​(a)
不包括货币市场基金。
附加信息
如果您希望查看有关基金的更多信息，包括但不限于财务报表、基金招股说明书以及代理投票政策和程序，请访问 blackrock.com/fundreports.有关代理投票记录，请访问blackrock.com/proxyrecords.
家居
持有房屋是某些基金投资者的一种选择。持家是一种基于个人投资者偏好的递送方式，在这种方式下，某些股东文件的单一副本可以递送给地址相同的投资者，即使他们的账户是以不同的名字注册的。如果您有兴趣登记购房并收到招股说明书和其他股东文件的单一副本，或如果您目前登记购房并希望更改您的购房状态，请联系您的经纪交易商。
本基金并非由MSCI，Inc.及其附属公司赞助、背书、发行、销售或推广，本公司亦不就投资本基金是否明智作出任何陈述。贝莱德与上述公司并无关联。
©2024贝莱德公司或其附属公司。版权所有。IShares和贝莱德是贝莱德股份有限公司或其附属公司的注册商标。所有其他商标均为其各自所有者的商标。
TSR - BLK iShares Logo Footer
iShares MSCI欧元区ETF
年度股东报告-2024年8月31日
EZU-08/24-AR
TSR - BLK iShares Logo
iShares MSCI法国ETF
EWQ | 纽约证券交易所Arca
年度股东报告-2024年8月31日
这年度股东报告包含2023年9月1日至2024年8月31日期间的iShares MSCI法国ETF(“基金”)的重要信息。 你可以找到关于该基金的更多信息 在…blackrock.com/fundreports.您也可以通过以下方式与我们联系以获取此信息1-800-iShares(1-800-474-2737).
基金去年的成本是多少？
（基于假设的10，000美元投资）
基金名称 10,000澳元的成本
投资		 按百分比支付的成本
10,000美元投资
iShares MSCI法国ETF $52 0.50%
基金去年的表现如何？
  • 在报告所述期间，由于几家央行降息、定价压力放缓以及企业盈利强劲，投资者信心增强，全球股市稳步上涨。
  • 欧洲央行(“ECB”)在6月份下调了基本贷款利率，美国联邦储备银行(Federal Reserve Bank)也提供了强烈的迹象，表明它将很快降低利率。作为欧元区成员国，法国的货币政策，包括其政策利率，都是由欧洲央行决定的。
  • 尽管存在巨额赤字和不断增长的债务，法国经济今年的开局好于预期。然而，提前举行的议会选举以及围绕两党削减赤字计划的不确定性在本报告所述期间后期造成了动荡。
是什么对业绩做出了贡献？
在本报告所述期间，工业部门的股票对基金业绩的贡献最大，资本货物行业为首。法国一家跨国能源管理和数字自动化公司的股价上涨，此前该公司升级了基于云的能源管理平台，该平台用于帮助公司监控、跟踪和标准化其可持续发展努力。金融股进一步推动了业绩，最明显的是保险公司。
是什么影响了他们的表现？
在本报告所述期间，非必需消费品股票对基金回报的影响最大，耐用消费品行业为首。这家全球最大的奢侈品集团股价下跌，原因是消费者在包括物价上涨和高利率在内的具有挑战性的经济状况下继续控制奢侈品支出。
所表达的观点反映了贝莱德截至本报告日期的观点，可能会根据市场、经济或其他条件的变化而发生变化。这些观点并不是对未来事件的预测，也不是对未来结果的保证。
基金业绩
累计业绩：2014年9月1日至2024年8月31日
初始投资10，000美元
Fund Performance - Growth of 10K
有关基金业绩的更多信息，请参阅“平均年度总回报”。
平均年度总回报
1年 5年 10年
基金资产净值 9.30 % 9.22 % 6.52 %
基金市场 9.06 9.15 6.54
MSCI ACWI（美国除外）指数 18.21 7.56 4.42
MSCI法国指数 8.74 8.65 6.20
主要基金统计数字
净资产 $669,913,435
投资组合持有量 63
净投资咨询费 $3,536,110
投资组合流动率 4%
为了响应新的监管要求，该基金添加了MSCI ACWI（美国除外）指数。
过去的表现并不能预示未来的结果。 业绩结果不反映股东因基金分配或赎回或出售基金份额而缴纳的税款的扣除。 访问 iShares.com 了解更多最新的性能信息。
基金投资了什么？
(as 2024年8月31日）
的部门分配
扇区 占总数的百分比
投资(a)
工业类股 25.8 %
消费者可自由支配 18.3 %
医疗保健 11.2 %
金融类股 10.2 %
消费者史泰博 9.6 %
能源 7.5 %
材料 6.3 %
资讯科技 4.1 %
通信服务 3.0 %
公用事业 2.8 %
房地产 1.2 %
十大持股
安防 占总数的百分比
投资(a)
LVMH酩悦轩尼诗路易威登SE 10.4 %
总能源SE 7.5 %
施耐德电气SE 7.1 %
赛诺菲SA 6.5 %
液化空气公司 5.5 %
欧莱雅SA 5.4 %
Airbus SE 4.6 %
爱马仕国际SCA 3.9 %
Safran SA 3.8 %
EssilorLuxottica SA 3.6 %
​(a)
不包括货币市场基金。
附加信息
如果您希望查看有关基金的更多信息，包括但不限于财务报表、基金招股说明书以及代理投票政策和程序，请访问 blackrock.com/fundreports. 有关代理投票记录，请访问 blackrock.com/proxyrecords.
家居
持有房屋是某些基金投资者的一种选择。持家是一种基于个人投资者偏好的递送方式，在这种方式下，某些股东文件的单一副本可以递送给地址相同的投资者，即使他们的账户是以不同的名字注册的。如果您有兴趣登记购房并收到招股说明书和其他股东文件的单一副本，或如果您目前登记购房并希望更改您的购房状态，请联系您的经纪交易商。
本基金并非由MSCI，Inc.及其附属公司赞助、背书、发行、销售或推广，本公司亦不就投资本基金是否明智作出任何陈述。贝莱德与上述公司并无关联。
©2024贝莱德公司或其附属公司。版权所有。IShares和贝莱德是贝莱德股份有限公司或其附属公司的注册商标。所有其他商标均为其各自所有者的商标。
TSR - BLK iShares Logo Footer
iShares MSCI法国ETF
年度股东报告-2024年8月31日
EWQ-08/24-AR
TSR - BLK iShares Logo
iShares MSCI德国ETF
EWG | 纽约证券交易所Arca
年度股东报告-2024年8月31日
这年度股东报告包含2023年9月1日至2024年8月31日期间的iShares MSCI德国ETF(“基金”)的重要信息。 你可以找到关于该基金的更多信息 在…blackrock.com/fundreports.您也可以通过以下方式与我们联系以获取此信息1-800-iShares(1-800-474-2737).
基金去年的成本是多少？
（基于假设的10，000美元投资）
基金名称 10,000澳元的成本
投资		 按百分比支付的成本
10,000美元投资
iShares MSCI德国ETF $55 0.50%
基金去年的表现如何？
  • 在报告所述期间，由于几家央行降息、定价压力放缓以及企业盈利强劲，投资者信心增强，全球股市稳步上涨。
  • 欧洲央行(“ECB”)在6月份下调了基本贷款利率，美国联邦储备银行(Federal Reserve Bank)也提供了强烈的迹象，表明它将很快降低利率。作为欧元区的一员，德国的货币政策，包括其政策利率，是由欧洲央行决定的。
  • 在本报告所述期间，由于经济状况持续停滞，德国经济出现萎缩。然而，较低的通货膨胀率和较高的实际工资是该国的亮点。
是什么对业绩做出了贡献？
在本报告所述期间，以软件和服务行业为首的信息技术部门股票对基金的回报贡献最大。对人工智能的热情，在网络安全和云计算方面增加的支出，以及政府和私营部门正在进行的数字化努力，都提振了该行业。金融行业也对业绩做出了贡献，其中保险业为首。在本报告所述期间，较高的保费和较少的自然灾害索赔提振了临时财产部分。
是什么影响了他们的表现？
在本报告所述期间，医疗保健部门的股票对基金业绩的影响最大，最明显的是制药、生物技术和生命科学行业。世界上最大的制药公司之一的股价下跌，此前该公司被勒令在针对其收购的一家农业生物技术公司的诉讼中支付创纪录的损害赔偿金。
所表达的观点反映了贝莱德截至本报告日期的观点，可能会根据市场、经济或其他条件的变化而发生变化。这些观点并不是对未来事件的预测，也不是对未来结果的保证。
基金业绩
累计绩效：2014年9月1日至2024年8月31日
初始投资10，000美元
Fund Performance - Growth of 10K
有关基金业绩的更多信息，请参阅“平均年度总回报”。
平均年度总回报
1年 5年 10年
基金资产净值 20.01 % 7.21 % 3.72 %
基金市场 19.76 7.22 3.73
MSCI ACWI（美国除外）指数 18.21 7.56 4.42
摩根士丹利资本国际德国指数 19.87 7.32 3.86
主要基金统计数字
净资产 $930,676,165
投资组合持有量 59
净投资咨询费 $5,129,558
投资组合流动率 3%
为了响应新的监管要求，该基金添加了MSCI ACWI（美国除外）指数。
过去的表现并不能预示未来的结果。 业绩结果不反映股东因基金分配或赎回或出售基金份额而缴纳的税款的扣除。 访问 iShares.com 了解更多最新的性能信息。
基金投资了什么？
(as 2024年8月31日）
的部门分配
扇区 占总数的百分比
投资(a)
金融类股 20.0 %
工业类股 19.6 %
资讯科技 18.8 %
消费者可自由支配 12.4 %
医疗保健 7.6 %
通信服务 7.2 %
材料 6.2 %
公用事业 3.6 %
消费者史泰博 2.5 %
房地产 2.1 %
十大持股
安防 占总数的百分比
投资(a)
SAP SE 15.0 %
西门子公司 9.4 %
Allianz SE 8.0 %
Deutsche Telekom AG 6.5 %
慕尼黑Rueckversicherungs-Gesellschaft AG位于慕尼黑 4.7 %
梅赛德斯-奔驰集团股份公司 3.4 %
英飞凌科技股份公司 3.1 %
BASF SE 3.0 %
Deutsche Post AG 2.9 %
德意志交易所股份公司 2.8 %
​(a)
不包括货币市场基金。
附加信息
如果您希望查看有关基金的更多信息，包括但不限于财务报表、基金招股说明书以及代理投票政策和程序，请访问 blackrock.com/fundreports. 有关代理投票记录，请访问 blackrock.com/proxyrecords.
家居
家庭持股是某些基金投资者可以选择的一种选择。托管是一种基于个人投资者偏好的交付方法，其中某些股东文件的单一副本可以交付给共享同一地址的投资者，即使他们的账户注册在不同的名称下。如果您有兴趣加入家庭持股并收到招股说明书和其他股东文件的副本，或者如果您目前已加入家庭持股并希望更改您的家庭持股状态，请联系您的经纪交易商。
本基金并非由MSCI，Inc.赞助、背书、发行、出售或推广。及其附属公司，该公司也不会就投资该基金的可行性做出任何陈述。贝莱德与上述公司没有附属关系。
©2024贝莱德公司或其附属公司。All rights reserved. iSHARES和BLACKROCk是BlackRock，Inc.的注册商标或其附属公司。所有其他商标均属于其各自所有者。
TSR - BLK iShares Logo Footer
iShares MSCI德国ETF
年度股东报告-2024年8月31日
EWG-08/24-AR
TSR - BLK iShares Logo
iShares MSCI全球能源生产者ETF
填充 | 纽约证券交易所Arca
年度股东报告-2024年8月31日
这年度股东报告 包含有关2023年9月1日至2024年8月31日期间iShares MSCI全球能源生产者ETF（“基金”）的重要信息。 您可以找到有关该基金的更多信息 在…blackrock.com/fundreports. 您还可以通过联系我们来请求此信息 1 - 800-iShares（1 - 800 - 474 - 2737）.
基金去年的成本是多少？
（基于假设的10，000美元投资）
基金名称 10,000澳元的成本
投资		 按百分比支付的成本
10,000美元投资
iShares MSCI全球能源生产者ETF $41 0.40%
基金去年的表现如何？
  • 在报告所述期间，由于几家央行降息、定价压力放缓以及企业盈利强劲，投资者信心增强，全球股市稳步上涨。
  • 大宗商品价格波动较大。尽管油价在本报告所述期间的前半段上涨，但受到持续的地缘政治紧张局势和对中国需求的质疑的影响，油价稳步走低，尽管欧佩克+延长了石油减产。
  • 在高库存和北半球历史上温暖的冬季，天然气价格在报告所述期间的大部分时间里都有所下降。初夏的热浪导致天然气价格飙升，抵消了部分跌幅。
是什么对业绩做出了贡献？
在本报告所述期间，美国能源部门是基金回报的最大贡献者。在石油、天然气和消耗性燃料行业的公司中，一家主要的勘探和生产公司在被另一家能源公司收购后做出了贡献。此外，一家炼油商的股价上涨，此前该公司公布利润增加。在印度，专注于石油、天然气、勘探和生产的跨国企业集团在有利的炼油和经济前景下取得了进展。
是什么影响了他们的表现？
在本报告所述期间，澳大利亚从事石油、天然气、勘探和生产的股票减损了基金的回报。除了供应增加和需求下降外，一家公司的股价下跌，原因是对需求的持续担忧，以及该公司决定在美国进行两笔收购。
所表达的观点反映了贝莱德截至本报告日期的观点，可能会根据市场、经济或其他条件的变化而发生变化。这些观点并不是对未来事件的预测，也不是对未来结果的保证。
基金业绩
累计绩效：2014年9月1日至2024年8月31日
初始投资10,000美元
Fund Performance - Growth of 10K
有关基金业绩的更多信息，请参阅“平均年总回报”。
平均年度总回报
1年 5年 10年
基金资产净值 7.23 % 12.46 % 2.92 %
基金市场 7.35 12.43 2.90
MSCI所有国家世界指数 23.44 12.14 8.78
MSCI ACWI精选能源生产商可投资市场指数 6.96 12.17 2.64
主要基金统计数字
净资产 $101,972,931
投资组合持有量 207
净投资咨询费 $423,016
投资组合流动率 8%
为了响应新的监管要求，该基金增加了MSCI所有国家世界指数。
过去的表现并不能预示未来的结果。 业绩结果不反映股东因基金分配或赎回或出售基金份额而缴纳的税款的扣除。 访问 iShares.com 了解更多最新的性能信息。
基金投资了什么？
(as 2024年8月31日）
行业配置
行业 占总数的百分比
投资(a)
综合石油和天然气 57.6 %
石油和天然气勘探与生产 27.3 %
石油和天然气精炼与营销 11.5 %
煤炭和消耗燃料 3.6 %
国家/地理分配
国家/地理区域 占总数的百分比
投资(a)
美国 52.6 %
联合王国 11.6 %
加拿大 9.5 %
印度 5.6 %
法国 5.4 %
巴西 2.5 %
澳大利亚 2.3 %
中国 1.9 %
日本 1.5 %
意大利 1.3 %
其他# 5.8 %
​(a)
不包括货币市场基金。
​#
列出了十个最大的国家/地理区域。其他国家/地区可在其他位置找到。
附加信息
如果您希望查看有关基金的更多信息，包括但不限于财务报表、基金招股说明书以及代理投票政策和程序，请访问 blackrock.com/fundreports.有关代理投票记录，请访问blackrock.com/proxyrecords.
家居
持有房屋是某些基金投资者的一种选择。持家是一种基于个人投资者偏好的递送方式，在这种方式下，某些股东文件的单一副本可以递送给地址相同的投资者，即使他们的账户是以不同的名字注册的。如果您有兴趣登记购房并收到招股说明书和其他股东文件的单一副本，或如果您目前登记购房并希望更改您的购房状态，请联系您的经纪交易商。
本基金并非由MSCI，Inc.及其附属公司赞助、背书、发行、销售或推广，本公司亦不就投资本基金是否明智作出任何陈述。贝莱德与上述公司并无关联。
©2024贝莱德公司或其附属公司。版权所有。IShares和贝莱德是贝莱德股份有限公司或其附属公司的注册商标。所有其他商标均为其各自所有者的商标。
TSR - BLK iShares Logo Footer
iShares MSCI全球能源生产者ETF
年度股东报告-2024年8月31日
Fill-08/24-AR
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iShares MSCI全球黄金矿业ETF
环 | 纳斯达克
年度股东报告-2024年8月31日
这年度股东报告 包含有关2023年9月1日至2024年8月31日期间iShares MSCI Global Gold Miners ETF（“基金”）的重要信息。 您可以找到有关该基金的更多信息 在…blackrock.com/fundreports. 您还可以通过联系我们来请求此信息 1 - 800-iShares（1 - 800 - 474 - 2737）.
基金去年的成本是多少？
（基于假设的10，000美元投资）
基金名称 费用10，000美元
投资		 支付的成本占a的百分比
10，000美元投资
iShares MSCI全球黄金矿业ETF $48 0.39%
基金去年的表现如何？
  • 在报告所述期间，由于几家央行降息、定价压力放缓以及企业盈利强劲，投资者信心增强，全球股市稳步上涨。
  • 地缘政治紧张局势、央行买盘增加以及需求上升帮助金价在报告期内稳步上涨，创下多个历史新高。
  • 美元汇率放缓、美国联邦储备银行(Federal Reserve Bank)降息的预期，以及即将到来的美国总统大选，都推高了金价，因为投资者寻求黄金的避险品质。
是什么对业绩做出了贡献？
加拿大的股票是基金回报的最大贡献者。作为世界第四大黄金生产国，加拿大拥有大量的自然资源，并受益于既定的、透明的采矿友好型法规。在报告所述期间，黄金矿商股价飙升，原因是需求增加，特别是央行的买入，以及对降息的预期，提振了金价。在美国，世界上最大的黄金矿商之一为该基金的回报做出了贡献，因为该公司受益于有利的市场条件和改善的利润。南非黄金矿商受到贵金属产量增加、品位提高和金价上涨的积极影响。
是什么影响了他们的表现？
在本报告所述期间，印度尼西亚股票减损了基金的回报。由于受到黄金造假的指控，中国国有矿商谢绝了这一消息。
所表达的观点反映了贝莱德截至本报告日期的观点，可能会根据市场、经济或其他条件的变化而发生变化。这些观点并不是对未来事件的预测，也不是对未来结果的保证。
基金业绩
累计绩效：2014年9月1日至2024年8月31日
初始投资10,000美元
Fund Performance - Growth of 10K
有关基金业绩的更多信息，请参阅“平均年总回报”。
平均年度总回报
1年 5年 10年
基金资产净值 45.12 % 7.86 % 5.00 %
基金市场 45.59 7.87 5.04
MSCI所有国家世界指数 23.44 12.14 8.78
MSCI ACWI精选黄金矿业投资市场指数 44.41 7.81 5.09
主要基金统计数字
净资产 $550,206,351
投资组合持有量 38
净投资咨询费 $1,721,026
投资组合流动率 18%
为了响应新的监管要求，该基金增加了MSCI所有国家世界指数。
根据一年内的市场状况，某些行业和市场表现异常出色 期实现如此优异的回报涉及波动风险，投资者不应期望这种优异的回报会重演。
过去的表现并不能预示未来的结果。 业绩结果不反映股东因基金分配或赎回或出售基金份额而缴纳的税款的扣除。 访问 iShares.com 了解更多最新的性能信息。
基金投资了什么？
(as 2024年8月31日）
国家/地理分配
国家/地理区域 占总数的百分比
投资(a)
加拿大 52.4 %
美国 22.8 %
南非 10.9 %
澳大利亚 4.8 %
中国 4.5 %
联合王国 2.0 %
秘鲁 1.2 %
印度尼西亚 0.7 %
土耳其 0.7 %
俄罗斯 0.0 % (b)
十大持股
安防 占总数的百分比
投资(a)
纽蒙特公司 21.4 %
Agnico Eagle Mines Ltd./矿业Agnico Eagle Limited 13.6 %
巴里克黄金公司 11.7 %
惠顿贵金属公司 4.6 %
金罗斯黄金公司 4.4 %
盎格鲁戈尔德阿散蒂有限公司 4.3 %
紫金矿业股份有限公司，H类 3.9 %
金田有限公司 3.7 %
阿拉莫斯黄金公司，A类 3.6 %
和谐黄金矿业有限公司。 2.5 %
​(a)
不包括货币市场基金。
​(b)
四舍五入至0.1%以下。
附加信息
如果您希望查看有关基金的更多信息，包括但不限于财务报表、基金招股说明书以及代理投票政策和程序，请访问 blackrock.com/fundreports.有关代理投票记录，请访问blackrock.com/proxyrecords.
家居
持有房屋是某些基金投资者的一种选择。持家是一种基于个人投资者偏好的递送方式，在这种方式下，某些股东文件的单一副本可以递送给地址相同的投资者，即使他们的账户是以不同的名字注册的。如果您有兴趣登记购房并收到招股说明书和其他股东文件的单一副本，或如果您目前登记购房并希望更改您的购房状态，请联系您的经纪交易商。
本基金并非由MSCI，Inc.及其附属公司赞助、背书、发行、销售或推广，本公司亦不就投资本基金是否明智作出任何陈述。贝莱德与上述公司并无关联。
©2024贝莱德公司或其附属公司。版权所有。IShares和贝莱德是贝莱德股份有限公司或其附属公司的注册商标。所有其他商标均为其各自所有者的商标。
TSR - BLK iShares Logo Footer
iShares MSCI全球黄金矿业ETF
年度股东报告-2024年8月31日
振铃-08/24-AR
TSR - BLK iShares Logo
iShares MSCI全球金属与矿业生产商ETF
接 | Cboe BZX
年度股东报告-2024年8月31日
这年度股东报告 包含有关2023年9月1日至2024年8月31日期间iShares MSCI Global Metals & Mining Producers ETF（“基金”）的重要信息。 您可以找到有关该基金的更多信息 在…blackrock.com/fundreports. 您还可以通过联系我们来请求此信息 1 - 800-iShares（1 - 800 - 474 - 2737）.
基金去年的成本是多少？
（基于假设的10，000美元投资）
基金名称 费用10，000美元
投资		 支付的成本占a的百分比
10，000美元投资
iShares MSCI全球金属与矿业生产商ETF $39 0.39%
基金去年的表现如何？
  • 在报告所述期间，由于几家央行降息、定价压力放缓以及企业盈利强劲，投资者信心增强，全球股市稳步上涨。
  • 在本报告所述期间，金属和采矿生产公司面临若干挑战，包括地缘政治风险、汇率波动、不可预测的需求和不断上升的成本。
  • 中国是全球许多金属的最大消费国之一，中国经济持续疲软令金属和矿业生产商承压。中国仍然是世界上最大的钢铁生产国和消费国。
是什么对业绩做出了贡献？
在本报告所述期间，受益于强劲的需求，印度的钢铁公司对基金的回报贡献最大。印度是世界第二大粗钢生产国，同时也是一个健康的消费国，这得益于印度政府在基础设施方面的支出。在英国，多元化矿商数量上升。值得注意的是，一家英国-澳大利亚矿商是铁矿石的主要生产商，在供应改善以及大宗商品、柴油和天然气价格回落的环境下上涨。
是什么影响了他们的表现？
在本报告所述期间，韩国的金属和采矿公司是基金业绩的最大诋毁者。钢铁公司的股价受到国内建筑需求放缓以及中国过度生产压低钢铁价格的拖累。从事多元化金属业务的澳大利亚公司也因锂和钴价格走低而受到拖累，影响了该基金的回报。
所表达的观点反映了贝莱德截至本报告日期的观点，可能会根据市场、经济或其他条件的变化而发生变化。这些观点并不是对未来事件的预测，也不是对未来结果的保证。
基金业绩
累计绩效：2014年9月1日至2024年8月31日
初始投资10,000美元
Fund Performance - Growth of 10K
有关基金业绩的更多信息，请参阅“平均年总回报”。
平均年度总回报
1年 5年 10年
基金资产净值 1.20 % 14.14 % 4.50 %
基金市场 1.18 14.05 4.39
MSCI所有国家世界指数 23.44 12.14 8.78
MSCI ACWI精选金属和矿业生产商，不包括黄金和白银可投资市场指数 1.45 14.47 4.77
主要基金统计数字
净资产 $966,450,423
投资组合持有量 259
净投资咨询费 $4,662,573
投资组合流动率 11%
为了响应新的监管要求，该基金增加了MSCI所有国家世界指数。
过去的表现并不能预示未来的结果。 业绩结果不反映股东因基金分配或赎回或出售基金份额而缴纳的税款的扣除。 访问 iShares.com 了解更多最新的性能信息。
基金投资了什么？
(as 2024年8月31日）
行业配置
行业 占总数的百分比
投资(a)
多元化金属和采矿业 47.1 %
钢 35.0 %
铜 12.0 %
铝 4.8 %
贵金属和矿物 1.1 %
国家/地理分配
国家/地理区域 占总数的百分比
投资(a)
澳大利亚 22.7 %
美国 19.1 %
联合王国 16.9 %
加拿大 6.5 %
印度 6.3 %
日本 5.4 %
巴西 4.3 %
韩国 2.5 %
中国 2.4 %
台湾 1.7 %
其他# 12.2 %
​(a)
不包括货币市场基金。
​#
列出了十个最大的国家/地理区域。其他国家/地区可在其他位置找到。
附加信息
如果您希望查看有关基金的更多信息，包括但不限于财务报表、基金招股说明书以及代理投票政策和程序，请访问 blackrock.com/fundreports.有关代理投票记录，请访问blackrock.com/proxyrecords.
家居
持有房屋是某些基金投资者的一种选择。持家是一种基于个人投资者偏好的递送方式，在这种方式下，某些股东文件的单一副本可以递送给地址相同的投资者，即使他们的账户是以不同的名字注册的。如果您有兴趣登记购房并收到招股说明书和其他股东文件的单一副本，或如果您目前登记购房并希望更改您的购房状态，请联系您的经纪交易商。
本基金并非由MSCI，Inc.及其附属公司赞助、背书、发行、销售或推广，本公司亦不就投资本基金是否明智作出任何陈述。贝莱德与上述公司并无关联。
©2024贝莱德公司或其附属公司。版权所有。IShares和贝莱德是贝莱德股份有限公司或其附属公司的注册商标。所有其他商标均为其各自所有者的商标。
TSR - BLK iShares Logo Footer
iShares MSCI全球金属与矿业生产商ETF
年度股东报告-2024年8月31日
Pick-08/24-AR
TSR - BLK iShares Logo
iShares MSCI全球最低指数指数ETF
ACWV | Cboe BZX
年度股东报告-2024年8月31日
这年度股东报告包含2023年9月1日至2024年8月31日期间的iShares MSCI Global Min Vol Factor ETF(“基金”)的重要信息。 你可以找到关于该基金的更多信息 在…blackrock.com/fundreports.您也可以通过以下方式与我们联系以获取此信息1-800-iShares(1-800-474-2737).
基金去年的成本是多少？
（基于假设的10，000美元投资）
基金名称 10,000澳元的成本
投资		 按百分比支付的成本
10,000美元投资
iShares MSCI全球最低指数指数ETF $22 0.20%
基金去年的表现如何？
  • 在报告所述期间，由于几家央行降息、定价压力放缓以及企业盈利强劲，投资者信心增强，全球股市稳步上涨。
  • 在本报告所述期间，全球宏观背景越来越不稳定，多次选举增加了不确定性。随着通胀压力的缓解，新兴市场和发达市场的央行开始降低利率。
  • 在美国，投资者从信息技术行业转向医疗保健、通信服务和公用事业，这些行业在历史上波动较小。
是什么对业绩做出了贡献？
在本报告所述期间，美国的股票对基金的回报贡献最大。美国医疗保健行业取得了显著进展，特别是在生物技术行业，因为新药治疗推动了该行业的增长。一家美国大型生物制药公司的进步归功于一种治疗急性神经性疼痛的非阿片类药物的开发，该药物目前处于后期临床试验阶段；另一家公司在获得美国食品和药物管理局(FDA)批准其治疗遗传性高胆固醇儿童的新疗法后上涨。金融部门也对基金的回报做出了贡献，特别是保险公司。此外，印度股市上涨，信息技术板块领涨。一家信息技术咨询公司在宣布与一家美国网络安全技术公司建立全球战略合作伙伴关系后受益，该公司将利用人工智能来实现企业网络安全的转型和现代化。
是什么影响了他们的表现？
在本报告所述期间，基金的业绩没有受到明显的贬损。
所表达的观点反映了贝莱德截至本报告日期的观点，可能会根据市场、经济或其他条件的变化而发生变化。这些观点并不是对未来事件的预测，也不是对未来结果的保证。
基金业绩
累计绩效：2014年9月1日至2024年8月31日
初始投资10,000美元
Fund Performance - Growth of 10K
有关基金业绩的更多信息，请参阅“平均年总回报”。
平均年度总回报
1年 5年 10年
基金资产净值 19.32 % 6.26 % 7.60 %
基金市场 19.24 6.20 7.59
MSCI所有国家世界指数 23.44 12.14 8.78
MSCI ACWI最小波动率(美元)指数 19.04 6.11 7.40
主要基金统计数字
净资产 $4,458,087,193
投资组合持有量 396
净投资咨询费 $8,536,700
投资组合流动率 25%
为了响应新的监管要求，该基金增加了MSCI所有国家世界指数。
过去的表现并不能预示未来的结果。 业绩结果不反映股东因基金分配或赎回或出售基金份额而缴纳的税款的扣除。 访问 iShares.com 了解更多最新的性能信息。
基金投资了什么？
(as 2024年8月31日）
的部门分配
扇区 占总数的百分比
投资(a)
资讯科技 19.7 %
金融类股 17.1 %
医疗保健 16.4 %
通信服务 12.2 %
消费者史泰博 11.0 %
工业类股 7.8 %
公用事业 5.7 %
消费者可自由支配 5.5 %
能源 2.5 %
材料 2.1 %
国家/地理分配
国家/地理区域 占总数的百分比
投资(a)
美国 59.1 %
日本 10.5 %
中国 6.3 %
印度 6.0 %
台湾 5.1 %
瑞士 2.5 %
香港 1.3 %
沙特阿拉伯 1.2 %
新加坡 1.0 %
德国 1.0 %
其他# 6.0 %
​(a)
不包括货币市场基金。
​#
列出了十个最大的国家/地理区域。其他国家/地区可在其他位置找到。
附加信息
如果您希望查看有关基金的更多信息，包括但不限于财务报表、基金招股说明书以及代理投票政策和程序，请访问 blackrock.com/fundreports.有关代理投票记录，请访问blackrock.com/proxyrecords.
家居
持有房屋是某些基金投资者的一种选择。持家是一种基于个人投资者偏好的递送方式，在这种方式下，某些股东文件的单一副本可以递送给地址相同的投资者，即使他们的账户是以不同的名字注册的。如果您有兴趣登记购房并收到招股说明书和其他股东文件的单一副本，或如果您目前登记购房并希望更改您的购房状态，请联系您的经纪交易商。
本基金并非由MSCI，Inc.及其附属公司赞助、背书、发行、销售或推广，本公司亦不就投资本基金是否明智作出任何陈述。贝莱德与上述公司并无关联。
©2024贝莱德公司或其附属公司。版权所有。IShares和贝莱德是贝莱德股份有限公司或其附属公司的注册商标。所有其他商标均为其各自所有者的商标。
TSR - BLK iShares Logo Footer
iShares MSCI全球最低指数指数ETF
年度股东报告-2024年8月31日
ACWV-08/24-AR
TSR - BLK iShares Logo
iShares MSCI全球白银和金属矿业ETF
SVP | Cboe BZX
年度股东报告-2024年8月31日
这年度股东报告包含2023年9月1日至2024年8月31日期间的iShares MSCI Global Silver and Metals Miners ETF(“该基金”)的重要信息。 你可以找到关于该基金的更多信息 在…blackrock.com/fundreports.您也可以通过以下方式与我们联系以获取此信息1-800-iShares(1-800-474-2737).
基金去年的成本是多少？
（基于假设的10，000美元投资）
基金名称 10,000澳元的成本
投资		 按百分比支付的成本
10,000美元投资
iShares MSCI全球白银和金属矿业ETF $45 0.39%
基金去年的表现如何？
  • 在报告所述期间，由于几家央行降息、定价压力放缓以及企业盈利强劲，投资者信心增强，全球股市稳步上涨。
  • 白银的许多工业应用，包括电池、LED芯片和半导体芯片，帮助推高了这种金属的实物价格。由于其导电性，银也是太阳能电池板和风力涡轮机的关键组件，以及核反应堆的控制棒。
  • 利率和绿色能源行业需求的波动，以及更广泛经济的普遍不确定性，也有利于白银的价格。
是什么对业绩做出了贡献？
加拿大的股票是基金回报的最大贡献者。加拿大拥有众多的自然资源，并受益于既定和透明的有利于采矿的法规。在报告所述期间，黄金和白银矿商股价上涨，这些金属的价格创下历史新高，受到美国降息的希望和中国刺激措施的提振。在美国，该国最大的银矿公司的业绩得益于这种金属在可再生能源领域的潜力。在英国，一家总部位于伦敦的贵金属矿商股价上涨，原因是其位于巴西的关键矿场黄金产量增加。
是什么影响了他们的表现？
在本报告所述期间，墨西哥材料部门的公司是基金回报的最大批评者。该国最大的工业集团之一的股价下跌，原因是生产成本上升和全国矿业工会发起的罢工对营业利润产生了负面影响。
所表达的观点反映了贝莱德截至本报告日期的观点，可能会根据市场、经济或其他条件的变化而发生变化。这些观点并不是对未来事件的预测，也不是对未来结果的保证。
基金业绩
累计绩效：2014年9月1日至2024年8月31日
初始投资10,000美元
Fund Performance - Growth of 10K
有关基金业绩的更多信息，请参阅“平均年总回报”。
平均年度总回报
1年 5年 10年
基金资产净值 28.67 % 4.32 % 1.27 %
基金市场 28.36 4.20 1.14
MSCI所有国家世界指数 23.44 12.14 8.78
MSCI ACWI精选白银矿商可投资市场指数 28.33 4.31 1.22
主要基金统计数字
净资产 $229,324,487
投资组合持有量 32
净投资咨询费 $727,516
投资组合流动率 25%
为了响应新的监管要求，该基金增加了MSCI所有国家世界指数。
过去的表现并不能预示未来的结果。 业绩结果不反映股东因基金分配或赎回或出售基金份额而缴纳的税款的扣除。 访问 iShares.com 了解更多最新的性能信息。
基金投资了什么？
(as 2024年8月31日）
国家/地理分配
国家/地理区域 占总数的百分比
投资(a)
加拿大 67.8 %
美国 20.0 %
墨西哥 6.1 %
日本 3.3 %
南非 1.5 %
秘鲁 0.8 %
联合王国 0.5 %
十大持股
安防 占总数的百分比
投资(a)
泛美白银公司 21.7 %
赫克拉矿业公司 9.6 %
纽蒙特公司 7.4 %
Industrias Penoles SAb de CV 6.1 %
惠顿贵金属公司 4.7 %
Agnico Eagle Mines Ltd./矿业Agnico Eagle Limited 4.6 %
第一雄伟白银公司 4.5 %
阿雅金银公司 4.5 %
MAG Silver Corp. 4.5 %
肯纳矿业公司 4.4 %
​(a)
不包括货币市场基金。
附加信息
如果您希望查看有关基金的更多信息，包括但不限于财务报表、基金招股说明书以及代理投票政策和程序，请访问 blackrock.com/fundreports.有关代理投票记录，请访问blackrock.com/proxyrecords.
家居
持有房屋是某些基金投资者的一种选择。持家是一种基于个人投资者偏好的递送方式，在这种方式下，某些股东文件的单一副本可以递送给地址相同的投资者，即使他们的账户是以不同的名字注册的。如果您有兴趣登记购房并收到招股说明书和其他股东文件的单一副本，或如果您目前登记购房并希望更改您的购房状态，请联系您的经纪交易商。
本基金并非由MSCI，Inc.及其附属公司赞助、背书、发行、销售或推广，本公司亦不就投资本基金是否明智作出任何陈述。贝莱德与上述公司并无关联。
©2024贝莱德公司或其附属公司。版权所有。IShares和贝莱德是贝莱德股份有限公司或其附属公司的注册商标。所有其他商标均为其各自所有者的商标。
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SLVP-08/24-AR
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年度股东报告-2024年8月31日
这年度股东报告包含2023年9月1日至2024年8月31日期间的iShares MSCI Hong Kong ETF(“基金”)的重要资料。 你可以找到关于该基金的更多信息 在…blackrock.com/fundreports.您也可以通过以下方式与我们联系以获取此信息1-800-iShares(1-800-474-2737).
基金去年的成本是多少？
（基于假设的10，000美元投资）
基金名称 10,000澳元的成本
投资		 按百分比支付的成本
10,000美元投资
iShares MSCI香港ETF $48 0.50%
基金去年的表现如何？
  • 在本报告所述期间，中国的经济困境仍在继续，房地产市场的长期低迷加剧了他的经济困境。国内需求低迷导致通缩和增长前景降低，促使中国政府出台刺激计划。
  • 作为中国的一个特别行政区，香港股市与中国的经济表现和决策息息相关。
  • 随着加拿大加入美国、欧盟和其他对中国进口商品实施制裁的国家的行列，对中国进口商品提高政策关税的威胁进一步恶化了经济增长格局。
是什么对业绩做出了贡献？
在本报告所述期间，受益于支持清洁能源的地方政策，公用事业部门的股票对基金的业绩做出了贡献。香港日益增长的电力需求也让电力公用事业公司受益。
是什么影响了他们的表现？
在本报告所述期间，财务库存对基金的业绩产生了负面影响。经济增长放缓和中国的监管变化阻碍了一家总部位于美国和香港的跨国保险和金融公司的股票，该公司也是亚太地区最大的上市寿险集团。由于中国的经济不景气，交易和上市活动减少，中国证券交易所的运营商股价下跌。在非必需消费品板块，澳门赌场和博彩股的股票下跌，原因是采取了新的措施来阻止无照外汇交易员。澳门是中国的一个领土，是世界上最大的博彩中心，也是中国境内唯一一个赌场赌博合法的地方。
所表达的观点反映了贝莱德截至本报告日期的观点，可能会根据市场、经济或其他条件的变化而发生变化。这些观点并不是对未来事件的预测，也不是对未来结果的保证。
基金业绩
累计业绩：2014年9月1日至2024年8月31日
初始投资10，000美元
Fund Performance - Growth of 10K
有关基金业绩的更多信息，请参阅“平均年度总回报”。
平均年度总回报
1年 5年 10年
基金资产净值 (6.97 ) % (3.95 ) % 0.02 %
基金市场 (6.53 ) (3.75 ) 0.07
MSCI ACWI（美国除外）指数 18.21 7.56 4.42
MSCI香港25/50指数 (6.03 ) (3.33 ) 0.64
主要基金统计数字
净资产 $509,200,744
投资组合持有量 30
净投资咨询费 $2,674,550
投资组合流动率 14%
为了响应新的监管要求，该基金添加了MSCI ACWI（美国除外）指数。
本报告中MSCI香港25/50指数的表现反映了MSCI香港指数截至2020年8月31日的表现，以及自2020年9月1日开始的MSCI香港25/50指数的表现。
过去的表现并不能预示未来的结果。 业绩结果不反映股东因基金分配或赎回或出售基金份额而缴纳的税款的扣除。 访问 iShares.com 了解更多最新的性能信息。
基金投资了什么？
(as 2024年8月31日）
的部门分配
扇区 占总数的百分比
投资(a)
金融类股 43.4 %
房地产 19.4 %
工业类股 16.4 %
公用事业 12.2 %
消费者可自由支配 4.6 %
消费者史泰博 2.2 %
通信服务 1.8 %
十大持股
安防 占总数的百分比
投资(a)
友邦保险股份有限公司。 23.1 %
香港交易所有限公司 11.7 %
科创电子工业股份有限公司 5.1 %
新鸿基地产有限公司 4.6 %
CK和记控股有限公司 4.5 %
中电控股有限公司 4.4 %
领汇 4.2 %
中国银行香港控股有限公司 4.0 %
电力资产控股有限公司 3.4 %
恒生银行有限公司 3.2 %
​(a)
不包括货币市场基金.
附加信息
如果您希望查看有关基金的更多信息，包括但不限于财务报表、基金招股说明书以及代理投票政策和程序，请访问 blackrock.com/fundreports. 有关代理投票记录，请访问 blackrock.com/proxyrecords.
家居
家庭持股是某些基金投资者可以选择的一种选择。托管是一种基于个人投资者偏好的交付方法，其中某些股东文件的单一副本可以交付给共享同一地址的投资者，即使他们的账户注册在不同的名称下。如果您有兴趣加入家庭持股并收到招股说明书和其他股东文件的副本，或者如果您目前已加入家庭持股并希望更改您的家庭持股状态，请联系您的经纪交易商。
本基金并非由MSCI，Inc.赞助、背书、发行、出售或推广。及其附属公司，该公司也不会就投资该基金的可行性做出任何陈述。贝莱德与上述公司没有附属关系。
©2024贝莱德公司或其附属公司。All rights reserved. iSHARES和BLACKROCk是BlackRock，Inc.的注册商标或其附属公司。所有其他商标均属于其各自所有者。
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环境影响报告书 | 纽约证券交易所Arca
年度股东报告-2024年8月31日
这年度股东报告 包含有关2023年9月1日至2024年8月31日期间iShares MSCI以色列ETF（“基金”）的重要信息。 您可以找到有关该基金的更多信息 在…blackrock.com/fundreports. 您还可以通过联系我们来请求此信息 1 - 800-iShares（1 - 800 - 474 - 2737）.
基金去年的成本是多少？
（基于假设的10，000美元投资）
基金名称 10,000澳元的成本
投资		 按百分比支付的成本
10,000美元投资
iShares MSCI以色列ETF $66 0.59%
基金去年的表现如何？
  • 在报告所述期间，美国降息的可能性越来越大，这帮助了新兴市场股市的表现，但地缘政治担忧、中国增长疲软以及美元走强拖累了股市。
  • 总体而言，由于几家央行降息、定价压力放缓以及企业盈利强劲，投资者信心增强，全球股市稳步上涨。
  • 尽管哈马斯在2023年10月发动了一次史无前例的袭击，但以色列在本报告所述期间仍获得了稳定的回报。袭击和随之而来的战争引发了一连串的波动，包括某些行业的大幅下跌和其他行业的反弹。
是什么对业绩做出了贡献？
在本报告所述期间，信息技术部门的股票是基金业绩的最大贡献者。以色列在研发方面投入了大量资金，并以创新领导者著称，特别是在网络安全领域。提供网络安全解决方案的公司见证了其股价的大幅上涨，此前一家竞争对手公司的安全事件导致了整个行业的中断。在积极的监管环境和熟练劳动力的帮助下，以色列的医疗行业也蓬勃发展。在本报告所述期间，制药、生物技术和生命科学公司的股票在合并消息和仿制药批准中上涨。
是什么影响了他们的表现？
在本报告所述期间，通信类股略微影响了基金的业绩。在媒体和娱乐业，失去一位重要客户对一家广告技术公司的股票造成了不利影响。在材料领域，化肥价格下跌和地缘政治事件对化学品公司造成了负面影响。
所表达的观点反映了贝莱德截至本报告日期的观点，可能会根据市场、经济或其他条件的变化而发生变化。这些观点并不是对未来事件的预测，也不是对未来结果的保证。
基金业绩
累计绩效：2014年9月1日至2024年8月31日
初始投资10,000美元
Fund Performance - Growth of 10K
有关基金业绩的更多信息，请参阅“平均年总回报”。
平均年度总回报
1年 5年 10年
基金资产净值 23.62 % 6.19 % 4.43 %
基金市场 23.33 6.23 4.39
MSCI ACWI（美国除外）指数 18.21 7.56 4.42
MSCI以色列设定可投资市场指数上限 23.77 6.60 4.88
主要基金统计数字
净资产 $154,484,656
投资组合持有量 106
净投资咨询费 $828,668
投资组合流动率 7%
为了响应新的监管要求，该基金添加了MSCI ACWI（美国除外）指数。
过去的表现并不能预示未来的结果。 业绩结果不反映股东因基金分配或赎回或出售基金份额而缴纳的税款的扣除。 访问 iShares.com 了解更多最新的性能信息。
基金投资了什么？
(as 2024年8月31日）
的部门分配
扇区 占总数的百分比
投资(a)
资讯科技 38.0 %
金融类股 23.2 %
医疗保健 10.5 %
房地产 8.5 %
工业类股 6.5 %
消费者可自由支配 3.4 %
公用事业 2.2 %
消费者史泰博 2.2 %
材料 2.0 %
通信服务 1.8 %
能源 1.7 %
十大持股
安防 占总数的百分比
投资(a)
Teva Pharmaceutical Industries Ltd. 9.8 %
Check Point软件技术有限公司 8.1 %
Leumi Le Israel BM银行 6.8 %
哈波利姆银行BM 5.9 %
赛博方舟软件有限公司 5.8 %
尼斯有限公司 5.1 %
Monday.com Ltd. 4.4 %
Wix.com Ltd. 4.1 %
以色列A类贴现银行有限公司 3.2 %
诺瓦有限公司 3.1 %
​(a)
不包括货币市场基金。
附加信息
如果您希望查看有关基金的更多信息，包括但不限于财务报表、基金招股说明书以及代理投票政策和程序，请访问 blackrock.com/fundreports.有关代理投票记录，请访问blackrock.com/proxyrecords.
家居
持有房屋是某些基金投资者的一种选择。持家是一种基于个人投资者偏好的递送方式，在这种方式下，某些股东文件的单一副本可以递送给地址相同的投资者，即使他们的账户是以不同的名字注册的。如果您有兴趣登记购房并收到招股说明书和其他股东文件的单一副本，或如果您目前登记购房并希望更改您的购房状态，请联系您的经纪交易商。
本基金并非由MSCI，Inc.及其附属公司赞助、背书、发行、销售或推广，本公司亦不就投资本基金是否明智作出任何陈述。贝莱德与上述公司并无关联。
©2024贝莱德公司或其附属公司。版权所有。IShares和贝莱德是贝莱德股份有限公司或其附属公司的注册商标。所有其他商标均为其各自所有者的商标。
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iShares MSCI以色列ETF
年度股东报告-2024年8月31日
ESM-08/24-AR
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iShares MSCI意大利ETF
EWI | 纽约证券交易所Arca
年度股东报告-2024年8月31日
这年度股东报告 包含有关2023年9月1日至2024年8月31日期间iShares MSCI意大利ETF（“基金”）的重要信息。 您可以找到有关该基金的更多信息 在…blackrock.com/fundreports. 您还可以通过联系我们来请求此信息 1 - 800-iShares（1 - 800 - 474 - 2737）.
基金去年的成本是多少？
（基于假设的10，000美元投资）
基金名称 费用10，000美元
投资		 按百分比支付的成本
10,000美元投资
iShares MSCI意大利ETF $57 0.50%
基金去年的表现如何？
  • 在报告所述期间，由于几家央行降息、定价压力放缓以及企业盈利强劲，投资者信心增强，全球股市稳步上涨。
  • 欧洲央行(“ECB”)在6月份下调了基本贷款利率，美国联邦储备银行(Federal Reserve Bank)也提供了强烈的迹象，表明它将很快降低利率。作为欧元区成员国，意大利的货币政策，包括其政策利率，都是由欧洲央行决定的。
  • 在本报告所述期间，通胀降温、工资强劲增长和就业增加为意大利经济描绘了一幅有利的图景。然而，意大利不断增长的公共债务拖累了经济增长，并阻碍了私营部门的投资。
是什么对业绩做出了贡献？
在本报告所述期间，金融部门的股票对基金的业绩作出了很大贡献，其中以银行业为首。尽管2023年末对银行业征收了一项有争议的暴利税，但在贷款收入大幅增加以及手续费和佣金收入反弹的推动下，意大利银行的收入增长依然强劲。非必需消费品类股也对业绩做出了贡献，最明显的是在汽车制造商中，它们得到了持续到2025年的强劲订单的支撑。
是什么影响了他们的表现？
在本报告所述期间，消费品部门的股票对基金的回报影响最大，饮料行业为首。在有报道称该公司因逃税而受到调查后，一家意大利葡萄酒和烈酒生产商的股价下跌，该公司宣布计划收购一个法国白兰地品牌，损害了利润率。
所表达的观点反映了贝莱德截至本报告日期的观点，可能会根据市场、经济或其他条件的变化而发生变化。这些观点并不是对未来事件的预测，也不是对未来结果的保证。
基金业绩
累计绩效：2014年9月1日至2024年8月31日
初始投资10,000美元
Fund Performance - Growth of 10K
有关基金业绩的更多信息，请参阅“平均年总回报”。
平均年度总回报
1年 5年 10年
基金资产净值 26.02 % 11.21 % 5.30 %
基金市场 25.59 11.10 5.30
MSCI ACWI（美国除外）指数 18.21 7.56 4.42
MSCI意大利25/50指数 25.70 11.35 5.44
主要基金统计数字
净资产 $470,324,618
投资组合持有量 27
净投资咨询费 $1,819,814
投资组合流动率 18%
为了响应新的监管要求，该基金添加了MSCI ACWI（美国除外）指数。
过去的表现并不能预示未来的结果。 业绩结果不反映股东因基金分配或赎回或出售基金份额而缴纳的税款的扣除。 访问 iShares.com 了解更多最新的性能信息。
基金投资了什么？
(as 2024年8月31日）
的部门分配
扇区 占总数的百分比
投资(a)
金融类股 39.2 %
消费者可自由支配 19.6 %
公用事业 17.7 %
工业类股 6.8 %
能源 6.6 %
医疗保健 5.1 %
通信服务 3.0 %
消费者史泰博 2.0 %
十大持股
安防 占总数的百分比
投资(a)
法拉利NV 11.6 %
Enel水疗中心 11.4 %
UniCredit SpA 11.3 %
Intesa Sanpaolo SpA 11.3 %
Generali 4.6 %
普里斯曼公司 4.5 %
Stellantis NV 4.5 %
Eni SpA 4.4 %
Moncler SpA 3.6 %
Terna - Rete Elettrica Nazionale 3.3 %
​(a)
不包括货币市场基金。
附加信息
如果您希望查看有关基金的更多信息，包括但不限于财务报表、基金招股说明书以及代理投票政策和程序，请访问 blackrock.com/fundreports.有关代理投票记录，请访问blackrock.com/proxyrecords.
家居
持有房屋是某些基金投资者的一种选择。持家是一种基于个人投资者偏好的递送方式，在这种方式下，某些股东文件的单一副本可以递送给地址相同的投资者，即使他们的账户是以不同的名字注册的。如果您有兴趣登记购房并收到招股说明书和其他股东文件的单一副本，或如果您目前登记购房并希望更改您的购房状态，请联系您的经纪交易商。
本基金并非由MSCI，Inc.及其附属公司赞助、背书、发行、销售或推广，本公司亦不就投资本基金是否明智作出任何陈述。贝莱德与上述公司并无关联。
©2024贝莱德公司或其附属公司。版权所有。IShares和贝莱德是贝莱德股份有限公司或其附属公司的注册商标。所有其他商标均为其各自所有者的商标。
TSR - BLK iShares Logo Footer
iShares MSCI意大利ETF
年度股东报告-2024年8月31日
EWI-08/24-AR
TSR - BLK iShares Logo
iShares MSCI日本ETF
EWJ | 纽约证券交易所Arca
年度股东报告-2024年8月31日
这年度股东报告 包含有关2023年9月1日至2024年8月31日期间iShares MSCI日本ETF（“基金”）的重要信息。 您可以找到有关该基金的更多信息 在…blackrock.com/fundreports. 您还可以通过联系我们来请求此信息 1 - 800-iShares（1 - 800 - 474 - 2737）.
基金去年的成本是多少？
（基于假设的10，000美元投资）
基金名称 费用10，000美元
投资		 支付的成本占a的百分比
10，000美元投资
iShares MSCI日本ETF $55 0.50%
基金去年表现如何？
  • 在企业盈利稳健和日元疲软的推动下，日本股市在报告期内大幅上涨。
  • 加速的通货膨胀、好于预期的工业生产和紧张的劳动条件有助于该国的经济增长。
  • 随着日本从通货紧缩转向通胀，日本央行退出了自2016年以来一直实行的零利率政策，提高了短期政策利率，并暗示还会有更多加息。
是什么对业绩做出了贡献？
在本报告所述期间，金融部门是基金回报的最大贡献者。随着日本央行结束多年的零利率政策，日本银行业上涨。日本央行提高了利率，减少了债券购买，试图使货币政策正常化，从而提高了日本银行的净收益利息(银行收取的贷款利率与存款利率之间的差额)。保险公司也从更高的费率制度和预期增长中获益。工业部门是基金的另一个增长来源，这得益于贸易公司和工业集团的表现。这些公司在日本经济中扮演着至关重要的角色，业务遍及各种行业，包括大宗商品、能源、金属、化工、消费品、物流和金融。得益于科技硬件和半导体公司的稳健表现，信息技术类股也对基金的回报做出了贡献。
是什么影响了他们的表现？
在本报告所述期间，没有人对基金的返还提出实质性的诋毁。
所表达的观点反映了贝莱德截至本报告日期的观点，可能会根据市场、经济或其他条件的变化而发生变化。这些观点并不是对未来事件的预测，也不是对未来结果的保证。
基金业绩
累计绩效：2014年9月1日至2024年8月31日
初始投资10,000美元
Fund Performance - Growth of 10K
有关基金业绩的更多信息，请参阅“平均年总回报”。
平均年度总回报
1年 5年 10年
基金资产净值 19.92 % 7.80 % 6.01 %
基金市场 19.29 7.75 5.99
MSCI ACWI（美国除外）指数 18.21 7.56 4.42
MSCI明晟日本指数 19.69 8.12 6.36
主要基金统计数字
净资产 $15,577,433,647
投资组合持有量 201
净投资咨询费 $74,230,696
投资组合流动率 6%
为了响应新的监管要求，该基金添加了MSCI ACWI（美国除外）指数。
过去的表现并不能预示未来的结果。 业绩结果不反映股东因基金分配或赎回或出售基金份额而缴纳的税款的扣除。 访问 iShares.com 了解更多最新的性能信息。
基金投资了什么？
(as 2024年8月31日）
的部门分配
扇区 占总数的百分比
投资(a)
工业类股 22.8 %
消费者可自由支配 17.9 %
资讯科技 14.9 %
金融类股 14.3 %
医疗保健 8.8 %
通信服务 7.0 %
消费者史泰博 5.4 %
材料 4.2 %
房地产 2.7 %
公用事业 1.1 %
能源 0.9 %
十大持股
安防 占总数的百分比
投资(a)
丰田汽车公司 4.9 %
索尼集团公司 3.1 %
三菱UFJ金融集团 2.9 %
Hitachi Ltd. 2.9 %
基恩斯公司 2.3 %
招聘控股有限公司 2.3 %
三井住友金融集团公司 2.1 %
东京电子有限公司 2.0 %
新越化学株式会社 2.0 %
第一三共公司 1.9 %
​(a)
不包括货币市场基金。
附加信息
如果您希望查看有关基金的更多信息，包括但不限于财务报表、基金招股说明书以及代理投票政策和程序，请访问 blackrock.com/fundreports.有关代理投票记录，请访问blackrock.com/proxyrecords.
家居
持有房屋是某些基金投资者的一种选择。持家是一种基于个人投资者偏好的递送方式，在这种方式下，某些股东文件的单一副本可以递送给地址相同的投资者，即使他们的账户是以不同的名字注册的。如果您有兴趣登记购房并收到招股说明书和其他股东文件的单一副本，或如果您目前登记购房并希望更改您的购房状态，请联系您的经纪交易商。
本基金并非由MSCI，Inc.及其附属公司赞助、背书、发行、销售或推广，本公司亦不就投资本基金是否明智作出任何陈述。贝莱德与上述公司并无关联。
©2024贝莱德公司或其附属公司。版权所有。IShares和贝莱德是贝莱德股份有限公司或其附属公司的注册商标。所有其他商标均为其各自所有者的商标。
TSR - BLK iShares Logo Footer
IShares MSCI日本ETF
年度股东报告-2024年8月31日
EWJ-08/24-AR
TSR - BLK iShares Logo
iShares MSCI日本小盘ETF
SCJ | 纽约证券交易所Arca
年度股东报告-2024年8月31日
这年度股东报告 包含有关2023年9月1日至2024年8月31日期间iShares MSCI日本小盘股ETF（“基金”）的重要信息。 您可以找到有关该基金的更多信息 在…blackrock.com/fundreports. 您还可以通过联系我们来请求此信息 1 - 800-iShares（1 - 800 - 474 - 2737）.
基金去年的成本是多少？
（基于假设的10，000美元投资）
基金名称 费用10，000美元
投资		 支付的成本占a的百分比
10，000美元投资
iShares MSCI日本小盘ETF $53 0.50%
基金去年表现如何？
  • 在企业盈利稳健和日元疲软的推动下，日本股市在报告期内录得稳健上涨。小市值公司的表现不如大市值公司。
  • 通货膨胀加速、工业生产好于预期以及劳动力条件紧张有助于该国经济增长。
  • 随着日本从通货紧缩转向通货膨胀，日本央行退出了自2016年以来一直实行的零利率政策，提高了短期政策利率，并暗示将进一步加息。
是什么对业绩做出了贡献？
在本报告所述期间，工业部门是基金增长的最大来源，这得益于建筑产品、建筑和工程、电气设备和机械公司的业绩。日本政府对基础设施的投资和脱碳努力帮助了提供这些服务的公司。在非必需消费品领域，消费电子公司受益于全球相机行业的快速发展。信息技术股也有助于基金的回报，这得益于半导体和半导体设备公司的稳健表现。由于企业继续投资于人工智能服务器，日本芯片设备制造商的股票因需求强劲而上涨，并上调了全年预期。得益于稳健增长，电子设备、仪器仪表和零部件行业的公司也获得了收益。在金融板块，区域银行的股票随着利率的上升而增加。 日本央行加息。 
是什么影响了他们的表现？
在本报告所述期间，没有人对基金的返还提出实质性的诋毁。
所表达的观点反映了贝莱德截至本报告日期的观点，可能会根据市场、经济或其他条件的变化而发生变化。这些观点并不是对未来事件的预测，也不是对未来结果的保证。
基金业绩
累计绩效：2014年9月1日至2024年8月31日
初始投资10,000美元
Fund Performance - Growth of 10K
有关基金业绩的更多信息，请参阅“平均年总回报”。
平均年度总回报
1年 5年 10年
基金资产净值 12.65 % 4.42 % 5.29 %
基金市场 12.05 4.37 5.28
MSCI ACWI（美国除外）指数 18.21 7.56 4.42
MSCI明晟日本小盘股指数 12.62 4.68 5.58
主要基金统计数字
净资产 $108,135,350
投资组合持有量 853
净投资咨询费 $590,240
投资组合流动率 21%
为了响应新的监管要求，该基金添加了MSCI ACWI（美国除外）指数。
过去的表现并不能预示未来的结果。 业绩结果不反映股东因基金分配或赎回或出售基金份额而缴纳的税款的扣除。 访问 iShares.com 了解更多最新的性能信息。
基金投资了什么？
(as 2024年8月31日）
的部门分配
扇区 占总数的百分比
投资(a)
工业类股 26.1 %
消费者可自由支配 16.1 %
材料 10.7 %
资讯科技 10.1 %
房地产 9.1 %
消费者史泰博 9.0 %
金融类股 8.0 %
医疗保健 4.8 %
通信服务 2.9 %
公用事业 2.2 %
能源 1.0 %
十大持股
安防 占总数的百分比
投资(a)
藤仓公司 0.7 %
住友林业株式会社 0.7 %
IHI Corp. 0.6 %
伊原公司 0.6 %
东洋水山凯沙有限公司 0.6 %
MISUMI Group Inc. 0.5 %
Sojitz公司 0.5 %
川崎重工业公司 0.5 %
伊势丹三越控股有限公司 0.5 %
西武控股公司 0.5 %
​(a)
不包括货币市场基金。
附加信息
如果您希望查看有关基金的更多信息，包括但不限于财务报表、基金招股说明书以及代理投票政策和程序，请访问 blackrock.com/fundreports.有关代理投票记录，请访问blackrock.com/proxyrecords.
家居
持有房屋是某些基金投资者的一种选择。持家是一种基于个人投资者偏好的递送方式，在这种方式下，某些股东文件的单一副本可以递送给地址相同的投资者，即使他们的账户是以不同的名字注册的。如果您有兴趣登记购房并收到招股说明书和其他股东文件的单一副本，或如果您目前登记购房并希望更改您的购房状态，请联系您的经纪交易商。
本基金并非由MSCI，Inc.及其附属公司赞助、背书、发行、销售或推广，本公司亦不就投资本基金是否明智作出任何陈述。贝莱德与上述公司并无关联。
©2024贝莱德公司或其附属公司。版权所有。IShares和贝莱德是贝莱德股份有限公司或其附属公司的注册商标。所有其他商标均为其各自所有者的商标。
TSR - BLK iShares Logo Footer
iShares MSCI日本小盘ETF
年度股东报告-2024年8月31日
SCJ-08/24-AR
TSR - BLK iShares Logo
iShares MSCI马来西亚ETF
EWM | 纽约证券交易所Arca
年度股东报告-2024年8月31日
这年度股东报告包含有关2023年9月1日至2024年8月31日期间的iShares MSCI马来西亚交易所买卖基金(“基金”)的重要资料。 你可以找到关于该基金的更多信息 在…blackrock.com/fundreports.您也可以通过以下方式与我们联系以获取此信息1-800-iShares(1-800-474-2737).
基金去年的成本是多少？
（基于假设的10，000美元投资）
基金名称 10,000澳元的成本
投资		 按百分比支付的成本
10,000美元投资
iShares MSCI马来西亚ETF $57 0.50%
基金去年的表现如何？
  • 在报告所述期间，美国降息的可能性越来越大，这有助于新兴市场股票的表现。然而，中国增长疲软、地缘政治担忧以及美元走强拖累了股市表现。
  • 马来西亚的经济增长得到了强劲的国内需求、稳定的政府、重新燃起的旅游业兴趣和扩大出口的支持。该国还受益于其坚挺的货币，在本报告所述期间，该国的货币增长速度超过了区域同行。
  • 马来西亚官员宣布，计划通过培训当地公民来增加对该国的科技投资。
是什么对业绩做出了贡献？
金融部门是本报告所述期间基金业绩的最大贡献者。多元化银行股上扬，受助于外资流入大增，以及马来西亚央行维持利率不变的稳定利率环境。此外，马来西亚的银行受益于投资和贸易收入，以及有利的外汇汇率。在公用事业领域，该国最大的电力公司得益于强劲的国内需求，对数据中心的需求增加，以及计划增加其可再生能源产品组合。在工业部门的建筑和工程行业中，一家专门从事世界各地的工程、房地产和基础设施开发的公司是另一个贡献者。该公司正在利用其下一代工业建筑系统来快速跟踪人工智能所需的数据中心的交付。
是什么影响了他们的表现？
在本报告所述期间，没有人对基金的业绩有重大的贬损。
所表达的观点反映了贝莱德截至本报告日期的观点，可能会根据市场、经济或其他条件的变化而发生变化。这些观点并不是对未来事件的预测，也不是对未来结果的保证。
基金业绩
累计绩效：2014年9月1日至2024年8月31日
初始投资10,000美元
Fund Performance - Growth of 10K
有关基金业绩的更多信息，请参阅“平均年总回报”。
平均年度总回报
1年 5年 10年
基金资产净值 26.96 % 1.99 % (2.17 ) %
基金市场 27.14 2.06 (2.15 )
摩根士丹利资本国际新兴市场指数 15.07 4.79 2.56
MSCI明晟马来西亚指数 27.60 2.38 (1.84 )
主要基金统计数字
净资产 $322,421,455
投资组合持有量 36
投资咨询费净额 $1,263,983
投资组合流动率 18%
为了响应新的监管要求，该基金增加了MSCI新兴市场指数。
过去的表现并不能预示未来的结果。 业绩结果不反映股东因基金分配或赎回或出售基金份额而缴纳的税款的扣除。 访问 iShares.com 了解更多最新的性能信息。
基金投资了什么？
(as 2024年8月31日）
的部门分配
扇区 占总数的百分比
投资(a)
金融类股 42.3 %
公用事业 13.7 %
消费者史泰博 10.4 %
工业类股 9.8 %
通信服务 7.2 %
材料 6.6 %
消费者可自由支配 4.5 %
医疗保健 2.6 %
资讯科技 1.7 %
能源 1.2 %
十大持股
安防 占总数的百分比
投资(a)
大众银行有限公司 13.4 %
马来亚银行有限公司 11.2 %
CIMb集团控股有限公司 10.9 %
Tenaga Nasional Bhd 7.3 %
Press Metal Aluminium Holdings Bhd 3.5 %
马来西亚国家石油化学品集团有限公司 3.1 %
Gamuda Bhd 2.8 %
马来西亚国家石油公司 2.8 %
丰隆银行有限公司 2.6 %
IHH Healthcare Bhd 2.6 %
​(a)
不包括货币市场基金。
附加信息
如果您希望查看有关基金的更多信息，包括但不限于财务报表、基金招股说明书以及代理投票政策和程序，请访问 blackrock.com/fundreports.有关代理投票记录，请访问blackrock.com/proxyrecords.
家居
持有房屋是某些基金投资者的一种选择。持家是一种基于个人投资者偏好的递送方式，在这种方式下，某些股东文件的单一副本可以递送给地址相同的投资者，即使他们的账户是以不同的名字注册的。如果您有兴趣登记购房并收到招股说明书和其他股东文件的单一副本，或如果您目前登记购房并希望更改您的购房状态，请联系您的经纪交易商。
本基金并非由MSCI，Inc.及其附属公司赞助、背书、发行、销售或推广，本公司亦不就投资本基金是否明智作出任何陈述。贝莱德与上述公司并无关联。
©2024贝莱德公司或其附属公司。版权所有。IShares和贝莱德是贝莱德股份有限公司或其附属公司的注册商标。所有其他商标均为其各自所有者的商标。
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iShares MSCI马来西亚ETF
年度股东报告-2024年8月31日
EWM-08/24-AR
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IShares MSCI墨西哥ETF
EWW | 纽约证券交易所Arca
年度股东报告-2024年8月31日
这年度股东报告包含2023年9月1日至2024年8月31日期间的iShares MSCI墨西哥ETF(“基金”)的重要信息。 你可以找到关于该基金的更多信息 在…blackrock.com/fundreports.您也可以通过以下方式与我们联系以获取此信息1-800-iShares(1-800-474-2737).
基金去年的成本是多少？
（基于假设的10，000美元投资）
基金名称 10,000澳元的成本
投资		 按百分比支付的成本
10,000美元投资
IShares MSCI墨西哥ETF $47 0.50%
基金去年的表现如何？
  • 在报告所述期间，美国降息的可能性越来越大，这帮助了新兴市场股市的表现，而对中国需求和美元走强的担忧拖累了回报。
  • 拉美经济体受到大宗商品价格放缓的负面影响，大宗商品价格是拉美经济体的主要出口产品之一，墨西哥股市遭受重创。
  • 墨西哥执政党领袖克劳迪娅·谢因鲍姆(Claudia Sheinbaum)以压倒性优势赢得总统大选，引发了人们对墨西哥政府制衡减少的担忧，并令股市承压。
是什么对业绩做出了贡献？
在本报告所述期间，保健股票对基金的回报贡献不大。这主要归因于一家制药和个人护理公司受益于长期债务再融资和收购四个新品牌等战略举措，进一步提振了投资者信心。
是什么影响了他们的表现？
消费品部门是本报告所述期间基金业绩的最大负面影响因素。从事食品零售和提供软饮料、非酒精饮料和食品的公司受到成本上升和墨西哥比索升值带来的负面外汇影响的拖累。此外，消费品零售行业的一家大公司面临监管挑战，对其股价产生了负面影响。在材料行业，在国际上提供建材的建筑材料公司的股票受到全球水泥需求疲软和国内增长放缓的压力。工业类股，主要是涉及交通运输的类股，受到通胀上升和整体经济增长放缓的负面压力。
所表达的观点反映了贝莱德截至本报告日期的意见，并可能会根据市场、经济或其他条件的变化而发生变化。这些观点并不是对未来事件的预测，也不能保证未来结果。
基金业绩
累计业绩：2014年9月1日至2024年8月31日
初始投资10，000美元
Fund Performance - Growth of 10K
有关基金业绩的更多信息，请参阅“平均年度总回报”。
平均年度总回报
1年 5年 10年
基金资产净值 (11.91 ) % 7.43 % (0.76 ) %
基金市场 (11.92 ) 7.43 (0.78 )
摩根士丹利资本国际新兴市场指数 15.07 4.79 2.56
MSCI明晟墨西哥指数25/50 (12.40 ) 7.96 (0.37 )
主要基金统计数字
净资产 $1,329,763,434
投资组合持有量 47
净投资咨询费 $8,638,130
投资组合流动率 10%
为了响应新的监管要求，该基金增加了MSCI新兴市场指数。
过去的表现并不能预示未来的结果。 业绩结果不反映股东因基金分配或赎回或出售基金份额而缴纳的税款的扣除。 访问 iShares.com 了解更多最新的性能信息。
基金投资了什么？
(as 2024年8月31日）
的部门分配
扇区 占总数的百分比
投资(a)
消费者史泰博 31.3 %
金融类股 17.6 %
材料 15.9 %
工业类股 15.2 %
通信服务 10.2 %
房地产 7.7 %
消费者可自由支配 1.4 %
医疗保健 0.7 %
十大持股
安防 占总数的百分比
投资(a)
Fomento Economico Mexicano SAb de CV 9.8 %
Grupo Financiero Banorte SAb de CV，O级 9.6 %
墨西哥沃尔玛SAb de CV 8.7 %
America Movil SAb de CV墨西哥，B系列 7.8 %
Grupo Mexico SAb de CV，B系列 7.7 %
Cemex SAb de CV 4.4 %
Grupo Aeroportuario del Pacifico SAb de CV，B级 4.3 %
Grupo Aeroportuario del Sureste SAb de CV，B级 3.2 %
Grupo Bimbo SAb de CV，A系列 3.0 %
Arca Continental SAb de CV 3.0 %
​(a)
不包括货币市场基金。
附加信息
如果您希望查看有关基金的更多信息，包括但不限于财务报表、基金招股说明书以及代理投票政策和程序，请访问 blackrock.com/fundreports. 有关代理投票记录，请访问 blackrock.com/proxyrecords.
家居
持有房屋是某些基金投资者的一种选择。持家是一种基于个人投资者偏好的递送方式，在这种方式下，某些股东文件的单一副本可以递送给地址相同的投资者，即使他们的账户是以不同的名字注册的。如果您有兴趣登记购房并收到招股说明书和其他股东文件的单一副本，或如果您目前登记购房并希望更改您的购房状态，请联系您的经纪交易商。
本基金并非由MSCI，Inc.及其附属公司赞助、背书、发行、销售或推广，本公司亦不就投资本基金是否明智作出任何陈述。贝莱德与上述公司并无关联。
©2024贝莱德公司或其附属公司。版权所有。IShares和贝莱德是贝莱德股份有限公司或其附属公司的注册商标。所有其他商标均为其各自所有者的商标。
TSR - BLK iShares Logo Footer
iShares MSCI墨西哥ETF
年度股东报告-2024年8月31日
EWW-08/24-AR
TSR - BLK iShares Logo
iShares MSCI荷兰ETF
EWN | 纽约证券交易所Arca
年度股东报告-2024年8月31日
这年度股东报告包含2023年9月1日至2024年8月31日期间的iShares MSCI荷兰ETF(“基金”)的重要信息。 你可以找到关于该基金的更多信息 在…blackrock.com/fundreports.您也可以通过以下方式与我们联系以获取此信息1-800-iShares(1-800-474-2737).
基金去年的成本是多少？
（基于假设的10，000美元投资）
基金名称 10,000澳元的成本
投资		 按百分比支付的成本
10,000美元投资
iShares MSCI荷兰ETF $56 0.50%
基金去年的表现如何？
  • 在报告所述期间，由于几家央行降息、定价压力放缓以及企业盈利强劲，投资者信心增强，全球股市稳步上涨。
  • 欧洲央行(“ECB”)在6月份下调了基本贷款利率，美国联邦储备银行(Federal Reserve Bank)也提供了强烈的迹象，表明它将很快降低利率。作为欧元区成员国，荷兰的货币政策，包括其政策利率，都是由欧洲央行决定的。
  • 荷兰经济在本报告所述期间开始走出技术性衰退后，在家庭支出改善和通胀降温的推动下，一直站稳脚跟。
是什么对业绩做出了贡献？
在本报告所述期间，以半导体材料和设备行业为首的信息技术部门的股票对基金的回报作出了巨大贡献。在对人工智能的持续热情中，提供制造关键半导体芯片所需设备的公司继续占据主导地位，特别是一家销售最先进芯片制造机器的荷兰光刻制造公司。金融股也对业绩产生了积极影响，最明显的是在报告所述期间，由于利率上升和业务势头改善，银行的利润和总收入得到提振。工业板块的股票，特别是商业和专业服务行业的股票也提振了表现。
是什么影响了他们的表现？
在2024年8月31日终了的报告所述期间，基金的回报没有受到明显的诋毁。
所表达的观点反映了贝莱德截至本报告日期的观点，可能会根据市场、经济或其他条件的变化而发生变化。这些观点并不是对未来事件的预测，也不是对未来结果的保证。
基金业绩
累计绩效：2014年9月1日至2024年8月31日
初始投资10,000美元
Fund Performance - Growth of 10K
有关基金业绩的更多信息，请参阅“平均年总回报”。
平均年度总回报
1年 5年 10年
基金资产净值 25.72 % 12.31 % 9.51 %
基金市场 25.46 12.30 9.53
MSCI ACWI（美国除外）指数 18.21 7.56 4.42
MSCI荷兰IMI 25/50指数 25.89 12.81 9.85
主要基金统计数字
净资产 $294,687,015
投资组合持有量 56
净投资咨询费 $1,209,823
投资组合流动率 13%
为了响应新的监管要求，该基金添加了MSCI ACWI（美国除外）指数。
本报告中MSCI荷兰IMI 25/50指数的表现反映了MSCI荷兰可投资市场指数截至2017年8月31日的表现，以及自2017年9月1日开始的MSCI荷兰IMI 25/50指数的表现。
过去的表现并不能预示未来的结果。 业绩结果不反映股东因基金分配或赎回或出售基金份额而缴纳的税款的扣除。 访问 iShares.com 了解更多最新的性能信息。
基金投资了什么？
(as 2024年8月31日）
的部门分配
扇区 占总数的百分比
投资(a)
资讯科技 27.0 %
金融类股 20.1 %
工业类股 16.4 %
消费者史泰博 11.6 %
消费者可自由支配 7.6 %
材料 6.4 %
通信服务 4.6 %
医疗保健 3.7 %
能源 1.7 %
房地产 0.9 %
十大持股
安防 占总数的百分比
投资(a)
ASML控股公司 21.7 %
ING Groep NV 7.3 %
Prosus NV 6.5 %
Wolters Kluwer NV 4.9 %
Koninklijke Ahold Delhaize NV 4.0 %
阿德恩NV 3.8 %
ASm International NV 3.7 %
Koninklijke飞利浦公司 3.4 %
DSm-Firmenich AG 3.2 %
喜力NV 3.2 %
​(a)
不包括货币市场基金。
附加信息
如果您希望查看有关基金的更多信息，包括但不限于财务报表、基金招股说明书以及代理投票政策和程序，请访问 blackrock.com/fundreports. 有关代理投票记录，请访问 blackrock.com/proxyrecords.
家居
家庭持股是某些基金投资者可以选择的一种选择。托管是一种基于个人投资者偏好的交付方法，其中某些股东文件的单一副本可以交付给共享同一地址的投资者，即使他们的账户注册在不同的名称下。如果您有兴趣加入家庭持股并收到招股说明书和其他股东文件的副本，或者如果您目前已加入家庭持股并希望更改您的家庭持股状态，请联系您的经纪交易商。
本基金并非由MSCI，Inc.赞助、背书、发行、出售或推广。及其附属公司，该公司也不会就投资该基金的可行性做出任何陈述。贝莱德与上述公司没有附属关系。
©2024贝莱德公司或其附属公司。All rights reserved. iSHARES和BLACKROCk是BlackRock，Inc.的注册商标或其附属公司。所有其他商标均属于其各自所有者。
TSR - BLK iShares Logo Footer
iShares MSCI荷兰ETF
年度股东报告-2024年8月31日
EWN-08/24-AR
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IShares MSCI太平洋(日本除外)ETF
EPP | 纽约证券交易所Arca
年度股东报告-2024年8月31日
这年度股东报告 包含有关2023年9月1日至2024年8月31日期间iShares MSCI太平洋（日本除外）ETF（“基金”）的重要信息。 您可以找到有关该基金的更多信息 在…blackrock.com/fundreports. 您还可以通过联系我们来请求此信息 1 - 800-iShares（1 - 800 - 474 - 2737）.
基金去年的成本是多少？
（基于假设的10，000美元投资）
基金名称 10,000澳元的成本
投资		 按百分比支付的成本
10,000美元投资
IShares MSCI太平洋(日本除外)ETF $52 0.48%
基金去年的表现如何？
  • 在本报告所述期间，美国利率降低的可能性越来越大，这有助于全球股市的表现。
  • 在本报告所述期间，澳大利亚经济喜忧参半，持续的通货膨胀和疲软的经济增长。该国维持利率不变，理由是通胀居高不下，这使得澳元走强。
  • 尽管本报告所述期间在技术性衰退中开始，但新西兰实现了正回报，部分原因是旅游业复苏，经济状况略有改善。
  • 作为中国的一个特别行政区，香港股市与中国的经济表现和决策息息相关。
是什么对业绩做出了贡献？
澳大利亚股票对该基金的回报做出了压倒性的贡献。金融领域的多元化银行受到稳健的贷款增长和强劲的收益报告的积极影响。多样化的资本市场、金融交易所和数据股也有助于基金的回报。在非必需消费品领域，一家拥有几家知名零售店的多元化企业集团受益于强劲的销售，导致该公司增加了股息。由于政治稳定、低税收以及对家族理财室和信托的优惠政策，新加坡出现了强劲的财富流入，对金融股产生了积极影响。
是什么影响了他们的表现？
相反，在本报告所述期间，香港的金融股对基金的业绩产生了负面影响。经济增长放缓和中国的监管变化阻碍了一家总部位于美国和香港的跨国保险和金融公司的股票，该公司也是亚太地区最大的上市寿险集团。
所表达的观点反映了贝莱德截至本报告日期的观点，可能会根据市场、经济或其他条件的变化而发生变化。这些观点并不是对未来事件的预测，也不是对未来结果的保证。
基金业绩
累计绩效：2014年9月1日至2024年8月31日
初始投资10,000美元
Fund Performance - Growth of 10K
有关基金业绩的更多信息，请参阅“平均年总回报”。
平均年度总回报
1年 5年 10年
基金资产净值 15.24 % 4.59 % 3.00 %
基金市场 15.14 4.60 3.00
MSCI ACWI（美国除外）指数 18.21 7.56 4.42
MSCI太平洋（日本除外）指数 15.70 5.10 3.47
主要基金统计数字
净资产 $1,973,839,822
投资组合持有量 109
净投资咨询费 $8,891,693
投资组合流动率 8%
为了响应新的监管要求，该基金添加了MSCI ACWI（美国除外）指数。
过去的表现并不能预示未来的结果。 业绩结果不反映股东因基金分配或赎回或出售基金份额而缴纳的税款的扣除。 访问 iShares.com 了解更多最新的性能信息。
基金投资了什么？
(as 2024年8月31日）
的部门分配
扇区 占总数的百分比
投资(a)
金融类股 40.5 %
材料 13.3 %
房地产 8.4 %
工业类股 8.1 %
医疗保健 7.8 %
消费者可自由支配 5.4 %
通信服务 4.8 %
消费者史泰博 3.7 %
公用事业 3.6 %
能源 2.9 %
资讯科技 1.5 %
国家/地理分配
国家/地理区域 占总数的百分比
投资(a)
澳大利亚 69.3 %
香港 16.4 %
新加坡 12.7 %
新西兰 1.6 %
​(a)
不包括货币市场基金。
附加信息
如果您希望查看有关基金的更多信息，包括但不限于财务报表、基金招股说明书以及代理投票政策和程序，请访问 blackrock.com/fundreports.有关代理投票记录，请访问blackrock.com/proxyrecords.
家居
持有房屋是某些基金投资者的一种选择。持家是一种基于个人投资者偏好的递送方式，在这种方式下，某些股东文件的单一副本可以递送给地址相同的投资者，即使他们的账户是以不同的名字注册的。如果您有兴趣登记购房并收到招股说明书和其他股东文件的单一副本，或如果您目前登记购房并希望更改您的购房状态，请联系您的经纪交易商。
本基金并非由MSCI，Inc.及其附属公司赞助、背书、发行、销售或推广，本公司亦不就投资本基金是否明智作出任何陈述。贝莱德与上述公司并无关联。
©2024贝莱德公司或其附属公司。版权所有。IShares和贝莱德是贝莱德股份有限公司或其附属公司的注册商标。所有其他商标均为其各自所有者的商标。
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IShares MSCI太平洋(日本除外)ETF
年度股东报告-2024年8月31日
EPP-08/24-AR
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IShares MSCI俄罗斯ETF
急诊室
年度股东报告-2024年8月31日
这年度股东报告包含2023年9月1日至2024年8月31日期间的iShares MSCI俄罗斯ETF(“基金”)的重要信息。 你可以找到关于该基金的更多信息 在…blackrock.com/fundreports.您也可以通过以下方式与我们联系以获取此信息1-800-iShares(1-800-474-2737).
基金去年的成本是多少？
（基于假设的10，000美元投资）
基金名称 10,000澳元的成本
投资		 按百分比支付的成本
10,000美元投资
IShares MSCI俄罗斯ETF $0 0.00%
基金去年的表现如何？
基金试图跟踪由俄罗斯股票组成的指数的投资结果，该指数以摩根士丹利资本国际俄罗斯25/50指数(“指数”)为代表。自2022年6月1日起，指数提供商MSCI公司停止使用该指数。由于基金的基础指数停止使用以及与俄罗斯证券有关的持续限制，基金将无法实现其投资目标。基金正在根据一项清算计划清算其资产和结束其业务。
在此期间，基金能够出售某些投资，这些投资以前与所有其他俄罗斯本地股票和俄罗斯敞口的ADR和GDR证券一样，以名义价值进行公允估值，并从其货币市场基金持有中获得利息。
所表达的观点反映了贝莱德截至本报告日期的观点，可能会根据市场、经济或其他条件的变化而发生变化。这些观点并不是对未来事件的预测，也不是对未来结果的保证。
基金业绩
累计业绩：2014年9月1日至2024年8月31日
初始投资10，000美元
Fund performance - Growth of 10k (image)
有关基金业绩的更多信息，请参阅“平均年度总回报”。
平均年度总回报
1年 5年 10年
基金资产净值(a) 8,908.28 % (28.53 ) % (13.33 ) %
基金市场(b) N/A (42.42 ) (14.11 )
MSCI俄罗斯25/50指数(c) N/A (91.92 ) (71.67 )
主要基金统计数字
净资产 $529,902
投资组合持有量 27
净投资咨询费 $0
投资组合流动率 0%
​(a)
总回报包括出售某些投资的收益的影响，这些投资之前与所有其他俄罗斯当地股票以及俄罗斯风险ADR和GDR证券按名义价值进行公平估值。
​(b)
纽约证券交易所Arca，Inc.于2022年3月4日生效基金和基金暂停交易所示市场回报率如下：分别从2019年9月1日和2014年9月1日到2022年3月4日的5年期回报和10年期回报。1年期基金市场回报未显示为NYSE Arca，Inc.于2023年9月1日之前停止该基金交易。
​(c)
自2022年6月1日起，指数提供商MSCI，Inc停止使用该指数，指数回报率如下：分别从2019年9月1日和2014年9月1日起至2022年5月31日的5年期回报和10年期回报。由于MSCI，Inc在2023年9月1日之前停止使用该指数，因此未显示1年期指数回报。
过去的表现并不能预示未来的结果。 业绩结果不反映股东因基金分配或赎回或出售基金份额而缴纳的税款的扣除。
基金投资了什么？
(as 2024年8月31日）
十大持股
安防 合计百分比
投资
贝莱德现金基金：财政部、SL机构股份 94.5 %
国际RAO UES PJSC 2.9
俄罗斯天然气工业股份公司PJSC 0.5 %
Surgutneftegas PJSC 0.5 %
Surgutneftegas PJSC（首选） 0.5 %
俄罗斯联邦储蓄银行PJSC 0.4 %
阿尔罗萨PJSC 0.2 %
联合公司俄铝国际PJSC 0.1 %
莫斯科交易所MICEX-RTS PJSC 0.1 %
诺沃利佩茨克钢铁公司 0.1 %
附加信息
如果您希望查看有关基金的更多信息，包括但不限于财务报表、基金招股说明书以及代理投票政策和程序，请访问 blackrock.com/fundreports.有关代理投票记录，请访问blackrock.com/proxyrecords.
家居
持有房屋是某些基金投资者的一种选择。持家是一种基于个人投资者偏好的递送方式，在这种方式下，某些股东文件的单一副本可以递送给地址相同的投资者，即使他们的账户是以不同的名字注册的。如果您有兴趣登记购房并收到招股说明书和其他股东文件的单一副本，或如果您目前登记购房并希望更改您的购房状态，请联系您的经纪交易商。
本基金并非由MSCI，Inc.及其附属公司赞助、背书、发行、销售或推广，本公司亦不就投资本基金是否明智作出任何陈述。贝莱德与上述公司并无关联。
©2024贝莱德公司或其附属公司。版权所有。IShares和贝莱德是贝莱德股份有限公司或其附属公司的注册商标。所有其他商标均为其各自所有者的商标。
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IShares MSCI俄罗斯ETF
年度股东报告-2024年8月31日
ERUS-08/24-AR
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iShares MSCI新加坡ETF
EWS | 纽约证券交易所Arca
年度股东报告-2024年8月31日
这年度股东报告包含2023年9月1日至2024年8月31日期间有关iShares MSCI新加坡交易所买卖基金(“基金”)的重要资料。 你可以找到关于该基金的更多信息 在…blackrock.com/fundreports.您也可以通过以下方式与我们联系以获取此信息1-800-iShares(1-800-474-2737).
基金去年的成本是多少？
（基于假设的10，000美元投资）
基金名称 10,000澳元的成本
投资		 按百分比支付的成本
10,000美元投资
iShares MSCI新加坡ETF $54 0.50%
基金去年的表现如何？
  • 在报告所述期间，美国降息的可能性越来越大，这帮助了新兴市场股市的表现，尽管这被中国增长疲软、地缘政治担忧和美元走强所抵消。
  • 新加坡央行维持货币政策不变，因该国在报告期内经历了温和的经济增长和放缓的通胀。
  • 在本报告所述期间，新加坡股市上涨，特别是金融业，外国存款持续流入。
是什么对业绩做出了贡献？
在本报告所述期间，金融部门是基金回报的主要贡献者。由于政治稳定、低税收以及对家族理财室和信托的优惠政策，新加坡出现了强劲的财富流入，对多元化银行的业绩产生了积极影响。此外，银行受益于净利息收入(银行贷款利率与存款利率之间的差额)。在通信部门，该国最大的电信运营商得益于战略举措、积极的机构资金流入和股息增加。对业绩做出贡献的还有一家电子商务公司的股票，该公司公布的收益超出了普遍预期。
是什么影响了他们的表现？
在本报告所述期间，工业部门削弱了基金的业绩，最引人注目的是一家领先的拼车业务的股票。该公司的增长率低于竞争对手，导致盈利业绩令人失望。此外，一家提供工程解决方案的公司在对可能的证券违规行为进行调查后面临压力。
所表达的观点反映了贝莱德截至本报告日期的观点，可能会根据市场、经济或其他条件的变化而发生变化。这些观点并不是对未来事件的预测，也不是对未来结果的保证。
基金业绩
累计绩效：2014年9月1日至2024年8月31日
初始投资10,000美元
Fund Performance - Growth of 10K
有关基金业绩的更多信息，请参阅“平均年总回报”。
平均年度总回报
1年 5年 10年
基金资产净值 16.87 % 2.54 % 1.15 %
基金市场 16.53 2.50 1.13
MSCI ACWI（美国除外）指数 18.21 7.56 4.42
MSCI明晟新加坡25/50指数 17.35 3.07 1.61
主要基金统计数字
净资产 $512,558,313
投资组合持有量 18
投资咨询费净额 $2,271,448
投资组合流动率 26%
为了响应新的监管要求，该基金添加了MSCI ACWI（美国除外）指数。
本报告中MSCI新加坡25/50指数的表现反映了MSCI新加坡指数截至2016年11月30日的表现，以及自2016年12月1日开始的MSCI新加坡25/50指数的表现。
过去的表现并不能预示未来的结果。 业绩结果不反映股东因基金分配或赎回或出售基金份额而缴纳的税款的扣除。 访问 iShares.com 了解更多最新的性能信息。
基金投资了什么？
(as 2024年8月31日）
的部门分配
扇区 占总数的百分比
投资(a)
金融类股 50.6 %
工业类股 17.8 %
房地产 9.2 %
通信服务 9.0 %
公用事业 4.6 %
消费者史泰博 4.5 %
消费者可自由支配 4.3 %
十大持股
安防 占总数的百分比
投资(a)
星展集团控股有限公司 22.5 %
华侨银行股份有限公司 19.0 %
新加坡电信有限公司 4.7 %
凯德置地Ascendas REIT 4.6 %
胜科工业有限公司 4.6 %
新加坡航空有限公司。 4.6 %
新加坡交易所有限公司 4.5 %
丰益国际有限公司 4.5 %
大华银行有限公司 4.5 %
吉佩尔有限公司 4.5 %
​(a)
不包括货币市场基金。
附加信息
如果您希望查看有关基金的更多信息，包括但不限于财务报表、基金招股说明书以及代理投票政策和程序，请访问 blackrock.com/fundreports.有关代理投票记录，请访问blackrock.com/proxyrecords.
家居
持有房屋是某些基金投资者的一种选择。持家是一种基于个人投资者偏好的递送方式，在这种方式下，某些股东文件的单一副本可以递送给地址相同的投资者，即使他们的账户是以不同的名字注册的。如果您有兴趣登记购房并收到招股说明书和其他股东文件的单一副本，或如果您目前登记购房并希望更改您的购房状态，请联系您的经纪交易商。
本基金并非由MSCI，Inc.及其附属公司赞助、背书、发行、销售或推广，本公司亦不就投资本基金是否明智作出任何陈述。贝莱德与上述公司并无关联。
©2024贝莱德公司或其附属公司。版权所有。IShares和贝莱德是贝莱德股份有限公司或其附属公司的注册商标。所有其他商标均为其各自所有者的商标。
TSR - BLK iShares Logo Footer
iShares MSCI新加坡ETF
年度股东报告-2024年8月31日
EWS-08/24-AR
TSR - BLK iShares Logo
iShares MSCI南非ETF
EZA | 纽约证券交易所Arca
年度股东报告-2024年8月31日
这年度股东报告包含2023年9月1日至2024年8月31日期间的iShares MSCI南非ETF(“基金”)的重要信息。 你可以找到关于该基金的更多信息 在…blackrock.com/fundreports.您也可以通过以下方式与我们联系以获取此信息1-800-iShares(1-800-474-2737).
基金去年的成本是多少？
（基于假设的10，000美元投资）
基金名称 10,000澳元的成本
投资		 按百分比支付的成本
10,000美元投资
iShares MSCI南非ETF $66 0.59%
基金去年的表现如何？
  • 在报告所述期间，美国降息的可能性越来越大，这帮助了新兴市场股市的表现，但地缘政治担忧、中国增长疲软以及美元走强拖累了股市。
  • 总体而言，由于几家央行降息、定价压力放缓以及企业盈利强劲，投资者信心增强，股市稳步上涨。
  • 尽管存在能源供应限制和失业等结构性问题，但市场乐观情绪依然存在，南非股市在报告所述期间录得涨幅。
是什么对业绩做出了贡献？
在本报告所述期间，平均而言，金融部门是基金的最大权重，也是基金回报的最大贡献者。由于南非储备银行将利率维持在较高水平，多样化的银行和多样化的金融服务受益于净利息收入(银行从贷款获得的收入与支付的存款之间的差额)增加。在非必需消费品领域，日益向电子商务的转变帮助扩大了服装零售商的业务范围。此外，材料行业的矿商受益于金价飙升，因为中国拥有一些世界上最大的金矿。
是什么影响了他们的表现？
在通信部门，一家大型移动运营商在本报告所述期间减损了基金的回报。该公司拥有庞大的国际客户基础，货币贬值、地区冲突和运营挑战共同影响了该公司在报告期内的财务业绩和股票价格。
所表达的观点反映了贝莱德截至本报告日期的观点，可能会根据市场、经济或其他条件的变化而发生变化。这些观点并不是对未来事件的预测，也不是对未来结果的保证。
基金业绩
累计业绩：2014年9月1日至2024年8月31日
初始投资10，000美元
Fund Performance - Growth of 10K
有关基金业绩的更多信息，请参阅“平均年度总回报”。
平均年度总回报
1年 5年 10年
基金资产净值 22.32 % 4.74 % 0.01 %
基金市场 23.48 4.84 0.08
摩根士丹利资本国际新兴市场指数 15.07 4.79 2.56
MSCI南非25/50指数 23.73 5.20 0.53
主要基金统计数字
净资产 $294,677,925
投资组合持有量 35
净投资咨询费 $1,651,857
投资组合流动率 4%
为了响应新的监管要求，该基金增加了MSCI新兴市场指数。
本报告中MSCI南非25/50指数的表现反映了MSCI南非指数截至2017年8月31日的表现，以及自2017年9月1日开始的MSCI南非25/50指数的表现。
过去的表现并不能预示未来的结果。 业绩结果不反映股东因基金分配或赎回或出售基金份额而缴纳的税款的扣除。 访问 iShares.com 了解更多最新的性能信息。
基金投资了什么？
(as 2024年8月31日）
的部门分配
扇区 占总数的百分比
投资(a)
金融类股 41.4 %
材料 18.7 %
消费者可自由支配 18.3 %
消费者史泰博 9.2 %
通信服务 5.1 %
工业类股 2.3 %
医疗保健 2.2 %
房地产 1.9 %
能源 0.9 %
十大持股
安防 占总数的百分比
投资(a)
Naspers Ltd.，N类 15.7 %
FirstRand Ltd. 10.1 %
标准银行集团有限公司 7.5 %
凯德银行控股有限公司 5.9 %
金田有限公司 5.1 %
盎格鲁戈尔德阿散蒂有限公司 4.2 %
桑兰有限公司 3.7 %
Shopite Holdings Ltd 3.6 %
比德股份有限公司 3.5 %
MTN集团有限公司 3.5 %
​(a)
不包括货币市场基金。
附加信息
如果您希望查看有关基金的更多信息，包括但不限于财务报表、基金招股说明书以及代理投票政策和程序，请访问 blackrock.com/fundreports. 有关代理投票记录，请访问 blackrock.com/proxyrecords.
家居
持有房屋是某些基金投资者的一种选择。持家是一种基于个人投资者偏好的递送方式，在这种方式下，某些股东文件的单一副本可以递送给地址相同的投资者，即使他们的账户是以不同的名字注册的。如果您有兴趣登记购房并收到招股说明书和其他股东文件的单一副本，或如果您目前登记购房并希望更改您的购房状态，请联系您的经纪交易商。
本基金并非由MSCI，Inc.及其附属公司赞助、背书、发行、销售或推广，本公司亦不就投资本基金是否明智作出任何陈述。贝莱德与上述公司并无关联。
©2024贝莱德公司或其附属公司。版权所有。IShares和贝莱德是贝莱德股份有限公司或其附属公司的注册商标。所有其他商标均为其各自所有者的商标。
TSR - BLK iShares Logo Footer
iShares MSCI南非ETF
年度股东报告-2024年8月31日
EZA-08/24-AR
TSR - BLK iShares Logo
iShares MSCI韩国ETF
EWY | 纽约证券交易所Arca
年度股东报告-2024年8月31日
这年度股东报告包含2023年9月1日至2024年8月31日期间的iShares MSCI韩国ETF(“基金”)的重要信息。 你可以找到关于该基金的更多信息 在…blackrock.com/fundreports.您也可以通过以下方式与我们联系以获取此信息1-800-iShares(1-800-474-2737).
基金去年的成本是多少？
（基于假设的10，000美元投资）
基金名称 10,000澳元的成本
投资		 按百分比支付的成本
10,000美元投资
iShares MSCI韩国ETF $61 0.59%
基金去年的表现如何？
  • 在报告所述期间，美国降息的可能性越来越大，这有助于新兴市场股票的表现。
  • 在通胀放缓的情况下，韩国股市实现了适度的回报，但对就业增长放缓的担忧依然存在。韩国央行在报告期内维持货币政策不变。
  • 在人工智能的推动下，信息技术股在报告期的大部分时间里引领市场。然而，由于围绕经济增长、地缘政治和即将到来的美国总统大选的不确定性越来越大，市场情绪在报告期末转向防御性更强的板块。
是什么对业绩做出了贡献？
在本报告所述期间，韩国金融部门是基金业绩的最大贡献者。在监管机构努力加快公司改革、提高股东利润和增加税收优惠后，多元化银行的股价走高。在医疗保健领域，制药和生物技术公司受益于收购、积极的临床试验和药物批准。
是什么影响了他们的表现？
在本报告所述期间，材料部门对基金业绩的影响最大。在大宗化学品行业，由于全球对电动汽车的需求放缓和中国的生产过剩，生产电池的公司减少，导致一些制造商降价。在金属和采矿业，钢铁制造商受到原材料价格上涨和需求下降的负面影响。在工业领域，电动汽车需求放缓和充电电池供应过剩蔓延至电气设备库存，导致它们下降。
所表达的观点反映了贝莱德截至本报告日期的观点，可能会根据市场、经济或其他条件的变化而发生变化。这些观点并不是对未来事件的预测，也不是对未来结果的保证。
基金业绩
累计绩效：2014年9月1日至2024年8月31日
初始投资10,000美元
Fund Performance - Growth of 10K
有关基金业绩的更多信息，请参阅“平均年总回报”。
平均年度总回报
1年 5年 10年
基金资产净值 7.55 % 6.10 % 1.68 %
基金市场 7.63 6.07 1.66
摩根士丹利资本国际新兴市场指数 15.07 4.79 2.56
MSCI韩国25/50指数 7.65 6.50 2.08
主要基金统计数字
净资产 $5,067,752,318
投资组合持有量 103
净投资咨询费 $26,928,392
投资组合流动率 18%
为了响应新的监管要求，该基金增加了MSCI新兴市场指数。
过去的表现并不能预示未来的结果。 业绩结果不反映股东因基金分配或赎回或出售基金份额而缴纳的税款的扣除。 访问 iShares.com 了解更多最新的性能信息。
基金投资了什么？
(as 2024年8月31日）
的部门分配
扇区 占总数的百分比
投资(a)
资讯科技 34.6 %
工业类股 15.8 %
金融类股 13.7 %
消费者可自由支配 10.5 %
医疗保健 8.8 %
材料 6.3 %
通信服务 5.6 %
消费者史泰博 2.6 %
能源 1.5 %
公用事业 0.6 %
十大持股
安防 占总数的百分比
投资(a)
三星电子有限公司 21.3 %
SK Hynix Inc. 8.3 %
现代汽车公司 3.2 %
KB金融集团公司 3.0 %
Celltrion Inc. 2.8 %
起亚公司(Kia Corp.) 2.5 %
新韩金融集团有限公司 2.3 %
浦项制铁控股有限公司 2.2 %
Naver Corp. 2.0 %
三星雷迪有限公司 1.7 %
​(a)
不包括货币市场基金。
附加信息
如果您希望查看有关基金的更多信息，包括但不限于财务报表、基金招股说明书以及代理投票政策和程序，请访问 blackrock.com/fundreports.有关代理投票记录，请访问blackrock.com/proxyrecords.
家居
持有房屋是某些基金投资者的一种选择。持家是一种基于个人投资者偏好的递送方式，在这种方式下，某些股东文件的单一副本可以递送给地址相同的投资者，即使他们的账户是以不同的名字注册的。如果您有兴趣登记购房并收到招股说明书和其他股东文件的单一副本，或如果您目前登记购房并希望更改您的购房状态，请联系您的经纪交易商。
本基金并非由MSCI，Inc.及其附属公司赞助、背书、发行、销售或推广，本公司亦不就投资本基金是否明智作出任何陈述。贝莱德与上述公司并无关联。
©2024贝莱德公司或其附属公司。版权所有。IShares和贝莱德是贝莱德股份有限公司或其附属公司的注册商标。所有其他商标均为其各自所有者的商标。
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IShares MSCI韩国ETF
年度股东报告-2024年8月31日
EWY-08/24-AR
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iShares MSCI西班牙ETF
电子可湿性粉剂 | 纽约证券交易所Arca
年度股东报告-2024年8月31日
这年度股东报告 包含有关2023年9月1日至2024年8月31日期间iShares MSCI西班牙ETF（“基金”）的重要信息。 您可以找到有关该基金的更多信息 在…blackrock.com/fundreports. 您还可以通过联系我们来请求此信息 1 - 800-iShares（1 - 800 - 474 - 2737）.
基金去年的成本是多少？
（基于假设的10，000美元投资）
基金名称 费用10，000美元
投资		 按百分比支付的成本
10,000美元投资
iShares MSCI西班牙ETF $56 0.50%
基金去年的表现如何？
  • 在报告所述期间，由于几家央行降息、定价压力放缓以及企业盈利强劲，投资者信心增强，全球股市稳步上涨。
  • 欧洲央行(“ECB”)在6月份下调了基本贷款利率，美国联邦储备银行(Federal Reserve Bank)也提供了强烈的迹象，表明它将很快降低利率。作为欧元区的一员，西班牙的货币政策，包括其政策利率，是由欧洲央行决定的。
  • 在强劲的旅游业和低失业率的推动下，西班牙经济在报告所述期间的表现好于欧盟的同行。
是什么对业绩做出了贡献？
在本报告所述期间，金融部门的股票对基金的回报作出了巨大贡献，其中以银行业为首。银行继续受益于高利率，导致净利息收入(银行从贷款获得的收入与存款支付的差额)大幅增加。此外，家庭和企业存款的增长主要是由于国内有利的经济条件。公用事业类股也受益于表现，最明显的是在绿色能源、可再生能源和电网基础设施方面大举投资的电力公用事业类股。
是什么影响了他们的表现？
在本报告所述期间，能源部门的股票对基金业绩的影响最大，最明显的是综合石油和天然气行业。在能源行业面临越来越大的税收压力，以及能源价格飙升带来的暴利税之际，一家西班牙能源和石化公司宣布了一项计划，可能会将其北海业务与一家私募股权支持的公司合并，这对其股价造成了负面影响。
所表达的观点反映了贝莱德截至本报告日期的观点，可能会根据市场、经济或其他条件的变化而发生变化。这些观点并不是对未来事件的预测，也不是对未来结果的保证。
基金业绩
累计绩效：2014年9月1日至2024年8月31日
初始投资10,000美元
Fund Performance - Growth of 10K
有关基金业绩的更多信息，请参阅“平均年总回报”。
平均年度总回报
1年 5年 10年
基金资产净值 22.72 % 8.15 % 1.59 %
基金市场 22.89 8.22 1.64
MSCI ACWI（美国除外）指数 18.21 7.56 4.42
MSCI西班牙25/50指数 23.21 8.53 1.97
主要基金统计数字
净资产 $1,048,723,910
投资组合持有量 22
净投资咨询费 $4,436,100
投资组合流动率 15%
为了响应新的监管要求，该基金添加了MSCI ACWI（美国除外）指数。
过去的表现并不能预示未来的结果。 业绩结果不反映股东因基金分配或赎回或出售基金份额而缴纳的税款的扣除。 访问 iShares.com 了解更多最新的性能信息。
基金投资了什么？
(as 2024年8月31日）
的部门分配
扇区 占总数的百分比
投资(a)
金融类股 36.1 %
公用事业 26.8 %
工业类股 12.7 %
消费者可自由支配 9.0 %
通信服务 8.9 %
能源 4.3 %
医疗保健 2.2 %
十大持股
安防 占总数的百分比
投资(a)
Iberdrola SA 17.6 %
Banco Santander SA 15.7 %
毕尔巴鄂维兹卡亚阿根廷银行 12.2 %
Amadeus IT Group SA 4.6 %
Ferrovial SE 4.5 %
Aena SME SA 4.5 %
Caixabank SA 4.5 %
CellneX电信公司 4.5 %
迪塞诺纺织工业公司 4.5 %
Telefonica SA 4.4 %
​(a)
不包括货币市场基金。
附加信息
如果您希望查看有关基金的更多信息，包括但不限于财务报表、基金招股说明书以及代理投票政策和程序，请访问 blackrock.com/fundreports.有关代理投票记录，请访问blackrock.com/proxyrecords.
家居
持有房屋是某些基金投资者的一种选择。持家是一种基于个人投资者偏好的递送方式，在这种方式下，某些股东文件的单一副本可以递送给地址相同的投资者，即使他们的账户是以不同的名字注册的。如果您有兴趣登记购房并收到招股说明书和其他股东文件的单一副本，或如果您目前登记购房并希望更改您的购房状态，请联系您的经纪交易商。
本基金并非由MSCI，Inc.及其附属公司赞助、背书、发行、销售或推广，本公司亦不就投资本基金是否明智作出任何陈述。贝莱德与上述公司并无关联。
©2024贝莱德公司或其附属公司。版权所有。IShares和贝莱德是贝莱德股份有限公司或其附属公司的注册商标。所有其他商标均为其各自所有者的商标。
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iShares MSCI西班牙ETF
年度股东报告-2024年8月31日
EWP-08/24-AR
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IShares MSCI瑞典ETF
EWD | 纽约证券交易所Arca
年度股东报告-2024年8月31日
这年度股东报告 包含有关2023年9月1日至2024年8月31日期间iShares MSCI Sweden ETF（“基金”）的重要信息。 您可以找到有关该基金的更多信息 在…blackrock.com/fundreports. 您还可以通过联系我们来请求此信息 1 - 800-iShares（1 - 800 - 474 - 2737）.
基金去年的成本是多少？
（基于假设的10，000美元投资）
基金名称 费用10，000美元
投资		 支付的成本占a的百分比
10，000美元投资
IShares MSCI瑞典ETF $63 0.54%
基金去年表现如何？
  • 由于多家央行降息、定价压力放缓以及企业盈利强劲，投资者信心增强，全球股市在报告期内稳健上涨。
  • 欧洲央行在6月份下调了基本贷款利率，美国联邦储备银行(Federal Reserve Bank)也提供了强有力的迹象，表明它将很快降低利率。相反，日本央行退出了自2016年以来一直实行的零利率政策，提高了短期政策利率，并暗示还会有更多加息。
  • 瑞典的通胀大幅降温，失业率略有上升，经济增长疲软；这导致瑞典央行瑞典央行在报告期间两次降息，同时也发出信号，将继续以快于预期的速度放松货币政策。
是什么对业绩做出了贡献？
在本报告所述期间，以资本品行业为首的工业部门股票对基金的业绩作出了巨大贡献。瑞典一家跨国工业公司在成功完成对两家制造商的收购后崛起，该公司拥有广泛的业务线，以扩大其科学真空、压缩机技术和氦泄漏检测部门目前的产品供应。金融股也对业绩产生了积极影响。一家瑞典投资和控股公司对一家盈利的电信设备供应商进行了大量投资。
是什么影响了他们的表现？
在2024年8月31日终了的报告所述期间，基金的回报没有受到明显的诋毁。
所表达的观点反映了贝莱德截至本报告日期的观点，可能会根据市场、经济或其他条件的变化而发生变化。这些观点并不是对未来事件的预测，也不是对未来结果的保证。
基金业绩
累计绩效：2014年9月1日至2024年8月31日
初始投资10,000美元
Fund Performance - Growth of 10K
有关基金业绩的更多信息，请参阅“平均年总回报”。
平均年度总回报
1年 5年 10年
基金资产净值 31.89 % 11.70 % 5.73 %
基金市场 31.78 11.62 5.73
MSCI ACWI（美国除外）指数 18.21 7.56 4.42
摩根士丹利资本国际瑞典25/50指数 31.60 11.29 5.17
主要基金统计数字
净资产 $307,052,754
投资组合持有量 48
净投资咨询费 $1,568,128
投资组合流动率 16%
为了响应新的监管要求，该基金添加了MSCI ACWI（美国除外）指数。
本报告中MSCI瑞典25/50指数的表现反映了MSCI瑞典指数截至2016年11月30日的表现，以及自2016年12月1日开始的MSCI瑞典25/50指数的表现。
过去的表现并不能预示未来的结果。 业绩结果不反映股东因基金分配或赎回或出售基金份额而缴纳的税款的扣除。 访问 iShares.com 了解更多最新的性能信息。
基金投资了什么？
(as 2024年8月31日）
的部门分配
扇区 占总数的百分比
投资(a)
工业类股 50.7 %
金融类股 23.8 %
资讯科技 7.4 %
消费者可自由支配 5.2 %
材料 3.5 %
消费者史泰博 3.2 %
通信服务 2.4 %
房地产 1.9 %
医疗保健 1.9 %
十大持股
安防 占总数的百分比
投资(a)
投资者Ab，B类 9.0 %
阿特拉斯·科普柯抗体，A级 8.6 %
沃尔沃AB，B级 7.4 %
Assa Abloy Ab，B类 5.7 %
阿特拉斯·科普柯抗体，B级 4.4 %
Skandinaviska Enskilda Banken Ab，A级 4.3 %
桑德维克公司 4.0 %
六边形抗体，B类 3.7 %
Telefonaktiebolaget Lm Ericsson，B类 3.6 %
进化AB 3.3 %
​(a)
不包括货币市场基金。
附加信息
如果您希望查看有关基金的更多信息，包括但不限于财务报表、基金招股说明书以及代理投票政策和程序，请访问 blackrock.com/fundreports.有关代理投票记录，请访问blackrock.com/proxyrecords.
家居
持有房屋是某些基金投资者的一种选择。持家是一种基于个人投资者偏好的递送方式，在这种方式下，某些股东文件的单一副本可以递送给地址相同的投资者，即使他们的账户是以不同的名字注册的。如果您有兴趣登记购房并收到招股说明书和其他股东文件的单一副本，或如果您目前登记购房并希望更改您的购房状态，请联系您的经纪交易商。
本基金并非由MSCI，Inc.及其附属公司赞助、背书、发行、销售或推广，本公司亦不就投资本基金是否明智作出任何陈述。贝莱德与上述公司并无关联。
©2024贝莱德公司或其附属公司。版权所有。IShares和贝莱德是贝莱德股份有限公司或其附属公司的注册商标。所有其他商标均为其各自所有者的商标。
TSR - BLK iShares Logo Footer
IShares MSCI瑞典ETF
年度股东报告-2024年8月31日
EWD-08/24-AR
TSR - BLK iShares Logo
iShares MSCI瑞士ETF
EWL | 纽约证券交易所Arca
年度股东报告-2024年8月31日
这年度股东报告包含2023年9月1日至2024年8月31日期间的iShares MSCI瑞士ETF(“基金”)的重要信息。 你可以找到关于该基金的更多信息 在…blackrock.com/fundreports.您也可以通过以下方式与我们联系以获取此信息1-800-iShares(1-800-474-2737).
基金去年的成本是多少？
（基于假设的10，000美元投资）
基金名称 10,000澳元的成本
投资		 按百分比支付的成本
10,000美元投资
iShares MSCI瑞士ETF $54 0.50%
基金去年的表现如何？
  • 在报告所述期间，由于几家央行降息、定价压力放缓以及企业盈利强劲，投资者信心增强，全球股市稳步上涨。
  • 欧洲央行在6月份下调了基本贷款利率，美国联邦储备银行(Federal Reserve Bank)也提供了强有力的迹象，表明它将很快降低利率。瑞士央行在2024年迄今两次降息，并暗示可能在年底前进行第三次降息。
  • 在本报告所述期间，由于低通胀和低失业率，瑞士经济证明具有韧性；随着本币走弱，出口活动开始反弹，但地缘政治冲突继续构成风险。
是什么对业绩做出了贡献？
在本报告所述期间，医疗保健部门的股票对基金的业绩贡献最大，制药、生物技术和生命科学行业为首。由于对其心血管、关节炎和牛皮癣药物的强劲需求，一家瑞士制药商的股票上涨。金融股也受益于业绩，最明显的是保险板块，因为商业人寿保险和商业保险的创纪录表现推动了一家大型瑞士保险公司的利润增长。
是什么影响了他们的表现？
在本报告所述期间，消费品部门的库存对基金的回报影响最大，最明显的是包装食品和肉类行业。一家瑞士包装食品和饮料巨头的股价下跌，因为注重成本的消费者继续在杂货店折价购买更实惠的商品。
所表达的观点反映了贝莱德截至本报告日期的观点，可能会根据市场、经济或其他条件的变化而发生变化。这些观点并不是对未来事件的预测，也不是对未来结果的保证。
基金业绩
累计绩效：2014年9月1日至2024年8月31日
初始投资10,000美元
Fund Performance - Growth of 10K
有关基金业绩的更多信息，请参阅“平均年总回报”。
平均年度总回报
1年 5年 10年
基金资产净值 17.32 % 9.39 % 6.92 %
基金市场 16.97 9.25 6.90
MSCI ACWI（美国除外）指数 18.21 7.56 4.42
摩根士丹利资本国际瑞士25/50指数 16.80 9.43 7.02
主要基金统计数字
净资产 $1,310,942,714
投资组合持有量 48
投资咨询费净额 $5,866,007
投资组合流动率 6%
为了响应新的监管要求，该基金添加了MSCI ACWI（美国除外）指数。
过去的表现并不能预示未来的结果。 业绩结果不反映股东因基金分配或赎回或出售基金份额而缴纳的税款的扣除。 访问 iShares.com 了解更多最新的性能信息。
基金投资了什么？
(as 2024年8月31日）
的部门分配
扇区 占总数的百分比
投资(a)
医疗保健 36.5 %
消费者史泰博 18.2 %
金融类股 16.9 %
工业类股 10.4 %
材料 9.7 %
消费者可自由支配 5.2 %
资讯科技 1.2 %
通信服务 1.0 %
房地产 0.6 %
公用事业 0.3 %
十大持股
安防 占总数的百分比
投资(a)
雀巢公司 16.1 %
Novartis AG 13.5 %
罗氏控股公司 13.3 %
苏黎世保险集团股份公司 4.5 %
ABb有限公司 4.5 %
瑞银集团 4.4 %
Cie Financiere Richemont SA，A级 4.3 %
Holcim AG 3.0 %
阿尔康公司 2.9 %
龙沙集团股份公司 2.8 %
​(a)
不包括货币市场基金。
附加信息
如果您希望查看有关基金的更多信息，包括但不限于财务报表、基金招股说明书以及代理投票政策和程序，请访问 blackrock.com/fundreports.有关代理投票记录，请访问blackrock.com/proxyrecords.
家居
持有房屋是某些基金投资者的一种选择。持家是一种基于个人投资者偏好的递送方式，在这种方式下，某些股东文件的单一副本可以递送给地址相同的投资者，即使他们的账户是以不同的名字注册的。如果您有兴趣登记购房并收到招股说明书和其他股东文件的单一副本，或如果您目前登记购房并希望更改您的购房状态，请联系您的经纪交易商。
本基金并非由MSCI，Inc.及其附属公司赞助、背书、发行、销售或推广，本公司亦不就投资本基金是否明智作出任何陈述。贝莱德与上述公司并无关联。
©2024贝莱德公司或其附属公司。版权所有。IShares和贝莱德是贝莱德股份有限公司或其附属公司的注册商标。所有其他商标均为其各自所有者的商标。
TSR - BLK iShares Logo Footer
iShares MSCI瑞士ETF
年度股东报告-2024年8月31日
EWL-08/24-AR
TSR - BLK iShares Logo
iShares MSCI台湾ETF
EWT | 纽约证券交易所Arca
年度股东报告-2024年8月31日
这年度股东报告包含2023年9月1日至2024年8月31日期间有关iShares MSCI台湾ETF(“基金”)的重要资料。 你可以找到关于该基金的更多信息 在…blackrock.com/fundreports.您也可以通过以下方式与我们联系以获取此信息1-800-iShares(1-800-474-2737).
基金去年的成本是多少？
（基于假设的10，000美元投资）
基金名称 10,000澳元的成本
投资		 按百分比支付的成本
10,000美元投资
iShares MSCI台湾ETF $69 0.59%
基金去年的表现如何？
  • 在报告所述期间，美国降息的可能性越来越大，这帮助了新兴市场股市的表现，但中国的增长疲软、地缘政治担忧以及美元走强拖累了回报。
  • 台湾作为半导体制造中心的地位吸引了大量外国投资和技术进步，将台湾股市推高至历史新高。
  • 在人工智能(“AI”)和制造驱动AI的芯片的半导体公司的推动下，科技板块的实力帮助台湾股市在报告期内上涨。
是什么对业绩做出了贡献？
信息技术股对基金的回报作出了压倒性的贡献。涨幅主要由半导体领域的公司主导，主要来自中国最大的公司和世界上最大的半导体公司之一。除了在人工智能应用中使用外，半导体还用于智能手机、笔记本电脑、汽车和许多其他行业。台湾的金融部门也对该基金的表现做出了贡献。多元化银行受到高零售存款基础、复苏的企业贷款和稳健的财富管理费用的支撑。人寿保险和健康保险公司也上涨。
是什么影响了他们的表现？
在本报告所述期间，减损基金收益的是材料部门的库存。在大宗化学品行业，中国最大工业集团的股票受到石化需求疲软、中国复苏乏力以及外汇损失的影响。
所表达的观点反映了贝莱德截至本报告日期的意见，并可能会根据市场、经济或其他条件的变化而发生变化。这些观点并不是对未来事件的预测，也不能保证未来结果。
基金业绩
累计业绩：2014年9月1日至2024年8月31日
初始投资10，000美元
Fund Performance - Growth of 10K
有关基金业绩的更多信息，请参阅“平均年度总回报”。
平均年度总回报
1年 5年 10年
基金资产净值 32.85 % 17.16 % 10.36 %
基金市场 33.00 17.09 10.27
摩根士丹利资本国际新兴市场指数 15.07 4.79 2.56
MSCI台湾25/50指数 32.81 17.76 11.00
主要基金统计数字
净资产 $5,233,503,864
投资组合持有量 91
净投资咨询费 $24,086,418
投资组合流动率 24%
为了响应新的监管要求，该基金增加了MSCI新兴市场指数。
本报告中MSCI台湾25/50指数的表现反映了MSCI台湾指数截至2016年11月30日的表现，以及自2016年12月1日开始的MSCI台湾25/50指数的表现。
过去的表现并不能预示未来的结果。 业绩结果不反映股东因基金分配或赎回或出售基金份额而缴纳的税款的扣除。 访问 iShares.com 了解更多最新的性能信息。
基金投资了什么？
(as 2024年8月31日）
的部门分配
扇区 占总数的百分比
投资(a)
资讯科技 63.6 %
金融类股 17.7 %
工业类股 5.6 %
材料 4.3 %
消费者可自由支配 3.1 %
通信服务 2.8 %
消费者史泰博 1.8 %
医疗保健 0.7 %
房地产 0.4 %
十大持股
安防 占总数的百分比
投资(a)
台积电有限公司 22.0 %
鸿海精密工业股份有限公司。 5.9 %
联发科公司 4.9 %
达美电子公司 2.2 %
广达电脑公司 2.1 %
富邦金融控股有限公司 2.1 %
联华电子 1.8 %
中银金融控股有限公司 1.7 %
国泰金融控股股份有限公司 1.6 %
ASE科技控股有限公司 1.5 %
​(a)
不包括货币市场基金。
附加信息
如果您希望查看有关基金的更多信息，包括但不限于财务报表、基金招股说明书以及代理投票政策和程序，请访问 blackrock.com/fundreports. 有关代理投票记录，请访问 blackrock.com/proxyrecords.
家居
持有房屋是某些基金投资者的一种选择。持家是一种基于个人投资者偏好的递送方式，在这种方式下，某些股东文件的单一副本可以递送给地址相同的投资者，即使他们的账户是以不同的名字注册的。如果您有兴趣登记购房并收到招股说明书和其他股东文件的单一副本，或如果您目前登记购房并希望更改您的购房状态，请联系您的经纪交易商。
本基金并非由MSCI，Inc.及其附属公司赞助、背书、发行、销售或推广，本公司亦不就投资本基金是否明智作出任何陈述。贝莱德与上述公司并无关联。
©2024贝莱德公司或其附属公司。版权所有。IShares和贝莱德是贝莱德股份有限公司或其附属公司的注册商标。所有其他商标均为其各自所有者的商标。
TSR - BLK iShares Logo Footer
iShares MSCI台湾ETF
年度股东报告-2024年8月31日
EWT-08/24-AR
TSR - BLK iShares Logo
iShares MSCI泰国ETF
THD | 纽约证券交易所Arca
年度股东报告-2024年8月31日
这年度股东报告包含2023年9月1日至2024年8月31日期间的iShares MSCI泰国ETF(“基金”)的重要信息。 你可以找到关于该基金的更多信息 在…blackrock.com/fundreports.您也可以通过以下方式与我们联系以获取此信息1-800-iShares(1-800-474-2737).
基金去年的成本是多少？
（基于假设的10，000美元投资）
基金名称 10,000澳元的成本
投资		 按百分比支付的成本
10,000美元投资
iShares MSCI泰国ETF $57 0.59%
基金去年的表现如何？
  • 在报告所述期间，美国降息的前景越来越大，帮助新兴市场股市表现，而中国增长疲软、地缘政治担忧和美元走强拖累了回报。
  • 虽然泰国经济经历了旅游业的复苏，但由于出口增长疲软、生活成本上升、制造业衰退和家庭债务居高不下，泰国经济复苏参差不齐。
  • 该国缓慢的经济增长拖累了泰国股市和本币万亿.E泰铢。
  • 为了刺激消费者支出，泰国政府推出了一项数字钱包计划，向每位符合条件的泰国公民发放了大约276美元。预计将有大约4,500-5,000名万泰国公民和200多万家供应商参与该计划。
是什么对业绩做出了贡献？
在通信部门，在本报告所述期间，从事无线电信服务的公司对基金的回报贡献最大。政府推动消费的政策提振了移动服务支出。
是什么影响了他们的表现？
在本报告所述期间，材料库存是基金业绩的最大负面因素。在大宗商品化学品行业，股市受到竞争日益激烈和债务水平上升的压力。建筑材料公司受到泰国经济放缓的负面影响，导致销售疲软和需求疲软。在经济增长放缓和地缘政治风险的环境下，公用事业部门的独立电力和可再生电力生产商受到了影响。在非必需消费品领域，大张旗鼓的零售商有所贬低。
所表达的观点反映了贝莱德截至本报告日期的观点，可能会根据市场、经济或其他条件的变化而发生变化。这些观点并不是对未来事件的预测，也不是对未来结果的保证。
基金业绩
累计业绩：2014年9月1日至2024年8月31日
初始投资10，000美元
Fund Performance - Growth of 10K
有关基金业绩的更多信息，请参阅“平均年度总回报”。
平均年度总回报
1年 5年 10年
基金资产净值 (7.76 ) % (4.76 ) % (0.33 ) %
基金市场 (8.03 ) (4.77 ) (0.40 )
摩根士丹利资本国际新兴市场指数 15.07 4.79 2.56
MSCI泰国IMI 25/50指数 (7.82 ) (4.60 ) (0.11 )
主要基金统计数字
净资产 $238,356,604
投资组合持有量 119
净投资咨询费 $1,504,764
投资组合流动率 8%
为了响应新的监管要求，该基金增加了MSCI新兴市场指数。
过去的表现并不能预示未来的结果。 业绩结果不反映股东因基金分配或赎回或出售基金份额而缴纳的税款的扣除。 访问 iShares.com 了解更多最新的性能信息。
基金投资了什么？
(as 2024年8月31日）
的部门分配
扇区 占总数的百分比
投资(a)
能源 13.7 %
消费者史泰博 13.6 %
金融类股 10.4 %
通信服务 10.3 %
医疗保健 10.0 %
工业类股 8.3 %
资讯科技 7.7 %
消费者可自由支配 7.6 %
房地产 6.5 %
材料 6.1 %
公用事业 5.8 %
十大持股
安防 占总数的百分比
投资(a)
CP ALL PDC 6.7 %
PTt plc 6.4 %
达美电子泰国plc 6.4 %
曼谷杜西特医疗服务公司 5.9 %
高级信息服务plc 5.6 %
泰国机场 4.9 %
PTt勘探与生产plc 3.8 %
Siam Cement plc（The） 3.5 %
海湾能源开发公司 2.9 %
Bumrungrad医院 2.8 %
​(a)
不包括货币市场基金。
附加信息
如果您希望查看有关基金的更多信息，包括但不限于财务报表、基金招股说明书以及代理投票政策和程序，请访问 blackrock.com/fundreports. 有关代理投票记录，请访问 blackrock.com/proxyrecords.
家居
持有房屋是某些基金投资者的一种选择。持家是一种基于个人投资者偏好的递送方式，在这种方式下，某些股东文件的单一副本可以递送给地址相同的投资者，即使他们的账户是以不同的名字注册的。如果您有兴趣登记购房并收到招股说明书和其他股东文件的单一副本，或如果您目前登记购房并希望更改您的购房状态，请联系您的经纪交易商。
本基金并非由MSCI，Inc.及其附属公司赞助、背书、发行、销售或推广，本公司亦不就投资本基金是否明智作出任何陈述。贝莱德与上述公司并无关联。
©2024贝莱德公司或其附属公司。版权所有。IShares和贝莱德是贝莱德股份有限公司或其附属公司的注册商标。所有其他商标均为其各自所有者的商标。
TSR - BLK iShares Logo Footer
iShares MSCI泰国ETF
年度股东报告-2024年8月31日
THD-08/24-AR
TSR - BLK iShares Logo
iShares MSCI土耳其ETF
TUR | 纳斯达克
年度股东报告-2024年8月31日
这年度股东报告包含2023年9月1日至2024年8月31日期间的iShares MSCI土耳其ETF(以下简称“基金”)的重要信息。 你可以找到关于该基金的更多信息 在…blackrock.com/fundreports.您也可以通过以下方式与我们联系以获取此信息1-800-iShares(1-800-474-2737).
基金去年的成本是多少？
（基于假设的10，000美元投资）
基金名称 10,000澳元的成本
投资		 按百分比支付的成本
10,000美元投资
iShares MSCI土耳其ETF $60 0.59%
基金去年的表现如何？
  • 在报告所述期间，美国降息的可能性越来越大，这帮助了新兴市场股市的表现，但地缘政治担忧、中国增长疲软以及美元走强拖累了股市。
  • 总体而言，由于几家央行降息、定价压力放缓以及企业盈利强劲，投资者信心增强，股市稳步上涨。
  • 土耳其股市表现落后于新兴市场股市，该国提高了政策利率，并采取极端措施应对极高的通胀。
是什么对业绩做出了贡献？
在本报告所述期间，金融部门是基金回报的最大贡献者。银行部门受益，因为政策利率在报告期结束时为50%，增加了净利息收入(银行贷款利率与存款利率之间的差额)。消费品部门也起到了推动作用，特别是在食品零售商和食品、饮料和烟草库存方面。由于土耳其里拉因严重的政策加息而贬值，当地生产的消费必需品在国内和出口市场上更具竞争力。此外，这些商品的必要性使它们不太容易受到经济放缓的影响。
是什么影响了他们的表现？
在本报告所述期间，基金回报的主要批评者是材料部门，包括专门从事化学品的部门。专门从事金属和采矿的公司受到全球经济状况和大宗商品价格波动的压力。在工业部门，能源价格上涨以及该国更广泛的经济挑战，如通货膨胀和货币波动，对业绩产生了负面影响。
所表达的观点反映了贝莱德截至本报告日期的观点，可能会根据市场、经济或其他条件的变化而发生变化。这些观点并不是对未来事件的预测，也不是对未来结果的保证。
基金业绩
累计绩效：2014年9月1日至2024年8月31日
初始投资10,000美元
Fund Performance - Growth of 10K
有关基金业绩的更多信息，请参阅“平均年度总回报”。
平均年度总回报
1年 5年 10年
基金资产净值 1.81 % 12.30 % (1.23 ) %
基金市场 1.19 12.17 (1.21 )
摩根士丹利资本国际新兴市场指数 15.07 4.79 2.56
MSCI土耳其IMI 25/50指数 2.20 12.61 (0.97 )
主要基金统计数字
净资产 $219,400,544
投资组合持有量 99
净投资咨询费 $1,295,624
投资组合流动率 14%
为了响应新的监管要求，该基金增加了MSCI新兴市场指数。
本报告中MSCI土耳其IMI 25/50指数的表现反映了MSCI土耳其可投资市场指数截至2019年5月28日的表现，以及自2019年5月29日开始的MSCI土耳其IMI 25/50指数的表现。
过去的表现并不能预示未来的结果。 业绩结果不反映股东因基金分配或赎回或出售基金份额而缴纳的税款的扣除。 访问 iShares.com 了解更多最新的性能信息。
基金投资了什么？
(as 2024年8月31日）
的部门分配
扇区 占总数的百分比
投资(a)
工业类股 24.1 %
金融类股 20.1 %
消费者史泰博 17.1 %
材料 12.3 %
消费者可自由支配 9.3 %
能源 5.8 %
通信服务 4.4 %
公用事业 2.4 %
房地产 1.9 %
医疗保健 1.7 %
资讯科技 0.9 %
十大持股
安防 占总数的百分比
投资(a)
BIm Birlesik Magazum A/S 8.8 %
阿克班克塔斯 6.5 %
土耳其石油公司Rafinerileri AS 5.8 %
KOC Holding AS 5.1 %
土耳其哈瓦·约拉里AO 4.6 %
Turkcell Iletisim Hizmetleri AS 4.5 %
土耳其是Bankasi AS，C级 4.1 %
Yapi ve Kredi Bankasi A/S 3.8 %
哈西·奥马尔·萨班奇控股公司 3.2 %
Aselsan Elektronik Sanayi Ve Ticaret A/S 3.2 %
​(a)
不包括货币市场基金。
附加信息
如果您希望查看有关基金的更多信息，包括但不限于财务报表、基金招股说明书以及代理投票政策和程序，请访问 blackrock.com/fundreports. 有关代理投票记录，请访问 blackrock.com/proxyrecords.
家居
持有房屋是某些基金投资者的一种选择。持家是一种基于个人投资者偏好的递送方式，在这种方式下，某些股东文件的单一副本可以递送给地址相同的投资者，即使他们的账户是以不同的名字注册的。如果您有兴趣登记购房并收到招股说明书和其他股东文件的单一副本，或如果您目前登记购房并希望更改您的购房状态，请联系您的经纪交易商。
本基金并非由MSCI，Inc.及其附属公司赞助、背书、发行、销售或推广，本公司亦不就投资本基金是否明智作出任何陈述。贝莱德与上述公司并无关联。
©2024贝莱德公司或其附属公司。版权所有。IShares和贝莱德是贝莱德股份有限公司或其附属公司的注册商标。所有其他商标均为其各自所有者的商标。
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iShares MSCI土耳其ETF
年度股东报告-2024年8月31日
TU-08/24-AR
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iShares MSCI世界ETF
Urth | 纽约证券交易所Arca
年度股东报告-2024年8月31日
这年度股东报告包含2023年9月1日至2024年8月31日期间的iShares MSCI World ETF(“基金”)的重要信息。 你可以找到关于该基金的更多信息 在…blackrock.com/fundreports.您也可以通过以下方式与我们联系以获取此信息1-800-iShares(1-800-474-2737).
基金去年的成本是多少？
（基于假设的10，000美元投资）
基金名称 10,000澳元的成本
投资		 按百分比支付的成本
10,000美元投资
iShares MSCI世界ETF $27 0.24%
基金去年的表现如何？
  • 在报告所述期间，由于几家央行降息、定价压力放缓以及企业盈利强劲，投资者信心增强，全球股市稳步上涨。
  • 欧洲央行在6月份下调了基本贷款利率，美国联邦储备银行(Federal Reserve Bank)也提供了强有力的迹象，表明它将很快降低利率。相反，日本央行退出了自2016年以来一直实行的零利率政策，提高了短期政策利率，并暗示还会有更多加息。
  • 在人工智能(AI)的推动下，信息技术类股在报告期的大部分时间里引领市场。然而，由于围绕经济增长、地缘政治和即将到来的美国总统大选的不确定性越来越大，市场情绪在报告期末转向防御性更强的板块。
是什么对业绩做出了贡献？
在本报告所述期间，美国的股票对基金的回报作出了重大贡献。在美国股市中，信息技术板块是该基金业绩的最大贡献者，被视为人工智能潜在受益者的公司上涨。美国半导体和半导体设备公司是主要的实力来源，因为这些公司生产为人工智能提供动力所需的专用芯片。日本股市也对业绩做出了贡献，尤其是在工业行业。一家拥有多条业务线的日本制造公司的股票增加，因为该公司完成了漫长的重组过程，专注于人工智能、电网和数据中心。
是什么影响了他们的表现？
在本报告所述期间，基金的业绩没有受到明显的贬损。
所表达的观点反映了贝莱德截至本报告日期的观点，可能会根据市场、经济或其他条件的变化而发生变化。这些观点并不是对未来事件的预测，也不是对未来结果的保证。
基金业绩
累计绩效：2014年9月1日至2024年8月31日
初始投资10,000美元
Fund Performance - Growth of 10K
有关基金业绩的更多信息，请参阅“平均年总回报”。
平均年度总回报
1年 5年 10年
基金资产净值 24.75 % 13.30 % 9.81 %
基金市场 24.69 13.32 9.79
MSCI所有国家世界指数 23.44 12.14 8.78
MSCI世界指数 24.43 13.11 9.57
主要基金统计数字
净资产 $3,713,581,721
投资组合持有量 1,420
净投资咨询费 $7,556,556
投资组合流动率 2%
为了响应新的监管要求，该基金增加了MSCI所有国家世界指数。
过去的表现并不能预示未来的结果。 业绩结果不反映股东因基金分配或赎回或出售基金份额而缴纳的税款的扣除。 访问 iShares.com 了解更多最新的性能信息。
基金投资了什么？
(as 2024年8月31日）
的部门分配
扇区 占总数的百分比
投资(a)
资讯科技 24.7 %
金融类股 15.5 %
医疗保健 12.3 %
工业类股 11.0 %
消费者可自由支配 9.9 %
通信服务 7.4 %
消费者史泰博 6.5 %
能源 4.1 %
材料 3.7 %
公用事业 2.6 %
房地产 2.3 %
国家/地理分配
国家/地理区域 占总数的百分比
投资(a)
美国 71.4 %
日本 5.8 %
联合王国 3.8 %
加拿大 3.1 %
法国 2.9 %
瑞士 2.6 %
德国 2.2 %
澳大利亚 1.9 %
荷兰 1.3 %
丹麦 1.0 %
其他# 4.0 %
​(a)
不包括货币市场基金。
​#
列出了十个最大的国家/地理区域。其他国家/地理区域可在其他中找到。
附加信息
如果您希望查看有关基金的更多信息，包括但不限于财务报表、基金招股说明书以及代理投票政策和程序，请访问 blackrock.com/fundreports. 有关代理投票记录，请访问 blackrock.com/proxyrecords.
家居
持有房屋是某些基金投资者的一种选择。持家是一种基于个人投资者偏好的递送方式，在这种方式下，某些股东文件的单一副本可以递送给地址相同的投资者，即使他们的账户是以不同的名字注册的。如果您有兴趣登记购房并收到招股说明书和其他股东文件的单一副本，或如果您目前登记购房并希望更改您的购房状态，请联系您的经纪交易商。
本基金并非由MSCI，Inc.及其附属公司赞助、背书、发行、销售或推广，本公司亦不就投资本基金是否明智作出任何陈述。贝莱德与上述公司并无关联。
©2024贝莱德公司或其附属公司。版权所有。IShares和贝莱德是贝莱德股份有限公司或其附属公司的注册商标。所有其他商标均为其各自所有者的商标。
TSR - BLK iShares Logo Footer
iShares MSCI世界ETF
年度股东报告-2024年8月31日
URTH-08/24-AR

  (b) Not applicable
Item 2 –   Code of Ethics - The registrant has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the registrant has not amended the code of ethics and there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, by calling 1-800-474-2737.
Item 3 –   Audit Committee Financial Expert - The registrant’s board of directors (the “board of directors”), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:
 

Richard L. Fagnani

Madhav V. Rajan

  Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.
Item 4 –   Principal Accountant Fees and Services.
  The principal accountant fees disclosed in items 4(a), 4(b), 4(c), 4(d) and 4(g) are for the forty-six series of the registrant for which the fiscal year-end is August 31, 2024 (the “Funds”), and whose annual financial statements are reported in Item 7.
  (a) Audit Fees – The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Funds’ annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $767,800 for the fiscal year ended August 31, 2023 and $736,520 for the fiscal year ended August 31, 2024.
  (b) Audit-Related Fees – There were no fees billed for the fiscal years ended August 31, 2023 and August 31, 2024 for assurance and related services by the principal accountant that were reasonably related to the performance of the audit of the Fund’s financial statements and are not reported under (a) of this Item.
  (c) Tax Fees – The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning for the Funds were $446,200 for the fiscal year ended August 31, 2023 and $446,200 for the fiscal year ended August 31, 2024. These services related to the review of the Funds’ tax returns and excise tax calculations.

  (d) All Other Fees – There were no other fees billed in each of the fiscal years ended August 31, 2023 and August 31, 2024 for products and services provided by the principal accountant, other than the services reported in (a) through (c) of this Item.
  (e)(1) Audit Committee Pre-Approval Policies and Procedures – The registrant’s audit committee charter, as amended, provides that the audit committee is responsible for the approval, prior to appointment, of the engagement of the principal accountant to annually audit and provide their opinion on the registrant’s financial statements. The audit committee must also approve, prior to appointment, the engagement of the principal accountant to provide non-audit services to the registrant or to any entity controlling, controlled by or under common control with the registrant’s investment adviser (“Adviser Affiliate”) that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant.
  (e)(2) None of the services described in each of Items 4(b) through (d) were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
  (f) Not applicable
  (g) The aggregate non-audit fees billed by the registrant’s principal accountant for services rendered to the Funds, and rendered to the registrant’s investment adviser, and any Adviser Affiliate that provides ongoing services to the registrant for the last two fiscal years were $446,200 for the fiscal year ended August 31, 2023 and $446,200 for the fiscal year ended August 31, 2024.
  (h) The registrant’s audit committee has considered whether the provision of non-audit services rendered to the registrant’s investment adviser and any Adviser Affiliate that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if any, is compatible with maintaining the principal accountant’s independence, and has determined that the provision of these services, if any, does not compromise the principal accountant’s independence.
  (i) Not applicable
  (j) Not applicable
Item 5 –   Audit Committee of Listed Registrant
  (a) The following individuals are members of the registrant’s separately designated standing Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(58)(A)):
 

Richard L. Fagnani

Laura F. Fergerson

Cecilia H. Herbert

Madhav V. Rajan

  (b) Not applicable

Item 6 –   Investments
  (a) The registrant’s Schedule of Investments is included as part of the Financial Statements and Financial Highlights for Open-End Management Investment Companies filed under Item 7 of this Form.
  (b) Not applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
Item 7 –   Financial Statements and Financial Highlights for Open-End Management Investment Companies
  (a) The registrant’s Financial Statements are attached herewith.
  (b) The registrant’s Financial Highlights are attached herewith.

August 31, 2024
 
 
2024 Annual Financial Statements
 
iShares, Inc.
• iShares MSCI Eurozone ETF | EZU | Cboe BZX
• iShares MSCI Germany ETF | EWG | NYSE Arca
• iShares MSCI Italy ETF | EWI | NYSE Arca
• iShares MSCI Spain ETF | EWP | NYSE Arca
• iShares MSCI Switzerland ETF | EWL | NYSE Arca
Table of Contents
 
 
Page
3
21
23
25
28
33
44
45
46
48
57
2
Schedule of Investments
August 31, 2024
iShares® MSCI Eurozone ETF
(Percentages shown are based on Net Assets)
 
Security
Shares
Value
Common Stocks
Austria — 0.6%
Erste Group Bank AG
459,859
$25,170,268
OMV AG
203,014
8,854,634
Verbund AG
93,456
7,943,967
voestalpine AG
148,712
3,628,606
 
45,597,475
Belgium — 2.9%
Ageas SA/NV
218,425
11,227,654
Anheuser-Busch InBev SA/NV
1,221,613
74,972,940
Argenx SE(a)
81,040
41,878,385
D'ieteren Group
29,560
7,176,105
Elia Group SA/NV
40,845
4,478,017
Groupe Bruxelles Lambert NV
113,233
8,743,266
KBC Group NV
312,969
24,369,969
Lotus Bakeries NV
568
7,145,478
Sofina SA
21,320
5,195,505
Syensqo SA
101,413
8,350,675
UCB SA
172,397
31,223,310
Warehouses De Pauw CVA
244,135
6,534,135
 
231,295,439
Finland — 3.1%
Elisa OYJ
194,736
9,751,640
Fortum OYJ
613,131
9,776,394
Kesko OYJ, Class B
371,890
7,534,509
Kone OYJ, Class B
465,049
25,084,044
Metso OYJ
851,106
8,635,320
Neste OYJ
577,393
13,473,018
Nokia OYJ
7,273,564
32,064,048
Nordea Bank Abp
4,297,310
50,774,937
Orion OYJ, Class B
148,122
7,854,322
Sampo OYJ, Class A
613,711
27,360,034
Stora Enso OYJ, Class R
796,134
10,284,166
UPM-Kymmene OYJ
728,252
24,547,061
Wartsila OYJ Abp
685,669
15,122,791
 
242,262,284
France — 34.0%
Accor SA
264,928
11,170,637
Aeroports de Paris SA
47,015
6,156,205
Air Liquide SA
788,326
147,139,455
Airbus SE
810,264
124,468,237
Alstom SA(a)
474,201
9,668,685
Amundi SA(b)
83,684
6,284,334
ArcelorMittal SA
643,686
15,080,030
Arkema SA
76,747
7,120,413
AXA SA
2,477,922
94,307,490
BioMerieux
56,557
6,545,108
BNP Paribas SA
1,387,768
95,988,517
Bollore SE
976,710
6,435,665
Bouygues SA
258,926
9,258,039
Bureau Veritas SA
433,820
14,281,720
Capgemini SE
211,636
43,843,278
Carrefour SA
739,578
11,914,799
Cie de Saint-Gobain SA
619,659
54,149,413
Cie Generale des Etablissements Michelin SCA
926,165
36,365,320
Covivio SA/France
76,104
4,236,182
Credit Agricole SA
1,443,885
22,618,378
Danone SA
880,302
61,169,487
Dassault Aviation SA
27,403
5,904,062
Dassault Systemes SE
909,784
35,554,159
Edenred SE
339,294
14,280,657
Eiffage SA
100,666
10,566,420
Security
Shares
Value
France (continued)
Engie SA
2,490,551
$43,864,232
EssilorLuxottica SA
405,337
96,119,068
Eurazeo SE
61,810
4,869,096
Eurofins Scientific SE
184,921
10,555,343
Euronext NV(b)
109,810
11,727,086
Gecina SA
62,825
6,903,795
Getlink SE
415,086
7,485,872
Hermes International SCA
43,186
103,363,949
Ipsen SA
50,990
6,183,292
Kering SA
101,364
29,066,598
Klepierre SA
294,405
8,788,383
La Francaise des Jeux SAEM(b)
142,692
5,817,221
Legrand SA
358,627
40,167,481
L'Oreal SA
328,116
143,962,373
LVMH Moet Hennessy Louis Vuitton SE
374,987
279,108,988
Orange SA
2,531,363
28,872,550
Pernod Ricard SA
278,435
39,643,077
Publicis Groupe SA
312,100
34,422,568
Renault SA
261,825
12,418,949
Rexel SA
307,718
7,764,421
Safran SA
466,087
102,136,339
Sanofi SA
1,554,121
174,431,569
Sartorius Stedim Biotech
39,800
8,086,427
Schneider Electric SE
745,589
190,199,695
SEB SA
34,113
3,552,171
Societe Generale SA
986,618
23,849,456
Sodexo SA
120,201
10,696,049
STMicroelectronics NV
932,477
30,068,710
Teleperformance SE
74,178
8,082,724
Thales SA
129,582
21,771,184
TotalEnergies SE
2,942,510
202,420,472
Unibail-Rodamco-Westfield, New
162,026
12,956,259
Veolia Environnement SA
940,662
31,162,257
Vinci SA
681,279
81,422,927
Vivendi SE
985,544
11,055,715
 
2,687,502,986
Germany — 25.3%
adidas AG
220,236
56,504,476
Allianz SE, Registered
534,145
165,935,445
BASF SE
1,217,036
61,860,298
Bayer AG, Registered
1,339,625
41,363,314
Bayerische Motoren Werke AG
433,937
40,271,119
Bechtle AG
112,339
4,840,807
Beiersdorf AG
137,607
19,897,969
Brenntag SE
179,509
13,348,883
Carl Zeiss Meditec AG, Bearer(c)
55,297
4,059,411
Commerzbank AG
1,373,094
20,358,545
Continental AG
150,598
10,182,925
Covestro AG(a)(b)
257,343
15,775,447
CTS Eventim AG & Co. KGaA
85,567
8,060,058
Daimler Truck Holding AG
673,302
25,883,415
Delivery Hero SE, Class A(a)(b)
259,822
8,182,533
Deutsche Bank AG, Registered
2,583,960
42,276,705
Deutsche Boerse AG
259,082
58,247,134
Deutsche Lufthansa AG, Registered
819,363
5,322,689
Deutsche Post AG, Registered
1,390,863
60,371,181
Deutsche Telekom AG, Registered
4,759,645
135,426,161
E.ON SE
3,058,270
43,354,521
Evonik Industries AG
347,419
7,709,072
Fresenius Medical Care AG & Co. KGaA
278,641
10,756,471
Fresenius SE & Co. KGaA(a)
576,724
21,296,663
GEA Group AG
212,183
9,982,317
3
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Eurozone ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Germany (continued)
Hannover Rueck SE
82,133
$23,302,307
Heidelberg Materials AG
185,875
19,743,069
Henkel AG & Co. KGaA
141,324
11,751,743
Infineon Technologies AG
1,786,109
65,548,737
Knorr-Bremse AG
98,658
8,112,659
LEG Immobilien SE
101,055
9,758,867
Mercedes-Benz Group AG
1,021,175
70,384,518
Merck KGaA
175,704
34,290,114
MTU Aero Engines AG
73,663
22,055,091
Muenchener Rueckversicherungs-Gesellschaft AG in
Muenchen, Registered
182,394
98,683,011
Nemetschek SE
78,521
8,222,176
Puma SE
145,853
6,294,738
Qiagen NV, NVS
302,241
13,902,463
Rational AG
6,956
7,021,349
Rheinmetall AG
59,469
35,726,024
RWE AG
862,151
31,099,893
SAP SE
1,423,901
312,465,534
Scout24 SE(b)
102,357
7,808,286
Siemens AG, Registered
1,036,330
194,939,340
Siemens Energy AG(a)
871,946
25,182,762
Siemens Healthineers AG(b)
384,589
22,414,010
Symrise AG, Class A
180,806
23,858,853
Talanx AG(a)
88,020
7,583,563
Vonovia SE
1,009,832
34,904,992
Zalando SE(a)(b)
304,577
7,896,831
 
1,994,218,489
Ireland — 0.9%
AIB Group PLC
2,475,450
14,906,897
Bank of Ireland Group PLC
1,387,062
15,933,896
Kerry Group PLC, Class A
214,113
21,501,999
Kingspan Group PLC
212,751
18,524,591
 
70,867,383
Italy — 8.3%
Amplifon SpA(c)
172,022
5,562,690
Banco BPM SpA
1,757,518
11,982,500
Davide Campari-Milano NV
842,278
7,787,507
DiaSorin SpA
30,981
3,574,262
Enel SpA
11,090,560
84,295,979
Eni SpA
3,135,093
51,018,074
Ferrari NV
171,881
85,408,846
FinecoBank Banca Fineco SpA
834,199
14,311,926
Generali
1,392,497
38,432,088
Infrastrutture Wireless Italiane SpA(b)
465,475
5,575,574
Intesa Sanpaolo SpA
19,944,217
83,354,437
Leonardo SpA
473,903
12,089,399
Mediobanca Banca di Credito Finanziario SpA
699,403
11,846,516
Moncler SpA
300,755
18,451,273
Nexi SpA(a)(b)(c)
814,080
5,696,480
Poste Italiane SpA(b)
624,546
8,696,023
Prysmian SpA
368,569
25,959,566
Recordati Industria Chimica e Farmaceutica SpA
143,923
8,450,265
Snam SpA
2,762,779
13,723,623
Stellantis NV
2,885,620
48,560,383
Telecom Italia SpA/Milano(a)
13,860,612
3,668,447
Tenaris SA, NVS
647,244
9,525,328
Terna - Rete Elettrica Nazionale
1,925,787
16,767,760
UniCredit SpA
2,008,951
83,502,292
 
658,241,238
Netherlands — 14.9%
ABN AMRO Bank NV, CVA(b)
624,766
10,737,933
Security
Shares
Value
Netherlands (continued)
Adyen NV(a)(b)
29,698
$43,828,408
Aegon Ltd.
1,858,011
11,379,294
AerCap Holdings NV
264,522
25,769,733
Akzo Nobel NV
233,215
14,919,608
ASM International NV
62,560
42,595,738
ASML Holding NV
544,870
491,382,219
ASR Nederland NV
216,271
10,599,010
BE Semiconductor Industries NV
105,351
13,893,128
Coca-Cola Europacific Partners PLC
282,056
22,702,688
DSM-Firmenich AG
253,938
34,667,928
EXOR NV, NVS
135,522
15,121,829
Heineken Holding NV
177,772
13,406,667
Heineken NV
391,945
35,362,875
IMCD NV
77,588
12,705,602
ING Groep NV
4,504,464
81,900,731
InPost SA(a)
276,193
5,102,946
JDE Peet's NV
169,277
3,872,700
Koninklijke Ahold Delhaize NV
1,288,949
44,254,414
Koninklijke KPN NV
5,395,732
22,037,162
Koninklijke Philips NV(a)
1,093,617
32,940,511
NN Group NV
371,916
18,241,116
OCI NV
144,123
4,573,799
Prosus NV
1,933,000
71,651,557
Randstad NV
147,796
7,129,644
Universal Music Group NV
1,120,671
29,320,721
Wolters Kluwer NV
338,927
57,958,914
 
1,178,056,875
Portugal — 0.6%
EDP Renovaveis SA
430,734
6,890,434
EDP SA
4,285,029
18,016,736
Galp Energia SGPS SA
634,590
13,182,924
Jeronimo Martins SGPS SA
383,683
7,099,822
 
45,189,916
Spain — 8.1%
Acciona SA
33,720
4,546,549
ACS Actividades de Construccion y Servicios SA
250,417
11,371,526
Aena SME SA(b)
102,537
20,635,154
Amadeus IT Group SA
614,297
41,450,285
Banco Bilbao Vizcaya Argentaria SA
7,858,768
83,486,716
Banco de Sabadell SA
7,459,195
16,006,774
Banco Santander SA
21,127,861
105,058,636
CaixaBank SA
4,955,352
29,846,808
Cellnex Telecom SA(b)
722,508
27,899,685
Endesa SA
437,046
9,227,763
Ferrovial SE
711,503
29,750,366
Grifols SA(a)(c)
413,336
4,554,631
Iberdrola SA
8,328,101
118,164,564
Industria de Diseno Textil SA
1,487,443
80,582,986
Redeia Corp. SA
392,304
7,451,227
Repsol SA
1,660,714
22,804,879
Telefonica SA
5,412,250
24,485,434
 
637,323,983
Total Common Stocks — 98.7%
(Cost: $7,469,139,993)
7,790,556,068
Preferred Stocks
Germany — 1.1%
Bayerische Motoren Werke AG, Preference
Shares, NVS
81,121
7,020,838
Dr Ing hc F Porsche AG, Preference Shares, NVS(b)
155,331
12,182,516
Schedule of Investments
4
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Eurozone ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Germany (continued)
Henkel AG & Co. KGaA, Preference Shares, NVS
230,758
$21,137,515
Porsche Automobil Holding SE, Preference
Shares, NVS
209,359
9,420,881
Sartorius AG, Preference Shares, NVS
35,629
9,844,219
Volkswagen AG, Preference Shares, NVS
280,367
29,839,386
 
89,445,355
Total Preferred Stocks — 1.1%
(Cost: $150,843,994)
89,445,355
Total Long-Term Investments — 99.8%
(Cost: $7,619,983,987)
7,880,001,423
Short-Term Securities
Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 5.45%(d)(e)(f)
10,294,832
10,301,009
BlackRock Cash Funds: Treasury, SL Agency Shares,
5.25%(d)(e)
23,000,000
23,000,000
Total Short-Term Securities — 0.4%
(Cost: $33,299,096)
33,301,009
Total Investments — 100.2%
(Cost: $7,653,283,083)
7,913,302,432
Liabilities in Excess of Other Assets — (0.2)%
(19,712,571
)
Net Assets — 100.0%
$7,893,589,861
 
(a)
Non-income producing security.
(b)
Security exempt from registration pursuant to Rule 144A under the Securities Act of
1933, as amended. These securities may be resold in transactions exempt from
registration to qualified institutional investors.
(c)
All or a portion of this security is on loan.
(d)
Affiliate of the Fund.
(e)
Annualized 7-day yield as of period end.
(f)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2024 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 Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
08/31/24
Shares
Held at
08/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL
Agency Shares
$52,665,766
$—
$(42,368,592
)(a)
$2,537
$1,298
$10,301,009
10,294,832
$115,903
(b)
$—
BlackRock Cash Funds: Treasury, SL
Agency Shares
24,280,000
—
(1,280,000
)(a)
—
—
23,000,000
23,000,000
1,351,351
—
 
$2,537
$1,298
$33,301,009
$1,467,254
$—
 
(a)
Represents net amount purchased (sold).
(b)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other
payments to and from borrowers of securities.
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts
Euro STOXX 50 Index
238
09/20/24
$13,104
$170,818
5
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Eurozone ETF
 
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets—Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)
$—
$—
$170,818
$—
$—
$—
$170,818
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's
variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).
For the period ended August 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from
Futures contracts
$—
$—
$1,836,228
$—
$—
$—
$1,836,228
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts
$—
$—
$370,861
$—
$—
$—
$370,861
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$18,740,646
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
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 
Common Stocks
$126,559,561
$7,663,996,507
$—
$7,790,556,068
Preferred Stocks
—
89,445,355
—
89,445,355
Short-Term Securities 
Money Market Funds
33,301,009
—
—
33,301,009
 
$159,860,570
$7,753,441,862
$—
$7,913,302,432
Derivative Financial Instruments(a) 
Assets 
Equity Contracts
$—
$170,818
$—
$170,818
 
(a)
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
See notes to financial statements.
Schedule of Investments
6
Schedule of Investments
August 31, 2024
iShares® MSCI Germany ETF
(Percentages shown are based on Net Assets)
 
Security
Shares
Value
Common Stocks
Aerospace & Defense — 2.8%
MTU Aero Engines AG
32,777
$9,813,607
Rheinmetall AG
26,511
15,926,493
 
25,740,100
Air Freight & Logistics — 2.9%
Deutsche Post AG, Registered
620,207
26,920,429
Automobile Components — 0.5%
Continental AG
67,129
4,539,035
Automobiles — 5.3%
Bayerische Motoren Werke AG
194,003
18,004,268
Mercedes-Benz Group AG
455,358
31,385,564
 
49,389,832
Banks — 1.0%
Commerzbank AG
612,284
9,078,192
Capital Markets — 4.8%
Deutsche Bank AG, Registered
1,152,782
18,860,905
Deutsche Boerse AG
115,529
25,973,372
 
44,834,277
Chemicals — 5.2%
BASF SE
542,626
27,580,947
Covestro AG(a)(b)
114,917
7,044,556
Evonik Industries AG
156,084
3,463,434
Symrise AG, Class A
80,564
10,631,089
 
48,720,026
Construction Materials — 0.9%
Heidelberg Materials AG
83,157
8,832,680
Diversified Telecommunication Services — 6.5%
Deutsche Telekom AG, Registered
2,122,398
60,388,582
Electrical Equipment — 1.2%
Siemens Energy AG(b)
388,814
11,229,377
Entertainment — 0.4%
CTS Eventim AG & Co. KGaA
38,000
3,579,443
Health Care Equipment & Supplies — 1.3%
Carl Zeiss Meditec AG, Bearer
24,601
1,805,985
Siemens Healthineers AG(a)(c)
171,140
9,974,112
 
11,780,097
Health Care Providers & Services — 1.5%
Fresenius Medical Care AG & Co. KGaA
124,948
4,823,409
Fresenius SE & Co. KGaA(b)
256,466
9,470,509
 
14,293,918
Hotels, Restaurants & Leisure — 0.4%
Delivery Hero SE, Class A(a)(b)
112,397
3,539,701
Household Products — 0.6%
Henkel AG & Co. KGaA
63,308
5,264,353
Independent Power and Renewable Electricity Producers — 1.5%
RWE AG
383,884
13,847,634
Industrial Conglomerates — 9.3%
Siemens AG, Registered
462,115
86,926,358
Insurance — 14.2%
Allianz SE, Registered
238,183
73,993,021
Hannover Rueck SE
36,711
10,415,436
Muenchener Rueckversicherungs-Gesellschaft AG in
Muenchen, Registered
81,332
44,004,115
Security
Shares
Value
Insurance (continued)
Talanx AG(b)
39,086
$3,367,543
 
131,780,115
Interactive Media & Services — 0.4%
Scout24 SE(a)
45,391
3,462,644
IT Services — 0.2%
Bechtle AG
49,495
2,132,792
Life Sciences Tools & Services — 0.7%
Qiagen NV, NVS
134,862
6,203,374
Machinery — 2.4%
Daimler Truck Holding AG
300,236
11,541,824
GEA Group AG
94,452
4,443,569
Knorr-Bremse AG
43,904
3,610,231
Rational AG
3,120
3,149,312
 
22,744,936
Multi-Utilities — 2.1%
E.ON SE
1,365,854
19,362,563
Passenger Airlines — 0.3%
Deutsche Lufthansa AG, Registered
363,680
2,362,513
Personal Care Products — 0.9%
Beiersdorf AG
60,343
8,725,596
Pharmaceuticals — 3.6%
Bayer AG, Registered
597,683
18,454,530
Merck KGaA
78,663
15,351,746
 
33,806,276
Real Estate Management & Development — 2.1%
LEG Immobilien SE
45,322
4,376,739
Vonovia SE
450,299
15,564,652
 
19,941,391
Semiconductors & Semiconductor Equipment — 3.1%
Infineon Technologies AG
793,782
29,131,149
Software — 15.4%
Nemetschek SE
34,988
3,663,702
SAP SE
634,939
139,333,109
 
142,996,811
Specialty Retail — 0.4%
Zalando SE(a)(b)
135,910
3,523,767
Textiles, Apparel & Luxury Goods — 3.0%
adidas AG
98,508
25,273,538
Puma SE
64,245
2,772,692
 
28,046,230
Trading Companies & Distributors — 0.6%
Brenntag SE
79,136
5,884,815
Total Common Stocks — 95.5%
(Cost: $1,061,916,534)
889,009,006
Preferred Stocks
Automobiles — 2.8%
Bayerische Motoren Werke AG, Preference
Shares, NVS
35,775
3,096,245
Dr Ing hc F Porsche AG, Preference Shares, NVS(a)
69,288
5,434,216
Porsche Automobil Holding SE, Preference
Shares, NVS
92,934
4,181,908
Volkswagen AG, Preference Shares, NVS
125,203
13,325,322
 
26,037,691
7
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Germany ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Household Products — 1.0%
Henkel AG & Co. KGaA, Preference Shares, NVS
102,689
$9,406,349
Life Sciences Tools & Services — 0.5%
Sartorius AG, Preference Shares, NVS
15,970
4,412,478
Total Preferred Stocks — 4.3%
(Cost: $74,030,126)
39,856,518
Total Long-Term Investments — 99.8%
(Cost: $1,135,946,660)
928,865,524
Short-Term Securities
Money Market Funds — 1.1%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 5.45%(d)(e)(f)
10,074,793
10,080,838
BlackRock Cash Funds: Treasury, SL Agency Shares,
5.25%(d)(e)
300,000
300,000
Total Short-Term Securities — 1.1%
(Cost: $10,378,441)
10,380,838
Total Investments — 100.9%
(Cost: $1,146,325,101)
939,246,362
Liabilities in Excess of Other Assets — (0.9)%
(8,570,197
)
Net Assets — 100.0%
$930,676,165
 
(a)
Security exempt from registration pursuant to Rule 144A under the Securities Act of
1933, as amended. These securities may be resold in transactions exempt from
registration to qualified institutional investors.
(b)
Non-income producing security.
(c)
All or a portion of this security is on loan.
(d)
Affiliate of the Fund.
(e)
Annualized 7-day yield as of period end.
(f)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2024 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 Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
08/31/24
Shares
Held at
08/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL
Agency Shares
$33,273,035
$—
$(23,199,125
)(a)
$7,180
$(252
)
$10,080,838
10,074,793
$37,462
(b)
$—
BlackRock Cash Funds: Treasury, SL Agency
Shares
680,000
—
(380,000
)(a)
—
—
300,000
300,000
31,536
—
 
$7,180
$(252
)
$10,380,838
$68,998
$—
 
(a)
Represents net amount purchased (sold).
(b)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other
payments to and from borrowers of securities.
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts
DAX Index
3
09/20/24
$1,574
$64,461
Schedule of Investments
8
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Germany ETF
 
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets—Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)
$—
$—
$64,461
$—
$—
$—
$64,461
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's
variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).
For the period ended August 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from
Futures contracts
$—
$—
$469,560
$—
$—
$—
$469,560
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts
$—
$—
$150,788
$—
$—
$—
$150,788
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$4,888,327
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
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 
Common Stocks
$3,539,701
$885,469,305
$—
$889,009,006
Preferred Stocks
—
39,856,518
—
39,856,518
Short-Term Securities 
Money Market Funds
10,380,838
—
—
10,380,838
 
$13,920,539
$925,325,823
$—
$939,246,362
Derivative Financial Instruments(a) 
Assets 
Equity Contracts
$—
$64,461
$—
$64,461
 
(a)
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
See notes to financial statements.
9
2024 iShares Annual Financial Statements
Schedule of Investments
August 31, 2024
iShares® MSCI Italy ETF
(Percentages shown are based on Net Assets)
 
Security
Shares
Value
Common Stocks
Aerospace & Defense — 2.3%
Leonardo SpA
433,629
$11,061,998
Automobiles — 16.0%
Ferrari NV
109,478
54,400,368
Stellantis NV
1,243,358
20,923,733
 
75,324,101
Banks — 30.8%
Banco BPM SpA
1,817,323
12,390,242
FinecoBank Banca Fineco SpA
822,772
14,115,879
Intesa Sanpaolo SpA
12,690,304
53,037,587
Mediobanca Banca di Credito Finanziario SpA
709,959
12,025,314
UniCredit SpA
1,277,560
53,101,936
 
144,670,958
Beverages — 2.0%
Davide Campari-Milano NV
1,017,931
9,411,554
Diversified Telecommunication Services — 3.0%
Infrastrutture Wireless Italiane SpA(a)
641,919
7,689,064
Telecom Italia SpA/Milano(b)(c)
24,001,013
6,352,276
 
14,041,340
Electric Utilities — 14.8%
Enel SpA
7,067,793
53,720,149
Terna - Rete Elettrica Nazionale
1,804,358
15,710,482
 
69,430,631
Electrical Equipment — 4.5%
Prysmian SpA
299,572
21,099,873
Energy Equipment & Services — 2.2%
Tenaris SA, NVS
713,313
10,497,649
Financial Services — 1.7%
Nexi SpA(a)(b)
1,123,429
7,861,133
Gas Utilities — 2.9%
Snam SpA
2,722,139
13,521,750
Health Care Equipment & Supplies — 1.3%
DiaSorin SpA
54,615
6,300,904
Health Care Providers & Services — 1.6%
Amplifon SpA
237,438
7,678,053
Security
Shares
Value
Insurance — 6.7%
Generali
779,330
$21,509,043
Poste Italiane SpA(a)
714,410
9,947,267
 
31,456,310
Oil, Gas & Consumable Fuels — 4.4%
Eni SpA
1,269,817
20,664,018
Pharmaceuticals — 2.1%
Recordati Industria Chimica e Farmaceutica SpA
167,547
9,837,320
Textiles, Apparel & Luxury Goods — 3.6%
Moncler SpA
275,115
16,878,262
Total Long-Term Investments — 99.9%
(Cost: $417,489,201)
469,735,854
Short-Term Securities
Money Market Funds — 1.1%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 5.45%(d)(e)(f)
4,998,735
5,001,734
BlackRock Cash Funds: Treasury, SL Agency Shares,
5.25%(d)(e)
140,000
140,000
Total Short-Term Securities — 1.1%
(Cost: $5,140,759)
5,141,734
Total Investments — 101.0%
(Cost: $422,629,960)
474,877,588
Liabilities in Excess of Other Assets — (1.0)%
(4,552,970
)
Net Assets — 100.0%
$470,324,618
 
(a)
Security exempt from registration pursuant to Rule 144A under the Securities Act of
1933, as amended. These securities may be resold in transactions exempt from
registration to qualified institutional investors.
(b)
Non-income producing security.
(c)
All or a portion of this security is on loan.
(d)
Affiliate of the Fund.
(e)
Annualized 7-day yield as of period end.
(f)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
Schedule of Investments
10
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Italy ETF
 
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2024 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 Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
08/31/24
Shares
Held at
08/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency
Shares
$1,720,732
$3,280,565
(a)
$—
$(493
)
$930
$5,001,734
4,998,735
$24,207
(b)
$—
BlackRock Cash Funds: Treasury, SL Agency
Shares
140,000
—
0
(a)
—
—
140,000
140,000
20,445
—
 
$(493
)
$930
$5,141,734
$44,652
$—
 
(a)
Represents net amount purchased (sold).
(b)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other
payments to and from borrowers of securities.
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts
FTSE/MIB Index
3
09/20/24
$574
$14,000
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets—Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)
$—
$—
$14,000
$—
$—
$—
$14,000
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's
variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).
For the period ended August 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from
Futures contracts
$—
$—
$68,391
$—
$—
$—
$68,391
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts
$—
$—
$20,829
$—
$—
$—
$20,829
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$1,032,286
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
11
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Italy ETF
 
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets 
Investments 
Long-Term Investments 
Common Stocks
$—
$469,735,854
$—
$469,735,854
Short-Term Securities 
Money Market Funds
5,141,734
—
—
5,141,734
 
$5,141,734
$469,735,854
$—
$474,877,588
Derivative Financial Instruments(a) 
Assets 
Equity Contracts
$—
$14,000
$—
$14,000
 
(a)
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
See notes to financial statements.
Schedule of Investments
12
Schedule of Investments
August 31, 2024
iShares® MSCI Spain ETF
(Percentages shown are based on Net Assets)
 
Security
Shares
Value
Common Stocks
Banks — 36.0%
Banco Bilbao Vizcaya Argentaria SA
11,962,593
$127,083,228
Banco de Sabadell SA
18,499,694
39,698,709
Banco Santander SA
32,932,334
163,756,572
CaixaBank SA
7,770,464
46,802,639
 
377,341,148
Biotechnology — 2.2%
Grifols SA(a)
2,092,919
23,062,288
Construction & Engineering — 8.2%
ACS Actividades de Construccion y Servicios SA
835,552
37,942,718
Ferrovial SE
1,134,863
47,452,490
 
85,395,208
Diversified Telecommunication Services — 8.8%
Cellnex Telecom SA(b)
1,207,075
46,611,266
Telefonica SA
10,120,992
45,788,144
 
92,399,410
Electric Utilities — 26.7%
Acciona SA
196,258
26,461,941
Endesa SA
1,655,519
34,954,527
Iberdrola SA
12,953,694
183,795,513
Redeia Corp. SA
1,807,500
34,330,758
 
279,542,739
Hotels, Restaurants & Leisure — 4.5%
Amadeus IT Group SA
705,225
47,585,740
Oil, Gas & Consumable Fuels — 4.3%
Repsol SA
3,260,100
44,767,604
Security
Shares
Value
Specialty Retail — 4.4%
Industria de Diseno Textil SA
859,044
$46,539,149
Transportation Infrastructure — 4.5%
Aena SME SA(b)
234,632
47,218,735
Total Long-Term Investments — 99.6%
(Cost: $957,224,581)
1,043,852,021
Short-Term Securities
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares,
5.25%(c)(d)
330,000
330,000
Total Short-Term Securities — 0.0%
(Cost: $330,000)
330,000
Total Investments — 99.6%
(Cost: $957,554,581)
1,044,182,021
Other Assets Less Liabilities — 0.4%
4,541,889
Net Assets — 100.0%
$1,048,723,910
 
(a)
Non-income producing security.
(b)
Security exempt from registration pursuant to Rule 144A under the Securities Act of
1933, as amended. These securities may be resold in transactions exempt from
registration to qualified institutional investors.
(c)
Affiliate of the Fund.
(d)
Annualized 7-day yield as of period end.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2024 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 Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
08/31/24
Shares
Held at
08/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency
Shares(a)
$—
$3,728
(b)
$—
$(3,728
)
$—
$—
—
$22,007
(c)
$—
BlackRock Cash Funds: Treasury, SL Agency
Shares
3,440,000
—
(3,110,000
)(b)
—
—
330,000
330,000
178,810
—
 
$(3,728
)
$—
$330,000
$200,817
$—
 
(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.
13
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Spain ETF
 
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts
IBEX 35 Index
18
09/20/24
$2,275
$149,606
OTC Total Return Swaps 
Reference Entity
Payment
Frequency
Counterparty(a)
Termination
Date
Net Notional
Accrued
Unrealized
Appreciation
(Depreciation)
Net Value of
Reference
Entity
Gross
Notional
Amount
Net Asset
Percentage
Equity Securities Long
Monthly
Goldman Sachs Bank USA(b)
08/19/26
$838,206
$15,123
(c)
$861,906
0.1
%
 
Monthly
HSBC Bank PLC(d)
02/10/28
627,622
3,086
(e)
638,524
0.0
 
Monthly
JPMorgan Chase Bank NA(f)
02/10/25
812,707
37,501
(g)
859,342
0.1
 
 
 
$55,710
$2,359,772
 
(a)
The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of short positions underlying the total
return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country
and/or currency of the individual underlying positions.
(c)
Amount includes $(8,577) of net dividends and financing fees.
(e)
Amount includes $(7,816) of net dividends, payable for referenced securities purchased and financing fees.
(g)
Amount includes $(9,134) of net dividends, payable for referenced securities purchased and financing fees.
 
The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest:
 
 
 
 
(b)
(d)
(f)
Range:
Benchmarks:
45 basis points
EUR - 1D Euro Short Term Rate (ESTR)
45 basis points
EUR - 1D Euro Short Term Rate (ESTR)
40 basis points
EUR - 1D Euro Short Term Rate (ESTR)
Schedule of Investments
14
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Spain ETF
 
The following table represents the individual long positions and related values of equity securities underlying the total return swap with Goldman Sachs Bank USA as of period end, termination date August 19, 2026.  
 
Shares
Value
% of
Basket
Value
Reference Entity — Long
 
 
 
Common Stocks 
 
 
 
Electric Utilities 
 
 
 
Red Electrica Corp. SA
45,379
$861,906
100.0%
Net Value of Reference Entity — Goldman Sachs Bank USA
$861,906
The following table represents the individual long positions and related values of equity securities underlying the total return swap with HSBC Bank PLC as of period end, termination date February 10, 2028.  
 
Shares
Value
% of
Basket
Value
Reference Entity — Long
 
 
 
Common Stocks 
 
 
 
Electric Utilities 
 
 
 
Red Electrica Corp. SA
33,618
$638,524
100.0%
Net Value of Reference Entity — HSBC Bank PLC
$638,524
The following table represents the individual long positions and related values of equity securities underlying the total return swap with JPMorgan Chase Bank NA as of period end, termination date February 10, 2025.  
 
Shares
Value
% of
Basket
Value
Reference Entity — Long
 
 
 
Common Stocks 
 
 
 
Electric Utilities 
 
 
 
Red Electrica Corp. SA
45,244
$859,342
100.0%
Net Value of Reference Entity — JPMorgan Chase Bank NA
$859,342
Balances Reported in the Statements of Assets and Liabilities for OTC Swaps 
Description
Swap Premiums
Paid
Swap Premiums
Received
Unrealized
Appreciation
Unrealized
Depreciation
Total Return Swaps
$—
$—
$55,710
$—
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets—Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)
$—
$—
$149,606
$—
$—
$—
$149,606
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid
$—
$—
$55,710
$—
$—
$—
$55,710
 
$—
$—
$205,316
$—
$—
$—
$205,316
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's
variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).
15
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Spain ETF
 
For the period ended August 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from
Futures contracts
$—
$—
$326,378
$—
$—
$—
$326,378
Swaps
—
—
985,924
—
—
—
985,924
 
$—
$—
$1,312,302
$—
$—
$—
$1,312,302
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts
$—
$—
$127,879
$—
$—
$—
$127,879
Swaps
—
—
83,260
—
—
—
83,260
 
$—
$—
$211,139
$—
$—
$—
$211,139
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$2,411,345
Total return swaps:
Average notional value
$11,057,753
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Derivative Financial Instruments - Offsetting as of Period End
The Fund's derivative assets and liabilities (by type) were as follows: 
 
Assets
Liabilities
Derivative Financial Instruments:
Futures contracts
$149,606
$—
Swaps - OTC(a)
55,710
—
Total derivative assets and liabilities in the Statement of Assets and Liabilities
205,316
—
Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA")
(149,606
)
—
Total derivative assets and liabilities subject to an MNA
$55,710
$—
 
(a)
Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statements of Assets and Liabilities.
The following table presents the Fund’s derivative assets by counterparty net of amounts available for offset under an MNA and net of the related collateral received by the Fund:  
Counterparty
Derivative
Liabilities
Subject to
an MNA by
Counterparty
Derivatives
Available
for Offset(a)
Non-Cash
Collateral
Pledged
Cash
Collateral
Pledged
Net Amount
of Derivative
Liabilities(b)
Goldman Sachs Bank USA
$15,123
$—
$—
$—
$15,123
HSBC Bank PLC
3,086
—
—
—
3,086
JPMorgan Chase Bank NA
37,501
—
—
—
37,501
 
$55,710
$—
$—
$—
$55,710
 
(a)
The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.
(b)
Net amount represents the net amount payable due to the counterparty in the event of default. Net amount may be offset further by the options written receivable/payable on the
Statements of Assets and Liabilities.
Schedule of Investments
16
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Spain ETF
 
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets 
Investments 
Long-Term Investments 
Common Stocks
$—
$1,043,852,021
$—
$1,043,852,021
Short-Term Securities 
Money Market Funds
330,000
—
—
330,000
 
$330,000
$1,043,852,021
$—
$1,044,182,021
Derivative Financial Instruments(a) 
Assets 
Equity Contracts
$—
$205,316
$—
$205,316
 
(a)
Derivative financial instruments are swaps and futures contracts. Swaps and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
See notes to financial statements.
17
2024 iShares Annual Financial Statements
Schedule of Investments
August 31, 2024
iShares® MSCI Switzerland ETF
(Percentages shown are based on Net Assets)
 
Security
Shares
Value
Common Stocks
Banks — 0.3%
Banque Cantonale Vaudoise, Registered
33,878
$3,628,711
Building Products — 1.3%
Geberit AG, Registered
26,566
16,993,542
Capital Markets — 7.1%
Julius Baer Group Ltd.
172,716
10,107,068
Partners Group Holding AG
17,542
25,378,580
UBS Group AG, Registered
1,855,084
57,165,459
 
92,651,107
Chemicals — 6.2%
Clariant AG, Registered
241,113
3,792,559
EMS-Chemie Holding AG, Registered
6,667
5,595,421
Givaudan SA, Registered
7,032
36,118,809
Sika AG, Registered
110,849
35,685,958
 
81,192,747
Construction Materials — 2.9%
Holcim AG
395,964
38,358,212
Containers & Packaging — 0.5%
SIG Group AG
280,424
5,923,012
Diversified Telecommunication Services — 1.0%
Swisscom AG, Registered
21,024
13,290,755
Electric Utilities — 0.3%
BKW AG
22,312
4,194,107
Electrical Equipment — 4.5%
ABB Ltd., Registered
1,013,095
58,259,850
Food Products — 17.9%
Barry Callebaut AG, Registered
3,343
5,411,409
Chocoladefabriken Lindt & Spruengli AG, Participation
Certificates, NVS
809
10,690,847
Chocoladefabriken Lindt & Spruengli AG, Registered
89
11,627,410
Nestle SA, Registered
1,934,596
207,466,257
 
235,195,923
Health Care Equipment & Supplies — 4.9%
Alcon Inc.
379,721
36,999,053
Sonova Holding AG, Registered
40,863
14,287,343
Straumann Holding AG
90,403
13,394,787
 
64,681,183
Insurance — 9.3%
Baloise Holding AG, Registered
38,565
7,459,430
Helvetia Holding AG, Registered
35,317
5,600,621
Swiss Life Holding AG, Registered
22,670
18,377,714
Swiss Re AG
230,971
31,556,370
Zurich Insurance Group AG
100,429
58,296,599
 
121,290,734
Life Sciences Tools & Services — 3.0%
Bachem Holding AG
37,734
3,619,379
Lonza Group AG, Registered
54,912
36,121,232
 
39,740,611
Machinery — 2.1%
Schindler Holding AG, Participation Certificates, NVS
34,485
9,594,890
Security
Shares
Value
Machinery (continued)
Schindler Holding AG, Registered
21,944
$5,935,658
VAT Group AG(a)
22,261
11,549,084
 
27,079,632
Marine Transportation — 0.9%
Kuehne + Nagel International AG, Registered
39,608
12,290,699
Pharmaceuticals — 28.0%
Galderma Group AG(b)
17,112
1,656,747
Novartis AG, Registered
1,441,847
174,201,292
Roche Holding AG, NVS
509,050
172,323,929
Roche Holding AG, Bearer
18,852
6,846,701
Sandoz Group AG
273,809
11,976,073
 
367,004,742
Professional Services — 1.4%
Adecco Group AG, Registered
145,936
4,975,626
SGS SA
124,331
13,885,769
 
18,861,395
Real Estate Management & Development — 0.6%
Swiss Prime Site AG, Registered
68,486
7,711,373
Software — 0.3%
Temenos AG, Registered
62,257
4,335,554
Specialty Retail — 0.3%
Avolta AG, Registered
99,750
3,876,096
Technology Hardware, Storage & Peripherals — 0.9%
Logitech International SA, Registered
127,904
11,617,713
Textiles, Apparel & Luxury Goods — 4.8%
Cie Financiere Richemont SA, Class A, Registered
349,242
55,146,526
Swatch Group AG (The), Bearer
26,117
5,471,552
Swatch Group AG (The), Registered
64,964
2,707,954
 
63,326,032
Total Long-Term Investments — 98.5%
(Cost: $1,108,617,339)
1,291,503,730
Short-Term Securities
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares,
5.25%(c)(d)
460,000
460,000
Total Short-Term Securities — 0.1%
(Cost: $460,000)
460,000
Total Investments — 98.6%
(Cost: $1,109,077,339)
1,291,963,730
Other Assets Less Liabilities — 1.4%
18,978,984
Net Assets — 100.0%
$1,310,942,714
 
(a)
Security exempt from registration pursuant to Rule 144A under the Securities Act of
1933, as amended. These securities may be resold in transactions exempt from
registration to qualified institutional investors.
(b)
Non-income producing security.
(c)
Affiliate of the Fund.
(d)
Annualized 7-day yield as of period end.
Schedule of Investments
18
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Switzerland ETF
 
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2024 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 Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
08/31/24
Shares
Held at
08/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)
$—
$—
$(1,392
)(b)
$1,392
$—
$—
—
$16,482
(c)
$—
BlackRock Cash Funds: Treasury, SL Agency Shares
590,000
—
(130,000
)(b)
—
—
460,000
460,000
30,889
—
 
$1,392
$—
$460,000
$47,371
$—
 
(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
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts
Swiss Market Index
131
09/20/24
$19,234
$727,731
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets—Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)
$—
$—
$727,731
$—
$—
$—
$727,731
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's
variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).
For the period ended August 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from
Futures contracts
$—
$—
$1,383,078
$—
$—
$—
$1,383,078
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts
$—
$—
$964,483
$—
$—
$—
$964,483
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$16,330,206
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
19
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Switzerland ETF
 
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets 
Investments 
Long-Term Investments 
Common Stocks
$7,068,156
$1,284,435,574
$—
$1,291,503,730
Short-Term Securities 
Money Market Funds
460,000
—
—
460,000
 
$7,528,156
$1,284,435,574
$—
$1,291,963,730
Derivative Financial Instruments(a) 
Assets 
Equity Contracts
$—
$727,731
$—
$727,731
 
(a)
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
See notes to financial statements.
Schedule of Investments
20
Statements of Assets and Liabilities
August 31, 2024
 
 
iShares
MSCI Eurozone
ETF
iShares
MSCI Germany
ETF
iShares
MSCI Italy
ETF
iShares
MSCI Spain ETF
ASSETS
 
 
 
 
Investments, at value—unaffiliated(a)(b)
$7,880,001,423
$928,865,524
$469,735,854
$1,043,852,021
Investments, at value—affiliated(c)
33,301,009
10,380,838
5,141,734
330,000
Cash
6,962
6,372
264
2,409
Foreign currency collateral pledged for futures contracts(d)
1,247,996
116,288
66,324
201,183
Foreign currency, at value(e)
13,165,763
718,409
755,758
5,294,857
Receivables:
 
 
 
 
Investments sold
40,524,166
6,718,179
27,061,707
18,968,188
Securities lending income—affiliated
4,215
1,640
2,195
—
Swaps
—
—
—
109,302
Dividends—unaffiliated
964,041
—
—
—
Dividends—affiliated
101,459
1,103
1,361
3,209
Tax reclaims
4,284,627
879,622
—
124,557
Variation margin on futures contracts
7,707
3,406
5,331
9,059
Unrealized appreciation on OTC swaps
—
—
—
55,710
Total assets
7,973,609,368
947,691,381
502,770,528
1,068,950,495
LIABILITIES
 
 
 
 
Collateral on securities loaned, at value
10,270,931
10,078,965
5,000,703
—
Payables:
 
 
 
 
Investments purchased
44,668,282
6,552,592
27,255,503
19,789,789
Swaps
—
—
—
17,536
Investment advisory fees
3,191,509
383,659
189,704
419,260
IRS compliance fee for foreign withholding tax claims
21,846,452
—
—
—
Professional fees
42,333
—
—
—
Total liabilities
80,019,507
17,015,216
32,445,910
20,226,585
Commitments and contingent liabilities
 
 
 
 
NET ASSETS
$7,893,589,861
$930,676,165
$470,324,618
$1,048,723,910
NET ASSETS CONSIST OF
 
 
 
 
Paid-in capital
$8,772,990,497
$1,616,362,857
$678,926,363
$1,395,282,291
Accumulated loss
(879,400,636)
(685,686,692)
(208,601,745)
(346,558,381)
NET ASSETS
$7,893,589,861
$930,676,165
$470,324,618
$1,048,723,910
NET ASSET VALUE
 
 
 
 
Shares outstanding
153,700,000
28,500,000
12,075,000
31,050,000
Net asset value
$51.36
$32.66
$38.95
$33.78
Shares authorized
1.5 billion
482.2 million
295.4 million
300 million
Par value
$0.001
$0.001
$0.001
$0.001
(a) Investments, at cost—unaffiliated
$7,619,983,987
$1,135,946,660
$417,489,201
$957,224,581
(b) Securities loaned, at value
$4,536,571
$9,605,721
$4,726,858
$—
(c) Investments, at cost—affiliated
$33,299,096
$10,378,441
$5,140,759
$330,000
(d) Foreign currency collateral pledged, at cost
$1,237,635
$163,270
$65,874
$197,144
(e) Foreign currency, at cost
$13,010,808
$657,507
$743,424
$5,272,026
See notes to financial statements.
21
2024 iShares Annual Financial Statements
Statements of Assets and Liabilities (continued)
August 31, 2024
 
 
iShares
MSCI Switzerland
ETF
ASSETS
 
Investments, at value—unaffiliated(a)
$1,291,503,730
Investments, at value—affiliated(b)
460,000
Cash
5,265
Foreign currency collateral pledged for futures contracts(c)
1,108,716
Foreign currency, at value(d)
1,724,264
Receivables:
 
Investments sold
9,951,881
Dividends—affiliated
1,712
Tax reclaims
16,902,742
Variation margin on futures contracts
209,805
Total assets
1,321,868,115
LIABILITIES
 
Payables:
 
Investments purchased
10,400,626
Investment advisory fees
524,775
Total liabilities
10,925,401
Commitments and contingent liabilities
 
NET ASSETS
$1,310,942,714
NET ASSETS CONSIST OF
 
Paid-in capital
$1,267,295,780
Accumulated earnings
43,646,934
NET ASSETS
$1,310,942,714
NET ASSET VALUE
 
Shares outstanding
24,750,000
Net asset value
$52.97
Shares authorized
318.625 million
Par value
$0.001
(a) Investments, at cost—unaffiliated
$1,108,617,339
(b) Investments, at cost—affiliated
$460,000
(c) Foreign currency collateral pledged, at cost
$1,129,204
(d) Foreign currency, at cost
$1,653,767
See notes to financial statements.
Statements of Assets and Liabilities
22
Statements of Operations
Year Ended August 31, 2024  
 
 
iShares
MSCI Eurozone
ETF
iShares
MSCI
Germany
ETF
iShares
MSCI Italy
ETF
iShares
MSCI Spain
ETF
INVESTMENT INCOME
Dividends—unaffiliated
$244,099,787
$29,495,809
$19,345,105
$32,583,281
Dividends—affiliated
1,351,351
31,536
20,445
178,810
Interest—unaffiliated
152,349
32,567
9,516
94,623
Securities lending income—affiliated—net
115,903
37,462
24,207
22,007
Non-cash dividends—unaffiliated
—
—
—
9,124,647
Other income—unaffiliated
490,965
—
—
—
Foreign taxes withheld
(20,846,501
)
(3,964,735
)
(2,896,148
)
(4,873,479
)
Foreign withholding tax claims
6,485,439
—
—
—
IRS compliance fee for foreign withholding tax claims
—
—
—
3,031
Total investment income
231,849,293
25,632,639
16,503,125
37,132,920
EXPENSES
Investment advisory
35,892,528
5,129,558
1,819,814
4,436,100
Professional
697,753
—
—
—
Commitment costs
—
10,111
3,515
8,581
Total expenses
36,590,281
5,139,669
1,823,329
4,444,681
Net investment income
195,259,012
20,492,970
14,679,796
32,688,239
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments—unaffiliated
(113,103,599
)
(12,629,964
)
(13,432,341
)
(25,818,041
)
Investments—affiliated
2,537
7,180
(493
)
(3,728
)
Foreign currency transactions
117,440
52,643
(13,012
)
11,778
Futures contracts
1,836,228
469,560
68,391
326,378
In-kind redemptions—unaffiliated(a)
234,325,062
(153,433,244
)
13,851,831
24,487,053
Swaps
—
—
—
985,924
 
123,177,668
(165,533,825
)
474,376
(10,636
)
Net change in unrealized appreciation (depreciation) on:
Investments—unaffiliated
777,617,594
285,711,741
65,185,832
155,013,482
Investments—affiliated
1,298
(252
)
930
—
Foreign currency translations
652,522
155,538
19,063
191,089
Futures contracts
370,861
150,788
20,829
127,879
Swaps
—
—
—
83,260
 
778,642,275
286,017,815
65,226,654
155,415,710
Net realized and unrealized gain
901,819,943
120,483,990
65,701,030
155,405,074
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
$1,097,078,955
$140,976,960
$80,380,826
$188,093,313
(a) See Note 2 of the Notes to Financial Statements.
See notes to financial statements.
23
2024 iShares Annual Financial Statements
Statements of Operations (continued)
Year Ended August 31, 2024  
 
 
iShares
MSCI
Switzerland
ETF
INVESTMENT INCOME
Dividends—unaffiliated
$34,480,432
Dividends—affiliated
30,889
Interest—unaffiliated
32,142
Securities lending income—affiliated—net
16,482
Foreign taxes withheld
(6,183,947
)
Total investment income
28,375,998
EXPENSES
Investment advisory
5,866,007
Commitment costs
11,245
Interest expense
106
Total expenses
5,877,358
Net investment income
22,498,640
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments—unaffiliated
85,825
Investments—affiliated
1,392
Foreign currency transactions
(91,953
)
Futures contracts
1,383,078
In-kind redemptions—unaffiliated(a)
57,704,027
 
59,082,369
Net change in unrealized appreciation (depreciation) on:
Investments—unaffiliated
111,476,556
Foreign currency translations
768,500
Futures contracts
964,483
 
113,209,539
Net realized and unrealized gain
172,291,908
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
$194,790,548
(a) See Note 2 of the Notes to Financial Statements.
See notes to financial statements.
Statements of Operations
24
Statements of Changes in Net Assets
 
 
iShares
MSCI Eurozone ETF
iShares
MSCI Germany ETF
 
Year Ended
08/31/24
Year Ended
08/31/23
Year Ended
08/31/24
Year Ended
08/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$195,259,012
$202,601,302
$20,492,970
$45,410,408
Net realized gain (loss)
123,177,668
2,341,248
(165,533,825
)
(86,147,308
)
Net change in unrealized appreciation (depreciation)
778,642,275
1,400,531,847
286,017,815
389,018,417
Net increase in net assets resulting from operations
1,097,078,955
1,605,474,397
140,976,960
348,281,517
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders
(210,250,506
)
(181,291,924
)
(22,808,366
)
(44,143,456
)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions
(768,275,757
)
1,562,882,727
(743,331,708
)
46,583,699
NET ASSETS
Total increase (decrease) in net assets
118,552,692
2,987,065,200
(625,163,114
)
350,721,760
Beginning of year
7,775,037,169
4,787,971,969
1,555,839,279
1,205,117,519
End of year
$7,893,589,861
$7,775,037,169
$930,676,165
$1,555,839,279
 
(a)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
See notes to financial statements.
25
2024 iShares Annual Financial Statements
Statements of Changes in Net Assets(continued)
 
 
iShares
MSCI Italy ETF
iShares
MSCI Spain ETF
 
Year Ended
08/31/24
Year Ended
08/31/23
Year Ended
08/31/24
Year Ended
08/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$14,679,796
$10,745,642
$32,688,239
$19,586,037
Net realized gain (loss)
474,376
(13,272,834
)
(10,636
)
(18,427,436
)
Net change in unrealized appreciation (depreciation)
65,226,654
88,332,785
155,415,710
147,935,100
Net increase in net assets resulting from operations
80,380,826
85,805,593
188,093,313
149,093,701
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders
(14,229,992
)
(10,689,289
)
(29,788,984
)
(15,153,309
)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions
57,765,069
77,044,142
178,376,438
163,047,188
NET ASSETS
Total increase in net assets
123,915,903
152,160,446
336,680,767
296,987,580
Beginning of year
346,408,715
194,248,269
712,043,143
415,055,563
End of year
$470,324,618
$346,408,715
$1,048,723,910
$712,043,143
 
(a)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
See notes to financial statements.
Statements of Changes in Net Assets
26
Statements of Changes in Net Assets(continued)
 
 
iShares
MSCI Switzerland ETF
 
Year Ended
08/31/24
Year Ended
08/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$22,498,640
$25,227,493
Net realized gain
59,082,369
15,104,315
Net change in unrealized appreciation (depreciation)
113,209,539
139,828,646
Net increase in net assets resulting from operations
194,790,548
180,160,454
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders
(24,285,340
)
(26,685,381
)
CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions
(86,865,268
)
(277,980,798
)
NET ASSETS
Total increase (decrease) in net assets
83,639,940
(124,505,725
)
Beginning of year
1,227,302,774
1,351,808,499
End of year
$1,310,942,714
$1,227,302,774
 
(a)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
See notes to financial statements.
27
2024 iShares Annual Financial Statements
Financial Highlights
(For a share outstanding throughout each period)
 
 
iShares MSCI Eurozone ETF
 
Year Ended
08/31/24
Year Ended
08/31/23
Year Ended
08/31/22
Year Ended
08/31/21
Year Ended
08/31/20
Net asset value, beginning of year
$44.76
$35.23
$50.86
$39.52
$37.91
Net investment income(a)
1.28
(b)
1.25
(b)
1.06
(b)
1.21
(b)
0.55
Net realized and unrealized gain (loss)(c)
6.71
9.32
(15.04
)
11.24
1.55
Net increase (decrease) from investment operations
7.99
10.57
(13.98
)
12.45
2.10
Distributions from net investment income(d)
(1.39
)
(1.04
)
(1.65
)
(1.11
)
(0.49
)
Net asset value, end of year
$51.36
$44.76
$35.23
$50.86
$39.52
Total Return(e)
Based on net asset value
18.02
%(b)
30.09
%(b)
(27.98
)%(b)
31.72
%(b)
5.61
%
Ratios to Average Net Assets(f)
Total expenses
0.51
%
0.51
%
0.53
%
0.65
%
0.51
%
Total expenses excluding professional fees for foreign withholding tax claims
0.50
%
0.50
%
0.50
%
0.50
%
0.51
%
Net investment income
2.70
%(b)
2.96
%(b)
2.39
%(b)
2.64
%(b)
1.46
%
Supplemental Data
Net assets, end of year (000)
$7,893,590
$7,775,037
$4,787,972
$8,243,943
$4,477,240
Portfolio turnover rate(g)
4
%
3
%
6
%
5
%
5
%
(a) Based on average shares outstanding.
(b) Reflects positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended August 31,2024,
August 31,2023, August 31, 2022 and August 31, 2021 respectively:
• Net investment income per share by $0.04, $0.02, $0.10 and $0.53, respectively.
• Total return by 0.08%, 0.05%, 0.22% and 1.07%, respectively.
• Ratio of net investment income to average net assets by 0.08%, 0.05%, 0.22% and 1.16%, respectively.
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(e) Where applicable, assumes the reinvestment of distributions.
(f) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
Financial Highlights
28
Financial Highlights(continued)
(For a share outstanding throughout each period)
 
 
iShares MSCI Germany ETF
 
Year Ended
08/31/24
Year Ended
08/31/23
Year Ended
08/31/22
Year Ended
08/31/21
Year Ended
08/31/20
Net asset value, beginning of year
$27.88
$21.83
$34.94
$30.16
$26.28
Net investment income(a)
0.58
0.81
0.59
0.56
0.50
Net realized and unrealized gain (loss)(b)
4.96
6.01
(12.63
)
5.21
3.66
Net increase (decrease) from investment operations
5.54
6.82
(12.04
)
5.77
4.16
Distributions from net investment income(c)
(0.76
)
(0.77
)
(1.07
)
(0.99
)
(0.28
)
Net asset value, end of year
$32.66
$27.88
$21.83
$34.94
$30.16
Total Return(d)
Based on net asset value
20.01
%
31.27
%
(35.02
)%
19.30
%
15.98
%
Ratios to Average Net Assets(e)
Total expenses
0.50
%
0.50
%
0.50
%
0.50
%
0.51
%
Net investment income
1.98
%
3.05
%
1.98
%
1.72
%
1.85
%
Supplemental Data
Net assets, end of year (000)
$930,676
$1,555,839
$1,205,118
$2,872,398
$2,913,852
Portfolio turnover rate(f)
3
%
6
%
7
%
6
%
4
%
(a) Based on average shares outstanding.
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d) Where applicable, assumes the reinvestment of distributions.
(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
29
2024 iShares Annual Financial Statements
Financial Highlights(continued)
(For a share outstanding throughout each period)
 
 
iShares MSCI Italy ETF
 
Year Ended
08/31/24
Year Ended
08/31/23
Year Ended
08/31/22
Year Ended
08/31/21
Year Ended
08/31/20
Net asset value, beginning of year
$32.07
$23.12
$32.89
$25.76
$26.83
Net investment income(a)
1.40
1.19
1.08
0.83
0.43
Net realized and unrealized gain (loss)(b)
6.81
8.91
(9.58
)
6.95
(1.05
)
Net increase (decrease) from investment operations
8.21
10.10
(8.50
)
7.78
(0.62
)
Distributions from net investment income(c)
(1.33
)
(1.15
)
(1.27
)
(0.65
)
(0.45
)
Net asset value, end of year
$38.95
$32.07
$23.12
$32.89
$25.76
Total Return(d)
Based on net asset value
26.02
%
44.24
%
(26.50
)%
30.30
%
(2.29
)%
Ratios to Average Net Assets(e)
Total expenses
0.50
%
0.50
%
0.50
%
0.50
%
0.51
%
Net investment income
4.00
%
4.10
%
3.56
%
2.70
%
1.64
%
Supplemental Data
Net assets, end of year (000)
$470,325
$346,409
$194,248
$594,545
$208,645
Portfolio turnover rate(f)
18
%
24
%
14
%
13
%
16
%
(a) Based on average shares outstanding.
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d) Where applicable, assumes the reinvestment of distributions.
(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
Financial Highlights
30
Financial Highlights(continued)
(For a share outstanding throughout each period)
 
 
iShares MSCI Spain ETF
 
Year Ended
08/31/24
Year Ended
08/31/23
Year Ended
08/31/22
Year Ended
08/31/21
Year Ended
08/31/20
Net asset value, beginning of year
$28.42
$21.79
$28.08
$23.15
$26.71
Net investment income(a)
1.12
0.94
0.75
0.84
(b)
0.77
Net realized and unrealized gain (loss)(c)
5.25
6.41
(6.23
)
5.00
(3.44
)
Net increase (decrease) from investment operations
6.37
7.35
(5.48
)
5.84
(2.67
)
Distributions from net investment income(d)
(1.01
)
(0.72
)
(0.81
)
(0.91
)
(0.89
)
Net asset value, end of year
$33.78
$28.42
$21.79
$28.08
$23.15
Total Return(e)
Based on net asset value
22.72
%
34.16
%
(19.89
)%
25.25
%(b)
(10.44
)%
Ratios to Average Net Assets(f)
Total expenses
0.50
%
0.50
%
0.50
%
0.62
%
0.51
%
Total expenses excluding professional fees for foreign withholding tax claims
N/A
0.50
%
0.50
%
0.50
%
0.51
%
Net investment income
3.65
%
3.59
%
2.90
%
3.10
%(b)
2.99
%
Supplemental Data
Net assets, end of year (000)
$1,048,724
$712,043
$415,056
$707,646
$468,824
Portfolio turnover rate(g)
15
%
16
%
14
%
34
%
19
%
(a) Based on average shares outstanding.
(b) Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for year ended August 31, 2021:
• Net investment income per share by $0.18.
.• Total return by 0.63%.
.• Ratio of net investment income to average net assets by 0.65%.
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(e) Where applicable, assumes the reinvestment of distributions.
(f) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
31
2024 iShares Annual Financial Statements
Financial Highlights(continued)
(For a share outstanding throughout each period)
 
 
iShares MSCI Switzerland ETF
 
Year Ended
08/31/24
Year Ended
08/31/23
Year Ended
08/31/22
Year Ended
08/31/21
Year Ended
08/31/20
Net asset value, beginning of year
$46.10
$40.66
$50.74
$41.87
$37.31
Net investment income(a)
0.89
0.87
0.76
0.75
0.73
Net realized and unrealized gain (loss)(b)
7.00
5.59
(9.98
)
9.06
4.45
Net increase (decrease) from investment operations
7.89
6.46
(9.22
)
9.81
5.18
Distributions from net investment income(c)
(1.02
)
(1.02
)
(0.86
)
(0.94
)
(0.62
)
Net asset value, end of year
$52.97
$46.10
$40.66
$50.74
$41.87
Total Return(d)
Based on net asset value
17.32
%
15.92
%
(18.24
)%
23.49
%
14.07
%
Ratios to Average Net Assets(e)
Total expenses
0.50
%
0.50
%
0.50
%
0.50
%
0.51
%
Net investment income
1.90
%
1.99
%
1.62
%
1.66
%
1.89
%
Supplemental Data
Net assets, end of year (000)
$1,310,943
$1,227,303
$1,351,808
$1,763,380
$1,721,701
Portfolio turnover rate(f)
6
%
10
%
8
%
7
%
16
%
(a) Based on average shares outstanding.
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d) Where applicable, assumes the reinvestment of distributions.
(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
Financial Highlights
32
Notes to Financial Statements
1. ORGANIZATION
iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is organized as a Maryland corporation and is authorized to have multiple series or portfolios.
These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”): 
iShares ETF
Diversification
Classification
MSCI Eurozone
Diversified
MSCI Germany
Non-diversified
MSCI Italy
Non-diversified
MSCI Spain
Non-diversified
MSCI Switzerland
Non-diversified
2. SIGNIFICANT ACCOUNTING POLICIES
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period.  Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method.  Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.
Foreign Currency Translation: Each Fund's books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.
Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.  
Foreign Taxes: Certain Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions.  All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests.  These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows:  foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of August 31, 2024, if any, are disclosed in the Statements of Assets and Liabilities.
Consistent with U.S. GAAP accrual requirements, for uncertain tax positions, each Fund recognizes tax reclaims when the Fund determines that it is more likely than not that the Fund will sustain its position that it is due the reclaim. 
Certain Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes. 
Bank Overdraft: Certain Funds had outstanding cash disbursements exceeding deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.
Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.
33
2024 iShares Annual Financial Statements
Notes to Financial Statements  (continued)
In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.
Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.
Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.
3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS
Investment  Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Directors of the Company (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.
• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.
• Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.
• Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.
Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.
Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.
Fair  Value Hierarchy: 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).
Notes to Financial Statements
34
Notes to Financial Statements  (continued)
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 that may not have a secondary market and/or may have 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.
4. SECURITIES AND OTHER INVESTMENTS
Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.
Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.
As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:  
iShares ETF and Counterparty
Securities Loaned
at Value
Cash Collateral
Received(a)
Non-Cash Collateral
Received, at Fair Value(a)
Net Amount
MSCI Eurozone
Goldman Sachs & Co. LLC
$364,518
$(364,518)
$—
$—
J.P. Morgan Securities LLC
1,100,828
(1,100,828)
—
—
Morgan Stanley
3,071,225
(3,071,225)
—
—
 
$4,536,571
$(4,536,571)
$—
$—
MSCI Germany
HSBC Bank PLC
$9,605,721
$(9,605,721)
$—
$—
MSCI Italy
BofA Securities, Inc.
$4,726,858
$(4,726,858)
$—
$—
 
(a)
Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s
Statements of Assets and Liabilities.
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.
5. DERIVATIVE FINANCIAL INSTRUMENTS
Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).
35
2024 iShares Annual Financial Statements
Notes to Financial Statements  (continued)
Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.
Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of  Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.
Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”).
For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statements of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the Statements of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Funds’ basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.
Total return swaps are entered into by the iShares MSCI Spain ETF to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).
Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket or underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instruments or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Fund receives payment from or makes a payment to the counterparty.
Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap’s market value. The market value also includes interest charges and credits (“financing fees”) related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.
Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Fund and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Statements of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.
Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.
Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.
For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a fund and the counterparty.
Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is
Notes to Financial Statements
36
Notes to Financial Statements  (continued)
required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.
For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.
6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent directors).
For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows: 
Aggregate Average Daily Net Assets
Investment Advisory Fees
First $7 billion
0.59%
Over $7 billion, up to and including $11 billion
0.54
Over $11 billion, up to and including $24 billion
0.49
Over $24 billion, up to and including $48 billion
0.44
Over $48 billion, up to and including $72 billion
0.40
Over $72 billion, up to and including $96 billion
0.36
Over $96 billion
0.32
Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.
Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions.  As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, redemption fee, distribution fee or service fee. The money market fund in which the cash collateral has been invested may impose a discretionary liquidity fee of up to 2% of the value redeemed, if such fee is determined to be in the best interests of such money market fund.
Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
37
2024 iShares Annual Financial Statements
Notes to Financial Statements  (continued)
The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended August 31, 2024, the Funds paid BTC the following amounts for securities lending agent services: 
iShares ETF
Amounts
MSCI Eurozone
$35,466
MSCI Germany
12,077
MSCI Italy
6,913
MSCI Spain
7,606
MSCI Switzerland
3,814
Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.
Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.
For the year ended August 31, 2024, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows: 
iShares ETF
Purchases
Sales
Net Realized
Gain (Loss)
MSCI Eurozone
$65,268,171
$27,664,771
$(24,425,409)
MSCI Germany
4,218,168
5,219,599
(5,560,102)
MSCI Italy
33,192,023
15,926,365
(2,246,945)
MSCI Spain
31,170,493
39,775,989
(9,344,779)
MSCI Switzerland
24,644,307
29,725,795
3,295,832
Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate.  The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.
A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.
7. PURCHASES AND SALES
For the year ended August 31, 2024, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows: 
iShares ETF
Purchases
Sales
MSCI Eurozone
$496,541,330
$324,200,972
MSCI Germany
51,156,324
29,160,384
MSCI Italy
72,944,779
67,187,158
MSCI Spain
176,707,784
132,244,794
MSCI Switzerland
69,074,359
79,018,819
For the year ended August 31, 2024, in-kind transactions were as follows: 
iShares ETF
In-kind
Purchases
In-kind
Sales
MSCI Eurozone
$433,337,616
$1,387,531,566
MSCI Germany
280,378,316
1,036,066,764
MSCI Italy
172,993,078
120,196,091
MSCI Spain
262,779,108
124,298,465
MSCI Switzerland
255,647,760
336,072,670
8. INCOME TAX INFORMATION
Each Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes.  It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.
Management has analyzed tax laws and regulations and their application to the Funds as of August 31, 2024, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements. Management’s analysis is based on the tax laws and
Notes to Financial Statements
38
Notes to Financial Statements  (continued)
judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds’ NAV.
U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting.  These reclassifications have no effect on net assets or NAV per share. As of August 31, 2024, permanent differences attributable to nondeductible Expenses, realized gains (losses) from in-kind redemptions and distributions paid in excess of taxable income were reclassified to the following accounts: 
iShares ETF
Paid-in Capital
Accumulated
Earnings (Loss)
MSCI Eurozone
$219,124,762
$ (219,124,762)
MSCI Germany
(166,969,887)
166,969,887
MSCI Italy
13,735,375
(13,735,375)
MSCI Spain
20,381,527
(20,381,527)
MSCI Switzerland
53,715,244
(53,715,244)
The tax character of distributions paid was as follows:  
iShares ETF
Year Ended
08/31/24
Year Ended
08/31/23
MSCI Eurozone
Ordinary income
$210,250,506
$181,291,924
MSCI Germany
Ordinary income
$22,808,366
$44,143,456
MSCI Italy
Ordinary income
$14,229,992
$10,689,289
MSCI Spain
Ordinary income
$29,788,984
$15,153,309
MSCI Switzerland
Ordinary income
$24,285,340
$26,685,381
As of August 31, 2024, the tax components of accumulated net earnings (losses) were as follows: 
iShares ETF
Undistributed
Ordinary Income
Non-expiring
Capital Loss
Carryforwards(a)
Net Unrealized
Gains (Losses)(b)
Qualified
Late-Year
Ordinary Losses(c)
Total
MSCI Eurozone
$17,660,311
$(1,072,497,214)
$175,436,267
$ —
$(879,400,636)
MSCI Germany
—
(465,220,937)
(220,465,755)
—
(685,686,692)
MSCI Italy
2,208,705
(261,289,931)
50,479,481
—
(208,601,745)
MSCI Spain
12,562,045
(434,259,886)
75,139,460
—
(346,558,381)
MSCI Switzerland
—
(130,645,042)
174,347,028
(55,052)
43,646,934
 
(a)
Amounts available to offset future realized capital gains.
(b)
The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of
unrealized gains (losses) on certain futures contracts, the accounting for swap agreements, the characterization of corporate actions, the realization for tax purposes of unrealized
gains on investments in passive foreign investment companies and the foreign tax withholding reclaims.
(c)
The Funds have elected to defer these qualified late-year losses and recognize such losses in the next taxable year.
For the year ended August 31, 2024, the iShares MSCI Switzerland ETF utilized $5,500,572 of its capital loss carryforwards.
A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.
39
2024 iShares Annual Financial Statements
Notes to Financial Statements  (continued)
As of August 31, 2024, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows: 
iShares ETF
Tax Cost
Gross Unrealized
Appreciation
Gross Unrealized
Depreciation
Net Unrealized
Appreciation
(Depreciation)
MSCI Eurozone
$7,737,942,107
$1,197,279,173
$(1,021,918,848)
$175,360,325
MSCI Germany
1,159,642,836
119,710,376
(340,106,850)
(220,396,474)
MSCI Italy
424,424,947
76,318,253
(25,851,612)
50,466,641
MSCI Spain
969,220,670
121,619,186
(46,508,229)
75,110,957
MSCI Switzerland
1,118,893,630
217,893,508
(44,823,408)
173,070,100
9. LINE OF CREDIT
The iShares MSCI Germany ETF, iShares MSCI Italy ETF, iShares MSCI Spain ETF and iShares MSCI Switzerland ETF, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on October 16, 2024. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.
During the year ended August 31, 2024, the Funds did not borrow under the Syndicated Credit Agreement.
10. PRINCIPAL RISKS
In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.
BFA uses an indexing approach to try to achieve each Fund’s investment objective. The Fund is not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.
The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to discretionary liquidity fees under certain circumstances.
Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.
Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.
With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including
Notes to Financial Statements
40
Notes to Financial Statements  (continued)
the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.
Geographic/Asset Class Risk:  A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.
Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedule of Investments.
Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.
Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. These events and actions have adversely affected, and may in the future adversely affect, the value and exchange rate of the Euro and may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-European Union member states. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching.  In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but have been, and may continue to be, significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.
Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.
Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.
11. CAPITAL SHARE TRANSACTIONS
Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.
Transactions in capital shares were as follows: 
 
Year Ended
08/31/24
Year Ended
08/31/23
iShares ETF
Shares
Amount
Shares
Amount
MSCI Eurozone
Shares sold
13,100,000
$631,755,608
47,100,000
$1,986,792,057
Shares redeemed
(33,100,000
)
(1,400,031,365
)
(9,300,000
)
(423,909,330
)
 
(20,000,000
)
$(768,275,757
)
37,800,000
$1,562,882,727
MSCI Germany
Shares sold
10,500,000
$300,456,071
33,900,000
$924,857,150
Shares redeemed
(37,800,000
)
(1,043,787,779
)
(33,300,000
)
(878,273,451
)
 
(27,300,000
)
$(743,331,708
)
600,000
$46,583,699
41
2024 iShares Annual Financial Statements
Notes to Financial Statements  (continued)
 
Year Ended
08/31/24
Year Ended
08/31/23
iShares ETF
Shares
Amount
Shares
Amount
MSCI Italy
Shares sold
5,175,000
$180,975,775
5,025,000
$153,220,946
Shares redeemed
(3,900,000
)
(123,210,706
)
(2,625,000
)
(76,176,804
)
 
1,275,000
$57,765,069
2,400,000
$77,044,142
MSCI Spain
Shares sold
10,500,000
$314,280,993
8,700,000
$237,117,418
Shares redeemed
(4,500,000
)
(135,904,555
)
(2,700,000
)
(74,070,230
)
 
6,000,000
$178,376,438
6,000,000
$163,047,188
MSCI Switzerland
Shares sold
5,625,000
$262,215,777
4,000,000
$182,246,586
Shares redeemed
(7,500,000
)
(349,081,045
)
(10,625,000
)
(460,227,384
)
 
(1,875,000
)
$(86,865,268
)
(6,625,000
)
$(277,980,798
)
The consideration for the purchase of Creation Units of a fund in the Company generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash.  Certain funds in the Company may be offered in Creation Units solely or partially for cash in U.S. dollars.  Authorized Participants purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Company’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash.  Authorized Participants transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.
To the extent applicable, to facilitate the timely settlement of orders for Funds using a clearing facility outside of the continuous net settlement process, the Funds, at their sole discretion, may permit an Authorized Participant to post cash as collateral in anticipation of the delivery of all or a portion of the applicable Deposit Securities or Fund Securities, as further described in the applicable Authorized Participant Agreement. The collateral process is subject to a Control Agreement among the Authorized Participant, each Funds’ custodian, and the Funds. In the event that the Authorized Participant fails to deliver all or a portion of the applicable Deposit Securities or Fund Securities, the Funds may exercise control over such collateral pursuant to the terms of the Control Agreement in order to purchase the applicable Deposit Securities or Fund Securities.
From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.
12. FOREIGN WITHHOLDING TAX CLAIMS
Certain of the outstanding foreign tax reclaims are not deemed by the Fund to meet the recognition criteria under U.S. GAAP as of  August 31 2024 and have not been recorded in the applicable Fund’s net asset value. The recognition by the Fund of these amounts would have a positive impact on the applicable Fund's performance. If a Fund receives a tax refund that has not been previously recorded, investors in the Fund at the time the claim is successful will benefit from any resulting increase in the Fund’s NAV. Investors who sold their shares prior to such time will not benefit from such NAV increase.
The Internal Revenue Service (“IRS”) has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which iShares MSCI Eurozone ETF is able to pass through to shareholders as a foreign tax credit in the current year, the Fund will be able to offset the prior years’ withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Fund.
The iShares MSCI Eurozone ETF is seeking a closing agreement with the Internal Revenue Service (“IRS”) to address any prior years’ U.S. income tax liabilities attributable to Fund shareholders resulting from the recovery of foreign taxes. The closing agreement would result in the Funds paying a compliance fee to the IRS, on behalf of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by Fund shareholders on their tax returns in prior years. The Fund has accrued a liability for the estimated IRS compliance fee related to foreign withholding tax claims, which is disclosed in the Statements of Assets and Liabilities. The actual IRS compliance fee may differ from the estimate and that difference may be material.
During the period, the iShares MSCI Spain ETF filed a closing agreement with the IRS related to the recovery of foreign taxes received in fiscal year 2021, and the related tax compliance fee, including interest, was paid to the IRS.
Notes to Financial Statements
42
Notes to Financial Statements  (continued)
13. SUBSEQUENT EVENTS
Management’s evaluation of the impact of all subsequent events on the Funds’ financial statements was completed through the date the financial statements were available to be issued and the following item was noted:
Effective October 16, 2024, the Syndicated Credit Agreement to which the Participating Funds are party was amended to extend the maturity date to October 15, 2025 under the same terms.
43
2024 iShares Annual Financial Statements
Report of Independent Registered Public Accounting Firm
To the Board of Directors of
iShares, Inc. and Shareholders of each of the five funds listed in the table below
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (five of the funds constituting iShares, Inc., hereafter collectively referred to as the "Funds") as of August 31, 2024, the related statements of operations for the year ended August 31, 2024, the statements of changes in net assets for each of the two years in the period ended August 31, 2024, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of August 31, 2024, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2024 and each of the financial highlights for each of the five years in the period ended August 31, 2024 in conformity with accounting principles generally accepted in the United States of America.   
iShares MSCI Eurozone ETF
iShares MSCI Germany ETF
iShares MSCI Italy ETF
iShares MSCI Spain ETF
iShares MSCI Switzerland ETF
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. 
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. 
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
October 24, 2024
We have served as the auditor of one or more BlackRock investment companies since 2000.
Report of Independent Registered Public Accounting Firm
44
Important Tax Information (unaudited)
The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended August 31, 2024: 
iShares ETF
Qualified Dividend
Income
MSCI Eurozone
$245,485,954
MSCI Germany
29,409,011
MSCI Italy
19,243,523
MSCI Spain
41,693,000
MSCI Switzerland
34,358,913
The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended August 31, 2024: 
iShares ETF
Foreign Source
Income Earned
Foreign
Taxes Paid
MSCI Eurozone
$244,590,754
$13,472,806
MSCI Germany
29,495,810
3,960,664
MSCI Italy
19,345,106
2,892,823
MSCI Spain
41,707,928
4,873,479
MSCI Switzerland
34,480,431
6,180,881
45
2024 iShares Annual Financial Statements
Additional Information
Premium/Discount Information
Information on the Fund's net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.
Regulation under the Alternative Investment Fund Managers Directive
The Alternative Investment Fund Managers Directive, and its United Kingdom (“UK”) equivalent, (the “AIFMD”) impose detailed and prescriptive obligations on fund managers established in the European Union (the “EU”) and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the “Company”). However, the Company is required to comply with certain disclosure, reporting and transparency obligations of the AIFMD because it has registered the iShares MSCI Germany ETF (the “Fund”) to be marketed to investors in the EU and/or UK.
Report on Remuneration
BlackRock has a clear and well-defined pay-for-performance philosophy, and compensation programs which support that philosophy.
BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management and staff who have the ability to materially affect the risk profile of the Fund, a significant percentage of variable remuneration is deferred over time. All employees are subject to a clawback policy.
Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock’s full-year financial results and other non-financial goals and objectives.  Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities.  No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.
Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock's independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.
Each of the control functions (Enterprise Risk, Legal & Compliance, Finance, Human Resources and Internal Audit) each have their own organizational structures which are independent of the business units and therefore staff members in control functions are remunerated independently of the businesses they oversee. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock's independent remuneration committee.
The Company is required under the AIFMD to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year. BlackRock bases its proportionality approach on a combination of factors that it is entitled to take into account based on relevant guidelines.
Remuneration information at an individual Fund level is not readily available.  Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; (c) staff who have the ability to materially affect the risk profile of the Fund; and (d) staff of companies to which portfolio management and risk management has been formally delegated.
All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Fund is included in the aggregate figures disclosed.
Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Conversely, members of staff and senior management of the broader BlackRock group may provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the broader BlackRock group and of the Company.  Therefore, the figures disclosed are a sum of individuals’ portion of remuneration attributable to the Company according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company and the broader BlackRock group. Accordingly, the figures are not representative of any individual’s actual remuneration or their remuneration structure.
The amount of the total remuneration awarded to the Company’s staff in respect of the Company’s financial year ending December 31, 2023 was USD 5.43m.  This figure is comprised of fixed remuneration of USD 0.74m and variable remuneration of USD 4.68m. There was a total of 8 beneficiaries of the remuneration described above.
The amount of the aggregate remuneration awarded by the Company in respect of the Company’s financial year ending December 31, 2023, to its senior management was USD 3.66m, and to other members of its staff whose actions potentially have a material impact on the risk profile of the Company or its funds was USD 1.77m.
Additional Information
46
Additional Information (continued)
Disclosures Under the EU Sustainable Finance Disclosure Regulation
The iShares MSCI Germany ETF (the “Fund”) is registered under the Alternative Investment Fund Managers Directive to be marketed to European Union (“EU”) investors, as noted above. As a result, certain disclosures are required under the EU Sustainable Finance Disclosure Regulation (“SFDR”). 
The Fund has not been categorized under the SFDR as an “Article 8” or “Article 9” product. In addition, the Fund’s investment strategy does not take into account the criteria for environmentally sustainable economic activities under the EU sustainable investment taxonomy regulation or principal adverse impacts (“PAIs”) on sustainability factors under the SFDR. PAIs are identified under the SFDR as the material impacts of investment decisions on sustainability factors relating to environmental, social and employee matters, respect for human rights, and anti-corruption and anti-bribery matters.
Electronic Delivery
Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.
To enroll in electronic delivery:
 • Go to icsdelivery.com.
 • If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor. 
Changes in and Disagreements with Accountants
Not applicable.
Proxy Results
Not applicable.
Remuneration Paid to Directors, Officers, and Others
Because BFA has agreed in the Investment Advisory Agreements to cover all operating expenses of the Funds, subject to certain exclusions as provided for therein, BFA pays the compensation to each Independent Director for services to the Funds from BFA's investment advisory fees.
Availability of Portfolio Holdings Information
A description of the Company’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets, when available, at iShares.com.
47
2024 iShares Annual Financial Statements
Board Review and Approval of Investment Advisory Contract
iShares MSCI Eurozone ETF (the “Fund”)
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company's Board of Directors (the “Board”), including a majority of Board Members who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Company and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 6, 2024 and May 17, 2024, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meeting, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 4-5, 2024, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.
After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.
Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. The Board also noted the tradability, liquidity and developed capital markets ecosystem associated with the Fund that differentiates it from other ETFs in the marketplace.
In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2023, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.
Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA’s business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA  and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA  reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 6, 2024
Board Review and Approval of Investment Advisory Contract
48
Board Review and Approval of Investment Advisory Contract (continued)
meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services, as well as BlackRock’s continued investments in its ETF business.
Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA  and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).
Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.
The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”).
The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.
The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.
Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by
49
2024 iShares Annual Financial Statements
Board Review and Approval of Investment Advisory Contract (continued)
BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA  and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA  (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.
Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.
iShares MSCI Germany ETF (the “Fund”)
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company's Board of Directors (the “Board”), including a majority of Board Members who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Company and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements.  The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement.  At meetings held on May 6, 2024 and May 17, 2024, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meeting, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide.  At a meeting held on June 4-5, 2024, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.
After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members.  The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates.  The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.
Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”).  The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.   
In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2023, to that of such relevant comparison fund(s) for the same periods.  The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index.  Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered.  The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.
Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA’s business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years.  In reviewing
Board Review and Approval of Investment Advisory Contract
50
Board Review and Approval of Investment Advisory Contract (continued)
the scope of these services, the Board considered BFA’s  investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA  (and its affiliates) available as needed to provide further assistance with these matters.  The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 6, 2024 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services, as well as BlackRock’s continued investments in its ETF business.
Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA  and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year.  The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix.  The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).
Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time.  The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase.  The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.
The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). 
The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.  The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.
The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.
51
2024 iShares Annual Financial Statements
Board Review and Approval of Investment Advisory Contract (continued)
Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community.  The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA  and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA  (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.
Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.
iShares MSCI Italy ETF, iShares MSCI Spain ETF (each the “Fund”)
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company's Board of Directors (the “Board”), including a majority of Board Members who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Company and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 6, 2024 and May 17, 2024, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meeting, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 4-5, 2024, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.
After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.
Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.
In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2023, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.
Board Review and Approval of Investment Advisory Contract
52
Board Review and Approval of Investment Advisory Contract (continued)
Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA’s business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA  and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA  reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 6, 2024 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services, as well as BlackRock’s continued investments in its ETF business.
Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA  and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).
Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.
The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”).
The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that
53
2024 iShares Annual Financial Statements
Board Review and Approval of Investment Advisory Contract (continued)
BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.
The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.
Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA  and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.
Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.
iShares MSCI Switzerland ETF (the “Fund”)
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company's Board of Directors (the “Board”), including a majority of Board Members who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Company and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 6, 2024 and May 17, 2024, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meeting, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 4-5, 2024, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.
After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.
Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund
Board Review and Approval of Investment Advisory Contract
54
Board Review and Approval of Investment Advisory Contract (continued)
in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.
In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2023, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.
Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA’s business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 6, 2024 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services, as well as BlackRock’s continued investments in its ETF business.
Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA  and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).
Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.
The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
55
2024 iShares Annual Financial Statements
Board Review and Approval of Investment Advisory Contract (continued)
Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”).
The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.
The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.
Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA  and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA  (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.
Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.
Board Review and Approval of Investment Advisory Contract
56
Glossary of Terms Used in this Report
 
Portfolio Abbreviation
NVS
Non-Voting Shares
57
2024 iShares Annual Financial Statements
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Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc.,  nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
 
 

August 31, 2024
 
 
2024 Annual Financial Statements
 
iShares, Inc.
• iShares MSCI Brazil ETF | EWZ | NYSE Arca
• iShares MSCI Chile ETF | ECH | Cboe BZX
• iShares MSCI Israel ETF | EIS | NYSE Arca
• iShares MSCI South Africa ETF | EZA | NYSE Arca
• iShares MSCI Turkey ETF | TUR | NASDAQ
Table of Contents
 
 
Page
3
18
20
22
25
30
39
40
41
43
46
2
Schedule of Investments
August 31, 2024
iShares® MSCI Brazil ETF
(Percentages shown are based on Net Assets)
 
Security
Shares
Value
Common Stocks
Aerospace & Defense — 0.9%
Embraer SA(a)
4,184,848
$34,772,564
Banks — 13.5%
Banco Bradesco SA
14,661,251
36,783,522
Banco do Brasil SA
17,741,605
88,519,936
Inter & Co. Inc., Class A, NVS
1,426,017
10,481,225
NU Holdings Ltd./Cayman Islands, Class A(a)
27,660,464
414,077,146
 
549,861,829
Beverages — 2.7%
Ambev SA
48,525,563
110,724,676
Capital Markets — 6.1%
B3 SA - Brasil Bolsa Balcao
56,546,634
127,221,022
Banco BTG Pactual SA
12,301,974
77,619,247
XP Inc., Class A
2,475,609
45,575,962
 
250,416,231
Consumer Staples Distribution & Retail — 2.4%
Atacadao SA(a)
7,280,306
11,587,105
Raia Drogasil SA
13,555,922
66,288,950
Sendas Distribuidora SA(a)
13,049,958
22,159,192
 
100,035,247
Containers & Packaging — 0.9%
Klabin SA
9,161,330
35,094,902
Diversified Telecommunication Services — 1.0%
Telefonica Brasil SA
4,507,199
41,449,645
Electric Utilities — 4.8%
Centrais Eletricas Brasileiras SA
12,551,989
92,982,646
CPFL Energia SA
2,619,701
15,845,706
Energisa SA
2,422,861
20,338,284
Equatorial Energia SA
11,260,083
68,328,292
 
197,494,928
Electrical Equipment — 4.0%
WEG SA
16,999,775
163,333,212
Financial Services — 0.5%
Pagseguro Digital Ltd., Class A(a)
748,683
8,287,921
StoneCo Ltd., Class A(a)
929,603
12,326,536
 
20,614,457
Food Products — 1.8%
BRF SA(a)
5,043,473
23,472,581
JBS SA
8,290,118
51,482,737
 
74,955,318
Ground Transportation — 3.0%
Localiza Rent a Car SA
9,488,118
69,646,367
Localiza Rent a Car SA, NVS(a)
129,072
929,803
Rumo SA
13,771,674
53,391,367
 
123,967,537
Health Care Providers & Services — 1.8%
Hapvida Participacoes e Investimentos SA(a)(b)
53,521,775
40,265,142
Rede D'Or Sao Luiz SA(b)
5,569,130
31,551,437
 
71,816,579
Independent Power and Renewable Electricity Producers — 0.5%
Engie Brasil Energia SA
2,498,589
20,020,809
Insurance — 1.6%
BB Seguridade Participacoes SA
7,537,741
49,124,145
Caixa Seguridade Participacoes S/A
5,535,205
16,057,737
 
65,181,882
Metals & Mining — 9.2%
Cia. Siderurgica Nacional SA
8,479,547
17,843,918
Vale SA
34,026,401
359,707,409
 
377,551,327
Oil, Gas & Consumable Fuels — 10.3%
Cosan SA
13,487,447
31,971,947
Security
Shares
Value
Oil, Gas & Consumable Fuels (continued)
Petroleo Brasileiro SA
37,324,137
$284,370,593
PRIO SA
8,428,155
70,045,827
Ultrapar Participacoes SA
8,115,825
33,638,636
 
420,027,003
Paper & Forest Products — 1.9%
Suzano SA
8,137,989
79,416,850
Personal Care Products — 0.6%
Natura & Co. Holding SA
10,554,758
25,375,841
Pharmaceuticals — 0.6%
Hypera SA
4,465,868
22,614,798
Software — 0.7%
TOTVS SA
5,250,282
27,919,153
Specialty Retail — 1.2%
Vibra Energia SA
10,830,618
49,426,183
Transportation Infrastructure — 0.7%
CCR SA
11,628,814
27,339,097
Water Utilities — 1.9%
Cia de Saneamento Basico do Estado de Sao
Paulo SABESP
4,606,749
77,431,016
Wireless Telecommunication Services — 0.7%
TIM SA/Brazil
9,587,365
30,381,806
Total Common Stocks — 73.3%
(Cost: $1,960,470,771)
2,997,222,890
Preferred Stocks
Banks — 13.9%
Banco Bradesco SA, Preference Shares, NVS
51,430,486
142,721,777
Itau Unibanco Holding SA, Preference Shares, NVS
48,488,625
315,746,686
Itausa SA, Preference Shares, NVS
55,721,408
108,359,129
 
566,827,592
Electric Utilities — 2.0%
Centrais Eletricas Brasileiras SA, Class B, Preference
Shares, NVS
2,839,346
23,244,959
Cia Energetica de Minas Gerais, Preference
Shares, NVS
19,761,719
40,779,068
Cia Paranaense de Energia - Copel, Preference
Shares, NVS
9,002,902
16,660,948
 
80,684,975
Metals & Mining — 1.2%
Gerdau SA, Preference Shares, NVS
14,985,505
48,658,122
Oil, Gas & Consumable Fuels — 7.6%
Petroleo Brasileiro SA, Preference Shares, NVS
44,808,641
313,011,328
Total Preferred Stocks — 24.7%
(Cost: $572,339,137)
1,009,182,017
Rights
Electric Utilities — 0.0%
Equatorial Energia SA (Expires 09/30/24, Strike Price
BRL 32.5)(a)
900,603
303,613
Total Rights — 0.0%
(Cost: $—)
303,613
Total Long-Term Investments — 98.0%
(Cost: $2,532,809,908)
4,006,708,520
3
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Brazil ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Short-Term Securities
Money Market Funds — 0.4%
BlackRock Cash Funds: Treasury, SL Agency Shares,
5.25%(c)(d)
15,410,000
$15,410,000
Total Short-Term Securities — 0.4%
(Cost: $15,410,000)
15,410,000
Total Investments — 98.4%
(Cost: $2,548,219,908)
4,022,118,520
Other Assets Less Liabilities — 1.6%
66,402,492
Net Assets — 100.0%
$4,088,521,012
 
(a)
Non-income producing security.
(b)
Security exempt from registration pursuant to Rule 144A under the Securities Act of
1933, as amended. These securities may be resold in transactions exempt from
registration to qualified institutional investors.
(c)
Affiliate of the Fund.
(d)
Annualized 7-day yield as of period end.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2024 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 Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
08/31/24
Shares
Held at
08/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Treasury, SL Agency
Shares
$12,030,000
$3,380,000
(a)
$—
$—
$—
$15,410,000
15,410,000
$953,530
$—
 
(a)
Represents net amount purchased (sold).
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts
Bclear MSCI Brazil Index
2,006
09/20/24
$111,754
$4,133,798
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets—Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)
$—
$—
$4,133,798
$—
$—
$—
$4,133,798
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's
variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).
Schedule of Investments
4
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Brazil ETF
 
For the period ended August 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from
Futures contracts
$—
$—
$(10,935,785
)
$—
$—
$—
$(10,935,785
)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts
$—
$—
$6,343,302
$—
$—
$—
$6,343,302
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$99,350,989
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
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 
Common Stocks
$2,997,222,890
$—
$—
$2,997,222,890
Preferred Stocks
1,009,182,017
—
—
1,009,182,017
Rights
303,613
—
—
303,613
Short-Term Securities 
Money Market Funds
15,410,000
—
—
15,410,000
 
$4,022,118,520
$—
$—
$4,022,118,520
Derivative Financial Instruments(a) 
Assets 
Equity Contracts
$4,133,798
$—
$—
$4,133,798
 
(a)
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
See notes to financial statements.
5
2024 iShares Annual Financial Statements
Schedule of Investments
August 31, 2024
iShares® MSCI Chile ETF
(Percentages shown are based on Net Assets)
 
Security
Shares
Value
Common Stocks
Banks — 29.9%
Banco de Chile
567,937,302
$71,853,032
Banco de Credito e Inversiones SA
758,684
23,240,779
Banco Itau Chile SA, NVS
1,087,288
12,732,546
Banco Santander Chile
838,730,378
43,142,678
Grupo Security SA
27,064,991
7,523,648
 
158,492,683
Beverages — 4.1%
Cia Cervecerias Unidas SA
2,036,612
11,300,642
Vina Concha y Toro SA
8,510,084
10,571,013
 
21,871,655
Broadline Retail — 4.1%
Falabella SA(a)
6,164,809
21,792,599
Capital Markets — 0.7%
Sociedad de Inversiones Oro Blanco SA
752,840,584
3,832,095
Consumer Staples Distribution & Retail — 6.1%
Cencosud SA
11,817,252
23,926,275
SMU SA
54,175,546
8,612,046
 
32,538,321
Electric Utilities — 11.1%
Enel Americas SA
278,479,500
29,837,525
Enel Chile SA
370,443,748
20,072,527
Engie Energia Chile SA(a)
9,060,045
8,666,199
 
58,576,251
Financial Services — 0.9%
Inversiones La Construccion SA
573,575
4,708,021
Independent Power and Renewable Electricity Producers — 2.9%
Colbun SA
115,961,622
15,483,209
Metals & Mining — 1.4%
CAP SA(a)
1,204,873
7,384,416
Paper & Forest Products — 4.3%
Empresas CMPC SA
13,242,484
22,869,851
Passenger Airlines — 4.7%
Latam Airlines Group SA
1,935,349,713
25,014,753
Real Estate Management & Development — 3.3%
Parque Arauco SA
9,482,939
15,637,114
Plaza SA
1,111,736
1,837,360
 
17,474,474
Security
Shares
Value
Specialty Retail — 4.2%
Empresas Copec SA
3,419,421
$22,406,316
Water Utilities — 3.8%
Aguas Andinas SA, Class A
41,203,172
12,491,002
Inversiones Aguas Metropolitanas SA
9,184,706
7,348,006
 
19,839,008
Wireless Telecommunication Services — 1.6%
Empresa Nacional de Telecomunicaciones SA
2,709,705
8,303,609
Total Common Stocks — 83.1%
(Cost: $384,595,648)
440,587,261
Preferred Stocks
Beverages — 3.4%
Embotelladora Andina SA, Class B, Preference
Shares, NVS
5,708,340
18,123,598
Chemicals — 13.2%
Sociedad Quimica y Minera de Chile SA, Class B,
Preference Shares
1,788,244
69,672,861
Total Preferred Stocks — 16.6%
(Cost: $88,964,940)
87,796,459
Total Long-Term Investments — 99.7%
(Cost: $473,560,588)
528,383,720
Short-Term Securities
Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency
Shares, 5.25%(b)(c)
1,090,000
1,090,000
Total Short-Term Securities — 0.2%
(Cost: $1,090,000)
1,090,000
Total Investments — 99.9%
(Cost: $474,650,588)
529,473,720
Other Assets Less Liabilities — 0.1%
787,402
Net Assets — 100.0%
$530,261,122
 
(a)
Non-income producing security.
(b)
Affiliate of the Fund.
(c)
Annualized 7-day yield as of period end.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2024 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 Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
08/31/24
Shares
Held at
08/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Treasury, SL Agency Shares
$—
$1,090,000
(a)
$—
$—
$—
$1,090,000
1,090,000
$82,452
$—
 
(a)
Represents net amount purchased (sold).
Schedule of Investments
6
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Chile ETF
 
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts
MSCI Emerging Markets Index
16
09/20/24
$880
$(10,099
)
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Liabilities—Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)
$—
$—
$10,099
$—
$—
$—
$10,099
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's
variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).
For the period ended August 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from
Futures contracts
$—
$—
$1,391
$—
$—
$—
$1,391
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts
$—
$—
$53,380
$—
$—
$—
$53,380
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$1,441,746
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
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 
Common Stocks
$440,587,261
$—
$—
$440,587,261
Preferred Stocks
87,796,459
—
—
87,796,459
Short-Term Securities 
Money Market Funds
1,090,000
—
—
1,090,000
 
$529,473,720
$—
$—
$529,473,720
7
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Chile ETF
 
Fair Value Hierarchy as of Period End (continued)
 
Level 1
Level 2
Level 3
Total
Derivative Financial Instruments(a) 
Liabilities 
Equity Contracts
$(10,099
)
$—
$—
$(10,099
)
 
(a)
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
See notes to financial statements.
Schedule of Investments
8
Schedule of Investments
August 31, 2024
iShares® MSCI Israel ETF
(Percentages shown are based on Net Assets)
 
Security
Shares
Value
Common Stocks
Aerospace & Defense — 2.5%
Elbit Systems Ltd.
19,002
$3,913,098
Banks — 20.0%
Bank Hapoalim BM
907,459
9,046,599
Bank Leumi Le-Israel BM
1,084,397
10,485,602
FIBI Holdings Ltd.
12,603
547,333
First International Bank Of Israel Ltd. (The)
39,369
1,621,804
Israel Discount Bank Ltd., Class A
882,672
4,898,229
Mizrahi Tefahot Bank Ltd.
110,561
4,234,155
 
30,833,722
Broadline Retail — 1.6%
Global-e Online Ltd.(a)(b)
71,386
2,457,106
Capital Markets — 0.4%
Tel Aviv Stock Exchange Ltd.
62,823
535,264
Chemicals — 2.0%
ICL Group Ltd.
551,246
2,522,853
Israel Corp Ltd.
2,687
607,565
 
3,130,418
Communications Equipment — 0.2%
Ituran Location and Control Ltd.
10,743
303,490
Construction & Engineering — 1.7%
Ashtrom Group Ltd.(a)(b)
29,032
402,665
Elco Ltd.
6,652
211,474
Electra Ltd./Israel
1,504
618,125
Kvutzat Acro Ltd., NVS(b)
19,826
243,577
Shapir Engineering and Industry Ltd.(a)(b)
101,571
593,647
Shikun & Binui Ltd.(a)
233,102
579,997
 
2,649,485
Consumer Finance — 0.3%
Isracard Ltd.
136,251
483,052
Consumer Staples Distribution & Retail — 1.2%
M Yochananof & Sons Ltd.
3,653
223,951
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.
6,333
363,225
Shufersal Ltd.
151,079
1,302,672
 
1,889,848
Distributors — 0.1%
Tadiran Group Ltd.(b)
2,460
136,777
Diversified REITs — 0.6%
Reit 1 Ltd.
138,753
561,704
Sella Capital Real Estate Ltd.
157,719
312,287
 
873,991
Diversified Telecommunication Services — 1.1%
Bezeq The Israeli Telecommunication Corp. Ltd.
1,479,891
1,759,649
Electronic Equipment, Instruments & Components — 0.5%
Nayax Ltd.(a)
8,997
215,041
Next Vision Stabilized Systems Ltd., NVS
39,387
510,707
 
725,748
Food Products — 0.4%
Strauss Group Ltd.
41,364
664,389
Health Care Equipment & Supplies — 0.6%
Inmode Ltd.(a)(b)
57,174
955,378
Hotels, Restaurants & Leisure — 0.4%
Fattal Holdings 1998 Ltd.(a)
5,286
630,348
Household Durables — 0.5%
Azorim-Investment Development & Construction
Co. Ltd.(a)(b)
53,104
271,179
Danya Cebus Ltd.
5,629
130,977
Electra Consumer Products 1970 Ltd.(a)(b)
8,928
192,584
Maytronics Ltd.(b)
35,483
110,725
 
705,465
Security
Shares
Value
Independent Power and Renewable Electricity Producers — 2.2%
Energix-Renewable Energies Ltd.
195,922
$703,189
Enlight Renewable Energy Ltd.(a)
83,866
1,389,062
Kenon Holdings Ltd./Singapore
15,060
380,594
OPC Energy Ltd.(a)
79,575
616,840
OY Nofar Energy Ltd.(a)(b)
13,994
341,177
 
3,430,862
Insurance — 2.4%
Clal Insurance Enterprises Holdings Ltd.(a)
45,229
733,735
Harel Insurance Investments & Financial Services Ltd.
74,099
759,485
Menora Mivtachim Holdings Ltd.
15,389
431,639
Migdal Insurance & Financial Holdings Ltd.
297,954
380,138
Phoenix Financial Ltd.
133,916
1,430,895
 
3,735,892
IT Services — 5.0%
Formula Systems 1985 Ltd.
7,084
550,734
Matrix IT Ltd.
24,861
492,091
One Software Technologies Ltd.
32,998
432,344
Wix.com Ltd.(a)
37,737
6,287,739
 
7,762,908
Machinery — 0.4%
Kornit Digital Ltd.(a)
33,950
630,791
Marine Transportation — 0.8%
ZIM Integrated Shipping Services Ltd.
68,460
1,250,764
Media — 0.2%
Perion Network Ltd.(a)
33,356
290,691
Oil, Gas & Consumable Fuels — 1.7%
Delek Group Ltd.(b)
6,609
794,912
Equital Ltd.(a)(b)
16,798
566,412
Oil Refineries Ltd.
1,790,592
465,494
Paz Oil Co. Ltd.
7,206
784,664
 
2,611,482
Personal Care Products — 0.5%
Oddity Tech Ltd., Class A, NVS(a)(b)
22,504
828,147
Pharmaceuticals — 9.8%
Teva Pharmaceutical Industries Ltd., ADR(a)
800,311
15,101,869
Professional Services — 1.0%
Danel Adir Yeoshua Ltd.
3,558
322,916
Fiverr International Ltd.(a)(b)
24,598
611,752
Hilan Ltd.
11,456
618,902
 
1,553,570
Real Estate Management & Development — 7.9%
AFI Properties Ltd.(a)
0
27
Africa Israel Residences Ltd.(b)
4,452
287,696
Airport City Ltd.(a)
48,648
752,115
Alony Hetz Properties & Investments Ltd.
116,181
872,944
Amot Investments Ltd.
167,384
744,288
Aura Investments Ltd.
110,188
502,327
Azrieli Group Ltd.
30,261
2,062,797
Big Shopping Centers Ltd.(a)
11,290
1,244,931
Blue Square Real Estate Ltd.(b)
3,878
301,395
Brack Capital Properties NV(a)
0
20
Electra Real Estate Ltd.
21,508
231,177
G City Ltd.
73,755
253,180
Gav-Yam Lands Corp. Ltd.
0
1
Israel Canada T.R Ltd.
114,543
428,730
Isras Holdings Ltd., NVS(a)
2,763
236,324
Isras Investment Co. Ltd.(b)
1,111
222,215
Mega Or Holdings Ltd.
16,873
446,742
Melisron Ltd.
18,581
1,418,708
Mivne Real Estate KD Ltd.
429,537
1,089,800
Prashkovsky Investments and Construction Ltd.
5,275
120,755
Summit Real Estate Holdings Ltd.
28,729
412,907
9
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Israel ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Real Estate Management & Development (continued)
YH Dimri Construction & Development Ltd.
5,454
$495,353
 
12,124,432
Semiconductors & Semiconductor Equipment — 6.6%
Camtek Ltd./Israel
20,898
1,992,142
Nova Ltd.(a)
20,725
4,755,547
Tower Semiconductor Ltd.(a)
79,191
3,487,288
 
10,234,977
Software — 25.3%
Cellebrite DI Ltd.(a)
43,745
746,290
Check Point Software Technologies Ltd.(a)
64,319
12,381,407
CyberArk Software Ltd.(a)
30,810
8,834,459
Magic Software Enterprises Ltd.
19,459
213,710
Monday.com Ltd.(a)
25,217
6,704,948
Nice Ltd.(a)
45,312
7,896,521
Radware Ltd.(a)
25,228
549,970
Riskified Ltd., Class A(a)
73,163
378,984
Sapiens International Corp. NV
23,877
869,974
SimilarWeb Ltd.(a)
22,069
208,111
WalkMe Ltd.(a)
19,655
272,615
 
39,056,989
Specialty Retail — 0.6%
Delek Automotive Systems Ltd.
34,714
211,825
Fox Wizel Ltd.(b)
5,877
434,740
Retailors Ltd.
13,954
250,398
 
896,963
Technology Hardware, Storage & Peripherals — 0.2%
Nano Dimension Ltd., ADR(a)(b)
133,647
292,687
Textiles, Apparel & Luxury Goods — 0.2%
Delta Galil Ltd.(b)
7,412
337,108
Security
Shares
Value
Wireless Telecommunication Services — 0.5%
Cellcom Israel Ltd.(a)(b)
75,861
$332,283
Partner Communications Co. Ltd.(a)
100,003
439,990
 
772,273
Total Long-Term Investments — 99.4%
(Cost: $162,678,404)
153,559,633
Short-Term Securities
Money Market Funds — 4.9%
BlackRock Cash Funds: Institutional, SL Agency Shares,
5.45%(c)(d)(e)
7,493,263
7,497,759
Total Short-Term Securities — 4.9%
(Cost: $7,496,786)
7,497,759
Total Investments — 104.3%
(Cost: $170,175,190)
161,057,392
Liabilities in Excess of Other Assets — (4.3)%
(6,572,736
)
Net Assets — 100.0%
$154,484,656
 
(a)
Non-income producing security.
(b)
All or a portion of this security is on loan.
(c)
Affiliate of the Fund.
(d)
Annualized 7-day yield as of period end.
(e)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2024 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 Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
08/31/24
Shares
Held at
08/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency
Shares
$11,746,318
$—
$(4,249,299
)(a)
$299
$441
$7,497,759
7,493,263
$129,166
(b)
$—
BlackRock Cash Funds: Treasury, SL Agency
Shares(c)
150,000
—
(150,000
)(a)
—
—
—
—
6,087
—
 
$299
$441
$7,497,759
$135,253
$—
 
(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
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts
Euro STOXX 50 Index
15
09/20/24
$826
$8,571
Schedule of Investments
10
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Israel ETF
 
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets—Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)
$—
$—
$8,571
$—
$—
$—
$8,571
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's
variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).
For the period ended August 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from
Futures contracts
$—
$—
$6,510
$—
$—
$—
$6,510
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts
$—
$—
$8,003
$—
$—
$—
$8,003
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$353,168
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
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 
Common Stocks
$61,167,010
$92,392,623
$—
$153,559,633
Short-Term Securities 
Money Market Funds
7,497,759
—
—
7,497,759
 
$68,664,769
$92,392,623
$—
$161,057,392
Derivative Financial Instruments(a) 
Assets 
Equity Contracts
$—
$8,571
$—
$8,571
 
(a)
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
See notes to financial statements.
11
2024 iShares Annual Financial Statements
Schedule of Investments
August 31, 2024
iShares® MSCI South Africa ETF
(Percentages shown are based on Net Assets)
 
Security
Shares
Value
Common Stocks
Banks — 20.0%
Absa Group Ltd.
1,039,672
$10,255,162
Capitec Bank Holdings Ltd.
106,208
17,346,807
Nedbank Group Ltd.
567,351
9,391,607
Standard Bank Group Ltd.
1,635,505
21,967,955
 
58,961,531
Broadline Retail — 17.1%
Naspers Ltd., Class N
223,488
46,101,549
Woolworths Holdings Ltd./South Africa
1,157,676
4,198,574
 
50,300,123
Capital Markets — 1.5%
Reinet Investments SCA
168,934
4,531,785
Chemicals — 1.9%
Sasol Ltd.
710,635
5,456,604
Consumer Staples Distribution & Retail — 9.2%
Bid Corp. Ltd.
410,335
10,337,117
Clicks Group Ltd.
292,352
6,127,688
Shoprite Holdings Ltd.
614,765
10,652,097
 
27,116,902
Financial Services — 11.8%
FirstRand Ltd.
6,159,282
29,616,163
Remgro Ltd.
618,590
5,013,949
 
34,630,112
Industrial Conglomerates — 2.3%
Bidvest Group Ltd. (The)
417,426
6,792,329
Insurance — 8.1%
Discovery Ltd.
664,795
5,689,408
Old Mutual Ltd.
5,906,768
4,273,845
OUTsurance Group Ltd., NVS
1,048,782
2,807,733
Sanlam Ltd.
2,201,059
10,973,968
 
23,744,954
Metals & Mining — 16.8%
Anglo American Platinum Ltd.(a)
82,044
2,832,903
Anglogold Ashanti PLC, NVS
417,377
12,353,036
Gold Fields Ltd.
1,092,129
15,139,396
Harmony Gold Mining Co. Ltd.
697,559
6,832,457
Impala Platinum Holdings Ltd.
1,110,990
4,784,783
Kumba Iron Ore Ltd.
81,023
1,603,759
Northam Platinum Holdings Ltd.
441,527
2,610,962
Sibanye Stillwater Ltd.
3,492,553
3,337,593
 
49,494,889
Security
Shares
Value
Oil, Gas & Consumable Fuels — 0.9%
Exxaro Resources Ltd.
303,299
$2,717,118
Pharmaceuticals — 2.1%
Aspen Pharmacare Holdings Ltd.
465,565
6,266,897
Real Estate Management & Development — 1.9%
NEPI Rockcastle NV
690,301
5,629,306
Specialty Retail — 1.2%
Pepkor Holdings Ltd.(b)
2,960,292
3,650,491
Wireless Telecommunication Services — 5.1%
MTN Group Ltd.
2,074,160
10,331,659
Vodacom Group Ltd.
767,323
4,741,883
 
15,073,542
Total Long-Term Investments — 99.9%
(Cost: $358,668,141)
294,366,583
Short-Term Securities
Money Market Funds — 1.1%
BlackRock Cash Funds: Institutional, SL Agency Shares,
5.45%(c)(d)(e)
3,123,634
3,125,509
BlackRock Cash Funds: Treasury, SL Agency Shares,
5.25%(c)(d)
130,000
130,000
Total Short-Term Securities — 1.1%
(Cost: $3,255,821)
3,255,509
Total Investments — 101.0%
(Cost: $361,923,962)
297,622,092
Liabilities in Excess of Other Assets — (1.0)%
(2,944,167
)
Net Assets — 100.0%
$294,677,925
 
(a)
All or a portion of this security is on loan.
(b)
Security exempt from registration pursuant to Rule 144A under the Securities Act of
1933, as amended. These securities may be resold in transactions exempt from
registration to qualified institutional investors.
(c)
Affiliate of the Fund.
(d)
Annualized 7-day yield as of period end.
(e)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2024 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 Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
08/31/24
Shares
Held at
08/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency
Shares
$—
$3,125,639
(a)
$—
$182
$(312
)
$3,125,509
3,123,634
$13,097
(b)
$—
BlackRock Cash Funds: Treasury, SL Agency
Shares
150,000
—
(20,000
)(a)
—
—
130,000
130,000
12,538
—
 
$182
$(312
)
$3,255,509
$25,635
$—
 
(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.
Schedule of Investments
12
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI South Africa ETF
 
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts
FTSE/JSE Top 40 Index
5
09/19/24
$213
$7,695
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets—Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)
$—
$—
$7,695
$—
$—
$—
$7,695
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's
variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).
For the period ended August 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from
Futures contracts
$—
$—
$(15,631
)
$—
$—
$—
$(15,631
)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts
$—
$—
$29,103
$—
$—
$—
$29,103
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$245,632
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
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 
Common Stocks
$115,102,988
$179,263,595
$—
$294,366,583
Short-Term Securities 
Money Market Funds
3,255,509
—
—
3,255,509
 
$118,358,497
$179,263,595
$—
$297,622,092
Derivative Financial Instruments(a) 
Assets 
Equity Contracts
$—
$7,695
$—
$7,695
 
(a)
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
See notes to financial statements.
13
2024 iShares Annual Financial Statements
Schedule of Investments
August 31, 2024
iShares® MSCI Turkey ETF
(Percentages shown are based on Net Assets)
 
Security
Shares
Value
Common Stocks
Aerospace & Defense — 3.3%
Aselsan Elektronik Sanayi Ve Ticaret A/S
4,103,984
$7,024,733
SDT Uzay VE Savunma Teknolojileri A/S, NVS
36,843
270,737
 
7,295,470
Air Freight & Logistics — 0.3%
Reysas Tasimacilik ve Lojistik Ticaret AS(a)(b)
517,798
706,668
Automobile Components — 0.6%
Bosch Fren Sistemleri Sanayi ve Ticaret A/S, NVS
13,347
284,983
EGE Endustri VE Ticaret AS
2,596
771,821
Kordsa Teknik Tekstil AS(a)
133,743
303,622
 
1,360,426
Automobiles — 3.8%
Ford Otomotiv Sanayi AS
214,605
6,071,825
Tofas Turk Otomobil Fabrikasi AS
319,108
2,284,281
 
8,356,106
Banks — 17.6%
Akbank TAS
8,358,741
14,302,495
Haci Omer Sabanci Holding AS
2,731,626
7,054,120
Turkiye Is Bankasi AS, Class C
23,386,831
9,078,245
Yapi ve Kredi Bankasi A/S
9,017,267
8,261,815
 
38,696,675
Beverages — 3.9%
Anadolu Efes Biracilik Ve Malt Sanayii A/S
714,256
4,666,805
Coca-Cola Icecek A/S
2,106,078
3,764,386
 
8,431,191
Building Products — 0.1%
Kaleseramik Canakkale Kalebodur Seramik Sanayi
A/S, NVS
232,129
294,244
Capital Markets — 1.0%
Is Yatirim Menkul Degerler AS
1,310,847
1,399,494
Oyak Yatirim Menkul Degerler AS, NVS(a)
301,963
361,412
Verusa Holding A/S
46,643
484,610
 
2,245,516
Chemicals — 4.1%
Gubre Fabrikalari TAS(a)
161,773
805,731
Hektas Ticaret TAS(a)(b)
3,549,146
1,215,052
Petkim Petrokimya Holding AS(a)
3,907,762
2,630,852
Politeknik Metal Sanayi ve Ticaret A/S, NVS(a)
1,350
310,835
Sasa Polyester Sanayi AS(a)
28,188,737
4,070,456
 
9,032,926
Construction & Engineering — 1.2%
Enka Insaat ve Sanayi AS
1
1
Girisim Elektrik Taahhut Ticaret Ve Sanayi AS(a)
270,702
346,243
Kontrolmatik Enerji Ve Muhendislik AS, NVS
705,761
1,019,534
Tekfen Holding AS(a)
850,898
1,330,846
 
2,696,624
Construction Materials — 2.4%
Akcansa Cimento A/S
74,331
344,690
Baticim Bati Anadolu Cimento Sanayii A/S(a)
164,438
1,124,503
Cimsa Cimento Sanayi VE Ticaret AS
693,872
730,284
Konya Cimento Sanayii A/S(a)
1,492
288,136
Nuh Cimento Sanayi AS
238,651
1,749,553
Oyak Cimento Fabrikalari AS(a)
533,467
1,074,074
 
5,311,240
Consumer Finance — 0.0%
Katilimevim Tasarruf Finansman A/S, NVS
27,217
34,990
Consumer Staples Distribution & Retail — 11.5%
BIM Birlesik Magazalar A/S
1,222,246
19,357,755
Migros Ticaret AS
297,813
4,239,488
Sok Marketler Ticaret AS
1,078,588
1,678,551
 
25,275,794
Diversified REITs — 0.6%
Is Gayrimenkul Yatirim Ortakligi AS(a)
752,705
351,256
Security
Shares
Value
Diversified REITs (continued)
Torunlar Gayrimenkul Yatirim Ortakligi A/S
336,539
$473,122
Ziraat Gayrimenkul Yatirim Ortakligi AS
2,382,365
434,213
 
1,258,591
Electric Utilities — 1.0%
Can2 Termik AS(a)
9,366,558
461,840
Enerjisa Enerji AS(c)
1,000,836
1,764,200
 
2,226,040
Electrical Equipment — 0.7%
CW Enerji Muhendislik Ticaret VE Sanayi A/S, NVS
55,063
338,548
Europower Enerji VE Otomasyon Teknolojileri Sanayi
Ticaret A/S, NVS(a)
133,620
349,619
Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret AS
877,195
603,471
YEO Teknoloji Enerji VE Endustri A/S, NVS(a)
63,486
335,765
 
1,627,403
Financial Services — 0.5%
Turkiye Sinai Kalkinma Bankasi AS(a)
2,941,306
996,103
Food Products — 1.5%
Agrotech Yueksek Teknoloji VE Yatirim AS, NVS(a)
536,883
254,165
Ulker Biskuvi Sanayi AS(a)
702,932
3,053,356
 
3,307,521
Gas Utilities — 0.7%
Ahlatci Dogal Gaz Dagitim Enerji VE Yatirim AS
1,429,610
557,320
Aygaz AS
120,913
530,893
Enerya Enerji A/S, NVS
86,507
513,629
 
1,601,842
Health Care Providers & Services — 1.4%
MLP Saglik Hizmetleri AS(a)(c)
285,887
2,766,824
Selcuk Ecza Deposu Ticaret ve Sanayi AS
247,774
396,328
 
3,163,152
Hotels, Restaurants & Leisure — 0.4%
Kustur Kusadasi Tur. End. A/S, NVS
2,012
240,339
TAB Gida Sanayi Ve Ticaret A/S, NVS
114,970
539,892
 
780,231
Household Durables — 0.8%
Vestel Beyaz Esya Sanayi ve Ticaret AS
1,712,844
875,032
Vestel Elektronik Sanayi ve Ticaret AS(a)
493,864
957,377
 
1,832,409
Independent Power and Renewable Electricity Producers — 0.6%
Akfen Yenilenebilir Enerji A/S, NVS(a)
703,479
450,514
Aksa Enerji Uretim AS, Class B
350,730
387,750
Zorlu Enerji Elektrik Uretim AS(a)
4,219,159
563,429
 
1,401,693
Industrial Conglomerates — 8.7%
AG Anadolu Grubu Holding AS
68,785
666,713
Alarko Holding A/S
596,868
1,685,216
Eczacibasi Yatirim Holding Ortakligi A/S
45,569
283,234
Kiler Holding AS(a)
727,272
682,618
KOC Holding AS
2,038,401
11,145,348
Turkiye Sise ve Cam Fabrikalari AS
3,676,977
4,678,057
 
19,141,186
Insurance — 1.0%
Anadolu Anonim Turk Sigorta Sirketi(a)
434,954
981,685
Anadolu Hayat Emeklilik AS
115,612
349,153
Turkiye Sigorta A/S
2,070,929
764,625
 
2,095,463
Machinery — 0.7%
Jantsa Jant Sanayi Ve Ticaret AS
295,755
217,181
Otokar Otomotiv Ve Savunma Sanayi AS
94,408
1,296,060
 
1,513,241
Metals & Mining — 5.7%
Borusan Birlesik Boru Fabrikalari Sanayi ve Ticaret
A/S(a)
43,103
478,824
Eregli Demir ve Celik Fabrikalari TAS
3,847,949
5,459,318
Schedule of Investments
14
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Turkey ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Metals & Mining (continued)
Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S,
Class A
574,102
$302,620
Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S,
Class D(a)
2,865,632
1,932,300
Kocaer Celik Sanayi Ve Ticaret A/S
333,251
438,962
Koza Altin Isletmeleri AS
3,377,890
2,492,374
Koza Anadolu Metal Madencilik Isletmeleri AS(a)
793,628
1,454,627
 
12,559,025
Oil, Gas & Consumable Fuels — 5.8%
Turkiye Petrol Rafinerileri AS
2,584,833
12,790,645
Passenger Airlines — 6.8%
Pegasus Hava Tasimaciligi AS(a)(b)
711,353
4,740,723
Turk Hava Yollari AO(a)
1,142,806
10,076,424
 
14,817,147
Personal Care Products — 0.3%
EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar
Sanayi ve Ticaret AS
369,321
535,236
Pharmaceuticals — 0.3%
GEN Ilac VE Saglik Urunleri Sanayi VE Ticaret AS
215,006
547,107
Real Estate Management & Development — 0.2%
Milpa, NVS
97,424
395,163
Residential REITs — 1.2%
Emlak Konut Gayrimenkul Yatirim Ortakligi AS(a)
7,441,448
2,547,151
Semiconductors & Semiconductor Equipment — 0.3%
Alfa Solar Enerji Sanayi VE Ticaret A/S, NVS
154,304
259,498
Smart Gunes Enerjisi Teknolojileri ArGE Uretim Sanayi
ve Ticaret AS, NVS(a)
366,697
466,013
 
725,511
Software — 0.4%
MIA Teknoloji A/S, NVS(a)
537,680
765,364
Specialty Retail — 1.4%
Dogan Sirketler Grubu Holding AS
4,126,961
1,888,714
Dogus Otomotiv Servis ve Ticaret AS
160,899
1,125,065
 
3,013,779
Security
Shares
Value
Technology Hardware, Storage & Peripherals — 0.2%
Reeder Teknoloji Sanayi VE Ticaret AS(a)
399,905
$398,121
Textiles, Apparel & Luxury Goods — 2.3%
Aksa Akrilik Kimya Sanayii AS
6,346,411
1,659,946
Mavi Giyim Sanayi Ve Ticaret AS, Class B(c)
1,088,915
3,382,667
 
5,042,613
Transportation Infrastructure — 2.1%
TAV Havalimanlari Holding AS(a)
637,100
4,672,790
Wireless Telecommunication Services — 4.5%
Turkcell Iletisim Hizmetleri AS
3,384,943
9,772,581
Total Long-Term Investments — 99.9%
(Cost: $217,081,728)
219,264,978
Short-Term Securities
Money Market Funds — 1.4%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 5.45%(d)(e)(f)
2,830,246
2,831,944
BlackRock Cash Funds: Treasury, SL Agency Shares,
5.25%(d)(e)
120,000
120,000
Total Short-Term Securities — 1.4%
(Cost: $2,951,926)
2,951,944
Total Investments — 101.3%
(Cost: $220,033,654)
222,216,922
Liabilities in Excess of Other Assets — (1.3)%
(2,816,378
)
Net Assets — 100.0%
$219,400,544
 
(a)
Non-income producing security.
(b)
All or a portion of this security is on loan.
(c)
Security exempt from registration pursuant to Rule 144A under the Securities Act of
1933, as amended. These securities may be resold in transactions exempt from
registration to qualified institutional investors.
(d)
Affiliate of the Fund.
(e)
Annualized 7-day yield as of period end.
(f)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2024 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 Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
08/31/24
Shares
Held at
08/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency
Shares
$6,180,028
$—
$(3,348,254
)(a)
$366
$(196
)
$2,831,944
2,830,246
$13,267
(b)
$—
BlackRock Cash Funds: Treasury, SL Agency
Shares
120,000
—
0
(a)
—
—
120,000
120,000
10,946
—
 
$366
$(196
)
$2,951,944
$24,213
$—
 
(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.
15
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Turkey ETF
 
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts
MSCI Emerging Markets Index
1
09/20/24
$55
$727
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets—Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)
$—
$—
$727
$—
$—
$—
$727
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's
variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).
For the period ended August 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from
Futures contracts
$—
$—
$17,794
$—
$—
$—
$17,794
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts
$—
$—
$1,313
$—
$—
$—
$1,313
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$720,695
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
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 
Common Stocks
$87,657,865
$131,607,113
$—
$219,264,978
Short-Term Securities 
Money Market Funds
2,951,944
—
—
2,951,944
 
$90,609,809
$131,607,113
$—
$222,216,922
Schedule of Investments
16
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Turkey ETF
 
Fair Value Hierarchy as of Period End (continued)
 
Level 1
Level 2
Level 3
Total
Derivative Financial Instruments(a) 
Assets 
Equity Contracts
$727
$—
$—
$727
 
(a)
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
See notes to financial statements.
17
2024 iShares Annual Financial Statements
Statements of Assets and Liabilities
August 31, 2024
 
 
iShares
MSCI Brazil ETF
iShares
MSCI Chile
ETF
iShares
MSCI Israel
ETF
iShares
MSCI South
Africa ETF
ASSETS
 
 
 
 
Investments, at value—unaffiliated(a)(b)
$4,006,708,520
$528,383,720
$153,559,633
$294,366,583
Investments, at value—affiliated(c)
15,410,000
1,090,000
7,497,759
3,255,509
Cash
5,913
7,542
—
7,934
Cash pledged for futures contracts
9,872,958
28,000
—
—
Foreign currency collateral pledged for futures contracts(d)
—
—
58,586
19,183
Foreign currency, at value(e)
19,171,257
392,898
308,006
312,519
Receivables:
 
 
 
 
Investments sold
587,333,578
20,937,953
974,563
1,887,310
Securities lending income—affiliated
—
—
7,970
129
Dividends—unaffiliated
59,742,202
178,406
376,105
105,827
Dividends—affiliated
56,356
4,685
114
427
Variation margin on futures contracts
—
1,288
942
—
Total assets
4,698,300,784
551,024,492
162,783,678
299,955,421
LIABILITIES
 
 
 
 
Bank overdraft
—
—
97,763
—
Collateral on securities loaned, at value
—
—
7,489,356
3,125,823
Payables:
 
 
 
 
Investments purchased
528,264,625
20,501,820
637,998
2,005,394
Capital shares redeemed
78,563,014
—
—
—
Deferred foreign capital gain tax
—
—
200
—
Investment advisory fees
2,128,942
261,550
73,705
144,900
Variation margin on futures contracts
823,191
—
—
1,379
Total liabilities
609,779,772
20,763,370
8,299,022
5,277,496
Commitments and contingent liabilities
 
 
 
 
NET ASSETS
$4,088,521,012
$530,261,122
$154,484,656
$294,677,925
NET ASSETS CONSIST OF
 
 
 
 
Paid-in capital
$7,526,741,116
$859,013,375
$232,491,257
$656,673,145
Accumulated loss
(3,438,220,104)
(328,752,253)
(78,006,601)
(361,995,220)
NET ASSETS
$4,088,521,012
$530,261,122
$154,484,656
$294,677,925
NET ASSET VALUE
 
 
 
 
Shares outstanding
137,350,000
19,850,000
2,300,000
6,300,000
Net asset value
$29.77
$26.71
$67.17
$46.77
Shares authorized
2 billion
300 million
500 million
400 million
Par value
$0.001
$0.001
$0.001
$0.001
(a) Investments, at cost—unaffiliated
$2,532,809,908
$473,560,588
$162,678,404
$358,668,141
(b) Securities loaned, at value
$—
$—
$7,225,168
$2,767,470
(c) Investments, at cost—affiliated
$15,410,000
$1,090,000
$7,496,786
$3,255,821
(d) Foreign currency collateral pledged, at cost
$—
$—
$58,736
$20,625
(e) Foreign currency, at cost
$19,337,773
$382,173
$305,125
$303,852
See notes to financial statements.
Statements of Assets and Liabilities
18
Statements of Assets and Liabilities (continued)
August 31, 2024
 
 
iShares
MSCI Turkey
ETF
ASSETS
 
Investments, at value—unaffiliated(a)(b)
$219,264,978
Investments, at value—affiliated(c)
2,951,944
Cash
9,889
Cash pledged for futures contracts
2,000
Foreign currency, at value(d)
46,163
Receivables:
 
Investments sold
2,353,383
Securities lending income—affiliated
330
Dividends—unaffiliated
12,691
Dividends—affiliated
616
Variation margin on futures contracts
86
Total assets
224,642,080
LIABILITIES
 
Collateral on securities loaned, at value
2,831,957
Payables:
 
Investments purchased
2,296,770
Investment advisory fees
112,809
Total liabilities
5,241,536
Commitments and contingent liabilities
 
NET ASSETS
$219,400,544
NET ASSETS CONSIST OF
 
Paid-in capital
$524,800,615
Accumulated loss
(305,400,071)
NET ASSETS
$219,400,544
NET ASSET VALUE
 
Shares outstanding
5,900,000
Net asset value
$37.19
Shares authorized
200 million
Par value
$0.001
(a) Investments, at cost—unaffiliated
$217,081,728
(b) Securities loaned, at value
$336,987
(c) Investments, at cost—affiliated
$2,951,926
(d) Foreign currency, at cost
$46,805
See notes to financial statements.
19
2024 iShares Annual Financial Statements
Statements of Operations
Year Ended August 31, 2024  
 
 
iShares
MSCI Brazil
ETF
iShares
MSCI Chile
ETF
iShares
MSCI Israel
ETF
iShares
MSCI South
Africa ETF
INVESTMENT INCOME
Dividends—unaffiliated
$370,020,922
$27,719,876
$2,977,220
$10,469,963
Dividends—affiliated
953,530
82,452
6,087
12,538
Interest—unaffiliated
529,581
7,059
1,221
429
Securities lending income—affiliated—net
—
—
129,166
13,097
Foreign taxes withheld
(23,804,396
)
(6,996,081
)
(705,537
)
(1,471,569
)
Total investment income
347,699,637
20,813,306
2,408,157
9,024,458
EXPENSES
Investment advisory
30,037,337
3,322,337
828,668
1,651,857
Commitment costs
38,715
5,600
1,388
2,708
Interest expense
—
13,160
—
—
Total expenses
30,076,052
3,341,097
830,056
1,654,565
Net investment income
317,623,585
17,472,209
1,578,101
7,369,893
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments—unaffiliated(a)
110,570,087
(26,059,853
)
(4,808,769
)
(6,860,822
)
Investments—affiliated
—
—
299
182
Foreign currency transactions
(7,156,427
)
(160,453
)
(3,995
)
(47,462
)
Futures contracts
(10,935,785
)
1,391
6,510
(15,631
)
In-kind redemptions—unaffiliated(b)
—
—
8,243,498
(2,279,741
)
 
92,477,875
(26,218,915
)
3,437,543
(9,203,474
)
Net change in unrealized appreciation (depreciation) on:
Investments—unaffiliated(c)
(232,704,631
)
(16,251,391
)
23,651,816
54,441,585
Investments—affiliated
—
—
441
(312
)
Foreign currency translations
(3,879,219
)
4,503
4,865
16,525
Futures contracts
6,343,302
53,380
8,003
29,103
 
(230,240,548
)
(16,193,508
)
23,665,125
54,486,901
Net realized and unrealized gain (loss)
(137,762,673
)
(42,412,423
)
27,102,668
45,283,427
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
$179,860,912
$(24,940,214
)
$28,680,769
$52,653,320
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable of
$—
$—
$26,816
$—
(b) See Note 2 of the Notes to Financial Statements.
(c) Net of reduction in deferred foreign capital gain tax of
$—
$—
$3,519
$—
See notes to financial statements.
Statements of Operations
20
Statements of Operations (continued)
Year Ended August 31, 2024  
 
 
iShares
MSCI Turkey
ETF
INVESTMENT INCOME
Dividends—unaffiliated
$5,646,904
Dividends—affiliated
10,946
Securities lending income—affiliated—net
13,267
Foreign taxes withheld
(561,848
)
Total investment income
5,109,269
EXPENSES
Investment advisory
1,295,624
Commitment costs
2,158
Interest expense
21
Total expenses
1,297,803
Net investment income
3,811,466
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments—unaffiliated
(2,310,626
)
Investments—affiliated
366
Foreign currency transactions
(44,054
)
Futures contracts
17,794
In-kind redemptions—unaffiliated(a)
20,793,156
 
18,456,636
Net change in unrealized appreciation (depreciation) on:
Investments—unaffiliated
(16,706,609
)
Investments—affiliated
(196
)
Foreign currency translations
(272
)
Futures contracts
1,313
 
(16,705,764
)
Net realized and unrealized gain
1,750,872
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
$5,562,338
(a) See Note 2 of the Notes to Financial Statements.
See notes to financial statements.
21
2024 iShares Annual Financial Statements
Statements of Changes in Net Assets
 
 
iShares
MSCI Brazil ETF
iShares
MSCI Chile ETF
 
Year Ended
08/31/24
Year Ended
08/31/23
Year Ended
08/31/24
Year Ended
08/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$317,623,585
$354,681,789
$17,472,209
$32,262,351
Net realized gain (loss)
92,477,875
(254,894,384
)
(26,218,915
)
(7,137,518
)
Net change in unrealized appreciation (depreciation)
(230,240,548
)
353,986,542
(16,193,508
)
8,920,570
Net increase (decrease) in net assets resulting from operations
179,860,912
453,773,947
(24,940,214
)
34,045,403
DISTRIBUTIONS TO SHAREHOLDERS(a)
From net investment income
(349,882,841
)
(467,216,704
)
(18,089,930
)
(35,771,920
)
Return of capital
—
—
(350,422
)
—
Decrease in net assets resulting from distributions to shareholders
(349,882,841
)
(467,216,704
)
(18,440,352
)
(35,771,920
)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions
(868,077,759
)
(96,109,438
)
(47,367,975
)
129,656,844
NET ASSETS
Total increase (decrease) in net assets
(1,038,099,688
)
(109,552,195
)
(90,748,541
)
127,930,327
Beginning of year
5,126,620,700
5,236,172,895
621,009,663
493,079,336
End of year
$4,088,521,012
$5,126,620,700
$530,261,122
$621,009,663
 
(a)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
See notes to financial statements.
Statements of Changes in Net Assets
22
Statements of Changes in Net Assets(continued)
 
 
iShares
MSCI Israel ETF
iShares
MSCI South Africa ETF
 
Year Ended
08/31/24
Year Ended
08/31/23
Year Ended
08/31/24
Year Ended
08/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$1,578,101
$2,645,409
$7,369,893
$10,097,101
Net realized gain (loss)
3,437,543
(948,559
)
(9,203,474
)
(8,228,739
)
Net change in unrealized appreciation (depreciation)
23,665,125
(27,800,166
)
54,486,901
4,297,983
Net increase (decrease) in net assets resulting from operations
28,680,769
(26,103,316
)
52,653,320
6,166,345
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders
(1,786,638
)
(2,361,593
)
(7,757,578
)
(10,821,638
)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions
(15,525,209
)
9,018,373
(21,515,627
)
(39,808,126
)
NET ASSETS
Total increase (decrease) in net assets
11,368,922
(19,446,536
)
23,380,115
(44,463,419
)
Beginning of year
143,115,734
162,562,270
271,297,810
315,761,229
End of year
$154,484,656
$143,115,734
$294,677,925
$271,297,810
 
(a)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
See notes to financial statements.
23
2024 iShares Annual Financial Statements
Statements of Changes in Net Assets(continued)
 
 
iShares
MSCI Turkey ETF
 
Year Ended
08/31/24
Year Ended
08/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$3,811,466
$6,777,537
Net realized gain
18,456,636
66,693,899
Net change in unrealized appreciation (depreciation)
(16,705,764
)
79,342,313
Net increase in net assets resulting from operations
5,562,338
152,813,749
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders
(5,032,609
)
(8,182,455
)
CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions
(7,214,689
)
(208,954,025
)
NET ASSETS
Total decrease in net assets
(6,684,960
)
(64,322,731
)
Beginning of year
226,085,504
290,408,235
End of year
$219,400,544
$226,085,504
 
(a)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
See notes to financial statements.
Statements of Changes in Net Assets
24
Financial Highlights
(For a share outstanding throughout each period)
 
 
iShares MSCI Brazil ETF
 
Year Ended
08/31/24
Year Ended
08/31/23
Year Ended
08/31/22
Year Ended
08/31/21
Year Ended
08/31/20
Net asset value, beginning of year
$30.82
$30.48
$36.58
$29.62
$40.92
Net investment income(a)
1.97
2.14
4.10
1.34
0.86
Net realized and unrealized gain (loss)(b)
(0.88
)
0.98
(6.56
)
6.52
(11.13
)
Net increase (decrease) from investment operations
1.09
3.12
(2.46
)
7.86
(10.27
)
Distributions from net investment income(c)
(2.14
)
(2.78
)
(3.64
)
(0.90
)
(1.03
)
Net asset value, end of year
$29.77
$30.82
$30.48
$36.58
$29.62
Total Return(d)
Based on net asset value
3.37
%
11.49
%
(6.05
)%
26.35
%
(25.63
)%
Ratios to Average Net Assets(e)
Total expenses
0.59
%
0.59
%
0.58
%
0.57
%
0.59
%
Net investment income
6.27
%
7.13
%
13.01
%
3.84
%
2.35
%
Supplemental Data
Net assets, end of year (000)
$4,088,521
$5,126,621
$5,236,173
$5,044,685
$5,312,367
Portfolio turnover rate(f)
22
%(g)
22
%(g)
27
%(g)
17
%(g)
29
%(g)
(a) Based on average shares outstanding.
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d) Where applicable, assumes the reinvestment of distributions.
(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f) Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars ("cash creations").
(g) Portfolio turnover rate excluding cash creations was as follows:
16
%
12
%
22
%
12
%
11
%
See notes to financial statements.
25
2024 iShares Annual Financial Statements
Financial Highlights(continued)
(For a share outstanding throughout each period)
 
 
iShares MSCI Chile ETF
 
Year Ended
08/31/24
Year Ended
08/31/23
Year Ended
08/31/22
Year Ended
08/31/21
Year Ended
08/31/20
Net asset value, beginning of year
$28.36
$27.62
$28.52
$25.37
$35.88
Net investment income(a)
0.82
1.64
2.17
0.63
0.61
Net realized and unrealized gain (loss)(b)
(1.60
)
0.96
(1.16
)
3.16
(10.54
)
Net increase (decrease) from investment operations
(0.78
)
2.60
1.01
3.79
(9.93
)
Distributions(c)
From net investment income
(0.85
)
(1.86
)
(1.91
)
(0.64
)
(0.58
)
Return of capital
(0.02
)
—
—
—
—
Total distributions
(0.87
)
(1.86
)
(1.91
)
(0.64
)
(0.58
)
Net asset value, end of year
$26.71
$28.36
$27.62
$28.52
$25.37
Total Return(d)
Based on net asset value
(2.72
)%
9.54
%
4.03
%
14.90
%
(27.72
)%
Ratios to Average Net Assets(e)
Total expenses
0.60
%
0.59
%
0.58
%
0.57
%
0.59
%
Net investment income
3.12
%
5.87
%
8.30
%
2.17
%
2.10
%
Supplemental Data
Net assets, end of year (000)
$530,261
$621,010
$493,079
$476,286
$441,423
Portfolio turnover rate(f)
31
%(g)
47
%(g)
94
%(g)
62
%(g)
51
%(g)
(a) Based on average shares outstanding.
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d) Where applicable, assumes the reinvestment of distributions.
(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f) Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars ("cash creations").
(g) Portfolio turnover rate excluding cash creations was as follows:
17
%
20
%
36
%
17
%
21
%
See notes to financial statements.
Financial Highlights
26
Financial Highlights(continued)
(For a share outstanding throughout each period)
 
 
iShares MSCI Israel ETF
 
Year Ended
08/31/24
Year Ended
08/31/23
Year Ended
08/31/22
Year Ended
08/31/21
Year Ended
08/31/20
Net asset value, beginning of year
$55.04
$66.35
$72.22
$56.70
$53.28
Net investment income(a)
0.66
1.04
1.16
0.26
0.23
Net realized and unrealized gain (loss)(b)
12.25
(11.47
)
(5.74
)
15.38
4.31
Net increase (decrease) from investment operations
12.91
(10.43
)
(4.58
)
15.64
4.54
Distributions from net investment income(c)
(0.78
)
(0.88
)
(1.29
)
(0.12
)
(1.12
)
Net asset value, end of year
$67.17
$55.04
$66.35
$72.22
$56.70
Total Return(d)
Based on net asset value
23.62
%
(15.74
)%
(6.38
)%
27.59
%
8.53
%
Ratios to Average Net Assets(e)
Total expenses
0.59
%
0.59
%
0.58
%
0.57
%
0.59
%
Net investment income
1.13
%
1.82
%
1.64
%
0.40
%
0.43
%
Supplemental Data
Net assets, end of year (000)
$154,485
$143,116
$162,562
$162,485
$104,903
Portfolio turnover rate(f)
7
%
12
%
13
%
21
%
7
%
(a) Based on average shares outstanding.
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d) Where applicable, assumes the reinvestment of distributions.
(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
27
2024 iShares Annual Financial Statements
Financial Highlights(continued)
(For a share outstanding throughout each period)
 
 
iShares MSCI South Africa ETF
 
Year Ended
08/31/24
Year Ended
08/31/23
Year Ended
08/31/22
Year Ended
08/31/21
Year Ended
08/31/20
Net asset value, beginning of year
$39.32
$39.97
$49.35
$37.17
$47.96
Net investment income(a)
1.07
1.25
1.43
0.77
4.94
Net realized and unrealized gain (loss)(b)
7.51
(0.56
)
(9.35
)
13.67
(10.38
)
Net increase (decrease) from investment operations
8.58
0.69
(7.92
)
14.44
(5.44
)
Distributions from net investment income(c)
(1.13
)
(1.34
)
(1.46
)
(2.26
)
(5.35
)
Net asset value, end of year
$46.77
$39.32
$39.97
$49.35
$37.17
Total Return(d)
Based on net asset value
22.32
%
1.62
%
(16.34
)%
39.49
%
(13.09
)%
Ratios to Average Net Assets(e)
Total expenses
0.59
%
0.59
%
0.58
%
0.57
%
0.59
%
Net investment income
2.64
%
3.01
%
3.02
%
1.69
%
11.79
%
Supplemental Data
Net assets, end of year (000)
$294,678
$271,298
$315,761
$276,373
$323,418
Portfolio turnover rate(f)
4
%
5
%
8
%
20
%
46
%
(a) Based on average shares outstanding.
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d) Where applicable, assumes the reinvestment of distributions.
(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
Financial Highlights
28
Financial Highlights(continued)
(For a share outstanding throughout each period)
 
 
iShares MSCI Turkey ETF
 
Year Ended
08/31/24
Year Ended
08/31/23
Year Ended
08/31/22
Year Ended
08/31/21
Year Ended
08/31/20
Net asset value, beginning of year
$37.37
$22.60
$23.91
$19.99
$24.08
Net investment income(a)
0.66
0.74
0.66
0.70
0.30
Net realized and unrealized gain (loss)(b)
0.01
15.28
(1.33
)
3.99
(3.94
)
Net increase (decrease) from investment operations
0.67
16.02
(0.67
)
4.69
(3.64
)
Distributions from net investment income(c)
(0.85
)
(1.25
)
(0.64
)
(0.77
)
(0.45
)
Net asset value, end of year
$37.19
$37.37
$22.60
$23.91
$19.99
Total Return(d)
Based on net asset value
1.81
%
72.12
%
(2.41
)%
23.59
%
(15.48
)%
Ratios to Average Net Assets(e)
Total expenses
0.59
%
0.59
%
0.58
%
0.57
%
0.59
%
Net investment income
1.74
%
2.37
%
3.23
%
2.98
%
1.22
%
Supplemental Data
Net assets, end of year (000)
$219,401
$226,086
$290,408
$301,262
$178,947
Portfolio turnover rate(f)
14
%
29
%
18
%
22
%
12
%
(a) Based on average shares outstanding.
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d) Where applicable, assumes the reinvestment of distributions.
(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
29
2024 iShares Annual Financial Statements
Notes to Financial Statements
1. ORGANIZATION
iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is organized as a Maryland corporation and is authorized to have multiple series or portfolios.
These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”): 
iShares ETF
Diversification
Classification
MSCI Brazil
Non-diversified
MSCI Chile
Non-diversified
MSCI Israel
Non-diversified
MSCI South Africa
Non-diversified
MSCI Turkey
Non-diversified
2. SIGNIFICANT ACCOUNTING POLICIES
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period.  Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method.  Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.  Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.
Foreign Currency Translation: Each Fund's books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.
Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.  
Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions.  All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests.  These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows:  foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of August 31, 2024, if any, are disclosed in the Statements of Assets and Liabilities.
Consistent with U.S. GAAP accrual requirements, for uncertain tax positions, each Fund recognizes tax reclaims when the Fund determines that it is more likely than not that the Fund will sustain its position that it is due the reclaim. 
The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes. 
Bank Overdraft: Certain Funds had outstanding cash disbursements exceeding deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.
Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.
Notes to Financial Statements
30
Notes to Financial Statements  (continued)
In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.
Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates.  Distributions are determined on a tax basis and may differ from net investment income, net realized capital gains and/or return of capital for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.
The portion of distributions that exceeds each Fund's current and accumulated earnings and profits will constitute a non-taxable return of capital. Distributions in excess of each Fund's minimum distribution requirements, but not in excess of the Fund's earnings and profits, will be taxable to the Fund's shareholders and will not constitute non-taxable returns of capital. Return of capital distributions will reduce a shareholder's cost basis and will result in higher capital gains or lower capital losses when each Fund's shares on which distributions were received are sold.  Once a shareholder's cost basis is reduced to zero, further distributions will be treated as capital gains.
Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.
3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS
Investment  Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Directors of the Company (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.
• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.
• Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.
Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.
Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.
Fair  Value Hierarchy: 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
31
2024 iShares Annual Financial Statements
Notes to Financial Statements  (continued)
• 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 that may not have a secondary market and/or may have 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.
4. SECURITIES AND OTHER INVESTMENTS
Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.
Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.
As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:  
iShares ETF and Counterparty
Securities Loaned
at Value
Cash Collateral
Received(a)
Non-Cash Collateral
Received, at Fair Value(a)
Net Amount
MSCI Israel
Barclays Bank PLC
$263,075
$(263,075)
$—
$—
Barclays Capital, Inc.
54,714
(54,714)
—
—
BNP Paribas SA
231,291
(231,291)
—
—
BofA Securities, Inc.
1,181,529
(1,181,529)
—
—
Citigroup Global Markets, Inc.
5,895
(5,895)
—
—
Goldman Sachs & Co. LLC
945,786
(929,281)
—
16,505(b)
J.P. Morgan Securities LLC
3,701,858
(3,701,858)
—
—
Morgan Stanley
813,243
(813,243)
—
—
State Street Bank & Trust Co.
2,907
(2,907)
—
—
Wells Fargo Bank N.A.
24,870
(24,870)
—
—
 
$7,225,168
$(7,208,663)
$—
$16,505
MSCI South Africa
Goldman Sachs & Co. LLC
$2,767,470
$(2,767,470)
$—
$—
MSCI Turkey
BofA Securities, Inc.
$81,885
$(81,885)
$—
$—
J.P. Morgan Securities LLC
36,397
(36,397)
—
—
Morgan Stanley
218,705
(218,705)
—
—
 
$336,987
$(336,987)
$—
$—
Notes to Financial Statements
32
Notes to Financial Statements  (continued)
 
(a)
Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s
Statements of Assets and Liabilities.
(b)
The market value of the loaned securities is determined as of August 31, 2024. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA.
The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.
5. DERIVATIVE FINANCIAL INSTRUMENTS
Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).
Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.
Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of  Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.
6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent directors).
For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows: 
Aggregate Average Daily Net Assets
Investment Advisory Fees
First $2 billion
0.7400%
Over $2 billion, up to and including $4 billion
0.6900
Over $4 billion, up to and including $8 billion
0.6400
Over $8 billion, up to and including $16 billion
0.5700
Over $16 billion, up to and including $24 billion
0.5100
Over $24 billion, up to and including $32 billion
0.4800
Over $32 billion, up to and including $40 billion
0.4500
Over $40 billion
0.4275
Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.
Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions.  As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, redemption
33
2024 iShares Annual Financial Statements
Notes to Financial Statements  (continued)
fee, distribution fee or service fee. The money market fund in which the cash collateral has been invested may impose a discretionary liquidity fee of up to 2% of the value redeemed, if such fee is determined to be in the best interests of such money market fund.
Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended August 31, 2024, the Funds paid BTC the following amounts for securities lending agent services: 
iShares ETF
Amounts
MSCI Israel
$29,288
MSCI South Africa
3,076
MSCI Turkey
3,002
Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.
Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.
For the year ended August 31, 2024, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows: 
iShares ETF
Purchases
Sales
Net Realized
Gain (Loss)
MSCI Israel
$197,571
$1,071,711
$(620,978)
Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate.  The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.
A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.
7. PURCHASES AND SALES
For the year ended August 31, 2024, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows: 
iShares ETF
Purchases
Sales
MSCI Brazil
$1,072,030,633
$1,945,930,588
MSCI Chile
173,530,363
222,026,300
MSCI Israel
9,933,333
10,148,763
MSCI South Africa
20,439,250
11,262,796
MSCI Turkey
32,627,202
29,627,568
For the year ended August 31, 2024, in-kind transactions were as follows: 
iShares ETF
In-kind
Purchases
In-kind
Sales
MSCI Israel
$46,891,091
$61,940,383
MSCI South Africa
60,064,590
89,650,840
MSCI Turkey
65,076,440
75,991,815
Notes to Financial Statements
34
Notes to Financial Statements  (continued)
8. INCOME TAX INFORMATION
Each Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes.  It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.
Management has analyzed tax laws and regulations and their application to the Funds as of August 31, 2024, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements. Management’s analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds’ NAV.
U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting.  These reclassifications have no effect on net assets or NAV per share. As of August 31, 2024, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts: 
iShares ETF
Paid-in Capital
Accumulated
Earnings (Loss)
MSCI Israel
$8,128,913
$ (8,128,913)
MSCI South Africa
(2,835,174)
2,835,174
MSCI Turkey
19,034,244
(19,034,244)
The tax character of distributions paid was as follows:  
iShares ETF
Year Ended
08/31/24
Year Ended
08/31/23
MSCI Brazil
Ordinary income
$349,882,841
$467,216,704
MSCI Chile
Ordinary income
$18,089,930
$35,771,920
Return of capital
350,422
—
 
$18,440,352
$35,771,920
MSCI Israel
Ordinary income
$1,786,638
$2,361,593
MSCI South Africa
Ordinary income
$7,757,578
$10,821,638
MSCI Turkey
Ordinary income
$5,032,609
$8,182,455
As of August 31, 2024, the tax components of accumulated net earnings (losses) were as follows: 
iShares ETF
Undistributed
Ordinary Income
Non-expiring
Capital Loss
Carryforwards(a)
Net Unrealized
Gains (Losses)(b)
Total
MSCI Brazil
$76,195,479
$(4,380,577,962)
$866,162,379
$(3,438,220,104)
MSCI Chile
—
(350,425,959)
21,673,706
(328,752,253)
MSCI Israel
680,056
(68,148,528)
(10,538,129)
(78,006,601)
MSCI South Africa
4,969,665
(288,962,259)
(78,002,626)
(361,995,220)
MSCI Turkey
175,324
(305,411,566)
(163,829)
(305,400,071)
 
(a)
Amounts available to offset future realized capital gains.
(b)
The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of
unrealized gains (losses) on certain futures contracts, the characterization of corporate actions and the realization for tax purposes of unrealized gains on investments in passive
foreign investment companies.
A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.
35
2024 iShares Annual Financial Statements
Notes to Financial Statements  (continued)
As of August 31, 2024, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows: 
iShares ETF
Tax Cost
Gross Unrealized
Appreciation
Gross Unrealized
Depreciation
Net Unrealized
Appreciation
(Depreciation)
MSCI Brazil
$3,151,561,743
$1,034,280,419
$(163,723,642)
$870,556,777
MSCI Chile
507,789,141
75,855,777
(54,171,198)
21,684,579
MSCI Israel
171,600,584
18,887,200
(29,430,392)
(10,543,192)
MSCI South Africa
375,639,497
15,425,911
(93,435,621)
(78,009,710)
MSCI Turkey
222,379,791
29,879,008
(30,041,877)
(162,869)
9. LINE OF CREDIT
The Funds, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on October 16, 2024. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.
During the year ended August 31, 2024, the Funds did not borrow under the Syndicated Credit Agreement.
10. PRINCIPAL RISKS
In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.
BFA uses an indexing approach to try to achieve each Fund’s investment objective. The Fund is not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.
The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to discretionary liquidity fees under certain circumstances.
Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.
Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.
With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including
Notes to Financial Statements
36
Notes to Financial Statements  (continued)
the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.
Geographic/Asset Class Risk:  A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.
Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund's investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities.
Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.
Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. These events and actions have adversely affected, and may in the future adversely affect, the value and exchange rate of the Euro and may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-European Union member states. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching.  In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but have been, and may continue to be, significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.
Certain Funds invests a significant portion of their assets in securities of issuers located in Israel or with significant exposure to Israeli issuers. On October 7, 2023, Hamas launched a significant attack on Israel from the Gaza Strip. The extent and duration of the Israel-Hamas war and any related economic and market impacts are impossible to predict but may be significant, and may negatively impact Israel’s economy and issuers of securities in which certain Funds invest.
Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.
Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.
Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.
11. CAPITAL SHARE TRANSACTIONS
Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.
37
2024 iShares Annual Financial Statements
Notes to Financial Statements  (continued)
Transactions in capital shares were as follows: 
 
Year Ended
08/31/24
Year Ended
08/31/23
iShares ETF
Shares
Amount
Shares
Amount
MSCI Brazil
Shares sold
9,950,000
$317,055,689
15,250,000
$491,201,426
Shares redeemed
(38,950,000
)
(1,185,133,448
)
(20,700,000
)
(587,310,864
)
 
(29,000,000
)
$(868,077,759
)
(5,450,000
)
$(96,109,438
)
MSCI Chile
Shares sold
3,000,000
$81,979,021
9,350,000
$277,089,683
Shares redeemed
(5,050,000
)
(129,346,996
)
(5,300,000
)
(147,432,839
)
 
(2,050,000
)
$(47,367,975
)
4,050,000
$129,656,844
MSCI Israel
Shares sold
800,000
$47,440,485
1,050,000
$59,945,413
Shares redeemed
(1,100,000
)
(62,965,694
)
(900,000
)
(50,927,040
)
 
(300,000
)
$(15,525,209
)
150,000
$9,018,373
MSCI South Africa
Shares sold
1,700,000
$68,292,329
2,200,000
$93,284,072
Shares redeemed
(2,300,000
)
(89,807,956
)
(3,200,000
)
(133,092,198
)
 
(600,000
)
$(21,515,627
)
(1,000,000
)
$(39,808,126
)
MSCI Turkey
Shares sold
1,850,000
$69,364,914
3,400,000
$108,374,237
Shares redeemed
(2,000,000
)
(76,579,603
)
(10,200,000
)
(317,328,262
)
 
(150,000
)
$(7,214,689
)
(6,800,000
)
$(208,954,025
)
The consideration for the purchase of Creation Units of a fund in the Company generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash.  Certain funds in the Company may be offered in Creation Units solely or partially for cash in U.S. dollars.  Authorized Participants purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Company’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash.  Authorized Participants transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.
To the extent applicable, to facilitate the timely settlement of orders for Funds using a clearing facility outside of the continuous net settlement process, the Funds, at their sole discretion, may permit an Authorized Participant to post cash as collateral in anticipation of the delivery of all or a portion of the applicable Deposit Securities or Fund Securities, as further described in the applicable Authorized Participant Agreement. The collateral process is subject to a Control Agreement among the Authorized Participant, each Funds’ custodian, and the Funds. In the event that the Authorized Participant fails to deliver all or a portion of the applicable Deposit Securities or Fund Securities, the Funds may exercise control over such collateral pursuant to the terms of the Control Agreement in order to purchase the applicable Deposit Securities or Fund Securities.
From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.
12. SUBSEQUENT EVENTS
Management’s evaluation of the impact of all subsequent events on the Funds’ financial statements was completed through the date the financial statements were available to be issued and the following items were noted:
Effective October 16, 2024, the Syndicated Credit Agreement to which the Participating Funds are party was amended to extend the maturity date to October 15, 2025 under the same terms.
Notes to Financial Statements
38
Report of Independent Registered Public Accounting Firm
To the Board of Directors of
iShares, Inc. and Shareholders of each of the five funds listed in the table below
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (five of the funds constituting iShares Inc.,  hereafter collectively referred to as the "Funds") as of August 31, 2024, the related statements of operations for the year ended August 31, 2024, the statements of changes in net assets for each of the two years in the period ended August 31, 2024, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of August 31, 2024, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2024 and each of the financial highlights for each of the five years in the period ended August 31, 2024 in conformity with accounting principles generally accepted in the United States of America.   
iShares MSCI Brazil ETF
iShares MSCI Chile ETF
iShares MSCI Israel ETF
iShares MSCI South Africa ETF
iShares MSCI Turkey ETF
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. 
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions. 
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
October 24, 2024
We have served as the auditor of one or more BlackRock investment companies since 2000.
39
2024 iShares Annual Financial Statements
Important Tax Information (unaudited)
The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended August 31, 2024: 
iShares ETF
Qualified Dividend
Income
MSCI Chile
$18,033,616
MSCI Israel
2,992,463
MSCI South Africa
10,141,389
MSCI Turkey
5,610,485
The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended August 31, 2024: 
iShares ETF
Foreign Source
Income Earned
Foreign
Taxes Paid
MSCI Brazil
$370,020,921
$23,599,708
MSCI Chile
27,719,876
7,049,616
MSCI Israel
3,264,945
696,605
MSCI South Africa
10,469,962
1,474,100
MSCI Turkey
5,646,290
560,396
Important Tax Information
40
Additional Information
Premium/Discount Information
Information on the Fund's net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.
Regulation under the Alternative Investment Fund Managers Directive
The Alternative Investment Fund Managers Directive, and its United Kingdom (“UK”) equivalent, (the “AIFMD”) impose detailed and prescriptive obligations on fund managers established in the European Union (the “EU”) and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the “Company”). However, the Company is required to comply with certain disclosure, reporting and transparency obligations of the AIFMD because it has registered the iShares MSCI Brazil ETF (the “Fund”) to be marketed to investors in the EU and/or UK.
Report on Remuneration
BlackRock has a clear and well-defined pay-for-performance philosophy, and compensation programs which support that philosophy.
BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management and staff who have the ability to materially affect the risk profile of the Fund, a significant percentage of variable remuneration is deferred over time. All employees are subject to a clawback policy.
Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock’s full-year financial results and other non-financial goals and objectives.  Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities.  No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.
Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock's independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.
Each of the control functions (Enterprise Risk, Legal & Compliance, Finance, Human Resources and Internal Audit) each have their own organizational structures which are independent of the business units and therefore staff members in control functions are remunerated independently of the businesses they oversee. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock's independent remuneration committee.
The Company is required under the AIFMD to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year. BlackRock bases its proportionality approach on a combination of factors that it is entitled to take into account based on relevant guidelines.
Remuneration information at an individual Fund level is not readily available.  Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; (c) staff who have the ability to materially affect the risk profile of the Fund; and (d) staff of companies to which portfolio management and risk management has been formally delegated.
All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Fund is included in the aggregate figures disclosed.
Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Conversely, members of staff and senior management of the broader BlackRock group may provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the broader BlackRock group and of the Company.  Therefore, the figures disclosed are a sum of individuals’ portion of remuneration attributable to the Company according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company and the broader BlackRock group. Accordingly, the figures are not representative of any individual’s actual remuneration or their remuneration structure.
The amount of the total remuneration awarded to the Company’s staff in respect of the Company’s financial year ending December 31, 2023 was USD 5.43m.  This figure is comprised of fixed remuneration of USD 0.74m and variable remuneration of USD 4.68m. There was a total of 8 beneficiaries of the remuneration described above.
The amount of the aggregate remuneration awarded by the Company in respect of the Company’s financial year ending December 31, 2023, to its senior management was USD 3.66m, and to other members of its staff whose actions potentially have a material impact on the risk profile of the Company or its funds was USD 1.77m.
41
2024 iShares Annual Financial Statements
Additional Information (continued)
Disclosures Under the EU Sustainable Finance Disclosure Regulation
The iShares MSCI Brazil ETF (the “Fund”) is registered under the Alternative Investment Fund Managers Directive to be marketed to European Union (“EU”) investors, as noted above. As a result, certain disclosures are required under the EU Sustainable Finance Disclosure Regulation (“SFDR”). 
The Fund has not been categorized under the SFDR as an “Article 8” or “Article 9” product. In addition, the Fund’s investment strategy does not take into account the criteria for environmentally sustainable economic activities under the EU sustainable investment taxonomy regulation or principal adverse impacts (“PAIs”) on sustainability factors under the SFDR. PAIs are identified under the SFDR as the material impacts of investment decisions on sustainability factors relating to environmental, social and employee matters, respect for human rights, and anti-corruption and anti-bribery matters.
Electronic Delivery
Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.
To enroll in electronic delivery:
 • Go to icsdelivery.com.
 • If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor. 
Changes in and Disagreements with Accountants
Not applicable.
Proxy Results
Not applicable.
Remuneration Paid to Directors, Officers, and Others
Because BFA has agreed in the Investment Advisory Agreements to cover all operating expenses of the Funds, subject to certain exclusions as provided for therein, BFA pays the compensation to each Independent Director for services to the Funds from BFA's investment advisory fees.
Availability of Portfolio Holdings Information
A description of the Company’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets, when available, at iShares.com.
Additional Information
42
Board Review and Approval of Investment Advisory Contract
iShares MSCI Brazil ETF, iShares MSCI Chile ETF, iShares MSCI Israel ETF, iShares MSCI South Africa ETF, iShares MSCI Turkey ETF
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company's Board of Directors (the “Board”), including a majority of Board Members who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Company and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 6, 2024 and May 17, 2024, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meeting, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 4-5, 2024, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.
After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.
Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.
In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2023, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.
Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA’s business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 6, 2024
43
2024 iShares Annual Financial Statements
Board Review and Approval of Investment Advisory Contract (continued)
meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services, as well as BlackRock’s continued investments in its ETF business.
Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).
Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.
The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”).
The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.
The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.
Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by
Board Review and Approval of Investment Advisory Contract
44
Board Review and Approval of Investment Advisory Contract (continued)
BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.
Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.
45
2024 iShares Annual Financial Statements
Glossary of Terms Used in this Report
 
Portfolio Abbreviation
ADR
American Depositary Receipt
NVS
Non-Voting Shares
REIT
Real Estate Investment Trust
Glossary of Terms Used in this Report
46
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iShares.com | 1-800-474-2737
This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.
Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc.,  nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
 
 

August 31, 2024
 
 
2024 Annual Financial Statements
 
iShares, Inc.
• iShares MSCI Australia ETF | EWA | NYSE Arca
• iShares MSCI Canada ETF | EWC | NYSE Arca
• iShares MSCI Japan ETF | EWJ | NYSE Arca
• iShares MSCI Mexico ETF | EWW | NYSE Arca
• iShares MSCI South Korea ETF | EWY | NYSE Arca
Table of Contents
 
 
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56
2
Schedule of Investments
August 31, 2024
iShares® MSCI Australia ETF
(Percentages shown are based on Net Assets)
 
Security
Shares
Value
Common Stocks
Banks — 28.5%
ANZ Group Holdings Ltd.
3,315,540
$68,052,577
Commonwealth Bank of Australia
1,843,956
173,667,965
National Australia Bank Ltd.
3,407,824
87,826,859
Westpac Banking Corp.
3,814,924
80,430,572
 
409,977,973
Beverages — 0.5%
Treasury Wine Estates Ltd.
897,770
6,926,085
Biotechnology — 7.7%
CSL Ltd.
532,451
110,576,472
Broadline Retail — 4.3%
Wesfarmers Ltd.
1,250,310
61,335,916
Capital Markets — 4.7%
ASX Ltd.
214,078
8,863,008
Macquarie Group Ltd.
399,861
58,201,088
 
67,064,096
Chemicals — 0.4%
Orica Ltd.
536,647
6,437,133
Commercial Services & Supplies — 1.3%
Brambles Ltd.
1,534,485
18,916,025
Construction Materials — 1.2%
James Hardie Industries PLC(a)
475,294
17,729,915
Consumer Staples Distribution & Retail — 4.0%
Coles Group Ltd.
1,476,327
18,743,389
Endeavour Group Ltd./Australia
1,671,729
6,027,762
Woolworths Group Ltd.
1,345,946
32,468,336
 
57,239,487
Diversified REITs — 1.5%
GPT Group (The)
2,120,547
7,018,033
Mirvac Group
4,341,044
5,960,949
Stockland
2,620,990
8,851,350
 
21,830,332
Diversified Telecommunication Services — 0.8%
Telstra Group Ltd.
4,458,502
11,842,308
Electric Utilities — 0.9%
Origin Energy Ltd.
1,898,161
12,797,708
Financial Services — 0.4%
Washington H Soul Pattinson & Co. Ltd.
257,633
6,007,716
Gas Utilities — 0.5%
APA Group
1,410,850
7,230,053
Health Care Equipment & Supplies — 1.0%
Cochlear Ltd.
72,164
14,650,986
Health Care Providers & Services — 1.0%
Ramsay Health Care Ltd.
203,389
5,709,495
Sonic Healthcare Ltd.
501,395
9,382,083
 
15,091,578
Health Care Technology — 0.4%
Pro Medicus Ltd.
63,111
6,458,107
Hotels, Restaurants & Leisure — 2.2%
Aristocrat Leisure Ltd.
627,448
23,159,971
Lottery Corp. Ltd. (The)
2,444,631
8,232,941
 
31,392,912
Security
Shares
Value
Industrial REITs — 3.0%
Goodman Group
1,883,276
$42,486,403
Insurance — 3.9%
Insurance Australia Group Ltd.
2,617,928
13,378,504
Medibank Pvt Ltd.
3,024,355
7,895,635
QBE Insurance Group Ltd.
1,655,339
17,652,506
Suncorp Group Ltd.
1,401,879
16,742,096
 
55,668,741
Interactive Media & Services — 1.7%
CAR Group Ltd.
393,562
10,100,731
REA Group Ltd.
58,433
8,655,133
SEEK Ltd.
393,187
6,122,378
 
24,878,242
Metals & Mining — 17.3%
BHP Group Ltd.
5,587,839
153,853,401
BlueScope Steel Ltd.
483,762
6,739,744
Fortescue Ltd.
1,865,833
22,986,094
Mineral Resources Ltd.
195,040
5,264,417
Northern Star Resources Ltd.
1,266,717
12,934,036
Pilbara Minerals Ltd.(b)
3,145,848
6,298,228
Rio Tinto Ltd.
409,008
30,621,005
South32 Ltd.
4,994,093
10,517,043
 
249,213,968
Office REITs — 0.4%
Dexus
1,180,772
5,738,817
Oil, Gas & Consumable Fuels — 4.2%
Ampol Ltd.
262,223
5,130,511
Santos Ltd.
3,578,374
17,445,910
Woodside Energy Group Ltd.
2,092,052
38,324,818
 
60,901,239
Passenger Airlines — 0.3%
Qantas Airways Ltd.(a)
878,182
3,973,152
Professional Services — 0.8%
Computershare Ltd.
587,377
11,292,498
Retail REITs — 1.4%
Scentre Group
5,723,998
13,263,073
Vicinity Ltd.
4,247,875
6,356,206
 
19,619,279
Software — 2.1%
WiseTech Global Ltd.
183,701
14,802,470
Xero Ltd.(a)
159,796
15,498,362
 
30,300,832
Trading Companies & Distributors — 0.7%
Reece Ltd.
248,254
4,582,738
Seven Group Holdings Ltd.
224,305
6,231,069
 
10,813,807
Transportation Infrastructure — 2.2%
Transurban Group
3,406,943
31,137,078
Total Long-Term Investments — 99.3%
(Cost: $1,502,803,083)
1,429,528,858
Short-Term Securities
Money Market Funds — 0.5%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 5.45%(c)(d)(e)
6,629,757
6,633,735
3
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Australia ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares,
5.25%(c)(d)
420,000
$420,000
Total Short-Term Securities — 0.5%
(Cost: $7,052,521)
7,053,735
Total Investments — 99.8%
(Cost: $1,509,855,604)
1,436,582,593
Other Assets Less Liabilities — 0.2%
2,680,742
Net Assets — 100.0%
$1,439,263,335
 
(a)
Non-income producing security.
(b)
All or a portion of this security is on loan.
(c)
Affiliate of the Fund.
(d)
Annualized 7-day yield as of period end.
(e)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2024 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 Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
08/31/24
Shares
Held at
08/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency
Shares
$—
$6,633,637
(a)
$—
$(1,116
)
$1,214
$6,633,735
6,629,757
$43,729
(b)
$—
BlackRock Cash Funds: Treasury, SL Agency
Shares
1,220,000
—
(800,000
)(a)
—
—
420,000
420,000
80,316
—
 
$(1,116
)
$1,214
$7,053,735
$124,045
$—
 
(a)
Represents net amount purchased (sold).
(b)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other
payments to and from borrowers of securities.
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts
SPI 200 Index
70
09/19/24
$9,511
$179,442
Schedule of Investments
4
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Australia ETF
 
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets—Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)
$—
$—
$179,442
$—
$—
$—
$179,442
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's
variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).
For the period ended August 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from
Futures contracts
$—
$—
$643,914
$—
$—
$—
$643,914
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts
$—
$—
$(2,384
)
$—
$—
$—
$(2,384
)
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$12,005,565
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
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 
Common Stocks
$—
$1,429,528,858
$—
$1,429,528,858
Short-Term Securities 
Money Market Funds
7,053,735
—
—
7,053,735
 
$7,053,735
$1,429,528,858
$—
$1,436,582,593
Derivative Financial Instruments(a) 
Assets 
Equity Contracts
$—
$179,442
$—
$179,442
 
(a)
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
See notes to financial statements.
5
2024 iShares Annual Financial Statements
Schedule of Investments
August 31, 2024
iShares® MSCI Canada ETF
(Percentages shown are based on Net Assets)
 
Security
Shares
Value
Common Stocks
Aerospace & Defense — 0.3%
CAE Inc.(a)
394,358
$7,055,223
Automobile Components — 0.5%
Magna International Inc.
335,150
14,085,925
Banks — 23.0%
Bank of Montreal
898,075
75,110,031
Bank of Nova Scotia (The)
1,514,128
75,580,003
Canadian Imperial Bank of Commerce
1,161,292
67,868,777
National Bank of Canada
417,718
38,276,998
Royal Bank of Canada
1,742,597
210,743,486
Toronto-Dominion Bank (The)
2,152,174
128,956,369
 
596,535,664
Broadline Retail — 1.6%
Canadian Tire Corp. Ltd., Class A, NVS
64,133
7,311,538
Dollarama Inc.
349,404
35,390,232
 
42,701,770
Capital Markets — 4.7%
Brookfield Asset Management Ltd., Class A
437,235
17,824,874
Brookfield Corp., Class A
1,676,162
84,327,372
IGM Financial Inc.
102,080
3,005,628
Onex Corp.
80,646
5,698,150
TMX Group Ltd.
340,716
10,868,832
 
121,724,856
Chemicals — 1.1%
Nutrien Ltd.
609,127
29,501,517
Commercial Services & Supplies — 1.6%
Element Fleet Management Corp.
496,863
10,304,842
GFL Environmental Inc.
269,396
11,674,193
RB Global Inc.
226,243
19,490,827
 
41,469,862
Construction & Engineering — 1.4%
Stantec Inc.
139,947
11,461,396
WSP Global Inc.
153,524
25,593,219
 
37,054,615
Consumer Staples Distribution & Retail — 4.3%
Alimentation Couche-Tard Inc.
943,089
53,835,816
Empire Co. Ltd., NVS
168,323
4,693,784
George Weston Ltd.
73,518
11,957,415
Loblaw Companies Ltd.
188,404
24,588,354
Metro Inc./CN
263,861
16,575,871
 
111,651,240
Containers & Packaging — 0.4%
CCL Industries Inc., Class B, NVS
185,509
10,606,217
Diversified Telecommunication Services — 0.7%
BCE Inc.
89,470
3,134,255
Quebecor Inc., Class B
194,934
4,841,347
TELUS Corp.
600,753
9,704,591
 
17,680,193
Electric Utilities — 2.1%
Emera Inc.
355,005
13,368,830
Fortis Inc./Canada
607,130
26,715,252
Hydro One Ltd.(b)
405,983
13,800,379
 
53,884,461
Food Products — 0.3%
Saputo Inc.
311,874
6,935,676
Security
Shares
Value
Gas Utilities — 0.4%
AltaGas Ltd.
366,018
$9,375,536
Ground Transportation — 7.3%
Canadian National Railway Co.
662,088
78,012,061
Canadian Pacific Kansas City Ltd.
1,148,626
95,348,785
TFI International Inc.
98,918
14,639,703
 
188,000,549
Hotels, Restaurants & Leisure — 1.0%
Restaurant Brands International Inc.
370,133
25,715,544
Independent Power and Renewable Electricity Producers — 0.2%
Brookfield Renewable Corp., Class A
165,121
4,709,866
Northland Power Inc.
21,107
323,109
 
5,032,975
Insurance — 8.2%
Fairfax Financial Holdings Ltd.
25,515
30,803,164
Great-West Lifeco Inc.
344,666
11,329,873
iA Financial Corp. Inc.
117,215
9,009,112
Intact Financial Corp.
219,659
41,340,194
Manulife Financial Corp.
2,197,808
60,683,735
Power Corp. of Canada
694,347
21,314,982
Sun Life Financial Inc.
712,372
38,831,186
 
213,312,246
IT Services — 5.4%
CGI Inc.(a)
250,986
28,276,781
Shopify Inc., Class A(a)
1,489,395
110,307,955
 
138,584,736
Leisure Products — 0.1%
BRP Inc.
44,850
3,252,802
Metals & Mining — 9.2%
Agnico Eagle Mines Ltd./Mines Agnico Eagle Limited
613,539
49,988,188
Barrick Gold Corp.
2,162,546
43,663,323
First Quantum Minerals Ltd.
873,117
10,994,543
Franco-Nevada Corp.
236,825
28,918,430
Ivanhoe Mines Ltd., Class A(a)(c)
827,630
11,035,885
Kinross Gold Corp.
1,511,976
13,665,171
Lundin Mining Corp.
812,484
8,428,395
Pan American Silver Corp.
448,410
9,057,040
Teck Resources Ltd., Class B
566,684
27,134,730
Wheaton Precious Metals Corp.
558,252
34,502,140
 
237,387,845
Multi-Utilities — 0.2%
Canadian Utilities Ltd., Class A, NVS
163,028
4,113,050
Oil, Gas & Consumable Fuels — 18.4%
ARC Resources Ltd.
735,965
13,619,981
Cameco Corp.
535,246
21,840,372
Canadian Natural Resources Ltd.
2,620,737
94,861,092
Cenovus Energy Inc.
1,717,156
31,841,894
Enbridge Inc.
2,680,808
107,856,943
Imperial Oil Ltd.
230,388
17,351,970
Keyera Corp.
281,306
8,426,760
MEG Energy Corp.(a)
332,908
6,630,246
Parkland Corp.
170,069
4,602,394
Pembina Pipeline Corp.
713,688
28,750,879
Suncor Energy Inc.
1,571,492
63,738,918
TC Energy Corp.
1,277,676
59,178,968
Tourmaline Oil Corp.
412,137
18,783,404
 
477,483,821
Paper & Forest Products — 0.2%
West Fraser Timber Co. Ltd.
67,769
5,996,700
Schedule of Investments
6
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Canada ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Passenger Airlines — 0.1%
Air Canada(a)(c)
213,791
$2,449,399
Professional Services — 1.3%
Thomson Reuters Corp.
193,519
33,145,146
Real Estate Management & Development — 0.3%
FirstService Corp.
49,541
8,930,357
Residential REITs — 0.2%
Canadian Apartment Properties REIT
100,095
3,890,458
Retail REITs — 0.0%
RioCan REIT
11,718
162,164
Software — 3.9%
Constellation Software Inc./Canada
24,783
80,927,763
Descartes Systems Group Inc. (The)(a)
104,940
10,581,603
Open Text Corp.
333,106
10,598,883
 
102,108,249
Textiles, Apparel & Luxury Goods — 0.3%
Gildan Activewear Inc.
185,384
8,448,993
Trading Companies & Distributors — 0.4%
Toromont Industries Ltd.
101,020
9,045,437
Wireless Telecommunication Services — 0.7%
Rogers Communications Inc., Class B, NVS
438,709
17,784,048
Total Common Stocks — 99.8%
(Cost: $2,647,496,977)
2,585,107,274
Warrants
Software — 0.0%
Constellation Software Inc., ((Issued 08/29/23,
1 Share for 1 Warrant, Expires 03/31/40, Strike
Price CAD 11.50)(d)
34,014
0
Total Warrants — 0.0%
(Cost: $—)
0
Total Long-Term Investments — 99.8%
(Cost: $2,647,496,977)
2,585,107,274
Security
Shares
Value
Short-Term Securities
Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 5.45%(e)(f)(g)
10,491,589
$10,497,884
BlackRock Cash Funds: Treasury, SL Agency Shares,
5.25%(e)(f)
1,190,000
1,190,000
Total Short-Term Securities — 0.4%
(Cost: $11,685,389)
11,687,884
Total Investments — 100.2%
(Cost: $2,659,182,366)
2,596,795,158
Liabilities in Excess of Other Assets — (0.2)%
(5,749,382
)
Net Assets — 100.0%
$2,591,045,776
 
(a)
Non-income producing security.
(b)
Security exempt from registration pursuant to Rule 144A under the Securities Act of
1933, as amended. These securities may be resold in transactions exempt from
registration to qualified institutional investors.
(c)
All or a portion of this security is on loan.
(d)
Security is valued using significant unobservable inputs and is classified as Level 3 in the
fair value hierarchy.
(e)
Affiliate of the Fund.
(f)
Annualized 7-day yield as of period end.
(g)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2024 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 Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
08/31/24
Shares
Held at
08/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL
Agency Shares
$34,223
$10,462,671
(a)
$—
$(1,487
)
$2,477
$10,497,884
10,491,589
$28,652
(b)
$—
BlackRock Cash Funds: Treasury, SL Agency
Shares
1,330,000
—
(140,000
)(a)
—
—
1,190,000
1,190,000
90,327
—
 
$(1,487
)
$2,477
$11,687,884
$118,979
$—
 
(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.
7
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Canada ETF
 
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts
S&P/TSE 60 Index
30
09/19/24
$6,242
$474,358
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets—Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)
$—
$—
$474,358
$—
$—
$—
$474,358
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's
variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).
For the period ended August 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from
Futures contracts
$—
$—
$477,498
$—
$—
$—
$477,498
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts
$—
$—
$330,024
$—
$—
$—
$330,024
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$8,265,050
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
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 
Common Stocks
$2,585,107,274
$—
$—
$2,585,107,274
Warrants
—
—
—
—
Short-Term Securities 
Money Market Funds
11,687,884
—
—
11,687,884
 
$2,596,795,158
$—
$—
$2,596,795,158
Schedule of Investments
8
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Canada ETF
 
Fair Value Hierarchy as of Period End (continued)
 
Level 1
Level 2
Level 3
Total
Derivative Financial Instruments(a) 
Assets 
Equity Contracts
$474,358
$—
$—
$474,358
 
(a)
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
See notes to financial statements.
9
2024 iShares Annual Financial Statements
Schedule of Investments
August 31, 2024
iShares® MSCI Japan ETF
(Percentages shown are based on Net Assets)
 
Security
Shares
Value
Common Stocks
Air Freight & Logistics — 0.1%
SG Holdings Co. Ltd.
1,246,000
$13,486,930
Automobile Components — 1.7%
Aisin Corp.
688,200
24,184,310
Bridgestone Corp.
2,224,700
86,964,593
Denso Corp.
7,364,100
114,319,520
Sumitomo Electric Industries Ltd.
2,781,900
46,373,548
 
271,841,971
Automobiles — 7.6%
Honda Motor Co. Ltd.
17,479,700
192,892,817
Isuzu Motors Ltd.
2,338,800
35,508,727
Mazda Motor Corp.
2,211,700
18,680,448
Nissan Motor Co. Ltd.
9,128,700
26,987,848
Subaru Corp.
2,347,900
45,034,072
Suzuki Motor Corp.
6,120,300
71,960,097
Toyota Motor Corp.
39,984,600
763,423,218
Yamaha Motor Co. Ltd.
3,270,400
28,658,135
 
1,183,145,362
Banks — 7.7%
Chiba Bank Ltd. (The)
2,063,000
17,474,588
Concordia Financial Group Ltd.
4,089,600
23,207,046
Japan Post Bank Co. Ltd.
5,634,100
52,951,985
Mitsubishi UFJ Financial Group Inc.
43,247,480
456,270,595
Mizuho Financial Group Inc.
9,394,958
195,095,412
Resona Holdings Inc.
8,147,000
57,937,680
Shizuoka Financial Group Inc., NVS
1,687,800
15,066,815
Sumitomo Mitsui Financial Group Inc.
4,874,400
321,677,180
Sumitomo Mitsui Trust Holdings Inc.
2,533,064
63,123,638
 
1,202,804,939
Beverages — 0.9%
Asahi Group Holdings Ltd.
1,876,100
70,026,653
Kirin Holdings Co. Ltd.
3,025,600
45,675,525
Suntory Beverage & Food Ltd.
541,100
19,898,072
 
135,600,250
Broadline Retail — 0.5%
Pan Pacific International Holdings Corp.
1,484,000
37,988,424
Rakuten Group Inc.(a)
5,854,900
41,614,005
 
79,602,429
Building Products — 1.1%
AGC Inc.
759,800
23,971,947
Daikin Industries Ltd.
1,027,800
131,312,793
TOTO Ltd.
551,200
19,130,887
 
174,415,627
Capital Markets — 1.1%
Daiwa Securities Group Inc.
5,193,600
38,618,031
Japan Exchange Group Inc.
1,931,500
44,820,612
Nomura Holdings Inc.
11,702,300
68,709,129
SBI Holdings Inc.
1,059,010
26,062,467
 
178,210,239
Chemicals — 3.3%
Asahi Kasei Corp.
4,883,900
34,587,997
Mitsubishi Chemical Group Corp.
5,275,900
30,833,486
Mitsui Chemicals Inc.
664,200
17,802,110
Nippon Paint Holdings Co. Ltd.
3,690,200
23,383,287
Nippon Sanso Holdings Corp.
674,200
23,231,817
Nitto Denko Corp.
555,300
46,566,546
Shin-Etsu Chemical Co. Ltd.
7,016,500
310,607,673
Toray Industries Inc.
5,397,600
27,899,186
 
514,912,102
Security
Shares
Value
Commercial Services & Supplies — 0.7%
Dai Nippon Printing Co. Ltd.
755,900
$27,302,407
Secom Co. Ltd.
817,200
59,629,112
Toppan Holdings Inc.
931,900
28,136,597
 
115,068,116
Construction & Engineering — 0.6%
Kajima Corp.
1,543,300
28,259,631
Obayashi Corp.
2,528,400
32,515,820
Taisei Corp.
647,400
29,416,022
 
90,191,473
Consumer Staples Distribution & Retail — 1.5%
Aeon Co. Ltd.
2,546,500
63,789,957
Kobe Bussan Co. Ltd.
582,100
16,801,360
MatsukiyoCocokara & Co.
1,335,100
21,608,007
Seven & i Holdings Co. Ltd.
8,660,840
124,749,134
 
226,948,458
Diversified Telecommunication Services — 0.8%
Nippon Telegraph & Telephone Corp.
116,362,900
124,368,200
Electric Utilities — 0.7%
Chubu Electric Power Co. Inc.
2,508,500
31,341,075
Kansai Electric Power Co. Inc. (The)
2,741,900
48,734,607
Tokyo Electric Power Co. Holdings Inc.(a)
5,942,200
28,342,797
 
108,418,479
Electrical Equipment — 1.4%
Fuji Electric Co. Ltd.
523,200
31,580,718
Mitsubishi Electric Corp.
7,406,300
124,766,820
Nidec Corp.
1,626,300
66,310,370
 
222,657,908
Electronic Equipment, Instruments & Components — 5.0%
Hamamatsu Photonics KK
542,700
14,481,667
Ibiden Co. Ltd.
466,800
16,273,222
Keyence Corp.
758,304
364,304,005
Kyocera Corp.
4,999,800
61,935,454
Murata Manufacturing Co. Ltd.
6,589,500
138,119,358
Omron Corp.
682,300
28,296,950
Shimadzu Corp.
919,800
30,730,901
TDK Corp.
1,513,900
103,190,043
Yokogawa Electric Corp.
889,700
25,094,752
 
782,426,352
Entertainment — 2.1%
Capcom Co. Ltd.
1,348,300
29,475,613
Konami Group Corp.
390,700
35,415,185
Nexon Co. Ltd.
1,310,100
25,888,935
Nintendo Co. Ltd.
4,046,900
220,087,343
Toho Co. Ltd./Tokyo
435,900
16,756,718
 
327,623,794
Financial Services — 0.9%
Mitsubishi HC Capital Inc.
3,139,800
22,678,941
ORIX Corp.
4,496,100
113,035,924
 
135,714,865
Food Products — 1.1%
Ajinomoto Co. Inc.
1,813,400
69,802,295
Kikkoman Corp.
2,623,900
29,695,675
MEIJI Holdings Co. Ltd.
914,612
22,712,630
Nissin Foods Holdings Co. Ltd.
777,700
20,323,239
Yakult Honsha Co. Ltd.
999,200
21,110,547
 
163,644,386
Gas Utilities — 0.5%
Osaka Gas Co. Ltd.
1,429,800
35,315,697
Schedule of Investments
10
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Japan ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Gas Utilities (continued)
Tokyo Gas Co. Ltd.
1,403,300
$35,104,500
 
70,420,197
Ground Transportation — 1.5%
Central Japan Railway Co.
3,008,700
69,647,458
East Japan Railway Co.
3,534,000
67,753,519
Hankyu Hanshin Holdings Inc.
891,700
27,400,670
Keisei Electric Railway Co. Ltd.
503,800
15,938,783
Tokyu Corp.
1,945,700
23,800,833
West Japan Railway Co.
1,701,100
32,439,680
 
236,980,943
Health Care Equipment & Supplies — 2.7%
Hoya Corp.
1,366,500
193,942,870
Olympus Corp.
4,586,900
83,883,501
Sysmex Corp.
1,960,300
38,015,252
Terumo Corp.
5,224,300
97,143,011
 
412,984,634
Health Care Technology — 0.1%
M3 Inc.
1,717,200
16,698,323
Hotels, Restaurants & Leisure — 1.0%
McDonald's Holdings Co. Japan Ltd.(b)
338,600
14,872,533
Oriental Land Co. Ltd./Japan
4,249,300
116,207,937
Zensho Holdings Co. Ltd.
374,900
19,576,812
 
150,657,282
Household Durables — 4.1%
Panasonic Holdings Corp.
9,079,815
76,287,977
Sekisui Chemical Co. Ltd.
1,471,100
22,449,305
Sekisui House Ltd.
2,324,400
60,078,600
Sony Group Corp.
4,863,000
473,627,452
 
632,443,334
Household Products — 0.3%
Unicharm Corp.
1,571,600
54,527,700
Industrial Conglomerates — 3.0%
Hikari Tsushin Inc.
69,900
14,762,835
Hitachi Ltd.
18,058,900
445,513,284
 
460,276,119
Industrial REITs — 0.1%
Nippon Prologis REIT Inc.
8,940
15,748,933
Insurance — 4.5%
Dai-ichi Life Holdings Inc.
3,524,700
101,782,013
Japan Post Holdings Co. Ltd.
7,488,700
73,173,204
Japan Post Insurance Co. Ltd.
746,100
14,136,032
MS&AD Insurance Group Holdings Inc.
5,010,820
115,502,264
Sompo Holdings Inc.
3,665,050
86,539,604
T&D Holdings Inc.
1,905,600
32,286,779
Tokio Marine Holdings Inc.
7,318,800
278,513,173
 
701,933,069
Interactive Media & Services — 0.2%
LY Corp.
10,401,700
28,505,888
IT Services — 2.5%
Fujitsu Ltd.
6,451,800
119,260,620
NEC Corp.
969,100
85,887,225
Nomura Research Institute Ltd.
1,472,012
49,514,428
NTT Data Group Corp.
2,456,500
37,462,494
Obic Co. Ltd.
251,700
43,562,607
Otsuka Corp.
884,100
21,032,973
SCSK Corp.
605,700
12,180,431
Security
Shares
Value
IT Services (continued)
TIS Inc.
827,600
$20,740,500
 
389,641,278
Leisure Products — 0.7%
Bandai Namco Holdings Inc.
2,321,294
49,869,246
Shimano Inc.
297,500
56,206,987
 
106,076,233
Machinery — 4.6%
Daifuku Co. Ltd.
1,257,000
24,268,166
FANUC Corp.
3,687,100
108,840,843
Hitachi Construction Machinery Co. Ltd.
417,800
10,292,551
Hoshizaki Corp.
421,900
13,646,563
Komatsu Ltd.
3,603,400
100,831,897
Kubota Corp.
3,893,900
54,787,423
Makita Corp.
927,900
31,096,220
Minebea Mitsumi Inc.
1,413,600
29,921,889
Mitsubishi Heavy Industries Ltd.
12,482,800
168,297,485
SMC Corp.
222,200
103,049,241
Toyota Industries Corp.
571,100
45,251,203
Yaskawa Electric Corp.
932,300
31,063,669
 
721,347,150
Marine Transportation — 0.9%
Kawasaki Kisen Kaisha Ltd.
1,530,400
22,606,896
Mitsui OSK Lines Ltd.
1,341,600
48,398,857
Nippon Yusen KK
1,796,500
65,175,012
 
136,180,765
Media — 0.2%
Dentsu Group Inc.
787,800
24,227,623
Metals & Mining — 0.9%
JFE Holdings Inc.
2,240,750
31,063,805
Nippon Steel Corp.
3,371,770
76,946,093
Sumitomo Metal Mining Co. Ltd.
962,200
26,665,699
 
134,675,597
Office REITs — 0.3%
Japan Real Estate Investment Corp.
5,011
20,132,592
Nippon Building Fund Inc.
5,966
26,771,860
 
46,904,452
Oil, Gas & Consumable Fuels — 0.9%
ENEOS Holdings Inc.
11,219,295
61,030,300
Idemitsu Kosan Co. Ltd.
3,795,845
27,743,383
Inpex Corp.
3,677,400
54,209,353
 
142,983,036
Passenger Airlines — 0.1%
ANA Holdings Inc.
620,300
12,538,706
Japan Airlines Co. Ltd.
555,500
9,326,877
 
21,865,583
Personal Care Products — 0.7%
Kao Corp.
1,813,900
81,283,849
Shiseido Co. Ltd.
1,557,700
34,713,961
 
115,997,810
Pharmaceuticals — 6.0%
Astellas Pharma Inc.
7,046,650
87,568,403
Chugai Pharmaceutical Co. Ltd.
2,616,300
132,077,331
Daiichi Sankyo Co. Ltd.
7,204,607
302,432,222
Eisai Co. Ltd.
981,500
41,196,352
Kyowa Kirin Co. Ltd.
945,200
21,581,588
Ono Pharmaceutical Co. Ltd.
1,455,100
21,511,239
Otsuka Holdings Co. Ltd.
1,630,200
96,107,897
Shionogi & Co. Ltd.
981,400
45,715,636
11
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Japan ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Pharmaceuticals (continued)
Takeda Pharmaceutical Co. Ltd.
6,196,800
$184,491,122
 
932,681,790
Professional Services — 2.3%
Recruit Holdings Co. Ltd.
5,783,900
360,695,107
Real Estate Management & Development — 2.2%
Daito Trust Construction Co. Ltd.
227,400
28,066,181
Daiwa House Industry Co. Ltd.
2,183,300
67,242,475
Hulic Co. Ltd.
1,493,800
15,476,735
Mitsubishi Estate Co. Ltd.
4,456,400
76,672,026
Mitsui Fudosan Co. Ltd.
10,398,600
112,637,592
Nomura Real Estate Holdings Inc.
427,400
12,311,695
Sumitomo Realty & Development Co. Ltd.
1,112,100
38,094,006
 
350,500,710
Semiconductors & Semiconductor Equipment — 5.1%
Advantest Corp.
2,983,600
137,363,578
Disco Corp.
359,400
104,195,225
Kokusai Electric Corp., NVS
551,700
15,138,886
Lasertec Corp.
311,600
60,767,367
Renesas Electronics Corp.
6,559,100
114,190,464
Rohm Co. Ltd.
1,335,400
16,867,171
SCREEN Holdings Co. Ltd.
316,800
24,021,878
SUMCO Corp.
1,352,200
15,620,915
Tokyo Electron Ltd.
1,744,856
314,039,705
 
802,205,189
Software — 0.3%
Oracle Corp./Japan
149,200
13,511,664
Trend Micro Inc./Japan
494,300
29,718,779
 
43,230,443
Specialty Retail — 1.9%
Fast Retailing Co. Ltd.
744,000
239,431,633
Nitori Holdings Co. Ltd.
311,400
45,629,301
ZOZO Inc.
526,000
16,747,712
 
301,808,646
Technology Hardware, Storage & Peripherals — 1.9%
Brother Industries Ltd.
902,200
16,867,763
Canon Inc.
3,636,050
124,877,708
FUJIFILM Holdings Corp.
4,361,000
117,614,349
Ricoh Co. Ltd.
2,134,500
22,449,043
Seiko Epson Corp.
1,124,400
21,023,448
 
302,832,311
Textiles, Apparel & Luxury Goods — 0.3%
Asics Corp.
2,661,400
52,806,851
Security
Shares
Value
Tobacco — 0.9%
Japan Tobacco Inc.
4,673,500
$134,925,026
Trading Companies & Distributors — 6.4%
ITOCHU Corp.
4,630,200
246,531,030
Marubeni Corp.
5,549,000
95,717,728
Mitsubishi Corp.
13,020,800
271,071,011
Mitsui & Co. Ltd.
10,022,200
216,622,241
MonotaRO Co. Ltd.
967,900
15,309,457
Sumitomo Corp.
4,049,600
96,292,968
Toyota Tsusho Corp.
2,482,300
47,968,507
 
989,512,942
Wireless Telecommunication Services — 3.8%
KDDI Corp.
5,976,200
201,619,749
SoftBank Corp.
11,121,600
155,609,333
SoftBank Group Corp.
4,007,600
232,671,750
 
589,900,832
Total Long-Term Investments — 99.7%
(Cost: $14,730,704,635)
15,533,257,676
Short-Term Securities
Money Market Funds — 0.1%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 5.45%(c)(d)(e)
9,257,909
9,263,464
BlackRock Cash Funds: Treasury, SL Agency
Shares, 5.25%(c)(d)
4,430,000
4,430,000
Total Short-Term Securities — 0.1%
(Cost: $13,691,559)
13,693,464
Total Investments — 99.8%
(Cost: $14,744,396,194)
15,546,951,140
Other Assets Less Liabilities — 0.2%
30,482,507
Net Assets — 100.0%
$15,577,433,647
 
(a)
Non-income producing security.
(b)
All or a portion of this security is on loan.
(c)
Affiliate of the Fund.
(d)
Annualized 7-day yield as of period end.
(e)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
Schedule of Investments
12
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Japan ETF
 
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2024 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 Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
08/31/24
Shares
Held at
08/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL
Agency Shares
$3,594,331
$5,670,428
(a)
$—
$(3,200
)
$1,905
$9,263,464
9,257,909
$18,421
(b)
$—
BlackRock Cash Funds: Treasury, SL Agency
Shares
6,640,000
—
(2,210,000
)(a)
—
—
4,430,000
4,430,000
424,122
—
 
$(3,200
)
$1,905
$13,693,464
$442,543
$—
 
(a)
Represents net amount purchased (sold).
(b)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other
payments to and from borrowers of securities.
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts
TOPIX Index
229
09/12/24
$42,870
$3,294,183
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets—Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)
$—
$—
$3,294,183
$—
$—
$—
$3,294,183
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's
variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).
For the period ended August 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from
Futures contracts
$—
$—
$11,218,280
$—
$—
$—
$11,218,280
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts
$—
$—
$2,487,191
$—
$—
$—
$2,487,191
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$87,537,457
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
13
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Japan ETF
 
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets 
Investments 
Long-Term Investments 
Common Stocks
$—
$15,533,257,676
$—
$15,533,257,676
Short-Term Securities 
Money Market Funds
13,693,464
—
—
13,693,464
 
$13,693,464
$15,533,257,676
$—
$15,546,951,140
Derivative Financial Instruments(a) 
Assets 
Equity Contracts
$—
$3,294,183
$—
$3,294,183
 
(a)
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
See notes to financial statements.
Schedule of Investments
14
Schedule of Investments
August 31, 2024
iShares® MSCI Mexico ETF
(Percentages shown are based on Net Assets)
 
Security
Shares
Value
Common Stocks
Automobile Components — 0.4%
Nemak SAB de CV(a)(b)
42,364,218
$4,775,433
Banks — 14.9%
Banco del Bajio SA(a)
7,053,677
17,646,504
Grupo Financiero Banorte SAB de CV, Class O
18,342,956
126,864,137
Grupo Financiero Inbursa SAB de CV, Class O(b)
16,205,827
38,518,591
Regional SAB de CV
2,355,663
14,922,758
 
197,951,990
Beverages — 14.0%
Arca Continental SAB de CV
4,420,420
39,582,166
Coca-Cola Femsa SAB de CV
2,009,326
16,880,205
Fomento Economico Mexicano SAB de CV
12,700,184
129,908,581
 
186,370,952
Building Products — 0.3%
Grupo Rotoplas SAB de CV(c)
3,673,164
4,649,681
Capital Markets — 0.6%
Bolsa Mexicana de Valores SAB de CV
5,313,201
8,174,467
Chemicals — 1.2%
Alpek SAB de CV(b)(c)
7,567,845
4,880,187
Orbia Advance Corp. SAB de CV
9,794,131
10,468,358
 
15,348,545
Construction Materials — 5.4%
Cemex SAB de CV, NVS
96,580,576
58,700,864
GCC SAB de CV
1,644,228
12,574,920
 
71,275,784
Consumer Finance — 0.9%
Gentera SAB de CV
11,180,778
11,978,848
Consumer Staples Distribution & Retail — 10.2%
Grupo Comercial Chedraui SA de CV
1,707,350
12,939,770
La Comer SAB de CV(c)
4,644,574
7,947,606
Wal-Mart de Mexico SAB de CV
35,994,202
114,721,610
 
135,608,986
Diversified REITs — 2.6%
Concentradora Fibra Danhos SA de CV
5,414,637
5,465,706
Fibra Uno Administracion SA de CV
25,175,017
29,643,609
 
35,109,315
Diversified Telecommunication Services — 0.8%
Operadora De Sites Mexicanos SAB de CV(c)
13,127,017
10,877,942
Food Products — 5.3%
Gruma SAB de CV, Class B
1,668,133
30,613,672
Grupo Bimbo SAB de CV, Series A(c)
11,256,268
40,277,198
 
70,890,870
Ground Transportation — 0.4%
Grupo Traxion SAB de CV, Class A(a)(b)(c)
5,062,468
5,218,178
Hotels, Restaurants & Leisure — 1.1%
Alsea SAB de CV
5,117,076
14,007,214
Household Products — 1.7%
Kimberly-Clark de Mexico SAB de CV, Class A
13,655,060
22,319,021
Industrial Conglomerates — 3.5%
Alfa SAB de CV, Class A
29,640,222
17,232,468
Grupo Carso SAB de CV, Series A1
4,871,613
29,253,054
 
46,485,522
Industrial REITs — 3.4%
FIBRA Macquarie Mexico(a)(c)
8,220,898
12,965,261
Security
Shares
Value
Industrial REITs (continued)
Prologis Property Mexico SA de CV
9,131,582
$29,085,857
TF Administradora Industrial S de Real de CV(c)
1,914,240
3,655,614
 
45,706,732
Insurance — 1.2%
Qualitas Controladora SAB de CV
1,930,635
15,477,038
Media — 1.5%
Grupo Televisa SAB, CPO
24,437,865
9,778,000
Megacable Holdings SAB de CV, CPO
4,845,447
10,380,157
 
20,158,157
Metals & Mining — 9.3%
Grupo Mexico SAB de CV, Series B
19,948,719
102,082,176
Industrias Penoles SAB de CV(b)
1,793,091
21,517,912
 
123,600,088
Passenger Airlines — 0.5%
Controladora Vuela Cia. de Aviacion SAB de CV,
Class A(b)(c)
12,199,421
6,937,736
Pharmaceuticals — 0.7%
Genomma Lab Internacional SAB de CV, Class B
9,714,758
9,352,568
Real Estate Management & Development — 1.6%
Corp Inmobiliaria Vesta SAB de CV
7,802,936
21,395,003
Transportation Infrastructure — 10.4%
Grupo Aeroportuario del Centro Norte SAB de CV,
Class B
2,589,757
20,733,310
Grupo Aeroportuario del Pacifico SAB de CV,
Class B
3,223,535
57,086,322
Grupo Aeroportuario del Sureste SAB de CV,
Class B
1,562,537
41,888,218
Promotora y Operadora de Infraestructura SAB
de CV
1,997,997
18,563,463
 
138,271,313
Wireless Telecommunication Services — 7.8%
America Movil SAB de CV, Series B
125,251,022
103,664,352
Total Long-Term Investments — 99.7%
(Cost: $1,808,216,538)
1,325,605,735
Short-Term Securities
Money Market Funds — 0.5%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 5.45%(d)(e)(f)
6,674,117
6,678,121
BlackRock Cash Funds: Treasury, SL Agency
Shares, 5.25%(d)(e)
730,000
730,000
Total Short-Term Securities — 0.5%
(Cost: $7,403,546)
7,408,121
Total Investments — 100.2%
(Cost: $1,815,620,084)
1,333,013,856
Liabilities in Excess of Other Assets — (0.2)%
(3,250,422
)
Net Assets — 100.0%
$1,329,763,434
 
(a)
Security exempt from registration pursuant to Rule 144A under the Securities Act of
1933, as amended. These securities may be resold in transactions exempt from
registration to qualified institutional investors.
(b)
Non-income producing security.
(c)
All or a portion of this security is on loan.
(d)
Affiliate of the Fund.
(e)
Annualized 7-day yield as of period end.
15
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Mexico ETF
 
(f)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2024 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 Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
08/31/24
Shares
Held at
08/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency
Shares
$16,074,705
$—
$(9,400,773
)(a)
$4,377
$(188
)
$6,678,121
6,674,117
$166,672
(b)
$—
BlackRock Cash Funds: Treasury, SL Agency
Shares
670,000
60,000
(a)
—
—
—
730,000
730,000
74,231
—
 
$4,377
$(188
)
$7,408,121
$240,903
$—
 
(a)
Represents net amount purchased (sold).
(b)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other
payments to and from borrowers of securities.
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts
Mexican BOLSA Index
169
09/20/24
$4,462
$(191,989
)
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Liabilities—Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)
$—
$—
$191,989
$—
$—
$—
$191,989
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's
variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).
For the period ended August 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from
Futures contracts
$—
$—
$(471,856
)
$—
$—
$—
$(471,856
)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts
$—
$—
$(84,725
)
$—
$—
$—
$(84,725
)
Schedule of Investments
16
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Mexico ETF
 
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$5,742,557
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
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 
Common Stocks
$1,325,605,735
$—
$—
$1,325,605,735
Short-Term Securities 
Money Market Funds
7,408,121
—
—
7,408,121
 
$1,333,013,856
$—
$—
$1,333,013,856
Derivative Financial Instruments(a) 
Liabilities 
Equity Contracts
$(191,989
)
$—
$—
$(191,989
)
 
(a)
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
See notes to financial statements.
17
2024 iShares Annual Financial Statements
Schedule of Investments
August 31, 2024
iShares® MSCI South Korea ETF
(Percentages shown are based on Net Assets)
 
Security
Shares
Value
Common Stocks
Aerospace & Defense — 1.5%
Hanwha Aerospace Co. Ltd.
222,539
$48,425,639
Korea Aerospace Industries Ltd.(a)
638,675
25,989,180
 
74,414,819
Air Freight & Logistics — 0.5%
Hyundai Glovis Co. Ltd.
331,361
27,855,952
Automobile Components — 1.7%
Hankook Tire & Technology Co. Ltd.
674,064
21,941,955
Hyundai Mobis Co. Ltd.
399,935
65,257,727
 
87,199,682
Automobiles — 5.7%
Hyundai Motor Co.
835,495
160,264,805
Kia Corp.
1,601,792
127,260,506
 
287,525,311
Banks — 8.9%
Hana Financial Group Inc.
1,897,677
88,099,171
Industrial Bank of Korea
2,295,361
23,747,969
KakaoBank Corp.
1,064,759
17,681,505
KB Financial Group Inc.
2,378,816
153,397,862
Shinhan Financial Group Co. Ltd.
2,784,981
117,886,077
Woori Financial Group Inc.
4,347,946
52,064,774
 
452,877,358
Biotechnology — 4.1%
Alteogen Inc.(a)(b)
237,799
56,751,928
Celltrion Inc.
930,944
141,624,110
SK Bioscience Co. Ltd.(a)(b)
202,148
8,415,960
 
206,791,998
Broadline Retail — 0.0%
Lotte Shopping Co. Ltd.
1
47
Capital Markets — 1.1%
Korea Investment Holdings Co. Ltd.
359,812
19,640,294
Mirae Asset Securities Co. Ltd.(a)
2,935,027
18,402,445
NH Investment & Securities Co. Ltd.
1,593,981
16,294,745
 
54,337,484
Chemicals — 2.9%
Enchem Co. Ltd.(b)
72,164
10,388,777
Hanwha Solutions Corp.
837,180
16,293,965
Kum Yang Co. Ltd.(a)(b)
243,752
8,491,986
Kumho Petrochemical Co. Ltd.
176,500
18,100,260
LG Chem Ltd.
300,654
72,532,641
Lotte Chemical Corp.
168,300
10,446,846
SKC Co. Ltd.(b)
136,209
13,209,803
 
149,464,278
Construction & Engineering — 0.8%
Hyundai Engineering & Construction Co. Ltd.
665,983
15,984,669
Samsung E&A Co. Ltd.(b)
1,236,301
23,539,601
 
39,524,270
Diversified Telecommunication Services — 0.5%
KT Corp.
450,840
13,065,125
LG Uplus Corp.
1,803,766
13,166,612
 
26,231,737
Electric Utilities — 0.6%
Korea Electric Power Corp.(b)
1,869,099
30,377,337
Electrical Equipment — 5.5%
Doosan Enerbility Co. Ltd.(b)
2,706,611
36,739,035
Ecopro BM Co. Ltd.(a)(b)
290,823
36,718,202
Ecopro Co. Ltd.(a)(b)
588,566
37,801,306
Security
Shares
Value
Electrical Equipment (continued)
Ecopro Materials Co. Ltd.(b)
110,465
$7,552,344
HD Hyundai Electric Co. Ltd.
132,568
30,349,131
L&F Co. Ltd.(a)(b)
161,514
11,397,185
LG Energy Solution Ltd.(a)(b)
269,457
78,486,612
LS Electric Co. Ltd.
71,661
8,992,231
POSCO Future M Co. Ltd.(a)
204,096
32,956,823
SK IE Technology Co. Ltd.(b)(c)
3,113
76,866
 
281,069,735
Electronic Equipment, Instruments & Components — 3.5%
LG Display Co. Ltd.(a)(b)
2,498,107
21,110,948
LG Innotek Co. Ltd.
118,111
24,636,381
Samsung Electro-Mechanics Co. Ltd.
403,279
43,189,435
Samsung SDI Co. Ltd.
331,551
88,240,951
 
177,177,715
Entertainment — 1.8%
HYBE Co. Ltd.(a)
132,308
18,316,853
Krafton Inc.(b)
176,756
43,257,357
NCSoft Corp.
123,077
17,313,330
Netmarble Corp.(a)(b)(c)
232,962
10,630,997
 
89,518,537
Financial Services — 1.0%
Meritz Financial Group Inc.
756,239
51,625,746
Food Products — 0.7%
CJ CheilJedang Corp.
76,751
18,528,882
Orion Corp./Republic of Korea
212,207
14,616,101
 
33,144,983
Health Care Equipment & Supplies — 1.1%
HLB Inc.(b)
844,342
56,663,775
Hotels, Restaurants & Leisure — 0.2%
Hanjin Kal Corp.(a)
194,685
9,976,523
Household Durables — 1.5%
Coway Co. Ltd.
414,478
20,867,413
LG Electronics Inc.
726,096
54,138,642
 
75,006,055
Industrial Conglomerates — 3.5%
GS Holdings Corp.
469,926
15,889,752
LG Corp.
623,504
37,022,552
Samsung C&T Corp.
556,524
61,587,013
SK Inc.
269,368
28,928,578
SK Square Co. Ltd.(b)
606,794
35,714,068
 
179,141,963
Insurance — 2.6%
DB Insurance Co. Ltd.
399,446
34,770,272
Samsung Fire & Marine Insurance Co. Ltd.
219,158
56,930,975
Samsung Life Insurance Co. Ltd.
538,998
39,369,804
 
131,071,051
Interactive Media & Services — 3.0%
Kakao Corp.
1,841,324
51,478,953
NAVER Corp.
786,321
99,752,882
 
151,231,835
IT Services — 0.7%
Posco DX Co. Ltd.(a)
373,888
7,482,275
Samsung SDS Co. Ltd.
255,633
28,858,905
 
36,341,180
Life Sciences Tools & Services — 1.7%
Samsung Biologics Co. Ltd.(b)(c)
116,368
85,334,941
Schedule of Investments
18
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI South Korea ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Machinery — 2.7%
Doosan Bobcat Inc.
538,182
$16,061,534
Hanwha Ocean Co. Ltd.(b)
609,508
15,777,584
HD Hyundai Heavy Industries Co. Ltd.(b)
150,282
21,824,379
HD Korea Shipbuilding & Offshore Engineering
Co. Ltd.(b)
302,581
43,417,402
Samsung Heavy Industries Co. Ltd.(b)
5,036,793
39,706,607
 
136,787,506
Marine Transportation — 0.4%
HMM Co. Ltd.
1,596,735
20,355,417
Metals & Mining — 3.0%
Hyundai Steel Co.
738,045
14,063,231
Korea Zinc Co. Ltd.
75,113
30,079,543
POSCO Holdings Inc.
428,298
109,383,811
 
153,526,585
Oil, Gas & Consumable Fuels — 1.5%
HD Hyundai Co. Ltd.
421,831
25,570,697
SK Innovation Co. Ltd.(b)
406,621
33,620,917
S-Oil Corp.
368,674
17,251,386
 
76,443,000
Passenger Airlines — 0.5%
Korean Air Lines Co. Ltd.
1,471,115
24,294,144
Personal Care Products — 0.8%
Amorepacific Corp.(a)
238,087
22,118,899
LG H&H Co. Ltd.
64,552
17,139,183
 
39,258,082
Pharmaceuticals — 1.9%
Celltrion Pharm Inc.(a)(b)
141,251
7,312,844
Hanmi Pharm Co. Ltd.(a)
69,877
16,521,236
SK Biopharmaceuticals Co. Ltd.(b)
209,945
18,103,934
Yuhan Corp.
494,093
52,220,008
 
94,158,022
Semiconductors & Semiconductor Equipment — 8.7%
Hanmi Semiconductor Co. Ltd.
293,525
25,364,797
SK Hynix Inc.
3,188,628
417,843,296
 
443,208,093
Technology Hardware, Storage & Peripherals — 21.4%
CosmoAM&T Co. Ltd.(a)(b)
156,144
12,597,502
Samsung Electronics Co. Ltd.
19,334,483
1,073,804,538
 
1,086,402,040
Tobacco — 1.2%
KT&G Corp.
724,405
58,792,125
Trading Companies & Distributors — 0.3%
Posco International Corp.(a)
358,452
15,182,186
Security
Shares
Value
Wireless Telecommunication Services — 0.3%
SK Telecom Co. Ltd.
363,593
$15,003,808
Total Common Stocks — 97.8%
(Cost: $2,848,879,415)
4,957,315,320
Preferred Stocks
Automobiles — 1.4%
Hyundai Motor Co.
Preference Shares, NVS
217,251
29,595,386
Series 2, Preference Shares, NVS
289,379
40,171,675
 
69,767,061
Chemicals — 0.2%
LG Chem Ltd., Preference Shares, NVS
80,505
13,098,622
Technology Hardware, Storage & Peripherals — 0.1%
Samsung Electronics Co. Ltd., Preference
Shares, NVS
103,894
4,668,093
Total Preferred Stocks — 1.7%
(Cost: $37,972,445)
87,533,776
Total Long-Term Investments — 99.5%
(Cost: $2,886,851,860)
5,044,849,096
Short-Term Securities
Money Market Funds — 3.0%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 5.45%(d)(e)(f)
148,782,111
148,871,380
BlackRock Cash Funds: Treasury, SL Agency
Shares, 5.25%(d)(e)
2,360,000
2,360,000
Total Short-Term Securities — 3.0%
(Cost: $151,186,646)
151,231,380
Total Investments — 102.5%
(Cost: $3,038,038,506)
5,196,080,476
Liabilities in Excess of Other Assets — (2.5)%
(128,328,158
)
Net Assets — 100.0%
$5,067,752,318
 
(a)
All or a portion of this security is on loan.
(b)
Non-income producing security.
(c)
Security exempt from registration pursuant to Rule 144A under the Securities Act of
1933, as amended. These securities may be resold in transactions exempt from
registration to qualified institutional investors.
(d)
Affiliate of the Fund.
(e)
Annualized 7-day yield as of period end.
(f)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
19
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI South Korea ETF
 
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2024 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 Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
08/31/24
Shares
Held at
08/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL
Agency Shares
$208,037,093
$—
$(59,221,645
)(a)
$19,028
$36,904
$148,871,380
148,782,111
$2,426,314
(b)
$—
BlackRock Cash Funds: Treasury, SL
Agency Shares
3,110,000
—
(750,000
)(a)
—
—
2,360,000
2,360,000
155,749
—
 
$19,028
$36,904
$151,231,380
$2,582,063
$—
 
(a)
Represents net amount purchased (sold).
(b)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other
payments to and from borrowers of securities.
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts
KOSPI 200 Index
317
09/12/24
$21,562
$(1,116,633
)
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Liabilities—Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)
$—
$—
$1,116,633
$—
$—
$—
$1,116,633
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's
variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).
For the period ended August 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from
Futures contracts
$—
$—
$(15,431
)
$—
$—
$—
$(15,431
)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts
$—
$—
$(695,519
)
$—
$—
$—
$(695,519
)
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$29,211,326
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Schedule of Investments
20
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI South Korea ETF
 
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets 
Investments 
Long-Term Investments 
Common Stocks
$—
$4,957,315,320
$—
$4,957,315,320
Preferred Stocks
—
87,533,776
—
87,533,776
Short-Term Securities 
Money Market Funds
151,231,380
—
—
151,231,380
 
$151,231,380
$5,044,849,096
$—
$5,196,080,476
Derivative Financial Instruments(a) 
Liabilities 
Equity Contracts
$—
$(1,116,633
)
$—
$(1,116,633
)
 
(a)
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
See notes to financial statements.
21
2024 iShares Annual Financial Statements
Statements of Assets and Liabilities
August 31, 2024
 
 
iShares
MSCI Australia
ETF
iShares
MSCI Canada ETF
iShares
MSCI Japan ETF
iShares
MSCI Mexico ETF
ASSETS
 
 
 
 
Investments, at value—unaffiliated(a)(b)
$1,429,528,858
$2,585,107,274
$15,533,257,676
$1,325,605,735
Investments, at value—affiliated(c)
7,053,735
11,687,884
13,693,464
7,408,121
Cash
630
9,056
746
—
Foreign currency collateral pledged for futures contracts(d)
808,159
342,819
3,463,000
342,486
Foreign currency, at value(e)
2,783,985
3,913,711
18,639,957
4,803,177
Receivables:
 
 
 
 
Investments sold
4,779,048
11,530,014
159,024,974
13,003,094
Securities lending income—affiliated
2,440
2,314
2,086
12,928
Dividends—unaffiliated
6,753,459
3,984,060
18,297,126
46,640
Dividends—affiliated
1,648
2,946
19,010
2,654
Tax reclaims
—
—
31,845
—
Variation margin on futures contracts
5,512
36,246
647,207
—
Total assets
1,451,717,474
2,616,616,324
15,747,077,091
1,351,224,835
LIABILITIES
 
 
 
 
Bank overdraft
—
—
—
93,790
Collateral on securities loaned, at value
6,633,637
10,507,160
9,262,107
6,671,822
Payables:
 
 
 
 
Investments purchased
5,065,954
14,023,504
153,732,111
14,072,414
Capital shares redeemed
159,687
—
171,710
—
Investment advisory fees
594,861
1,039,884
6,477,516
607,678
Variation margin on futures contracts
—
—
—
15,697
Total liabilities
12,454,139
25,570,548
169,643,444
21,461,401
Commitments and contingent liabilities
 
 
 
 
NET ASSETS
$1,439,263,335
$2,591,045,776
$15,577,433,647
$1,329,763,434
NET ASSETS CONSIST OF
 
 
 
 
Paid-in capital
$1,962,466,509
$3,675,681,949
$17,023,760,811
$2,310,533,028
Accumulated loss
(523,203,174)
(1,084,636,173)
(1,446,327,164)
(980,769,594)
NET ASSETS
$1,439,263,335
$2,591,045,776
$15,577,433,647
$1,329,763,434
NET ASSET VALUE
 
 
 
 
Shares outstanding
55,600,000
64,000,000
215,550,000
25,100,000
Net asset value
$25.89
$40.49
$72.27
$52.98
Shares authorized
1 billion
1 billion
2.5246 billion
255 million
Par value
$0.001
$0.001
$0.001
$0.001
(a) Investments, at cost—unaffiliated
$1,502,803,083
$2,647,496,977
$14,730,704,635
$1,808,216,538
(b) Securities loaned, at value
$6,235,247
$10,049,196
$8,758,368
$6,116,884
(c) Investments, at cost—affiliated
$7,052,521
$11,685,389
$13,691,559
$7,403,546
(d) Foreign currency collateral pledged, at cost
$808,268
$352,016
$3,495,999
$361,330
(e) Foreign currency, at cost
$2,747,544
$3,865,492
$18,634,944
$4,948,972
See notes to financial statements.
Statements of Assets and Liabilities
22
Statements of Assets and Liabilities (continued)
August 31, 2024
 
 
iShares
MSCI South Korea
ETF
ASSETS
 
Investments, at value—unaffiliated(a)(b)
$5,044,849,096
Investments, at value—affiliated(c)
151,231,380
Cash
2,341
Foreign currency, at value(d)
20,197,386
Receivables:
 
Investments sold
6,903,638
Securities lending income—affiliated
81,809
Dividends—unaffiliated
250,156
Dividends—affiliated
10,652
Variation margin on futures contracts
10,915,257
Total assets
5,234,441,715
LIABILITIES
 
Collateral on securities loaned, at value
148,937,433
Payables:
 
Investments purchased
15,181,757
Investment advisory fees
2,570,207
Total liabilities
166,689,397
Commitments and contingent liabilities
 
NET ASSETS
$5,067,752,318
NET ASSETS CONSIST OF
 
Paid-in capital
$3,621,147,889
Accumulated earnings
1,446,604,429
NET ASSETS
$5,067,752,318
NET ASSET VALUE
 
Shares outstanding
77,200,000
Net asset value
$65.64
Shares authorized
700 million
Par value
$0.001
(a) Investments, at cost—unaffiliated
$2,886,851,860
(b) Securities loaned, at value
$142,275,823
(c) Investments, at cost—affiliated
$151,186,646
(d) Foreign currency, at cost
$20,633,656
See notes to financial statements.
23
2024 iShares Annual Financial Statements
Statements of Operations
Year Ended August 31, 2024  
 
 
iShares
MSCI
Australia ETF
iShares
MSCI
Canada ETF
iShares
MSCI Japan ETF
iShares
MSCI Mexico
ETF
INVESTMENT INCOME
Dividends—unaffiliated
$74,900,236
$88,191,183
$321,970,668
$67,554,499
Dividends—affiliated
80,316
90,327
424,122
74,231
Interest—unaffiliated
30,554
23,098
—
58,186
Securities lending income—affiliated—net
43,729
28,652
18,421
166,672
Foreign taxes withheld
(401,824
)
(13,229,807
)
(32,189,746
)
(7,327,162
)
Total investment income
74,653,011
75,103,453
290,223,465
60,526,426
EXPENSES
Investment advisory
9,124,313
13,856,813
74,230,696
8,638,130
Commitment costs
18,359
27,342
38,715
17,767
Total expenses
9,142,672
13,884,155
74,269,411
8,655,897
Net investment income
65,510,339
61,219,298
215,954,054
51,870,529
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments—unaffiliated
(38,327,327
)
(40,881,868
)
(392,449,101
)
(34,627,591
)
Investments—affiliated
(1,116
)
(1,487
)
(3,200
)
4,377
Foreign currency transactions
336,788
(120,858
)
(9,311,282
)
(620,320
)
Futures contracts
643,914
477,498
11,218,280
(471,856
)
In-kind redemptions—unaffiliated(a)
21,066,087
79,533,352
985,340,772
100,762,365
 
(16,281,654
)
39,006,637
594,795,469
65,046,975
Net change in unrealized appreciation (depreciation) on:
Investments—unaffiliated
289,936,142
385,114,692
1,875,996,138
(369,006,627
)
Investments—affiliated
1,214
2,477
1,905
(188
)
Foreign currency translations
50,458
118,010
1,482,704
(153,747
)
Futures contracts
(2,384
)
330,024
2,487,191
(84,725
)
 
289,985,430
385,565,203
1,879,967,938
(369,245,287
)
Net realized and unrealized gain (loss)
273,703,776
424,571,840
2,474,763,407
(304,198,312
)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
$339,214,115
$485,791,138
$2,690,717,461
$(252,327,783
)
(a) See Note 2 of the Notes to Financial Statements.
See notes to financial statements.
Statements of Operations
24
Statements of Operations (continued)
Year Ended August 31, 2024  
 
 
iShares
MSCI South
Korea ETF
INVESTMENT INCOME
Dividends—unaffiliated
$97,742,919
Dividends—affiliated
155,749
Interest—unaffiliated
4,687
Securities lending income—affiliated—net
2,426,314
Foreign taxes withheld
(15,793,421
)
Other foreign taxes
(390
)
Total investment income
84,535,858
EXPENSES
Investment advisory
26,928,392
Commitment costs
37,673
Interest expense
3,172
Total expenses
26,969,237
Net investment income
57,566,621
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments—unaffiliated
(144,364,714
)
Investments—affiliated
19,028
Foreign currency transactions
(2,510,244
)
Futures contracts
(15,431
)
 
(146,871,361
)
Net change in unrealized appreciation (depreciation) on:
Investments—unaffiliated
364,479,751
Investments—affiliated
36,904
Foreign currency translations
142,309
Futures contracts
(695,519
)
 
363,963,445
Net realized and unrealized gain
217,092,084
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
$274,658,705
See notes to financial statements.
25
2024 iShares Annual Financial Statements
Statements of Changes in Net Assets
 
 
iShares
MSCI Australia ETF
iShares
MSCI Canada ETF
 
Year Ended
08/31/24
Year Ended
08/31/23
Year Ended
08/31/24
Year Ended
08/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$65,510,339
$86,313,602
$61,219,298
$83,284,741
Net realized gain (loss)
(16,281,654
)
(8,009,512
)
39,006,637
(8,286,834
)
Net change in unrealized appreciation (depreciation)
289,985,430
(38,966,533
)
385,565,203
105,214,335
Net increase in net assets resulting from operations
339,214,115
39,337,557
485,791,138
180,212,242
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders
(74,564,378
)
(71,404,532
)
(64,851,765
)
(88,711,145
)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions
(897,796,034
)
489,066,898
(858,196,419
)
(725,422,853
)
NET ASSETS
Total increase (decrease) in net assets
(633,146,297
)
456,999,923
(437,257,046
)
(633,921,756
)
Beginning of year
2,072,409,632
1,615,409,709
3,028,302,822
3,662,224,578
End of year
$1,439,263,335
$2,072,409,632
$2,591,045,776
$3,028,302,822
 
(a)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
See notes to financial statements.
Statements of Changes in Net Assets
26
Statements of Changes in Net Assets(continued)
 
 
iShares
MSCI Japan ETF
iShares
MSCI Mexico ETF
 
Year Ended
08/31/24
Year Ended
08/31/23
Year Ended
08/31/24
Year Ended
08/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$215,954,054
$166,125,768
$51,870,529
$34,712,963
Net realized gain
594,795,469
669,279
65,046,975
103,106,421
Net change in unrealized appreciation (depreciation)
1,879,967,938
1,216,919,417
(369,245,287
)
204,692,188
Net increase (decrease) in net assets resulting from operations
2,690,717,461
1,383,714,464
(252,327,783
)
342,511,572
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders
(304,561,745
)
(104,587,537
)
(45,341,892
)
(33,094,776
)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions
(412,589,697
)
2,663,221,129
94,040,217
417,832,777
NET ASSETS
Total increase (decrease) in net assets
1,973,566,019
3,942,348,056
(203,629,458
)
727,249,573
Beginning of year
13,603,867,628
9,661,519,572
1,533,392,892
806,143,319
End of year
$15,577,433,647
$13,603,867,628
$1,329,763,434
$1,533,392,892
 
(a)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
See notes to financial statements.
27
2024 iShares Annual Financial Statements
Statements of Changes in Net Assets(continued)
 
 
iShares
MSCI South Korea ETF
 
Year Ended
08/31/24
Year Ended
08/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$57,566,621
$47,333,062
Net realized loss
(146,871,361
)
(46,209,947
)
Net change in unrealized appreciation (depreciation)
363,963,445
208,311,842
Net increase in net assets resulting from operations
274,658,705
209,434,957
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders
(100,547,057
)
(39,264,408
)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions
1,239,450,355
524,571,630
NET ASSETS
Total increase in net assets
1,413,562,003
694,742,179
Beginning of year
3,654,190,315
2,959,448,136
End of year
$5,067,752,318
$3,654,190,315
 
(a)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
See notes to financial statements.
Statements of Changes in Net Assets
28
Financial Highlights
(For a share outstanding throughout each period)
 
 
iShares MSCI Australia ETF
 
Year Ended
08/31/24
Year Ended
08/31/23
Year Ended
08/31/22
Year Ended
08/31/21
Year Ended
08/31/20
Net asset value, beginning of year
$22.24
$21.95
$25.96
$21.12
$21.67
Net investment income(a)
0.83
1.01
0.93
0.65
0.67
Net realized and unrealized gain (loss)(b)
3.78
0.13
(3.31
)
4.77
(0.48
)
Net increase (decrease) from investment operations
4.61
1.14
(2.38
)
5.42
0.19
Distributions from net investment income(c)
(0.96
)
(0.85
)
(1.63
)
(0.58
)
(0.74
)
Net asset value, end of year
$25.89
$22.24
$21.95
$25.96
$21.12
Total Return(d)
Based on net asset value
21.13
%
5.15
%
(9.53
)%
25.69
%
0.99
%
Ratios to Average Net Assets(e)
Total expenses
0.50
%
0.50
%
0.50
%
0.50
%
0.51
%
Net investment income
3.56
%
4.48
%
3.86
%
2.69
%
3.23
%
Supplemental Data
Net assets, end of year (000)
$1,439,263
$2,072,410
$1,615,410
$1,505,880
$1,263,259
Portfolio turnover rate(f)
5
%
4
%
15
%
4
%
8
%
(a) Based on average shares outstanding.
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d) Where applicable, assumes the reinvestment of distributions.
(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
29
2024 iShares Annual Financial Statements
Financial Highlights(continued)
(For a share outstanding throughout each period)
 
 
iShares MSCI Canada ETF
 
Year Ended
08/31/24
Year Ended
08/31/23
Year Ended
08/31/22
Year Ended
08/31/21
Year Ended
08/31/20
Net asset value, beginning of year
$34.69
$33.72
$37.38
$28.76
$28.22
Net investment income(a)
0.79
0.80
0.77
0.64
0.65
Net realized and unrealized gain (loss)(b)
5.85
1.01
(3.68
)
8.60
0.54
Net increase (decrease) from investment operations
6.64
1.81
(2.91
)
9.24
1.19
Distributions from net investment income(c)
(0.84
)
(0.84
)
(0.75
)
(0.62
)
(0.65
)
Net asset value, end of year
$40.49
$34.69
$33.72
$37.38
$28.76
Total Return(d)
Based on net asset value
19.42
%
5.42
%
(7.94
)%
32.41
%
4.32
%
Ratios to Average Net Assets(e)
Total expenses
0.50
%
0.50
%
0.50
%
0.50
%
0.51
%
Net investment income
2.19
%
2.36
%
2.05
%
1.91
%
2.37
%
Supplemental Data
Net assets, end of year (000)
$2,591,046
$3,028,303
$3,662,225
$4,157,136
$2,266,034
Portfolio turnover rate(f)
4
%
6
%
5
%
8
%
9
%
(a) Based on average shares outstanding.
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d) Where applicable, assumes the reinvestment of distributions.
(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
Financial Highlights
30
Financial Highlights(continued)
(For a share outstanding throughout each period)
 
 
iShares MSCI Japan ETF
 
Year Ended
08/31/24
Year Ended
08/31/23
Year Ended
08/31/22
Year Ended
08/31/21
Year Ended
08/31/20
Net asset value, beginning of year
$61.57
$53.72
$68.55
$58.15
$54.05
Net investment income(a)
0.95
0.92
1.04
0.91
0.90
Net realized and unrealized gain (loss)(b)
11.13
7.48
(14.44
)
10.25
4.36
Net increase (decrease) from investment operations
12.08
8.40
(13.40
)
11.16
5.26
Distributions from net investment income(c)
(1.38
)
(0.55
)
(1.43
)
(0.76
)
(1.16
)
Net asset value, end of year
$72.27
$61.57
$53.72
$68.55
$58.15
Total Return(d)
Based on net asset value
19.92
%
15.68
%
(19.81
)%
19.21
%
9.76
%
Ratios to Average Net Assets(e)
Total expenses
0.50
%
0.50
%
0.50
%
0.50
%
0.51
%
Net investment income
1.44
%
1.61
%
1.66
%
1.37
%
1.60
%
Supplemental Data
Net assets, end of year (000)
$15,577,434
$13,603,868
$9,661,520
$11,906,294
$9,909,026
Portfolio turnover rate(f)
6
%
3
%
4
%
6
%
4
%
(a) Based on average shares outstanding.
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d) Where applicable, assumes the reinvestment of distributions.
(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
31
2024 iShares Annual Financial Statements
Financial Highlights(continued)
(For a share outstanding throughout each period)
 
 
iShares MSCI Mexico ETF
 
Year Ended
08/31/24
Year Ended
08/31/23
Year Ended
08/31/22
Year Ended
08/31/21
Year Ended
08/31/20
Net asset value, beginning of year
$61.58
$44.29
$51.24
$33.00
$41.47
Net investment income(a)
1.86
1.65
1.50
0.80
0.61
Net realized and unrealized gain (loss)(b)
(8.96
)
17.14
(7.04
)
18.32
(8.52
)
Net increase (decrease) from investment operations
(7.10
)
18.79
(5.54
)
19.12
(7.91
)
Distributions from net investment income(c)
(1.50
)
(1.50
)
(1.41
)
(0.88
)
(0.56
)
Net asset value, end of year
$52.98
$61.58
$44.29
$51.24
$33.00
Total Return(d)
Based on net asset value
(11.91
)%
42.93
%
(10.98
)%
58.30
%
(19.36
)%
Ratios to Average Net Assets(e)
Total expenses
0.50
%
0.50
%
0.50
%
0.50
%
0.51
%
Net investment income
2.98
%
2.88
%
3.06
%
1.85
%
1.59
%
Supplemental Data
Net assets, end of year (000)
$1,329,763
$1,533,393
$806,143
$1,178,526
$834,927
Portfolio turnover rate(f)
10
%
11
%
11
%
15
%
12
%
(a) Based on average shares outstanding.
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d) Where applicable, assumes the reinvestment of distributions.
(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
Financial Highlights
32
Financial Highlights(continued)
(For a share outstanding throughout each period)
 
 
iShares MSCI South Korea ETF
 
Year Ended
08/31/24
Year Ended
08/31/23
Year Ended
08/31/22
Year Ended
08/31/21
Year Ended
08/31/20
Net asset value, beginning of year
$62.63
$58.43
$86.98
$63.04
$53.34
Net investment income(a)
0.80
0.85
0.97
1.23
0.83
Net realized and unrealized gain (loss)(b)
3.86
4.05
(27.84
)
23.34
10.18
Net increase (decrease) from investment operations
4.66
4.90
(26.87
)
24.57
11.01
Distributions from net investment income(c)
(1.65
)
(0.70
)
(1.68
)
(0.63
)
(1.31
)
Net asset value, end of year
$65.64
$62.63
$58.43
$86.98
$63.04
Total Return(d)
Based on net asset value
7.55
%
8.49
%
(31.39
)%
39.05
%
20.77
%
Ratios to Average Net Assets(e)
Total expenses
0.59
%
0.59
%
0.58
%
0.57
%
0.59
%
Net investment income
1.27
%
1.42
%
1.35
%
1.45
%
1.45
%
Supplemental Data
Net assets, end of year (000)
$5,067,752
$3,654,190
$2,959,448
$6,136,724
$4,857,482
Portfolio turnover rate(f)
18
%(g)
29
%(g)
24
%(g)
20
%(g)
15
%(g)
(a) Based on average shares outstanding.
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d) Where applicable, assumes the reinvestment of distributions.
(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f) Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars ("cash creations").
(g) Portfolio turnover rate excluding cash creations was as follows:
8
%
9
%
10
%
8
%
9
%
See notes to financial statements.
33
2024 iShares Annual Financial Statements
Notes to Financial Statements
1. ORGANIZATION
iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is organized as a Maryland corporation and is authorized to have multiple series or portfolios.
These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”): 
iShares ETF
Diversification
Classification
MSCI Australia
Non-diversified
MSCI Canada
Diversified
MSCI Japan
Diversified
MSCI Mexico
Non-diversified
MSCI South Korea
Non-diversified
2. SIGNIFICANT ACCOUNTING POLICIES
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period.  Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method.  Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.  Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.
Foreign Currency Translation: Each Fund's books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.
Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.  
Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions.  All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests.  These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows:  foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of August 31, 2024, if any, are disclosed in the Statements of Assets and Liabilities.
Consistent with U.S. GAAP accrual requirements, for uncertain tax positions, each Fund recognizes tax reclaims when the Fund determines that it is more likely than not that the Fund will sustain its position that it is due the reclaim. 
The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes. 
Bank Overdraft: Certain Funds had outstanding cash disbursements exceeding deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.
Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.
Notes to Financial Statements
34
Notes to Financial Statements  (continued)
In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.
Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.
Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.
3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS
Investment  Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Directors of the Company (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.
• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.
• Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.
Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.
Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.
Fair  Value Hierarchy: 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
35
2024 iShares Annual Financial Statements
Notes to Financial Statements  (continued)
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 that may not have a secondary market and/or may have 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.
4. SECURITIES AND OTHER INVESTMENTS
Warrants: Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.
Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.
Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.
As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:  
iShares ETF and Counterparty
Securities Loaned
at Value
Cash Collateral
Received(a)
Non-Cash Collateral
Received, at Fair Value(a)
Net Amount
MSCI Australia
J.P. Morgan Securities LLC
$6,227,155
$(6,227,155)
$—
$—
State Street Bank & Trust Co.
8,092
(8,092)
—
—
 
$6,235,247
$(6,235,247)
$—
$—
MSCI Canada
Barclays Capital, Inc.
$28,746
$(28,746)
$—
$—
Citigroup Global Markets, Inc.
10,020,450
(10,020,450)
—
—
 
$10,049,196
$(10,049,196)
$—
$—
MSCI Japan
State Street Bank & Trust Co.
$8,758,368
$(8,758,368)
$—
$—
MSCI Mexico
Barclays Capital, Inc.
$327,257
$(327,257)
$—
$—
BofA Securities, Inc.
1,716,871
(1,716,871)
—
—
Citigroup Global Markets, Inc.
1,184,938
(1,184,938)
—
—
Morgan Stanley
2,789,162
(2,789,162)
—
—
UBS AG
98,656
(98,656)
—
—
 
$6,116,884
$(6,116,884)
$—
$—
Notes to Financial Statements
36
Notes to Financial Statements  (continued)
iShares ETF and Counterparty
Securities Loaned
at Value
Cash Collateral
Received(a)
Non-Cash Collateral
Received, at Fair Value(a)
Net Amount
MSCI South Korea
BNP Paribas SA
$246,976
$(246,976)
$—
$—
BofA Securities, Inc.
20,873,981
(20,873,981)
—
—
Citigroup Global Markets, Inc.
91,268
(91,268)
—
—
Goldman Sachs & Co. LLC
82,630,323
(82,630,323)
—
—
HSBC Bank PLC
31,085,075
(31,085,075)
—
—
Morgan Stanley
4,707,173
(4,707,173)
—
—
UBS Securities LLC
2,641,027
(2,641,027)
—
—
 
$142,275,823
$(142,275,823)
$—
$—
 
(a)
Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s
Statements of Assets and Liabilities.
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.
5. DERIVATIVE FINANCIAL INSTRUMENTS
Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).
Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.
Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of  Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.
6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent directors).
For its investment advisory services to each of the iShares MSCI Australia, iShares MSCI Canada, iShares MSCI Japan and iShares MSCI Mexico ETFs, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:  
Aggregate Average Daily Net Assets
Investment Advisory Fees
First $7 billion
0.59%
Over $7 billion, up to and including $11 billion
0.54
Over $11 billion, up to and including $24 billion
0.49
Over $24 billion, up to and including $48 billion
0.44
Over $48 billion, up to and including $72 billion
0.40
Over $72 billion, up to and including $96 billion
0.36
Over $96 billion
0.32
37
2024 iShares Annual Financial Statements
Notes to Financial Statements  (continued)
For its investment advisory services to the iShares MSCI South Korea ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows: 
Aggregate Average Daily Net Assets
Investment Advisory Fees
First $2 billion
0.7400%
Over $2 billion, up to and including $4 billion
0.6900
Over $4 billion, up to and including $8 billion
0.6400
Over $8 billion, up to and including $16 billion
0.5700
Over $16 billion, up to and including $24 billion
0.5100
Over $24 billion, up to and including $32 billion
0.4800
Over $32 billion, up to and including $40 billion
0.4500
Over $40 billion
0.4275
Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.
Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions.  As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, redemption fee, distribution fee or service fee. The money market fund in which the cash collateral has been invested may impose a discretionary liquidity fee of up to 2% of the value redeemed, if such fee is determined to be in the best interests of such money market fund.
Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended August 31, 2024, the Funds paid BTC the following amounts for securities lending agent services: 
iShares ETF
Amounts
MSCI Australia
$12,032
MSCI Canada
9,321
MSCI Japan
5,894
MSCI Mexico
38,018
MSCI South Korea
543,495
Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.
Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.
For the year ended August 31, 2024, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows: 
iShares ETF
Purchases
Sales
Net Realized
Gain (Loss)
MSCI Australia
$16,885,290
$14,536,674
$(9,263,087)
MSCI Japan
256,738,919
188,954,639
(125,918,095)
MSCI South Korea
74,151,011
72,513,170
(12,315,608)
Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate.  The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.
Notes to Financial Statements
38
Notes to Financial Statements  (continued)
A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.
7. PURCHASES AND SALES
For the year ended August 31, 2024, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows: 
iShares ETF
Purchases
Sales
MSCI Australia
$131,453,854
$98,683,458
MSCI Canada
110,553,249
97,842,582
MSCI Japan
951,556,810
833,212,085
MSCI Mexico
225,710,091
178,784,624
MSCI South Korea
2,021,533,839
828,144,322
For the year ended August 31, 2024, in-kind transactions were as follows: 
iShares ETF
In-kind
Purchases
In-kind
Sales
MSCI Australia
$24,060,726
$954,293,155
MSCI Canada
466,750,726
1,335,181,627
MSCI Japan
3,467,832,922
4,078,145,962
MSCI Mexico
2,014,143,071
1,957,156,685
8. INCOME TAX INFORMATION
Each Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes.  It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.
Management has analyzed tax laws and regulations and their application to the Funds as of August 31, 2024, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements. Management’s analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds’ NAV.
U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting.  These reclassifications have no effect on net assets or NAV per share. As of August 31, 2024, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts: 
iShares ETF
Paid-in Capital
Accumulated
Earnings (Loss)
MSCI Australia
$18,840,034
$ (18,840,034)
MSCI Canada
67,313,748
(67,313,748)
MSCI Japan
932,782,522
(932,782,522)
MSCI Mexico
95,832,691
(95,832,691)
The tax character of distributions paid was as follows:  
iShares ETF
Year Ended
08/31/24
Year Ended
08/31/23
MSCI Australia
Ordinary income
$74,564,378
$71,404,532
MSCI Canada
Ordinary income
$64,851,765
$88,711,145
MSCI Japan
Ordinary income
$304,561,745
$104,587,537
MSCI Mexico
Ordinary income
$45,341,892
$33,094,776
MSCI South Korea
Ordinary income
$100,547,057
$39,264,408
39
2024 iShares Annual Financial Statements
Notes to Financial Statements  (continued)
As of August 31, 2024, the tax components of accumulated net earnings (losses) were as follows: 
iShares ETF
Undistributed
Ordinary Income
Non-expiring
Capital Loss
Carryforwards(a)
Net Unrealized
Gains (Losses)(b)
Total
MSCI Australia
$8,301,598
$(426,356,387)
$(105,148,385)
$(523,203,174)
MSCI Canada
9,687,119
(1,022,245,701)
(72,077,591)
(1,084,636,173)
MSCI Japan
123,652,715
(2,151,064,933)
581,085,054
(1,446,327,164)
MSCI Mexico
18,494,099
(513,278,145)
(485,985,548)
(980,769,594)
MSCI South Korea
84,703,326
(453,098,557)
1,814,999,660
1,446,604,429
 
(a)
Amounts available to offset future realized capital gains.
(b)
The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the timing and recognition of
partnership income, the characterization of corporate actions and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies.
A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.
As of August 31, 2024, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows: 
iShares ETF
Tax Cost
Gross Unrealized
Appreciation
Gross Unrealized
Depreciation
Net Unrealized
Appreciation
(Depreciation)
MSCI Australia
$1,541,971,591
$123,953,529
$(229,163,085)
$(105,209,556)
MSCI Canada
2,669,420,739
257,472,016
(329,623,239)
(72,151,223)
MSCI Japan
14,970,464,995
2,124,547,473
(1,544,767,145)
579,780,328
MSCI Mexico
1,818,642,907
4,576
(485,825,616)
(485,821,040)
MSCI South Korea
3,379,535,716
2,099,378,693
(283,950,566)
1,815,428,127
9. LINE OF CREDIT
The Funds, along with certain other iShares funds (“Participating Funds”), is a party to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on October 16, 2024. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.
During the year ended August 31, 2024, the Funds did not borrow under the Syndicated Credit Agreement.
10. PRINCIPAL RISKS
In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.
BFA uses an indexing approach to try to achieve each Fund’s investment objective. The Fund is not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.
The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to discretionary liquidity fees under certain circumstances.
Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to
Notes to Financial Statements
40
Notes to Financial Statements  (continued)
company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.
The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore each Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by each Fund, and each Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. Each Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.
Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.
With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.
Geographic/Asset Class Risk:  A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.
Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund's investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities.
Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.
Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.
Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.
11. CAPITAL SHARE TRANSACTIONS
Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.
41
2024 iShares Annual Financial Statements
Notes to Financial Statements  (continued)
Transactions in capital shares were as follows: 
 
Year Ended
08/31/24
Year Ended
08/31/23
iShares ETF
Shares
Amount
Shares
Amount
MSCI Australia
Shares sold
2,600,000
$62,595,631
43,800,000
$1,026,265,293
Shares redeemed
(40,200,000
)
(960,391,665
)
(24,200,000
)
(537,198,395
)
 
(37,600,000
)
$(897,796,034
)
19,600,000
$489,066,898
MSCI Canada
Shares sold
13,400,000
$483,592,011
21,800,000
$745,491,940
Shares redeemed
(36,700,000
)
(1,341,788,430
)
(43,100,000
)
(1,470,914,793
)
 
(23,300,000
)
$(858,196,419
)
(21,300,000
)
$(725,422,853
)
MSCI Japan
Shares sold
55,950,000
$3,672,604,949
69,000,000
$4,154,574,137
Shares redeemed
(61,350,000
)
(4,085,194,646
)
(27,900,000
)
(1,491,353,008
)
 
(5,400,000
)
$(412,589,697
)
41,100,000
$2,663,221,129
MSCI Mexico
Shares sold
32,600,000
$2,062,797,450
34,800,000
$1,963,154,619
Shares redeemed
(32,400,000
)
(1,968,757,233
)
(28,100,000
)
(1,545,321,842
)
 
200,000
$94,040,217
6,700,000
$417,832,777
MSCI South Korea
Shares sold
26,650,000
$1,726,061,386
19,100,000
$1,200,313,460
Shares redeemed
(7,800,000
)
(486,611,031
)
(11,400,000
)
(675,741,830
)
 
18,850,000
$1,239,450,355
7,700,000
$524,571,630
The consideration for the purchase of Creation Units of a fund in the Company generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash.  Certain funds in the Company may be offered in Creation Units solely or partially for cash in U.S. dollars.  Authorized Participants purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Company’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash.  Authorized Participants transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.
To the extent applicable, to facilitate the timely settlement of orders for Funds using a clearing facility outside of the continuous net settlement process, the Funds, at their sole discretion, may permit an Authorized Participant to post cash as collateral in anticipation of the delivery of all or a portion of the applicable Deposit Securities or Fund Securities, as further described in the applicable Authorized Participant Agreement. The collateral process is subject to a Control Agreement among the Authorized Participant, each Funds’ custodian, and the Funds. In the event that the Authorized Participant fails to deliver all or a portion of the applicable Deposit Securities or Fund Securities, the Funds may exercise control over such collateral pursuant to the terms of the Control Agreement in order to purchase the applicable Deposit Securities or Fund Securities.
From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.
12. SUBSEQUENT EVENTS
Management’s evaluation of the impact of all subsequent events on the Funds’ financial statements was completed through the date the financial statements were available to be issued and the following item was noted:
Effective October 16, 2024, the Syndicated Credit Agreement to which the Participating Funds are party was amended to extend the maturity date to October 15, 2025 under the same terms.
Notes to Financial Statements
42
Report of Independent Registered Public Accounting Firm
To the Board of Directors of
iShares, Inc. and Shareholders of each of the five funds listed in the table below
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (five of the funds constituting iShares, Inc., hereafter collectively referred to as the "Funds") as of August 31, 2024, the related statements of operations for the year ended August 31, 2024, the statements of changes in net assets for each of the two years in the period ended August 31, 2024, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of August 31, 2024, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2024 and each of the financial highlights for each of the five years in the period ended August 31, 2024 in conformity with accounting principles generally accepted in the United States of America. 
iShares MSCI Australia ETF
iShares MSCI Canada ETF
iShares MSCI Japan ETF
iShares MSCI Mexico ETF
iShares MSCI South Korea ETF
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
October 24, 2024
We have served as the auditor of one or more BlackRock investment companies since 2000.
43
2024 iShares Annual Financial Statements
Important Tax Information (unaudited)
The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended August 31, 2024: 
iShares ETF
Qualified Dividend
Income
MSCI Australia
$74,461,623
MSCI Canada
87,398,912
MSCI Japan
301,428,905
MSCI Mexico
62,724,139
MSCI South Korea
86,913,144
The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended August 31, 2024: 
iShares ETF
Foreign Source
Income Earned
Foreign
Taxes Paid
MSCI Australia
$74,900,237
$803,393
MSCI Canada
88,191,182
13,672,852
MSCI Japan
322,056,343
32,108,652
MSCI Mexico
67,554,499
6,986,360
MSCI South Korea
97,742,918
15,813,092
Important Tax Information
44
Additional Information
Premium/Discount Information
Information on the Fund's net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.
Regulation under the Alternative Investment Fund Managers Directive
The Alternative Investment Fund Managers Directive, and its United Kingdom (“UK”) equivalent, (the “AIFMD”) impose detailed and prescriptive obligations on fund managers established in the European Union (the “EU”) and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the “Company”). However, the Company is required to comply with certain disclosure, reporting and transparency obligations of the AIFMD because it has registered the iShares MSCI Canada ETF, iShares MSCI Japan ETF, iShares MSCI Mexico ETF and iShares MSCI South Korea ETF (the “Funds”) to be marketed to investors in the EU and/or UK.
Report on Remuneration
BlackRock has a clear and well-defined pay-for-performance philosophy, and compensation programs which support that philosophy.
BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management and staff who have the ability to materially affect the risk profile of the Funds, a significant percentage of variable remuneration is deferred over time. All employees are subject to a clawback policy.
Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock’s full-year financial results and other non-financial goals and objectives.  Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities.  No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.
Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock's independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.
Each of the control functions (Enterprise Risk, Legal & Compliance, Finance, Human Resources and Internal Audit) each have their own organizational structures which are independent of the business units and therefore staff members in control functions are remunerated independently of the businesses they oversee. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock's independent remuneration committee.
The Company is required under the AIFMD to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year. BlackRock bases its proportionality approach on a combination of factors that it is entitled to take into account based on relevant guidelines.
Remuneration information at an individual Fund level is not readily available.  Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; (c) staff who have the ability to materially affect the risk profile of the Funds; and (d) staff of companies to which portfolio management and risk management has been formally delegated.
All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Funds is included in the aggregate figures disclosed.
Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Conversely, members of staff and senior management of the broader BlackRock group may provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the broader BlackRock group and of the Company.  Therefore, the figures disclosed are a sum of individuals’ portion of remuneration attributable to the Company according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company and the broader BlackRock group. Accordingly, the figures are not representative of any individual’s actual remuneration or their remuneration structure.
The amount of the total remuneration awarded to the Company’s staff in respect of the Company’s financial year ending December 31, 2023 was USD 5.43m.  This figure is comprised of fixed remuneration of USD 0.74m and variable remuneration of USD 4.68m. There was a total of 8 beneficiaries of the remuneration described above.
The amount of the aggregate remuneration awarded by the Company in respect of the Company’s financial year ending December 31, 2023, to its senior management was USD 3.66m, and to other members of its staff whose actions potentially have a material impact on the risk profile of the Company or its funds was USD 1.77m.
45
2024 iShares Annual Financial Statements
Additional Information (continued)
Disclosures Under the EU Sustainable Finance Disclosure Regulation
The iShares MSCI Canada ETF, iShares MSCI Japan ETF, iShares MSCI Mexico ETF and iShares MSCI South Korea ETF (the “Funds”) are registered under the Alternative Investment Fund Managers Directive to be marketed to European Union (“EU”) investors, as noted above. As a result, certain disclosures are required under the EU Sustainable Finance Disclosure Regulation (“SFDR”). 
Each Fund has not been categorized under the SFDR as an “Article 8” or “Article 9” product. In addition, each Fund’s investment strategy does not take into account the criteria for environmentally sustainable economic activities under the EU sustainable investment taxonomy regulation or principal adverse impacts (“PAIs”) on sustainability factors under the SFDR. PAIs are identified under the SFDR as the material impacts of investment decisions on sustainability factors relating to environmental, social and employee matters, respect for human rights, and anti-corruption and anti-bribery matters.
Electronic Delivery
Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.
To enroll in electronic delivery:
 • Go to icsdelivery.com.
 • If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor. 
Changes in and Disagreements with Accountants
Not applicable.
Proxy Results
Not applicable.
Remuneration Paid to Directors, Officers, and Others
Because BFA has agreed in the Investment Advisory Agreements to cover all operating expenses of the Funds, subject to certain exclusions as provided for therein, BFA pays the compensation to each Independent Director for services to the Funds from BFA's investment advisory fees.
Availability of Portfolio Holdings Information
A description of the Company’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets, when available, at iShares.com.
Additional Information
46
Board Review and Approval of Investment Advisory Contract
iShares MSCI Australia ETF, iShares MSCI Canada ETF (each the “Fund”)
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company's Board of Directors (the “Board”), including a majority of Board Members who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Company and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 6, 2024 and May 17, 2024, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meeting, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 4-5, 2024, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.
After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.
Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. 
In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2023, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.
Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA’s business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 6, 2024
47
2024 iShares Annual Financial Statements
Board Review and Approval of Investment Advisory Contract (continued)
meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services, as well as BlackRock’s continued investments in its ETF business.
Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).
Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.
The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”).
The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.
The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.
Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by
Board Review and Approval of Investment Advisory Contract
48
Board Review and Approval of Investment Advisory Contract (continued)
BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.
Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.
iShares MSCI Japan ETF (the “Fund”)
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company's Board of Directors (the “Board”), including a majority of Board Members who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Company and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 6, 2024 and May 17, 2024, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meeting, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 4-5, 2024, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.
After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.
Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. The Board also noted the tradability, liquidity and developed capital markets ecosystem associated with the Fund that differentiates it from other ETFs in the marketplace.
In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2023, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.
Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA’s business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services
49
2024 iShares Annual Financial Statements
Board Review and Approval of Investment Advisory Contract (continued)
required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 6, 2024 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services, as well as BlackRock’s continued investments in its ETF business.
Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).
Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.
The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”).
The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.
The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.
Board Review and Approval of Investment Advisory Contract
50
Board Review and Approval of Investment Advisory Contract (continued)
Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.
Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.
iShares MSCI Mexico ETF (the “Fund”)
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company's Board of Directors (the “Board”), including a majority of Board Members who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Company and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 6, 2024 and May 17, 2024, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meeting, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 4-5, 2024, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.
After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.
Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.
In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2023, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.
51
2024 iShares Annual Financial Statements
Board Review and Approval of Investment Advisory Contract (continued)
Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA’s business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 6, 2024 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services, as well as BlackRock’s continued investments in its ETF business.
Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).
Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.
The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”).
The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that
Board Review and Approval of Investment Advisory Contract
52
Board Review and Approval of Investment Advisory Contract (continued)
BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.
The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.
Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.
Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.
iShares MSCI South Korea ETF (the “Fund”)
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company's Board of Directors (the “Board”), including a majority of Board Members who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Company and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 6, 2024 and May 17, 2024, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meeting, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 4-5, 2024, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.
After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.
Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund
53
2024 iShares Annual Financial Statements
Board Review and Approval of Investment Advisory Contract (continued)
in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. 
In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2023, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.
Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA’s business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 6, 2024 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services, as well as BlackRock’s continued investments in its ETF business.
Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).
Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.
The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Board Review and Approval of Investment Advisory Contract
54
Board Review and Approval of Investment Advisory Contract (continued)
Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”).
The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.
The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.
Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.
Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.
55
2024 iShares Annual Financial Statements
Glossary of Terms Used in this Report
 
Portfolio Abbreviation
CPO
Certificates of Participation (Ordinary)
NVS
Non-Voting Shares
REIT
Real Estate Investment Trust
Glossary of Terms Used in this Report
56
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Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
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©2024 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
 
 

August 31, 2024
 
 
2024 Annual Financial Statements
 
iShares, Inc.
• iShares Currency Hedged MSCI Emerging Markets ETF | HEEM | Cboe BZX
• iShares MSCI Emerging Markets ETF | EEM | NYSE Arca
Table of Contents
 
 
Page
3
23
24
25
26
28
38
39
40
42
47
2
Schedule of Investments
August 31, 2024
iShares® Currency Hedged MSCI Emerging Markets ETF
(Percentages shown are based on Net Assets)
 
Security
Shares
Value
Investment Companies
Exchange-Traded Funds — 99.9%
iShares MSCI Emerging Markets ETF(a)
3,768,306
$163,431,431
Total Investments in Securities — 99.9%
(Cost: $165,870,635)
163,431,431
Other Assets Less Liabilities — 0.1%
213,198
Net Assets — 100.0%
$163,644,629
 
(a)
Affiliate of the Fund.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2024 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 Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
08/31/24
Shares
Held at
08/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL
Agency Shares(a)
$—
$—
$(23,009
)(b)
$23,009
$—
$—
—
$31,260
(c)
$—
BlackRock Cash Funds: Treasury, SL
Agency Shares(a)
1,240,000
—
(1,240,000
)(b)
—
—
—
—
19,326
—
iShares MSCI Emerging Markets ETF
134,168,374
49,086,381
(35,105,268
)
(2,045,028
)
17,326,972
163,431,431
3,768,306
3,517,661
—
 
$(2,022,019
)
$17,326,972
$163,431,431
$3,568,247
$—
 
(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
19,996,000
USD
3,538,678
Morgan Stanley & Co. International
PLC
09/05/24
$8,931
BRL
19,599,000
USD
3,470,262
State Street Bank & Trust Company
09/05/24
6,913
CLP
418,908,000
USD
456,525
Morgan Stanley & Co. International
PLC
09/05/24
1,931
CLP
426,400,000
USD
465,098
State Street Bank & Trust Company
09/05/24
1,558
CNH
1,139,000
USD
158,030
Bank of America N.A.
09/05/24
2,665
CNH
411,000
USD
57,022
UBS AG
09/05/24
964
EUR
3,000
USD
3,251
Bank of America N.A.
09/05/24
65
EUR
36,000
USD
39,047
HSBC Bank PLC
09/05/24
749
HKD
9,008,000
USD
1,154,301
Bank of America N.A.
09/05/24
952
HKD
229,795,000
USD
29,462,318
Citibank N.A.
09/05/24
8,308
HKD
3,638,000
USD
466,137
UBS AG
09/05/24
427
IDR
22,060,699,000
USD
1,421,778
Morgan Stanley & Co. International
PLC
09/05/24
4,830
IDR
21,537,279,000
USD
1,389,950
State Street Bank & Trust Company
09/05/24
2,809
KRW
149,855,000
USD
109,546
JPMorgan Chase Bank N.A.
09/05/24
2,621
KRW
302,210,000
USD
221,160
Morgan Stanley & Co. International
PLC
09/05/24
5,045
3
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® Currency Hedged MSCI Emerging Markets ETF
 
Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
MYR
5,406,500
USD
1,248,465
Morgan Stanley & Co. International
PLC
09/05/24
$2,440
THB
291,000
USD
8,208
Barclays Bank PLC
09/05/24
390
THB
79,759,000
USD
2,346,253
Citibank N.A.
09/05/24
10,545
TRY
43,220,000
USD
1,264,965
Barclays Bank PLC
09/05/24
1,692
TRY
291,000
USD
8,466
BNP Paribas SA
09/05/24
62
TRY
243,000
USD
7,068
Deutsche Bank Securities Inc.
09/05/24
53
TWD
28,168,000
USD
864,818
JPMorgan Chase Bank N.A.
09/05/24
15,713
TWD
2,532,000
USD
77,826
Morgan Stanley & Co. International
PLC
09/05/24
1,325
USD
195,739
HKD
1,524,000
State Street Bank & Trust Company
09/05/24
289
USD
31,932,501
INR
2,675,269,000
JPMorgan Chase Bank N.A.
09/05/24
34,993
USD
22,026
MXN
424,000
Bank of America N.A.
09/05/24
500
USD
21,637
MXN
424,000
Barclays Bank PLC
09/05/24
112
USD
56,063
MXN
1,050,000
BNP Paribas SA
09/05/24
2,756
USD
3,329,827
MXN
62,366,000
Morgan Stanley & Co. International
PLC
09/05/24
163,626
THB
299,000
USD
8,801
Barclays Bank PLC
10/02/24
54
TRY
3,684,000
USD
104,251
BNP Paribas SA
10/02/24
181
USD
25,458
EUR
23,000
BNP Paribas SA
10/02/24
1
USD
2,982,629
EUR
2,691,000
State Street Bank & Trust Company
10/02/24
4,183
USD
206,223
HKD
1,606,000
Citibank N.A.
10/02/24
16
USD
3,240,255
MXN
63,934,000
Citibank N.A.
10/02/24
8,067
USD
52,758
MXN
1,042,000
HSBC Bank PLC
10/02/24
79
USD
6,508
TRY
229,000
Deutsche Bank Securities Inc.
10/02/24
17
USD
5,206,471
ZAR
92,663,000
BNP Paribas SA
10/02/24
21,053
BRL
267,000
USD
47,062
Morgan Stanley & Co. International
PLC
10/04/24
146
CLP
21,800,000
USD
23,791
State Street Bank & Trust Company
10/04/24
57
IDR
84,685,000
USD
5,450
Morgan Stanley & Co. International
PLC
10/04/24
11
USD
16,217,048
INR
1,360,886,000
Morgan Stanley & Co. International
PLC
10/04/24
3,091
USD
10,414,765
KRW
13,875,174,500
Morgan Stanley & Co. International
PLC
10/04/24
21,376
USD
10,412,889
KRW
13,875,174,500
State Street Bank & Trust Company
10/04/24
19,500
USD
15,494,486
TWD
493,189,500
Morgan Stanley & Co. International
PLC
10/04/24
18,719
USD
15,437,810
TWD
491,385,500
State Street Bank & Trust Company
10/04/24
18,650
USD
6,303,487
CNH
44,514,320
UBS AG
10/08/24
1,244
 
 
 
 
399,709
CNH
44,514,320
USD
6,282,671
UBS AG
09/05/24
(2,402
)
EUR
2,691,000
USD
2,978,940
State Street Bank & Trust Company
09/05/24
(4,171
)
INR
1,358,926,000
USD
16,208,636
Morgan Stanley & Co. International
PLC
09/05/24
(6,021
)
INR
1,352,223,000
USD
16,132,462
State Street Bank & Trust Company
09/05/24
(9,769
)
KRW
13,875,174,500
USD
10,396,037
Morgan Stanley & Co. International
PLC
09/05/24
(10,405
)
KRW
13,875,174,500
USD
10,398,062
State Street Bank & Trust Company
09/05/24
(12,431
)
MXN
63,934,000
USD
3,254,014
Citibank N.A.
09/05/24
(8,208
)
MXN
330,000
USD
17,698
Goldman Sachs & Co.
09/05/24
(945
)
Schedule of Investments
4
Schedule of Investments (continued)
August 31, 2024
iShares® Currency Hedged MSCI Emerging Markets ETF
 
Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
MYR
5,306,500
USD
1,228,641
State Street Bank & Trust Company
09/05/24
$(873
)
TWD
491,385,500
USD
15,365,400
Morgan Stanley & Co. International
PLC
09/05/24
(4,700
)
TWD
491,385,500
USD
15,394,283
State Street Bank & Trust Company
09/05/24
(33,583
)
USD
6,695,631
BRL
37,989,000
Citibank N.A.
09/05/24
(44,224
)
USD
236,813
BRL
1,346,000
State Street Bank & Trust Company
09/05/24
(1,988
)
USD
45,833
BRL
260,000
UBS AG
09/05/24
(295
)
USD
883,611
CLP
834,314,000
Citibank N.A.
09/05/24
(29,470
)
USD
5,817
CLP
5,497,000
Morgan Stanley & Co. International
PLC
09/05/24
(199
)
USD
5,768
CLP
5,497,000
State Street Bank & Trust Company
09/05/24
(248
)
USD
41,279
CNH
295,000
Bank of New York
09/05/24
(341
)
USD
6,308,703
CNH
45,474,320
BNP Paribas SA
09/05/24
(107,006
)
USD
41,335
CNH
295,000
State Street Bank & Trust Company
09/05/24
(285
)
USD
19,702
EUR
18,000
HSBC Bank PLC
09/05/24
(197
)
USD
19,671
EUR
18,000
JPMorgan Chase Bank N.A.
09/05/24
(227
)
USD
2,919,784
EUR
2,694,000
State Street Bank & Trust Company
09/05/24
(58,301
)
USD
195,427
HKD
1,524,000
HSBC Bank PLC
09/05/24
(22
)
USD
30,675,090
HKD
239,393,000
JPMorgan Chase Bank N.A.
09/05/24
(26,456
)
USD
2,642,419
IDR
43,026,508,000
JPMorgan Chase Bank N.A.
09/05/24
(139,992
)
USD
35,297
IDR
571,470,000
State Street Bank & Trust Company
09/05/24
(1,658
)
USD
427,419
INR
35,880,000
State Street Bank & Trust Company
09/05/24
(382
)
USD
20,341,470
KRW
27,834,250,000
JPMorgan Chase Bank N.A.
09/05/24
(492,594
)
USD
269,871
KRW
368,164,000
State Street Bank & Trust Company
09/05/24
(5,702
)
USD
15,684
MYR
70,000
Morgan Stanley & Co. International
PLC
09/05/24
(511
)
USD
2,326,032
MYR
10,643,000
State Street Bank & Trust Company
09/05/24
(136,444
)
USD
20,452
THB
726,000
Bank of America N.A.
09/05/24
(1,001
)
USD
15,014
THB
529,000
Barclays Bank PLC
09/05/24
(617
)
USD
2,205,763
THB
78,266,000
Citibank N.A.
09/05/24
(106,918
)
USD
14,957
THB
529,000
State Street Bank & Trust Company
09/05/24
(674
)
USD
1,255,437
TRY
43,180,000
Barclays Bank PLC
09/05/24
(10,048
)
USD
8,263
TRY
287,000
Deutsche Bank Securities Inc.
09/05/24
(148
)
USD
8,363
TRY
287,000
UBS AG
09/05/24
(48
)
USD
30,684,364
TWD
1,000,433,000
JPMorgan Chase Bank N.A.
09/05/24
(589,150
)
USD
400,370
TWD
13,038,000
State Street Bank & Trust Company
09/05/24
(7,197
)
USD
32,488
ZAR
595,000
Bank of New York
09/05/24
(882
)
USD
4,673,620
ZAR
85,248,000
Barclays Bank PLC
09/05/24
(107,480
)
USD
156,741
ZAR
2,859,000
BNP Paribas SA
09/05/24
(3,604
)
USD
21,642
ZAR
395,000
Goldman Sachs & Co.
09/05/24
(511
)
USD
32,111
ZAR
595,000
State Street Bank & Trust Company
09/05/24
(1,260
)
ZAR
89,692,000
USD
5,050,852
BNP Paribas SA
09/05/24
(20,512
)
EUR
46,000
USD
50,986
BNP Paribas SA
10/02/24
(72
)
MXN
55,000
USD
2,788
Morgan Stanley & Co. International
PLC
10/02/24
(7
)
USD
845,451
HKD
6,587,000
Bank of America N.A.
10/02/24
(310
)
USD
29,496,634
HKD
229,795,000
Citibank N.A.
10/02/24
(8,674
)
USD
2,350,526
THB
79,759,000
Citibank N.A.
10/02/24
(11,530
)
USD
107,173
THB
3,637,000
JPMorgan Chase Bank N.A.
10/02/24
(536
)
USD
1,223,775
TRY
43,220,000
Barclays Bank PLC
10/02/24
(1,406
)
USD
44,124
ZAR
789,000
Barclays Bank PLC
10/02/24
(28
)
5
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® Currency Hedged MSCI Emerging Markets ETF
 
Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
KRW
1,063,872,000
USD
798,371
Morgan Stanley & Co. International
PLC
10/04/24
$(1,463
)
MYR
99,000
USD
23,011
Morgan Stanley & Co. International
PLC
10/04/24
(42
)
TWD
8,019,000
USD
252,175
Morgan Stanley & Co. International
PLC
10/04/24
(548
)
USD
3,456,858
BRL
19,599,000
Morgan Stanley & Co. International
PLC
10/04/24
(8,404
)
USD
3,984,931
BRL
22,585,000
State Street Bank & Trust Company
10/04/24
(8,280
)
USD
462,034
CLP
424,046,000
Morgan Stanley & Co. International
PLC
10/04/24
(1,835
)
USD
452,197
CLP
414,362,000
State Street Bank & Trust Company
10/04/24
(1,078
)
USD
1,502,014
IDR
23,303,741,000
Morgan Stanley & Co. International
PLC
10/04/24
(630
)
USD
1,387,532
IDR
21,537,279,000
State Street Bank & Trust Company
10/04/24
(1,208
)
USD
145,767
INR
12,238,000
Morgan Stanley & Co. International
PLC
10/04/24
(40
)
USD
16,110,359
INR
1,352,223,000
State Street Bank & Trust Company
10/04/24
(384
)
USD
1,310,684
MYR
5,661,500
Morgan Stanley & Co. International
PLC
10/04/24
(2,828
)
USD
1,229,495
MYR
5,306,500
State Street Bank & Trust Company
10/04/24
(1,654
)
CNH
1,523,000
USD
215,678
Bank of America N.A.
10/08/24
(55
)
USD
13,591
CNH
96,000
HSBC Bank PLC
10/08/24
(1
)
 
 
 
 
(2,041,113
)
 
 
 
 
$(1,641,404
)
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets—Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts
$—
$—
$—
$399,709
$—
$—
$399,709
Liabilities—Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts
$—
$—
$—
$2,041,113
$—
$—
$2,041,113
For the period ended August 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from
Forward foreign currency exchange contracts
$—
$—
$—
$5,084,958
$—
$—
$5,084,958
Net Change in Unrealized Appreciation (Depreciation) on
Forward foreign currency exchange contracts
$—
$—
$—
$(3,705,297
)
$—
$—
$(3,705,297
)
Schedule of Investments
6
Schedule of Investments (continued)
August 31, 2024
iShares® Currency Hedged MSCI Emerging Markets ETF
 
Derivative Financial Instruments Categorized by Risk Exposure (continued)
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Forward foreign currency exchange contracts:
Average amounts purchased — in USD
$132,589,029
Average amounts sold — in USD
$260,764,579
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Derivative Financial Instruments - Offsetting as of Period End
The Fund's derivative assets and liabilities (by type) were as follows: 
 
Assets
Liabilities
Derivative Financial Instruments:
Forward foreign currency exchange contracts
$399,709
$2,041,113
Total derivative assets and liabilities in the Statement of Assets and Liabilities
399,709
2,041,113
Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA")
—
—
Total derivative assets and liabilities subject to an MNA
$399,709
$2,041,113
The following tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:  
Counterparty
Derivative
Assets
Subject to
an MNA by
Counterparty
Derivatives
Available
for Offset(a)
Non-Cash
Collateral
Received
Cash
Collateral
Received
Net Amount
of Derivative
Assets(b)
Bank of America N.A.
$4,182
$(1,366
)
$—
$—
$2,816
Barclays Bank PLC
2,248
(2,248
)
—
—
—
BNP Paribas SA
24,053
(24,053
)
—
—
—
Citibank N.A.
26,936
(26,936
)
—
—
—
Deutsche Bank Securities Inc.
70
(70
)
—
—
—
HSBC Bank PLC
828
(220
)
—
—
608
JPMorgan Chase Bank N.A.
53,327
(53,327
)
—
—
—
Morgan Stanley & Co. International PLC
231,471
(37,633
)
—
—
193,838
State Street Bank & Trust Company
53,959
(53,959
)
—
—
—
UBS AG
2,635
(2,635
)
—
—
—
 
$399,709
$(202,447
)
$—
$—
$197,262
 
Counterparty
Derivative
Liabilities
Subject to
an MNA by
Counterparty
Derivatives
Available
for Offset(a)
Non-Cash
Collateral
Pledged
Cash
Collateral
Pledged(c)
Net Amount
of Derivative
Liabilities(d)
Bank of America N.A.
$1,366
$(1,366
)
$—
$—
$—
Bank of New York
1,223
—
—
—
1,223
Barclays Bank PLC
119,579
(2,248
)
—
—
117,331
BNP Paribas SA
131,194
(24,053
)
—
—
107,141
Citibank N.A.
209,024
(26,936
)
—
—
182,088
Deutsche Bank Securities Inc.
148
(70
)
—
—
78
Goldman Sachs & Co.
1,456
—
—
—
1,456
HSBC Bank PLC
220
(220
)
—
—
—
JPMorgan Chase Bank N.A.
1,248,955
(53,327
)
—
(1,195,628
)
—
Morgan Stanley & Co. International PLC
37,633
(37,633
)
—
—
—
State Street Bank & Trust Company
287,570
(53,959
)
—
—
233,611
UBS AG
2,745
(2,635
)
—
—
110
 
$2,041,113
$(202,447
)
$—
$(1,195,628
)
$643,038
 
(a)
The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.
(b)
Net amount represents the net amount receivable from the counterparty in the event of default.
(c)
Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.
7
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® Currency Hedged MSCI Emerging Markets ETF
 
(d)
Net amount represents the net amount payable due to the counterparty in the event of default.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets 
Investments 
Long-Term Investments 
Investment Companies
$163,431,431
$—
$—
$163,431,431
Derivative Financial Instruments(a) 
Assets 
Foreign Currency Exchange Contracts
$—
$399,709
$—
$399,709
Liabilities 
Foreign Currency Exchange Contracts
—
(2,041,113
)
—
(2,041,113
)
 
$—
$(1,641,404
)
$—
$(1,641,404
)
 
(a)
Derivative financial instruments are forward foreign currency exchange contracts. Forward foreign currency exchange contracts are valued at the unrealized appreciation
(depreciation) on the instrument.
See notes to financial statements.
Schedule of Investments
8
Schedule of Investments
August 31, 2024
iShares® MSCI Emerging Markets ETF
(Percentages shown are based on Net Assets)
 
Security
Shares
Value
Common Stocks
Brazil — 3.9%
Ambev SA
10,627,777
$24,250,253
Atacadao SA(a)
1,468,927
2,337,898
B3 SA - Brasil Bolsa Balcao
12,595,046
28,336,870
Banco Bradesco SA
3,549,780
8,906,021
Banco BTG Pactual SA
2,639,581
16,654,424
Banco do Brasil SA
3,855,730
19,237,773
BB Seguridade Participacoes SA
1,547,476
10,085,042
BRF SA(a)
1,356,737
6,314,324
Caixa Seguridade Participacoes S/A
1,318,513
3,825,032
CCR SA
2,348,354
5,520,931
Centrais Eletricas Brasileiras SA
2,750,152
20,372,581
Cia de Saneamento Basico do Estado de Sao
Paulo SABESP
1,002,244
16,845,887
Cia. Siderurgica Nacional SA
1,577,282
3,319,150
Cosan SA
2,842,822
6,738,900
CPFL Energia SA
507,041
3,066,924
Embraer SA(a)
1,601,570
13,307,698
Energisa SA
543,728
4,564,230
Engie Brasil Energia SA
474,317
3,800,629
Equatorial Energia SA
2,390,952
14,508,744
Hapvida Participacoes e Investimentos SA(a)(b)
11,265,535
8,475,212
Hypera SA
886,937
4,491,378
Inter & Co. Inc., Class A, NVS
549,759
4,040,729
JBS SA
1,752,198
10,881,383
Klabin SA
1,918,871
7,350,744
Localiza Rent a Car SA
2,055,669
15,089,386
Localiza Rent a Car SA, NVS(a)
23,426
168,755
Natura & Co. Holding SA
2,104,472
5,059,590
NU Holdings Ltd./Cayman Islands, Class A(a)
6,751,705
101,073,024
Pagseguro Digital Ltd., Class A(a)
452,373
5,007,769
Petroleo Brasileiro SA
8,464,993
64,494,326
PRIO SA
1,810,048
15,043,187
Raia Drogasil SA
2,937,615
14,365,044
Rede D'Or Sao Luiz SA(b)
1,843,132
10,442,109
Rumo SA
2,955,429
11,457,895
Sendas Distribuidora SA(a)
3,140,048
5,331,889
StoneCo Ltd., Class A(a)
571,863
7,582,903
Suzano SA
1,799,152
17,557,530
Telefonica Brasil SA
949,571
8,732,559
TIM SA/Brazil
2,010,015
6,369,621
TOTVS SA
1,299,703
6,911,363
Ultrapar Participacoes SA
1,630,978
6,760,111
Vale SA
7,712,469
81,531,756
Vibra Energia SA
2,265,153
10,337,163
WEG SA
3,785,535
36,371,281
XP Inc., Class A
845,189
15,559,929
 
692,479,947
Chile — 0.4%
Banco de Chile
103,844,217
13,137,932
Banco de Credito e Inversiones SA
182,742
5,597,939
Banco Santander Chile
152,206,648
7,829,217
Cencosud SA
3,018,826
6,112,188
Empresas CMPC SA
2,652,130
4,580,245
Empresas Copec SA
899,162
5,891,906
Enel Americas SA
50,070,042
5,364,726
Enel Chile SA
64,903,135
3,516,782
Falabella SA(a)
1,897,679
6,708,295
Latam Airlines Group SA
341,728,204
4,416,900
 
63,156,130
Security
Shares
Value
China — 23.8%
360 Security Technology Inc., Class A
1,107,506
$1,095,884
37 Interactive Entertainment Network Technology
Group Co. Ltd., Class A
341,488
670,995
AAC Technologies Holdings Inc.
1,640,000
6,967,170
Advanced Micro-Fabrication
Equipment Inc./China, Class A
85,732
1,637,072
AECC Aviation Power Co. Ltd., Class A
376,173
1,881,305
Agricultural Bank of China Ltd., Class A
11,747,423
7,481,864
Agricultural Bank of China Ltd., Class H
61,456,000
27,069,997
Aier Eye Hospital Group Co. Ltd., Class A
1,425,817
1,946,333
Air China Ltd., Class A(a)
1,884,593
1,850,138
Akeso Inc.(a)(b)(c)
1,369,000
8,593,259
Alibaba Group Holding Ltd., Class A
34,540,256
357,994,698
Alibaba Health Information Technology Ltd.(a)(c)
13,008,000
4,973,844
Aluminum Corp. of China Ltd., Class A
2,044,900
1,959,262
Aluminum Corp. of China Ltd., Class H
8,724,000
5,438,760
Anhui Conch Cement Co. Ltd., Class A
629,586
1,856,295
Anhui Conch Cement Co. Ltd., Class H
2,735,500
5,902,955
Anhui Gujing Distillery Co. Ltd., Class A
62,985
1,525,075
Anhui Gujing Distillery Co. Ltd., Class B
263,200
3,533,583
Anhui Jianghuai Automobile Group Corp. Ltd.,
Class A
349,300
987,669
Anhui Kouzi Distillery Co. Ltd., Class A
110,552
567,115
Anhui Yingjia Distillery Co. Ltd., Class A
109,900
776,357
Anjoy Foods Group Co. Ltd., Class A
60,500
647,839
ANTA Sports Products Ltd.
2,852,602
27,830,483
Asymchem Laboratories Tianjin Co. Ltd.,
Class A
60,680
542,504
Autohome Inc., ADR
160,644
4,041,803
Avary Holding Shenzhen Co. Ltd., Class A
264,104
1,335,208
AviChina Industry & Technology Co. Ltd.,
Class H
5,555,000
2,374,413
Avicopter PLC, Class A
127,653
696,078
BAIC BluePark New Energy Technology Co. Ltd.,
Class A(a)
804,100
756,817
Baidu Inc., Class A(a)
5,174,880
54,601,777
Bank of Beijing Co. Ltd., Class A
3,508,006
2,596,350
Bank of Chengdu Co. Ltd., Class A
584,895
1,147,915
Bank of China Ltd., Class A
5,523,100
3,730,038
Bank of China Ltd., Class H
180,562,933
81,582,616
Bank of Communications Co. Ltd., Class A
5,476,393
5,483,861
Bank of Communications Co. Ltd., Class H
19,514,600
14,102,008
Bank of Hangzhou Co. Ltd., Class A
919,845
1,649,569
Bank of Jiangsu Co. Ltd., Class A
2,743,110
3,001,012
Bank of Nanjing Co. Ltd., Class A
1,591,314
2,226,886
Bank of Ningbo Co. Ltd., Class A
924,979
2,635,281
Bank of Shanghai Co. Ltd., Class A
2,394,042
2,388,997
Baoshan Iron & Steel Co. Ltd., Class A
3,144,473
2,642,080
BeiGene Ltd.(a)
1,581,622
23,407,148
Beijing Enlight Media Co. Ltd., Class A
615,295
615,938
Beijing Enterprises Holdings Ltd.
1,206,000
3,898,055
Beijing Enterprises Water Group Ltd.
10,404,000
3,039,377
Beijing Kingsoft Office Software Inc., Class A
64,081
1,642,793
Beijing New Building Materials PLC, Class A
268,413
977,255
Beijing Roborock Technology Co. Ltd., Class A
30,471
972,209
Beijing Tiantan Biological Products Corp. Ltd.,
Class A
273,240
915,698
Beijing Tongrentang Co. Ltd., Class A
251,200
1,244,906
Beijing Wantai Biological Pharmacy Enterprise
Co. Ltd., Class A
159,530
1,597,607
Beijing-Shanghai High Speed Railway Co. Ltd.,
Class A
6,125,700
4,686,928
9
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Emerging Markets ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
China (continued)
Bilibili Inc., Class Z(a)(c)
532,634
$7,673,693
Bloomage Biotechnology Corp. Ltd., Class A
92,105
653,554
BOC Aviation Ltd.(b)
503,100
4,335,623
BOE Technology Group Co. Ltd., Class A
4,297,500
2,339,051
Bosideng International Holdings Ltd.
8,452,000
4,151,320
BYD Co. Ltd., Class A
249,612
8,745,872
BYD Co. Ltd., Class H
2,353,000
72,065,257
BYD Electronic International Co. Ltd.
1,786,000
6,543,062
C&D International Investment Group Ltd.(c)
1,654,000
2,664,462
Caitong Securities Co. Ltd., Class A
920,074
845,469
Cambricon Technologies Corp. Ltd., Class A(a)
63,754
2,321,418
CGN Power Co. Ltd., Class A
1,805,000
1,216,916
CGN Power Co. Ltd., Class H(b)
24,758,000
10,085,448
Changchun High-Tech Industry Group Co. Ltd.,
Class A
78,694
913,549
Changjiang Securities Co. Ltd., Class A
1,139,635
794,838
Changzhou Xingyu Automotive Lighting Systems
Co. Ltd., Class A
51,100
840,226
Chaozhou Three-Circle Group Co. Ltd., Class A
288,130
1,277,730
China CITIC Bank Corp. Ltd., Class H
20,351,800
11,743,031
China Coal Energy Co. Ltd., Class H
4,670,000
5,567,548
China Communications Services Corp. Ltd.,
Class H
6,236,000
3,176,220
China Construction Bank Corp., Class A
1,456,468
1,546,387
China Construction Bank Corp., Class H
217,750,760
152,891,427
China CSSC Holdings Ltd., Class A
627,200
3,394,502
China Eastern Airlines Corp. Ltd., Class A(a)
2,534,597
1,352,397
China Energy Engineering Corp. Ltd., Class A
4,057,552
1,217,197
China Everbright Bank Co. Ltd., Class A
7,636,303
3,294,318
China Everbright Bank Co. Ltd., Class H
5,786,000
1,733,015
China Feihe Ltd.(b)
8,550,000
4,577,191
China Galaxy Securities Co. Ltd., Class A
868,800
1,362,166
China Galaxy Securities Co. Ltd., Class H
8,016,500
4,228,458
China Gas Holdings Ltd.
6,369,200
5,376,326
China Greatwall Technology Group Co. Ltd.,
Class A(a)
633,173
716,561
China Hongqiao Group Ltd.(c)
6,378,500
8,698,547
China International Capital Corp. Ltd., Class A
301,800
1,217,205
China International Capital Corp. Ltd., Class H(b)
3,660,400
3,914,438
China Jushi Co. Ltd., Class A
714,740
1,007,650
China Life Insurance Co. Ltd., Class A
416,912
1,960,956
China Life Insurance Co. Ltd., Class H
16,582,000
24,913,931
China Literature Ltd.(a)(b)(c)
961,200
3,020,722
China Longyuan Power Group Corp. Ltd.,
Class H
7,391,000
5,741,738
China Mengniu Dairy Co. Ltd.
7,262,000
12,234,533
China Merchants Bank Co. Ltd., Class A
2,833,989
12,808,726
China Merchants Bank Co. Ltd., Class H
8,819,967
36,194,511
China Merchants Energy Shipping Co. Ltd.,
Class A
1,308,400
1,386,152
China Merchants Expressway Network &
Technology Holdings Co. Ltd., Class A
635,900
1,080,054
China Merchants Port Holdings Co. Ltd.
3,210,000
4,805,444
China Merchants Securities Co. Ltd., Class A
1,109,279
2,286,881
China Merchants Shekou Industrial Zone
Holdings Co. Ltd., Class A
1,193,290
1,550,620
China Minsheng Banking Corp. Ltd., Class A
6,328,055
3,061,362
China Minsheng Banking Corp. Ltd., Class H
13,416,048
4,822,169
China National Building Material Co. Ltd.,
Class H
9,968,000
2,863,063
China National Chemical Engineering Co. Ltd.,
Class A
1,058,167
1,021,671
Security
Shares
Value
China (continued)
China National Nuclear Power Co. Ltd., Class A
2,594,100
$4,001,508
China Northern Rare Earth Group High-Tech Co.
Ltd., Class A
649,454
1,541,684
China Oilfield Services Ltd., Class H
4,298,000
4,027,792
China Overseas Land & Investment Ltd.
8,803,960
13,840,442
China Pacific Insurance Group Co. Ltd., Class A
983,107
4,102,648
China Pacific Insurance Group Co. Ltd., Class H
5,875,600
15,228,426
China Petroleum & Chemical Corp., Class A
4,414,689
4,233,847
China Petroleum & Chemical Corp., Class H
54,886,800
37,089,844
China Power International Development Ltd.
10,400,000
4,750,044
China Railway Group Ltd., Class A
3,077,900
2,497,302
China Railway Group Ltd., Class H
8,960,000
4,137,844
China Railway Signal & Communication Corp.
Ltd., Class A
1,000,321
733,766
China Resources Beer Holdings Co. Ltd.
3,743,000
11,529,825
China Resources Gas Group Ltd.
2,181,300
7,332,487
China Resources Land Ltd.
7,294,333
20,441,487
China Resources Microelectronics Ltd., Class A
184,216
900,790
China Resources Mixc Lifestyle Services Ltd.(b)
1,579,800
5,198,322
China Resources Pharmaceutical Group Ltd.(b)
4,023,500
2,832,957
China Resources Power Holdings Co. Ltd.
4,398,999
11,927,001
China Resources Sanjiu Medical &
Pharmaceutical Co. Ltd., Class A
193,333
1,225,386
China Ruyi Holdings Ltd.(a)(c)
14,576,000
4,212,103
China Shenhua Energy Co. Ltd., Class A
943,139
5,387,245
China Shenhua Energy Co. Ltd., Class H
7,568,000
32,524,983
China Southern Airlines Co. Ltd., Class A(a)
1,448,100
1,161,908
China State Construction Engineering Corp. Ltd.,
Class A
5,436,171
4,128,001
China State Construction International
Holdings Ltd.
4,660,000
6,645,195
China Taiping Insurance Holdings Co. Ltd.
3,542,060
4,580,136
China Three Gorges Renewables Group Co.
Ltd., Class A
4,244,525
2,733,699
China Tourism Group Duty Free Corp. Ltd.,
Class A
275,832
2,367,816
China Tower Corp. Ltd., Class H(b)
100,288,000
12,282,791
China United Network Communications Ltd.,
Class A
4,661,000
3,049,624
China Vanke Co. Ltd., Class A(a)
1,295,766
1,229,346
China Vanke Co. Ltd., Class H(a)(c)
5,036,731
2,636,424
China XD Electric Co. Ltd., Class A, NVS
709,200
691,960
China Yangtze Power Co. Ltd., Class A
3,322,115
13,768,822
China Zheshang Bank Co. Ltd., Class A
4,321,430
1,596,999
Chongqing Brewery Co. Ltd., Class A
84,600
662,366
Chongqing Changan Automobile Co. Ltd.,
Class A
1,183,117
2,012,905
Chongqing Rural Commercial Bank Co. Ltd.,
Class A
1,225,500
862,669
Chongqing Zhifei Biological Products Co. Ltd.,
Class A
344,213
1,117,839
Chow Tai Fook Jewellery Group Ltd.(c)
4,708,200
3,988,064
CITIC Ltd.
13,345,000
13,243,916
Citic Pacific Special Steel Group Co. Ltd.,
Class A
465,800
755,995
CITIC Securities Co. Ltd., Class A
1,557,693
4,230,969
CITIC Securities Co. Ltd., Class H
3,715,100
5,586,632
CMOC Group Ltd., Class A
2,676,198
2,816,921
CMOC Group Ltd., Class H
8,145,000
6,611,878
CNPC Capital Co. Ltd., Class A, NVS
1,334,500
978,630
Contemporary Amperex Technology Co. Ltd.,
Class A
589,334
15,273,111
Schedule of Investments
10
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Emerging Markets ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
China (continued)
Cosco Shipping Energy Transportation Co. Ltd.,
Class A
573,400
$1,180,975
Cosco Shipping Energy Transportation Co. Ltd.,
Class H(c)
3,058,000
3,360,827
Cosco Shipping Holdings Co. Ltd., Class A
1,812,164
3,198,647
Cosco Shipping Holdings Co. Ltd., Class H
6,429,849
8,835,115
Country Garden Holdings Co. Ltd.(a)(c)(d)
26,133,618
804,338
CRRC Corp. Ltd., Class A
3,066,800
3,086,133
CRRC Corp. Ltd., Class H
10,171,000
6,160,950
CSC Financial Co. Ltd., Class A
680,733
1,839,928
CSPC Innovation Pharmaceutical Co. Ltd.,
Class A
199,320
675,900
CSPC Pharmaceutical Group Ltd.
18,892,479
11,599,412
Daqin Railway Co. Ltd., Class A
2,531,800
2,182,232
Datang International Power Generation Co. Ltd.,
Class A
1,715,100
657,894
Dong-E-E-Jiao Co. Ltd., Class A
91,100
640,897
Dongfang Electric Corp. Ltd., Class A
475,100
914,950
Dongxing Securities Co. Ltd., Class A
790,597
910,737
East Money Information Co. Ltd., Class A
2,231,898
3,393,066
Eastroc Beverage Group Co. Ltd., Class A
51,000
1,639,388
Ecovacs Robotics Co. Ltd., Class A
95,853
542,075
ENN Energy Holdings Ltd.
1,836,700
11,825,268
ENN Natural Gas Co. Ltd., Class A
378,900
944,477
Eoptolink Technology Inc. Ltd., Class A
91,000
1,206,892
Eve Energy Co. Ltd., Class A
307,153
1,448,579
Everbright Securities Co. Ltd., Class A
633,783
1,311,228
Far East Horizon Ltd.
4,229,000
2,955,712
Flat Glass Group Co. Ltd., Class A
186,400
443,568
Focus Media Information Technology Co. Ltd.,
Class A
2,413,578
1,945,876
Foshan Haitian Flavouring & Food Co. Ltd.,
Class A
587,556
3,055,620
Fosun International Ltd.
6,038,500
3,124,596
Founder Securities Co. Ltd., Class A
1,372,700
1,346,246
Foxconn Industrial Internet Co. Ltd., Class A
1,846,697
5,344,087
Fuyao Glass Industry Group Co. Ltd., Class A
291,572
1,969,795
Fuyao Glass Industry Group Co. Ltd., Class H(b)
1,337,600
7,641,909
Ganfeng Lithium Group Co. Ltd., Class A
276,473
1,063,147
GCL Technology Holdings Ltd.(a)
49,096,000
7,270,953
GD Power Development Co. Ltd., Class A
2,643,800
1,995,321
Geely Automobile Holdings Ltd.
13,642,000
15,267,161
GEM Co. Ltd., Class A
676,900
570,058
Genscript Biotech Corp.(a)(c)
2,752,000
4,151,195
GF Securities Co. Ltd., Class A
939,694
1,567,531
Giant Biogene Holding Co. Ltd.(b)
674,800
3,562,261
GigaDevice Semiconductor Inc., Class A(a)
92,794
948,934
Ginlong Technologies Co. Ltd., Class A
59,100
495,746
GoerTek Inc., Class A
456,400
1,368,801
Goldwind Science & Technology Co Ltd.,
Class A
209,793
244,258
Goneo Group Co. Ltd., Class A
93,185
889,240
Gotion High-tech Co. Ltd., Class A
345,023
908,255
Great Wall Motor Co. Ltd., Class A
383,800
1,249,755
Great Wall Motor Co. Ltd., Class H
5,187,500
7,413,316
Gree Electric Appliances Inc. of Zhuhai, Class A
432,000
2,414,784
Guangdong Haid Group Co. Ltd., Class A
282,927
1,542,328
Guangdong Investment Ltd.
7,144,110
4,036,990
Guanghui Energy Co. Ltd., Class A
1,079,600
907,643
Guangzhou Automobile Group Co. Ltd., Class A
837,300
872,138
Guangzhou Automobile Group Co. Ltd., Class H
7,277,838
2,322,863
Security
Shares
Value
China (continued)
Guangzhou Baiyunshan Pharmaceutical
Holdings Co. Ltd., Class A
272,396
$1,104,789
Guangzhou Tinci Materials Technology Co. Ltd.,
Class A
330,500
668,769
Guosen Securities Co. Ltd., Class A
1,143,951
1,462,727
Guotai Junan Securities Co. Ltd., Class A
1,210,340
2,515,505
H World Group Ltd., ADR
465,819
14,179,530
Haidilao International Holding Ltd.(b)
3,795,000
6,315,140
Haier Smart Home Co. Ltd., Class A
992,341
3,450,105
Haier Smart Home Co. Ltd., Class A
5,396,800
16,490,996
Hainan Airlines Holding Co. Ltd., Class A(a)
6,310,100
942,467
Hainan Airport Infrastructure Co. Ltd.,
Class A, NVS(a)
2,173,900
967,526
Haitian International Holdings Ltd.
1,549,000
4,327,710
Haitong Securities Co. Ltd., Class A
1,584,000
1,924,236
Haitong Securities Co. Ltd., Class H
5,979,600
2,656,704
Hangzhou First Applied Material Co. Ltd.,
Class A
428,008
929,225
Hangzhou Silan Microelectronics Co. Ltd.,
Class A(a)
127,400
340,299
Hangzhou Tigermed Consulting Co. Ltd.,
Class A
87,700
627,849
Hansoh Pharmaceutical Group Co. Ltd.(b)
2,714,000
6,922,007
Henan Shenhuo Coal Industry & Electricity
Power Co. Ltd., Class A
456,000
963,771
Henan Shuanghui Investment & Development
Co. Ltd., Class A
417,200
1,364,868
Hengan International Group Co. Ltd.
1,557,500
4,988,652
Hengli Petrochemical Co. Ltd., Class A
1,160,491
2,198,236
Hengyi Petrochemical Co. Ltd., Class A
504,449
431,819
Hisense Home Appliances Group Co. Ltd.,
Class H(c)
923,136
2,380,140
Hithink RoyalFlush Information Network Co. Ltd.,
Class A
85,600
1,238,889
HLA Group Corp. Ltd., Class A
666,000
558,839
Hoshine Silicon Industry Co. Ltd., Class A
147,400
1,034,529
Hua Hong Semiconductor Ltd.(b)
1,381,000
3,008,439
Huadian Power International Corp. Ltd., Class A
1,449,200
1,134,623
Huadong Medicine Co. Ltd., Class A
304,005
1,260,865
Huafon Chemical Co. Ltd., Class A
1,017,500
1,062,240
Huagong Tech Co. Ltd., Class A
192,800
813,751
Huaibei Mining Holdings Co. Ltd., Class A
372,800
760,457
Hualan Biological Engineering Inc., Class A
452,283
959,738
Huaneng Lancang River Hydropower Inc.,
Class A
747,100
1,158,262
Huaneng Power International Inc., Class A
1,462,100
1,429,797
Huaneng Power International Inc., Class H
9,654,000
5,581,003
Huatai Securities Co. Ltd., Class A
1,205,209
2,134,213
Huatai Securities Co. Ltd., Class H(b)
2,674,200
2,942,892
Huaxia Bank Co. Ltd., Class A
2,330,860
1,978,043
Huayu Automotive Systems Co. Ltd., Class A
569,868
1,183,145
Huizhou Desay Sv Automotive Co. Ltd., Class A
90,900
1,166,762
Humanwell Healthcare Group Co. Ltd., Class A
326,500
922,930
Hunan Valin Steel Co. Ltd., Class A
1,360,700
762,816
Hundsun Technologies Inc., Class A
303,444
697,617
Hygon Information Technology Co. Ltd.,
Class A, NVS
310,752
3,492,863
IEIT Systems Co. Ltd., Class A
217,990
995,511
Iflytek Co. Ltd., Class A
347,719
1,691,663
Imeik Technology Development Co. Ltd., Class A
51,660
1,055,314
Industrial & Commercial Bank of China Ltd.,
Class A
7,925,762
6,680,572
11
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Emerging Markets ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
China (continued)
Industrial & Commercial Bank of China Ltd.,
Class H
159,723,085
$91,348,565
Industrial Bank Co. Ltd., Class A
2,921,442
6,792,548
Industrial Securities Co. Ltd., Class A
1,780,576
1,297,501
Ingenic Semiconductor Co. Ltd., Class A
68,600
451,792
Inner Mongolia BaoTou Steel Union Co. Ltd.,
Class A(a)
8,296,100
1,683,652
Inner Mongolia Dian Tou Energy Corp. Ltd.,
Class A 
313,100
762,318
Inner Mongolia Junzheng Energy & Chemical
Industry Group Co. Ltd., Class A
1,869,600
1,014,104
Inner Mongolia Yili Industrial Group Co. Ltd.,
Class A
918,170
2,927,582
Inner Mongolia Yitai Coal Co. Ltd., Class B
2,498,400
4,733,728
Innovent Biologics Inc.(a)(b)
2,778,500
15,060,571
iQIYI Inc., ADR(a)(c)
1,091,430
2,346,575
Isoftstone Information Technology Group Co.
Ltd., Class A, NVS
143,500
688,881
JA Solar Technology Co. Ltd., Class A
346,760
483,298
JCET Group Co. Ltd., Class A
248,200
1,145,502
JD Health International Inc.(a)(b)
2,596,350
7,734,065
JD Logistics Inc.(a)(b)
4,534,300
5,504,620
JD.com Inc., Class A
5,682,854
76,810,164
Jiangsu Eastern Shenghong Co. Ltd., Class A
1,008,500
1,107,055
Jiangsu Expressway Co. Ltd., Class H
3,382,000
3,335,246
Jiangsu Hengli Hydraulic Co. Ltd., Class A
214,488
1,539,487
Jiangsu Hengrui Pharmaceuticals Co. Ltd.,
Class A
858,941
5,328,136
Jiangsu King's Luck Brewery JSC Ltd., Class A
196,486
1,082,382
Jiangsu Yanghe Distillery Co. Ltd., Class A
215,450
2,482,545
Jiangsu Yuyue Medical Equipment & Supply Co.
Ltd., Class A
143,000
666,332
Jiangsu Zhongtian Technology Co. Ltd., Class A
563,224
1,027,862
Jiangxi Copper Co. Ltd., Class A
254,200
726,061
Jiangxi Copper Co. Ltd., Class H
2,717,000
4,560,420
Jinko Solar Co. Ltd., Class A
1,226,481
1,244,679
Kanzhun Ltd., ADR
593,883
7,399,782
KE Holdings Inc., ADR
1,458,848
21,649,304
Kingdee International Software Group Co. Ltd.(a)
6,741,000
5,278,139
Kingsoft Corp. Ltd.
2,219,600
6,068,890
Kuaishou Technology(a)(b)
5,301,300
27,059,305
Kuang-Chi Technologies Co. Ltd., Class A(a)
299,900
738,497
Kunlun Energy Co. Ltd.
9,092,000
9,088,285
Kunlun Tech Co. Ltd., Class A
181,400
695,446
Kweichow Moutai Co. Ltd., Class A
169,287
34,364,917
LB Group Co. Ltd., Class A
507,000
1,163,441
Legend Biotech Corp., ADR(a)(c)
166,594
9,587,485
Lenovo Group Ltd.
18,262,000
22,299,003
Lens Technology Co. Ltd., Class A
708,600
1,759,510
Lepu Medical Technology Beijing Co. Ltd.,
Class A
364,370
514,867
Li Auto Inc., Class A(a)
2,806,290
27,314,889
Li Ning Co. Ltd.
5,214,500
9,678,936
Lingyi iTech Guangdong Co., Class A
1,151,480
1,363,120
Longfor Group Holdings Ltd.(b)
4,578,000
5,119,173
LONGi Green Energy Technology Co. Ltd.,
Class A
851,071
1,657,110
Luxshare Precision Industry Co. Ltd., Class A
954,746
5,311,702
Luzhou Laojiao Co. Ltd., Class A
210,689
3,529,523
Mango Excellent Media Co. Ltd., Class A
295,500
806,008
Maxscend Microelectronics Co. Ltd., Class A
46,244
433,316
Meituan, Class B(a)(b)
11,313,600
171,190,581
Security
Shares
Value
China (continued)
Metallurgical Corp. of China Ltd., Class A
3,159,090
$1,311,572
Midea Group Co. Ltd., Class A
489,000
4,461,085
MINISO Group Holding Ltd.
881,880
3,657,123
MMG Ltd.(a)
10,537,600
2,995,475
Montage Technology Co. Ltd., Class A
181,400
1,348,897
Muyuan Foods Co. Ltd., Class A(a)
763,739
4,147,862
NARI Technology Co. Ltd., Class A
1,082,154
3,747,727
National Silicon Industry Group Co. Ltd., Class A
383,113
794,501
NAURA Technology Group Co. Ltd., Class A
72,800
3,274,321
NetEase Inc.
4,377,950
70,373,851
New China Life Insurance Co. Ltd., Class A
331,002
1,539,040
New China Life Insurance Co. Ltd., Class H
1,871,500
4,050,709
New Hope Liuhe Co. Ltd., Class A(a)
466,097
592,012
New Oriental Education & Technology
Group Inc.(a)
3,391,900
20,640,340
Ninestar Corp., Class A(a)
259,038
910,401
Ningbo Deye Technology Co. Ltd., Class A, NVS
95,420
1,217,522
Ningbo Joyson Electronic Corp., Class A
321,600
651,002
Ningbo Orient Wires & Cables Co. Ltd., Class A
127,300
865,038
Ningbo Sanxing Medical Electric Co. Ltd.,
Class A
196,200
910,041
Ningbo Tuopu Group Co. Ltd., Class A
253,805
1,205,207
Ningxia Baofeng Energy Group Co. Ltd., Class A
1,049,000
2,250,730
NIO Inc., ADR(a)(c)
3,125,565
12,627,283
Nongfu Spring Co. Ltd., Class H(b)
4,548,600
16,429,968
OFILM Group Co. Ltd., Class A(a)
575,900
676,741
Oppein Home Group Inc., Class A
87,700
547,333
Orient Overseas International Ltd.
307,500
4,256,178
Orient Securities Co. Ltd., Class A
1,207,434
1,432,803
Pangang Group Vanadium Titanium & Resources
Co. Ltd., Class A(a)
1,845,589
604,809
PDD Holdings Inc., ADR(a)(c)
1,578,787
151,737,219
People's Insurance Co. Group of China Ltd.
(The), Class A
1,700,100
1,436,682
People's Insurance Co. Group of China Ltd.
(The), Class H
18,454,000
6,964,386
PetroChina Co. Ltd., Class A
2,968,500
3,737,773
PetroChina Co. Ltd., Class H
47,632,000
42,960,102
Pharmaron Beijing Co. Ltd., Class A
219,500
616,753
PICC Property & Casualty Co. Ltd., Class H
15,609,192
20,215,401
Ping An Bank Co. Ltd., Class A
2,709,567
3,876,896
Ping An Insurance Group Co. of China Ltd.,
Class A
1,455,184
9,017,633
Ping An Insurance Group Co. of China Ltd.,
Class H
15,196,000
71,941,482
Piotech Inc., Class A, NVS
35,728
649,057
Poly Developments and Holdings Group Co. Ltd.,
Class A
1,639,684
1,868,450
Pop Mart International Group Ltd.(b)
1,148,000
6,722,259
Postal Savings Bank of China Co. Ltd., Class A
4,336,200
2,889,127
Postal Savings Bank of China Co. Ltd.,
Class H(b)
17,514,000
9,358,452
Power Construction Corp. of China Ltd., Class A
2,578,200
1,742,834
Qifu Technology Inc.
263,915
6,991,108
Qinghai Salt Lake Industry Co. Ltd., Class A(a)
905,700
1,867,868
Range Intelligent Computing Technology Group
Co. Ltd., Class A
267,200
901,255
Rongsheng Petrochemical Co. Ltd., Class A
1,539,358
1,910,773
SAIC Motor Corp. Ltd., Class A
867,006
1,536,180
Sailun Group Co. Ltd., Class A
454,200
825,129
Sanan Optoelectronics Co. Ltd., Class A
692,600
1,020,689
Sany Heavy Industry Co. Ltd., Class A
1,050,452
2,384,135
Schedule of Investments
12
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Emerging Markets ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
China (continued)
Satellite Chemical Co. Ltd., Class A
641,384
$1,478,473
SDIC Capital Co. Ltd., Class A
1,594,800
1,305,142
SDIC Power Holdings Co. Ltd., Class A
1,109,500
2,410,340
Seres Group Co. Ltd., Class A, NVS(a)
219,400
2,369,460
SF Holding Co. Ltd., Class A
662,435
3,387,552
SG Micro Corp., Class A
66,321
681,886
Shaanxi Coal Industry Co. Ltd., Class A
1,332,876
4,627,397
Shandong Gold Mining Co. Ltd., Class A
479,936
1,827,890
Shandong Gold Mining Co. Ltd., Class H(b)
1,765,250
3,395,092
Shandong Hualu Hengsheng Chemical Co. Ltd.,
Class A
396,680
1,277,179
Shandong Linglong Tyre Co. Ltd., Class A
345,100
817,839
Shandong Nanshan Aluminum Co. Ltd., Class A
1,624,300
839,945
Shandong Sun Paper Industry JSC Ltd., Class A
388,200
690,076
Shandong Weigao Group Medical Polymer Co.
Ltd., Class H
5,774,000
3,280,469
Shanghai Baosight Software Co. Ltd., Class A
341,059
1,408,526
Shanghai Baosight Software Co. Ltd., Class B
1,647,596
2,471,102
Shanghai BOCHU Electronic Technology Corp.
Ltd., Class A
31,067
707,772
Shanghai Electric Group Co. Ltd., Class A(a)
2,730,391
1,396,958
Shanghai Fosun Pharmaceutical Group Co. Ltd.,
Class A
362,889
1,152,854
Shanghai International Airport Co. Ltd., Class A
222,398
1,037,728
Shanghai International Port Group Co. Ltd.,
Class A
942,589
786,246
Shanghai M&G Stationery Inc., Class A
181,237
684,125
Shanghai Pharmaceuticals Holding Co. Ltd.,
Class A
501,100
1,313,621
Shanghai Pharmaceuticals Holding Co. Ltd.,
Class H
1,648,600
2,274,398
Shanghai Pudong Development Bank Co. Ltd.,
Class A
3,893,395
4,619,904
Shanghai Putailai New Energy Technology Co.
Ltd., Class A
362,766
590,274
Shanghai RAAS Blood Products Co. Ltd.,
Class A
1,275,100
1,287,547
Shanghai Rural Commercial Bank Co. Ltd.,
Class A
1,640,700
1,524,683
Shanghai United Imaging Healthcare Co. Ltd.,
Class A, NVS
135,902
2,023,924
Shanghai Zhangjiang High-Tech Park
Development Co. Ltd., Class A
218,900
538,223
Shanjin International Gold Co. Ltd., Class A
421,800
954,117
Shanxi Coal International Energy Group Co. Ltd.,
Class A
336,500
548,748
Shanxi Coking Coal Energy Group Co. Ltd.,
Class A
894,900
1,006,428
Shanxi Lu'an Environmental Energy
Development Co. Ltd., Class A
454,400
915,711
Shanxi Xinghuacun Fen Wine Factory Co. Ltd.,
Class A
161,400
4,005,164
Shenergy Co. Ltd., Class A
679,900
751,395
Shengyi Technology Co. Ltd., Class A
424,600
1,057,778
Shennan Circuits Co. Ltd., Class A
54,140
772,748
Shenwan Hongyuan Group Co. Ltd., Class A
4,138,170
2,635,822
Shenzhen Inovance Technology Co. Ltd.,
Class A
191,197
1,164,855
Shenzhen Mindray Bio-Medical Electronics Co.
Ltd., Class A
157,532
5,558,941
Shenzhen New Industries Biomedical
Engineering Co. Ltd., Class A
106,900
1,008,415
Security
Shares
Value
China (continued)
Shenzhen Transsion Holdings Co. Ltd., Class A
174,346
$1,967,580
Shenzhou International Group Holdings Ltd.
1,869,500
15,269,568
Shijiazhuang Yiling Pharmaceutical Co. Ltd.,
Class A
271,700
591,297
Sichuan Chuantou Energy Co. Ltd., Class A
804,560
1,952,168
Sichuan Kelun Pharmaceutical Co. Ltd., Class A
294,878
1,272,139
Sichuan Road & Bridge Group Co. Ltd., Class A
1,189,880
947,279
Sieyuan Electric Co. Ltd., Class A
107,900
995,527
Sino Biopharmaceutical Ltd.
23,918,750
9,818,301
Sinopharm Group Co. Ltd., Class H
3,228,400
7,471,381
Sinotruk Hong Kong Ltd.
1,581,500
3,954,865
Smoore International Holdings Ltd.(b)(c)
4,355,000
5,024,705
SooChow Securities Co. Ltd., Class A
814,500
714,450
Spring Airlines Co. Ltd., Class A
182,400
1,296,870
Sungrow Power Supply Co. Ltd., Class A
251,480
2,723,424
Sunny Optical Technology Group Co. Ltd.
1,609,800
9,867,828
Sunwoda Electronic Co. Ltd., Class A
329,200
777,994
SUPCON Technology Co. Ltd., Class A
166,243
924,272
Suzhou Dongshan Precision Manufacturing Co.
Ltd., Class A
272,500
913,978
Suzhou Maxwell Technologies Co. Ltd., Class A
44,140
508,448
Suzhou TFC Optical Communication Co. Ltd.,
Class A
68,880
748,076
TAL Education Group, ADR(a)
942,389
7,576,808
TBEA Co. Ltd., Class A
864,280
1,538,493
TCL Technology Group Corp., Class A
2,373,830
1,307,379
TCL Zhonghuan Renewable Energy Technology
Co. Ltd., Class A
372,716
432,730
Tencent Holdings Ltd.
14,884,600
721,901,775
Tencent Music Entertainment Group,
Class A, ADR
1,689,398
17,637,315
Tianqi Lithium Corp., Class A
236,600
875,954
Tingyi Cayman Islands Holding Corp.
4,818,000
6,452,921
Tongcheng Travel Holdings Ltd.
2,985,200
5,534,487
TongFu Microelectronics Co. Ltd., Class A
213,600
602,118
Tongkun Group Co. Ltd., Class A
480,000
803,747
Tongling Nonferrous Metals Group Co. Ltd.,
Class A
1,752,000
765,589
Tongwei Co. Ltd., Class A
491,484
1,314,444
Topsports International Holdings Ltd.(b)
4,547,000
1,684,158
TravelSky Technology Ltd., Class H
2,261,000
2,795,945
Trina Solar Co. Ltd., Class A
210,797
513,339
Trip.com Group Ltd.(a)
1,253,862
59,060,615
Tsingtao Brewery Co. Ltd., Class A
113,190
947,263
Tsingtao Brewery Co. Ltd., Class H
1,444,000
8,352,997
Unigroup Guoxin Microelectronics Co. Ltd.,
Class A
118,639
796,616
Unisplendour Corp. Ltd., Class A
460,854
1,283,005
Vipshop Holdings Ltd., ADR
828,362
10,387,659
Wanhua Chemical Group Co. Ltd., Class A
422,091
4,332,326
Want Want China Holdings Ltd.
11,350,000
6,564,480
Weichai Power Co. Ltd., Class A
1,215,444
2,221,392
Weichai Power Co. Ltd., Class H
4,236,800
6,480,334
Wens Foodstuffs Group Co. Ltd., Class A
1,008,370
2,423,929
Western Mining Co. Ltd., Class A
334,500
736,583
Western Securities Co. Ltd., Class A
1,059,210
968,288
Western Superconducting Technologies Co. Ltd.,
Class A
83,012
420,752
Will Semiconductor Co. Ltd. Shanghai, Class A
167,070
2,130,481
Wingtech Technology Co. Ltd., Class A
200,800
740,058
Wuhan Guide Infrared Co. Ltd., Class A
1,099,032
926,434
Wuliangye Yibin Co. Ltd., Class A
517,028
8,956,685
13
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Emerging Markets ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
China (continued)
WUS Printed Circuit Kunshan Co. Ltd., Class A
190,823
$882,513
WuXi AppTec Co. Ltd., Class A
360,329
1,982,640
WuXi AppTec Co. Ltd., Class H(b)
800,170
3,491,363
Wuxi Biologics Cayman Inc.(a)(b)
8,048,500
11,456,208
XCMG Construction Machinery Co. Ltd., Class A
1,617,269
1,451,394
Xiaomi Corp., Class B(a)(b)
34,871,200
85,971,993
Xinjiang Daqo New Energy Co. Ltd., Class A
250,542
639,301
Xinyi Solar Holdings Ltd.
10,750,000
4,168,479
XPeng Inc.(a)(c)
2,844,976
11,425,972
Yadea Group Holdings Ltd.(b)
2,906,000
4,093,503
Yankuang Energy Group Co. Ltd., Class A
781,530
1,565,541
Yankuang Energy Group Co. Ltd., Class H
7,342,660
9,515,129
Yantai Jereh Oilfield Services Group Co. Ltd.,
Class A
230,298
954,039
Yealink Network Technology Corp. Ltd., Class A
171,342
795,587
Yifeng Pharmacy Chain Co. Ltd., Class A
223,628
635,684
Yihai Kerry Arawana Holdings Co. Ltd., Class A
271,600
988,388
Yonyou Network Technology Co. Ltd., Class A(a)
508,851
624,592
Youngor Fashion Co. Ltd., Class A
639,600
652,498
YTO Express Group Co. Ltd., Class A
508,600
1,092,701
Yum China Holdings Inc.
882,270
29,829,549
Yunnan Aluminium Co. Ltd., Class A
594,100
1,008,607
Yunnan Baiyao Group Co. Ltd., Class A
281,182
2,140,623
Yunnan Energy New Material Co. Ltd., Class A
136,900
518,021
Yunnan Yuntianhua Co. Ltd., Class A
253,800
738,298
Yutong Bus Co. Ltd., Class A
309,000
928,742
Zangge Mining Co. Ltd., Class A
346,100
1,172,551
Zhangzhou Pientzehuang Pharmaceutical Co.
Ltd., Class A
91,564
2,688,731
Zhaojin Mining Industry Co. Ltd., Class H(c)
3,519,000
5,756,578
Zhejiang Century Huatong Group Co. Ltd.,
Class A(a)
1,190,898
548,212
Zhejiang China Commodities City Group Co.
Ltd., Class A
737,900
859,869
Zhejiang Chint Electrics Co. Ltd., Class A
439,823
1,086,945
Zhejiang Dahua Technology Co. Ltd., Class A
509,784
985,006
Zhejiang Expressway Co. Ltd., Class H
3,978,640
2,560,898
Zhejiang Huahai Pharmaceutical Co. Ltd.,
Class A
350,704
832,636
Zhejiang Huayou Cobalt Co. Ltd., Class A
277,115
901,791
Zhejiang Jingsheng Mechanical & Electrical Co.
Ltd., Class A
184,084
614,618
Zhejiang Juhua Co. Ltd., Class A
489,600
1,132,143
Zhejiang Leapmotor Technology Co. Ltd.(a)(b)(c)
1,159,700
3,183,448
Zhejiang NHU Co. Ltd., Class A
486,087
1,323,930
Zhejiang Sanhua Intelligent Controls Co. Ltd.,
Class A
324,700
793,256
Zhejiang Supor Co. Ltd., Class A
130,182
914,557
Zhejiang Zheneng Electric Power Co. Ltd.,
Class A
1,618,300
1,413,123
Zheshang Securities Co. Ltd., Class A
793,600
1,253,149
Zhongji Innolight Co. Ltd., Class A
151,740
2,337,576
Zhongjin Gold Corp. Ltd., Class A
808,800
1,535,589
Zhongsheng Group Holdings Ltd.
1,877,500
2,136,994
Zhongtai Securities Co. Ltd., Class A
1,630,400
1,339,506
Zhuzhou CRRC Times Electric Co. Ltd.
1,143,900
3,950,465
Zhuzhou CRRC Times Electric Co. Ltd.,
Class A, NVS
120,217
787,711
Zijin Mining Group Co. Ltd., Class A
3,037,700
6,828,473
Zijin Mining Group Co. Ltd., Class H
12,540,000
25,225,002
Zoomlion Heavy Industry Science and
Technology Co. Ltd., Class A
980,254
873,728
Security
Shares
Value
China (continued)
ZTE Corp., Class A
556,600
$1,945,439
ZTE Corp., Class H
1,744,400
3,507,732
ZTO Express Cayman Inc., Class A
977,884
21,151,416
 
4,209,411,418
Colombia — 0.1%
Bancolombia SA
579,617
5,265,213
Interconexion Electrica SA ESP
1,042,694
4,528,898
 
9,794,111
Czech Republic — 0.1%
CEZ AS
366,637
13,995,014
Komercni Banka AS
174,067
5,902,920
Moneta Money Bank AS(b)
725,970
3,493,955
 
23,391,889
Egypt — 0.1%
Commercial International Bank - Egypt (CIB)
5,208,139
9,327,946
Eastern Co. SAE
3,326,260
1,742,040
Talaat Moustafa Group
1,882,998
2,285,004
 
13,354,990
Greece — 0.5%
Alpha Services and Holdings SA
5,116,250
8,745,267
Eurobank Ergasias Services and Holdings SA,
Class A
5,877,270
13,400,643
FF Group(d)
246,892
3
Hellenic Telecommunications Organization SA
429,817
6,968,716
Jumbo SA
273,221
6,910,182
Metlen Energy & Metals SA
239,847
9,006,687
National Bank of Greece SA
1,757,523
15,276,923
OPAP SA
427,214
7,385,870
Piraeus Financial Holdings SA
2,371,526
10,230,663
Public Power Corp. SA
482,777
6,200,789
 
84,125,743
Hungary — 0.2%
MOL Hungarian Oil & Gas PLC
987,795
7,484,991
OTP Bank Nyrt
504,177
25,958,421
Richter Gedeon Nyrt
318,312
9,642,632
 
43,086,044
India — 20.3%
ABB India Ltd.
118,902
11,259,127
Adani Enterprises Ltd.
339,671
12,225,515
Adani Green Energy Ltd.(a)
720,723
15,793,771
Adani Ports & Special Economic Zone Ltd.
1,222,179
21,603,270
Adani Power Ltd.(a)
1,745,811
13,158,183
Ambuja Cements Ltd.
1,383,775
10,183,262
APL Apollo Tubes Ltd.
398,200
6,941,787
Apollo Hospitals Enterprise Ltd.
233,926
19,333,778
Ashok Leyland Ltd.
3,372,842
10,310,858
Asian Paints Ltd.
864,559
32,278,221
Astral Ltd.
309,661
7,093,659
AU Small Finance Bank Ltd.(b)
791,510
6,501,377
Aurobindo Pharma Ltd.
609,779
11,407,238
Avenue Supermarts Ltd.(a)(b)
369,119
21,670,883
Axis Bank Ltd.
5,208,908
73,052,412
Bajaj Auto Ltd.
150,140
19,493,529
Bajaj Finance Ltd.
633,357
54,380,042
Bajaj Finserv Ltd.
891,170
18,950,658
Bajaj Holdings & Investment Ltd.
60,532
7,259,876
Balkrishna Industries Ltd.
178,208
6,015,754
Bank of Baroda
2,413,639
7,200,600
Bharat Electronics Ltd.
8,304,367
29,675,361
Bharat Forge Ltd.
585,780
11,079,092
Schedule of Investments
14
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Emerging Markets ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
India (continued)
Bharat Heavy Electricals Ltd.
2,420,236
$8,378,489
Bharat Petroleum Corp. Ltd.
3,439,157
14,654,186
Bharti Airtel Ltd.
5,892,324
111,668,671
Bosch Ltd.
15,397
5,947,364
Britannia Industries Ltd.
246,907
17,248,244
Canara Bank
4,179,726
5,565,126
CG Power & Industrial Solutions Ltd.
1,389,110
11,527,156
Cholamandalam Investment and Finance
Co. Ltd.
968,357
16,816,120
Cipla Ltd.
1,191,334
23,526,967
Coal India Ltd.
4,252,862
26,603,137
Colgate-Palmolive India Ltd.
307,230
13,334,512
Container Corp. of India Ltd.
566,456
6,517,279
Cummins India Ltd.
315,270
14,095,451
Dabur India Ltd.
1,235,191
9,382,318
Divi's Laboratories Ltd.
269,921
16,406,259
Dixon Technologies India Ltd.
75,261
11,815,897
DLF Ltd.
1,703,356
17,171,575
Dr. Reddy's Laboratories Ltd.
263,764
22,098,271
Eicher Motors Ltd.
307,852
18,218,720
GAIL India Ltd.
5,234,200
14,846,113
GMR Airports Infrastructure Ltd.(a)
5,576,501
6,290,715
Godrej Consumer Products Ltd.
937,282
16,541,190
Godrej Properties Ltd.(a)
294,774
10,233,167
Grasim Industries Ltd.
608,590
19,591,281
Havells India Ltd.
566,369
12,829,531
HCL Technologies Ltd.
2,147,280
44,898,191
HDFC Asset Management Co. Ltd.(b)
213,822
11,272,598
HDFC Bank Ltd.
9,686,983
189,427,947
HDFC Life Insurance Co. Ltd.(b)
2,210,106
19,474,295
Hero MotoCorp Ltd.
272,295
17,730,433
Hindalco Industries Ltd.
3,067,864
25,706,571
Hindustan Aeronautics Ltd., NVS
457,729
25,565,413
Hindustan Petroleum Corp. Ltd.
2,083,911
10,405,813
Hindustan Unilever Ltd.
1,863,000
61,720,227
ICICI Bank Ltd.
11,860,435
173,942,152
ICICI Lombard General Insurance Co. Ltd.(b)
528,551
13,519,341
ICICI Prudential Life Insurance Co. Ltd.(b)
830,011
7,454,741
IDFC First Bank Ltd.(a)
8,117,980
7,149,726
Indian Hotels Co. Ltd., Class A
1,963,960
15,182,203
Indian Oil Corp. Ltd.
6,376,340
13,468,936
Indian Railway Catering & Tourism Corp. Ltd.
560,129
6,233,161
Indus Towers Ltd.(a)
2,633,396
14,402,857
IndusInd Bank Ltd.
674,334
11,461,136
Info Edge India Ltd.
164,182
15,039,572
Infosys Ltd.
7,537,074
174,985,861
InterGlobe Aviation Ltd.(a)(b)
391,752
22,534,826
ITC Ltd.
6,792,603
40,636,765
Jindal Stainless Ltd.
695,950
6,588,192
Jindal Steel & Power Ltd.
813,760
9,407,152
Jio Financial Services Ltd., NVS(a)
6,495,037
24,890,781
JSW Energy Ltd.
756,737
6,415,616
JSW Steel Ltd.
1,383,509
15,520,109
Jubilant Foodworks Ltd.
846,849
6,569,291
Kotak Mahindra Bank Ltd.
2,498,978
53,070,962
Larsen & Toubro Ltd.
1,528,076
67,544,953
LTIMindtree Ltd.(b)
169,643
12,464,046
Lupin Ltd.
515,707
13,783,935
Macrotech Developers Ltd.
651,164
9,732,593
Mahindra & Mahindra Ltd.
2,119,011
70,981,122
Mankind Pharma Ltd.(a)
208,790
6,197,033
Marico Ltd.
1,199,606
9,253,588
Security
Shares
Value
India (continued)
Maruti Suzuki India Ltd.
286,595
$42,438,106
Max Healthcare Institute Ltd.
1,798,080
18,496,558
Mphasis Ltd.
240,122
8,886,229
MRF Ltd.
5,454
8,772,095
Muthoot Finance Ltd.
281,244
6,591,273
Nestle India Ltd., NVS
765,046
22,807,211
NHPC Ltd., NVS
6,630,806
7,591,661
NMDC Ltd.
2,295,920
6,101,564
NTPC Ltd.
9,893,511
49,061,071
Oil & Natural Gas Corp. Ltd.
7,133,073
28,169,759
Oil India Ltd.
1,111,020
9,818,214
Oracle Financial Services Software Ltd.
49,356
6,465,846
Page Industries Ltd.
14,445
7,324,786
PB Fintech Ltd.(a)
654,779
13,812,187
Persistent Systems Ltd., NVS
232,477
14,343,189
Petronet LNG Ltd.
1,738,181
7,619,378
Phoenix Mills Ltd. (The)
227,280
10,221,879
PI Industries Ltd.
172,821
9,271,849
Pidilite Industries Ltd.
349,651
13,033,309
Polycab India Ltd.
118,564
9,637,214
Power Finance Corp. Ltd.
3,371,133
22,097,151
Power Grid Corp. of India Ltd.
10,551,982
42,500,645
Prestige Estates Projects Ltd.
319,433
6,909,175
Punjab National Bank
5,102,211
7,088,345
Rail Vikas Nigam Ltd.
1,186,773
8,594,672
REC Ltd.
2,989,094
22,088,334
Reliance Industries Ltd.
6,914,345
248,772,530
Samvardhana Motherson International Ltd.
6,087,792
14,194,875
SBI Cards & Payment Services Ltd.
648,899
5,596,658
SBI Life Insurance Co. Ltd.(b)
1,024,275
22,589,658
Shree Cement Ltd.
20,944
6,366,390
Shriram Finance Ltd.
644,095
24,652,243
Siemens Ltd.
201,098
16,535,296
Solar Industries India Ltd.
60,269
7,710,903
Sona Blw Precision Forgings Ltd.(b)
956,434
7,797,761
SRF Ltd.
315,278
9,646,751
State Bank of India
4,059,745
39,458,765
Sun Pharmaceutical Industries Ltd.
2,176,524
47,286,467
Sundaram Finance Ltd.
132,059
7,945,531
Supreme Industries Ltd.
145,971
9,202,041
Suzlon Energy Ltd.(a)
21,644,170
19,585,624
Tata Communications Ltd.
271,339
6,347,239
Tata Consultancy Services Ltd.
2,047,258
111,221,379
Tata Consumer Products Ltd.
1,328,549
19,018,862
Tata Elxsi Ltd.
78,784
7,517,060
Tata Motors Ltd.
3,756,538
49,793,409
Tata Motors Ltd., NVS
760,068
10,071,413
Tata Power Co. Ltd. (The)
3,263,860
16,911,870
Tata Steel Ltd.
17,012,041
31,016,306
Tech Mahindra Ltd.
1,222,155
23,888,839
Thermax Ltd.
85,608
4,458,395
Titan Co. Ltd.
803,392
34,158,620
Torrent Pharmaceuticals Ltd.
234,566
9,748,780
Torrent Power Ltd.
359,019
7,465,885
Trent Ltd.
411,099
35,041,941
Tube Investments of India Ltd.
248,163
11,933,632
TVS Motor Co. Ltd.
537,900
18,041,740
UltraTech Cement Ltd.
262,240
35,357,160
Union Bank of India Ltd.
3,442,553
4,989,890
United Spirits Ltd.
679,005
11,935,699
UPL Ltd.
1,051,007
7,494,584
Varun Beverages Ltd.
1,030,148
18,433,466
15
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Emerging Markets ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
India (continued)
Vedanta Ltd.
3,094,142
$17,264,401
Vodafone Idea Ltd.(a)
54,090,434
10,086,584
Wipro Ltd.
2,928,400
18,807,787
Yes Bank Ltd.(a)
32,492,857
9,164,633
Zomato Ltd.(a)
15,006,500
44,778,525
Zydus Lifesciences Ltd.
572,739
7,704,724
 
3,592,544,146
Indonesia — 1.7%
Adaro Energy Indonesia Tbk PT
33,510,700
7,716,993
Amman Mineral Internasional PT(a)
14,712,800
10,158,231
Astra International Tbk PT
46,653,900
15,386,266
Bank Central Asia Tbk PT
124,954,200
83,477,976
Bank Mandiri Persero Tbk PT
84,480,700
39,038,195
Bank Negara Indonesia Persero Tbk PT
34,860,252
12,062,484
Bank Rakyat Indonesia Persero Tbk PT
154,872,308
51,565,651
Barito Pacific Tbk PT
66,008,987
4,882,399
Chandra Asri Pacific Tbk PT
17,757,400
11,461,020
Charoen Pokphand Indonesia Tbk PT
17,222,145
5,415,699
GoTo Gojek Tokopedia Tbk PT(a)
2,055,236,366
6,917,981
Indah Kiat Pulp & Paper Tbk PT
5,743,300
3,011,307
Indofood CBP Sukses Makmur Tbk PT
5,496,500
4,081,031
Indofood Sukses Makmur Tbk PT
9,955,600
4,412,543
Kalbe Farma Tbk PT
48,159,415
5,141,575
Merdeka Copper Gold Tbk PT(a)
23,325,763
3,547,308
Sumber Alfaria Trijaya Tbk PT
42,958,600
8,060,818
Telkom Indonesia Persero Tbk PT
113,642,700
22,411,243
Unilever Indonesia Tbk PT
18,010,000
2,642,670
United Tractors Tbk PT
3,496,953
6,124,856
 
307,516,246
Kuwait — 0.7%
Boubyan Bank KSCP
3,361,679
6,480,130
Gulf Bank KSCP
4,670,087
4,855,592
Kuwait Finance House KSCP
23,254,010
55,426,836
Mabanee Co. KPSC
1,627,976
4,568,449
Mobile Telecommunications Co. KSCP
4,283,524
6,555,046
National Bank of Kuwait SAKP
17,662,131
50,776,070
 
128,662,123
Malaysia — 1.6%
AMMB Holdings Bhd
4,887,775
5,885,192
Axiata Group Bhd
6,500,000
3,830,690
CELCOMDIGI Bhd
8,369,500
7,498,360
CIMB Group Holdings Bhd
15,420,400
29,320,936
Gamuda Bhd(c)
4,345,000
7,540,057
Genting Bhd
4,866,500
4,862,489
Genting Malaysia Bhd(c)
6,762,300
3,946,098
Hong Leong Bank Bhd
1,523,200
7,485,726
IHH Healthcare Bhd
4,805,100
6,970,035
Inari Amertron Bhd(c)
6,246,800
4,560,112
IOI Corp. Bhd
5,952,720
5,540,329
Kuala Lumpur Kepong Bhd(c)
1,184,700
5,960,103
Malayan Banking Bhd
12,258,300
30,581,669
Malaysia Airports Holdings Bhd
1,959,500
4,759,919
Maxis Bhd
5,538,500
4,948,486
MISC Bhd
3,021,500
5,864,751
MR DIY Group M Bhd(b)
7,242,200
3,447,530
Nestle Malaysia Bhd
181,800
4,464,272
Petronas Chemicals Group Bhd(c)
6,504,700
8,744,636
Petronas Dagangan Bhd(c)
717,200
3,497,646
Petronas Gas Bhd
1,869,400
7,905,756
PPB Group Bhd
1,514,460
5,113,578
Press Metal Aluminium Holdings Bhd
8,669,200
9,985,127
Security
Shares
Value
Malaysia (continued)
Public Bank Bhd
33,508,550
$37,371,278
QL Resources Bhd
2,578,200
3,878,035
RHB Bank Bhd
3,409,025
4,837,702
SD Guthrie Bhd
4,978,073
5,274,004
Sime Darby Bhd
6,306,873
3,623,047
Sunway Bhd
5,182,900
4,916,111
Telekom Malaysia Bhd
2,871,200
4,490,944
Tenaga Nasional Bhd
5,868,150
19,890,270
YTL Corp. Bhd
7,662,600
5,162,070
YTL Power International Bhd
5,656,500
5,099,030
 
277,255,988
Mexico — 2.0%
Alfa SAB de CV, Class A
7,307,847
4,248,694
America Movil SAB de CV, Series B
41,454,450
34,309,889
Arca Continental SAB de CV
1,139,636
10,204,745
Banco del Bajio SA(b)
1,870,800
4,680,265
Cemex SAB de CV, NVS
33,948,015
20,633,319
Coca-Cola Femsa SAB de CV
1,204,969
10,122,859
Fibra Uno Administracion SA de CV
6,789,481
7,994,621
Fomento Economico Mexicano SAB de CV
4,133,572
42,281,787
Gruma SAB de CV, Class B
416,651
7,646,403
Grupo Aeroportuario del Centro Norte SAB de
CV, Class B
677,354
5,422,822
Grupo Aeroportuario del Pacifico SAB de CV,
Class B
891,175
15,782,023
Grupo Aeroportuario del Sureste SAB de CV,
Class B
403,517
10,817,413
Grupo Bimbo SAB de CV, Series A
3,077,346
11,011,365
Grupo Carso SAB de CV, Series A1
1,337,241
8,029,862
Grupo Comercial Chedraui SA de CV
655,619
4,968,846
Grupo Financiero Banorte SAB de CV, Class O
5,897,812
40,790,635
Grupo Financiero Inbursa SAB de CV, Class O(a)
4,255,349
10,114,266
Grupo Mexico SAB de CV, Series B
7,023,988
35,943,360
Industrias Penoles SAB de CV(a)
470,608
5,647,511
Kimberly-Clark de Mexico SAB de CV, Class A
3,440,863
5,624,047
Operadora De Sites Mexicanos SAB de CV(c)
3,017,021
2,500,110
Orbia Advance Corp. SAB de CV
2,282,134
2,439,236
Prologis Property Mexico SA de CV
2,325,969
7,408,662
Promotora y Operadora de Infraestructura SAB
de CV
434,505
4,037,002
Wal-Mart de Mexico SAB de CV
11,650,000
37,131,168
 
349,790,910
Peru — 0.3%
Cia. de Minas Buenaventura SAA, Class A, ADR
381,366
4,728,938
Credicorp Ltd.
152,302
27,163,062
Southern Copper Corp.
191,063
19,434,928
 
51,326,928
Philippines — 0.6%
Ayala Corp.
579,206
6,250,032
Ayala Land Inc.
15,714,900
9,875,397
Bank of the Philippine Islands
4,331,888
9,642,207
BDO Unibank Inc.
5,529,553
15,058,595
International Container Terminal Services Inc.
2,313,630
16,325,204
JG Summit Holdings Inc.
6,628,593
2,774,211
Jollibee Foods Corp.
1,046,819
4,848,759
Manila Electric Co.
562,560
4,260,027
Metropolitan Bank & Trust Co.
4,339,835
5,691,281
PLDT Inc.
176,508
4,715,263
SM Investments Corp.
528,802
8,348,854
SM Prime Holdings Inc.
23,610,525
13,019,794
Schedule of Investments
16
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Emerging Markets ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Philippines (continued)
Universal Robina Corp.
2,034,310
$3,300,747
 
104,110,371
Poland — 0.9%
Alior Bank SA
208,068
5,496,257
Allegro.eu SA (a)(b)(c)
1,307,877
12,883,163
Bank Polska Kasa Opieki SA
414,347
16,974,693
Budimex SA
30,451
4,733,047
CD Projekt SA
142,569
6,738,872
Dino Polska SA(a)(b)(c)
109,582
9,110,571
KGHM Polska Miedz SA
324,195
11,635,709
LPP SA
2,522
9,591,864
mBank SA(a)
34,597
5,723,418
ORLEN SA
1,307,842
21,766,717
PGE Polska Grupa Energetyczna SA(a)
2,066,448
3,613,765
Powszechna Kasa Oszczednosci Bank
Polski SA
1,974,821
29,574,343
Powszechny Zaklad Ubezpieczen SA
1,331,365
16,031,355
Santander Bank Polska SA
81,970
11,034,239
 
164,908,013
Qatar — 0.8%
Barwa Real Estate Co.
4,811,077
3,687,023
Commercial Bank PSQC (The)
7,515,207
8,422,392
Dukhan Bank
4,611,529
4,820,281
Industries Qatar QSC
3,378,524
11,971,922
Masraf Al Rayan QSC
13,383,607
8,465,196
Mesaieed Petrochemical Holding Co.
12,045,290
5,464,398
Ooredoo QPSC
1,879,628
5,682,716
Qatar Electricity & Water Co. QSC
1,026,983
4,423,493
Qatar Fuel QSC
1,583,814
6,322,221
Qatar Gas Transport Co. Ltd.
6,067,710
7,505,947
Qatar International Islamic Bank QSC
2,214,701
6,619,823
Qatar Islamic Bank QPSC
4,053,750
21,794,691
Qatar National Bank QPSC
10,474,571
45,616,487
 
140,796,590
Russia — 0.0%
Alrosa PJSC(a)(d)
9,805,890
1,082
Gazprom PJSC(a)(d)
43,696,315
4,820
GMK Norilskiy Nickel PAO(a)(d)
23,375,700
26
Inter RAO UES PJSC(a)(d)
121,651,300
13,420
LUKOIL PJSC(a)(d)
1,533,792
169
Mobile TeleSystems PJSC(a)(d)
3,162,662
349
Moscow Exchange MICEX-RTS PJSC(a)(d)
5,279,850
582
Novatek PJSC(a)(d)
3,371,230
372
Novolipetsk Steel PJSC(a)(d)
5,629,360
621
Ozon Holdings PLC, ADR(a)(d)
197,078
22
PhosAgro PJSC(a)(d)
174,249
19
PhosAgro PJSC, GDR(a)(d)(e)
2
—
PhosAgro PJSC, New(a)(d)
3,367
34
Polyus PJSC(a)(d)
126,490
14
Rosneft Oil Co. PJSC(a)(d)
4,281,715
472
Sberbank of Russia PJSC(a)(d)
39,606,181
4,369
Severstal PAO(a)(d)
805,849
89
Surgutneftegas PJSC(a)(d)
26,192,370
2,889
Tatneft PJSC(a)(d)
5,175,395
571
TCS Group Holding PLC, GDR(a)(d)(e)
445,207
49
United Co. RUSAL International PJSC(a)(d)
11,428,270
1,261
VK Co. Ltd.(a)(d)(e)
404,870
45
VTB Bank PJSC(a)(d)
2,356,794
—
X5 Retail Group NV, GDR(a)(d)(e)
424,766
47
Yandex NV(a)(d)
1,127,576
124
 
31,446
Security
Shares
Value
Saudi Arabia — 4.0%
ACWA Power Co.
332,742
$37,347,687
Ades Holding Co.(a)
782,367
4,269,807
Advanced Petrochemical Co.(a)
312,540
3,152,385
Al Rajhi Bank
4,445,793
104,692,785
Al Rajhi Co. for Co-operative Insurance(a)
91,070
4,927,073
Alinma Bank
2,740,424
22,850,195
Almarai Co. JSC
555,424
8,048,370
Arab National Bank
2,113,514
10,890,005
Arabian Internet & Communications
Services Co.
52,671
4,085,201
Bank AlBilad
1,419,864
14,606,997
Bank Al-Jazira(a)
1,156,066
5,450,496
Banque Saudi Fransi
1,369,875
12,478,385
Bupa Arabia for Cooperative Insurance Co.
190,547
11,800,651
Co. for Cooperative Insurance (The)
167,057
7,053,212
Dallah Healthcare Co.
82,142
3,462,896
Dar Al Arkan Real Estate Development Co.(a)
1,235,065
4,829,278
Dr Sulaiman Al Habib Medical Services
Group Co.
199,368
16,257,157
Elm Co.
53,355
14,257,729
Etihad Etisalat Co.
871,967
11,743,072
Jarir Marketing Co.
1,339,400
4,564,382
Mobile Telecommunications Co. Saudi Arabia
1,028,764
3,064,963
Mouwasat Medical Services Co.
228,907
6,331,122
Nahdi Medical Co.
91,526
3,248,058
Power & Water Utility Co. for Jubail & Yanbu
178,845
2,976,451
Riyad Bank
3,381,321
23,293,795
SABIC Agri-Nutrients Co.
521,406
16,216,331
Sahara International Petrochemical Co.
830,276
6,392,196
SAL Saudi Logistics Services
53,190
4,265,910
Saudi Arabian Mining Co.(a)
2,933,617
33,237,139
Saudi Arabian Oil Co.(b)
10,020,165
74,662,931
Saudi Aramco Base Oil Co.
120,717
4,257,487
Saudi Awwal Bank
2,312,121
21,517,988
Saudi Basic Industries Corp.
2,024,227
40,348,606
Saudi Electricity Co.
1,924,031
9,003,756
Saudi Industrial Investment Group
863,233
4,483,918
Saudi Investment Bank (The)
1,429,452
4,825,582
Saudi Kayan Petrochemical Co.(a)
1,742,605
4,004,402
Saudi National Bank (The)
6,681,932
62,657,838
Saudi Research & Media Group(a)
85,084
5,945,071
Saudi Tadawul Group Holding Co.
108,971
7,157,036
Saudi Telecom Co.
4,426,342
50,740,510
Savola Group (The)(a)
601,847
4,271,429
Yanbu National Petrochemical Co.
612,983
6,579,055
 
706,249,337
South Africa — 3.1%
Absa Group Ltd.
1,940,283
19,138,648
Anglo American Platinum Ltd.
153,374
5,295,862
Anglogold Ashanti PLC, NVS
954,091
28,238,068
Aspen Pharmacare Holdings Ltd.
881,950
11,871,790
Bid Corp. Ltd.
766,660
19,313,618
Bidvest Group Ltd. (The)
751,607
12,230,101
Capitec Bank Holdings Ltd.
196,800
32,143,073
Clicks Group Ltd.
557,826
11,692,014
Discovery Ltd.
1,249,293
10,691,624
Exxaro Resources Ltd.
570,757
5,113,153
FirstRand Ltd.
11,362,826
54,636,776
Gold Fields Ltd.
2,033,503
28,188,984
Harmony Gold Mining Co. Ltd.
1,281,115
12,548,276
Impala Platinum Holdings Ltd.
2,103,230
9,058,137
Kumba Iron Ore Ltd.
141,979
2,810,314
17
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Emerging Markets ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
South Africa (continued)
MTN Group Ltd.
3,884,742
$19,350,402
Naspers Ltd., Class N
404,634
83,468,706
Nedbank Group Ltd.
1,045,287
17,303,089
NEPI Rockcastle NV
1,275,483
10,401,381
Northam Platinum Holdings Ltd.
833,136
4,926,735
Old Mutual Ltd.
10,936,857
7,913,368
OUTsurance Group Ltd., NVS
1,887,845
5,054,019
Pepkor Holdings Ltd.(b)
5,153,316
6,354,823
Reinet Investments SCA
320,275
8,591,624
Remgro Ltd.
1,140,544
9,244,620
Sanlam Ltd.
4,077,703
20,330,479
Sasol Ltd.
1,323,423
10,161,890
Shoprite Holdings Ltd.
1,140,147
19,755,446
Sibanye Stillwater Ltd.
6,524,251
6,234,779
Standard Bank Group Ltd.
3,047,838
40,938,285
Vodacom Group Ltd.
1,438,432
8,889,186
Woolworths Holdings Ltd./South Africa
2,191,954
7,949,618
 
549,838,888
South Korea — 10.9%
Alteogen Inc.(a)
90,773
21,663,433
Amorepacific Corp.
67,321
6,254,295
Celltrion Inc.
344,011
52,334,245
Celltrion Pharm Inc.(a)(c)
43,679
2,261,348
CJ CheilJedang Corp.
19,170
4,627,935
CosmoAM&T Co. Ltd.(a)
56,553
4,562,625
Coway Co. Ltd.
131,421
6,616,554
DB Insurance Co. Ltd.
107,005
9,314,383
Doosan Bobcat Inc.
129,375
3,861,075
Doosan Enerbility Co. Ltd.(a)
1,015,179
13,779,851
Ecopro BM Co. Ltd.(a)(c)
111,262
14,047,515
Ecopro Co. Ltd.(a)(c)
227,367
14,602,898
Ecopro Materials Co. Ltd.(a)
37,716
2,578,592
Enchem Co. Ltd.(a)
28,814
4,148,083
GS Holdings Corp.
105,591
3,570,381
Hana Financial Group Inc.
665,411
30,891,536
Hanjin Kal Corp.
61,692
3,161,372
Hankook Tire & Technology Co. Ltd.
173,596
5,650,852
Hanmi Pharm Co. Ltd.
16,500
3,901,146
Hanmi Semiconductor Co. Ltd.
96,842
8,368,547
Hanwha Aerospace Co. Ltd.
81,763
17,792,052
Hanwha Ocean Co. Ltd.(a)
210,381
5,445,874
Hanwha Solutions Corp.
245,346
4,775,149
HD Hyundai Co. Ltd.
101,371
6,144,942
HD Hyundai Electric Co. Ltd.
50,692
11,605,049
HD Hyundai Heavy Industries Co. Ltd.(a)
51,158
7,429,310
HD Korea Shipbuilding & Offshore Engineering
Co. Ltd.(a)
96,319
13,820,831
HLB Inc.(a)
268,146
17,995,273
HMM Co. Ltd.
555,915
7,086,888
HYBE Co. Ltd.(c)
48,060
6,653,475
Hyundai Engineering & Construction Co. Ltd.
182,318
4,375,927
Hyundai Glovis Co. Ltd.
86,122
7,239,869
Hyundai Mobis Co. Ltd.
135,809
22,160,068
Hyundai Motor Co.
307,299
58,946,151
Hyundai Steel Co.
206,617
3,937,026
Industrial Bank of Korea
630,713
6,525,402
Kakao Corp.
702,871
19,650,568
KakaoBank Corp.(c)
386,048
6,410,756
KB Financial Group Inc.
870,613
56,141,447
Kia Corp.
562,639
44,701,012
Korea Aerospace Industries Ltd.(c)
172,426
7,016,417
Korea Electric Power Corp.(a)
579,262
9,414,395
Security
Shares
Value
South Korea (continued)
Korea Investment Holdings Co. Ltd.
101,372
$5,533,378
Korea Zinc Co. Ltd.
18,851
7,549,019
Korean Air Lines Co. Ltd.
420,001
6,935,939
Krafton Inc.(a)
64,752
15,846,706
KT Corp.
71,639
2,076,064
KT&G Corp.
240,412
19,511,644
Kum Yang Co. Ltd.(a)
86,233
3,004,240
Kumho Petrochemical Co. Ltd.(c)
38,555
3,953,856
L&F Co. Ltd.(a)
59,400
4,191,543
LG Chem Ltd.
111,858
26,985,692
LG Corp.
218,367
12,966,242
LG Display Co. Ltd.(a)(c)
703,167
5,942,308
LG Electronics Inc.
241,672
18,019,372
LG Energy Solution Ltd.(a)(c)
105,573
30,750,981
LG H&H Co. Ltd.
21,479
5,702,883
LG Innotek Co. Ltd.
31,097
6,486,420
LG Uplus Corp.
443,490
3,237,261
Lotte Chemical Corp.
44,047
2,734,119
LS Electric Co. Ltd.
34,151
4,285,367
Meritz Financial Group Inc.
214,754
14,660,492
Mirae Asset Securities Co. Ltd.
568,565
3,564,869
NAVER Corp.
294,054
37,303,765
NCSoft Corp.
32,817
4,616,391
Netmarble Corp.(a)(b)
57,764
2,636,005
NH Investment & Securities Co. Ltd.
330,081
3,374,310
Orion Corp./Republic of Korea
54,153
3,729,876
Posco DX Co. Ltd.(c)
123,994
2,481,377
POSCO Future M Co. Ltd.(c)
70,450
11,376,059
POSCO Holdings Inc.
163,500
41,756,565
Posco International Corp.(c)
120,743
5,114,054
Samsung Biologics Co. Ltd.(a)(b)
40,010
29,340,119
Samsung C&T Corp.(c)
193,444
21,407,232
Samsung E&A Co. Ltd.(a)
360,874
6,871,167
Samsung Electro-Mechanics Co. Ltd.
125,107
13,398,418
Samsung Electronics Co. Ltd.
10,845,344
602,332,092
Samsung Fire & Marine Insurance Co. Ltd.
70,032
18,192,309
Samsung Heavy Industries Co. Ltd.(a)
1,526,796
12,036,208
Samsung Life Insurance Co. Ltd.
182,621
13,339,109
Samsung SDI Co. Ltd.
124,760
33,204,367
Samsung SDS Co. Ltd.
96,685
10,914,957
Shinhan Financial Group Co. Ltd.
984,992
41,693,944
SK Biopharmaceuticals Co. Ltd.(a)(c)
71,745
6,186,700
SK Bioscience Co. Ltd.(a)
60,603
2,523,064
SK Hynix Inc.
1,241,320
162,664,707
SK IE Technology Co. Ltd.(a)(b)
914
22,568
SK Inc.
84,590
9,084,481
SK Innovation Co. Ltd.(a)
142,854
11,811,693
SK Square Co. Ltd.(a)
215,853
12,704,458
SK Telecom Co. Ltd.
122,176
5,041,641
SKC Co. Ltd.(a)
44,099
4,276,803
S-Oil Corp.
102,546
4,798,442
Woori Financial Group Inc.
1,382,687
16,557,079
Yuhan Corp.
128,261
13,555,728
 
1,929,748,630
Taiwan — 18.5%
Accton Technology Corp.
1,146,000
18,247,591
Acer Inc.(c)
6,593,121
9,042,224
Advantech Co. Ltd.(c)
1,075,213
11,760,577
Airtac International Group
317,526
8,588,667
Alchip Technologies Ltd.(c)
176,000
14,650,486
ASE Technology Holding Co. Ltd.
7,474,110
35,865,838
Asia Cement Corp.(c)
5,237,077
7,379,414
Schedule of Investments
18
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Emerging Markets ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Taiwan (continued)
Asia Vital Components Co. Ltd.(c)
740,000
$14,006,355
Asustek Computer Inc.
1,602,968
26,885,128
AUO Corp.(c)
14,906,200
7,664,677
Catcher Technology Co. Ltd.
1,379,210
10,187,002
Cathay Financial Holding Co. Ltd.
21,657,000
43,054,043
Chailease Holding Co. Ltd.(c)
3,362,022
15,312,330
Chang Hwa Commercial Bank Ltd.
13,275,696
7,328,627
Cheng Shin Rubber Industry Co. Ltd.
4,055,128
6,301,077
China Airlines Ltd.(c)
6,598,000
4,252,172
China Steel Corp.(c)
26,772,313
18,633,102
Chunghwa Telecom Co. Ltd.
8,623,410
33,429,235
Compal Electronics Inc.
9,531,908
9,916,831
CTBC Financial Holding Co. Ltd.(c)
35,679,772
36,448,161
Delta Electronics Inc.
4,420,000
55,103,136
E Ink Holdings Inc.(c)
1,950,000
18,631,794
E.Sun Financial Holding Co. Ltd.
32,661,610
28,793,797
Eclat Textile Co. Ltd.
435,427
7,291,721
eMemory Technology Inc.(c)
144,000
11,888,535
Eva Airways Corp.(c)
5,827,000
6,446,161
Evergreen Marine Corp. Taiwan Ltd.(c)
2,345,324
13,794,112
Far Eastern New Century Corp.
6,706,038
7,580,030
Far EasTone Telecommunications Co. Ltd.
4,008,000
11,344,292
Feng TAY Enterprise Co. Ltd.(c)
1,112,593
5,074,456
First Financial Holding Co. Ltd.(c)
25,460,821
21,712,765
Formosa Chemicals & Fibre Corp.(c)
7,988,090
10,945,012
Formosa Plastics Corp.(c)
8,629,280
13,922,237
Fortune Electric Co. Ltd.(c)
325,900
6,810,737
Fubon Financial Holding Co. Ltd.(c)
17,715,073
50,854,635
Gigabyte Technology Co. Ltd.(c)
1,158,000
9,495,375
Global Unichip Corp.
198,000
6,914,904
Globalwafers Co. Ltd.(c)
597,000
9,047,701
Hon Hai Precision Industry Co. Ltd.(c)
28,338,873
163,592,757
Hotai Motor Co. Ltd.(c)
738,380
15,198,719
Hua Nan Financial Holdings Co. Ltd.
20,475,521
16,337,444
Innolux Corp.
17,282,809
8,543,276
Inventec Corp.(c)
6,057,281
8,661,660
KGI Financial Holding Co. Ltd.
36,427,588
18,349,859
Largan Precision Co. Ltd.
227,000
22,137,315
Lite-On Technology Corp.(c)
4,793,246
16,081,213
MediaTek Inc.
3,453,338
134,047,687
Mega Financial Holding Co. Ltd.
26,920,623
32,837,246
Micro-Star International Co. Ltd.(c)
1,635,000
9,395,084
Nan Ya Plastics Corp.(c)
11,695,160
16,582,732
Nanya Technology Corp.(a)(c)
2,812,000
4,636,754
Nien Made Enterprise Co. Ltd.
400,000
5,854,029
Novatek Microelectronics Corp.(c)
1,311,000
22,142,876
Pegatron Corp.
4,538,414
14,573,527
PharmaEssentia Corp.(a)(c)
543,000
11,830,539
Pou Chen Corp.
4,959,220
5,391,870
President Chain Store Corp.
1,307,000
11,490,322
Quanta Computer Inc.(c)
6,141,000
51,590,335
Realtek Semiconductor Corp.
1,105,637
18,517,329
Ruentex Development Co. Ltd.
3,641,916
5,604,926
Shanghai Commercial & Savings Bank Ltd.
(The)
8,901,229
11,209,567
Shin Kong Financial Holding Co. Ltd.(a)(c)
32,260,316
12,992,782
Silergy Corp.
744,000
10,989,313
SinoPac Financial Holdings Co. Ltd.
24,406,884
18,347,159
Synnex Technology International Corp.
2,850,834
6,418,360
Taishin Financial Holding Co. Ltd.
26,569,303
15,364,765
Taiwan Business Bank
15,904,760
7,857,370
Taiwan Cooperative Financial Holding Co. Ltd.
24,585,090
19,915,068
Security
Shares
Value
Taiwan (continued)
Taiwan High Speed Rail Corp.(c)
4,647,000
$4,341,170
Taiwan Mobile Co. Ltd.
4,139,600
14,508,927
Taiwan Semiconductor Manufacturing Co. Ltd.
56,020,000
1,658,492,417
TCC Group Holdings Co. Ltd.(c)
15,406,748
15,871,110
Unimicron Technology Corp.
3,114,000
15,979,946
Uni-President Enterprises Corp.
10,956,839
28,232,902
United Microelectronics Corp.(c)
25,580,000
44,454,537
Vanguard International Semiconductor Corp.(c)
2,045,000
7,870,923
Voltronic Power Technology Corp.(c)
149,000
9,287,700
Walsin Lihwa Corp.(c)
6,557,406
7,216,255
Wan Hai Lines Ltd.(c)
1,562,090
4,052,758
Winbond Electronics Corp.(c)
7,548,033
5,678,229
Wistron Corp.(c)
6,251,000
19,912,387
Wiwynn Corp.
218,000
13,006,825
WPG Holdings Ltd.(c)
3,632,449
9,237,619
Yageo Corp.(c)
917,680
18,889,809
Yang Ming Marine Transport Corp.
3,977,000
8,027,010
Yuanta Financial Holding Co. Ltd.
23,490,344
23,445,502
Zhen Ding Technology Holding Ltd.(c)
1,509,075
6,392,243
 
3,265,995,089
Thailand — 1.4%
Advanced Info Service PCL, NVDR
2,644,700
19,289,705
Airports of Thailand PCL, NVDR(c)
9,395,400
16,567,127
Asset World Corp. PCL, NVDR
6,743,800
659,055
Bangkok Dusit Medical Services PCL, NVDR
25,537,500
20,892,371
Bangkok Expressway & Metro PCL, NVDR(c)
17,856,000
4,039,067
Bumrungrad Hospital PCL, NVDR
1,245,800
8,996,214
Central Pattana PCL, NVDR
4,715,900
8,270,715
Central Retail Corp. PCL, NVDR(c)
4,238,534
3,682,989
Charoen Pokphand Foods PCL, NVDR
8,645,100
6,264,760
CP ALL PCL, NVDR
12,959,100
23,101,685
CP Axtra PCL, NVDR
4,955,200
4,531,102
Delta Electronics Thailand PCL, NVDR(c)
7,051,300
22,186,538
Gulf Energy Development PCL, NVDR(c)
6,630,800
9,919,396
Home Product Center PCL, NVDR
14,406,214
3,842,233
Intouch Holdings PCL, NVDR
2,147,225
5,229,229
Kasikornbank PCL, NVDR
1,337,600
5,650,874
Krung Thai Bank PCL, NVDR
8,053,900
4,347,377
Krungthai Card PCL, NVDR(c)
2,447,100
3,011,463
Minor International PCL, NVDR(c)
7,544,620
6,006,669
PTT Exploration & Production PCL, NVDR
3,083,339
12,895,888
PTT Global Chemical PCL, NVDR
5,250,430
3,868,486
PTT Oil & Retail Business PCL, NVDR(c)
6,969,200
3,186,777
PTT PCL, NVDR
22,663,400
22,408,758
SCB X PCL, NVDR
1,951,600
6,167,324
SCG Packaging PCL, NVDR(c)
2,936,700
2,108,925
Siam Cement PCL (The), NVDR
1,792,500
12,172,010
Thai Oil PCL, NVDR(c)
2,843,300
4,454,336
TMBThanachart Bank PCL, NVDR(c)
56,644,900
3,093,715
True Corp. PCL, NVDR(a)
24,048,720
7,323,601
 
254,168,389
Turkey — 0.7%
Akbank TAS
7,086,492
12,125,572
Anadolu Efes Biracilik Ve Malt Sanayii A/S
477,783
3,121,738
Aselsan Elektronik Sanayi Ve Ticaret A/S
3,188,670
5,458,003
BIM Birlesik Magazalar A/S
1,034,039
16,376,960
Coca-Cola Icecek A/S
1,942,545
3,472,088
Enka Insaat ve Sanayi AS
2
2
Eregli Demir ve Celik Fabrikalari TAS
3,194,997
4,532,934
Ford Otomotiv Sanayi AS
165,944
4,695,058
Haci Omer Sabanci Holding AS
2,371,369
6,123,797
19
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Emerging Markets ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Turkey (continued)
KOC Holding AS
1,688,976
$9,234,798
Pegasus Hava Tasimaciligi AS(a)
517,808
3,450,867
Sasa Polyester Sanayi AS(a)
24,450,184
3,530,609
Tofas Turk Otomobil Fabrikasi AS
283,787
2,031,442
Turk Hava Yollari AO(a)
1,214,309
10,706,885
Turkcell Iletisim Hizmetleri AS
2,771,849
8,002,534
Turkiye Is Bankasi AS, Class C
20,207,641
7,844,154
Turkiye Petrol Rafinerileri AS
2,179,236
10,783,611
Turkiye Sise ve Cam Fabrikalari AS
3,131,500
3,984,070
Yapi ve Kredi Bankasi A/S
7,799,952
7,146,485
 
122,621,607
United Arab Emirates — 1.2%
Abu Dhabi Commercial Bank PJSC
6,753,185
16,106,811
Abu Dhabi Islamic Bank PJSC
3,391,052
11,651,735
Abu Dhabi National Oil Co. for Distribution PJSC
6,997,408
6,959,499
ADNOC Drilling Co. PJSC
7,285,640
8,728,049
Aldar Properties PJSC
8,754,214
17,500,772
Americana Restaurants International PLC -
Foreign Co.
6,354,625
5,020,333
Dubai Islamic Bank PJSC
6,703,054
11,267,358
Emaar Properties PJSC
15,033,488
34,557,392
Emirates NBD Bank PJSC
4,306,555
23,098,992
Emirates Telecommunications Group Co. PJSC
7,879,337
38,915,603
First Abu Dhabi Bank PJSC
10,129,811
36,957,531
Multiply Group PJSC(a)
7,847,162
4,553,465
 
215,317,540
Total Common Stocks — 97.8%
(Cost: $14,988,155,493)
17,299,682,513
Preferred Stocks
Brazil — 1.3%
Banco Bradesco SA, Preference Shares, NVS
12,166,079
33,761,385
Centrais Eletricas Brasileiras SA, Class B,
Preference Shares, NVS
574,936
4,706,846
Cia Energetica de Minas Gerais, Preference
Shares, NVS
4,153,053
8,569,984
Cia Paranaense de Energia - Copel, Preference
Shares, NVS
2,464,804
4,561,415
Gerdau SA, Preference Shares, NVS
3,250,935
10,555,826
Itau Unibanco Holding SA, Preference
Shares, NVS
10,913,854
71,068,487
Itausa SA, Preference Shares, NVS
12,476,235
24,262,021
Petroleo Brasileiro SA, Preference Shares, NVS
10,165,636
71,012,179
 
228,498,143
Chile — 0.1%
Sociedad Quimica y Minera de Chile SA,
Class B, Preference Shares
331,399
12,911,838
Colombia — 0.0%
Bancolombia SA, Preference Shares, NVS
1,049,112
8,727,126
Russia — 0.0%
Surgutneftegas PJSC, Preference
Shares, NVS(a)(d)
25,014,400
2,760
Security
Shares
Value
South Korea — 0.6%
Hyundai Motor Co.
Preference Shares, NVS
51,324
$6,991,699
Series 2, Preference Shares, NVS
82,434
11,443,511
LG Chem Ltd., Preference Shares, NVS
18,687
3,040,481
Samsung Electronics Co. Ltd., Preference
Shares, NVS
1,867,240
83,897,525
 
105,373,216
Total Preferred Stocks — 2.0%
(Cost: $202,110,910)
355,513,083
Rights
Brazil — 0.0%
Equatorial Energia SA, (Expires 09/30/24, Strike
Price BRL 32.5)(a)
157,508
53,099
China — 0.0%
Kangmei Pharmaceutical Co. Ltd.,
(Expires 12/31/49)(a)
255,006
1
Saudi Arabia — 0.0%
Savola Group (The),
(Expires 09/20/24, Strike Price SAR 10)(a)
676,257
2,868,947
Total Rights — 0.0%
(Cost: $2,097,363)
2,922,047
Total Long-Term Investments — 99.8%
(Cost: $15,192,363,766)
17,658,117,643
Short-Term Securities
Money Market Funds — 2.4%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 5.45%(f)(g)(h)
417,690,737
417,941,352
Total Short-Term Securities — 2.4%
(Cost: $417,556,099)
417,941,352
Total Investments — 102.2%
(Cost: $15,609,919,865)
18,076,058,995
Liabilities in Excess of Other Assets — (2.2)%
(391,928,563
)
Net Assets — 100.0%
$17,684,130,432
 
(a)
Non-income producing security.
(b)
Security exempt from registration pursuant to Rule 144A under the Securities Act of
1933, as amended. These securities may be resold in transactions exempt from
registration to qualified institutional investors.
(c)
All or a portion of this security is on loan.
(d)
Security is valued using significant unobservable inputs and is classified as Level 3 in the
fair value hierarchy.
(e)
This security may be resold to qualified foreign investors and foreign institutional buyers
under Regulation S of the Securities Act of 1933.
(f)
Affiliate of the Fund.
(g)
Annualized 7-day yield as of period end.
(h)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
Schedule of Investments
20
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Emerging Markets ETF
 
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2024 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 Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
08/31/24
Shares
Held at
08/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional,
SL Agency Shares
$706,808,674
$—
$(289,053,469
)(a)
$159,355
$26,792
$417,941,352
417,690,737
$7,203,360
(b)
$—
BlackRock Cash Funds: Treasury, SL
Agency Shares(c)
—
—
0
(a)
—
—
—
—
3,258,911
—
 
$159,355
$26,792
$417,941,352
$10,462,271
$—
 
(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
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts
MSCI Emerging Markets Index
496
09/20/24
$27,280
$344,676
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets—Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)
$—
$—
$344,676
$—
$—
$—
$344,676
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's
variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).
For the period ended August 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from
Futures contracts
$—
$—
$1,017,176
$—
$—
$—
$1,017,176
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts
$—
$—
$437,980
$—
$—
$—
$437,980
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$41,605,654
21
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Emerging Markets ETF
 
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
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 
Common Stocks
$2,359,562,232
$14,939,284,494
$835,787
$17,299,682,513
Preferred Stocks
250,137,107
105,373,216
2,760
355,513,083
Rights
2,922,046
1
—
2,922,047
Short-Term Securities 
Money Market Funds
417,941,352
—
—
417,941,352
 
$3,030,562,737
$15,044,657,711
$838,547
$18,076,058,995
Derivative Financial Instruments(a) 
Assets 
Equity Contracts
$344,676
$—
$—
$344,676
 
(a)
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
See notes to financial statements.
Schedule of Investments
22
Statements of Assets and Liabilities
August 31, 2024
 
 
iShares
Currency
Hedged
MSCI
Emerging
Markets ETF
iShares
MSCI Emerging
Markets ETF
ASSETS
 
 
Investments, at value—unaffiliated(a)(b)
$—
$17,658,117,643
Investments, at value—affiliated(c)
163,431,431
417,941,352
Cash
—
109,576,170
Cash pledged:
 
 
Collateral — OTC derivatives
1,440,000
—
Futures contracts
—
585,000
Foreign currency, at value(d)
—
90,470,594
Receivables:
 
 
Investments sold
1,767,732
349,831,115
Securities lending income—affiliated
—
506,015
Dividends—unaffiliated
—
28,065,612
Dividends—affiliated
216
458,130
From custodian
—
146,396,965
Tax reclaims
—
435,607
Variation margin on futures contracts
—
18,696
Unrealized appreciation on forward foreign currency exchange contracts
399,709
—
Total assets
167,039,088
18,802,402,899
LIABILITIES
 
 
Bank overdraft
1,353,346
—
Bank borrowings
—
150,053,583
Collateral on securities loaned, at value
—
417,115,099
Payables:
 
 
Investments purchased
—
379,365,716
Deferred foreign capital gain tax
—
158,250,709
Foreign taxes
—
2,369,959
Investment advisory fees
—
10,812,422
Professional fees
—
304,979
Unrealized depreciation on forward foreign currency exchange contracts
2,041,113
—
Total liabilities
3,394,459
1,118,272,467
Commitments and contingent liabilities
 
 
NET ASSETS
$163,644,629
$17,684,130,432
NET ASSETS CONSIST OF
 
 
Paid-in capital
$175,297,224
$28,014,530,360
Accumulated loss
(11,652,595)
(10,330,399,928)
NET ASSETS
$163,644,629
$17,684,130,432
NET ASSET VALUE
 
 
Shares outstanding
6,030,000
407,250,000
Net asset value
$27.14
$43.42
Shares authorized
250 million
5 billion
Par value
$0.001
$0.001
(a) Investments, at cost—unaffiliated
$—
$15,192,363,766
(b) Securities loaned, at value
$—
$391,349,856
(c) Investments, at cost—affiliated
$165,870,635
$417,556,099
(d) Foreign currency, at cost
$—
$90,536,206
See notes to financial statements.
23
2024 iShares Annual Financial Statements
Statements of Operations
Year Ended August 31, 2024  
 
 
iShares
Currency
Hedged
MSCI
Emerging
Markets ETF
iShares
MSCI Emerging
Markets ETF
INVESTMENT INCOME
Dividends—unaffiliated
$—
$546,601,713
Dividends—affiliated
3,536,987
3,258,911
Interest—unaffiliated
—
395
Securities lending income—affiliated—net(a)
31,260
7,203,360
Other income—unaffiliated
—
5,449,679
Foreign taxes withheld
—
(59,355,801
)
Foreign withholding tax claims
—
1,706,672
Other foreign taxes
—
87,010
Total investment income
3,568,247
504,951,939
EXPENSES
Investment advisory
1,096,345
129,434,207
Interest expense
4,632
218,951
Commitment costs
1,353
38,715
Professional
—
715,647
Total expenses
1,102,330
130,407,520
Less:
Investment advisory fees waived
(1,102,330
)
—
Total expenses after fees waived
—
130,407,520
Net investment income
3,568,247
374,544,419
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments—unaffiliated(b)
—
109,434,124
Investments—affiliated
(1,941,472
)
159,355
Forward foreign currency exchange contracts
5,084,958
—
Foreign currency transactions
—
(6,545,655
)
Futures contracts
—
1,017,176
In-kind redemptions—unaffiliated(c)
—
(65,306,245
)
In-kind redemptions—affiliated(c)
(80,547
)
—
 
3,062,939
38,758,755
Net change in unrealized appreciation (depreciation) on:
Investments—unaffiliated(d)
—
1,564,624,645
Investments—affiliated
17,326,972
26,792
Forward foreign currency exchange contracts
(3,705,297
)
—
Foreign currency translations
—
(323,614
)
Futures contracts
—
437,980
 
13,621,675
1,564,765,803
Net realized and unrealized gain
16,684,614
1,603,524,558
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
$20,252,861
$1,978,068,977
(a) Net of securities lending income tax paid of
$—
$938,781
(b) Net of foreign capital gain tax and capital gain tax refund, if applicable of
$—
$(15,871,977
)
(c) See Note 2 of the Notes to Financial Statements.
(d) Net of increase in deferred foreign capital gain tax of
$—
$(138,449,241
)
See notes to financial statements.
Statements of Operations
24
Statements of Changes in Net Assets
 
 
iShares
Currency Hedged MSCI Emerging Markets
ETF
iShares
MSCI Emerging Markets ETF
 
Year Ended
08/31/24
Year Ended
08/31/23
Year Ended
08/31/24
Year Ended
08/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$3,568,247
$3,305,910
$374,544,419
$498,842,578
Net realized gain (loss)
3,062,939
(7,873,217
)
38,758,755
(723,710,832
)
Net change in unrealized appreciation (depreciation)
13,621,675
6,943,243
1,564,765,803
278,661,967
Net increase in net assets resulting from operations
20,252,861
2,375,936
1,978,068,977
53,793,713
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders
(3,572,285
)
(10,223,364
)
(454,769,148
)
(532,484,400
)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions
12,667,041
(11,848,604
)
(5,197,547,032
)
(4,033,313,036
)
NET ASSETS
Total increase (decrease) in net assets
29,347,617
(19,696,032
)
(3,674,247,203
)
(4,512,003,723
)
Beginning of year
134,297,012
153,993,044
21,358,377,635
25,870,381,358
End of year
$163,644,629
$134,297,012
$17,684,130,432
$21,358,377,635
 
(a)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
See notes to financial statements.
25
2024 iShares Annual Financial Statements
Financial Highlights
(For a share outstanding throughout each period)
 
 
iShares Currency Hedged MSCI Emerging Markets ETF
 
Year Ended
08/31/24
Year Ended
08/31/23
Year Ended
08/31/22
Year Ended
08/31/21
Year Ended
08/31/20
Net asset value, beginning of year
$24.20
$25.20
$31.31
$27.41
$24.38
Net investment income(a)
0.64
0.57
0.67
0.44
0.71
Net realized and unrealized gain (loss)(b)
2.95
0.12
(6.12
)
3.92
3.03
Net increase (decrease) from investment operations
3.59
0.69
(5.45
)
4.36
3.74
Distributions(c)
From net investment income
(0.65
)
(0.56
)
(0.66
)
(0.46
)
(0.71
)
From net realized gain
—
(1.13
)
—
—
—
Total distributions
(0.65
)
(1.69
)
(0.66
)
(0.46
)
(0.71
)
Net asset value, end of year
$27.14
$24.20
$25.20
$31.31
$27.41
Total Return(d)
Based on net asset value
15.12
%
2.93
%
(17.62
)%
15.96
%
15.49
%
Ratios to Average Net Assets(e)
Total expenses
0.78
%
0.79
%
0.78
%
0.78
%
0.78
%
Total expenses after fees waived
0.00
%
0.00
%
0.00
%
0.00
%(f)
0.00
%(f)
Net investment income
2.54
%
2.36
%
2.38
%
1.41
%
2.84
%
Supplemental Data
Net assets, end of year (000)
$163,645
$134,297
$153,993
$203,180
$183,626
Portfolio turnover rate(g)
6
%
11
%
4
%
6
%
9
%
(a) Based on average shares outstanding.
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d) Where applicable, assumes the reinvestment of distributions.
(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f) Rounds to less than 0.01%.
(g) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
Financial Highlights
26
Financial Highlights(continued)
(For a share outstanding throughout each period)
 
 
iShares MSCI Emerging Markets ETF
 
Year Ended
08/31/24
Year Ended
08/31/23
Year Ended
08/31/22(a)
Year Ended
08/31/21(a)
Year Ended
08/31/20(a)
Net asset value, beginning of year
$39.26
$39.68
$52.56
$44.56
$40.22
Net investment income(b)
0.84
0.82
1.09
(c)
0.75
0.98
Net realized and unrealized gain (loss)(d)
4.36
(0.35
)
(12.88
)
8.01
4.52
Net increase (decrease) from investment operations
5.20
0.47
(11.79
)
8.76
5.50
Distributions from net investment income(e)
(1.04
)
(0.89
)
(1.09
)
(0.76
)
(1.16
)
Net asset value, end of year
$43.42
$39.26
$39.68
$52.56
$44.56
Total Return(f)
Based on net asset value
13.54
%
1.23
%
(22.73
)%(c)
19.72
%
13.82
%
Ratios to Average Net Assets(g)
Total expenses
0.72
%
0.70
%
0.69
%
0.69
%
0.70
%
Total expenses excluding professional fees for foreign withholding tax claims
0.72
%
N/A
0.69
%
0.68
%
0.70
%
Net investment income
2.08
%
2.12
%
2.38
%(c)
1.45
%
2.38
%
Supplemental Data
Net assets, end of year (000)
$17,684,130
$21,358,378
$25,870,381
$30,983,302
$24,024,571
Portfolio turnover rate(h)
13
%
15
%
21
%
9
%
19
%
(a) Consolidated Financial Highlights.
(b) Based on average shares outstanding.
(c) Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2022:
• Net investment income per share by $ -.
• Total return by 0.01%.
• Ratio of net investment income to average net assets by 0.01%.
(d) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(e) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(f) Where applicable, assumes the reinvestment of distributions.
(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(h) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
27
2024 iShares Annual Financial Statements
Notes to Financial Statements
1. ORGANIZATION
iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is organized as a Maryland corporation and is authorized to have multiple series or portfolios.
These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”): 
iShares ETF
Diversification
Classification
Currency Hedged MSCI Emerging Markets
Diversified
MSCI Emerging Markets(a)
Diversified
 
(a)
The Fund intends to be diversified in approximately the same proportion as its underlying index is diversified. The Fund may become non-diversified, as defined in the 1940 Act, solely
as a result of a change in relative market capitalization or index weighting of one or more constituents of its underlying index. Shareholder approval will not be sought if the Fund
crosses from diversified to non-diversified status due solely to a change in its relative market capitalization or index weighting of one or more constituents of its underlying index.
Currently the iShares Currency Hedged MSCI Emerging Markets ETF seeks to achieve its investment objective by investing a substantial portion of its assets in the iShares MSCI Emerging Markets ETF (the “underlying fund”). The financial statements, including the accounting policies, and Schedule of Investments for the underlying fund are included in this report and should be read in conjunction with the financial statements of the iShares Currency Hedged MSCI Emerging Markets ETF.
Basis of Consolidation: The accompanying consolidated financial statements for the iShares MSCI Emerging Markets ETF included the accounts of its subsidiary in the Republic of Mauritius, which was a wholly-owned subsidiary (the “Subsidiary”) of the Fund that invested in Indian securities. On June 16, 2023, the Fund filed to liquidate its Subsidiary with the Mauritius Financial Services Commission.
2. SIGNIFICANT ACCOUNTING POLICIES
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period.  Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method.  Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest.
Foreign Currency Translation: Each Fund's books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.
Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.   However, the currency hedged fund has elected to treat realized gains (losses) from certain foreign currency contracts as capital gain (loss) for U.S. federal income tax purposes.
Foreign Taxes: Certain Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions.  All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests.  These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows:  foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of August 31, 2024, if any, are disclosed in the Statements of Assets and Liabilities.
Consistent with U.S. GAAP accrual requirements, for uncertain tax positions, each Fund recognizes tax reclaims when the Fund determines that it is more likely than not that the Fund will sustain its position that it is due the reclaim. 
Certain Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes. 
Notes to Financial Statements
28
Notes to Financial Statements  (continued)
Bank Overdraft: Certain Funds had outstanding cash disbursements exceeding deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.
Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.
In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.
Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.
Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.
3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS
Investment  Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Directors of the Company (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.
• Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price.
• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.
• Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.
• Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the New York Stock Exchange (“NYSE”) based on that day’s prevailing forward exchange rate for the underlying currencies.
Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.
Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.
29
2024 iShares Annual Financial Statements
Notes to Financial Statements  (continued)
Fair  Value Hierarchy: 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 that may not have a secondary market and/or may have 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.
4. SECURITIES AND OTHER INVESTMENTS
Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.
Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.
Notes to Financial Statements
30
Notes to Financial Statements  (continued)
As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:  
iShares ETF and Counterparty
Securities Loaned
at Value
Cash Collateral
Received(a)
Non-Cash Collateral
Received, at Fair Value(a)
Net Amount
MSCI Emerging Markets
Barclays Capital, Inc.
$3,743,159
$(3,743,159)
$—
$—
BNP Paribas SA
1,805,463
(1,805,463)
—
—
BofA Securities, Inc.
3,984,216
(3,984,216)
—
—
Citigroup Global Markets Ltd.
3,973,836
(3,973,836)
—
—
Citigroup Global Markets, Inc.
8,479,893
(8,479,893)
—
—
Goldman Sachs & Co. LLC
17,178,974
(17,178,974)
—
—
Goldman Sachs International
26,455,518
(26,455,518)
—
—
HSBC Bank PLC
25,474,481
(25,474,481)
—
—
J.P. Morgan Securities LLC
1,681,813
(1,681,813)
—
—
J.P. Morgan Securities PLC
37,495,443
(37,495,443)
—
—
Jefferies LLC
627,382
(627,382)
—
—
Macquarie Bank Ltd.
10,834,724
(10,834,724)
—
—
Merrill Lynch International
47,212,959
(47,212,959)
—
—
Morgan Stanley
191,686,828
(191,686,828)
—
—
SG Americas Securities LLC
5,674,797
(5,674,797)
—
—
State Street Bank & Trust Co.
222,500
(222,500)
—
—
UBS Europe SE
3,396,385
(3,396,385)
—
—
Wells Fargo Securities LLC
1,421,485
(1,421,485)
—
—
 
$391,349,856
$(391,349,856)
$—
$—
 
(a)
Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s
Statements of Assets and Liabilities.
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.
5. DERIVATIVE FINANCIAL INSTRUMENTS
Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).
Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.
Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of  Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.
Forward Foreign Currency Exchange Contracts: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).
A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Funds are denominated and in some cases, may be used to obtain exposure to a particular market.The contracts are traded over-the-counter (“OTC”) and not on an organized exchange.
The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a contract changes unfavorably due to movements in the value of the
31
2024 iShares Annual Financial Statements
Notes to Financial Statements  (continued)
referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of  Assets and Liabilities.  A fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.
Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.
For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a fund and the counterparty.
Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.
For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.
6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent directors).
For its investment advisory services to the iShares Currency Hedged MSCI Emerging Markets ETF, BFA is entitled to an annual investment advisory fee of 0.78%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.
For its investment advisory services to the iShares MSCI Emerging Markets ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows: 
Aggregate Average Daily Net Assets
Investment Advisory Fees
First $14 billion
0.75%
Over $14 billion, up to and including $28 billion
0.68
Over $28 billion, up to and including $42 billion
0.61
Over $42 billion, up to and including $56 billion
0.54
Over $56 billion, up to and including $70 billion
0.47
Over $70 billion, up to and including $84 billion
0.41
Over $84 billion
0.35
Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statements of Operations does not include acquired fund fees and expenses.
For the iShares Currency Hedged MSCI Emerging Markets ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through December 31, 2025 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investment in the iShares MSCI Emerging Markets ETF (“EEM”), after taking into account any fee waivers by EEM.
Notes to Financial Statements
32
Notes to Financial Statements  (continued)
This amount is included in investment advisory fees waived in the Statements of Operations. For the year ended August 31, 2024, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:  
iShares ETF
Amounts Waived
Currency Hedged MSCI Emerging Markets
$1,102,330
Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.
Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions.  As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, redemption fee, distribution fee or service fee. The money market fund in which the cash collateral has been invested may impose a discretionary liquidity fee of up to 2% of the value redeemed, if such fee is determined to be in the best interests of such money market fund.
Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended August 31, 2024, the Funds paid BTC the following amounts for securities lending agent services: 
iShares ETF
Amounts
Currency Hedged MSCI Emerging Markets
$10,554
MSCI Emerging Markets
1,854,642
Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.
Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.
For the year ended August 31, 2024, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows: 
iShares ETF
Purchases
Sales
Net Realized
Gain (Loss)
MSCI Emerging Markets
$20,036,633
$111,385,084
$(108,367,006)
Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate.  The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.
A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.
7. PURCHASES AND SALES
For the year ended August 31, 2024, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows: 
iShares ETF
Purchases
Sales
Currency Hedged MSCI Emerging Markets
$10,140,217
$8,820,158
MSCI Emerging Markets
2,383,883,676
5,583,617,060
33
2024 iShares Annual Financial Statements
Notes to Financial Statements  (continued)
For the year ended August 31, 2024, in-kind transactions were as follows: 
iShares ETF
In-kind
Purchases
In-kind
Sales
Currency Hedged MSCI Emerging Markets
$38,946,165
$26,285,111
MSCI Emerging Markets
207,721,677
2,418,329,770
8. INCOME TAX INFORMATION
Each Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes.  It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.
Management has analyzed tax laws and regulations and their application to the Funds as of August 31, 2024, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements. Management’s analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds’ NAV.
U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting.  These reclassifications have no effect on net assets or NAV per share. As of August 31, 2024, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts: 
iShares ETF
Paid-in Capital
Accumulated
Earnings (Loss)
Currency Hedged MSCI Emerging Markets
$(823,384)
$823,384
MSCI Emerging Markets
(159,577,190)
159,577,190
The tax character of distributions paid was as follows:  
iShares ETF
Year Ended
08/31/24
Year Ended
08/31/23
Currency Hedged MSCI Emerging Markets
Ordinary income
$3,572,285
$8,490,220
Long-term capital gains
—
1,733,144
 
$3,572,285
$10,223,364
MSCI Emerging Markets
Ordinary income
$454,769,148
$532,484,400
As of August 31, 2024, the tax components of accumulated net earnings (losses) were as follows: 
iShares ETF
Undistributed
Ordinary Income
Non-expiring
Capital Loss
Carryforwards(a)
Net Unrealized
Gains (Losses)(b)
Total
Currency Hedged MSCI Emerging Markets
$838
$(6,737,405)
$(4,916,028)
$(11,652,595)
MSCI Emerging Markets
261,351,395
(13,246,695,477)
2,654,944,154
(10,330,399,928)
 
(a)
Amounts available to offset future realized capital gains.
(b)
The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of
unrealized gains (losses) on certain foreign currency contracts and futures contracts, the timing and recognition of partnership income, the characterization of corporate actions, the
realization for tax purposes of unrealized gains on investments in passive foreign investment companies and the timing and recognition of realized gains/losses for tax purposes.
For the year ended August 31, 2024, the iShares MSCI Emerging Markets ETF utilized $467,051,045 of its capital loss carryforwards.
A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.
Notes to Financial Statements
34
Notes to Financial Statements  (continued)
As of August 31, 2024, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows: 
iShares ETF
Tax Cost
Gross Unrealized
Appreciation
Gross Unrealized
Depreciation
Net Unrealized
Appreciation
(Depreciation)
Currency Hedged MSCI Emerging Markets
$167,355,312
$399,709
$(5,315,737)
$(4,916,028)
MSCI Emerging Markets
15,262,703,451
6,849,295,194
(4,035,935,666)
2,813,359,528
9. LINE OF CREDIT
The Funds, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on October 16, 2024. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.
For the year ended August 31, 2024, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Syndicated Credit Agreement were as follows:  
iShares ETF
Maximum
Amount
Borrowed
Average
Borrowing
Weighted
Average
Interest Rates
Currency Hedged MSCI Emerging Markets
$714,000
$39,016
6.42%
MSCI Emerging Markets
150,000,000
3,223,273
6.44
10. PRINCIPAL RISKS
In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.
BFA uses an indexing approach to try to achieve each Fund’s investment objective. The Fund is not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.
The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to discretionary liquidity fees under certain circumstances.
Market Risk:  Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) lack of reliable settlement procedures and significant delays in registering the transfer of securities; (iii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iv) lack of publicly available or reliable information about issuers as a result of not being subject to the same degree of regulatory requirements and accounting, auditing and financial reporting standards; and (v) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments.
Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.
35
2024 iShares Annual Financial Statements
Notes to Financial Statements  (continued)
The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore each Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by each Fund, and each Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. Each Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.
Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.
With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.
Geographic/Asset Class Risk:  A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.
Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedule of Investments.
Certain Funds invest a significant portion of their assets in securities of issuers located in China or with significant exposure to Chinese issuers. Investments in Chinese securities, including certain Hong Kong-listed securities, involve risks specific to China. China may be subject to considerable degrees of economic, political and social instability and demonstrates significantly higher volatility from time to time in comparison to developed markets. Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries may disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation.  Incidents involving China’s or the region’s security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and a fund’s investments. Reduction in spending on Chinese products and services, supply chain diversification, institution of tariffs, sanctions or other trade barriers, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. In addition, measures may be taken to limit the flow of capital and/or sanctions may be imposed, which could prohibit or restrict the ability to own or transfer fund assets and may also include retaliatory actions, such as seizure of fund assets.
Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.
Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.
11. CAPITAL SHARE TRANSACTIONS
Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.
Notes to Financial Statements
36
Notes to Financial Statements  (continued)
Transactions in capital shares were as follows: 
 
Year Ended
08/31/24
Year Ended
08/31/23
iShares ETF
Shares
Amount
Shares
Amount
Currency Hedged MSCI Emerging Markets
Shares sold
1,550,000
$39,079,331
2,140,000
$52,467,876
Shares redeemed
(1,070,000
)
(26,412,290
)
(2,700,000
)
(64,316,480
)
 
480,000
$12,667,041
(560,000
)
$(11,848,604
)
MSCI Emerging Markets
Shares sold
43,200,000
$1,823,162,304
59,400,000
$2,379,728,785
Shares redeemed
(180,000,000
)
(7,020,709,336
)
(167,400,000
)
(6,413,041,821
)
 
(136,800,000
)
$(5,197,547,032
)
(108,000,000
)
$(4,033,313,036
)
The consideration for the purchase of Creation Units of a fund in the Company generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash.  Certain funds in the Company may be offered in Creation Units solely or partially for cash in U.S. dollars.  Authorized Participants purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Company’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash.  Authorized Participants transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.
To the extent applicable, to facilitate the timely settlement of orders for Funds using a clearing facility outside of the continuous net settlement process, the Funds, at their sole discretion, may permit an Authorized Participant to post cash as collateral in anticipation of the delivery of all or a portion of the applicable Deposit Securities or Fund Securities, as further described in the applicable Authorized Participant Agreement. The collateral process is subject to a Control Agreement among the Authorized Participant, each Funds’ custodian, and the Funds. In the event that the Authorized Participant fails to deliver all or a portion of the applicable Deposit Securities or Fund Securities, the Funds may exercise control over such collateral pursuant to the terms of the Control Agreement in order to purchase the applicable Deposit Securities or Fund Securities.
From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.
12. FOREIGN WITHHOLDING TAX CLAIMS
Certain of the outstanding foreign tax reclaims are not deemed by the Fund to meet the recognition criteria under U.S. GAAP as of August 31, 2024 and have not been recorded in the applicable Fund’s net asset value. The recognition by the Fund of these amounts would have a positive impact on the applicable Fund's performance. If a Fund receives a tax refund that has not been previously recorded, investors in the Fund at the time the claim is successful will benefit from any resulting increase in the Fund’s NAV. Investors who sold their shares prior to such time will not benefit from such NAV increase.
The Internal Revenue Service has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which the iShares MSCI Emerging Markets ETF is able to pass through to its shareholders as a foreign tax credit in the current year, the Fund will be able to offset the prior years’ withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Fund.
13. SUBSEQUENT EVENTS
Management’s evaluation of the impact of all subsequent events on the Funds’ financial statements was completed through the date the financial statements were available to be issued and the following item was noted:
Effective October 16, 2024, the Syndicated Credit Agreement to which the Participating Funds are party was amended to extend the maturity date to October 15, 2025 under the same terms.
37
2024 iShares Annual Financial Statements
Report of Independent Registered Public Accounting Firm
To the Board of Directors of
iShares, Inc. and Shareholders of each of the two funds listed in the table below
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (two of the funds constituting iShares Inc., hereafter collectively referred to as the "Funds") as of August 31, 2024, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of August 31, 2024, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America. 
iShares Currency Hedged MSCI Emerging Markets ETF(1)
iShares MSCI Emerging Markets ETF(2)
(1) Statement of operations for the year ended August 31, 2024, statement of changes in net assets for each of the two years in the period ended August 31, 2024 and the financial highlights for each of the five years in the period ended August 31, 2024
(2) Statement of operations for the year ended August 31, 2024, statement of changes in net assets for each of the two years in the period ended August 31, 2024, the financial highlights for each of the two years in the period ended August 31, 2024 and the consolidated financial highlights for each of the three years in the period ended August 31, 2022
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
October 24, 2024
We have served as the auditor of one or more BlackRock investment companies since 2000.
Report of Independent Registered Public Accounting Firm
38
Important Tax Information (unaudited)
The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended August 31, 2024: 
iShares ETF
Qualified Dividend
Income
Currency Hedged MSCI Emerging Markets
$1,876,218
MSCI Emerging Markets
258,093,912
The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended August 31, 2024: 
iShares ETF
Foreign Source
Income Earned
Foreign
Taxes Paid
Currency Hedged MSCI Emerging Markets
$3,985,008
$459,334
MSCI Emerging Markets
550,612,083
67,275,275
39
2024 iShares Annual Financial Statements
Additional Information
Premium/Discount Information
Information on the Fund's net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.
Regulation under the Alternative Investment Fund Managers Directive
The Alternative Investment Fund Managers Directive, and its United Kingdom (“UK”) equivalent, (the “AIFMD”) impose detailed and prescriptive obligations on fund managers established in the European Union (the “EU”) and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the “Company”). However, the Company is required to comply with certain disclosure, reporting and transparency obligations of the AIFMD because it has registered the iShares MSCI Emerging Markets ETF (the “Fund”) to be marketed to investors in the EU and/or UK.
Report on Remuneration
BlackRock has a clear and well-defined pay-for-performance philosophy, and compensation programs which support that philosophy.
BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management and staff who have the ability to materially affect the risk profile of the Fund, a significant percentage of variable remuneration is deferred over time. All employees are subject to a clawback policy.
Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock’s full-year financial results and other non-financial goals and objectives.  Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities.  No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.
Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock's independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.
Each of the control functions (Enterprise Risk, Legal & Compliance, Finance, Human Resources and Internal Audit) each have their own organizational structures which are independent of the business units and therefore staff members in control functions are remunerated independently of the businesses they oversee. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock's independent remuneration committee.
The Company is required under the AIFMD to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year. BlackRock bases its proportionality approach on a combination of factors that it is entitled to take into account based on relevant guidelines.
Remuneration information at an individual Fund level is not readily available.  Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; (c) staff who have the ability to materially affect the risk profile of the Fund; and (d) staff of companies to which portfolio management and risk management has been formally delegated.
All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Fund is included in the aggregate figures disclosed.
Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Conversely, members of staff and senior management of the broader BlackRock group may provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the broader BlackRock group and of the Company.  Therefore, the figures disclosed are a sum of individuals’ portion of remuneration attributable to the Company according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company and the broader BlackRock group. Accordingly, the figures are not representative of any individual’s actual remuneration or their remuneration structure.
The amount of the total remuneration awarded to the Company’s staff in respect of the Company’s financial year ending December 31, 2023 was USD 5.43m.  This figure is comprised of fixed remuneration of USD 0.74m and variable remuneration of USD 4.68m. There was a total of 8 beneficiaries of the remuneration described above.
The amount of the aggregate remuneration awarded by the Company in respect of the Company’s financial year ending December 31, 2023, to its senior management was USD 3.66m, and to other members of its staff whose actions potentially have a material impact on the risk profile of the Company or its funds was USD 1.77m.
Additional Information
40
Additional Information (continued)
Disclosures Under the EU Sustainable Finance Disclosure Regulation
The iShares MSCI Emerging Markets ETF (the “Fund”) is registered under the Alternative Investment Fund Managers Directive to be marketed to European Union (“EU”) investors, as noted above. As a result, certain disclosures are required under the EU Sustainable Finance Disclosure Regulation (“SFDR”). 
The Fund has not been categorized under the SFDR as an “Article 8” or “Article 9” product. In addition, the Fund’s investment strategy does not take into account the criteria for environmentally sustainable economic activities under the EU sustainable investment taxonomy regulation or principal adverse impacts (“PAIs”) on sustainability factors under the SFDR. PAIs are identified under the SFDR as the material impacts of investment decisions on sustainability factors relating to environmental, social and employee matters, respect for human rights, and anti-corruption and anti-bribery matters.
Electronic Delivery
Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.
To enroll in electronic delivery:
 • Go to icsdelivery.com.
 • If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor. 
Changes in and Disagreements with Accountants
Not applicable.
Proxy Results
Not applicable.
Remuneration Paid to Directors, Officers, and Others
Because BFA has agreed in the Investment Advisory Agreements to cover all operating expenses of the Funds, subject to certain exclusions as provided for therein, BFA pays the compensation to each Independent Director for services to the Funds from BFA's investment advisory fees.
Availability of Portfolio Holdings Information
A description of the Company’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets, when available, at iShares.com.
41
2024 iShares Annual Financial Statements
Board Review and Approval of Investment Advisory Contract
iShares Currency Hedged MSCI Emerging Markets ETF (the “Fund”)
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company's Board of Directors (the “Board”), including a majority of Board Members who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Company and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements.  The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement.  At meetings held on May 6, 2024 and May 17, 2024, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meeting, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide.  At a meeting held on June 4-5, 2024, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.
After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members.  The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates.  The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.
Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”).  The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.   
In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2023, to that of such relevant comparison fund(s) for the same periods.  The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index.  Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered.  The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.
Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA’s business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years.  In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA  and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA  reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters.  The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 6, 2024
Board Review and Approval of Investment Advisory Contract
42
Board Review and Approval of Investment Advisory Contract (continued)
meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services, as well as BlackRock’s continued investments in its ETF business.
Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year.  The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix.  The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).
Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time.  The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase.  However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.
The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”).
The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.  The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.
The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.
Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community.  The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue
43
2024 iShares Annual Financial Statements
Board Review and Approval of Investment Advisory Contract (continued)
received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.
Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.
iShares MSCI Emerging Markets ETF (the “Fund”)
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company's Board of Directors (the “Board”), including a majority of Board Members who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Company and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements.  The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement.  At meetings held on May 6, 2024 and May 17, 2024, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meeting, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide.  At a meeting held on June 4-5, 2024, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.
After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members.  The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates.  The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.
Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”).  The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.  The Board also noted the tradability, liquidity and developed capital markets ecosystem associated with the Fund that differentiates it from other ETFs in the marketplace.
In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2023, to that of such relevant comparison fund(s) for the same periods.  The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index.  Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered.  The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.
Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA’s business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years.  In reviewing
Board Review and Approval of Investment Advisory Contract
44
Board Review and Approval of Investment Advisory Contract (continued)
the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA  and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA  reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters.  The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 6, 2024 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services, as well as BlackRock’s continued investments in its ETF business.
Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year.  The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix.  The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).
Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time.  The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase.  The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.
The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”).
The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.  The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.
The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.
45
2024 iShares Annual Financial Statements
Board Review and Approval of Investment Advisory Contract (continued)
Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community.  The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.
Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.
Board Review and Approval of Investment Advisory Contract
46
Glossary of Terms Used in this Report
 
Currency Abbreviation
BRL
Brazilian Real
CLP
Chilean Peso
CNH
Chinese Yuan
EUR
Euro
HKD
Hong Kong Dollar
IDR
Indonesian Rupiah
INR
Indian Rupee
KRW
South Korean Won
MXN
Mexican Peso
MYR
Malaysian Ringgit
THB
Thai Baht
TRY
Turkish Lira
TWD
New Taiwan Dollar
USD
United States Dollar
ZAR
South African Rand
 
Portfolio Abbreviation
ADR
American Depositary Receipt
GDR
Global Depositary Receipt
JSC
Joint Stock Company
NVDR
Non-Voting Depositary Receipt
NVS
Non-Voting Shares
PJSC
Public Joint Stock Company
47
2024 iShares Annual Financial Statements
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This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.
Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc.,  nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
 
 

August 31, 2024
 
 
2024 Annual Financial Statements
 
iShares, Inc.
• iShares MSCI Hong Kong ETF | EWH | NYSE Arca
• iShares MSCI Japan Small-Cap ETF | SCJ | NYSE Arca
• iShares MSCI Malaysia ETF | EWM | NYSE Arca
• iShares MSCI Pacific ex Japan ETF | EPP | NYSE Arca
• iShares MSCI Singapore ETF | EWS | NYSE Arca
• iShares MSCI Taiwan ETF | EWT | NYSE Arca
• iShares MSCI Thailand ETF | THD | NYSE Arca
Table of Contents
 
 
Page
3
33
35
37
41
48
59
60
61
63
74
2
Schedule of Investments
August 31, 2024
iShares® MSCI Hong Kong ETF
(Percentages shown are based on Net Assets)
 
Security
Shares
Value
Common Stocks
Banks — 7.2%
BOC Hong Kong Holdings Ltd.
6,496,000
$20,390,432
Hang Seng Bank Ltd.
1,348,700
16,240,214
 
36,630,646
Capital Markets — 13.1%
Futu Holdings Ltd., ADR(a)(b)
113,595
7,220,098
Hong Kong Exchanges & Clearing Ltd.
1,941,526
59,242,189
 
66,462,287
Diversified Telecommunication Services — 1.8%
HKT Trust & HKT Ltd., Class SS
7,143,500
9,070,134
Electric Utilities — 9.0%
CK Infrastructure Holdings Ltd.
831,500
6,151,353
CLP Holdings Ltd.
2,517,700
22,463,863
Power Assets Holdings Ltd.
2,454,000
17,079,641
 
45,694,857
Food Products — 2.2%
WH Group Ltd.(c)
15,493,000
11,236,613
Gas Utilities — 3.2%
Hong Kong & China Gas Co. Ltd.
19,904,495
16,160,519
Ground Transportation — 2.0%
MTR Corp. Ltd.
2,898,583
10,190,509
Hotels, Restaurants & Leisure — 4.6%
Galaxy Entertainment Group Ltd.
3,899,000
15,040,997
Sands China Ltd.(a)
4,606,800
8,347,428
 
23,388,425
Industrial Conglomerates — 8.0%
CK Hutchison Holdings Ltd.
4,144,767
22,720,601
Jardine Matheson Holdings Ltd.
295,100
10,635,404
Swire Pacific Ltd., Class A
861,000
7,308,339
 
40,664,344
Insurance — 23.0%
AIA Group Ltd.
16,625,200
117,085,946
Machinery — 5.0%
Techtronic Industries Co. Ltd.
1,909,647
25,586,980
Marine Transportation — 1.3%
SITC International Holdings Co. Ltd.
2,882,000
6,788,067
Security
Shares
Value
Real Estate Management & Development — 15.1%
CK Asset Holdings Ltd.
3,471,767
$13,971,608
Henderson Land Development Co. Ltd.
2,801,762
8,704,766
Hongkong Land Holdings Ltd.(b)
2,141,700
8,036,080
Sino Land Co. Ltd.
7,482,000
8,001,426
Sun Hung Kai Properties Ltd.
2,406,000
23,375,321
Wharf Holdings Ltd. (The)
2,203,570
5,768,047
Wharf Real Estate Investment Co. Ltd.
3,157,150
9,167,826
 
77,025,074
Retail REITs — 4.1%
Link REIT
4,479,200
21,050,084
Total Long-Term Investments — 99.6%
(Cost: $704,530,302)
507,034,485
Short-Term Securities
Money Market Funds — 1.0%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 5.45%(d)(e)(f)
4,730,779
4,733,617
BlackRock Cash Funds: Treasury, SL Agency Shares,
5.25%(d)(e)
590,000
590,000
Total Short-Term Securities — 1.0%
(Cost: $5,323,878)
5,323,617
Total Investments — 100.6%
(Cost: $709,854,180)
512,358,102
Liabilities in Excess of Other Assets — (0.6)%
(3,157,358
)
Net Assets — 100.0%
$509,200,744
 
(a)
Non-income producing security.
(b)
All or a portion of this security is on loan.
(c)
Security exempt from registration pursuant to Rule 144A under the Securities Act of
1933, as amended. These securities may be resold in transactions exempt from
registration to qualified institutional investors.
(d)
Affiliate of the Fund.
(e)
Annualized 7-day yield as of period end.
(f)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
3
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Hong Kong ETF
 
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2024 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 Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
08/31/24
Shares
Held at
08/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency
Shares
$7,695,583
$—
$(2,957,864
)(a)
$(3,841
)
$(261
)
$4,733,617
4,730,779
$30,030
(b)
$—
BlackRock Cash Funds: Treasury, SL Agency
Shares
690,000
—
(100,000
)(a)
—
—
590,000
590,000
54,800
—
 
$(3,841
)
$(261
)
$5,323,617
$84,830
$—
 
(a)
Represents net amount purchased (sold).
(b)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other
payments to and from borrowers of securities.
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts
MSCI Hong Kong Index
39
09/20/24
$2,068
$47,405
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets—Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)
$—
$—
$47,405
$—
$—
$—
$47,405
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's
variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).
For the period ended August 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from
Futures contracts
$—
$—
$(1,130,780
)
$—
$—
$—
$(1,130,780
)
Swaps
—
—
(485,301
)
—
—
—
(485,301
)
 
$—
$—
$(1,616,081
)
$—
$—
$—
$(1,616,081
)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts
$—
$—
$108,075
$—
$—
$—
$108,075
Swaps
—
—
20,319
—
—
—
20,319
 
$—
$—
$128,394
$—
$—
$—
$128,394
Schedule of Investments
4
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Hong Kong ETF
 
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$3,032,296
Total return swaps:
Average notional value
$1,087,080
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
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 
Common Stocks
$17,855,502
$489,178,983
$—
$507,034,485
Short-Term Securities 
Money Market Funds
5,323,617
—
—
5,323,617
 
$23,179,119
$489,178,983
$—
$512,358,102
Derivative Financial Instruments(a) 
Assets 
Equity Contracts
$—
$47,405
$—
$47,405
 
(a)
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
See notes to financial statements.
5
2024 iShares Annual Financial Statements
Schedule of Investments
August 31, 2024
iShares® MSCI Japan Small-Cap ETF
(Percentages shown are based on Net Assets)
 
Security
Shares
Value
Common Stocks
Aerospace & Defense — 0.0%
Institute for Q-Shu Pioneers of Space Inc.(a)(b)
1,400
$14,898
Ispace Inc./Japan, NVS(a)(b)
4,200
18,945
 
33,843
Air Freight & Logistics — 1.2%
AZ-COM MARUWA Holdings Inc.
5,600
42,901
Hamakyorex Co. Ltd.
1,400
47,132
Konoike Transport Co. Ltd.
2,800
47,289
Mitsui-Soko Holdings Co. Ltd.
1,400
54,087
Nippon Express Holdings Inc.
8,400
429,071
Sankyu Inc.
5,600
183,810
SBS Holdings Inc.
1,400
24,734
Senko Group Holdings Co. Ltd.
12,600
103,064
Yamato Holdings Co. Ltd.
28,000
325,193
 
1,257,281
Automobile Components — 3.4%
Aisan Industry Co. Ltd.
2,800
28,474
Eagle Industry Co. Ltd.
1,400
19,707
Exedy Corp.
4,600
98,571
FCC Co. Ltd.
4,200
67,376
G-Tekt Corp.
2,800
32,385
JTEKT Corp.
21,000
163,145
Koito Manufacturing Co. Ltd.
22,400
331,296
KYB Corp.
1,400
45,310
Musashi Seimitsu Industry Co. Ltd.
4,200
60,043
NHK Spring Co. Ltd.
21,000
242,008
Nifco Inc./Japan
8,400
216,328
Nippon Seiki Co. Ltd.
5,600
48,215
Niterra Co. Ltd.
16,800
500,412
NOK Corp.
8,400
138,299
Pacific Industrial Co. Ltd.
4,200
41,462
Piolax Inc.
2,800
45,381
Seiren Co. Ltd.
4,200
67,859
Shoei Co. Ltd.
5,600
89,921
Stanley Electric Co. Ltd.
14,000
269,497
Sumitomo Riko Co. Ltd.
4,200
45,108
Sumitomo Rubber Industries Ltd.
18,200
186,436
Tokai Rika Co. Ltd.
5,600
76,580
Topre Corp.
4,200
55,693
Toyo Tire Corp.
12,600
186,414
Toyoda Gosei Co. Ltd.
5,600
101,200
Toyota Boshoku Corp.
8,400
112,187
TS Tech Co. Ltd.
8,400
107,410
Yokohama Rubber Co. Ltd. (The)
12,600
288,373
 
3,665,090
Automobiles — 0.2%
Mitsubishi Motors Corp.
70,000
202,516
Nissan Shatai Co. Ltd.
7,000
46,441
 
248,957
Banks — 5.0%
77 Bank Ltd. (The)
7,000
201,999
Aichi Financial Group Inc., NVS
4,200
70,494
Aozora Bank Ltd.
11,200
207,126
Awa Bank Ltd. (The)
2,800
50,036
Bank of Nagoya Ltd. (The)
1,400
68,108
Chugin Financial Group Inc., NVS
15,400
163,402
Daishi Hokuetsu Financial Group Inc.
4,200
153,152
Fukuoka Financial Group Inc.
18,200
482,181
Gunma Bank Ltd. (The)
36,400
243,848
Hachijuni Bank Ltd. (The)
37,800
239,592
Security
Shares
Value
Banks (continued)
Hirogin Holdings Inc.
26,600
$209,467
Hokkoku Financial Holdings Inc.
1,400
47,520
Hokuhoku Financial Group Inc.
11,200
134,663
Hyakugo Bank Ltd. (The)
21,000
85,069
Iyogin Holdings Inc., NVS
25,200
235,108
Juroku Financial Group Inc.
2,800
82,317
Keiyo Bank Ltd. (The)
9,800
52,932
Kiyo Bank Ltd. (The)
5,600
72,096
Kyoto Financial Group Inc.
23,800
379,366
Kyushu Financial Group Inc.
33,600
175,053
Mebuki Financial Group Inc.
98,000
385,892
Musashino Bank Ltd. (The)
2,800
56,173
Nanto Bank Ltd. (The)
2,800
62,446
Nishi-Nippon Financial Holdings Inc.
12,600
151,897
North Pacific Bank Ltd.
28,000
83,252
Ogaki Kyoritsu Bank Ltd. (The)
4,200
57,771
Okinawa Financial Group Inc.
1,400
23,670
Rakuten Bank Ltd., NVS(a)
9,800
225,204
San-In Godo Bank Ltd. (The)
15,400
139,098
SBI Sumishin Net Bank Ltd., NVS(b)
5,600
119,816
Senshu Ikeda Holdings Inc.
25,200
62,764
Seven Bank Ltd.
61,600
121,867
Shiga Bank Ltd. (The)
4,200
98,262
Suruga Bank Ltd.
15,400
124,984
Toho Bank Ltd. (The)
21,000
39,646
Tokyo Kiraboshi Financial Group Inc.
2,800
88,400
TOMONY Holdings Inc.
16,800
46,273
Yamaguchi Financial Group Inc.
18,200
211,751
 
5,452,695
Beverages — 0.7%
Coca-Cola Bottlers Japan Holdings Inc.
14,000
198,251
Ito En Ltd.
5,600
135,461
Sapporo Holdings Ltd.
7,000
348,420
Takara Holdings Inc.
15,400
120,664
 
802,796
Biotechnology — 0.3%
GNI Group Ltd.(a)(b)
5,697
89,534
PeptiDream Inc.(a)
9,800
173,119
Takara Bio Inc.
4,200
30,004
 
292,657
Broadline Retail — 1.8%
ASKUL Corp.
4,200
61,102
Belluna Co. Ltd.
5,600
28,611
Isetan Mitsukoshi Holdings Ltd.
35,000
532,615
Izumi Co. Ltd.
2,800
62,642
J Front Retailing Co. Ltd.
25,200
249,446
Mercari Inc.(a)(b)
12,600
205,540
Ryohin Keikaku Co. Ltd.
26,600
500,899
Seria Co. Ltd.
4,200
97,408
Takashimaya Co. Ltd.
30,800
237,069
 
1,975,332
Building Products — 1.6%
Bunka Shutter Co. Ltd.
5,600
70,075
Central Glass Co. Ltd.
2,800
69,344
Lixil Corp.
30,800
366,098
Nichias Corp.
5,600
218,530
Nichiha Corp.
2,800
66,864
Nitto Boseki Co. Ltd.
2,800
111,938
Noritz Corp.
2,800
37,532
Sanwa Holdings Corp.
19,600
449,580
Sekisui Jushi Corp.
2,800
46,100
Schedule of Investments
6
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Japan Small-Cap ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Building Products (continued)
Shin Nippon Air Technologies Co. Ltd.
1,400
$34,482
Sinko Industries Ltd.
1,400
43,496
Takara Standard Co. Ltd.
4,200
45,973
Takasago Thermal Engineering Co. Ltd.
4,200
152,910
 
1,712,922
Capital Markets — 0.7%
GMO Financial Holdings Inc.
4,200
18,512
JAFCO Group Co. Ltd.
5,600
77,636
M&A Capital Partners Co. Ltd.
1,400
22,105
M&A Research Institute Holdings Inc., NVS(a)
2,800
61,674
Matsui Securities Co. Ltd.
12,600
69,890
Monex Group Inc.
19,600
90,021
Nihon M&A Center Holdings Inc.
32,200
149,895
Okasan Securities Group Inc.
15,400
68,650
Sparx Group Co. Ltd.
1,400
13,732
Strike Co. Ltd.
1,400
43,964
Tokai Tokyo Financial Holdings Inc.
21,000
75,276
WealthNavi Inc.(a)(b)
4,200
37,226
 
728,581
Chemicals — 7.1%
ADEKA Corp.
8,400
175,316
Aica Kogyo Co. Ltd.
5,600
128,748
Air Water Inc.
19,600
273,803
Artience Co. Ltd.
4,200
108,164
Asahi Yukizai Corp.
1,400
40,485
C Uyemura & Co. Ltd.
1,400
103,325
Chugoku Marine Paints Ltd.
4,200
58,622
CI Takiron Corp.
4,200
25,066
Daicel Corp.
25,200
226,494
Denka Co. Ltd.
8,400
130,597
DIC Corp.
8,400
180,783
Fujimi Inc.
5,900
101,675
Fujimori Kogyo Co. Ltd.
1,400
41,905
Fuso Chemical Co. Ltd.
1,400
38,138
JCU Corp.
2,800
69,302
Kaneka Corp.
4,200
109,013
Kansai Paint Co. Ltd.
18,200
325,841
KeePer Technical Laboratory Co. Ltd.
1,400
39,036
KH Neochem Co. Ltd.
2,800
39,872
Konishi Co. Ltd.
5,600
49,243
Kumiai Chemical Industry Co. Ltd.
7,049
37,740
Kuraray Co. Ltd.
32,200
423,860
Kureha Corp.
4,200
80,249
Lintec Corp.
4,200
97,606
Mitsubishi Gas Chemical Co. Inc.
16,800
313,885
Nihon Parkerizing Co. Ltd.
8,400
72,822
Nippon Kayaku Co. Ltd.
14,000
124,430
Nippon Shokubai Co. Ltd.
11,200
129,454
Nippon Soda Co. Ltd.
2,800
97,627
Nissan Chemical Corp.
14,000
481,227
NOF Corp.
22,400
350,261
Okamoto Industries Inc.
1,400
48,879
Osaka Organic Chemical Industry Ltd.
1,400
31,876
Osaka Soda Co. Ltd.
1,400
90,333
PILLAR Corp./Japan
1,400
41,953
Resonac Holdings Corp.
18,200
447,684
Sakata INX Corp.
4,200
48,908
Sanyo Chemical Industries Ltd.
1,400
38,680
Shikoku Kasei Holdings Corp.
2,800
39,185
Shin-Etsu Polymer Co. Ltd.
4,200
45,117
Sumitomo Bakelite Co. Ltd.
7,000
187,085
Security
Shares
Value
Chemicals (continued)
Sumitomo Chemical Co. Ltd.
158,200
$455,462
T Hasegawa Co. Ltd.
2,800
59,499
Taiyo Holdings Co. Ltd.
4,200
107,068
Takasago International Corp.
1,400
45,888
Teijin Ltd.
18,200
170,504
Toagosei Co. Ltd.
8,400
91,404
Tokai Carbon Co. Ltd.
21,000
128,696
Tokuyama Corp.
7,000
135,288
Tokyo Ohka Kogyo Co. Ltd.
9,800
246,511
Tosoh Corp.
26,600
343,173
Toyobo Co. Ltd.
8,400
57,610
UBE Corp.
9,800
179,056
Zeon Corp.
15,400
127,658
 
7,642,106
Commercial Services & Supplies — 1.5%
Aeon Delight Co. Ltd.
2,800
77,774
Daiei Kankyo Co. Ltd.
4,200
87,462
Daiseki Co. Ltd.
4,212
110,679
Duskin Co. Ltd.
4,200
108,075
Itoki Corp.
4,200
41,597
Japan Elevator Service Holdings Co. Ltd.
7,000
137,779
Kokuyo Co. Ltd.
8,400
142,178
Kosaido Holdings Co. Ltd.
7,000
22,816
Matsuda Sangyo Co. Ltd.
1,460
32,215
Mitsubishi Pencil Co. Ltd.
2,800
45,806
Nippon Kanzai Holdings Co. Ltd.
1,400
25,715
Nippon Parking Development Co. Ltd.
18,200
26,146
Okamura Corp.
5,600
76,078
Park24 Co. Ltd.(a)
14,000
167,832
Pilot Corp.
2,800
82,805
Prestige International Inc.
9,800
52,516
Sato Holdings Corp.
2,800
39,607
Sohgo Security Services Co. Ltd.
37,800
268,806
TRE Holdings Corp.
4,200
49,185
 
1,595,071
Construction & Engineering — 3.6%
Chiyoda Corp.(a)
15,400
33,495
Chudenko Corp.
2,800
61,992
COMSYS Holdings Corp.
11,200
246,506
Dai-Dan Co. Ltd.
2,800
58,643
EXEO Group Inc.
19,600
211,154
Hazama Ando Corp.
15,400
122,362
Infroneer Holdings Inc.
19,640
164,933
JGC Holdings Corp.
23,800
218,013
Kandenko Co. Ltd.
12,600
187,296
Kinden Corp.
12,600
271,193
Kumagai Gumi Co. Ltd.
2,800
68,802
Kyudenko Corp.
4,200
189,280
Mirait One Corp.
8,400
122,197
Nippon Densetsu Kogyo Co. Ltd.
4,200
53,322
Nippon Road Co. Ltd. (The)
3,100
35,055
Nishimatsu Construction Co. Ltd.
2,800
101,085
Okumura Corp.
2,800
89,280
Penta-Ocean Construction Co. Ltd.
28,000
123,435
Raito Kogyo Co. Ltd.
4,200
62,795
Raiznext Corp.
2,800
32,923
Sanki Engineering Co. Ltd.
4,200
67,239
Shimizu Corp.
54,600
366,058
Shinnihon Corp.
2,800
31,832
SHO-BOND Holdings Co. Ltd.
4,200
161,841
Sumitomo Densetsu Co. Ltd.
1,400
34,450
7
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Japan Small-Cap ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Construction & Engineering (continued)
Sumitomo Mitsui Construction Co. Ltd.
14,000
$36,716
Taihei Dengyo Kaisha Ltd.
1,400
53,190
Taikisha Ltd.
2,800
94,820
Takamatsu Construction Group Co. Ltd.
1,400
28,720
Toa Corp./Tokyo
5,600
36,092
Toda Corp.
22,400
154,980
Toenec Corp.
1,400
46,873
Tokyu Construction Co. Ltd.
8,940
45,672
Totetsu Kogyo Co. Ltd.
2,800
65,249
Toyo Construction Co. Ltd.
5,600
55,059
West Holdings Corp.
2,880
53,549
Yokogawa Bridge Holdings Corp.
2,800
51,436
Yurtec Corp.
4,200
41,713
 
3,879,250
Construction Materials — 0.5%
Krosaki Harima Corp.
1,400
21,121
Maeda Kosen Co. Ltd.
2,800
31,550
Mitani Sekisan Co. Ltd.
1,400
52,635
Shinagawa Refractories Co. Ltd.
2,800
33,644
Sumitomo Osaka Cement Co. Ltd.
2,800
74,483
Taiheiyo Cement Corp.
12,600
287,488
 
500,921
Consumer Finance — 1.0%
Acom Co. Ltd.
50,400
129,694
AEON Financial Service Co. Ltd.
11,200
102,542
Aiful Corp.
32,200
73,610
Credit Saison Co. Ltd.
15,400
342,180
Jaccs Co. Ltd.
2,800
76,656
Marui Group Co. Ltd.
16,800
284,776
Orient Corp.
4,200
27,508
 
1,036,966
Consumer Staples Distribution & Retail — 2.5%
Aeon Hokkaido Corp.
4,200
26,259
Ain Holdings Inc.
2,800
101,623
Arcs Co. Ltd.
4,200
73,342
Axial Retailing Inc.
7,000
45,672
Belc Co. Ltd.
1,400
60,200
Cawachi Ltd.
1,400
25,897
Cosmos Pharmaceutical Corp.
4,200
204,511
Create SD Holdings Co. Ltd.
2,800
62,576
Daikokutenbussan Co. Ltd.
500
39,553
Fuji Co. Ltd./Ehime
2,800
37,578
G-7 Holdings Inc.
2,800
30,721
Genky DrugStores Co. Ltd.
1,400
36,348
H2O Retailing Corp.
9,835
145,228
Heiwado Co. Ltd.
2,800
46,530
Kato Sangyo Co. Ltd.
2,800
81,298
Kusuri no Aoki Holdings Co. Ltd.
5,400
123,840
Life Corp.
2,800
67,544
Maxvalu Tokai Co. Ltd.
1,400
30,127
Mitsubishi Shokuhin Co. Ltd.
1,400
50,797
Retail Partners Co. Ltd.
2,800
27,671
San-A Co. Ltd.
5,600
97,133
Shoei Foods Corp.(b)
1,400
45,699
Sugi Holdings Co. Ltd.
11,200
193,692
Sundrug Co. Ltd.
7,000
203,783
Trial Holdings Inc.
4,200
96,963
Tsuruha Holdings Inc.
4,200
254,184
United Super Markets Holdings Inc.(b)
4,200
24,876
Valor Holdings Co. Ltd.
4,200
65,096
Welcia Holdings Co. Ltd.
9,800
135,052
Security
Shares
Value
Consumer Staples Distribution & Retail (continued)
Yaoko Co. Ltd.
2,800
$183,561
Yokorei Co. Ltd.
4,200
29,526
 
2,646,880
Containers & Packaging — 0.5%
FP Corp.
5,600
104,830
Fuji Seal International Inc.
4,200
64,887
Rengo Co. Ltd.
19,600
135,256
Toyo Seikan Group Holdings Ltd.
12,600
200,767
 
505,740
Distributors — 0.2%
Arata Corp.
2,800
68,153
Central Automotive Products Ltd.
1,400
49,665
Doshisha Co. Ltd.
2,800
42,217
PALTAC Corp.
2,800
86,053
 
246,088
Diversified Consumer Services — 0.0%
LITALICO Inc.
2,800
25,380
Diversified REITs — 2.7%
Activia Properties Inc.
70
165,034
Daiwa House REIT Investment Corp.
238
384,462
Hankyu Hanshin REIT Inc.
70
62,300
Heiwa Real Estate REIT Inc.
112
102,059
Hulic REIT Inc.
126
121,843
KDX Realty Investment Corp.
434
480,578
Mori Trust REIT Inc.
280
127,070
Nippon REIT Investment Corp.
42
93,649
Nomura Real Estate Master Fund Inc.
434
439,563
NTT UD REIT Investment Corp.
154
123,801
Sekisui House REIT Inc.
448
257,921
Star Asia Investment Corp.
252
94,998
Takara Leben Real Estate Investment Corp.
84
54,145
Tokyu REIT Inc.
98
101,973
United Urban Investment Corp.
308
303,500
 
2,912,896
Diversified Telecommunication Services — 0.3%
Internet Initiative Japan Inc.
11,200
228,322
U-Next Holdings Co. Ltd.
2,800
109,177
 
337,499
Electric Utilities — 1.4%
Chugoku Electric Power Co. Inc. (The)
30,800
213,312
Hokkaido Electric Power Co. Inc.
18,200
125,885
Hokuriku Electric Power Co.
18,200
122,187
Kyushu Electric Power Co. Inc.
43,400
460,177
Okinawa Electric Power Co. Inc. (The)
4,292
31,644
Shikoku Electric Power Co. Inc.
18,200
164,577
Tohoku Electric Power Co. Inc.
47,600
433,255
 
1,551,037
Electrical Equipment — 1.8%
Daihen Corp.
2,400
109,712
Fujikura Ltd.
26,600
776,091
Furukawa Electric Co. Ltd.
7,000
174,556
GS Yuasa Corp.
8,400
159,547
Idec Corp./Japan
2,800
51,687
Mabuchi Motor Co. Ltd.
9,800
147,260
Mirai Industry Co. Ltd.
1,400
33,514
Nippon Carbon Co. Ltd.
1,400
42,387
Nitto Kogyo Corp.
2,800
60,865
Sanyo Denki Co. Ltd.
1,400
87,341
Sinfonia Technology Co. Ltd.
1,400
42,404
SWCC Corp.
2,800
104,145
Schedule of Investments
8
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Japan Small-Cap ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Electrical Equipment (continued)
Toyo Tanso Co. Ltd.
1,400
$55,377
Ushio Inc.
8,400
119,910
 
1,964,796
Electronic Equipment, Instruments & Components — 4.4%
Ai Holdings Corp.
4,200
73,263
Alps Alpine Co. Ltd.
19,600
210,484
Amano Corp.
5,600
168,776
Anritsu Corp.
14,000
113,056
Azbil Corp.
12,600
415,889
Canon Electronics Inc.
2,800
43,950
Canon Marketing Japan Inc.
5,600
175,539
Citizen Watch Co. Ltd.
19,600
127,395
Daiwabo Holdings Co. Ltd.
8,400
159,845
Dexerials Corp.
5,600
251,753
Enplas Corp.
800
39,419
Hakuto Co. Ltd.
1,400
48,036
Hioki EE Corp
1,400
78,094
Hirose Electric Co. Ltd.
2,800
369,523
Horiba Ltd.
4,200
281,320
Hosiden Corp.
4,200
60,643
Iriso Electronics Co. Ltd.
1,400
25,558
Japan Aviation Electronics Industry Ltd.
4,200
75,340
Jeol Ltd.
4,200
190,945
Kaga Electronics Co. Ltd.
1,400
52,457
Koa Corp.
2,800
24,190
Macnica Holdings Inc.
5,600
228,705
Maruwa Co. Ltd./Aichi
1,000
268,083
Maxell Ltd.
4,200
52,550
Meiko Electronics Co. Ltd.
1,400
59,590
Nichicon Corp.
4,200
28,388
Nippon Ceramic Co. Ltd.
1,400
24,231
Nippon Electric Glass Co. Ltd.
8,400
200,589
Nippon Signal Co. Ltd.
4,200
28,503
Nissha Co. Ltd.
4,200
60,583
Nohmi Bosai Ltd.
2,800
44,682
Oki Electric Industry Co. Ltd.
9,800
68,905
Optex Group Co. Ltd.
2,800
34,619
Restar Corp.
1,400
27,692
Riken Keiki Co. Ltd.
2,800
80,046
Ryoyo Ryosan Holdings Inc.
1,976
37,647
Siix Corp.
2,800
21,856
Taiyo Yuden Co. Ltd.
12,600
314,759
Tokyo Electron Device Ltd.
1,400
37,846
Topcon Corp.
9,800
103,768
 
4,708,517
Energy Equipment & Services — 0.1%
Modec Inc.(b)
4,200
90,393
Entertainment — 1.2%
Anycolor Inc.(a)
2,800
49,251
Avex Inc.
2,800
27,665
COLOPL Inc.
7,000
28,103
Cover Corp.(a)(b)
2,800
34,203
Daiichikosho Co. Ltd.
7,000
79,438
DeNA Co. Ltd.
8,400
96,055
Gree Inc.(b)
7,000
21,481
GungHo Online Entertainment Inc.
4,200
87,440
Koei Tecmo Holdings Co. Ltd.
12,600
140,895
Mixi Inc.
4,200
79,561
Shochiku Co. Ltd.(b)
1,400
95,502
Square Enix Holdings Co. Ltd.
8,400
310,494
Toei Animation Co. Ltd.
6,200
133,149
Security
Shares
Value
Entertainment (continued)
Toei Co. Ltd.
4,200
$123,281
 
1,306,518
Financial Services — 1.1%
eGuarantee Inc.
4,200
40,685
Financial Products Group Co. Ltd.
7,000
113,354
Fuyo General Lease Co. Ltd.
1,900
148,814
GMO Payment Gateway Inc.
4,200
262,411
Japan Securities Finance Co. Ltd.
8,400
116,448
Mizuho Leasing Co. Ltd.
14,000
97,442
Ricoh Leasing Co. Ltd.
1,400
49,234
Tokyo Century Corp.
15,400
168,084
Zenkoku Hosho Co. Ltd.
5,600
226,219
 
1,222,691
Food Products — 4.1%
Ariake Japan Co. Ltd.
1,400
45,959
Calbee Inc.
8,400
186,350
DyDo Group Holdings Inc.
1,400
27,147
Ezaki Glico Co. Ltd.
5,600
158,962
Fuji Oil Holdings Inc.
4,200
92,497
Fujiya Co. Ltd.
1,400
25,363
Hokuto Corp.
2,800
36,043
House Foods Group Inc.
5,600
112,617
Itoham Yonekyu Holdings Inc.
2,840
77,219
J-Oil Mills Inc.
1,400
18,818
Kagome Co. Ltd.
8,400
185,109
Kameda Seika Co. Ltd.
1,400
42,893
Kewpie Corp.
11,200
285,535
Kotobuki Spirits Co. Ltd.
11,200
135,178
Maruha Nichiro Corp.
4,200
87,870
Megmilk Snow Brand Co. Ltd.
5,600
101,514
Mitsui DM Sugar Holdings Co. Ltd.
1,400
30,961
Morinaga & Co. Ltd./Japan
7,000
132,183
Morinaga Milk Industry Co. Ltd.
8,400
193,877
NH Foods Ltd.
9,800
367,208
Nichirei Corp.
11,200
335,120
Nippn Corp., New
5,600
87,349
Nisshin Oillio Group Ltd. (The)
2,800
99,507
Nisshin Seifun Group Inc.
22,400
290,046
Nissui Corp.
30,800
195,792
Prima Meat Packers Ltd.
2,800
44,318
Riken Vitamin Co. Ltd.
2,800
51,513
S Foods Inc.
1,400
25,834
Sakata Seed Corp.
2,800
66,197
Showa Sangyo Co. Ltd.
1,400
29,108
Toyo Suisan Kaisha Ltd.
9,800
613,957
Yamazaki Baking Co. Ltd.
12,600
233,220
 
4,415,264
Gas Utilities — 0.5%
K&O Energy Group Inc.(b)
1,400
33,886
Nippon Gas Co. Ltd.
11,200
178,803
Saibu Gas Holdings Co. Ltd.
2,800
36,953
Shizuoka Gas Co. Ltd.
4,200
32,209
Toho Gas Co. Ltd.
8,400
247,420
 
529,271
Ground Transportation — 3.4%
Alps Logistics Co. Ltd.
1,400
55,306
Fukuyama Transporting Co. Ltd.
1,400
35,750
Keikyu Corp.
22,400
177,685
Keio Corp.
11,200
273,529
Kintetsu Group Holdings Co. Ltd.
19,600
456,998
Kyushu Railway Co.
14,000
374,363
9
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Japan Small-Cap ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Ground Transportation (continued)
Maruzen Showa Unyu Co. Ltd.
1,400
$48,322
Nagoya Railroad Co. Ltd.
19,600
234,362
Nankai Electric Railway Co. Ltd.
11,200
181,388
Nikkon Holdings Co. Ltd.
5,600
143,149
Nishi-Nippon Railroad Co. Ltd.
7,000
114,783
Odakyu Electric Railway Co. Ltd.
33,600
391,429
Sakai Moving Service Co. Ltd.
2,800
49,847
Seibu Holdings Inc.
23,800
511,918
Seino Holdings Co. Ltd.
11,200
178,113
Sotetsu Holdings Inc.
8,400
140,414
Tobu Railway Co. Ltd.
19,600
338,364
 
3,705,720
Health Care Equipment & Supplies — 1.4%
Asahi Intecc Co. Ltd.
22,400
411,532
Eiken Chemical Co. Ltd.
2,800
44,234
Fukuda Denshi Co. Ltd.
1,400
72,212
Hogy Medical Co. Ltd.
2,800
84,967
Japan Lifeline Co. Ltd.
5,600
43,213
Mani Inc.
8,400
113,648
Menicon Co. Ltd.
7,000
66,081
Nagaileben Co. Ltd.
2,800
46,956
Nakanishi Inc.
7,000
125,321
Nihon Kohden Corp.
16,800
226,461
Nipro Corp.
15,400
137,189
Paramount Bed Holdings Co. Ltd.
4,200
74,513
PHC Holdings Corp.(b)
2,800
22,189
 
1,468,516
Health Care Providers & Services — 1.5%
Alfresa Holdings Corp.
18,200
300,015
Amvis Holdings Inc.
4,200
71,256
As One Corp.
5,600
113,281
BML Inc.
2,800
52,837
H.U. Group Holdings Inc.
5,600
103,051
Medipal Holdings Corp.
19,600
343,601
Ship Healthcare Holdings Inc.
8,400
126,404
SUNWELS Co. Ltd.(b)
1,400
27,900
Suzuken Co. Ltd.
7,000
248,076
Toho Holdings Co. Ltd.
5,600
184,799
Tokai Corp./Gifu
2,800
43,906
 
1,615,126
Health Care Technology — 0.1%
JMDC Inc.(b)
2,800
84,578
Medley Inc.(a)
2,800
66,767
 
151,345
Hotel & Resort REITs — 0.7%
Hoshino Resorts REIT Inc.
32
111,092
Invincible Investment Corp.
826
365,903
Japan Hotel REIT Investment Corp.
504
258,593
 
735,588
Hotels, Restaurants & Leisure — 2.5%
Atom Corp.(a)(b)
12,600
63,158
Colowide Co. Ltd.(b)
8,400
101,610
Create Restaurants Holdings Inc.
12,600
90,935
Curves Holdings Co. Ltd.
5,600
30,771
Doutor Nichires Holdings Co. Ltd.
2,800
42,549
Food & Life Companies Ltd.
11,200
208,782
Fuji Kyuko Co. Ltd.
2,800
52,133
Fujio Food Group Inc.(a)
1,400
13,121
Heiwa Corp.
5,616
81,272
Hiday Hidaka Corp.
2,884
53,979
HIS Co. Ltd.(a)
5,600
73,117
Security
Shares
Value
Hotels, Restaurants & Leisure (continued)
Ichibanya Co. Ltd.
7,000
$49,794
Kappa Create Co. Ltd.
2,800
33,593
Kisoji Co. Ltd.
2,800
49,200
KOMEDA Holdings Co. Ltd.
5,600
101,251
Koshidaka Holdings Co. Ltd.
4,200
27,639
Kura Sushi Inc.
2,800
73,262
Kyoritsu Maintenance Co. Ltd.
7,060
116,269
Matsuyafoods Holdings Co. Ltd.
1,400
54,778
Monogatari Corp. (The)
2,800
68,226
MOS Food Services Inc.
2,800
66,275
Ohsho Food Service Corp.
1,400
77,776
Resorttrust Inc.
8,400
160,603
Round One Corp.
19,600
119,608
Royal Holdings Co. Ltd.(b)
2,800
46,396
Saizeriya Co. Ltd.(b)
4,200
146,745
Skylark Holdings Co. Ltd.
25,200
386,155
Tokyotokeiba Co. Ltd.
1,400
39,693
Toridoll Holdings Corp.
4,200
106,654
Yoshinoya Holdings Co. Ltd.(b)
7,000
146,170
 
2,681,514
Household Durables — 3.0%
Casio Computer Co. Ltd.
21,000
168,717
Chofu Seisakusho Co. Ltd.
2,000
28,010
ES-Con Japan Ltd.
4,200
30,045
Fujitsu General Ltd.
7,000
93,538
Haseko Corp.
25,200
313,731
Iida Group Holdings Co. Ltd.
16,800
259,704
JVCKenwood Corp.
15,400
139,802
Nagawa Co. Ltd.
1,400
70,219
Nikon Corp.
32,200
344,914
Open House Group Co. Ltd.
8,400
332,084
Pressance Corp.
2,800
36,911
Rinnai Corp.
9,800
220,387
Sangetsu Corp.
4,200
83,724
Sharp Corp./Japan(a)
28,000
192,618
Sumitomo Forestry Co. Ltd.
16,800
702,298
Tama Home Co. Ltd.(b)
1,600
44,987
Tamron Co. Ltd.
4,000
128,912
Zojirushi Corp.
4,200
44,456
 
3,235,057
Household Products — 0.4%
Earth Corp.
1,400
50,848
Lion Corp.
26,600
270,375
Pigeon Corp.
12,600
136,250
 
457,473
Independent Power and Renewable Electricity Producers — 0.3%
Electric Power Development Co. Ltd.
15,400
261,607
RENOVA Inc.(a)(b)
4,200
29,936
 
291,543
Industrial Conglomerates — 0.4%
Katakura Industries Co. Ltd.
2,800
39,706
Keihan Holdings Co. Ltd.
9,800
189,913
Mie Kotsu Group Holdings Inc.
5,600
19,888
Nisshinbo Holdings Inc.
14,000
93,969
Noritsu Koki Co. Ltd.
1,400
41,390
TOKAI Holdings Corp.
9,800
66,553
 
451,419
Industrial REITs — 1.4%
Advance Logistics Investment Corp.
70
59,699
CRE Logistics REIT Inc.
56
57,366
GLP J-REIT
490
448,185
Schedule of Investments
10
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Japan Small-Cap ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Industrial REITs (continued)
Industrial & Infrastructure Fund Investment Corp.
252
$214,564
Japan Logistics Fund Inc.
98
175,691
LaSalle Logiport REIT
182
182,612
Mitsubishi Estate Logistics REIT Investment Corp.
56
145,089
Mitsui Fudosan Logistics Park Inc.
64
192,581
SOSiLA Logistics REIT Inc.
70
56,236
 
1,532,023
Insurance — 0.1%
FP Partner Inc.(b)
1,400
28,765
Lifenet Insurance Co.(a)
7,000
84,841
 
113,606
Interactive Media & Services — 0.3%
Bengo4.com Inc.(a)(b)
1,400
31,839
Kakaku.com Inc.
14,000
240,719
ZIGExN Co. Ltd.
5,600
21,832
 
294,390
IT Services — 1.7%
Argo Graphics Inc.
1,400
48,676
BIPROGY Inc.
7,000
226,745
Change Holdings Inc.(b)
4,200
41,564
Comture Corp.
2,800
31,541
Dentsu Soken Inc.
2,800
115,515
Digital Garage Inc.(b)
2,800
56,403
DTS Corp.
4,200
119,014
Future Corp.
4,200
51,085
GMO internet group Inc.
7,000
121,138
Mitsubishi Research Institute Inc.
1,400
40,873
NEC Networks & System Integration Corp.
7,000
126,939
NET One Systems Co. Ltd.
8,400
196,076
NS Solutions Corp.
7,000
178,318
NSD Co. Ltd.
7,000
153,221
Sakura Internet Inc.(b)
2,800
66,763
SHIFT Inc.(a)
1,400
131,414
Simplex Holdings Inc.
4,200
72,323
TechMatrix Corp.
4,200
70,337
Zuken Inc.
1,400
33,763
 
1,881,708
Leisure Products — 1.3%
Mizuno Corp.
1,400
94,549
Roland Corp.
1,400
36,279
Sankyo Co. Ltd.
19,600
282,507
Sega Sammy Holdings Inc.
16,800
295,071
Tomy Co. Ltd.
8,400
200,316
Tsuburaya Fields Holdings Inc.(b)
4,200
62,534
Universal Entertainment Corp.
2,800
26,548
Yamaha Corp.
14,000
337,901
Yonex Co. Ltd.
7,000
92,513
 
1,428,218
Machinery — 8.0%
Aichi Corp.
2,800
21,581
Aida Engineering Ltd.(b)
4,200
22,572
Amada Co. Ltd.
35,000
361,335
CKD Corp.
5,600
114,379
Daiwa Industries Ltd.
2,800
28,204
DMG Mori Co. Ltd.
12,600
302,972
Ebara Corp.
49,000
670,303
Fuji Corp./Aichi
8,400
141,828
Fujitec Co. Ltd.
7,000
226,917
Fukushima Galilei Co. Ltd.
1,400
54,214
Furukawa Co. Ltd.
2,800
31,103
Glory Ltd.
4,200
75,713
Security
Shares
Value
Machinery (continued)
Harmonic Drive Systems Inc.
5,600
$135,786
Hino Motors Ltd.(a)
30,800
93,458
Hitachi Zosen Corp.
16,800
111,931
IHI Corp.
15,400
676,301
Japan Steel Works Ltd. (The)
7,000
220,117
Kawasaki Heavy Industries Ltd.
15,400
550,122
Kitz Corp.
7,000
49,708
Kurita Water Industries Ltd.
11,200
450,793
Kyokuto Kaihatsu Kogyo Co. Ltd.
2,800
51,814
Makino Milling Machine Co. Ltd.
2,800
112,721
Max Co. Ltd.
2,800
68,060
Meidensha Corp.
4,200
99,794
METAWATER Co. Ltd.
2,800
33,960
MISUMI Group Inc.
30,800
584,301
Mitsubishi Logisnext Co. Ltd.
2,800
26,562
Mitsuboshi Belting Ltd.
2,800
81,537
Mitsui E&S Co. Ltd.
9,800
91,061
Miura Co. Ltd.
9,800
223,946
Morita Holdings Corp.
2,800
35,816
Nabtesco Corp.
11,200
190,909
Nachi-Fujikoshi Corp.
1,400
29,548
Namura Shipbuilding Co. Ltd.
4,200
48,541
NGK Insulators Ltd.
25,200
337,870
Nikkiso Co. Ltd.
4,200
29,807
Nitta Corp.
1,400
36,692
Nomura Micro Science Co. Ltd.
3,200
62,443
Noritake Co. Ltd.
1,400
38,344
NSK Ltd.
39,200
202,872
NTN Corp.
44,800
84,822
Obara Group Inc.
1,400
38,783
Oiles Corp.
1,496
21,826
OKUMA Corp.
2,800
116,922
Organo Corp.
2,800
128,859
OSG Corp.
8,400
117,126
Ryobi Ltd.
2,800
39,017
Shibaura Machine Co. Ltd.
2,800
71,524
Shibuya Corp.
1,400
35,091
Shinmaywa Industries Ltd.
5,600
52,182
Star Micronics Co. Ltd.
4,200
56,635
Sumitomo Heavy Industries Ltd.
11,200
262,342
Tadano Ltd.
9,800
66,390
Takeuchi Manufacturing Co. Ltd.
4,200
125,180
Takuma Co. Ltd.
7,000
78,127
THK Co. Ltd.
12,600
234,153
Tocalo Co. Ltd.
5,600
71,081
Tsubakimoto Chain Co.
2,800
117,181
Tsugami Corp.
4,200
44,436
Tsurumi Manufacturing Co. Ltd.
1,400
37,005
Union Tool Co.
1,400
56,831
Yamabiko Corp.
2,800
44,808
 
8,626,256
Marine Transportation — 0.1%
Iino Kaiun Kaisha Ltd.
7,000
62,189
NS United Kaiun Kaisha Ltd.
1,400
46,868
 
109,057
Media — 1.0%
CyberAgent Inc.
46,200
320,812
Fuji Media Holdings Inc.
5,600
65,953
Hakuhodo DY Holdings Inc.
22,400
189,935
Kadokawa Corp.
8,416
168,363
Nippon Television Holdings Inc.
5,600
91,767
11
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Japan Small-Cap ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Media (continued)
Septeni Holdings Co. Ltd.(b)
5,600
$17,474
SKY Perfect JSAT Holdings Inc.
15,400
91,231
TBS Holdings Inc.
4,200
117,061
TV Asahi Holdings Corp.
2,800
38,377
 
1,100,973
Metals & Mining — 2.1%
ARE Holdings Inc.
8,400
106,635
Daido Steel Co. Ltd.
12,600
125,265
Dowa Holdings Co. Ltd.
5,600
194,716
Godo Steel Ltd.
1,400
44,300
Kobe Steel Ltd.
39,200
482,844
Kyoei Steel Ltd.
2,800
34,050
Maruichi Steel Tube Ltd.
7,000
168,383
Mitsubishi Materials Corp.
12,600
224,158
Mitsui Mining & Smelting Co. Ltd.
5,600
181,191
Nippon Light Metal Holdings Co. Ltd.
5,600
63,405
Nittetsu Mining Co. Ltd.
1,400
42,939
Osaka Steel Co. Ltd.
1,400
31,336
OSAKA Titanium Technologies Co. Ltd.(b)
2,800
49,826
Sanyo Special Steel Co. Ltd.
2,800
37,509
Toho Titanium Co. Ltd.
2,800
23,339
Tokyo Steel Manufacturing Co. Ltd.
5,600
76,827
UACJ Corp.
4,214
145,392
Yamato Kogyo Co. Ltd.
4,200
209,782
Yodogawa Steel Works Ltd.
1,400
55,502
 
2,297,399
Office REITs — 1.0%
Daiwa Office Investment Corp.(b)
63
132,395
Global One Real Estate Investment Corp.
112
78,297
Ichigo Office REIT Investment Corp.
98
57,169
Japan Excellent Inc.
126
109,252
Japan Prime Realty Investment Corp.
84
189,514
Mirai Corp.
196
59,950
Mori Hills REIT Investment Corp.
154
136,885
One REIT Inc.
28
48,364
Orix JREIT Inc.
280
290,828
 
1,102,654
Oil, Gas & Consumable Fuels — 0.9%
Cosmo Energy Holdings Co. Ltd.
7,000
389,528
Itochu Enex Co. Ltd.
5,600
61,603
Iwatani Corp.
4,200
255,962
Japan Petroleum Exploration Co. Ltd.
4,200
168,267
Mitsuuroko Group Holdings Co. Ltd.
2,800
31,892
San-Ai Obbli Co. Ltd.
4,200
58,343
 
965,595
Paper & Forest Products — 0.5%
Daio Paper Corp.
8,400
49,783
Hokuetsu Corp.(b)
9,800
103,423
Nippon Paper Industries Co. Ltd.
9,800
62,246
Oji Holdings Corp.
86,800
347,371
 
562,823
Personal Care Products — 1.2%
Euglena Co. Ltd.(a)(b)
9,800
33,477
Fancl Corp.
9,800
188,071
Kobayashi Pharmaceutical Co. Ltd.
5,600
215,184
Kose Corp.
2,800
170,533
Mandom Corp.
2,800
23,902
Milbon Co. Ltd.
2,800
57,871
Noevir Holdings Co. Ltd.
1,400
54,632
Pola Orbis Holdings Inc.
9,800
98,974
Security
Shares
Value
Personal Care Products (continued)
Rohto Pharmaceutical Co. Ltd.
19,600
$468,965
 
1,311,609
Pharmaceuticals — 1.5%
Hisamitsu Pharmaceutical Co. Inc.
5,600
155,992
JCR Pharmaceuticals Co. Ltd.
7,000
30,196
Kaken Pharmaceutical Co. Ltd.
2,800
79,393
Kissei Pharmaceutical Co. Ltd.
2,800
66,678
Kyorin Pharmaceutical Co. Ltd.
4,200
46,882
Mochida Pharmaceutical Co. Ltd.
2,800
63,658
Nippon Shinyaku Co. Ltd.
5,600
135,362
Nxera Pharma Co. Ltd.(a)(b)
8,400
81,028
Santen Pharmaceutical Co. Ltd.
35,000
451,502
Sawai Group Holdings Co. Ltd.
4,200
179,212
Sumitomo Pharma Co. Ltd.(a)
18,200
83,773
Torii Pharmaceutical Co. Ltd.
1,400
35,491
Towa Pharmaceutical Co. Ltd.
2,800
56,507
Tsumura & Co.
5,600
155,014
ZERIA Pharmaceutical Co. Ltd.
2,800
44,374
 
1,665,062
Professional Services — 2.0%
BayCurrent Consulting Inc.
14,000
446,316
Bell System24 Holdings Inc.
4,200
43,757
Dip Corp.
2,800
55,575
en Japan Inc.
2,800
47,274
Funai Soken Holdings Inc.
4,200
67,972
Infomart Corp.
19,600
41,595
Insource Co. Ltd.
4,200
30,981
JAC Recruitment Co. Ltd.
7,000
36,506
MEITEC Group Holdings Inc.
7,000
165,602
Nomura Co. Ltd.
8,400
49,158
Open Up Group Inc.
5,616
75,854
Pasona Group Inc.
2,800
43,940
Persol Holdings Co. Ltd.
198,800
389,419
SMS Co. Ltd.
7,000
105,343
TechnoPro Holdings Inc.
11,200
226,379
TKC Corp.
2,800
75,515
Transcosmos Inc.
2,800
68,366
UT Group Co. Ltd.
2,800
54,514
Visional Inc.(a)
2,800
171,623
 
2,195,689
Real Estate Management & Development — 1.7%
Aeon Mall Co. Ltd.
9,800
138,107
Goldcrest Co. Ltd.
1,400
28,152
Heiwa Real Estate Co. Ltd.
2,800
78,466
Ichigo Inc.
23,800
62,484
Kasumigaseki Capital Co. Ltd.(b)
900
93,043
Katitas Co. Ltd.
5,600
72,432
Keihanshin Building Co. Ltd.
2,800
31,439
Leopalace21 Corp.(b)
18,200
74,362
Raysum Co. Ltd.
1,400
31,547
Relo Group Inc.
11,200
147,504
Samty Holdings Co Ltd./Japan
2,800
50,426
SRE Holdings Corp.(a)
1,400
46,386
Starts Corp. Inc.
2,800
64,681
Sun Frontier Fudousan Co. Ltd.
2,800
35,362
TKP Corp.(a)
1,400
16,718
Tokyo Tatemono Co. Ltd.
19,600
327,448
Tokyu Fudosan Holdings Corp.
60,200
435,085
Tosei Corp.
2,800
45,008
 
1,778,650
Schedule of Investments
12
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Japan Small-Cap ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Residential REITs — 0.8%
Advance Residence Investment Corp.
140
$317,242
Comforia Residential REIT Inc.
74
162,422
Daiwa Securities Living Investments Corp.
210
149,566
Nippon Accommodations Fund Inc.
56
252,751
Samty Residential Investment Corp.
42
29,600
 
911,581
Retail REITs — 0.8%
AEON REIT Investment Corp.
168
154,314
Frontier Real Estate Investment Corp.
56
164,210
Fukuoka REIT Corp.
70
71,117
Japan Metropolitan Fund Invest
742
469,176
 
858,817
Semiconductors & Semiconductor Equipment — 2.1%
Ferrotec Holdings Corp.
4,200
70,924
Furuya Metal Co. Ltd.
1,400
41,074
Japan Material Co. Ltd.
5,600
68,815
Megachips Corp.
1,400
47,524
Micronics Japan Co. Ltd.
2,800
93,704
Mitsui High-Tec Inc.
9,800
70,553
Optorun Co. Ltd.
2,800
35,500
Rorze Corp.
14,000
218,279
RS Technologies Co. Ltd.
1,400
34,191
Sanken Electric Co. Ltd.
2,800
135,360
Shibaura Mechatronics Corp.
1,400
83,738
Shinko Electric Industries Co. Ltd.
7,000
270,808
Socionext Inc.
19,600
439,666
Tokyo Seimitsu Co. Ltd.
4,200
241,023
Towa Corp.(b)
2,800
144,922
Tri Chemical Laboratories Inc.
2,800
73,301
Ulvac Inc.(b)
4,200
237,873
 
2,307,255
Software — 1.3%
Appier Group Inc.(a)(b)
7,000
79,574
Cybozu Inc.
2,800
33,346
Digital Arts Inc.
1,400
43,112
Freee KK(a)
4,200
80,358
Fuji Soft Inc.
5,600
342,272
I'll Inc.
1,400
28,220
Justsystems Corp.
4,200
100,001
Money Forward Inc.(a)
4,200
160,690
OBIC Business Consultants Co. Ltd.
2,800
137,415
PKSHA Technology Inc.(a)
1,400
29,786
Plus Alpha Consulting Co. Ltd.(b)
2,800
36,292
Rakus Co. Ltd.
9,800
162,508
Sansan Inc.(a)
7,000
105,880
Systena Corp.
30,800
82,699
WingArc1st Inc.
1,400
28,412
 
1,450,565
Specialty Retail — 2.9%
ABC-Mart Inc.
11,200
229,654
Adastria Co. Ltd.
2,800
69,283
Alpen Co. Ltd.
1,400
20,737
AOKI Holdings Inc.
4,200
36,428
Aoyama Trading Co. Ltd.
4,200
41,548
Arclands Corp.
5,679
67,770
Autobacs Seven Co. Ltd.
7,000
71,964
Bic Camera Inc.
9,800
112,156
DCM Holdings Co. Ltd.
11,200
111,376
EDION Corp.
7,000
87,917
Geo Holdings Corp.
2,800
31,131
IDOM Inc.
7,000
55,372
Security
Shares
Value
Specialty Retail (continued)
JINS Holdings Inc.
1,400
$49,886
Joshin Denki Co. Ltd.
1,400
26,876
Joyful Honda Co. Ltd.
5,600
82,367
Kohnan Shoji Co. Ltd.
2,800
74,796
Komeri Co. Ltd.
4,200
107,377
K's Holdings Corp.
15,400
165,920
Nafco Co. Ltd.
1,400
25,505
Nextage Co. Ltd.
4,200
59,713
Nishimatsuya Chain Co. Ltd.
4,200
72,680
Nojima Corp.
7,000
81,141
PAL GROUP Holdings Co. Ltd.
4,200
67,723
Sanrio Co. Ltd.(b)
16,800
429,770
Shimamura Co. Ltd.
4,200
224,258
T-Gaia Corp.
1,400
35,258
USS Co. Ltd.
43,400
398,508
VT Holdings Co. Ltd.
8,400
28,881
Workman Co. Ltd.
2,800
90,034
Yamada Holdings Co. Ltd.
56,000
173,755
Yellow Hat Ltd.
2,800
49,017
 
3,178,801
Technology Hardware, Storage & Peripherals — 0.4%
Eizo Corp.
1,400
43,655
Elecom Co. Ltd.
4,200
41,338
Konica Minolta Inc.
49,000
147,200
MCJ Co. Ltd.
7,000
73,377
Riso Kagaku Corp.
1,400
32,783
Toshiba TEC Corp.
2,800
67,287
Wacom Co. Ltd.
14,000
67,325
 
472,965
Textiles, Apparel & Luxury Goods — 0.6%
Descente Ltd.
2,800
83,958
Goldwin Inc.
2,800
173,627
Gunze Ltd.
1,400
53,523
Japan Wool Textile Co. Ltd. (The)
4,200
38,881
Onward Holdings Co. Ltd.
11,200
41,575
Seiko Group Corp.
2,800
77,020
Wacoal Holdings Corp.
4,200
124,482
 
593,066
Trading Companies & Distributors — 1.7%
Hanwa Co. Ltd.
2,800
98,191
Inaba Denki Sangyo Co. Ltd.
5,600
147,438
Inabata & Co. Ltd.
4,200
97,560
Japan Pulp & Paper Co. Ltd.
1,400
61,440
Kanamoto Co. Ltd.
2,800
55,792
Kanematsu Corp.
8,400
145,470
Nagase & Co. Ltd.
9,800
215,395
Nichiden Corp.
1,400
32,789
Nishio Holdings Co. Ltd.
1,400
40,579
Senshu Electric Co. Ltd.
1,400
50,395
Sojitz Corp.
23,800
571,977
Sumiseki Holdings Inc.(b)
1,400
9,334
Totech Corp.
2,800
47,911
Trusco Nakayama Corp.
4,200
68,600
Wakita & Co. Ltd.
4,200
46,868
Yamazen Corp.
5,600
52,862
Yuasa Trading Co. Ltd.
1,400
49,653
 
1,792,254
Transportation Infrastructure — 0.7%
Japan Airport Terminal Co. Ltd.
7,000
242,137
Kamigumi Co. Ltd.
8,400
189,944
Mitsubishi Logistics Corp.
5,600
197,473
13
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Japan Small-Cap ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Transportation Infrastructure (continued)
Sumitomo Warehouse Co. Ltd. (The)
5,600
$101,041
 
730,595
Wireless Telecommunication Services — 0.1%
Okinawa Cellular Telephone Co.
2,800
79,973
Total Long-Term Investments — 99.3%
(Cost: $111,121,982)
107,422,323
Short-Term Securities
Money Market Funds — 3.0%
BlackRock Cash Funds: Institutional, SL Agency Shares,
5.45%(c)(d)(e)
3,189,406
3,191,320
BlackRock Cash Funds: Treasury, SL Agency Shares,
5.25%(c)(d)
40,000
40,000
Total Short-Term Securities — 3.0%
(Cost: $3,230,683)
3,231,320
Total Investments — 102.3%
(Cost: $114,352,665)
110,653,643
Liabilities in Excess of Other Assets — (2.3)%
(2,518,293
)
Net Assets — 100.0%
$108,135,350
 
(a)
Non-income producing security.
(b)
All or a portion of this security is on loan.
(c)
Affiliate of the Fund.
(d)
Annualized 7-day yield as of period end.
(e)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2024 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 Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
08/31/24
Shares
Held at
08/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency
Shares
$2,382,293
$808,230
(a)
$—
$53
$744
$3,191,320
3,189,406
$66,288
(b)
$—
BlackRock Cash Funds: Treasury, SL Agency
Shares
50,000
—
(10,000
)(a)
—
—
40,000
40,000
3,869
—
 
$53
$744
$3,231,320
$70,157
$—
 
(a)
Represents net amount purchased (sold).
(b)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other
payments to and from borrowers of securities.
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts
Mini TOPIX Index
33
09/12/24
$618
$56,021
Schedule of Investments
14
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Japan Small-Cap ETF
 
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets—Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)
$—
$—
$56,021
$—
$—
$—
$56,021
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's
variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).
For the period ended August 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from
Futures contracts
$—
$—
$93,577
$—
$—
$—
$93,577
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts
$—
$—
$49,554
$—
$—
$—
$49,554
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$893,294
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
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 
Common Stocks
$382,498
$107,039,825
$—
$107,422,323
Short-Term Securities 
Money Market Funds
3,231,320
—
—
3,231,320
 
$3,613,818
$107,039,825
$—
$110,653,643
Derivative Financial Instruments(a) 
Assets 
Equity Contracts
$—
$56,021
$—
$56,021
 
(a)
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
See notes to financial statements.
15
2024 iShares Annual Financial Statements
Schedule of Investments
August 31, 2024
iShares® MSCI Malaysia ETF
(Percentages shown are based on Net Assets)
 
Security
Shares
Value
Common Stocks
Banks — 42.2%
AMMB Holdings Bhd
6,585,937
$7,929,887
CIMB Group Holdings Bhd
18,425,612
35,035,160
Hong Leong Bank Bhd
1,723,040
8,467,834
Malayan Banking Bhd
14,387,581
35,893,741
Public Bank Bhd
38,572,600
43,019,091
RHB Bank Bhd
4,042,902
5,737,228
 
136,082,941
Chemicals — 3.1%
Petronas Chemicals Group Bhd(a)
7,418,800
9,973,512
Construction & Engineering — 2.8%
Gamuda Bhd
5,142,509
8,924,007
Diversified Telecommunication Services — 1.5%
Telekom Malaysia Bhd
3,050,500
4,771,393
Electric Utilities — 7.3%
Tenaga Nasional Bhd(a)
6,930,812
23,492,195
Food Products — 10.3%
IOI Corp. Bhd
6,661,230
6,199,755
Kuala Lumpur Kepong Bhd
1,310,289
6,591,929
Nestle Malaysia Bhd
186,400
4,577,229
PPB Group Bhd
1,696,219
5,727,288
QL Resources Bhd
2,901,650
4,364,557
SD Guthrie Bhd
5,497,155
5,823,943
 
33,284,701
Gas Utilities — 2.8%
Petronas Gas Bhd
2,097,100
8,868,707
Health Care Providers & Services — 2.6%
IHH Healthcare Bhd
5,833,700
8,462,070
Hotels, Restaurants & Leisure — 3.2%
Genting Bhd
5,649,700
5,645,043
Genting Malaysia Bhd(a)
7,866,700
4,590,564
 
10,235,607
Industrial Conglomerates — 3.1%
Sime Darby Bhd
7,223,355
4,149,530
Sunway Bhd
6,031,600
5,721,124
 
9,870,654
Marine Transportation — 2.1%
MISC Bhd
3,548,120
6,886,923
Metals & Mining — 3.5%
Press Metal Aluminium Holdings Bhd
9,824,200
11,315,449
Security
Shares
Value
Multi-Utilities — 3.7%
YTL Corp. Bhd
8,794,800
$5,924,800
YTL Power International Bhd
6,562,800
5,916,011
 
11,840,811
Oil, Gas & Consumable Fuels — 1.2%
Petronas Dagangan Bhd
789,700
3,851,215
Semiconductors & Semiconductor Equipment — 1.7%
Inari Amertron Bhd
7,503,700
5,477,639
Specialty Retail — 1.3%
MR DIY Group M Bhd(b)
8,765,900
4,172,862
Transportation Infrastructure — 1.8%
Malaysia Airports Holdings Bhd
2,431,500
5,906,478
Wireless Telecommunication Services — 5.6%
Axiata Group Bhd
7,298,500
4,301,276
CELCOMDIGI Bhd
9,325,100
8,354,496
Maxis Bhd(a)
6,226,300
5,563,015
 
18,218,787
Total Long-Term Investments — 99.8%
(Cost: $187,758,912)
321,635,951
Short-Term Securities
Money Market Funds — 3.8%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 5.45%(c)(d)(e)
12,011,301
12,018,508
BlackRock Cash Funds: Treasury, SL Agency Shares,
5.25%(c)(d)
330,000
330,000
Total Short-Term Securities — 3.8%
(Cost: $12,348,103)
12,348,508
Total Investments — 103.6%
(Cost: $200,107,015)
333,984,459
Liabilities in Excess of Other Assets — (3.6)%
(11,563,004
)
Net Assets — 100.0%
$322,421,455
 
(a)
All or a portion of this security is on loan.
(b)
Security exempt from registration pursuant to Rule 144A under the Securities Act of
1933, as amended. These securities may be resold in transactions exempt from
registration to qualified institutional investors.
(c)
Affiliate of the Fund.
(d)
Annualized 7-day yield as of period end.
(e)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
Schedule of Investments
16
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Malaysia ETF
 
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2024 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 Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
08/31/24
Shares
Held at
08/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency
Shares
$626,494
$11,391,210
(a)
$—
$496
$308
$12,018,508
12,011,301
$64,457
(b)
$—
BlackRock Cash Funds: Treasury, SL Agency
Shares
250,000
80,000
(a)
—
—
—
330,000
330,000
24,407
—
 
$496
$308
$12,348,508
$88,864
$—
 
(a)
Represents net amount purchased (sold).
(b)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other
payments to and from borrowers of securities.
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts
MSCI Emerging Markets Index
14
09/20/24
$770
$2,072
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets—Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)
$—
$—
$2,072
$—
$—
$—
$2,072
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's
variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).
For the period ended August 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from
Futures contracts
$—
$—
$(88,793
)
$—
$—
$—
$(88,793
)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts
$—
$—
$8,850
$—
$—
$—
$8,850
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$333,306
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
17
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Malaysia ETF
 
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets 
Investments 
Long-Term Investments 
Common Stocks
$39,696,517
$281,939,434
$—
$321,635,951
Short-Term Securities 
Money Market Funds
12,348,508
—
—
12,348,508
 
$52,045,025
$281,939,434
$—
$333,984,459
Derivative Financial Instruments(a) 
Assets 
Equity Contracts
$2,072
$—
$—
$2,072
 
(a)
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
See notes to financial statements.
Schedule of Investments
18
Schedule of Investments
August 31, 2024
iShares® MSCI Pacific ex Japan ETF
(Percentages shown are based on Net Assets)
 
Security
Shares
Value
Common Stocks
Australia — 68.8%
Ampol Ltd.
249,584
$4,883,224
ANZ Group Holdings Ltd.
3,149,597
64,646,540
APA Group
1,343,244
6,883,599
Aristocrat Leisure Ltd.
595,301
21,973,381
ASX Ltd.
202,228
8,372,409
BHP Group Ltd.
5,308,209
146,154,176
BlueScope Steel Ltd.
463,422
6,456,368
Brambles Ltd.
1,457,663
17,969,019
CAR Group Ltd.
376,469
9,662,041
Cochlear Ltd.
68,378
13,882,339
Coles Group Ltd.
1,396,871
17,734,619
Commonwealth Bank of Australia
1,751,683
164,977,484
Computershare Ltd.
557,236
10,713,028
CSL Ltd.
505,805
105,042,779
Dexus
1,127,634
5,480,554
Endeavour Group Ltd./Australia
1,593,474
5,745,597
Fortescue Ltd.
1,772,460
21,835,787
Goodman Group
1,789,032
40,360,274
GPT Group (The)
2,004,974
6,635,540
Insurance Australia Group Ltd.
2,482,929
12,688,613
James Hardie Industries PLC(a)
452,701
16,887,127
Lottery Corp. Ltd. (The)
2,321,109
7,816,948
Macquarie Group Ltd.
379,865
55,290,604
Medibank Pvt Ltd.
2,875,710
7,507,570
Mineral Resources Ltd.
185,121
4,996,688
Mirvac Group
4,120,565
5,658,196
National Australia Bank Ltd.
3,237,434
83,435,547
Northern Star Resources Ltd.
1,203,421
12,287,741
Orica Ltd.
508,478
6,099,243
Origin Energy Ltd.
1,803,145
12,157,095
Pilbara Minerals Ltd.(b)
2,989,565
5,985,338
Pro Medicus Ltd.
60,093
6,149,277
Qantas Airways Ltd.(a)
838,957
3,795,687
QBE Insurance Group Ltd.
1,572,514
16,769,262
Ramsay Health Care Ltd.
192,248
5,396,747
REA Group Ltd.
55,128
8,165,594
Reece Ltd.
237,951
4,392,545
Rio Tinto Ltd.
388,540
29,088,637
Santos Ltd.
3,401,993
16,585,987
Scentre Group
5,437,506
12,599,243
SEEK Ltd.
373,472
5,815,392
Seven Group Holdings Ltd.
212,996
5,916,912
Sonic Healthcare Ltd.
475,859
8,904,255
South32 Ltd.
4,747,110
9,996,923
Stockland
2,489,463
8,407,169
Suncorp Group Ltd.
1,331,693
15,903,892
Telstra Group Ltd.
4,237,355
11,254,916
Transurban Group
3,236,481
29,579,175
Treasury Wine Estates Ltd.
849,294
6,552,104
Vicinity Ltd.
4,050,881
6,061,439
Washington H Soul Pattinson & Co. Ltd.
245,735
5,730,268
Wesfarmers Ltd.
1,187,739
58,266,397
Westpac Banking Corp.
3,624,176
76,409,006
WiseTech Global Ltd.
174,504
14,061,383
Woodside Energy Group Ltd.
1,987,361
36,406,957
Woolworths Group Ltd.
1,278,598
30,843,696
Xero Ltd.(a)
151,790
14,721,873
 
1,357,994,204
Hong Kong — 16.2%
AIA Group Ltd.
11,662,814
82,137,455
Security
Shares
Value
Hong Kong (continued)
BOC Hong Kong Holdings Ltd.
3,873,500
$12,158,611
CK Asset Holdings Ltd.
2,024,732
8,148,232
CK Hutchison Holdings Ltd.
2,806,232
15,383,079
CK Infrastructure Holdings Ltd.
661,708
4,895,249
CLP Holdings Ltd.
1,719,000
15,337,563
Futu Holdings Ltd., ADR(a)
58,966
3,747,879
Galaxy Entertainment Group Ltd.
2,289,000
8,830,173
Hang Seng Bank Ltd.
796,200
9,587,350
Henderson Land Development Co. Ltd.
1,502,442
4,667,922
HKT Trust & HKT Ltd., Class SS
3,977,338
5,050,044
Hong Kong & China Gas Co. Ltd.
11,668,253
9,473,489
Hong Kong Exchanges & Clearing Ltd.
1,260,600
38,464,951
Hongkong Land Holdings Ltd.
1,161,800
4,359,303
Jardine Matheson Holdings Ltd.
165,600
5,968,224
Link REIT
2,673,463
12,563,989
MTR Corp. Ltd.
1,630,786
5,733,332
Power Assets Holdings Ltd.
1,446,500
10,067,523
Sands China Ltd.(a)
2,550,800
4,621,997
Sino Land Co. Ltd.
4,026,800
4,306,354
SITC International Holdings Co. Ltd.
1,389,000
3,271,556
Sun Hung Kai Properties Ltd.
1,516,500
14,733,447
Swire Pacific Ltd., Class A
445,000
3,777,248
Techtronic Industries Co. Ltd.
1,438,707
19,276,949
WH Group Ltd.(c)
8,729,500
6,331,247
Wharf Holdings Ltd. (The)
1,112,850
2,912,987
Wharf Real Estate Investment Co. Ltd.
1,757,600
5,103,771
 
320,909,924
New Zealand — 1.7%
Auckland International Airport Ltd.
1,392,982
6,605,190
Fisher & Paykel Healthcare Corp. Ltd.
613,047
13,683,709
Mercury NZ Ltd.
725,848
2,843,177
Meridian Energy Ltd.
1,357,340
5,379,751
Spark New Zealand Ltd.
1,888,392
4,227,641
 
32,739,468
Singapore — 12.6%
CapitaLand Ascendas REIT
3,898,380
8,594,719
CapitaLand Integrated Commercial Trust
5,663,638
9,202,345
CapitaLand Investment Ltd./Singapore
2,450,700
5,090,898
DBS Group Holdings Ltd.
2,085,410
58,233,606
Genting Singapore Ltd.(b)
6,353,600
3,921,095
Grab Holdings Ltd., Class A(a)
2,210,563
7,118,013
Keppel Ltd.(b)
1,524,400
7,207,541
Oversea-Chinese Banking Corp. Ltd.
3,544,224
39,505,600
Sea Ltd., ADR(a)(b)
387,444
30,340,740
Sembcorp Industries Ltd.
923,400
3,492,308
Singapore Airlines Ltd.(b)
1,558,250
7,500,034
Singapore Exchange Ltd.
897,300
7,443,969
Singapore Technologies Engineering Ltd.
1,635,500
5,576,676
Singapore Telecommunications Ltd.
7,778,428
18,654,482
United Overseas Bank Ltd.
1,323,400
31,813,209
Wilmar International Ltd.
2,017,400
4,852,263
 
248,547,498
Total Long-Term Investments — 99.3%
(Cost: $1,904,173,251)
1,960,191,094
Short-Term Securities
Money Market Funds — 0.6%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 5.45%(d)(e)(f)
11,634,366
11,641,346
19
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Pacific ex Japan ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares,
5.25%(d)(e)
780,000
$780,000
Total Short-Term Securities — 0.6%
(Cost: $12,418,415)
12,421,346
Total Investments — 99.9%
(Cost: $1,916,591,666)
1,972,612,440
Other Assets Less Liabilities — 0.1%
1,227,382
Net Assets — 100.0%
$1,973,839,822
 
(a)
Non-income producing security.
(b)
All or a portion of this security is on loan.
(c)
Security exempt from registration pursuant to Rule 144A under the Securities Act of
1933, as amended. These securities may be resold in transactions exempt from
registration to qualified institutional investors.
(d)
Affiliate of the Fund.
(e)
Annualized 7-day yield as of period end.
(f)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2024 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 Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
08/31/24
Shares
Held at
08/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL
Agency Shares
$9,545,074
$2,090,008
(a)
$—
$6,691
$(427
)
$11,641,346
11,634,366
$65,454
(b)
$—
BlackRock Cash Funds: Treasury, SL Agency
Shares
820,000
—
(40,000
)(a)
—
—
780,000
780,000
83,656
—
 
$6,691
$(427
)
$12,421,346
$149,110
$—
 
(a)
Represents net amount purchased (sold).
(b)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other
payments to and from borrowers of securities.
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts
SPI 200 Index
75
09/19/24
$10,190
$198,238
MSCI Singapore Index
125
09/27/24
3,081
15,684
 
$213,922
Schedule of Investments
20
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Pacific ex Japan ETF
 
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets—Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)
$—
$—
$213,922
$—
$—
$—
$213,922
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's
variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).
For the period ended August 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from
Futures contracts
$—
$—
$865,060
$—
$—
$—
$865,060
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts
$—
$—
$68,737
$—
$—
$—
$68,737
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$12,541,945
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
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 
Common Stocks
$59,159,797
$1,901,031,297
$—
$1,960,191,094
Short-Term Securities 
Money Market Funds
12,421,346
—
—
12,421,346
 
$71,581,143
$1,901,031,297
$—
$1,972,612,440
Derivative Financial Instruments(a) 
Assets 
Equity Contracts
$—
$213,922
$—
$213,922
 
(a)
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
See notes to financial statements.
21
2024 iShares Annual Financial Statements
Schedule of Investments
August 31, 2024
iShares® MSCI Singapore ETF
(Percentages shown are based on Net Assets)
 
Security
Shares
Value
Common Stocks
Aerospace & Defense — 4.3%
Singapore Technologies Engineering Ltd.
6,420,000
$21,890,712
Banks — 45.7%
DBS Group Holdings Ltd.
4,110,550
114,784,215
Oversea-Chinese Banking Corp. Ltd.
8,659,050
96,517,874
United Overseas Bank Ltd.
957,100
23,007,724
 
234,309,813
Capital Markets — 4.5%
Singapore Exchange Ltd.
2,793,177
23,172,098
Diversified Telecommunication Services — 4.7%
Singapore Telecommunications Ltd.
10,057,268
24,119,671
Entertainment — 4.3%
Sea Ltd., ADR(a)
278,396
21,801,191
Food Products — 4.5%
Wilmar International Ltd.
9,567,400
23,011,571
Ground Transportation — 4.4%
Grab Holdings Ltd., Class A(a)
6,986,628
22,496,942
Hotels, Restaurants & Leisure — 4.3%
Genting Singapore Ltd.
35,936,242
22,177,890
Industrial Conglomerates — 4.4%
Keppel Ltd.
4,822,900
22,803,234
Industrial REITs — 4.6%
CapitaLand Ascendas REIT
10,638,194
23,453,918
Multi-Utilities — 4.6%
Sembcorp Industries Ltd.
6,170,200
23,335,758
Security
Shares
Value
Passenger Airlines — 4.5%
Singapore Airlines Ltd.(b)
4,838,667
$23,289,052
Real Estate Management & Development — 1.5%
CapitaLand Investment Ltd./Singapore(b)
3,827,900
7,951,789
Retail REITs — 3.0%
CapitaLand Integrated Commercial Trust
9,395,494
15,265,908
Total Long-Term Investments — 99.3%
(Cost: $459,366,755)
509,079,547
Short-Term Securities
Money Market Funds — 1.4%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 5.45%(c)(d)(e)
6,941,619
6,945,783
Total Short-Term Securities — 1.4%
(Cost: $6,943,775)
6,945,783
Total Investments — 100.7%
(Cost: $466,310,530)
516,025,330
Liabilities in Excess of Other Assets — (0.7)%
(3,467,017
)
Net Assets — 100.0%
$512,558,313
 
(a)
Non-income producing security.
(b)
All or a portion of this security is on loan.
(c)
Affiliate of the Fund.
(d)
Annualized 7-day yield as of period end.
(e)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2024 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 Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
08/31/24
Shares
Held at
08/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency
Shares
$2,785,173
$4,154,812
(a)
$—
$3,997
$1,801
$6,945,783
6,941,619
$37,044
(b)
$—
BlackRock Cash Funds: Treasury, SL Agency
Shares(c)
420,000
—
(420,000
)(a)
—
—
—
—
34,334
—
 
$3,997
$1,801
$6,945,783
$71,378
$—
 
(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.
Schedule of Investments
22
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Singapore ETF
 
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts
MSCI Singapore Index
134
09/27/24
$3,302
$16,216
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets—Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)
$—
$—
$16,216
$—
$—
$—
$16,216
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's
variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).
For the period ended August 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from
Futures contracts
$—
$—
$779,977
$—
$—
$—
$779,977
Swaps
—
—
42,440
—
—
—
42,440
 
$—
$—
$822,417
$—
$—
$—
$822,417
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts
$—
$—
$(1,546
)
$—
$—
$—
$(1,546
)
Swaps
—
—
489
—
—
—
489
 
$—
$—
$(1,057
)
$—
$—
$—
$(1,057
)
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$1,903,343
Total return swaps:
Average notional value
$1,521,580
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
23
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Singapore ETF
 
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets 
Investments 
Long-Term Investments 
Common Stocks
$44,298,133
$464,781,414
$—
$509,079,547
Short-Term Securities 
Money Market Funds
6,945,783
—
—
6,945,783
 
$51,243,916
$464,781,414
$—
$516,025,330
Derivative Financial Instruments(a) 
Assets 
Equity Contracts
$—
$16,216
$—
$16,216
 
(a)
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
See notes to financial statements.
Schedule of Investments
24
Schedule of Investments
August 31, 2024
iShares® MSCI Taiwan ETF
(Percentages shown are based on Net Assets)
 
Security
Shares
Value
Common Stocks
Automobile Components — 0.5%
Cheng Shin Rubber Industry Co. Ltd.(a)
16,162,670
$25,114,431
Banks — 10.3%
Chang Hwa Commercial Bank Ltd.
48,242,210
26,631,311
CTBC Financial Holding Co. Ltd.(a)
86,423,325
88,284,512
E.Sun Financial Holding Co. Ltd.(a)
72,393,103
63,820,257
First Financial Holding Co. Ltd.(a)
59,746,918
50,951,649
Hua Nan Financial Holdings Co. Ltd.(a)
53,022,410
42,306,649
Mega Financial Holding Co. Ltd.(a)
58,810,297
71,735,642
Shanghai Commercial & Savings Bank Ltd. (The)(a)
25,313,218
31,877,644
SinoPac Financial Holdings Co. Ltd.
66,510,281
49,997,152
Taishin Financial Holding Co. Ltd.
69,436,483
40,154,430
Taiwan Business Bank
53,787,355
26,572,369
Taiwan Cooperative Financial Holding Co. Ltd.
57,850,418
46,861,533
 
539,193,148
Biotechnology — 0.7%
PharmaEssentia Corp.(b)
1,754,000
38,215,037
Chemicals — 2.1%
Formosa Chemicals & Fibre Corp.(a)
23,380,610
32,035,326
Formosa Plastics Corp.(a)
22,965,518
37,051,919
Nan Ya Plastics Corp.(a)
28,729,938
40,736,584
 
109,823,829
Communications Equipment — 1.0%
Accton Technology Corp.
3,219,000
51,255,668
Construction Materials — 1.3%
Asia Cement Corp.(a)
18,871,136
26,590,774
TCC Group Holdings Co. Ltd.(a)
38,939,645
40,113,292
 
66,704,066
Consumer Staples Distribution & Retail — 0.6%
President Chain Store Corp.
3,727,215
32,767,329
Diversified Telecommunication Services — 1.3%
Chunghwa Telecom Co. Ltd.
17,990,648
69,741,969
Electrical Equipment — 1.5%
Fortune Electric Co. Ltd.(a)
1,198,800
25,052,813
Voltronic Power Technology Corp.
467,000
29,109,770
Walsin Lihwa Corp.(a)
24,035,178
26,450,090
Ya Hsin Industrial Co. Ltd.(c)
6,845,461
2
 
80,612,675
Electronic Equipment, Instruments & Components — 14.4%
AUO Corp.(a)
51,973,664
26,724,539
Delta Electronics Inc.(a)
9,065,180
113,013,539
E Ink Holdings Inc.(a)
4,957,000
47,362,976
Hon Hai Precision Industry Co. Ltd.(a)
53,270,296
307,515,214
Innolux Corp.
58,441,296
28,888,828
Largan Precision Co. Ltd.(a)
540,794
52,738,887
Pacific Electric Wire & Cable Co. Ltd.(c)
197
—
Synnex Technology International Corp.
11,119,364
25,034,108
Unimicron Technology Corp.
7,925,000
40,668,295
WPG Holdings Ltd.(a)
13,700,604
34,841,773
Yageo Corp.(a)
2,437,460
50,173,430
Zhen Ding Technology Holding Ltd.(a)
6,166,072
26,118,668
 
753,080,257
Financial Services — 1.8%
Chailease Holding Co. Ltd.(a)
8,537,405
38,883,613
Yuanta Financial Holding Co. Ltd.
57,711,639
57,601,471
 
96,485,084
Security
Shares
Value
Food Products — 1.2%
Uni-President Enterprises Corp.
23,835,189
$61,417,034
Household Durables — 0.5%
Nien Made Enterprise Co. Ltd.
1,705,000
24,952,796
Industrial Conglomerates — 0.5%
Far Eastern New Century Corp.(a)
23,795,843
26,897,135
Insurance — 5.4%
Cathay Financial Holding Co. Ltd.
42,813,798
85,113,686
Fubon Financial Holding Co. Ltd.(a)
37,820,414
108,571,009
KGI Financial Holding Co. Ltd.
88,017,587
44,337,560
Shin Kong Financial Holding Co. Ltd.(a)(b)
104,700,042
42,167,747
 
280,190,002
Machinery — 0.5%
Airtac International Group(a)
1,051,826
28,450,530
Marine Transportation — 1.7%
Evergreen Marine Corp. Taiwan Ltd.(a)
6,222,013
36,595,006
Wan Hai Lines Ltd.(a)
8,534,000
22,141,002
Yang Ming Marine Transport Corp.(a)
13,731,000
27,714,074
 
86,450,082
Metals & Mining — 0.9%
China Steel Corp.(a)
64,176,977
44,666,151
Passenger Airlines — 0.9%
China Airlines Ltd.(a)
33,105,000
21,334,974
Eva Airways Corp.(a)
23,325,000
25,803,449
 
47,138,423
Real Estate Management & Development — 0.5%
Ruentex Development Co. Ltd.
15,376,969
23,665,228
Semiconductors & Semiconductor Equipment — 36.2%
Alchip Technologies Ltd.(a)
475,279
39,562,887
ASE Technology Holding Co. Ltd.(a)
15,761,432
75,634,018
eMemory Technology Inc.(a)
406,000
33,519,063
Global Unichip Corp.
714,000
24,935,564
Globalwafers Co. Ltd.(a)
1,901,000
28,810,184
MediaTek Inc.
6,539,175
253,830,144
Nanya Technology Corp.(a)(b)
12,921,000
21,305,655
Novatek Microelectronics Corp.(a)
3,145,544
53,128,445
Realtek Semiconductor Corp.
2,681,063
44,902,735
Silergy Corp.(a)
2,260,000
33,381,514
Taiwan Semiconductor Manufacturing Co. Ltd.
38,580,882
1,142,201,004
United Microelectronics Corp.(a)
52,772,501
91,711,380
Vanguard International Semiconductor Corp.(a)
7,118,000
27,396,199
Winbond Electronics Corp.(a)
31,794,299
23,918,194
 
1,894,236,986
Specialty Retail — 0.7%
Hotai Motor Co. Ltd.(a)
1,837,500
37,822,863
Technology Hardware, Storage & Peripherals — 11.4%
Acer Inc.(a)
24,054,737
32,990,190
Advantech Co. Ltd.(a)
3,033,021
33,174,894
Asia Vital Components Co. Ltd.(a)
1,937,000
36,662,582
Asustek Computer Inc.
3,884,857
65,157,183
Catcher Technology Co. Ltd.
4,459,743
32,940,170
Compal Electronics Inc.(a)
31,349,554
32,615,529
Gigabyte Technology Co. Ltd.(a)
3,636,000
29,814,494
Inventec Corp.(a)
20,488,868
29,298,229
Lite-On Technology Corp.(a)
12,022,071
40,333,729
Micro-Star International Co. Ltd.
5,292,000
30,409,043
Pegatron Corp.
12,147,037
39,005,954
25
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Taiwan ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Technology Hardware, Storage & Peripherals (continued)
Quanta Computer Inc.(a)
13,009,240
$109,290,188
Wistron Corp.(a)
14,560,000
46,380,477
Wiwynn Corp.
687,000
40,989,398
 
599,062,060
Textiles, Apparel & Luxury Goods — 1.4%
Eclat Textile Co. Ltd.(a)
1,602,601
26,837,377
Feng TAY Enterprise Co. Ltd.(a)
5,035,916
22,968,449
Pou Chen Corp.
21,811,103
23,713,938
 
73,519,764
Transportation Infrastructure — 0.4%
Taiwan High Speed Rail Corp.
22,814,000
21,312,556
Wireless Telecommunication Services — 1.4%
Far EasTone Telecommunications Co. Ltd.(a)
12,476,259
35,312,956
Taiwan Mobile Co. Ltd.
10,851,609
38,033,916
 
73,346,872
Total Long-Term Investments — 99.1%
(Cost: $2,264,959,779)
5,186,121,975
Short-Term Securities
Money Market Funds — 11.7%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 5.45%(d)(e)(f)
613,306,253
613,674,237
Total Short-Term Securities — 11.7%
(Cost: $613,527,228)
613,674,237
Total Investments — 110.8%
(Cost: $2,878,487,007)
5,799,796,212
Liabilities in Excess of Other Assets — (10.8)%
(566,292,348
)
Net Assets — 100.0%
$5,233,503,864
 
(a)
All or a portion of this security is on loan.
(b)
Non-income producing security.
(c)
Security is valued using significant unobservable inputs and is classified as Level 3 in the
fair value hierarchy.
(d)
Affiliate of the Fund.
(e)
Annualized 7-day yield as of period end.
(f)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2024 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 Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
08/31/24
Shares
Held at
08/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional,
SL Agency Shares
$460,864,976
$152,646,338
(a)
$—
$49,193
$113,730
$613,674,237
613,306,253
$6,054,577
(b)
$—
BlackRock Cash Funds: Treasury,
SL Agency Shares(c)
4,050,000
—
(4,050,000
)(a)
—
—
—
—
392,821
—
 
$49,193
$113,730
$613,674,237
$6,447,398
$—
 
(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.
Schedule of Investments
26
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Taiwan ETF
 
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts
FTSE Taiwan Index
690
09/27/24
$51,638
$286,419
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets—Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)
$—
$—
$286,419
$—
$—
$—
$286,419
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's
variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).
For the period ended August 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from
Futures contracts
$—
$—
$(963,845
)
$—
$—
$—
$(963,845
)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts
$—
$—
$195,103
$—
$—
$—
$195,103
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$20,055,602
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
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 
Common Stocks
$—
$5,186,121,973
$2
$5,186,121,975
Short-Term Securities 
Money Market Funds
613,674,237
—
—
613,674,237
 
$613,674,237
$5,186,121,973
$2
$5,799,796,212
27
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Taiwan ETF
 
Fair Value Hierarchy as of Period End (continued)
 
Level 1
Level 2
Level 3
Total
Derivative Financial Instruments(a) 
Assets 
Equity Contracts
$—
$286,419
$—
$286,419
 
(a)
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
See notes to financial statements.
Schedule of Investments
28
Schedule of Investments
August 31, 2024
iShares® MSCI Thailand ETF
(Percentages shown are based on Net Assets)
 
Security
Shares
Value
Common Stocks
Automobile Components — 0.4%
Sri Trang Agro-Industry PCL, NVDR
1,356,945
$892,559
Banks — 6.4%
Kasikornbank PCL, NVDR
935,600
3,952,570
Kiatnakin Phatra Bank PCL, NVDR(a)
347,273
471,805
Krung Thai Bank PCL, NVDR
5,526,500
2,983,124
SCB X PCL, NVDR(a)
1,329,100
4,200,138
Thanachart Capital PCL, NVDR
424,700
632,849
Tisco Financial Group PCL, NVDR
321,400
907,161
TMBThanachart Bank PCL, NVDR
38,584,600
2,107,335
 
15,254,982
Beverages — 1.0%
Carabao Group PCL, NVDR
559,300
1,134,494
Osotspa PCL, NVDR
2,072,100
1,370,344
 
2,504,838
Broadline Retail — 1.0%
Central Retail Corp. PCL, NVDR(a)
2,866,634
2,490,904
Building Products — 0.1%
Dynasty Ceramic PCL, NVDR
4,619,040
273,500
Capital Markets — 0.3%
Bangkok Commercial Asset Management PCL, NVDR
2,877,400
641,948
Chemicals — 1.3%
Eastern Polymer Group PCL, NVDR
624,100
72,653
PTT Global Chemical PCL, NVDR
3,437,607
2,532,809
TOA Paint Thailand PCL, NVDR
992,800
528,007
 
3,133,469
Construction & Engineering — 0.8%
CH Karnchang PCL, NVDR
1,896,700
1,062,618
PSG Corp. PCL, NVS(a)(b)
21,622,200
326,360
Sino-Thai Engineering & Construction PCL, NVDR(a)
1,774,228
454,537
 
1,843,515
Construction Materials — 4.1%
Siam Cement PCL (The), NVDR
1,229,200
8,346,909
Siam City Cement PCL, NVDR
144,400
678,375
Tipco Asphalt PCL, NVDR
1,030,200
511,371
TPI Polene PCL, NVDR(a)
9,458,100
335,344
 
9,871,999
Consumer Finance — 2.9%
AEON Thana Sinsap Thailand PCL, NVDR
142,900
540,047
JMT Network Services PCL, NVDR
1,074,100
502,011
Krungthai Card PCL, NVDR(a)
1,433,800
1,764,471
Muangthai Capital PCL, NVDR
1,180,500
1,519,512
Ngern Tid Lor PCL, NVDR(a)
2,333,592
1,134,073
Srisawad Corp. PCL, NVDR
1,204,956
1,348,946
 
6,809,060
Consumer Staples Distribution & Retail — 8.4%
Berli Jucker PCL, NVDR
1,605,100
1,067,063
CP ALL PCL, NVDR
8,989,300
16,024,877
CP Axtra PCL, NVDR(a)
3,239,900
2,962,608
 
20,054,548
Containers & Packaging — 0.6%
SCG Packaging PCL, NVDR(a)
2,051,800
1,473,454
Diversified Consumer Services — 0.2%
SISB PCL(a)
463,400
411,289
Diversified Telecommunication Services — 2.6%
Jasmine International PCL, NVDR
6,309,168
481,995
Security
Shares
Value
Diversified Telecommunication Services (continued)
Jasmine Technology Solution PCL(b)
342,209
$715,822
True Corp. PCL, NVDR(b)
16,355,148
4,980,663
 
6,178,480
Electronic Equipment, Instruments & Components — 7.7%
Delta Electronics Thailand PCL, NVDR(a)
4,800,908
15,105,800
Hana Microelectronics PCL, NVDR
1,058,800
1,221,314
Jaymart Group Holdings PCL, NVDR(a)(b)
972,200
446,003
KCE Electronics PCL, NVDR
1,409,500
1,585,836
 
18,358,953
Food Products — 3.9%
Betagro PCL, NVS
1,091,400
770,757
Charoen Pokphand Foods PCL, NVDR
5,976,800
4,331,149
GFPT PCL, NVDR(a)
738,500
273,008
Ichitan Group PCL, NVDR
961,400
431,395
I-TAIL Corp. PCL, NVS
1,207,300
723,647
Sappe PCL(a)
166,100
345,150
Thai Union Group PCL, NVDR
4,430,800
2,052,200
Thai Vegetable Oil PCL, NVDR
726,688
492,090
 
9,419,396
Ground Transportation — 0.7%
BTS Group Holdings PCL, NVDR(a)(b)
12,566,100
1,573,437
Health Care Equipment & Supplies — 0.2%
Sri Trang Gloves Thailand PCL, NVDR
1,633,600
511,270
Health Care Providers & Services — 9.5%
Bangkok Chain Hospital PCL, NVDR
2,000,425
910,224
Bangkok Dusit Medical Services PCL, NVDR
17,126,300
14,011,122
Bumrungrad Hospital PCL, NVDR
917,176
6,623,143
Chularat Hospital PCL, NVDR(a)
8,034,700
607,736
Thonburi Healthcare Group PCL, NVDR
487,800
432,383
 
22,584,608
Hotels, Restaurants & Leisure — 2.7%
Asset World Corp. PCL, NVDR
4,451,000
434,985
Central Plaza Hotel PCL, NVDR(a)
761,900
787,047
Erawan Group PCL (The), NVDR
4,395,100
496,565
Minor International PCL, NVDR(a)
5,371,410
4,276,462
MK Restaurants Group PCL, NVDR
457,400
361,514
 
6,356,573
Independent Power and Renewable Electricity Producers — 5.5%
B Grimm Power PCL, NVDR(a)
1,464,000
871,835
Banpu Power PCL, NVDR
1,011,500
367,342
BCPG PCL, NVDR
1,991,250
358,890
CK Power PCL, NVDR(a)
3,358,360
358,685
Electricity Generating PCL, NVDR
378,400
1,194,278
Energy Absolute PCL, NVDR(a)
3,346,200
650,242
Gulf Energy Development PCL, NVDR(a)
4,623,800
6,917,009
Gunkul Engineering PCL, NVDR
6,427,322
462,050
Ratch Group PCL, NVDR
1,730,100
1,556,178
TPI Polene Power PCL, NVDR
4,177,500
367,823
 
13,104,332
Insurance — 0.8%
Bangkok Life Assurance PCL, NVDR
974,600
504,218
Dhipaya Group Holdings PCL, NVDR(a)
458,200
359,589
Thai Life Insurance PCL, NVDR
3,684,000
849,024
TQM Alpha PCL, NVDR
353,200
289,594
 
2,002,425
Marine Transportation — 0.2%
Regional Container Lines PCL, NVDR(a)
612,800
424,965
29
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Thailand ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Media — 0.5%
Plan B Media PCL, NVDR
3,285,860
$795,273
VGI PCL, NVDR(a)(b)
6,442,750
463,426
 
1,258,699
Oil, Gas & Consumable Fuels — 13.7%
Bangchak Corp. PCL, NVDR
1,425,400
1,571,373
Bangchak Sriracha PCL, NVDR(a)
1,179,000
248,884
Banpu PCL, NVDR
12,718,524
2,045,827
IRPC PCL, NVDR
15,912,400
671,934
Prima Marine PCL, NVDR
1,527,100
372,243
PTT Exploration & Production PCL, NVDR
2,138,184
8,942,831
PTT PCL, NVDR
15,390,700
15,217,773
Siamgas & Petrochemicals PCL, NVDR
300,500
61,263
Star Petroleum Refining PCL, NVDR
2,812,200
590,045
Thai Oil PCL, NVDR(a)
1,889,700
2,960,419
 
32,682,592
Passenger Airlines — 0.5%
Asia Aviation PCL, NVDR(b)
8,360,947
592,938
Bangkok Airways PCL, NVDR
1,020,200
672,476
 
1,265,414
Personal Care Products — 0.2%
Karmarts PCL
1,059,000
413,024
Pharmaceuticals — 0.3%
Mega Lifesciences PCL, NVDR
564,300
630,585
Real Estate Management & Development — 6.4%
Amata Corp. PCL, NVDR
1,239,800
801,420
AP Thailand PCL, NVDR(a)
3,785,786
944,846
Central Pattana PCL, NVDR
3,185,400
5,586,534
Land & Houses PCL, NVDR
13,263,800
2,209,463
MBK PCL, NVDR
1,432,000
731,378
Pruksa Holding PCL, NVDR(a)
931,100
247,596
Quality Houses PCL, NVDR
11,467,632
610,487
Sansiri PCL, NVDR
23,404,937
1,183,427
Supalai PCL, NVDR
1,878,700
976,743
WHA Corp. PCL, NVDR
13,045,240
2,041,301
 
15,333,195
Specialty Retail — 3.3%
Aurora Design PCL, NVDR(a)
723,900
320,828
Com7 PCL, NVDR
1,725,100
1,248,641
Dohome PCL, NVDR(a)
1,834,137
584,884
Home Product Center PCL, NVDR(a)
9,377,473
2,501,035
PTG Energy PCL, NVDR
317,000
79,134
PTT Oil & Retail Business PCL, NVDR
4,541,700
2,076,764
Siam Global House PCL, NVDR
2,496,400
1,086,604
 
7,897,890
Transportation Infrastructure — 6.0%
Airports of Thailand PCL, NVDR(a)
6,598,200
11,634,759
Bangkok Expressway & Metro PCL, NVDR(a)
12,091,653
2,735,159
 
14,369,918
Security
Shares
Value
Water Utilities — 0.3%
TTW PCL, NVDR
2,264,366
$615,509
Wireless Telecommunication Services — 7.2%
Advanced Info Service PCL, NVDR
1,830,319
13,349,837
Intouch Holdings PCL, NVDR
1,519,700
3,700,990
 
17,050,827
Total Common Stocks — 99.7%
(Cost: $329,003,639)
237,688,157
Rights
Ground Transportation — 0.0%
BTS Group Holdings Public Co., Ltd., NVDR
(Expires 10/31/24, Strike Price THB 4.5)
2,761,266
1
Total Rights — 0.0%
(Cost: $—)
1
Warrants
Interactive Media & Services — 0.0%
VGI Public Co., Ltd.,
(Expires 12/31/25, Strike Price THB 1.5)
621,735
17,268
Total Warrants — 0.0%
(Cost: $—)
17,268
Total Long-Term Investments — 99.7%
(Cost: $329,003,639)
237,705,426
Short-Term Securities
Money Market Funds — 12.3%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 5.45%(c)(d)(e)
28,678,081
28,695,288
BlackRock Cash Funds: Treasury, SL Agency Shares,
5.25%(c)(d)
520,000
520,000
Total Short-Term Securities — 12.3%
(Cost: $29,199,943)
29,215,288
Total Investments — 112.0%
(Cost: $358,203,582)
266,920,714
Liabilities in Excess of Other Assets — (12.0)%
(28,564,110
)
Net Assets — 100.0%
$238,356,604
 
(a)
All or a portion of this security is on loan.
(b)
Non-income producing security.
(c)
Affiliate of the Fund.
(d)
Annualized 7-day yield as of period end.
(e)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
Schedule of Investments
30
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Thailand ETF
 
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2024 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 Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
08/31/24
Shares
Held at
08/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL
Agency Shares
$17,594,784
$11,095,280
(a)
$—
$(3,307
)
$8,531
$28,695,288
28,678,081
$1,638,285
(b)
$—
BlackRock Cash Funds: Treasury, SL
Agency Shares
900,000
—
(380,000
)(a)
—
—
520,000
520,000
27,461
—
 
$(3,307
)
$8,531
$29,215,288
$1,665,746
$—
 
(a)
Represents net amount purchased (sold).
(b)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other
payments to and from borrowers of securities.
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts
MSCI Emerging Markets Index
17
09/20/24
$935
$(5,893
)
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Liabilities—Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)
$—
$—
$5,893
$—
$—
$—
$5,893
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's
variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).
For the period ended August 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from
Futures contracts
$—
$—
$49,181
$—
$—
$—
$49,181
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts
$—
$—
$3,819
$—
$—
$—
$3,819
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$764,971
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
31
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Thailand ETF
 
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets 
Investments 
Long-Term Investments 
Common Stocks
$8,464,127
$229,224,030
$—
$237,688,157
Rights
—
1
—
1
Warrants
—
17,268
—
17,268
Short-Term Securities 
Money Market Funds
29,215,288
—
—
29,215,288
 
$37,679,415
$229,241,299
$—
$266,920,714
Derivative Financial Instruments(a) 
Liabilities 
Equity Contracts
$(5,893
)
$—
$—
$(5,893
)
 
(a)
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
See notes to financial statements.
Schedule of Investments
32
Statements of Assets and Liabilities
August 31, 2024
 
 
iShares
MSCI Hong Kong
ETF
iShares
MSCI Japan
Small-Cap
ETF
iShares
MSCI
Malaysia
ETF
iShares
MSCI Pacific ex
Japan ETF
ASSETS
 
 
 
 
Investments, at value—unaffiliated(a)(b)
$507,034,485
$107,422,323
$321,635,951
$1,960,191,094
Investments, at value—affiliated(c)
5,323,617
3,231,320
12,348,508
12,421,346
Cash
6,567
7,145
7,105
—
Cash pledged for futures contracts
126,500
—
10,000
—
Foreign currency collateral pledged for futures contracts(d)
—
32,472
—
979,927
Foreign currency, at value(e)
38,302
92,156
8,287
4,663,041
Receivables:
 
 
 
 
Investments sold
14,045,067
2,897,503
5,935,083
9,550,531
Securities lending income—affiliated
269
4,308
7,154
3,528
Swaps
20,597
—
—
—
Dividends—unaffiliated
1,747,922
314,417
321,129
8,159,772
Dividends—affiliated
3,501
120
1,440
2,515
Tax reclaims
—
740
—
—
Variation margin on futures contracts
—
8,364
317
35,986
Total assets
528,346,827
114,010,868
340,274,974
1,996,007,740
LIABILITIES
 
 
 
 
Bank overdraft
—
—
—
4,502
Due to broker
1,067
—
—
—
Collateral on securities loaned, at value
4,734,472
3,190,765
12,000,864
11,665,827
Payables:
 
 
 
 
Investments purchased
14,173,873
2,639,506
5,725,124
9,736,034
Swaps
9,336
—
—
—
Investment advisory fees
206,808
45,247
127,531
761,555
Variation margin on futures contracts
20,527
—
—
—
Total liabilities
19,146,083
5,875,518
17,853,519
22,167,918
Commitments and contingent liabilities
 
 
 
 
NET ASSETS
$509,200,744
$108,135,350
$322,421,455
$1,973,839,822
NET ASSETS CONSIST OF
 
 
 
 
Paid-in capital
$1,354,078,856
$133,837,496
$337,691,209
$2,703,988,212
Accumulated loss
(844,878,112)
(25,702,146)
(15,269,754)
(730,148,390)
NET ASSETS
$509,200,744
$108,135,350
$322,421,455
$1,973,839,822
NET ASSET VALUE
 
 
 
 
Shares outstanding
31,575,000
1,400,000
12,450,000
43,200,000
Net asset value
$16.13
$77.24
$25.90
$45.69
Shares authorized
375 million
500 million
300 million
1 billion
Par value
$0.001
$0.001
$0.001
$0.001
(a) Investments, at cost—unaffiliated
$704,530,302
$111,121,982
$187,758,912
$1,904,173,251
(b) Securities loaned, at value
$4,863,875
$2,814,871
$11,387,159
$11,102,951
(c) Investments, at cost—affiliated
$5,323,878
$3,230,683
$12,348,103
$12,418,415
(d) Foreign currency collateral pledged, at cost
$—
$32,779
$—
$980,682
(e) Foreign currency, at cost
$38,221
$92,485
$7,722
$4,662,846
See notes to financial statements.
33
2024 iShares Annual Financial Statements
Statements of Assets and Liabilities (continued)
August 31, 2024
 
 
iShares
MSCI
Singapore
ETF
iShares
MSCI Taiwan ETF
iShares
MSCI
Thailand ETF
ASSETS
 
 
 
Investments, at value—unaffiliated(a)(b)
$509,079,547
$5,186,121,975
$237,705,426
Investments, at value—affiliated(c)
6,945,783
613,674,237
29,215,288
Cash
—
—
9,595
Cash pledged for futures contracts
—
3,450,000
48,000
Foreign currency collateral pledged for futures contracts(d)
173,187
—
—
Foreign currency, at value(e)
2,502,816
171,568,372
66,847
Receivables:
 
 
 
Investments sold
12,759,290
129,930,965
5,947,557
Securities lending income—affiliated
3,098
758,272
106,164
Swaps
96,960
—
—
Dividends—unaffiliated
1,961,219
18,404,672
1,122,546
Dividends—affiliated
1,541
12,914
1,627
Variation margin on futures contracts
30,742
322,885
1,034
Total assets
533,554,183
6,124,244,292
274,224,084
LIABILITIES
 
 
 
Bank overdraft
357,457
136,486,645
—
Due to broker
15,349
—
—
Collateral on securities loaned, at value
6,931,212
613,671,624
28,694,910
Payables:
 
 
 
Investments purchased
13,467,985
137,469,107
7,056,681
Swaps
15,210
—
—
Foreign taxes
—
550,380
—
Investment advisory fees
208,657
2,562,672
115,889
Total liabilities
20,995,870
890,740,428
35,867,480
Commitments and contingent liabilities
 
 
 
NET ASSETS
$512,558,313
$5,233,503,864
$238,356,604
NET ASSETS CONSIST OF
 
 
 
Paid-in capital
$835,141,548
$2,271,481,958
$491,586,215
Accumulated earnings (loss)
(322,583,235)
2,962,021,906
(253,229,611)
NET ASSETS
$512,558,313
$5,233,503,864
$238,356,604
NET ASSET VALUE
 
 
 
Shares outstanding
24,800,000
97,000,000
3,850,000
Net asset value
$20.67
$53.95
$61.91
Shares authorized
300 million
900 million
200 million
Par value
$0.001
$0.001
$0.001
(a) Investments, at cost—unaffiliated
$459,366,755
$2,264,959,779
$329,003,639
(b) Securities loaned, at value
$6,573,742
$568,108,326
$26,989,357
(c) Investments, at cost—affiliated
$6,943,775
$613,527,228
$29,199,943
(d) Foreign currency collateral pledged, at cost
$173,686
$—
$—
(e) Foreign currency, at cost
$2,507,792
$171,602,477
$66,582
See notes to financial statements.
Statements of Assets and Liabilities
34
Statements of Operations
Year Ended August 31, 2024  
 
 
iShares
MSCI Hong
Kong ETF
iShares
MSCI Japan
Small-Cap
ETF
iShares
MSCI
Malaysia
ETF
iShares
MSCI Pacific
ex Japan
ETF
INVESTMENT INCOME
Dividends—unaffiliated
$23,317,089
$3,152,749
$10,136,083
$77,540,762
Dividends—affiliated
54,800
3,869
24,407
83,656
Interest—unaffiliated
3,496
—
2,107
20,136
Securities lending income—affiliated—net
30,030
66,288
64,457
65,454
Foreign taxes withheld
—
(317,577
)
—
(626,412
)
Total investment income
23,405,415
2,905,329
10,227,054
77,083,596
EXPENSES
Investment advisory
2,674,550
590,240
1,263,983
8,891,693
Commitment costs
5,249
1,176
2,432
—
Interest expense
—
41
347
107
Total expenses
2,679,799
591,457
1,266,762
8,891,800
Net investment income
20,725,616
2,313,872
8,960,292
68,191,796
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments—unaffiliated
(97,606,034
)
(5,531,725
)
2,743,524
(80,850,591
)
Investments—affiliated
(3,841
)
53
496
6,691
Foreign currency transactions
32,181
(69,753
)
(74,684
)
324,254
Futures contracts
(1,130,780
)
93,577
(88,793
)
865,060
In-kind redemptions—unaffiliated(a)
(429,005
)
9,143,528
—
29,378,521
Swaps
(485,301
)
—
—
—
 
(99,622,780
)
3,635,680
2,580,543
(50,276,065
)
Net change in unrealized appreciation (depreciation) on:
Investments—unaffiliated
32,205,927
6,700,556
54,525,294
249,157,538
Investments—affiliated
(261
)
744
308
(427
)
Foreign currency translations
726
18,937
6,712
24,395
Futures contracts
108,075
49,554
8,850
68,737
Swaps
20,319
—
—
—
 
32,334,786
6,769,791
54,541,164
249,250,243
Net realized and unrealized gain (loss)
(67,287,994
)
10,405,471
57,121,707
198,974,178
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
$(46,562,378
)
$12,719,343
$66,081,999
$267,165,974
(a) See Note 2 of the Notes to Financial Statements.
See notes to financial statements.
35
2024 iShares Annual Financial Statements
Statements of Operations (continued)
Year Ended August 31, 2024  
 
 
iShares
MSCI
Singapore
ETF
iShares
MSCI Taiwan ETF
iShares
MSCI
Thailand ETF
INVESTMENT INCOME
Dividends—unaffiliated
$22,963,020
$137,331,457
$8,277,299
Dividends—affiliated
34,334
392,821
27,461
Interest—unaffiliated
2,583
61,913
2,289
Securities lending income—affiliated—net(a)
37,044
6,054,577
1,638,285
Foreign taxes withheld
(191,374
)
(26,537,589
)
(782,867
)
Other foreign taxes
—
(75,845
)
—
Total investment income
22,845,607
117,227,334
9,162,467
EXPENSES
Investment advisory
2,271,448
24,086,418
1,504,764
Commitment costs
4,584
36,150
2,460
Interest expense
—
9,754
180
Total expenses
2,276,032
24,132,322
1,507,404
Net investment income
20,569,575
93,095,012
7,655,063
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments—unaffiliated
(29,212,918
)
155,297,747
(23,755,370
)
Investments—affiliated
3,997
49,193
(3,307
)
Foreign currency transactions
224,117
(916,432
)
(73,943
)
Futures contracts
779,977
(963,845
)
49,181
In-kind redemptions—unaffiliated(b)
17,888,602
—
(1,706,073
)
Swaps
42,440
—
—
 
(10,273,785
)
153,466,663
(25,489,512
)
Net change in unrealized appreciation (depreciation) on:
Investments—unaffiliated
57,675,874
880,951,480
(9,098,685
)
Investments—affiliated
1,801
113,730
8,531
Foreign currency translations
10,135
320,547
6,985
Futures contracts
(1,546
)
195,103
3,819
Swaps
489
—
—
 
57,686,753
881,580,860
(9,079,350
)
Net realized and unrealized gain (loss)
47,412,968
1,035,047,523
(34,568,862
)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
$67,982,543
$1,128,142,535
$(26,913,799
)
(a) Net of securities lending income tax paid of
$—
$1,507,902
$—
(b) See Note 2 of the Notes to Financial Statements.
See notes to financial statements.
Statements of Operations
36
Statements of Changes in Net Assets
 
 
iShares
MSCI Hong Kong ETF
iShares
MSCI Japan Small-Cap ETF
 
Year Ended
08/31/24
Year Ended
08/31/23
Year Ended
08/31/24
Year Ended
08/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$20,725,616
$24,045,036
$2,313,872
$1,366,455
Net realized gain (loss)
(99,622,780
)
(49,970,112
)
3,635,680
(1,257,808
)
Net change in unrealized appreciation (depreciation)
32,334,786
(34,987,506
)
6,769,791
9,917,247
Net increase (decrease) in net assets resulting from operations
(46,562,378
)
(60,912,582
)
12,719,343
10,025,894
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders
(25,933,938
)
(22,175,367
)
(2,710,304
)
(700,151
)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions
(46,634,759
)
(17,339,573
)
(21,206,680
)
47,638,207
NET ASSETS
Total increase (decrease) in net assets
(119,131,075
)
(100,427,522
)
(11,197,641
)
56,963,950
Beginning of year
628,331,819
728,759,341
119,332,991
62,369,041
End of year
$509,200,744
$628,331,819
$108,135,350
$119,332,991
 
(a)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
See notes to financial statements.
37
2024 iShares Annual Financial Statements
Statements of Changes in Net Assets(continued)
 
 
iShares
MSCI Malaysia ETF
iShares
MSCI Pacific ex Japan ETF
 
Year Ended
08/31/24
Year Ended
08/31/23
Year Ended
08/31/24
Year Ended
08/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$8,960,292
$8,172,540
$68,191,796
$88,727,313
Net realized gain (loss)
2,580,543
(5,897,731
)
(50,276,065
)
32,712,198
Net change in unrealized appreciation (depreciation)
54,541,164
(10,151,912
)
249,250,243
(70,373,123
)
Net increase (decrease) in net assets resulting from operations
66,081,999
(7,877,103
)
267,165,974
51,066,388
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders
(8,448,335
)
(6,188,831
)
(73,370,730
)
(73,694,870
)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions
6,946,437
37,520,108
(62,623,096
)
(269,711,578
)
NET ASSETS
Total increase (decrease) in net assets
64,580,101
23,454,174
131,172,148
(292,340,060
)
Beginning of year
257,841,354
234,387,180
1,842,667,674
2,135,007,734
End of year
$322,421,455
$257,841,354
$1,973,839,822
$1,842,667,674
 
(a)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
See notes to financial statements.
Statements of Changes in Net Assets
38
Statements of Changes in Net Assets(continued)
 
 
iShares
MSCI Singapore ETF
iShares
MSCI Taiwan ETF
 
Year Ended
08/31/24
Year Ended
08/31/23
Year Ended
08/31/24
Year Ended
08/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$20,569,575
$22,119,836
$93,095,012
$109,083,296
Net realized gain (loss)
(10,273,785
)
(74,532,096
)
153,466,663
330,342,830
Net change in unrealized appreciation (depreciation)
57,686,753
88,871,139
881,580,860
(157,200,638
)
Net increase in net assets resulting from operations
67,982,543
36,458,879
1,128,142,535
282,225,488
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders
(21,657,062
)
(23,446,994
)
(408,443,157
)
(610,656,019
)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions
(21,806,753
)
(78,461,229
)
1,231,812,925
(139,729,366
)
NET ASSETS
Total increase (decrease) in net assets
24,518,728
(65,449,344
)
1,951,512,303
(468,159,897
)
Beginning of year
488,039,585
553,488,929
3,281,991,561
3,750,151,458
End of year
$512,558,313
$488,039,585
$5,233,503,864
$3,281,991,561
 
(a)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
See notes to financial statements.
39
2024 iShares Annual Financial Statements
Statements of Changes in Net Assets(continued)
 
 
iShares
MSCI Thailand ETF
 
Year Ended
08/31/24
Year Ended
08/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$7,655,063
$8,430,865
Net realized loss
(25,489,512
)
(25,464,516
)
Net change in unrealized appreciation (depreciation)
(9,079,350
)
11,118,097
Net decrease in net assets resulting from operations
(26,913,799
)
(5,915,554
)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders
(7,662,439
)
(7,677,615
)
CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions
(35,154,195
)
(12,854,550
)
NET ASSETS
Total decrease in net assets
(69,730,433
)
(26,447,719
)
Beginning of year
308,087,037
334,534,756
End of year
$238,356,604
$308,087,037
 
(a)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
See notes to financial statements.
Statements of Changes in Net Assets
40
Financial Highlights
(For a share outstanding throughout each period)
 
 
iShares MSCI Hong Kong ETF
 
Year Ended
08/31/24
Year Ended
08/31/23
Year Ended
08/31/22
Year Ended
08/31/21
Year Ended
08/31/20
Net asset value, beginning of year
$18.17
$20.46
$25.80
$22.91
$23.00
Net investment income(a)
0.63
0.65
0.62
0.57
0.54
Net realized and unrealized gain (loss)(b)
(1.89
)
(2.35
)
(5.37
)
2.92
(0.01
)
Net increase (decrease) from investment operations
(1.26
)
(1.70
)
(4.75
)
3.49
0.53
Distributions from net investment income(c)
(0.78
)
(0.59
)
(0.59
)
(0.60
)
(0.62
)
Net asset value, end of year
$16.13
$18.17
$20.46
$25.80
$22.91
Total Return(d)
Based on net asset value
(6.97
)%
(8.56
)%
(18.61
)%
15.24
%
2.46
%
Ratios to Average Net Assets(e)
Total expenses
0.50
%
0.50
%
0.50
%
0.50
%
0.51
%
Net investment income
3.84
%
3.25
%
2.70
%
2.26
%
2.37
%
Supplemental Data
Net assets, end of year (000)
$509,201
$628,332
$728,759
$1,023,773
$1,328,281
Portfolio turnover rate(f)
14
%
20
%
8
%
21
%
16
%
(a) Based on average shares outstanding.
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d) Where applicable, assumes the reinvestment of distributions.
(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
41
2024 iShares Annual Financial Statements
Financial Highlights(continued)
(For a share outstanding throughout each period)
 
 
iShares MSCI Japan Small-Cap ETF
 
Year Ended
08/31/24
Year Ended
08/31/23
Year Ended
08/31/22
Year Ended
08/31/21
Year Ended
08/31/20
Net asset value, beginning of year
$70.20
$62.37
$81.49
$69.91
$68.75
Net investment income(a)
1.38
1.18
1.33
1.04
1.21
Net realized and unrealized gain (loss)(b)
7.31
7.15
(18.87
)
11.13
2.78
Net increase (decrease) from investment operations
8.69
8.33
(17.54
)
12.17
3.99
Distributions from net investment income(c)
(1.65
)
(0.50
)
(1.58
)
(0.59
)
(2.83
)
Net asset value, end of year
$77.24
$70.20
$62.37
$81.49
$69.91
Total Return(d)
Based on net asset value
12.65
%
13.37
%
(21.70
)%
17.41
%
5.72
%
Ratios to Average Net Assets(e)
Total expenses
0.50
%
0.50
%
0.50
%
0.50
%
0.51
%
Net investment income
1.94
%
1.78
%
1.87
%
1.33
%
1.75
%
Supplemental Data
Net assets, end of year (000)
$108,135
$119,333
$62,369
$73,337
$62,921
Portfolio turnover rate(f)
21
%
8
%
16
%
21
%
10
%
(a) Based on average shares outstanding.
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d) Where applicable, assumes the reinvestment of distributions.
(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
Financial Highlights
42
Financial Highlights(continued)
(For a share outstanding throughout each period)
 
 
iShares MSCI Malaysia ETF
 
Year Ended
08/31/24
Year Ended
08/31/23
Year Ended
08/31/22
Year Ended
08/31/21
Year Ended
08/31/20
Net asset value, beginning of year
$21.09
$22.48
$26.60
$26.51
$28.02
Net investment income(a)
0.77
0.76
0.90
0.98
0.76
Net realized and unrealized gain (loss)(b)
4.77
(1.57
)
(3.77
)
(0.05
)
(1.41
)
Net increase (decrease) from investment operations
5.54
(0.81
)
(2.87
)
0.93
(0.65
)
Distributions from net investment income(c)
(0.73
)
(0.58
)
(1.25
)
(0.84
)
(0.86
)
Net asset value, end of year
$25.90
$21.09
$22.48
$26.60
$26.51
Total Return(d)
Based on net asset value
26.96
%
(3.56
)%
(10.92
)%
3.51
%
(2.27
)%
Ratios to Average Net Assets(e)
Total expenses
0.50
%
0.50
%
0.50
%
0.50
%
0.51
%
Net investment income
3.51
%
3.50
%
3.68
%
3.62
%
2.86
%
Supplemental Data
Net assets, end of year (000)
$322,421
$257,841
$234,387
$265,299
$341,922
Portfolio turnover rate(f)
18
%(g)
12
%(g)
48
%(g)
28
%(g)
58
%(g)
(a) Based on average shares outstanding.
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d) Where applicable, assumes the reinvestment of distributions.
(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f) Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars ("cash creations").
(g) Portfolio turnover rate excluding cash creations was as follows:
10
%
8
%
11
%
7
%
16
%
See notes to financial statements.
43
2024 iShares Annual Financial Statements
Financial Highlights(continued)
(For a share outstanding throughout each period)
 
 
iShares MSCI Pacific ex Japan ETF
 
Year Ended
08/31/24
Year Ended
08/31/23
Year Ended
08/31/22
Year Ended
08/31/21
Year Ended
08/31/20
Net asset value, beginning of year
$41.22
$41.86
$51.17
$42.98
$44.17
Net investment income(a)
1.54
1.82
1.69
1.30
1.29
Net realized and unrealized gain (loss)(b)
4.60
(0.94
)
(8.28
)
8.06
(0.98
)
Net increase (decrease) from investment operations
6.14
0.88
(6.59
)
9.36
0.31
Distributions from net investment income(c)
(1.67
)
(1.52
)
(2.72
)
(1.17
)
(1.50
)
Net asset value, end of year
$45.69
$41.22
$41.86
$51.17
$42.98
Total Return(d)
Based on net asset value
15.24
%
2.00
%
(13.22
)%
21.82
%
0.72
%
Ratios to Average Net Assets(e)
Total expenses
0.48
%
0.48
%
0.47
%
0.47
%
0.48
%
Net investment income
3.65
%
4.28
%
3.61
%
2.66
%
3.04
%
Supplemental Data
Net assets, end of year (000)
$1,973,840
$1,842,668
$2,135,008
$2,440,764
$1,882,380
Portfolio turnover rate(f)
8
%
7
%
15
%
9
%
8
%
(a) Based on average shares outstanding.
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d) Where applicable, assumes the reinvestment of distributions.
(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
Financial Highlights
44
Financial Highlights(continued)
(For a share outstanding throughout each period)
 
 
iShares MSCI Singapore ETF
 
Year Ended
08/31/24
Year Ended
08/31/23
Year Ended
08/31/22
Year Ended
08/31/21
Year Ended
08/31/20
Net asset value, beginning of year
$18.56
$18.21
$23.03
$19.12
$22.83
Net investment income(a)
0.84
0.80
0.67
0.63
0.76
Net realized and unrealized gain (loss)(b)
2.16
0.44
(4.21
)
3.92
(3.57
)
Net increase (decrease) from investment operations
3.00
1.24
(3.54
)
4.55
(2.81
)
Distributions from net investment income(c)
(0.89
)
(0.89
)
(1.28
)
(0.64
)
(0.90
)
Net asset value, end of year
$20.67
$18.56
$18.21
$23.03
$19.12
Total Return(d)
Based on net asset value
16.87
%
6.84
%
(15.92
)%
23.91
%
(12.84
)%
Ratios to Average Net Assets(e)
Total expenses
0.50
%
0.50
%
0.50
%
0.50
%
0.51
%
Net investment income
4.49
%
4.25
%
3.25
%
2.87
%
3.59
%
Supplemental Data
Net assets, end of year (000)
$512,558
$488,040
$553,489
$618,238
$525,733
Portfolio turnover rate(f)
26
%
25
%
36
%
17
%
22
%
(a) Based on average shares outstanding.
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d) Where applicable, assumes the reinvestment of distributions.
(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
45
2024 iShares Annual Financial Statements
Financial Highlights(continued)
(For a share outstanding throughout each period)
 
 
iShares MSCI Taiwan ETF
 
Year Ended
08/31/24
Year Ended
08/31/23
Year Ended
08/31/22
Year Ended
08/31/21
Year Ended
08/31/20
Net asset value, beginning of year
$45.77
$50.47
$64.79
$44.08
$34.94
Net investment income(a)
1.12
1.31
1.60
1.22
1.05
Net realized and unrealized gain (loss)(b)
12.59
1.55
(14.16
)
20.46
9.11
Net increase (decrease) from investment operations
13.71
2.86
(12.56
)
21.68
10.16
Distributions(c)
From net investment income
(1.79
)
(2.37
)
(1.39
)
(0.97
)
(1.02
)
From net realized gain
(3.74
)
(5.19
)
(0.37
)
—
—
Total distributions
(5.53
)
(7.56
)
(1.76
)
(0.97
)
(1.02
)
Net asset value, end of year
$53.95
$45.77
$50.47
$64.79
$44.08
Total Return(d)
Based on net asset value
32.85
%
7.17
%
(19.96
)%
49.79
%
29.34
%
Ratios to Average Net Assets(e)
Total expenses
0.59
%
0.59
%
0.58
%
0.57
%
0.59
%
Net investment income
2.29
%
2.89
%
2.65
%
2.16
%
2.68
%
Supplemental Data
Net assets, end of year (000)
$5,233,504
$3,281,992
$3,750,151
$7,555,064
$4,231,455
Portfolio turnover rate(f)
24
%(g)
34
%(g)
12
%(g)
12
%
15
%
(a) Based on average shares outstanding.
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d) Where applicable, assumes the reinvestment of distributions.
(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f) Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars ("cash creations").
(g) Portfolio turnover rate excluding cash creations was as follows:
13
%
8
%
12
%
12
%
14
%
See notes to financial statements.
Financial Highlights
46
Financial Highlights(continued)
(For a share outstanding throughout each period)
 
 
iShares MSCI Thailand ETF
 
Year Ended
08/31/24
Year Ended
08/31/23
Year Ended
08/31/22
Year Ended
08/31/21
Year Ended
08/31/20
Net asset value, beginning of year
$69.23
$70.43
$79.95
$68.25
$90.53
Net investment income(a)
1.81
1.88
2.00
1.70
1.97
Net realized and unrealized gain (loss)(b)
(7.33
)
(1.29
)
(9.17
)
11.73
(22.24
)
Net increase (decrease) from investment operations
(5.52
)
0.59
(7.17
)
13.43
(20.27
)
Distributions from net investment income(c)
(1.80
)
(1.79
)
(2.35
)
(1.73
)
(2.01
)
Net asset value, end of year
$61.91
$69.23
$70.43
$79.95
$68.25
Total Return(d)
Based on net asset value
(7.76
)%
0.86
%
(9.07
)%
19.65
%
(22.57
)%
Ratios to Average Net Assets(e)
Total expenses
0.59
%
0.59
%
0.58
%
0.57
%
0.59
%
Net investment income
3.01
%
2.66
%
2.67
%
2.26
%
2.57
%
Supplemental Data
Net assets, end of year (000)
$238,357
$308,087
$334,535
$411,738
$436,789
Portfolio turnover rate(f)
8
%
11
%
9
%
17
%
11
%
(a) Based on average shares outstanding.
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d) Where applicable, assumes the reinvestment of distributions.
(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
47
2024 iShares Annual Financial Statements
Notes to Financial Statements
1. ORGANIZATION
iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is organized as a Maryland corporation and is authorized to have multiple series or portfolios.
These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”): 
iShares ETF
Diversification
Classification
MSCI Hong Kong
Non-diversified
MSCI Japan Small-Cap
Diversified
MSCI Malaysia
Non-diversified
MSCI Pacific ex Japan
Diversified
MSCI Singapore
Non-diversified
MSCI Taiwan
Non-diversified
MSCI Thailand
Non-diversified
2. SIGNIFICANT ACCOUNTING POLICIES
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period.  Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method.  Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. 
Foreign Currency Translation: Each Fund's books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.
Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.  
Bank Overdraft: Certain Funds had outstanding cash disbursements exceeding deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.
Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.
In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.
Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.
Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.
Notes to Financial Statements
48
Notes to Financial Statements  (continued)
3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS
Investment  Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Directors of the Company (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.
• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.
• Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.
Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.
Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.
Fair  Value Hierarchy: 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 that may not have a secondary market and/or may have 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.
4. SECURITIES AND OTHER INVESTMENTS
Warrants: Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.
49
2024 iShares Annual Financial Statements
Notes to Financial Statements  (continued)
Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.
Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.
As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:  
iShares ETF and Counterparty
Securities Loaned
at Value
Cash Collateral
Received(a)
Non-Cash Collateral
Received, at Fair Value(a)
Net Amount
MSCI Hong Kong
BNP Paribas SA
$4,747,932
$(4,611,893)
$—
$136,039
Morgan Stanley
115,943
(115,943)
—
—
 
$4,863,875
$(4,727,836)
$—
$136,039
MSCI Japan Small-Cap
BNP Paribas SA
$119,295
$(119,295)
$—
$—
BofA Securities, Inc.
1,222
(1,211)
—
11(b)
Citigroup Global Markets, Inc.
128,873
(128,873)
—
—
Goldman Sachs & Co. LLC
461,480
(461,480)
—
—
HSBC Bank PLC
79,551
(79,551)
—
—
J.P. Morgan Securities LLC
1,344,944
(1,344,944)
—
—
Morgan Stanley
366,676
(366,676)
—
—
SG Americas Securities LLC
196,714
(196,714)
—
—
State Street Bank & Trust Co.
63,659
(63,659)
—
—
UBS AG
52,457
(52,457)
—
—
 
$2,814,871
$(2,814,860)
$—
$11
MSCI Malaysia
J.P. Morgan Securities PLC
$4,406,389
$(4,406,389)
$—
$—
Morgan Stanley
5,813,682
(5,813,682)
—
—
UBS AG
1,167,088
(1,167,088)
—
—
 
$11,387,159
$(11,387,159)
$—
$—
MSCI Pacific ex Japan
BofA Securities, Inc.
$160,756
$(160,756)
$—
$—
Goldman Sachs & Co. LLC
396,722
(396,722)
—
—
J.P. Morgan Securities LLC
5,446,468
(5,446,468)
—
—
Morgan Stanley
2,221,252
(2,221,252)
—
—
SG Americas Securities LLC
2,216,173
(2,216,173)
—
—
State Street Bank & Trust Co.
661,580
(661,580)
—
—
 
$11,102,951
$(11,102,951)
$—
$—
Notes to Financial Statements
50
Notes to Financial Statements  (continued)
iShares ETF and Counterparty
Securities Loaned
at Value
Cash Collateral
Received(a)
Non-Cash Collateral
Received, at Fair Value(a)
Net Amount
MSCI Singapore
HSBC Bank PLC
$1,038,662
$(1,038,662)
$—
$—
Nomura Securities International, Inc.
5,535,080
(5,535,080)
—
—
 
$6,573,742
$(6,573,742)
$—
$—
MSCI Taiwan
Citigroup Global Markets Ltd.
$22,606,974
$(22,606,974)
$—
$—
Goldman Sachs International
65,158,064
(65,158,064)
—
—
J.P. Morgan Securities PLC
84,659,012
(84,659,012)
—
—
Macquarie Bank Ltd.
3,061,615
(3,061,615)
—
—
Merrill Lynch International
64,235,547
(64,235,547)
—
—
Morgan Stanley
322,797,443
(322,797,443)
—
—
UBS Europe SE
5,589,671
(5,589,671)
—
—
 
$568,108,326
$(568,108,326)
$—
$—
MSCI Thailand
Barclays Capital, Inc.
$598,166
$(598,166)
$—
$—
BofA Securities, Inc.
886,442
(886,442)
—
—
Citigroup Global Markets, Inc.
982,501
(982,501)
—
—
Goldman Sachs & Co. LLC
1,624,460
(1,624,460)
—
—
J.P. Morgan Securities LLC
2,822,535
(2,822,535)
—
—
Macquarie Bank Ltd.
24,524
(24,524)
—
—
Morgan Stanley
19,662,083
(19,662,083)
—
—
UBS AG
388,646
(388,646)
—
—
 
$26,989,357
$(26,989,357)
$—
$—
 
(a)
Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s
Statements of Assets and Liabilities.
(b)
The market value of the loaned securities is determined as of August 31, 2024. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA.
The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.
5. DERIVATIVE FINANCIAL INSTRUMENTS
Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).
Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.
Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of  Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.
Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”).
For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statements of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC
51
2024 iShares Annual Financial Statements
Notes to Financial Statements  (continued)
Swaps in the Statements of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Funds’ basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.
Total return swaps are entered into by the iShares MSCI Hong Kong ETF and iShares MSCI Singapore ETF to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).
Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket or underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instruments or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Fund receives payment from or makes a payment to the counterparty.
Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap’s market value. The market value also includes interest charges and credits (“financing fees”) related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.
Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Fund and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Statements of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.
Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.
Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.
For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a fund and the counterparty.
Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.
For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.
6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent directors).
Notes to Financial Statements
52
Notes to Financial Statements  (continued)
For its investment advisory services to each of the iShares MSCI Hong Kong, iShares MSCI Japan Small-Cap, iShares MSCI Malaysia and iShares MSCI Singapore ETFs, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:  
Aggregate Average Daily Net Assets
Investment Advisory Fees
First $7 billion
0.59%
Over $7 billion, up to and including $11 billion
0.54
Over $11 billion, up to and including $24 billion
0.49
Over $24 billion, up to and including $48 billion
0.44
Over $48 billion, up to and including $72 billion
0.40
Over $72 billion, up to and including $96 billion
0.36
Over $96 billion
0.32
For its investment advisory services to the iShares MSCI Pacific ex Japan ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows: 
Aggregate Average Daily Net Assets
Investment Advisory Fees
First $46 billion
0.5000%
Over $46 billion, up to and including $81 billion
0.4750
Over $81 billion, up to and including $111 billion
0.4513
Over $111 billion, up to and including $141 billion
0.4287
Over $141 billion, up to and including $171 billion
0.4073
Over $171 billion
0.3869
For its investment advisory services to each of the iShares MSCI Taiwan and iShares MSCI Thailand ETFs, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:  
Aggregate Average Daily Net Assets
Investment Advisory Fees
First $2 billion
0.7400%
Over $2 billion, up to and including $4 billion
0.6900
Over $4 billion, up to and including $8 billion
0.6400
Over $8 billion, up to and including $16 billion
0.5700
Over $16 billion, up to and including $24 billion
0.5100
Over $24 billion, up to and including $32 billion
0.4800
Over $32 billion, up to and including $40 billion
0.4500
Over $40 billion
0.4275
Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.
Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions.  As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, redemption fee, distribution fee or service fee. The money market fund in which the cash collateral has been invested may impose a discretionary liquidity fee of up to 2% of the value redeemed, if such fee is determined to be in the best interests of such money market fund.
Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
53
2024 iShares Annual Financial Statements
Notes to Financial Statements  (continued)
The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended August 31, 2024, the Funds paid BTC the following amounts for securities lending agent services: 
iShares ETF
Amounts
MSCI Hong Kong
$7,714
MSCI Japan Small-Cap
14,781
MSCI Malaysia
14,671
MSCI Pacific ex Japan
17,490
MSCI Singapore
11,635
MSCI Taiwan
1,765,230
MSCI Thailand
338,333
Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.
Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.
For the year ended August 31, 2024, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows: 
iShares ETF
Purchases
Sales
Net Realized
Gain (Loss)
MSCI Hong Kong
$29,990,708
$11,345,603
$(6,876,285)
MSCI Japan Small-Cap
14,083,053
3,789,057
456,950
MSCI Pacific ex Japan
27,142,713
16,195,594
(12,320,654)
MSCI Singapore
39,186,315
26,786,097
(18,499,773)
Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate.  The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.
A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.
7. PURCHASES AND SALES
For the year ended August 31, 2024, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows: 
iShares ETF
Purchases
Sales
MSCI Hong Kong
$72,796,007
$120,474,999
MSCI Japan Small-Cap
24,439,779
25,151,338
MSCI Malaysia
53,592,752
46,785,527
MSCI Pacific ex Japan
157,669,106
146,485,404
MSCI Singapore
129,762,390
120,552,016
MSCI Taiwan
1,883,803,800
986,387,313
MSCI Thailand
24,698,357
21,028,190
For the year ended August 31, 2024, in-kind transactions were as follows: 
iShares ETF
In-kind
Purchases
In-kind
Sales
MSCI Hong Kong
$—
$2,087,506
MSCI Japan Small-Cap
42,668,210
63,651,939
MSCI Pacific ex Japan
82,393,403
158,088,783
MSCI Singapore
119,010,223
150,774,307
MSCI Thailand
33,612,024
71,218,645
8. INCOME TAX INFORMATION
Each Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes.  It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.
Notes to Financial Statements
54
Notes to Financial Statements  (continued)
Management has analyzed tax laws and regulations and their application to the Funds as of August 31, 2024, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements. Management’s analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds’ NAV.
U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting.  These reclassifications have no effect on net assets or NAV per share. As of August 31, 2024, permanent differences attributable to certain deemed distributions and realized gains (losses) from in-kind redemptions were reclassified to the following accounts: 
iShares ETF
Paid-in Capital
Accumulated
Earnings (Loss)
MSCI Hong Kong
$(1,007,867)
$1,007,867
MSCI Japan Small-Cap
8,633,792
(8,633,792)
MSCI Pacific ex Japan
19,272,681
(19,272,681)
MSCI Singapore
13,685,212
(13,685,212)
MSCI Taiwan
4,129,138
(4,129,138)
MSCI Thailand
(5,848,268)
5,848,268
The tax character of distributions paid was as follows:  
iShares ETF
Year Ended
08/31/24
Year Ended
08/31/23
MSCI Hong Kong
Ordinary income
$25,933,938
$22,175,367
MSCI Japan Small-Cap
Ordinary income
$2,710,304
$700,151
MSCI Malaysia
Ordinary income
$8,448,335
$6,188,831
MSCI Pacific ex Japan
Ordinary income
$73,370,730
$73,694,870
MSCI Singapore
Ordinary income
$21,657,062
$23,446,994
MSCI Taiwan
Ordinary income
$147,189,217
$191,309,029
Long-term capital gains
261,253,940
419,346,990
 
$408,443,157
$610,656,019
MSCI Thailand
Ordinary income
$7,662,439
$7,677,615
As of August 31, 2024, the tax components of accumulated net earnings (losses) were as follows: 
iShares ETF
Undistributed
Ordinary Income
Undistributed
Long-Term Capital Gains
Non-expiring
Capital Loss
Carryforwards(a)
Net Unrealized
Gains (Losses)(b)
Total
MSCI Hong Kong
$3,204,704
$—
$(619,322,351)
$(228,760,465)
$(844,878,112)
MSCI Japan Small-Cap
906,668
—
(21,738,930)
(4,869,884)
(25,702,146)
MSCI Malaysia
861,075
—
(130,386,218)
114,255,389
(15,269,754)
MSCI Pacific ex Japan
15,479,120
—
(714,417,006)
(31,210,504)
(730,148,390)
MSCI Singapore
6,645,636
—
(369,649,955)
40,421,084
(322,583,235)
MSCI Taiwan
136,640,324
32,231,652
—
2,793,149,930
2,962,021,906
MSCI Thailand
1,552,476
—
(161,345,377)
(93,436,710)
(253,229,611)
 
(a)
Amounts available to offset future realized capital gains.
(b)
The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of
unrealized gains (losses) on certain futures contracts, the characterization of corporate actions and the realization for tax purposes of unrealized gains on investments in passive
foreign investment companies.
A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.
55
2024 iShares Annual Financial Statements
Notes to Financial Statements  (continued)
As of August 31, 2024, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows: 
iShares ETF
Tax Cost
Gross Unrealized
Appreciation
Gross Unrealized
Depreciation
Net Unrealized
Appreciation
(Depreciation)
MSCI Hong Kong
$741,118,406
$22,420,717
$(251,181,021)
$(228,760,304)
MSCI Japan Small-Cap
115,595,631
9,471,020
(14,356,987)
(4,885,967)
MSCI Malaysia
219,734,266
121,906,343
(7,656,150)
114,250,193
MSCI Pacific ex Japan
2,004,068,325
285,413,335
(316,655,298)
(31,241,963)
MSCI Singapore
475,633,676
60,229,703
(19,821,833)
40,407,870
MSCI Taiwan
3,007,224,824
2,875,127,130
(82,269,323)
2,792,857,807
MSCI Thailand
360,368,239
9,114,637
(102,562,162)
(93,447,525)
9. LINE OF CREDIT
The iShares MSCI Hong Kong ETF, iShares MSCI Japan Small-Cap ETF, iShares MSCI Malaysia ETF, iShares MSCI Singapore ETF, iShares MSCI Taiwan ETF and iShares MSCI Thailand ETF, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on October 16, 2024. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.
During the year ended August 31, 2024, the Funds did not borrow under the Syndicated Credit Agreement.
10. PRINCIPAL RISKS
In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.
BFA uses an indexing approach to try to achieve each Fund’s investment objective. The Fund is not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.
The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to discretionary liquidity fees under certain circumstances.
Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.
The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore each Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by each Fund, and each Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. Each Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.
Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability
Notes to Financial Statements
56
Notes to Financial Statements  (continued)
of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.
With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.
Geographic/Asset Class Risk:  A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.
Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedule of Investments.
Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.
Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.
Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.
11. CAPITAL SHARE TRANSACTIONS
Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.
Transactions in capital shares were as follows: 
 
Year Ended
08/31/24
Year Ended
08/31/23
iShares ETF
Shares
Amount
Shares
Amount
MSCI Hong Kong
Shares sold
—
$93,103
6,300,000
$130,025,042
Shares redeemed
(3,000,000
)
(46,727,862
)
(7,350,000
)
(147,364,615
)
 
(3,000,000
)
$(46,634,759
)
(1,050,000
)
$(17,339,573
)
MSCI Japan Small-Cap
Shares sold
600,000
$43,310,981
700,000
$47,638,207
Shares redeemed
(900,000
)
(64,517,661
)
—
—
 
(300,000
)
$(21,206,680
)
700,000
$47,638,207
MSCI Malaysia
Shares sold
1,350,000
$30,378,434
2,250,000
$47,357,800
Shares redeemed
(1,125,000
)
(23,431,997
)
(450,000
)
(9,837,692
)
 
225,000
$6,946,437
1,800,000
$37,520,108
57
2024 iShares Annual Financial Statements
Notes to Financial Statements  (continued)
 
Year Ended
08/31/24
Year Ended
08/31/23
iShares ETF
Shares
Amount
Shares
Amount
MSCI Pacific ex Japan
Shares sold
2,400,000
$100,763,846
3,000,000
$139,222,729
Shares redeemed
(3,900,000
)
(163,386,942
)
(9,300,000
)
(408,934,307
)
 
(1,500,000
)
$(62,623,096
)
(6,300,000
)
$(269,711,578
)
MSCI Singapore
Shares sold
7,300,000
$138,379,549
3,150,000
$60,208,375
Shares redeemed
(8,800,000
)
(160,186,302
)
(7,250,000
)
(138,669,604
)
 
(1,500,000
)
$(21,806,753
)
(4,100,000
)
$(78,461,229
)
MSCI Taiwan
Shares sold
32,600,000
$1,558,347,534
23,900,000
$1,097,040,697
Shares redeemed
(7,300,000
)
(326,534,609
)
(26,500,000
)
(1,236,770,063
)
 
25,300,000
$1,231,812,925
(2,600,000
)
$(139,729,366
)
MSCI Thailand
Shares sold
600,000
$36,614,422
1,350,000
$103,857,931
Shares redeemed
(1,200,000
)
(71,768,617
)
(1,650,000
)
(116,712,481
)
 
(600,000
)
$(35,154,195
)
(300,000
)
$(12,854,550
)
The consideration for the purchase of Creation Units of a fund in the Company generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash.  Certain funds in the Company may be offered in Creation Units solely or partially for cash in U.S. dollars.  Authorized Participants purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Company’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash.  Authorized Participants transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.
To the extent applicable, to facilitate the timely settlement of orders for Funds using a clearing facility outside of the continuous net settlement process, the Funds, at their sole discretion, may permit an Authorized Participant to post cash as collateral in anticipation of the delivery of all or a portion of the applicable Deposit Securities or Fund Securities, as further described in the applicable Authorized Participant Agreement. The collateral process is subject to a Control Agreement among the Authorized Participant, each Funds’ custodian, and the Funds. In the event that the Authorized Participant fails to deliver all or a portion of the applicable Deposit Securities or Fund Securities, the Funds may exercise control over such collateral pursuant to the terms of the Control Agreement in order to purchase the applicable Deposit Securities or Fund Securities.
From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.
12. SUBSEQUENT EVENTS
Management’s evaluation of the impact of all subsequent events on the Funds’ financial statements was completed through the date the financial statements were available to be issued and the following item was noted:
Effective October 16, 2024, the Syndicated Credit Agreement to which the Participating Funds are party was amended to extend the maturity date to October 15, 2025 under the same terms.
Notes to Financial Statements
58
Report of Independent Registered Public Accounting Firm
To the Board of Directors of
iShares, Inc. and Shareholders of each of the seven funds listed in the table below
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (seven of the funds constituting iShares Inc., hereafter collectively referred to as the "Funds") as of August 31, 2024, the related statements of operations for the year ended August 31, 2024, the statements of changes in net assets for each of the two years in the period ended August 31, 2024, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of August 31, 2024, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2024 and each of the financial highlights for each of the five years in the period ended August 31, 2024 in conformity with accounting principles generally accepted in the United States of America.   
iShares MSCI Hong Kong ETF
iShares MSCI Japan Small-Cap ETF
iShares MSCI Malaysia ETF
iShares MSCI Pacific ex Japan ETF
iShares MSCI Singapore ETF
iShares MSCI Taiwan ETF
iShares MSCI Thailand ETF
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
October 24, 2024
We have served as the auditor of one or more BlackRock investment companies since 2000.
59
2024 iShares Annual Financial Statements
Important Tax Information (unaudited)
The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended August 31, 2024: 
iShares ETF
Qualified Dividend
Income
MSCI Japan Small-Cap
$2,530,439
MSCI Pacific ex Japan
51,206,116
MSCI Thailand
7,682,949
The Fund hereby designates the following amount, or maximum amount allowable by law, as capital gain dividends, subject to a long-term capital gains tax rate as noted below, for the fiscal year ended August 31, 2024:  
iShares ETF
20% Rate Long-Term
Capital Gain Dividends
MSCI Taiwan
$265,179,134
The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended August 31, 2024: 
iShares ETF
Foreign Source
Income Earned
Foreign
Taxes Paid
MSCI Hong Kong
$23,317,089
$ —
MSCI Japan Small-Cap
3,152,999
317,789
MSCI Malaysia
10,136,083
—
MSCI Pacific ex Japan
77,540,762
1,027,994
MSCI Singapore
22,963,019
190,465
MSCI Taiwan
138,915,203
26,331,738
MSCI Thailand
8,277,299
743,369
The Fund hereby designates the following amount, or maximum amount allowable by law, as qualified short-term capital gains eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended August 31, 2024:  
iShares ETF
Qualified Short-Term
Capital Gains
MSCI Taiwan
$15,075,674
Important Tax Information
60
Additional Information
Premium/Discount Information
Information on the Fund's net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.
Regulation under the Alternative Investment Fund Managers Directive
The Alternative Investment Fund Managers Directive, and its United Kingdom (“UK”) equivalent, (the “AIFMD”) impose detailed and prescriptive obligations on fund managers established in the European Union (the “EU”) and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the “Company”). However, the Company is required to comply with certain disclosure, reporting and transparency obligations of the AIFMD because it has registered the iShares MSCI Hong Kong ETF, iShares MSCI Japan Small-Cap ETF, iShares MSCI Malaysia ETF, iShares MSCI Taiwan ETF and iShares MSCI Thailand ETF (the “Funds”) to be marketed to investors in the EU and/or UK.
Report on Remuneration
BlackRock has a clear and well-defined pay-for-performance philosophy, and compensation programs which support that philosophy.
BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management and staff who have the ability to materially affect the risk profile of the Funds, a significant percentage of variable remuneration is deferred over time. All employees are subject to a clawback policy.
Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock’s full-year financial results and other non-financial goals and objectives.  Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities.  No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.
Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock's independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.
Each of the control functions (Enterprise Risk, Legal & Compliance, Finance, Human Resources and Internal Audit) each have their own organizational structures which are independent of the business units and therefore staff members in control functions are remunerated independently of the businesses they oversee. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock's independent remuneration committee.
The Company is required under the AIFMD to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year. BlackRock bases its proportionality approach on a combination of factors that it is entitled to take into account based on relevant guidelines.
Remuneration information at an individual Fund level is not readily available.  Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; (c) staff who have the ability to materially affect the risk profile of the Funds; and (d) staff of companies to which portfolio management and risk management has been formally delegated.
All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Funds is included in the aggregate figures disclosed.
Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Conversely, members of staff and senior management of the broader BlackRock group may provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the broader BlackRock group and of the Company.  Therefore, the figures disclosed are a sum of individuals’ portion of remuneration attributable to the Company according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company and the broader BlackRock group. Accordingly, the figures are not representative of any individual’s actual remuneration or their remuneration structure.
The amount of the total remuneration awarded to the Company’s staff in respect of the Company’s financial year ending December 31, 2023 was USD 5.43m.  This figure is comprised of fixed remuneration of USD 0.74m and variable remuneration of USD 4.68m. There was a total of 8 beneficiaries of the remuneration described above.
The amount of the aggregate remuneration awarded by the Company in respect of the Company’s financial year ending December 31, 2023, to its senior management was USD 3.66m, and to other members of its staff whose actions potentially have a material impact on the risk profile of the Company or its funds was USD 1.77m.
61
2024 iShares Annual Financial Statements
Additional Information (continued)
Disclosures Under the EU Sustainable Finance Disclosure Regulation
The iShares MSCI Hong Kong ETF, iShares MSCI Japan Small-Cap ETF, iShares MSCI Malaysia ETF, iShares MSCI Taiwan ETF and iShares MSCI Thailand ETF (the “Funds”) are registered under the Alternative Investment Fund Managers Directive to be marketed to European Union (“EU”) investors, as noted above. As a result, certain disclosures are required under the EU Sustainable Finance Disclosure Regulation (“SFDR”). 
Each Fund has not been categorized under the SFDR as an “Article 8” or “Article 9” product. In addition, each Fund’s investment strategy does not take into account the criteria for environmentally sustainable economic activities under the EU sustainable investment taxonomy regulation or principal adverse impacts (“PAIs”) on sustainability factors under the SFDR. PAIs are identified under the SFDR as the material impacts of investment decisions on sustainability factors relating to environmental, social and employee matters, respect for human rights, and anti-corruption and anti-bribery matters.
Electronic Delivery
Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.
To enroll in electronic delivery:
 • Go to icsdelivery.com.
 • If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor. 
Changes in and Disagreements with Accountants
Not applicable.
Proxy Results
Not applicable.
Remuneration Paid to Directors, Officers, and Others
Because BFA has agreed in the Investment Advisory Agreements to cover all operating expenses of the Funds, subject to certain exclusions as provided for therein, BFA pays the compensation to each Independent Director for services to the Funds from BFA's investment advisory fees.
Availability of Portfolio Holdings Information
A description of the Company’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets, when available, at iShares.com.
Additional Information
62
Board Review and Approval of Investment Advisory Contract
iShares MSCI Hong Kong ETF (the “Fund”)
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company's Board of Directors (the “Board”), including a majority of Board Members who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Company and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements.  The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement.  At meetings held on May 6, 2024 and May 17, 2024, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meeting, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide.  At a meeting held on June 4-5, 2024, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.
After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members.  The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates.  The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.
Expenses and Performance of the Fund:  The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”).  The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. 
In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2023, to that of such relevant comparison fund(s) for the same periods.  The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index.  Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered.  The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.
Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA’s business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years.  In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters.  The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 6, 2024
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2024 iShares Annual Financial Statements
Board Review and Approval of Investment Advisory Contract (continued)
meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services, as well as BlackRock’s continued investments in its ETF business.
Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:  The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year.  The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix.  The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).
Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time.  The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase.  The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.
The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). 
The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.  The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.
The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.
Other Benefits to BFA and/or its Affiliates:  The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community.  The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by
Board Review and Approval of Investment Advisory Contract
64
Board Review and Approval of Investment Advisory Contract (continued)
BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.
Conclusion:  Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.
iShares MSCI Japan Small-Cap ETF, iShares MSCI Thailand ETF (each the “Fund”)
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company's Board of Directors (the “Board”), including a majority of Board Members who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Company and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements.  The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement.  At meetings held on May 6, 2024 and May 17, 2024, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meeting, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide.  At a meeting held on June 4-5, 2024, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.
After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members.  The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates.  The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.
Expenses and Performance of the Fund:  The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”).  The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. 
  In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2023, to that of such relevant comparison fund(s) for the same periods.  The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index.  Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered.  The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.
Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA’s business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years.  In reviewing
65
2024 iShares Annual Financial Statements
Board Review and Approval of Investment Advisory Contract (continued)
the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters.  The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 6, 2024 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services, as well as BlackRock’s continued investments in its ETF business.
Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year.  The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix.  The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).
Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time.  The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase.  The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.
The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). 
The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.  The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.
The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.
Board Review and Approval of Investment Advisory Contract
66
Board Review and Approval of Investment Advisory Contract (continued)
Other Benefits to BFA and/or its Affiliates:  The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community.  The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.
Conclusion:  Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.
iShares MSCI Malaysia ETF, iShares MSCI Taiwan ETF (each the “Fund”)
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company's Board of Directors (the “Board”), including a majority of Board Members who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Company and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements.  The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement.  At meetings held on May 6, 2024 and May 17, 2024, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meeting, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide.  At a meeting held on June 4-5, 2024, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.
After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members.  The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates.  The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.
Expenses and Performance of the Fund:  The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”).  The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. 
In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2023, to that of such relevant comparison fund(s) for the same periods.  The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index.  Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered.  The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.
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Board Review and Approval of Investment Advisory Contract (continued)
Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA’s business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years.  In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters.  The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 6, 2024 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services, as well as BlackRock’s continued investments in its ETF business.
Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:  The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year.  The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix.  The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).
Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time.  The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase.  The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.
The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). 
The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that
Board Review and Approval of Investment Advisory Contract
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Board Review and Approval of Investment Advisory Contract (continued)
BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.  The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.
The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.
Other Benefits to BFA and/or its Affiliates:  The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community.  The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.
Conclusion:  Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.
iShares MSCI Pacific ex Japan ETF (the “Fund”)
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company's Board of Directors (the “Board”), including a majority of Board Members who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Company and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements.  The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement.  At meetings held on May 6, 2024 and May 17, 2024, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meeting, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide.  At a meeting held on June 4-5, 2024, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.
After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members.  The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates.  The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.
Expenses and Performance of the Fund:  The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”).  The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund
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2024 iShares Annual Financial Statements
Board Review and Approval of Investment Advisory Contract (continued)
in all instances.  The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were within range of the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. 
In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2023, to that of such relevant comparison fund(s) for the same periods.  The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index.  Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered.  The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.
Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA’s business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years.  In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters.  The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 6, 2024 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services, as well as BlackRock’s continued investments in its ETF business.
Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:  The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year.  The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix.  The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).
Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time.  The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase.  The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.
The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Board Review and Approval of Investment Advisory Contract
70
Board Review and Approval of Investment Advisory Contract (continued)
Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). 
The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.  The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.
The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.
Other Benefits to BFA and/or its Affiliates:  The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community.  The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.
Conclusion:  Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.
iShares MSCI Singapore ETF (the “Fund”)
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company's Board of Directors (the “Board”), including a majority of Board Members who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Company and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements.  The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement.  At meetings held on May 6, 2024 and May 17, 2024, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meeting, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide.  At a meeting held on June 4-5, 2024, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.
After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members.  The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts
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2024 iShares Annual Financial Statements
Board Review and Approval of Investment Advisory Contract (continued)
managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates.  The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.
Expenses and Performance of the Fund:  The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”).  The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. 
  In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2023, to that of such relevant comparison fund(s) for the same periods.  The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index.  Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered.  The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.
Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA’s business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years.  In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters.  The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 6, 2024 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services, as well as BlackRock’s continued investments in its ETF business.
Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:  The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year.  The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix.  The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).
Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the
Board Review and Approval of Investment Advisory Contract
72
Board Review and Approval of Investment Advisory Contract (continued)
provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time.  The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase.  The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.
The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). 
The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.  The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.
The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.
Other Benefits to BFA and/or its Affiliates:  The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community.  The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.
Conclusion:  Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.
73
2024 iShares Annual Financial Statements
Glossary of Terms Used in this Report
 
Portfolio Abbreviation
ADR
American Depositary Receipt
NVDR
Non-Voting Depositary Receipt
NVS
Non-Voting Shares
REIT
Real Estate Investment Trust
Glossary of Terms Used in this Report
74
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Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
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©2024 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
 
 

August 31, 2024
 
 
2024 Annual Financial Statements
 
iShares, Inc.
• iShares MSCI Austria ETF | EWO | NYSE Arca
• iShares MSCI Belgium ETF | EWK | NYSE Arca
• iShares MSCI France ETF | EWQ | NYSE Arca
• iShares MSCI Netherlands ETF | EWN | NYSE Arca
• iShares MSCI Sweden ETF | EWD | NYSE Arca
Table of Contents
 
 
Page
3
19
21
23
26
31
41
42
43
44
47
2
Schedule of Investments
August 31, 2024
iShares® MSCI Austria ETF
(Percentages shown are based on Net Assets)
 
Security
Shares
Value
Common Stocks
Air Freight & Logistics — 2.9%
Oesterreichische Post AG
57,613
$1,879,504
Banks — 31.3%
BAWAG Group AG(a)
37,336
2,856,801
Erste Group Bank AG
262,094
14,345,650
Raiffeisen Bank International AG
145,049
2,879,159
 
20,081,610
Chemicals — 2.1%
Lenzing AG(b)(c)
40,107
1,362,183
Commercial Services & Supplies — 3.3%
DO & CO AG
12,702
2,122,967
Construction & Engineering — 1.6%
Porr AG
67,432
1,013,735
Construction Materials — 4.4%
Wienerberger AG
85,247
2,813,768
Electric Utilities — 13.7%
EVN AG
64,089
2,235,577
Verbund AG
77,221
6,563,956
 
8,799,533
Electronic Equipment, Instruments & Components — 1.8%
AT&S Austria Technologie & Systemtechnik AG(b)(c)
58,382
1,160,347
Energy Equipment & Services — 1.5%
Schoeller-Bleckmann Oilfield Equipment AG
26,005
939,986
Insurance — 6.3%
UNIQA Insurance Group AG
213,449
1,831,690
Vienna Insurance Group AG Wiener
Versicherung Gruppe
63,722
2,189,240
 
4,020,930
Machinery — 6.1%
ANDRITZ AG
43,629
2,876,296
Palfinger AG
44,874
1,078,338
 
3,954,634
Security
Shares
Value
Metals & Mining — 4.5%
voestalpine AG
117,707
$2,872,077
Oil, Gas & Consumable Fuels — 11.3%
OMV AG
166,443
7,259,558
Real Estate Management & Development — 7.1%
CA Immobilien Anlagen AG
65,560
2,304,547
Immofinanz AG(b)
64,398
2,246,153
 
4,550,700
Total Long-Term Investments — 97.9%
(Cost: $62,779,071)
62,831,532
Short-Term Securities
Money Market Funds — 2.3%
BlackRock Cash Funds: Institutional, SL Agency Shares,
5.45%(d)(e)(f)
1,465,870
1,466,750
BlackRock Cash Funds: Treasury, SL Agency Shares,
5.25%(d)(e)
20,000
20,000
Total Short-Term Securities — 2.3%
(Cost: $1,486,357)
1,486,750
Total Investments — 100.2%
(Cost: $64,265,428)
64,318,282
Liabilities in Excess of Other Assets — (0.2)%
(150,061
)
Net Assets — 100.0%
$64,168,221
 
(a)
Security exempt from registration pursuant to Rule 144A under the Securities Act of
1933, as amended. These securities may be resold in transactions exempt from
registration to qualified institutional investors.
(b)
Non-income producing security.
(c)
All or a portion of this security is on loan.
(d)
Affiliate of the Fund.
(e)
Annualized 7-day yield as of period end.
(f)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2024 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 Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
08/31/24
Shares
Held at
08/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency
Shares
$1,813,009
$—
$(348,034
)(a)
$1,401
$374
$1,466,750
1,465,870
$128,607
(b)
$—
BlackRock Cash Funds: Treasury, SL Agency
Shares
20,000
—
0
(a)
—
—
20,000
20,000
3,535
—
 
$1,401
$374
$1,486,750
$132,142
$—
 
(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.
3
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Austria ETF
 
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts
Euro STOXX 50 Index
23
09/20/24
$1,266
$23,470
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets—Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)
$—
$—
$23,470
$—
$—
$—
$23,470
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's
variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).
For the period ended August 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from
Futures contracts
$—
$—
$97,294
$—
$—
$—
$97,294
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts
$—
$—
$34,943
$—
$—
$—
$34,943
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$1,156,372
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
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 
Common Stocks
$9,415,364
$53,416,168
$—
$62,831,532
Short-Term Securities 
Money Market Funds
1,486,750
—
—
1,486,750
 
$10,902,114
$53,416,168
$—
$64,318,282
Schedule of Investments
4
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Austria ETF
 
Fair Value Hierarchy as of Period End (continued)
 
Level 1
Level 2
Level 3
Total
Derivative Financial Instruments(a) 
Assets 
Equity Contracts
$—
$23,470
$—
$23,470
 
(a)
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
See notes to financial statements.
5
2024 iShares Annual Financial Statements
Schedule of Investments
August 31, 2024
iShares® MSCI Belgium ETF
(Percentages shown are based on Net Assets)
 
Security
Shares
Value
Common Stocks
Air Freight & Logistics — 0.5%
bpost SA
25,540
$72,274
Banks — 5.6%
KBC Ancora
3,968
199,038
KBC Group NV
9,125
710,537
 
909,575
Beverages — 22.1%
Anheuser-Busch InBev SA/NV
57,924
3,554,917
Biotechnology — 14.2%
Argenx SE(a)
4,109
2,123,375
Galapagos NV(a)
5,565
162,236
 
2,285,611
Building Products — 0.6%
Recticel SA
7,102
98,132
Chemicals — 6.9%
Solvay SA
7,166
250,696
Syensqo SA
6,331
521,315
Tessenderlo Group SA
3,842
105,165
Umicore SA
19,169
240,640
 
1,117,816
Construction & Engineering — 3.5%
Ackermans & van Haaren NV
2,023
402,476
Deme Group NV
859
153,735
 
556,211
Consumer Staples Distribution & Retail — 1.8%
Colruyt Group NV
5,484
282,490
Distributors — 3.1%
D'ieteren Group
2,076
503,978
Diversified Telecommunication Services — 0.8%
Proximus SADP
17,205
129,515
Electric Utilities — 1.9%
Elia Group SA/NV
2,816
308,731
Electronic Equipment, Instruments & Components — 0.7%
Barco NV
8,459
114,900
Entertainment — 0.6%
Kinepolis Group NV
2,234
100,508
Financial Services — 6.0%
Groupe Bruxelles Lambert NV
8,050
621,579
Sofina SA
1,392
339,219
 
960,798
Security
Shares
Value
Food Products — 2.8%
Lotus Bakeries NV
36
$452,882
Health Care Providers & Services — 1.0%
Fagron
7,462
157,912
Health Care REITs — 3.4%
Aedifica SA
4,385
295,828
Cofinimmo SA
3,655
249,584
 
545,412
Industrial REITs — 3.6%
Montea NV
1,830
159,625
Warehouses De Pauw CVA
15,569
416,696
 
576,321
Insurance — 4.2%
Ageas SA/NV
13,296
683,452
Metals & Mining — 1.0%
Bekaert SA
3,978
164,487
Personal Care Products — 0.6%
Ontex Group NV(a)
10,245
101,998
Pharmaceuticals — 8.7%
UCB SA
7,747
1,403,081
Real Estate Management & Development — 1.0%
VGP NV
1,505
154,451
Residential REITs — 0.9%
Xior Student Housing NV
4,004
144,936
Retail REITs — 0.7%
Retail Estates NV
1,604
114,894
Semiconductors & Semiconductor Equipment — 1.2%
Melexis NV
2,116
191,394
Specialized REITs — 1.0%
Shurgard Self Storage Ltd.
3,740
164,658
Total Investments — 98.4%
(Cost: $20,406,894)
15,851,334
Other Assets Less Liabilities — 1.6%
257,002
Net Assets — 100.0%
$16,108,336
 
(a)
Non-income producing security.
Schedule of Investments
6
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Belgium ETF
 
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2024 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 Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
08/31/24
Shares
Held at
08/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)
$137,291
$—
$(137,059
)(b)
$(234
)
$2
$—
—
$207
(c)
$—
BlackRock Cash Funds: Treasury, SL Agency Shares(a)
10,000
—
(10,000
)(b)
—
—
—
—
283
—
 
$(234
)
$2
$—
$490
$—
 
(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
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts
Euro STOXX 50 Index
4
09/20/24
$220
$5,617
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets—Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)
$—
$—
$5,617
$—
$—
$—
$5,617
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's
variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).
For the period ended August 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from
Futures contracts
$—
$—
$22,308
$—
$—
$—
$22,308
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts
$—
$—
$6,587
$—
$—
$—
$6,587
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$236,416
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
7
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Belgium ETF
 
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets 
Investments 
Long-Term Investments 
Common Stocks
$697,305
$15,154,029
$—
$15,851,334
Derivative Financial Instruments(a) 
Assets 
Equity Contracts
$—
$5,617
$—
$5,617
 
(a)
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
See notes to financial statements.
Schedule of Investments
8
Schedule of Investments
August 31, 2024
iShares® MSCI France ETF
(Percentages shown are based on Net Assets)
 
Security
Shares
Value
Common Stocks
Aerospace & Defense — 9.4%
Airbus SE
201,703
$30,984,490
Dassault Aviation SA
6,694
1,442,243
Safran SA
116,042
25,428,954
Thales SA
32,099
5,392,981
 
63,248,668
Automobile Components — 1.4%
Cie Generale des Etablissements Michelin SCA
230,345
9,044,360
Automobiles — 0.5%
Renault SA
65,054
3,085,658
Banks — 5.3%
BNP Paribas SA
345,464
23,894,899
Credit Agricole SA
359,385
5,629,746
Societe Generale SA
245,235
5,928,051
 
35,452,696
Beverages — 1.5%
Pernod Ricard SA
68,793
9,794,624
Building Products — 2.0%
Cie de Saint-Gobain SA
153,974
13,455,145
Capital Markets — 0.7%
Amundi SA(a)
20,936
1,572,210
Euronext NV(a)
27,127
2,897,010
 
4,469,220
Chemicals — 5.7%
Air Liquide SA
196,242
36,628,173
Arkema SA
19,105
1,772,518
 
38,400,691
Construction & Engineering — 3.8%
Bouygues SA
64,295
2,298,902
Eiffage SA
24,883
2,611,847
Vinci SA
169,955
20,312,139
 
25,222,888
Consumer Staples Distribution & Retail — 0.4%
Carrefour SA
184,107
2,966,013
Diversified REITs — 0.2%
Covivio SA/France
18,945
1,054,537
Diversified Telecommunication Services — 1.1%
Orange SA
631,869
7,207,054
Electrical Equipment — 8.6%
Legrand SA
89,018
9,970,328
Schneider Electric SE
185,603
47,347,311
 
57,317,639
Entertainment — 0.2%
Bollore SE
242,548
1,598,179
Financial Services — 0.7%
Edenred SE
84,695
3,564,756
Eurazeo SE
15,564
1,226,057
 
4,790,813
Food Products — 2.3%
Danone SA
219,138
15,227,228
Health Care Equipment & Supplies — 3.8%
BioMerieux
14,164
1,639,141
Security
Shares
Value
Health Care Equipment & Supplies (continued)
EssilorLuxottica SA
100,903
$23,927,503
 
25,566,644
Hotels, Restaurants & Leisure — 1.0%
Accor SA
66,157
2,789,497
La Francaise des Jeux SAEM(a)
34,589
1,410,113
Sodexo SA
30,103
2,678,706
 
6,878,316
Household Durables — 0.1%
SEB SA(b)
8,517
886,871
Insurance — 3.5%
AXA SA
616,842
23,476,453
IT Services — 1.6%
Capgemini SE
52,684
10,914,208
Life Sciences Tools & Services — 0.7%
Eurofins Scientific SE
46,094
2,631,058
Sartorius Stedim Biotech
9,860
2,003,321
 
4,634,379
Machinery — 0.4%
Alstom SA(b)(c)
118,078
2,407,542
Media — 1.7%
Publicis Groupe SA
77,666
8,566,046
Vivendi SE
246,047
2,760,126
 
11,326,172
Metals & Mining — 0.6%
ArcelorMittal SA
158,858
3,721,665
Multi-Utilities — 2.8%
Engie SA
619,421
10,909,404
Veolia Environnement SA
234,667
7,774,050
 
18,683,454
Office REITs — 0.3%
Gecina SA
15,567
1,710,647
Oil, Gas & Consumable Fuels — 7.5%
TotalEnergies SE
732,494
50,389,559
Personal Care Products — 5.3%
L'Oreal SA
81,680
35,837,468
Pharmaceuticals — 6.7%
Ipsen SA
12,820
1,554,615
Sanofi SA
386,876
43,422,222
 
44,976,837
Professional Services — 0.8%
Bureau Veritas SA
107,782
3,548,274
Teleperformance SE
18,384
2,003,193
 
5,551,467
Retail REITs — 0.8%
Klepierre SA
72,712
2,170,551
Unibail-Rodamco-Westfield, New
40,103
3,206,799
 
5,377,350
Semiconductors & Semiconductor Equipment — 1.1%
STMicroelectronics NV
229,761
7,408,887
Software — 1.3%
Dassault Systemes SE
226,956
8,869,391
Textiles, Apparel & Luxury Goods — 15.3%
Hermes International SCA
10,753
25,736,872
9
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI France ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Textiles, Apparel & Luxury Goods (continued)
Kering SA
25,246
$7,239,408
LVMH Moet Hennessy Louis Vuitton SE
93,374
69,499,803
 
102,476,083
Trading Companies & Distributors — 0.3%
Rexel SA
76,382
1,927,290
Transportation Infrastructure — 0.5%
Aeroports de Paris SA
11,820
1,547,726
Getlink SE
103,127
1,859,845
 
3,407,571
Total Long-Term Investments — 99.9%
(Cost: $663,733,340)
668,763,667
Short-Term Securities
Money Market Funds — 0.1%
BlackRock Cash Funds: Institutional, SL Agency Shares,
5.45%(d)(e)(f)
288,047
288,220
BlackRock Cash Funds: Treasury, SL Agency Shares,
5.25%(d)(e)
530,000
530,000
Total Short-Term Securities — 0.1%
(Cost: $818,168)
818,220
Total Investments — 100.0%
(Cost: $664,551,508)
669,581,887
Other Assets Less Liabilities — 0.0%
331,548
Net Assets — 100.0%
$669,913,435
 
(a)
Security exempt from registration pursuant to Rule 144A under the Securities Act of
1933, as amended. These securities may be resold in transactions exempt from
registration to qualified institutional investors.
(b)
All or a portion of this security is on loan.
(c)
Non-income producing security.
(d)
Affiliate of the Fund.
(e)
Annualized 7-day yield as of period end.
(f)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2024 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 Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
08/31/24
Shares
Held at
08/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency
Shares
$42,535
$245,697
(a)
$—
$(60
)
$48
$288,220
288,047
$3,136
(b)
$—
BlackRock Cash Funds: Treasury, SL Agency
Shares
7,570,000
—
(7,040,000
)(a)
—
—
530,000
530,000
405,741
—
 
$(60
)
$48
$818,220
$408,877
$—
 
(a)
Represents net amount purchased (sold).
(b)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other
payments to and from borrowers of securities.
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts
CAC 40 Index
15
09/20/24
$1,269
$54,722
Schedule of Investments
10
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI France ETF
 
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets—Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)
$—
$—
$54,722
$—
$—
$—
$54,722
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's
variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).
For the period ended August 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from
Futures contracts
$—
$—
$(68,833
)
$—
$—
$—
$(68,833
)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts
$—
$—
$54,722
$—
$—
$—
$54,722
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$1,275,643
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
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 
Common Stocks
$2,678,706
$666,084,961
$—
$668,763,667
Short-Term Securities 
Money Market Funds
818,220
—
—
818,220
 
$3,496,926
$666,084,961
$—
$669,581,887
Derivative Financial Instruments(a) 
Assets 
Equity Contracts
$—
$54,722
$—
$54,722
 
(a)
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
See notes to financial statements.
11
2024 iShares Annual Financial Statements
Schedule of Investments
August 31, 2024
iShares® MSCI Netherlands ETF
(Percentages shown are based on Net Assets)
 
Security
Shares
Value
Common Stocks
Air Freight & Logistics — 1.2%
InPost SA(a)
157,803
$2,915,571
PostNL NV
408,616
560,823
 
3,476,394
Banks — 8.6%
ABN AMRO Bank NV, CVA(b)
221,779
3,811,744
ING Groep NV
1,178,140
21,421,089
 
25,232,833
Beverages — 6.8%
Coca-Cola Europacific Partners PLC
82,574
6,646,381
Heineken Holding NV
54,197
4,087,265
Heineken NV
103,056
9,298,132
 
20,031,778
Biotechnology — 0.2%
Pharming Group NV(a)(c)
874,555
683,107
Broadline Retail — 6.4%
Prosus NV
511,121
18,945,999
Capital Markets — 1.5%
Allfunds Group PLC
280,940
1,692,526
Flow Traders Ltd., NVS(c)
41,435
799,707
Van Lanschot Kempen NV
39,195
1,806,211
 
4,298,444
Chemicals — 6.1%
Akzo Nobel NV
69,409
4,440,345
Corbion NV
70,966
1,797,390
DSM-Firmenich AG
69,252
9,454,368
OCI NV
75,431
2,393,832
 
18,085,935
Construction & Engineering — 1.6%
Fugro NV
100,019
2,500,382
Koninklijke BAM Groep NV
350,620
1,466,154
Koninklijke Heijmans N.V
29,247
830,871
 
4,797,407
Consumer Staples Distribution & Retail — 4.1%
Koninklijke Ahold Delhaize NV
340,692
11,697,224
Sligro Food Group NV
28,148
405,383
 
12,102,607
Diversified Telecommunication Services — 2.0%
Koninklijke KPN NV
1,419,798
5,798,716
Electrical Equipment — 1.4%
Alfen NV(a)(b)(c)
28,042
464,134
Signify NV(b)
83,515
2,061,000
TKH Group NV
41,144
1,687,652
 
4,212,786
Energy Equipment & Services — 0.8%
SBM Offshore NV
131,674
2,489,800
Entertainment — 2.7%
Universal Music Group NV
299,824
7,844,457
Financial Services — 5.4%
Adyen NV(a)(b)
7,631
11,261,855
EXOR NV, NVS
42,623
4,755,964
 
16,017,819
Food Products — 0.6%
JDE Peet's NV
78,118
1,787,175
Security
Shares
Value
Health Care Equipment & Supplies — 3.4%
Koninklijke Philips NV(a)
331,528
$9,985,856
Hotels, Restaurants & Leisure — 1.1%
Basic-Fit NV(a)(b)(c)
55,843
1,391,822
Just Eat Takeaway.com NV(a)(b)
132,069
1,941,492
 
3,333,314
Insurance — 4.6%
Aegon Ltd.
697,505
4,271,834
ASR Nederland NV
74,753
3,663,495
NN Group NV
114,118
5,597,070
 
13,532,399
Machinery — 0.8%
Aalberts NV
60,648
2,370,885
Metals & Mining — 0.2%
AMG Critical Materials NV(c)
39,280
649,119
Oil, Gas & Consumable Fuels — 0.9%
Koninklijke Vopak NV
54,393
2,500,410
Pharmaceuticals — 0.1%
Pharvaris NV(a)
17,346
312,228
Professional Services — 7.0%
Arcadis NV
44,195
3,247,025
Brunel International NV(c)
25,735
272,361
Randstad NV
55,440
2,674,413
Wolters Kluwer NV
83,592
14,294,823
 
20,488,622
Retail REITs — 0.9%
Eurocommercial Properties NV
54,658
1,414,608
Vastned Retail NV
15,742
416,759
Wereldhave NV
44,651
697,514
 
2,528,881
Semiconductors & Semiconductor Equipment — 26.7%
ASM International NV
15,758
10,729,278
ASML Holding NV
70,510
63,588,306
BE Semiconductor Industries NV
34,122
4,499,827
 
78,817,411
Software — 0.2%
TomTom NV(a)(c)
92,605
535,100
Trading Companies & Distributors — 4.3%
AerCap Holdings NV
87,739
8,547,533
IMCD NV
25,477
4,172,045
 
12,719,578
Total Long-Term Investments — 99.6%
(Cost: $310,658,361)
293,579,060
Short-Term Securities
Money Market Funds — 1.3%
BlackRock Cash Funds: Institutional, SL Agency Shares,
5.45%(d)(e)(f)
3,589,018
3,591,172
Schedule of Investments
12
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Netherlands ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares,
5.25%(d)(e)
90,000
$90,000
Total Short-Term Securities — 1.3%
(Cost: $3,680,949)
3,681,172
Total Investments — 100.9%
(Cost: $314,339,310)
297,260,232
Liabilities in Excess of Other Assets — (0.9)%
(2,573,217
)
Net Assets — 100.0%
$294,687,015
 
(a)
Non-income producing security.
(b)
Security exempt from registration pursuant to Rule 144A under the Securities Act of
1933, as amended. These securities may be resold in transactions exempt from
registration to qualified institutional investors.
(c)
All or a portion of this security is on loan.
(d)
Affiliate of the Fund.
(e)
Annualized 7-day yield as of period end.
(f)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2024 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 Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
08/31/24
Shares
Held at
08/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency
Shares
$11,023,471
$—
$(7,433,627
)(a)
$1,105
$223
$3,591,172
3,589,018
$38,970
(b)
$—
BlackRock Cash Funds: Treasury, SL Agency
Shares
160,000
—
(70,000
)(a)
—
—
90,000
90,000
10,131
—
 
$1,105
$223
$3,681,172
$49,101
$—
 
(a)
Represents net amount purchased (sold).
(b)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other
payments to and from borrowers of securities.
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts
Euro STOXX 50 Index
18
09/20/24
$991
$19,883
13
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Netherlands ETF
 
Futures Contracts (continued)
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets—Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)
$—
$—
$19,883
$—
$—
$—
$19,883
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's
variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).
For the period ended August 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from
Futures contracts
$—
$—
$57,973
$—
$—
$—
$57,973
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts
$—
$—
$25,415
$—
$—
$—
$25,415
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$619,403
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
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 
Common Stocks
$29,250,703
$264,328,357
$—
$293,579,060
Short-Term Securities 
Money Market Funds
3,681,172
—
—
3,681,172
 
$32,931,875
$264,328,357
$—
$297,260,232
Derivative Financial Instruments(a) 
Assets 
Equity Contracts
$—
$19,883
$—
$19,883
 
(a)
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
See notes to financial statements.
Schedule of Investments
14
Schedule of Investments
August 31, 2024
iShares® MSCI Sweden ETF
(Percentages shown are based on Net Assets)
 
Security
Shares
Value
Common Stocks
Aerospace & Defense — 1.3%
Saab AB, Class B
165,158
$3,908,088
Automobiles — 0.4%
Volvo Car AB, Class B(a)
384,077
1,099,986
Banks — 9.7%
Skandinaviska Enskilda Banken AB, Class A
818,227
12,600,524
Svenska Handelsbanken AB, Class A
752,077
7,758,468
Swedbank AB, Class A
437,765
9,364,212
 
29,723,204
Biotechnology — 1.0%
Swedish Orphan Biovitrum AB(a)
100,503
3,132,093
Building Products — 6.7%
Assa Abloy AB, Class B
516,807
16,697,033
Nibe Industrier AB, Class B
781,423
3,862,666
 
20,559,699
Capital Markets — 2.1%
EQT AB
192,592
6,456,211
Commercial Services & Supplies — 1.0%
Securitas AB, Class B
253,587
2,964,791
Communications Equipment — 3.5%
Telefonaktiebolaget LM Ericsson, Class B
1,430,416
10,671,196
Construction & Engineering — 1.2%
Skanska AB, Class B
175,443
3,541,007
Diversified Telecommunication Services — 1.2%
Telia Co. AB
1,216,489
3,772,132
Electronic Equipment, Instruments & Components — 3.6%
Hexagon AB, Class B
1,070,525
10,958,487
Financial Services — 11.0%
Industrivarden AB, Class A
62,668
2,252,429
Industrivarden AB, Class C
82,245
2,954,115
Investor AB, Class B
892,459
26,573,365
L E Lundbergforetagen AB, Class B
39,187
2,148,734
 
33,928,643
Health Care Equipment & Supplies — 0.8%
Getinge AB, Class B
117,942
2,454,667
Hotels, Restaurants & Leisure — 3.1%
Evolution AB(b)
92,842
9,650,979
Household Products — 3.1%
Essity AB, Class B
314,170
9,540,761
Industrial Conglomerates — 2.1%
Investment AB Latour, Class B
76,343
2,298,897
Lifco AB, Class B
120,197
4,021,702
 
6,320,599
Machinery — 34.0%
Alfa Laval AB
149,184
6,693,447
Atlas Copco AB, Class A
1,384,992
25,197,358
Security
Shares
Value
Machinery (continued)
Atlas Copco AB, Class B
804,822
$12,834,309
Epiroc AB, Class A
339,853
6,554,441
Epiroc AB, Class B
201,079
3,570,028
Husqvarna AB, Class B
180,785
1,222,145
Indutrade AB
140,890
4,428,108
Sandvik AB
549,771
11,711,977
SKF AB, Class B
175,750
3,330,229
Trelleborg AB, Class B
109,852
4,290,110
Volvo AB, Class A
103,250
2,779,342
Volvo AB, Class B
819,143
21,781,389
 
104,392,883
Metals & Mining — 1.4%
Boliden AB
141,028
4,308,207
Paper & Forest Products — 1.9%
Holmen AB, Class B
39,302
1,607,775
Svenska Cellulosa AB SCA, Class B
312,473
4,337,958
 
5,945,733
Real Estate Management & Development — 1.8%
Fastighets AB Balder, Class B(a)
341,741
2,676,848
Sagax AB, Class B
113,309
2,980,848
 
5,657,696
Specialty Retail — 1.5%
H & M Hennes & Mauritz AB, Class B
292,078
4,619,649
Trading Companies & Distributors — 2.4%
AddTech AB, Class B
134,014
4,236,115
Beijer Ref AB, Class B
186,061
3,210,246
 
7,446,361
Wireless Telecommunication Services — 1.0%
Tele2 AB, Class B
276,528
3,137,406
Total Long-Term Investments — 95.8%
(Cost: $318,385,789)
294,190,478
Short-Term Securities
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares,
5.25%(c)(d)
130,000
130,000
Total Short-Term Securities — 0.1%
(Cost: $130,000)
130,000
Total Investments — 95.9%
(Cost: $318,515,789)
294,320,478
Other Assets Less Liabilities — 4.1%
12,732,276
Net Assets — 100.0%
$307,052,754
 
(a)
Non-income producing security.
(b)
Security exempt from registration pursuant to Rule 144A under the Securities Act of
1933, as amended. These securities may be resold in transactions exempt from
registration to qualified institutional investors.
(c)
Affiliate of the Fund.
(d)
Annualized 7-day yield as of period end.
15
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Sweden ETF
 
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2024 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 Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
08/31/24
Shares
Held at
08/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency
Shares(a)
$5,098,214
$—
$(5,098,213
)(b)
$14
$(15
)
$—
—
$4,843
(c)
$—
BlackRock Cash Funds: Treasury, SL Agency Shares
6,320,000
—
(6,190,000
)(b)
—
—
130,000
130,000
138,925
—
 
$14
$(15
)
$130,000
$143,768
$—
 
(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
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts
OMX Stockholm 30 Index
495
09/20/24
$12,551
$614,971
Forward Foreign Currency Exchange Contracts 
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
SEK
32,759,248
USD
3,170,877
Standard Chartered Bank
09/20/24
$22,210
USD
3,155,294
EUR
2,906,980
Standard Chartered Bank
09/20/24
(60,440
)
 
 
 
 
$(38,230
)
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets—Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)
$—
$—
$614,971
$—
$—
$—
$614,971
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts
$—
$—
$—
$22,210
$—
$—
$22,210
 
$—
$—
$614,971
$22,210
$—
$—
$637,181
Liabilities—Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts
$—
$—
$—
$60,440
$—
$—
$60,440
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's
variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).
Schedule of Investments
16
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Sweden ETF
 
For the period ended August 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from
Futures contracts
$—
$—
$1,308,923
$—
$—
$—
$1,308,923
Forward foreign currency exchange contracts
—
—
—
85,066
—
—
85,066
 
$—
$—
$1,308,923
$85,066
$—
$—
$1,393,989
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts
$—
$—
$619,145
$—
$—
$—
$619,145
Forward foreign currency exchange contracts
—
—
—
62,687
—
—
62,687
 
$—
$—
$619,145
$62,687
$—
$—
$681,832
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$11,877,388
Forward foreign currency exchange contracts:
Average amounts purchased — in USD
$3,300,920
Average amounts sold — in USD
$3,321,130
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Derivative Financial Instruments - Offsetting as of Period End
The Fund's derivative assets and liabilities (by type) were as follows: 
 
Assets
Liabilities
Derivative Financial Instruments:
Futures contracts
$614,971
$—
Forward foreign currency exchange contracts
22,210
60,440
Total derivative assets and liabilities in the Statement of Assets and Liabilities
637,181
60,440
Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA")
(614,971
)
—
Total derivative assets and liabilities subject to an MNA
$22,210
$60,440
The following tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:  
Counterparty
Derivative
Assets
Subject to
an MNA by
Counterparty
Derivatives
Available
for Offset(a)
Non-Cash
Collateral
Received
Cash
Collateral
Received
Net Amount
of Derivative
Assets(b)(c)
Standard Chartered Bank
$22,210
$(22,210
)
$—
$—
$—
 
Counterparty
Derivative
Liabilities
Subject to
an MNA by
Counterparty
Derivatives
Available
for Offset(a)
Non-Cash
Collateral
Pledged
Cash
Collateral
Pledged
Net Amount
of Derivative
Liabilities(c)(d)
Standard Chartered Bank
$60,440
$(22,210
)
$—
$—
$38,230
 
(a)
The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.
(b)
Net amount represents the net amount receivable from the counterparty in the event of default.
(c)
Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.
(d)
Net amount represents the net amount payable due to the counterparty in the event of default.
17
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Sweden ETF
 
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets 
Investments 
Long-Term Investments 
Common Stocks
$14,379,589
$279,810,889
$—
$294,190,478
Short-Term Securities 
Money Market Funds
130,000
—
—
130,000
 
$14,509,589
$279,810,889
$—
$294,320,478
Derivative Financial Instruments(a) 
Assets 
Equity Contracts
$—
$614,971
$—
$614,971
Foreign Currency Exchange Contracts
—
22,210
—
22,210
Liabilities 
Foreign Currency Exchange Contracts
—
(60,440
)
—
(60,440
)
 
$—
$576,741
$—
$576,741
 
(a)
Derivative financial instruments are futures contracts and forward foreign currency exchange contracts. Futures contracts and forward foreign currency exchange contracts are
valued at the unrealized appreciation (depreciation) on the instrument.
See notes to financial statements.
Schedule of Investments
18
Statements of Assets and Liabilities
August 31, 2024
 
 
iShares
MSCI Austria
ETF
iShares
MSCI
Belgium ETF
iShares
MSCI France
ETF
iShares
MSCI
Netherlands
ETF
ASSETS
 
 
 
 
Investments, at value—unaffiliated(a)(b)
$62,831,532
$15,851,334
$668,763,667
$293,579,060
Investments, at value—affiliated(c)
1,486,750
—
818,220
3,681,172
Cash
3,317
6,098
11,338
9,614
Foreign currency collateral pledged for futures contracts(d)
89,538
19,897
92,853
69,640
Foreign currency, at value(e)
80,886
44,825
336,101
687,957
Receivables:
 
 
 
 
Investments sold
1,646,750
1,141,643
1,577,699
1,366,727
Securities lending income—affiliated
11,442
—
77
4,418
Dividends—unaffiliated
—
2,876
86,334
305,983
Dividends—affiliated
70
9
2,473
1,205
Tax reclaims
1,120,795
210,521
1,036,871
14,094
Variation margin on futures contracts
1,442
196
—
1,192
Total assets
67,272,522
17,277,399
672,725,633
299,721,062
LIABILITIES
 
 
 
 
Collateral on securities loaned, at value
1,467,027
—
288,236
3,581,290
Payables:
 
 
 
 
Investments purchased
1,611,246
1,162,298
1,409,720
1,333,335
Investment advisory fees
26,028
6,765
271,898
119,422
IRS compliance fee for foreign withholding tax claims
—
—
830,275
—
Professional fees
—
—
11,501
—
Variation margin on futures contracts
—
—
568
—
Total liabilities
3,104,301
1,169,063
2,812,198
5,034,047
Commitments and contingent liabilities
 
 
 
 
NET ASSETS
$64,168,221
$16,108,336
$669,913,435
$294,687,015
NET ASSETS CONSIST OF
 
 
 
 
Paid-in capital
$116,106,509
$41,719,090
$771,905,246
$348,063,612
Accumulated loss
(51,938,288)
(25,610,754)
(101,991,811)
(53,376,597)
NET ASSETS
$64,168,221
$16,108,336
$669,913,435
$294,687,015
NET ASSET VALUE
 
 
 
 
Shares outstanding
2,750,000
800,000
16,800,000
5,800,000
Net asset value
$23.33
$20.14
$39.88
$50.81
Shares authorized
100 million
136.2 million
340.2 million
255 million
Par value
$0.001
$0.001
$0.001
$0.001
(a) Investments, at cost—unaffiliated
$62,779,071
$20,406,894
$663,733,340
$310,658,361
(b) Securities loaned, at value
$1,400,207
$—
$272,777
$3,386,992
(c) Investments, at cost—affiliated
$1,486,357
$—
$818,168
$3,680,949
(d) Foreign currency collateral pledged, at cost
$95,922
$19,569
$97,800
$70,331
(e) Foreign currency, at cost
$73,493
$44,604
$330,499
$692,112
See notes to financial statements.
19
2024 iShares Annual Financial Statements
Statements of Assets and Liabilities (continued)
August 31, 2024
 
 
iShares
MSCI
Sweden ETF
ASSETS
 
Investments, at value—unaffiliated(a)
$294,190,478
Investments, at value—affiliated(b)
130,000
Cash
1,449
Foreign currency collateral pledged for futures contracts(c)
1,060,556
Foreign currency, at value(d)
324,031
Receivables:
 
Investments sold
4,329,494
Securities lending income—affiliated
167
Dividends—affiliated
485
Tax reclaims
2,705,667
Variation margin on futures contracts
165,450
Foreign withholding tax claims
9,511,828
Unrealized appreciation on forward foreign currency exchange contracts
22,210
Total assets
312,441,815
LIABILITIES
 
Payables:
 
Investments purchased
4,239,466
Investment advisory fees
126,297
Professional fees
962,858
Unrealized depreciation on forward foreign currency exchange contracts
60,440
Total liabilities
5,389,061
Commitments and contingent liabilities
 
NET ASSETS
$307,052,754
NET ASSETS CONSIST OF
 
Paid-in capital
$418,070,253
Accumulated loss
(111,017,499)
NET ASSETS
$307,052,754
NET ASSET VALUE
 
Shares outstanding
7,275,000
Net asset value
$42.21
Shares authorized
100 million
Par value
$0.001
(a) Investments, at cost—unaffiliated
$318,385,789
(b) Investments, at cost—affiliated
$130,000
(c) Foreign currency collateral pledged, at cost
$1,103,254
(d) Foreign currency, at cost
$179,439
See notes to financial statements.
Statements of Assets and Liabilities
20
Statements of Operations
Year Ended August 31, 2024  
 
 
iShares
MSCI Austria
ETF
iShares
MSCI
Belgium ETF
iShares
MSCI France
ETF
iShares
MSCI
Netherlands
ETF
INVESTMENT INCOME
Dividends—unaffiliated
$3,792,232
$564,245
$20,239,321
$6,444,453
Dividends—affiliated
3,535
283
405,741
10,131
Interest—unaffiliated
3,894
798
4,819
3,059
Securities lending income—affiliated—net
128,607
207
3,136
38,970
Foreign taxes withheld
(525,413
)
(84,688
)
(187,402
)
(909,552
)
Foreign withholding tax claims
—
—
111,681
—
IRS compliance fee for foreign withholding tax claims
—
—
(353,912
)
—
Total investment income
3,402,855
480,845
20,223,384
5,587,061
EXPENSES
Investment advisory
285,391
92,907
3,536,110
1,209,823
Commitment costs
544
181
6,857
2,366
Professional
—
—
11,174
—
Total expenses
285,935
93,088
3,554,141
1,212,189
Net investment income
3,116,920
387,757
16,669,243
4,374,872
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments—unaffiliated
(2,143,262
)
(635,536
)
(14,889,432
)
(2,876,437
)
Investments—affiliated
1,401
(234
)
(60
)
1,105
Foreign currency transactions
10,643
1,617
(3,281
)
31,653
Futures contracts
97,294
22,308
(68,833
)
57,973
In-kind redemptions—unaffiliated(a)
1,482,745
957,138
54,610,445
11,108,284
 
(551,179
)
345,293
39,648,839
8,322,578
Net change in unrealized appreciation (depreciation) on:
Investments—unaffiliated
9,702,987
1,625,993
5,252,980
38,635,810
Investments—affiliated
374
2
48
223
Foreign currency translations
14,996
5,362
20,592
(1,984
)
Futures contracts
34,943
6,587
54,722
25,415
 
9,753,300
1,637,944
5,328,342
38,659,464
Net realized and unrealized gain
9,202,121
1,983,237
44,977,181
46,982,042
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
$12,319,041
$2,370,994
$61,646,424
$51,356,914
(a) See Note 2 of the Notes to Financial Statements.
See notes to financial statements.
21
2024 iShares Annual Financial Statements
Statements of Operations (continued)
Year Ended August 31, 2024  
 
 
iShares
MSCI
Sweden ETF
INVESTMENT INCOME
Dividends—unaffiliated
$8,617,438
Dividends—affiliated
138,925
Interest—unaffiliated
1,783
Securities lending income—affiliated—net
4,843
Foreign taxes withheld
(1,217,137
)
Foreign withholding tax claims
1,210,820
Total investment income
8,756,672
EXPENSES
Investment advisory
1,568,128
Professional
134,293
Commitment costs
3,156
Total expenses
1,705,577
Net investment income
7,051,095
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments—unaffiliated
(7,839,313
)
Investments—affiliated
14
Forward foreign currency exchange contracts
85,066
Foreign currency transactions
72,257
Futures contracts
1,308,923
In-kind redemptions—unaffiliated(a)
15,313,849
 
8,940,796
Net change in unrealized appreciation (depreciation) on:
Investments—unaffiliated
65,551,453
Investments—affiliated
(15
)
Forward foreign currency exchange contracts
62,687
Foreign currency translations
601,175
Futures contracts
619,145
 
66,834,445
Net realized and unrealized gain
75,775,241
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
$82,826,336
(a) See Note 2 of the Notes to Financial Statements.
See notes to financial statements.
Statements of Operations
22
Statements of Changes in Net Assets
 
 
iShares
MSCI Austria ETF
iShares
MSCI Belgium ETF
 
Year Ended
08/31/24
Year Ended
08/31/23
Year Ended
08/31/24
Year Ended
08/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$3,116,920
$2,311,574
$387,757
$429,800
Net realized gain (loss)
(551,179
)
(7,283,685
)
345,293
(1,622,807
)
Net change in unrealized appreciation (depreciation)
9,753,300
12,688,771
1,637,944
3,115,011
Net increase in net assets resulting from operations
12,319,041
7,716,660
2,370,994
1,922,004
DISTRIBUTIONS TO SHAREHOLDERS(a)
From net investment income
(4,312,002
)
(2,439,739
)
(381,107
)
(170,545
)
Return of capital
—
—
—
(202,469
)
Decrease in net assets resulting from distributions to shareholders
(4,312,002
)
(2,439,739
)
(381,107
)
(373,014
)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions
2,512,526
(14,130,724
)
(6,224,832
)
949,746
NET ASSETS
Total increase (decrease) in net assets
10,519,565
(8,853,803
)
(4,234,945
)
2,498,736
Beginning of year
53,648,656
62,502,459
20,343,281
17,844,545
End of year
$64,168,221
$53,648,656
$16,108,336
$20,343,281
 
(a)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
See notes to financial statements.
23
2024 iShares Annual Financial Statements
Statements of Changes in Net Assets(continued)
 
 
iShares
MSCI France ETF
iShares
MSCI Netherlands ETF
 
Year Ended
08/31/24
Year Ended
08/31/23
Year Ended
08/31/24
Year Ended
08/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$16,669,243
$27,508,429
$4,374,872
$5,254,148
Net realized gain (loss)
39,648,839
60,114,545
8,322,578
(1,248,402
)
Net change in unrealized appreciation (depreciation)
5,328,342
163,541,483
38,659,464
50,421,651
Net increase in net assets resulting from operations
61,646,424
251,164,457
51,356,914
54,427,397
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders
(18,593,590
)
(24,746,255
)
(4,864,442
)
(4,948,231
)
CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions
(312,492,339
)
(77,227,268
)
(922,111
)
(107,021,715
)
NET ASSETS
Total increase (decrease) in net assets
(269,439,505
)
149,190,934
45,570,361
(57,542,549
)
Beginning of year
939,352,940
790,162,006
249,116,654
306,659,203
End of year
$669,913,435
$939,352,940
$294,687,015
$249,116,654
 
(a)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
See notes to financial statements.
Statements of Changes in Net Assets
24
Statements of Changes in Net Assets(continued)
 
 
iShares
MSCI Sweden ETF
 
Year Ended
08/31/24
Year Ended
08/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$7,051,095
$7,640,974
Net realized gain (loss)
8,940,796
(52,896,978
)
Net change in unrealized appreciation (depreciation)
66,834,445
84,665,726
Net increase in net assets resulting from operations
82,826,336
39,409,722
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders
(13,994,475
)
(2,063,347
)
CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions
(76,668,361
)
(131,012,062
)
NET ASSETS
Total decrease in net assets
(7,836,500
)
(93,665,687
)
Beginning of year
314,889,254
408,554,941
End of year
$307,052,754
$314,889,254
 
(a)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
See notes to financial statements.
25
2024 iShares Annual Financial Statements
Financial Highlights
(For a share outstanding throughout each period)
 
 
iShares MSCI Austria ETF
 
Year Ended
08/31/24
Year Ended
08/31/23
Year Ended
08/31/22
Year Ended
08/31/21
Year Ended
08/31/20
Net asset value, beginning of year
$20.24
$17.36
$25.28
$15.67
$18.89
Net investment income(a)
1.16
0.91
0.97
0.54
0.06
Net realized and unrealized gain (loss)(b)
3.54
2.96
(8.01
)
9.50
(3.16
)
Net increase (decrease) from investment operations
4.70
3.87
(7.04
)
10.04
(3.10
)
Distributions from net investment income(c)
(1.61
)
(0.99
)
(0.88
)
(0.43
)
(0.12
)
Net asset value, end of year
$23.33
$20.24
$17.36
$25.28
$15.67
Total Return(d)
Based on net asset value
24.05
%
22.61
%
(28.58
)%
64.50
%
(16.58
)%
Ratios to Average Net Assets(e)
Total expenses
0.50
%
0.50
%
0.50
%
0.50
%
0.51
%
Net investment income
5.41
%
4.68
%
4.32
%
2.55
%
0.32
%
Supplemental Data
Net assets, end of year (000)
$64,168
$53,649
$62,502
$89,752
$43,104
Portfolio turnover rate(f)
22
%
21
%
19
%
14
%
16
%
(a) Based on average shares outstanding.
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d) Where applicable, assumes the reinvestment of distributions.
(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
Financial Highlights
26
Financial Highlights(continued)
(For a share outstanding throughout each period)
 
 
iShares MSCI Belgium ETF
 
Year Ended
08/31/24
Year Ended
08/31/23
Year Ended
08/31/22
Year Ended
08/31/21
Year Ended
08/31/20
Net asset value, beginning of year
$18.16
$15.93
$22.28
$17.76
$18.48
Net investment income(a)
0.38
0.41
0.44
0.31
0.24
Net realized and unrealized gain (loss)(b)
2.03
2.15
(5.80
)
4.64
(0.60
)
Net increase (decrease) from investment operations
2.41
2.56
(5.36
)
4.95
(0.36
)
Distributions(c)
From net investment income
(0.43
)
(0.15
)
(0.99
)
(0.43
)
(0.36
)
Return of capital
—
(0.18
)
—
—
—
Total distributions
(0.43
)
(0.33
)
(0.99
)
(0.43
)
(0.36
)
Net asset value, end of year
$20.14
$18.16
$15.93
$22.28
$17.76
Total Return(d)
Based on net asset value
13.43
%
16.16
%
(24.77
)%
27.96
%(e)
(2.02
)%
Ratios to Average Net Assets(f)
Total expenses
0.50
%
0.50
%
0.50
%
0.50
%
0.51
%
Net investment income
2.07
%
2.28
%
2.22
%
1.52
%
1.34
%
Supplemental Data
Net assets, end of year (000)
$16,108
$20,343
$17,845
$41,002
$32,685
Portfolio turnover rate(g)
18
%
12
%
7
%
16
%
18
%
(a) Based on average shares outstanding.
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d) Where applicable, assumes the reinvestment of distributions.
(e) Includes payment received from a settlement of litigation, which impacted the Fund' total return. Excluding the payment from a settlement of litigation, the Fund’s total return is 22.73%.
(f) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
27
2024 iShares Annual Financial Statements
Financial Highlights(continued)
(For a share outstanding throughout each period)
 
 
iShares MSCI France ETF
 
Year Ended
08/31/24
Year Ended
08/31/23
Year Ended
08/31/22
Year Ended
08/31/21
Year Ended
08/31/20
Net asset value, beginning of year
$37.57
$29.48
$38.85
$29.30
$29.41
Net investment income(a)
0.90
(b)
1.01
(b)
1.27
(b)
0.72
(b)
0.32
Net realized and unrealized gain (loss)(c)
2.58
8.02
(8.65
)
9.43
(0.18
)
Net increase (decrease) from investment operations
3.48
9.03
(7.38
)
10.15
0.14
Distributions from net investment income(d)
(1.17
)
(0.94
)
(1.99
)
(0.60
)
(0.25
)
Net asset value, end of year
$39.88
$37.57
$29.48
$38.85
$29.30
Total Return(e)
Based on net asset value
9.30
%(b)
30.82
%(b)
(19.71
)%(b)
34.74
%(b)
0.50
%
Ratios to Average Net Assets(f)
Total expenses
0.50
%
0.53
%
0.76
%
0.60
%
0.51
%
Total expenses excluding professional fees for foreign withholding tax claims
0.50
%
0.50
%
0.50
%
0.50
%
N/A
Net investment income
2.34
%(b)
2.88
%(b)
3.62
%(b)
2.13
%(b)
1.09
%
Supplemental Data
Net assets, end of year (000)
$669,913
$939,353
$790,162
$761,536
$884,935
Portfolio turnover rate(g)
4
%
3
%
9
%
4
%
2
%
(a) Based on average shares outstanding.
(b) Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended August 31, 2024,
August 31, 2023, August 31, 2022  and August 31, 2021, respectively:
• Net investment income per share by $0.01, $0.07, $0.58 and $0.30.
• Total return by 0.07%, 0.27%,1.24% and 1.25%.
• Ratio of net investment income to average net assets by 0.01%, 0.21%,1.66% and 0.89%.
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(e) Where applicable, assumes the reinvestment of distributions.
(f) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
Financial Highlights
28
Financial Highlights(continued)
(For a share outstanding throughout each period)
 
 
iShares MSCI Netherlands ETF
 
Year Ended
08/31/24
Year Ended
08/31/23
Year Ended
08/31/22
Year Ended
08/31/21
Year Ended
08/31/20
Net asset value, beginning of year
$41.18
$34.26
$52.87
$35.38
$30.58
Net investment income(a)
0.82
0.72
0.84
0.40
0.33
Net realized and unrealized gain (loss)(b)
9.72
6.91
(18.78
)
17.55
4.80
Net increase (decrease) from investment operations
10.54
7.63
(17.94
)
17.95
5.13
Distributions from net investment income(c)
(0.91
)
(0.71
)
(0.67
)
(0.46
)
(0.33
)
Net asset value, end of year
$50.81
$41.18
$34.26
$52.87
$35.38
Total Return(d)
Based on net asset value
25.72
%
22.27
%
(34.09
)%
50.92
%
16.88
%
Ratios to Average Net Assets(e)
Total expenses
0.50
%
0.50
%
0.50
%
0.50
%
0.51
%
Net investment income
1.79
%
1.84
%
1.94
%
0.90
%
1.03
%
Supplemental Data
Net assets, end of year (000)
$294,687
$249,117
$306,659
$330,434
$187,519
Portfolio turnover rate(f)
13
%
11
%
10
%
36
%
19
%
(a) Based on average shares outstanding.
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d) Where applicable, assumes the reinvestment of distributions.
(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
29
2024 iShares Annual Financial Statements
Financial Highlights(continued)
(For a share outstanding throughout each period)
 
 
iShares MSCI Sweden ETF
 
Year Ended
08/31/24
Year Ended
08/31/23
Year Ended
08/31/22
Year Ended
08/31/21
Year Ended
08/31/20
Net asset value, beginning of year
$33.32
$30.10
$47.87
$35.73
$28.25
Net investment income(a)
0.84
(b)
0.79
(b)
1.46
0.99
0.34
Net realized and unrealized gain (loss)(c)
9.66
2.63
(16.83
)
12.57
7.65
Net increase (decrease) from investment operations
10.50
3.42
(15.37
)
13.56
7.99
Distributions from net investment income(d)
(1.61
)
(0.20
)
(2.40
)
(1.42
)
(0.51
)
Net asset value, end of year
$42.21
$33.32
$30.10
$47.87
$35.73
Total Return(e)
Based on net asset value
31.89
%(b)
11.35
%(b)
(33.28
)%
38.09
%
28.51
%
Ratios to Average Net Assets(f)
Total expenses
0.54
%
0.54
%
0.54
%
0.54
%
0.55
%
Total expenses excluding professional fees for foreign withholding tax claims
0.50
%
0.50
%
0.50
%
0.50
%
0.51
%
Net investment income
2.23
%(b)
2.37
%(b)
3.67
%
2.27
%
1.09
%
Supplemental Data
Net assets, end of year (000)
$307,053
$314,889
$408,555
$653,396
$246,503
Portfolio turnover rate(g)
16
%
13
%
18
%
11
%
8
%
(a) Based on average shares outstanding.
(b) Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended August 31, 2024 and
August 31, 2023:
• Net investment income per share by $0.13 and $0.11.
• Total return by 0.46% and 0.36%.
• Ratio of net investment income to average net assets by 0.34% and 0.32%.
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(e) Where applicable, assumes the reinvestment of distributions.
(f) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
Financial Highlights
30
Notes to Financial Statements
1. ORGANIZATION
iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is organized as a Maryland corporation and is authorized to have multiple series or portfolios.
These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”): 
iShares ETF
Diversification
Classification
MSCI Austria
Non-diversified
MSCI Belgium
Non-diversified
MSCI France
Non-diversified
MSCI Netherlands
Non-diversified
MSCI Sweden
Non-diversified
2. SIGNIFICANT ACCOUNTING POLICIES
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period.  Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method.  Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.  Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.
Foreign Currency Translation: Each Fund's books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.
Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.  
Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions.  All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests.  These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows:  foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of August 31, 2024, if any, are disclosed in the Statements of Assets and Liabilities.
Consistent with U.S. GAAP accrual requirements, for uncertain tax positions, each Fund recognizes tax reclaims when the Fund determines that it is more likely than not that the Fund will sustain its position that it is due the reclaim. 
The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes. 
Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.
In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.
31
2024 iShares Annual Financial Statements
Notes to Financial Statements  (continued)
Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates.  Distributions are determined on a tax basis and may differ from net investment income, net realized capital gains and/or return of capital for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.
The portion of distributions that exceeds each Fund's current and accumulated earnings and profits will constitute a non-taxable return of capital. Distributions in excess of each Fund's minimum distribution requirements, but not in excess of the Fund's earnings and profits, will be taxable to the Fund's shareholders and will not constitute non-taxable returns of capital. Return of capital distributions will reduce a shareholder's cost basis and will result in higher capital gains or lower capital losses when each Fund's shares on which distributions were received are sold.  Once a shareholder's cost basis is reduced to zero, further distributions will be treated as capital gains.
Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.
3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS
Investment  Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Directors of the Company (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.
• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.
• Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.
• Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the New York Stock Exchange (“NYSE”) based on that day’s prevailing forward exchange rate for the underlying currencies.
Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.
Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.
Fair  Value Hierarchy: 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).
Notes to Financial Statements
32
Notes to Financial Statements  (continued)
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 that may not have a secondary market and/or may have 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.
4. SECURITIES AND OTHER INVESTMENTS
Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.
Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.
As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:  
iShares ETF and Counterparty
Securities Loaned
at Value
Cash Collateral
Received(a)
Non-Cash Collateral
Received, at Fair Value(a)
Net Amount
MSCI Austria
Goldman Sachs & Co. LLC
$255,502
$(255,502)
$—
$—
Morgan Stanley
583,353
(583,353)
—
—
UBS AG
561,352
(561,352)
—
—
 
$1,400,207
$(1,400,207)
$—
$—
MSCI France
J.P. Morgan Securities LLC
$272,777
$(272,777)
$—
$—
MSCI Netherlands
BNP Paribas SA
$118,004
$(118,004)
$—
$—
BofA Securities, Inc.
140,715
(140,715)
—
—
Citigroup Global Markets, Inc.
11,557
(11,557)
—
—
Goldman Sachs & Co. LLC
1,496,694
(1,496,694)
—
—
HSBC Bank PLC
117,442
(117,442)
—
—
J.P. Morgan Securities LLC
870,565
(870,565)
—
—
Morgan Stanley
612,364
(612,364)
—
—
UBS AG
19,651
(19,651)
—
—
 
$3,386,992
$(3,386,992)
$—
$—
 
(a)
Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s
Statements of Assets and Liabilities.
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the
33
2024 iShares Annual Financial Statements
Notes to Financial Statements  (continued)
securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.
5. DERIVATIVE FINANCIAL INSTRUMENTS
Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).
Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.
Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of  Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.
Forward Foreign Currency Exchange Contracts: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).
A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Funds are denominated and in some cases, may be used to obtain exposure to a particular market.The contracts are traded over-the-counter (“OTC”) and not on an organized exchange.
The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of  Assets and Liabilities.  A fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.
Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.
For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a fund and the counterparty.
Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.
For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.
Notes to Financial Statements
34
Notes to Financial Statements  (continued)
6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent directors).
For its investment advisory services to each Fund, BFA  is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows: 
Aggregate Average Daily Net Assets
Investment Advisory Fees
First $7 billion
0.59%
Over $7 billion, up to and including $11 billion
0.54
Over $11 billion, up to and including $24 billion
0.49
Over $24 billion, up to and including $48 billion
0.44
Over $48 billion, up to and including $72 billion
0.40
Over $72 billion, up to and including $96 billion
0.36
Over $96 billion
0.32
Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.
Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions.  As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, redemption fee, distribution fee or service fee. The money market fund in which the cash collateral has been invested may impose a discretionary liquidity fee of up to 2% of the value redeemed, if such fee is determined to be in the best interests of such money market fund.
Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended August 31, 2024, the Funds paid BTC the following amounts for securities lending agent services: 
iShares ETF
Amounts
MSCI Austria
$28,286
MSCI Belgium
70
MSCI France
934
MSCI Netherlands
9,413
MSCI Sweden
1,386
Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.
35
2024 iShares Annual Financial Statements
Notes to Financial Statements  (continued)
Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.
For the year ended August 31, 2024, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows: 
iShares ETF
Purchases
Sales
Net Realized
Gain (Loss)
MSCI Austria
$1,808,308
$2,781,203
$(46,814)
MSCI Belgium
675,228
869,672
(285,676)
MSCI France
5,602,782
2,672,406
(5,656,409)
MSCI Netherlands
8,392,326
13,746,970
622,313
MSCI Sweden
14,078,971
5,963,432
(1,023,599)
Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate.  The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.
A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.
7. PURCHASES AND SALES
For the year ended August 31, 2024, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows: 
iShares ETF
Purchases
Sales
MSCI Austria
$12,478,768
$13,644,154
MSCI Belgium
3,322,444
3,346,759
MSCI France
29,178,623
25,324,288
MSCI Netherlands
34,234,626
31,362,766
MSCI Sweden
47,391,750
46,840,891
For the year ended August 31, 2024, in-kind transactions were as follows: 
iShares ETF
In-kind
Purchases
In-kind
Sales
MSCI Austria
$28,858,153
$26,423,944
MSCI Belgium
11,631,555
17,812,563
MSCI France
38,061,204
358,455,387
MSCI Netherlands
178,698,308
183,011,292
MSCI Sweden
208,663,519
291,726,609
8. INCOME TAX INFORMATION
Each Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes.  It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.
Management has analyzed tax laws and regulations and their application to the Funds as of August 31, 2024, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements. Management’s analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds’ NAV.
Notes to Financial Statements
36
Notes to Financial Statements  (continued)
U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting.  These reclassifications have no effect on net assets or NAV per share. As of August 31, 2024, permanent differences attributable to distributions paid in excess of taxable income and realized gains (losses) from in-kind redemptions were reclassified to the following accounts: 
iShares ETF
Paid-in Capital
Accumulated
Earnings (Loss)
MSCI Austria
$1,093,707
$ (1,093,707)
MSCI Belgium
913,976
(913,976)
MSCI France
49,476,981
(49,476,981)
MSCI Netherlands
10,228,972
(10,228,972)
MSCI Sweden
13,655,311
(13,655,311)
The tax character of distributions paid was as follows:  
iShares ETF
Year Ended
08/31/24
Year Ended
08/31/23
MSCI Austria
Ordinary income
$4,312,002
$2,439,739
MSCI Belgium
Ordinary income
$381,107
$170,545
Return of capital
—
202,469
 
$381,107
$373,014
MSCI France
Ordinary income
$18,593,590
$24,746,255
MSCI Netherlands
Ordinary income
$4,864,442
$4,948,231
MSCI Sweden
Ordinary income
$13,994,475
$2,063,347
As of August 31, 2024, the tax components of accumulated net earnings (losses) were as follows: 
iShares ETF
Undistributed
Ordinary Income
Non-expiring
Capital Loss
Carryforwards(a)
Net Unrealized
Gains (Losses)(b)
Total
MSCI Austria
$1,361,311
$(50,718,471)
$(2,581,128)
$(51,938,288)
MSCI Belgium
15,634
(20,722,996)
(4,903,392)
(25,610,754)
MSCI France
1,619,207
(97,529,055)
(6,081,963)
(101,991,811)
MSCI Netherlands
1,174,992
(35,680,574)
(18,871,015)
(53,376,597)
MSCI Sweden
—
(80,314,000)
(30,703,499)
(111,017,499)
 
(a)
Amounts available to offset future realized capital gains.
(b)
The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to tax deferral of losses on wash sales, the realization for tax purposes of
unrealized gains (losses) on certain futures contracts, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies and the
characterization of corporate actions.
A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.
As of August 31, 2024, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows: 
iShares ETF
Tax Cost
Gross Unrealized
Appreciation
Gross Unrealized
Depreciation
Net Unrealized
Appreciation
(Depreciation)
MSCI Austria
$66,893,098
$5,954,623
$(8,529,439)
$(2,574,816)
MSCI Belgium
20,755,852
1,034,207
(5,938,725)
(4,904,518)
MSCI France
675,621,912
73,443,118
(79,428,421)
(5,985,303)
MSCI Netherlands
316,126,502
17,851,244
(36,717,514)
(18,866,270)
MSCI Sweden
324,924,226
12,153,403
(42,142,180)
(29,988,777)
37
2024 iShares Annual Financial Statements
Notes to Financial Statements  (continued)
9. LINE OF CREDIT
The Funds, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on October 16, 2024. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.
During the year ended August 31, 2024, the Funds did not borrow under the Syndicated Credit Agreement.
10. PRINCIPAL RISKS
In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.
BFA uses an indexing approach to try to achieve each Fund’s investment objective. The Fund is not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.
The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to discretionary liquidity fees under certain circumstances.
Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.
Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.
With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.
Geographic/Asset Class Risk:  A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.
Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets
Notes to Financial Statements
38
Notes to Financial Statements  (continued)
and as a result adversely affect the Fund’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedule of Investments.
Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.
Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. These events and actions have adversely affected, and may in the future adversely affect, the value and exchange rate of the Euro and may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-European Union member states. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching.  In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but have been, and may continue to be, significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.
Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.
Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.
11. CAPITAL SHARE TRANSACTIONS
Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.
Transactions in capital shares were as follows: 
 
Year Ended
08/31/24
Year Ended
08/31/23
iShares ETF
Shares
Amount
Shares
Amount
MSCI Austria
Shares sold
1,400,000
$29,523,869
450,000
$9,268,192
Shares redeemed
(1,300,000
)
(27,011,343
)
(1,400,000
)
(23,398,916
)
 
100,000
$2,512,526
(950,000
)
$(14,130,724
)
MSCI Belgium
Shares sold
640,000
$11,872,896
480,000
$9,024,957
Shares redeemed
(960,000
)
(18,097,728
)
(480,000
)
(8,075,211
)
 
(320,000
)
$(6,224,832
)
—
$949,746
MSCI France
Shares sold
1,200,000
$45,960,949
5,200,000
$183,680,945
Shares redeemed
(9,400,000
)
(358,453,288
)
(7,000,000
)
(260,908,213
)
 
(8,200,000
)
$(312,492,339
)
(1,800,000
)
$(77,227,268
)
MSCI Netherlands
Shares sold
3,900,000
$190,201,458
1,900,000
$80,447,292
Shares redeemed
(4,150,000
)
(191,123,569
)
(4,800,000
)
(187,469,007
)
 
(250,000
)
$(922,111
)
(2,900,000
)
$(107,021,715
)
MSCI Sweden
Shares sold
5,925,000
$226,597,728
2,550,000
$90,474,788
Shares redeemed
(8,100,000
)
(303,266,089
)
(6,675,000
)
(221,486,850
)
 
(2,175,000
)
$(76,668,361
)
(4,125,000
)
$(131,012,062
)
39
2024 iShares Annual Financial Statements
Notes to Financial Statements  (continued)
The consideration for the purchase of Creation Units of a fund in the Company generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash.  Certain funds in the Company may be offered in Creation Units solely or partially for cash in U.S. dollars.  Authorized Participants purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Company’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash.  Authorized Participants transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.
To the extent applicable, to facilitate the timely settlement of orders for Funds using a clearing facility outside of the continuous net settlement process, the Funds, at their sole discretion, may permit an Authorized Participant to post cash as collateral in anticipation of the delivery of all or a portion of the applicable Deposit Securities or Fund Securities, as further described in the applicable Authorized Participant Agreement. The collateral process is subject to a Control Agreement among the Authorized Participant, each Funds’ custodian, and the Funds. In the event that the Authorized Participant fails to deliver all or a portion of the applicable Deposit Securities or Fund Securities, the Funds may exercise control over such collateral pursuant to the terms of the Control Agreement in order to purchase the applicable Deposit Securities or Fund Securities.
From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.
12. FOREIGN WITHHOLDING TAX CLAIMS
The iShares MSCI Sweden ETF has filed claims to recover taxes withheld by Sweden on dividend income based upon certain provisions in the Treaty on the Functioning of the European Union. The Fund has recorded receivables for all recoverable taxes withheld by Sweden based upon previous determinations made by the Swedish tax authorities. Professional and other fees associated with the filing of these claims for foreign withholding taxes have been approved by the Board as appropriate expenses of the Fund. Based upon the Fund’s evaluation of the facts and circumstances related to the outstanding claims, Swedish tax claim receivables and related liabilities are disclosed in the Statements of Assets and Liabilities. The collection of these receivables, and any payment of associated liabilities, depends upon future determinations made by the Swedish tax authorities, the outcome of which is uncertain. If such future determinations are unfavorable, the potential negative impact to the Fund, as of  August 31, 2024, is $8,548,970 or $1.18 per share.
Certain of the outstanding foreign tax reclaims are not deemed by the Fund to meet the recognition criteria under U.S. GAAP as of August 31, 2024 and have not been recorded in the applicable Fund’s net asset value. The recognition by the Fund of these amounts would have a positive impact on the applicable Fund's performance. If a Fund receives a tax refund that has not been previously recorded, investors in the Fund at the time the claim is successful will benefit from any resulting increase in the Fund’s NAV. Investors who sold their shares prior to such time will not benefit from such NAV increase.
The iShares MSCI France ETF is seeking a closing agreement with the Internal Revenue Service (“IRS”) to address any prior years’ U.S. income tax liabilities attributable to Fund shareholders resulting from the recovery of foreign taxes. The closing agreement would result in the Fund paying a compliance fee to the IRS, on behalf of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by Fund shareholders on their tax returns in prior years. The Fund has accrued a liability for the estimated IRS compliance fee related to foreign withholding tax claims, which is disclosed in the Statements of Assets and Liabilities. The actual IRS compliance fee may differ from the estimate and that difference may be material.
During the year, the iShares MSCI France ETF and the iShares MSCI Sweden ETF filed a closing agreement with the IRS related to the recovery of foreign taxes received in fiscal years 2022 and 2010-2014 respectively, and the related tax compliance fee, including interest, was paid to the IRS.
13. SUBSEQUENT EVENTS
Management’s evaluation of the impact of all subsequent events on the Funds’ financial statements was completed through the date the financial statements were available to be issued and the following item was noted:
Effective October 16, 2024, the Syndicated Credit Agreement to which the Participating Funds are party was amended to extend the maturity date to October 15, 2025 under the same terms.
Notes to Financial Statements
40
Report of Independent Registered Public Accounting Firm
To the Board of Directors of
iShares, Inc. and Shareholders of each of the five funds listed in the table below
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (five of the funds constituting iShares, Inc., hereafter collectively referred to as the "Funds") as of August 31, 2024, the related statements of operations for the year ended August 31, 2024, the statements of changes in net assets for each of the two years in the period ended August 31, 2024, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of August 31, 2024, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2024 and each of the financial highlights for each of the five years in the period ended August 31, 2024 in conformity with accounting principles generally accepted in the United States of America.   
iShares MSCI Austria ETF
iShares MSCI Belgium ETF
iShares MSCI France ETF
iShares MSCI Netherlands ETF
iShares MSCI Sweden ETF
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
October 24, 2024
We have served as the auditor of one or more BlackRock investment companies since 2000.
41
2024 iShares Annual Financial Statements
Important Tax Information (unaudited)
The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended August 31, 2024: 
iShares ETF
Qualified Dividend
Income
MSCI Austria
$3,645,233
MSCI Belgium
511,792
MSCI France
20,190,409
MSCI Netherlands
6,219,172
MSCI Sweden
7,893,628
The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended August 31, 2024: 
iShares ETF
Foreign Source
Income Earned
Foreign
Taxes Paid
MSCI Austria
$3,792,235
$524,060
MSCI Belgium
564,243
86,080
MSCI France
20,239,321
—
MSCI Netherlands
6,444,453
905,625
MSCI Sweden
8,617,439
—
Important Tax Information
42
Additional Information
Premium/Discount Information
Information on the Fund's net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.
Electronic Delivery
Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.
To enroll in electronic delivery:
 • Go to icsdelivery.com.
 • If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor. 
Changes in and Disagreements with Accountants
Not applicable.
Proxy Results
Not applicable.
Remuneration Paid to Directors, Officers, and Others
Because BFA has agreed in the Investment Advisory Agreements to cover all operating expenses of the Funds, subject to certain exclusions as provided for therein, BFA pays the compensation to each Independent Director for services to the Funds from BFA's investment advisory fees.
Availability of Portfolio Holdings Information
A description of the Company’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets, when available, at iShares.com.
43
2024 iShares Annual Financial Statements
Board Review and Approval of Investment Advisory Contract
iShares MSCI Austria ETF, iShares MSCI Belgium ETF, iShares MSCI France ETF, iShares MSCI Netherlands ETF, iShares MSCI Sweden ETF
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company's Board of Directors (the “Board”), including a majority of Board Members who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Company and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements.  The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement.  At meetings held on May 6, 2024 and May 17, 2024, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meeting, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide.  At a meeting held on June 4-5, 2024, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.
After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members.  The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates.  The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.
Expenses and Performance of the Fund:  The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”).  The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds. 
In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2023, to that of such relevant comparison fund(s) for the same periods.  The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index.  Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered.  The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.
Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA’s business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years.  In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters.  The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 6, 2024
Board Review and Approval of Investment Advisory Contract
44
Board Review and Approval of Investment Advisory Contract (continued)
meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services, as well as BlackRock’s continued investments in its ETF business.
Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates:  The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year.  The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix.  The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).
Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time.  The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase.  The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.
The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). 
The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.  The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.
The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.
Other Benefits to BFA and/or its Affiliates:  The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community.  The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by
45
2024 iShares Annual Financial Statements
Board Review and Approval of Investment Advisory Contract (continued)
BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.
Conclusion:  Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.
Board Review and Approval of Investment Advisory Contract
46
Glossary of Terms Used in this Report
 
Currency Abbreviation
EUR
Euro
SEK
Swedish Krona
USD
United States Dollar
 
Portfolio Abbreviation
NVS
Non-Voting Shares
47
2024 iShares Annual Financial Statements
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Want to know more?
iShares.com | 1-800-474-2737
This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.
Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc.,  nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
 
 

August 31, 2024
 
 
2024 Annual Financial Statements
 
iShares, Inc.
• iShares Core MSCI Emerging Markets ETF | IEMG | NYSE Arca
• iShares MSCI BIC ETF | BKF | NYSE Arca
• iShares MSCI Emerging Markets Asia ETF | EEMA | NASDAQ
• iShares MSCI Emerging Markets Small-Cap ETF | EEMS | NYSE Arca
Table of Contents
 
 
Page
3
65
66
67
69
73
84
85
86
88
97
2
Schedule of Investments
August 31, 2024
iShares® Core MSCI Emerging Markets ETF
(Percentages shown are based on Net Assets)
 
Security
Shares
Value
Common Stocks
Brazil — 3.7%
3R Petroleum Oleo E Gas SA
3,026,346
$14,159,945
AES Brasil Energia SA
3,405,007
6,917,615
Allos SA, NVS
3,758,720
15,212,414
Alupar Investimento SA
1,689,534
9,541,935
Ambev SA
39,187,066
89,416,277
Armac Locacao Logistica E Servicos SA
562,491
863,306
Atacadao SA(a)
4,866,916
7,746,030
Auren Energia SA
3,588,524
7,252,245
Azzas 2154 SA
1,338,616
11,638,177
B3 SA - Brasil Bolsa Balcao
47,987,085
107,963,385
Banco Bradesco SA
14,101,787
35,379,886
Banco BTG Pactual SA
10,361,737
65,377,331
Banco do Brasil SA
14,487,778
72,285,297
BB Seguridade Participacoes SA
5,953,088
38,796,817
BRF SA(a)
5,309,430
24,710,359
C&A Modas SA(a)
1,025,869
1,851,168
Caixa Seguridade Participacoes S/A
3,647,776
10,582,269
Camil Alimentos SA
1,706,015
2,884,753
CCR SA
9,489,756
22,310,217
Centrais Eletricas Brasileiras SA
10,334,041
76,552,526
Cia de Saneamento Basico do Estado de Sao
Paulo SABESP
3,875,834
65,145,673
Cia. Brasileira de Aluminio(a)
2,521,056
2,227,638
Cia. de Saneamento de Minas Gerais
Copasa MG
2,436,389
10,254,021
Cia. De Sanena Do Parana
1,678,444
8,535,243
Cia. Siderurgica Nacional SA
5,931,227
12,481,366
Cogna Educacao SA(a)
17,760,161
4,317,182
Cosan SA
10,886,608
25,806,667
CPFL Energia SA
1,478,664
8,943,950
Cury Construtora e Incorporadora SA
1,543,174
6,522,131
Cyrela Brazil Realty SA Empreendimentos
e Participacoes
2,684,121
10,391,774
Dexco SA
4,610,966
6,716,885
Direcional Engenharia SA
1,511,052
7,756,409
EcoRodovias Infraestrutura e Logistica SA
3,224,782
4,480,175
Embraer SA(a)
6,319,980
52,513,713
Energisa SA
1,689,749
14,184,303
Engie Brasil Energia SA
1,430,550
11,462,777
Equatorial Energia SA
8,952,591
54,325,999
Ez Tec Empreendimentos e Participacoes SA
1,434,700
3,586,782
Fleury SA
3,418,064
9,673,280
GPS Participacoes e Empreendimentos SA(b)
2,919,064
9,348,753
Grendene SA
4,606,176
4,903,709
Grupo Mateus SA
5,744,442
8,031,690
Grupo SBF SA
1,278,952
3,923,576
Hapvida Participacoes e Investimentos SA(a)(b)
43,866,542
33,001,382
Hidrovias do Brasil SA(a)
6,112,093
3,784,846
Hypera SA
3,100,345
15,699,899
Iguatemi SA
2,517,821
9,868,552
Intelbras SA Industria de Telecomunicacao
Eletronica Brasileira
1,080,410
4,225,062
Inter & Co. Inc., Class A, NVS
2,219,530
16,313,545
IRB-Brasil Resseguros SA(a)
626,042
5,374,056
JBS SA
6,804,767
42,258,509
JHSF Participacoes SA
4,241,128
3,288,484
Klabin SA
7,272,124
27,857,798
Localiza Rent a Car SA
7,924,015
58,165,261
Localiza Rent a Car SA, NVS(a)
83,171
599,143
LOG Commercial Properties e Participacoes SA
746,262
3,098,418
Security
Shares
Value
Brazil (continued)
Lojas Renner SA
8,600,557
$25,957,554
LWSA SA(a)(b)
4,018,745
3,244,402
M Dias Branco SA
859,384
4,141,426
Magazine Luiza SA(a)
3,176,377
6,853,280
Marfrig Global Foods SA(a)
4,044,243
10,447,960
Minerva SA
3,443,450
4,576,237
Movida Participacoes SA(a)
2,328,611
2,950,041
MRV Engenharia e Participacoes SA(a)
3,664,741
4,857,320
Multiplan Empreendimentos Imobiliarios SA
2,189,438
9,960,555
Natura & Co. Holding SA
8,038,709
19,326,734
NU Holdings Ltd./Cayman Islands, Class A(a)
26,391,629
395,082,686
Odontoprev SA
3,409,912
6,812,624
Oncoclinicas do Brasil Servicos Medicos SA(a)
2,269,347
2,681,687
Pagseguro Digital Ltd., Class A(a)
1,794,425
19,864,285
Petroleo Brasileiro SA
33,013,216
251,525,918
Petroreconcavo SA
1,480,464
5,358,718
PRIO SA
7,142,806
59,363,378
Raia Drogasil SA
11,376,245
55,630,251
Rede D'Or Sao Luiz SA(b)
7,148,223
40,497,655
Rumo SA
11,179,073
43,340,119
Santos Brasil Participacoes SA
4,846,081
11,178,072
Sao Martinho SA
1,499,442
7,374,894
Sendas Distribuidora SA(a)
11,951,309
20,293,655
Serena Energia SA, NVS(a)
3,460,421
4,973,325
Simpar SA(a)
4,373,847
4,788,303
SLC Agricola SA
2,356,935
7,385,352
Smartfit Escola de Ginastica e Danca SA
2,490,739
9,744,727
StoneCo Ltd., Class A(a)
2,252,602
29,869,503
Suzano SA
6,772,466
66,091,010
Telefonica Brasil SA
3,434,490
31,584,669
TIM SA/Brazil
7,478,846
23,700,031
TOTVS SA
4,852,722
25,805,069
Transmissora Alianca de Energia Eletrica SA
1,318,898
8,295,839
Ultrapar Participacoes SA
6,507,250
26,971,382
Vale SA
29,383,376
310,624,037
Vamos Locacao de Caminhoes Maquinas e
Equipamentos SA
4,573,849
6,167,772
Vibra Energia SA
8,879,049
40,520,079
Vivara Participacoes SA
1,405,004
6,586,326
WEG SA
14,866,738
142,839,071
Wilson Sons SA, NVS
1,088,109
3,320,731
XP Inc., Class A
3,287,891
60,530,073
YDUQS Participacoes SA
2,452,015
4,285,408
 
3,015,912,761
Chile — 0.4%
Aguas Andinas SA, Class A
32,300,615
9,792,136
Banco de Chile
395,115,583
49,988,357
Banco de Credito e Inversiones SA
636,297
19,491,697
Banco Itau Chile SA, NVS
816,853
9,565,651
Banco Santander Chile
584,654,113
30,073,483
CAP SA(a)
796,265
4,880,143
Cencosud SA
12,183,775
24,668,371
Cia Cervecerias Unidas SA
1,220,115
6,770,108
Colbun SA
75,943,428
10,139,975
Empresa Nacional de Telecomunicaciones SA
1,746,023
5,350,506
Empresas CMPC SA
10,193,767
17,604,698
Empresas Copec SA
3,387,249
22,195,504
Enel Americas SA
190,161,431
20,374,736
Enel Chile SA
241,330,763
13,076,529
Engie Energia Chile SA(a)
6,755,790
6,462,111
Falabella SA(a)
7,071,776
24,998,727
Inversiones Aguas Metropolitanas SA
5,592,369
4,474,042
3
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® Core MSCI Emerging Markets ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Chile (continued)
Latam Airlines Group SA
1,404,476,405
$18,153,117
Parque Arauco SA
6,215,243
10,248,771
SMU SA
31,669,535
5,034,365
Vina Concha y Toro SA
5,665,118
7,037,067
 
320,380,094
China — 21.4%
360 Security Technology Inc., Class A
3,988,988
3,947,129
361 Degrees International Ltd.
9,810,000
4,413,751
37 Interactive Entertainment Network Technology
Group Co. Ltd., Class A
1,428,337
2,806,562
3SBio Inc.(b)
14,740,500
11,422,542
AAC Technologies Holdings Inc.
6,293,500
26,736,513
Accelink Technologies Co. Ltd., Class A
515,900
2,121,232
ACM Research Shanghai Inc., Class A
161,438
2,082,983
Advanced Micro-Fabrication
Equipment Inc./China, Class A
375,833
7,176,616
AECC Aviation Power Co. Ltd., Class A
1,365,377
6,828,482
Agricultural Bank of China Ltd., Class A
41,433,635
26,388,837
Agricultural Bank of China Ltd., Class H
243,309,000
107,172,188
Aier Eye Hospital Group Co. Ltd., Class A
4,985,446
6,805,457
AIM Vaccine Co. Ltd., NVS(a)(c)
802,600
464,198
Air China Ltd., Class A(a)
7,868,500
7,724,644
AK Medical Holdings Ltd.(b)(c)
5,778,000
3,234,273
Akeso Inc.(a)(b)(c)
5,212,000
32,715,899
Alibaba Group Holding Ltd., Class A
133,353,604
1,382,151,978
Alibaba Health Information Technology Ltd.(a)(c)
49,100,000
18,774,274
Alibaba Pictures Group Ltd.(a)(c)
121,410,000
5,737,198
A-Living Smart City Services Co. Ltd.(b)(c)
6,882,250
2,243,795
Aluminum Corp. of China Ltd., Class A
5,141,700
4,926,371
Aluminum Corp. of China Ltd., Class H
35,854,000
22,352,282
Amlogic Shanghai Co. Ltd., Class A
287,186
2,201,922
ANE Cayman Inc.(a)
4,828,000
4,767,447
Angelalign Technology Inc.(b)(c)
410,000
2,865,846
Anhui Conch Cement Co. Ltd., Class A
1,583,529
4,668,935
Anhui Conch Cement Co. Ltd., Class H
10,638,500
22,956,896
Anhui Gujing Distillery Co. Ltd., Class A
210,455
5,095,811
Anhui Gujing Distillery Co. Ltd., Class B
978,300
13,134,133
Anhui Jianghuai Automobile Group Corp. Ltd.,
Class A
1,443,700
4,082,159
Anhui Kouzi Distillery Co. Ltd., Class A
515,848
2,646,221
Anhui Yingjia Distillery Co. Ltd., Class A
491,500
3,472,063
Anjoy Foods Group Co. Ltd., Class A
251,800
2,696,297
Anker Innovations Technology Co. Ltd., Class A
319,708
2,841,169
ANTA Sports Products Ltd.
11,019,000
107,503,286
Ascentage Pharma Group International(a)(b)(c)
2,336,500
9,906,326
Asymchem Laboratories Tianjin Co. Ltd.,
Class A
218,540
1,953,836
Autobio Diagnostics Co. Ltd., Class A
399,500
2,300,403
Autohome Inc., ADR
543,529
13,675,192
Avary Holding Shenzhen Co. Ltd., Class A
1,281,800
6,480,286
AviChina Industry & Technology Co. Ltd.,
Class H
23,523,000
10,054,603
BAIC BluePark New Energy Technology Co. Ltd.,
Class A(a)
3,378,200
3,179,554
Baidu Inc., Class A(a)
19,878,212
209,741,230
Bairong Inc. (a)(b)
2,443,500
2,564,989
Bank of Beijing Co. Ltd., Class A
12,117,506
8,968,425
Bank of Chengdu Co. Ltd., Class A
2,537,508
4,980,112
Bank of China Ltd., Class A
17,007,500
11,486,053
Bank of China Ltd., Class H
691,716,000
312,533,696
Bank of Communications Co. Ltd., Class A
18,891,380
18,917,142
Bank of Communications Co. Ltd., Class H
76,114,000
55,002,931
Security
Shares
Value
China (continued)
Bank of Hangzhou Co. Ltd., Class A
3,714,397
$6,661,073
Bank of Jiangsu Co. Ltd., Class A
7,509,908
8,215,976
Bank of Nanjing Co. Ltd., Class A
6,331,881
8,860,837
Bank of Ningbo Co. Ltd., Class A
2,991,093
8,521,676
Bank of Shanghai Co. Ltd., Class A
10,067,565
10,046,350
Baoshan Iron & Steel Co. Ltd., Class A
9,433,930
7,926,669
BeiGene Ltd.(a)
6,104,064
90,336,838
Beijing Capital International Airport Co. Ltd.,
Class H(a)(c)
18,062,000
5,405,108
Beijing Enlight Media Co. Ltd., Class A
2,126,594
2,128,815
Beijing Enterprises Holdings Ltd.
4,054,000
13,103,411
Beijing Enterprises Water Group Ltd.
37,770,000
11,033,957
Beijing Kingsoft Office Software Inc., Class A
247,558
6,346,446
Beijing New Building Materials PLC, Class A
1,216,419
4,428,816
Beijing Oriental Yuhong Waterproof Technology
Co. Ltd., Class A
604,300
926,226
Beijing Roborock Technology Co. Ltd., Class A
143,312
4,572,521
Beijing Tiantan Biological Products Corp. Ltd.,
Class A
1,155,900
3,873,720
Beijing Tong Ren Tang Chinese Medicine
Co. Ltd.(c)
3,623,000
3,917,233
Beijing Tongrentang Co. Ltd., Class A
890,300
4,412,180
Beijing Wantai Biological Pharmacy Enterprise
Co. Ltd., Class A
580,858
5,816,979
Beijing-Shanghai High Speed Railway Co. Ltd.,
Class A
24,022,501
18,380,223
Bethel Automotive Safety Systems Co. Ltd.,
Class A
514,820
2,695,282
Bilibili Inc., Class Z(a)(c)
2,014,017
29,016,074
Bloomage Biotechnology Corp. Ltd., Class A
273,586
1,941,298
BOC Aviation Ltd.(b)
1,825,500
15,731,822
BOC International China Co. Ltd., Class A
1,396,000
1,752,816
BOE Technology Group Co. Ltd., Class A
15,452,600
8,410,570
BOE Varitronix Ltd.(c)
4,107,000
2,442,475
Bosideng International Holdings Ltd.
32,786,000
16,103,309
Brilliance China Automotive Holdings Ltd.
27,204,000
11,341,847
BYD Co. Ltd., Class A
896,886
31,424,972
BYD Co. Ltd., Class H
9,204,500
281,905,930
BYD Electronic International Co. Ltd.
6,928,500
25,382,758
By-health Co. Ltd., Class A
1,469,100
2,337,361
C&D International Investment Group Ltd.
6,462,000
10,409,765
Caitong Securities Co. Ltd., Class A
5,177,050
4,757,262
Cambricon Technologies Corp. Ltd., Class A(a)
244,573
8,905,422
Canggang Railway Ltd., NVS
12,742,000
1,104,035
CanSino Biologics Inc., Class H(a)(b)(c)
840,400
1,959,022
Canvest Environmental Protection Group
Co. Ltd.
10,268,000
5,675,329
Cathay Biotech Inc., Class A
380,000
1,931,511
CGN Mining Co. Ltd.(a)(c)
26,190,000
5,182,750
CGN New Energy Holdings Co. Ltd.
15,986,000
4,315,554
CGN Power Co. Ltd., Class H(b)
100,305,000
40,860,363
Changchun High-Tech Industry Group Co. Ltd.,
Class A
239,542
2,780,813
Changjiang Securities Co. Ltd., Class A
5,950,828
4,150,402
Changzhou Xingyu Automotive Lighting Systems
Co. Ltd., Class A
222,669
3,661,299
Chaozhou Three-Circle Group Co. Ltd., Class A
1,509,853
6,695,533
Chervon Holdings Ltd.(c)
845,000
2,073,165
China Aircraft Leasing Group Holdings Ltd.
1,576,000
592,177
China Animal Healthcare Ltd.(d)
1,237,000
2
China Aoyuan Group Ltd.(a)
10,526,000
196,904
China BlueChemical Ltd., Class H
17,490,000
4,351,304
Schedule of Investments
4
Schedule of Investments (continued)
August 31, 2024
iShares® Core MSCI Emerging Markets ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
China (continued)
China CITIC Bank Corp. Ltd., Class H
75,603,000
$43,623,090
China Coal Energy Co. Ltd., Class H
18,047,000
21,515,534
China Communications Services Corp. Ltd.,
Class H
21,980,000
11,195,207
China Conch Venture Holdings Ltd.(c)
12,314,000
9,588,484
China Construction Bank Corp., Class A
4,103,422
4,356,758
China Construction Bank Corp., Class H
844,423,000
592,902,809
China CSSC Holdings Ltd., Class A
2,301,101
12,453,909
China Datang Corp. Renewable Power Co. Ltd.,
Class H
23,633,000
5,960,642
China East Education Holdings Ltd.(b)(c)
5,978,500
1,808,100
China Eastern Airlines Corp. Ltd., Class A(a)
11,594,275
6,186,412
China Education Group Holdings Ltd.(c)
10,534,000
5,927,925
China Energy Engineering Corp. Ltd., Class A
38,648,344
11,593,854
China Everbright Bank Co. Ltd., Class A
20,914,682
9,022,639
China Everbright Bank Co. Ltd., Class H
25,275,000
7,570,332
China Everbright Environment Group Ltd.
32,115,148
14,702,414
China Everbright Ltd.
9,720,000
4,353,633
China Feihe Ltd.(b)
30,747,000
16,460,220
China Fiber Optic Network System Group Ltd.(d)
10,394,800
13
China Foods Ltd.
11,606,000
3,825,107
China Galaxy Securities Co. Ltd., Class A
2,041,900
3,201,434
China Galaxy Securities Co. Ltd., Class H
35,628,500
18,792,939
China Gas Holdings Ltd.
23,552,400
19,880,892
China Great Wall Securities Co. Ltd., Class A
2,170,200
2,064,709
China Greatwall Technology Group Co. Ltd.,
Class A(a)
2,762,000
3,125,753
China Hongqiao Group Ltd.
24,895,000
33,950,040
China Huiyuan Juice Group Ltd.(d)
10,877,000
14
China International Capital Corp. Ltd., Class A
1,404,900
5,666,174
China International Capital Corp. Ltd., Class H(b)
11,846,400
12,668,559
China Jinmao Holdings Group Ltd.
53,356,000
4,827,131
China Jushi Co. Ltd., Class A
2,832,362
3,993,101
China Lesso Group Holdings Ltd.
11,090,000
3,947,099
China Life Insurance Co. Ltd., Class A
1,281,021
6,025,314
China Life Insurance Co. Ltd., Class H
64,236,000
96,512,559
China Lilang Ltd.(c)
5,998,000
3,181,099
China Literature Ltd.(a)(b)(c)
3,428,200
10,773,656
China Longyuan Power Group Corp. Ltd.,
Class H
26,938,000
20,926,931
China Medical System Holdings Ltd.
11,711,000
10,655,481
China Meidong Auto Holdings Ltd.
6,170,000
1,372,612
China Mengniu Dairy Co. Ltd.
26,596,000
44,807,166
China Merchants Bank Co. Ltd., Class A
10,332,582
46,699,975
China Merchants Bank Co. Ltd., Class H
34,241,464
140,516,745
China Merchants Energy Shipping Co. Ltd.,
Class A
5,352,100
5,670,149
China Merchants Port Holdings Co. Ltd.
12,118,270
18,141,331
China Merchants Securities Co. Ltd., Class A
4,330,741
8,928,221
China Merchants Shekou Industrial Zone
Holdings Co. Ltd., Class A
4,761,366
6,187,156
China Metal Recycling Holdings Ltd.(d)
62,400
—
China Minsheng Banking Corp. Ltd., Class A
16,093,717
7,785,756
China Minsheng Banking Corp. Ltd., Class H
54,778,720
19,689,275
China Modern Dairy Holdings Ltd.(c)
33,878,000
2,866,227
China National Building Material Co. Ltd.,
Class H
34,106,850
9,796,353
China National Chemical Engineering Co. Ltd.,
Class A
4,276,422
4,128,931
China National Nuclear Power Co. Ltd., Class A
9,336,609
14,402,111
China National Software & Service Co. Ltd.,
Class A(a)
515,780
2,237,156
Security
Shares
Value
China (continued)
China New Higher Education Group Ltd.(b)
213,000
$41,031
China Nonferrous Mining Corp Ltd.
18,014,000
12,649,234
China Northern Rare Earth Group High-Tech Co.
Ltd., Class A
2,468,700
5,860,238
China Oilfield Services Ltd., Class H
15,192,000
14,236,904
China Oriental Group Co. Ltd.
15,524,000
2,243,206
China Overseas Grand Oceans Group Ltd.(c)
17,396,500
3,393,049
China Overseas Land & Investment Ltd.
32,890,500
51,706,171
China Overseas Property Holdings Ltd.(c)
12,845,000
7,789,314
China Pacific Insurance Group Co. Ltd., Class A
3,285,442
13,710,625
China Pacific Insurance Group Co. Ltd., Class H
23,373,800
60,580,398
China Petroleum & Chemical Corp., Class A
15,636,200
14,995,682
China Petroleum & Chemical Corp., Class H
212,986,200
143,925,770
China Power International Development Ltd.
41,812,000
19,097,003
China Railway Group Ltd., Class A
9,820,966
7,968,393
China Railway Group Ltd., Class H
35,360,000
16,329,706
China Rare Earth Resources & Technology Co.
Ltd., Class A
1,093,300
3,423,913
China Renaissance Holdings Ltd.(a)(b)(c)(d)
2,502,500
1,367,248
China Renewable Energy Investment Ltd.(d)
8,046
—
China Resources Beer Holdings Co. Ltd.
13,871,500
42,729,354
China Resources Building Materials Technology
Holdings Ltd.
21,994,000
4,321,785
China Resources Gas Group Ltd.
8,249,500
27,730,872
China Resources Land Ltd.
27,826,277
77,979,778
China Resources Medical Holdings Co. Ltd.
10,974,500
4,985,871
China Resources Microelectronics Ltd., Class A
876,812
4,287,484
China Resources Mixc Lifestyle Services Ltd.(b)
6,015,000
19,792,320
China Resources Pharmaceutical Group Ltd.(b)
14,533,000
10,232,724
China Resources Power Holdings Co. Ltd.
16,900,000
45,820,950
China Resources Sanjiu Medical &
Pharmaceutical Co. Ltd., Class A
784,535
4,972,549
China Risun Group Ltd.(c)
14,807,000
5,492,247
China Ruyi Holdings Ltd.(a)(c)
52,759,200
15,246,102
China Shenhua Energy Co. Ltd., Class A
3,180,329
18,166,157
China Shenhua Energy Co. Ltd., Class H
29,841,000
128,247,623
China Shineway Pharmaceutical Group Ltd.
4,625,000
5,155,590
China Southern Airlines Co. Ltd., Class A(a)
7,427,584
5,959,648
China State Construction Engineering Corp. Ltd.,
Class A
19,419,419
14,746,297
China State Construction International
Holdings Ltd.
18,276,000
26,061,715
China Taiping Insurance Holdings Co. Ltd.
12,727,508
16,457,576
China Three Gorges Renewables Group Co.
Ltd., Class A
13,545,070
8,723,742
China Tobacco International HK Co. Ltd.(c)
3,837,000
8,184,484
China Tourism Group Duty Free Corp. Ltd.,
Class A
889,579
7,636,386
China Tower Corp. Ltd., Class H(b)
384,600,000
47,103,956
China Traditional Chinese Medicine Holdings
Co. Ltd.(a)
25,674,000
13,960,061
China Travel International Investment Hong
Kong Ltd.(c)
34,708,000
4,447,064
China United Network Communications Ltd.,
Class A
14,891,525
9,743,306
China Vanke Co. Ltd., Class A(a)
4,056,968
3,849,012
China Vanke Co. Ltd., Class H(a)(c)
19,107,087
10,001,405
China Water Affairs Group Ltd.(c)
9,056,000
5,406,445
China XLX Fertiliser Ltd.
5,132,000
2,407,475
China Yangtze Power Co. Ltd., Class A
12,590,825
52,183,874
China Zheshang Bank Co. Ltd., Class A
18,418,296
6,806,545
China Zhongwang Holdings Ltd., NVS(d)
2,334,641
129,576
5
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® Core MSCI Emerging Markets ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
China (continued)
Chinasoft International Ltd.(c)
21,336,000
$10,231,208
Chongqing Brewery Co. Ltd., Class A
318,800
2,496,009
Chongqing Changan Automobile Co. Ltd.,
Class A
4,660,764
7,929,627
Chongqing Hongjiu Fruit Co. Ltd.(a)(c)(d)
4,263,600
856,241
Chongqing Zhifei Biological Products Co. Ltd.,
Class A
1,290,263
4,190,156
Chow Tai Fook Jewellery Group Ltd.(c)
18,001,800
15,248,361
CIMC Enric Holdings Ltd.
8,158,000
6,561,656
CITIC Ltd.
50,005,000
49,626,227
CITIC Securities Co. Ltd., Class A
5,348,349
14,527,058
CITIC Securities Co. Ltd., Class H
13,977,400
21,018,704
Cloud Music Inc.(a)(b)
595,050
7,455,486
CMOC Group Ltd., Class A
8,500,233
8,947,203
CMOC Group Ltd., Class H
33,318,000
27,046,599
CNGR Advanced Material Co. Ltd., Class A
600,500
2,448,582
CNPC Capital Co. Ltd., Class A, NVS
4,412,600
3,235,894
COFCO Joycome Foods Ltd.(a)(c)
28,771,000
5,565,885
Concord New Energy Group Ltd.
82,740,000
5,719,838
Contemporary Amperex Technology Co. Ltd.,
Class A
2,275,051
58,959,956
Cosco Shipping Energy Transportation Co. Ltd.,
Class A
1,917,200
3,948,668
Cosco Shipping Energy Transportation Co. Ltd.,
Class H(c)
11,338,000
12,460,779
Cosco Shipping Holdings Co. Ltd., Class A
5,317,446
9,385,812
Cosco Shipping Holdings Co. Ltd., Class H
26,876,100
36,929,863
Cosco Shipping International Hong Kong Co.
Ltd., Class B
11,972,000
6,734,473
COSCO Shipping Ports Ltd.
14,746,000
8,741,285
Country Garden Holdings Co. Ltd.(a)(c)(d)
69,405,000
2,136,141
Country Garden Services Holdings Co. Ltd.
18,677,000
10,633,210
CRRC Corp. Ltd., Class A
10,533,900
10,600,306
CRRC Corp. Ltd., Class H
40,274,000
24,395,447
CSC Financial Co. Ltd., Class A
2,371,594
6,410,093
CSG Holding Co. Ltd., Class B
3,734,481
1,082,347
CSPC Innovation Pharmaceutical Co. Ltd.,
Class A
907,840
3,078,511
CSPC Pharmaceutical Group Ltd.
71,543,760
43,925,711
Daqin Railway Co. Ltd., Class A
7,135,819
6,150,570
Daqo New Energy Corp., ADR(a)(c)
432,978
6,377,766
Digital China Holdings Ltd.(c)
9,458,000
3,884,968
Dong-E-E-Jiao Co. Ltd., Class A
354,900
2,496,754
Dongfang Electric Corp. Ltd., Class A
1,759,824
3,389,076
Dongxing Securities Co. Ltd., Class A
4,015,467
4,625,661
Dongyue Group Ltd.
12,907,000
9,353,574
DPC Dash Ltd., NVS(a)(c)
376,000
3,278,874
East Buy Holding Ltd.(a)(b)(c)
3,760,500
6,220,475
East Money Information Co. Ltd., Class A
7,377,888
11,216,312
Eastroc Beverage Group Co. Ltd., Class A
258,000
8,293,372
Ecovacs Robotics Co. Ltd., Class A
398,900
2,255,891
Empyrean Technology Co. Ltd., Class A, NVS
277,300
2,884,585
ENN Energy Holdings Ltd.
6,866,800
44,210,677
ENN Natural Gas Co. Ltd., Class A
1,958,528
4,881,988
Eoptolink Technology Inc. Ltd., Class A
408,100
5,412,447
Eve Energy Co. Ltd., Class A
1,270,077
5,989,871
Everbright Securities Co. Ltd., Class A
2,406,786
4,979,377
Everdisplay Optronics Shanghai Co. Ltd.,
Class A(a)
7,311,200
2,176,385
Everest Medicines Ltd.(a)(b)(c)
1,999,500
5,291,026
Far East Horizon Ltd.
11,474,000
8,019,352
Fenbi Ltd., NVS(a)(c)
6,862,500
2,349,749
Security
Shares
Value
China (continued)
FinVolution Group, ADR
1,445,135
$7,659,216
First Tractor Co. Ltd., Class H
2,672,000
2,700,167
Flat Glass Group Co. Ltd., Class A
1,201,700
2,859,632
Focus Media Information Technology Co. Ltd.,
Class A
8,290,399
6,683,890
Foshan Haitian Flavouring & Food Co. Ltd.,
Class A
2,050,974
10,666,213
Fosun International Ltd.
22,445,500
11,614,327
Founder Securities Co. Ltd., Class A
5,872,700
5,759,525
Foxconn Industrial Internet Co. Ltd., Class A
6,856,725
19,842,419
Fu Shou Yuan International Group Ltd.(c)
11,386,000
5,769,823
Fufeng Group Ltd.
15,833,400
8,890,538
Fuyao Glass Industry Group Co. Ltd., Class A
887,900
5,998,453
Fuyao Glass Industry Group Co. Ltd., Class H(b)
5,440,000
31,079,535
GalaxyCore Inc., Class A, NVS
1,070,200
1,665,378
Ganfeng Lithium Group Co. Ltd., Class A
1,096,157
4,215,153
Gaotu Techedu Inc., ADR(a)
401,896
1,278,029
GCL Technology Holdings Ltd.(a)(c)
185,657,000
27,495,178
GD Power Development Co. Ltd., Class A
12,421,800
9,374,943
GDS Holdings Ltd.(a)(c)
8,717,376
18,525,350
Geely Automobile Holdings Ltd.
52,460,000
58,709,520
Gemdale Properties & Investment Corp. Ltd.(c)
70,936,000
1,615,041
Genertec Universal Medical Group Co. Ltd.(b)
12,611,500
7,203,949
Genscript Biotech Corp.(a)(c)
10,310,000
15,551,898
GF Securities Co. Ltd., Class A
2,742,430
4,574,728
Giant Biogene Holding Co. Ltd.(b)
2,687,800
14,188,862
GigaDevice Semiconductor Inc., Class A(a)
384,635
3,933,369
Ginlong Technologies Co. Ltd., Class A
240,550
2,017,793
GoerTek Inc., Class A
1,946,262
5,837,084
Goldwind Science & Technology Co Ltd.,
Class A
2,849,937
3,318,122
Goneo Group Co. Ltd., Class A
485,955
4,637,342
Gotion High-tech Co. Ltd., Class A
1,352,700
3,560,912
Grand Pharmaceutical Group Ltd.
15,617,000
8,810,543
Great Wall Motor Co. Ltd., Class A
799,800
2,604,361
Great Wall Motor Co. Ltd., Class H
20,965,500
29,961,229
Gree Electric Appliances Inc. of Zhuhai, Class A
1,769,300
9,889,992
Greentown China Holdings Ltd.
9,479,500
7,474,574
Greentown Management Holdings Co. Ltd.(b)
8,488,000
3,063,260
Greentown Service Group Co. Ltd.
13,324,000
6,167,229
GRG Banking Equipment Co. Ltd., Class A
2,397,100
3,181,224
Guangdong Haid Group Co. Ltd., Class A
1,061,520
5,786,695
Guangdong Investment Ltd.
25,308,000
14,301,032
Guanghui Energy Co. Ltd., Class A
4,426,380
3,721,354
Guangzhou Automobile Group Co. Ltd., Class A
1,656,899
1,725,839
Guangzhou Automobile Group Co. Ltd., Class H
23,737,200
7,576,187
Guangzhou Baiyunshan Pharmaceutical
Holdings Co. Ltd., Class A
1,082,988
4,392,405
Guangzhou Haige Communications Group Inc.
Co., Class A
1,728,700
2,205,890
Guangzhou Tinci Materials Technology Co. Ltd.,
Class A
1,225,996
2,480,811
Guolian Securities Co. Ltd., Class A
2,721,600
3,704,287
Guosen Securities Co. Ltd., Class A
5,852,567
7,483,457
Guotai Junan Securities Co. Ltd., Class A
4,137,691
8,599,551
Guoyuan Securities Co. Ltd., Class A
4,582,471
4,099,854
Gushengtang Holdings Ltd.(c)
1,557,400
7,699,322
H World Group Ltd., ADR
1,774,730
54,022,781
Haichang Ocean Park Holdings Ltd.(a)(b)(c)
31,873,000
2,861,204
Haidilao International Holding Ltd.(b)(c)
14,549,000
24,210,532
Haier Smart Home Co. Ltd., Class A
2,969,437
10,323,941
Haier Smart Home Co. Ltd., Class A
21,609,800
66,033,042
Schedule of Investments
6
Schedule of Investments (continued)
August 31, 2024
iShares® Core MSCI Emerging Markets ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
China (continued)
Hainan Airlines Holding Co. Ltd., Class A(a)
27,333,341
$4,082,467
Hainan Airport Infrastructure Co. Ltd.,
Class A, NVS(a)
7,437,903
3,310,349
Hainan Meilan International Airport Co. Ltd.,
Class H(a)(c)
2,024,000
1,781,596
Haitian International Holdings Ltd.
5,901,000
16,486,649
Haitong Securities Co. Ltd., Class A
3,619,331
4,396,746
Haitong Securities Co. Ltd., Class H
21,590,000
9,592,319
Hang Zhou Great Star Industrial Co. Ltd.,
Class A
990,400
3,726,136
Hangzhou First Applied Material Co. Ltd.,
Class A
1,565,331
3,398,405
Hangzhou Silan Microelectronics Co. Ltd.,
Class A(a)
987,400
2,637,452
Hangzhou Steam Turbine Power Group Co. Ltd.,
Class B
6,706,934
5,990,431
Hangzhou Tigermed Consulting Co. Ltd.,
Class A
255,574
1,829,667
Hansoh Pharmaceutical Group Co. Ltd.(b)
10,304,000
26,280,161
Harbin Electric Co. Ltd., Class H
8,352,000
2,514,374
Helens International Holdings Co. Ltd. 
2,539,000
581,946
Hello Group Inc., ADR
1,367,780
9,082,059
Henan Shenhuo Coal Industry & Electricity
Power Co. Ltd., Class A
1,743,600
3,685,156
Henan Shuanghui Investment & Development
Co. Ltd., Class A
2,402,932
7,861,181
Hengan International Group Co. Ltd.
5,446,000
17,443,467
Hengli Petrochemical Co. Ltd., Class A
3,960,430
7,501,961
Hengtong Optic-Electric Co. Ltd., Class A
1,592,800
3,175,398
Hengyi Petrochemical Co. Ltd., Class A
3,296,261
2,821,666
Hisense Home Appliances Group Co. Ltd.,
Class H(c)
3,067,000
7,907,706
Hisense Visual Technology Co. Ltd., Class A
904,405
1,996,676
Hithink RoyalFlush Information Network Co. Ltd.,
Class A
309,502
4,479,424
HLA Group Corp. Ltd., Class A
2,189,100
1,836,867
Hopson Development Holdings Ltd.(a)(c)
10,752,371
3,679,959
Hoshine Silicon Industry Co. Ltd., Class A
546,023
3,832,269
Hua Han Health Industry Holdings Ltd.(d)
19,424,288
25
Hua Hong Semiconductor Ltd.(b)(c)
5,140,000
11,197,231
Huabao International Holdings Ltd.(c)
9,019,000
2,683,331
Huadian Power International Corp. Ltd., Class A
5,487,200
4,296,097
Huadong Medicine Co. Ltd., Class A
1,016,651
4,216,575
Huafon Chemical Co. Ltd., Class A
6,020,355
6,285,075
Huagong Tech Co. Ltd., Class A
748,100
3,157,507
Huaibei Mining Holdings Co. Ltd., Class A
1,544,700
3,150,959
Hualan Biological Engineering Inc., Class A
1,433,920
3,042,758
Huaneng Power International Inc., Class A
4,197,326
4,104,593
Huaneng Power International Inc., Class H
37,024,000
21,403,673
Huatai Securities Co. Ltd., Class A
1,701,251
3,012,616
Huatai Securities Co. Ltd., Class H(b)
12,817,800
14,105,677
Huaxia Bank Co. Ltd., Class A
9,794,430
8,311,871
Huayu Automotive Systems Co. Ltd., Class A
2,355,960
4,891,382
Hubei Jumpcan Pharmaceutical Co. Ltd.,
Class A
621,800
2,582,565
Huizhou Desay Sv Automotive Co. Ltd., Class A
342,300
4,393,649
Humanwell Healthcare Group Co. Ltd., Class A
1,131,300
3,197,890
Hunan Valin Steel Co. Ltd., Class A
6,604,400
3,702,465
Hundsun Technologies Inc., Class A
1,123,149
2,582,116
HUTCHMED China Ltd.(a)
4,774,580
16,906,866
HUYA Inc., ADR
858,547
3,580,141
Hwatsing Technology Co. Ltd., Class A, NVS
181,520
3,457,989
Security
Shares
Value
China (continued)
Hygeia Healthcare Holdings Co. Ltd.(a)(b)(c)
3,309,400
$8,292,144
Hygon Information Technology Co. Ltd.,
Class A, NVS
1,116,253
12,546,721
iDreamSky Technology Holdings Ltd.(a)(b)(c)
8,475,600
2,386,649
IEIT Systems Co. Ltd., Class A
868,072
3,964,288
Iflytek Co. Ltd., Class A
1,273,096
6,193,650
Imeik Technology Development Co. Ltd., Class A
188,692
3,854,615
Industrial & Commercial Bank of China Ltd.,
Class A
32,045,280
27,010,752
Industrial & Commercial Bank of China Ltd.,
Class H
617,987,000
353,438,113
Industrial Bank Co. Ltd., Class A
9,813,791
22,817,719
Industrial Securities Co. Ltd., Class A
6,247,951
4,552,865
INESA Intelligent Tech Inc., Class B
2,977,852
1,452,370
Ingenic Semiconductor Co. Ltd., Class A
300,203
1,977,105
Inner Mongolia BaoTou Steel Union Co. Ltd.,
Class A(a)
39,949,100
8,107,468
Inner Mongolia Junzheng Energy & Chemical
Industry Group Co. Ltd., Class A
11,056,200
5,997,079
Inner Mongolia Yili Industrial Group Co. Ltd.,
Class A
2,703,662
8,620,619
Inner Mongolia Yitai Coal Co. Ltd., Class B
9,269,595
17,563,139
InnoCare Pharma Ltd.(a)(b)
5,825,000
3,705,148
Innovent Biologics Inc.(a)(b)
10,754,500
58,293,653
iQIYI Inc., ADR(a)(c)
4,006,842
8,614,710
Isoftstone Information Technology Group Co.
Ltd., Class A, NVS
640,600
3,075,241
JA Solar Technology Co. Ltd., Class A
1,825,180
2,543,849
JCET Group Co. Ltd., Class A
1,144,200
5,280,757
JD Health International Inc.(a)(b)
9,792,750
29,170,860
JD Logistics Inc.(a)(b)
17,706,500
21,495,611
JD.com Inc., Class A
21,669,904
292,893,127
Jiangsu Eastern Shenghong Co. Ltd., Class A
3,950,300
4,336,340
Jiangsu Expressway Co. Ltd., Class H
10,688,000
10,540,245
Jiangsu Hengli Hydraulic Co. Ltd., Class A
885,296
6,354,210
Jiangsu Hengrui Pharmaceuticals Co. Ltd.,
Class A
2,966,055
18,398,869
Jiangsu King's Luck Brewery JSC Ltd., Class A
861,956
4,748,253
Jiangsu Phoenix Publishing & Media Corp. Ltd.,
Class A
1,516,907
2,272,203
Jiangsu Yanghe Distillery Co. Ltd., Class A
800,251
9,220,976
Jiangsu Yangnong Chemical Co. Ltd., Class A
372,160
2,652,299
Jiangsu Yoke Technology Co. Ltd., Class A
386,500
3,052,902
Jiangsu Yuyue Medical Equipment & Supply Co.
Ltd., Class A
790,300
3,682,530
Jiangsu Zhongtian Technology Co. Ltd., Class A
1,780,300
3,248,979
Jiangxi Copper Co. Ltd., Class H
11,606,000
19,480,395
Jinchuan Group International Resources
Co. Ltd.(c)
35,164,000
2,368,752
Jinduicheng Molybdenum Co. Ltd., Class A
1,828,400
2,538,945
Jinke Smart Services Group Co. Ltd.(a)
1,416,000
1,523,357
Jinko Solar Co. Ltd., Class A
4,836,018
4,907,774
JinkoSolar Holding Co. Ltd., ADR
330,377
6,323,416
Jinxin Fertility Group Ltd.(b)(c)
17,988,500
5,435,206
Jiumaojiu International Holdings Ltd.(b)(c)
10,107,000
3,337,386
JNBY Design Ltd.
2,816,500
4,850,478
JOYY Inc., ADR
305,303
10,499,370
Kangji Medical Holdings Ltd.(c)
4,975,000
3,666,849
Kanzhun Ltd., ADR
2,313,032
28,820,379
KE Holdings Inc., ADR
5,649,440
83,837,690
Keymed Biosciences Inc.(a)(b)(c)
1,683,000
7,563,717
Kingboard Holdings Ltd.
5,810,700
11,798,349
7
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® Core MSCI Emerging Markets ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
China (continued)
Kingboard Laminates Holdings Ltd.
8,709,000
$6,916,207
Kingdee International Software Group
Co. Ltd.(a)(c)
25,871,000
20,256,746
Kingsoft Cloud Holdings Ltd.(a)
17,875,760
2,891,138
Kingsoft Corp. Ltd.
8,269,800
22,611,511
Kuaishou Technology(a)(b)
20,438,100
104,321,729
Kuang-Chi Technologies Co. Ltd., Class A(a)
1,551,450
3,820,413
Kunlun Energy Co. Ltd.
34,414,000
34,399,939
Kunlun Tech Co. Ltd., Class A
732,500
2,808,238
Kweichow Moutai Co. Ltd., Class A
644,820
130,897,151
LB Group Co. Ltd., Class A
2,075,007
4,761,632
Lee & Man Paper Manufacturing Ltd.(c)
14,728,000
4,101,164
Legend Biotech Corp., ADR(a)(c)
636,920
36,654,746
Lenovo Group Ltd.
70,580,000
86,182,436
Lens Technology Co. Ltd., Class A
3,362,415
8,349,141
Lepu Biopharma Co. Ltd.(a)(b)(c)
3,535,000
1,160,532
Lepu Medical Technology Beijing Co. Ltd.,
Class A
1,308,082
1,848,365
Li Auto Inc., Class A(a)
10,849,504
105,603,125
Li Ning Co. Ltd.
19,803,500
36,758,425
Lifetech Scientific Corp. (a)(c)
36,024,000
6,496,969
Lingyi iTech Guangdong Co., Class A
5,461,033
6,464,760
LK Technology Holdings Ltd.(c)
5,657,500
1,819,578
Longfor Group Holdings Ltd.(b)
17,186,500
19,218,145
LONGi Green Energy Technology Co. Ltd.,
Class A
3,954,169
7,699,114
Lonking Holdings Ltd.
23,653,000
4,288,416
Lufax Holding Ltd., ADR
1,794,237
4,072,918
Luxshare Precision Industry Co. Ltd., Class A
3,686,289
20,508,561
Luye Pharma Group Ltd. (a)(b)(c)
19,249,500
7,511,507
Luzhou Laojiao Co. Ltd., Class A
700,308
11,731,761
Mango Excellent Media Co. Ltd., Class A
1,157,232
3,156,476
Maoyan Entertainment(a)(b)(c)
5,029,200
3,967,424
Maxscend Microelectronics Co. Ltd., Class A
315,712
2,958,290
Medlive Technology Co. Ltd.(b)(c)
793,500
821,221
Meitu Inc.(b)(c)
25,742,500
7,780,017
Meituan, Class B(a)(b)
43,726,860
661,648,509
Metallurgical Corp. of China Ltd., Class A
12,749,700
5,293,343
MH Development Ltd.(d)
3,308,000
4
Microport Scientific Corp.(a)(c)
7,372,600
4,646,862
Midea Group Co. Ltd., Class A
1,680,900
15,334,639
Midea Real Estate Holding Ltd.(b)
3,594,400
3,438,691
Ming Yuan Cloud Group Holdings Ltd.
8,722,000
2,127,859
MINISO Group Holding Ltd.
3,356,504
13,919,294
Minth Group Ltd.(a)
6,570,000
10,433,383
MMG Ltd.(a)(c)
38,275,198
10,880,316
Mobvista Inc.(a)(b)
7,191,000
1,246,377
Montage Technology Co. Ltd., Class A
724,000
5,383,691
Muyuan Foods Co. Ltd., Class A(a)
2,793,883
15,173,562
NARI Technology Co. Ltd., Class A
3,724,436
12,898,506
National Silicon Industry Group Co. Ltd., Class A
1,924,600
3,991,243
NAURA Technology Group Co. Ltd., Class A
267,975
12,052,696
NetDragon Websoft Holdings Ltd.
3,020,000
4,072,226
NetEase Inc.
16,914,935
271,901,031
New China Life Insurance Co. Ltd., Class A
752,701
3,499,789
New China Life Insurance Co. Ltd., Class H
7,546,000
16,332,700
New Hope Liuhe Co. Ltd., Class A(a)
3,825,244
4,858,628
New Horizon Health Ltd.(a)(b)(c)(d)
2,592,000
4,230,141
New Oriental Education & Technology
Group Inc.(a)
13,151,990
80,032,298
Nexteer Automotive Group Ltd.
8,571,000
3,011,764
Nine Dragons Paper Holdings Ltd.(a)
15,692,000
6,113,320
Security
Shares
Value
China (continued)
Ninestar Corp., Class A(a)
896,734
$3,151,614
Ningbo Deye Technology Co. Ltd., Class A, NVS
389,164
4,965,580
Ningbo Joyson Electronic Corp., Class A
1,384,500
2,802,589
Ningbo Orient Wires & Cables Co. Ltd., Class A
524,000
3,560,724
Ningbo Sanxing Medical Electric Co. Ltd.,
Class A
1,067,600
4,951,887
Ningbo Tuopu Group Co. Ltd., Class A
1,182,450
5,614,928
Ningxia Baofeng Energy Group Co. Ltd., Class A
4,330,400
9,291,287
NIO Inc., ADR(a)(c)
12,115,985
48,948,579
Noah Holdings Ltd., ADR
385,053
3,188,239
Nongfu Spring Co. Ltd., Class H(b)
17,503,200
63,223,191
Offshore Oil Engineering Co. Ltd., Class A
2,793,400
2,161,798
OFILM Group Co. Ltd., Class A(a)
2,101,900
2,469,946
Oppein Home Group Inc., Class A
356,280
2,223,533
Orient Overseas International Ltd.
1,197,500
16,574,872
Orient Securities Co. Ltd., Class A
4,928,367
5,848,253
Pangang Group Vanadium Titanium & Resources
Co. Ltd., Class A(a)
5,786,800
1,896,363
PDD Holdings Inc., ADR(a)(c)
6,093,369
585,633,696
People's Insurance Co. Group of China Ltd.
(The), Class H
92,796,000
35,020,440
PetroChina Co. Ltd., Class A
10,221,137
12,869,898
PetroChina Co. Ltd., Class H
185,386,000
167,202,752
Pharmaron Beijing Co. Ltd., Class A
862,825
2,424,374
PICC Property & Casualty Co. Ltd., Class H
61,191,040
79,248,267
Ping An Bank Co. Ltd., Class A
7,815,436
11,182,462
Ping An Healthcare and Technology
Co. Ltd.(a)(b)(c)
5,674,200
7,322,212
Ping An Insurance Group Co. of China Ltd.,
Class A
5,317,754
32,953,601
Ping An Insurance Group Co. of China Ltd.,
Class H
58,506,000
276,981,335
Piotech Inc., Class A, NVS
214,008
3,887,803
Poly Developments and Holdings Group Co. Ltd.,
Class A
6,288,611
7,165,986
Poly Property Group Co. Ltd.
21,582,000
3,617,145
Pop Mart International Group Ltd.(b)
4,598,400
26,926,514
Postal Savings Bank of China Co. Ltd., Class A
13,077,200
8,713,087
Postal Savings Bank of China Co. Ltd.,
Class H(b)
68,669,000
36,692,678
Power Construction Corp. of China Ltd., Class A
10,597,044
7,163,484
Q Technology Group Co. Ltd.(a)
5,346,000
3,242,610
Qifu Technology Inc.
1,043,566
27,644,063
Qinghai Salt Lake Industry Co. Ltd., Class A(a)
3,299,550
6,804,819
Range Intelligent Computing Technology Group
Co. Ltd., Class A
1,075,100
3,626,268
Redco Properties Group Ltd.(a)(b)(c)(d)
11,872,000
710,892
RLX Technology Inc., ADR(c)
4,553,531
7,695,467
Rongsheng Petrochemical Co. Ltd., Class A
5,383,821
6,682,826
SAIC Motor Corp. Ltd., Class A
4,417,190
7,826,472
Sailun Group Co. Ltd., Class A
3,023,200
5,492,137
Sanan Optoelectronics Co. Ltd., Class A
2,729,500
4,022,483
Sany Heavy Equipment International Holdings
Co. Ltd.
11,065,000
6,383,121
Sany Heavy Industry Co. Ltd., Class A
3,516,056
7,980,138
Satellite Chemical Co. Ltd., Class A
2,770,507
6,386,376
SDIC Capital Co. Ltd., Class A
5,370,700
4,395,238
SDIC Power Holdings Co. Ltd., Class A
3,708,500
8,056,554
Seazen Group Ltd.(a)(c)
21,020,000
4,208,141
Seres Group Co. Ltd., Class A, NVS(a)
845,500
9,131,171
SF Holding Co. Ltd., Class A
2,161,792
11,054,946
SG Micro Corp., Class A
299,650
3,080,882
Schedule of Investments
8
Schedule of Investments (continued)
August 31, 2024
iShares® Core MSCI Emerging Markets ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
China (continued)
Shaanxi Coal Industry Co. Ltd., Class A
4,925,990
$17,101,748
Shan Xi Hua Yang Group New Energy Co. Ltd.,
Class A 
2,515,600
2,558,628
Shandong Gold Mining Co. Ltd., Class A
1,755,101
6,684,499
Shandong Gold Mining Co. Ltd., Class H(b)
6,014,250
11,567,163
Shandong Hualu Hengsheng Chemical Co. Ltd.,
Class A
1,692,999
5,450,901
Shandong Linglong Tyre Co. Ltd., Class A
1,282,741
3,039,916
Shandong Nanshan Aluminum Co. Ltd., Class A
11,501,800
5,947,716
Shandong Weigao Group Medical Polymer Co.
Ltd., Class H
21,566,400
12,252,842
Shanghai Baosight Software Co. Ltd., Class A
1,093,316
4,515,243
Shanghai Baosight Software Co. Ltd., Class B
6,334,956
9,501,313
Shanghai BOCHU Electronic Technology Corp.
Ltd., Class A
175,366
3,995,210
Shanghai Chicmax Cosmetic Co. Ltd., NVS(c)
378,800
1,845,957
Shanghai Chlor-Alkali Chemical Co. Ltd.,
Class B
7,672,009
3,822,832
Shanghai Electric Group Co. Ltd., Class A(a)
11,931,800
6,104,702
Shanghai Electric Power Co. Ltd., Class A
2,016,700
2,433,590
Shanghai Fosun Pharmaceutical Group Co. Ltd.,
Class A
1,059,800
3,366,856
Shanghai Industrial Holdings Ltd.
5,790,000
8,437,599
Shanghai International Airport Co. Ltd., Class A
929,203
4,335,742
Shanghai International Port Group Co. Ltd.,
Class A
8,445,370
7,044,576
Shanghai M&G Stationery Inc., Class A
734,347
2,771,979
Shanghai MicroPort MedBot Group Co. Ltd.(a)(c)
1,189,500
1,084,120
Shanghai Pharmaceuticals Holding Co. Ltd.,
Class A
765,100
2,005,691
Shanghai Pharmaceuticals Holding Co. Ltd.,
Class H
6,599,700
9,104,902
Shanghai Pudong Development Bank Co. Ltd.,
Class A
13,325,346
15,811,860
Shanghai Putailai New Energy Technology Co.
Ltd., Class A
1,295,994
2,108,775
Shanghai RAAS Blood Products Co. Ltd.,
Class A
5,991,734
6,050,222
Shanghai Rural Commercial Bank Co. Ltd.,
Class A
5,516,500
5,126,419
Shanghai United Imaging Healthcare Co. Ltd.,
Class A, NVS
439,424
6,544,134
Shanghai Waigaoqiao Free Trade Zone Group
Co. Ltd., Class B
1,393,038
969,554
Shanghai Zhangjiang High-Tech Park
Development Co. Ltd., Class A
841,800
2,069,786
Shanjin International Gold Co. Ltd., Class A
1,823,900
4,125,687
Shanxi Coal International Energy Group Co. Ltd.,
Class A
1,014,600
1,654,562
Shanxi Coking Coal Energy Group Co. Ltd.,
Class A
3,638,600
4,092,065
Shanxi Lu'an Environmental Energy
Development Co. Ltd., Class A
1,907,600
3,844,213
Shanxi Xinghuacun Fen Wine Factory Co. Ltd.,
Class A
619,339
15,368,987
Shengyi Technology Co. Ltd., Class A
1,782,208
4,439,899
Shennan Circuits Co. Ltd., Class A
309,971
4,424,258
Shenwan Hongyuan Group Co. Ltd., Class A
14,674,092
9,346,714
Shenzhen Capchem Technology Co. Ltd.,
Class A
482,103
2,204,149
Shenzhen Goodix Technology Co. Ltd., Class A
245,200
2,194,630
Security
Shares
Value
China (continued)
Shenzhen Inovance Technology Co. Ltd.,
Class A
904,842
$5,512,688
Shenzhen International Holdings Ltd.
11,101,250
8,869,269
Shenzhen Investment Ltd.
29,060,000
2,907,043
Shenzhen Mindray Bio-Medical Electronics Co.
Ltd., Class A
578,546
20,415,556
Shenzhen New Industries Biomedical
Engineering Co. Ltd., Class A
487,100
4,594,939
Shenzhen Salubris Pharmaceuticals Co. Ltd.,
Class A
543,800
2,310,034
Shenzhen Transsion Holdings Co. Ltd., Class A
658,114
7,427,137
Shenzhou International Group Holdings Ltd.
7,127,200
58,213,033
Shijiazhuang Yiling Pharmaceutical Co. Ltd.,
Class A
959,218
2,087,533
Shoucheng Holdings Ltd.(c)
29,500,800
4,980,236
Shougang Fushan Resources Group Ltd.
22,476,000
7,497,183
Shui On Land Ltd.
49,780,666
3,766,523
Sichuan Chuantou Energy Co. Ltd., Class A
3,639,878
8,831,727
Sichuan Kelun Pharmaceutical Co. Ltd., Class A
1,116,020
4,814,645
Sichuan Road & Bridge Group Co. Ltd., Class A
5,341,160
4,252,167
Sieyuan Electric Co. Ltd., Class A
631,000
5,821,852
Sihuan Pharmaceutical Holdings Group Ltd.(a)(c)
49,106,000
3,386,027
Simcere Pharmaceutical Group Ltd.(b)(c)
7,145,000
5,398,988
Sino Biopharmaceutical Ltd.
89,040,000
36,549,631
Sinofert Holdings Ltd.
27,616,000
3,585,706
Sinolink Securities Co. Ltd., Class A
2,292,900
2,375,534
Sinoma International Engineering Co., Class A
1,734,900
2,294,141
Sinopec Engineering Group Co. Ltd., Class H
16,732,000
11,444,306
Sinopec Kantons Holdings Ltd.
14,630,000
8,129,232
Sinopharm Group Co. Ltd., Class H
11,504,800
26,625,185
Sinotruk Hong Kong Ltd.
5,589,000
13,976,442
Skyworth Group Ltd.
14,570,000
5,347,712
Smoore International Holdings Ltd.(b)(c)
16,194,000
18,684,287
SOHO China Ltd.(a)(c)
21,700,000
1,747,579
SooChow Securities Co. Ltd., Class A
3,899,400
3,420,412
Southwest Securities Co. Ltd., Class A
3,839,100
2,027,506
Spring Airlines Co. Ltd., Class A
671,000
4,770,833
SSY Group Ltd.
13,396,411
6,648,556
Sunac China Holdings Ltd.(a)(c)
53,893,837
6,970,418
Sunac Services Holdings Ltd.(b)
12,283,000
2,646,223
Sungrow Power Supply Co. Ltd., Class A
1,037,020
11,230,498
Sunny Optical Technology Group Co. Ltd.
6,131,500
37,585,158
Sunwoda Electronic Co. Ltd., Class A
1,427,300
3,373,118
SUPCON Technology Co. Ltd., Class A
746,906
4,152,622
Superb Summit International Group Ltd.(d)
998,771
1
Suzhou Dongshan Precision Manufacturing Co.
Ltd., Class A
1,165,900
3,910,485
Suzhou Maxwell Technologies Co. Ltd., Class A
178,292
2,053,742
Suzhou TFC Optical Communication Co. Ltd.,
Class A
337,240
3,662,620
SY Holdings Group Ltd.
8,856,500
6,144,511
TAL Education Group, ADR(a)(c)
3,656,903
29,401,500
TBEA Co. Ltd., Class A
3,518,887
6,263,922
TCL Electronics Holdings Ltd.
9,315,000
5,566,685
TCL Technology Group Corp., Class A
13,376,012
7,366,797
TCL Zhonghuan Renewable Energy Technology
Co. Ltd., Class A
2,143,038
2,488,105
Tencent Holdings Ltd.
57,435,900
2,785,636,038
Tencent Music Entertainment Group,
Class A, ADR
6,565,957
68,548,591
Tiangong International Co. Ltd.(c)
14,776,000
3,244,143
Tianli International Holdings Ltd.(c)
10,913,000
6,025,475
9
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® Core MSCI Emerging Markets ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
China (continued)
Tianneng Power International Ltd.(c)
7,252,000
$5,164,053
Tianqi Lithium Corp., Class A
858,600
3,178,757
Tianshan Aluminum Group Co. Ltd., Class A
3,278,700
3,133,705
Tianshui Huatian Technology Co. Ltd., Class A
3,192,936
3,592,000
Tingyi Cayman Islands Holding Corp.
16,940,000
22,688,353
Tong Ren Tang Technologies Co. Ltd., Class H
7,076,000
4,480,776
Tongcheng Travel Holdings Ltd.
11,048,000
20,482,720
TongFu Microelectronics Co. Ltd., Class A
1,050,900
2,962,389
Tongling Nonferrous Metals Group Co. Ltd.,
Class A
9,815,800
4,289,310
Tongwei Co. Ltd., Class A
2,294,477
6,136,437
Topsports International Holdings Ltd.(b)
15,957,000
5,910,295
Towngas Smart Energy Co. Ltd.
11,419,000
4,261,353
TravelSky Technology Ltd., Class H
7,792,000
9,635,560
Trina Solar Co. Ltd., Class A
1,189,416
2,896,502
Trip.com Group Ltd.(a)
4,845,091
228,218,141
Tsingtao Brewery Co. Ltd., Class A
278,300
2,329,034
Tsingtao Brewery Co. Ltd., Class H
5,328,000
30,820,476
Tuya Inc.(a)
2,399,437
3,719,127
Unigroup Guoxin Microelectronics Co. Ltd.,
Class A
477,933
3,209,140
Unisplendour Corp. Ltd., Class A
1,730,061
4,816,443
Untrade Cteg(d)
33,362,000
43
Untrade SMI Holdings(d)
12,466,353
16
Untradelumena Newmat, NVS(d)
43,450
—
Up Fintech Holding Ltd., ADR(a)(c)
1,006,571
3,663,918
Venus MedTech Hangzhou Inc., Class H(a)(b)(c)(d)
2,600,500
1,491,748
Vipshop Holdings Ltd., ADR
3,221,387
40,396,193
Vnet Group Inc., ADR(a)(c)
987,715
2,745,848
Wanhua Chemical Group Co. Ltd., Class A
1,453,786
14,921,605
Want Want China Holdings Ltd.
42,217,000
24,416,973
Wasion Holdings Ltd.
2,518,000
1,832,243
Weibo Corp., ADR
856,556
6,407,039
Weichai Power Co. Ltd., Class A
2,508,700
4,584,996
Weichai Power Co. Ltd., Class H
17,460,000
26,705,683
Weihai Guangwei Composites Co. Ltd., Class A
564,560
2,220,854
Weimob Inc.(a)(b)(c)
24,005,000
3,876,787
Wens Foodstuffs Group Co. Ltd., Class A
3,014,341
7,245,900
West China Cement Ltd.
28,944,000
3,255,411
Western Mining Co. Ltd., Class A
1,985,900
4,373,037
Western Securities Co. Ltd., Class A
5,593,591
5,113,442
Western Superconducting Technologies Co. Ltd.,
Class A
525,920
2,665,662
Will Semiconductor Co. Ltd. Shanghai, Class A
661,469
8,435,070
Wingtech Technology Co. Ltd., Class A
704,900
2,597,942
Wuhan Guide Infrared Co. Ltd., Class A
4,310,396
3,633,469
Wuliangye Yibin Co. Ltd., Class A
1,909,974
33,087,253
WUS Printed Circuit Kunshan Co. Ltd., Class A
1,219,496
5,639,893
WuXi AppTec Co. Ltd., Class A
745,239
4,100,533
WuXi AppTec Co. Ltd., Class H(b)(c)
3,265,207
14,246,999
Wuxi Biologics Cayman Inc.(a)(b)
31,006,000
44,133,835
XCMG Construction Machinery Co. Ltd., Class A
7,827,009
7,024,230
XD Inc.(a)(c)
2,976,200
7,504,474
Xiamen C & D Inc., Class A
1,998,400
2,049,520
Xiaomi Corp., Class B(a)(b)
134,717,800
332,135,335
Xinjiang Daqo New Energy Co. Ltd., Class A
934,650
2,384,919
Xinyi Solar Holdings Ltd.
42,358,800
16,425,282
XPeng Inc.(a)(c)
10,810,350
43,416,450
Xtep International Holdings Ltd.
12,397,500
8,202,270
Yadea Group Holdings Ltd.(b)
10,974,000
15,458,399
Yankuang Energy Group Co. Ltd., Class A
2,418,121
4,843,917
Yankuang Energy Group Co. Ltd., Class H
29,038,700
37,630,365
Security
Shares
Value
China (continued)
Yantai Jereh Oilfield Services Group Co. Ltd.,
Class A
840,068
$3,480,088
Yeahka Ltd.(a)(c)
2,606,000
3,575,906
Yealink Network Technology Corp. Ltd., Class A
783,906
3,639,886
YiChang HEC ChangJiang Pharmaceutical Co.
Ltd., Class H(a)(b)
2,607,600
3,317,268
Yidu Tech Inc. (a)(b)(c)
5,899,700
2,503,099
Yifeng Pharmacy Chain Co. Ltd., Class A
980,050
2,785,884
Yihai International Holding Ltd.(c)
4,452,000
6,656,838
Yihai Kerry Arawana Holdings Co. Ltd., Class A
954,001
3,471,735
Yonyou Network Technology Co. Ltd., Class A(a)
1,996,283
2,450,348
Youngor Fashion Co. Ltd., Class A
2,487,832
2,538,001
Youyuan International Holdings Ltd.(d)
4,800,100
6
YTO Express Group Co. Ltd., Class A
2,164,053
4,649,357
Yuexiu Property Co. Ltd.
14,412,576
7,492,349
Yuexiu REIT(c)
28,286,751
3,473,215
Yuexiu Transport Infrastructure Ltd.
11,944,000
5,457,336
Yum China Holdings Inc.
3,388,789
114,574,956
Yunnan Aluminium Co. Ltd., Class A
2,712,253
4,604,609
Yunnan Baiyao Group Co. Ltd., Class A
993,992
7,567,206
Yunnan Energy New Material Co. Ltd., Class A
547,932
2,073,340
Yunnan Yuntianhua Co. Ltd., Class A
1,404,700
4,086,236
Yutong Bus Co. Ltd., Class A
1,706,400
5,128,821
Zai Lab Ltd.(a)(c)
8,108,590
15,962,617
Zangge Mining Co. Ltd., Class A
1,476,646
5,002,723
Zhangzhou Pientzehuang Pharmaceutical Co.
Ltd., Class A
221,869
6,515,072
Zhaojin Mining Industry Co. Ltd., Class H(c)
13,497,000
22,079,150
Zhejiang Century Huatong Group Co. Ltd.,
Class A(a)
4,537,095
2,088,584
Zhejiang China Commodities City Group Co.
Ltd., Class A
2,934,920
3,420,039
Zhejiang Chint Electrics Co. Ltd., Class A
1,472,273
3,638,465
Zhejiang Dahua Technology Co. Ltd., Class A
2,035,458
3,932,915
Zhejiang Dingli Machinery Co. Ltd., Class A
446,416
3,044,104
Zhejiang Expressway Co. Ltd., Class H
15,451,800
9,945,731
Zhejiang Huahai Pharmaceutical Co. Ltd.,
Class A
1,070,262
2,540,999
Zhejiang Huayou Cobalt Co. Ltd., Class A
1,050,591
3,418,845
Zhejiang Jingsheng Mechanical & Electrical Co.
Ltd., Class A
820,094
2,738,122
Zhejiang Juhua Co. Ltd., Class A
1,900,400
4,394,453
Zhejiang Leapmotor Technology Co. Ltd.(a)(b)(c)
4,637,800
12,731,047
Zhejiang NHU Co. Ltd., Class A
2,406,558
6,554,616
Zhejiang Sanhua Intelligent Controls Co. Ltd.,
Class A
1,310,500
3,201,607
Zhejiang Supor Co. Ltd., Class A
436,540
3,066,788
Zhejiang Weiming Environment Protection Co.
Ltd., Class A
1,733,273
4,467,236
Zhejiang Zheneng Electric Power Co. Ltd.,
Class A
6,743,600
5,888,610
Zheshang Securities Co. Ltd., Class A
3,553,600
5,611,379
ZhongAn Online P&C Insurance Co. Ltd.,
Class H(a)(b)(c)
6,305,500
8,144,099
Zhongji Innolight Co. Ltd., Class A
586,803
9,039,782
Zhongjin Gold Corp. Ltd., Class A
3,347,818
6,356,173
Zhongsheng Group Holdings Ltd.
6,438,000
7,327,812
Zhongtai Securities Co. Ltd., Class A
5,167,200
4,245,274
Zhou Hei Ya International Holdings Co. Ltd.(b)(c)
10,972,500
2,103,415
Zhuzhou CRRC Times Electric Co. Ltd.
5,143,800
17,764,142
Zijin Mining Group Co. Ltd., Class A
10,895,300
24,491,642
Zijin Mining Group Co. Ltd., Class H
48,856,000
98,276,928
Schedule of Investments
10
Schedule of Investments (continued)
August 31, 2024
iShares® Core MSCI Emerging Markets ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
China (continued)
Zonqing Environmental Ltd.(c)
628,000
$705,491
Zoomlion Heavy Industry Science and
Technology Co. Ltd., Class A
5,608,100
4,998,656
ZTE Corp., Class A
1,516,239
5,299,589
ZTE Corp., Class H
7,000,040
14,076,050
ZTO Express Cayman Inc., Class A
3,783,529
81,836,900
 
17,165,246,050
Colombia — 0.1%
Bancolombia SA
2,212,079
20,094,418
Cementos Argos SA
5,553,780
11,051,770
Interconexion Electrica SA ESP
4,225,429
18,352,975
 
49,499,163
Czech Republic — 0.1%
CEZ AS
1,399,511
53,421,167
Komercni Banka AS
678,537
23,010,390
Moneta Money Bank AS(b)
3,435,689
16,535,312
 
92,966,869
Egypt — 0.1%
Commercial International Bank - Egypt (CIB)
20,189,777
36,160,547
Eastern Co. SAE
13,335,084
6,983,897
EFG Holding S.A.E.(a)
14,783,837
7,267,250
E-Finance for Digital & Financial
Investments, NVS
6,884,796
3,299,378
Ezz Steel Co. SAE(a)
639,021
1,457,840
Fawry for Banking & Payment Technology
Services SAE(a)
18,270,257
2,855,902
Talaat Moustafa Group
8,454,347
10,259,286
Telecom Egypt Co.
4,706,598
3,124,825
 
71,408,925
Greece — 0.5%
Aegean Airlines SA(c)
247,674
2,986,388
Alpha Services and Holdings SA
19,611,886
33,522,830
Athens International Airport SA(c)
431,263
3,766,073
Athens Water Supply & Sewage Co. SA
444,043
2,752,968
Autohellas Tourist and Trading SA
43,676
555,212
Eurobank Ergasias Services and Holdings SA,
Class A
22,846,198
52,091,150
FF Group(d)
343,633
4
GEK TERNA SA
609,784
11,808,194
Hellenic Telecommunications Organization SA
1,526,137
24,743,589
HELLENiQ ENERGY Holdings SA
675,973
5,334,535
Holding Co. ADMIE IPTO SA
1,946,341
4,593,421
Intrakat Technical & Energy Projects SA(a)
578,523
3,292,120
Intralot SA-Integrated Information Systems &
Gaming Services(a)
2,933,846
3,898,174
Jumbo SA
1,043,498
26,391,681
LAMDA Development SA(a)
856,665
6,674,026
Metlen Energy & Metals SA
910,758
34,200,605
Motor Oil Hellas Corinth Refineries SA
557,572
13,377,614
National Bank of Greece SA
6,780,088
58,934,580
OPAP SA
1,688,681
29,194,684
Optima bank SA
441,640
6,338,629
Piraeus Financial Holdings SA
9,254,479
39,923,432
Public Power Corp. SA
1,847,330
23,727,109
Sarantis SA
254,153
2,795,843
Terna Energy SA
444,049
9,380,176
Titan Cement International SA
458,952
16,055,875
 
416,338,912
Hungary — 0.2%
Magyar Telekom Telecommunications PLC
5,450,922
15,761,224
MOL Hungarian Oil & Gas PLC
3,506,150
26,567,760
Security
Shares
Value
Hungary (continued)
OTP Bank Nyrt
1,942,286
$100,001,939
Richter Gedeon Nyrt
1,159,767
35,132,845
 
177,463,768
India — 21.7%
360 ONE WAM Ltd.
1,488,010
19,028,968
3M India Ltd.
31,910
13,580,096
Aarti Industries Ltd.
1,728,246
12,935,427
Aarti Pharmalabs Ltd., NVS
515,107
4,234,704
Aavas Financiers Ltd.(a)
404,418
8,298,306
ABB India Ltd.
482,486
45,687,805
Action Construction Equipment Ltd.
414,434
6,390,737
Adani Enterprises Ltd.
1,341,411
48,280,367
Adani Green Energy Ltd.(a)
2,811,451
61,609,541
Adani Ports & Special Economic Zone Ltd.
4,803,073
84,899,252
Adani Power Ltd.(a)
6,873,996
51,809,328
Aditya Birla Fashion and Retail Ltd.(a)
3,665,833
13,616,833
Aegis Logistics Ltd.
1,398,434
12,562,227
Affle India Ltd.(a)
714,404
13,906,713
AGI Greenpac Ltd.
173,205
1,951,109
AIA Engineering Ltd.
434,583
22,276,702
Ajanta Pharma Ltd.
453,916
17,549,521
Alembic Pharmaceuticals Ltd.
599,054
7,569,289
Alkyl Amines Chemicals
194,042
4,869,908
Alok Industries Ltd.(a)
13,368,163
4,352,971
Amara Raja Energy & Mobility Ltd.
1,093,315
19,839,126
Amber Enterprises India Ltd.(a)
210,777
11,242,588
Ambuja Cements Ltd.
5,585,520
41,104,092
Anand Rathi Wealth Ltd.
146,839
6,679,017
Anant Raj Ltd.
1,332,638
9,491,877
Angel One Ltd.
397,430
12,271,086
Apar Industries Ltd.
153,451
16,790,538
APL Apollo Tubes Ltd.
1,615,534
28,163,469
Apollo Hospitals Enterprise Ltd.
916,244
75,726,761
Apollo Tyres Ltd.
3,112,286
18,313,713
Aptus Value Housing Finance India Ltd.
1,212,018
4,736,815
Archean Chemical Industries Ltd., NVS
525,081
4,650,480
Arvind Ltd.
1,120,747
5,386,822
Ashok Leyland Ltd.
13,838,895
42,305,830
Ashoka Buildcon Ltd.(a)
1,160,476
3,236,847
Asian Paints Ltd.
3,380,751
126,219,990
Aster DM Healthcare Ltd.(b)
1,430,633
6,947,181
Astra Microwave Products Ltd.
428,278
4,626,030
Astral Ltd.
1,206,941
27,648,391
AstraZeneca Pharma India Ltd.
79,929
6,280,807
Atul Ltd.
124,817
11,859,702
AU Small Finance Bank Ltd.(b)
2,917,067
23,960,472
Aurobindo Pharma Ltd.
2,335,865
43,697,418
Avanti Feeds Ltd.
857,399
6,935,796
Avenue Supermarts Ltd.(a)(b)
1,470,161
86,312,781
Axis Bank Ltd.
20,133,236
282,358,885
Bajaj Auto Ltd.
610,594
79,276,886
Bajaj Electricals Ltd.
530,127
6,069,279
Bajaj Finance Ltd.
2,448,580
210,235,117
Bajaj Finserv Ltd.
3,470,901
73,808,430
Bajaj Holdings & Investment Ltd.
270,307
32,419,139
Balaji Amines Ltd.
123,457
3,279,891
Balkrishna Industries Ltd.
735,753
24,836,760
Balrampur Chini Mills Ltd.
1,757,078
12,548,013
Bandhan Bank Ltd.(b)
6,022,878
14,399,478
Bank of Baroda
9,390,158
28,013,624
BASF India Ltd.
130,994
10,296,628
Bata India Ltd.
557,522
9,664,392
11
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® Core MSCI Emerging Markets ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
India (continued)
Bayer CropScience Ltd.
155,479
$11,658,527
BEML Ltd., (Acquired 02/10/22, Cost:
$6,056,322)(e)
203,618
9,233,190
Berger Paints India Ltd.
—
—
Bharat Dynamics Ltd.
911,817
14,201,288
Bharat Electronics Ltd.
32,583,400
116,435,625
Bharat Forge Ltd.
2,387,257
45,151,150
Bharat Heavy Electricals Ltd.
9,367,855
32,430,090
Bharat Petroleum Corp. Ltd.
13,493,450
57,495,349
Bharti Airtel Ltd.
22,794,916
431,998,984
Biocon Ltd.
3,899,056
16,682,583
Birla Corp. Ltd.
331,854
5,264,223
Birlasoft Ltd.
1,629,962
13,045,595
BLS International Services Ltd.
1,214,367
6,107,702
Blue Dart Express Ltd.
74,827
7,178,799
Blue Star Ltd.
1,139,333
23,175,145
Borosil Renewables Ltd.(a)
721,041
4,420,205
Bosch Ltd.
55,657
21,498,504
Brigade Enterprises Ltd.
1,246,148
17,897,028
Britannia Industries Ltd.
979,576
68,430,486
BSE Ltd.
624,106
21,096,995
Can Fin Homes Ltd.
1,031,572
10,624,256
Canara Bank
15,416,054
20,525,815
Carborundum Universal Ltd.
996,247
18,118,899
Castrol India Ltd.
2,997,297
9,475,948
Ceat Ltd.
276,643
9,098,339
Central Depository Services India Ltd.
1,059,644
18,151,057
Century Plyboards India Ltd.
571,728
5,366,787
Century Textiles & Industries Ltd.
632,423
18,045,147
CESC Ltd.
7,416,198
17,189,749
CG Power & Industrial Solutions Ltd.
5,704,332
47,335,868
Chambal Fertilisers and Chemicals Ltd.
2,384,333
14,791,887
Chennai Petroleum Corp. Ltd.
501,235
5,837,721
Cholamandalam Financial Holdings Ltd.
1,018,348
19,448,792
Cholamandalam Investment and Finance
Co. Ltd.
3,857,650
66,990,485
CIE Automotive India Ltd.
1,435,270
10,015,437
Cipla Ltd.
4,608,061
91,001,935
City Union Bank Ltd.
4,747,148
9,670,323
Clean Science & Technology Ltd.
292,406
5,206,713
CMS Info Systems Ltd.
686,136
4,497,179
Coal India Ltd.
16,306,872
102,005,178
Coforge Ltd.
533,772
40,434,814
Colgate-Palmolive India Ltd.
1,186,002
51,475,307
Computer Age Management Services Ltd.
338,050
17,164,774
Concord Biotech Ltd., NVS
137,696
2,732,466
Container Corp. of India Ltd.
2,380,872
27,392,784
Coromandel International Ltd.
912,784
19,142,028
CreditAccess Grameen Ltd.
512,330
7,453,740
CRISIL Ltd.
180,325
9,594,873
Crompton Greaves Consumer Electricals Ltd.
5,475,186
31,130,019
Cummins India Ltd.
1,294,811
57,889,887
Cyient Ltd.
824,553
19,455,196
Dabur India Ltd.
5,075,653
38,553,867
Data Patterns India Ltd.(a)
244,247
8,177,496
Deepak Fertilisers & Petrochemicals Corp. Ltd.
783,800
9,783,474
Deepak Nitrite Ltd.
588,934
20,433,302
Delhivery Ltd.(a)
3,321,252
16,614,510
Devyani International Ltd.(a)
4,096,100
8,579,898
Digidrive Distributors Ltd., NVS
—
—
Divi's Laboratories Ltd.
1,056,553
64,219,093
Dixon Technologies India Ltd.
303,082
47,583,551
Security
Shares
Value
India (continued)
DLF Ltd.
6,560,536
$66,136,929
Dodla Dairy Ltd., NVS(a)
104,828
1,595,109
Dr Lal PathLabs Ltd.(b)
325,461
13,272,993
Dr. Reddy's Laboratories Ltd.
1,006,929
84,360,983
Easy Trip Planners Ltd., NVS
8,290,218
3,927,614
eClerx Services Ltd.
155,283
5,376,720
Edelweiss Financial Services Ltd.
5,730,254
7,474,155
Eicher Motors Ltd.
1,239,435
73,349,918
EID Parry India Ltd.
1,021,068
10,104,204
EIH Ltd.
2,282,069
10,431,172
Elecon Engineering Co. Ltd.
671,679
4,980,019
Electronics Mart India Ltd., NVS(a)
665,690
1,782,215
Electrosteel Castings Ltd.
2,800,945
7,156,586
Elgi Equipments Ltd.
1,786,094
14,802,142
Emami Ltd.
1,849,857
17,947,419
Embassy Office Parks REIT
7,069,350
32,715,591
Endurance Technologies Ltd.(b)
386,660
11,420,882
Engineers India Ltd.
3,137,804
8,143,303
Equinox India Developments Ltd.(a)
4,955,733
7,852,207
Equitas Small Finance Bank Ltd.(b)
4,683,143
4,536,035
Exide Industries Ltd.
3,953,897
23,221,415
Federal Bank Ltd.
16,831,507
39,054,865
Fine Organic Industries Ltd.
102,299
6,522,290
Finolex Cables Ltd.
762,472
13,198,827
Finolex Industries Ltd.
3,047,240
11,329,996
Firstsource Solutions Ltd.
4,267,205
15,440,970
Five-Star Business Finance Ltd., NVS(a)
876,052
7,922,853
Force Motors Ltd.
41,700
4,141,776
Fortis Healthcare Ltd.
4,627,439
30,418,622
Gabriel India Ltd.
424,478
2,779,629
GAIL India Ltd.
21,614,000
61,305,240
Garden Reach Shipbuilders & Engineers Ltd.
270,726
5,857,363
GE T&D India Ltd.
527,949
10,805,591
Genus Power Infrastructures Ltd.
666,341
3,631,005
GHCL Ltd.
849,455
7,079,732
Gland Pharma Ltd.(b)
349,285
7,649,146
GlaxoSmithKline Pharmaceuticals Ltd.
381,338
12,479,156
Glenmark Pharmaceuticals Ltd.
1,401,030
28,940,831
Global Health Ltd., NVS(a)
524,981
7,102,711
GMM Pfaudler Ltd.
395,437
6,470,665
GMR Airports Infrastructure Ltd.(a)
22,924,065
25,860,081
Godawari Power and Ispat Ltd.
426,749
4,834,696
Godfrey Phillips India Ltd.
94,932
7,360,414
Godrej Consumer Products Ltd.
3,702,841
65,347,885
Godrej Industries Ltd.(a)
1,025,119
12,392,405
Godrej Properties Ltd.(a)
1,173,438
40,736,247
Gokaldas Exports Ltd.
443,252
4,965,134
Granules India Ltd.
1,621,537
13,888,392
Graphite India Ltd.
1,033,090
6,371,874
Grasim Industries Ltd.
2,509,262
80,776,312
Great Eastern Shipping Co. Ltd. (The)
1,064,238
16,935,304
Grindwell Norton Ltd.
430,889
12,521,820
Gujarat Fluorochemicals Ltd.
288,773
10,926,792
Gujarat Gas Ltd.
1,629,405
11,791,494
Gujarat Mineral Development Corp. Ltd.
800,791
3,526,615
Gujarat Narmada Valley Fertilizers &
Chemicals Ltd.
1,050,591
8,561,613
Gujarat Pipavav Port Ltd.
4,207,709
11,315,924
Gujarat State Fertilizers & Chemicals Ltd.
2,492,004
6,845,192
Gujarat State Petronet Ltd.
2,565,322
13,546,393
Happiest Minds Technologies Ltd.
933,068
9,047,821
Havells India Ltd.
2,341,403
53,038,040
Schedule of Investments
12
Schedule of Investments (continued)
August 31, 2024
iShares® Core MSCI Emerging Markets ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
India (continued)
HBL Power Systems Ltd.
981,561
$7,327,310
HCL Technologies Ltd.
8,373,141
175,076,786
HDFC Asset Management Co. Ltd.(b)
794,614
41,891,685
HDFC Bank Ltd.
37,908,986
741,306,288
HDFC Life Insurance Co. Ltd.(b)
8,721,001
76,844,886
HEG Ltd.
114,339
2,724,867
Hero MotoCorp Ltd.
1,070,679
69,717,042
HFCL Ltd.
7,802,687
13,920,186
Himadri Speciality Chemical Ltd.
1,594,208
9,945,832
Hindalco Industries Ltd.
11,735,597
98,336,157
Hindustan Aeronautics Ltd., NVS
1,779,366
99,382,444
Hindustan Construction Co. Ltd.(a)
11,172,074
6,294,181
Hindustan Copper Ltd.
2,320,468
9,213,007
Hindustan Petroleum Corp. Ltd.
8,064,836
40,270,998
Hindustan Unilever Ltd.
7,266,587
240,738,271
Hitachi Energy India Ltd.
114,756
16,541,633
Honasa Consumer Ltd., NVS(a)
699,346
4,218,072
ICICI Bank Ltd.
45,798,788
671,673,488
ICICI Lombard General Insurance Co. Ltd.(b)
2,193,899
56,115,812
ICICI Prudential Life Insurance Co. Ltd.(b)
3,277,032
29,432,651
ICICI Securities Ltd.(b)
849,982
8,353,515
IDFC First Bank Ltd.(a)
31,837,817
28,040,431
IDFC Ltd.
11,647,860
15,548,102
IFCI Ltd.(a)
6,440,600
5,760,058
IIFL Finance Ltd.
1,949,797
10,605,501
India Cements Ltd. (The)(a)
1,822,662
7,879,104
IndiaMART Intermesh Ltd.(b)
305,586
10,934,755
Indian Energy Exchange Ltd.(b)
5,477,582
13,308,265
Indian Hotels Co. Ltd., Class A
7,911,666
61,160,369
Indian Oil Corp. Ltd.
25,062,967
52,941,264
Indian Railway Catering & Tourism Corp. Ltd.
2,346,276
26,109,550
Indraprastha Gas Ltd.
2,784,151
18,359,887
Indus Towers Ltd.(a)
10,421,399
56,997,852
IndusInd Bank Ltd.
2,527,130
42,951,685
Infibeam Avenues Ltd.
11,366,496
4,226,472
Info Edge India Ltd.
692,162
63,404,148
Infosys Ltd.
29,170,533
677,243,032
Inox India Ltd., NVS(a)
209,354
2,939,080
Inox Wind Ltd.(a)
4,494,761
11,892,007
Intellect Design Arena Ltd.
967,510
11,457,897
InterGlobe Aviation Ltd.(a)(b)
1,568,694
90,236,288
Ipca Laboratories Ltd.
1,238,386
20,447,195
IRB Infrastructure Developers Ltd., NVS
14,513,951
10,972,772
IRCON International Ltd.(b)
3,345,624
10,429,610
ITC Ltd.
26,394,712
157,906,432
Jai Balaji Industries Ltd., NVS(a)
223,719
2,432,588
Jai Corp. Ltd.
346,694
1,532,631
Jain Irrigation Systems Ltd.(a)
2,118,297
1,786,423
Jaiprakash Associates Ltd.(a)
7,435,719
735,848
Jaiprakash Power Ventures Ltd.(a)
31,346,365
6,697,490
Jammu & Kashmir Bank Ltd. (The)
4,029,018
5,278,958
JB Chemicals & Pharmaceuticals Ltd., NVS
432,367
10,071,273
JBM Auto Ltd.
224,263
5,124,782
Jindal Saw Ltd.
1,063,434
8,647,857
Jindal Stainless Ltd.
2,573,227
24,359,383
Jindal Steel & Power Ltd.
3,336,748
38,573,163
Jio Financial Services Ltd., NVS(a)
25,462,950
97,581,080
JK Cement Ltd.
326,998
17,374,978
JK Lakshmi Cement Ltd.
402,597
3,782,365
JK Paper Ltd.
1,143,013
6,251,904
JK Tyre & Industries Ltd.
912,045
4,361,389
JM Financial Ltd.
5,103,547
6,494,805
Security
Shares
Value
India (continued)
JSW Energy Ltd.
2,872,814
$24,355,715
JSW Steel Ltd.
5,842,825
65,544,408
Jubilant Foodworks Ltd.
3,628,459
28,147,170
Jubilant Ingrevia Ltd.
891,177
6,987,928
Jubilant Pharmova Ltd., Class A
731,856
8,023,724
Jupiter Wagons Ltd., NVS
1,303,700
8,954,221
Just Dial Ltd.(a)
375,634
5,610,004
Jyothy Labs Ltd.
1,889,081
12,168,601
Kajaria Ceramics Ltd.
883,636
14,230,881
Kalpataru Projects International Ltd.
561,927
9,016,898
Kalyan Jewellers India Ltd.
2,661,012
19,515,012
Kansai Nerolac Paints Ltd.
2,251,804
7,969,720
Karnataka Bank Ltd. (The)
1,516,518
4,113,591
Karur Vysya Bank Ltd. (The)
5,261,675
13,920,315
Kaveri Seed Co. Ltd.
329,467
4,124,033
Kaynes Technology India Ltd., NVS(a)
222,298
12,600,194
KEC International Ltd.
1,347,107
15,213,833
KEI Industries Ltd.
552,928
30,378,202
Kfin Technologies Ltd.
578,589
7,172,889
Kirloskar Brothers Ltd.
157,579
3,396,377
Kirloskar Oil Engines Ltd.
573,294
9,125,548
Kirloskar Pneumatic Co. Ltd., NVS
174,755
2,711,542
Kotak Mahindra Bank Ltd.
9,593,617
203,740,282
KPI Green Energy Ltd.(b)
501,886
5,419,370
KPIT Technologies Ltd.
1,604,188
34,769,484
KPR Mill Ltd.
1,048,101
10,596,023
Krishna Institute Of Medical Sciences Ltd.(a)(b)
344,575
10,396,013
KSB Ltd.
245,160
2,713,087
L&T Finance Ltd.
7,475,000
15,086,189
Lakshmi Machine Works Ltd.
58,179
10,404,742
Larsen & Toubro Ltd.
5,945,530
262,807,966
Laurus Labs Ltd.(b)
3,206,803
17,974,038
Lemon Tree Hotels Ltd.(a)(b)
6,098,532
9,785,650
LIC Housing Finance Ltd.
2,840,641
22,844,542
Lloyds Engineering Works Ltd., NVS
5,324,857
5,130,091
LT Foods Ltd.
882,303
3,991,765
LTIMindtree Ltd.(b)
716,277
52,626,454
Lupin Ltd.
1,869,644
49,972,275
Macrotech Developers Ltd.
2,472,440
36,954,210
Mahanagar Gas Ltd.
599,022
12,811,448
Maharashtra Seamless Ltd.
282,478
2,261,782
Mahindra & Mahindra Financial Services Ltd.
4,852,283
18,181,533
Mahindra & Mahindra Ltd.
8,265,087
276,857,999
Mahindra Lifespace Developers Ltd.
906,640
6,150,357
Man Infraconstruction Ltd.
736,882
1,734,324
Manappuram Finance Ltd.
5,651,860
14,556,675
Mankind Pharma Ltd.(a)
752,783
22,343,123
Marico Ltd.
4,794,658
36,985,301
Marksans Pharma Ltd.(a)
1,589,167
4,539,768
Maruti Suzuki India Ltd.
1,135,683
168,168,446
Mastek Ltd.
217,440
7,633,938
Max Financial Services Ltd.(a)
2,267,226
29,043,261
Max Healthcare Institute Ltd.
7,176,468
73,823,164
Medplus Health Services Ltd.(a)
487,632
3,950,068
Metropolis Healthcare Ltd.(b)
320,807
8,189,395
Mindspace Business Parks REIT(b)
1,936,363
7,822,620
MOIL Ltd.
592,475
2,829,848
Motherson Sumi Wiring India Ltd.
21,420,977
18,001,099
Motilal Oswal Financial Services Ltd.
1,602,156
13,766,844
Mphasis Ltd.
926,748
34,296,296
MRF Ltd.
20,112
32,347,702
Mrs Bectors Food Specialities Ltd.
245,421
4,707,388
13
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® Core MSCI Emerging Markets ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
India (continued)
MTAR Technologies Ltd.(a)
285,849
$6,231,059
Multi Commodity Exchange of India Ltd.
224,717
13,897,571
Muthoot Finance Ltd.
1,179,473
27,642,290
Narayana Hrudayalaya Ltd.
844,448
12,779,816
Natco Pharma Ltd.
877,931
16,126,862
National Aluminium Co. Ltd.
8,060,589
17,573,196
Navin Fluorine International Ltd.
312,965
12,310,739
NBCC India Ltd.
5,408,083
12,031,438
NCC Ltd./India
4,530,618
17,244,515
Nestle India Ltd., NVS
3,006,263
89,621,374
Netweb Technologies India Ltd., NVS
114,168
3,707,892
Neuland Laboratories Ltd.
62,665
9,341,108
Newgen Software Technologies Ltd.
519,802
6,916,432
NHPC Ltd., NVS
24,888,984
28,495,590
NIIT Learning Systems Ltd., NVS
820,828
4,846,059
Nippon Life India Asset Management Ltd.(b)
1,724,324
13,848,550
NLC India Ltd.
2,565,675
8,430,052
NMDC Ltd.
8,998,920
23,915,244
NMDC Steel Ltd., NVS(a)
7,473,550
4,783,789
NTPC Ltd.
38,835,712
192,582,960
Nuvama Wealth Management Ltd., NVS
65,517
5,036,584
Nuvoco Vistas Corp. Ltd.(a)
1,182,310
4,793,631
Oil & Natural Gas Corp. Ltd.
27,783,359
109,721,369
Oil India Ltd.
4,367,924
38,599,855
Olectra Greentech Ltd.
398,913
7,430,881
One 97 Communications Ltd., NVS(a)
2,417,007
17,950,378
Oracle Financial Services Software Ltd.
215,939
28,288,929
Orient Cement Ltd.
862,309
3,141,012
Orient Electric Ltd.
1,331,940
4,260,985
Orissa Minerals Development Co. Ltd. (The)(a)
11,848
1,155,359
Page Industries Ltd.
55,126
27,953,350
Paisalo Digital Ltd.
4,958,518
3,768,401
Patel Engineering Ltd.(a)
3,614,128
2,471,838
PB Fintech Ltd.(a)
2,569,894
54,210,440
PCBL Ltd.
1,614,851
9,427,666
Persistent Systems Ltd., NVS
933,224
57,577,346
Petronet LNG Ltd.
6,875,661
30,139,705
PG Electroplast Ltd.(a)
877,330
5,498,974
Phoenix Mills Ltd. (The)
898,255
40,398,865
PI Industries Ltd.
717,287
38,482,457
Pidilite Industries Ltd.
1,453,658
54,185,384
Piramal Enterprises Ltd.
977,656
12,166,600
Piramal Pharma Ltd., NVS
5,540,483
12,494,701
PNB Housing Finance Ltd.(a)(b)
1,072,005
12,502,614
Polycab India Ltd.
458,891
37,299,948
Poonawalla Fincorp Ltd.
2,366,572
10,939,681
Power Finance Corp. Ltd.
13,233,342
86,742,101
Power Grid Corp. of India Ltd.
41,464,366
167,007,705
Praj Industries Ltd.
1,608,410
14,707,663
Prestige Estates Projects Ltd.
1,264,216
27,344,354
Procter & Gamble Health Ltd.
71,049
4,414,846
PTC India Ltd.
1,874,099
4,752,811
Punjab National Bank
19,748,737
27,436,315
PVR Inox Ltd.(a)
702,366
12,703,047
Quess Corp. Ltd.(b)
883,939
8,257,452
Radico Khaitan Ltd.
802,930
18,580,108
Rail Vikas Nigam Ltd.
4,560,966
33,030,755
Railtel Corp. of India Ltd.
1,225,281
7,177,947
Rain Industries Ltd.
2,568,704
5,201,933
Rainbow Children's Medicare Ltd.
396,093
5,986,480
Rajesh Exports Ltd.(a)
726,395
2,535,471
Rallis India Ltd.
1,389,820
5,840,049
Security
Shares
Value
India (continued)
Ramco Cements Ltd. (The)
1,090,490
$10,807,062
Ramkrishna Forgings Ltd.
758,795
8,760,096
Ratnamani Metals & Tubes Ltd.
103,994
4,570,082
RattanIndia Enterprises Ltd.(a)
3,731,918
3,558,500
RattanIndia Power Ltd.(a)
23,560,616
4,550,726
Raymond Consumer Care Ltd., NVS
336,308
6,265,834
Raymond Ltd.
418,515
9,911,122
RBL Bank Ltd.(b)
4,385,735
11,912,515
REC Ltd.
11,703,884
86,487,512
Redington Ltd.
5,552,408
13,381,213
Relaxo Footwears Ltd.
732,800
6,965,107
Reliance Industries Ltd.
26,714,183
961,154,655
Reliance Infrastructure Ltd.(a)
1,976,348
4,934,163
Reliance Power Ltd.(a)
27,787,422
10,161,732
Religare Enterprises Ltd.(a)
979,487
3,211,556
Rhi Magnesita India Ltd.
470,115
3,442,458
RITES Ltd.
495,350
3,837,446
Safari Industries India Ltd.
149,765
4,421,941
Sammaan Capital Ltd.
3,948,181
7,626,678
Samvardhana Motherson International Ltd.
23,694,318
55,247,924
Sanghvi Movers Ltd.
157,676
1,688,157
Sanofi Consumer Healthcare India Ltd., NVS
99,845
4,253,391
Sanofi India Ltd.
99,405
8,070,091
Sapphire Foods India Ltd.(a)
212,555
4,225,668
Sarda Energy & Minerals Ltd., NVS
934,415
3,914,390
Saregama India Ltd.
749,870
4,550,177
SBI Cards & Payment Services Ltd.
2,457,872
21,198,784
SBI Life Insurance Co. Ltd.(b)
4,203,717
92,709,993
Sheela Foam Ltd.(a)
369,858
4,085,782
Shipping Corp. of India Ltd.
1,643,069
5,283,342
Shree Cement Ltd.
86,049
26,156,487
Shree Renuka Sugars Ltd.(a)
8,428,957
5,026,614
Shriram Finance Ltd.
2,541,034
97,256,131
Shyam Metalics & Energy Ltd.
557,089
5,301,115
Siemens Ltd.
808,063
66,443,034
SJVN Ltd.
7,048,264
11,227,789
SKF India Ltd.
154,373
9,722,223
Sobha Ltd.
330,612
6,664,481
Solar Industries India Ltd.
226,451
28,972,469
Sona Blw Precision Forgings Ltd.(b)
3,686,976
30,059,738
Sonata Software Ltd.
1,674,278
13,303,243
South Indian Bank Ltd. (The)
13,278,280
4,053,066
Spandana Sphoorty Financial Ltd.(a)
302,133
2,262,890
SRF Ltd.
1,310,456
40,096,814
Star Health & Allied Insurance Co. Ltd.(a)
2,163,653
16,223,774
State Bank of India
15,713,939
152,731,913
Sterling and Wilson Renewable(a)
966,347
7,758,835
Sterlite Technologies Ltd.(a)
2,510,237
3,942,732
Strides Pharma Science Ltd.
822,536
13,141,949
Sula Vineyards Ltd., NVS
449,036
2,672,395
Sumitomo Chemical India Ltd.
1,208,076
7,367,912
Sun Pharma Advanced Research Co. Ltd.(a)
1,303,121
3,449,778
Sun Pharmaceutical Industries Ltd.
8,453,035
183,647,946
Sun TV Network Ltd.
1,086,993
10,647,786
Sundaram Finance Ltd.
488,845
29,412,103
Sundram Fasteners Ltd.
846,558
13,654,039
Sunteck Realty Ltd.
661,617
4,496,136
Supreme Industries Ltd.
570,126
35,940,856
Surya Roshni Ltd., NVS
442,983
3,569,267
Suven Pharmaceuticals Ltd.(a)
1,405,138
18,027,676
Suzlon Energy Ltd.(a)
84,624,418
76,575,912
Swan Energy Ltd.
955,803
7,742,049
Schedule of Investments
14
Schedule of Investments (continued)
August 31, 2024
iShares® Core MSCI Emerging Markets ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
India (continued)
Symphony Ltd.
227,100
$4,229,030
Syngene International Ltd.(b)
1,329,460
13,771,570
Syrma SGS Technology Ltd.
512,948
2,683,242
Tanla Platforms Ltd.
714,975
7,922,347
Tata Chemicals Ltd.
1,244,489
16,060,167
Tata Communications Ltd.
998,099
23,347,817
Tata Consultancy Services Ltd.
7,932,821
430,966,342
Tata Consumer Products Ltd.
5,243,303
75,060,578
Tata Elxsi Ltd.
320,671
30,596,353
Tata Investment Corp. Ltd.
107,933
9,369,160
Tata Motors Ltd.
14,695,753
194,794,152
Tata Motors Ltd., NVS
2,889,975
38,294,099
Tata Power Co. Ltd. (The)
13,055,464
67,647,605
Tata Steel Ltd.
66,637,941
121,494,108
Tata Teleservices Maharashtra Ltd.(a)
5,015,088
5,812,026
TeamLease Services Ltd.(a)
120,750
4,536,353
Tech Mahindra Ltd.
4,788,517
93,598,692
Techno Electric & Engineering Co. Ltd.
305,190
5,950,792
Tejas Networks Ltd.(a)(b)
716,993
11,262,316
Texmaco Rail & Engineering Ltd.
1,950,736
5,657,430
Thermax Ltd.
304,766
15,871,964
Tilaknagar Industries Ltd.
785,429
2,569,172
Timken India Ltd.
252,195
11,566,285
Titagarh Rail System Ltd.
703,166
11,932,901
Titan Co. Ltd.
3,152,461
134,036,334
Torrent Pharmaceuticals Ltd.
917,918
38,149,523
Torrent Power Ltd.
1,511,264
31,427,091
Transformers & Rectifiers India Ltd.
349,683
3,106,092
Trent Ltd.
1,643,229
140,068,290
Trident Ltd.
15,500,027
6,836,077
Triveni Turbine Ltd.
1,147,874
9,845,866
TTK Prestige Ltd.
633,694
7,083,057
Tube Investments of India Ltd.
995,118
47,853,111
TV18 Broadcast Ltd.(a)
6,445,944
3,933,521
TVS Holdings Ltd.
19,229
3,193,516
TVS Motor Co. Ltd.
2,192,156
73,527,251
Ujjivan Small Finance Bank Ltd.(b)
8,676,917
4,541,355
UltraTech Cement Ltd.
1,029,340
138,783,326
Union Bank of India Ltd.
13,402,059
19,425,932
United Spirits Ltd.
2,799,479
49,209,856
UNO Minda Ltd.
1,646,695
23,068,678
UPL Ltd.
4,144,881
29,556,567
Usha Martin Ltd.
1,278,273
5,050,253
UTI Asset Management Co. Ltd.
499,119
6,822,088
VA Tech Wabag Ltd.(a)
376,765
5,726,074
Valor Estate Ltd.(a)
1,278,968
3,003,722
Vardhman Textiles Ltd.
1,328,229
7,840,803
Varun Beverages Ltd.
4,226,425
75,627,638
Vedant Fashions Ltd.
336,130
5,010,134
Vedanta Ltd.
12,077,790
67,390,510
Vesuvius India Ltd.
42,531
2,745,716
V-Guard Industries Ltd.
2,174,529
11,896,370
Vinati Organics Ltd.
337,236
7,920,484
VIP Industries Ltd.
808,458
4,694,268
V-Mart Retail Ltd.(a)
123,522
5,297,953
Vodafone Idea Ltd.(a)
212,189,145
39,568,246
Voltamp Transformers Ltd.
55,127
9,278,526
Voltas Ltd.
1,922,914
39,995,048
Waaree Renewable Technologies Ltd., NVS
238,150
4,357,453
Welspun Corp. Ltd.
1,324,619
11,212,805
Welspun Living Ltd.
3,313,442
7,625,874
Westlife Foodworld Ltd.
700,604
6,873,299
Security
Shares
Value
India (continued)
Whirlpool of India Ltd.
571,083
$14,865,555
Wipro Ltd.
11,486,810
73,774,577
Wockhardt Ltd.(a)
499,740
6,280,866
Wonderla Holidays Ltd.
68,444
690,547
Yes Bank Ltd.(a)
125,323,309
35,347,527
Zee Entertainment Enterprises Ltd.(a)
6,577,518
11,039,381
Zen Technologies Ltd.
334,922
6,798,572
Zensar Technologies Ltd.
1,291,587
11,824,969
ZF Commercial Vehicle Control Systems
India Ltd.
21,523
3,999,225
Zomato Ltd.(a)
58,620,581
174,920,412
Zydus Lifesciences Ltd.
2,257,108
30,363,559
 
17,425,784,667
Indonesia — 1.8%
Adaro Energy Indonesia Tbk PT
131,906,300
30,375,968
AKR Corporindo Tbk PT
110,636,800
10,702,169
Amman Mineral Internasional PT(a)
58,432,728
40,343,996
Aneka Tambang Tbk
78,927,543
7,093,268
Aspirasi Hidup Indonesia Tbk PT
72,717,500
3,359,902
Astra Agro Lestari Tbk PT
6,252,700
2,447,676
Astra International Tbk PT
179,627,400
59,240,385
Bank Aladin Syariah Tbk PT(a)
51,948,400
2,957,916
Bank BTPN Syariah Tbk PT
27,826,200
2,277,589
Bank Central Asia Tbk PT
490,922,400
327,969,834
Bank Jago Tbk PT(a)
35,098,500
6,523,131
Bank Mandiri Persero Tbk PT
333,192,300
153,966,833
Bank Negara Indonesia Persero Tbk PT
133,450,600
46,177,112
Bank Pembangunan Daerah Jawa Barat Dan
Banten Tbk PT
24,167,519
1,555,916
Bank Rakyat Indonesia Persero Tbk PT
600,905,595
200,075,072
Bank Tabungan Negara Persero Tbk PT
53,541,376
4,887,294
Barito Pacific Tbk PT
258,439,388
19,115,642
BFI Finance Indonesia Tbk PT
79,725,200
5,235,916
Bukalapak.com PT Tbk(a)
599,660,900
4,547,342
Bukit Asam Tbk PT
40,920,300
7,223,829
Bumi Resources Minerals Tbk PT(a)
559,355,900
5,861,018
Bumi Resources Tbk PT(a)
746,204,500
4,301,998
Bumi Serpong Damai Tbk PT(a)
94,481,000
7,858,713
Chandra Asri Pacific Tbk PT
68,034,533
43,910,998
Charoen Pokphand Indonesia Tbk PT
70,547,000
22,184,304
Ciputra Development Tbk PT
100,582,127
8,460,483
ESSA Industries Indonesia Tbk PT
78,476,500
4,515,480
GoTo Gojek Tokopedia Tbk PT(a)
7,746,872,800
26,076,181
Hanson International Tbk PT(a)(d)
783,666,700
—
Harum Energy Tbk PT(a)
29,851,500
2,588,225
Indah Kiat Pulp & Paper Tbk PT
25,193,700
13,209,475
Indika Energy Tbk PT
16,450,900
1,554,080
Indo Tambangraya Megah Tbk PT
3,923,600
6,911,680
Indocement Tunggal Prakarsa Tbk PT
14,640,200
6,549,730
Indofood CBP Sukses Makmur Tbk PT
21,039,800
15,621,592
Indofood Sukses Makmur Tbk PT
38,619,300
17,116,933
Industri Jamu Dan Farmasi Sido Muncul Tbk PT
53,531,000
2,286,021
Inti Agri Resources Tbk PT(a)(d)
291,349,000
—
Japfa Comfeed Indonesia Tbk PT(a)
56,425,100
5,824,407
Jasa Marga Persero Tbk PT
23,297,280
8,064,733
Kalbe Farma Tbk PT
191,235,300
20,416,580
Medco Energi Internasional Tbk PT
74,209,380
6,023,795
Medikaloka Hermina Tbk PT
44,505,000
3,743,546
Merdeka Copper Gold Tbk PT(a)
100,215,185
15,240,409
Metro Healthcare Indonesia TBK PT(a)
187,748,300
947,549
Mitra Adiperkasa Tbk PT
97,808,800
9,452,959
Mitra Keluarga Karyasehat Tbk PT
15,964,579
3,160,894
15
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® Core MSCI Emerging Markets ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Indonesia (continued)
Pabrik Kertas Tjiwi Kimia Tbk PT
15,188,700
$7,272,493
Pakuwon Jati Tbk PT
203,958,200
6,281,728
Panin Financial Tbk PT(a)
178,516,800
4,758,908
Perusahaan Gas Negara Tbk PT
96,460,300
9,607,195
Pool Advista Indonesia Tbk PT(a)(d)
12,679,400
—
Sarana Menara Nusantara Tbk PT
208,631,000
11,271,879
Semen Indonesia Persero Tbk PT
30,559,109
7,928,957
Sugih Energy Tbk PT(a)(d)
27,492,211
—
Sumber Alfaria Trijaya Tbk PT
156,504,300
29,366,708
Summarecon Agung Tbk PT
132,824,841
5,240,334
Surya Citra Media Tbk PT
260,750,700
2,058,336
Telkom Indonesia Persero Tbk PT
438,057,500
86,388,418
Trada Alam Minera Tbk PT(a)(d)
280,960,700
—
Transcoal Pacific Tbk PT
11,055,700
5,096,853
Unilever Indonesia Tbk PT
64,759,700
9,502,418
United Tractors Tbk PT
14,148,000
24,779,989
Waskita Karya Persero Tbk PT(a)(d)
135,029,644
1,235,405
XL Axiata Tbk PT
42,851,500
6,175,958
 
1,414,924,152
Kuwait — 0.8%
Agility Public Warehousing Co. KSC
14,215,149
11,933,426
Al Ahli Bank of Kuwait KSCP
11,332,787
10,645,481
Arabi Group Holding KSC(a)
1,892,469
2,618,199
Arzan Financial Group for Financing &
Investment KPSC
4,262,850
2,509,609
Boubyan Bank KSCP
13,925,966
26,844,343
Boubyan Petrochemicals Co. KSCP
4,452,193
9,557,981
Boursa Kuwait Securities Co. KPSC
647,870
4,343,854
Gulf Bank KSCP
16,958,925
17,632,567
Gulf Cable & Electrical Industries Co. KSCP
1,051,130
5,514,350
Humansoft Holding Co. KSC
909,475
7,927,231
Jazeera Airways Co. KSCP
1,044,000
3,315,823
Kuwait Finance House KSCP
89,784,413
214,004,636
Kuwait International Bank KSCP
17,771,308
10,788,099
Kuwait Projects Co. Holding KSCP(a)
21,151,972
7,150,439
Kuwait Real Estate Co. KSC
7,206,411
5,568,935
Mabanee Co. KPSC
6,672,244
18,723,746
Mobile Telecommunications Co. KSCP
18,018,923
27,574,227
National Bank of Kuwait SAKP
69,217,599
198,990,580
National Industries Group Holding SAK
20,892,353
15,324,977
National Investments Co. KSCP
4,531,855
3,512,940
National Real Estate Co. KPSC(a)
10,798,060
2,602,836
Salhia Real Estate Co. KSCP
5,144,136
7,285,072
Shamal Az-Zour Al-Oula for the First Phase of
Az-Zour Power Plant KSC(a)
6,569,007
3,292,066
Warba Bank KSCP(a)
18,340,232
11,854,478
 
629,515,895
Malaysia — 1.7%
AFFIN Bank Bhd(c)
4,267,700
3,240,985
Alliance Bank Malaysia Bhd
9,209,500
9,189,726
AMMB Holdings Bhd
15,359,500
18,493,815
Axiata Group Bhd
24,905,500
14,677,732
Bermaz Auto Bhd
13,384,500
7,748,292
British American Tobacco Malaysia Bhd(c)
1,568,800
2,830,917
Bursa Malaysia Bhd
6,087,200
13,010,310
Carlsberg Brewery Malaysia Bhd
1,897,100
8,426,679
CELCOMDIGI Bhd
32,252,800
28,895,763
Chin Hin Group Bhd, NVS(a)(c)
11,122,300
8,105,320
CIMB Group Holdings Bhd
59,041,600
112,263,945
CTOS Digital Bhd(c)
14,685,000
4,420,547
D&O Green Technologies Bhd(c)
6,330,600
4,047,117
Security
Shares
Value
Malaysia (continued)
Dialog Group Bhd
31,560,196
$17,251,165
DRB-Hicom Bhd
10,528,800
2,851,365
Fraser & Neave Holdings Bhd
1,528,300
10,571,699
Frontken Corp. Bhd(c)
13,049,300
10,876,333
Gamuda Bhd
17,262,600
29,956,500
Gas Malaysia Bhd
1,194,700
1,019,883
Genting Bhd
18,079,900
18,064,997
Genting Malaysia Bhd
26,047,600
15,199,915
Greatech Technology Bhd(a)(c)
4,809,000
5,260,108
Hartalega Holdings Bhd(a)
14,485,900
8,286,421
Heineken Malaysia Bhd(c)
1,455,300
7,743,644
Hibiscus Petroleum Bhd(c)
7,044,240
3,592,256
Hong Leong Bank Bhd
5,953,600
29,258,808
IHH Healthcare Bhd
16,469,000
23,889,099
IJM Corp. Bhd(c)
22,933,500
15,263,461
Inari Amertron Bhd(c)
25,779,200
18,818,601
IOI Corp. Bhd
22,644,500
21,075,740
IOI Properties Group Bhd(c)
12,850,000
6,146,813
Kossan Rubber Industries Bhd(c)
12,646,900
5,325,186
KPJ Healthcare Bhd(c)
30,777,900
13,681,786
Kuala Lumpur Kepong Bhd(c)
3,963,300
19,938,953
Lotte Chemical Titan Holding Bhd(a)(b)(c)
5,556,700
1,313,335
Malayan Banking Bhd
48,573,300
121,179,332
Malaysia Airports Holdings Bhd
7,183,900
17,450,769
Malaysian Pacific Industries Bhd
953,700
6,537,003
Malaysian Resources Corp. Bhd(c)
32,545,700
4,147,470
Maxis Bhd(c)
21,510,700
19,219,175
MBSB Bhd(c)
35,530,500
6,625,746
Mega First Corp. Bhd
8,166,800
8,329,320
MISC Bhd
12,097,300
23,480,936
MR DIY Group M Bhd(b)(c)
24,281,550
11,558,832
My EG Services Bhd
53,836,500
11,152,370
Nationgate Holdings Bhd, NVS
6,670,200
2,937,820
Nestle Malaysia Bhd
562,800
13,820,089
Padini Holdings Bhd
4,002,400
3,101,918
Pentamaster Corp. Bhd(c)
7,198,500
6,594,962
Petronas Chemicals Group Bhd(c)
23,756,300
31,936,936
Petronas Dagangan Bhd(c)
2,782,100
13,567,766
Petronas Gas Bhd
7,058,200
29,849,369
PPB Group Bhd
6,381,620
21,547,557
Press Metal Aluminium Holdings Bhd
32,847,700
37,833,764
Public Bank Bhd
128,519,000
143,334,141
QL Resources Bhd
11,565,843
17,396,922
RHB Bank Bhd(c)
11,823,566
16,778,665
Sam Engineering & Equipment M Bhd
1,076,200
1,332,738
Scientex Bhd
8,844,200
8,377,899
SD Guthrie Bhd
18,511,800
19,612,268
Sime Darby Bhd
24,610,200
14,137,579
Sime Darby Property Bhd(c)
37,830,400
12,275,735
SP Setia Bhd Group
21,431,400
5,470,553
Sports Toto Bhd
8,742,629
3,225,386
Sunway Bhd
20,756,200
19,687,778
Sunway REIT(c)
24,623,700
9,582,029
Supermax Corp. Bhd(a)(c)
16,083,027
2,920,804
Telekom Malaysia Bhd
9,761,900
15,268,928
Tenaga Nasional Bhd(c)
23,198,500
78,632,009
TIME dotCom Bhd(c)
12,701,600
14,751,193
Top Glove Corp. Bhd(a)
44,550,800
9,490,068
UEM Sunrise Bhd(c)
14,959,100
3,047,635
United Plantations Bhd
780,200
4,701,412
UWC Bhd(a)(c)
4,770,500
2,761,162
ViTrox Corp. Bhd(c)
7,416,600
6,253,727
Schedule of Investments
16
Schedule of Investments (continued)
August 31, 2024
iShares® Core MSCI Emerging Markets ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Malaysia (continued)
VS Industry Bhd
33,455,550
$8,463,352
Yinson Holdings Bhd(c)
16,155,460
10,726,702
YTL Corp. Bhd
29,717,500
20,019,812
YTL Power International Bhd(c)
21,937,900
19,775,836
 
1,379,632,683
Mexico — 1.9%
Alfa SAB de CV, Class A
25,266,000
14,689,348
Alsea SAB de CV
4,727,759
12,941,518
America Movil SAB de CV, Series B
157,454,062
130,317,286
Arca Continental SAB de CV
4,338,238
38,846,276
Banco del Bajio SA(b)
7,269,959
18,187,587
Bolsa Mexicana de Valores SAB de CV
3,704,578
5,699,568
Cemex SAB de CV, NVS
131,091,350
79,676,223
Coca-Cola Femsa SAB de CV
4,452,200
37,402,617
Controladora Vuela Cia. de Aviacion SAB de CV,
Class A(a)(c)
7,715,459
4,387,735
Corp Inmobiliaria Vesta SAB de CV
6,627,710
18,172,631
FIBRA Macquarie Mexico(b)
10,545,720
16,631,761
Fibra Uno Administracion SA de CV
26,773,039
31,525,281
Fomento Economico Mexicano SAB de CV
16,164,274
165,342,320
GCC SAB de CV
1,645,357
12,583,555
Genomma Lab Internacional SAB de CV,
Class B
8,586,124
8,266,012
Gentera SAB de CV
10,736,664
11,503,033
Gruma SAB de CV, Class B
1,710,235
31,386,330
Grupo Aeroportuario del Centro Norte SAB de
CV, Class B
2,576,320
20,625,735
Grupo Aeroportuario del Pacifico SAB de CV,
Class B
3,456,549
61,212,821
Grupo Aeroportuario del Sureste SAB de CV,
Class B
1,614,077
43,269,893
Grupo Bimbo SAB de CV, Series A(c)
11,816,144
42,280,547
Grupo Carso SAB de CV, Series A1
4,914,936
29,513,200
Grupo Comercial Chedraui SA de CV
2,554,840
19,362,779
Grupo Financiero Banorte SAB de CV, Class O
22,645,896
156,624,268
Grupo Financiero Inbursa SAB de CV, Class O(a)
17,661,706
41,978,976
Grupo Mexico SAB de CV, Series B
27,386,101
140,140,968
Grupo Televisa SAB, CPO
20,786,356
8,316,970
Industrias Penoles SAB de CV(a)
1,695,375
20,345,275
Kimberly-Clark de Mexico SAB de CV, Class A
13,175,639
21,535,414
La Comer SAB de CV
5,530,896
9,464,244
Megacable Holdings SAB de CV, CPO
1,927,700
4,129,615
Nemak SAB de CV(a)(b)(c)
16,728,924
1,885,739
Operadora De Sites Mexicanos SAB de CV
12,647,795
10,480,826
Orbia Advance Corp. SAB de CV
8,318,363
8,890,998
Prologis Property Mexico SA de CV
8,612,005
27,430,904
Promotora y Operadora de Infraestructura SAB
de CV
1,804,325
16,764,050
Qualitas Controladora SAB de CV
1,846,478
14,802,389
Regional SAB de CV
2,160,547
13,686,728
TF Administradora Industrial S de Real de CV
3,323,978
6,347,782
Wal-Mart de Mexico SAB de CV
44,288,216
141,156,496
 
1,497,805,698
Peru — 0.2%
Cia. de Minas Buenaventura SAA, Class A, ADR
1,495,928
18,549,507
Credicorp Ltd.
594,348
106,001,966
Intercorp Financial Services Inc.
168,325
4,275,455
Southern Copper Corp.
756,611
76,962,471
 
205,789,399
Philippines — 0.6%
ACEN Corp.
46,545,641
4,514,120
Security
Shares
Value
Philippines (continued)
Alliance Global Group Inc.
40,367,400
$6,527,800
Ayala Corp.
2,247,685
24,254,071
Ayala Land Inc.
62,471,240
39,257,538
Bank of the Philippine Islands
18,027,748
40,127,374
BDO Unibank Inc.
21,845,895
59,492,780
Bloomberry Resorts Corp.(a)
46,141,000
6,467,136
Converge Information and Communications
Technology Solutions Inc.(a)
20,690,100
5,540,385
D&L Industries Inc.
35,260,500
3,893,412
DMCI Holdings Inc.
37,777,900
7,871,798
GT Capital Holdings Inc.
936,400
10,421,095
International Container Terminal Services Inc.
9,189,440
64,841,605
JG Summit Holdings Inc.
29,238,301
12,236,867
Jollibee Foods Corp.
4,297,650
19,906,279
Manila Electric Co.
1,982,760
15,014,596
Manila Water Co. Inc.
12,980,600
6,288,020
Megaworld Corp.
118,287,200
4,050,478
Metropolitan Bank & Trust Co.
16,043,603
21,039,660
PLDT Inc.
680,400
18,176,313
Puregold Price Club Inc.
10,023,150
4,960,495
Robinsons Land Corp.
23,683,313
6,304,878
Semirara Mining & Power Corp., Class A
8,196,700
4,953,258
SM Investments Corp.
1,930,212
30,474,655
SM Prime Holdings Inc.
93,730,696
51,686,878
Universal Robina Corp.
8,266,020
13,411,939
Wilcon Depot Inc.
13,406,800
4,487,403
 
486,200,833
Poland — 1.0%
Alior Bank SA
835,563
22,071,963
Allegro.eu SA (a)(b)(c)
5,061,661
49,859,583
AmRest Holdings SE(a)(c)
817,964
4,851,374
Asseco Poland SA
571,403
13,326,493
Bank Millennium SA(a)(c)
6,423,388
14,929,779
Bank Polska Kasa Opieki SA
1,613,109
66,084,778
Benefit Systems SA
9,000
6,179,819
Budimex SA
127,279
19,783,177
CCC SA(a)(c)
382,652
15,315,049
CD Projekt SA(c)
564,431
26,679,209
Cyfrowy Polsat SA(a)
2,384,012
9,111,575
Dino Polska SA(a)(b)(c)
423,713
35,227,202
Enea SA(a)
2,760,666
7,546,775
Eurocash SA
1,018,114
2,602,544
Grupa Azoty SA(a)(c)
505,671
2,321,708
Grupa Kety SA
58,130
11,663,741
Jastrzebska Spolka Weglowa SA, Class S(a)(c)
542,358
3,591,828
KGHM Polska Miedz SA
1,190,841
42,740,571
KRUK SA
167,068
19,191,168
LPP SA
9,948
37,834,999
mBank SA(a)
140,325
23,214,113
Orange Polska SA
5,577,209
12,510,640
ORLEN SA
4,965,078
82,634,941
Pepco Group NV(a)(c)
1,512,337
7,069,365
PGE Polska Grupa Energetyczna SA(a)
7,912,636
13,837,468
Powszechna Kasa Oszczednosci Bank
Polski SA
7,662,008
114,743,998
Powszechny Zaklad Ubezpieczen SA
5,135,723
61,840,741
Santander Bank Polska SA
320,091
43,088,454
Tauron Polska Energia SA(a)
10,222,656
9,373,209
Warsaw Stock Exchange(c)
465,588
5,264,141
XTB SA(b)
196,256
3,469,729
 
787,960,134
17
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® Core MSCI Emerging Markets ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Qatar — 0.8%
Al Meera Consumer Goods Co. QSC
1,398,623
$5,510,076
Baladna
10,912,362
4,068,560
Barwa Real Estate Co.
15,619,400
11,970,104
Commercial Bank PSQC (The)
29,887,713
33,495,558
Doha Bank QPSC
15,878,282
6,820,944
Dukhan Bank
11,805,124
12,339,512
Estithmar Holding QPSC(a)
9,525,896
4,834,817
Gulf International Services QSC
9,147,989
8,229,192
Industries Qatar QSC
13,831,361
49,011,927
Masraf Al Rayan QSC
51,577,189
32,622,820
Mesaieed Petrochemical Holding Co.
45,999,497
20,867,870
Ooredoo QPSC
7,016,663
21,213,615
Qatar Aluminum Manufacturing Co.
28,465,662
9,943,020
Qatar Electricity & Water Co. QSC
4,705,430
20,267,558
Qatar Fuel QSC
3,661,760
14,616,902
Qatar Gas Transport Co. Ltd.
22,543,283
27,886,746
Qatar International Islamic Bank QSC
9,263,488
27,688,909
Qatar Islamic Bank QPSC
15,709,130
84,458,989
Qatar National Bank QPSC
41,529,245
180,858,791
Qatar Navigation QSC
6,727,149
21,501,039
United Development Co. QSC
21,872,681
6,660,300
Vodafone Qatar QSC
26,489,214
13,073,826
 
617,941,075
Russia — 0.0%
Aeroflot PJSC(a)(d)
12,448,217
1,373
Alrosa PJSC(a)(d)
22,555,750
2,488
Credit Bank of Moscow PJSC(a)(d)
131,641,331
14,522
Detsky Mir PJSC(a)(b)(d)
5,639,776
622
Federal Grid Co. Rosseti PJSC(a)(d)
2,175,770,000
240
Gazprom PJSC(a)(d)
101,307,770
11,176
Globaltrans Investment PLC, GDR(a)(d)(f)
1,523,220
168
GMK Norilskiy Nickel PAO(a)(d)
54,217,000
60
Inter RAO UES PJSC(a)(d)
270,997,905
29,895
LSR Group PJSC, Class A(a)(d)
498,324
55
LUKOIL PJSC(a)(d)
3,545,225
391
Mobile TeleSystems PJSC(a)(d)
7,617,292
840
Moscow Exchange MICEX-RTS PJSC(a)(d)
12,320,031
1,359
Novatek PJSC(a)(d)
7,792,960
860
Novolipetsk Steel PJSC(a)(d)
12,759,568
1,408
OGK-2 PJSC(a)(d)
319,608,000
35,257
Ozon Holdings PLC, ADR(a)(d)
453,223
50
PhosAgro PJSC(a)(d)
409,067
45
PhosAgro PJSC, GDR(a)(d)(f)
1
—
PhosAgro PJSC, New(a)(d)
7,905
79
Polyus PJSC(a)(d)
290,787
32
Ros Agro PLC, GDR(a)(d)(f)
300,309
33
Rosneft Oil Co. PJSC(a)(d)
9,721,202
1,072
Rostelecom PJSC(a)(d)
8,098,021
893
Sberbank of Russia PJSC(a)(d)
91,862,230
10,135
Segezha Group PJSC(a)(b)(d)
34,454,100
3,801
Severstal PAO(a)(d)
1,835,503
202
Sistema AFK PAO(a)(d)
30,748,700
3,392
Sovcomflot PJSC(a)(d)
4,464,400
492
Surgutneftegas PJSC(a)(d)
60,550,132
6,680
Tatneft PJSC(a)(d)
11,775,415
1,299
TCS Group Holding PLC, GDR(a)(d)(f)
1,042,828
115
Unipro PJSC(a)(d)
160,829,082
17,742
United Co. RUSAL International PJSC(a)(d)
26,465,860
2,920
VK Co. Ltd.(a)(d)(f)
956,753
106
VTB Bank PJSC(a)(d)
5,137,107
1
X5 Retail Group NV, GDR(a)(d)(f)
1,023,928
113
Security
Shares
Value
Russia (continued)
Yandex NV(a)(d)
2,640,123
$291
 
150,207
Saudi Arabia — 4.0%
Abdullah Al Othaim Markets Co.
4,007,246
12,294,520
ACWA Power Co.
1,288,943
144,673,771
Ades Holding Co.(a)
2,682,390
14,639,276
Advanced Petrochemical Co.(a)
1,156,864
11,668,524
Al Babtain Power & Telecommunication Co.
275,527
3,192,945
Al Hammadi Holding
811,661
9,662,776
Al Jouf Agricultural Development Co.
125,110
2,092,030
Al Masane Al Kobra Mining Co.
593,201
10,464,719
Al Moammar Information Systems Co.
205,313
9,519,923
Al Rajhi Bank
17,157,301
404,032,671
Al Rajhi Co. for Co-operative Insurance(a)
347,949
18,824,752
Al-Dawaa Medical Services Co.
195,654
4,844,356
Aldrees Petroleum and Transport Services Co.
463,928
15,231,021
Alinma Bank
10,706,191
89,270,330
AlKhorayef Water & Power Technologies Co.(a)
142,578
6,956,867
Almarai Co. JSC
2,179,801
31,586,402
Almunajem Foods Co.
158,654
4,542,623
Alujain Corp.(a)
556,008
6,180,486
Arab National Bank
7,864,187
40,520,686
Arabian Cement Co./Saudi Arabia
817,328
5,651,991
Arabian Centres Co.(b)
1,803,327
11,070,231
Arabian Contracting Services Co.(a)
175,912
9,775,317
Arabian Internet & Communications
Services Co.
213,574
16,564,953
Arriyadh Development Co.
1,490,347
9,946,098
Astra Industrial Group
386,958
17,702,798
Bank AlBilad
5,460,334
56,173,748
Bank Al-Jazira(a)
4,368,669
20,596,931
Banque Saudi Fransi
5,233,956
47,676,847
BinDawood Holding Co.
1,203,565
2,339,283
Bupa Arabia for Cooperative Insurance Co.
737,139
45,651,309
Catrion Catering Holding Co.
435,157
13,696,226
City Cement Co.
971,036
4,471,143
Co. for Cooperative Insurance (The)
694,790
29,334,307
Dallah Healthcare Co.
329,962
13,910,352
Dar Al Arkan Real Estate Development Co.(a)
4,654,602
18,200,149
Dr Sulaiman Al Habib Medical Services
Group Co.
778,584
63,488,436
East Pipes Integrated Co. for Industry, NVS
105,351
4,193,631
Eastern Province Cement Co.
665,406
5,674,197
Electrical Industries Co.
4,925,869
8,348,486
Elm Co.
216,861
57,950,435
Emaar Economic City(a)
4,065,120
9,272,885
Etihad Atheeb Telecommunication Co.(a)
175,969
4,141,215
Etihad Etisalat Co.
3,405,849
45,867,709
First Milling Co., NVS
155,947
2,992,563
Herfy Food Services Co.(a)
375,486
2,715,344
Jahez International Co., NVS(a)
640,474
4,249,801
Jamjoom Pharmaceuticals Factory Co., NVS
185,501
8,734,100
Jarir Marketing Co.
4,919,295
16,763,879
Leejam Sports Co. JSC
266,776
15,384,087
Lumi Rental Co.(a)
163,039
3,680,482
Maharah Human Resources Co.
2,097,997
4,035,069
Mediterranean and Gulf Cooperative Insurance
and Reinsurance Co. (The)(a)
452,855
3,314,132
Middle East Healthcare Co.(a)
403,164
7,966,945
Middle East Paper Co.
500,008
5,868,314
Mobile Telecommunications Co. Saudi Arabia
3,583,155
10,675,178
Mouwasat Medical Services Co.
890,400
24,626,730
Schedule of Investments
18
Schedule of Investments (continued)
August 31, 2024
iShares® Core MSCI Emerging Markets ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Saudi Arabia (continued)
Nahdi Medical Co.
305,359
$10,836,523
National Agriculture Development Co. (The)(a)
1,477,997
11,067,451
National Co. for Learning & Education
73,295
4,050,894
National Gas & Industrialization Co.
465,146
13,966,053
National Industrialization Co.(a)
2,982,064
8,930,975
National Medical Care Co.
258,834
13,546,607
Perfect Presentation For Commercial Services
Co., NVS(a)
860,614
3,556,759
Power & Water Utility Co. for Jubail & Yanbu
548,259
9,124,472
Qassim Cement Co. (The)
546,080
7,712,583
Retal Urban Development Co., NVS
1,774,361
6,306,215
Riyad Bank
12,784,016
88,068,611
SABIC Agri-Nutrients Co.
2,027,018
63,042,607
Sahara International Petrochemical Co.
3,030,729
23,333,223
SAL Saudi Logistics Services
208,333
16,708,589
Saudi Advanced Industries Co.
286,161
2,954,386
Saudi Arabian Mining Co.(a)
11,344,303
128,528,084
Saudi Arabian Oil Co.(b)
38,771,877
288,899,633
Saudi Aramco Base Oil Co.
408,294
14,399,847
Saudi Automotive Services Co.
305,291
5,914,474
Saudi Awwal Bank
8,853,348
82,394,578
Saudi Basic Industries Corp.
7,679,667
153,077,624
Saudi Cement Co.
705,120
7,703,971
Saudi Ceramic Co.(a)
647,072
5,174,097
Saudi Chemical Co. Holding
3,317,389
10,492,803
Saudi Electricity Co.
7,033,848
32,915,814
Saudi Ground Services Co.(a)
907,209
13,006,407
Saudi Industrial Investment Group
2,895,957
15,042,558
Saudi Investment Bank (The)
5,263,654
17,769,183
Saudi Kayan Petrochemical Co.(a)
6,212,222
14,275,314
Saudi National Bank (The)
25,743,527
241,402,299
Saudi Paper Manufacturing Co.
138,674
2,517,003
Saudi Pharmaceutical Industries & Medical
Appliances Corp.(a)
669,028
5,988,996
Saudi Real Estate Co.(a)
2,081,629
13,138,487
Saudi Research & Media Group(a)
345,116
24,114,278
Saudi Steel Pipe Co.
183,520
3,311,499
Saudi Tadawul Group Holding Co.
438,564
28,804,164
Saudi Telecom Co.
17,045,533
195,398,151
Saudia Dairy & Foodstuff Co.
173,349
16,344,274
Savola Group (The)(a)
2,303,385
16,347,587
Seera Group Holding(a)
1,667,529
10,291,759
Southern Province Cement Co.
705,909
6,602,730
Theeb Rent A Car Co.
338,666
6,497,882
United Electronics Co.
462,075
11,228,070
United International Transportation Co.
493,396
11,987,490
Yamama Cement Co.
1,255,870
10,541,707
Yanbu Cement Co.
996,807
6,377,756
Yanbu National Petrochemical Co.
2,215,025
23,773,534
 
3,180,371,980
South Africa — 3.1%
Absa Group Ltd.
7,334,669
72,348,027
Adcock Ingram Holdings Ltd.
784,597
2,838,478
AECI Ltd.
1,408,876
8,402,558
African Rainbow Minerals Ltd.
1,037,073
10,154,824
Anglo American Platinum Ltd.(c)
576,510
19,906,354
Anglogold Ashanti PLC, NVS
3,699,351
109,489,059
Aspen Pharmacare Holdings Ltd.
3,277,536
44,118,397
AVI Ltd.
2,464,243
14,038,695
Barloworld Ltd.
1,689,675
8,903,875
Bid Corp. Ltd.
2,964,523
74,681,952
Bidvest Group Ltd. (The)
2,808,653
45,702,224
Security
Shares
Value
South Africa (continued)
Capitec Bank Holdings Ltd.
766,280
$125,155,459
Clicks Group Ltd.
2,159,200
45,256,759
Coronation Fund Managers Ltd.
3,011,634
6,858,156
DataTec Ltd.
2,130,137
4,243,561
Dis-Chem Pharmacies Ltd.(b)
4,402,452
8,642,548
Discovery Ltd.
4,710,763
40,315,368
DRDGOLD Ltd.
5,426,502
4,529,841
Equites Property Fund Ltd.
9,504,521
7,250,171
Exxaro Resources Ltd.
2,173,032
19,467,208
FirstRand Ltd.
43,828,645
210,744,743
Fortress Real Estate Investments Ltd., Series B,
Class B
12,108,693
13,107,917
Foschini Group Ltd. (The)
2,973,355
24,163,747
Gold Fields Ltd.
7,866,083
109,041,828
Grindrod Ltd.
7,210,459
5,730,755
Growthpoint Properties Ltd.
32,257,480
25,511,069
Harmony Gold Mining Co. Ltd.
5,045,918
49,423,800
Impala Platinum Holdings Ltd.
7,887,032
33,967,666
Investec Ltd.
2,528,174
19,231,352
JSE Ltd.
1,071,548
7,031,963
Kumba Iron Ore Ltd.
552,605
10,938,193
Life Healthcare Group Holdings Ltd.
12,614,716
10,167,481
Momentum Group Ltd.
10,452,781
16,363,296
Motus Holdings Ltd.
1,488,510
10,085,508
Mr. Price Group Ltd.
2,241,189
30,471,245
MTN Group Ltd.
14,841,470
73,927,279
MultiChoice Group(a)(c)
2,303,857
14,245,373
Naspers Ltd., Class N
1,566,487
323,138,053
Nedbank Group Ltd.
3,877,259
64,181,951
NEPI Rockcastle NV
4,838,291
39,455,571
Netcare Ltd.
10,703,897
8,147,592
Ninety One Ltd.
2,510,528
5,481,868
Northam Platinum Holdings Ltd.
3,186,479
18,843,188
Oceana Group Ltd.
795,461
3,054,017
Old Mutual Ltd.
42,929,549
31,061,694
Omnia Holdings Ltd.
1,509,925
5,357,518
OUTsurance Group Ltd., NVS
6,927,049
18,544,657
Pepkor Holdings Ltd.(b)
16,296,327
20,095,852
Pick n Pay Stores Ltd.(a)(c)
5,394,634
7,352,709
Redefine Properties Ltd.
57,676,828
15,398,819
Reinet Investments SCA
1,248,523
33,492,595
Remgro Ltd.
4,294,047
34,805,173
Resilient REIT Ltd.
4,557,047
14,641,805
Reunert Ltd.
1,975,003
8,557,469
Sanlam Ltd.
15,585,853
77,707,437
Santam Ltd.
272,333
5,369,903
Sappi Ltd.
5,076,283
12,990,384
Sasol Ltd.
4,998,928
38,384,219
Shoprite Holdings Ltd.
4,451,751
77,135,954
Sibanye Stillwater Ltd.
24,593,570
23,502,387
SPAR Group Ltd. (The)(a)
1,647,091
11,837,160
Standard Bank Group Ltd.
11,659,957
156,615,490
Super Group Ltd./South Africa
4,404,762
6,855,901
Telkom SA SOC Ltd.(a)
3,228,038
5,094,222
Thungela Resources Ltd.
1,182,358
7,715,818
Tiger Brands Ltd.
1,430,334
18,901,308
Truworths International Ltd.
3,220,330
17,591,134
Vodacom Group Ltd.
5,441,443
33,626,892
Vukile Property Fund Ltd.
11,659,701
11,588,580
Wilson Bayly Holmes-Ovcon Ltd.
684,999
7,861,856
Woolworths Holdings Ltd./South Africa
8,264,858
29,974,380
 
2,530,820,285
19
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® Core MSCI Emerging Markets ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
South Korea — 11.0%
ABLBio Inc.(a)(c)
356,267
$9,245,622
Advanced Nano Products Co. Ltd.
85,273
5,854,484
Ahnlab Inc.(c)
65,354
2,655,103
Alteogen Inc.(a)(c)
352,043
84,016,833
Amorepacific Corp.(c)
254,438
23,637,950
Amorepacific Group
260,411
4,861,887
Ananti Inc.(a)(c)
889,140
3,410,568
APR Corp./Korea(a)
27,883
5,388,178
Asiana Airlines Inc.(a)
433,595
3,171,497
BGF retail Co. Ltd.
73,649
6,507,550
BH Co. Ltd.(c)
262,608
4,702,237
Bioneer Corp.(a)(c)
213,564
4,576,135
BNK Financial Group Inc.
2,055,630
15,655,638
Boryung(c)
406,431
3,610,802
Caregen Co. Ltd.
113,042
1,461,175
Cellivery Therapeutics Inc.(a)(c)(d)
290,576
1,017,130
Celltrion Inc.
1,330,645
202,430,451
Celltrion Pharm Inc.(a)(c)
164,826
8,533,368
Chabiotech Co. Ltd.(a)(c)
505,403
6,872,683
Cheil Worldwide Inc.
524,014
7,126,104
Cheryong Electric Co. Ltd.(c)
100,057
4,223,687
Chong Kun Dang Pharmaceutical Corp.(c)
86,170
8,027,941
Chunbo Co. Ltd.(a)(c)
48,135
2,163,437
CJ CGV Co. Ltd.(a)
703,125
3,780,581
CJ CheilJedang Corp.
68,661
16,575,831
CJ Corp.(c)
117,699
9,886,836
CJ ENM Co. Ltd.(a)
97,045
5,278,897
CJ Logistics Corp.
88,488
6,257,430
Classys Inc.(c)
197,181
7,439,333
Cosmax Inc.
78,750
7,169,155
CosmoAM&T Co. Ltd.(a)
219,469
17,706,483
Cosmochemical Co. Ltd.(a)
267,699
3,914,215
Coway Co. Ltd.
451,247
22,718,594
Creative & Innovative System(a)(c)
571,735
4,582,993
CS Wind Corp.
226,945
10,982,532
Daeduck Electronics Co. Ltd./New
345,188
5,188,102
Daejoo Electronic Materials Co. Ltd.(a)
108,930
9,164,372
Daesang Corp.
306,962
4,773,879
Daewoo Engineering & Construction Co. Ltd.(a)
1,916,266
5,795,438
Daewoong Co. Ltd.
203,405
3,903,980
Daewoong Pharmaceutical Co. Ltd.
54,495
6,115,656
Daishin Securities Co. Ltd.
437,062
5,466,879
Daou Technology Inc.
316,262
4,284,160
DB HiTek Co. Ltd.
268,121
8,199,114
DB Insurance Co. Ltd.
421,137
36,658,392
Dentium Co. Ltd.
68,225
4,092,645
Devsisters Co. Ltd.(a)(c)
78,471
2,371,266
DGB Financial Group Inc.
1,202,983
7,554,051
DI Dong Il Corp.
116,445
2,735,144
DL E&C Co. Ltd.
270,287
6,693,292
DL Holdings Co. Ltd.
118,002
4,071,850
Dong-A Socio Holdings Co. Ltd.
42,028
3,964,181
Dong-A ST Co. Ltd.(c)
83,029
4,748,525
Dongjin Semichem Co. Ltd.(c)
323,164
7,596,970
DongKook Pharmaceutical Co. Ltd.(c)
308,069
4,202,481
Dongkuk Steel Mill Co. Ltd/New
146,715
908,901
Dongsuh Companies Inc.(c)
371,594
5,187,866
Dongwon F&B Co. Ltd.
59,970
1,516,440
Doosan Bobcat Inc.
476,404
14,217,828
Doosan Co. Ltd.
68,123
7,641,932
Doosan Enerbility Co. Ltd.(a)(c)
3,897,167
52,899,422
Doosan Fuel Cell Co. Ltd.(a)(c)
430,158
6,048,932
Security
Shares
Value
South Korea (continued)
Doosan Tesna Inc.
106,829
$2,627,663
DoubleUGames Co. Ltd.
130,907
4,820,529
Douzone Bizon Co. Ltd.
178,203
8,028,335
Dreamtech Co. Ltd.
259,099
1,799,238
Duk San Neolux Co. Ltd.(a)
143,250
3,625,788
Ecopro BM Co. Ltd.(a)(c)
429,993
54,289,274
Ecopro Co. Ltd.(a)(c)
878,477
56,421,162
Ecopro HN Co. Ltd.
107,083
3,727,244
Ecopro Materials Co. Ltd.(a)
137,177
9,378,607
E-MART Inc.
158,675
7,571,978
EMRO Inc., NVS(a)
60,354
2,300,107
EM-Tech Co. Ltd.
14,242
272,427
Enchem Co. Ltd.(a)
111,692
16,079,255
Eo Technics Co. Ltd.(c)
75,241
9,714,074
ESR Kendall Square REIT Co. Ltd.
1,015,393
3,907,935
Eugene Technology Co. Ltd.(c)
160,411
5,543,824
F&F Co. Ltd./New
136,350
5,994,488
Fila Holdings Corp.(c)
425,953
13,515,849
Foosung Co. Ltd.(a)(c)
672,548
3,357,989
Gaonchips Co. Ltd.(a)
46,303
1,673,252
GC Cell Corp.
116,488
3,065,958
Genesis Development Holdings Co. Ltd.(a)(d)
49,111
—
GOLFZON Co. Ltd.
5,208
258,233
Grand Korea Leisure Co. Ltd.
401,353
3,362,787
Green Cross Corp.
56,186
7,183,257
Green Cross Holdings Corp.(c)
214,361
2,674,299
GS Engineering & Construction Corp.(a)
589,298
9,062,605
GS Holdings Corp.
349,186
11,807,133
GS Retail Co. Ltd.(c)
388,186
6,405,795
HAESUNG DS Co. Ltd.
118,406
2,622,496
Hana Financial Group Inc.
2,564,614
119,061,551
Hana Materials Inc.(c)
103,129
2,667,812
Hana Micron Inc.(c)
449,539
4,288,713
Hana Tour Service Inc.(c)
151,489
5,604,706
Hanall Biopharma Co. Ltd.(a)(c)
324,909
9,762,868
Hanil Cement Co. Ltd./New
295,776
3,282,013
Hanjin Kal Corp.(c)
177,675
9,104,855
Hankook & Co. Co. Ltd.
308,785
3,939,001
Hankook Tire & Technology Co. Ltd.
655,154
21,326,401
Hanmi Pharm Co. Ltd.
54,896
12,979,232
Hanmi Science Co. Ltd.
195,207
4,823,516
Hanmi Semiconductor Co. Ltd.
383,994
33,182,625
Hanon Systems
1,721,702
5,230,452
Hansae Co. Ltd.(c)
213,023
2,633,807
Hansol Chemical Co. Ltd.
79,779
8,633,331
Hanssem Co. Ltd.
99,442
4,076,438
Hanwha Aerospace Co. Ltd.
316,946
68,969,091
Hanwha Corp.
339,911
7,412,844
Hanwha Engine(a)(c)
507,360
5,246,348
Hanwha Investment & Securities Co. Ltd.(a)
1,159,511
2,957,742
Hanwha Life Insurance Co. Ltd.(c)
3,106,109
6,914,338
Hanwha Ocean Co. Ltd.(a)
756,424
19,580,618
Hanwha Solutions Corp.
957,478
18,635,315
Hanwha Systems Co. Ltd.
691,485
9,666,350
HD Hyundai Co. Ltd.
383,118
23,223,979
HD Hyundai Construction Equipment Co. Ltd
120,316
4,768,651
HD Hyundai Electric Co. Ltd.
198,280
45,392,747
HD Hyundai Heavy Industries Co. Ltd.(a)
194,385
28,229,142
HD Hyundai Infracore Co. Ltd.(c)
1,192,822
6,431,005
HD Hyundai Mipo(a)
212,581
16,440,164
HD Korea Shipbuilding & Offshore Engineering
Co. Ltd.(a)
375,815
53,925,762
Schedule of Investments
20
Schedule of Investments (continued)
August 31, 2024
iShares® Core MSCI Emerging Markets ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
South Korea (continued)
HDC Hyundai Development Co-Engineering &
Construction, Class E
409,214
$7,950,039
Hite Jinro Co. Ltd.
368,362
5,711,796
HK inno N Corp.(c)
133,524
4,806,204
HL Mando Co. Ltd.
281,934
7,195,479
HLB Inc.(a)(c)
1,039,145
69,737,000
HLB Life Science Co. Ltd.(a)(c)
923,007
8,192,772
Hlb Pharma Ceutical Co. Ltd.(a)
280,292
5,718,831
HLB Therapeutics Co. Ltd.(a)(c)
704,094
4,917,832
HMM Co. Ltd.
2,137,097
27,244,032
Hotel Shilla Co. Ltd.(c)
252,531
9,007,107
HPSP Co. Ltd.(c)
387,544
8,649,832
Hugel Inc.(a)(c)
61,266
12,484,764
HYBE Co. Ltd.
185,419
25,669,593
Hyosung Advanced Materials Corp.
25,796
5,478,679
Hyosung Corp.
85,021
3,143,286
Hyosung Heavy Industries Corp.
42,697
9,270,952
Hyosung TNC Corp.(c)
25,166
5,608,281
Hyundai Bioscience Co. Ltd.(a)
354,475
5,419,849
Hyundai Department Store Co. Ltd.(c)
152,898
5,476,587
Hyundai Elevator Co. Ltd.
259,349
8,171,071
Hyundai Engineering & Construction Co. Ltd.
567,774
13,627,494
Hyundai Feed Inc.(a)(c)(d)
709,241
527,743
Hyundai Glovis Co. Ltd.
324,790
27,303,559
Hyundai Home Shopping Network Corp.
31,548
1,132,468
Hyundai Marine & Fire Insurance Co. Ltd.
491,340
12,801,888
Hyundai Mobis Co. Ltd.
520,534
84,935,966
Hyundai Motor Co.
1,188,208
227,922,278
Hyundai Rotem Co. Ltd.
676,980
27,383,250
Hyundai Steel Co.
689,123
13,131,036
Hyundai Wia Corp.
176,195
6,764,656
Iljin Electric Co. Ltd.
219,762
3,305,095
Iljin Hysolus Co. Ltd.(a)(c)
127,678
1,984,451
Industrial Bank of Korea
2,162,075
22,368,982
Innocean Worldwide Inc.
207,798
3,064,567
Innox Advanced Materials Co. Ltd.
156,126
3,404,849
Intellian Technologies Inc.(c)
99,113
4,113,831
IS Dongseo Co. Ltd.
170,326
3,103,125
ISC Co. Ltd.(c)
103,725
4,233,400
ISU Specialty Chemical, NVS(a)
179,522
7,157,131
IsuPetasys Co. Ltd.
410,346
12,849,868
JB Financial Group Co. Ltd.
1,195,565
12,675,908
Jeju Air Co. Ltd.(a)
409,447
2,914,965
Jeju Semiconductor Corp.(a)(c)
269,849
2,796,397
JNTC Co. Ltd.(a)(c)
170,555
2,391,307
Jusung Engineering Co. Ltd.(c)
312,592
6,316,373
JW Pharmaceutical Corp.
156,921
3,489,874
JYP Entertainment Corp.
236,451
9,072,725
Kakao Corp.
2,680,750
74,947,268
Kakao Games Corp.(a)(c)
369,698
5,067,276
KakaoBank Corp.(c)
1,451,565
24,104,849
Kangwon Land Inc.
611,805
7,325,043
KB Financial Group Inc.
3,362,093
216,804,443
KCC Corp.
42,769
9,183,985
KCC Glass Corp.
117,558
3,629,219
KEPCO Engineering & Construction Co. Inc.(c)
149,069
7,503,556
KEPCO Plant Service & Engineering Co. Ltd.
251,451
7,837,512
KG Dongbusteel
368,262
1,593,338
KG Mobility Co.(a)
527,002
2,414,332
Kia Corp.
2,182,340
173,384,367
KIWOOM Securities Co. Ltd.
118,988
12,060,954
KMW Co. Ltd.(a)
27,202
156,078
Security
Shares
Value
South Korea (continued)
Koh Young Technology Inc.(c)
532,410
$4,299,589
Kolmar Korea Co. Ltd.(c)
169,513
8,287,571
Kolon Industries Inc.
190,308
4,990,383
KoMiCo Ltd.
51,322
2,605,098
Korea Aerospace Industries Ltd.
647,164
26,334,617
Korea Electric Power Corp.(a)
2,178,501
35,405,861
Korea Gas Corp.(a)
236,529
9,219,983
Korea Investment Holdings Co. Ltd.
321,061
17,525,075
Korea Line Corp.(a)
1,795,826
2,628,169
Korea Petrochemical Ind Co. Ltd.
37,734
2,948,755
Korea Zinc Co. Ltd.
69,935
28,005,976
Korean Air Lines Co. Ltd.
1,491,817
24,636,019
Korean Reinsurance Co.
1,437,061
9,116,934
Krafton Inc.(a)
255,198
62,454,406
KT Corp.
335,918
9,734,741
KT&G Corp.
897,132
72,810,509
Kum Yang Co. Ltd.(a)(c)
331,709
11,556,288
Kumho Petrochemical Co. Ltd.
141,109
14,470,876
Kumho Tire Co. Inc.(a)
1,314,172
4,561,570
Kyung Dong Navien Co. Ltd.(c)
99,733
5,151,547
L&F Co. Ltd.(a)(c)
221,818
15,652,518
Lake Materials Co. Ltd.(a)
357,010
4,805,446
LEENO Industrial Inc.(c)
83,122
12,191,762
LG Chem Ltd.
420,091
101,346,764
LG Corp.
813,144
48,283,037
LG Display Co. Ltd.(a)
2,472,661
20,895,910
LG Electronics Inc.
914,251
68,167,718
LG Energy Solution Ltd.(a)(c)
406,814
118,495,539
LG H&H Co. Ltd.
77,901
20,683,472
LG Innotek Co. Ltd.
116,757
24,353,955
LG Uplus Corp.
759,987
5,547,534
LIG Nex1 Co. Ltd.
110,170
16,095,774
LigaChem Biosciences Inc.(a)(c)
236,095
17,073,660
Lotte Chemical Corp.
154,518
9,591,359
Lotte Chilsung Beverage Co. Ltd.
45,600
4,493,629
Lotte Corp.
266,876
4,952,647
Lotte Energy Materials Corp.
219,394
6,460,124
Lotte Fine Chemical Co. Ltd.
176,352
6,436,740
LOTTE REIT Co. Ltd.
1,825,240
5,399,693
Lotte Rental Co. Ltd.
130,216
3,051,593
Lotte Shopping Co. Ltd.
107,970
5,045,923
Lotte Tour Development Co. Ltd.(a)(c)
447,297
3,176,328
Lotte Wellfood Co. Ltd.
29,463
3,099,168
LS Corp.
157,945
13,441,553
LS Electric Co. Ltd.
131,832
16,542,663
LS Materials Ltd.(c)
170,857
2,256,834
Lunit Inc.(a)
186,391
6,100,869
LX Holdings Corp.(c)
613,218
3,229,263
LX International Corp.
291,452
6,994,935
LX Semicon Co. Ltd.
108,340
5,579,087
Medytox Inc.(c)
49,059
7,288,792
MegaStudyEdu Co. Ltd.(c)
103,275
3,815,647
Meritz Financial Group Inc.
850,643
58,070,371
Mezzion Pharma Co. Ltd.(a)(c)
205,409
4,949,130
Mirae Asset Securities Co. Ltd.
1,971,064
12,358,454
Myoung Shin Industrial Co. Ltd.(c)
383,442
3,361,938
Naturecell Co. Ltd.(a)(c)
544,341
4,178,141
NAVER Corp.
1,122,468
142,396,576
NCSoft Corp.(c)
119,665
16,833,362
Netmarble Corp.(a)(b)
231,018
10,542,284
Nexen Tire Corp.
370,470
2,136,006
Nexon Games Co. Ltd.(a)
271,810
3,890,816
21
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® Core MSCI Emerging Markets ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
South Korea (continued)
Nextin Inc.(c)
52,658
$1,911,043
NH Investment & Securities Co. Ltd.
918,175
9,386,202
NHN Corp.
197,511
2,945,420
NICE Information Service Co. Ltd.
397,859
3,059,635
NKMax Co. Ltd.(a)(c)(d)
821,636
1,092,351
NongShim Co. Ltd.(c)
30,018
8,667,551
OCI Co. Ltd.(c)
52,027
3,131,773
OCI Holdings Co. Ltd.
118,392
6,335,919
Orion Corp./Republic of Korea
183,503
12,639,066
Orion Holdings Corp.
278,654
3,263,716
Oscotec Inc.(a)(c)
296,109
9,309,555
Ottogi Corp.(c)
18,514
5,773,391
Pan Ocean Co. Ltd.(c)
2,356,204
6,555,572
Paradise Co. Ltd.(c)
501,662
4,208,322
Park Systems Corp.(c)
62,738
8,956,004
Pearl Abyss Corp.(a)(c)
270,453
6,878,231
People & Technology Inc.(a)(c)
177,731
7,541,129
Peptron Inc.(a)
177,397
6,585,889
PharmaResearch Co. Ltd.(c)
67,663
8,824,420
PI Advanced Materials Co. Ltd.(a)(c)
167,872
3,324,756
Poongsan Corp.(c)
198,170
9,555,145
Posco DX Co. Ltd.(c)
481,286
9,631,532
POSCO Future M Co. Ltd.(c)
270,650
43,703,767
POSCO Holdings Inc.
625,168
159,662,801
Posco International Corp.(c)
459,119
19,445,923
Posco M-Tech Co. Ltd.(c)
178,830
2,219,725
PSK Holdings Inc.
72,668
2,892,310
PSK Inc.(c)
237,509
4,598,645
Rainbow Robotics(a)(c)
80,579
8,742,732
S&S Tech Corp.(c)
172,626
3,443,318
S-1 Corp.
160,537
7,117,809
Sam Chun Dang Pharm Co. Ltd.(a)(c)
124,688
14,782,880
Sam-A Aluminum Co. Ltd., Class A
47,972
1,695,162
Samsung Biologics Co. Ltd.(a)(b)
153,898
112,856,428
Samsung C&T Corp.
736,609
81,515,888
Samsung E&A Co. Ltd.(a)
1,352,141
25,745,236
Samsung Electro-Mechanics Co. Ltd.
469,127
50,241,471
Samsung Electronics Co. Ltd.
41,855,563
2,324,587,292
Samsung Fire & Marine Insurance Co. Ltd.
274,126
71,210,088
Samsung Heavy Industries Co. Ltd.(a)(c)
5,799,971
45,722,977
Samsung Life Insurance Co. Ltd.
698,874
51,047,559
Samsung SDI Co. Ltd.(c)
476,584
126,840,895
Samsung SDS Co. Ltd.
347,195
39,195,516
Samsung Securities Co. Ltd.
460,556
16,314,120
Samyang Foods Co. Ltd.
37,186
13,796,554
Samyang Holdings Corp.(c)
48,486
2,641,779
SD Biosensor Inc.(a)
375,732
3,009,309
Sebang Global Battery Co. Ltd.
69,619
5,287,477
Seegene Inc.
348,113
6,728,615
Seojin System Co. Ltd.(a)(c)
306,390
5,715,244
Seoul Semiconductor Co. Ltd.(c)
498,193
3,596,813
SFA Engineering Corp.
258,474
4,835,312
SFA Semicon Co. Ltd.(a)(c)
898,718
2,686,113
Shin Poong Pharmaceutical Co. Ltd.(a)(c)
331,386
3,311,909
Shinhan Financial Group Co. Ltd.
3,789,229
160,395,112
Shinsegae Inc.
57,060
6,439,932
Shinsegae International Inc.(c)
157,537
1,566,279
Shinsung Delta Tech Co. Ltd.
152,347
5,526,674
Shinyoung Securities Co. Ltd.
7,976
489,580
Silicon2 Co. Ltd.(a)
287,430
8,338,345
SIMMTECH Co. Ltd.
241,940
3,874,875
SK Biopharmaceuticals Co. Ltd.(a)
276,069
23,805,925
Security
Shares
Value
South Korea (continued)
SK Bioscience Co. Ltd.(a)
201,181
$8,375,701
SK Chemicals Co. Ltd.
113,911
4,244,732
SK Discovery Co. Ltd.
121,536
3,227,040
SK Gas Ltd.
39,216
5,056,236
SK Hynix Inc.
4,779,187
626,272,882
SK IE Technology Co. Ltd.(a)(b)
231,515
5,716,553
SK Inc.
313,370
33,654,141
SK Innovation Co. Ltd.(a)(c)
526,545
43,536,673
SK Networks Co. Ltd.(c)
1,317,823
5,053,634
SK oceanplant Co. Ltd.(a)(c)
410,727
4,410,506
SK REITs Co. Ltd.
924,945
3,689,985
SK Square Co. Ltd.(a)
853,436
50,230,673
SK Telecom Co. Ltd.
333,450
13,759,946
SKC Co. Ltd.(a)(c)
160,783
15,593,035
SL Corp.(c)
174,683
4,425,846
SM Entertainment Co. Ltd.
104,546
4,925,893
SNT Motiv Co. Ltd.
98,505
3,371,593
S-Oil Corp.
343,645
16,080,202
SOLUM Co. Ltd.(a)
422,028
5,996,261
Solus Advanced Materials Co. Ltd.
353,774
3,464,819
Soop Co. Ltd.(c)
80,365
6,178,745
Soulbrain Co. Ltd.(c)
46,146
8,204,093
Soulbrain Holdings Co. Ltd.(c)
44,477
1,848,661
SPG Co. Ltd.(c)
152,098
3,009,274
ST Pharm Co. Ltd.(c)
109,966
9,473,496
Studio Dragon Corp.(a)(c)
127,321
3,599,870
Sungeel Hitech Co. Ltd.(a)(c)
53,393
2,237,795
Sungwoo Hitech Co. Ltd.(c)
499,972
2,727,208
Synopex Inc.(a)
708,981
4,203,888
Taihan Electric Wire Co. Ltd.(a)(c)
786,849
7,271,133
TCC Steel
154,132
3,864,048
TechWing Inc.
275,629
8,489,949
TKG Huchems Co. Ltd.
287,108
4,041,057
Tokai Carbon Korea Co. Ltd.(c)
53,764
4,057,265
Tongyang Life Insurance Co. Ltd.
630,366
3,084,025
Unid Co. Ltd.
36,691
2,210,155
Voronoi Inc.(a)
92,707
6,015,000
VT Co. Ltd.(a)
189,291
4,192,626
Webzen Inc.
156,475
2,211,575
Wemade Co. Ltd.(a)(c)
183,039
4,594,110
Won Tech Co. Ltd.
364,409
1,606,556
Wonik Holdings Co. Ltd.(a)
1
2
WONIK IPS Co. Ltd.(a)(c)
297,249
7,628,347
Wonik QnC Corp.(c)
197,073
4,021,240
Woori Financial Group Inc.
5,409,711
64,778,951
W-Scope Chungju Plant Co. Ltd.(a)(c)
116,407
1,748,616
YC Corp.(a)
250,751
2,637,462
YG Entertainment Inc.(c)
122,940
3,147,696
Youlchon Chemical Co. Ltd.
132,228
2,314,615
Youngone Corp.(c)
207,895
5,918,856
Youngone Holdings Co. Ltd.
69,467
4,349,958
Yuanta Securities Korea Co. Ltd.
1,125,123
2,509,355
Yuhan Corp.
486,285
51,394,792
 
8,823,440,190
Taiwan — 19.0%
Ability Opto-Electronics Technology Co. Ltd.(c)
657,000
5,997,505
AcBel Polytech Inc.(a)(c)
5,609,565
6,158,959
Accton Technology Corp.
4,479,000
71,318,464
Acer Inc.(c)
25,391,872
34,824,021
Acter Group Corp. Ltd.(c)
808,000
7,052,315
Actron Technology Corp.(c)
837,548
4,591,229
ADATA Technology Co. Ltd.(c)
2,792,845
8,283,697
Schedule of Investments
22
Schedule of Investments (continued)
August 31, 2024
iShares® Core MSCI Emerging Markets ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Taiwan (continued)
Adimmune Corp.(a)(c)
3,456,000
$3,142,542
Advanced Ceramic X Corp.(c)
444,000
2,482,493
Advanced Energy Solution Holding Co. Ltd.(c)
310,000
4,994,016
Advanced Wireless Semiconductor Co.(c)
1,536,000
5,529,064
Advantech Co. Ltd.(c)
4,065,584
44,468,969
AIC Inc.(c)
190,000
2,278,319
Airoha Technology Corp., NVS(c)
364,000
7,369,805
Airtac International Group(c)
1,221,292
33,034,366
Alchip Technologies Ltd.
697,000
58,019,253
Alexander Marine Co. Ltd.(c)
293,160
2,845,233
Allied Supreme Corp.(c)
447,000
5,336,816
Allis Electric Co. Ltd.(c)
1,927,000
8,021,524
Ambassador Hotel (The)(c)
1,064,000
2,031,515
Andes Technology Corp.(a)(c)
418,000
4,847,009
AP Memory Technology Corp.(c)
876,000
8,908,481
Arcadyan Technology Corp.(c)
1,800,391
8,256,914
Ardentec Corp.(c)
4,173,546
9,055,500
ASE Technology Holding Co. Ltd.
28,480,222
136,667,380
Asia Cement Corp.(c)
18,956,050
26,710,424
Asia Optical Co. Inc.(c)
2,636,000
10,094,229
Asia Vital Components Co. Ltd.
2,892,884
54,755,083
ASMedia Technology Inc.
265,000
14,731,293
ASPEED Technology Inc.(c)
267,800
41,314,540
ASROCK Inc.(c)
531,000
3,469,698
Asustek Computer Inc.
6,209,000
104,137,925
AUO Corp.(c)
56,727,400
29,168,882
AURAS Technology Co. Ltd.(c)
520,000
10,012,879
Bank of Kaohsiung Co. Ltd.(c)
26,719,636
10,028,168
BES Engineering Corp.(c)
17,655,000
7,382,910
Bizlink Holding Inc.(c)
1,235,726
17,587,561
Bora Pharmaceuticals Co. Ltd.(c)
504,099
11,772,641
Brighton-Best International Taiwan Inc.(c)
5,065,000
5,414,911
C Sun Manufacturing Ltd.(c)
812,000
6,111,306
Capital Securities Corp.(c)
18,705,050
12,739,259
Career Technology MFG. Co. Ltd.(a)(c)
5,265,124
3,902,048
Catcher Technology Co. Ltd.(c)
5,273,000
38,946,979
Cathay Financial Holding Co. Ltd.
82,802,951
164,611,987
Cathay Real Estate Development Co. Ltd.(c)
6,105,900
5,447,785
Center Laboratories Inc.(c)
4,954,770
7,261,215
Century Iron & Steel Industrial Co. Ltd.(c)
1,650,000
12,271,053
Chailease Holding Co. Ltd.(c)
12,739,951
58,024,110
Chang Hwa Commercial Bank Ltd.
45,163,844
24,931,950
Channel Well Technology Co. Ltd.(c)
2,034,000
4,312,028
Charoen Pokphand Enterprise(c)
3,068,700
9,496,758
Chenbro Micom Co. Ltd.(c)
590,000
5,413,428
Cheng Loong Corp.(c)
9,344,000
7,565,497
Cheng Shin Rubber Industry Co. Ltd.
15,385,650
23,907,055
Cheng Uei Precision Industry Co. Ltd.(c)
3,511,000
7,878,018
Chicony Electronics Co. Ltd.(c)
5,356,787
27,158,923
Chicony Power Technology Co. Ltd.(c)
1,534,000
6,145,922
Chief Telecom Inc.(c)
370,300
6,224,974
China Airlines Ltd.(c)
25,524,000
16,449,294
China Bills Finance Corp.(c)
16,577,000
7,796,320
China Man-Made Fiber Corp.(a)(c)
19,499,574
4,983,288
China Metal Products(c)
4,455,146
5,504,120
China Motor Corp.(c)
2,610,800
6,442,360
China Petrochemical Development Corp.(a)(c)
32,365,490
9,853,264
China Steel Chemical Corp.(c)
1,663,000
5,205,029
China Steel Corp.(c)
100,379,529
69,862,549
Chin-Poon Industrial Co. Ltd.(c)
3,793,000
5,138,222
Chipbond Technology Corp.(c)
3,406,000
7,140,203
ChipMOS Technologies Inc.
4,968,000
5,938,473
Security
Shares
Value
Taiwan (continued)
Chlitina Holding Ltd.(c)
573,816
$2,481,439
Chong Hong Construction Co. Ltd.(c)
1,923,122
6,923,301
Chroma ATE Inc.(c)
3,383,000
34,543,189
Chung Hung Steel Corp.(c)
9,566,000
5,788,661
Chung-Hsin Electric & Machinery
Manufacturing Corp.(c)
3,587,000
19,254,516
Chunghwa Precision Test Tech Co. Ltd.(c)
223,000
3,453,919
Chunghwa Telecom Co. Ltd.(c)
32,345,000
125,387,590
Cleanaway Co. Ltd.(c)
1,365,000
8,156,248
Clevo Co.(c)
3,891,175
7,187,330
Compal Electronics Inc.(c)
36,424,000
37,894,894
Compeq Manufacturing Co. Ltd.
7,492,000
19,227,796
Continental Holdings Corp.(c)
6,118,600
6,643,647
Coretronic Corp.(c)
2,277,200
5,737,035
Co-Tech Development Corp.(c)
2,605,000
5,291,348
CSBC Corp. Taiwan(a)(c)
8,777,541
5,112,012
CTBC Financial Holding Co. Ltd.(c)
141,883,599
144,939,161
CTCI Corp.
6,176,000
9,690,507
Cub Elecparts Inc.(c)
889,797
2,800,720
CyberPower Systems Inc.(c)
367,000
3,257,788
Da-Li Development Co. Ltd.(c)
2,155,923
4,206,655
Darfon Electronics Corp.(c)
3,178,000
5,287,507
Delta Electronics Inc.
17,070,000
212,807,811
Depo Auto Parts Ind Co. Ltd.
801,000
6,227,059
Dynamic Holding Co. Ltd.(c)
2,083,000
4,284,856
E Ink Holdings Inc.(c)
7,627,000
72,874,202
E.Sun Financial Holding Co. Ltd.(c)
124,026,949
109,339,584
Eclat Textile Co. Ltd.
1,583,683
26,520,574
Egis Technology Inc.(a)(c)
502,791
3,830,235
EirGenix Inc.(a)(c)
1,954,000
5,247,239
Elan Microelectronics Corp.(c)
2,248,100
10,344,601
Elite Material Co. Ltd.(c)
2,452,000
35,791,779
Elite Semiconductor Microelectronics
Technology Inc.
2,560,000
6,383,868
eMemory Technology Inc.(c)
564,000
46,563,428
Ennoconn Corp.(c)
884,219
8,224,517
Ennostar Inc.(c)
5,247,185
6,902,647
Episil Technologies Inc.(a)(c)
2,610,036
5,105,135
Episil-Precision Inc.(c)
1,229,077
2,340,587
Eternal Materials Co. Ltd.
8,150,369
8,029,998
Etron Technology Inc.(a)(c)
2,775,792
3,418,430
Eva Airways Corp.(c)
23,510,326
26,008,467
Evergreen International Storage &
Transport Corp.
5,199,000
5,088,449
Evergreen Marine Corp. Taiwan Ltd.(c)
9,114,979
53,610,095
Evergreen Steel Corp.(c)
1,412,000
5,475,761
Everlight Electronics Co. Ltd.(c)
3,995,000
9,866,164
Far Eastern Department Stores Ltd.(c)
10,676,167
9,439,172
Far Eastern International Bank
32,027,219
14,181,961
Far Eastern New Century Corp.(c)
24,986,916
28,243,440
Far EasTone Telecommunications Co. Ltd.
14,474,000
40,967,387
Faraday Technology Corp.(c)
2,047,828
19,521,709
Farglory Land Development Co. Ltd.
2,808,782
7,125,653
Feng Hsin Steel Co. Ltd.(c)
4,805,000
12,443,987
Feng TAY Enterprise Co. Ltd.(c)
4,314,833
19,679,641
First Financial Holding Co. Ltd.(c)
95,989,061
81,858,631
Fitipower Integrated Technology Inc.(c)
918,504
7,687,662
FLEXium Interconnect Inc.(c)
2,310,616
6,265,232
FocalTech Systems Co. Ltd.(c)
1,881,000
4,782,221
Formosa Chemicals & Fibre Corp.(c)
29,069,210
39,829,655
Formosa International Hotels Corp.(c)
810,000
5,211,129
Formosa Plastics Corp.(c)
31,219,800
50,369,145
23
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® Core MSCI Emerging Markets ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Taiwan (continued)
Formosa Sumco Technology Corp.(c)
773,000
$3,595,336
Formosa Taffeta Co. Ltd.(c)
8,469,000
5,659,018
Fortune Electric Co. Ltd.(c)
1,240,900
25,932,629
Fositek Corp.(c)
405,341
10,171,652
Foxconn Technology Co. Ltd.(c)
6,602,424
14,150,635
Foxsemicon Integrated Technology Inc.(c)
780,000
8,571,171
Fubon Financial Holding Co. Ltd.(c)
67,685,289
194,304,064
Fulgent Sun International Holding Co. Ltd.(c)
1,481,221
5,594,533
Fusheng Precision Co. Ltd.
1,204,000
10,690,775
General Interface Solution Holding Ltd.(a)(c)
2,550,000
4,917,031
Genius Electronic Optical Co. Ltd.(c)
683,287
12,077,808
Getac Holdings Corp.(c)
3,657,000
12,927,519
Giant Manufacturing Co. Ltd.
2,833,575
21,143,798
Gigabyte Technology Co. Ltd.(c)
4,492,000
36,833,527
Global Brands Manufacture Ltd.(c)
2,261,000
4,460,601
Global Mixed Mode Technology Inc.(c)
798,000
5,703,158
Global PMX Co. Ltd.(c)
524,000
2,046,272
Global Unichip Corp.(c)
757,000
26,437,285
Globalwafers Co. Ltd.(c)
2,246,000
34,038,755
Gloria Material Technology Corp.(c)
5,079,000
7,607,755
Gold Circuit Electronics Ltd.(c)
2,830,800
18,721,387
Goldsun Building Materials Co. Ltd.(c)
9,973,425
17,086,282
Gourmet Master Co. Ltd.(c)
1,165,471
3,016,297
Grand Pacific Petrochemical(a)(c)
11,937,292
4,946,881
Grand Process Technology Corp.(c)
183,000
11,251,958
Grape King Bio Ltd.(c)
1,432,000
6,423,787
Great Tree Pharmacy Co. Ltd.(c)
955,777
5,740,235
Great Wall Enterprise Co. Ltd.(c)
5,848,412
9,794,419
Greatek Electronics Inc.(c)
3,546,000
6,661,307
Gudeng Precision Industrial Co. Ltd.(c)
636,797
10,897,057
Hannstar Board Corp.(c)
2,392,000
3,986,058
HannStar Display Corp.(a)(c)
22,123,640
6,345,020
Highwealth Construction Corp.(c)
8,356,030
14,548,403
Hiwin Technologies Corp.(c)
2,421,498
16,380,142
Holtek Semiconductor Inc.(c)
1,984,000
3,099,004
Holy Stone Enterprise Co. Ltd.(c)
1,589,846
4,533,103
Hon Hai Precision Industry Co. Ltd.
109,448,928
631,819,477
Hota Industrial Manufacturing Co. Ltd.(c)
2,662,261
5,615,753
Hotai Finance Co. Ltd.(c)
2,644,620
8,190,694
Hotai Motor Co. Ltd.(c)
2,817,560
57,996,292
Hsin Kuang Steel Co. Ltd.
3,113,000
5,802,802
HTC Corp.(a)(c)
6,298,000
8,777,680
Hu Lane Associate Inc.
828,000
4,103,397
HUA ENG Wire & Cable Co. Ltd.(c)
2,942,829
3,098,238
Hua Nan Financial Holdings Co. Ltd.
78,672,286
62,772,718
Huaku Development Co. Ltd.(c)
2,845,800
13,233,933
Ibase Technology Inc.(c)
1,108,000
2,528,620
IBF Financial Holdings Co. Ltd.(c)
22,203,544
10,944,524
Innodisk Corp.(c)
998,234
9,169,365
Innolux Corp.
66,694,297
32,968,469
International CSRC Investment Holdings Co.(a)(c)
9,292,685
4,765,157
International Games System Co. Ltd.
2,223,000
54,235,980
Inventec Corp.(c)
23,531,000
33,648,351
ITE Technology Inc.(c)
1,774,000
8,059,276
ITEQ Corp.(c)
1,932,604
4,931,542
Jentech Precision Industrial Co. Ltd.(c)
748,670
31,773,655
Jinan Acetate Chemical Co. Ltd.(c)
398,480
11,473,611
Johnson Health Tech Co. Ltd.(c)
1,222,000
4,701,068
JSL Construction & Development Co. Ltd.(c)
849,000
5,291,229
Kaori Heat Treatment Co. Ltd.(c)
666,000
7,767,371
Kenda Rubber Industrial Co. Ltd.
6,363,913
6,257,239
Kenmec Mechanical Engineering Co. Ltd.(c)
1,755,641
5,231,916
Security
Shares
Value
Taiwan (continued)
KGI Financial Holding Co. Ltd.
141,118,649
$71,086,435
Kindom Development Co. Ltd.(c)
4,254,300
7,583,449
King Slide Works Co. Ltd.(c)
509,000
20,213,440
King Yuan Electronics Co. Ltd.(c)
9,681,000
36,769,944
King's Town Bank Co. Ltd.(c)
7,100,000
11,917,780
Kinik Co.(c)
1,099,000
11,644,202
Kinpo Electronics(c)
12,452,000
9,288,055
Kinsus Interconnect Technology Corp.(c)
2,314,000
8,573,390
Kuo Toong International Co. Ltd.(c)
1,974,702
4,125,969
L&K Engineering Co. Ltd.(c)
1,384,543
10,692,805
LandMark Optoelectronics Corp.(c)
775,900
4,270,099
Largan Precision Co. Ltd.(c)
868,000
84,648,413
Lien Hwa Industrial Holdings Corp.(c)
10,362,254
20,401,290
Lite-On Technology Corp.(c)
17,831,238
59,823,330
Longchen Paper & Packaging Co. Ltd.(a)(c)
8,815,863
3,858,674
Lotes Co. Ltd.(c)
729,849
34,989,019
Lotus Pharmaceutical Co. Ltd.(c)
1,088,000
9,771,075
LuxNet Corp.(c)
919,957
3,373,282
M31 Technology Corp.(c)
246,484
7,470,481
Machvision Inc.(c)
326,089
3,674,491
Macronix International Co. Ltd.(c)
14,137,554
12,249,786
Makalot Industrial Co. Ltd.(c)
1,930,510
23,251,058
Marketech International Corp.(c)
1,291,000
6,348,646
Materials Analysis Technology Inc.(c)
402,558
3,604,965
MediaTek Inc.(c)
13,317,572
516,946,132
Medigen Vaccine Biologics Corp.(a)(c)
2,386,607
3,701,174
Mega Financial Holding Co. Ltd.(c)
102,512,575
125,042,820
Mercuries Life Insurance Co. Ltd.(a)
32,805,822
8,194,886
Merida Industry Co. Ltd.(c)
1,703,850
12,857,414
Merry Electronics Co. Ltd.
1,953,751
8,340,976
Microbio Co. Ltd.(a)(c)
4,401,146
5,994,002
Micro-Star International Co. Ltd.(c)
6,301,000
36,206,988
Mitac Holdings Corp.(c)
7,846,053
11,055,757
MPI Corp.(c)
728,000
17,512,067
Nan Kang Rubber Tire Co. Ltd.(a)(c)
4,343,000
7,339,498
Nan Pao Resins Chemical Co. Ltd.(c)
562,000
5,200,063
Nan Ya Plastics Corp.(c)
40,942,440
58,052,862
Nan Ya Printed Circuit Board Corp.(c)
1,640,000
7,560,499
Nantex Industry Co. Ltd.
2,601,000
3,191,666
Nanya Technology Corp.(a)(c)
9,967,000
16,434,755
Nien Made Enterprise Co. Ltd.
1,299,000
19,010,958
North-Star International Co. Ltd., NVS(c)
644,000
1,299,038
Novatek Microelectronics Corp.(c)
4,995,000
84,365,878
Nuvoton Technology Corp.(c)
2,128,000
5,954,503
OBI Pharma Inc.(a)(c)
1,636,339
4,501,339
Oneness Biotech Co. Ltd.(a)(c)
2,728,836
13,877,561
Orient Semiconductor Electronics Ltd.(c)
3,854,000
5,093,136
Oriental Union Chemical Corp.(c)
7,950,000
4,475,823
Pan Jit International Inc.(c)
3,399,200
5,924,906
Pan-International Industrial Corp.(c)
5,133,366
5,633,835
Parade Technologies Ltd.
651,000
16,413,349
Pegatron Corp.(c)
16,795,000
53,931,260
Pegavision Corp.(c)
377,166
5,145,150
PharmaEngine Inc.(c)
930,000
2,547,195
PharmaEssentia Corp.(a)(c)
2,125,000
46,298,150
Pharmally International Holding Co. Ltd.(d)
597,543
—
Phihong Technology Co. Ltd.(a)(c)
3,448,266
4,324,115
Phison Electronics Corp.(c)
1,434,000
23,957,116
Pixart Imaging Inc.
1,446,000
9,388,829
Polaris Group/Tw(a)
2,854,000
5,672,124
Pou Chen Corp.(c)
17,288,000
18,796,232
Schedule of Investments
24
Schedule of Investments (continued)
August 31, 2024
iShares® Core MSCI Emerging Markets ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Taiwan (continued)
Powerchip Semiconductor
Manufacturing Corp.(a)(c)
25,153,000
$17,005,916
Powertech Technology Inc.(c)
5,834,000
26,596,030
Poya International Co. Ltd.(c)
509,482
8,008,309
President Chain Store Corp.
4,625,000
40,660,090
President Securities Corp.(c)
8,655,603
7,165,558
Primax Electronics Ltd.(c)
4,277,000
12,017,166
Prince Housing & Development Corp.(c)
11,588,995
4,133,488
Promate Electronic Co. Ltd.(c)
1,703,737
4,907,615
Qisda Corp.(c)
12,632,000
14,189,068
Quanta Computer Inc.(c)
23,749,000
199,514,552
Quanta Storage Inc.(c)
1,841,000
5,742,709
Radiant Opto-Electronics Corp.(c)
3,669,000
22,662,787
Raydium Semiconductor Corp.
595,000
6,623,319
Realtek Semiconductor Corp.(c)
4,230,110
70,846,343
RichWave Technology Corp.(a)(c)
867,226
5,006,075
Ritek Corp.(a)
1
1
Ruentex Development Co. Ltd.(c)
13,671,812
21,040,984
Ruentex Industries Ltd.(c)
5,427,788
13,798,547
Run Long Construction Co. Ltd.(c)
1,433,000
5,867,937
Sanyang Motor Co. Ltd.(c)
4,892,000
11,675,136
Scientech Corp.(c)
493,192
6,674,870
ScinoPharm Taiwan Ltd.(c)
2,966,027
2,386,058
SDI Corp.(c)
1,351,000
5,811,289
Sensortek Technology Corp.(c)
281,000
2,445,234
Sercomm Corp.(c)
2,591,000
9,032,725
Shanghai Commercial & Savings Bank Ltd.
(The)(c)
33,550,542
42,251,137
Shihlin Electric & Engineering Corp.(c)
2,068,000
14,320,663
Shin Kong Financial Holding Co. Ltd.(a)(c)
124,069,021
49,968,567
Shin Zu Shing Co. Ltd.(c)
1,415,904
10,027,935
Shinfox Energy Co. Ltd.(c)
841,000
3,559,878
Shinkong Synthetic Fibers Corp.(c)
14,362,000
7,287,319
Shiny Chemical Industrial Co. Ltd.(c)
876,750
4,528,608
ShunSin Technology Holding Ltd.(c)
392,000
3,040,776
Sigurd Microelectronics Corp.(c)
4,953,700
12,113,532
Silergy Corp.
2,862,000
42,273,404
Silicon Integrated Systems Corp.(c)
3,264,750
7,082,354
Simplo Technology Co. Ltd.
1,323,400
15,387,271
Sinbon Electronics Co. Ltd.(c)
1,943,809
18,071,972
Sino-American Silicon Products Inc.(c)
4,379,000
27,295,308
SinoPac Financial Holdings Co. Ltd.
99,565,718
74,845,608
Sinyi Realty Inc.(c)
4,986,704
5,138,458
Sitronix Technology Corp.(c)
1,134,000
8,317,272
Soft-World International Corp.(c)
753,000
3,087,125
Solar Applied Materials Technology Corp.(c)
5,418,710
11,212,350
Sporton International Inc.(c)
906,252
6,375,856
Standard Foods Corp.(c)
4,889,096
5,979,610
Sunny Friend Environmental Technology
Co. Ltd.(c)
727,507
2,145,275
Sunonwealth Electric Machine Industry
Co. Ltd.(c)
1,889,000
5,698,759
Sunplus Technology Co. Ltd.(a)(c)
5,278,000
5,195,913
Supreme Electronics Co. Ltd.(c)
4,898,009
11,504,093
Synmosa Biopharma Corp.(c)
3,436,288
4,108,693
Synnex Technology International Corp.(c)
11,410,250
25,689,008
Systex Corp.(c)
1,944,000
7,361,408
T3EX Global Holdings Corp.(c)
1,270,000
3,558,093
TA Chen Stainless Pipe(c)
15,038,412
17,161,279
Ta Ya Electric Wire & Cable(c)
6,933,105
11,467,119
Taichung Commercial Bank Co. Ltd.
31,706,878
17,897,371
TaiDoc Technology Corp.(c)
702,000
3,658,036
Security
Shares
Value
Taiwan (continued)
Taigen Biopharmaceuticals Holdings Ltd.(a)(c)
4,032,000
$1,827,933
TaiMed Biologics Inc.(a)(c)
1,935,224
5,233,360
Tainan Spinning Co. Ltd.(c)
11,263,894
5,806,908
Taishin Financial Holding Co. Ltd.
104,088,675
60,193,449
Taiwan Business Bank
63,459,279
31,350,554
Taiwan Cogeneration Corp.(c)
6,422,199
8,939,648
Taiwan Cooperative Financial Holding Co. Ltd.
93,872,293
76,040,930
Taiwan Fertilizer Co. Ltd.(c)
5,883,000
11,012,015
Taiwan Glass Industry Corp.(a)(c)
11,217,053
5,797,513
Taiwan High Speed Rail Corp.(c)
15,708,000
14,674,219
Taiwan Hon Chuan Enterprise Co. Ltd.(c)
2,669,674
13,432,933
Taiwan Mask Corp.(c)
2,306,000
4,671,594
Taiwan Mobile Co. Ltd.(c)
15,455,000
54,168,388
Taiwan Paiho Ltd.(c)
2,863,000
5,504,021
Taiwan Secom Co. Ltd.(c)
3,110,185
14,338,354
Taiwan Semiconductor Co. Ltd.(c)
2,305,000
4,748,196
Taiwan Semiconductor Manufacturing Co. Ltd.
216,142,000
6,398,962,299
Taiwan Shin Kong Security Co. Ltd.(c)
6,353,577
8,321,815
Taiwan Surface Mounting Technology Corp.(c)
2,500,000
9,156,055
Taiwan TEA Corp.(a)(c)
7,964,000
5,286,624
Taiwan Union Technology Corp.(c)
2,081,000
11,421,244
Taiwan-Asia Semiconductor Corp.(c)
3,662,000
4,546,198
Tatung Co. Ltd.(a)(c)
13,481,000
19,359,464
TCC Group Holdings Co. Ltd.(c)
56,194,182
57,887,884
TCI Co. Ltd.(c)
993,444
4,479,601
Teco Electric and Machinery Co. Ltd.(c)
10,849,000
16,645,893
Test Research Inc.
1,633,400
8,159,244
Thinking Electronic Industrial Co. Ltd.(c)
880,000
4,738,737
Ton Yi Industrial Corp.(c)
12,546,000
6,510,597
Tong Hsing Electronic Industries Ltd.(c)
1,668,600
7,422,933
Tong Yang Industry Co. Ltd.(c)
3,663,400
10,979,164
Topco Scientific Co. Ltd.
1,452,342
12,849,886
TPK Holding Co. Ltd.(a)(c)
3,483,000
4,934,051
Transcend Information Inc.(c)
3,255,000
10,531,087
Tripod Technology Corp.(c)
3,865,000
25,010,924
TSEC Corp.(c)
4,983,756
3,821,414
TSRC Corp.
6,342,900
4,635,842
TTY Biopharm Co. Ltd.(c)
2,487,124
5,841,184
Tung Ho Steel Enterprise Corp.(c)
4,992,560
12,196,999
TXC Corp.(c)
2,962,000
10,682,717
U-Ming Marine Transport Corp.(c)
4,760,000
8,153,990
Unimicron Technology Corp.(c)
11,900,000
61,066,588
Union Bank of Taiwan(c)
15,118,648
7,300,235
Uni-President Enterprises Corp.
42,266,369
108,909,353
Unitech Printed Circuit Board Corp.(a)(c)
5,468,000
6,586,657
United Integrated Services Co. Ltd.(c)
1,471,400
15,890,050
United Microelectronics Corp.(c)
97,587,000
169,592,842
United Renewable Energy Co. Ltd.(a)(c)
12,676,238
4,777,091
Universal Vision Biotechnology Co. Ltd.(c)
612,007
4,425,259
UPC Technology Corp.(c)
9,523,365
3,560,289
UPI Semiconductor Corp.(a)(c)
464,000
3,736,194
USI Corp.(c)
7,836,300
3,672,139
Vanguard International Semiconductor Corp.(c)
7,622,000
29,336,025
VIA Labs Inc.(c)
314,000
1,738,613
Via Technologies Inc.(c)
1,806,000
7,524,655
Visco Vision Inc.(c)
364,000
2,577,082
VisEra Technologies Co. Ltd.(c)
1,025,000
9,939,215
Visual Photonics Epitaxy Co. Ltd.(c)
1,667,000
7,421,735
Vivotek Inc.(c)
458,000
1,783,801
Voltronic Power Technology Corp.
574,493
35,810,190
Wafer Works Corp.(c)
5,230,839
5,758,242
Waffer Technology Corp.(c)
1,429,000
3,405,224
25
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® Core MSCI Emerging Markets ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Taiwan (continued)
Wah Lee Industrial Corp.(c)
2,592,580
$11,015,120
Walsin Lihwa Corp.(c)
25,316,570
27,860,229
Walsin Technology Corp.(c)
2,658,597
9,223,349
Wan Hai Lines Ltd.(c)
5,811,620
15,077,935
Win Semiconductors Corp.(a)(c)
2,669,427
11,443,672
Winbond Electronics Corp.(c)
27,384,946
20,601,129
WinWay Technology Co. Ltd.
228,000
8,411,642
Wisdom Marine Lines Co. Ltd.(c)
4,456,000
9,367,358
Wistron Corp.(c)
23,658,004
75,361,917
Wistron NeWeb Corp.(c)
3,037,565
11,624,673
Wiwynn Corp.
848,000
50,595,357
Wowprime Corp.(c)
766,361
5,344,716
WPG Holdings Ltd.(c)
13,628,200
34,657,643
WT Microelectronics Co. Ltd.(c)
5,576,206
20,631,936
XinTec Inc.(c)
1,496,000
12,443,044
XPEC Entertainment Inc.(d)
31,000
—
Xxentria Technology Materials Corp.(c)
2,772,315
5,463,321
Yageo Corp.
3,547,259
73,017,876
Yang Ming Marine Transport Corp.(c)
15,288,677
30,858,024
Yankey Engineering Co. Ltd.(c)
357,000
3,804,169
YFY Inc.(c)
10,395,000
10,067,623
Yieh Phui Enterprise Co. Ltd.(c)
11,703,558
5,541,405
Yuanta Financial Holding Co. Ltd.
89,246,216
89,075,850
Yulon Finance Corp.(c)
2,264,002
10,181,665
Yulon Motor Co. Ltd.(c)
5,350,276
9,134,926
Yungshin Construction & Development
Co. Ltd.(c)
656,628
5,687,800
YungShin Global Holding Corp.
3,639,650
6,552,946
Zhen Ding Technology Holding Ltd.(c)
5,298,950
22,445,653
ZillTek Technology Corp.(c)
188,000
2,009,125
Zyxel Group Corp.(c)
1,912,000
2,277,599
 
15,265,529,375
Thailand — 1.6%
Advanced Info Service PCL, NVDR
10,428,900
76,065,491
Airports of Thailand PCL, NVDR(c)
36,586,700
64,514,177
Amata Corp. PCL, NVDR(c)
12,837,830
8,298,511
AP Thailand PCL, NVDR(c)
29,275,390
7,306,470
Asset World Corp. PCL, NVDR
26,873,900
2,626,320
B Grimm Power PCL, NVDR(c)
9,367,900
5,578,734
Bangchak Corp. PCL, NVDR
10,397,600
11,462,402
Bangkok Airways PCL, NVDR
14,985,700
9,877,997
Bangkok Chain Hospital PCL, NVDR(c)
16,316,550
7,424,283
Bangkok Commercial Asset Management
PCL, NVDR
17,502,400
3,904,787
Bangkok Dusit Medical Services PCL, NVDR
95,082,300
77,787,359
Bangkok Expressway & Metro PCL, NVDR(c)
68,638,985
15,526,291
Banpu PCL, NVDR
69,118,100
11,117,932
BCPG PCL, NVDR
18,181,625
3,276,936
Betagro PCL, NVS(c)
7,413,300
5,235,340
BTS Group Holdings PCL, NVDR(a)(c)
74,951,200
9,384,854
Bumrungrad Hospital PCL, NVDR
4,939,200
35,667,123
Carabao Group PCL, NVDR
3,512,500
7,124,813
Central Pattana PCL, NVDR
17,431,900
30,571,952
Central Plaza Hotel PCL, NVDR(c)
5,536,100
5,718,820
Central Retail Corp. PCL, NVDR(c)
17,253,317
14,991,923
CH Karnchang PCL, NVDR(c)
14,790,400
8,286,262
Charoen Pokphand Foods PCL, NVDR
31,495,500
22,823,537
Chularat Hospital PCL, NVDR
87,557,900
6,622,787
CK Power PCL, NVDR
30,080,200
3,212,677
Com7 PCL, NVDR(c)
10,420,600
7,542,513
CP ALL PCL, NVDR
50,627,600
90,251,859
CP Axtra PCL, NVDR(c)
14,615,700
13,364,793
Security
Shares
Value
Thailand (continued)
Delta Electronics Thailand PCL, NVDR(c)
27,414,400
$86,257,942
Dohome PCL, NVDR(c)
9,249,104
2,949,428
Dynasty Ceramic PCL, NVDR(c)
79,098,120
4,683,511
Eastern Polymer Group PCL, NVDR
7,364,300
857,301
Electricity Generating PCL, NVDR
2,319,500
7,320,633
Energy Absolute PCL, NVDR(c)
15,064,700
2,927,411
GFPT PCL, NVDR(c)
10,210,600
3,774,645
Gulf Energy Development PCL, NVDR(c)
26,973,744
40,351,578
Gunkul Engineering PCL, NVDR
53,488,041
3,845,170
Hana Microelectronics PCL, NVDR(c)
5,771,500
6,657,359
Home Product Center PCL, NVDR(c)
55,369,075
14,767,301
Intouch Holdings PCL, NVDR
7,871,025
19,168,645
IRPC PCL, NVDR(c)
106,232,800
4,485,902
Jasmine International PCL, NVDR
47,219,758
3,607,396
Jasmine Technology Solution PCL(a)(c)
1,749,523
3,659,598
Jaymart Group Holdings PCL, NVDR(a)(c)
7,210,700
3,307,956
JMT Network Services PCL, NVDR
6,427,500
3,004,071
Kasikornbank PCL, NVDR
4,527,000
19,124,932
KCE Electronics PCL, NVDR
7,166,200
8,062,730
Kiatnakin Phatra Bank PCL, NVDR(c)
4,583,600
6,227,281
Krung Thai Bank PCL, NVDR(c)
28,109,200
15,172,935
Krungthai Card PCL, NVDR(c)
7,914,400
9,739,660
Land & Houses PCL, NVDR(c)
63,114,100
10,513,446
MBK PCL, NVDR(c)
11,882,000
6,068,597
Mega Lifesciences PCL, NVDR(c)
5,019,000
5,608,550
Minor International PCL, NVDR(c)
30,728,460
24,464,543
Muangthai Capital PCL, NVDR(c)
7,481,800
9,630,400
Ngern Tid Lor PCL, NVDR(c)
12,015,304
5,839,168
Osotspa PCL, NVDR(c)
12,979,300
8,583,615
Plan B Media PCL, NVDR(c)
30,119,288
7,289,734
Prima Marine PCL, NVDR(c)
19,646,100
4,788,900
PSG Corp. PCL, NVS(a)
90,427,100
1,364,884
PTG Energy PCL, NVDR
2,536,100
633,098
PTT Exploration & Production PCL, NVDR(c)
11,463,601
47,945,850
PTT Global Chemical PCL, NVDR(c)
18,676,500
13,760,737
PTT Oil & Retail Business PCL, NVDR(c)
23,442,100
10,719,271
PTT PCL, NVDR
87,304,300
86,323,365
Quality Houses PCL, NVDR(c)
110,256,517
5,869,582
Ratch Group PCL, NVDR
8,141,100
7,322,699
Regional Container Lines PCL, NVDR(c)
4,943,500
3,428,219
Sansiri PCL, NVDR(c)
143,389,400
7,250,216
Sappe PCL(c)
1,709,600
3,552,487
SCB X PCL, NVDR
6,505,600
20,558,589
SCG Packaging PCL, NVDR(c)
11,183,500
8,031,180
Siam Cement PCL (The), NVDR
6,267,400
42,558,914
Siamgas & Petrochemicals PCL, NVDR
4,030,700
821,741
Sino-Thai Engineering & Construction
PCL, NVDR(c)
13,570,828
3,476,689
SISB PCL(c)
3,542,100
3,143,777
Sri Trang Agro-Industry PCL, NVDR
9,416,160
6,193,679
Sri Trang Gloves Thailand PCL, NVDR
10,838,800
3,392,238
Srisawad Corp. PCL, NVDR(c)
7,621,843
8,532,640
Supalai PCL, NVDR(c)
16,062,500
8,350,955
Thai Oil PCL, NVDR(c)
9,429,300
14,772,014
Thai Union Group PCL, NVDR
25,501,000
11,811,219
Thai Vegetable Oil PCL, NVDR(c)
8,085,910
5,475,520
Thanachart Capital PCL, NVDR
4,765,100
7,100,511
Thonburi Healthcare Group PCL, NVDR(c)
3,692,300
3,272,832
Tisco Financial Group PCL, NVDR(c)
3,912,600
11,043,423
TMBThanachart Bank PCL, NVDR(c)
134,163,200
7,327,451
TPI Polene PCL, NVDR(c)
79,733,500
2,827,011
True Corp. PCL, NVDR(a)
92,978,956
28,315,052
Schedule of Investments
26
Schedule of Investments (continued)
August 31, 2024
iShares® Core MSCI Emerging Markets ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Thailand (continued)
TTW PCL, NVDR(c)
27,487,000
$7,471,631
WHA Corp. PCL, NVDR(c)
91,275,100
14,282,602
 
1,325,237,357
Turkey — 0.9%
Agrotech Yueksek Teknoloji VE Yatirim
AS, NVS(a)
2,244,746
1,062,684
Ahlatci Dogal Gaz Dagitim Enerji VE Yatirim AS
3,442,528
1,342,037
Akbank TAS
27,644,485
47,301,992
Akcansa Cimento A/S
132,294
613,479
Akfen Yenilenebilir Enerji A/S, NVS(a)
3,308,064
2,118,512
Aksa Akrilik Kimya Sanayii AS
20,275,500
5,303,191
Alarko Holding A/S
2,081,795
5,877,808
Alfa Solar Enerji Sanayi VE Ticaret A/S, NVS
815,118
1,370,811
Anadolu Anonim Turk Sigorta Sirketi(a)
1,755,706
3,962,602
Anadolu Efes Biracilik Ve Malt Sanayii A/S
2,055,441
13,429,839
Aselsan Elektronik Sanayi Ve Ticaret A/S
12,668,155
21,683,907
Baticim Bati Anadolu Cimento Sanayii A/S(a)
734,767
5,024,675
BIM Birlesik Magazalar A/S
4,078,312
64,591,715
Bosch Fren Sistemleri Sanayi ve Ticaret
A/S, NVS
44,896
958,612
Can2 Termik AS(a)
25,201,299
1,242,609
Cimsa Cimento Sanayi VE Ticaret AS
3,340,264
3,515,551
Coca-Cola Icecek A/S
5,916,592
10,575,266
CW Enerji Muhendislik Ticaret VE Sanayi
A/S, NVS
278,760
1,713,922
Dogan Sirketler Grubu Holding AS
16,114,312
7,374,754
Dogus Otomotiv Servis ve Ticaret AS
634,159
4,434,273
EGE Endustri VE Ticaret AS
11,254
3,345,944
Emlak Konut Gayrimenkul Yatirim Ortakligi AS(a)
26,630,041
9,115,259
Enerjisa Enerji AS(b)
4,257,565
7,504,920
Enerya Enerji A/S, NVS
368,309
2,186,808
Eregli Demir ve Celik Fabrikalari TAS
12,045,101
17,089,111
Europower Enerji VE Otomasyon Teknolojileri
Sanayi Ticaret A/S, NVS(a)
592,042
1,549,089
Ford Otomotiv Sanayi AS
648,062
18,335,635
Girisim Elektrik Taahhut Ticaret Ve Sanayi AS(a)
1,323,937
1,693,390
Gubre Fabrikalari TAS(a)
711,590
3,544,166
Haci Omer Sabanci Holding AS
8,901,691
22,987,627
Hektas Ticaret TAS(a)
10,309,888
3,529,596
Is Gayrimenkul Yatirim Ortakligi AS(a)
6,478,009
3,023,020
Is Yatirim Menkul Degerler AS
4,806,787
5,131,849
Kaleseramik Canakkale Kalebodur Seramik
Sanayi A/S, NVS
979,299
1,241,347
Kardemir Karabuk Demir Celik Sanayi ve Ticaret
A/S, Class A
695,710
366,722
Kardemir Karabuk Demir Celik Sanayi ve Ticaret
A/S, Class D(a)
9,075,401
6,119,558
KOC Holding AS
6,691,455
36,586,806
Kocaer Celik Sanayi Ve Ticaret A/S
1,580,647
2,082,045
Kontrolmatik Enerji Ve Muhendislik AS, NVS
2,646,549
3,823,173
Konya Cimento Sanayii A/S(a)
6,827
1,318,433
Koza Altin Isletmeleri AS
9,349,199
6,898,300
Koza Anadolu Metal Madencilik Isletmeleri AS(a)
2,496,529
4,575,846
Kustur Kusadasi Tur. End. A/S, NVS
7,687
918,235
Mavi Giyim Sanayi Ve Ticaret AS, Class B(b)
4,042,223
12,556,991
MIA Teknoloji A/S, NVS(a)
2,324,684
3,309,086
Migros Ticaret AS
926,614
13,190,722
MLP Saglik Hizmetleri AS(a)(b)
1,125,728
10,894,835
Nuh Cimento Sanayi AS
441,266
3,234,927
Otokar Otomotiv Ve Savunma Sanayi AS(c)
245,430
3,369,332
Oyak Cimento Fabrikalari AS(a)
3,314,831
6,674,026
Pegasus Hava Tasimaciligi AS(a)
2,180,250
14,530,005
Security
Shares
Value
Turkey (continued)
Petkim Petrokimya Holding AS(a)
12,694,581
$8,546,466
Reeder Teknoloji Sanayi VE Ticaret AS(a)
2,038,228
2,029,135
Sasa Polyester Sanayi AS(a)
90,953,456
13,133,688
SDT Uzay VE Savunma Teknolojileri A/S, NVS
126,523
929,739
Smart Gunes Enerjisi Teknolojileri ArGE Uretim
Sanayi ve Ticaret AS, NVS(a)
1,651,206
2,098,416
Sok Marketler Ticaret AS
3,590,468
5,587,661
TAB Gida Sanayi Ve Ticaret A/S, NVS
596,477
2,801,019
TAV Havalimanlari Holding AS(a)(c)
2,103,439
15,427,606
Tekfen Holding AS(a)(c)
2,886,345
4,514,384
Tofas Turk Otomobil Fabrikasi AS
1,100,966
7,881,082
Torunlar Gayrimenkul Yatirim Ortakligi A/S
1,207,255
1,697,215
Turk Hava Yollari AO(a)
4,798,037
42,305,566
Turkcell Iletisim Hizmetleri AS
11,005,118
31,772,592
Turkiye Is Bankasi AS, Class C
77,016,518
29,896,089
Turkiye Petrol Rafinerileri AS
8,493,079
42,026,682
Turkiye Sigorta A/S
9,127,892
3,370,183
Turkiye Sinai Kalkinma Bankasi AS(a)
16,304,543
5,521,700
Turkiye Sise ve Cam Fabrikalari AS
11,831,016
15,052,083
Ulker Biskuvi Sanayi AS(a)
2,041,520
8,867,838
Vestel Elektronik Sanayi ve Ticaret AS(a)
1,274,543
2,470,755
Yapi ve Kredi Bankasi A/S
29,879,311
27,376,071
YEO Teknoloji Enerji VE Endustri A/S, NVS(a)
311,805
1,649,074
Zorlu Enerji Elektrik Uretim AS(a)
20,371,897
2,720,478
 
711,900,564
United Arab Emirates — 1.2%
Abu Dhabi Commercial Bank PJSC
26,696,945
63,674,051
Abu Dhabi Islamic Bank PJSC
13,338,838
45,832,565
Abu Dhabi National Oil Co. for Distribution PJSC
28,776,969
28,621,067
ADNOC Drilling Co. PJSC
28,633,549
34,302,412
Agility Global PLC
28,679,522
9,057,883
Agthia Group PJSC
3,531,546
6,682,616
Air Arabia PJSC
24,993,433
18,389,916
Ajman Bank PJSC(a)
12,250,519
5,970,412
AL Yah Satellite Communications
Co-PJSC-Yah Sat
13,125,821
7,182,655
Aldar Properties PJSC
35,703,394
71,375,565
Amanat Holdings PJSC
25,118,180
7,864,712
Americana Restaurants International PLC -
Foreign Co.
23,067,780
18,224,196
Aramex PJSC(a)
6,432,992
4,238,627
Dana Gas PJSC(a)
45,287,549
8,384,642
Dubai Financial Market PJSC
16,251,728
5,711,514
Dubai Investments PJSC
22,774,057
12,649,326
Dubai Islamic Bank PJSC
25,706,921
43,211,508
Emaar Properties PJSC
59,303,266
136,320,074
Emirates Central Cooling Systems Corp.
18,299,169
8,569,523
Emirates NBD Bank PJSC
17,092,308
91,677,707
Emirates Telecommunications Group Co. PJSC
30,912,971
152,677,429
First Abu Dhabi Bank PJSC
39,290,143
143,345,880
Gulf Navigation Holding PJSC(a)
4,004,434
6,857,860
Multiply Group PJSC(a)
32,433,474
18,820,140
National Central Cooling Co. PJSC
2,859,608
2,296,811
Phoenix Group PLC(a)
8,896,897
4,026,164
RAK Properties PJSC
8,302,046
2,419,346
Taaleem Holdings PJSC, NVS
3,297,031
3,267,542
 
961,652,143
Total Common Stocks — 97.8%
(Cost: $65,298,810,394)
78,553,873,179
27
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® Core MSCI Emerging Markets ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Preferred Stocks
Brazil — 1.2%
Alpargatas SA, Preference Shares, NVS
2,337,603
$3,193,702
Azul SA, Preference Shares, NVS
2,831,951
2,708,366
Banco ABC Brasil SA, Preference Shares, NVS
1,950,682
8,047,154
Banco Bradesco SA, Preference Shares, NVS
45,984,891
127,610,021
Banco do Estado do Rio Grande do Sul SA,
Class B, Preference Shares, NVS
2,781,778
6,199,333
Banco Pan SA, Preference Shares, NVS
3,651,014
6,413,300
Bradespar SA, Preference Shares, NVS
2,304,694
7,961,815
Centrais Eletricas Brasileiras SA, Class B,
Preference Shares, NVS
2,295,340
18,791,328
Cia Energetica de Minas Gerais, Preference
Shares, NVS
16,053,226
33,126,449
Cia Paranaense de Energia - Copel, Preference
Shares, NVS
7,459,350
13,804,420
Cia. de Ferro Ligas da Bahia FERBASA,
Preference Shares, NVS
2,228,774
3,222,972
Cia. De Sanena Do Parana, Preference
Shares, NVS
1,793,854
1,861,984
Gerdau SA, Preference Shares, NVS
11,642,708
37,804,018
Itau Unibanco Holding SA, Preference
Shares, NVS
41,720,109
271,671,679
Itausa SA, Preference Shares, NVS
46,424,352
90,279,527
Marcopolo SA, Preference Shares, NVS
8,392,704
10,945,160
Metalurgica Gerdau SA, Preference
Shares, NVS
5,979,191
11,128,863
Petroleo Brasileiro SA, Preference Shares, NVS
38,847,935
271,372,741
Randon SA Implementos e Participacoes,
Preference Shares, NVS
2,788,562
5,447,541
Unipar Carbocloro SA, Class B, Preference
Shares, NVS
600,107
5,034,301
Usinas Siderurgicas de Minas Gerais SA
Usiminas, Class A, Preference Shares, NVS
5,304,226
5,863,311
 
942,487,985
Chile — 0.1%
Embotelladora Andina SA, Class B, Preference
Shares, NVS
4,721,017
14,988,914
Sociedad Quimica y Minera de Chile SA,
Class B, Preference Shares
1,270,130
49,486,306
 
64,475,220
Colombia — 0.0%
Bancolombia SA, Preference Shares, NVS
4,082,848
33,963,514
Russia — 0.0%
Surgutneftegas PJSC, Preference
Shares, NVS(a)(d)
58,972,077
6,506
South Korea — 0.5%
Hyundai Motor Co.
Preference Shares, NVS
203,323
27,698,021
Series 2, Preference Shares, NVS
317,267
44,043,095
LG Chem Ltd., Preference Shares, NVS
72,333
11,768,991
Samsung Electronics Co. Ltd., Preference
Shares, NVS
7,216,513
324,247,326
 
407,757,433
Total Preferred Stocks — 1.8%
(Cost: $1,249,341,611)
1,448,690,658
Security
Shares
Value
Rights
Brazil — 0.0%
Equatorial Energia SA, (Expires 09/30/24, Strike
Price BRL 32.5)(a)
614,480
$207,154
China — 0.0%
Kangmei Pharmaceutical Co. Ltd.,
(Expires 12/31/49)(a)
535,426
1
Saudi Arabia — 0.0%
Savola Group (The),
(Expires 09/20/24, Strike Price SAR 10)(a)
2,588,166
10,980,015
Taiwan — 0.0%
AIC Inc.,
(Expires 10/18/24, Strike Price TWD 330)
190,000
28,053
Merry Electronics Co. Ltd.,
(Expires 10/28/24, Strike Price TWD 95)
1,953,751
38,249
 
66,302
Thailand — 0.0%
BTS Group Holdings Public Co., Ltd., NVDR,
(Expires 10/31/24, Strike Price THB 4.5)
16,655,820
5
Total Rights — 0.0%
(Cost: $8,275,864)
11,253,477
Total Long-Term Investments — 99.6%
(Cost: $66,556,427,869)
80,013,817,314
Short-Term Securities
Money Market Funds — 4.0%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 5.45%(g)(h)(i)
3,025,271,711
3,027,086,874
BlackRock Cash Funds: Treasury, SL Agency
Shares, 5.25%(g)(h)
172,060,000
172,060,000
Total Short-Term Securities — 4.0%
(Cost: $3,197,141,552)
3,199,146,874
Total Investments — 103.6%
(Cost: $69,753,569,421)
83,212,964,188
Liabilities in Excess of Other Assets — (3.6)%
(2,911,127,109
)
Net Assets — 100.0%
$80,301,837,079
 
(a)
Non-income producing security.
(b)
Security exempt from registration pursuant to Rule 144A under the Securities Act of
1933, as amended. These securities may be resold in transactions exempt from
registration to qualified institutional investors.
(c)
All or a portion of this security is on loan.
(d)
Security is valued using significant unobservable inputs and is classified as Level 3 in the
fair value hierarchy.
(e)
Restricted security as to resale, excluding 144A securities. The Fund held restricted
securities with a current value of $9,233,190, representing less than 0.05% of its net
assets as of period end, and an original cost of $6,056,322.
(f)
This security may be resold to qualified foreign investors and foreign institutional buyers
under Regulation S of the Securities Act of 1933.
(g)
Affiliate of the Fund.
(h)
Annualized 7-day yield as of period end.
(i)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
Schedule of Investments
28
Schedule of Investments (continued)
August 31, 2024
iShares® Core MSCI Emerging Markets ETF
 
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2024 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 Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
08/31/24
Shares
Held at
08/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: In-
stitutional, SL Agency
Shares
$3,362,199,335
$—
$(336,010,499
)(a)
$95,103
$802,935
$3,027,086,874
3,025,271,711
$68,367,344
(b)
$—
BlackRock Cash
Funds: Treasury, SL
Agency Shares
74,110,000
97,950,000
(a)
—
—
—
172,060,000
172,060,000
17,931,105
—
 
$95,103
$802,935
$3,199,146,874
$86,298,449
$—
 
(a)
Represents net amount purchased (sold).
(b)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other
payments to and from borrowers of securities.
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts
MSCI Emerging Markets Index
5,119
09/20/24
$281,545
$7,328,113
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets—Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)
$—
$—
$7,328,113
$—
$—
$—
$7,328,113
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's
variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).
For the period ended August 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from
Futures contracts
$—
$—
$5,837,984
$—
$—
$—
$5,837,984
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts
$—
$—
$9,985,350
$—
$—
$—
$9,985,350
29
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® Core MSCI Emerging Markets ETF
 
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$205,698,551
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
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 
Common Stocks
$11,105,706,173
$67,433,222,055
$14,944,951
$78,553,873,179
Preferred Stocks
1,040,926,719
407,757,433
6,506
1,448,690,658
Rights
11,187,169
66,308
—
11,253,477
Short-Term Securities 
Money Market Funds
3,199,146,874
—
—
3,199,146,874
 
$15,356,966,935
$67,841,045,796
$14,951,457
$83,212,964,188
Derivative Financial Instruments(a) 
Assets 
Equity Contracts
$7,328,113
$—
$—
$7,328,113
 
(a)
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
See notes to financial statements.
Schedule of Investments
30
Schedule of Investments
August 31, 2024
iShares® MSCI BIC ETF
(Percentages shown are based on Net Assets)
 
Security
Shares
Value
Common Stocks
Brazil — 7.8%
Ambev SA
85,858
$195,909
Atacadao SA(a)
11,388
18,125
B3 SA - Brasil Bolsa Balcao
102,258
230,064
Banco Bradesco SA
26,715
67,025
Banco BTG Pactual SA
21,703
136,935
Banco do Brasil SA
31,512
157,226
BB Seguridade Participacoes SA
13,299
86,671
BRF SA(a)
11,271
52,456
Caixa Seguridade Participacoes S/A
10,764
31,227
CCR SA
19,422
45,661
Centrais Eletricas Brasileiras SA
22,703
168,179
Cia de Saneamento Basico do Estado de Sao
Paulo SABESP
8,215
138,079
Cia. Siderurgica Nacional SA
13,221
27,822
Cosan SA
23,478
55,654
CPFL Energia SA
4,407
26,656
Embraer SA(a)
1,300
10,802
Energisa SA
4,260
35,760
Engie Brasil Energia SA
3,978
31,875
Equatorial Energia SA
19,885
120,666
Hapvida Participacoes e Investimentos SA(a)(b)
91,299
68,685
Hypera SA
7,293
36,931
Inter & Co. Inc., Class A, NVS
4,524
33,251
JBS SA
14,118
87,675
Klabin SA
15,359
58,837
Localiza Rent a Car SA
16,786
123,216
Localiza Rent a Car SA, NVS(a)
188
1,354
Natura & Co. Holding SA
17,355
41,725
NU Holdings Ltd./Cayman Islands, Class A(a)
54,951
822,616
Pagseguro Digital Ltd., Class A(a)
3,588
39,719
Petroleo Brasileiro SA
69,030
525,936
PRIO SA
15,132
125,761
Raia Drogasil SA
23,946
117,097
Rede D'Or Sao Luiz SA(b)
14,812
83,916
Rumo SA
24,453
94,802
Sendas Distribuidora SA(a)
25,038
42,515
StoneCo Ltd., Class A(a)
4,680
62,057
Suzano SA
14,625
142,722
Telefonica Brasil SA
7,566
69,579
TIM SA/Brazil
15,923
50,459
TOTVS SA
10,218
54,336
Ultrapar Participacoes SA
13,533
56,092
Vale SA
62,946
665,429
Vibra Energia SA
18,642
85,074
WEG SA
31,161
299,394
XP Inc., Class A
6,825
125,648
 
5,551,618
China — 48.2%
360 Security Technology Inc., Class A
8,931
8,837
AAC Technologies Holdings Inc.
19,500
82,841
ACM Research Shanghai Inc., Class A
312
4,026
Advanced Micro-Fabrication Equipment Inc./China,
Class A
867
16,556
AECC Aviation Power Co. Ltd., Class A
3,900
19,505
Agricultural Bank of China Ltd., Class A
101,400
64,581
Agricultural Bank of China Ltd., Class H
507,000
223,322
Aier Eye Hospital Group Co. Ltd., Class A
12,012
16,397
Air China Ltd., Class A(a)
15,600
15,315
Akeso Inc.(a)(b)
12,000
75,324
Alibaba Group Holding Ltd., Class A
282,220
2,925,087
Security
Shares
Value
China (continued)
Alibaba Health Information Technology Ltd.(a)(c)
112,000
$42,825
Aluminum Corp. of China Ltd., Class A
11,700
11,210
Aluminum Corp. of China Ltd., Class H
78,000
48,627
Anhui Conch Cement Co. Ltd., Class A
7,800
22,998
Anhui Conch Cement Co. Ltd., Class H
19,500
42,079
Anhui Gujing Distillery Co. Ltd., Class A
600
14,528
Anhui Jianghuai Automobile Group Corp. Ltd., Class A
3,900
11,028
ANTA Sports Products Ltd.
24,640
240,392
Autohome Inc., ADR
1,170
29,437
Avary Holding Shenzhen Co. Ltd., Class A
3,900
19,717
AviChina Industry & Technology Co. Ltd., Class H
39,000
16,670
BAIC BluePark New Energy Technology Co. Ltd.,
Class A(a)
7,800
7,341
Baidu Inc., Class A(a)
42,906
452,715
Bank of Beijing Co. Ltd., Class A
23,490
17,385
Bank of Changsha Co. Ltd., Class A
3,900
3,962
Bank of Chengdu Co. Ltd., Class A
3,900
7,654
Bank of China Ltd., Class A
35,100
23,705
Bank of China Ltd., Class H
1,482,000
669,603
Bank of Communications Co. Ltd., Class A
42,900
42,959
Bank of Communications Co. Ltd., Class H
156,200
112,876
Bank of Hangzhou Co. Ltd., Class A
7,899
14,165
Bank of Jiangsu Co. Ltd., Class A
19,560
21,399
Bank of Nanjing Co. Ltd., Class A
11,700
16,373
Bank of Ningbo Co. Ltd., Class A
8,710
24,815
Bank of Shanghai Co. Ltd., Class A
19,590
19,549
Bank of Suzhou Co. Ltd., Class A
3,900
3,854
Baoshan Iron & Steel Co. Ltd., Class A
23,400
19,661
BeiGene Ltd.(a)
13,486
199,585
Beijing Enlight Media Co. Ltd., Class A
3,900
3,904
Beijing Enterprises Holdings Ltd.
8,500
27,474
Beijing Enterprises Water Group Ltd.
78,000
22,787
Beijing Kingsoft Office Software Inc., Class A
578
14,818
Beijing New Building Materials PLC, Class A
3,100
11,287
Beijing Tiantan Biological Products Corp. Ltd., Class A
4,720
15,818
Beijing Yanjing Brewery Co. Ltd., Class A
3,900
5,313
Beijing-Shanghai High Speed Railway Co. Ltd., Class A
54,600
41,776
Bilibili Inc., Class Z(a)(c)
4,045
58,277
BOC Aviation Ltd.(b)
3,900
33,609
BOC International China Co. Ltd., Class A
3,900
4,897
BOE Technology Group Co. Ltd., Class A
42,900
23,350
Bosideng International Holdings Ltd.
78,000
38,311
BYD Co. Ltd., Class A
2,100
73,580
BYD Co. Ltd., Class H
19,500
597,226
BYD Electronic International Co. Ltd.
19,500
71,439
C&D International Investment Group Ltd.
13,000
20,942
Caitong Securities Co. Ltd., Class A
11,920
10,953
Cambricon Technologies Corp. Ltd., Class A(a)
500
18,206
CGN Power Co. Ltd., Class A
23,400
15,776
CGN Power Co. Ltd., Class H(b)
195,000
79,435
Changchun High-Tech Industry Group Co. Ltd., Class A
710
8,242
Changjiang Securities Co. Ltd., Class A
7,800
5,440
Chaozhou Three-Circle Group Co. Ltd., Class A
3,900
17,295
Chifeng Jilong Gold Mining Co. Ltd., Class A
3,900
9,539
China CITIC Bank Corp. Ltd., Class H
156,000
90,012
China Coal Energy Co. Ltd., Class H
39,000
46,496
China Communications Services Corp. Ltd., Class H
78,800
40,136
China Construction Bank Corp., Class A
7,800
8,282
China Construction Bank Corp., Class H
1,794,370
1,259,898
China CSSC Holdings Ltd., Class A
6,900
37,344
China Eastern Airlines Corp. Ltd., Class A(a)
23,521
12,550
China Energy Engineering Corp. Ltd., Class A
35,100
10,529
31
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI BIC ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
China (continued)
China Everbright Bank Co. Ltd., Class A
62,400
$26,919
China Everbright Bank Co. Ltd., Class H
39,000
11,681
China Feihe Ltd.(b)
80,000
42,828
China Galaxy Securities Co. Ltd., Class A
7,800
12,229
China Galaxy Securities Co. Ltd., Class H
58,500
30,857
China Gas Holdings Ltd.
46,800
39,505
China Great Wall Securities Co. Ltd., Class A
7,800
7,421
China Greatwall Technology Group Co. Ltd., Class A(a)
1,900
2,150
China Hongqiao Group Ltd.(c)
58,500
79,778
China International Capital Corp. Ltd., Class A
3,900
15,729
China International Capital Corp. Ltd., Class H(b)
31,200
33,365
China Jushi Co. Ltd., Class A
2,373
3,345
China Life Insurance Co. Ltd., Class A
3,993
18,781
China Life Insurance Co. Ltd., Class H
117,000
175,789
China Literature Ltd.(a)(b)
7,800
24,513
China Longyuan Power Group Corp. Ltd., Class H
39,000
30,297
China Mengniu Dairy Co. Ltd.
64,000
107,823
China Merchants Bank Co. Ltd., Class A
21,900
98,981
China Merchants Bank Co. Ltd., Class H
72,456
297,338
China Merchants Energy Shipping Co. Ltd., Class A
7,800
8,264
China Merchants Expressway Network & Technology
Holdings Co. Ltd., Class A
7,800
13,248
China Merchants Port Holdings Co. Ltd.
22,000
32,935
China Merchants Securities Co. Ltd., Class A
10,050
20,719
China Merchants Shekou Industrial Zone Holdings Co.
Ltd., Class A
8,981
11,670
China Minsheng Banking Corp. Ltd., Class A
39,000
18,867
China Minsheng Banking Corp. Ltd., Class H
117,000
42,054
China National Building Material Co. Ltd., Class H
78,000
22,404
China National Chemical Engineering Co. Ltd., Class A
8,800
8,496
China National Nuclear Power Co. Ltd., Class A
19,500
30,080
China Northern Rare Earth Group High-Tech Co. Ltd.,
Class A
3,900
9,258
China Oilfield Services Ltd., Class H
36,000
33,737
China Overseas Land & Investment Ltd.
78,300
123,093
China Pacific Insurance Group Co. Ltd., Class A
9,700
40,480
China Pacific Insurance Group Co. Ltd., Class H
46,800
121,297
China Petroleum & Chemical Corp., Class A
36,900
35,388
China Petroleum & Chemical Corp., Class H
468,600
316,657
China Power International Development Ltd.
78,000
35,625
China Railway Group Ltd., Class A
23,400
18,986
China Railway Group Ltd., Class H
78,000
36,021
China Renewable Energy Investment Ltd.(d)
7,709
—
China Resources Beer Holdings Co. Ltd.
31,000
95,491
China Resources Gas Group Ltd.
15,600
52,440
China Resources Land Ltd.
61,444
172,189
China Resources Microelectronics Ltd., Class A
1,600
7,824
China Resources Mixc Lifestyle Services Ltd.(b)
15,600
51,332
China Resources Pharmaceutical Group Ltd.(b)
39,000
27,460
China Resources Power Holdings Co. Ltd.
32,200
87,304
China Ruyi Holdings Ltd.(a)(c)
156,000
45,080
China Shenhua Energy Co. Ltd., Class A
9,100
51,980
China Shenhua Energy Co. Ltd., Class H
59,000
253,564
China Southern Airlines Co. Ltd., Class A(a)
15,600
12,517
China State Construction Engineering Corp. Ltd., Class A
46,800
35,538
China State Construction International Holdings Ltd.
40,000
57,040
China Taiping Insurance Holdings Co. Ltd.
23,440
30,310
China Three Gorges Renewables Group Co. Ltd.,
Class A
35,100
22,606
China Tourism Group Duty Free Corp. Ltd., Class A
4,000
34,337
China Tower Corp. Ltd., Class H(b)
780,000
95,531
China United Network Communications Ltd., Class A
35,200
23,031
Security
Shares
Value
China (continued)
China Vanke Co. Ltd., Class A(a)
11,738
$11,136
China Vanke Co. Ltd., Class H(a)(c)
39,001
20,415
China Yangtze Power Co. Ltd., Class A
27,356
113,380
China Zheshang Bank Co. Ltd., Class A
31,940
11,804
Chongqing Changan Automobile Co. Ltd., Class A
10,752
18,293
Chongqing Rural Commercial Bank Co. Ltd., Class A
11,700
8,236
Chongqing Zhifei Biological Products Co. Ltd., Class A
2,150
6,982
Chow Tai Fook Jewellery Group Ltd.
31,200
26,428
CITIC Ltd.
117,000
116,114
Citic Pacific Special Steel Group Co. Ltd., Class A
3,900
6,330
CITIC Securities Co. Ltd., Class A
11,875
32,255
CITIC Securities Co. Ltd., Class H
39,050
58,722
CMOC Group Ltd., Class A
19,500
20,525
CMOC Group Ltd., Class H
69,000
56,012
CNOOC Energy Technology & Services Ltd., Class A
7,800
4,731
CNPC Capital Co. Ltd., Class A, NVS
11,700
8,580
Contemporary Amperex Technology Co. Ltd., Class A
5,040
130,616
Cosco Shipping Energy Transportation Co. Ltd., Class A
11,700
24,097
Cosco Shipping Holdings Co. Ltd., Class A
11,870
20,952
Cosco Shipping Holdings Co. Ltd., Class H
58,849
80,863
Country Garden Holdings Co. Ltd.(a)(c)(d)
239,000
7,356
CRRC Corp. Ltd., Class A
27,300
27,472
CRRC Corp. Ltd., Class H
78,000
47,247
CSC Financial Co. Ltd., Class A
3,900
10,541
CSPC Innovation Pharmaceutical Co. Ltd., Class A
3,548
12,031
CSPC Pharmaceutical Group Ltd.
160,160
98,333
Daqin Railway Co. Ltd., Class A
19,500
16,808
Datang International Power Generation Co. Ltd., Class A
15,600
5,984
Dongfang Electric Corp. Ltd., Class A
3,900
7,511
Dongxing Securities Co. Ltd., Class A
7,899
9,099
East Money Information Co. Ltd., Class A
19,588
29,779
Eastroc Beverage Group Co. Ltd., Class A
700
22,501
ENN Energy Holdings Ltd.
16,300
104,945
ENN Natural Gas Co. Ltd., Class A
3,900
9,721
Eve Energy Co. Ltd., Class A
3,800
17,921
Everbright Securities Co. Ltd., Class A
5,997
12,407
Everdisplay Optronics Shanghai Co. Ltd., Class A(a)
15,600
4,644
Far East Horizon Ltd.
39,000
27,258
Focus Media Information Technology Co. Ltd., Class A
17,539
14,140
Foshan Haitian Flavouring & Food Co. Ltd., Class A
5,541
28,816
Fosun International Ltd.
39,000
20,180
Founder Securities Co. Ltd., Class A
11,500
11,278
Foxconn Industrial Internet Co. Ltd., Class A
15,600
45,144
Fuyao Glass Industry Group Co. Ltd., Class A
25
169
Fuyao Glass Industry Group Co. Ltd., Class H(b)
15,600
89,125
Ganfeng Lithium Group Co. Ltd., Class A
3,900
14,997
GCL Technology Holdings Ltd.(a)
390,000
57,758
GD Power Development Co. Ltd., Class A
18,300
13,811
Geely Automobile Holdings Ltd.
117,000
130,938
GEM Co. Ltd., Class A
7,899
6,652
Genscript Biotech Corp.(a)(c)
26,000
39,219
GF Securities Co. Ltd., Class A
7,800
13,011
Giant Biogene Holding Co. Ltd.(b)
7,800
41,176
GigaDevice Semiconductor Inc., Class A(a)
2,400
24,543
GoerTek Inc., Class A
3,900
11,697
Goldwind Science & Technology Co Ltd., Class A
5,353
6,232
Great Wall Motor Co. Ltd., Class A
3,900
12,699
Great Wall Motor Co. Ltd., Class H
39,000
55,734
Gree Electric Appliances Inc. of Zhuhai, Class A
3,900
21,800
Guangdong Investment Ltd.
78,000
44,076
Guanghui Energy Co. Ltd., Class A
11,700
9,836
Guangzhou Automobile Group Co. Ltd., Class H
78,235
24,970
Schedule of Investments
32
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI BIC ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
China (continued)
Guangzhou Baiyun International Airport Co. Ltd., Class A
3,900
$5,011
Guangzhou Tinci Materials Technology Co. Ltd., Class A
3,000
6,071
Guolian Securities Co. Ltd., Class A
3,900
5,308
Guosen Securities Co. Ltd., Class A
7,800
9,974
Guotai Junan Securities Co. Ltd., Class A
7,800
16,211
Guoyuan Securities Co. Ltd., Class A
7,820
6,996
H World Group Ltd., ADR
3,705
112,780
Haidilao International Holding Ltd.(b)
32,000
53,250
Haier Smart Home Co. Ltd., Class A
7,879
27,393
Haier Smart Home Co. Ltd., Class A
46,800
143,007
Hainan Airlines Holding Co. Ltd., Class A(a)
46,800
6,990
Hainan Airport Infrastructure Co. Ltd., Class A, NVS(a)
7,800
3,472
Haitian International Holdings Ltd.
12,000
33,526
Haitong Securities Co. Ltd., Class A
11,700
14,213
Haitong Securities Co. Ltd., Class H
46,800
20,793
Hangzhou First Applied Material Co. Ltd., Class A
4,140
8,988
Hansoh Pharmaceutical Group Co. Ltd.(b)
24,000
61,212
Henan Shenhuo Coal Industry & Electricity Power Co.
Ltd., Class A
3,900
8,243
Henan Shuanghui Investment & Development Co. Ltd.,
Class A
3,900
12,759
Hengan International Group Co. Ltd.
14,000
44,842
Hengli Petrochemical Co. Ltd., Class A
7,800
14,775
Hengyi Petrochemical Co. Ltd., Class A
3,930
3,364
HLA Group Corp. Ltd., Class A
3,900
3,272
Huadian Power International Corp. Ltd., Class A
8,400
6,577
Huadong Medicine Co. Ltd., Class A
2,900
12,028
Huafon Chemical Co. Ltd., Class A
7,800
8,143
Huaibei Mining Holdings Co. Ltd., Class A
3,900
7,955
Hualan Biological Engineering Inc., Class A
5,850
12,414
Huaneng Lancang River Hydropower Inc., Class A
7,800
12,093
Huaneng Power International Inc., Class A
11,700
11,442
Huaneng Power International Inc., Class H
78,000
45,092
Huatai Securities Co. Ltd., Class A
9,700
17,177
Huatai Securities Co. Ltd., Class H(b)
23,400
25,751
Huaxia Bank Co. Ltd., Class A
15,600
13,239
Huayu Automotive Systems Co. Ltd., Class A
3,999
8,303
Huizhou Desay Sv Automotive Co. Ltd., Class A
1,700
21,821
Hunan Valin Steel Co. Ltd., Class A
11,700
6,559
Hundsun Technologies Inc., Class A
3,100
7,127
Hygon Information Technology Co. Ltd., Class A, NVS
2,729
30,674
IEIT Systems Co. Ltd., Class A
1,983
9,056
Iflytek Co. Ltd., Class A
3,129
15,223
Industrial & Commercial Bank of China Ltd., Class A
81,900
69,033
Industrial & Commercial Bank of China Ltd., Class H
1,248,050
713,783
Industrial Bank Co. Ltd., Class A
23,400
54,407
Industrial Securities Co. Ltd., Class A
11,700
8,526
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A(a)
58,500
11,872
Inner Mongolia Dian Tou Energy Corp. Ltd., Class A 
3,900
9,496
Inner Mongolia Junzheng Energy & Chemical Industry
Group Co. Ltd., Class A
15,600
8,462
Inner Mongolia Yili Industrial Group Co. Ltd., Class A
7,800
24,870
Inner Mongolia Yitai Coal Co. Ltd., Class B
19,500
36,947
Innovent Biologics Inc.(a)(b)
19,500
105,698
iQIYI Inc., ADR(a)
8,795
18,909
JA Solar Technology Co. Ltd., Class A
4,500
6,272
JCET Group Co. Ltd., Class A
2,400
11,077
JD Health International Inc.(a)(b)
21,450
63,896
JD Logistics Inc.(a)(b)
35,100
42,611
JD.com Inc., Class A
44,870
606,469
Jiangsu Eastern Shenghong Co. Ltd., Class A
7,800
8,562
Jiangsu Expressway Co. Ltd., Class H
38,000
37,475
Security
Shares
Value
China (continued)
Jiangsu Hengli Hydraulic Co. Ltd., Class A
2,700
$19,379
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A
7,968
49,427
Jiangsu King's Luck Brewery JSC Ltd., Class A
2,200
12,119
Jiangsu Yanghe Distillery Co. Ltd., Class A
1,900
21,893
Jiangsu Zhongtian Technology Co. Ltd., Class A
3,900
7,117
Jiangxi Copper Co. Ltd., Class A
3,900
11,139
Jiangxi Copper Co. Ltd., Class H
12,000
20,142
Jinduicheng Molybdenum Co. Ltd., Class A
3,900
5,416
Jinko Solar Co. Ltd., Class A
7,800
7,916
Kanzhun Ltd., ADR
5,031
62,686
KE Holdings Inc., ADR
11,895
176,522
Kingdee International Software Group Co. Ltd.(a)
51,000
39,933
Kingsoft Corp. Ltd.
15,800
43,201
Kuaishou Technology(a)(b)
42,900
218,973
Kunlun Energy Co. Ltd.
78,000
77,968
Kweichow Moutai Co. Ltd., Class A
1,400
284,197
LB Group Co. Ltd., Class A
5,100
11,703
Legend Biotech Corp., ADR(a)(c)
1,365
78,556
Lenovo Group Ltd.
156,000
190,485
Lens Technology Co. Ltd., Class A
4,700
11,670
Li Auto Inc., Class A(a)
22,318
217,231
Li Ning Co. Ltd.
51,500
95,592
Lingyi iTech Guangdong Co., Class A
7,800
9,234
Longfor Group Holdings Ltd.(b)
39,000
43,610
LONGi Green Energy Technology Co. Ltd., Class A
9,448
18,396
Luxshare Precision Industry Co. Ltd., Class A
8,302
46,188
Luzhou Laojiao Co. Ltd., Class A
1,600
26,804
Mango Excellent Media Co. Ltd., Class A
3,200
8,728
Maxscend Microelectronics Co. Ltd., Class A
1,400
13,118
Meituan, Class B(a)(b)
93,760
1,418,720
Metallurgical Corp. of China Ltd., Class A
19,500
8,096
Midea Group Co. Ltd., Class A
4,100
37,404
MINISO Group Holding Ltd.
7,820
32,429
MMG Ltd.(a)
84,000
23,878
Montage Technology Co. Ltd., Class A
3,600
26,770
Muyuan Foods Co. Ltd., Class A(a)
8,278
44,958
NARI Technology Co. Ltd., Class A
8,588
29,742
NAURA Technology Group Co. Ltd., Class A
600
26,986
NetEase Inc.
35,175
565,425
New China Life Insurance Co. Ltd., Class A
3,900
18,134
New China Life Insurance Co. Ltd., Class H
11,700
25,324
New Hope Liuhe Co. Ltd., Class A(a)
3,900
4,954
New Oriental Education & Technology Group Inc.(a)
27,330
166,308
Ninestar Corp., Class A(a)
2,500
8,786
Ningbo Tuopu Group Co. Ltd., Class A
3,975
18,876
Ningxia Baofeng Energy Group Co. Ltd., Class A
8,500
18,238
NIO Inc., ADR(a)
25,662
103,674
Nongfu Spring Co. Ltd., Class H(b)
39,000
140,872
Offshore Oil Engineering Co. Ltd., Class A
3,924
3,037
Orient Overseas International Ltd.
2,500
34,603
Orient Securities Co. Ltd., Class A
8,188
9,716
Pangang Group Vanadium Titanium & Resources Co.
Ltd., Class A(a)
19,500
6,390
PDD Holdings Inc., ADR(a)
12,870
1,236,936
People's Insurance Co. Group of China Ltd. (The),
Class A
19,500
16,479
People's Insurance Co. Group of China Ltd. (The),
Class H
117,000
44,155
PetroChina Co. Ltd., Class A
19,500
24,553
PetroChina Co. Ltd., Class H
400,000
360,767
PICC Property & Casualty Co. Ltd., Class H
136,322
176,550
Ping An Bank Co. Ltd., Class A
19,500
27,901
33
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI BIC ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
China (continued)
Ping An Insurance Group Co. of China Ltd., Class A
11,700
$72,504
Ping An Insurance Group Co. of China Ltd., Class H
124,000
587,046
Piotech Inc., Class A, NVS
312
5,668
Poly Developments and Holdings Group Co. Ltd., Class A
11,700
13,332
Pop Mart International Group Ltd.(b)
7,800
45,674
Postal Savings Bank of China Co. Ltd., Class A
27,300
18,189
Postal Savings Bank of China Co. Ltd., Class H(b)
156,000
83,357
Power Construction Corp. of China Ltd., Class A
19,500
13,182
Qifu Technology Inc.
2,106
55,788
Qinghai Salt Lake Industry Co. Ltd., Class A(a)
7,800
16,086
Rongsheng Petrochemical Co. Ltd., Class A
13,350
16,571
SAIC Motor Corp. Ltd., Class A
7,800
13,820
Sailun Group Co. Ltd., Class A
3,900
7,085
Sanan Optoelectronics Co. Ltd., Class A
7,800
11,495
Sany Heavy Industry Co. Ltd., Class A
11,753
26,675
Satellite Chemical Co. Ltd., Class A
3,900
8,990
SDIC Capital Co. Ltd., Class A
7,800
6,383
SDIC Power Holdings Co. Ltd., Class A
7,800
16,945
Seres Group Co. Ltd., Class A, NVS(a)
2,700
29,159
SF Holding Co. Ltd., Class A
3,900
19,944
Shaanxi Coal Industry Co. Ltd., Class A
11,105
38,554
Shan Xi Hua Yang Group New Energy Co. Ltd., Class A 
3,900
3,967
Shandong Gold Mining Co. Ltd., Class A
6,980
26,584
Shandong Gold Mining Co. Ltd., Class H(b)
9,750
18,752
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A
2,040
6,568
Shandong Nanshan Aluminum Co. Ltd., Class A
15,600
8,067
Shandong Weigao Group Medical Polymer Co. Ltd.,
Class H
46,800
26,589
Shanghai Baosight Software Co. Ltd., Class A
4,720
19,493
Shanghai Baosight Software Co. Ltd., Class B
11,756
17,632
Shanghai Electric Group Co. Ltd., Class A(a)
23,400
11,972
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A
4,300
13,661
Shanghai International Port Group Co. Ltd., Class A
7,800
6,506
Shanghai Pharmaceuticals Holding Co. Ltd., Class A
3,900
10,224
Shanghai Pharmaceuticals Holding Co. Ltd., Class H
11,700
16,141
Shanghai Pudong Development Bank Co. Ltd., Class A
31,200
37,022
Shanghai Putailai New Energy Technology Co. Ltd.,
Class A
3,900
6,346
Shanghai RAAS Blood Products Co. Ltd., Class A
12,100
12,218
Shanghai Rural Commercial Bank Co. Ltd., Class A
11,700
10,873
Shanghai United Imaging Healthcare Co. Ltd.,
Class A, NVS
1,215
18,094
Shanjin International Gold Co. Ltd., Class A
3,900
8,822
Shanxi Coking Coal Energy Group Co. Ltd., Class A
7,800
8,772
Shanxi Lu'an Environmental Energy Development Co.
Ltd., Class A
3,652
7,360
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A
1,360
33,749
Shenergy Co. Ltd., Class A
3,900
4,310
Shengyi Technology Co. Ltd., Class A
1,100
2,740
Shenwan Hongyuan Group Co. Ltd., Class A
29,394
18,723
Shenzhen Energy Group Co. Ltd., Class A
5,320
4,427
Shenzhen Inovance Technology Co. Ltd., Class A
2,997
18,259
Shenzhen Mindray Bio-Medical Electronics Co. Ltd.,
Class A
1,600
56,460
Shenzhen New Industries Biomedical Engineering Co.
Ltd., Class A
800
7,547
Shenzhen Transsion Holdings Co. Ltd., Class A
1,297
14,637
Shenzhou International Group Holdings Ltd.
15,600
127,417
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A
2,500
5,441
Sichuan Chuantou Energy Co. Ltd., Class A
7,805
18,938
Sichuan Road & Bridge Group Co. Ltd., Class A
9,188
7,315
Sino Biopharmaceutical Ltd.
173,000
71,014
Security
Shares
Value
China (continued)
Sinopharm Group Co. Ltd., Class H
31,200
$72,205
Sinotruk Hong Kong Ltd.
19,500
48,764
Smoore International Holdings Ltd.(b)(c)
39,000
44,997
SooChow Securities Co. Ltd., Class A
7,852
6,887
Southwest Securities Co. Ltd., Class A
7,800
4,119
Sungrow Power Supply Co. Ltd., Class A
4,060
43,968
Sunny Optical Technology Group Co. Ltd.
11,800
72,332
Sunwoda Electronic Co. Ltd., Class A
4,000
9,453
TAL Education Group, ADR(a)
7,566
60,831
TBEA Co. Ltd., Class A
6,360
11,321
TCL Technology Group Corp., Class A
17,850
9,831
TCL Zhonghuan Renewable Energy Technology Co. Ltd.,
Class A
2,150
2,496
Tencent Holdings Ltd.
121,400
5,887,889
Tencent Music Entertainment Group, Class A, ADR
13,884
144,949
Tian Di Science & Technology Co. Ltd., Class A
3,900
3,081
Tianqi Lithium Corp., Class A
3,600
13,328
Tianshan Aluminum Group Co. Ltd., Class A
3,900
3,728
Tianshui Huatian Technology Co. Ltd., Class A
2,500
2,812
Tingyi Cayman Islands Holding Corp.
38,000
50,895
Tongcheng Travel Holdings Ltd.
15,600
28,922
TongFu Microelectronics Co. Ltd., Class A
2,800
7,893
Tongling Nonferrous Metals Group Co. Ltd., Class A
19,500
8,521
Tongwei Co. Ltd., Class A
5,595
14,963
Topsports International Holdings Ltd.(b)
39,000
14,445
TravelSky Technology Ltd., Class H
18,000
22,259
Trina Solar Co. Ltd., Class A
3,100
7,549
Trip.com Group Ltd.(a)
10,600
499,291
Tsingtao Brewery Co. Ltd., Class H
12,000
69,415
Unigroup Guoxin Microelectronics Co. Ltd., Class A
1,100
7,386
Unisplendour Corp. Ltd., Class A
4,180
11,637
Vipshop Holdings Ltd., ADR
6,942
87,053
Wanhua Chemical Group Co. Ltd., Class A
3,300
33,871
Want Want China Holdings Ltd.
78,000
45,113
Weichai Power Co. Ltd., Class A
7,000
12,793
Weichai Power Co. Ltd., Class H
39,100
59,805
Wens Foodstuffs Group Co. Ltd., Class A
9,840
23,653
Western Mining Co. Ltd., Class A
4,056
8,931
Western Securities Co. Ltd., Class A
7,800
7,130
Will Semiconductor Co. Ltd. Shanghai, Class A
1,475
18,809
Wingtech Technology Co. Ltd., Class A
2,300
8,477
Wintime Energy Group Co. Ltd., Class A, NVS(a)
27,300
4,275
Wuhan Guide Infrared Co. Ltd., Class A
8,424
7,101
Wuliangye Yibin Co. Ltd., Class A
4,200
72,758
WUS Printed Circuit Kunshan Co. Ltd., Class A
3,160
14,614
WuXi AppTec Co. Ltd., Class A
3,928
21,613
WuXi AppTec Co. Ltd., Class H(b)
3,987
17,396
Wuxi Biologics Cayman Inc.(a)(b)
58,500
83,269
XCMG Construction Machinery Co. Ltd., Class A
14,300
12,833
Xiamen C & D Inc., Class A
3,900
4,000
Xiaomi Corp., Class B(a)(b)
280,800
692,289
Xinyi Solar Holdings Ltd.
90,000
34,899
XPeng Inc.(a)
21,826
87,657
Yadea Group Holdings Ltd.(b)
28,000
39,442
Yankuang Energy Group Co. Ltd., Class A
10,260
20,553
Yankuang Energy Group Co. Ltd., Class H
55,900
72,439
Yifeng Pharmacy Chain Co. Ltd., Class A
820
2,331
Yonyou Network Technology Co. Ltd., Class A(a)
4,430
5,438
Youngor Fashion Co. Ltd., Class A
3,900
3,979
YTO Express Group Co. Ltd., Class A
3,900
8,379
Yum China Holdings Inc.
7,176
242,621
Yunnan Aluminium Co. Ltd., Class A
4,075
6,918
Schedule of Investments
34
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI BIC ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
China (continued)
Yunnan Baiyao Group Co. Ltd., Class A
3,908
$29,751
Yunnan Energy New Material Co. Ltd., Class A
1,700
6,433
Yutong Bus Co. Ltd., Class A
3,900
11,722
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd.,
Class A
900
26,428
Zhaojin Mining Industry Co. Ltd., Class H(c)
19,500
31,899
Zhejiang Century Huatong Group Co. Ltd., Class A(a)
11,700
5,386
Zhejiang China Commodities City Group Co. Ltd.,
Class A
3,900
4,545
Zhejiang Chint Electrics Co. Ltd., Class A
3,900
9,638
Zhejiang Dahua Technology Co. Ltd., Class A
3,900
7,536
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd.,
Class A
2,300
7,679
Zhejiang Juhua Co. Ltd., Class A
3,900
9,018
Zhejiang Leapmotor Technology Co. Ltd.(a)(b)
8,800
24,157
Zhejiang Longsheng Group Co. Ltd., Class A
3,900
5,010
Zhejiang NHU Co. Ltd., Class A
3,943
10,739
Zhejiang Wanfeng Auto Wheel Co. Ltd., Class A
3,900
7,323
Zhejiang Zheneng Electric Power Co. Ltd., Class A
11,700
10,217
Zheshang Securities Co. Ltd., Class A
4,900
7,737
Zhongji Innolight Co. Ltd., Class A
1,240
19,102
Zhongjin Gold Corp. Ltd., Class A
7,800
14,809
Zhongsheng Group Holdings Ltd.
19,500
22,195
Zhongtai Securities Co. Ltd., Class A
15,600
12,817
Zhuzhou CRRC Times Electric Co. Ltd.
11,700
40,406
Zijin Mining Group Co. Ltd., Class A
23,400
52,601
Zijin Mining Group Co. Ltd., Class H
107,000
215,237
Zoomlion Heavy Industry Science and Technology Co.
Ltd., Class A
10,900
9,715
ZTE Corp., Class A
3,900
13,631
ZTE Corp., Class H
15,648
31,466
ZTO Express Cayman Inc., Class A
8,190
177,148
 
34,309,587
India — 41.1%
ABB India Ltd.
975
92,325
Adani Enterprises Ltd.
2,769
99,662
Adani Green Energy Ltd.(a)
5,850
128,196
Adani Ports & Special Economic Zone Ltd.
9,984
176,477
Adani Power Ltd.(a)
14,274
107,583
Ambuja Cements Ltd.
11,232
82,657
APL Apollo Tubes Ltd.
3,051
53,188
Apollo Hospitals Enterprise Ltd.
1,865
154,141
Ashok Leyland Ltd.
27,300
83,457
Asian Paints Ltd.
7,137
266,459
Astral Ltd.
2,613
59,858
AU Small Finance Bank Ltd.(b)
6,523
53,579
Aurobindo Pharma Ltd.
4,992
93,386
Avenue Supermarts Ltd.(a)(b)
3,003
176,305
Axis Bank Ltd.
42,471
595,635
Bajaj Auto Ltd.
1,233
160,087
Bajaj Finance Ltd.
5,187
445,356
Bajaj Finserv Ltd.
7,180
152,682
Bajaj Holdings & Investment Ltd.
507
60,807
Balkrishna Industries Ltd.
1,390
46,922
Bank of Baroda
20,124
60,036
Berger Paints India Ltd.
—
—
Bharat Electronics Ltd.
68,056
243,196
Bharat Forge Ltd.
4,670
88,326
Bharat Heavy Electricals Ltd.
19,422
67,236
Bharat Petroleum Corp. Ltd.
28,002
119,316
Bharti Airtel Ltd.
47,424
898,758
Bosch Ltd.
117
45,193
Security
Shares
Value
India (continued)
Britannia Industries Ltd.
1,989
$138,946
Canara Bank
32,058
42,684
CG Power & Industrial Solutions Ltd.
11,388
94,500
Cholamandalam Investment and Finance Co. Ltd.
7,839
136,129
Cipla Ltd.
9,723
192,014
Coal India Ltd.
33,813
211,512
Colgate-Palmolive India Ltd.
2,449
106,292
Container Corp. of India Ltd.
4,563
52,499
Cummins India Ltd.
2,535
113,338
Dabur India Ltd.
9,906
75,244
Divi's Laboratories Ltd.
2,213
134,510
Dixon Technologies India Ltd.
624
97,967
DLF Ltd.
13,815
139,269
Dr. Reddy's Laboratories Ltd.
2,184
182,977
Eicher Motors Ltd.
2,535
150,022
GAIL India Ltd.
43,718
124,000
GMR Airports Infrastructure Ltd.(a)
44,382
50,066
Godrej Consumer Products Ltd.
7,722
136,278
Godrej Properties Ltd.(a)
2,340
81,234
Grasim Industries Ltd.
4,878
157,029
Havells India Ltd.
4,719
106,896
HCL Technologies Ltd.
17,550
366,959
HDFC Asset Management Co. Ltd.(b)
1,677
88,411
HDFC Bank Ltd.
78,960
1,544,055
HDFC Life Insurance Co. Ltd.(b)
18,174
160,140
Hero MotoCorp Ltd.
2,241
145,922
Hindalco Industries Ltd.
24,952
209,080
Hindustan Aeronautics Ltd., NVS
3,718
207,660
Hindustan Petroleum Corp. Ltd.
17,511
87,440
Hindustan Unilever Ltd.
15,249
505,191
ICICI Bank Ltd.
96,681
1,417,899
ICICI Lombard General Insurance Co. Ltd.(b)
4,407
112,723
ICICI Prudential Life Insurance Co. Ltd.(b)
6,825
61,299
IDFC First Bank Ltd.(a)
65,918
58,056
Indian Hotels Co. Ltd., Class A
15,779
121,978
Indian Oil Corp. Ltd.
52,182
110,226
Indian Railway Catering & Tourism Corp. Ltd.
4,624
51,456
Indus Towers Ltd.(a)
22,436
122,709
IndusInd Bank Ltd.
5,297
90,029
Info Edge India Ltd.
1,326
121,466
Infosys Ltd.
61,542
1,428,801
InterGlobe Aviation Ltd.(a)(b)
3,280
188,676
ITC Ltd.
55,770
333,644
Jindal Stainless Ltd.
5,850
55,379
Jindal Steel & Power Ltd.
6,591
76,193
Jio Financial Services Ltd., NVS(a)
53,127
203,597
JSW Energy Ltd.
6,474
54,887
JSW Steel Ltd.
11,271
126,437
Jubilant Foodworks Ltd.
6,500
50,423
Kotak Mahindra Bank Ltd.
20,393
433,087
Larsen & Toubro Ltd.
12,480
551,649
LTIMindtree Ltd.(b)
1,352
99,334
Lupin Ltd.
4,251
113,622
Macrotech Developers Ltd.
5,563
83,147
Mahindra & Mahindra Ltd.
17,282
578,900
Mankind Pharma Ltd.(a)
1,833
54,405
Marico Ltd.
9,516
73,405
Maruti Suzuki India Ltd.
2,320
343,538
Max Healthcare Institute Ltd.
14,586
150,044
Mphasis Ltd.
1,996
73,866
MRF Ltd.
39
62,727
Muthoot Finance Ltd.
2,301
53,927
35
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI BIC ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
India (continued)
Nestle India Ltd., NVS
6,240
$186,024
NHPC Ltd., NVS
57,369
65,682
NMDC Ltd.
18,525
49,231
NTPC Ltd.
80,652
399,946
Oil & Natural Gas Corp. Ltd.
58,149
229,641
Oil India Ltd.
8,970
79,269
Oracle Financial Services Software Ltd.
390
51,092
Page Industries Ltd.
117
59,328
PB Fintech Ltd.(a)
5,460
115,176
Persistent Systems Ltd., NVS
1,964
121,173
Petronet LNG Ltd.
14,313
62,742
Phoenix Mills Ltd. (The)
1,833
82,439
PI Industries Ltd.
1,443
77,417
Pidilite Industries Ltd.
2,886
107,576
Polycab India Ltd.
978
79,495
Power Finance Corp. Ltd.
27,417
179,713
Power Grid Corp. of India Ltd.
85,866
345,846
Prestige Estates Projects Ltd.
2,535
54,831
Punjab National Bank
39,663
55,103
Rail Vikas Nigam Ltd.
9,594
69,480
REC Ltd.
24,375
180,123
Reliance Industries Ltd.
56,472
2,031,817
Samvardhana Motherson International Ltd.
49,608
115,671
SBI Cards & Payment Services Ltd.
5,226
45,073
SBI Life Insurance Co. Ltd.(b)
8,424
185,785
Shree Cement Ltd.
167
50,763
Shriram Finance Ltd.
5,226
200,021
Siemens Ltd.
1,638
134,685
Solar Industries India Ltd.
507
64,866
Sona Blw Precision Forgings Ltd.(b)
7,527
61,367
SRF Ltd.
2,418
73,985
State Bank of India
33,143
322,134
Sun Pharmaceutical Industries Ltd.
17,775
386,174
Sundaram Finance Ltd.
1,248
75,088
Supreme Industries Ltd.
1,170
73,757
Suzlon Energy Ltd.(a)
177,134
160,287
Tata Communications Ltd.
1,998
46,738
Tata Consultancy Services Ltd.
16,731
908,945
Tata Consumer Products Ltd.
11,021
157,771
Tata Elxsi Ltd.
663
63,259
Tata Motors Ltd.
32,331
428,552
Tata Motors Ltd., NVS
5,332
70,651
Tata Power Co. Ltd. (The)
26,364
136,607
Tata Steel Ltd.
138,450
252,422
Tech Mahindra Ltd.
9,906
193,628
Thermax Ltd.
780
40,622
Titan Co. Ltd.
6,552
278,578
Torrent Pharmaceuticals Ltd.
1,911
79,423
Torrent Power Ltd.
3,120
64,881
Trent Ltd.
3,354
285,894
Tube Investments of India Ltd.
1,989
95,647
TVS Motor Co. Ltd.
4,407
147,815
UltraTech Cement Ltd.
2,145
289,205
Union Bank of India Ltd.
28,275
40,984
United Spirits Ltd.
5,577
98,034
UPL Ltd.
8,580
61,183
Varun Beverages Ltd.
8,463
151,437
Vedanta Ltd.
25,274
141,021
Vodafone Idea Ltd.(a)
435,396
81,191
Wipro Ltd.
24,414
156,800
Yes Bank Ltd.(a)
269,100
75,900
Zomato Ltd.(a)
122,655
365,995
Security
Shares
Value
India (continued)
Zydus Lifesciences Ltd.
4,641
$62,433
 
29,315,032
Russia — 0.0%
Alrosa PJSC(a)(d)
83,790
9
Gazprom PJSC(a)(d)
376,774
42
GMK Norilskiy Nickel PAO(a)(d)
199,500
—
Inter RAO UES PJSC(a)(d)
1,065,900
118
LUKOIL PJSC(a)(d)
12,996
1
Mobile TeleSystems PJSC(a)(d)
16,644
2
Moscow Exchange MICEX-RTS PJSC(a)(d)
41,040
5
Novatek PJSC(a)(d)
29,170
3
Novolipetsk Steel PJSC(a)(d)
41,610
5
Ozon Holdings PLC, ADR(a)(d)
1,881
—
PhosAgro PJSC(a)(d)
1,464
—
PhosAgro PJSC, GDR(a)(d)(e)
1
—
PhosAgro PJSC, New(a)(d)
28
—
Polyus PJSC(a)(d)
1,083
—
Rosneft Oil Co. PJSC(a)(d)
37,278
4
Sberbank of Russia PJSC(a)(d)
331,170
37
Severstal PAO(a)(d)
6,669
1
Surgutneftegas PJSC(a)(d)
182,410
20
Tatneft PJSC(a)(d)
41,097
5
TCS Group Holding PLC, GDR(a)(d)(e)
3,884
—
United Co. RUSAL International PJSC(a)(d)
95,760
11
VK Co. Ltd.(a)(d)(e)
4,446
—
VTB Bank PJSC(a)(d)
30,668
—
X5 Retail Group NV, GDR(a)(d)(e)
2,622
—
Yandex NV(a)(d)
9,690
1
 
264
Total Common Stocks — 97.1%
(Cost: $84,991,820)
69,176,501
Preferred Stocks
Brazil — 2.6%
Banco Bradesco SA, Preference Shares, NVS
98,437
273,167
Centrais Eletricas Brasileiras SA, Class B, Preference
Shares, NVS
4,290
35,121
Cia Energetica de Minas Gerais, Preference
Shares, NVS
34,505
71,202
Cia Paranaense de Energia - Copel, Preference
Shares, NVS
18,720
34,644
Gerdau SA, Preference Shares, NVS
26,210
85,104
Itau Unibanco Holding SA, Preference Shares, NVS
89,661
583,852
Itausa SA, Preference Shares, NVS
100,498
195,434
Petroleo Brasileiro SA, Preference Shares, NVS
83,002
579,811
 
1,858,335
Russia — 0.0%
Surgutneftegas PJSC, Preference Shares, NVS(a)(d)
193,800
21
Total Preferred Stocks — 2.6%
(Cost: $1,250,529)
1,858,356
Rights
Brazil — 0.0%
Equatorial Energia SA, (Expires 09/30/24, Strike Price
BRL 32.5)(a)
1,250
422
Schedule of Investments
36
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI BIC ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
China — 0.0%
Kangmei Pharmaceutical Co. Ltd., (Expires 12/31/49)(a)
2,278
$—
Total Rights — 0.0%
(Cost: $—)
422
Total Long-Term Investments — 99.7%
(Cost: $86,242,349)
71,035,279
Short-Term Securities
Money Market Funds — 1.6%
BlackRock Cash Funds: Institutional, SL Agency Shares,
5.45%(f)(g)(h)
408,428
408,673
BlackRock Cash Funds: Treasury, SL Agency Shares,
5.25%(f)(g)
730,000
730,000
Total Short-Term Securities — 1.6%
(Cost: $1,138,269)
1,138,673
Total Investments — 101.3%
(Cost: $87,380,618)
72,173,952
Liabilities in Excess of Other Assets — (1.3)%
(914,394
)
Net Assets — 100.0%
$71,259,558
 
(a)
Non-income producing security.
(b)
Security exempt from registration pursuant to Rule 144A under the Securities Act of
1933, as amended. These securities may be resold in transactions exempt from
registration to qualified institutional investors.
(c)
All or a portion of this security is on loan.
(d)
Security is valued using significant unobservable inputs and is classified as Level 3 in the
fair value hierarchy.
(e)
This security may be resold to qualified foreign investors and foreign institutional buyers
under Regulation S of the Securities Act of 1933.
(f)
Affiliate of the Fund.
(g)
Annualized 7-day yield as of period end.
(h)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2024 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 Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
08/31/24
Shares
Held at
08/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency
Shares
$1,086,148
$—
$(677,381
)(a)
$(216
)
$122
$408,673
408,428
$10,152
(b)
$—
BlackRock Cash Funds: Treasury, SL Agency
Shares
330,000
400,000
(a)
—
—
—
730,000
730,000
58,201
—
 
$(216
)
$122
$1,138,673
$68,353
$—
 
(a)
Represents net amount purchased (sold).
(b)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other
payments to and from borrowers of securities.
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts
MSCI China Index
1
09/20/24
$22
$176
MSCI Emerging Markets Index
2
09/20/24
110
4,593
 
$4,769
37
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI BIC ETF
 
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets—Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)
$—
$—
$4,769
$—
$—
$—
$4,769
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's
variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).
For the period ended August 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from
Futures contracts
$—
$—
$(6,668
)
$—
$—
$—
$(6,668
)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts
$—
$—
$6,217
$—
$—
$—
$6,217
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$172,489
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
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 
Common Stocks
$8,857,822
$60,311,059
$7,620
$69,176,501
Preferred Stocks
1,858,335
—
21
1,858,356
Rights
422
—
—
422
Short-Term Securities 
Money Market Funds
1,138,673
—
—
1,138,673
 
$11,855,252
$60,311,059
$7,641
$72,173,952
Derivative Financial Instruments(a) 
Assets 
Equity Contracts
$4,593
$176
$—
$4,769
 
(a)
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
See notes to financial statements.
Schedule of Investments
38
Schedule of Investments
August 31, 2024
iShares® MSCI Emerging Markets Asia ETF
(Percentages shown are based on Net Assets)
 
Security
Shares
Value
Common Stocks
China — 29.9%
360 Security Technology Inc., Class A
28,099
$27,804
37 Interactive Entertainment Network Technology
Group Co. Ltd., Class A
11,100
21,811
AAC Technologies Holdings Inc.
56,500
240,028
ACM Research Shanghai Inc., Class A
1,568
20,231
Advanced Micro-Fabrication Equipment Inc./China,
Class A
2,483
47,413
AECC Aero-Engine Control Co. Ltd., Class A
5,900
15,912
AECC Aviation Power Co. Ltd., Class A
14,200
71,017
Agricultural Bank of China Ltd., Class A
352,800
224,696
Agricultural Bank of China Ltd., Class H
1,826,000
804,312
Aier Eye Hospital Group Co. Ltd., Class A
33,826
46,175
Air China Ltd., Class A(a)
51,900
50,951
Akeso Inc.(a)(b)
35,000
219,696
Alibaba Group Holding Ltd., Class A
1,013,620
10,505,729
Alibaba Health Information Technology Ltd.(a)(c)
336,000
128,476
Aluminum Corp. of China Ltd., Class A
93,200
89,297
Aluminum Corp. of China Ltd., Class H
224,000
139,647
Amlogic Shanghai Co. Ltd., Class A
2,875
22,043
Anhui Conch Cement Co. Ltd., Class A
12,400
36,561
Anhui Conch Cement Co. Ltd., Class H
89,500
193,133
Anhui Gujing Distillery Co. Ltd., Class A
1,600
38,741
Anhui Gujing Distillery Co. Ltd., Class B
5,925
79,546
ANTA Sports Products Ltd.
89,600
874,153
Asymchem Laboratories Tianjin Co. Ltd., Class A
20
179
Autohome Inc., ADR
4,375
110,075
Avary Holding Shenzhen Co. Ltd., Class A
5,600
28,311
AviChina Industry & Technology Co. Ltd., Class H
213,000
91,044
Baidu Inc., Class A(a)
151,242
1,595,802
Bank of Beijing Co. Ltd., Class A
93,400
69,127
Bank of Chengdu Co. Ltd., Class A
17,000
33,364
Bank of China Ltd., Class A
134,400
90,767
Bank of China Ltd., Class H
5,320,000
2,403,702
Bank of Communications Co. Ltd., Class A
173,600
173,837
Bank of Communications Co. Ltd., Class H
560,000
404,678
Bank of Hangzhou Co. Ltd., Class A
28,200
50,571
Bank of Jiangsu Co. Ltd., Class A
84,058
91,961
Bank of Nanjing Co. Ltd., Class A
44,900
62,833
Bank of Ningbo Co. Ltd., Class A
28,000
79,772
Bank of Shanghai Co. Ltd., Class A
62,470
62,338
Baoshan Iron & Steel Co. Ltd., Class A
106,400
89,400
BeiGene Ltd.(a)
44,975
665,606
Beijing Enlight Media Co. Ltd., Class A
12,800
12,813
Beijing Enterprises Holdings Ltd.
28,000
90,502
Beijing Enterprises Water Group Ltd.
336,000
98,158
Beijing Kingsoft Office Software Inc., Class A
1,849
47,401
Beijing New Building Materials PLC, Class A
8,600
31,311
Beijing Tongrentang Co. Ltd., Class A
5,700
28,248
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd.,
Class A
5,760
57,683
Beijing-Shanghai High Speed Railway Co. Ltd.,
Class A
201,600
154,249
Bilibili Inc., Class Z(a)(c)
15,687
226,004
Bloomage Biotechnology Corp. Ltd., Class A
4,071
28,887
BOC Aviation Ltd.(b)
11,200
96,520
BOE Technology Group Co. Ltd., Class A
152,300
82,894
Bosideng International Holdings Ltd.
246,000
120,826
BYD Co. Ltd., Class A
7,200
252,273
BYD Co. Ltd., Class H
70,500
2,159,201
BYD Electronic International Co. Ltd.
56,000
205,158
Security
Shares
Value
China (continued)
C&D International Investment Group Ltd.
57,000
$91,822
Caitong Securities Co. Ltd., Class A
12,180
11,192
Cambricon Technologies Corp. Ltd., Class A(a)
1,665
60,626
CGN Power Co. Ltd., Class A
56,000
37,755
CGN Power Co. Ltd., Class H(b)
728,000
296,559
Changjiang Securities Co. Ltd., Class A
47,400
33,059
Chaozhou Three-Circle Group Co. Ltd., Class A
11,299
50,106
China CITIC Bank Corp. Ltd., Class H
610,000
351,971
China Coal Energy Co. Ltd., Class H
115,000
137,102
China Communications Services Corp. Ltd., Class H
224,000
114,091
China Construction Bank Corp., Class A
39,300
41,726
China Construction Bank Corp., Class H
6,441,000
4,522,481
China CSSC Holdings Ltd., Class A
16,800
90,924
China Eastern Airlines Corp. Ltd., Class A(a)
96,272
51,368
China Energy Engineering Corp. Ltd., Class A
141,500
42,448
China Everbright Bank Co. Ltd., Class A
214,800
92,665
China Everbright Bank Co. Ltd., Class H
173,000
51,817
China Feihe Ltd.(b)
280,000
149,896
China Galaxy Securities Co. Ltd., Class A
33,600
52,680
China Galaxy Securities Co. Ltd., Class H
190,000
100,219
China Gas Holdings Ltd.
190,400
160,719
China Great Wall Securities Co. Ltd., Class A
39,200
37,295
China Hongqiao Group Ltd.
184,000
250,926
China International Capital Corp. Ltd., Class A
11,300
45,575
China International Capital Corp. Ltd., Class H(b)
89,600
95,818
China Jushi Co. Ltd., Class A
17,600
24,813
China Life Insurance Co. Ltd., Class A
7,200
33,865
China Life Insurance Co. Ltd., Class H
504,000
757,244
China Literature Ltd.(a)(b)
33,600
105,593
China Longyuan Power Group Corp. Ltd., Class H
217,000
168,578
China Mengniu Dairy Co. Ltd.
224,000
377,380
China Merchants Bank Co. Ltd., Class A
84,000
379,653
China Merchants Bank Co. Ltd., Class H
252,331
1,035,491
China Merchants Energy Shipping Co. Ltd., Class A
39,400
41,741
China Merchants Expressway Network & Technology
Holdings Co. Ltd., Class A
22,400
38,046
China Merchants Port Holdings Co. Ltd.
116,000
173,655
China Merchants Securities Co. Ltd., Class A
39,270
80,959
China Merchants Shekou Industrial Zone Holdings Co.
Ltd., Class A
37,875
49,217
China Minsheng Banking Corp. Ltd., Class A
179,400
86,789
China Minsheng Banking Corp. Ltd., Class H
405,660
145,808
China National Building Material Co. Ltd., Class H
224,000
64,338
China National Chemical Engineering Co. Ltd., Class A
25,000
24,138
China National Nuclear Power Co. Ltd., Class A
78,400
120,935
China Northern Rare Earth Group High-Tech Co. Ltd.,
Class A
19,500
46,289
China Oilfield Services Ltd., Class H
112,000
104,959
China Overseas Land & Investment Ltd.
253,000
397,734
China Pacific Insurance Group Co. Ltd., Class A
30,400
126,864
China Pacific Insurance Group Co. Ltd., Class H
168,000
435,424
China Petroleum & Chemical Corp., Class A
128,800
123,524
China Petroleum & Chemical Corp., Class H
1,626,600
1,099,178
China Power International Development Ltd.
280,000
127,886
China Railway Group Ltd., Class A
78,496
63,689
China Railway Group Ltd., Class H
279,000
128,846
China Renewable Energy Investment Ltd.(d)
2,513
—
China Resources Beer Holdings Co. Ltd.
114,000
351,162
China Resources Gas Group Ltd.
67,200
225,894
China Resources Land Ltd.
225,777
632,713
China Resources Microelectronics Ltd., Class A
8,542
41,769
China Resources Mixc Lifestyle Services Ltd.(b)
44,800
147,414
39
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Emerging Markets Asia ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
China (continued)
China Resources Pharmaceutical Group Ltd.(b)
113,000
$79,564
China Resources Power Holdings Co. Ltd.
112,000
303,665
China Resources Sanjiu Medical & Pharmaceutical Co.
Ltd., Class A
7,777
49,292
China Ruyi Holdings Ltd.(a)(c)
372,000
107,499
China Shenhua Energy Co. Ltd., Class A
29,200
166,791
China Shenhua Energy Co. Ltd., Class H
224,000
962,684
China Southern Airlines Co. Ltd., Class A(a)
62,200
49,907
China State Construction Engineering Corp. Ltd.,
Class A
158,340
120,237
China State Construction International Holdings Ltd.
122,000
173,973
China Taiping Insurance Holdings Co. Ltd.
101,700
131,505
China Three Gorges Renewables Group Co. Ltd.,
Class A
128,800
82,954
China Tourism Group Duty Free Corp. Ltd., Class A
5,600
48,072
China Tower Corp. Ltd., Class H(b)
3,024,000
370,365
China United Network Communications Ltd., Class A
112,000
73,280
China Vanke Co. Ltd., Class A(a)
53,500
50,758
China Vanke Co. Ltd., Class H(a)(c)
117,600
61,556
China Yangtze Power Co. Ltd., Class A
100,900
418,190
China Zheshang Bank Co. Ltd., Class A
112,010
41,394
Chongqing Brewery Co. Ltd., Class A
3,199
25,046
Chongqing Changan Automobile Co. Ltd., Class A
28,012
47,658
Chongqing Zhifei Biological Products Co. Ltd., Class A
7,650
24,844
Chow Tai Fook Jewellery Group Ltd.
134,400
113,843
CITIC Ltd.
392,000
389,031
CITIC Securities Co. Ltd., Class A
44,890
121,929
CITIC Securities Co. Ltd., Class H
113,225
170,264
CMOC Group Ltd., Class A
61,600
64,839
CMOC Group Ltd., Class H
297,000
241,096
CNOOC Energy Technology & Services Ltd., Class A
33,600
20,382
Contemporary Amperex Technology Co. Ltd., Class A
16,820
435,905
Cosco Shipping Energy Transportation Co. Ltd.,
Class A
11,200
23,068
Cosco Shipping Energy Transportation Co. Ltd.,
Class H(c)
116,000
127,487
Cosco Shipping Holdings Co. Ltd., Class A
45,450
80,224
Cosco Shipping Holdings Co. Ltd., Class H
196,950
270,625
Country Garden Holdings Co. Ltd.(a)(d)
99,000
3,047
CRRC Corp. Ltd., Class A
100,800
101,435
CRRC Corp. Ltd., Class H
286,000
173,241
CSC Financial Co. Ltd., Class A
17,300
46,760
CSPC Innovation Pharmaceutical Co. Ltd., Class A
6,800
23,059
CSPC Pharmaceutical Group Ltd.
561,200
344,560
Daqin Railway Co. Ltd., Class A
84,000
72,402
Dong-E-E-Jiao Co. Ltd., Class A
5,900
41,507
Dongfang Electric Corp. Ltd., Class A
16,800
32,354
Dongxing Securities Co. Ltd., Class A
28,000
32,255
East Money Information Co. Ltd., Class A
72,898
110,824
Ecovacs Robotics Co. Ltd., Class A
3,600
20,359
ENN Energy Holdings Ltd.
50,500
325,135
ENN Natural Gas Co. Ltd., Class A
11,200
27,918
Eve Energy Co. Ltd., Class A
5,600
26,410
Everbright Securities Co. Ltd., Class A
16,800
34,757
Far East Horizon Ltd.
121,000
84,569
Flat Glass Group Co. Ltd., Class A
3,000
7,139
Focus Media Information Technology Co. Ltd., Class A
71,800
57,887
Foshan Haitian Flavouring & Food Co. Ltd., Class A
22,448
116,742
Fosun International Ltd.
170,500
88,225
Founder Securities Co. Ltd., Class A
39,200
38,445
Foxconn Industrial Internet Co. Ltd., Class A
56,200
162,635
Fuyao Glass Industry Group Co. Ltd., Class A
11,300
76,340
Security
Shares
Value
China (continued)
Fuyao Glass Industry Group Co. Ltd., Class H(b)
44,800
$255,949
Ganfeng Lithium Group Co. Ltd., Class A
5,620
21,611
GCL Technology Holdings Ltd.(a)(c)
1,456,000
215,629
GD Power Development Co. Ltd., Class A
79,200
59,774
Geely Automobile Holdings Ltd.
398,000
445,413
GEM Co. Ltd., Class A
41,500
34,950
Genscript Biotech Corp.(a)(c)
102,000
153,860
GF Securities Co. Ltd., Class A
27,400
45,707
Giant Biogene Holding Co. Ltd.(b)
22,400
118,249
GigaDevice Semiconductor Inc., Class A(a)
5,000
51,131
Ginlong Technologies Co. Ltd., Class A
2,800
23,487
GoerTek Inc., Class A
16,800
50,385
Goldwind Science & Technology Co Ltd., Class A
22,702
26,431
Gotion High-tech Co. Ltd., Class A
8,400
22,113
Great Wall Motor Co. Ltd., Class A
16,800
54,705
Great Wall Motor Co. Ltd., Class H
144,500
206,501
Gree Electric Appliances Inc. of Zhuhai, Class A
11,200
62,606
Guangdong Haid Group Co. Ltd., Class A
8,400
45,791
Guangdong Investment Ltd.
232,000
131,098
Guanghui Energy Co. Ltd., Class A
36,300
30,518
Guangzhou Automobile Group Co. Ltd., Class A
45,100
46,977
Guangzhou Automobile Group Co. Ltd., Class H
92,800
29,619
Guangzhou Baiyunshan Pharmaceutical Holdings Co.
Ltd., Class A
5,600
22,713
Guangzhou Haige Communications Group Inc. Co.,
Class A
28,000
35,729
Guangzhou Tinci Materials Technology Co. Ltd.,
Class A
11,200
22,663
Guosen Securities Co. Ltd., Class A
28,500
36,442
Guotai Junan Securities Co. Ltd., Class A
34,000
70,664
Guoyuan Securities Co. Ltd., Class A
28,240
25,266
H World Group Ltd., ADR
13,552
412,523
Haidilao International Holding Ltd.(b)
112,000
186,376
Haier Smart Home Co. Ltd., Class A
33,600
116,818
Haier Smart Home Co. Ltd., Class A
156,800
479,134
Hainan Airlines Holding Co. Ltd., Class A(a)
140,000
20,910
Hainan Airport Infrastructure Co. Ltd., Class A, NVS(a)
44,300
19,716
Haitian International Holdings Ltd.
58,000
162,045
Haitong Securities Co. Ltd., Class A
61,600
74,831
Haitong Securities Co. Ltd., Class H
156,800
69,665
Hangzhou First Applied Material Co. Ltd., Class A
8,489
18,430
Hangzhou Silan Microelectronics Co. Ltd., Class A(a)
10,300
27,512
Hansoh Pharmaceutical Group Co. Ltd.(b)
104,000
265,250
Henan Shuanghui Investment & Development Co. Ltd.,
Class A
13,456
44,021
Hengan International Group Co. Ltd.
54,000
172,961
Hengli Petrochemical Co. Ltd., Class A
33,700
63,836
Hengyi Petrochemical Co. Ltd., Class A
16,890
14,458
Hisense Home Appliances Group Co. Ltd., Class A
5,600
19,197
Hisense Home Appliances Group Co. Ltd., Class H(c)
23,000
59,301
HLA Group Corp. Ltd., Class A
16,800
14,097
Hoshine Silicon Industry Co. Ltd., Class A
5,600
39,304
Hua Hong Semiconductor Ltd.(b)
53,000
115,458
Huadian Power International Corp. Ltd., Class A
35,600
27,872
Huadong Medicine Co. Ltd., Class A
11,272
46,751
Hualan Biological Engineering Inc., Class A
11,400
24,191
Huaneng Power International Inc., Class A
46,000
44,984
Huaneng Power International Inc., Class H
256,000
147,994
Huatai Securities Co. Ltd., Class A
44,800
79,333
Huatai Securities Co. Ltd., Class H(b)
69,600
76,593
Huaxia Bank Co. Ltd., Class A
61,600
52,276
Huayu Automotive Systems Co. Ltd., Class A
19,700
40,901
Schedule of Investments
40
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Emerging Markets Asia ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
China (continued)
Hunan Valin Steel Co. Ltd., Class A
22,500
$12,614
Hundsun Technologies Inc., Class A
2,775
6,380
Hygon Information Technology Co. Ltd., Class A, NVS
11,274
126,720
IEIT Systems Co. Ltd., Class A
8,100
36,991
Iflytek Co. Ltd., Class A
9,100
44,272
Industrial & Commercial Bank of China Ltd., Class A
263,200
221,850
Industrial & Commercial Bank of China Ltd., Class H
4,592,000
2,626,249
Industrial Bank Co. Ltd., Class A
84,200
195,771
Industrial Securities Co. Ltd., Class A
50,840
37,047
Ingenic Semiconductor Co. Ltd., Class A
3,600
23,709
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A(a)
196,000
39,777
Inner Mongolia Junzheng Energy & Chemical Industry
Group Co. Ltd., Class A
75,300
40,844
Inner Mongolia Yili Industrial Group Co. Ltd., Class A
28,100
89,597
Inner Mongolia Yitai Coal Co. Ltd., Class B
72,800
137,934
Innovent Biologics Inc.(a)(b)
84,000
455,313
iQIYI Inc., ADR(a)
30,633
65,861
JA Solar Technology Co. Ltd., Class A
12,288
17,126
JCET Group Co. Ltd., Class A
3,700
17,076
JCHX Mining Management Co. Ltd., Class A
5,600
32,201
JD Health International Inc.(a)(b)
78,400
233,540
JD Logistics Inc.(a)(b)
117,600
142,766
JD.com Inc., Class A
165,244
2,233,459
Jiangsu Eastern Shenghong Co. Ltd., Class A
39,200
43,031
Jiangsu Expressway Co. Ltd., Class H
122,000
120,313
Jiangsu Hengli Hydraulic Co. Ltd., Class A
3,820
27,418
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A
25,776
159,892
Jiangsu King's Luck Brewery JSC Ltd., Class A
11,200
61,697
Jiangsu Yanghe Distillery Co. Ltd., Class A
5,603
64,561
Jiangsu Yangnong Chemical Co. Ltd., Class A
2,990
21,309
Jiangsu Zhongtian Technology Co. Ltd., Class A
16,800
30,659
Jiangxi Copper Co. Ltd., Class A
17,000
48,556
Jiangxi Copper Co. Ltd., Class H
72,000
120,850
Jinko Solar Co. Ltd., Class A
44,993
45,661
Jointown Pharmaceutical Group Co. Ltd., Class A
29,028
19,113
Juneyao Airlines Co. Ltd., Class A
16,800
24,734
Kanzhun Ltd., ADR
17,360
216,306
KE Holdings Inc., ADR
43,289
642,409
Kingdee International Software Group Co. Ltd.(a)
207,000
162,079
Kingsoft Corp. Ltd.
67,200
183,740
Kuaishou Technology(a)(b)
154,500
788,611
Kunlun Energy Co. Ltd.
220,000
219,910
Kunlun Tech Co. Ltd., Class A
5,800
22,236
Kweichow Moutai Co. Ltd., Class A
5,218
1,059,243
LB Group Co. Ltd., Class A
16,900
38,781
Legend Biotech Corp., ADR(a)
4,928
283,606
Lenovo Group Ltd.
554,000
676,467
Lens Technology Co. Ltd., Class A
22,500
55,869
Lepu Medical Technology Beijing Co. Ltd., Class A
16,800
23,739
Li Auto Inc., Class A(a)
84,148
819,051
Li Ning Co. Ltd.
140,000
259,862
Longfor Group Holdings Ltd.(b)
112,000
125,240
LONGi Green Energy Technology Co. Ltd., Class A
28,256
55,017
Luxshare Precision Industry Co. Ltd., Class A
33,641
187,161
Luzhou Laojiao Co. Ltd., Class A
5,600
93,813
Mango Excellent Media Co. Ltd., Class A
5,700
15,547
Maxscend Microelectronics Co. Ltd., Class A
2,820
26,424
Meituan, Class B(a)(b)
330,450
5,000,170
Metallurgical Corp. of China Ltd., Class A
50,400
20,925
Midea Group Co. Ltd., Class A
16,800
153,264
MINISO Group Holding Ltd.
22,540
93,473
MMG Ltd.(a)
224,000
63,675
Security
Shares
Value
China (continued)
Montage Technology Co. Ltd., Class A
8,400
$62,463
Muyuan Foods Co. Ltd., Class A(a)
21,211
115,197
Nanjing Iron & Steel Co. Ltd., Class A
39,200
23,391
NARI Technology Co. Ltd., Class A
30,793
106,643
National Silicon Industry Group Co. Ltd., Class A
22,400
46,453
NAURA Technology Group Co. Ltd., Class A
2,200
98,949
NetEase Inc.
128,900
2,072,018
New China Life Insurance Co. Ltd., Class A
11,400
53,006
New China Life Insurance Co. Ltd., Class H
44,000
95,234
New Hope Liuhe Co. Ltd., Class A(a)
22,500
28,578
New Oriental Education & Technology Group Inc.(a)
101,060
614,969
Ninestar Corp., Class A(a)
6,600
23,196
Ningbo Deye Technology Co. Ltd., Class A, NVS
80
1,021
Ningbo Orient Wires & Cables Co. Ltd., Class A
5,600
38,054
Ningbo Sanxing Medical Electric Co. Ltd., Class A
5,600
25,975
Ningbo Tuopu Group Co. Ltd., Class A
8,845
42,001
Ningxia Baofeng Energy Group Co. Ltd., Class A
39,300
84,322
NIO Inc., Class A(a)
90,169
368,230
Nongfu Spring Co. Ltd., Class H(b)(c)
134,400
485,465
OFILM Group Co. Ltd., Class A(a)
11,200
13,161
Oppein Home Group Inc., Class A
3,800
23,716
Orient Overseas International Ltd.
9,000
124,571
Orient Securities Co. Ltd., Class A
33,844
40,161
Pangang Group Vanadium Titanium & Resources Co.
Ltd., Class A(a)
100,800
33,033
PDD Holdings Inc., ADR(a)
46,088
4,429,518
People's Insurance Co. Group of China Ltd. (The),
Class A
22,700
19,183
People's Insurance Co. Group of China Ltd. (The),
Class H
617,000
232,851
PetroChina Co. Ltd., Class A
95,200
119,871
PetroChina Co. Ltd., Class H
1,380,000
1,244,645
Pharmaron Beijing Co. Ltd., Class A
11,200
31,470
PICC Property & Casualty Co. Ltd., Class H
448,740
581,161
Ping An Bank Co. Ltd., Class A
78,736
112,657
Ping An Insurance Group Co. of China Ltd., Class A
45,000
278,861
Ping An Insurance Group Co. of China Ltd., Class H
448,000
2,120,939
Pingdingshan Tianan Coal Mining Co. Ltd., Class A 
11,200
14,678
Poly Developments and Holdings Group Co. Ltd.,
Class A
48,600
55,381
Pop Mart International Group Ltd.(b)
33,600
196,749
Postal Savings Bank of China Co. Ltd., Class A
112,000
74,623
Postal Savings Bank of China Co. Ltd., Class H(b)
527,000
281,598
Power Construction Corp. of China Ltd., Class A
78,800
53,268
Qifu Technology Inc.
7,728
204,715
Qinghai Salt Lake Industry Co. Ltd., Class A(a)
28,000
57,746
Range Intelligent Computing Technology Group Co.
Ltd., Class A
5,600
18,889
Rongsheng Petrochemical Co. Ltd., Class A
44,928
55,768
SAIC Motor Corp. Ltd., Class A
28,022
49,650
Sanan Optoelectronics Co. Ltd., Class A
22,400
33,011
Sany Heavy Industry Co. Ltd., Class A
33,800
76,713
Satellite Chemical Co. Ltd., Class A
16,812
38,754
SDIC Capital Co. Ltd., Class A
44,800
36,663
SDIC Power Holdings Co. Ltd., Class A
33,600
72,995
Seres Group Co. Ltd., Class A, NVS(a)
5,600
60,478
SF Holding Co. Ltd., Class A
17,100
87,446
SG Micro Corp., Class A
10
103
Shaanxi Coal Industry Co. Ltd., Class A
39,373
136,693
Shan Xi Hua Yang Group New Energy Co. Ltd.,
Class A 
15,450
15,714
Shandong Gold Mining Co. Ltd., Class A
16,860
64,213
41
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Emerging Markets Asia ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
China (continued)
Shandong Gold Mining Co. Ltd., Class H(b)
42,000
$80,778
Shandong Hualu Hengsheng Chemical Co. Ltd.,
Class A
11,300
36,382
Shandong Linglong Tyre Co. Ltd., Class A
11,205
26,554
Shandong Nanshan Aluminum Co. Ltd., Class A
89,600
46,333
Shandong Weigao Group Medical Polymer Co. Ltd.,
Class H
180,400
102,493
Shanghai Baosight Software Co. Ltd., Class A
11,248
46,453
Shanghai Baosight Software Co. Ltd., Class B
38,731
58,090
Shanghai Electric Group Co. Ltd., Class A(a)
73,800
37,759
Shanghai Fosun Pharmaceutical Group Co. Ltd.,
Class A
11,200
35,581
Shanghai International Airport Co. Ltd., Class A
6,300
29,396
Shanghai International Port Group Co. Ltd., Class A
39,200
32,698
Shanghai M&G Stationery Inc., Class A
5,800
21,894
Shanghai Pharmaceuticals Holding Co. Ltd., Class A
17,100
44,827
Shanghai Pharmaceuticals Holding Co. Ltd., Class H
46,800
64,565
Shanghai Pudong Development Bank Co. Ltd., Class A
123,200
146,189
Shanghai Putailai New Energy Technology Co. Ltd.,
Class A
10,675
17,370
Shanghai RAAS Blood Products Co. Ltd., Class A
39,200
39,583
Shanghai Rural Commercial Bank Co. Ltd., Class A
33,600
31,224
Shanghai United Imaging Healthcare Co. Ltd.,
Class A, NVS
3,696
55,043
Shanghai Zhangjiang High-Tech Park Development Co.
Ltd., Class A
5,600
13,769
Shanjin International Gold Co. Ltd., Class A
16,800
38,002
Shanxi Coal International Energy Group Co. Ltd.,
Class A
11,500
18,754
Shanxi Coking Coal Energy Group Co. Ltd., Class A
22,680
25,507
Shanxi Lu'an Environmental Energy Development Co.
Ltd., Class A
16,800
33,856
Shanxi Xinghuacun Fen Wine Factory Co. Ltd.,
Class A
5,620
139,461
Shennan Circuits Co. Ltd., Class A
2,000
28,546
Shenwan Hongyuan Group Co. Ltd., Class A
100,500
64,014
Shenzhen Energy Group Co. Ltd., Class A
28,420
23,650
Shenzhen Inovance Technology Co. Ltd., Class A
6,050
36,859
Shenzhen Mindray Bio-Medical Electronics Co. Ltd.,
Class A
5,800
204,669
Shenzhen New Industries Biomedical Engineering Co.
Ltd., Class A
5,600
52,826
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A
5,700
24,213
Shenzhen Transsion Holdings Co. Ltd., Class A
4,496
50,740
Shenzhou International Group Holdings Ltd.
56,000
457,393
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A
10,020
21,806
Sichuan Chuantou Energy Co. Ltd., Class A
22,200
53,866
Sichuan Kelun Pharmaceutical Co. Ltd., Class A
6,700
28,905
Sichuan Road & Bridge Group Co. Ltd., Class A
30,720
24,457
Sino Biopharmaceutical Ltd.
674,250
276,770
Sinoma International Engineering Co., Class A
5,800
7,670
Sinopharm Group Co. Ltd., Class H
89,600
207,358
Sinotruk Hong Kong Ltd.
56,000
140,040
Smoore International Holdings Ltd.(b)(c)
112,000
129,223
SooChow Securities Co. Ltd., Class A
22,636
19,855
Spring Airlines Co. Ltd., Class A
5,745
40,847
Sungrow Power Supply Co. Ltd., Class A
6,060
65,627
Sunny Optical Technology Group Co. Ltd.
50,400
308,944
Sunwoda Electronic Co. Ltd., Class A
12,400
29,305
SUPCON Technology Co. Ltd., Class A
2,391
13,293
Suzhou Dongshan Precision Manufacturing Co. Ltd.,
Class A
5,600
18,783
Security
Shares
Value
China (continued)
Suzhou Maxwell Technologies Co. Ltd., Class A
80
$922
TAL Education Group, ADR(a)
27,272
219,267
TBEA Co. Ltd., Class A
22,400
39,874
TCL Technology Group Corp., Class A
100,970
55,609
TCL Zhonghuan Renewable Energy Technology Co.
Ltd., Class A
22,475
26,094
Tencent Holdings Ltd.
436,800
21,184,761
Tencent Music Entertainment Group, Class A, ADR
50,991
532,346
Tianqi Lithium Corp., Class A
6,700
24,805
Tingyi Cayman Islands Holding Corp.
112,000
150,006
Tongcheng Travel Holdings Ltd.
90,000
166,858
Tongling Nonferrous Metals Group Co. Ltd., Class A
86,800
37,930
Tongwei Co. Ltd., Class A
17,100
45,733
Topsports International Holdings Ltd.(b)
124,000
45,928
TravelSky Technology Ltd., Class H
74,000
91,508
Trina Solar Co. Ltd., Class A
11,585
28,212
Trip.com Group Ltd.(a)
36,447
1,716,762
Tsingtao Brewery Co. Ltd., Class A
464
3,883
Tsingtao Brewery Co. Ltd., Class H
42,000
242,954
Unigroup Guoxin Microelectronics Co. Ltd., Class A
5,659
37,998
Unisplendour Corp. Ltd., Class A
16,880
46,993
Vipshop Holdings Ltd., ADR
24,640
308,986
Wanhua Chemical Group Co. Ltd., Class A
11,200
114,956
Want Want China Holdings Ltd.
336,000
194,332
Weichai Power Co. Ltd., Class A
22,724
41,531
Weichai Power Co. Ltd., Class H
112,200
171,614
Wens Foodstuffs Group Co. Ltd., Class A
28,360
68,172
Western Securities Co. Ltd., Class A
26,500
24,225
Will Semiconductor Co. Ltd. Shanghai, Class A
5,630
71,794
Wingtech Technology Co. Ltd., Class A
2,700
9,951
Wuhan Guide Infrared Co. Ltd., Class A
27,305
23,017
Wuliangye Yibin Co. Ltd., Class A
17,300
299,695
WUS Printed Circuit Kunshan Co. Ltd., Class A
11,200
51,797
WuXi AppTec Co. Ltd., Class A
11,404
62,748
WuXi AppTec Co. Ltd., Class H(b)
22,596
98,593
Wuxi Biologics Cayman Inc.(a)(b)
224,000
318,841
XCMG Construction Machinery Co. Ltd., Class A
56,400
50,615
Xiamen C & D Inc., Class A
13,500
13,845
Xiaomi Corp., Class B(a)(b)
1,020,400
2,515,710
Xinjiang Daqo New Energy Co. Ltd., Class A
11,256
28,722
Xinyi Solar Holdings Ltd.
266,000
103,146
XPeng Inc.(a)(c)
84,052
337,569
Yadea Group Holdings Ltd.(b)
114,000
160,585
Yankuang Energy Group Co. Ltd., Class A
29,185
58,463
Yankuang Energy Group Co. Ltd., Class H
224,700
291,182
Yantai Jereh Oilfield Services Group Co. Ltd., Class A
3,000
12,428
Yealink Network Technology Corp. Ltd., Class A
6,180
28,695
Yifeng Pharmacy Chain Co. Ltd., Class A
7,568
21,513
Yihai Kerry Arawana Holdings Co. Ltd., Class A
12,300
44,761
Yonyou Network Technology Co. Ltd., Class A(a)
16,818
20,643
YTO Express Group Co. Ltd., Class A
16,800
36,094
Yum China Holdings Inc.
26,040
880,412
Yunnan Aluminium Co. Ltd., Class A
16,800
28,521
Yunnan Baiyao Group Co. Ltd., Class A
5,680
43,242
Yunnan Energy New Material Co. Ltd., Class A
5,600
21,190
Zangge Mining Co. Ltd., Class A
11,200
37,944
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd.,
Class A
3,800
111,585
Zhaojin Mining Industry Co. Ltd., Class H(c)
112,000
183,216
Zhejiang China Commodities City Group Co. Ltd.,
Class A
22,400
26,103
Zhejiang Chint Electrics Co. Ltd., Class A
18,000
44,484
Schedule of Investments
42
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Emerging Markets Asia ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
China (continued)
Zhejiang Dahua Technology Co. Ltd., Class A
22,400
$43,281
Zhejiang Expressway Co. Ltd., Class H
94,320
60,710
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A
12,700
30,152
Zhejiang Huayou Cobalt Co. Ltd., Class A
4,320
14,058
Zhejiang Juhua Co. Ltd., Class A
16,800
38,848
Zhejiang Leapmotor Technology Co. Ltd.(a)(b)
31,866
87,474
Zhejiang NHU Co. Ltd., Class A
17,260
47,010
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A
11,200
27,362
Zhejiang Wanfeng Auto Wheel Co. Ltd., Class A
11,200
21,029
Zhejiang Weiming Environment Protection Co. Ltd.,
Class A
11,500
29,639
Zhejiang Zheneng Electric Power Co. Ltd., Class A
44,800
39,120
Zheshang Securities Co. Ltd., Class A
22,800
36,003
Zhongji Innolight Co. Ltd., Class A
5,600
86,269
Zhongjin Gold Corp. Ltd., Class A
28,000
53,161
Zhongsheng Group Holdings Ltd.
54,000
61,463
Zhongtai Securities Co. Ltd., Class A
45,400
37,300
Zhuzhou CRRC Times Electric Co. Ltd.
39,400
136,068
Zijin Mining Group Co. Ltd., Class A
89,600
201,413
Zijin Mining Group Co. Ltd., Class H
376,000
756,348
Zoomlion Heavy Industry Science and Technology Co.
Ltd., Class A
31,700
28,255
ZTE Corp., Class A
11,200
39,146
ZTE Corp., Class H
52,960
106,495
ZTO Express Cayman Inc., Class A
28,085
607,472
 
123,391,925
India — 25.6%
ABB India Ltd.
3,576
338,620
Adani Enterprises Ltd.
9,912
356,755
Adani Green Energy Ltd.(a)
21,225
465,120
Adani Ports & Special Economic Zone Ltd.
35,787
632,572
Adani Power Ltd.(a)
51,197
385,872
Ambuja Cements Ltd.
39,817
293,015
APL Apollo Tubes Ltd.
11,424
199,154
Apollo Hospitals Enterprise Ltd.
6,776
560,030
Ashok Leyland Ltd.
95,984
293,425
Asian Paints Ltd.
25,761
961,784
Astral Ltd.
8,960
205,254
AU Small Finance Bank Ltd.(b)
24,266
199,318
Aurobindo Pharma Ltd.
17,642
330,032
Avenue Supermarts Ltd.(a)(b)
10,864
637,823
Axis Bank Ltd.
152,712
2,141,712
Bajaj Auto Ltd.
4,375
568,031
Bajaj Finance Ltd.
18,583
1,595,537
Bajaj Finserv Ltd.
25,480
541,830
Bajaj Holdings & Investment Ltd.
1,848
221,639
Balkrishna Industries Ltd.
5,339
180,228
Bank of Baroda
69,882
208,479
Bharat Electronics Ltd.
245,560
877,500
Bharat Forge Ltd.
17,261
326,464
Bharat Heavy Electricals Ltd.
66,674
230,815
Bharat Petroleum Corp. Ltd.
100,092
426,490
Bharti Airtel Ltd.
170,072
3,223,128
Bosch Ltd.
504
194,679
Britannia Industries Ltd.
7,168
500,737
Canara Bank
119,672
159,338
CG Power & Industrial Solutions Ltd.
41,552
344,808
Cholamandalam Investment and Finance Co. Ltd.
28,420
493,531
Cipla Ltd.
34,608
683,453
Coal India Ltd.
122,752
767,857
Colgate-Palmolive India Ltd.
8,736
379,163
Container Corp. of India Ltd.
16,072
184,914
Security
Shares
Value
India (continued)
Cummins India Ltd.
9,520
$425,631
Dabur India Ltd.
36,608
278,069
Divi's Laboratories Ltd.
8,008
486,740
Dixon Technologies India Ltd.
2,184
342,886
DLF Ltd.
50,036
504,414
Dr. Reddy's Laboratories Ltd.
7,672
642,764
Eicher Motors Ltd.
9,144
541,143
GAIL India Ltd.
158,396
449,269
GMR Airports Infrastructure Ltd.(a)
155,505
175,421
Godrej Consumer Products Ltd.
27,521
485,692
Godrej Properties Ltd.(a)
8,721
302,752
Grasim Industries Ltd.
17,920
576,867
Havells India Ltd.
16,319
369,662
HCL Technologies Ltd.
63,112
1,319,630
HDFC Asset Management Co. Ltd.(b)
5,824
307,039
HDFC Bank Ltd.
282,856
5,531,220
HDFC Life Insurance Co. Ltd.(b)
64,344
566,966
Hero MotoCorp Ltd.
8,103
527,625
Hindalco Industries Ltd.
89,761
752,135
Hindustan Aeronautics Ltd., NVS
13,384
747,533
Hindustan Petroleum Corp. Ltd.
62,664
312,907
Hindustan Unilever Ltd.
54,825
1,816,324
ICICI Bank Ltd.
347,256
5,092,769
ICICI Lombard General Insurance Co. Ltd.(b)
15,400
393,903
ICICI Prudential Life Insurance Co. Ltd.(b)
23,744
213,257
IDFC First Bank Ltd.(a)
241,174
212,408
Indian Hotels Co. Ltd., Class A
54,600
422,080
Indian Oil Corp. Ltd.
190,874
403,189
Indian Railway Catering & Tourism Corp. Ltd.
15,512
172,619
Indus Towers Ltd.(a)
78,587
429,817
IndusInd Bank Ltd.
19,489
331,240
Info Edge India Ltd.
4,730
433,282
Infosys Ltd.
221,144
5,134,230
InterGlobe Aviation Ltd.(a)(b)
11,537
663,645
ITC Ltd.
200,163
1,197,476
Jindal Stainless Ltd.
21,000
198,796
Jindal Steel & Power Ltd.
23,936
276,703
Jio Financial Services Ltd., NVS(a)
192,565
737,962
JSW Energy Ltd.
22,344
189,432
JSW Steel Ltd.
41,444
464,916
Jubilant Foodworks Ltd.
23,915
185,517
Kotak Mahindra Bank Ltd.
72,744
1,544,869
Larsen & Toubro Ltd.
44,856
1,982,752
LTIMindtree Ltd.(b)
4,984
366,185
Lupin Ltd.
15,186
405,895
Macrotech Developers Ltd.
19,264
287,928
Mahindra & Mahindra Ltd.
62,384
2,089,695
Mankind Pharma Ltd.(a)
6,720
199,454
Marico Ltd.
33,488
258,322
Maruti Suzuki India Ltd.
8,400
1,243,846
Max Healthcare Institute Ltd.
53,033
545,542
Mphasis Ltd.
6,988
258,606
MRF Ltd.
162
260,557
Muthoot Finance Ltd.
8,232
192,926
Nestle India Ltd., NVS
22,388
667,421
NHPC Ltd., NVS
199,528
228,441
NMDC Ltd.
65,338
173,640
NTPC Ltd.
290,192
1,439,037
Oil & Natural Gas Corp. Ltd.
208,768
824,462
Oil India Ltd.
32,368
286,040
Oracle Financial Services Software Ltd.
1,456
190,742
Page Industries Ltd.
377
191,170
43
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Emerging Markets Asia ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
India (continued)
PB Fintech Ltd.(a)
19,880
$419,357
Persistent Systems Ltd., NVS
7,112
438,791
Petronet LNG Ltd.
52,864
231,731
Phoenix Mills Ltd. (The)
6,440
289,638
PI Industries Ltd.
5,151
276,351
Pidilite Industries Ltd.
10,360
386,171
Polycab India Ltd.
3,418
277,825
Power Finance Corp. Ltd.
99,849
654,492
Power Grid Corp. of India Ltd.
310,240
1,249,566
Prestige Estates Projects Ltd.
9,296
201,068
Punjab National Bank
145,956
202,772
Rail Vikas Nigam Ltd.
34,608
250,633
REC Ltd.
88,256
652,180
Reliance Industries Ltd.
202,552
7,287,657
Samvardhana Motherson International Ltd.
176,904
412,486
SBI Cards & Payment Services Ltd.
19,250
166,028
SBI Life Insurance Co. Ltd.(b)
30,064
663,040
Shree Cement Ltd.
623
189,375
Shriram Finance Ltd.
18,892
723,077
Siemens Ltd.
5,880
483,483
Solar Industries India Ltd.
1,848
236,436
Sona Blw Precision Forgings Ltd.(b)
28,061
228,780
SRF Ltd.
8,960
274,155
State Bank of India
119,056
1,157,167
Sun Pharmaceutical Industries Ltd.
63,722
1,384,404
Sundaram Finance Ltd.
4,256
256,069
Supreme Industries Ltd.
4,256
268,299
Suzlon Energy Ltd.(a)
636,552
576,010
Tata Communications Ltd.
7,392
172,916
Tata Consultancy Services Ltd.
60,200
3,270,485
Tata Consumer Products Ltd.
40,044
573,250
Tata Elxsi Ltd.
2,300
219,451
Tata Motors Ltd.
110,734
1,467,794
Tata Motors Ltd., NVS
22,058
292,289
Tata Power Co. Ltd. (The)
96,455
499,787
Tata Steel Ltd.
496,441
905,110
Tech Mahindra Ltd.
35,392
691,789
Thermax Ltd.
2,576
134,156
Titan Co. Ltd.
23,632
1,004,785
Torrent Pharmaceuticals Ltd.
6,389
265,533
Torrent Power Ltd.
10,808
224,755
Trent Ltd.
12,168
1,037,196
Tube Investments of India Ltd.
7,169
344,742
TVS Motor Co. Ltd.
15,962
535,382
UltraTech Cement Ltd.
7,728
1,041,947
Union Bank of India Ltd.
98,793
143,198
United Spirits Ltd.
19,267
338,680
UPL Ltd.
30,631
218,425
Varun Beverages Ltd.
30,352
543,119
Vedanta Ltd.
90,275
503,708
Vodafone Idea Ltd.(a)
1,577,128
294,097
Wipro Ltd.
87,418
561,446
Yes Bank Ltd.(a)
969,246
273,377
Zomato Ltd.(a)
439,041
1,310,073
Zydus Lifesciences Ltd.
16,688
224,494
 
105,291,592
Indonesia — 2.2%
Adaro Energy Indonesia Tbk PT
924,000
212,783
Amman Mineral Internasional PT(a)
436,800
301,582
Astra International Tbk PT
1,338,400
441,399
Bank Central Asia Tbk PT
3,718,400
2,484,146
Bank Mandiri Persero Tbk PT
2,503,200
1,156,719
Security
Shares
Value
Indonesia (continued)
Bank Negara Indonesia Persero Tbk PT
1,023,000
$353,983
Bank Rakyat Indonesia Persero Tbk PT
4,541,677
1,512,178
Barito Pacific Tbk PT
1,934,720
143,103
Chandra Asri Pacific Tbk PT
520,800
336,136
Charoen Pokphand Indonesia Tbk PT
492,800
154,966
GoTo Gojek Tokopedia Tbk PT(a)
58,441,600
196,716
Indah Kiat Pulp & Paper Tbk PT
169,600
88,924
Indofood CBP Sukses Makmur Tbk PT
168,100
124,811
Indofood Sukses Makmur Tbk PT
296,500
131,415
Kalbe Farma Tbk PT
1,335,400
142,569
Merdeka Copper Gold Tbk PT(a)
638,466
97,096
Sumber Alfaria Trijaya Tbk PT
1,198,400
224,870
Telkom Indonesia Persero Tbk PT
3,249,600
640,847
Unilever Indonesia Tbk PT
506,000
74,247
United Tractors Tbk PT
95,200
166,741
 
8,985,231
Malaysia — 2.0%
AMMB Holdings Bhd
161,500
194,456
Axiata Group Bhd
199,700
117,691
CELCOMDIGI Bhd
213,100
190,920
CIMB Group Holdings Bhd
459,200
873,140
Gamuda Bhd
133,300
231,321
Genting Bhd
137,200
137,087
Genting Malaysia Bhd
222,600
129,897
Hong Leong Bank Bhd
46,000
226,066
IHH Healthcare Bhd
133,900
194,229
Inari Amertron Bhd
117,800
85,993
IOI Corp. Bhd
162,600
151,335
Kuala Lumpur Kepong Bhd(c)
33,600
169,038
Malayan Banking Bhd
364,000
908,097
Malaysia Airports Holdings Bhd
56,056
136,168
Maxis Bhd
174,200
155,643
MISC Bhd
76,500
148,487
MR DIY Group M Bhd(b)
201,600
95,968
Nestle Malaysia Bhd
5,700
139,969
Petronas Chemicals Group Bhd
182,800
245,748
Petronas Dagangan Bhd
16,800
81,930
Petronas Gas Bhd
55,100
233,020
PPB Group Bhd
44,880
151,537
Press Metal Aluminium Holdings Bhd
269,400
310,293
Public Bank Bhd
953,450
1,063,360
QL Resources Bhd
79,250
119,205
RHB Bank Bhd
100,962
143,274
SD Guthrie Bhd
148,300
157,116
Sime Darby Bhd
177,300
101,852
Sunway Bhd
151,200
143,417
Telekom Malaysia Bhd
84,300
131,857
Tenaga Nasional Bhd
173,600
588,422
YTL Corp. Bhd
224,000
150,902
YTL Power International Bhd
168,000
151,443
 
8,058,881
Philippines — 0.7%
Ayala Corp.
16,590
179,018
Ayala Land Inc.
423,660
266,232
Bank of the Philippine Islands
125,544
279,444
BDO Unibank Inc.
162,634
442,900
International Container Terminal Services Inc.
68,300
481,932
JG Summit Holdings Inc.
171,375
71,724
Jollibee Foods Corp.
31,510
145,951
Manila Electric Co.
17,120
129,642
Metropolitan Bank & Trust Co.
129,922
170,380
Schedule of Investments
44
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Emerging Markets Asia ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Philippines (continued)
PLDT Inc.
5,315
$141,986
SM Investments Corp.
15,124
238,781
SM Prime Holdings Inc.
672,150
370,651
Universal Robina Corp.
56,590
91,820
 
3,010,461
South Korea — 13.7%
Alteogen Inc.(a)
2,632
628,140
Amorepacific Corp.
1,853
172,148
Celltrion Inc.
10,164
1,546,245
Celltrion Pharm Inc.(a)
1,249
64,663
CJ CheilJedang Corp.
546
131,813
CosmoAM&T Co. Ltd.(a)
1,567
126,424
Coway Co. Ltd.
4,004
201,586
DB Insurance Co. Ltd.
3,024
263,228
Doosan Bobcat Inc.
3,661
109,259
Doosan Enerbility Co. Ltd.(a)
30,398
412,617
Ecopro BM Co. Ltd.(a)
3,298
416,393
Ecopro Co. Ltd.(a)
6,720
431,599
Ecopro Materials Co. Ltd.(a)
1,120
76,573
Enchem Co. Ltd.(a)
876
126,110
GS Holdings Corp.
3,183
107,628
Hana Financial Group Inc.
19,657
912,571
Hanjin Kal Corp.
1,792
91,830
Hankook Tire & Technology Co. Ltd.
5,082
165,428
Hanmi Pharm Co. Ltd.
458
108,286
Hanmi Semiconductor Co. Ltd.
2,912
251,639
Hanwha Aerospace Co. Ltd.
2,356
512,678
Hanwha Ocean Co. Ltd.(a)
5,992
155,108
Hanwha Solutions Corp.
7,136
138,887
HD Hyundai Co. Ltd.
2,912
176,521
HD Hyundai Electric Co. Ltd.
1,508
345,230
HD Hyundai Heavy Industries Co. Ltd.(a)
1,514
219,867
HD Korea Shipbuilding & Offshore Engineering
Co. Ltd.(a)
2,857
409,951
HLB Inc.(a)
7,980
535,538
HMM Co. Ltd.
17,192
219,166
HYBE Co. Ltd.
1,456
201,570
Hyundai Engineering & Construction Co. Ltd.
5,217
125,216
Hyundai Glovis Co. Ltd.
2,462
206,969
Hyundai Mobis Co. Ltd.
3,976
648,767
Hyundai Motor Co.
9,016
1,729,451
Hyundai Steel Co.
5,694
108,497
Industrial Bank of Korea
18,480
191,195
Kakao Corp.
20,694
578,554
KakaoBank Corp.
11,034
183,232
KB Financial Group Inc.
25,536
1,646,688
Kia Corp.
16,479
1,309,237
Korea Aerospace Industries Ltd.
5,097
207,409
Korea Electric Power Corp.(a)
17,361
282,158
Korea Investment Holdings Co. Ltd.
3,114
169,977
Korea Zinc Co. Ltd.
560
224,256
Korean Air Lines Co. Ltd.
12,346
203,883
Krafton Inc.(a)
1,943
475,509
KT Corp.
1,904
55,177
KT&G Corp.
6,792
551,233
Kum Yang Co. Ltd.(a)
2,571
89,570
Kumho Petrochemical Co. Ltd.
1,171
120,087
L&F Co. Ltd.(a)
1,604
113,186
LG Chem Ltd.
3,362
811,081
LG Corp.
6,415
380,911
LG Display Co. Ltd.(a)
20,888
176,520
LG Electronics Inc.
7,021
523,495
Security
Shares
Value
South Korea (continued)
LG Energy Solution Ltd.(a)
3,122
$909,367
LG H&H Co. Ltd.
611
162,226
LG Innotek Co. Ltd.
952
198,574
LG Uplus Corp.
9,352
68,265
Lotte Chemical Corp.
1,334
82,805
LS Electric Co. Ltd.
1,008
126,487
Meritz Financial Group Inc.
6,328
431,990
Mirae Asset Securities Co. Ltd.
16,074
100,783
NAVER Corp.
8,624
1,094,043
NCSoft Corp.
915
128,714
Netmarble Corp.(a)(b)
1,656
75,570
NH Investment & Securities Co. Ltd.
8,680
88,733
Orion Corp./Republic of Korea
1,624
111,856
Posco DX Co. Ltd.
3,640
72,844
POSCO Future M Co. Ltd.
2,084
336,518
POSCO Holdings Inc.
4,816
1,229,967
Posco International Corp.
3,589
152,012
Samsung Biologics Co. Ltd.(a)(b)
1,182
866,784
Samsung C&T Corp.
5,824
644,505
Samsung E&A Co. Ltd.(a)
10,281
195,754
Samsung Electro-Mechanics Co. Ltd.
3,699
396,147
Samsung Electronics Co. Ltd.
318,136
17,668,736
Samsung Fire & Marine Insurance Co. Ltd.
2,059
534,869
Samsung Heavy Industries Co. Ltd.(a)
44,832
353,425
Samsung Life Insurance Co. Ltd.
5,212
380,698
Samsung SDI Co. Ltd.
3,693
982,877
Samsung SDS Co. Ltd.
2,744
309,775
Shinhan Financial Group Co. Ltd.
28,896
1,223,145
SK Biopharmaceuticals Co. Ltd.(a)
2,181
188,072
SK Bioscience Co. Ltd.(a)
1,591
66,238
SK Hynix Inc.
36,400
4,769,919
SK IE Technology Co. Ltd.(a)(b)
26
642
SK Inc.
2,410
258,820
SK Innovation Co. Ltd.(a)
4,189
346,362
SK Square Co. Ltd.(a)
6,541
384,984
SK Telecom Co. Ltd.
3,136
129,408
SKC Co. Ltd.(a)
1,236
119,870
S-Oil Corp.
2,941
137,618
Woori Financial Group Inc.
41,213
493,508
Yuhan Corp.
3,806
402,251
 
56,596,115
Taiwan — 23.3%
Accton Technology Corp.
37,000
589,146
Acer Inc.
171,062
234,605
Advantech Co. Ltd.
31,158
340,803
Airtac International Group
9,161
247,793
Alchip Technologies Ltd.
5,000
416,207
ASE Technology Holding Co. Ltd.
224,484
1,077,226
Asia Cement Corp.
168,229
237,047
Asia Vital Components Co. Ltd.
22,000
416,405
Asustek Computer Inc.
47,000
788,288
AUO Corp.
407,200
209,380
Catcher Technology Co. Ltd.
47,000
347,147
Cathay Financial Holding Co. Ltd.
640,888
1,274,083
Chailease Holding Co. Ltd.
114,764
522,693
Chang Hwa Commercial Bank Ltd.
336,526
185,774
Cheng Shin Rubber Industry Co. Ltd.
107,776
167,468
China Airlines Ltd.
168,000
108,270
China Steel Corp.
784,867
546,255
Chunghwa Telecom Co. Ltd.
261,000
1,011,784
Compal Electronics Inc.
280,000
291,307
CTBC Financial Holding Co. Ltd.
1,064,265
1,087,185
45
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Emerging Markets Asia ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Taiwan (continued)
Delta Electronics Inc.
125,000
$1,558,347
E Ink Holdings Inc.
56,000
535,067
E.Sun Financial Holding Co. Ltd.
952,002
839,265
Eclat Textile Co. Ltd.
12,604
211,068
eMemory Technology Inc.
4,000
330,237
Eva Airways Corp.
168,000
185,851
Evergreen Marine Corp. Taiwan Ltd.
56,746
333,754
Far Eastern New Century Corp.
168,460
190,415
Far EasTone Telecommunications Co. Ltd.
122,000
345,310
Feng TAY Enterprise Co. Ltd.
33,391
152,294
First Financial Holding Co. Ltd.
726,306
619,387
Formosa Chemicals & Fibre Corp.
216,950
297,258
Formosa Plastics Corp.
257,400
415,282
Fortune Electric Co. Ltd.
8,800
183,904
Fubon Financial Holding Co. Ltd.
507,435
1,456,693
Gigabyte Technology Co. Ltd.
40,000
327,992
Global Unichip Corp.
6,000
209,543
Globalwafers Co. Ltd.
19,000
287,950
Hon Hai Precision Industry Co. Ltd.
840,845
4,853,974
Hotai Motor Co. Ltd.
21,600
444,612
Hua Nan Financial Holdings Co. Ltd.
591,893
472,272
Innolux Corp.
504,592
249,431
Inventec Corp.
168,980
241,634
KGI Financial Holding Co. Ltd.
1,064,400
536,176
Largan Precision Co. Ltd.
7,000
682,648
Lite-On Technology Corp.
148,032
496,643
MediaTek Inc.
102,176
3,966,150
Mega Financial Holding Co. Ltd.
771,110
940,585
Micro-Star International Co. Ltd.
56,000
321,789
Nan Ya Plastics Corp.
336,090
476,547
Nanya Technology Corp.(a)
58,000
95,637
Nien Made Enterprise Co. Ltd.
12,000
175,621
Novatek Microelectronics Corp.
39,000
658,713
Pegatron Corp.
136,000
436,716
PharmaEssentia Corp.(a)
16,000
348,598
Pou Chen Corp.
113,000
122,858
President Chain Store Corp.
44,000
386,820
Quanta Computer Inc.
180,000
1,512,174
Realtek Semiconductor Corp.
35,140
588,529
Ruentex Development Co. Ltd.
112,242
172,741
Shanghai Commercial & Savings Bank Ltd. (The)
248,981
313,549
Shin Kong Financial Holding Co. Ltd.(a)
952,689
383,694
Silergy Corp.
22,000
324,953
SinoPac Financial Holdings Co. Ltd.
728,277
547,461
Synnex Technology International Corp.
56,050
126,191
Taishin Financial Holding Co. Ltd.
784,556
453,701
Taiwan Business Bank
448,980
221,808
Taiwan Cooperative Financial Holding Co. Ltd.
689,387
558,436
Taiwan High Speed Rail Corp.
125,000
116,773
Taiwan Mobile Co. Ltd.
115,000
403,065
Taiwan Semiconductor Manufacturing Co. Ltd.
1,642,004
48,612,124
TCC Group Holdings Co. Ltd.
448,754
462,279
Unimicron Technology Corp.
97,000
497,770
Uni-President Enterprises Corp.
336,650
867,459
United Microelectronics Corp.
745,000
1,294,708
Vanguard International Semiconductor Corp.
56,000
215,536
Voltronic Power Technology Corp.
5,000
311,668
Walsin Lihwa Corp.
186,884
205,661
Wan Hai Lines Ltd.
56,000
145,289
Winbond Electronics Corp.
224,692
169,031
Wistron Corp.
182,000
579,756
Wiwynn Corp.
6,000
357,986
Security
Shares
Value
Taiwan (continued)
WPG Holdings Ltd.
117,320
$298,354
Yageo Corp.
27,404
564,092
Yang Ming Marine Transport Corp.
112,000
226,056
Yuanta Financial Holding Co. Ltd.
672,766
671,482
Zhen Ding Technology Holding Ltd.
57,455
243,372
 
95,931,605
Thailand — 1.8%
Advanced Info Service PCL, NVDR
78,200
570,369
Airports of Thailand PCL, NVDR
276,600
487,735
Asset World Corp. PCL, NVDR
220,500
21,549
Bangkok Dusit Medical Services PCL, NVDR
773,900
633,132
Bangkok Expressway & Metro PCL, NVDR(c)
464,900
105,161
Bumrungrad Hospital PCL, NVDR
40,200
290,294
Central Pattana PCL, NVDR
134,400
235,710
Central Retail Corp. PCL, NVDR(c)
134,674
117,022
Charoen Pokphand Foods PCL, NVDR
263,200
190,731
CP ALL PCL, NVDR
386,700
689,355
CP Axtra PCL, NVDR
133,100
121,708
Delta Electronics Thailand PCL, NVDR(c)
207,200
651,944
Gulf Energy Development PCL, NVDR(c)
188,200
281,539
Home Product Center PCL, NVDR
412,149
109,923
Intouch Holdings PCL, NVDR
67,200
163,655
Kasikornbank PCL, NVDR
41,100
173,633
Krung Thai Bank PCL, NVDR
230,150
124,232
Krungthai Card PCL, NVDR(c)
67,400
82,944
Minor International PCL, NVDR
220,180
175,297
PTT Exploration & Production PCL, NVDR
90,910
380,226
PTT Global Chemical PCL, NVDR
149,000
109,782
PTT Oil & Retail Business PCL, NVDR
215,100
98,358
PTT PCL, NVDR
678,400
670,778
SCB X PCL, NVDR
56,500
178,548
SCG Packaging PCL, NVDR(c)
89,600
64,344
Siam Cement PCL (The), NVDR
50,400
342,242
Thai Oil PCL, NVDR(c)
84,400
132,222
TMBThanachart Bank PCL, NVDR
1,691,200
92,366
True Corp. PCL, NVDR(a)
700,042
213,185
 
7,507,984
Total Common Stocks — 99.2%
(Cost: $351,949,300)
408,773,794
Preferred Stocks
South Korea — 0.7%
Hyundai Motor Co.
Preference Shares, NVS
1,512
205,975
Series 2, Preference Shares, NVS
2,416
335,390
LG Chem Ltd., Preference Shares, NVS
449
73,055
Samsung Electronics Co. Ltd., Preference
Shares, NVS
54,600
2,453,249
 
3,067,669
Total Preferred Stocks — 0.7%
(Cost: $3,012,496)
3,067,669
Schedule of Investments
46
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Emerging Markets Asia ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Rights
China — 0.0%
Kangmei Pharmaceutical Co. Ltd.,
(Expires 12/31/49)(a)
1,386
$—
Total Rights — 0.0%
(Cost: $—)
—
Total Long-Term Investments — 99.9%
(Cost: $354,961,796)
411,841,463
Short-Term Securities
Money Market Funds — 0.8%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 5.45%(e)(f)(g)
2,859,516
2,861,232
BlackRock Cash Funds: Treasury, SL Agency Shares,
5.25%(e)(f)
490,000
490,000
Total Short-Term Securities — 0.8%
(Cost: $3,348,264)
3,351,232
Total Investments — 100.7%
(Cost: $358,310,060)
415,192,695
Liabilities in Excess of Other Assets — (0.7)%
(3,051,375
)
Net Assets — 100.0%
$412,141,320
 
(a)
Non-income producing security.
(b)
Security exempt from registration pursuant to Rule 144A under the Securities Act of
1933, as amended. These securities may be resold in transactions exempt from
registration to qualified institutional investors.
(c)
All or a portion of this security is on loan.
(d)
Security is valued using significant unobservable inputs and is classified as Level 3 in the
fair value hierarchy.
(e)
Affiliate of the Fund.
(f)
Annualized 7-day yield as of period end.
(g)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2024 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 Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
08/31/24
Shares
Held at
08/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency
Shares
$5,293,612
$—
$(2,433,482
)(a)
$534
$568
$2,861,232
2,859,516
$54,260
(b)
$—
BlackRock Cash Funds: Treasury, SL Agency
Shares
—
490,000
(a)
—
—
—
490,000
490,000
165,798
—
 
$534
$568
$3,351,232
$220,058
$—
 
(a)
Represents net amount purchased (sold).
(b)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other
payments to and from borrowers of securities.
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts
MSCI China Index
3
09/20/24
$66
$1,013
MSCI Emerging Markets Index
3
09/20/24
165
6,910
 
$7,923
47
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Emerging Markets Asia ETF
 
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets—Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)
$—
$—
$7,923
$—
$—
$—
$7,923
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's
variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).
For the period ended August 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from
Futures contracts
$—
$—
$96,873
$—
$—
$—
$96,873
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts
$—
$—
$22,149
$—
$—
$—
$22,149
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$889,456
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
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 
Common Stocks
$17,128,115
$391,642,632
$3,047
$408,773,794
Preferred Stocks
—
3,067,669
—
3,067,669
Rights
—
—
—
—
Short-Term Securities 
Money Market Funds
3,351,232
—
—
3,351,232
 
$20,479,347
$394,710,301
$3,047
$415,192,695
Derivative Financial Instruments(a) 
Assets 
Equity Contracts
$6,910
$1,013
$—
$7,923
 
(a)
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
See notes to financial statements.
Schedule of Investments
48
Schedule of Investments
August 31, 2024
iShares® MSCI Emerging Markets Small-Cap ETF
(Percentages shown are based on Net Assets)
 
Security
Shares
Value
Common Stocks
Brazil — 2.9%
3R Petroleum Oleo E Gas SA
104,902
$490,825
AES Brasil Energia SA
62,160
126,284
Allos SA, NVS
124,320
503,152
Alupar Investimento SA
31,262
176,557
Armac Locacao Logistica E Servicos SA
53,880
82,694
Auren Energia SA
54,300
109,738
Azzas 2154 SA
43,235
375,893
BrasilAgro - Co. Brasileira de Propriedades Agricolas
23,220
106,749
Cia. Brasileira de Aluminio(a)
76,200
67,331
Cia. de Saneamento de Minas Gerais Copasa MG
55,800
234,845
Cia. De Sanena Do Parana
39,360
200,154
Cogna Educacao SA(a)
529,980
128,829
Cury Construtora e Incorporadora SA
57,120
241,414
Cyrela Brazil Realty SA Empreendimentos
e Participacoes
82,380
318,940
Dexco SA
114,300
166,503
Direcional Engenharia SA
43,260
222,059
EcoRodovias Infraestrutura e Logistica SA
80,246
111,485
Ez Tec Empreendimentos e Participacoes SA
35,536
88,841
Fleury SA
57,300
162,162
GPS Participacoes e Empreendimentos SA(b)
107,700
344,926
Grendene SA
72,060
76,715
Grupo Mateus SA
159,606
223,156
Grupo SBF SA
30,600
93,875
Hidrovias do Brasil SA(a)
199,140
123,315
Iguatemi SA
65,040
254,923
Intelbras SA Industria de Telecomunicacao
Eletronica Brasileira
29,440
115,128
IRB-Brasil Resseguros SA(a)
18,293
157,030
JHSF Participacoes SA
113,040
87,649
LOG Commercial Properties e Participacoes SA
14,100
58,542
Lojas Renner SA
259,140
782,117
LWSA SA(a)(b)
117,840
95,134
M Dias Branco SA
20,092
96,825
Magazine Luiza SA(a)
95,026
205,026
Marfrig Global Foods SA(a)
108,600
280,559
Mills Locacao Servicos e Logistica SA
36,872
72,031
Minerva SA
70,140
93,214
Movida Participacoes SA(a)
52,740
66,815
MRV Engenharia e Participacoes SA(a)
114,661
151,974
Multiplan Empreendimentos Imobiliarios SA
72,780
331,103
Odontoprev SA
70,380
140,611
Oncoclinicas do Brasil Servicos Medicos SA(a)
93,300
110,253
Orizon Valorizacao de Residuos SA(a)
18,960
155,658
Petroreconcavo SA
44,940
162,666
Santos Brasil Participacoes SA
152,940
352,775
Sao Martinho SA
43,620
214,542
Serena Energia SA, NVS(a)
95,940
137,885
Simpar SA(a)
118,510
129,740
SLC Agricola SA
49,560
155,294
Smartfit Escola de Ginastica e Danca SA
96,900
379,110
Transmissora Alianca de Energia Eletrica SA
39,720
249,838
Tres Tentos Agroindustrial SA
35,768
75,966
Tupy SA
23,226
112,752
Vamos Locacao de Caminhoes Maquinas e
Equipamentos SA
132,900
179,214
Vivara Participacoes SA
38,400
180,010
Vulcabras SA
28,680
89,918
Wilson Sons SA, NVS
66,540
203,069
Security
Shares
Value
Brazil (continued)
YDUQS Participacoes SA
77,460
$135,377
 
10,789,190
Chile — 0.7%
Aguas Andinas SA, Class A
717,912
217,640
Banco Itau Chile SA, NVS
19,918
233,247
CAP SA(a)
21,126
129,477
Cia Cervecerias Unidas SA
43,500
241,370
Colbun SA
2,527,550
337,479
Empresa Nacional de Telecomunicaciones SA
50,721
155,429
Engie Energia Chile SA(a)
159,240
152,318
Inversiones La Construccion SA
10,381
85,209
Parque Arauco SA
180,219
297,176
Plaza SA
148,119
244,796
SMU SA
1,096,740
174,344
Sociedad de Inversiones Oro Blanco SA
14,005,260
71,289
Vina Concha y Toro SA
136,546
169,614
 
2,509,388
China — 7.8%
361 Degrees International Ltd.
292,000
131,378
3SBio Inc.(b)
510,000
395,203
AIM Vaccine Co. Ltd., NVS(a)
84,000
48,583
AK Medical Holdings Ltd.(b)(c)
240,000
134,342
Alibaba Pictures Group Ltd.(a)
3,500,000
165,392
ANE Cayman Inc.(a)
210,000
207,366
Angelalign Technology Inc.(b)
24,000
167,757
Anhui Expressway Co. Ltd., Class H
134,000
158,440
Anxin-China Holdings Ltd.(d)
1,084,000
1
Ascentage Pharma Group International(a)(b)
78,000
330,706
BAIC Motor Corp. Ltd., Class H(b)(c)
480,025
113,295
Bairong Inc. (a)(b)
90,000
94,475
Beijing Capital International Airport Co. Ltd.,
Class H(a)
600,000
179,552
Beijing Jingneng Clean Energy Co. Ltd., Class H
600,000
145,334
Beijing Tong Ren Tang Chinese Medicine Co. Ltd.(c)
118,000
127,583
Binjiang Service Group Co. Ltd.
60,000
130,949
BOE Varitronix Ltd.(c)
180,000
107,048
Boshiwa International Holding Ltd.(d)
32,000
—
Brilliance China Automotive Holdings Ltd.
840,000
350,211
Canvest Environmental Protection Group Co. Ltd.
180,000
99,490
CGN Mining Co. Ltd.(a)
1,200,000
237,469
CGN New Energy Holdings Co. Ltd.
600,000
161,975
Chervon Holdings Ltd.
38,400
94,212
China Animal Healthcare Ltd.(d)
126,000
—
China Aoyuan Group Ltd.(a)
585,000
10,943
China BlueChemical Ltd., Class H
584,000
145,292
China Conch Venture Holdings Ltd.
420,000
327,039
China Datang Corp. Renewable Power Co. Ltd.,
Class H
756,000
190,676
China East Education Holdings Ltd.(b)(c)
180,000
54,438
China Education Group Holdings Ltd.(c)
300,000
168,823
China Everbright Environment Group Ltd.
1,048,000
479,778
China Foods Ltd.
360,000
118,649
China Huiyuan Juice Group Ltd.(d)
379,000
—
China Jinmao Holdings Group Ltd.
1,744,000
157,780
China Lesso Group Holdings Ltd.
300,000
106,775
China Lilang Ltd.(c)
180,000
95,465
China Medical System Holdings Ltd.
379,000
344,841
China Metal Recycling Holdings Ltd.(d)
12,000
—
China Modern Dairy Holdings Ltd.(c)
1,200,000
101,525
China New Higher Education Group Ltd.(b)
11,000
2,119
China Nonferrous Mining Corp Ltd.(c)
420,000
294,919
49
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Emerging Markets Small-Cap ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
China (continued)
China Oriental Group Co. Ltd.
360,000
$52,020
China Overseas Grand Oceans Group Ltd.
536,000
104,543
China Overseas Property Holdings Ltd.
300,000
181,922
China Renaissance Holdings Ltd.(a)(b)(c)(d)
172,500
94,246
China Resources Building Materials Technology
Holdings Ltd.
720,000
141,479
China Resources Medical Holdings Co. Ltd.(c)
330,000
149,924
China Risun Group Ltd.(c)
582,000
215,877
China Shineway Pharmaceutical Group Ltd.
118,000
131,537
China Tobacco International HK Co. Ltd.(c)
120,000
255,965
China Traditional Chinese Medicine Holdings
Co. Ltd.(a)
840,000
456,744
China Travel International Investment Hong
Kong Ltd.(c)
960,000
123,003
China Water Affairs Group Ltd.
240,000
143,280
China XLX Fertiliser Ltd.
254,000
119,154
Chinasoft International Ltd.
720,000
345,260
CIMC Enric Holdings Ltd.
236,000
189,820
Cloud Music Inc.(a)(b)
24,000
300,700
COFCO Joycome Foods Ltd.(a)(c)
960,000
185,717
Concord New Energy Group Ltd.
2,400,000
165,913
COSCO Shipping Ports Ltd.
360,000
213,405
Country Garden Services Holdings Co. Ltd.(c)
600,000
341,593
CSG Holding Co. Ltd., Class B
372,000
107,815
Daqo New Energy Corp., ADR(a)(c)
16,200
238,626
Digital China Holdings Ltd.
240,000
98,582
Dongyue Group Ltd.
420,000
304,370
DPC Dash Ltd., NVS(a)
24,000
209,290
East Buy Holding Ltd.(a)(b)(c)
120,000
198,499
Everest Medicines Ltd.(a)(b)(c)
59,000
156,124
FIH Mobile Ltd. (a)(c)
1,020,000
107,048
FinVolution Group, ADR
57,420
304,326
Fu Shou Yuan International Group Ltd.(c)
467,000
236,651
Fufeng Group Ltd.
420,400
236,057
GDS Holdings Ltd.(a)
294,000
624,781
Gemdale Properties & Investment Corp. Ltd.(c)
840,000
19,125
Genertec Universal Medical Group Co. Ltd.(b)
270,000
154,230
Global New Material International Holdings Ltd.(a)(c)
300,000
152,422
Grand Pharmaceutical Group Ltd.(c)
300,000
169,249
Greentown China Holdings Ltd.
330,000
260,205
Greentown Management Holdings Co. Ltd.(b)
234,000
84,449
Greentown Service Group Co. Ltd.
426,000
197,181
Gushengtang Holdings Ltd.(c)
54,000
266,960
Haichang Ocean Park Holdings Ltd.(a)(b)
1,260,000
113,109
Hainan Meilan International Airport Co. Ltd.,
Class H(a)(c)
60,000
52,814
Hangzhou Steam Turbine Power Group Co. Ltd.,
Class B
114,057
101,872
Harbin Electric Co. Ltd., Class H
236,000
71,048
Hello Group Inc., ADR
41,100
272,904
Hopson Development Holdings Ltd.(a)(c)
330,087
112,971
Hua Han Health Industry Holdings Ltd.(d)
1,112,400
1
Huabao International Holdings Ltd.(c)
292,000
86,876
HUTCHMED China Ltd.(a)(c)
175,000
619,678
HUYA Inc., ADR
24,600
102,582
Hygeia Healthcare Holdings Co. Ltd.(a)(b)
108,000
270,609
iDreamSky Technology Holdings Ltd.(a)(b)(c)
312,000
87,856
InnoCare Pharma Ltd.(a)(b)
240,000
152,658
Jinchuan Group International Resources Co. Ltd.
1,020,000
68,710
JinkoSolar Holding Co. Ltd., ADR
13,860
265,280
Jinxin Fertility Group Ltd.(b)(c)
600,000
181,289
JOYY Inc., ADR
10,020
344,588
Security
Shares
Value
China (continued)
Kangji Medical Holdings Ltd.(c)
270,000
$199,005
Keymed Biosciences Inc.(a)(b)(c)
59,000
265,157
Kingboard Holdings Ltd.
187,000
379,695
Kingboard Laminates Holdings Ltd.
300,000
238,243
Kingsoft Cloud Holdings Ltd.(a)
600,900
97,187
Lee & Man Paper Manufacturing Ltd.(c)
408,000
113,612
Legend Holdings Corp., Class H(a)(b)
163,200
116,149
Lepu Biopharma Co. Ltd.(a)(b)
240,000
78,791
Lifetech Scientific Corp. (a)
840,000
151,495
Lonking Holdings Ltd.
720,000
130,540
Lufax Holding Ltd., ADR
56,820
128,981
Luye Pharma Group Ltd. (a)(b)(c)
570,000
222,424
Maoyan Entertainment(a)(b)(c)
120,000
94,665
Medlive Technology Co. Ltd.(b)
120,000
124,192
Meitu Inc.(b)(c)
960,000
290,136
MH Development Ltd.(d)
32,500
—
Microport Scientific Corp.(a)(c)
330,000
207,995
Midea Real Estate Holding Ltd.(b)
84,000
80,361
Ming Yuan Cloud Group Holdings Ltd.
300,000
73,189
Minth Group Ltd.(a)(c)
218,000
346,191
National Agricultural Holdings Ltd., NVS(d)
354,000
—
NetDragon Websoft Holdings Ltd.(c)
90,000
121,358
New Horizon Health Ltd.(a)(b)(d)
91,000
148,512
Nexteer Automotive Group Ltd.(c)
240,000
84,334
Nine Dragons Paper Holdings Ltd.(a)
460,000
179,208
Noah Holdings Ltd., ADR
11,208
92,802
Ocumension Therapeutics(a)(b)(c)
120,000
85,910
Ping An Healthcare and Technology Co. Ltd.(a)(b)(c)
162,000
209,051
Poly Property Group Co. Ltd.
617,000
103,409
Poly Property Services Co. Ltd., Class H
36,000
118,500
Radiance Holdings Group Co. Ltd.(a)(c)
240,000
78,176
Redco Properties Group Ltd.(a)(b)(c)(d)
570,000
34,131
RLX Technology Inc., ADR
172,320
291,221
Sany Heavy Equipment International Holdings
Co. Ltd.
360,000
207,675
Seazen Group Ltd.(a)
700,000
140,138
Shanghai Industrial Holdings Ltd.
120,000
174,873
Shenzhen International Holdings Ltd.
420,000
335,556
Shenzhen Investment Ltd.
816,000
81,629
Shoucheng Holdings Ltd.(c)
721,200
121,751
Shougang Fushan Resources Group Ltd.(c)
600,000
200,138
Shui On Land Ltd.
933,000
70,593
Simcere Pharmaceutical Group Ltd.(b)
240,000
181,352
Sinopec Engineering Group Co. Ltd., Class H
486,500
332,755
Sinopec Kantons Holdings Ltd.(c)
360,000
200,036
Skyworth Group Ltd.(c)
384,000
140,942
SSY Group Ltd.
360,000
178,666
Sunac China Holdings Ltd.(a)(c)
1,620,000
209,524
Sunac Services Holdings Ltd.(b)
360,000
77,558
Superb Summit International Group Ltd.(d)
11,913
—
SY Holdings Group Ltd.
210,000
145,695
TCL Electronics Holdings Ltd.
300,000
179,281
Tiangong International Co. Ltd.
480,000
105,386
Tianli International Holdings Ltd.(c)
480,000
265,026
Tianneng Power International Ltd.(c)
236,000
168,052
Tong Ren Tang Technologies Co. Ltd., Class H
180,000
113,982
Towngas Smart Energy Co. Ltd.
350,000
130,613
Tuya Inc.(a)
70,084
108,630
Untrade SMI Holdings(d)
468,800
1
Untradelumena Newmat, NVS(d)
5,249
—
Up Fintech Holding Ltd., ADR(a)
36,480
132,787
Venus MedTech Hangzhou Inc., Class H(a)(b)(d)
103,500
59,372
Schedule of Investments
50
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Emerging Markets Small-Cap ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
China (continued)
Wasion Holdings Ltd.
236,000
$171,727
Weibo Corp., ADR
24,000
179,520
Weifu High-Technology Group Co. Ltd.
41,300
61,862
Weimob Inc.(a)(b)(c)
900,000
145,349
West China Cement Ltd.
720,000
80,980
XD Inc.(a)(c)
84,000
211,806
Xinte Energy Co. Ltd.(a)(c)
120,000
107,458
Xtep International Holdings Ltd.
420,000
277,875
Yidu Tech Inc. (a)(b)
306,000
129,828
Yihai International Holding Ltd.
176,000
263,163
Yuexiu Property Co. Ltd.
420,000
218,336
Yuexiu REIT
960,000
117,874
Yuexiu Transport Infrastructure Ltd.
360,000
164,488
Zai Lab Ltd.(a)
276,000
543,335
ZhongAn Online P&C Insurance Co. Ltd.,
Class H(a)(b)(c)
198,000
255,734
Zhou Hei Ya International Holdings Co. Ltd.(b)
390,000
74,763
Zonqing Environmental Ltd.(c)
54,000
60,663
 
29,134,152
Colombia — 0.1%
Cementos Argos SA
159,960
318,313
Czech Republic — 0.1%
Colt CZ Group SE
3,420
97,767
Philip Morris CR AS
137
91,826
 
189,593
Egypt — 0.1%
Abou Kir Fertilizers & Chemical Industries
76,245
90,955
E-Finance for Digital & Financial Investments, NVS
170,766
81,836
Ezz Steel Co. SAE(a)
66,310
151,277
Fawry for Banking & Payment Technology
Services SAE(a)
464,815
72,657
Telecom Egypt Co.
154,700
102,709
 
499,434
Greece — 0.8%
Aegean Airlines SA
17,608
212,312
Athens International Airport SA(c)
17,420
152,123
Athens Water Supply & Sewage Co. SA
14,136
87,640
GEK TERNA SA
20,735
401,524
HELLENiQ ENERGY Holdings SA
23,622
186,416
Holding Co. ADMIE IPTO SA
46,376
109,449
LAMDA Development SA(a)
20,274
157,949
Motor Oil Hellas Corinth Refineries SA
17,940
430,428
Optima bank SA
19,175
275,209
Sarantis SA
12,214
134,362
Terna Energy SA
17,484
369,335
Titan Cement International SA
13,195
461,611
 
2,978,358
Hungary — 0.1%
Magyar Telekom Telecommunications PLC
121,680
351,835
India — 29.9%
360 ONE WAM Ltd.
40,680
520,224
3M India Ltd.
900
383,017
Aarti Drugs Ltd.
13,620
94,733
Aarti Industries Ltd.
54,180
405,522
Aarti Pharmalabs Ltd., NVS
17,040
140,086
Aavas Financiers Ltd.(a)
14,340
294,244
Action Construction Equipment Ltd.
16,200
249,810
Aditya Birla Fashion and Retail Ltd.(a)
109,440
406,518
Advanced Enzyme Technologies Ltd.
32,400
172,307
Aegis Logistics Ltd.
41,040
368,665
Security
Shares
Value
India (continued)
Affle India Ltd.(a)
19,162
$373,011
AGI Greenpac Ltd.
8,760
98,679
AIA Engineering Ltd.
12,600
645,875
Ajanta Pharma Ltd.
13,200
510,345
Alembic Pharmaceuticals Ltd.
15,738
198,856
Alkyl Amines Chemicals
5,820
146,066
Allcargo Logistics Ltd.(a)
101,340
84,621
Alok Industries Ltd.(a)
374,052
121,800
Amara Raja Energy & Mobility Ltd.
32,640
592,280
Amber Enterprises India Ltd.(a)
5,866
312,885
Anand Rathi Wealth Ltd.
6,000
272,912
Anant Raj Ltd.
51,300
365,390
Angel One Ltd.
13,380
413,122
Apar Industries Ltd.
5,460
597,431
Apollo Tyres Ltd.
97,200
571,957
Aptus Value Housing Finance India Ltd.
56,340
220,188
Archean Chemical Industries Ltd., NVS
17,640
156,232
Arvind Ltd.
42,840
205,909
Asahi India Glass Ltd.
32,692
247,447
Aster DM Healthcare Ltd.(b)
55,560
269,800
AstraZeneca Pharma India Ltd.
1,860
146,158
Atul Ltd.
3,600
342,060
Avanti Feeds Ltd.
14,928
120,758
Bajaj Electricals Ltd.
13,620
155,932
Bajaj Hindusthan Sugar Ltd.(a)
253,800
129,062
Balaji Amines Ltd.
4,020
106,800
Balrampur Chini Mills Ltd.
42,342
302,382
Bandhan Bank Ltd.(b)
216,480
517,560
BASF India Ltd.
3,240
254,676
Bata India Ltd.
13,740
238,177
Bayer CropScience Ltd.
4,380
328,432
BEML Ltd., (Acquired 02/10/22, Cost: $144,129)(e)
6,300
285,678
Bharat Dynamics Ltd.
27,480
427,993
Biocon Ltd.
119,160
509,840
Birla Corp. Ltd.
8,768
139,087
Birlasoft Ltd.
51,388
411,290
BLS International Services Ltd.
43,920
220,897
Blue Dart Express Ltd.
1,980
189,958
Blue Star Ltd.
40,380
821,369
Borosil Renewables Ltd.(a)
18,780
115,127
Brigade Enterprises Ltd.
39,060
560,975
Brookfield India Real Estate Trust(b)
59,280
188,061
BSE Ltd.
20,425
690,437
Campus Activewear Ltd.(a)
22,980
76,234
Can Fin Homes Ltd.
26,640
274,368
Carborundum Universal Ltd.
33,000
600,176
Castrol India Ltd.
114,191
361,015
CCL Products India Ltd.
28,260
242,756
CE Info Systems Ltd.
5,760
143,860
Ceat Ltd.
6,720
221,010
Cello World Ltd., NVS
15,780
169,969
Central Depository Services India Ltd.
32,040
548,826
Century Plyboards India Ltd.
18,360
172,345
Century Textiles & Industries Ltd.
16,500
470,800
Cera Sanitaryware Ltd.
1,800
197,854
CESC Ltd.
189,292
438,753
Chalet Hotels Ltd.(a)
27,960
278,596
Chambal Fertilisers and Chemicals Ltd.
57,368
355,899
Chemplast Sanmar Ltd.(a)
25,956
155,449
Chennai Petroleum Corp. Ltd.
17,280
201,255
Cholamandalam Financial Holdings Ltd.
30,060
574,097
CIE Automotive India Ltd.
43,860
306,059
51
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Emerging Markets Small-Cap ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
India (continued)
City Union Bank Ltd.
106,724
$217,405
Clean Science & Technology Ltd.
7,320
130,343
CMS Info Systems Ltd.
45,780
300,058
Coforge Ltd.
16,740
1,268,105
Computer Age Management Services Ltd.
13,151
667,753
Coromandel International Ltd.
33,660
705,885
Craftsman Automation Ltd.
2,880
207,495
CreditAccess Grameen Ltd.
17,768
258,501
CRISIL Ltd.
5,640
300,098
Crompton Greaves Consumer Electricals Ltd.
178,980
1,017,619
Cyient Ltd.
24,780
584,680
Data Patterns India Ltd.(a)
7,860
263,156
Deepak Fertilisers & Petrochemicals Corp. Ltd.
23,400
292,081
Deepak Nitrite Ltd.
17,100
593,291
Delhivery Ltd.(a)
116,880
584,690
Devyani International Ltd.(a)
122,160
255,883
Dr Lal PathLabs Ltd.(b)
10,860
442,894
Easy Trip Planners Ltd., NVS
217,320
102,959
eClerx Services Ltd.
7,660
265,230
Edelweiss Financial Services Ltd.
181,680
236,971
EID Parry India Ltd.
31,822
314,902
EIH Ltd.
76,440
349,402
Elecon Engineering Co. Ltd.
27,634
204,886
Electronics Mart India Ltd., NVS(a)
39,960
106,983
Electrosteel Castings Ltd.
97,740
249,732
Elgi Equipments Ltd.
56,440
467,743
Emami Ltd.
58,069
563,389
Embassy Office Parks REIT
243,360
1,126,224
Endurance Technologies Ltd.(b)
10,162
300,158
Engineers India Ltd.
85,260
221,269
EPL Ltd.
54,060
160,611
Equinox India Developments Ltd.(a)
143,160
226,833
Equitas Small Finance Bank Ltd.(b)
185,692
179,859
Eris Lifesciences Ltd.(a)(b)
15,540
257,492
Exide Industries Ltd.
123,480
725,204
Federal Bank Ltd.
527,576
1,224,157
Fine Organic Industries Ltd.
2,556
162,963
Finolex Cables Ltd.
19,740
341,711
Finolex Industries Ltd.
73,200
272,166
Firstsource Solutions Ltd.
86,280
312,206
Five-Star Business Finance Ltd., NVS(a)
33,540
303,330
Fortis Healthcare Ltd.
139,380
916,219
Galaxy Surfactants Ltd.
3,477
121,855
GE T&D India Ltd.
18,234
373,197
Genus Power Infrastructures Ltd.
22,704
123,718
GHCL Ltd.
22,620
188,525
Gillette India Ltd.
2,100
222,234
Gland Pharma Ltd.(b)
8,928
195,518
GlaxoSmithKline Pharmaceuticals Ltd.
12,480
408,404
Glenmark Pharmaceuticals Ltd.
43,666
902,001
Global Health Ltd., NVS(a)
26,340
356,366
GMM Pfaudler Ltd.
11,340
185,560
Go Digit General Insurance Ltd.(a)
49,500
226,456
Go Fashion India Ltd.(a)
10,568
149,649
Godawari Power and Ispat Ltd.
20,329
230,310
Godfrey Phillips India Ltd.
4,800
372,161
Godrej Industries Ltd.(a)
22,920
277,074
Gokaldas Exports Ltd.
17,940
200,957
Granules India Ltd.
42,900
367,437
Graphite India Ltd.
28,298
174,536
Gravita India Ltd.
6,840
186,256
Great Eastern Shipping Co. Ltd. (The)
32,820
522,267
Security
Shares
Value
India (continued)
Greenpanel Industries Ltd.
21,120
$99,755
Grindwell Norton Ltd.
13,530
393,188
Gujarat Ambuja Exports Ltd.
49,588
84,663
Gujarat Fluorochemicals Ltd.
8,220
311,034
Gujarat Gas Ltd.
40,080
290,046
Gujarat Mineral Development Corp. Ltd.
26,580
117,056
Gujarat Narmada Valley Fertilizers & Chemicals Ltd.
28,980
236,168
Gujarat Pipavav Port Ltd.
93,900
252,528
Gujarat State Fertilizers & Chemicals Ltd.
66,120
181,623
Gujarat State Petronet Ltd.
81,480
430,262
Happiest Minds Technologies Ltd.
23,880
231,561
HBL Power Systems Ltd.
32,634
243,611
HFCL Ltd.
233,652
416,841
HG Infra Engineering Ltd.
7,020
130,900
Himadri Speciality Chemical Ltd.
51,240
319,672
Hindustan Construction Co. Ltd.(a)
370,980
209,005
Hindustan Copper Ltd.
86,700
344,227
Hindustan Foods Ltd.(a)
18,600
128,829
Hitachi Energy India Ltd.
3,300
475,682
Honasa Consumer Ltd., NVS(a)
35,100
211,704
ICICI Securities Ltd.(b)
31,097
305,617
IDFC Ltd.
373,020
497,924
IFCI Ltd.(a)
225,000
201,226
IIFL Finance Ltd.
66,271
360,467
India Cements Ltd. (The)(a)
38,340
165,738
IndiaMART Intermesh Ltd.(b)
8,760
313,458
Indian Energy Exchange Ltd.(b)
134,130
325,881
Indigo Paints Ltd.
4,740
81,990
Indo Count Industries Ltd.
30,000
146,322
Indraprastha Gas Ltd.
78,039
514,623
Infibeam Avenues Ltd.
439,620
163,467
Inox Wind Ltd.(a)
147,420
390,036
Intellect Design Arena Ltd.
27,176
321,836
ION Exchange India Ltd., NVS
26,130
202,159
Ipca Laboratories Ltd.
40,920
675,637
IRB Infrastructure Developers Ltd., NVS
529,980
400,673
IRCON International Ltd.(b)
117,780
367,166
Jai Balaji Industries Ltd., NVS(a)
10,800
117,433
Jai Corp. Ltd.
18,360
81,164
Jain Irrigation Systems Ltd.(a)
124,440
104,944
Jaiprakash Associates Ltd.(a)
359,878
35,614
Jaiprakash Power Ventures Ltd.(a)
1,074,660
229,613
Jammu & Kashmir Bank Ltd. (The)
148,740
194,884
JB Chemicals & Pharmaceuticals Ltd., NVS
20,940
487,763
JBM Auto Ltd.
9,960
227,603
Jindal Saw Ltd.
36,720
298,607
JK Cement Ltd.
11,040
586,608
JK Lakshmi Cement Ltd.
19,320
181,510
JK Paper Ltd.
27,240
148,994
JK Tyre & Industries Ltd.
35,100
167,848
JM Financial Ltd.
143,160
182,186
Jubilant Ingrevia Ltd.
23,527
184,481
Jubilant Pharmova Ltd., Class A
22,680
248,653
Jupiter Wagons Ltd., NVS
50,940
349,872
Just Dial Ltd.(a)
7,380
110,219
Jyothy Labs Ltd.
47,760
307,648
Kajaria Ceramics Ltd.
26,014
418,953
Kalpataru Projects International Ltd.
30,060
482,354
Kalyan Jewellers India Ltd.
93,480
685,552
Kansai Nerolac Paints Ltd.
60,480
214,054
Karnataka Bank Ltd. (The)
59,820
162,263
Karur Vysya Bank Ltd. (The)
130,182
344,410
Schedule of Investments
52
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Emerging Markets Small-Cap ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
India (continued)
Kaveri Seed Co. Ltd.
9,840
$123,170
Kaynes Technology India Ltd., NVS(a)
8,040
455,720
KEC International Ltd.
39,840
449,941
KEI Industries Ltd.
18,720
1,028,488
Kfin Technologies Ltd.
20,520
254,391
Kirloskar Brothers Ltd.
6,524
140,615
Kirloskar Ferrous Industries Ltd.
18,000
147,812
Kirloskar Oil Engines Ltd.
25,800
410,678
Kirloskar Pneumatic Co. Ltd., NVS
10,920
169,437
KNR Constructions Ltd.
51,960
205,474
KPI Green Energy Ltd.(b)
20,460
220,927
KPIT Technologies Ltd.
49,380
1,070,272
KPR Mill Ltd.
26,760
270,537
KRBL Ltd.
22,020
80,362
Krishna Institute Of Medical Sciences Ltd.(a)(b)
15,120
456,179
KSB Ltd.
20,400
225,759
L&T Finance Ltd.
232,860
469,963
Lakshmi Machine Works Ltd.
1,574
281,494
Laurus Labs Ltd.(b)
99,720
558,928
Laxmi Organic Industries Ltd.
34,620
122,982
Lemon Tree Hotels Ltd.(a)(b)
163,020
261,580
LIC Housing Finance Ltd.
92,880
746,944
Lloyds Engineering Works Ltd., NVS
211,380
203,648
LT Foods Ltd.
55,626
251,666
Mahanagar Gas Ltd.
15,540
332,358
Maharashtra Seamless Ltd.
16,200
129,712
Mahindra & Mahindra Financial Services Ltd.
142,080
532,375
Mahindra Lifespace Developers Ltd.
34,200
232,002
Manappuram Finance Ltd.
172,046
443,114
Mastek Ltd.
6,900
242,247
Max Estates Ltd.(a)
9,240
74,381
Max Financial Services Ltd.(a)
74,280
951,530
Medplus Health Services Ltd.(a)
17,580
142,407
Metropolis Healthcare Ltd.(b)
8,768
223,825
Mindspace Business Parks REIT(b)
54,160
218,798
Mishra Dhatu Nigam Ltd.(b)
18,840
93,201
Motherson Sumi Wiring India Ltd.
579,718
487,166
Motilal Oswal Financial Services Ltd.
47,280
406,263
MTAR Technologies Ltd.(a)
6,840
149,101
Multi Commodity Exchange of India Ltd.
8,060
498,469
Narayana Hrudayalaya Ltd.
22,260
336,881
Natco Pharma Ltd.
23,857
438,233
National Aluminium Co. Ltd.
249,180
543,247
Nava Ltd.
17,640
200,366
Navin Fluorine International Ltd.
8,400
330,421
Nazara Technologies Ltd.(a)
11,580
128,192
NBCC India Ltd.
204,120
454,109
NCC Ltd./India
135,480
515,666
Neuland Laboratories Ltd.
2,580
384,586
Newgen Software Technologies Ltd.
21,720
289,004
NIIT Learning Systems Ltd., NVS
31,980
188,806
Nippon Life India Asset Management Ltd.(b)
42,840
344,061
NLC India Ltd.
111,120
365,108
NMDC Steel Ltd., NVS(a)
236,820
151,588
Nuvama Wealth Management Ltd., NVS
2,520
193,724
Nuvoco Vistas Corp. Ltd.(a)
30,180
122,364
Olectra Greentech Ltd.
14,100
262,652
One 97 Communications Ltd., NVS(a)
80,142
595,190
Orient Cement Ltd.
41,460
151,021
Orient Electric Ltd.
39,540
126,492
Orissa Minerals Development Co. Ltd. (The)(a)
640
62,410
Paisalo Digital Ltd.
189,900
144,321
Security
Shares
Value
India (continued)
Patel Engineering Ltd.(a)
103,200
$70,582
PCBL Ltd.
52,320
305,450
PDS Ltd.
8,880
57,876
Piramal Enterprises Ltd.
32,100
399,474
Piramal Pharma Ltd., NVS
181,980
410,395
PNB Housing Finance Ltd.(a)(b)
31,560
368,079
PNC Infratech Ltd.
36,780
197,758
Poly Medicure Ltd.
12,300
343,024
Poonawalla Fincorp Ltd.
79,376
366,922
Praj Industries Ltd.
40,260
368,146
Pricol Ltd.(a)
29,940
184,723
Procter & Gamble Health Ltd.
1,892
117,565
Protean eGov Technologies Ltd.(a)
4,344
113,444
PTC India Ltd.
62,760
159,163
PTC Industries Ltd., NVS(a)
1,069
189,082
Puravankara Ltd.
16,600
91,196
PVR Inox Ltd.(a)
21,360
386,319
Quess Corp. Ltd.(b)
23,460
219,155
Radico Khaitan Ltd.
23,700
548,427
Rain Industries Ltd.
68,160
138,032
Rainbow Children's Medicare Ltd.
17,652
266,789
Rajesh Exports Ltd.(a)
21,000
73,300
Ramco Cements Ltd. (The)
32,040
317,525
Ramkrishna Forgings Ltd.
30,540
352,577
Ratnamani Metals & Tubes Ltd.
8,940
392,874
RattanIndia Enterprises Ltd.(a)
148,124
141,241
Raymond Consumer Care Ltd., NVS
9,204
171,482
Raymond Ltd.
10,620
251,499
RBL Bank Ltd.(b)
141,840
385,265
Redington Ltd.
175,380
422,663
Relaxo Footwears Ltd.
22,356
212,489
Reliance Infrastructure Ltd.(a)
70,795
176,747
Reliance Power Ltd.(a)
843,780
308,566
Restaurant Brands Asia Ltd.(a)
114,120
149,632
Rhi Magnesita India Ltd.
20,092
147,125
Route Mobile Ltd.
11,092
209,412
RR Kabel Ltd., NVS
8,640
166,368
Safari Industries India Ltd.
8,460
249,789
Sammaan Capital Ltd.
126,180
243,741
Sanofi Consumer Healthcare India Ltd., NVS
2,113
90,014
Sanofi India Ltd.
1,953
158,552
Sapphire Foods India Ltd.(a)
13,020
258,842
Saregama India Ltd.
29,672
180,048
Senco Gold Ltd., NVS
5,160
67,005
Sheela Foam Ltd.(a)
12,780
141,179
Shivalik Bimetal Controls Ltd., NVS
7,680
52,028
Shoppers Stop Ltd.(a)
15,180
146,803
Shree Renuka Sugars Ltd.(a)
252,840
150,781
SJVN Ltd.
231,388
368,598
SKF India Ltd.
6,960
438,332
Sobha Ltd.
13,240
266,892
Sonata Software Ltd.
49,380
392,357
South Indian Bank Ltd. (The)
422,820
129,062
Star Health & Allied Insurance Co. Ltd.(a)
49,426
370,612
Sterling and Wilson Renewable(a)
33,480
268,812
Sterlite Technologies Ltd.(a)
71,626
112,500
Strides Pharma Science Ltd.
20,820
332,649
Sumitomo Chemical India Ltd.
32,220
196,506
Sun TV Network Ltd.
31,860
312,089
Sundram Fasteners Ltd.
31,320
505,157
Suprajit Engineering Ltd.
33,480
209,283
Supreme Petrochem Ltd., NVS
23,040
236,165
53
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Emerging Markets Small-Cap ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
India (continued)
Surya Roshni Ltd., NVS
12,300
$99,105
Suven Pharmaceuticals Ltd.(a)
33,620
431,339
Swan Energy Ltd.
31,213
252,827
Syngene International Ltd.(b)
52,542
544,270
Tamilnad Mercantile Bank Ltd., NVS
21,680
121,636
Tanla Platforms Ltd.
13,740
152,247
Tata Chemicals Ltd.
36,660
473,098
Tata Investment Corp. Ltd.
3,780
328,124
TCI Express Ltd.
4,588
61,773
TeamLease Services Ltd.(a)
4,020
151,024
Techno Electric & Engineering Co. Ltd.
13,920
271,421
Tejas Networks Ltd.(a)(b)
23,220
364,733
Texmaco Rail & Engineering Ltd.
81,600
236,652
Thanga Mayil Jewellery Ltd., NVS
5,040
122,348
Timken India Ltd.
9,180
421,017
Titagarh Rail System Ltd.
26,100
442,923
Transport Corp. of India Ltd.
9,600
124,293
Trident Ltd.
414,300
182,721
Triveni Engineering & Industries Ltd.
32,750
186,119
Triveni Turbine Ltd.
42,240
362,313
TTK Prestige Ltd.
15,098
168,757
TV18 Broadcast Ltd.(a)
203,760
124,341
TVS Holdings Ltd.
1,740
288,976
Ujjivan Small Finance Bank Ltd.(b)
254,040
132,960
UNO Minda Ltd.
61,800
865,761
Usha Martin Ltd.
49,916
197,210
UTI Asset Management Co. Ltd.
13,994
191,274
Vardhman Textiles Ltd.
35,218
207,899
Varroc Engineering Ltd.(a)(b)
16,800
114,122
Vedant Fashions Ltd.
16,320
243,255
Vesuvius India Ltd.
2,520
162,686
V-Guard Industries Ltd.
54,118
296,068
Vijaya Diagnostic Centre Pvt Ltd.
17,340
188,733
Vinati Organics Ltd.
8,100
190,240
VIP Industries Ltd.
23,634
137,230
V-Mart Retail Ltd.(a)
4,182
179,369
Voltamp Transformers Ltd.
1,996
335,950
Voltas Ltd.
61,140
1,271,662
Waaree Renewable Technologies Ltd., NVS
11,520
210,783
Welspun Corp. Ltd.
34,800
294,580
Welspun Enterprises Ltd.
11,925
83,560
Welspun Living Ltd.
76,640
176,387
West Coast Paper Mills Ltd.
9,900
71,971
Westlife Foodworld Ltd.
20,880
204,844
Whirlpool of India Ltd.
18,058
470,058
Wockhardt Ltd.(a)
11,114
139,684
Zee Entertainment Enterprises Ltd.(a)
218,100
366,048
Zen Technologies Ltd.
12,240
248,459
Zensar Technologies Ltd.
37,260
341,129
ZF Commercial Vehicle Control Systems India Ltd.
1,500
278,718
 
111,658,001
Indonesia — 1.9%
AKR Corporindo Tbk PT
2,436,000
235,640
Aneka Tambang Tbk
2,268,000
203,828
Aspirasi Hidup Indonesia Tbk PT
2,208,000
102,020
Astra Agro Lestari Tbk PT
132,000
51,673
Bank Jago Tbk PT(a)
1,356,000
252,016
Bank Pembangunan Daerah Jawa Barat Dan Banten
Tbk PT
588,164
37,866
Bank Tabungan Negara Persero Tbk PT
1,632,000
148,970
BFI Finance Indonesia Tbk PT
3,060,000
200,964
Bukalapak.com PT Tbk(a)
24,138,000
183,043
Security
Shares
Value
Indonesia (continued)
Bukit Asam Tbk PT
1,116,000
$197,012
Bumi Resources Minerals Tbk PT(a)
21,648,000
226,831
Bumi Resources Tbk PT(a)
31,765,400
183,133
Bumi Serpong Damai Tbk PT(a)
1,554,000
129,258
Ciputra Development Tbk PT
2,886,063
242,762
Elang Mahkota Teknologi Tbk PT
4,314,000
112,242
Erajaya Swasembada Tbk PT
2,508,400
68,492
ESSA Industries Indonesia Tbk PT
4,056,000
233,379
Gudang Garam Tbk PT
132,000
139,899
Hanson International Tbk PT(a)(d)
25,794,200
—
Harum Energy Tbk PT(a)
1,014,000
87,917
Indika Energy Tbk PT
557,600
52,675
Indo Tambangraya Megah Tbk PT
114,000
200,819
Indocement Tunggal Prakarsa Tbk PT
306,000
136,898
Industri Jamu Dan Farmasi Sido Muncul Tbk PT
2,148,057
91,732
Inti Agri Resources Tbk PT(a)(d)
12,327,500
—
Japfa Comfeed Indonesia Tbk PT(a)
1,848,000
190,757
Jasa Marga Persero Tbk PT
726,000
251,317
Map Aktif Adiperkasa PT
3,534,000
198,938
Medco Energi Internasional Tbk PT
1,847,112
149,936
Medikaloka Hermina Tbk PT
1,974,000
166,043
Metro Healthcare Indonesia TBK PT(a)
4,830,900
24,381
Mitra Adiperkasa Tbk PT
2,508,000
242,391
Mitra Keluarga Karyasehat Tbk PT
1,338,078
264,932
Pabrik Kertas Tjiwi Kimia Tbk PT
528,000
252,811
Pacific Strategic Financial Tbk PT(a)
2,316,800
158,901
Pakuwon Jati Tbk PT
4,720,800
145,396
Panin Financial Tbk PT(a)
5,340,000
142,354
Perusahaan Gas Negara Tbk PT
2,982,000
296,999
Sarana Menara Nusantara Tbk PT
5,172,000
279,432
Sawit Sumbermas Sarana Tbk PT(a)
1,068,400
70,858
Semen Indonesia Persero Tbk PT
846,000
219,506
Sugih Energy Tbk PT(a)(d)
1,824,800
—
Summarecon Agung Tbk PT
3,048,450
120,270
Surya Citra Media Tbk PT
11,226,000
88,617
Transcoal Pacific Tbk PT
378,000
174,264
Waskita Karya Persero Tbk PT(a)(d)
3,225,094
29,507
XL Axiata Tbk PT
1,271,800
183,298
 
7,169,977
Kuwait — 1.1%
Agility Public Warehousing Co. KSC
456,351
383,100
Al Ahli Bank of Kuwait KSCP
324,577
304,892
Ali Alghanim Sons Automotive Co. KSCC, NVS
47,220
174,962
Boubyan Petrochemicals Co. KSCP
113,943
244,613
Boursa Kuwait Securities Co. KPSC
33,272
223,083
Burgan Bank SAK
237,540
150,608
Commercial Real Estate Co. KSC
490,020
245,210
Gulf Cable & Electrical Industries Co. KSCP
37,020
194,211
Humansoft Holding Co. KSC
30,832
268,740
Jazeera Airways Co. KSCP
31,184
99,043
Kuwait International Bank KSCP
198,780
120,670
Kuwait Projects Co. Holding KSCP(a)
609,960
206,197
Kuwait Real Estate Co. KSC
215,606
166,615
Kuwait Telecommunications Co.
113,580
200,228
National Industries Group Holding SAK
581,739
426,718
National Investments Co. KSCP
147,720
114,508
National Real Estate Co. KPSC(a)
414,666
99,954
Salhia Real Estate Co. KSCP
135,829
192,360
Shamal Az-Zour Al-Oula for the First Phase of Az-Zour
Power Plant KSC(a)
85,860
43,029
Schedule of Investments
54
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Emerging Markets Small-Cap ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Kuwait (continued)
Warba Bank KSCP(a)
339,480
$219,428
 
4,078,169
Malaysia — 2.7%
AFFIN Bank Bhd
228,000
173,148
Alliance Bank Malaysia Bhd
294,000
293,369
Axis Real Estate Investment Trust
414,000
172,400
Bank Islam Malaysia Bhd
240,000
147,854
Bermaz Auto Bhd
412,500
238,796
British American Tobacco Malaysia Bhd
52,544
94,816
Bumi Armada Bhd(a)
813,000
100,824
Bursa Malaysia Bhd
204,050
436,121
Carlsberg Brewery Malaysia Bhd
58,200
258,517
Chin Hin Group Bhd, NVS(a)(c)
402,000
292,956
CTOS Digital Bhd
438,000
131,849
D&O Green Technologies Bhd
174,200
111,365
Dialog Group Bhd
990,000
541,145
DRB-Hicom Bhd
336,800
91,211
Fraser & Neave Holdings Bhd
48,000
332,030
Frontken Corp. Bhd
420,050
350,103
Greatech Technology Bhd(a)(c)
132,000
144,382
HAP Seng Consolidated Bhd
132,000
127,648
Hartalega Holdings Bhd(a)
462,000
264,280
Heineken Malaysia Bhd
46,800
249,023
Hibiscus Petroleum Bhd(c)
246,880
125,898
IJM Corp. Bhd
609,800
405,854
IOI Properties Group Bhd(c)
474,000
226,739
Kossan Rubber Industries Bhd
453,000
190,743
KPJ Healthcare Bhd
366,000
162,699
Lotte Chemical Titan Holding Bhd(a)(b)(c)
203,400
48,074
Malaysian Pacific Industries Bhd
29,400
201,518
MBSB Bhd
984,000
183,497
My EG Services Bhd
1,578,000
326,887
Padini Holdings Bhd
174,200
135,008
Pentamaster Corp. Bhd
198,050
181,445
PMB Technology Bhd(a)
126,000
56,650
Sam Engineering & Equipment M Bhd
132,000
163,465
Scientex Bhd
246,000
233,030
Sime Darby Property Bhd
1,039,900
337,441
SP Setia Bhd Group
678,000
173,065
Sports Toto Bhd
282,006
104,039
Sunway Construction Group Bhd
120,500
111,788
Sunway REIT
468,000
182,117
Supermax Corp. Bhd(a)
570,016
103,519
Syarikat Takaful Malaysia Keluarga Bhd
90,044
80,720
TIME dotCom Bhd(c)
377,000
437,835
Top Glove Corp. Bhd(a)
1,476,000
314,413
Unisem M Bhd(c)
144,000
105,190
United Plantations Bhd
48,000
289,244
UWC Bhd(a)
168,400
97,470
ViTrox Corp. Bhd
173,600
146,381
VS Industry Bhd
876,050
221,617
Yinson Holdings Bhd
342,000
227,077
 
10,125,260
Mexico — 1.2%
Alsea SAB de CV
138,000
377,754
Bolsa Mexicana de Valores SAB de CV
115,700
178,007
Corp Inmobiliaria Vesta SAB de CV
246,035
674,608
FIBRA Macquarie Mexico(b)
216,035
340,711
GCC SAB de CV
48,020
367,253
Genomma Lab Internacional SAB de CV, Class B
216,000
207,947
Gentera SAB de CV
366,000
392,125
Security
Shares
Value
Mexico (continued)
Grupo Rotoplas SAB de CV
90,026
$113,960
Grupo Televisa SAB, CPO
648,000
259,276
Grupo Traxion SAB de CV, Class A(a)(b)
114,037
117,544
La Comer SAB de CV
84,000
143,737
Megacable Holdings SAB de CV, CPO
126,000
269,923
Nemak SAB de CV(a)(b)
853,696
96,231
Qualitas Controladora SAB de CV
60,000
480,993
Regional SAB de CV
72,000
456,109
TF Administradora Industrial S de Real de CV
72,000
137,498
 
4,613,676
Peru — 0.1%
Intercorp Financial Services Inc.
9,654
245,212
Philippines — 0.7%
ACEN Corp.
2,820,000
273,491
Alliance Global Group Inc.
780,000
126,134
AREIT Inc.
264,000
181,015
Bloomberry Resorts Corp.(a)
756,000
105,961
Century Pacific Food Inc.
402,000
262,392
Converge Information and Communications
Technology Solutions Inc.(a)
580,800
155,526
D&L Industries Inc.
813,100
89,781
DMCI Holdings Inc.
894,200
186,325
GT Capital Holdings Inc.
29,400
327,190
LT Group Inc.
708,000
128,865
Manila Water Co. Inc.
360,000
174,390
Megaworld Corp.
3,420,000
117,110
Puregold Price Club Inc.
330,000
163,318
Robinsons Land Corp.
592,400
157,707
Robinsons Retail Holdings Inc.
48,000
32,826
Semirara Mining & Power Corp., Class A
252,000
152,283
Wilcon Depot Inc.
408,000
136,562
 
2,770,876
Poland — 1.3%
AmRest Holdings SE(a)
23,924
141,894
Asseco Poland SA
14,312
333,790
Bank Millennium SA(a)(c)
183,310
426,065
Benefit Systems SA
600
411,988
CCC SA(a)
11,820
473,077
Cyfrowy Polsat SA(a)(c)
71,298
272,497
Enea SA(a)
78,180
213,719
Grupa Azoty SA(a)(c)
17,065
78,351
Grupa Kety SA
2,340
469,519
Jastrzebska Spolka Weglowa SA, Class S(a)(c)
14,220
94,174
KRUK SA
5,040
578,947
Orange Polska SA
169,020
379,141
Pepco Group NV(a)
48,715
227,717
Tauron Polska Energia SA(a)
301,800
276,722
Text SA
4,500
90,490
Warsaw Stock Exchange
6,156
69,602
XTB SA(b)
18,600
328,841
 
4,866,534
Qatar — 0.6%
Al Meera Consumer Goods Co. QSC
21,840
86,042
Baladna
280,742
104,672
Doha Bank QPSC
539,520
231,765
Estithmar Holding QPSC(a)
250,142
126,958
Gulf International Services QSC
276,656
248,869
Gulf Warehousing Co.
103,047
92,361
Qatar Aluminum Manufacturing Co.
708,360
247,429
Qatar Navigation QSC
279,000
891,728
55
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Emerging Markets Small-Cap ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Qatar (continued)
United Development Co. QSC
462,060
$140,699
Vodafone Qatar QSC
517,020
255,177
 
2,425,700
Russia — 0.0%
Credit Bank of Moscow PJSC(a)(d)
4,743,600
523
Detsky Mir PJSC(a)(b)(d)
238,520
26
Federal Grid Co. Rosseti PJSC(a)(d)
142,040,000
16
Globaltrans Investment PLC, GDR(a)(d)(f)
36,180
4
IPJSC United Medical Group, GDR(a)(d)(f)
11,658
1
Lenta PJSC, GDR(a)(d)
58,692
7
LSR Group PJSC, Class A(a)(d)
16,818
2
Mosenergo PJSC(a)(d)
4,900,000
541
QIWI PLC, ADR(a)(d)
20,971
2
Rostelecom PJSC(a)(d)
373,860
41
Segezha Group PJSC(a)(b)(d)
1,675,000
185
Sistema AFK PAO(a)(d)
1,865,280
206
Sovcomflot PJSC(a)(d)
338,350
37
Unipro PJSC(a)(d)
4,288,000
473
 
2,064
Saudi Arabia — 3.8%
Abdullah Al Othaim Markets Co.
132,120
405,354
Al Hammadi Holding
25,084
298,624
Al Jouf Agricultural Development Co.
6,694
111,934
Al Masane Al Kobra Mining Co.
9,660
170,413
Al Moammar Information Systems Co.
5,092
236,105
Al Rajhi REIT
72,060
163,107
Alamar Foods, NVS
3,136
67,237
Al-Dawaa Medical Services Co.
9,300
230,266
Aldrees Petroleum and Transport Services Co.
14,640
480,640
AlKhorayef Water & Power Technologies Co.(a)
5,880
286,905
Almunajem Foods Co.
6,240
178,665
Alujain Corp.(a)
13,680
152,064
Arabian Cement Co./Saudi Arabia
15,000
103,728
Arabian Centres Co.(b)
42,522
261,033
Arabian Contracting Services Co.(a)
4,916
273,179
Arriyadh Development Co.
31,530
210,421
Astra Industrial Group
11,940
546,239
BinDawood Holding Co.
76,680
149,037
Catrion Catering Holding Co.
13,020
409,794
City Cement Co.
26,505
122,043
East Pipes Integrated Co. for Industry, NVS
4,200
167,186
Eastern Province Cement Co.
14,692
125,285
Electrical Industries Co.
165,780
280,968
Emaar Economic City(a)
118,500
270,309
Etihad Atheeb Telecommunication Co.(a)
6,480
152,499
Halwani Brothers Co.(a)
3,445
51,727
Herfy Food Services Co.(a)
5,866
42,420
Jadwa REIT Saudi Fund
59,280
187,669
Jahez International Co., NVS(a)
29,580
196,275
Jamjoom Pharmaceuticals Factory Co., NVS
6,240
293,803
Leejam Sports Co. JSC
8,014
462,141
Maharah Human Resources Co.
72,540
139,516
Middle East Healthcare Co.(a)
12,300
243,061
Middle East Paper Co.
13,260
155,625
National Agriculture Development Co. (The)(a)
48,000
359,431
National Co. for Learning & Education
6,060
334,926
National Gas & Industrialization Co.
12,000
360,301
National Industrialization Co.(a)
71,640
214,554
National Medical Care Co.
7,440
389,388
Perfect Presentation For Commercial Services
Co., NVS(a)
38,280
158,204
Security
Shares
Value
Saudi Arabia (continued)
Qassim Cement Co. (The)
12,950
$182,900
Retal Urban Development Co., NVS
60,420
214,737
Saudi Automotive Services Co.
11,481
222,424
Saudi Cement Co.
21,360
233,374
Saudi Ceramic Co.(a)
18,528
148,153
Saudi Chemical Co. Holding
138,194
437,104
Saudi Ground Services Co.(a)
28,980
415,478
Saudi Pharmaceutical Industries & Medical
Appliances Corp.(a)
17,536
156,979
Saudi Public Transport Co.(a)
27,176
142,822
Saudi Real Estate Co.(a)
51,600
325,680
Saudia Dairy & Foodstuff Co.
4,878
459,924
Seera Group Holding(a)
48,368
298,521
Sinad Holding Co.(a)
22,620
84,390
Southern Province Cement Co.
17,362
162,396
Sustained Infrastructure Holding Co.
17,760
158,373
Tanmiah Food Co.
2,520
91,002
Theeb Rent A Car Co.
8,640
165,773
United Electronics Co.
12,335
299,731
United International Transportation Co.
9,660
234,698
Yamama Cement Co.
33,272
279,283
Yanbu Cement Co.
23,634
151,215
 
14,307,033
South Africa — 3.4%
Adcock Ingram Holdings Ltd.
1,980
7,163
AECI Ltd.
29,409
175,396
African Rainbow Minerals Ltd.
29,940
293,167
AVI Ltd.
97,990
558,245
Barloworld Ltd.
39,000
205,514
Coronation Fund Managers Ltd.
73,046
166,342
Dis-Chem Pharmacies Ltd.(b)
141,960
278,685
DRDGOLD Ltd.
136,560
113,995
Equites Property Fund Ltd.
231,214
176,373
Fortress Real Estate Investments Ltd., Series B,
Class B
379,500
410,817
Foschini Group Ltd. (The)
93,960
763,591
Grindrod Ltd.
220,994
175,642
Growthpoint Properties Ltd.
895,500
708,213
Hosken Consolidated Investments Ltd.
13,298
138,811
Hyprop Investments Ltd.
114,939
246,462
Investec Ltd.
74,760
568,685
JSE Ltd.
22,620
148,442
Life Healthcare Group Holdings Ltd.
330,180
266,126
Momentum Group Ltd.
309,720
484,851
Motus Holdings Ltd.
42,900
290,672
Mr. Price Group Ltd.
73,080
993,597
MultiChoice Group(a)
74,040
457,809
Netcare Ltd.
236,580
180,080
Ninety One Ltd.
53,486
116,789
Oceana Group Ltd.
34,500
132,456
Omnia Holdings Ltd.
46,020
163,288
Pick n Pay Stores Ltd.(a)(c)
128,640
175,332
Redefine Properties Ltd.
2,016,720
538,433
Resilient REIT Ltd.
90,524
290,854
Reunert Ltd.
53,400
231,376
Santam Ltd.
9,240
182,196
Sappi Ltd.
166,560
426,233
SPAR Group Ltd. (The)(a)
53,040
381,183
Super Group Ltd./South Africa
107,760
167,726
Telkom SA SOC Ltd.(a)
89,362
141,024
Thungela Resources Ltd.
37,800
246,675
Tiger Brands Ltd.
47,160
623,201
Schedule of Investments
56
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Emerging Markets Small-Cap ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
South Africa (continued)
Truworths International Ltd.
113,518
$620,095
Vukile Property Fund Ltd.
334,200
332,161
Wilson Bayly Holmes-Ovcon Ltd.
22,414
257,250
 
12,834,950
South Korea — 11.6%
ABLBio Inc.(a)
10,440
270,932
Advanced Nano Products Co. Ltd.
3,240
222,445
Ahnlab Inc.(c)
1,976
80,278
Amorepacific Group
9,060
169,151
APR Corp./Korea(a)
1,140
220,296
Asiana Airlines Inc.(a)
10,606
77,577
BGF retail Co. Ltd.
2,460
217,363
BH Co. Ltd.
7,748
138,735
Bioneer Corp.(a)
6,968
149,307
BNK Financial Group Inc.
72,720
553,834
Boryung
12,720
113,007
Caregen Co. Ltd.
4,936
63,802
Cellivery Therapeutics Inc.(a)(d)
10,519
36,821
Chabiotech Co. Ltd.(a)(c)
14,221
193,383
Cheil Worldwide Inc.
17,340
235,808
Cheryong Electric Co. Ltd.
3,000
126,638
Chong Kun Dang Pharmaceutical Corp.
2,280
212,414
Chunbo Co. Ltd.(a)
1,920
86,295
CJ Corp.
3,960
332,644
CJ ENM Co. Ltd.(a)
3,194
173,742
CJ Logistics Corp.
2,760
195,173
Classys Inc.
6,540
246,744
Cosmax Inc.
2,460
223,951
Cosmochemical Co. Ltd.(a)
8,235
120,410
Creative & Innovative System(a)
17,460
139,958
CS Wind Corp.
7,800
377,465
Daeduck Electronics Co. Ltd./New(c)
10,140
152,402
Daejoo Electronic Materials Co. Ltd.(a)
3,480
292,775
Daesang Corp.
8,096
125,909
Daewoo Engineering & Construction Co. Ltd.(a)
51,840
156,782
Daewoong Co. Ltd.
6,840
131,281
Daewoong Pharmaceutical Co. Ltd.(c)
1,568
175,967
Daishin Securities Co. Ltd.
7,073
88,471
Daou Technology Inc.
7,080
95,907
DB HiTek Co. Ltd.
9,600
293,567
Dentium Co. Ltd.
2,280
136,771
DGB Financial Group Inc.
36,300
227,943
DL E&C Co. Ltd.
8,520
210,986
DL Holdings Co. Ltd.
3,840
132,505
Dong-A Socio Holdings Co. Ltd.
1,260
118,846
Dong-A ST Co. Ltd.
1,860
106,376
Dongjin Semichem Co. Ltd.
11,100
260,940
DongKook Pharmaceutical Co. Ltd.
9,725
132,662
Dongkuk Steel Mill Co. Ltd/New
3,559
22,048
Dongsuh Companies Inc.
9,921
138,508
Dongwon F&B Co. Ltd.
3,277
82,864
Doosan Co. Ltd.
2,266
254,196
Doosan Fuel Cell Co. Ltd.(a)
10,320
145,121
Doosan Tesna Inc.
4,080
100,355
DoubleUGames Co. Ltd.
3,720
136,986
Douzone Bizon Co. Ltd.
5,460
245,982
Duk San Neolux Co. Ltd.(a)
3,368
85,247
Ecopro HN Co. Ltd.
3,300
114,863
E-MART Inc.
5,460
260,551
EMRO Inc., NVS(a)
2,400
91,465
EM-Tech Co. Ltd.
476
9,105
Eo Technics Co. Ltd.
2,460
317,601
Security
Shares
Value
South Korea (continued)
ESR Kendall Square REIT Co. Ltd.
49,178
$189,271
Eugene Technology Co. Ltd.(c)
5,040
174,183
F&F Co. Ltd./New
4,320
189,924
Fila Holdings Corp.
12,120
384,578
Foosung Co. Ltd.(a)
22,320
111,442
Gaonchips Co. Ltd.(a)
2,760
99,738
GC Cell Corp.
3,300
86,856
GOLFZON Co. Ltd.
202
10,016
Green Cross Corp.
1,800
230,126
Green Cross Holdings Corp.
9,350
116,648
GS Engineering & Construction Corp.(a)
18,720
287,888
GS Retail Co. Ltd.
9,840
162,378
HAESUNG DS Co. Ltd.
3,549
78,604
Hana Materials Inc.(c)
2,880
74,502
Hana Micron Inc.
15,720
149,973
Hana Tour Service Inc.
4,061
150,247
Hanall Biopharma Co. Ltd.(a)
10,440
313,701
Hanil Cement Co. Ltd./New
8,460
93,875
Hankook & Co. Co. Ltd.
7,620
97,204
Hanmi Science Co. Ltd.
6,480
160,119
Hanon Systems
44,635
135,599
Hansae Co. Ltd.
5,766
71,291
Hansol Chemical Co. Ltd.
2,700
292,182
Hanssem Co. Ltd.
2,760
113,141
Hanwha Corp.
9,240
201,508
Hanwha Investment & Securities Co. Ltd.(a)
46,140
117,696
Hanwha Life Insurance Co. Ltd.
90,360
201,145
Hanwha Systems Co. Ltd.
20,700
289,368
HD Hyundai Construction Equipment Co. Ltd
3,660
145,062
HD Hyundai Infracore Co. Ltd.(c)
39,426
212,562
HD Hyundai Mipo(a)
6,960
538,259
HDC Hyundai Development Co-Engineering &
Construction, Class E
11,880
230,800
Hite Jinro Co. Ltd.
9,698
150,377
HL Mando Co. Ltd.
9,000
229,697
HLB Life Science Co. Ltd.(a)(c)
31,080
275,872
Hotel Shilla Co. Ltd.
8,755
312,267
HPSP Co. Ltd.
15,420
344,168
Hugel Inc.(a)
1,800
366,803
Hyosung Advanced Materials Corp.
840
178,403
Hyosung Corp.
2,109
77,971
Hyosung Heavy Industries Corp.
1,380
299,644
Hyosung TNC Corp.
720
160,453
Hyundai Bioscience Co. Ltd.(a)
10,500
160,543
Hyundai Department Store Co. Ltd.
4,682
167,703
Hyundai Elevator Co. Ltd.
6,660
209,830
Hyundai Feed Inc.(a)(d)
44,392
33,032
Hyundai Marine & Fire Insurance Co. Ltd.
15,420
401,769
Hyundai Rotem Co. Ltd.
21,900
885,836
Hyundai Wia Corp.
4,620
177,376
Iljin Hysolus Co. Ltd.(a)
6,240
96,986
Innocean Worldwide Inc.
4,620
68,135
Innox Advanced Materials Co. Ltd.
4,320
94,212
Intellian Technologies Inc.
3,180
131,991
IS Dongseo Co. Ltd.
5,342
97,324
ISC Co. Ltd.
3,360
137,134
ISU Specialty Chemical, NVS(a)
5,725
228,243
IsuPetasys Co. Ltd.
14,460
452,811
JB Financial Group Co. Ltd.
34,620
367,056
Jeju Semiconductor Corp.(a)
12,480
129,328
Jin Air Co. Ltd.(a)
11,150
88,451
JR Global REIT
61,020
166,297
57
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Emerging Markets Small-Cap ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
South Korea (continued)
Jusung Engineering Co. Ltd.
10,020
$202,469
JW Pharmaceutical Corp.
4,620
102,747
JYP Entertainment Corp.
8,160
313,103
K Car Co. Ltd., NVS
8,400
85,770
Kakao Games Corp.(a)
11,520
157,899
Kangwon Land Inc.
27,180
325,422
KCC Corp.
1,320
283,450
KCC Glass Corp.
4,260
131,514
KEPCO Engineering & Construction Co. Inc.
5,040
253,694
KEPCO Plant Service & Engineering Co. Ltd.
6,540
203,846
KG Dongbusteel
16,320
70,611
KIWOOM Securities Co. Ltd.
4,224
428,156
KMW Co. Ltd.(a)
805
4,619
Koh Young Technology Inc.
16,620
134,218
Kolmar Korea Co. Ltd.
4,370
213,651
Kolon Industries Inc.
5,160
135,309
KoMiCo Ltd.
2,820
143,143
Korea Electric Terminal Co. Ltd.
1,800
100,314
Korea Gas Corp.(a)
8,387
326,928
Korea Line Corp.(a)
50,035
73,226
Korea Petrochemical Ind Co. Ltd.(c)
1,260
98,464
Korean Reinsurance Co.
25,860
164,060
Kumho Tire Co. Inc.(a)
35,640
123,709
Kyung Dong Navien Co. Ltd.
2,849
147,160
Lake Materials Co. Ltd.(a)
12,660
170,407
LEENO Industrial Inc.
2,880
422,419
LIG Nex1 Co. Ltd.
3,600
525,958
LigaChem Biosciences Inc.(a)
7,860
568,411
Lotte Corp.
8,580
159,226
Lotte Energy Materials Corp.
6,480
190,806
Lotte Fine Chemical Co. Ltd.
4,260
155,487
LOTTE REIT Co. Ltd.
45,930
135,877
Lotte Rental Co. Ltd.
180
4,218
Lotte Shopping Co. Ltd.
3,300
154,224
Lotte Tour Development Co. Ltd.(a)
17,940
127,395
LS Corp.
5,220
444,236
LX International Corp.
8,580
205,923
LX Semicon Co. Ltd.
3,120
160,668
Medytox Inc.
1,560
231,772
MegaStudyEdu Co. Ltd.
2,730
100,864
Mezzion Pharma Co. Ltd.(a)
6,960
167,694
Myoung Shin Industrial Co. Ltd.(c)
11,520
101,005
Naturecell Co. Ltd.(a)(c)
16,860
129,411
Nexon Games Co. Ltd.(a)
6,960
99,629
Nextin Inc.
3,240
117,585
NHN Corp.
5,160
76,949
NICE Information Service Co. Ltd.
12,360
95,051
NKMax Co. Ltd.(a)(d)
25,080
33,343
NongShim Co. Ltd.
960
277,195
OCI Co. Ltd.
1,620
97,516
OCI Holdings Co. Ltd.
4,500
240,824
Orion Holdings Corp.
6,852
80,254
Oscotec Inc.(a)
9,060
284,843
Ottogi Corp.
640
199,577
Pan Ocean Co. Ltd.
81,420
226,532
Paradise Co. Ltd.
14,340
120,295
Park Systems Corp.
1,742
248,675
Pearl Abyss Corp.(a)(c)
9,060
230,416
People & Technology Inc.(a)
5,880
249,488
Peptron Inc.(a)
6,540
242,798
PharmaResearch Co. Ltd.
2,092
272,833
PI Advanced Materials Co. Ltd.(a)
4,380
86,747
Security
Shares
Value
South Korea (continued)
Poongsan Corp.
4,920
$237,227
Posco M-Tech Co. Ltd.
7,440
92,349
PSK Inc.
8,400
162,641
Rainbow Robotics(a)
2,730
296,202
S&S Tech Corp.
5,160
102,925
S-1 Corp.
4,740
210,160
Sam Chun Dang Pharm Co. Ltd.(a)
4,320
512,175
Sam-A Aluminum Co. Ltd., Class A
1,800
63,606
Samsung Securities Co. Ltd.
17,423
617,169
Samyang Foods Co. Ltd.
1,260
467,479
Samyang Holdings Corp.
1,260
68,652
SD Biosensor Inc.(a)
18,240
146,088
Sebang Global Battery Co. Ltd.
2,160
164,049
Seegene Inc.
11,340
219,189
Seojin System Co. Ltd.(a)
9,060
169,001
Seoul Semiconductor Co. Ltd.
9,300
67,143
SFA Engineering Corp.(c)
5,820
108,876
SFA Semicon Co. Ltd.(a)
29,700
88,768
Shin Poong Pharmaceutical Co. Ltd.(a)
12,840
128,324
Shinsegae Inc.
1,920
216,696
Shinsegae International Inc.
5,760
57,268
Shinsung Delta Tech Co. Ltd.
5,280
191,542
Silicon2 Co. Ltd.(a)
9,180
266,312
SIMMTECH Co. Ltd.
7,020
112,431
SK Chemicals Co. Ltd.
2,947
109,816
SK IE Technology Co. Ltd.(a)(b)
7,740
191,116
SK Networks Co. Ltd.
29,760
114,125
SK oceanplant Co. Ltd.(a)
9,180
98,577
SK REITs Co. Ltd.
48,660
194,125
SL Corp.
4,800
121,615
SM Entertainment Co. Ltd.
3,426
161,423
SNT Motiv Co. Ltd.
2,640
90,361
SOLUM Co. Ltd.(a)
12,900
183,286
Solus Advanced Materials Co. Ltd.
11,636
113,962
Soop Co. Ltd.
2,400
184,520
Soulbrain Co. Ltd.
1,200
213,343
ST Pharm Co. Ltd.
3,480
299,800
Studio Dragon Corp.(a)
3,718
105,123
Sungeel Hitech Co. Ltd.(a)
2,280
95,559
Synopex Inc.(a)
30,240
179,307
Taekwang Industrial Co. Ltd.
60
26,481
Taihan Electric Wire Co. Ltd.(a)
27,360
252,829
TCC Steel
5,640
141,393
TechWing Inc.
9,007
277,434
TKG Huchems Co. Ltd.
7,111
100,088
Tokai Carbon Korea Co. Ltd.
1,626
122,705
Tongyang Life Insurance Co. Ltd.
14,700
71,919
Unid Co. Ltd.
1,255
75,597
Voronoi Inc.(a)
3,660
237,467
Webzen Inc.
7,620
107,699
Wemade Co. Ltd.(a)
6,300
158,124
WONIK IPS Co. Ltd.(a)
8,280
212,491
Wonik QnC Corp.
5,692
116,144
W-Scope Chungju Plant Co. Ltd.(a)
5,460
82,018
YG Entertainment Inc.
3,844
98,420
Youngone Corp.
7,260
206,695
 
43,192,620
Taiwan — 22.2%
AcBel Polytech Inc.(a)
240,773
264,354
Acter Group Corp. Ltd.
30,000
261,843
ADATA Technology Co. Ltd.
60,405
179,164
Adimmune Corp.(a)
120,000
109,116
Schedule of Investments
58
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Emerging Markets Small-Cap ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Taiwan (continued)
Advanced Ceramic X Corp.
12,000
$67,094
Advanced Energy Solution Holding Co. Ltd.
10,000
161,097
Advanced Wireless Semiconductor Co.
60,596
218,124
Airoha Technology Corp., NVS
3,000
60,740
Allis Electric Co. Ltd.
60,000
249,762
Andes Technology Corp.(a)
13,000
150,744
AP Memory Technology Corp.
28,000
284,746
Arcadyan Technology Corp.
60,541
277,652
Ardentec Corp.
120,000
260,369
Asia Optical Co. Inc.
60,000
229,762
ASMedia Technology Inc.
8,000
444,718
ASPEED Technology Inc.
8,800
1,357,610
AURAS Technology Co. Ltd.
17,000
327,344
BES Engineering Corp.
420,000
175,634
Bizlink Holding Inc.
44,570
634,346
Bora Pharmaceuticals Co. Ltd.
16,184
377,958
Brighton-Best International Taiwan Inc.
118,000
126,152
Capital Securities Corp.
522,530
355,874
Career Technology MFG. Co. Ltd.(a)
123,986
91,888
Cathay Real Estate Development Co. Ltd.
180,300
160,867
Center Laboratories Inc.
167,435
245,376
Century Iron & Steel Industrial Co. Ltd.
60,000
446,220
Chang Wah Electromaterials Inc.
120,000
233,697
Chang Wah Technology Co. Ltd.
149,500
189,515
Channel Well Technology Co. Ltd.
60,000
127,198
Charoen Pokphand Enterprise
60,300
186,611
Cheng Loong Corp.
234,000
189,461
Cheng Uei Precision Industry Co. Ltd.
118,000
264,770
Chicony Electronics Co. Ltd.
180,000
912,600
Chicony Power Technology Co. Ltd.
60,000
240,388
China Man-Made Fiber Corp.(a)
360,031
92,009
China Motor Corp.
64,200
158,419
China Petrochemical Development Corp.(a)
1,080,145
328,836
China Steel Chemical Corp.
60,000
187,794
Chin-Poon Industrial Co. Ltd.
118,000
159,850
Chipbond Technology Corp.
171,000
358,478
ChipMOS Technologies Inc.
180,000
215,162
Chong Hong Construction Co. Ltd.
60,424
217,528
Chroma ATE Inc.
118,000
1,204,876
Chung Hung Steel Corp.
292,000
176,698
Chung Hwa Pulp Corp.(a)
120,000
72,790
Chung-Hsin Electric & Machinery
Manufacturing Corp.
120,000
644,143
Cleanaway Co. Ltd.
40,000
239,011
Clevo Co.
120,000
221,650
Compeq Manufacturing Co. Ltd.
292,000
749,402
Coretronic Corp.
60,400
152,168
Co-Tech Development Corp.
60,000
121,874
CSBC Corp. Taiwan(a)
240,361
139,985
CTCI Corp.
176,000
276,154
Cub Elecparts Inc.
46,615
146,725
Da-Li Development Co. Ltd.
63,250
123,414
Darfon Electronics Corp.
60,000
99,827
Delpha Construction Co. Ltd.
120,000
182,560
Dynamic Holding Co. Ltd.
60,000
123,424
Dynapack International Technology Corp.
61,000
197,124
EirGenix Inc.(a)
60,000
161,123
Elan Microelectronics Corp.
87,000
400,329
Elite Material Co. Ltd.
78,000
1,138,564
Elite Semiconductor Microelectronics Technology Inc.
60,000
149,622
Ennoconn Corp.
30,000
279,043
Ennostar Inc.
120,184
158,101
Security
Shares
Value
Taiwan (continued)
Episil Technologies Inc.(a)
60,425
$118,189
Eternal Materials Co. Ltd.
240,129
236,583
Etron Technology Inc.(a)
132,294
162,922
Evergreen International Storage & Transport Corp.
180,000
176,172
Evergreen Steel Corp.
60,000
232,681
Everlight Electronics Co. Ltd.
118,000
291,416
Far Eastern Department Stores Ltd.
240,000
212,192
Far Eastern International Bank
716,616
317,324
Faraday Technology Corp.
60,394
575,729
Farglory Land Development Co. Ltd.
90,000
228,323
Feng Hsin Steel Co. Ltd.
120,000
310,776
Fitipower Integrated Technology Inc.
27,332
228,762
FLEXium Interconnect Inc.
60,418
163,823
FocalTech Systems Co. Ltd.
60,000
152,543
Formosa Taffeta Co. Ltd.
120,000
80,184
Fositek Corp.
13,000
326,223
Foxconn Technology Co. Ltd.
240,000
514,380
Foxsemicon Integrated Technology Inc.
25,200
276,915
Fulgent Sun International Holding Co. Ltd.
56,330
212,757
Fusheng Precision Co. Ltd.
26,000
230,864
G Shank Enterprise Co. Ltd.
34,000
114,254
General Interface Solution Holding Ltd.(a)
60,000
115,695
Genius Electronic Optical Co. Ltd.
24,585
434,565
Getac Holdings Corp.
120,000
424,201
Giant Manufacturing Co. Ltd.
118,000
880,502
Global Brands Manufacture Ltd.
115,000
226,877
Global Mixed Mode Technology Inc.
21,000
150,083
Gloria Material Technology Corp.
120,000
179,746
Gold Circuit Electronics Ltd.
114,600
757,903
Goldsun Building Materials Co. Ltd.
300,426
514,684
Gourmet Master Co. Ltd.
60,821
157,408
Grand Pacific Petrochemical(a)
300,161
124,388
Grand Process Technology Corp.
6,000
368,917
Grape King Bio Ltd.
60,000
269,153
Great Tree Pharmacy Co. Ltd.
22,986
138,050
Great Wall Enterprise Co. Ltd.
180,284
301,924
Greatek Electronics Inc.
60,000
112,712
Gudeng Precision Industrial Co. Ltd.
18,000
308,021
Hannstar Board Corp.
60,481
100,786
HannStar Display Corp.(a)
698,320
200,277
Highwealth Construction Corp.
361,909
630,108
Hiwin Technologies Corp.
60,044
406,166
Holtek Semiconductor Inc.
60,000
93,720
Holy Stone Enterprise Co. Ltd.
60,152
171,510
Hota Industrial Manufacturing Co. Ltd.
61,773
130,303
Hotai Finance Co. Ltd.
71,780
222,311
Hsin Kuang Steel Co. Ltd.
120,000
223,687
HTC Corp.(a)
240,000
334,494
Huaku Development Co. Ltd.
66,588
309,657
IBF Financial Holdings Co. Ltd.
677,765
334,082
Innodisk Corp.
29,130
267,576
International CSRC Investment Holdings Co.(a)
240,945
123,553
International Games System Co. Ltd.
74,000
1,805,426
ITE Technology Inc.
60,000
272,580
ITEQ Corp.
60,559
154,532
Jentech Precision Industrial Co. Ltd.
24,399
1,035,497
Jinan Acetate Chemical Co. Ltd.
13,692
394,240
Johnson Health Tech Co. Ltd.
55,000
211,587
JSL Construction & Development Co. Ltd.
25,149
156,736
Kaori Heat Treatment Co. Ltd.
21,047
245,465
Kenda Rubber Industrial Co. Ltd.
240,260
236,233
Kenmec Mechanical Engineering Co. Ltd.
62,088
185,026
59
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Emerging Markets Small-Cap ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Taiwan (continued)
Kerry TJ Logistics Co. Ltd.
120,000
$148,433
Kindom Development Co. Ltd.
120,400
214,617
King Slide Works Co. Ltd.
17,000
675,105
King Yuan Electronics Co. Ltd.
300,000
1,139,447
King's Town Bank Co. Ltd.
234,000
392,783
Kinik Co.
29,000
307,263
Kinpo Electronics
300,000
223,773
Kinsus Interconnect Technology Corp.
60,000
222,301
KMC Kuei Meng International Inc.
15,000
72,848
Kuo Toong International Co. Ltd.
120,134
251,010
L&K Engineering Co. Ltd.
61,489
474,879
Lien Hwa Industrial Holdings Corp.
326,444
642,706
Longchen Paper & Packaging Co. Ltd.(a)
241,775
105,824
Lotes Co. Ltd.
23,181
1,111,299
Lotus Pharmaceutical Co. Ltd.
60,000
538,846
LuxNet Corp.
58,082
212,974
M31 Technology Corp.
7,200
218,219
Machvision Inc.
4,022
45,321
Macronix International Co. Ltd.
480,000
415,906
Makalot Industrial Co. Ltd.
60,391
727,349
Materials Analysis Technology Inc.
6,018
53,892
Medigen Vaccine Biologics Corp.(a)
60,071
93,159
Mercuries & Associates Holding Ltd.
180,030
114,853
Mercuries Life Insurance Co. Ltd.(a)
820,352
204,924
Merida Industry Co. Ltd.
72,000
543,319
Merry Electronics Co. Ltd.
60,616
258,783
Microbio Co. Ltd.(a)
144,718
197,094
Mitac Holdings Corp.
240,383
338,720
MPI Corp.
25,000
601,376
Nan Kang Rubber Tire Co. Ltd.(a)
120,000
202,795
Nan Ya Printed Circuit Board Corp.
60,000
276,604
Nantex Industry Co. Ltd.
120,000
147,251
Nuvoton Technology Corp.
60,000
167,890
OBI Pharma Inc.(a)
65,769
180,921
Oneness Biotech Co. Ltd.(a)
90,820
461,867
Orient Semiconductor Electronics Ltd.
120,000
158,582
Oriental Union Chemical Corp.
180,000
101,339
Pan Jit International Inc.
60,000
104,582
Pan-International Industrial Corp.
120,722
132,492
Parade Technologies Ltd.
23,000
579,888
Pharmally International Holding Co. Ltd.(d)
21,603
—
Phihong Technology Co. Ltd.(a)
120,432
151,021
Phison Electronics Corp.
51,000
852,031
Pixart Imaging Inc.
60,635
393,701
Polaris Group/Tw(a)
120,000
238,492
Powerchip Semiconductor Manufacturing Corp.(a)
780,000
527,357
Powertech Technology Inc.
180,000
820,584
Poya International Co. Ltd.
15,479
243,307
President Securities Corp.
300,623
248,871
Primax Electronics Ltd.
120,000
337,166
Prince Housing & Development Corp.
361,917
129,086
Promate Electronic Co. Ltd.
60,264
173,590
Qisda Corp.
420,000
471,771
Quanta Storage Inc.
56,000
174,683
Radiant Opto-Electronics Corp.
120,000
741,220
Raydium Semiconductor Corp.
18,000
200,369
RichWave Technology Corp.(a)
60,490
349,179
Ruentex Industries Ltd.
180,735
459,465
Run Long Construction Co. Ltd.
60,220
246,593
Sakura Development Co. Ltd.
139,200
305,208
Sanyang Motor Co. Ltd.
176,820
421,995
Scientech Corp.
4,829
65,356
Security
Shares
Value
Taiwan (continued)
ScinoPharm Taiwan Ltd.
60,708
$48,837
SDI Corp.
61,000
262,390
Sercomm Corp.
60,000
209,172
Shihlin Electric & Engineering Corp.
60,000
415,493
Shin Zu Shing Co. Ltd.
60,856
431,004
Shinfox Energy Co. Ltd.
60,000
253,975
Shinkong Insurance Co. Ltd.
60,000
178,581
Shinkong Synthetic Fibers Corp.
360,135
182,734
Shiny Chemical Industrial Co. Ltd.
60,000
309,913
Sigurd Microelectronics Corp.
120,124
293,745
Silicon Integrated Systems Corp.
118,900
257,935
Simplo Technology Co. Ltd.
60,600
704,601
Sinbon Electronics Co. Ltd.
60,000
557,832
Sincere Navigation Corp.
120,000
104,662
Sino-American Silicon Products Inc.
120,000
747,987
Sinyi Realty Inc.
178,778
184,219
Sitronix Technology Corp.
43,000
315,382
Solar Applied Materials Technology Corp.
120,943
250,254
Sporton International Inc.
27,300
192,067
Standard Foods Corp.
118,000
144,320
Sunny Friend Environmental Technology Co. Ltd.
106
313
Sunonwealth Electric Machine Industry Co. Ltd.
60,000
181,009
Sunplus Technology Co. Ltd.(a)
120,000
118,134
Supreme Electronics Co. Ltd.
180,017
422,811
Synmosa Biopharma Corp.
132,952
158,968
Systex Corp.
60,000
227,204
T3EX Global Holdings Corp.
60,000
168,099
TA Chen Stainless Pipe
494,232
563,999
Ta Ya Electric Wire & Cable
252,949
418,369
Taichung Commercial Bank Co. Ltd.
1,080,197
609,732
TaiMed Biologics Inc.(a)
61,793
167,105
Tainan Spinning Co. Ltd.
360,190
185,690
Taiwan Cogeneration Corp.
180,860
251,756
Taiwan Fertilizer Co. Ltd.
180,000
336,931
Taiwan Glass Industry Corp.(a)
350,000
180,897
Taiwan Hon Chuan Enterprise Co. Ltd.
107,004
538,409
Taiwan Mask Corp.
60,000
121,551
Taiwan Paiho Ltd.
91,050
175,041
Taiwan Secom Co. Ltd.
60,450
278,682
Taiwan Semiconductor Co. Ltd.
60,000
123,597
Taiwan Shin Kong Security Co. Ltd.
107,366
140,626
Taiwan Surface Mounting Technology Corp.
60,000
219,745
Taiwan TEA Corp.(a)
180,000
119,487
Taiwan Union Technology Corp.
60,000
329,301
Taiwan-Asia Semiconductor Corp.
120,000
148,974
Tatung Co. Ltd.(a)
420,000
603,143
TCI Co. Ltd.
37,528
169,220
Teco Electric and Machinery Co. Ltd.
360,000
552,357
Test Research Inc.
60,000
299,715
Ton Yi Industrial Corp.
180,000
93,409
Tong Hsing Electronic Industries Ltd.
60,478
269,042
Tong Yang Industry Co. Ltd.
118,133
354,043
Topco Scientific Co. Ltd.
60,704
537,091
TPK Holding Co. Ltd.(a)
118,000
167,160
Transcend Information Inc.
60,000
194,121
Tripod Technology Corp.
120,000
776,536
TSEC Corp.
176,997
135,717
TSRC Corp.
240,000
175,409
TTY Biopharm Co. Ltd.
60,450
141,971
Tung Ho Steel Enterprise Corp.
180,750
441,579
TXC Corp.
120,000
432,791
U-Ming Marine Transport Corp.
120,000
205,563
Schedule of Investments
60
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Emerging Markets Small-Cap ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Taiwan (continued)
Union Bank of Taiwan
258,598
$124,867
Unitech Printed Circuit Board Corp.(a)
180,000
216,825
United Integrated Services Co. Ltd.
60,400
652,276
United Renewable Energy Co. Ltd.(a)
420,059
158,301
Universal Microwave Technology Inc.
14,000
152,735
UPC Technology Corp.
240,741
90,000
USI Corp.
180,070
84,382
Via Technologies Inc.
60,000
249,989
VisEra Technologies Co. Ltd.
32,000
310,297
Visual Photonics Epitaxy Co. Ltd.
60,425
269,021
Wafer Works Corp.
180,918
199,159
Waffer Technology Corp.
41,000
97,701
Wah Lee Industrial Corp.
61,340
260,616
Walsin Technology Corp.
58,000
201,217
Win Semiconductors Corp.(a)
112,000
480,137
WinWay Technology Co. Ltd.
7,000
258,252
Wisdom Marine Lines Co. Ltd.
138,000
290,102
Wistron NeWeb Corp.
120,240
460,155
WT Microelectronics Co. Ltd.
180,711
668,630
XinTec Inc.
60,000
499,053
Xxentria Technology Materials Corp.
83,944
165,426
YFY Inc.
300,000
290,552
Yieh Phui Enterprise Co. Ltd.
245,397
116,191
Yulon Finance Corp.
60,285
271,114
Yulon Motor Co. Ltd.
180,955
308,958
YungShin Global Holding Corp.
60,200
108,386
 
82,989,891
Thailand — 2.9%
AEON Thana Sinsap Thailand PCL, NVDR(c)
24,000
90,701
Amata Corp. PCL, NVDR
300,076
193,972
AP Thailand PCL, NVDR
653,200
163,024
B Grimm Power PCL, NVDR
270,000
160,789
Bangchak Corp. PCL, NVDR
282,000
310,879
Bangkok Chain Hospital PCL, NVDR
413,700
188,240
Bangkok Commercial Asset Management
PCL, NVDR
492,000
109,765
Bangkok Life Assurance PCL, NVDR
190,300
98,453
Banpu PCL, NVDR
2,286,000
367,713
BCPG PCL, NVDR
540,000
97,326
Betagro PCL, NVS
216,000
152,541
BTS Group Holdings PCL, NVDR(a)
2,118,000
265,201
Carabao Group PCL, NVDR
108,000
219,069
Central Plaza Hotel PCL, NVDR
186,400
192,552
CH Karnchang PCL, NVDR
426,000
238,665
Chularat Hospital PCL, NVDR
1,656,000
125,258
CK Power PCL, NVDR
1,062,100
113,436
Com7 PCL, NVDR
324,000
234,514
Dhipaya Group Holdings PCL, NVDR
108,000
84,757
Eastern Polymer Group PCL, NVDR
261,100
30,395
Electricity Generating PCL, NVDR
72,000
227,241
Erawan Group PCL (The), NVDR(c)
1,209,700
136,674
GFPT PCL, NVDR
252,000
93,159
Gunkul Engineering PCL, NVDR
1,704,099
122,505
Hana Microelectronics PCL, NVDR
186,000
214,549
IRPC PCL, NVDR(c)
2,646,000
111,733
I-TAIL Corp. PCL, NVS
240,000
143,854
Jasmine International PCL, NVDR
1,302,164
99,480
JMT Network Services PCL, NVDR
210,000
98,149
KCE Electronics PCL, NVDR
234,000
263,275
Kiatnakin Phatra Bank PCL, NVDR
72,032
97,863
Land & Houses PCL, NVDR
2,244,000
373,802
MBK PCL, NVDR
402,000
205,317
Security
Shares
Value
Thailand (continued)
Mega Lifesciences PCL, NVDR
120,000
$134,096
MK Restaurants Group PCL, NVDR
102,000
80,617
Muangthai Capital PCL, NVDR
228,000
293,476
Ngern Tid Lor PCL, NVDR(c)
392,067
190,536
Osotspa PCL, NVDR
360,000
238,079
Plan B Media PCL, NVDR
952,480
230,528
Pruksa Holding PCL, NVDR(c)
276,000
73,393
PTG Energy PCL, NVDR
72,000
17,974
Quality Houses PCL, NVDR(c)
2,229,867
118,708
Ratch Group PCL, NVDR
312,000
280,636
Sansiri PCL, NVDR
5,226,000
264,243
Sappe PCL(c)
48,000
99,742
Siam Global House PCL, NVDR
486,001
211,541
Siamgas & Petrochemicals PCL, NVDR
111,600
22,752
Sino-Thai Engineering & Construction PCL, NVDR(c)
384,028
98,384
SISB PCL
126,000
111,831
Sri Trang Agro-Industry PCL, NVDR
276,080
181,597
Srisawad Corp. PCL, NVDR
222,000
248,529
Star Petroleum Refining PCL, NVDR(c)
666,000
139,737
Supalai PCL, NVDR
378,000
196,524
Thai Life Insurance PCL, NVDR
632,100
145,675
Thai Union Group PCL, NVDR
768,000
355,712
Thai Vegetable Oil PCL, NVDR
114,160
77,305
Thanachart Capital PCL, NVDR
72,000
107,288
Thonburi Healthcare Group PCL, NVDR(c)
110,400
97,858
Tipco Asphalt PCL, NVDR(c)
288,000
142,958
Tisco Financial Group PCL, NVDR
47,200
133,223
TOA Paint Thailand PCL, NVDR
198,000
105,304
TPI Polene Power PCL, NVDR(c)
1,194,000
105,130
TTW PCL, NVDR
624,000
169,618
VGI PCL, NVDR(a)(c)
1,452,050
104,446
WHA Corp. PCL, NVDR
2,682,000
419,676
 
10,821,967
Turkey — 2.0%
Agrotech Yueksek Teknoloji VE Yatirim AS, NVS(a)
85,132
40,302
Ahlatci Dogal Gaz Dagitim Enerji VE Yatirim AS
240,240
93,655
Akcansa Cimento A/S
15,720
72,897
Akfen Yenilenebilir Enerji A/S, NVS(a)
117,900
75,504
Aksa Akrilik Kimya Sanayii AS
538,560
140,864
Alarko Holding A/S
58,680
165,679
Alfa Solar Enerji Sanayi VE Ticaret A/S, NVS
38,640
64,982
Anadolu Anonim Turk Sigorta Sirketi(a)
63,360
143,003
Aygaz AS
22,740
99,845
Baticim Bati Anadolu Cimento Sanayii A/S(a)
28,200
192,845
Bosch Fren Sistemleri Sanayi ve Ticaret A/S, NVS
4,320
92,240
Can2 Termik AS(a)
1,061,063
52,318
Cimsa Cimento Sanayi VE Ticaret AS
131,284
138,173
Dogan Sirketler Grubu Holding AS
366,120
167,556
Dogus Otomotiv Servis ve Ticaret AS
18,060
126,282
Eczacibasi Yatirim Holding Ortakligi A/S
11,640
72,348
EGE Endustri VE Ticaret AS
540
160,548
EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar
Sanayi ve Ticaret AS
45,300
65,651
Emlak Konut Gayrimenkul Yatirim Ortakligi AS(a)
637,980
218,376
Enerjisa Enerji AS(b)
87,060
153,463
Enerya Enerji A/S, NVS
15,180
90,130
GEN Ilac VE Saglik Urunleri Sanayi VE Ticaret AS
20,520
52,215
Girisim Elektrik Taahhut Ticaret Ve Sanayi AS(a)
44,820
57,327
Hektas Ticaret TAS(a)
297,061
101,699
Is Gayrimenkul Yatirim Ortakligi AS(a)
149,160
69,607
Is Yatirim Menkul Degerler AS
152,760
163,091
61
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Emerging Markets Small-Cap ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Turkey (continued)
Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S,
Class D(a)
298,800
$201,481
Kiler Holding AS(a)
99,600
93,485
Kizilbuk Gayrimenkul Yatirim Ortakligi AS, NVS(a)
1
—
Kontrolmatik Enerji Ve Muhendislik AS, NVS
104,640
151,162
Koza Altin Isletmeleri AS
303,000
223,568
Koza Anadolu Metal Madencilik Isletmeleri AS(a)
48,720
89,298
Kustur Kusadasi Tur. End. A/S, NVS
240
28,669
Mavi Giyim Sanayi Ve Ticaret AS, Class B(b)
107,400
333,633
MIA Teknoloji A/S, NVS(a)
75,780
107,870
Migros Ticaret AS
29,640
421,937
MLP Saglik Hizmetleri AS(a)(b)
24,360
235,757
Nuh Cimento Sanayi AS
18,540
135,917
Otokar Otomotiv Ve Savunma Sanayi AS
15,540
213,337
Oyak Cimento Fabrikalari AS(a)
69,240
139,407
Oyak Yatirim Menkul Degerler AS, NVS(a)
29,820
35,691
Petkim Petrokimya Holding AS(a)
376,620
253,555
Politeknik Metal Sanayi ve Ticaret A/S, NVS(a)
223
51,345
Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret AS
156,776
107,855
SDT Uzay VE Savunma Teknolojileri A/S, NVS
4,182
30,731
Selcuk Ecza Deposu Ticaret ve Sanayi AS
38,400
61,423
Smart Gunes Enerjisi Teknolojileri ArGE Uretim Sanayi
ve Ticaret AS, NVS(a)
57,060
72,514
Sok Marketler Ticaret AS
81,540
126,897
TAV Havalimanlari Holding AS(a)
61,800
453,270
Torunlar Gayrimenkul Yatirim Ortakligi A/S
89,760
126,189
Turkiye Sigorta A/S
343,440
126,804
Turkiye Sinai Kalkinma Bankasi AS(a)
450,118
152,437
Ulker Biskuvi Sanayi AS(a)
66,180
287,469
Verusa Holding A/S
11,220
116,573
Vestel Elektronik Sanayi ve Ticaret AS(a)
46,200
89,561
Zorlu Enerji Elektrik Uretim AS(a)
696,360
92,992
 
7,431,427
United Arab Emirates — 1.1%
Agility Global PLC
888,486
280,612
Agthia Group PJSC
126,695
239,740
Air Arabia PJSC
739,320
543,984
Ajman Bank PJSC(a)
365,340
178,052
Al Waha Capital PJSC
403,380
171,529
AL Yah Satellite Communications Co-PJSC-Yah Sat
307,740
168,400
Amanat Holdings PJSC
413,700
129,533
Aramex PJSC(a)
218,691
144,093
Dana Gas PJSC(a)
1,779,600
329,479
Dubai Financial Market PJSC
481,124
169,087
Dubai Investments PJSC
588,540
326,891
Emirates Central Cooling Systems Corp.
540,000
252,883
Gulf Navigation Holding PJSC(a)
127,920
219,072
National Central Cooling Co. PJSC
235,020
188,766
Parkin Co. PJSC(a)
202,260
194,944
Ras Al Khaimah Ceramics
183,480
114,898
Sharjah Islamic Bank
378,864
233,125
Taaleem Holdings PJSC, NVS
100,020
99,125
 
3,984,213
Total Common Stocks — 99.1%
(Cost: $300,799,100)
370,287,833
Preferred Stocks
Brazil — 0.5%
Alpargatas SA, Preference Shares, NVS
66,252
90,515
Azul SA, Preference Shares, NVS
86,460
82,687
Security
Shares
Value
Brazil (continued)
Banco ABC Brasil SA, Preference Shares, NVS
27,240
$112,373
Banco do Estado do Rio Grande do Sul SA, Class B,
Preference Shares, NVS
41,380
92,217
Banco Pan SA, Preference Shares, NVS
100,278
176,146
Bradespar SA, Preference Shares, NVS
67,380
232,772
Cia. De Sanena Do Parana, Preference Shares, NVS
80,700
83,765
Marcopolo SA, Preference Shares, NVS
256,320
334,274
Metalurgica Gerdau SA, Preference Shares, NVS
136,800
254,621
Randon SA Implementos e Participacoes, Preference
Shares, NVS
54,300
106,077
Unipar Carbocloro SA, Class B, Preference
Shares, NVS
15,312
128,456
Usinas Siderurgicas de Minas Gerais SA Usiminas,
Class A, Preference Shares, NVS
135,000
149,230
 
1,843,133
Chile — 0.1%
Embotelladora Andina SA, Class B, Preference
Shares, NVS
118,238
375,398
Total Preferred Stocks — 0.6%
(Cost: $1,950,229)
2,218,531
Rights
Taiwan — 0.0%
Merry Electronics Co. Ltd.,
(Expires 10/28/24, Strike Price TWD 95)
60,616
1,187
Thailand — 0.0%
BTS Group Holdings Public Co., Ltd., NVDR,
(Expires 10/31/24, Strike Price THB 4.5)
470,666
—
Total Rights — 0.0%
(Cost: $—)
1,187
Warrants
Thailand — 0.0%
VGI Public Co., Ltd., Expires 12/31/25, Strike Price
THB 1.5 )
145,205
4,033
Total Warrants — 0.0%
(Cost: $—)
4,033
Total Long-Term Investments — 99.7%
(Cost: $302,749,329)
372,511,584
Short-Term Securities
Money Market Funds — 3.3%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 5.45%(g)(h)(i)
10,544,110
10,550,436
BlackRock Cash Funds: Treasury, SL Agency Shares,
5.25%(g)(h)
1,930,000
1,930,000
Total Short-Term Securities — 3.3%
(Cost: $12,471,346)
12,480,436
Total Investments — 103.0%
(Cost: $315,220,675)
384,992,020
Liabilities in Excess of Other Assets — (3.0)%
(11,181,882
)
Net Assets — 100.0%
$373,810,138
 
(a)
Non-income producing security.
Schedule of Investments
62
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Emerging Markets Small-Cap ETF
 
(b)
Security exempt from registration pursuant to Rule 144A under the Securities Act of
1933, as amended. These securities may be resold in transactions exempt from
registration to qualified institutional investors.
(c)
All or a portion of this security is on loan.
(d)
Security is valued using significant unobservable inputs and is classified as Level 3 in the
fair value hierarchy.
(e)
Restricted security as to resale, excluding 144A securities. The Fund held restricted
securities with a current value of $285,678, representing 0.1% of its net assets as of
period end, and an original cost of $144,129.
(f)
This security may be resold to qualified foreign investors and foreign institutional buyers
under Regulation S of the Securities Act of 1933.
(g)
Affiliate of the Fund.
(h)
Annualized 7-day yield as of period end.
(i)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2024 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 Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
08/31/24
Shares
Held at
08/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL
Agency Shares
$19,798,508
$—
$(9,252,390
)(a)
$3,181
$1,137
$10,550,436
10,544,110
$673,043
(b)
$—
BlackRock Cash Funds: Treasury, SL Agency
Shares
—
1,930,000
(a)
—
—
—
1,930,000
1,930,000
119,425
—
 
$3,181
$1,137
$12,480,436
$792,468
$—
 
(a)
Represents net amount purchased (sold).
(b)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other
payments to and from borrowers of securities.
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts
MSCI Emerging Markets Index
15
09/20/24
$825
$14,629
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets—Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)
$—
$—
$14,629
$—
$—
$—
$14,629
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's
variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).
63
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Emerging Markets Small-Cap ETF
 
For the period ended August 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from
Futures contracts
$—
$—
$121,350
$—
$—
$—
$121,350
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts
$—
$—
$14,629
$—
$—
$—
$14,629
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$361,251
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
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 
Common Stocks
$67,669,990
$302,146,812
$471,031
$370,287,833
Preferred Stocks
2,218,531
—
—
2,218,531
Rights
—
1,187
—
1,187
Warrants
—
4,033
—
4,033
Short-Term Securities 
Money Market Funds
12,480,436
—
—
12,480,436
 
$82,368,957
$302,152,032
$471,031
$384,992,020
Derivative Financial Instruments(a) 
Assets 
Equity Contracts
$14,629
$—
$—
$14,629
 
(a)
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
See notes to financial statements.
Schedule of Investments
64
Statements of Assets and Liabilities
August 31, 2024
 
 
iShares
Core MSCI
Emerging Markets
ETF
iShares
MSCI BIC
ETF
iShares
MSCI
Emerging
Markets Asia
ETF
iShares
MSCI
Emerging
Markets
Small-Cap
ETF
ASSETS
 
 
 
 
Investments, at value—unaffiliated(a)(b)
$80,013,817,314
$71,035,279
$411,841,463
$372,511,584
Investments, at value—affiliated(c)
3,199,146,874
1,138,673
3,351,232
12,480,436
Cash
—
24,221
88,251
—
Cash pledged for futures contracts
7,973,000
7,000
32,000
26,000
Foreign currency, at value(d)
381,882,171
737,386
3,017,412
1,962,572
Receivables:
 
 
 
 
Investments sold
1,383,839,150
2,111,323
5,461,081
9,060,851
Securities lending income—affiliated
6,231,375
568
5,650
42,375
Dividends—unaffiliated
125,817,379
138,102
276,058
643,188
Dividends—affiliated
2,652,162
7,511
20,072
22,834
From custodian
630,809,205
1,150,980
4,350,144
2,739,637
Tax reclaims
787,382
—
—
14,869
Variation margin on futures contracts
312,770
262
2,364
1,200
Total assets
85,753,268,782
76,351,305
428,445,727
399,505,546
LIABILITIES
 
 
 
 
Bank overdraft
56,027,381
—
—
107,511
Collateral on securities loaned, at value
3,026,576,889
408,749
2,863,073
10,547,591
Payables:
 
 
 
 
Investments purchased
1,523,232,730
2,692,720
7,895,618
9,049,347
Deferred foreign capital gain tax
836,003,623
1,924,766
5,377,727
5,705,071
Foreign taxes
2,860,308
22,607
—
56,933
Investment advisory fees
5,968,981
42,905
167,989
224,445
Professional fees
761,791
—
—
4,510
Total liabilities
5,451,431,703
5,091,747
16,304,407
25,695,408
Commitments and contingent liabilities
 
 
 
 
NET ASSETS
$80,301,837,079
$71,259,558
$412,141,320
$373,810,138
NET ASSETS CONSIST OF
 
 
 
 
Paid-in capital
$78,566,179,351
$318,775,067
$486,957,163
$325,032,310
Accumulated earnings (loss)
1,735,657,728
(247,515,509)
(74,815,843)
48,777,828
NET ASSETS
$80,301,837,079
$71,259,558
$412,141,320
$373,810,138
NET ASSET VALUE
 
 
 
 
Shares outstanding
1,471,200,000
1,950,000
5,600,000
6,000,000
Net asset value
$54.58
$36.54
$73.60
$62.30
Shares authorized
15 billion
500 million
500 million
500 million
Par value
$0.001
$0.001
$0.001
$0.001
(a) Investments, at cost—unaffiliated
$66,556,427,869
$86,242,349
$354,961,796
$302,749,329
(b) Securities loaned, at value
$2,828,162,720
$375,144
$2,698,446
$9,478,499
(c) Investments, at cost—affiliated
$3,197,141,552
$1,138,269
$3,348,264
$12,471,346
(d) Foreign currency, at cost
$381,801,637
$737,943
$3,016,212
$1,961,589
See notes to financial statements.
65
2024 iShares Annual Financial Statements
Statements of Operations
Year Ended August 31, 2024  
 
 
iShares
Core MSCI
Emerging Markets
ETF
iShares
MSCI BIC
ETF
iShares
MSCI
Emerging
Markets Asia
ETF
iShares
MSCI
Emerging
Markets
Small-Cap
ETF
INVESTMENT INCOME
Dividends—unaffiliated
$2,216,637,600
$2,041,208
$10,189,918
$9,284,559
Dividends—affiliated
17,931,105
58,201
165,798
119,425
Interest—unaffiliated
794,287
1,372
6,381
13,441
Securities lending income—affiliated—net(a)
68,367,344
10,152
54,260
673,043
Other income—unaffiliated
3,961,417
—
—
11,279
Foreign taxes withheld
(243,124,530
)
(174,664
)
(1,323,668
)
(1,150,673
)
Foreign withholding tax claims
4,732,048
—
—
32,103
Other foreign taxes
—
—
(7,077
)
(23,224
)
Total investment income
2,069,299,271
1,936,269
9,085,612
8,959,953
EXPENSES
Investment advisory
67,297,318
508,474
2,072,177
2,594,677
Professional
869,667
—
—
4,338
Interest expense
497,021
—
4,854
24,239
Commitment costs
38,715
1,143
6,800
5,847
Total expenses
68,702,721
509,617
2,083,831
2,629,101
Less:
Investment advisory fees waived
(1,711,461
)
—
—
—
Total expenses after fees waived
66,991,260
509,617
2,083,831
2,629,101
Net investment income
2,002,308,011
1,426,652
7,001,781
6,330,852
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments—unaffiliated(b)
(2,176,990,433
)
(4,654,690
)
(11,820,927
)
778,312
Investments—affiliated
95,103
(216
)
534
3,181
Foreign currency transactions
(17,044,669
)
(21,566
)
(132,278
)
(182,477
)
Futures contracts
5,837,984
(6,668
)
96,873
121,350
In-kind redemptions—unaffiliated(c)
55,935,373
(258,652
)
(6,233,943
)
949,422
 
(2,132,166,642
)
(4,941,792
)
(18,089,741
)
1,669,788
Net change in unrealized appreciation (depreciation) on:
Investments—unaffiliated(d)
10,356,332,288
9,163,012
67,775,344
40,611,660
Investments—affiliated
802,935
122
568
1,137
Foreign currency translations
(1,146,633
)
(2,730
)
4,500
2,369
Futures contracts
9,985,350
6,217
22,149
14,629
 
10,365,973,940
9,166,621
67,802,561
40,629,795
Net realized and unrealized gain
8,233,807,298
4,224,829
49,712,820
42,299,583
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
$10,236,115,309
$5,651,481
$56,714,601
$48,630,435
(a) Net of securities lending income tax paid of
$8,840,298
$—
$—
$—
(b) Net of foreign capital gain tax and capital gain tax refund, if applicable of
$(6,926,802
)
$(141,449
)
$(1,206,995
)
$(1,604,038
)
(c) See Note 2 of the Notes to Financial Statements.
(d) Net of increase in deferred foreign capital gain tax of
$(672,507,145
)
$(1,215,261
)
$(3,311,206
)
$(3,899,980
)
See notes to financial statements.
Statements of Operations
66
Statements of Changes in Net Assets
 
 
iShares
Core MSCI Emerging Markets ETF
iShares
MSCI BIC ETF
 
Year Ended
08/31/24
Year Ended(a)
08/31/23
Year Ended
08/31/24
Year Ended
08/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$2,002,308,011
$1,889,943,041
$1,426,652
$1,403,185
Net realized gain (loss)
(2,132,166,642
)
339,899,724
(4,941,792
)
(11,178,976
)
Net change in unrealized appreciation (depreciation)
10,365,973,940
(144,518,923
)
9,166,621
7,015,413
Net increase (decrease) in net assets resulting from operations
10,236,115,309
2,085,323,842
5,651,481
(2,760,378
)
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders
(2,168,045,913
)
(1,577,225,963
)
(993,063
)
(1,466,684
)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions
1,021,994,291
5,471,592,469
(3,598,747
)
(15,553,387
)
NET ASSETS
Total increase (decrease) in net assets
9,090,063,687
5,979,690,348
1,059,671
(19,780,449
)
Beginning of year
71,211,773,392
65,232,083,044
70,199,887
89,980,336
End of year
$80,301,837,079
$71,211,773,392
$71,259,558
$70,199,887
 
(a)
Consolidated Statement of Changes in Net Assets.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
See notes to financial statements.
67
2024 iShares Annual Financial Statements
Statements of Changes in Net Assets(continued)
 
 
iShares
MSCI Emerging Markets Asia ETF
iShares
MSCI Emerging Markets Small-Cap
ETF
 
Year Ended
08/31/24
Year Ended
08/31/23
Year Ended
08/31/24
Year Ended(a)
08/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$7,001,781
$9,398,020
$6,330,852
$8,372,097
Net realized gain (loss)
(18,089,741
)
(63,641,649
)
1,669,788
7,121,698
Net change in unrealized appreciation (depreciation)
67,802,561
45,884,457
40,629,795
34,787,933
Net increase (decrease) in net assets resulting from operations
56,714,601
(8,359,172
)
48,630,435
50,281,728
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders
(8,983,682
)
(8,905,772
)
(8,999,836
)
(5,397,487
)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions
(164,341,006
)
(25,364,343
)
15,712,065
(62,550,583
)
NET ASSETS
Total increase (decrease) in net assets
(116,610,087
)
(42,629,287
)
55,342,664
(17,666,342
)
Beginning of year
528,751,407
571,380,694
318,467,474
336,133,816
End of year
$412,141,320
$528,751,407
$373,810,138
$318,467,474
 
(a)
Consolidated Statement of Changes in Net Assets.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
See notes to financial statements.
Statements of Changes in Net Assets
68
Financial Highlights
(For a share outstanding throughout each period)
 
 
iShares Core MSCI Emerging Markets ETF
 
Year Ended
08/31/24
Year Ended
08/31/23(a)
Year Ended
08/31/22(a)
Year Ended
08/31/21(a)
Year Ended
08/31/20(a)
Net asset value, beginning of year
$49.10
$48.75
$64.18
$53.34
$48.31
Net investment income(b)
1.36
(c)
1.35
1.67
1.33
1.46
Net realized and unrealized gain (loss)(d)
5.61
0.14
(15.13
)
10.70
5.21
Net increase (decrease) from investment operations
6.97
1.49
(13.46
)
12.03
6.67
Distributions from net investment income(e)
(1.49
)
(1.14
)
(1.97
)
(1.19
)
(1.64
)
Net asset value, end of year
$54.58
$49.10
$48.75
$64.18
$53.34
Total Return(f)
Based on net asset value
14.50
%(c)
3.13
%
(21.40
)%
22.67
%
13.97
%
Ratios to Average Net Assets(g)
Total expenses
0.09
%
0.10
%
0.10
%
0.12
%
0.14
%
Total expenses after fees waived
0.09
%
0.09
%
0.10
%
0.12
%
0.14
%
Total expenses excluding professional fees for foreign withholding tax claims
0.09
%
N/A
0.10
%
0.11
%
0.14
%
Net investment income
2.68
%(c)
2.81
%
2.97
%
2.12
%
2.97
%
Supplemental Data
Net assets, end of year (000)
$80,301,837
$71,211,773
$65,232,083
$80,599,322
$54,628,381
Portfolio turnover rate(h)
7
%
21
%
7
%
9
%
15
%
(a) Consolidated Financial Highlights.
(b) Based on average shares outstanding.
(c) Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2024:
• Net investment income per share by $0.00.
.• Total return by 0.00%.
.• Ratio of net investment income to average net assets by 0.01%.
(d) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(e) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(f) Where applicable, assumes the reinvestment of distributions.
(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(h) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
69
2024 iShares Annual Financial Statements
Financial Highlights(continued)
(For a share outstanding throughout each period)
 
 
iShares MSCI BIC ETF
 
Year Ended
08/31/24
Year Ended
08/31/23
Year Ended
08/31/22
Year Ended
08/31/21(a)
Year Ended
08/31/20(a)
Net asset value, beginning of year
$34.24
$35.99
$50.27
$47.46
$40.23
Net investment income(b)
0.70
0.62
0.91
0.62
0.55
Net realized and unrealized gain (loss)(c)
2.08
(1.72
)
(13.74
)
2.74
7.34
Net increase (decrease) from investment operations
2.78
(1.10
)
(12.83
)
3.36
7.89
Distributions from net investment income(d)
(0.48
)(e)
(0.65
)
(1.45
)
(0.55
)
(0.66
)
Net asset value, end of year
$36.54
$34.24
$35.99
$50.27
$47.46
Total Return(f)
Based on net asset value
8.26
%
(3.05
)%
(26.03
)%
7.09
%
19.78
%
Ratios to Average Net Assets(g)
Total expenses
0.72
%
0.70
%
0.69
%
0.70
%
0.70
%
Net investment income
2.02
%
1.80
%
2.15
%
1.20
%
1.29
%
Supplemental Data
Net assets, end of year (000)
$71,260
$70,200
$89,980
$158,342
$147,123
Portfolio turnover rate(h)
10
%
9
%
12
%
80
%
42
%
(a) Consolidated Financial Highlights.
(b) Based on average shares outstanding.
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(e) A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
(f) Where applicable, assumes the reinvestment of distributions.
(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(h) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
Financial Highlights
70
Financial Highlights(continued)
(For a share outstanding throughout each period)
 
 
iShares MSCI Emerging Markets Asia ETF
 
Year Ended
08/31/24
Year Ended
08/31/23
Year Ended
08/31/22
Year Ended
08/31/21(a)
Year Ended
08/31/20(a)
Net asset value, beginning of year
$65.28
$66.44
$88.19
$75.48
$62.82
Net investment income(b)
1.12
1.16
1.25
1.28
1.12
Net realized and unrealized gain (loss)(c)
8.62
(1.22
)
(20.98
)
12.32
12.79
Net increase (decrease) from investment operations
9.74
(0.06
)
(19.73
)
13.60
13.91
Distributions from net investment income(d)
(1.42
)
(1.10
)
(2.02
)
(0.89
)
(1.25
)
Net asset value, end of year
$73.60
$65.28
$66.44
$88.19
$75.48
Total Return(e)
Based on net asset value
15.23
%
(0.08
)%
(22.77
)%
18.11
%
22.31
%
Ratios to Average Net Assets(f)
Total expenses
0.49
%
0.49
%
0.49
%
0.50
%
0.50
%
Net investment income
1.66
%
1.79
%
1.62
%
1.46
%
1.68
%
Supplemental Data
Net assets, end of year (000)
$412,141
$528,751
$571,381
$881,929
$558,558
Portfolio turnover rate(g)
7
%
31
%
24
%
48
%
20
%
(a) Consolidated Financial Highlights.
(b) Based on average shares outstanding.
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(e) Where applicable, assumes the reinvestment of distributions.
(f) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
71
2024 iShares Annual Financial Statements
Financial Highlights(continued)
(For a share outstanding throughout each period)
 
 
iShares MSCI Emerging Markets Small-Cap ETF
 
Year Ended
08/31/24
Year Ended
08/31/23(a)
Year Ended
08/31/22(a)
Year Ended
08/31/21(a)
Year Ended
08/31/20(a)
Net asset value, beginning of year
$55.87
$50.17
$62.28
$44.74
$41.51
Net investment income(b)
1.02
(c)
1.17
1.24
0.96
0.85
Net realized and unrealized gain (loss)(d)
6.89
5.26
(11.56
)
17.81
3.52
Net increase (decrease) from investment operations
7.91
6.43
(10.32
)
18.77
4.37
Distributions from net investment income(e)
(1.48
)
(0.73
)
(1.79
)
(1.23
)
(1.14
)
Net asset value, end of year
$62.30
$55.87
$50.17
$62.28
$44.74
Total Return(f)
Based on net asset value
14.41
%(c)
12.99
%
(17.00
)%
42.38
%
10.68
%
Ratios to Average Net Assets(g)
Total expenses
0.73
%
0.71
%
0.70
%
0.69
%
0.71
%
Net investment income
1.75
%(c)
2.30
%
2.20
%
1.72
%
2.07
%
Supplemental Data
Net assets, end of year (000)
$373,810
$318,467
$336,134
$417,274
$212,511
Portfolio turnover rate(h)
33
%
43
%
53
%
34
%
46
%
(a) Consolidated Financial Highlights.
(b) Based on average shares outstanding.
(c) Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2024:
• Net investment income per share by $0.00.
.• Total return by 0.01%.
.• Ratio of net investment income to average net assets by 0.01%.
(d) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(e) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(f) Where applicable, assumes the reinvestment of distributions.
(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(h) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
Financial Highlights
72
Notes to Financial Statements
1. ORGANIZATION
iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is organized as a Maryland corporation and is authorized to have multiple series or portfolios.
These consolidated financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”): 
iShares ETF
Diversification
Classification
Core MSCI Emerging Markets
Diversified
MSCI BIC
Diversified
MSCI Emerging Markets Asia
Diversified
MSCI Emerging Markets Small-Cap
Diversified
Basis of Consolidation: The accompanying consolidated financial statements for Core MSCI Emerging Markets and MSCI Emerging Markets Small-Cap included the accounts of its subsidiary in the Republic of Mauritius, which was a wholly-owned subsidiary (each, a “Subsidiary”) of the Fund that invested in Indian securities. On April 26, 2023, each Fund filed to liquidate its Subsidiary with the Mauritius Financial Services Commission.
2. SIGNIFICANT ACCOUNTING POLICIES
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period.  Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method.  Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.  Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.
Foreign Currency Translation: Each Fund's books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.
Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.  
Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions.  All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests.  These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows:  foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of August 31, 2024, if any, are disclosed in the Statements of Assets and Liabilities.
Consistent with U.S. GAAP accrual requirements, for uncertain tax positions, each Fund recognizes tax reclaims when the Fund determines that it is more likely than not that the Fund will sustain its position that it is due the reclaim. 
The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes. 
Bank Overdraft: Certain Funds had outstanding cash disbursements exceeding deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.
73
2024 iShares Annual Financial Statements
Notes to Financial Statements  (continued)
Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.
In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.
Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.
Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.
3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS
Investment  Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Directors of the Company (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.
• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.
• Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.
Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.
Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.
Fair  Value Hierarchy: 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).
Notes to Financial Statements
74
Notes to Financial Statements  (continued)
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 that may not have a secondary market and/or may have 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.
4. SECURITIES AND OTHER INVESTMENTS
Warrants: Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.
Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.
Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.
75
2024 iShares Annual Financial Statements
Notes to Financial Statements  (continued)
As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:  
iShares ETF and Counterparty
Securities Loaned
at Value
Cash Collateral
Received(a)
Non-Cash Collateral
Received, at Fair Value(a)
Net Amount
Core MSCI Emerging Markets
Barclays Bank PLC
$4,245,792
$(4,245,792)
$—
$—
Barclays Capital, Inc.
38,112,431
(38,112,431)
—
—
BNP Paribas SA
7,561,849
(7,561,849)
—
—
BofA Securities, Inc.
161,874,660
(161,874,660)
—
—
Citadel Clearing LLC
151,145
(151,145)
—
—
Citigroup Global Markets Ltd.
188,471,772
(188,471,772)
—
—
Citigroup Global Markets, Inc.
43,890,555
(43,890,555)
—
—
Goldman Sachs & Co. LLC
204,654,951
(204,654,951)
—
—
Goldman Sachs International
241,641,163
(241,641,163)
—
—
HSBC Bank PLC
4,008,179
(4,008,179)
—
—
J.P. Morgan Securities LLC
77,167,538
(77,167,538)
—
—
J.P. Morgan Securities PLC
570,070,627
(570,070,627)
—
—
Jefferies LLC
763,709
(763,709)
—
—
Macquarie Bank Ltd.
25,431,627
(25,431,627)
—
—
Merrill Lynch International
259,522,940
(259,522,940)
—
—
Mizuho Securities USA LLC
21,410
(21,410)
—
—
Morgan Stanley
936,569,688
(936,569,688)
—
—
Natixis SA
135,516
(135,516)
—
—
Nomura Securities International, Inc.
4,607,297
(4,607,297)
—
—
SG Americas Securities LLC
1,607,457
(1,607,457)
—
—
State Street Bank & Trust Co.
1,340,487
(1,340,487)
—
—
UBS AG
23,970,669
(23,970,669)
—
—
UBS Europe SE
27,645,882
(27,645,882)
—
—
UBS Securities LLC
2,648,233
(2,648,233)
—
—
Virtu Americas LLC
2,047,143
(2,034,493)
—
12,650(b)
 
$2,828,162,720
$(2,828,150,070)
$—
$12,650
MSCI BIC
Barclays Capital, Inc.
$42,690
$(42,690)
$—
$—
Citigroup Global Markets, Inc.
77,750
(77,750)
—
—
HSBC Bank PLC
75,687
(75,687)
—
—
Morgan Stanley
172,000
(172,000)
—
—
SG Americas Securities LLC
7,017
(7,017)
—
—
 
$375,144
$(375,144)
$—
$—
MSCI Emerging Markets Asia
Barclays Capital, Inc.
$122,300
$(122,300)
$—
$—
BofA Securities, Inc.
267,328
(267,328)
—
—
Goldman Sachs & Co. LLC
137,228
(137,228)
—
—
J.P. Morgan Securities LLC
152,290
(152,290)
—
—
J.P. Morgan Securities PLC
84,519
(84,519)
—
—
Macquarie Bank Ltd.
36,096
(36,096)
—
—
Morgan Stanley
1,898,685
(1,898,685)
—
—
 
$2,698,446
$(2,698,446)
$—
$—
Notes to Financial Statements
76
Notes to Financial Statements  (continued)
iShares ETF and Counterparty
Securities Loaned
at Value
Cash Collateral
Received(a)
Non-Cash Collateral
Received, at Fair Value(a)
Net Amount
MSCI Emerging Markets Small-Cap
Barclays Bank PLC
$28,090
$(28,090)
$—
$—
Barclays Capital, Inc.
240,756
(240,756)
—
—
BNP Paribas SA
18,707
(18,707)
—
—
BofA Securities, Inc.
1,301,946
(1,301,946)
—
—
Citigroup Global Markets, Inc.
209,323
(209,323)
—
—
Goldman Sachs & Co. LLC
609,214
(609,214)
—
—
HSBC Bank PLC
2,573,381
(2,573,381)
—
—
J.P. Morgan Securities LLC
667,642
(667,642)
—
—
J.P. Morgan Securities PLC
512,445
(512,445)
—
—
Mizuho Securities USA LLC
8,326
(8,326)
—
—
Morgan Stanley
2,494,730
(2,494,730)
—
—
SG Americas Securities LLC
57,932
(57,932)
—
—
State Street Bank & Trust Co.
42,516
(42,516)
—
—
UBS AG
713,491
(713,491)
—
—
 
$9,478,499
$(9,478,499)
$—
$—
 
(a)
Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s
Statements of Assets and Liabilities.
(b)
The market value of the loaned securities is determined as of August 31, 2024. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA.
The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.
5. DERIVATIVE FINANCIAL INSTRUMENTS
Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).
Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.
Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of  Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.
6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent directors).
For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows: 
iShares ETF
Investment Advisory Fees
Core MSCI Emerging Markets
0.09%
MSCI Emerging Markets Asia
0.49
77
2024 iShares Annual Financial Statements
Notes to Financial Statements  (continued)
For its investment advisory services to each of the iShares MSCI BIC and iShares MSCI Emerging Markets Small-Cap ETFs, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows: 
Aggregate Average Daily Net Assets
Investment Advisory Fees
First $14 billion
0.75%
Over $14 billion, up to and including $28 billion
0.68
Over $28 billion, up to and including $42 billion
0.61
Over $42 billion, up to and including $56 billion
0.54
Over $56 billion, up to and including $70 billion
0.47
Over $70 billion, up to and including $84 billion
0.41
Over $84 billion
0.35
Expense Waivers: The total of the investment advisory fee and any fund other expenses are a fund’s total annual operating expenses. For the iShares Core MSCI Emerging Markets ETF, BFA has contractually agreed to waive a portion of its investment advisory fee through December 31, 2025 in order to limit the Fund’s total annual operating expenses after fee waiver to 0.09% of average daily net assets.  
This amount is included in investment advisory fees waived in the Statements of Operations. For the year ended August 31, 2024, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:  
iShares ETF
Amounts Waived
Core MSCI Emerging Markets
$1,711,461
Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.
Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions.  As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, redemption fee, distribution fee or service fee. The money market fund in which the cash collateral has been invested may impose a discretionary liquidity fee of up to 2% of the value redeemed, if such fee is determined to be in the best interests of such money market fund.
Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended August 31, 2024, the Funds paid BTC the following amounts for securities lending agent services: 
iShares ETF
Amounts
Core MSCI Emerging Markets
$17,023,592
MSCI BIC
2,400
MSCI Emerging Markets Asia
12,606
MSCI Emerging Markets Small-Cap
140,509
Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.
Notes to Financial Statements
78
Notes to Financial Statements  (continued)
Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.
For the year ended August 31, 2024, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows: 
iShares ETF
Purchases
Sales
Net Realized
Gain (Loss)
Core MSCI Emerging Markets
$8,291,414
$285,155,425
$(125,561,072)
MSCI BIC
13,687
696,516
(1,485,596)
MSCI Emerging Markets Asia
642,231
2,584,469
(3,614,540)
MSCI Emerging Markets Small-Cap
15,963,821
8,013,058
5,257,589
Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate.  The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.
A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.
7. PURCHASES AND SALES
For the year ended August 31, 2024, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows: 
iShares ETF
Purchases
Sales
Core MSCI Emerging Markets
$5,429,167,297
$5,184,536,842
MSCI BIC
7,283,381
10,371,279
MSCI Emerging Markets Asia
29,155,461
144,140,180
MSCI Emerging Markets Small-Cap
127,054,154
119,513,597
For the year ended August 31, 2024, in-kind transactions were as follows: 
iShares ETF
In-kind
Purchases
In-kind
Sales
Core MSCI Emerging Markets
$13,357,435
$158,670,461
MSCI BIC
—
1,430,688
MSCI Emerging Markets Asia
—
54,999,516
MSCI Emerging Markets Small-Cap
5,178,455
6,435,650
8. INCOME TAX INFORMATION
Each Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes.  It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.
Management has analyzed tax laws and regulations and their application to the Funds as of August 31, 2024, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements. Management’s analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds’ NAV.
U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting.  These reclassifications have no effect on net assets or NAV per share. As of August 31, 2024, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts: 
iShares ETF
Paid-in Capital
Accumulated
Earnings (Loss)
Core MSCI Emerging Markets
$19,908,550
$ (19,908,550)
MSCI BIC
(559,167)
559,167
MSCI Emerging Markets Asia
(14,108,015)
14,108,015
MSCI Emerging Markets Small-Cap
846,852
(846,852)
79
2024 iShares Annual Financial Statements
Notes to Financial Statements  (continued)
The tax character of distributions paid was as follows:  
iShares ETF
Year Ended
08/31/24
Year Ended
08/31/23
Core MSCI Emerging Markets
Ordinary income
$2,168,045,913
$1,577,225,963
MSCI BIC
Ordinary income
$993,063
$1,466,684
MSCI Emerging Markets Asia
Ordinary income
$8,983,682
$8,905,772
MSCI Emerging Markets Small-Cap
Ordinary income
$8,999,836
$5,397,487
As of August 31, 2024, the tax components of accumulated net earnings (losses) were as follows: 
iShares ETF
Undistributed
Ordinary Income
Non-expiring
Capital Loss
Carryforwards(a)
Net Unrealized
Gains (Losses)(b)
Total
Core MSCI Emerging Markets
$1,315,684,507
$(12,004,047,215)
$12,424,020,436
$1,735,657,728
MSCI BIC
903,482
(231,286,354)
(17,132,637)
(247,515,509)
MSCI Emerging Markets Asia
5,939,584
(128,974,754)
48,219,327
(74,815,843)
MSCI Emerging Markets Small-Cap
5,857,711
(6,181,433)
49,101,550
48,777,828
 
(a)
Amounts available to offset future realized capital gains.
(b)
The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of
unrealized gains (losses) on certain futures contracts, the timing and recognition of partnership income, the characterization of corporate actions, the realization for tax purposes of
unrealized gains on investments in passive foreign investment companies and the timing and recognition of realized gains/losses for tax purposes.
For the year ended August 31, 2024, the iShares MSCI Emerging Markets Small-Cap ETF utilized $106,332 of its capital loss carryforwards.
A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.
As of August 31, 2024, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows: 
iShares ETF
Tax Cost
Gross Unrealized
Appreciation
Gross Unrealized
Depreciation
Net Unrealized
Appreciation
(Depreciation)
Core MSCI Emerging Markets
$69,952,471,430
$26,056,424,924
$(12,795,932,166)
$13,260,492,758
MSCI BIC
87,378,306
16,659,196
(31,863,550)
(15,204,354)
MSCI Emerging Markets Asia
361,599,137
149,862,922
(96,269,364)
53,593,558
MSCI Emerging Markets Small-Cap
330,180,810
94,035,691
(39,224,481)
54,811,210
9. LINE OF CREDIT
The Funds, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on October 16, 2024. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.
During the year ended August 31, 2024, the iShares MSCI BIC ETF did not borrow under the Syndicated Credit Agreement.
Notes to Financial Statements
80
Notes to Financial Statements  (continued)
For the year ended August 31, 2024, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Syndicated Credit Agreement were as follows:  
iShares ETF
Maximum
Amount
Borrowed
Average
Borrowing
Weighted
Average
Interest Rates
Core MSCI Emerging Markets
$380,000,000
$7,001,137
6.44%
MSCI Emerging Markets Asia
2,730,000
74,098
6.44
MSCI Emerging Markets Small-Cap
6,933,000
330,923
6.77
10. PRINCIPAL RISKS
In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.
BFA uses an indexing approach to try to achieve each Fund’s investment objective. The Fund is not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.
The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to discretionary liquidity fees under certain circumstances.
Market Risk:  Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) lack of reliable settlement procedures and significant delays in registering the transfer of securities; (iii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iv) lack of publicly available or reliable information about issuers as a result of not being subject to the same degree of regulatory requirements and accounting, auditing and financial reporting standards; and (v) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments.
Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.
The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore each Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by each Fund, and each Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. Each Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.
Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.
With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including
81
2024 iShares Annual Financial Statements
Notes to Financial Statements  (continued)
the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.
Geographic/Asset Class Risk:  A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.
Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedule of Investments.
Certain Funds invest a significant portion of their assets in securities of issuers located in China or with significant exposure to Chinese issuers. Investments in Chinese securities, including certain Hong Kong-listed securities, involve risks specific to China. China may be subject to considerable degrees of economic, political and social instability and demonstrates significantly higher volatility from time to time in comparison to developed markets. Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries may disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation.  Incidents involving China’s or the region’s security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and a fund’s investments. Reduction in spending on Chinese products and services, supply chain diversification, institution of tariffs, sanctions or other trade barriers, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. In addition, measures may be taken to limit the flow of capital and/or sanctions may be imposed, which could prohibit or restrict the ability to own or transfer fund assets and may also include retaliatory actions, such as seizure of fund assets.
Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.
Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors.  When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. 
Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.
11. CAPITAL SHARE TRANSACTIONS
Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.
Transactions in capital shares were as follows: 
 
Year Ended
08/31/24
Year Ended
08/31/23
iShares ETF
Shares
Amount
Shares
Amount
Core MSCI Emerging Markets
Shares sold
31,200,000
$1,530,135,626
138,000,000
$6,641,906,049
Shares redeemed
(10,200,000
)
(508,141,335
)
(25,800,000
)
(1,170,313,580
)
 
21,000,000
$1,021,994,291
112,200,000
$5,471,592,469
MSCI BIC
Shares sold
—
$9,345
—
$(15,669
)
Shares redeemed
(100,000
)
(3,608,092
)
(450,000
)
(15,537,718
)
 
(100,000
)
$(3,598,747
)
(450,000
)
$(15,553,387
)
Notes to Financial Statements
82
Notes to Financial Statements  (continued)
 
Year Ended
08/31/24
Year Ended
08/31/23
iShares ETF
Shares
Amount
Shares
Amount
MSCI Emerging Markets Asia
Shares sold
—
$79,061
2,200,000
$149,886,468
Shares redeemed
(2,500,000
)
(164,420,067
)
(2,700,000
)
(175,250,811
)
 
(2,500,000
)
$(164,341,006
)
(500,000
)
$(25,364,343
)
MSCI Emerging Markets Small-Cap
Shares sold
800,000
$46,017,061
1,400,000
$70,564,319
Shares redeemed
(500,000
)
(30,304,996
)
(2,400,000
)
(133,114,902
)
 
300,000
$15,712,065
(1,000,000
)
$(62,550,583
)
The consideration for the purchase of Creation Units of a fund in the Company generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash.  Certain funds in the Company may be offered in Creation Units solely or partially for cash in U.S. dollars.  Authorized Participants purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Company’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash.  Authorized Participants transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.
To the extent applicable, to facilitate the timely settlement of orders for Funds using a clearing facility outside of the continuous net settlement process, the Funds, at their sole discretion, may permit an Authorized Participant to post cash as collateral in anticipation of the delivery of all or a portion of the applicable Deposit Securities or Fund Securities, as further described in the applicable Authorized Participant Agreement. The collateral process is subject to a Control Agreement among the Authorized Participant, each Funds’ custodian, and the Funds. In the event that the Authorized Participant fails to deliver all or a portion of the applicable Deposit Securities or Fund Securities, the Funds may exercise control over such collateral pursuant to the terms of the Control Agreement in order to purchase the applicable Deposit Securities or Fund Securities.
From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.
12. FOREIGN WITHHOLDING TAX CLAIMS
Certain of the outstanding foreign tax reclaims are not deemed by the Funds to meet the recognition criteria under U.S. GAAP as of August 31, 2024 and have not been recorded in the applicable Fund’s net asset value. The recognition by the Funds of these amounts would have a positive impact on the applicable Fund's performance. If a Fund receives a tax refund that has not been previously recorded, investors in the Fund at the time the claim is successful will benefit from any resulting increase in the Fund’s NAV. Investors who sold their shares prior to such time will not benefit from such NAV increase.
The Internal Revenue Service (“IRS”) has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which each of the iShares Core MSCI Emerging Markets ETF and iShares MSCI Emerging Markets Small-Cap ETF is able to pass through to shareholders as a foreign tax credit in the current year, each of the Funds will be able to offset the prior years’ withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Funds.
13. SUBSEQUENT EVENTS
Management’s evaluation of the impact of all subsequent events on the Funds’ financial statements was completed through the date the financial statements were available to be issued and the following item was noted:
Effective October 16, 2024, the Syndicated Credit Agreement to which the Participating Funds are party was amended to extend the maturity date to October 15, 2025 under the same terms.
83
2024 iShares Annual Financial Statements
Report of Independent Registered Public Accounting Firm
To the Board of Directors of
iShares, Inc. and Shareholders of each of the four funds listed in the table below
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (four of the funds constituting iShares, Inc., hereafter collectively referred to as the "Funds") as of August 31, 2024, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of August 31, 2024, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America. 
iShares Core MSCI Emerging Markets ETF(1)
iShares MSCI BIC ETF(2)
iShares MSCI Emerging Markets Asia ETF(2)
iShares MSCI Emerging Markets Small-Cap ETF(1)
(1) Statement of operations for the year ended August 31, 2024, statement of changes in net assets for the year ended August 31, 2024, consolidated statement of changes in net assets for the year ended August 31, 2023, the financial highlights for the year ended August 31, 2024 and the consolidated financial highlights for each of the four years in the period ended August 31, 2023
(2) Statement of operations for the year ended August 31, 2024, statement of changes in net assets for each of the two years in the period ended August 31, 2024, the financial highlights for each of the three years in the period ended August 31, 2024 and the consolidated financial highlights for each of the two years in the period ended August 31, 2021
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
October 24, 2024
We have served as the auditor of one or more BlackRock investment companies since 2000.
Report of Independent Registered Public Accounting Firm
84
Important Tax Information (unaudited)
The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended August 31, 2024: 
iShares ETF
Qualified Dividend
Income
Core MSCI Emerging Markets
$1,023,199,951
MSCI BIC
1,031,434
MSCI Emerging Markets Asia
5,647,093
MSCI Emerging Markets Small-Cap
3,675,487
The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended August 31, 2024: 
iShares ETF
Foreign Source
Income Earned
Foreign
Taxes Paid
Core MSCI Emerging Markets
$2,217,685,842
$246,704,892
MSCI BIC
2,036,297
291,995
MSCI Emerging Markets Asia
10,171,867
2,574,889
MSCI Emerging Markets Small-Cap
9,295,840
2,665,033
85
2024 iShares Annual Financial Statements
Additional Information
Premium/Discount Information
Information on the Fund's net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.
Regulation under the Alternative Investment Fund Managers Directive
The Alternative Investment Fund Managers Directive, and its United Kingdom (“UK”) equivalent, (the “AIFMD”) impose detailed and prescriptive obligations on fund managers established in the European Union (the “EU”) and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the “Company”). However, the Company is required to comply with certain disclosure, reporting and transparency obligations of the AIFMD because it has registered the iShares Core MSCI Emerging Markets ETF and iShares MSCI BIC ETF (the “Funds”) to be marketed to investors in the EU and/or UK.
Report on Remuneration
BlackRock has a clear and well-defined pay-for-performance philosophy, and compensation programs which support that philosophy.
BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management and staff who have the ability to materially affect the risk profile of the Funds, a significant percentage of variable remuneration is deferred over time. All employees are subject to a clawback policy.
Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock’s full-year financial results and other non-financial goals and objectives.  Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities.  No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.
Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock's independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.
Each of the control functions (Enterprise Risk, Legal & Compliance, Finance, Human Resources and Internal Audit) each have their own organizational structures which are independent of the business units and therefore staff members in control functions are remunerated independently of the businesses they oversee. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock's independent remuneration committee.
The Company is required under the AIFMD to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year. BlackRock bases its proportionality approach on a combination of factors that it is entitled to take into account based on relevant guidelines.
Remuneration information at an individual Fund level is not readily available.  Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; (c) staff who have the ability to materially affect the risk profile of the Funds; and (d) staff of companies to which portfolio management and risk management has been formally delegated.
All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Funds is included in the aggregate figures disclosed.
Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Conversely, members of staff and senior management of the broader BlackRock group may provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the broader BlackRock group and of the Company.  Therefore, the figures disclosed are a sum of individuals’ portion of remuneration attributable to the Company according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company and the broader BlackRock group. Accordingly, the figures are not representative of any individual’s actual remuneration or their remuneration structure.
The amount of the total remuneration awarded to the Company’s staff in respect of the Company’s financial year ending December 31, 2023 was USD 5.43m.  This figure is comprised of fixed remuneration of USD 0.74m and variable remuneration of USD 4.68m. There was a total of 8 beneficiaries of the remuneration described above.
The amount of the aggregate remuneration awarded by the Company in respect of the Company’s financial year ending December 31, 2023, to its senior management was USD 3.66m, and to other members of its staff whose actions potentially have a material impact on the risk profile of the Company or its funds was USD 1.77m.
Additional Information
86
Additional Information (continued)
Disclosures Under the EU Sustainable Finance Disclosure Regulation
The iShares Core MSCI Emerging Markets ETF and iShares MSCI BIC ETF (the “Funds”) are registered under the Alternative Investment Fund Managers Directive to be marketed to European Union (“EU”) investors, as noted above. As a result, certain disclosures are required under the EU Sustainable Finance Disclosure Regulation (“SFDR”). 
Each Fund has not been categorized under the SFDR as an “Article 8” or “Article 9” product. In addition, each Fund’s investment strategy does not take into account the criteria for environmentally sustainable economic activities under the EU sustainable investment taxonomy regulation or principal adverse impacts (“PAIs”) on sustainability factors under the SFDR. PAIs are identified under the SFDR as the material impacts of investment decisions on sustainability factors relating to environmental, social and employee matters, respect for human rights, and anti-corruption and anti-bribery matters.
Electronic Delivery
Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.
To enroll in electronic delivery:
 • Go to icsdelivery.com.
 • If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor. 
Changes in and Disagreements with Accountants
Not applicable.
Proxy Results
Not applicable.
Remuneration Paid to Directors, Officers, and Others
Because BFA has agreed in the Investment Advisory Agreements to cover all operating expenses of the Funds, subject to certain exclusions as provided for therein, BFA pays the compensation to each Independent Director for services to the Funds from BFA's investment advisory fees.
Availability of Portfolio Holdings Information
A description of the Company’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets, when available, at iShares.com.
87
2024 iShares Annual Financial Statements
Board Review and Approval of Investment Advisory Contract
iShares Core MSCI Emerging Markets ETF (the “Fund”)
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company's Board of Directors (the “Board”), including a majority of Board Members who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Company and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 6, 2024 and May 17, 2024, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meeting, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 4-5, 2024, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.
After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.
Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”).The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.
In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2023, to that of such relevant comparison fund(s) for the same periods.The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index.Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered.The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.
Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA’s business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 6, 2024
Board Review and Approval of Investment Advisory Contract
88
Board Review and Approval of Investment Advisory Contract (continued)
meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services, as well as BlackRock’s continued investments in its ETF business.
Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).
Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.
The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”).
The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.
The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.
Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue
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received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.
Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.
 iShares MSCI BIC ETF (the “Fund”)
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company's Board of Directors (the “Board”), including a majority of Board Members who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Company and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 6, 2024 and May 17, 2024, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meeting, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 4-5, 2024, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.
After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.
Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”).The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.
In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2023, to that of such relevant comparison fund(s) for the same periods.The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.
Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA’s business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over
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time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 6, 2024 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services, as well as BlackRock’s continued investments in its ETF business.
Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).
Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase.The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.
The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”).
The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.
The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.
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Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.
Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.
 iShares MSCI Emerging Markets Asia ETF (the “Fund”)
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company's Board of Directors (the “Board”), including a majority of Board Members who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Company and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 6, 2024 and May 17, 2024, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meeting, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 4-5, 2024, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.
After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.
Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”).The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were within range of the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.
In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2023, to that of such relevant comparison fund(s) for the same periods.The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.
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Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA’s business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 6, 2024 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services, as well as BlackRock’s continued investments in its ETF business.
Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).
Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.
The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”).
The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the
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Fund.The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.
The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.
Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.
Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.
 iShares MSCI Emerging Markets Small-Cap ETF (the “Fund”)
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company's Board of Directors (the “Board”), including a majority of Board Members who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Company and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 6, 2024 and May 17, 2024, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meeting, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 4-5, 2024, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.
After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.
Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”).The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund
Board Review and Approval of Investment Advisory Contract
94
Board Review and Approval of Investment Advisory Contract (continued)
in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.
In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2023, to that of such relevant comparison fund(s) for the same periods.The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.
Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA’s business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 6, 2024 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services, as well as BlackRock’s continued investments in its ETF business.
Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).
Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.
The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
95
2024 iShares Annual Financial Statements
Board Review and Approval of Investment Advisory Contract (continued)
Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”).
The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.
The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.
Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.
Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.
Board Review and Approval of Investment Advisory Contract
96
Glossary of Terms Used in this Report
 
Portfolio Abbreviation
ADR
American Depositary Receipt
CPO
Certificates of Participation (Ordinary)
GDR
Global Depositary Receipt
NVDR
Non-Voting Depositary Receipt
NVS
Non-Voting Shares
PJSC
Public Joint Stock Company
REIT
Real Estate Investment Trust
97
2024 iShares Annual Financial Statements
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Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
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August 31, 2024
 
 
2024 Annual Financial Statements
 
iShares, Inc.
• iShares Emerging Markets Equity Factor ETF | EMGF | Cboe BZX
• iShares ESG Aware MSCI EM ETF | ESGE | NASDAQ
• iShares MSCI Emerging Markets ex China ETF | EMXC | NASDAQ
• iShares MSCI Emerging Markets Min Vol Factor ETF | EEMV | Cboe BZX
• iShares MSCI Global Min Vol Factor ETF | ACWV | Cboe BZX
Table of Contents
 
 
Page
3
38
40
42
45
50
60
61
62
64
73
2
Schedule of Investments
August 31, 2024
iShares® Emerging Markets Equity Factor ETF
(Percentages shown are based on Net Assets)
 
Security
Shares
Value
Common Stocks
Brazil — 3.1%
Ambev SA
188,476
$430,061
B3 SA - Brasil Bolsa Balcao
1,101,824
2,478,931
Banco do Brasil SA
276,148
1,377,812
Cia Energetica de Minas Gerais
94,311
240,465
Cia. Siderurgica Nacional SA
164,468
346,098
CPFL Energia SA
117,305
709,539
CSN Mineracao SA
967,963
975,529
Hypera SA
67,958
344,134
JBS SA
454,922
2,825,126
Neoenergia SA
47,907
169,155
Petroleo Brasileiro SA
388,604
2,960,753
Raia Drogasil SA
43,684
213,616
Suzano SA
130,736
1,275,824
TIM SA/Brazil
366,273
1,160,698
Vale SA
344,072
3,637,330
Vibra Energia SA
132,959
606,766
WEG SA
130,066
1,249,669
 
21,001,506
Chile — 0.5%
Banco de Chile
3,841,478
486,007
Cencosud SA
459,091
929,517
Colbun SA
9,133,588
1,219,518
Empresas CMPC SA
322,653
557,224
Enel Chile SA
3,061,704
165,899
Quinenco SA
83,007
290,704
 
3,648,869
China — 22.0%
37 Interactive Entertainment Network Technology
Group Co. Ltd., Class A
216,900
426,190
3SBio Inc.(a)
1,162,500
900,831
Agricultural Bank of China Ltd., Class A
1,648,100
1,049,665
Agricultural Bank of China Ltd., Class H
1,011,000
445,323
AIMA Technology Group Co. Ltd., Class A
85,900
356,627
Alibaba Group Holding Ltd., Class A
1,249,148
12,946,874
Anhui Guangxin Agrochemical Co. Ltd., Class A
96,460
144,009
Anhui Jinhe Industrial Co. Ltd., Class A
28,600
88,429
ANTA Sports Products Ltd.
79,000
770,738
Atour Lifestyle Holdings Ltd., ADR
14,787
281,249
Avary Holding Shenzhen Co. Ltd., Class A
22,400
113,246
AVIC Industry-Finance Holdings Co. Ltd., Class A
730,900
230,595
Baidu Inc., Class A(b)
182,200
1,922,449
Bank of China Ltd., Class A
841,000
567,971
Bank of China Ltd., Class H
9,105,000
4,113,855
Bank of Communications Co. Ltd., Class H
1,199,000
866,444
Beijing Compass Technology Development Co. Ltd.,
Class A(b)
39,500
198,595
Beijing Tongrentang Co. Ltd., Class A
25,700
127,365
Beijing Ultrapower Software Co. Ltd., Class A
189,000
237,388
Biem.L.Fdlkk Garment Co. Ltd., Class A
58,000
155,272
Bosideng International Holdings Ltd.
2,728,000
1,339,896
BYD Co. Ltd., Class A
56,300
1,972,632
BYD Co. Ltd., Class H
13,000
398,151
Caida Securities Co. Ltd., Class A
73,600
59,454
Capital Securities Co. Ltd., Class A
64,500
175,973
China CITIC Bank Corp. Ltd., Class A
630,700
545,756
China Coal Energy Co. Ltd., Class H
398,000
474,493
China Construction Bank Corp., Class H
9,925,000
6,968,735
China International Capital Corp. Ltd., Class H(a)
510,000
545,395
China Medical System Holdings Ltd.
569,000
517,716
China Merchants Bank Co. Ltd., Class H
395,500
1,623,014
Security
Shares
Value
China (continued)
China Merchants Securities Co. Ltd., Class A
43,800
$90,298
China Merchants Securities Co. Ltd., Class H(a)
624,200
472,804
China National Software & Service Co. Ltd., Class A(b)
81,220
352,285
China Nonferrous Mining Corp Ltd.(c)
767,000
538,579
China Overseas Property Holdings Ltd.(c)
350,000
212,243
China Pacific Insurance Group Co. Ltd., Class H
40,000
103,672
China Petroleum & Chemical Corp., Class A
582,800
558,926
China Petroleum & Chemical Corp., Class H
2,312,000
1,562,338
China Railway Group Ltd., Class H
374,000
172,718
China Resources Beer Holdings Co. Ltd.
62,000
190,983
China Resources Land Ltd.
52,500
147,125
China Resources Mixc Lifestyle Services Ltd.(a)
45,800
150,705
China Resources Pharmaceutical Group Ltd.(a)
1,000,000
704,103
China Resources Power Holdings Co. Ltd.
210,000
569,373
China Resources Sanjiu Medical & Pharmaceutical Co.
Ltd., Class A
65,230
413,442
China Shenhua Energy Co. Ltd., Class A
60,900
347,863
China Shenhua Energy Co. Ltd., Class H
228,500
982,024
China Tower Corp. Ltd., Class H(a)
4,158,000
509,252
China World Trade Center Co. Ltd., Class A
51,500
155,843
China-Singapore Suzhou Industrial Park Development
Group Co. Ltd., Class A
84,700
81,170
Chinese Universe Publishing and Media Group Co.
Ltd., Class A
124,200
241,140
Chongqing Changan Automobile Co. Ltd., Class A
187,300
318,664
Chongqing Rural Commercial Bank Co. Ltd., Class H
737,000
358,856
Chongqing Water Group Co. Ltd., Class A
179,100
119,758
Chow Tai Fook Jewellery Group Ltd.(c)
553,800
469,094
CITIC Ltd.
71,000
70,462
CITIC Securities Co. Ltd., Class A
66,000
179,268
CMOC Group Ltd., Class H
459,000
372,603
CNPC Capital Co. Ltd., Class A, NVS
106,200
77,880
COFCO Capital Holdings Co. Ltd., Class A
130,600
142,722
Cosco Shipping Holdings Co. Ltd., Class H
511,500
702,841
CSC Financial Co. Ltd., Class A
138,600
374,617
CSC Financial Co. Ltd., Class H(a)(c)
1,288,000
870,118
DaShenLin Pharmaceutical Group Co. Ltd., Class A
48,420
92,093
Dong-E-E-Jiao Co. Ltd., Class A
50,500
355,272
East Buy Holding Ltd.(a)(b)(c)
102,000
168,724
Ecovacs Robotics Co. Ltd., Class A
57,000
322,351
Focus Media Information Technology Co. Ltd., Class A
344,400
277,662
G-Bits Network Technology Xiamen Co. Ltd., Class A
6,400
174,355
GD Power Development Co. Ltd., Class A
899,300
678,717
GF Securities Co. Ltd., Class H
393,000
314,060
Giant Biogene Holding Co. Ltd.(a)
137,200
724,277
Goneo Group Co. Ltd., Class A
45,965
438,632
Great Wall Motor Co. Ltd., Class H
167,500
239,370
Gree Electric Appliances Inc. of Zhuhai, Class A
47,400
264,955
Gree Real Estate Co. Ltd., Class A(b)
109,600
74,193
Greenland Holdings Corp. Ltd., Class A(b)
806,200
159,696
Greentown China Holdings Ltd.
280,000
220,780
Guangdong Provincial Expressway Development Co.
Ltd., Class A
165,600
257,905
Guangdong Provincial Expressway Development Co.
Ltd., Class B
374,135
336,816
Guosen Securities Co. Ltd., Class A
447,000
571,562
Guosheng Financial Holding Inc., Class A(b)
92,800
122,533
H World Group Ltd.
267,900
824,696
Hainan Haide Capital Management Co. Ltd., Class A
159,775
111,795
Hangzhou Binjiang Real Estate Group Co. Ltd.,
Class A
275,000
324,961
Hangzhou Robam Appliances Co. Ltd., Class A
21,000
54,721
3
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® Emerging Markets Equity Factor ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
China (continued)
Hengdian Group DMEGC Magnetics Co. Ltd., Class A
164,600
$280,456
Hisense Home Appliances Group Co. Ltd., Class A
85,300
292,406
Hisense Home Appliances Group Co. Ltd., Class H
197,000
507,929
Hopson Development Holdings Ltd.(b)(c)
822,368
281,452
Huatai Securities Co. Ltd., Class H(a)
884,800
973,701
Hubei Jumpcan Pharmaceutical Co. Ltd., Class A
45,000
186,902
Hundsun Technologies Inc., Class A
43,400
99,776
Industrial & Commercial Bank of China Ltd., Class A
81,800
68,949
Industrial & Commercial Bank of China Ltd., Class H
8,100,000
4,632,539
Inner Mongolia ERDOS Resources Co. Ltd., Class B
160,420
132,483
JD Health International Inc.(a)(b)
144,100
429,248
JD.com Inc., Class A
140,100
1,893,609
Jiangsu Phoenix Publishing & Media Corp. Ltd.,
Class A
225,500
337,781
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd.,
Class A
19,900
92,727
Jiangxi Copper Co. Ltd., Class H
120,000
201,417
Jinneng Holding Shanxi Coal Industry Co. Ltd., Class A
56,300
113,891
JiuGui Liquor Co. Ltd., Class A
9,500
49,040
Jizhong Energy Resources Co. Ltd., Class A 
271,600
211,878
Joincare Pharmaceutical Group Industry Co. Ltd.,
Class A
169,000
238,246
Jointown Pharmaceutical Group Co. Ltd., Class A
273,918
180,360
Joyoung Co. Ltd., Class A
68,100
93,403
Kingboard Holdings Ltd.
222,500
451,776
Kingboard Laminates Holdings Ltd.(c)
345,500
274,377
KingClean Electric Co. Ltd., Class A(b)
36,500
108,499
Kingnet Network Co. Ltd., Class A
215,400
281,358
Kuaishou Technology(a)(b)
340,200
1,736,475
Kunlun Energy Co. Ltd.
640,000
639,738
Kweichow Moutai Co. Ltd., Class A
4,400
893,191
Lao Feng Xiang Co. Ltd., Class B
106,020
365,258
Legend Holdings Corp., Class H(a)(b)
164,500
117,074
Lenovo Group Ltd.
1,124,000
1,372,472
Li Auto Inc., Class A(b)
194,400
1,892,183
Livzon Pharmaceutical Group Inc., Class A
10,100
51,204
Meihua Holdings Group Co. Ltd., Class A
274,700
372,021
Meituan, Class B(a)(b)
479,920
7,261,860
Metallurgical Corp. of China Ltd., Class H
2,942,000
515,583
Midea Group Co. Ltd., Class A
121,000
1,103,868
MINISO Group Holding Ltd.
49,000
203,201
Montnets Cloud Technology Group Co. Ltd., Class A
65,700
56,101
NetEase Inc.
185,400
2,980,233
New Oriental Education & Technology Group Inc.(b)
133,700
813,589
Newland Digital Technology Co. Ltd., Class A
95,900
174,310
Nongfu Spring Co. Ltd., Class H(a)
703,200
2,540,024
Northeast Securities Co. Ltd., Class A
232,300
191,837
Opple Lighting Co. Ltd., Class A
52,300
107,127
Orient Overseas International Ltd.
88,000
1,218,028
Orient Securities Co. Ltd.(a)(c)
1,403,200
591,072
People's Insurance Co. Group of China Ltd. (The),
Class H
1,250,000
471,740
Perfect World Co. Ltd., Class A
164,500
175,879
PetroChina Co. Ltd., Class A
2,009,200
2,529,875
PetroChina Co. Ltd., Class H
372,000
335,513
PICC Property & Casualty Co. Ltd., Class H
415,000
537,465
Ping An Healthcare and Technology Co. Ltd.(a)(b)(c)
205,200
264,798
Ping An Insurance Group Co. of China Ltd., Class H
521,500
2,468,905
Postal Savings Bank of China Co. Ltd., Class H(a)
2,596,000
1,387,150
Quzhou Xin'an Development Co. Ltd., Class A(b)
229,600
54,277
Radiance Holdings Group Co. Ltd.(b)(c)
646,000
210,423
Sangfor Technologies Inc., Class A
40,500
265,851
Security
Shares
Value
China (continued)
Sealand Securities Co. Ltd., Class A
451,100
$187,368
Shaanxi Coal Industry Co. Ltd., Class A
114,900
398,903
Shaanxi Energy Investment Co. Ltd., Class A, NVS
229,000
305,567
Shandong Buchang Pharmaceuticals Co. Ltd., Class A
107,729
226,679
Shandong Publishing & Media Co. Ltd., Class A
96,900
161,898
Shandong Weigao Group Medical Polymer Co. Ltd.,
Class H
338,000
192,033
Shanghai Bairun Investment Holding Group Co. Ltd.,
Class A(b)
21,500
50,726
Shanghai Construction Group Co. Ltd., Class A
881,700
245,938
Shanghai Flyco Electrical Appliance Co. Ltd., Class A
15,700
76,029
Shanghai International Port Group Co. Ltd., Class A
149,681
124,854
Shanghai M&G Stationery Inc., Class A
9,400
35,483
Shanghai Stonehill Technology Co.Ltd., Class A
326,100
104,783
Shanghai Wanye Enterprises Co. Ltd., Class A
81,500
115,072
Shanxi Coal International Energy Group Co. Ltd.,
Class A
190,700
310,985
Shanxi Lu'an Environmental Energy Development Co.
Ltd., Class A
290,400
585,217
Shanxi Xinghuacun Fen Wine Factory Co. Ltd.,
Class A
6,000
148,891
Shenwan Hongyuan Group Co. Ltd., Class A
700,000
445,867
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A
59,000
250,629
Shenzhen Transsion Holdings Co. Ltd., Class A
28,800
325,022
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A
116,660
253,886
Sichuan Changhong Electric Co. Ltd., Class A(b)
446,400
317,204
Simcere Pharmaceutical Group Ltd.(a)(c)
382,000
288,651
Sino Biopharmaceutical Ltd.
1,151,000
472,469
Sinocelltech Group Ltd., Class A(b)
22,200
105,617
Sinosoft Co. Ltd., Class A
82,040
185,988
Sinotrans Ltd., Class H
2,589,000
1,175,661
Sinotruk Hong Kong Ltd.
372,500
931,513
Sun Art Retail Group Ltd.
573,000
102,581
Tencent Holdings Ltd.
479,000
23,231,457
Tianneng Battery Group Co. Ltd., Class A
59,800
207,905
Tianqi Lithium Corp.
43,800
110,433
Tingyi Cayman Islands Holding Corp.
956,000
1,280,405
Topsports International Holdings Ltd.(a)
354,000
131,118
Trip.com Group Ltd.(b)
39,050
1,839,371
Tsingtao Brewery Co. Ltd., Class H
78,000
451,201
Uni-President China Holdings Ltd.
432,000
381,708
Vanchip Tianjin Technology Co. Ltd., Class A
41,794
188,757
Want Want China Holdings Ltd.
1,624,000
939,270
Weichai Power Co. Ltd., Class H
253,000
386,972
Xiamen Xiangyu Co. Ltd., Class A
199,000
145,589
Yadea Group Holdings Ltd.(a)
382,000
538,100
Yankuang Energy Group Co. Ltd., Class H
635,700
823,784
Yixintang Pharmaceutical Group Co. Ltd., Class A
66,900
114,571
YongXing Special Materials Technology Co. Ltd.,
Class A
15,400
70,457
Yutong Bus Co. Ltd., Class A
217,100
652,524
Zangge Mining Co. Ltd., Class A
20,200
68,435
Zhejiang Publishing & Media Co. Ltd., Class A
168,000
184,736
Zhejiang Semir Garment Co. Ltd., Class A
269,600
172,094
Zhongshan Broad Ocean Motor Co. Ltd., Class A
189,400
125,635
ZTE Corp., Class H
112,400
226,020
Zx Inc.(b)(c)
121,800
108,558
 
147,105,367
Colombia — 0.2%
Bancolombia SA
37,516
340,794
Schedule of Investments
4
Schedule of Investments (continued)
August 31, 2024
iShares® Emerging Markets Equity Factor ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Colombia (continued)
Interconexion Electrica SA ESP
181,312
$787,521
 
1,128,315
Czech Republic — 0.4%
CEZ AS
26,399
1,007,684
Komercni Banka AS
57,779
1,959,388
 
2,967,072
Egypt — 0.2%
Abou Kir Fertilizers & Chemical Industries
487,452
581,494
Eastern Co. SAE
933,840
489,074
Talaat Moustafa Group
438,654
532,303
 
1,602,871
Greece — 0.7%
Hellenic Telecommunications Organization SA
103,975
1,685,769
Jumbo SA
12,898
326,210
National Bank of Greece SA
94,688
823,057
OPAP SA
62,954
1,088,377
Piraeus Financial Holdings SA
138,794
598,752
 
4,522,165
Hong Kong — 0.3%
BOC Hong Kong Holdings Ltd.
574,500
1,803,310
Hungary — 0.2%
MOL Hungarian Oil & Gas PLC
74,824
566,977
OTP Bank Nyrt
14,079
724,882
Richter Gedeon Nyrt
3,445
104,359
 
1,396,218
India — 22.5%
3M India Ltd.
2,447
1,041,382
ABB India Ltd.
28,077
2,658,681
ACC Ltd.
22,471
624,079
Adani Enterprises Ltd.
32,124
1,156,214
AIA Engineering Ltd.
36,304
1,860,941
Ambuja Cements Ltd.
63,609
468,101
Apollo Hospitals Enterprise Ltd.
12,963
1,071,381
Asian Paints Ltd.
32,323
1,206,776
Axis Bank Ltd.
88,170
1,236,542
Bajaj Auto Ltd.
15,534
2,016,867
Bajaj Finance Ltd.
15,691
1,347,230
Bharat Electronics Ltd.
599,018
2,140,570
Bharat Petroleum Corp. Ltd.
100,524
428,331
Bharti Airtel Ltd.
154,956
2,936,656
Britannia Industries Ltd.
17,697
1,236,264
CG Power & Industrial Solutions Ltd.
69,422
576,080
Cholamandalam Investment and Finance Co. Ltd.
13,588
235,964
Cipla Ltd.
10,941
216,067
Coal India Ltd.
326,017
2,039,350
Coforge Ltd.
3,775
285,967
Colgate-Palmolive India Ltd.
40,147
1,742,475
CRISIL Ltd.
30,437
1,619,516
Cummins India Ltd.
41,190
1,841,570
Dr. Reddy's Laboratories Ltd.
22,387
1,875,593
Emami Ltd.
133,272
1,293,013
GAIL India Ltd.
299,250
848,783
General Insurance Corp. of India(a)
138,931
678,951
GlaxoSmithKline Pharmaceuticals Ltd.
32,202
1,053,799
Global Health Ltd., NVS(b)
38,689
523,441
Godrej Properties Ltd.(b)
21,140
733,881
Havells India Ltd.
24,555
556,226
HCL Technologies Ltd.
135,203
2,827,004
HDFC Bank Ltd.
362,263
7,084,015
Hero MotoCorp Ltd.
16,198
1,054,729
Security
Shares
Value
India (continued)
Hindalco Industries Ltd.
190,529
$1,596,501
Hindustan Aeronautics Ltd., NVS
45,383
2,534,764
Hindustan Petroleum Corp. Ltd.
105,118
524,897
Hindustan Unilever Ltd.
42,620
1,411,979
Hindustan Zinc Ltd.
72,079
429,880
ICICI Bank Ltd.
421,462
6,181,056
Indian Hotels Co. Ltd., Class A
62,111
480,143
Indian Oil Corp. Ltd.
474,216
1,001,701
Indian Railway Finance Corp. Ltd.(a)
311,175
663,343
Indian Renewable Energy Development Agency
Ltd., NVS(b)
42,441
122,210
Indraprastha Gas Ltd.
107,777
710,728
Info Edge India Ltd.
8,465
775,420
Infosys Ltd.
406,750
9,443,386
InterGlobe Aviation Ltd.(a)(b)
24,054
1,383,663
IRCON International Ltd.(a)
100,998
314,850
Jindal Steel & Power Ltd.
14,337
165,737
Jio Financial Services Ltd., NVS(b)
175,155
671,243
JSW Infrastructure Ltd.
65,294
252,817
JSW Steel Ltd.
9,336
104,731
Kotak Mahindra Bank Ltd.
58,974
1,252,435
KPIT Technologies Ltd.
6,320
136,981
L&T Technology Services Ltd.(a)
28,707
1,958,131
Larsen & Toubro Ltd.
62,882
2,779,549
LIC Housing Finance Ltd.
46,185
371,422
Mahindra & Mahindra Ltd.
92,443
3,096,590
Mangalore Refinery & Petrochemicals Ltd.
269,449
666,194
Marico Ltd.
67,299
519,135
Maruti Suzuki India Ltd.
4,533
671,233
Max Healthcare Institute Ltd.
8,497
87,407
Mazagon Dock Shipbuilders Ltd.
16,498
836,191
Mphasis Ltd.
36,598
1,354,387
Muthoot Finance Ltd.
24,705
578,990
Narayana Hrudayalaya Ltd.
5,158
78,061
Nestle India Ltd., NVS
67,712
2,018,600
NHPC Ltd., NVS
944,295
1,081,131
NLC India Ltd.
371,772
1,221,533
NMDC Ltd.
310,954
826,381
NTPC Ltd.
426,117
2,113,078
Oil & Natural Gas Corp. Ltd.
341,587
1,348,987
Oil India Ltd.
341,221
3,015,410
One 97 Communications Ltd., NVS(b)
15,630
116,079
Oracle Financial Services Software Ltd.
6,167
807,903
Page Industries Ltd.
2,369
1,201,275
Pidilite Industries Ltd.
7,013
261,411
Polycab India Ltd.
2,867
233,038
Poonawalla Fincorp Ltd.
89,802
415,117
Power Finance Corp. Ltd.
486,867
3,191,323
Power Grid Corp. of India Ltd.
465,201
1,873,709
Prestige Estates Projects Ltd.
20,521
443,859
Procter & Gamble Hygiene & Health Care Ltd.
3,834
755,347
REC Ltd.
360,513
2,664,062
Reliance Industries Ltd.
187,933
6,761,677
SBI Cards & Payment Services Ltd.
21,842
188,384
SBI Life Insurance Co. Ltd.(a)
32,491
716,566
Siemens Ltd.
12,926
1,062,841
Solar Industries India Ltd.
2,172
277,889
SRF Ltd.
9,778
299,183
State Bank of India
28,710
279,047
Sun Pharmaceutical Industries Ltd.
44,997
977,591
Supreme Industries Ltd.
11,821
745,198
Tata Consultancy Services Ltd.
155,139
8,428,236
5
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® Emerging Markets Equity Factor ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
India (continued)
Tata Elxsi Ltd.
5,046
$481,457
Tata Investment Corp. Ltd.
7,593
659,113
Tata Motors Ltd., NVS
241,415
3,198,914
Tata Steel Ltd.
784,940
1,431,100
Tata Technologies Ltd.
22,700
288,559
Tech Mahindra Ltd.
64,085
1,252,637
Titan Co. Ltd.
19,795
841,644
Tube Investments of India Ltd.
19,572
941,176
TVS Motor Co. Ltd.
16,725
560,974
United Spirits Ltd.
21,056
370,127
Varun Beverages Ltd.
79,455
1,421,768
Vedant Fashions Ltd.
25,015
372,857
Vedanta Ltd.
65,961
368,043
Wipro Ltd.
504,704
3,241,485
 
150,426,903
Indonesia — 1.7%
Adaro Energy Indonesia Tbk PT
4,531,300
1,043,488
Aneka Tambang Tbk
687,000
61,741
Avia Avian Tbk PT
2,214,800
67,354
Bank Central Asia Tbk PT
5,368,200
3,586,326
Bank CIMB Niaga Tbk PT
3,127,000
380,379
Bank Mandiri Persero Tbk PT
2,468,900
1,140,869
Bank Negara Indonesia Persero Tbk PT
721,700
249,725
Bank Rakyat Indonesia Persero Tbk PT
2,607,600
868,216
Barito Renewables Energy Tbk PT
189,100
131,532
GoTo Gojek Tokopedia Tbk PT(b)
85,090,100
286,416
Hanjaya Mandala Sampoerna Tbk PT
11,555,700
527,128
Kalbe Farma Tbk PT
729,900
77,925
Pertamina Geothermal Energy PT(a)
6,518,700
483,460
Sumber Alfaria Trijaya Tbk PT
7,775,000
1,458,913
Telkom Indonesia Persero Tbk PT
2,754,300
543,170
Unilever Indonesia Tbk PT
2,837,600
416,371
United Tractors Tbk PT
141,700
248,185
 
11,571,198
Kuwait — 0.2%
National Bank of Kuwait SAKP
454,012
1,305,219
Malaysia — 1.1%
Fraser & Neave Holdings Bhd
61,400
424,722
Genting Bhd
314,400
314,141
Hong Leong Bank Bhd
169,400
832,512
Hong Leong Financial Group Bhd
108,600
470,194
IJM Corp. Bhd
137,800
91,713
Malaysia Airports Holdings Bhd
51,700
125,587
Nestle Malaysia Bhd
29,300
719,489
Petronas Dagangan Bhd
44,700
217,993
Petronas Gas Bhd
95,100
402,181
Public Bank Bhd
876,200
977,205
Sime Darby Bhd
445,900
256,152
Telekom Malaysia Bhd
131,600
205,840
Westports Holdings Bhd
248,700
244,528
YTL Corp. Bhd
1,919,400
1,293,044
YTL Power International Bhd
1,099,500
991,140
 
7,566,441
Mexico — 2.1%
America Movil SAB de CV, Series B
1,839,264
1,522,272
Banco del Bajio SA(a)
664,849
1,663,283
Cemex SAB de CV
92,470
566,841
Coca-Cola Femsa SAB de CV
233,720
1,963,465
Fomento Economico Mexicano SAB de CV
193,493
1,979,215
Gruma SAB de CV, Class B
60,546
1,111,144
Security
Shares
Value
Mexico (continued)
Grupo Aeroportuario del Pacifico SAB de CV, Class B
79,219
$1,402,907
Grupo Comercial Chedraui SA de CV
64,625
489,784
Grupo Financiero Banorte SAB de CV, Class O
139,002
961,370
Grupo Mexico SAB de CV, Series B
132,799
679,563
Wal-Mart de Mexico SAB de CV
417,325
1,330,109
 
13,669,953
Philippines — 0.6%
Bank of the Philippine Islands
689,498
1,534,731
DMCI Holdings Inc.
1,766,700
368,128
International Container Terminal Services Inc.
124,680
879,755
Manila Electric Co.
111,670
845,629
Metropolitan Bank & Trust Co.
57,410
75,288
Semirara Mining & Power Corp., Class A
843,000
509,424
 
4,212,955
Poland — 0.9%
Budimex SA
12,333
1,916,938
LPP SA
388
1,475,671
mBank SA(b)
3,700
612,095
Orange Polska SA
517,880
1,161,694
Pepco Group NV(b)
13,886
64,910
PGE Polska Grupa Energetyczna SA(b)
286,408
500,865
 
5,732,173
Qatar — 0.9%
Ezdan Holding Group QSC(b)
480,480
96,755
Industries Qatar QSC
221,048
783,292
Mesaieed Petrochemical Holding Co.
1,366,901
620,100
Ooredoo QPSC
859,240
2,597,757
Qatar Islamic Bank QPSC
29,524
158,734
Qatar National Bank QPSC
341,283
1,486,279
 
5,742,917
Russia — 0.0%
Inter RAO UES PJSC(b)(d)
41,455,000
4,573
PhosAgro PJSC(b)(d)
51,000
6
PhosAgro PJSC, New(b)(d)
986
10
TCS Group Holding PLC, GDR(b)(d)(e)
135,475
15
United Co. RUSAL International PJSC(b)(d)
3,441,260
379
 
4,983
Saudi Arabia — 2.7%
Al Rajhi Bank
57,058
1,343,644
Alinma Bank
86,031
717,343
Arab National Bank
97,301
501,349
Arabian Internet & Communications Services Co.
10,762
834,708
Banque Saudi Fransi
43,303
394,453
Dar Al Arkan Real Estate Development Co.(b)
83,063
324,788
Dr Sulaiman Al Habib Medical Services Group Co.
8,389
684,068
Elm Co.
10,144
2,710,719
Etihad Etisalat Co.
59,926
807,044
Nahdi Medical Co.
52,172
1,851,470
Riyad Bank
144,841
997,804
Riyadh Cables Group Co.
30,032
893,376
SABIC Agri-Nutrients Co.
42,071
1,308,457
SAL Saudi Logistics Services
28,228
2,263,924
Saudi Aramco Base Oil Co.
37,307
1,315,756
Saudi Electricity Co.
106,643
499,050
Saudi Telecom Co.
31,182
357,449
 
17,805,402
South Africa — 2.2%
African Rainbow Minerals Ltd.
68,499
670,729
Anglo American Platinum Ltd.(c)
41,176
1,421,769
Bid Corp. Ltd.
13,543
341,174
Schedule of Investments
6
Schedule of Investments (continued)
August 31, 2024
iShares® Emerging Markets Equity Factor ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
South Africa (continued)
Bidvest Group Ltd. (The)
36,829
$599,279
Clicks Group Ltd.
42,816
897,422
Exxaro Resources Ltd.
187,212
1,677,147
FirstRand Ltd.
21,996
105,765
Foschini Group Ltd. (The)
38,004
308,849
Gold Fields Ltd.
37,045
513,528
Impala Platinum Holdings Ltd.
124,409
535,801
MTN Group Ltd.
256,029
1,275,314
MultiChoice Group(b)
84,409
521,924
Naspers Ltd., Class N
1,314
271,055
Nedbank Group Ltd.
13,200
218,505
NEPI Rockcastle NV
69,519
566,918
Northam Platinum Holdings Ltd.
96,749
572,124
Sasol Ltd.
109,715
842,446
Sibanye Stillwater Ltd.
267,590
255,717
Standard Bank Group Ltd.
76,635
1,029,354
Woolworths Holdings Ltd./South Africa
536,998
1,947,545
 
14,572,365
South Korea — 13.4%
BGF retail Co. Ltd.
2,290
202,342
Celltrion Inc.
2,670
406,186
CJ CheilJedang Corp.
258
62,285
CJ Corp.
11,540
969,372
CJ Logistics Corp.
3,224
227,985
Coway Co. Ltd.
28,593
1,439,550
DB HiTek Co. Ltd.
23,042
704,622
DB Insurance Co. Ltd.
18,972
1,651,441
DL Holdings Co. Ltd.
16,502
569,428
Doosan Bobcat Inc.
27,474
819,936
Ecopro Co. Ltd.(b)
3,352
215,286
Ecopro Materials Co. Ltd.(b)
1,037
70,898
E-MART Inc.
10,288
490,944
Enchem Co. Ltd.(b)
679
97,749
F&F Co. Ltd./New
6,568
288,755
GS Holdings Corp.
20,470
692,158
Hana Financial Group Inc.
72,028
3,343,882
Hankook Tire & Technology Co. Ltd.
23,867
776,912
Hanmi Science Co. Ltd.
33,593
830,075
Hanmi Semiconductor Co. Ltd.
4,887
422,307
Hanwha Aerospace Co. Ltd.
7,661
1,667,073
Hyosung TNC Corp.
2,699
601,476
Hyundai Engineering & Construction Co. Ltd.
4,581
109,951
Hyundai Glovis Co. Ltd.
9,070
762,472
Hyundai Marine & Fire Insurance Co. Ltd.
17,652
459,924
Hyundai Mobis Co. Ltd.
9,100
1,484,855
Hyundai Motor Co.
20,508
3,933,848
Hyundai Rotem Co. Ltd.
8,823
356,883
KB Financial Group Inc.
60,476
3,899,793
KCC Corp.
5,958
1,279,389
KEPCO Engineering & Construction Co. Inc.
1,707
85,924
Kia Corp.
43,047
3,420,034
Korea Aerospace Industries Ltd.
5,021
204,316
Korea Investment Holdings Co. Ltd.
20,567
1,122,647
Krafton Inc.(b)
658
161,032
KT&G Corp.
14,477
1,174,942
Kumho Petrochemical Co. Ltd.
3,759
385,489
LG Chem Ltd.
2,581
622,665
LG Corp.
4,615
274,030
LG Display Co. Ltd.(b)
29,360
248,115
LG Electronics Inc.
17,130
1,277,235
LG H&H Co. Ltd.
743
197,274
LG Innotek Co. Ltd.
3,540
738,397
Security
Shares
Value
South Korea (continued)
LG Uplus Corp.
94,797
$691,972
LS Corp.
4,665
397,004
Meritz Financial Group Inc.
8,220
561,150
Mirae Asset Securities Co. Ltd.
106,711
669,072
NAVER Corp.
5,569
706,485
NCSoft Corp.
4,077
573,515
Orion Corp./Republic of Korea
6,838
470,978
POSCO Holdings Inc.
6,893
1,760,416
Samsung Biologics Co. Ltd.(a)(b)
2,671
1,958,697
Samsung C&T Corp.
10,400
1,150,903
Samsung Card Co. Ltd.
27,605
899,996
Samsung E&A Co. Ltd.(b)
20,985
399,562
Samsung Electro-Mechanics Co. Ltd.
9,045
968,680
Samsung Electronics Co. Ltd.
448,174
24,890,827
Samsung Fire & Marine Insurance Co. Ltd.
7,855
2,040,504
Samsung Life Insurance Co. Ltd.
11,394
832,247
Samsung SDI Co. Ltd.
2,625
698,633
Samsung SDS Co. Ltd.
5,714
645,065
Samsung Securities Co. Ltd.
20,508
726,448
Seegene Inc.
41,139
795,168
Shinhan Financial Group Co. Ltd.
79,807
3,378,168
SK Hynix Inc.
23,084
3,024,967
SK Inc.
2,357
253,128
SK Telecom Co. Ltd.
12,832
529,518
Woori Financial Group Inc.
138,417
1,657,484
 
89,430,464
Taiwan — 18.4%
Accton Technology Corp.
78,000
1,241,983
Acer Inc.
727,000
997,054
Advantech Co. Ltd.
59,291
648,519
ASE Technology Holding Co. Ltd.
273,000
1,310,039
Asia Vital Components Co. Ltd.
28,000
529,970
Asustek Computer Inc.
14,000
234,809
AUO Corp.
1,647,800
847,289
Cathay Financial Holding Co. Ltd.
1,249,000
2,483,008
Chicony Electronics Co. Ltd.
196,000
993,720
China Airlines Ltd.
191,000
123,093
Chunghwa Telecom Co. Ltd.
103,000
399,287
Compal Electronics Inc.
265,000
275,701
CTBC Financial Holding Co. Ltd.
2,008,000
2,051,244
Delta Electronics Inc.
177,000
2,206,619
Far EasTone Telecommunications Co. Ltd.
313,000
885,919
Feng TAY Enterprise Co. Ltd.
30,880
140,841
Formosa Sumco Technology Corp.
100,000
465,115
Fortune Electric Co. Ltd.
47,300
988,487
Fubon Financial Holding Co. Ltd.
1,399,950
4,018,835
Gigabyte Technology Co. Ltd.
97,000
795,381
Global Unichip Corp.
32,000
1,117,560
Hon Hai Precision Industry Co. Ltd.
854,000
4,929,914
Inventec Corp.
282,000
403,248
King Slide Works Co. Ltd.
22,000
873,665
Largan Precision Co. Ltd.
2,000
195,042
Lite-On Technology Corp.
465,718
1,562,472
MediaTek Inc.
148,000
5,744,893
Mega Financial Holding Co. Ltd.
190,688
232,597
Micro-Star International Co. Ltd.
193,000
1,109,022
Nan Ya Plastics Corp.
233,000
330,374
Nan Ya Printed Circuit Board Corp.
35,000
161,352
Nien Made Enterprise Co. Ltd.
26,000
380,512
Novatek Microelectronics Corp.
215,000
3,631,364
Pou Chen Corp.
442,000
480,561
Powertech Technology Inc.
19,000
86,617
7
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® Emerging Markets Equity Factor ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Taiwan (continued)
President Chain Store Corp.
113,000
$993,425
Quanta Computer Inc.
174,000
1,461,768
Realtek Semiconductor Corp.
156,000
2,612,705
Ruentex Industries Ltd.
533,000
1,354,995
Shanghai Commercial & Savings Bank Ltd. (The)
771,000
970,942
SinoPac Financial Holdings Co. Ltd.
2,353,236
1,768,976
Synnex Technology International Corp.
201,000
452,531
Taiwan Cooperative Financial Holding Co. Ltd.
2,103,689
1,704,086
Taiwan Semiconductor Manufacturing Co. Ltd.
1,924,000
56,960,718
Unimicron Technology Corp.
62,000
318,162
Uni-President Enterprises Corp.
899,000
2,316,487
United Microelectronics Corp.
1,569,000
2,726,707
Voltronic Power Technology Corp.
19,000
1,184,338
Wistron Corp.
277,000
882,376
Wiwynn Corp.
16,000
954,629
Yang Ming Marine Transport Corp.
105,000
211,928
Yuanta Financial Holding Co. Ltd.
2,783,768
2,778,454
Yulon Nissan Motor Co. Ltd.
38,000
142,606
 
122,671,939
Thailand — 0.7%
Advanced Info Service PCL, NVDR
150,200
1,095,517
Central Retail Corp. PCL, NVDR
74,500
64,735
Delta Electronics Thailand PCL, NVDR(c)
283,200
891,074
Kasikornbank PCL, NVDR
48,200
203,627
Krung Thai Bank PCL, NVDR
1,869,500
1,009,129
Krungthai Card PCL, NVDR(c)
313,800
386,170
Land & Houses PCL, NVDR(c)
1,511,900
251,850
MK Restaurants Group PCL, NVDR
346,700
274,021
PTT Exploration & Production PCL, NVDR
100,700
421,172
TOA Paint Thailand PCL, NVDR
116,700
62,065
 
4,659,360
Turkey — 1.3%
Akbank TAS
484,457
828,946
Anadolu Efes Biracilik Ve Malt Sanayii A/S
185,849
1,214,300
BIM Birlesik Magazalar A/S
42,953
680,283
Ford Otomotiv Sanayi AS
15,243
431,271
KOC Holding AS
231,556
1,266,077
Tofas Turk Otomobil Fabrikasi AS
149,831
1,072,540
Turk Traktor ve Ziraat Makineleri AS(c)
29,217
626,409
Turkcell Iletisim Hizmetleri AS
315,850
911,882
Turkiye Garanti Bankasi AS
383,726
1,263,683
Yapi ve Kredi Bankasi A/S
567,361
519,828
 
8,815,219
United Arab Emirates — 2.0%
Abu Dhabi Islamic Bank PJSC
947,427
3,255,382
Abu Dhabi National Oil Co. for Distribution PJSC
1,348,550
1,341,244
Aldar Properties PJSC
75,684
151,302
Dubai Electricity & Water Authority PJSC
2,433,830
1,583,744
Emaar Properties PJSC
668,373
1,536,385
Emirates NBD Bank PJSC
291,159
1,561,684
Emirates Telecommunications Group Co. PJSC
200,890
992,185
First Abu Dhabi Bank PJSC
175,096
638,819
International Holding Co. PJSC(b)
17,972
1,977,343
 
13,038,088
Total Common Stocks — 98.3%
(Cost: $558,068,359)
656,401,272
Security
Shares
Value
Preferred Stocks
Brazil — 1.2%
Cia Energetica de Minas Gerais, Preference
Shares, NVS
631,400
$1,302,918
Gerdau SA, Preference Shares, NVS
543,451
1,764,592
Itau Unibanco Holding SA, Preference Shares, NVS
346,044
2,253,358
Petroleo Brasileiro SA, Preference Shares, NVS
345,780
2,415,451
 
7,736,319
Chile — 0.1%
Sociedad Quimica y Minera de Chile SA, Class B,
Preference Shares
23,463
914,156
South Korea — 0.2%
Kumho Petrochemical Co. Ltd., Preference
Shares, NVS
4,742
232,544
Samsung C&T Corp., Preference Shares, NVS
2,696
223,203
Samsung Electronics Co. Ltd., Preference
Shares, NVS
22,505
1,011,179
 
1,466,926
Total Preferred Stocks — 1.5%
(Cost: $9,592,313)
10,117,401
Total Long-Term Investments — 99.8%
(Cost: $567,660,672)
666,518,673
Short-Term Securities
Money Market Funds — 1.8%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 5.45%(f)(g)(h)
5,010,721
5,013,728
BlackRock Cash Funds: Treasury, SL Agency Shares,
5.25%(f)(g)
6,970,000
6,970,000
Total Short-Term Securities — 1.8%
(Cost: $11,982,100)
11,983,728
Total Investments — 101.6%
(Cost: $579,642,772)
678,502,401
Liabilities in Excess of Other Assets — (1.6)%
(10,510,528
)
Net Assets — 100.0%
$667,991,873
 
(a)
Security exempt from registration pursuant to Rule 144A under the Securities Act of
1933, as amended. These securities may be resold in transactions exempt from
registration to qualified institutional investors.
(b)
Non-income producing security.
(c)
All or a portion of this security is on loan.
(d)
Security is valued using significant unobservable inputs and is classified as Level 3 in the
fair value hierarchy.
(e)
This security may be resold to qualified foreign investors and foreign institutional buyers
under Regulation S of the Securities Act of 1933.
(f)
Affiliate of the Fund.
(g)
Annualized 7-day yield as of period end.
(h)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
Schedule of Investments
8
Schedule of Investments (continued)
August 31, 2024
iShares® Emerging Markets Equity Factor ETF
 
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2024 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 Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
08/31/24
Shares
Held at
08/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL
Agency Shares
$15,390,096
$—
$(10,379,065
)(a)
$2,678
$19
$5,013,728
5,010,721
$169,830
(b)
$—
BlackRock Cash Funds: Treasury, SL Agency
Shares
—
6,970,000
(a)
—
—
—
6,970,000
6,970,000
147,959
—
 
$2,678
$19
$11,983,728
$317,789
$—
 
(a)
Represents net amount purchased (sold).
(b)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other
payments to and from borrowers of securities.
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts
MSCI Emerging Markets Index
25
09/20/24
$1,375
$66,977
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets—Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)
$—
$—
$66,977
$—
$—
$—
$66,977
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's
variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).
For the period ended August 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from
Futures contracts
$—
$—
$120,753
$—
$—
$—
$120,753
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts
$—
$—
$65,088
$—
$—
$—
$65,088
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$975,969
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
9
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® Emerging Markets Equity Factor ETF
 
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets 
Investments 
Long-Term Investments 
Common Stocks
$82,462,004
$573,934,285
$4,983
$656,401,272
Preferred Stocks
8,650,475
1,466,926
—
10,117,401
Short-Term Securities 
Money Market Funds
11,983,728
—
—
11,983,728
 
$103,096,207
$575,401,211
$4,983
$678,502,401
Derivative Financial Instruments(a) 
Assets 
Equity Contracts
$66,977
$—
$—
$66,977
 
(a)
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
See notes to financial statements.
Schedule of Investments
10
Schedule of Investments
August 31, 2024
iShares® ESG Aware MSCI EM ETF
(Percentages shown are based on Net Assets)
 
Security
Shares
Value
Common Stocks
Brazil — 3.5%
Atacadao SA(a)
2,563,422
$4,079,861
B3 SA - Brasil Bolsa Balcao
5,077,746
11,424,129
Banco do Brasil SA
975,930
4,869,304
BRF SA(a)
933,102
4,342,705
CCR SA
5,640,960
13,261,778
Cosan SA
4,862,853
11,527,376
Embraer SA(a)
75,854
630,283
Engie Brasil Energia SA
2,083,475
16,694,565
Hapvida Participacoes e Investimentos SA(a)(b)
5,749,598
4,325,499
Localiza Rent a Car SA
1,208,580
8,871,433
Localiza Rent a Car SA, NVS(a)
8,806
63,436
Natura & Co. Holding SA
2,623,128
6,306,547
Petroleo Brasileiro SA
762,144
5,806,734
PRIO SA
505,519
4,201,334
Raia Drogasil SA
2,086,319
10,202,176
Rumo SA
1,086,217
4,211,152
TIM SA/Brazil
1,354,542
4,292,465
TOTVS SA
2,950,268
15,688,488
Ultrapar Participacoes SA
1,039,082
4,306,808
Vibra Energia SA
3,817,361
17,420,759
 
152,526,832
Chile — 0.4%
Enel Americas SA
167,377,672
17,933,584
China — 23.1%
AAC Technologies Holdings Inc.
1,318,000
5,599,224
Agricultural Bank of China Ltd., Class A
12,139,300
7,731,448
Agricultural Bank of China Ltd., Class H
31,941,000
14,069,298
Alibaba Group Holding Ltd., Class A
7,959,768
82,499,526
Alibaba Health Information Technology Ltd.(a)(c)
11,356,000
4,342,172
Baidu Inc., Class A(a)
1,019,612
10,758,245
Bank of China Ltd., Class H
18,286,000
8,262,048
BeiGene Ltd.(a)
298,151
4,412,473
Beijing Enterprises Holdings Ltd.
1,296,756
4,191,398
Beijing Enterprises Water Group Ltd.
12,548,000
3,665,714
Bosideng International Holdings Ltd.
8,478,000
4,164,090
BYD Co. Ltd., Class A
180,055
6,308,743
BYD Co. Ltd., Class H
673,500
20,627,263
China Construction Bank Corp., Class A
6,565,700
6,971,051
China Construction Bank Corp., Class H
88,094,000
61,854,284
China Mengniu Dairy Co. Ltd.
4,935,000
8,314,159
China Merchants Bank Co. Ltd., Class H
3,590,000
14,732,288
China Minsheng Banking Corp. Ltd., Class A
10,482,800
5,071,328
China Minsheng Banking Corp. Ltd., Class H
10,401,023
3,738,470
China Resources Gas Group Ltd.
2,072,600
6,967,090
China Ruyi Holdings Ltd.(a)(c)
15,104,000
4,364,682
CITIC Securities Co. Ltd., Class A
1,752,000
4,758,741
CMOC Group Ltd., Class A
11,006,400
11,585,153
CMOC Group Ltd., Class H
11,784,000
9,565,914
Contemporary Amperex Technology Co. Ltd.,
Class A
465,485
12,063,455
CSPC Pharmaceutical Group Ltd.
5,609,520
3,444,076
ENN Energy Holdings Ltd.
1,175,100
7,565,673
ENN Natural Gas Co. Ltd., Class A
1,746,300
4,352,971
Fosun International Ltd.
16,771,000
8,678,082
Foxconn Industrial Internet Co. Ltd., Class A
1,519,600
4,397,513
Geely Automobile Holdings Ltd.
9,409,000
10,529,887
Great Wall Motor Co. Ltd., Class H
3,256,500
4,653,776
Haier Smart Home Co. Ltd., Class A
1,234,800
4,293,071
Haier Smart Home Co. Ltd., Class A
2,346,800
7,171,114
Security
Shares
Value
China (continued)
Hansoh Pharmaceutical Group Co. Ltd.(b)
3,226,000
$8,227,853
Huatai Securities Co. Ltd., Class A
5,173,102
9,160,652
Huatai Securities Co. Ltd., Class H(b)
6,228,600
6,854,423
IEIT Systems Co. Ltd., Class A
959,500
4,381,819
Industrial & Commercial Bank of China Ltd.,
Class A
7,551,200
6,364,856
Industrial & Commercial Bank of China Ltd.,
Class H
47,388,000
27,102,067
Industrial Bank Co. Ltd., Class A
4,683,800
10,890,148
Innovent Biologics Inc.(a)(b)
1,559,000
8,450,398
JD.com Inc., Class A
1,351,928
18,272,828
Jiangsu Hengrui Pharmaceuticals Co. Ltd.,
Class A
717,900
4,453,238
Kanzhun Ltd., ADR
314,847
3,922,994
KE Holdings Inc., ADR
300,830
4,464,317
Kingdee International Software Group Co. Ltd.(a)
5,912,000
4,629,040
Kuaishou Technology(a)(b)
1,174,900
5,997,015
Lenovo Group Ltd.
17,600,000
21,490,661
Li Auto Inc., Class A(a)
1,645,028
16,011,801
Longfor Group Holdings Ltd.(b)
3,809,000
4,259,268
Meituan, Class B(a)(b)
2,705,230
40,933,911
MINISO Group Holding Ltd.
1,139,800
4,726,707
MMG Ltd.(a)
14,465,600
4,112,070
NetEase Inc.
1,225,370
19,697,348
NIO Inc., Class A(a)
1,140,419
4,657,211
Nongfu Spring Co. Ltd., Class H(b)
1,235,000
4,460,935
Orient Securities Co. Ltd., Class A
5,073,105
6,020,006
PDD Holdings Inc., ADR(a)
304,809
29,295,193
Ping An Insurance Group Co. of China Ltd.,
Class H
3,904,000
18,482,466
Pop Mart International Group Ltd.(b)
1,707,800
10,000,239
Shanghai Pharmaceuticals Holding Co. Ltd.,
Class A
1,942,600
5,092,477
Shanghai Pharmaceuticals Holding Co. Ltd.,
Class H
3,328,900
4,592,528
Shenzhen Inovance Technology Co. Ltd., Class A
757,600
4,615,626
Shenzhen Mindray Bio-Medical Electronics Co.
Ltd., Class A
348,400
12,294,234
Sino Biopharmaceutical Ltd.
12,796,151
5,252,635
Sungrow Power Supply Co. Ltd., Class A
461,653
4,999,511
Sunny Optical Technology Group Co. Ltd.
1,071,523
6,568,272
Tencent Holdings Ltd.
3,449,700
167,310,143
Tongcheng Travel Holdings Ltd.
5,300,800
9,827,553
Trip.com Group Ltd.(a)
325,971
15,354,200
Vipshop Holdings Ltd., ADR
601,372
7,541,205
WuXi AppTec Co. Ltd., Class A
1,535,100
8,446,590
Wuxi Biologics Cayman Inc.(a)(b)
6,449,000
9,179,485
Xiaomi Corp., Class B(a)(b)
5,486,400
13,526,255
XPeng Inc.(a)
2,413,396
9,692,664
Yadea Group Holdings Ltd.(b)
6,180,000
8,705,386
Yum China Holdings Inc.
394,555
13,339,904
Yunnan Baiyao Group Co. Ltd., Class A
1,184,320
9,016,162
Zhejiang Leapmotor Technology Co. Ltd.(a)(b)
1,603,700
4,402,255
 
1,008,780,969
Colombia — 0.2%
Bancolombia SA
458,369
4,163,802
Interconexion Electrica SA ESP
931,565
4,046,214
 
8,210,016
Egypt — 0.1%
Commercial International Bank - Egypt (CIB)
3,389,090
6,069,970
11
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® ESG Aware MSCI EM ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Greece — 0.6%
Metlen Energy & Metals SA
342,124
$12,847,373
OPAP SA
884,598
15,293,332
 
28,140,705
Hungary — 0.3%
MOL Hungarian Oil & Gas PLC
1,644,361
12,460,103
India — 20.1%
ABB India Ltd.
46,434
4,396,951
Adani Green Energy Ltd.(a)
211,461
4,633,912
Asian Paints Ltd.
840,413
31,376,733
AU Small Finance Bank Ltd.(b)
934,264
7,673,943
Axis Bank Ltd.
1,512,404
21,210,734
Bajaj Finance Ltd.
138,494
11,891,097
Bharat Electronics Ltd.
1,368,774
4,891,266
Bharti Airtel Ltd.
846,065
16,034,243
Canara Bank
3,270,948
4,355,127
Dabur India Ltd.
1,519,943
11,545,249
DLF Ltd.
427,737
4,312,027
Eicher Motors Ltd.
166,469
9,851,656
Havells India Ltd.
226,589
5,132,750
HCL Technologies Ltd.
1,653,302
34,569,441
HDFC Bank Ltd.
2,605,444
50,949,187
HDFC Life Insurance Co. Ltd.(b)
917,606
8,085,463
Hero MotoCorp Ltd.
190,380
12,396,554
Hindalco Industries Ltd.
674,634
5,652,965
Hindustan Unilever Ltd.
972,875
32,230,846
ICICI Bank Ltd.
3,909,391
57,334,144
ICICI Lombard General Insurance Co. Ltd.(b)
197,828
5,060,068
ICICI Prudential Life Insurance Co. Ltd.(b)
1,458,460
13,099,153
IDFC First Bank Ltd.(a)
11,964,317
10,537,299
Indian Hotels Co. Ltd., Class A
1,766,600
13,656,530
IndusInd Bank Ltd.
257,005
4,368,116
Info Edge India Ltd.
125,446
11,491,236
Infosys Ltd.
2,778,694
64,512,059
Kotak Mahindra Bank Ltd.
1,016,175
21,580,576
Macrotech Developers Ltd.
443,329
6,626,196
Mahindra & Mahindra Ltd.
575,338
19,272,263
Mahindra & Mahindra Ltd., GDR
422,599
14,114,807
Marico Ltd.
3,067,794
23,664,521
Mphasis Ltd.
116,559
4,313,516
PB Fintech Ltd.(a)
211,819
4,468,200
Phoenix Mills Ltd. (The)
96,262
4,329,367
PI Industries Ltd.
122,771
6,586,666
Power Finance Corp. Ltd.
776,145
5,087,486
Power Grid Corp. of India Ltd.
5,039,845
20,299,188
Punjab National Bank
5,267,078
7,317,390
Reliance Industries Ltd.
2,149,877
77,350,832
SBI Cards & Payment Services Ltd.
647,481
5,584,428
Shriram Finance Ltd.
336,561
12,881,614
State Bank of India
530,299
5,154,251
Sundaram Finance Ltd.
63,967
3,848,672
Supreme Industries Ltd.
153,606
9,683,353
Suzlon Energy Ltd.(a)
10,063,240
9,106,140
Tata Consultancy Services Ltd.
154,785
8,409,004
Tata Consumer Products Ltd.
1,236,327
17,698,657
Tata Elxsi Ltd.
54,841
5,232,574
Tata Motors Ltd.
350,992
4,652,445
Tech Mahindra Ltd.
346,342
6,769,770
Thermax Ltd.
82,883
4,316,479
Trent Ltd.
222,551
18,970,173
TVS Motor Co. Ltd.
589,277
19,764,979
Union Bank of India Ltd.
8,163,063
11,832,145
Security
Shares
Value
India (continued)
United Spirits Ltd.
314,345
$5,525,625
UPL Ltd.
1,414,692
10,087,971
Varun Beverages Ltd.
551,909
9,875,858
Vedanta Ltd.
816,745
4,557,196
Yes Bank Ltd.(a)
15,207,776
4,289,364
Zomato Ltd.(a)
8,258,060
24,641,572
 
879,142,027
Indonesia — 1.3%
Amman Mineral Internasional PT(a)
6,554,394
4,525,383
Bank Central Asia Tbk PT
14,339,092
9,579,497
Bank Rakyat Indonesia Persero Tbk PT
34,581,400
11,514,082
Chandra Asri Pacific Tbk PT
7,634,800
4,927,669
GoTo Gojek Tokopedia Tbk PT(a)
1,263,367,728
4,252,530
Kalbe Farma Tbk PT
138,339,000
14,769,288
Merdeka Copper Gold Tbk PT(a)
34,578,468
5,258,584
 
54,827,033
Kuwait — 0.2%
Kuwait Finance House KSCP
3,144,498
7,495,033
Malaysia — 2.9%
AMMB Holdings Bhd
11,986,200
14,432,147
Axiata Group Bhd
8,323,100
4,905,110
CIMB Group Holdings Bhd
7,461,000
14,186,629
Kuala Lumpur Kepong Bhd
906,562
4,560,820
Malayan Banking Bhd
11,511,100
28,717,575
Maxis Bhd
12,573,085
11,233,680
Press Metal Aluminium Holdings Bhd
7,481,200
8,616,797
Public Bank Bhd
25,325,600
28,245,031
Sime Darby Bhd
17,858,500
10,258,997
 
125,156,786
Mexico — 1.4%
Cemex SAB de CV, NVS
7,704,140
4,682,512
Fomento Economico Mexicano SAB de CV
1,676,261
17,146,263
Grupo Aeroportuario del Sureste SAB de CV,
Class B
161,854
4,338,954
Grupo Bimbo SAB de CV, Series A
1,322,217
4,731,159
Grupo Financiero Banorte SAB de CV, Class O
2,445,557
16,914,039
Wal-Mart de Mexico SAB de CV
4,890,174
15,586,083
 
63,399,010
Peru — 0.2%
Credicorp Ltd.
59,971
10,695,828
Poland — 0.9%
Allegro.eu SA (a)(b)
1,508,819
14,862,530
Budimex SA
37,739
5,865,832
KGHM Polska Miedz SA
120,493
4,324,624
ORLEN SA
517,854
8,618,764
Santander Bank Polska SA
33,425
4,499,444
 
38,171,194
Qatar — 0.4%
Qatar National Bank QPSC
3,667,525
15,971,977
Russia — 0.0%
Gazprom PJSC(a)(d)
7,224,690
797
LUKOIL PJSC(a)(d)
725,046
80
Novatek PJSC(a)(d)
1,686,230
186
Novolipetsk Steel PJSC(a)(d)
5,130,970
566
PhosAgro PJSC(a)(d)
249,741
27
PhosAgro PJSC, New(a)(d)
4,826
48
Polyus PJSC(a)(d)
43,646
5
Rosneft Oil Co. PJSC(a)(d)
759,129
84
Sberbank of Russia PJSC(a)(d)
10,004,860
1,104
Schedule of Investments
12
Schedule of Investments (continued)
August 31, 2024
iShares® ESG Aware MSCI EM ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Russia (continued)
TCS Group Holding PLC, GDR(a)(d)(e)
124,025
$14
Yandex NV(a)(d)
87,150
9
 
2,920
Saudi Arabia — 3.2%
ACWA Power Co.
84,439
9,477,617
Al Rajhi Bank
1,827,571
43,036,978
Alinma Bank
543,088
4,528,375
Bank AlBilad
434,170
4,466,569
Co. for Cooperative Insurance (The)
125,828
5,312,508
Dr Sulaiman Al Habib Medical Services
Group Co.
185,319
15,111,553
Etihad Etisalat Co.
1,632,946
21,991,431
Mobile Telecommunications Co. Saudi Arabia
1,504,413
4,482,049
Riyad Bank
667,989
4,601,751
Saudi Arabian Mining Co.(a)
572,482
6,486,076
Saudi Basic Industries Corp.
850,949
16,961,836
Saudi Telecom Co.
350,132
4,013,670
Savola Group (The)(a)
18,839
133,704
 
140,604,117
South Africa — 3.9%
Anglogold Ashanti PLC, NVS
164,613
4,872,023
Aspen Pharmacare Holdings Ltd.
391,660
5,272,074
Bid Corp. Ltd.
205,020
5,164,842
Bidvest Group Ltd. (The)
317,806
5,171,319
Clicks Group Ltd.
257,974
5,407,126
FirstRand Ltd.
3,406,558
16,380,023
Gold Fields Ltd.
1,004,261
13,921,345
Kumba Iron Ore Ltd.
307,512
6,086,853
MTN Group Ltd.
913,022
4,547,881
Naspers Ltd., Class N
85,479
17,632,778
Nedbank Group Ltd.
970,832
16,070,604
NEPI Rockcastle NV
3,541,063
28,876,862
Sanlam Ltd.
1,015,391
5,062,503
Vodacom Group Ltd.
3,519,270
21,748,296
Woolworths Holdings Ltd./South Africa
4,103,798
14,883,353
 
171,097,882
South Korea — 10.9%
CJ CheilJedang Corp.
18,199
4,393,521
Coway Co. Ltd.
131,141
6,602,457
Hana Financial Group Inc.
339,883
15,778,982
Hanwha Aerospace Co. Ltd.
48,274
10,504,672
HD Hyundai Electric Co. Ltd.
22,789
5,217,144
HLB Inc.(a)
63,141
4,237,391
Kakao Corp.
215,534
6,025,808
KB Financial Group Inc.
458,853
29,589,119
LG Chem Ltd.
19,915
4,804,485
LG Corp.
1
59
LG Display Co. Ltd.(a)
551,943
4,664,348
NAVER Corp.
149,464
18,961,041
NCSoft Corp.
34,722
4,884,369
POSCO Holdings Inc.
52,250
13,344,223
Samsung C&T Corp.
101,802
11,265,788
Samsung Electro-Mechanics Co. Ltd.
65,136
6,975,784
Samsung Electronics Co. Ltd.
2,939,338
163,245,869
Samsung Fire & Marine Insurance Co. Ltd.
20,716
5,381,424
Samsung Life Insurance Co. Ltd.
65,820
4,807,663
Samsung SDI Co. Ltd.
37,167
9,891,846
Shinhan Financial Group Co. Ltd.
402,487
17,036,961
SK Biopharmaceuticals Co. Ltd.(a)
113,690
9,803,692
SK Hynix Inc.
351,847
46,106,636
SK Inc.
186,439
20,022,479
Security
Shares
Value
South Korea (continued)
SK Innovation Co. Ltd.(a)
88,148
$7,288,400
SK Square Co. Ltd.(a)
140,316
8,258,577
SKC Co. Ltd.(a)
53,418
5,180,577
Woori Financial Group Inc.
2,713,607
32,494,271
 
476,767,586
Taiwan — 20.4%
Accton Technology Corp.
266,000
4,235,479
Acer Inc.
8,641,000
11,850,815
ASE Technology Holding Co. Ltd.
1,944,000
9,328,628
Asia Vital Components Co. Ltd.
433,000
8,195,611
Cathay Financial Holding Co. Ltd.
14,823,769
29,469,603
Chunghwa Telecom Co. Ltd.
3,662,000
14,195,992
CTBC Financial Holding Co. Ltd.
18,751,000
19,154,816
Delta Electronics Inc.
1,517,000
18,912,094
E Ink Holdings Inc.
508,000
4,853,821
E.Sun Financial Holding Co. Ltd.
58,338,591
51,430,091
Evergreen Marine Corp. Taiwan Ltd.
735,000
4,322,930
Far EasTone Telecommunications Co. Ltd.
5,719,000
16,187,128
First Financial Holding Co. Ltd.
66,775,119
56,945,237
Fortune Electric Co. Ltd.
262,000
5,475,340
Fubon Financial Holding Co. Ltd.
11,888,136
34,127,255
Hon Hai Precision Industry Co. Ltd.
4,120,000
23,783,661
Lite-On Technology Corp.
1,816,000
6,092,632
MediaTek Inc.
786,000
30,510,040
Mega Financial Holding Co. Ltd.
16,603,281
20,252,355
Quanta Computer Inc.
936,000
7,863,305
SinoPac Financial Holdings Co. Ltd.
27,988,611
21,039,617
Taishin Financial Holding Co. Ltd.
17,542,135
10,144,443
Taiwan Semiconductor Manufacturing Co. Ltd.
15,343,000
454,235,080
United Microelectronics Corp.
8,671,000
15,069,010
Voltronic Power Technology Corp.
150,000
9,350,033
Wistron Corp.
1,400,000
4,459,661
 
891,484,677
Thailand — 2.1%
Advanced Info Service PCL, NVDR
3,082,400
22,482,167
Asset World Corp. PCL, NVDR
20,345,500
1,988,316
Bangkok Dusit Medical Services PCL, NVDR
17,728,300
14,503,621
Delta Electronics Thailand PCL, NVDR
2,507,900
7,890,973
Home Product Center PCL, NVDR
16,699,700
4,453,921
PTT Oil & Retail Business PCL, NVDR
23,753,800
10,861,800
PTT PCL, NVDR
20,440,000
20,210,340
Siam Cement PCL (The), NVDR
1,334,000
9,058,556
 
91,449,694
Turkey — 0.7%
Akbank TAS
3,203,657
5,481,721
Aselsan Elektronik Sanayi Ve Ticaret A/S
2,528,831
4,328,565
Haci Omer Sabanci Holding AS
4,109,639
10,612,686
Turkiye Petrol Rafinerileri AS
886,037
4,384,417
Yapi ve Kredi Bankasi A/S
6,125,444
5,612,264
 
30,419,653
United Arab Emirates — 1.2%
Abu Dhabi Commercial Bank PJSC
4,816,880
11,488,590
Abu Dhabi Islamic Bank PJSC
3,339,316
11,473,969
Emirates Telecommunications Group Co. PJSC
2,776,065
13,710,829
First Abu Dhabi Bank PJSC
3,797,843
13,856,024
 
50,529,412
Total Common Stocks — 98.0%
(Cost: $3,788,162,134)
4,281,337,008
13
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® ESG Aware MSCI EM ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Preferred Stocks
Brazil — 0.9%
Banco Bradesco SA, Preference Shares, NVS
1,699,774
$4,716,945
Cia Energetica de Minas Gerais, Preference
Shares, NVS
1
2
Cia Paranaense de Energia - Copel, Preference
Shares, NVS
2,226,307
4,120,048
Gerdau SA, Preference Shares, NVS
1,353,614
4,395,201
Petroleo Brasileiro SA, Preference Shares, NVS
3,601,041
25,155,117
 
38,387,313
Chile — 0.1%
Sociedad Quimica y Minera de Chile SA, Class B,
Preference Shares
117,662
4,584,301
Colombia — 0.1%
Bancolombia SA, Preference Shares, NVS
574,192
4,776,464
South Korea — 0.7%
Samsung Electronics Co. Ltd., Preference
Shares, NVS
701,554
31,521,735
Total Preferred Stocks — 1.8%
(Cost: $73,967,180)
79,269,813
Rights
Saudi Arabia — 0.1%
Savola Group (The),
(Expires 09/20/24, Strike Price SAR 10)(a)
615,349
2,610,552
Total Rights — 0.1%
(Cost: $2,127,618)
2,610,552
Total Long-Term Investments — 99.9%
(Cost: $3,864,256,932)
4,363,217,373
Security
Shares
Value
Short-Term Securities
Money Market Funds — 0.0%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 5.45%(f)(g)(h)
2,766,093
$2,767,753
Total Short-Term Securities — 0.0%
(Cost: $2,765,076)
2,767,753
Total Investments — 99.9%
(Cost: $3,867,022,008)
4,365,985,126
Other Assets Less Liabilities — 0.1%
3,160,213
Net Assets — 100.0%
$4,369,145,339
 
(a)
Non-income producing security.
(b)
Security exempt from registration pursuant to Rule 144A under the Securities Act of
1933, as amended. These securities may be resold in transactions exempt from
registration to qualified institutional investors.
(c)
All or a portion of this security is on loan.
(d)
Security is valued using significant unobservable inputs and is classified as Level 3 in the
fair value hierarchy.
(e)
This security may be resold to qualified foreign investors and foreign institutional buyers
under Regulation S of the Securities Act of 1933.
(f)
Affiliate of the Fund.
(g)
Annualized 7-day yield as of period end.
(h)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2024 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 Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
08/31/24
Shares
Held at
08/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency
Shares
$35,144,856
$—
$(32,384,689
)(a)
$9,709
$(2,123
)
$2,767,753
2,766,093
$198,106
(b)
$—
BlackRock Cash Funds: Treasury, SL Agency
Shares(c)
—
—
0
(a)
—
—
—
—
362,671
—
 
$9,709
$(2,123
)
$2,767,753
$560,777
$—
 
(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.
Schedule of Investments
14
Schedule of Investments (continued)
August 31, 2024
iShares® ESG Aware MSCI EM ETF
 
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts
MSCI Emerging Markets Index
92
09/20/24
$5,060
$(20,044
)
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Liabilities—Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)
$—
$—
$20,044
$—
$—
$—
$20,044
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's
variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).
For the period ended August 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from
Futures contracts
$—
$—
$(771,555
)
$—
$—
$—
$(771,555
)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts
$—
$—
$245,368
$—
$—
$—
$245,368
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$4,098,370
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
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 
Common Stocks
$562,998,744
$3,718,335,344
$2,920
$4,281,337,008
Preferred Stocks
47,748,078
31,521,735
—
79,269,813
Rights
2,610,552
—
—
2,610,552
Short-Term Securities 
Money Market Funds
2,767,753
—
—
2,767,753
 
$616,125,127
$3,749,857,079
$2,920
$4,365,985,126
15
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® ESG Aware MSCI EM ETF
 
Fair Value Hierarchy as of Period End (continued)
 
Level 1
Level 2
Level 3
Total
Derivative Financial Instruments(a) 
Liabilities 
Equity Contracts
$(20,044
)
$—
$—
$(20,044
)
 
(a)
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, bank borrowings payable of $92,933,186 are categorized as Level 2 within the fair value hierarchy.
See notes to financial statements.
Schedule of Investments
16
Schedule of Investments
August 31, 2024
iShares® MSCI Emerging Markets ex China ETF
(Percentages shown are based on Net Assets)
 
Security
Shares
Value
Common Stocks
Brazil — 5.1%
Ambev SA
12,931,334
$29,506,464
Atacadao SA(a)
1,725,548
2,746,328
B3 SA - Brasil Bolsa Balcao
15,237,061
34,280,988
Banco Bradesco SA
4,391,543
11,017,915
Banco BTG Pactual SA
3,231,866
20,391,443
Banco do Brasil SA
4,695,319
23,426,817
BB Seguridade Participacoes SA
1,905,592
12,418,917
BRF SA(a)
1,615,599
7,519,080
Caixa Seguridade Participacoes S/A
1,577,046
4,575,041
CCR SA
2,862,919
6,730,662
Centrais Eletricas Brasileiras SA
3,283,358
24,322,465
Cia de Saneamento Basico do Estado de Sao
Paulo SABESP
1,217,521
20,464,299
Cia. Siderurgica Nacional SA
1,820,711
3,831,409
Cosan SA
3,339,991
7,917,437
CPFL Energia SA
640,395
3,873,538
Embraer SA(a)
1,897,435
15,766,087
Energisa SA
656,182
5,508,205
Engie Brasil Energia SA
536,198
4,296,472
Equatorial Energia SA
2,928,856
17,772,847
Hapvida Participacoes e Investimentos SA(a)(b)
13,471,981
10,135,150
Hypera SA
1,024,197
5,186,452
Inter & Co. Inc., Class A, NVS
660,591
4,855,344
JBS SA
2,121,966
13,177,691
Klabin SA
2,233,783
8,557,098
Localiza Rent a Car SA
2,510,376
18,427,107
Localiza Rent a Car SA, NVS(a)
23,497
169,267
Natura & Co. Holding SA
2,477,898
5,957,384
NU Holdings Ltd./Cayman Islands, Class A(a)
8,099,562
121,250,443
Pagseguro Digital Ltd., Class A(a)
537,683
5,952,151
Petroleo Brasileiro SA
10,169,445
77,480,455
PRIO SA
2,217,345
18,428,205
Raia Drogasil SA
3,537,268
17,297,369
Rede D'Or Sao Luiz SA(b)
2,189,645
12,405,249
Rumo SA
3,580,977
13,883,080
Sendas Distribuidora SA(a)
3,718,293
6,313,765
StoneCo Ltd., Class A(a)
688,099
9,124,193
Suzano SA
2,134,946
20,834,470
Telefonica Brasil SA
1,138,156
10,466,847
TIM SA/Brazil
2,291,367
7,261,210
TOTVS SA
1,546,463
8,223,546
Ultrapar Participacoes SA
2,039,105
8,451,724
Vale SA
9,299,111
98,304,817
Vibra Energia SA
2,807,047
12,810,129
WEG SA
4,598,926
44,186,312
XP Inc., Class A
1,014,260
18,672,527
 
834,178,399
Chile — 0.5%
Banco de Chile
124,099,671
15,700,567
Banco de Credito e Inversiones SA
216,597
6,635,019
Banco Santander Chile
183,808,456
9,454,754
Cencosud SA
3,544,160
7,175,826
Empresas CMPC SA
3,098,334
5,350,842
Empresas Copec SA
1,125,296
7,373,686
Enel Americas SA
58,883,566
6,309,046
Enel Chile SA
76,521,888
4,146,345
Falabella SA(a)
2,406,880
8,508,320
Latam Airlines Group SA
417,811,315
5,400,289
 
76,054,694
Security
Shares
Value
Colombia — 0.1%
Bancolombia SA
726,946
$6,603,542
Interconexion Electrica SA ESP
1,277,620
5,549,290
 
12,152,832
Czech Republic — 0.2%
CEZ AS
437,318
16,693,001
Komercni Banka AS
202,800
6,877,307
Moneta Money Bank AS(b)
731,712
3,521,589
 
27,091,897
Egypt — 0.1%
Commercial International Bank - Egypt (CIB)
5,758,366
10,313,420
Eastern Co. SAE
3,489,801
1,827,691
Talaat Moustafa Group
2,304,016
2,795,906
 
14,937,017
Greece — 0.6%
Alpha Services and Holdings SA
5,745,835
9,821,424
Eurobank Ergasias Services and Holdings SA,
Class A
7,021,090
16,008,644
Hellenic Telecommunications Organization SA
512,934
8,316,310
Jumbo SA
287,809
7,279,135
Metlen Energy & Metals SA
292,238
10,974,064
National Bank of Greece SA
2,098,358
18,239,564
OPAP SA
499,367
8,633,283
Piraeus Financial Holdings SA
2,898,190
12,502,670
Public Power Corp. SA
553,917
7,114,511
 
98,889,605
Hungary — 0.3%
MOL Hungarian Oil & Gas PLC
1,186,618
8,991,567
OTP Bank Nyrt
609,436
31,377,862
Richter Gedeon Nyrt
384,001
11,632,550
 
52,001,979
India — 26.7%
ABB India Ltd.
145,360
13,764,502
Adani Enterprises Ltd.
407,985
14,684,288
Adani Green Energy Ltd.(a)
868,316
19,028,093
Adani Ports & Special Economic Zone Ltd.
1,474,532
26,063,869
Adani Power Ltd.(a)
2,111,050
15,910,990
Ambuja Cements Ltd.
1,679,450
12,359,148
APL Apollo Tubes Ltd.
460,814
8,033,332
Apollo Hospitals Enterprise Ltd.
275,610
22,778,924
Ashok Leyland Ltd.
4,010,970
12,261,630
Asian Paints Ltd.
1,049,720
39,191,188
Astral Ltd.
368,846
8,449,459
AU Small Finance Bank Ltd.(b)
992,347
8,151,031
Aurobindo Pharma Ltd.
722,013
13,506,818
Avenue Supermarts Ltd.(a)(b)
446,184
26,195,350
Axis Bank Ltd.
6,163,952
86,446,442
Bajaj Auto Ltd.
183,402
23,812,123
Bajaj Finance Ltd.
761,303
65,365,487
Bajaj Finserv Ltd.
1,047,000
22,264,371
Bajaj Holdings & Investment Ltd.
76,104
9,127,496
Balkrishna Industries Ltd.
213,339
7,201,669
Bank of Baroda
2,810,999
8,386,043
Bharat Electronics Ltd.
10,014,738
35,787,311
Bharat Forge Ltd.
704,033
13,315,659
Bharat Heavy Electricals Ltd.
2,848,036
9,859,468
Bharat Petroleum Corp. Ltd.
4,176,386
17,795,506
Bharti Airtel Ltd.
6,996,687
132,598,062
Bosch Ltd.
20,688
7,991,107
Britannia Industries Ltd.
296,606
20,720,080
Canara Bank
4,912,347
6,540,579
CG Power & Industrial Solutions Ltd.
1,684,191
13,975,807
17
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Emerging Markets ex China ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
India (continued)
Cholamandalam Investment and Finance
Co. Ltd.
1,153,986
$20,039,683
Cipla Ltd.
1,435,755
28,353,896
Coal India Ltd.
5,051,970
31,601,836
Colgate-Palmolive India Ltd.
373,401
16,206,491
Container Corp. of India Ltd.
676,272
7,780,751
Cummins India Ltd.
381,408
17,052,424
Dabur India Ltd.
1,449,218
11,008,033
Divi's Laboratories Ltd.
327,768
19,922,298
Dixon Technologies India Ltd.
88,768
13,936,481
DLF Ltd.
2,025,064
20,414,721
Dr. Reddy's Laboratories Ltd.
318,675
26,698,741
Eicher Motors Ltd.
374,976
22,191,126
GAIL India Ltd.
6,299,580
17,867,922
GMR Airports Infrastructure Ltd.(a)
6,649,334
7,500,952
Godrej Consumer Products Ltd.
1,123,689
19,830,908
Godrej Properties Ltd.(a)
344,627
11,963,828
Grasim Industries Ltd.
721,681
23,231,823
Havells India Ltd.
687,170
15,565,945
HCL Technologies Ltd.
2,599,680
54,357,572
HDFC Asset Management Co. Ltd.(b)
263,107
13,870,880
HDFC Bank Ltd.
11,658,261
227,976,084
HDFC Life Insurance Co. Ltd.(b)
2,645,762
23,313,067
Hero MotoCorp Ltd.
327,823
21,346,127
Hindalco Industries Ltd.
3,677,886
30,818,132
Hindustan Aeronautics Ltd., NVS
549,388
30,684,818
Hindustan Petroleum Corp. Ltd.
2,557,251
12,769,392
Hindustan Unilever Ltd.
2,248,799
74,501,548
ICICI Bank Ltd.
14,229,345
208,683,989
ICICI Lombard General Insurance Co. Ltd.(b)
629,773
16,108,409
ICICI Prudential Life Insurance Co. Ltd.(b)
1,002,582
9,004,687
IDFC First Bank Ltd.(a)
10,010,699
8,816,695
Indian Hotels Co. Ltd., Class A
2,343,857
18,118,960
Indian Oil Corp. Ltd.
7,770,073
16,412,961
Indian Railway Catering & Tourism Corp. Ltd.
662,243
7,369,494
Indus Towers Ltd.(a)
3,199,874
17,501,100
IndusInd Bank Ltd.
774,014
13,155,321
Info Edge India Ltd.
198,405
18,174,503
Infosys Ltd.
9,089,182
211,020,662
InterGlobe Aviation Ltd.(a)(b)
475,255
27,338,185
ITC Ltd.
8,198,091
49,045,100
Jindal Stainless Ltd.
926,879
8,774,275
Jindal Steel & Power Ltd.
981,629
11,347,736
Jio Financial Services Ltd., NVS(a)
7,825,325
29,988,814
JSW Energy Ltd.
983,655
8,339,426
JSW Steel Ltd.
1,688,983
18,946,895
Jubilant Foodworks Ltd.
1,004,462
7,791,948
Kotak Mahindra Bank Ltd.
2,987,097
63,437,177
Larsen & Toubro Ltd.
1,840,113
81,337,804
LTIMindtree Ltd.(b)
208,279
15,302,718
Lupin Ltd.
621,205
16,603,710
Macrotech Developers Ltd.
818,866
12,239,143
Mahindra & Mahindra Ltd.
2,551,831
85,479,418
Mankind Pharma Ltd.(a)
273,908
8,129,780
Marico Ltd.
1,420,271
10,955,766
Maruti Suzuki India Ltd.
345,614
51,177,458
Max Healthcare Institute Ltd.
2,139,174
22,005,337
Mphasis Ltd.
285,060
10,549,256
MRF Ltd.
6,237
10,031,455
Muthoot Finance Ltd.
333,710
7,820,873
Nestle India Ltd., NVS
922,032
27,487,208
NHPC Ltd., NVS
8,219,826
9,410,942
Security
Shares
Value
India (continued)
NMDC Ltd.
2,839,362
$7,545,798
NTPC Ltd.
11,942,352
59,221,098
Oil & Natural Gas Corp. Ltd.
8,624,345
34,059,055
Oil India Ltd.
1,316,264
11,631,979
Oracle Financial Services Software Ltd.
58,473
7,660,212
Page Industries Ltd.
16,931
8,585,389
PB Fintech Ltd.(a)
821,940
17,338,353
Persistent Systems Ltd., NVS
282,917
17,455,198
Petronet LNG Ltd.
2,114,182
9,267,592
Phoenix Mills Ltd. (The)
275,084
12,371,856
PI Industries Ltd.
209,948
11,263,713
Pidilite Industries Ltd.
420,994
15,692,633
Polycab India Ltd.
144,255
11,725,451
Power Finance Corp. Ltd.
4,066,016
26,651,980
Power Grid Corp. of India Ltd.
12,739,526
51,311,504
Prestige Estates Projects Ltd.
378,444
8,185,553
Punjab National Bank
6,001,893
8,338,246
Rail Vikas Nigam Ltd.
1,406,011
10,182,406
REC Ltd.
3,602,701
26,622,670
Reliance Industries Ltd.
8,334,523
299,869,383
Samvardhana Motherson International Ltd.
7,422,126
17,306,134
SBI Cards & Payment Services Ltd.
773,654
6,672,652
SBI Life Insurance Co. Ltd.(b)
1,233,895
27,212,678
Shree Cement Ltd.
24,784
7,533,642
Shriram Finance Ltd.
772,485
29,566,272
Siemens Ltd.
244,027
20,065,136
Solar Industries India Ltd.
75,956
9,717,921
Sona Blw Precision Forgings Ltd.(b)
1,135,191
9,255,158
SRF Ltd.
374,646
11,463,270
State Bank of India
4,866,409
47,299,150
Sun Pharmaceutical Industries Ltd.
2,624,419
57,017,291
Sundaram Finance Ltd.
187,226
11,264,737
Supreme Industries Ltd.
174,496
11,000,262
Suzlon Energy Ltd.(a)
26,103,916
23,621,210
Tata Communications Ltd.
310,511
7,263,562
Tata Consultancy Services Ltd.
2,474,981
134,458,285
Tata Consumer Products Ltd.
1,604,266
22,965,893
Tata Elxsi Ltd.
94,939
9,058,465
Tata Motors Ltd.
4,551,631
60,332,472
Tata Motors Ltd., NVS
855,415
11,334,815
Tata Power Co. Ltd. (The)
3,916,625
20,294,208
Tata Steel Ltd.
20,470,266
37,321,332
Tech Mahindra Ltd.
1,474,947
28,830,035
Thermax Ltd.
117,521
6,120,398
Titan Co. Ltd.
968,855
41,193,776
Torrent Pharmaceuticals Ltd.
282,442
11,738,551
Torrent Power Ltd.
472,937
9,834,836
Trent Ltd.
496,807
42,347,662
Tube Investments of India Ltd.
294,337
14,154,041
TVS Motor Co. Ltd.
650,312
21,812,158
UltraTech Cement Ltd.
315,975
42,602,116
Union Bank of India Ltd.
4,184,090
6,064,728
United Spirits Ltd.
807,591
14,196,012
UPL Ltd.
1,237,019
8,821,010
Varun Beverages Ltd.
1,246,563
22,305,995
Vedanta Ltd.
3,745,903
20,901,035
Vodafone Idea Ltd.(a)
64,082,799
11,949,923
Wipro Ltd.
3,573,311
22,949,758
Yes Bank Ltd.(a)
38,748,241
10,928,969
Zomato Ltd.(a)
18,124,130
54,081,352
Zydus Lifesciences Ltd.
678,544
9,128,057
 
4,327,243,542
Schedule of Investments
18
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Emerging Markets ex China ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Indonesia — 2.3%
Adaro Energy Indonesia Tbk PT
39,991,300
$9,209,374
Amman Mineral Internasional PT(a)
17,854,100
12,327,094
Aneka Tambang Tbk
21,334,300
1,917,327
Astra International Tbk PT
54,674,800
18,031,527
Bank Central Asia Tbk PT
151,208,627
101,017,734
Bank Mandiri Persero Tbk PT
102,003,100
47,135,226
Bank Negara Indonesia Persero Tbk PT
40,616,300
14,054,215
Bank Rakyat Indonesia Persero Tbk PT
185,776,171
61,855,275
Barito Pacific Tbk PT
77,510,805
5,733,138
Chandra Asri Pacific Tbk PT
21,217,400
13,694,181
Charoen Pokphand Indonesia Tbk PT
20,902,100
6,572,902
GoTo Gojek Tokopedia Tbk PT(a)
2,485,999,339
8,367,940
Indah Kiat Pulp & Paper Tbk PT
6,884,400
3,609,605
Indofood CBP Sukses Makmur Tbk PT
6,522,800
4,843,037
Indofood Sukses Makmur Tbk PT
11,893,100
5,271,287
Kalbe Farma Tbk PT
59,052,500
6,304,537
Merdeka Copper Gold Tbk PT(a)
27,454,459
4,175,187
Sumber Alfaria Trijaya Tbk PT
51,787,400
9,717,467
Telkom Indonesia Persero Tbk PT
135,239,500
26,670,303
Unilever Indonesia Tbk PT
21,040,100
3,087,288
United Tractors Tbk PT
4,222,900
7,396,340
 
370,990,984
Kuwait — 1.0%
Boubyan Bank KSCP
3,995,094
7,701,130
Gulf Bank KSCP
5,189,135
5,395,258
Kuwait Finance House KSCP
28,004,446
66,749,684
Mabanee Co. KPSC
1,939,207
5,441,830
Mobile Telecommunications Co. KSCP
5,195,021
7,949,903
National Bank of Kuwait SAKP
21,675,474
62,313,851
 
155,551,656
Malaysia — 2.1%
AMMB Holdings Bhd
6,873,900
8,276,613
Axiata Group Bhd
8,057,900
4,748,818
CELCOMDIGI Bhd
10,118,200
9,065,046
CIMB Group Holdings Bhd
18,948,100
36,028,638
Gamuda Bhd
5,292,000
9,183,425
Genting Bhd
5,909,900
5,905,029
Genting Malaysia Bhd
8,267,900
4,824,682
Hong Leong Bank Bhd
1,782,800
8,761,523
IHH Healthcare Bhd
5,975,800
8,668,193
Inari Amertron Bhd
7,972,200
5,819,640
IOI Corp. Bhd
7,256,300
6,753,600
Kuala Lumpur Kepong Bhd
1,394,300
7,014,579
Malayan Banking Bhd
14,632,900
36,505,756
Malaysia Airports Holdings Bhd
2,121,144
5,152,577
Maxis Bhd
6,949,000
6,208,726
MISC Bhd
3,750,000
7,278,774
MR DIY Group M Bhd(b)
9,404,150
4,476,691
Nestle Malaysia Bhd
174,900
4,294,836
Petronas Chemicals Group Bhd
7,928,700
10,658,999
Petronas Dagangan Bhd
800,600
3,904,372
Petronas Gas Bhd
2,296,800
9,713,246
PPB Group Bhd
1,833,440
6,190,615
Press Metal Aluminium Holdings Bhd
10,232,500
11,785,726
Public Bank Bhd
39,183,400
43,700,301
QL Resources Bhd
2,929,900
4,407,049
RHB Bank Bhd
3,753,300
5,326,258
SD Guthrie Bhd
5,960,500
6,314,833
Sime Darby Bhd
7,509,600
4,313,966
Sunway Bhd
6,140,400
5,824,324
Telekom Malaysia Bhd
3,189,900
4,989,434
Security
Shares
Value
Malaysia (continued)
Tenaga Nasional Bhd
7,094,100
$24,045,664
YTL Corp. Bhd
9,147,000
6,162,067
YTL Power International Bhd
6,781,000
6,112,706
 
332,416,706
Mexico — 2.6%
Alfa SAB de CV, Class A
8,333,600
4,845,055
America Movil SAB de CV, Series B
50,423,071
41,732,793
Arca Continental SAB de CV
1,393,208
12,475,328
Banco del Bajio SA(b)
2,151,806
5,383,271
Cemex SAB de CV, NVS
40,814,454
24,806,683
Coca-Cola Femsa SAB de CV
1,457,900
12,247,715
Fibra Uno Administracion SA de CV
7,900,400
9,302,729
Fomento Economico Mexicano SAB de CV
4,970,483
50,842,444
Gruma SAB de CV, Class B
502,940
9,229,984
Grupo Aeroportuario del Centro Norte SAB de
CV, Class B
786,833
6,299,298
Grupo Aeroportuario del Pacifico SAB de CV,
Class B
1,074,871
19,035,138
Grupo Aeroportuario del Sureste SAB de CV,
Class B
497,462
13,335,874
Grupo Bimbo SAB de CV, Series A
3,642,053
13,032,000
Grupo Carso SAB de CV, Series A1
1,567,933
9,415,122
Grupo Comercial Chedraui SA de CV
786,634
5,961,790
Grupo Financiero Banorte SAB de CV, Class O
7,083,186
48,988,957
Grupo Financiero Inbursa SAB de CV, Class O(a)
5,147,671
12,235,169
Grupo Mexico SAB de CV, Series B
8,525,686
43,627,893
Industrias Penoles SAB de CV(a)
553,100
6,637,453
Kimberly-Clark de Mexico SAB de CV, Class A
4,151,022
6,784,792
Operadora De Sites Mexicanos SAB de CV
3,787,075
3,138,229
Orbia Advance Corp. SAB de CV
2,565,911
2,742,548
Prologis Property Mexico SA de CV
2,578,804
8,213,990
Promotora y Operadora de Infraestructura SAB
de CV
551,244
5,121,628
Wal-Mart de Mexico SAB de CV
14,188,251
45,221,144
 
420,657,027
Peru — 0.4%
Cia. de Minas Buenaventura SAA, Class A, ADR
449,972
5,579,653
Credicorp Ltd.
183,754
32,772,526
Southern Copper Corp.
234,527
23,856,086
 
62,208,265
Philippines — 0.8%
Ayala Corp.
693,740
7,485,933
Ayala Land Inc.
18,236,300
11,459,869
Bank of the Philippine Islands
5,171,128
11,510,244
BDO Unibank Inc.
6,587,142
17,938,720
International Container Terminal Services Inc.
2,829,900
19,968,057
JG Summit Holdings Inc.
8,227,580
3,443,422
Jollibee Foods Corp.
1,266,800
5,867,689
Manila Electric Co.
815,540
6,175,737
Metropolitan Bank & Trust Co.
5,190,227
6,806,489
PLDT Inc.
212,235
5,669,679
SM Investments Corp.
610,145
9,633,117
SM Prime Holdings Inc.
27,919,900
15,396,157
Universal Robina Corp.
2,432,990
3,947,621
 
125,302,734
Poland — 1.2%
Alior Bank SA
246,506
6,511,623
Allegro.eu SA (a)(b)
1,585,621
15,619,063
Bank Polska Kasa Opieki SA
504,629
20,673,305
Budimex SA
36,652
5,696,878
CD Projekt SA
173,485
8,200,192
19
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Emerging Markets ex China ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Poland (continued)
Dino Polska SA(a)(b)
133,588
$11,106,413
KGHM Polska Miedz SA
381,029
13,675,543
LPP SA
3,046
11,584,781
mBank SA(a)
40,349
6,674,978
ORLEN SA
1,606,867
26,743,459
PGE Polska Grupa Energetyczna SA(a)
2,315,701
4,049,654
Powszechna Kasa Oszczednosci Bank
Polski SA
2,398,917
35,925,482
Powszechny Zaklad Ubezpieczen SA
1,660,465
19,994,144
Santander Bank Polska SA
98,279
13,229,645
 
199,685,160
Qatar — 1.0%
Barwa Real Estate Co.
6,171,649
4,729,713
Commercial Bank PSQC (The)
9,394,091
10,528,083
Dukhan Bank
5,468,142
5,715,671
Industries Qatar QSC
4,352,118
15,421,887
Masraf Al Rayan QSC
16,225,168
10,262,497
Mesaieed Petrochemical Holding Co.
16,159,499
7,330,827
Ooredoo QPSC
2,299,235
6,951,322
Qatar Electricity & Water Co. QSC
1,267,572
5,459,775
Qatar Fuel QSC
260,481
1,039,780
Qatar Gas Transport Co. Ltd.
7,398,137
9,151,727
Qatar International Islamic Bank QSC
2,817,089
8,420,383
Qatar Islamic Bank QPSC
5,001,219
26,888,688
Qatar National Bank QPSC
12,822,875
55,843,290
 
167,743,643
Russia — 0.0%
Alrosa PJSC(a)(c)
1,271,273
140
Gazprom PJSC(a)(c)
5,613,440
619
GMK Norilskiy Nickel PAO(a)(c)
2,978,900
3
Inter RAO UES PJSC(a)(c)
19,580,300
2,160
LUKOIL PJSC(a)(c)
197,285
22
Mobile TeleSystems PJSC(a)(c)
418,880
46
Moscow Exchange MICEX-RTS PJSC(a)(c)
631,870
70
Novatek PJSC(a)(c)
433,150
48
Novolipetsk Steel PJSC(a)(c)
785,210
87
Ozon Holdings PLC, ADR(a)(c)
534
—
PhosAgro PJSC(a)(c)
22,411
2
PhosAgro PJSC, GDR(a)(c)(d)
1
—
PhosAgro PJSC, New(a)(c)
433
4
Polyus PJSC(a)(c)
13,397
2
Rosneft Oil Co. PJSC(a)(c)
532,936
59
Sberbank of Russia PJSC(a)(c)
4,933,827
544
Severstal PAO(a)(c)
109,143
12
Surgutneftegas PJSC(a)(c)
3,671,000
405
Tatneft PJSC(a)(c)
685,605
76
TCS Group Holding PLC, GDR(a)(c)(d)
58,085
6
United Co. RUSAL International PJSC(a)(c)
1,500,930
166
VK Co. Ltd.(a)(c)(d)
873
—
VTB Bank PJSC(a)(c)
232,194
—
X5 Retail Group NV, GDR(a)(c)(d)
67,732
8
Yandex NV(a)(c)
149,219
16
 
4,495
Saudi Arabia — 5.2%
ACWA Power Co.
401,392
45,053,113
Ades Holding Co.(a)
935,523
5,105,663
Advanced Petrochemical Co.(a)
326,871
3,296,932
Al Rajhi Bank
5,361,612
126,259,160
Al Rajhi Co. for Co-operative Insurance(a)
107,894
5,837,286
Alinma Bank
3,340,631
27,854,839
Almarai Co. JSC
682,639
9,891,779
Security
Shares
Value
Saudi Arabia (continued)
Arab National Bank
2,468,407
$12,718,612
Arabian Internet & Communications
Services Co.
66,191
5,133,821
Bank AlBilad
1,677,448
17,256,919
Bank Al-Jazira(a)
1,397,847
6,590,419
Banque Saudi Fransi
1,609,466
14,660,854
Bupa Arabia for Cooperative Insurance Co.
228,768
14,167,693
Co. for Cooperative Insurance (The)
203,689
8,599,830
Dallah Healthcare Co.
98,796
4,164,986
Dar Al Arkan Real Estate Development Co.(a)
1,452,240
5,678,463
Dr Sulaiman Al Habib Medical Services
Group Co.
241,091
19,659,395
Elm Co.
65,832
17,591,882
Etihad Etisalat Co.
1,034,234
13,928,376
Jarir Marketing Co.
1,591,725
5,424,250
Mobile Telecommunications Co. Saudi Arabia
1,037,549
3,091,136
Mouwasat Medical Services Co.
270,309
7,476,221
Nahdi Medical Co.
106,632
3,784,137
Power & Water Utility Co. for Jubail & Yanbu
211,531
3,520,432
Riyad Bank
4,043,156
27,853,151
SABIC Agri-Nutrients Co.
640,325
19,914,849
Sahara International Petrochemical Co.
981,954
7,559,947
SAL Saudi Logistics Services
65,728
5,271,475
Saudi Arabian Mining Co.(a)
3,541,379
40,122,928
Saudi Arabian Oil Co.(b)
11,897,733
88,653,193
Saudi Aramco Base Oil Co.
146,158
5,154,748
Saudi Awwal Bank
2,778,155
25,855,180
Saudi Basic Industries Corp.
2,456,597
48,966,971
Saudi Electricity Co.
2,266,296
10,605,429
Saudi Industrial Investment Group
1,012,567
5,259,608
Saudi Investment Bank (The)
1,753,025
5,917,908
Saudi Kayan Petrochemical Co.(a)
2,047,748
4,705,602
Saudi National Bank (The)
8,055,085
75,534,174
Saudi Research & Media Group(a)
100,977
7,055,562
Saudi Tadawul Group Holding Co.
130,675
8,582,520
Saudi Telecom Co.
5,471,867
62,725,683
Savola Group (The)(a)
746,533
5,298,295
Yanbu National Petrochemical Co.
752,305
8,074,378
 
849,857,799
South Africa — 4.1%
Absa Group Ltd.
2,326,861
22,951,793
Anglo American Platinum Ltd.
183,044
6,320,339
Anglogold Ashanti PLC, NVS
1,149,995
34,036,205
Aspen Pharmacare Holdings Ltd.
1,045,004
14,066,635
Bid Corp. Ltd.
918,224
23,131,803
Bidvest Group Ltd. (The)
932,916
15,180,350
Capitec Bank Holdings Ltd.
238,610
38,971,843
Clicks Group Ltd.
653,949
13,706,749
Discovery Ltd.
1,489,665
12,748,761
Exxaro Resources Ltd.
687,582
6,159,735
FirstRand Ltd.
13,823,815
66,470,144
Gold Fields Ltd.
2,452,697
33,999,967
Harmony Gold Mining Co. Ltd.
1,551,489
15,196,538
Impala Platinum Holdings Ltd.
2,488,222
10,716,210
Kumba Iron Ore Ltd.
180,273
3,568,301
MTN Group Ltd.
4,654,141
23,182,877
Naspers Ltd., Class N
487,677
100,598,981
Nedbank Group Ltd.
1,248,179
20,661,649
NEPI Rockcastle NV
1,547,575
12,620,253
Northam Platinum Holdings Ltd.
982,634
5,810,789
Old Mutual Ltd.
13,164,414
9,525,118
OUTsurance Group Ltd., NVS
2,377,242
6,364,202
Schedule of Investments
20
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Emerging Markets ex China ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
South Africa (continued)
Pepkor Holdings Ltd.(b)
5,792,026
$7,142,450
Reinet Investments SCA
381,566
10,235,803
Remgro Ltd.
1,372,218
11,122,441
Sanlam Ltd.
4,891,674
24,388,749
Sasol Ltd.
1,577,097
12,109,723
Shoprite Holdings Ltd.
1,370,454
23,745,999
Sibanye Stillwater Ltd.
7,780,759
7,435,537
Standard Bank Group Ltd.
3,670,063
49,295,955
Vodacom Group Ltd.
1,712,806
10,584,755
Woolworths Holdings Ltd./South Africa
2,553,656
9,261,412
 
661,312,066
South Korea — 14.3%
Alteogen Inc.(a)
109,032
26,021,035
Amorepacific Corp.
79,882
7,421,245
Celltrion Inc.
415,484
63,207,402
Celltrion Pharm Inc.(a)
51,117
2,646,428
CJ CheilJedang Corp.
22,737
5,489,065
CosmoAM&T Co. Ltd.(a)
66,495
5,364,733
Coway Co. Ltd.
152,995
7,702,724
DB Insurance Co. Ltd.
126,980
11,053,132
Doosan Bobcat Inc.
152,644
4,555,516
Doosan Enerbility Co. Ltd.(a)(e)
1,226,058
16,642,284
Ecopro BM Co. Ltd.(a)(e)
133,832
16,897,117
Ecopro Co. Ltd.(a)
273,208
17,547,088
Ecopro Materials Co. Ltd.(a)
45,196
3,089,990
Enchem Co. Ltd.(a)
34,837
5,015,158
GS Holdings Corp.
128,731
4,352,821
Hana Financial Group Inc.
801,006
37,186,499
Hanjin Kal Corp.
70,411
3,608,172
Hankook Tire & Technology Co. Ltd.
205,883
6,701,849
Hanmi Pharm Co. Ltd.(e)
18,108
4,281,331
Hanmi Semiconductor Co. Ltd.
119,586
10,333,957
Hanwha Aerospace Co. Ltd.
98,058
21,337,929
Hanwha Ocean Co. Ltd.(a)
252,098
6,525,751
Hanwha Solutions Corp.
289,125
5,627,216
HD Hyundai Co. Ltd.
122,633
7,433,810
HD Hyundai Electric Co. Ltd.
61,953
14,183,059
HD Hyundai Heavy Industries Co. Ltd.(a)
60,772
8,825,482
HD Korea Shipbuilding & Offshore Engineering
Co. Ltd.(a)
116,267
16,683,173
HLB Inc.(a)
322,220
21,624,178
HMM Co. Ltd.
702,420
8,954,555
HYBE Co. Ltd.
59,921
8,295,524
Hyundai Engineering & Construction Co. Ltd.
212,973
5,111,696
Hyundai Glovis Co. Ltd.
102,317
8,601,306
Hyundai Mobis Co. Ltd.
165,843
27,060,740
Hyundai Motor Co.
372,251
71,405,256
Hyundai Steel Co.
244,335
4,655,732
Industrial Bank of Korea
736,867
7,623,679
Kakao Corp.
852,430
23,831,875
KakaoBank Corp.
462,965
7,688,048
KB Financial Group Inc.
1,049,457
67,674,196
Kia Corp.
682,563
54,228,834
Korea Aerospace Industries Ltd.
199,662
8,124,714
Korea Electric Power Corp.(a)
700,658
11,387,371
Korea Investment Holdings Co. Ltd.
116,204
6,342,981
Korea Zinc Co. Ltd.
22,663
9,075,562
Korean Air Lines Co. Ltd.
509,545
8,414,678
Krafton Inc.(a)
79,019
19,338,258
KT Corp.
80,714
2,339,053
KT&G Corp.
283,095
22,975,762
Kum Yang Co. Ltd.(a)
99,354
3,461,357
Security
Shares
Value
South Korea (continued)
Kumho Petrochemical Co. Ltd.
46,075
$4,725,040
L&F Co. Ltd.(a)
69,588
4,910,456
LG Chem Ltd.
135,071
32,585,818
LG Corp.
260,205
15,450,508
LG Display Co. Ltd.(a)
829,107
7,006,599
LG Electronics Inc.
290,948
21,693,453
LG Energy Solution Ltd.(a)
128,026
37,291,022
LG H&H Co. Ltd.
25,686
6,819,882
LG Innotek Co. Ltd.
38,688
8,069,801
LG Uplus Corp.
511,197
3,731,489
Lotte Chemical Corp.
52,872
3,281,911
LS Electric Co. Ltd.
40,460
5,077,039
Meritz Financial Group Inc.
262,481
17,918,644
Mirae Asset Securities Co. Ltd.
661,470
4,147,378
NAVER Corp.
355,043
45,040,845
NCSoft Corp.
39,516
5,558,744
Netmarble Corp.(a)(b)
74,780
3,412,513
NH Investment & Securities Co. Ltd.
368,076
3,762,720
Orion Corp./Republic of Korea
64,905
4,470,437
Posco DX Co. Ltd.
146,681
2,935,391
POSCO Future M Co. Ltd.(e)
84,857
13,702,459
POSCO Holdings Inc.
196,707
50,237,361
Posco International Corp.(e)
144,777
6,132,010
Samsung Biologics Co. Ltd.(a)(b)
48,637
35,666,468
Samsung C&T Corp.
237,339
26,264,815
Samsung E&A Co. Ltd.(a)
431,767
8,220,994
Samsung Electro-Mechanics Co. Ltd.
153,830
16,474,527
Samsung Electronics Co. Ltd.
13,061,708
725,425,206
Samsung Fire & Marine Insurance Co. Ltd.
84,435
21,933,796
Samsung Heavy Industries Co. Ltd.(a)
1,805,292
14,231,679
Samsung Life Insurance Co. Ltd.
219,650
16,043,802
Samsung SDI Co. Ltd.
150,595
40,080,247
Samsung SDS Co. Ltd.
117,683
13,285,462
Shinhan Financial Group Co. Ltd.
1,186,114
50,207,282
SK Biopharmaceuticals Co. Ltd.(a)
86,439
7,453,790
SK Bioscience Co. Ltd.(a)
76,187
3,171,868
SK Hynix Inc.
1,494,428
195,832,415
SK IE Technology Co. Ltd.(a)(b)
1,153
28,470
SK Inc.
101,136
10,861,426
SK Innovation Co. Ltd.(a)
171,368
14,169,335
SK Square Co. Ltd.(a)
260,561
15,335,836
SK Telecom Co. Ltd.
137,625
5,679,150
SKC Co. Ltd.(a)
53,426
5,181,353
S-Oil Corp.
127,268
5,955,260
Woori Financial Group Inc.
1,655,302
19,821,526
Yuhan Corp.
154,072
16,283,657
 
2,323,519,205
Taiwan — 24.3%
Accton Technology Corp.
1,413,000
22,498,993
Acer Inc.
7,959,000
10,915,477
Advantech Co. Ltd.
1,193,280
13,051,983
Airtac International Group
350,439
9,478,921
Alchip Technologies Ltd.
212,976
17,728,419
ASE Technology Holding Co. Ltd.
9,045,000
43,404,031
Asia Cement Corp.
6,230,000
8,778,513
Asia Vital Components Co. Ltd.
868,000
16,429,076
Asustek Computer Inc.
1,952,000
32,739,125
AUO Corp.
18,238,800
9,378,279
Catcher Technology Co. Ltd.
1,693,000
12,504,691
Cathay Financial Holding Co. Ltd.
26,157,379
52,000,781
Chailease Holding Co. Ltd.
4,085,966
18,609,533
Chang Hwa Commercial Bank Ltd.
15,951,020
8,805,496
21
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Emerging Markets ex China ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Taiwan (continued)
Cheng Shin Rubber Industry Co. Ltd.
4,941,000
$7,677,593
China Airlines Ltd.
7,901,000
5,091,908
China Steel Corp.
32,929,000
22,918,058
Chunghwa Telecom Co. Ltd.
10,372,000
40,207,763
Compal Electronics Inc.
11,757,000
12,231,778
CTBC Financial Holding Co. Ltd.
43,321,000
44,253,948
Delta Electronics Inc.
5,337,000
66,535,166
E Ink Holdings Inc.
2,370,000
22,644,796
E.Sun Financial Holding Co. Ltd.
39,774,068
35,063,993
Eclat Textile Co. Ltd.
518,000
8,674,499
eMemory Technology Inc.
173,000
14,282,754
Eva Airways Corp.
7,320,000
8,097,802
Evergreen Marine Corp. Taiwan Ltd.
2,800,400
16,470,659
Far Eastern New Century Corp.
8,053,000
9,102,541
Far EasTone Telecommunications Co. Ltd.
4,828,000
13,665,230
Feng TAY Enterprise Co. Ltd.
1,447,760
6,603,129
First Financial Holding Co. Ltd.
31,016,304
26,450,433
Formosa Chemicals & Fibre Corp.
9,760,000
13,372,824
Formosa Plastics Corp.
10,472,000
16,895,230
Fortune Electric Co. Ltd.
380,100
7,943,422
Fubon Financial Holding Co. Ltd.
21,405,663
61,449,207
Gigabyte Technology Co. Ltd.
1,416,000
11,610,925
Global Unichip Corp.
228,000
7,962,617
Globalwafers Co. Ltd.
658,000
9,972,173
Hon Hai Precision Industry Co. Ltd.
34,149,200
197,134,226
Hotai Motor Co. Ltd.
826,572
17,014,052
Hua Nan Financial Holdings Co. Ltd.
24,784,228
19,775,367
Innolux Corp.
20,910,636
10,336,591
Inventec Corp.
7,403,000
10,585,982
KGI Financial Holding Co. Ltd.
44,362,920
22,347,166
Largan Precision Co. Ltd.
264,000
25,745,600
Lite-On Technology Corp.
5,648,000
18,948,890
MediaTek Inc.
4,177,000
162,137,963
Mega Financial Holding Co. Ltd.
32,635,666
39,808,343
Micro-Star International Co. Ltd.
2,002,000
11,503,950
Nan Ya Plastics Corp.
13,504,000
19,147,512
Nanya Technology Corp.(a)
3,340,000
5,507,382
Nien Made Enterprise Co. Ltd.
429,000
6,278,446
Novatek Microelectronics Corp.
1,613,000
27,243,676
Pegatron Corp.
5,531,000
17,760,869
PharmaEssentia Corp.(a)
644,000
14,031,063
Pou Chen Corp.
5,977,000
6,498,443
President Chain Store Corp.
1,624,000
14,277,186
Quanta Computer Inc.
7,415,000
62,293,166
Realtek Semiconductor Corp.
1,366,000
22,877,917
Ruentex Development Co. Ltd.
4,286,640
6,597,159
Shanghai Commercial & Savings Bank Ltd.
(The)
10,700,678
13,475,664
Shin Kong Financial Holding Co. Ltd.(a)
39,057,188
15,730,210
Silergy Corp.
866,000
12,791,323
SinoPac Financial Holdings Co. Ltd.
29,899,431
22,476,020
Synnex Technology International Corp.
3,308,000
7,447,623
Taishin Financial Holding Co. Ltd.
32,382,029
18,726,206
Taiwan Business Bank
19,299,191
9,534,308
Taiwan Cooperative Financial Holding Co. Ltd.
29,530,379
23,920,982
Taiwan High Speed Rail Corp.
5,289,000
4,940,918
Taiwan Mobile Co. Ltd.
4,984,000
17,468,473
Taiwan Semiconductor Manufacturing Co. Ltd.
67,423,000
1,996,082,367
TCC Group Holdings Co. Ltd.
18,885,671
19,454,888
Unimicron Technology Corp.
3,711,000
19,043,538
Uni-President Enterprises Corp.
13,257,000
34,159,814
United Microelectronics Corp.
30,925,000
53,743,415
Security
Shares
Value
Taiwan (continued)
Vanguard International Semiconductor Corp.
2,496,000
$9,606,759
Voltronic Power Technology Corp.
167,000
10,409,703
Walsin Lihwa Corp.
7,848,473
8,637,041
Wan Hai Lines Ltd.
1,877,015
4,869,814
Winbond Electronics Corp.
8,945,041
6,729,170
Wistron Corp.
7,469,000
23,792,293
Wiwynn Corp.
256,000
15,274,070
WPG Holdings Ltd.
4,411,520
11,218,861
Yageo Corp.
1,090,960
22,456,658
Yang Ming Marine Transport Corp.
4,743,000
9,573,072
Yuanta Financial Holding Co. Ltd.
28,853,060
28,797,981
Zhen Ding Technology Holding Ltd.
1,774,000
7,514,430
 
3,931,228,316
Thailand — 1.9%
Advanced Info Service PCL, NVDR
3,223,600
23,512,040
Airports of Thailand PCL, NVDR(e)
11,728,200
20,680,607
Asset World Corp. PCL, NVDR
8,087,700
790,391
Bangkok Dusit Medical Services PCL, NVDR
30,954,900
25,324,376
Bangkok Expressway & Metro PCL, NVDR(e)
21,360,000
4,831,679
Bumrungrad Hospital PCL, NVDR
1,527,100
11,027,548
Central Pattana PCL, NVDR
5,274,200
9,249,858
Central Retail Corp. PCL, NVDR(e)
5,158,700
4,482,549
Charoen Pokphand Foods PCL, NVDR
10,130,600
7,341,243
CP ALL PCL, NVDR
15,839,700
28,236,819
CP Axtra PCL, NVDR
5,959,900
5,449,813
Delta Electronics Thailand PCL, NVDR(e)
8,541,000
26,873,799
Gulf Energy Development PCL, NVDR(e)
8,037,700
12,024,059
Home Product Center PCL, NVDR
15,340,600
4,091,440
Intouch Holdings PCL, NVDR
2,560,950
6,236,792
Kasikornbank PCL, NVDR
1,547,400
6,537,203
Krung Thai Bank PCL, NVDR
9,414,900
5,082,025
Krungthai Card PCL, NVDR(e)
2,558,500
3,148,554
Minor International PCL, NVDR
9,520,800
7,580,009
PTT Exploration & Production PCL, NVDR
3,795,700
15,875,296
PTT Global Chemical PCL, NVDR
6,203,800
4,570,924
PTT Oil & Retail Business PCL, NVDR
8,932,900
4,084,710
PTT PCL, NVDR
27,693,100
27,381,946
SCB X PCL, NVDR
2,208,600
6,979,479
SCG Packaging PCL, NVDR(e)
3,567,700
2,562,064
Siam Cement PCL (The), NVDR
2,099,100
14,253,984
Thai Oil PCL, NVDR(e)
3,449,200
5,403,543
TMBThanachart Bank PCL, NVDR
65,504,800
3,577,607
True Corp. PCL, NVDR(a)(e)
28,574,082
8,701,718
 
305,892,075
Turkey — 0.9%
Akbank TAS
8,431,785
14,427,479
Anadolu Efes Biracilik Ve Malt Sanayii A/S
558,992
3,652,342
Aselsan Elektronik Sanayi Ve Ticaret A/S
3,738,368
6,398,913
BIM Birlesik Magazalar A/S
1,232,607
19,521,851
Coca-Cola Icecek A/S
2,316,043
4,139,675
Eregli Demir ve Celik Fabrikalari TAS
3,729,468
5,291,221
Ford Otomotiv Sanayi AS
187,236
5,297,473
Haci Omer Sabanci Holding AS
2,826,859
7,300,049
KOC Holding AS
2,051,565
11,217,323
Pegasus Hava Tasimaciligi AS(a)
609,246
4,060,244
Sasa Polyester Sanayi AS(a)
29,180,088
4,213,607
Tofas Turk Otomobil Fabrikasi AS
351,060
2,513,005
Turk Hava Yollari AO(a)
1,486,307
13,105,163
Turkcell Iletisim Hizmetleri AS
3,280,372
9,470,677
Turkiye Is Bankasi AS, Class C
23,552,508
9,142,557
Turkiye Petrol Rafinerileri AS
2,626,740
12,998,015
Schedule of Investments
22
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Emerging Markets ex China ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Turkey (continued)
Turkiye Sise ve Cam Fabrikalari AS
3,644,386
$4,636,593
Yapi ve Kredi Bankasi A/S
9,121,201
8,357,042
 
145,743,229
United Arab Emirates — 1.6%
Abu Dhabi Commercial Bank PJSC
8,086,096
19,285,895
Abu Dhabi Islamic Bank PJSC
3,992,006
13,716,628
Abu Dhabi National Oil Co. for Distribution PJSC
8,865,133
8,817,105
ADNOC Drilling Co. PJSC
8,631,548
10,340,420
Aldar Properties PJSC
10,512,658
21,016,123
Americana Restaurants International PLC -
Foreign Co.
7,444,974
5,881,739
Dubai Islamic Bank PJSC
7,882,144
13,249,324
Emaar Properties PJSC
18,130,004
41,675,335
Emirates NBD Bank PJSC
5,218,693
27,991,411
Emirates Telecommunications Group Co. PJSC
9,478,701
46,814,772
First Abu Dhabi Bank PJSC
12,150,106
44,328,361
Multiply Group PJSC(a)
9,440,410
5,477,977
 
258,595,090
Total Common Stocks — 97.3%
(Cost: $13,753,603,589)
15,753,258,415
Preferred Stocks
Brazil — 1.7%
Banco Bradesco SA, Preference Shares, NVS
14,563,903
40,415,448
Centrais Eletricas Brasileiras SA, Class B,
Preference Shares, NVS
697,856
5,713,158
Cia Energetica de Minas Gerais, Preference
Shares, NVS
4,970,841
10,257,522
Cia Paranaense de Energia - Copel, Preference
Shares, NVS
2,970,706
5,497,647
Gerdau SA, Preference Shares, NVS
3,802,929
12,348,158
Itau Unibanco Holding SA, Preference
Shares, NVS
13,237,980
86,202,657
Itausa SA, Preference Shares, NVS
14,779,238
28,740,576
Petroleo Brasileiro SA, Preference Shares, NVS
12,310,102
85,992,373
 
275,167,539
Chile — 0.1%
Sociedad Quimica y Minera de Chile SA,
Class B, Preference Shares
391,854
15,267,262
Colombia — 0.0%
Bancolombia SA, Preference Shares, NVS
1,250,261
10,400,401
Russia — 0.0%
Surgutneftegas PJSC, Preference
Shares, NVS(a)(c)
3,036,700
335
South Korea — 0.8%
Hyundai Motor Co.
Preference Shares, NVS
63,015
8,584,325
Security
Shares
Value
South Korea (continued)
Series 2, Preference Shares, NVS
97,673
$13,558,993
LG Chem Ltd., Preference Shares, NVS
21,411
3,483,692
Samsung Electronics Co. Ltd., Preference
Shares, NVS
2,263,149
101,686,232
 
127,313,242
Total Preferred Stocks — 2.6%
(Cost: $420,175,457)
428,148,779
Rights
Brazil — 0.0%
Equatorial Energia SA, (Expires 09/30/24, Strike
Price BRL 32.5)(a)
188,121
63,420
Saudi Arabia — 0.0%
Savola Group (The),
(Expires 09/20/24, Strike Price SAR 10)(a)
821,590
3,485,507
Total Rights — 0.0%
(Cost: $3,359,286)
3,548,927
Total Long-Term Investments — 99.9%
(Cost: $14,177,138,332)
16,184,956,121
Short-Term Securities
Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 5.45%(f)(g)(h)
24,123,254
24,137,728
Total Short-Term Securities — 0.2%
(Cost: $24,132,416)
24,137,728
Total Investments — 100.1%
(Cost: $14,201,270,748)
16,209,093,849
Liabilities in Excess of Other Assets — (0.1)%
(15,512,152
)
Net Assets — 100.0%
$16,193,581,697
 
(a)
Non-income producing security.
(b)
Security exempt from registration pursuant to Rule 144A under the Securities Act of
1933, as amended. These securities may be resold in transactions exempt from
registration to qualified institutional investors.
(c)
Security is valued using significant unobservable inputs and is classified as Level 3 in the
fair value hierarchy.
(d)
This security may be resold to qualified foreign investors and foreign institutional buyers
under Regulation S of the Securities Act of 1933.
(e)
All or a portion of this security is on loan.
(f)
Affiliate of the Fund.
(g)
Annualized 7-day yield as of period end.
(h)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
23
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Emerging Markets ex China ETF
 
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2024 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 Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
08/31/24
Shares
Held at
08/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL
Agency Shares
$40,022,334
$—
$(15,898,220
)(a)
$10,158
$3,456
$24,137,728
24,123,254
$581,580
(b)
$—
BlackRock Cash Funds: Treasury, SL
Agency Shares(c)
—
—
0
(a)
—
—
—
—
1,581,575
—
 
$10,158
$3,456
$24,137,728
$2,163,155
$—
 
(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
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts
MSCI Emerging Markets Index
208
09/20/24
$11,440
$474,026
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets—Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)
$—
$—
$474,026
$—
$—
$—
$474,026
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's
variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).
For the period ended August 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from
Futures contracts
$—
$—
$3,104,561
$—
$—
$—
$3,104,561
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts
$—
$—
$419,935
$—
$—
$—
$419,935
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$7,118,638
Schedule of Investments
24
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Emerging Markets ex China ETF
 
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
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 
Common Stocks
$2,362,683,606
$13,390,570,314
$4,495
$15,753,258,415
Preferred Stocks
300,835,202
127,313,242
335
428,148,779
Rights
3,548,927
—
—
3,548,927
Short-Term Securities 
Money Market Funds
24,137,728
—
—
24,137,728
 
$2,691,205,463
$13,517,883,556
$4,830
$16,209,093,849
Derivative Financial Instruments(a) 
Assets 
Equity Contracts
$474,026
$—
$—
$474,026
 
(a)
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, bank borrowings payable of $170,060,728 are categorized as Level 2 within the fair value hierarchy.
See notes to financial statements.
25
2024 iShares Annual Financial Statements
Schedule of Investments
August 31, 2024
iShares® MSCI Emerging Markets Min Vol Factor ETF
(Percentages shown are based on Net Assets)
 
Security
Shares
Value
Common Stocks
Brazil — 0.7%
Cia de Saneamento Basico do Estado de Sao
Paulo SABESP
278,626
$4,683,193
Energisa SA
248,474
2,085,772
Equatorial Energia SA
1,178,087
7,148,852
Raia Drogasil SA
1,040,931
5,090,190
Telefonica Brasil SA
684,014
6,290,412
TIM SA/Brazil
1,469,862
4,657,908
TOTVS SA
401,119
2,133,010
 
32,089,337
Chile — 0.1%
Enel Americas SA
23,228,717
2,488,827
Latam Airlines Group SA
239,997,309
3,102,010
 
5,590,837
China — 19.6%
360 Security Technology Inc., Class A
3,858,300
3,817,813
Agricultural Bank of China Ltd., Class H
132,794,039
58,492,813
Anhui Gujing Distillery Co. Ltd., Class B
766,773
10,294,285
Anjoy Foods Group Co. Ltd., Class A
164,800
1,764,693
Anker Innovations Technology Co. Ltd., Class A
370,340
3,291,124
Bank of China Ltd., Class H
131,658,000
59,486,207
Bank of Communications Co. Ltd., Class A
3,670,274
3,675,279
Bank of Communications Co. Ltd., Class H
11,141,000
8,050,919
Bank of Shanghai Co. Ltd., Class A
4,360,911
4,351,721
Beijing Kingsoft Office Software Inc., Class A
55,613
1,425,706
Beijing Tiantan Biological Products Corp. Ltd.,
Class A
1,418,800
4,754,766
Beijing-Shanghai High Speed Railway Co. Ltd.,
Class A
35,018,000
26,793,158
BOE Technology Group Co. Ltd., Class A
26,192,100
14,255,885
BYD Electronic International Co. Ltd.
526,000
1,927,016
CGN Power Co. Ltd., Class H(a)
94,582,000
38,529,035
Changchun High-Tech Industry Group Co. Ltd.,
Class A
141,400
1,641,495
China CITIC Bank Corp. Ltd., Class H
43,077,000
24,855,520
China Coal Energy Co. Ltd., Class H
5,232,262
6,237,874
China Construction Bank Corp., Class A
6,848,284
7,271,081
China Construction Bank Corp., Class H
41,735,000
29,303,795
China Eastern Airlines Corp. Ltd., Class A(b)
3,984,200
2,125,869
China Huishan Dairy Holdings Co. Ltd.(c)
5,944,807
8
China Minsheng Banking Corp. Ltd., Class A
15,147,854
7,328,170
China National Nuclear Power Co. Ltd., Class A
2,366,700
3,650,734
China Oilfield Services Ltd., Class H
2,520,896
2,362,411
China Petroleum & Chemical Corp., Class H
11,160,000
7,541,388
China Railway Signal & Communication Corp. Ltd.,
Class A
5,217,891
3,827,485
China Resources Microelectronics Ltd., Class A
939,403
4,593,545
China Shenhua Energy Co. Ltd., Class H
6,363,000
27,346,256
China Three Gorges Renewables Group Co. Ltd.,
Class A
8,271,730
5,327,432
China Tower Corp. Ltd., Class H(a)
122,427,886
14,994,378
China United Network Communications Ltd.,
Class A
7,296,135
4,773,754
China Yangtze Power Co. Ltd., Class A
10,667,283
44,211,571
Chongqing Rural Commercial Bank Co. Ltd.,
Class A
6,255,800
4,403,660
Chongqing Zhifei Biological Products Co. Ltd.,
Class A
757,000
2,458,373
Cosco Shipping Holdings Co. Ltd., Class H
5,159,000
7,088,869
Daqin Railway Co. Ltd., Class A
9,697,300
8,358,385
Empyrean Technology Co. Ltd., Class A, NVS
211,800
2,203,228
Security
Shares
Value
China (continued)
Everdisplay Optronics Shanghai Co. Ltd., Class A(b)
8,206,182
$2,442,801
Fuyao Glass Industry Group Co. Ltd., Class A
473,903
3,201,582
Fuyao Glass Industry Group Co. Ltd., Class H(a)
677,200
3,868,945
Gree Electric Appliances Inc. of Zhuhai, Class A
960,906
5,371,250
GRG Banking Equipment Co. Ltd., Class A
1,729,300
2,294,977
Guangdong Haid Group Co. Ltd., Class A
1,066,872
5,815,870
Guangzhou Baiyunshan Pharmaceutical Holdings
Co. Ltd., Class A
1,049,094
4,254,937
Guangzhou Haige Communications Group Inc. Co.,
Class A
1,771,700
2,260,760
Haier Smart Home Co. Ltd., Class A
1,114,200
3,404,660
Hainan Airlines Holding Co. Ltd., Class A(b)
30,254,800
4,518,811
Hainan Airport Infrastructure Co. Ltd.,
Class A, NVS(b)
4,349,870
1,935,974
Hengtong Optic-Electric Co. Ltd., Class A
1,755,500
3,499,756
Hualan Biological Engineering Inc., Class A
1,136,410
2,411,446
Huaneng Power International Inc., Class H
5,384,000
3,112,505
Huaxia Bank Co. Ltd., Class A
2,363,503
2,005,745
Hundsun Technologies Inc., Class A
939,071
2,158,921
Hygon Information Technology Co. Ltd.,
Class A, NVS
232,363
2,611,768
Iflytek Co. Ltd., Class A
924,367
4,497,073
Industrial & Commercial Bank of China Ltd.,
Class H
80,226,000
45,882,723
Ingenic Semiconductor Co. Ltd., Class A
267,800
1,763,702
Inner Mongolia Yitai Coal Co. Ltd., Class B
4,054,964
7,682,957
JA Solar Technology Co. Ltd., Class A
1,149,800
1,602,536
Jiangsu Expressway Co. Ltd., Class H
14,492,000
14,291,657
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A
1,733,079
10,750,540
Jiangsu Yangnong Chemical Co. Ltd., Class A
282,400
2,012,600
Jointown Pharmaceutical Group Co. Ltd., Class A
3,655,225
2,406,772
Kweichow Moutai Co. Ltd., Class A
39,390
7,996,090
Legend Biotech Corp., ADR(b)(d)
203,648
11,719,942
Lenovo Group Ltd.
3,052,000
3,726,676
Liaoning Port Co. Ltd., Class A
14,044,400
2,450,746
Lingyi iTech Guangdong Co., Class A
4,971,900
5,885,725
LONGi Green Energy Technology Co. Ltd., Class A
1,511,440
2,942,906
Meihua Holdings Group Co. Ltd., Class A
2,093,900
2,835,729
Muyuan Foods Co. Ltd., Class A(b)
803,100
4,361,631
National Silicon Industry Group Co. Ltd., Class A
1,598,600
3,315,183
NAURA Technology Group Co. Ltd., Class A
54,200
2,437,750
Nongfu Spring Co. Ltd., Class H(a)
5,751,400
20,774,593
OFILM Group Co. Ltd., Class A(b)
1,947,500
2,288,510
People's Insurance Co. Group of China Ltd. (The),
Class H
63,150,172
23,832,351
PetroChina Co. Ltd., Class H
20,048,000
18,081,628
PICC Property & Casualty Co. Ltd., Class H
11,732,000
15,194,065
Postal Savings Bank of China Co. Ltd., Class H(a)
19,459,162
10,397,832
SDIC Power Holdings Co. Ltd., Class A
2,196,200
4,771,149
Shandong Gold Mining Co. Ltd., Class H(a)
6,671,750
12,831,728
Shandong Sun Paper Industry JSC Ltd., Class A
1,268,800
2,255,456
Shanghai Baosight Software Co. Ltd., Class B
8,581,217
12,870,307
Shanghai BOCHU Electronic Technology Corp. Ltd.,
Class A
147,384
3,357,721
Shanghai International Airport Co. Ltd., Class A
898,619
4,193,035
Shanghai International Port Group Co. Ltd., Class A
4,882,900
4,072,996
Shanghai Pudong Development Bank Co. Ltd.,
Class A
4,122,386
4,891,625
Shanghai RAAS Blood Products Co. Ltd., Class A
4,691,300
4,737,094
Shanxi Xinghuacun Fen Wine Factory Co. Ltd.,
Class A
190,100
4,717,359
Shenzhen Goodix Technology Co. Ltd., Class A
267,700
2,396,014
Schedule of Investments
26
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Emerging Markets Min Vol Factor ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
China (continued)
Shenzhen Mindray Bio-Medical Electronics Co. Ltd.,
Class A
136,500
$4,816,771
Shenzhen Transsion Holdings Co. Ltd., Class A
182,268
2,056,983
Sichuan Chuantou Energy Co. Ltd., Class A
2,731,510
6,627,681
Sinopharm Group Co. Ltd., Class H
1,648,000
3,813,913
Suzhou TFC Optical Communication Co. Ltd.,
Class A
159,800
1,735,520
TCL Technology Group Corp., Class A
13,199,650
7,269,666
Tianshui Huatian Technology Co. Ltd., Class A
2,223,000
2,500,838
Tongwei Co. Ltd., Class A
1,075,300
2,875,824
Want Want China Holdings Ltd.
34,577,958
19,998,793
Wens Foodstuffs Group Co. Ltd., Class A
1,902,400
4,573,006
Western Securities Co. Ltd., Class A
3,132,000
2,863,152
Will Semiconductor Co. Ltd. Shanghai, Class A
295,800
3,772,049
Wintime Energy Group Co. Ltd., Class A, NVS(b)
22,634,200
3,544,202
Wuliangye Yibin Co. Ltd., Class A
195,349
3,384,110
Xiaomi Corp., Class B(a)(b)
3,691,400
9,100,834
Xinjiang Daqo New Energy Co. Ltd., Class A
1,097,026
2,799,250
Yealink Network Technology Corp. Ltd., Class A
444,024
2,061,723
Yunnan Baiyao Group Co. Ltd., Class A
320,758
2,441,913
Zhejiang Dahua Technology Co. Ltd., Class A
1,127,000
2,177,591
Zhejiang Supor Co. Ltd., Class A
307,404
2,159,580
Zhejiang Zheneng Electric Power Co. Ltd., Class A
7,897,100
6,895,863
Zhongji Innolight Co. Ltd., Class A
488,160
7,520,173
ZTE Corp., Class A
2,864,820
10,013,175
 
923,215,420
Czech Republic — 0.2%
CEZ AS(d)
232,625
8,879,601
Egypt — 0.2%
Commercial International Bank - Egypt (CIB)
4,543,525
8,137,601
Talaat Moustafa Group
1,644,141
1,995,153
 
10,132,754
Greece — 0.5%
Hellenic Telecommunications Organization SA
1,107,367
17,953,981
Jumbo SA
237,097
5,996,550
 
23,950,531
Hungary — 0.1%
Richter Gedeon Nyrt
89,758
2,719,041
India — 25.6%
ABB India Ltd.
95,701
9,062,167
Adani Ports & Special Economic Zone Ltd.
134,805
2,382,817
Apollo Hospitals Enterprise Ltd.
133,590
11,041,096
Asian Paints Ltd.
573,035
21,394,203
Aurobindo Pharma Ltd.
284,492
5,322,040
Avenue Supermarts Ltd.(a)(b)
113,932
6,688,919
Axis Bank Ltd.
302,172
4,237,816
Bajaj Auto Ltd.
313,674
40,726,076
Balkrishna Industries Ltd.
145,802
4,921,827
Bharti Airtel Ltd.
4,173,277
79,090,067
Bosch Ltd.
17,475
6,750,029
Britannia Industries Ltd.
329,133
22,992,326
CG Power & Industrial Solutions Ltd.
293,804
2,438,054
Cipla Ltd.
1,784,183
35,234,799
Colgate-Palmolive India Ltd.
569,684
24,725,640
Dabur India Ltd.
3,563,791
27,069,999
Divi's Laboratories Ltd.
248,016
15,074,835
Dr. Reddy's Laboratories Ltd.
464,649
38,928,511
Eicher Motors Ltd.
97,287
5,757,457
Godrej Consumer Products Ltd.
189,207
3,339,133
HCL Technologies Ltd.
2,901,874
60,676,247
Security
Shares
Value
India (continued)
HDFC Bank Ltd.
593,550
$11,606,809
HDFC Life Insurance Co. Ltd.(a)
341,726
3,011,110
Hero MotoCorp Ltd.
159,476
10,384,247
Hindustan Unilever Ltd.
1,203,516
39,871,863
ICICI Bank Ltd.
943,682
13,839,803
ICICI Lombard General Insurance Co. Ltd.(a)
206,047
5,270,295
Indian Hotels Co. Ltd., Class A
1,721,293
13,306,289
Infosys Ltd.
1,980,545
45,981,686
ITC Ltd.
442,946
2,649,926
Jubilant Foodworks Ltd.
388,820
3,016,207
Kotak Mahindra Bank Ltd.
767,799
16,305,798
Larsen & Toubro Ltd.
100,441
4,439,755
LTIMindtree Ltd.(a)
286,736
21,067,127
Lupin Ltd.
961,199
25,691,148
Marico Ltd.
3,499,033
26,991,036
Maruti Suzuki India Ltd.
210,446
31,162,197
Max Healthcare Institute Ltd.
1,038,723
10,685,175
Mphasis Ltd.
142,579
5,276,441
MRF Ltd.
19,595
31,516,170
Nestle India Ltd., NVS
911,410
27,170,549
Page Industries Ltd.
31,729
16,089,175
Persistent Systems Ltd., NVS
338,156
20,863,292
Petronet LNG Ltd.
1,034,784
4,536,013
PI Industries Ltd.
153,425
8,231,253
Pidilite Industries Ltd.
806,836
30,074,968
Power Grid Corp. of India Ltd.
804,343
3,239,685
Reliance Industries Ltd.
815,917
29,356,032
SBI Life Insurance Co. Ltd.(a)
131,516
2,900,492
Siemens Ltd.
177,843
14,623,152
Sun Pharmaceutical Industries Ltd.
1,795,206
39,002,074
Tata Consultancy Services Ltd.
1,471,731
79,954,727
Tata Elxsi Ltd.
224,381
21,408,984
Tech Mahindra Ltd.
1,200,502
23,465,599
Titan Co. Ltd.
594,223
25,265,173
Torrent Pharmaceuticals Ltd.
834,630
34,687,996
Trent Ltd.
319,334
27,219,923
Tube Investments of India Ltd.
73,456
3,532,343
TVS Motor Co. Ltd.
150,673
5,053,733
UltraTech Cement Ltd.
32,253
4,348,591
Varun Beverages Ltd.
126,821
2,269,335
Wipro Ltd.
4,960,514
31,859,134
 
1,205,079,363
Indonesia — 1.8%
Bank Central Asia Tbk PT
77,243,500
51,603,956
Chandra Asri Pacific Tbk PT
3,942,900
2,544,835
Sumber Alfaria Trijaya Tbk PT
67,422,200
12,651,205
Telkom Indonesia Persero Tbk PT
84,789,600
16,721,183
 
83,521,179
Kuwait — 2.1%
Boubyan Bank KSCP
1,694,069
3,265,567
Kuwait Finance House KSCP
13,427,555
32,005,099
Mobile Telecommunications Co. KSCP
9,461,614
14,479,039
National Bank of Kuwait SAKP
17,786,071
51,132,380
 
100,882,085
Malaysia — 4.5%
CELCOMDIGI Bhd
11,737,400
10,515,711
Gamuda Bhd
3,477,554
6,034,742
Genting Malaysia Bhd
3,946,900
2,303,189
Hong Leong Bank Bhd
4,390,600
21,577,487
IHH Healthcare Bhd
19,298,400
27,993,284
IOI Corp. Bhd
2,614,000
2,432,908
27
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Emerging Markets Min Vol Factor ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Malaysia (continued)
Malayan Banking Bhd
20,764,900
$51,803,701
Malaysia Airports Holdings Bhd
7,745,800
18,815,708
MISC Bhd
2,319,800
4,502,747
MR DIY Group M Bhd(a)
18,815,750
8,956,928
Nestle Malaysia Bhd
861,300
21,150,041
PPB Group Bhd
846,500
2,858,210
Public Bank Bhd
4,210,700
4,696,092
QL Resources Bhd
3,040,259
4,573,047
Telekom Malaysia Bhd
3,815,200
5,967,487
Tenaga Nasional Bhd
4,490,900
15,222,040
 
209,403,322
Mexico — 0.6%
America Movil SAB de CV, Series B
15,961,422
13,210,515
Wal-Mart de Mexico SAB de CV
4,912,915
15,658,564
 
28,869,079
Peru — 0.7%
Cia. de Minas Buenaventura SAA, Class A, ADR
940,298
11,659,695
Credicorp Ltd.
128,375
22,895,681
 
34,555,376
Philippines — 1.8%
Bank of the Philippine Islands
9,894,825
22,024,567
BDO Unibank Inc.
4,231,075
11,522,458
International Container Terminal Services Inc.
3,316,650
23,402,613
Jollibee Foods Corp.
2,913,860
13,496,704
Manila Electric Co.
1,263,210
9,565,750
SM Investments Corp.
142,805
2,254,640
 
82,266,732
Qatar — 2.3%
Dukhan Bank
4,595,439
4,803,463
Masraf Al Rayan QSC
12,638,056
7,993,631
Ooredoo QPSC
7,324,278
22,143,633
Qatar Electricity & Water Co. QSC
5,188,122
22,346,643
Qatar Fuel QSC
1,666,797
6,653,470
Qatar Gas Transport Co. Ltd.
3,938,465
4,872,004
Qatar Islamic Bank QPSC
1,796,412
9,658,278
Qatar National Bank QPSC
6,906,417
30,077,268
 
108,548,390
Russia — 0.0%
Polyus PJSC(b)(c)
95,932
11
Rosneft Oil Co. PJSC(b)(c)
759,070
84
Yandex NV(b)(c)
49,681
5
 
100
Saudi Arabia — 8.7%
ACWA Power Co.
77,639
8,714,371
Advanced Petrochemical Co.(b)
468,053
4,720,942
Al Rajhi Bank
1,377,679
32,442,593
Alinma Bank
803,236
6,697,540
Almarai Co. JSC
684,550
9,919,470
Arabian Internet & Communications Services Co.
286,605
22,229,289
Bank Al-Jazira(b)
967,553
4,561,715
Bupa Arabia for Cooperative Insurance Co.
261,397
16,188,419
Co. for Cooperative Insurance (The)
356,242
15,040,677
Dallah Healthcare Co.
116,273
4,901,772
Dar Al Arkan Real Estate Development Co.(b)
1,895,025
7,409,814
Dr Sulaiman Al Habib Medical Services Group Co.
139,191
11,350,116
Elm Co.
95,841
25,611,003
Etihad Etisalat Co.
2,605,508
35,089,249
Jarir Marketing Co.
7,014,945
23,905,394
Mobile Telecommunications Co. Saudi Arabia
5,220,355
15,552,835
Mouwasat Medical Services Co.
69,766
1,929,592
Security
Shares
Value
Saudi Arabia (continued)
Nahdi Medical Co.
64,252
$2,280,163
SABIC Agri-Nutrients Co.
705,456
21,940,499
Saudi Arabian Oil Co.(a)
5,089,630
37,924,195
Saudi Basic Industries Corp.
904,479
18,028,841
Saudi Electricity Co.
2,803,145
13,117,685
Saudi National Bank (The)
232,102
2,176,468
Saudi Telecom Co.
5,538,611
63,490,790
Yanbu National Petrochemical Co.
537,068
5,764,271
 
410,987,703
South Korea — 6.4%
Celltrion Inc.
52,444
7,978,283
CJ CheilJedang Corp.
8,784
2,120,594
Coway Co. Ltd.
152,218
7,663,605
Hyundai Mobis Co. Ltd.
21,322
3,479,129
Kia Corp.
42,957
3,412,884
Korea Electric Power Corp.(b)
837,974
13,619,085
KT Corp.
238,347
6,907,181
KT&G Corp.
438,577
35,594,555
LG Electronics Inc.
36,178
2,697,478
LG Uplus Corp.
1,123,674
8,202,272
Orion Corp./Republic of Korea
163,404
11,254,715
Samsung Biologics Co. Ltd.(a)(b)
50,029
36,687,249
Samsung C&T Corp.
74,482
8,242,455
Samsung Electro-Mechanics Co. Ltd.
77,297
8,278,174
Samsung Electronics Co. Ltd.
800,624
44,465,305
Samsung Fire & Marine Insurance Co. Ltd.
16,751
4,351,430
Samsung SDS Co. Ltd.
248,978
28,107,609
SK Hynix Inc.
189,055
24,774,092
SK Telecom Co. Ltd.
590,149
24,352,731
Yuhan Corp.
174,385
18,430,510
 
300,619,336
Taiwan — 14.5%
Accton Technology Corp.
471,000
7,499,664
Advantech Co. Ltd.
2,335,940
25,550,288
Asustek Computer Inc.
658,000
11,036,037
Catcher Technology Co. Ltd.
4,511,000
33,318,760
Cathay Financial Holding Co. Ltd.
3,561,020
7,079,296
Chang Hwa Commercial Bank Ltd.
6,596,053
3,641,241
China Steel Corp.
7,463,000
5,194,129
Chunghwa Telecom Co. Ltd.
17,271,000
66,952,205
Compal Electronics Inc.
16,379,000
17,040,426
Delta Electronics Inc.
548,000
6,831,791
E.Sun Financial Holding Co. Ltd.
28,756,082
25,350,765
Far EasTone Telecommunications Co. Ltd.
19,884,000
56,279,917
First Financial Holding Co. Ltd.
57,844,790
49,329,531
Hon Hai Precision Industry Co. Ltd.
3,054,000
17,629,928
Hua Nan Financial Holdings Co. Ltd.
26,530,585
21,168,788
Innolux Corp.
8,874,800
4,387,010
Mega Financial Holding Co. Ltd.
9,593,224
11,701,626
Pegatron Corp.
1,214,000
3,898,336
PharmaEssentia Corp.(b)
314,000
6,841,232
Pou Chen Corp.
4,006,000
4,355,490
President Chain Store Corp.
5,667,000
49,820,699
Quanta Computer Inc.
526,000
4,418,908
Synnex Technology International Corp.
6,883,000
15,496,369
Taiwan Business Bank
26,081,419
12,884,907
Taiwan Cooperative Financial Holding Co. Ltd.
58,383,029
47,292,973
Taiwan High Speed Rail Corp.
12,323,000
11,511,994
Taiwan Mobile Co. Ltd.
20,515,000
71,903,234
Taiwan Semiconductor Manufacturing Co. Ltd.
1,210,000
35,822,489
TCC Group Holdings Co. Ltd.
6,360,000
6,551,691
Schedule of Investments
28
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Emerging Markets Min Vol Factor ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Taiwan (continued)
Uni-President Enterprises Corp.
8,241,000
$21,234,897
WPG Holdings Ltd.
8,534,440
21,703,789
 
683,728,410
Thailand — 4.2%
Advanced Info Service PCL, NVDR
8,478,200
61,837,628
Airports of Thailand PCL, NVDR(d)
29,453,900
51,936,745
Bangkok Dusit Medical Services PCL, NVDR
22,794,500
18,648,307
Bangkok Expressway & Metro PCL, NVDR(d)
10,031,500
2,269,148
Bumrungrad Hospital PCL, NVDR
3,283,500
23,710,924
Central Retail Corp. PCL, NVDR(d)
7,322,900
6,363,087
Intouch Holdings PCL, NVDR
10,489,100
25,544,556
PTT Oil & Retail Business PCL, NVDR
17,641,500
8,066,855
 
198,377,250
Turkey — 1.1%
Akbank TAS
1,060,116
1,813,946
Aselsan Elektronik Sanayi Ve Ticaret A/S
3,428,249
5,868,087
BIM Birlesik Magazalar A/S
304,880
4,828,645
Coca-Cola Icecek A/S
2,509,254
4,485,019
KOC Holding AS
367,263
2,008,080
Pegasus Hava Tasimaciligi AS(b)
325,684
2,170,481
Turk Hava Yollari AO(b)
1,417,473
12,498,236
Turkcell Iletisim Hizmetleri AS
2,677,523
7,730,207
Turkiye Petrol Rafinerileri AS
611,634
3,026,576
Turkiye Sise ve Cam Fabrikalari AS
3,522,421
4,481,422
Yapi ve Kredi Bankasi A/S
2,513,381
2,302,814
 
51,213,513
United Arab Emirates — 3.4%
Abu Dhabi National Oil Co. for Distribution PJSC
38,793,773
38,583,604
Aldar Properties PJSC
6,736,620
13,467,349
Americana Restaurants International PLC -
Foreign Co.
12,236,999
9,667,574
Dubai Islamic Bank PJSC
20,982,483
35,270,064
Emaar Properties PJSC
992,973
2,282,541
Emirates NBD Bank PJSC
3,333,160
17,878,011
Emirates Telecommunications Group Co. PJSC
4,059,020
20,047,272
First Abu Dhabi Bank PJSC
4,740,814
17,296,352
Multiply Group PJSC(b)
10,792,737
6,262,691
 
160,755,458
Total Common Stocks — 99.1%
(Cost: $3,760,870,439)
4,665,384,817
Preferred Stocks
Brazil — 0.1%
Cia Paranaense de Energia - Copel, Preference
Shares, NVS
3,665,557
6,783,552
Security
Shares
Value
Russia — 0.0%
Surgutneftegas PJSC, Preference Shares, NVS(b)(c)
40,815,200
$4,502
South Korea — 0.6%
Samsung Electronics Co. Ltd., Preference
Shares, NVS
584,955
26,282,790
Total Preferred Stocks — 0.7%
(Cost: $53,483,972)
33,070,844
Rights
China — 0.0%
Kangmei Pharmaceutical Co. Ltd.,
(Expires 12/31/49)(b)
155,535
—
Total Rights — 0.0%
(Cost: $—)
—
Total Long-Term Investments — 99.8%
(Cost: $3,814,354,411)
4,698,455,661
Short-Term Securities
Money Market Funds — 1.2%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 5.45%(e)(f)(g)
17,092,304
17,102,559
BlackRock Cash Funds: Treasury, SL Agency
Shares, 5.25%(e)(f)
40,690,000
40,690,000
Total Short-Term Securities — 1.2%
(Cost: $57,788,816)
57,792,559
Total Investments — 101.0%
(Cost: $3,872,143,227)
4,756,248,220
Liabilities in Excess of Other Assets — (1.0)%
(49,283,744
)
Net Assets — 100.0%
$4,706,964,476
 
(a)
Security exempt from registration pursuant to Rule 144A under the Securities Act of
1933, as amended. These securities may be resold in transactions exempt from
registration to qualified institutional investors.
(b)
Non-income producing security.
(c)
Security is valued using significant unobservable inputs and is classified as Level 3 in the
fair value hierarchy.
(d)
All or a portion of this security is on loan.
(e)
Affiliate of the Fund.
(f)
Annualized 7-day yield as of period end.
(g)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
29
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Emerging Markets Min Vol Factor ETF
 
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2024 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 Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
08/31/24
Shares
Held at
08/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL
Agency Shares
$40,433,121
$—
$(23,340,268
)(a)
$17,786
$(8,080
)
$17,102,559
17,092,304
$108,385
(b)
$—
BlackRock Cash Funds: Treasury, SL
Agency Shares
1,290,000
39,400,000
(a)
—
—
—
40,690,000
40,690,000
853,034
—
 
$17,786
$(8,080
)
$57,792,559
$961,419
$—
 
(a)
Represents net amount purchased (sold).
(b)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other
payments to and from borrowers of securities.
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts
MSCI Emerging Markets Index
100
09/20/24
$5,500
$171,835
2-Year U.S. Treasury Note
4
12/31/24
830
(1,349
)
 
$170,486
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets—Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)
$—
$—
$171,835
$—
$—
$—
$171,835
Liabilities—Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)
$—
$—
$—
$—
$1,349
$—
$1,349
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's
variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).
For the period ended August 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from
Futures contracts
$—
$—
$1,040,244
$—
$—
$—
$1,040,244
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts
$—
$—
$113,715
$—
$(10,333
)
$—
$103,382
Schedule of Investments
30
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Emerging Markets Min Vol Factor ETF
 
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$6,496,154
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
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 
Common Stocks
$622,835,863
$4,042,548,846
$108
$4,665,384,817
Preferred Stocks
6,783,552
26,282,790
4,502
33,070,844
Rights
—
—
—
—
Short-Term Securities 
Money Market Funds
57,792,559
—
—
57,792,559
 
$687,411,974
$4,068,831,636
$4,610
$4,756,248,220
Derivative Financial Instruments(a) 
Assets 
Equity Contracts
$171,835
$—
$—
$171,835
Liabilities 
Interest Rate Contracts
(1,349
)
—
—
(1,349
)
 
$170,486
$—
$—
$170,486
 
(a)
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
See notes to financial statements.
31
2024 iShares Annual Financial Statements
Schedule of Investments
August 31, 2024
iShares® MSCI Global Min Vol Factor ETF
(Percentages shown are based on Net Assets)
 
Security
Shares
Value
Common Stocks
Belgium — 0.1%
Argenx SE(a)
12,891
$6,661,578
Brazil — 0.1%
Telefonica Brasil SA
478,666
4,401,966
Canada — 0.8%
CGI Inc.(a)
186,389
20,999,103
Descartes Systems Group Inc. (The)(a)
96,311
9,711,499
Thomson Reuters Corp.
20,642
3,535,478
 
34,246,080
China — 6.3%
Agricultural Bank of China Ltd., Class A
5,775,099
3,678,126
Agricultural Bank of China Ltd., Class H
31,128,406
13,711,369
Anhui Gujing Distillery Co. Ltd., Class B
130,600
1,753,366
Bank of China Ltd., Class H
68,812,638
31,091,182
Bank of Communications Co. Ltd., Class A
2,663,700
2,667,333
Bank of Communications Co. Ltd., Class H
9,912,000
7,162,796
Beijing-Shanghai High Speed Railway Co. Ltd.,
Class A
3,353,100
2,565,542
BYD Co. Ltd., Class A
123,200
4,316,665
BYD Electronic International Co. Ltd.
701,500
2,569,965
CGN Power Co. Ltd., Class H(b)
11,997,000
4,887,112
China CITIC Bank Corp. Ltd., Class H
10,102,000
5,828,875
China Coal Energy Co. Ltd., Class H
2,333,000
2,781,390
China Construction Bank Corp., Class H
20,125,000
14,130,559
China Merchants Port Holdings Co. Ltd.
1,446,000
2,164,695
China Minsheng Banking Corp. Ltd., Class H
7,527,500
2,705,631
China Power International Development Ltd.
4,553,370
2,079,683
China Resources Power Holdings Co. Ltd.
991,423
2,688,044
China Shenhua Energy Co. Ltd., Class A
452,700
2,585,839
China Shenhua Energy Co. Ltd., Class H
3,264,500
14,029,837
China Tower Corp. Ltd., Class H(b)
50,259,642
6,155,559
China Yangtze Power Co. Ltd., Class A
1,660,200
6,880,857
Chow Tai Fook Jewellery Group Ltd.
2,266,888
1,920,159
CITIC Securities Co. Ltd., Class A
785,508
2,133,578
Cosco Shipping Holdings Co. Ltd., Class H
3,270,500
4,493,923
Fuyao Glass Industry Group Co. Ltd., Class H(b)
689,516
3,939,308
Haitian International Holdings Ltd.
733,000
2,047,909
Industrial & Commercial Bank of China Ltd., Class A
4,268,351
3,597,765
Industrial & Commercial Bank of China Ltd., Class H
42,351,000
24,221,315
Industrial Bank Co. Ltd., Class A
1,413,000
3,285,319
Inner Mongolia Yitai Coal Co. Ltd., Class B
1,213,900
2,299,981
Kunlun Energy Co. Ltd.
4,322,000
4,320,234
Kweichow Moutai Co. Ltd., Class A
19,900
4,039,660
Legend Biotech Corp., ADR(a)
68,078
3,917,889
Lenovo Group Ltd.
2,790,000
3,406,758
Luxshare Precision Industry Co. Ltd., Class A
486,700
2,707,741
Luzhou Laojiao Co. Ltd., Class A
78,500
1,315,055
Muyuan Foods Co. Ltd., Class A(a)
372,620
2,023,697
Nongfu Spring Co. Ltd., Class H(b)
1,243,400
4,491,277
People's Insurance Co. Group of China Ltd. (The),
Class H
9,895,867
3,734,618
PetroChina Co. Ltd., Class H
21,292,000
19,203,613
PICC Property & Casualty Co. Ltd., Class H
7,824,000
10,132,830
Ping An Bank Co. Ltd., Class A
1,301,400
1,862,066
Pop Mart International Group Ltd.(b)
456,035
2,670,371
Postal Savings Bank of China Co. Ltd., Class H(b)
9,022,856
4,821,284
Shaanxi Coal Industry Co. Ltd., Class A
665,000
2,308,706
Shanghai Pudong Development Bank Co. Ltd.,
Class A
1,991,600
2,363,233
Security
Shares
Value
China (continued)
Shenzhen Mindray Bio-Medical Electronics Co. Ltd.,
Class A
83,300
$2,939,465
Sinopharm Group Co. Ltd., Class H
756,400
1,750,512
Wanhua Chemical Group Co. Ltd., Class A
212,900
2,185,198
Want Want China Holdings Ltd.
5,365,040
3,102,969
Xiaomi Corp., Class B(a)(b)
3,860,800
9,518,476
ZTO Express Cayman Inc., Class A
99,727
2,157,073
 
279,346,407
Finland — 0.3%
Elisa OYJ
162,279
8,126,317
Sampo OYJ, Class A
115,418
5,145,484
 
13,271,801
France — 0.7%
Bollore SE
805,423
5,307,034
Orange SA
2,095,193
23,897,625
 
29,204,659
Germany — 1.0%
Deutsche Telekom AG, Registered
1,405,286
39,984,597
SAP SE
23,587
5,176,009
 
45,160,606
Greece — 0.1%
Hellenic Telecommunications Organization SA
186,359
3,021,479
Hong Kong — 1.3%
BOC Hong Kong Holdings Ltd.
1,407,500
4,418,032
CLP Holdings Ltd.
1,275,754
11,382,756
Hang Seng Bank Ltd.
652,700
7,859,411
HKT Trust & HKT Ltd., Class SS
4,297,000
5,455,920
Hong Kong & China Gas Co. Ltd.
9,178,579
7,452,116
Jardine Matheson Holdings Ltd.
176,200
6,350,248
MTR Corp. Ltd.
1,596,000
5,611,035
Power Assets Holdings Ltd.
1,121,500
7,805,549
 
56,335,067
India — 6.0%
Adani Enterprises Ltd.
55,805
2,008,546
Adani Green Energy Ltd.(a)
93,567
2,050,407
Adani Power Ltd.(a)
785,629
5,921,288
Asian Paints Ltd.
364,191
13,597,034
Bajaj Auto Ltd.
57,533
7,469,836
Bajaj Holdings & Investment Ltd.
26,132
3,134,129
Bharat Petroleum Corp. Ltd.
670,663
2,857,683
Bharti Airtel Ltd.
1,266,215
23,996,737
Cipla Ltd.
160,407
3,167,785
Divi's Laboratories Ltd.
104,600
6,357,766
Dr. Reddy's Laboratories Ltd.
52,588
4,405,847
Eicher Motors Ltd.
152,855
9,045,978
Havells India Ltd.
129,039
2,923,023
HCL Technologies Ltd.
978,407
20,457,837
Indian Hotels Co. Ltd., Class A
843,784
6,522,791
Indian Oil Corp. Ltd.
1,291,121
2,727,274
Infosys Ltd.
225,534
5,236,152
JSW Steel Ltd.
360,271
4,041,495
LTIMindtree Ltd.(b)
100,243
7,365,075
Maruti Suzuki India Ltd.
54,644
8,091,516
MRF Ltd.
2,075
3,337,385
Nestle India Ltd., NVS
254,998
7,601,887
Page Industries Ltd.
4,942
2,505,995
Petronet LNG Ltd.
885,976
3,883,707
PI Industries Ltd.
85,771
4,601,615
Pidilite Industries Ltd.
172,501
6,430,008
Shree Cement Ltd.
9,022
2,742,435
Schedule of Investments
32
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Global Min Vol Factor ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
India (continued)
Sona Blw Precision Forgings Ltd.(b)
272,972
$2,225,528
Sun Pharmaceutical Industries Ltd.
349,863
7,601,012
Tata Consultancy Services Ltd.
649,852
35,304,508
Tata Elxsi Ltd.
38,733
3,695,652
Tech Mahindra Ltd.
309,740
6,054,329
Titan Co. Ltd.
51,554
2,191,973
Torrent Pharmaceuticals Ltd.
114,798
4,771,111
Trent Ltd.
150,946
12,866,587
Tube Investments of India Ltd.
81,005
3,895,358
UltraTech Cement Ltd.
63,305
8,535,254
Wipro Ltd.
762,921
4,899,896
Wipro Ltd., Class A, ADR
579,045
3,723,259
 
268,245,698
Indonesia — 0.5%
Adaro Energy Indonesia Tbk PT
11,985,262
2,760,019
Bank Central Asia Tbk PT
27,520,300
18,385,448
Telkom Indonesia Persero Tbk PT
12,512,967
2,467,657
 
23,613,124
Ireland — 0.1%
AIB Group PLC
594,842
3,582,075
Israel — 0.5%
Bank Hapoalim BM
357,810
3,567,063
Check Point Software Technologies Ltd.(a)
102,594
19,749,345
Isracard Ltd.
0
1
 
23,316,409
Italy — 0.1%
Infrastrutture Wireless Italiane SpA(b)
379,941
4,551,027
Japan — 10.5%
Brother Industries Ltd.
258,600
4,834,852
Canon Inc.
1,077,500
37,006,018
Central Japan Railway Co.
871,000
20,162,507
Chiba Bank Ltd. (The)
362,900
3,073,935
Chubu Electric Power Co. Inc.
729,500
9,114,337
Dai Nippon Printing Co. Ltd.
73,600
2,658,364
East Japan Railway Co.
960,400
18,412,699
ENEOS Holdings Inc.
1,082,000
5,885,823
FUJIFILM Holdings Corp.
437,900
11,809,980
Fujitsu Ltd.
138,800
2,565,699
Hamamatsu Photonics KK
158,700
4,234,827
Hankyu Hanshin Holdings Inc.
79,900
2,455,213
Inpex Corp.
420,200
6,194,260
Japan Post Bank Co. Ltd.
551,400
5,182,323
KDDI Corp.
910,700
30,724,391
Keisei Electric Railway Co. Ltd.
57,100
1,806,480
Kirin Holdings Co. Ltd.
146,700
2,214,635
Kyocera Corp.
670,200
8,302,160
McDonald's Holdings Co. Japan Ltd.(c)
99,400
4,366,006
MEIJI Holdings Co. Ltd.
128,000
3,178,634
Mizuho Financial Group Inc.
411,500
8,545,196
NEC Corp.
279,000
24,726,587
Nintendo Co. Ltd.
305,800
16,630,683
Nippon Telegraph & Telephone Corp.
29,832,600
31,884,963
Nissin Foods Holdings Co. Ltd.
88,900
2,323,178
Nomura Research Institute Ltd.
122,990
4,137,045
NTT Data Group Corp.
377,400
5,755,484
Obic Co. Ltd.
72,900
12,617,060
Ono Pharmaceutical Co. Ltd.
399,500
5,905,945
Oracle Corp./Japan
44,300
4,011,841
Osaka Gas Co. Ltd.
417,700
10,317,084
Otsuka Corp.
258,500
6,149,783
Security
Shares
Value
Japan (continued)
Otsuka Holdings Co. Ltd.
346,000
$20,398,315
Pan Pacific International Holdings Corp.
313,400
8,022,623
Ricoh Co. Ltd.
610,500
6,420,774
SCSK Corp.
180,900
3,637,840
Secom Co. Ltd.
238,000
17,366,286
Seiko Epson Corp.
326,900
6,112,207
SG Holdings Co. Ltd.
201,700
2,183,237
Shimadzu Corp.
120,000
4,009,250
Shizuoka Financial Group Inc., NVS
498,100
4,446,487
SoftBank Corp.
3,227,000
45,150,996
Suntory Beverage & Food Ltd.
157,200
5,780,774
TIS Inc.
240,500
6,027,175
Toho Co. Ltd./Tokyo
127,300
4,893,623
Tokyo Gas Co. Ltd.
157,200
3,932,464
Tokyu Corp.
168,200
2,057,511
West Japan Railway Co.
179,100
3,415,406
Yokogawa Electric Corp.
240,900
6,794,791
 
467,837,751
Kuwait — 0.2%
Mobile Telecommunications Co. KSCP
2,136,342
3,269,229
National Bank of Kuwait SAKP
2,293,076
6,592,261
 
9,861,490
Malaysia — 0.4%
CELCOMDIGI Bhd
3,068,300
2,748,936
Hong Leong Bank Bhd
761,300
3,741,388
IHH Healthcare Bhd
2,489,800
3,611,578
Malayan Banking Bhd
2,401,300
5,990,697
Petronas Gas Bhd
938,000
3,966,834
 
20,059,433
Netherlands — 0.5%
Koninklijke Ahold Delhaize NV
197,082
6,766,558
Koninklijke KPN NV
4,047,829
16,532,078
 
23,298,636
New Zealand — 0.1%
Spark New Zealand Ltd.
1,399,005
3,132,025
Peru — 0.0%
Cia. de Minas Buenaventura SAA, Class A, ADR
186,450
2,311,980
Philippines — 0.2%
BDO Unibank Inc.
2,031,928
5,533,536
International Container Terminal Services Inc.
347,310
2,450,654
 
7,984,190
Qatar — 0.2%
Industries Qatar QSC
796,595
2,822,763
Qatar National Bank QPSC
1,506,660
6,561,466
 
9,384,229
Russia — 0.0%
PhosAgro PJSC(a)(d)
41,863
5
PhosAgro PJSC, GDR(a)(d)(e)
2
—
PhosAgro PJSC, New(a)(d)
809
8
Polyus PJSC(a)(d)
53,523
6
 
19
Saudi Arabia — 1.2%
Arabian Internet & Communications Services Co.
27,136
2,104,688
Bupa Arabia for Cooperative Insurance Co.
40,449
2,505,023
Co. for Cooperative Insurance (The)
53,788
2,270,951
Elm Co.
27,333
7,304,030
Jarir Marketing Co.
582,125
1,983,754
SABIC Agri-Nutrients Co.
205,450
6,389,733
Saudi Arabian Oil Co.(b)
1,701,359
12,677,281
33
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Global Min Vol Factor ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Saudi Arabia (continued)
Saudi Telecom Co.
1,566,667
$17,959,182
 
53,194,642
Singapore — 1.0%
DBS Group Holdings Ltd.
246,240
6,876,079
Genting Singapore Ltd.
5,572,200
3,438,858
Singapore Exchange Ltd.
984,000
8,163,229
Singapore Technologies Engineering Ltd.
1,447,400
4,935,298
Singapore Telecommunications Ltd.
9,328,900
22,372,875
 
45,786,339
Spain — 0.1%
CaixaBank SA
534,765
3,220,968
Switzerland — 2.5%
Banque Cantonale Vaudoise, Registered
34,072
3,649,490
BKW AG
24,388
4,584,344
Nestle SA, Registered
117,714
12,623,660
Novartis AG, Registered
330,761
39,961,933
Roche Holding AG, NVS
69,987
23,692,044
Swiss Re AG
46,956
6,415,355
Swisscom AG, Registered
29,341
18,548,518
 
109,475,344
Taiwan — 5.1%
Accton Technology Corp.
131,000
2,085,894
Acer Inc.
3,290,000
4,512,114
Advantech Co. Ltd.
537,959
5,884,144
Asia Cement Corp.
2,660,000
3,748,129
Asustek Computer Inc.
751,000
12,595,842
Catcher Technology Co. Ltd.
702,000
5,185,052
Chang Hwa Commercial Bank Ltd.
6,341,898
3,500,939
Cheng Shin Rubber Industry Co. Ltd.
2,017,000
3,134,124
China Steel Corp.
6,357,000
4,424,370
Chunghwa Telecom Co. Ltd.
4,310,000
16,708,008
Compal Electronics Inc.
4,734,000
4,925,171
E.Sun Financial Holding Co. Ltd.
16,235,602
14,312,970
Far EasTone Telecommunications Co. Ltd.
2,023,000
5,725,924
First Financial Holding Co. Ltd.
12,691,791
10,823,448
Formosa Chemicals & Fibre Corp.
3,978,000
5,450,522
Formosa Plastics Corp.
1,404,000
2,265,174
Hon Hai Precision Industry Co. Ltd.
1,573,000
9,080,510
Hua Nan Financial Holdings Co. Ltd.
10,127,944
8,081,100
Innolux Corp.
4,369,200
2,159,792
Mega Financial Holding Co. Ltd.
5,455,905
6,655,006
Nan Ya Plastics Corp.
4,245,000
6,019,045
Novatek Microelectronics Corp.
108,000
1,824,127
Pegatron Corp.
2,269,000
7,286,099
PharmaEssentia Corp.(a)
272,000
5,926,163
President Chain Store Corp.
510,000
4,483,599
Quanta Computer Inc.
292,000
2,453,082
Realtek Semiconductor Corp.
226,000
3,785,073
SinoPac Financial Holdings Co. Ltd.
12,128,556
9,117,286
Synnex Technology International Corp.
1,422,250
3,202,050
Taishin Financial Holding Co. Ltd.
13,202,816
7,635,058
Taiwan Business Bank
7,576,290
3,742,887
Taiwan Cooperative Financial Holding Co. Ltd.
11,928,132
9,662,343
Taiwan High Speed Rail Corp.
2,289,000
2,138,355
Taiwan Mobile Co. Ltd.
2,069,000
7,251,659
Taiwan Semiconductor Manufacturing Co. Ltd.
508,000
15,039,524
WPG Holdings Ltd.
1,810,760
4,604,913
 
225,429,496
Thailand — 0.5%
Advanced Info Service PCL, NVDR
1,359,400
9,915,085
Security
Shares
Value
Thailand (continued)
Airports of Thailand PCL, NVDR
4,022,300
$7,092,615
Bumrungrad Hospital PCL, NVDR
447,200
3,229,336
 
20,237,036
Turkey — 0.2%
Aselsan Elektronik Sanayi Ve Ticaret A/S
1,263,140
2,162,099
Turkcell Iletisim Hizmetleri AS
980,184
2,829,864
Turkiye Petrol Rafinerileri AS
507,236
2,509,979
Turkiye Sise ve Cam Fabrikalari AS
1,402,812
1,784,736
 
9,286,678
United Arab Emirates — 0.3%
Abu Dhabi National Oil Co. for Distribution PJSC
3,803,324
3,782,719
Americana Restaurants International PLC -
Foreign Co.
2,352,621
1,858,637
Emirates Telecommunications Group Co. PJSC
1,367,491
6,753,961
Multiply Group PJSC(a)
4,431,696
2,571,576
 
14,966,893
United States — 59.0%
Abbott Laboratories
38,809
4,395,895
AbbVie Inc.
128,381
25,202,474
Accenture PLC, Class A
31,654
10,824,085
Akamai Technologies Inc.(a)
134,642
13,711,941
Albertsons Companies Inc., Class A
114,058
2,237,818
Ameren Corp.
53,391
4,405,291
American Electric Power Co. Inc.
31,915
3,200,436
Amgen Inc.
50,992
17,022,659
Amphenol Corp., Class A
330,354
22,282,377
Aon PLC, Class A
41,686
14,328,312
Arch Capital Group Ltd.(a)
254,085
28,734,473
Arista Networks Inc.(a)
6,531
2,307,925
Arthur J Gallagher & Co.
49,690
14,537,803
Aspen Technology Inc.(a)
19,196
4,494,551
Assurant Inc.
25,936
5,092,534
AT&T Inc.
510,662
10,162,174
AutoZone Inc.(a)(c)
10,808
34,385,436
Becton Dickinson & Co.
43,190
10,469,688
Berkshire Hathaway Inc., Class B(a)
86,188
41,018,593
BioMarin Pharmaceutical Inc.(a)
127,209
11,602,733
Booz Allen Hamilton Holding Corp., Class A
106,916
16,976,122
Bristol-Myers Squibb Co.
185,110
9,246,244
Brown & Brown Inc.
120,016
12,617,282
Campbell Soup Co.
218,963
10,886,840
Cardinal Health Inc.
67,254
7,580,871
Cboe Global Markets Inc.
119,298
24,503,809
Cencora Inc.
190,774
45,703,727
CF Industries Holdings Inc.
130,170
10,815,825
CH Robinson Worldwide Inc.
25,041
2,591,994
Cheniere Energy Inc.
32,941
6,102,650
Chubb Ltd.
135,171
38,412,895
Church & Dwight Co. Inc.
189,391
19,295,155
Cigna Group (The)
32,531
11,770,041
Cisco Systems Inc.
1,200,279
60,662,101
CME Group Inc.
46,149
9,956,185
CMS Energy Corp.
106,457
7,224,172
Coca-Cola Co. (The)
34,875
2,527,391
Cognizant Technology Solutions Corp., Class A
115,268
8,964,392
Colgate-Palmolive Co.
168,929
17,990,938
Conagra Brands Inc.
71,236
2,222,563
Consolidated Edison Inc.
391,684
39,779,427
Corteva Inc.
91,366
5,235,272
Diamondback Energy Inc.
15,116
2,949,283
Domino's Pizza Inc.
19,478
8,067,982
Schedule of Investments
34
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Global Min Vol Factor ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
United States (continued)
Duke Energy Corp.
321,044
$36,582,964
Electronic Arts Inc.
168,767
25,622,206
Elevance Health Inc.
45,961
25,595,221
Eli Lilly & Co.
29,218
28,049,864
Erie Indemnity Co., Class A, NVS
28,684
14,578,069
Everest Group Ltd.
11,966
4,693,544
Exxon Mobil Corp.
37,543
4,427,821
F5 Inc.(a)
66,391
13,487,332
Fair Isaac Corp.(a)
2,354
4,073,056
First Citizens BancShares Inc./NC, Class A
4,726
9,597,088
Fiserv Inc.(a)
100,910
17,618,886
Gartner Inc.(a)
6,087
2,994,561
Gen Digital Inc.
440,063
11,644,067
General Dynamics Corp.
27,917
8,357,233
General Mills Inc.
419,519
30,327,029
Genuine Parts Co.
15,904
2,278,407
Gilead Sciences Inc.
228,053
18,016,187
GoDaddy Inc., Class A(a)
153,034
25,619,422
Henry Schein Inc.(a)
36,371
2,565,974
Hershey Co. (The)
108,656
20,977,127
HF Sinclair Corp.
62,853
3,088,596
Hologic Inc.(a)
26,445
2,148,392
Hormel Foods Corp.
340,519
11,083,893
Humana Inc.
49,109
17,407,667
Incyte Corp.(a)
216,209
14,196,283
International Business Machines Corp.
154,191
31,166,627
J.M. Smucker Co. (The)
107,919
12,376,151
Jack Henry & Associates Inc.
49,493
8,563,774
Johnson & Johnson
304,417
50,490,604
Juniper Networks Inc.
366,288
14,241,277
Kellanova
309,139
24,919,695
Keurig Dr Pepper Inc.
473,332
17,328,685
Keysight Technologies Inc.(a)
117,129
18,051,921
Kimberly-Clark Corp.
101,115
14,627,296
Knight-Swift Transportation Holdings Inc.
44,497
2,330,753
Kraft Heinz Co. (The)
451,106
15,982,686
Kroger Co. (The)
622,546
33,125,673
Liberty Media Corp.-Liberty Formula One,
Class C, NVS(a)
114,397
8,928,686
Lockheed Martin Corp.
19,016
10,802,990
Loews Corp.
214,534
17,578,916
Marathon Petroleum Corp.
41,141
7,286,894
Markel Group Inc.(a)
11,216
17,953,227
Marsh & McLennan Companies Inc.
175,917
40,022,877
Mastercard Inc., Class A
15,864
7,667,706
McDonald's Corp.
150,904
43,559,949
McKesson Corp.
102,548
57,537,632
Merck & Co. Inc.
474,906
56,252,616
Microsoft Corp.
78,651
32,808,478
Molina Healthcare Inc.(a)
17,457
6,106,284
Mondelez International Inc., Class A
166,033
11,922,830
Monster Beverage Corp.(a)(c)
98,591
4,646,594
Motorola Solutions Inc.
168,037
74,279,075
Neurocrine Biosciences Inc.(a)
112,610
14,308,227
Newmont Corp.
98,785
5,274,131
Northrop Grumman Corp.
67,527
35,330,802
Oracle Corp.
128,658
18,178,089
O'Reilly Automotive Inc.(a)
22,127
25,002,846
PepsiCo Inc.
289,123
49,983,584
PG&E Corp.
216,619
4,267,394
Procter & Gamble Co. (The)
216,890
37,205,311
Progressive Corp. (The)
144,313
36,395,739
Security
Shares
Value
United States (continued)
PTC Inc.(a)
50,708
$9,081,296
Quest Diagnostics Inc.
42,300
6,639,831
Regeneron Pharmaceuticals Inc.(a)
34,480
40,848,111
Republic Services Inc., Class A
249,825
52,016,063
Rollins Inc.
186,006
9,333,781
Roper Technologies Inc.
106,058
58,799,616
Southern Co. (The)
407,350
35,195,040
Targa Resources Corp.
17,500
2,570,750
Teledyne Technologies Inc.(a)
10,041
4,345,745
Texas Pacific Land Corp.
3,351
2,911,650
TJX Companies Inc. (The)
134,819
15,810,224
T-Mobile U.S. Inc.
377,924
75,101,057
Travelers Companies Inc. (The)
54,407
12,408,604
Tyson Foods Inc., Class A
218,237
14,034,821
Ulta Beauty Inc.(a)
18,824
6,641,860
United Therapeutics Corp.(a)
45,772
16,640,411
UnitedHealth Group Inc.
61,543
36,322,679
VeriSign Inc.(a)
84,661
15,569,158
Verizon Communications Inc.
817,015
34,134,887
Vertex Pharmaceuticals Inc.(a)
102,973
51,063,281
Visa Inc., Class A
84,749
23,422,081
W R Berkley Corp.
299,654
17,889,344
Walmart Inc.
953,112
73,608,840
Waste Connections Inc.
94,193
17,566,994
Waste Management Inc.
298,126
63,214,637
WEC Energy Group Inc.
310,594
28,894,560
Willis Towers Watson PLC
14,038
4,100,640
Workday Inc., Class A(a)
16,672
4,387,904
Xcel Energy Inc.
71,977
4,407,152
Yum! Brands Inc.
77,190
10,414,475
 
2,631,412,759
Total Long-Term Investments — 99.9%
(Cost: $3,513,734,384)
4,451,837,884
Short-Term Securities
Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 5.45%(f)(g)(h)
9,677,607
9,683,413
BlackRock Cash Funds: Treasury, SL Agency Shares,
5.25%(f)(g)
9,170,000
9,170,000
Total Short-Term Securities — 0.4%
(Cost: $18,848,824)
18,853,413
Total Investments — 100.3%
(Cost: $3,532,583,208)
4,470,691,297
Liabilities in Excess of Other Assets — (0.3)%
(12,604,104
)
Net Assets — 100.0%
$4,458,087,193
 
(a)
Non-income producing security.
(b)
Security exempt from registration pursuant to Rule 144A under the Securities Act of
1933, as amended. These securities may be resold in transactions exempt from
registration to qualified institutional investors.
(c)
All or a portion of this security is on loan.
(d)
Security is valued using significant unobservable inputs and is classified as Level 3 in the
fair value hierarchy.
(e)
This security may be resold to qualified foreign investors and foreign institutional buyers
under Regulation S of the Securities Act of 1933.
(f)
Affiliate of the Fund.
(g)
Annualized 7-day yield as of period end.
(h)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
35
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Global Min Vol Factor ETF
 
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2024 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 Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
08/31/24
Shares
Held at
08/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL
Agency Shares
$51,597,548
$—
$(41,913,345
)(a)
$5,233
$(6,023
)
$9,683,413
9,677,607
$94,035
(b)
$—
BlackRock Cash Funds: Treasury, SL
Agency Shares
7,270,000
1,900,000
(a)
—
—
—
9,170,000
9,170,000
432,908
—
 
$5,233
$(6,023
)
$18,853,413
$526,943
$—
 
(a)
Represents net amount purchased (sold).
(b)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other
payments to and from borrowers of securities.
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts
MSCI EAFE Index
11
09/20/24
$1,352
$44,113
MSCI Emerging Markets Index
12
09/20/24
660
(1,579
)
S&P 500 E-Mini Index
9
09/20/24
2,547
33,815
2-Year U.S. Treasury Note
3
12/31/24
623
(1,012
)
 
$75,337
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets—Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)
$—
$—
$77,928
$—
$—
$—
$77,928
Liabilities—Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)
$—
$—
$1,579
$—
$1,012
$—
$2,591
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's
variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).
Schedule of Investments
36
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Global Min Vol Factor ETF
 
For the period ended August 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from
Futures contracts
$—
$—
$731,071
$—
$—
$—
$731,071
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts
$—
$—
$(19,724
)
$—
$(7,750
)
$—
$(27,474
)
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$8,683,316
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
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 
Common Stocks
$2,766,986,695
$1,684,851,170
$19
$4,451,837,884
Short-Term Securities 
Money Market Funds
18,853,413
—
—
18,853,413
 
$2,785,840,108
$1,684,851,170
$19
$4,470,691,297
Derivative Financial Instruments(a) 
Assets 
Equity Contracts
$77,928
$—
$—
$77,928
Liabilities 
Equity Contracts
(1,579
)
—
—
(1,579
)
Interest Rate Contracts
(1,012
)
—
—
(1,012
)
 
$75,337
$—
$—
$75,337
 
(a)
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, bank borrowings payable of $700,250 are categorized as Level 2 within the fair value hierarchy.
See notes to financial statements.
37
2024 iShares Annual Financial Statements
Statements of Assets and Liabilities
August 31, 2024
 
 
iShares
Emerging
Markets
Equity Factor
ETF
iShares
ESG Aware MSCI
EM ETF
iShares
MSCI Emerging
Markets ex China
ETF
iShares
MSCI Emerging
Markets Min Vol
Factor ETF
ASSETS
 
 
 
 
Investments, at value—unaffiliated(a)(b)
$666,518,673
$4,363,217,373
$16,184,956,121
$4,698,455,661
Investments, at value—affiliated(c)
11,983,728
2,767,753
24,137,728
57,792,559
Cash
—
3,290,803
68,444,796
—
Cash pledged for futures contracts
47,000
333,000
624,000
174,000
Foreign currency, at value(d)
991,660
66,786,285
109,371,168
16,784,150
Receivables:
 
 
 
 
Investments sold
—
188,096,039
395,100,521
7,405,196
Securities lending income—affiliated
14,757
5,851
31,970
9,269
Capital shares sold
—
—
170,134,519
—
Dividends—unaffiliated
1,268,666
5,857,194
21,405,701
7,439,905
Dividends—affiliated
23,927
72,665
363,776
157,524
From custodian
—
75,239,877
224,286,201
1,850,178
Tax reclaims
74,215
62,066
103,135
—
Variation margin on futures contracts
1,955
15,657
26,361
7,332
Total assets
680,924,581
4,705,744,563
17,198,985,997
4,790,075,774
LIABILITIES
 
 
 
 
Bank overdraft
12,838
—
—
525,353
Bank borrowings
—
92,933,186
170,060,728
—
Collateral on securities loaned, at value
5,011,610
2,777,137
24,119,541
17,059,288
Payables:
 
 
 
 
Investments purchased
—
208,612,465
582,738,436
9,387,772
Capital shares redeemed
—
—
—
99,654
Deferred foreign capital gain tax
7,764,604
31,328,845
167,961,616
55,059,387
Investment advisory fees
138,978
909,906
3,239,904
974,718
Professional fees
4,678
37,685
22,679
5,126
Due to custodian
—
—
57,261,396
—
Total liabilities
12,932,708
336,599,224
1,005,404,300
83,111,298
Commitments and contingent liabilities
 
 
 
 
NET ASSETS
$667,991,873
$4,369,145,339
$16,193,581,697
$4,706,964,476
NET ASSETS CONSIST OF
 
 
 
 
Paid-in capital
$699,207,270
$4,946,809,736
$14,677,500,922
$4,922,709,201
Accumulated earnings (loss)
(31,215,397)
(577,664,397)
1,516,080,775
(215,744,725)
NET ASSETS
$667,991,873
$4,369,145,339
$16,193,581,697
$4,706,964,476
NET ASSET VALUE
 
 
 
 
Shares outstanding
14,100,000
127,200,000
267,000,000
78,000,000
Net asset value
$47.38
$34.35
$60.65
$60.35
Shares authorized
525 million
1.5 billion
2 billion
800 million
Par value
$0.001
$0.001
$0.001
$0.001
(a) Investments, at cost—unaffiliated
$567,660,672
$3,864,256,932
$14,177,138,332
$3,814,354,411
(b) Securities loaned, at value
$4,417,434
$2,587,370
$22,158,006
$16,699,374
(c) Investments, at cost—affiliated
$11,982,100
$2,765,076
$24,132,416
$57,788,816
(d) Foreign currency, at cost
$986,267
$66,687,590
$109,438,142
$16,773,945
See notes to financial statements.
Statements of Assets and Liabilities
38
Statements of Assets and Liabilities (continued)
August 31, 2024
 
 
iShares
MSCI Global Min
Vol Factor ETF
ASSETS
 
Investments, at value—unaffiliated(a)(b)
$4,451,837,884
Investments, at value—affiliated(c)
18,853,413
Cash
709,126
Cash pledged for futures contracts
324,000
Foreign currency, at value(d)
4,882,079
Receivables:
 
Investments sold
7,469,501
Securities lending income—affiliated
4,583
Dividends—unaffiliated
6,449,854
Dividends—affiliated
38,852
From custodian
640,513
Tax reclaims
3,730,544
Variation margin on futures contracts
43,354
Total assets
4,494,983,703
LIABILITIES
 
Bank borrowings
700,250
Collateral on securities loaned, at value
9,581,594
Payables:
 
Investments purchased
12,457,916
Deferred foreign capital gain tax
13,423,599
Investment advisory fees
733,151
Total liabilities
36,896,510
Commitments and contingent liabilities
 
NET ASSETS
$4,458,087,193
NET ASSETS CONSIST OF
 
Paid-in capital
$3,764,576,907
Accumulated earnings
693,510,286
NET ASSETS
$4,458,087,193
NET ASSET VALUE
 
Shares outstanding
39,200,000
Net asset value
$113.73
Shares authorized
500 million
Par value
$0.001
(a) Investments, at cost—unaffiliated
$3,513,734,384
(b) Securities loaned, at value
$9,239,285
(c) Investments, at cost—affiliated
$18,848,824
(d) Foreign currency, at cost
$4,861,600
See notes to financial statements.
39
2024 iShares Annual Financial Statements
Statements of Operations
Year Ended August 31, 2024  
 
 
iShares
Emerging
Markets
Equity Factor
ETF
iShares
ESG Aware
MSCI EM
ETF
iShares
MSCI Emerging
Markets ex China
ETF
iShares
MSCI
Emerging
Markets Min
Vol Factor
ETF
INVESTMENT INCOME
Dividends—unaffiliated
$21,318,957
$123,244,173
$340,046,212
$154,306,609
Dividends—affiliated
147,959
362,671
1,581,575
853,034
Interest—unaffiliated
21,363
123,653
711,946
111,198
Securities lending income—affiliated—net
169,830
198,106
581,580
108,385
Other income—unaffiliated
10,586
100,772
52,532
343,152
Foreign taxes withheld
(2,484,566
)
(13,567,731
)
(43,089,737
)
(15,396,143
)
Foreign withholding tax claims
35,429
282,274
166,133
42,134
Other foreign taxes
(6,943
)
(163,271
)
(80,100
)
(196,349
)
Total investment income
19,212,615
110,580,647
299,970,141
140,172,020
EXPENSES
Investment advisory
1,508,081
10,283,909
26,475,831
11,019,805
Interest expense
29,912
323,493
327,528
219,712
Commitment costs
9,632
38,715
38,715
38,715
Professional
4,598
38,305
21,813
38,182
Total expenses
1,552,223
10,684,422
26,863,887
11,316,414
Net investment income
17,660,392
99,896,225
273,106,254
128,855,606
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments—unaffiliated(a)
14,932,434
(184,070,650
)
(209,631,485
)
17,653,806
Investments—affiliated
2,678
9,709
10,158
17,786
Foreign currency transactions
(345,959
)
(2,479,937
)
(6,806,597
)
(1,717,733
)
Futures contracts
120,753
(771,555
)
3,104,561
1,040,244
In-kind redemptions—unaffiliated(b)
(338,125
)
14,228,352
—
1,834,058
 
14,371,781
(173,084,081
)
(213,323,363
)
18,828,161
Net change in unrealized appreciation (depreciation) on:
Investments—unaffiliated(c)
76,459,986
548,113,495
2,058,071,337
433,830,443
Investments—affiliated
19
(2,123
)
3,456
(8,080
)
Foreign currency translations
49,831
113,870
(426,688
)
119,064
Futures contracts
65,088
245,368
419,935
103,382
 
76,574,924
548,470,610
2,058,068,040
434,044,809
Net realized and unrealized gain
90,946,705
375,386,529
1,844,744,677
452,872,970
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
$108,607,097
$475,282,754
$2,117,850,931
$581,728,576
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable of
$(2,426,872
)
$(5,151,941
)
$(5,152,778
)
$(2,188,270
)
(b) See Note 2 of the Notes to Financial Statements.
(c) Net of increase in deferred foreign capital gain tax of
$(5,337,802
)
$(24,266,697
)
$(158,901,468
)
$(46,805,973
)
See notes to financial statements.
Statements of Operations
40
Statements of Operations (continued)
Year Ended August 31, 2024  
 
 
iShares
MSCI Global
Min Vol
Factor ETF
INVESTMENT INCOME
Dividends—unaffiliated
$109,301,340
Dividends—affiliated
432,908
Interest—unaffiliated
68,512
Securities lending income—affiliated—net
94,035
Foreign taxes withheld
(6,362,085
)
Foreign withholding tax claims
179,322
Other foreign taxes
(43,927
)
Total investment income
103,670,105
EXPENSES
Investment advisory
8,536,700
Interest expense
49,065
Commitment costs
38,715
Professional
22,849
Total expenses
8,647,329
Net investment income
95,022,776
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments—unaffiliated(a)
15,078,005
Investments—affiliated
5,233
Foreign currency transactions
(344,180
)
Futures contracts
731,071
In-kind redemptions—unaffiliated(b)
161,244,257
 
176,714,386
Net change in unrealized appreciation (depreciation) on:
Investments—unaffiliated(c)
462,795,127
Investments—affiliated
(6,023
)
Foreign currency translations
246,478
Futures contracts
(27,474
)
 
463,008,108
Net realized and unrealized gain
639,722,494
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
$734,745,270
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable of
$(3,675,679
)
(b) See Note 2 of the Notes to Financial Statements.
(c) Net of increase in deferred foreign capital gain tax of
$(8,362,172
)
See notes to financial statements.
41
2024 iShares Annual Financial Statements
Statements of Changes in Net Assets
 
 
iShares
Emerging Markets Equity Factor ETF
iShares
ESG Aware MSCI EM ETF
 
Year Ended
08/31/24
Year Ended
08/31/23
Year Ended
08/31/24
Year Ended
08/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$17,660,392
$27,730,324
$99,896,225
$105,334,569
Net realized gain (loss)
14,371,781
(48,484,319
)
(173,084,081
)
(205,570,429
)
Net change in unrealized appreciation (depreciation)
76,574,924
18,392,212
548,470,610
123,112,315
Net increase (decrease) in net assets resulting from operations
108,607,097
(2,361,783
)
475,282,754
22,876,455
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders
(33,037,650
)
(30,828,923
)
(109,948,822
)
(98,049,319
)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions
(14,011,635
)
(193,183,181
)
(319,943,129
)
147,402,728
NET ASSETS
Total increase (decrease) in net assets
61,557,812
(226,373,887
)
45,390,803
72,229,864
Beginning of year
606,434,061
832,807,948
4,323,754,536
4,251,524,672
End of year
$667,991,873
$606,434,061
$4,369,145,339
$4,323,754,536
 
(a)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
See notes to financial statements.
Statements of Changes in Net Assets
42
Statements of Changes in Net Assets(continued)
 
 
iShares
MSCI Emerging Markets ex China ETF
iShares
MSCI Emerging Markets Min Vol Factor ETF
 
Year Ended
08/31/24
Year Ended
08/31/23
Year Ended
08/31/24
Year Ended
08/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$273,106,254
$98,950,659
$128,855,606
$136,247,693
Net realized gain (loss)
(213,323,363
)
(100,189,911
)
18,828,161
(509,938,429
)
Net change in unrealized appreciation (depreciation)
2,058,068,040
197,614,657
434,044,809
615,545,652
Net increase in net assets resulting from operations
2,117,850,931
196,375,405
581,728,576
241,854,916
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders
(212,835,579
)
(83,177,048
)
(131,987,977
)
(153,732,586
)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions
9,141,465,607
2,726,740,408
(239,290,205
)
(1,768,751,802
)
NET ASSETS
Total increase (decrease) in net assets
11,046,480,959
2,839,938,765
210,450,394
(1,680,629,472
)
Beginning of year
5,147,100,738
2,307,161,973
4,496,514,082
6,177,143,554
End of year
$16,193,581,697
$5,147,100,738
$4,706,964,476
$4,496,514,082
 
(a)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
See notes to financial statements.
43
2024 iShares Annual Financial Statements
Statements of Changes in Net Assets(continued)
 
 
iShares
MSCI Global Min Vol Factor ETF
 
Year Ended
08/31/24
Year Ended
08/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$95,022,776
$110,109,543
Net realized gain (loss)
176,714,386
(9,271,159
)
Net change in unrealized appreciation (depreciation)
463,008,108
121,412,544
Net increase in net assets resulting from operations
734,745,270
222,250,928
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders
(101,499,454
)
(98,968,869
)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions
(893,702,048
)
118,692,307
NET ASSETS
Total increase (decrease) in net assets
(260,456,232
)
241,974,366
Beginning of year
4,718,543,425
4,476,569,059
End of year
$4,458,087,193
$4,718,543,425
 
(a)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
See notes to financial statements.
Statements of Changes in Net Assets
44
Financial Highlights
(For a share outstanding throughout each period)
 
 
iShares Emerging Markets Equity Factor ETF
 
Year Ended
08/31/24
Year Ended
08/31/23
Year Ended
08/31/22
Year Ended
08/31/21
Year Ended
08/31/20
Net asset value, beginning of year
$41.82
$43.38
$53.61
$44.03
$40.35
Net investment income(a)
1.29
1.46
1.64
1.23
1.11
Net realized and unrealized gain (loss)(b)
6.77
(1.38
)
(10.49
)
9.24
3.73
Net increase (decrease) from investment operations
8.06
0.08
(8.85
)
10.47
4.84
Distributions from net investment income(c)
(2.50
)
(1.64
)
(1.38
)
(0.89
)
(1.16
)
Net asset value, end of year
$47.38
$41.82
$43.38
$53.61
$44.03
Total Return(d)
Based on net asset value
20.07
%
0.30
%
(16.80
)%
23.97
%
12.17
%
Ratios to Average Net Assets(e)
Total expenses
0.26
%
0.33
%
0.45
%
0.45
%
0.45
%
Net investment income
2.93
%
3.51
%
3.41
%
2.44
%
2.71
%
Supplemental Data
Net assets, end of year (000)
$667,992
$606,434
$832,808
$761,199
$541,608
Portfolio turnover rate(f)
29
%
121
%
54
%
49
%
45
%
(a) Based on average shares outstanding.
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d) Where applicable, assumes the reinvestment of distributions.
(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
45
2024 iShares Annual Financial Statements
Financial Highlights(continued)
(For a share outstanding throughout each period)
 
 
iShares ESG Aware MSCI EM ETF
 
Year Ended
08/31/24
Year Ended
08/31/23
Year Ended
08/31/22
Year Ended
08/31/21
Year Ended
08/31/20
Net asset value, beginning of year
$31.35
$31.56
$43.35
$35.93
$32.03
Net investment income(a)
0.78
0.78
0.83
0.75
0.89
Net realized and unrealized gain (loss)(b)
3.09
(0.23
)
(11.51
)
7.23
3.89
Net increase (decrease) from investment operations
3.87
0.55
(10.68
)
7.98
4.78
Distributions from net investment income(c)
(0.87
)
(0.76
)
(1.11
)
(0.56
)
(0.88
)
Net asset value, end of year
$34.35
$31.35
$31.56
$43.35
$35.93
Total Return(d)
Based on net asset value
12.61
%
1.81
%
(25.08
)%
22.30
%
15.11
%
Ratios to Average Net Assets(e)
Total expenses
0.26
%
0.26
%
0.25
%
0.25
%
0.25
%
Net investment income
2.43
%
2.53
%
2.20
%
1.76
%
2.75
%
Supplemental Data
Net assets, end of year (000)
$4,369,145
$4,323,755
$4,251,525
$7,105,443
$3,654,480
Portfolio turnover rate(f)
32
%
38
%
41
%
41
%
46
%
(a) Based on average shares outstanding.
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d) Where applicable, assumes the reinvestment of distributions.
(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
Financial Highlights
46
Financial Highlights(continued)
(For a share outstanding throughout each period)
 
 
iShares MSCI Emerging Markets ex China ETF
 
Year Ended
08/31/24
Year Ended
08/31/23
Year Ended
08/31/22
Year Ended
08/31/21
Year Ended
08/31/20
Net asset value, beginning of year
$51.16
$49.62
$62.82
$46.00
$46.25
Net investment income(a)
1.45
1.45
1.86
1.58
1.46
Net realized and unrealized gain (loss)(b)
9.17
1.31
(13.73
)
16.09
(0.05
)
Net increase (decrease) from investment operations
10.62
2.76
(11.87
)
17.67
1.41
Distributions from net investment income(c)
(1.13
)
(1.22
)
(1.33
)
(0.85
)
(1.66
)
Net asset value, end of year
$60.65
$51.16
$49.62
$62.82
$46.00
Total Return(d)
Based on net asset value
20.98
%
5.69
%
(19.17
)%
38.66
%
2.87
%
Ratios to Average Net Assets(e)
Total expenses
0.25
%
0.25
%
0.25
%
0.25
%
0.36
%
Total expenses after fees waived
0.25
%
0.25
%
0.25
%
0.22
%
0.16
%
Net investment income
2.58
%
2.89
%
3.34
%
2.65
%
3.24
%
Supplemental Data
Net assets, end of year (000)
$16,193,582
$5,147,101
$2,307,162
$1,281,467
$73,606
Portfolio turnover rate(f)
12
%
13
%
21
%
51
%
18
%
(a) Based on average shares outstanding.
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d) Where applicable, assumes the reinvestment of distributions.
(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
47
2024 iShares Annual Financial Statements
Financial Highlights(continued)
(For a share outstanding throughout each period)
 
 
iShares MSCI Emerging Markets Min Vol Factor ETF
 
Year Ended
08/31/24
Year Ended
08/31/23
Year Ended
08/31/22
Year Ended
08/31/21(a)
Year Ended
08/31/20(a)
Net asset value, beginning of year
$54.50
$54.86
$63.94
$55.97
$56.84
Net investment income(b)
1.63
1.25
1.87
1.32
(c)
1.42
Net realized and unrealized gain (loss)(d)
5.91
(0.38
)
(9.86
)
8.12
(0.82
)
Net increase (decrease) from investment operations
7.54
0.87
(7.99
)
9.44
0.60
Distributions from net investment income(e)
(1.69
)
(1.23
)
(1.09
)
(1.47
)
(1.47
)
Net asset value, end of year
$60.35
$54.50
$54.86
$63.94
$55.97
Total Return(f)
Based on net asset value
14.15
%
1.62
%
(12.68
)%
17.04
%(c)
1.07
%
Ratios to Average Net Assets(g)
Total expenses
0.26
%
0.64
%
0.69
%
0.69
%
0.70
%
Total expenses after fees waived
0.26
%
0.25
%
0.25
%
0.25
%
0.25
%
Net investment income
2.92
%
2.32
%
3.14
%
2.15
%(c)
2.59
%
Supplemental Data
Net assets, end of year (000)
$4,706,964
$4,496,514
$6,177,144
$3,874,514
$4,248,258
Portfolio turnover rate(h)
23
%
58
%
26
%
38
%
23
%
(a) Consolidated Financial Highlights.
(b) Based on average shares outstanding.
(c) Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2021:
• Net investment income per share by $0.01.
• Total return by 0.02%.
• Ratio of net investment income to average net assets by 0.01%.
(d) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(e) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(f) Where applicable, assumes the reinvestment of distributions.
(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(h) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
Financial Highlights
48
Financial Highlights(continued)
(For a share outstanding throughout each period)
 
 
iShares MSCI Global Min Vol Factor ETF
 
Year Ended
08/31/24
Year Ended
08/31/23
Year Ended
08/31/22
Year Ended
08/31/21
Year Ended
08/31/20
Net asset value, beginning of year
$97.69
$95.04
$106.77
$93.16
$93.54
Net investment income(a)
2.27
2.32
2.18
1.97
2.13
Net realized and unrealized gain (loss)(b)
16.24
2.40
(11.91
)
13.38
(0.18
)
Net increase (decrease) from investment operations
18.51
4.72
(9.73
)
15.35
1.95
Distributions from net investment income(c)
(2.47
)
(2.07
)
(2.00
)
(1.74
)
(2.33
)
Net asset value, end of year
$113.73
$97.69
$95.04
$106.77
$93.16
Total Return(d)
Based on net asset value
19.32
%
5.00
%(e)
(9.21
)%
16.63
%
2.13
%
Ratios to Average Net Assets(f)
Total expenses
0.20
%
0.30
%
0.32
%
0.32
%
0.32
%
Total expenses after fees waived
0.20
%
0.20
%
0.20
%
0.20
%
0.20
%
Net investment income
2.23
%
2.42
%
2.13
%
2.00
%
2.33
%
Supplemental Data
Net assets, end of year (000)
$4,458,087
$4,718,543
$4,476,569
$5,306,261
$5,924,818
Portfolio turnover rate(g)
25
%
22
%
23
%
25
%
22
%
(a) Based on average shares outstanding.
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d) Where applicable, assumes the reinvestment of distributions.
(e) Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2023:
• Total return by 0.01%.
(f) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
49
2024 iShares Annual Financial Statements
Notes to Financial Statements
1. ORGANIZATION
iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is organized as a Maryland corporation and is authorized to have multiple series or portfolios.
These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”): 
iShares ETF
Diversification
Classification
Emerging Markets Equity Factor
Diversified
ESG Aware MSCI EM
Diversified
MSCI Emerging Markets ex China
Diversified
MSCI Emerging Markets Min Vol Factor
Diversified
MSCI Global Min Vol Factor
Diversified
2. SIGNIFICANT ACCOUNTING POLICIES
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period.  Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method.  Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.  Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.
Foreign Currency Translation: Each Fund's books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.
Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.  
Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions.  All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests.  These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows:  foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of August 31, 2024, if any, are disclosed in the Statements of Assets and Liabilities.
Consistent with U.S. GAAP accrual requirements, for uncertain tax positions, each Fund recognizes tax reclaims when the Fund determines that it is more likely than not that the Fund will sustain its position that it is due the reclaim. 
The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes. 
Bank Overdraft: Certain Funds had outstanding cash disbursements exceeding deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.
Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.
Notes to Financial Statements
50
Notes to Financial Statements  (continued)
In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.
Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.
Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.
3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS
Investment  Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Directors of the Company (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.
• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.
• Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.
Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.
Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.
Fair  Value Hierarchy: 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
51
2024 iShares Annual Financial Statements
Notes to Financial Statements  (continued)
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 that may not have a secondary market and/or may have 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.
4. SECURITIES AND OTHER INVESTMENTS
Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.
Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.
As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:  
iShares ETF and Counterparty
Securities Loaned
at Value
Cash Collateral
Received(a)
Non-Cash Collateral
Received, at Fair Value(a)
Net Amount
Emerging Markets Equity Factor
Barclays Capital, Inc.
$41,354
$(41,354)
$—
$—
BNP Paribas SA
44,564
(44,564)
—
—
Citigroup Global Markets, Inc.
213,199
(213,199)
—
—
Goldman Sachs & Co. LLC
2,028,515
(2,028,515)
—
—
HSBC Bank PLC
634,008
(634,008)
—
—
J.P. Morgan Securities LLC
348,305
(348,305)
—
—
Morgan Stanley
932,376
(932,376)
—
—
UBS AG
175,113
(175,113)
—
—
 
$4,417,434
$(4,417,434)
$—
$—
ESG Aware MSCI EM
Citigroup Global Markets, Inc.
$1,376,677
$(1,376,677)
$—
$—
J.P. Morgan Securities LLC
1,155,900
(1,155,900)
—
—
State Street Bank & Trust Co.
54,793
(54,793)
—
—
 
$2,587,370
$(2,587,370)
$—
$—
MSCI Emerging Markets ex China
BofA Securities, Inc.
$12,306
$(12,306)
$—
$—
Citigroup Global Markets, Inc.
2,008,467
(2,008,467)
—
—
J.P. Morgan Securities LLC
2,224,425
(2,224,425)
—
—
Morgan Stanley
11,837,234
(11,837,234)
—
—
UBS Securities LLC
6,075,574
(6,075,574)
—
—
 
$22,158,006
$(22,158,006)
$—
$—
Notes to Financial Statements
52
Notes to Financial Statements  (continued)
iShares ETF and Counterparty
Securities Loaned
at Value
Cash Collateral
Received(a)
Non-Cash Collateral
Received, at Fair Value(a)
Net Amount
MSCI Emerging Markets Min Vol Factor
BofA Securities, Inc.
$50,653
$(50,653)
$—
$—
Citigroup Global Markets, Inc.
11,598,158
(11,598,158)
—
—
J.P. Morgan Securities LLC
881,662
(881,662)
—
—
Morgan Stanley
4,168,901
(4,168,901)
—
—
 
$16,699,374
$(16,699,374)
$—
$—
MSCI Global Min Vol Factor
Goldman Sachs & Co. LLC
$4,599,888
$(4,599,888)
$—
$—
State Street Bank & Trust Co.
4,321,249
(4,321,249)
—
—
UBS Securities LLC
318,148
(318,148)
—
—
 
$9,239,285
$(9,239,285)
$—
$—
 
(a)
Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s
Statements of Assets and Liabilities.
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.
5. DERIVATIVE FINANCIAL INSTRUMENTS
Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).
Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.
Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of  Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.
6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent directors).
For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows: 
iShares ETF
Investment Advisory Fees
Emerging Markets Equity Factor
0.25%
ESG Aware MSCI EM
0.25
MSCI Emerging Markets ex China
0.25
MSCI Emerging Markets Min Vol Factor
0.25
MSCI Global Min Vol Factor
0.20
53
2024 iShares Annual Financial Statements
Notes to Financial Statements  (continued)
Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and any other fund expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statements of Operations does not include acquired fund fees and expenses.
For each of the iShares Emerging Markets Equity Factor and iShares MSCI Emerging Markets ex China ETFs, BFA has contractually agreed to waive a portion of its investment advisory fee for each Fund through December 31, 2026 and December 31, 2027, respectively, in an amount equal to the acquired fund fees and expenses, if any, attributable to each Fund’s investments in other iShares funds.
For the year ended August 31, 2024, there were no fees waived by BFA pursuant to these arrangements. 
Distributor: BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.
Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions.  As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, redemption fee, distribution fee or service fee. The money market fund in which the cash collateral has been invested may impose a discretionary liquidity fee of up to 2% of the value redeemed, if such fee is determined to be in the best interests of such money market fund.
Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended August 31, 2024, the Funds paid BTC the following amounts for securities lending agent services: 
iShares ETF
Amounts
Emerging Markets Equity Factor
$36,957
ESG Aware MSCI EM
49,642
MSCI Emerging Markets ex China
127,795
MSCI Emerging Markets Min Vol Factor
28,491
MSCI Global Min Vol Factor
34,557
Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.
Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.
For the year ended August 31, 2024, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows: 
iShares ETF
Purchases
Sales
Net Realized
Gain (Loss)
Emerging Markets Equity Factor
$7,197,809
$5,163,856
$(556,725)
ESG Aware MSCI EM
65,523,319
91,552,431
(36,842,259)
MSCI Emerging Markets ex China
15,666,016
73,001,186
(15,380,049)
MSCI Emerging Markets Min Vol Factor
24,293,453
29,982,336
(2,386,015)
MSCI Global Min Vol Factor
159,959,898
140,416,718
(24,963,066)
Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate.  The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.
Notes to Financial Statements
54
Notes to Financial Statements  (continued)
A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.
7. PURCHASES AND SALES
For the year ended August 31, 2024, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows: 
iShares ETF
Purchases
Sales
Emerging Markets Equity Factor
$173,370,630
$196,167,164
ESG Aware MSCI EM
1,320,110,548
1,565,256,411
MSCI Emerging Markets ex China
8,768,069,848
1,302,464,270
MSCI Emerging Markets Min Vol Factor
1,002,298,726
1,235,074,753
MSCI Global Min Vol Factor
1,066,993,086
1,227,157,292
For the year ended August 31, 2024, in-kind transactions were as follows: 
iShares ETF
In-kind
Purchases
In-kind
Sales
Emerging Markets Equity Factor
$4,682,332
$20,008,163
ESG Aware MSCI EM
11,303,891
119,144,860
MSCI Emerging Markets ex China
1,560,093,274
—
MSCI Emerging Markets Min Vol Factor
—
54,330,109
MSCI Global Min Vol Factor
—
740,216,641
8. INCOME TAX INFORMATION
Each Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes.  It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.
Management has analyzed tax laws and regulations and their application to the Funds as of August 31, 2024, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements. Management’s analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds’ NAV.
U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting.  These reclassifications have no effect on net assets or NAV per share. As of August 31, 2024, permanent differences attributable to nondeductible Expenses and realized gains (losses) from in-kind redemptions were reclassified to the following accounts: 
iShares ETF
Paid-in Capital
Accumulated
Earnings (Loss)
Emerging Markets Equity Factor
$(730,040)
$730,040
ESG Aware MSCI EM
14,018,707
(14,018,707)
MSCI Emerging Markets ex China
(40)
40
MSCI Emerging Markets Min Vol Factor
1,654,411
(1,654,411)
MSCI Global Min Vol Factor
155,892,221
(155,892,221)
The tax character of distributions paid was as follows:  
iShares ETF
Year Ended
08/31/24
Year Ended
08/31/23
Emerging Markets Equity Factor
Ordinary income
$33,037,650
$30,828,923
ESG Aware MSCI EM
Ordinary income
$109,948,822
$98,049,319
MSCI Emerging Markets ex China
Ordinary income
$212,835,579
$83,177,048
MSCI Emerging Markets Min Vol Factor
Ordinary income
$131,987,977
$153,732,586
55
2024 iShares Annual Financial Statements
Notes to Financial Statements  (continued)
iShares ETF
Year Ended
08/31/24
Year Ended
08/31/23
MSCI Global Min Vol Factor
Ordinary income
$101,499,454
$98,968,869
As of August 31, 2024, the tax components of accumulated net earnings (losses) were as follows: 
iShares ETF
Undistributed
Ordinary Income
Non-expiring
Capital Loss
Carryforwards(a)
Net Unrealized
Gains (Losses)(b)
Total
Emerging Markets Equity Factor
$14,904,818
$(118,974,968)
$72,854,753
$(31,215,397)
ESG Aware MSCI EM
46,766,335
(1,045,171,622)
420,740,890
(577,664,397)
MSCI Emerging Markets ex China
197,040,013
(266,923,222)
1,585,963,984
1,516,080,775
MSCI Emerging Markets Min Vol Factor
85,163,256
(1,220,833,089)
919,925,108
(215,744,725)
MSCI Global Min Vol Factor
33,932,190
(243,788,597)
903,366,693
693,510,286
 
(a)
Amounts available to offset future realized capital gains.
(b)
The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of
unrealized gains (losses) on certain futures contracts, the timing and recognition of partnership income, the characterization of corporate actions, the realization for tax purposes of
unrealized gains on investments in passive foreign investment companies and the timing and recognition of realized gains/losses for tax purposes.
For the year ended August 31, 2024, the Funds listed below utilized the following amounts of their respective capital loss carryforwards: 
iShares ETF
Utilized
Emerging Markets Equity Factor
$9,009,883
MSCI Emerging Markets Min Vol Factor
13,467,767
MSCI Global Min Vol Factor
18,708,590
A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.
As of August 31, 2024, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows: 
iShares ETF
Tax Cost
Gross Unrealized
Appreciation
Gross Unrealized
Depreciation
Net Unrealized
Appreciation
(Depreciation)
Emerging Markets Equity Factor
$597,866,725
$147,824,644
$(67,188,968)
$80,635,676
ESG Aware MSCI EM
3,914,055,240
1,049,412,023
(597,482,137)
451,929,886
MSCI Emerging Markets ex China
14,454,862,631
2,533,070,780
(778,839,562)
1,754,231,218
MSCI Emerging Markets Min Vol Factor
3,781,358,804
1,209,073,145
(234,183,729)
974,889,416
MSCI Global Min Vol Factor
3,554,192,202
1,081,556,831
(165,057,736)
916,499,095
9. LINE OF CREDIT
The Funds, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on October 16, 2024. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.
Notes to Financial Statements
56
Notes to Financial Statements  (continued)
For the year ended August 31, 2024, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Syndicated Credit Agreement were as follows:  
iShares ETF
Maximum
Amount
Borrowed
Average
Borrowing
Weighted
Average
Interest Rates
Emerging Markets Equity Factor
$11,577,000
$392,276
6.41%
ESG Aware MSCI EM
104,662,286
4,654,222
6.43
MSCI Emerging Markets ex China
170,000,000
4,101,508
6.43
MSCI Emerging Markets Min Vol Factor
158,497,834
2,762,271
6.46
MSCI Global Min Vol Factor
47,504,638
556,335
6.45
10. PRINCIPAL RISKS
In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.
BFA uses an indexing approach to try to achieve each Fund’s investment objective. The Fund is not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.
The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to discretionary liquidity fees under certain circumstances.
Market Risk:  Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) lack of reliable settlement procedures and significant delays in registering the transfer of securities; (iii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iv) lack of publicly available or reliable information about issuers as a result of not being subject to the same degree of regulatory requirements and accounting, auditing and financial reporting standards; and (v) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments.
Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.
The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore each Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by each Fund, and each Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. Each Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.
Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.
57
2024 iShares Annual Financial Statements
Notes to Financial Statements  (continued)
With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.
Geographic/Asset Class Risk:  A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.
The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.
Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.
Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors.  When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. 
Certain Funds invest a significant portion of their assets in issuers located in a single state or limited number of states, When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political or social conditions affecting that state or group of states could have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific states or U.S. territories are presented in the Schedule of Investments.
Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.
11. CAPITAL SHARE TRANSACTIONS
Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.
Transactions in capital shares were as follows: 
 
Year Ended
08/31/24
Year Ended
08/31/23
iShares ETF
Shares
Amount
Shares
Amount
Emerging Markets Equity Factor
Shares sold
1,100,000
$49,410,027
3,800,000
$159,623,754
Shares redeemed
(1,500,000
)
(63,421,662
)
(8,500,000
)
(352,806,935
)
 
(400,000
)
$(14,011,635
)
(4,700,000
)
$(193,183,181
)
ESG Aware MSCI EM
Shares sold
3,400,000
$112,666,796
15,800,000
$512,788,131
Shares redeemed
(14,100,000
)
(432,609,925
)
(12,600,000
)
(365,385,403
)
 
(10,700,000
)
$(319,943,129
)
3,200,000
$147,402,728
MSCI Emerging Markets ex China
Shares sold
166,400,000
$9,141,465,607
55,100,000
$2,772,309,487
Shares redeemed
—
—
(1,000,000
)
(45,569,079
)
 
166,400,000
$9,141,465,607
54,100,000
$2,726,740,408
Notes to Financial Statements
58
Notes to Financial Statements  (continued)
 
Year Ended
08/31/24
Year Ended
08/31/23
iShares ETF
Shares
Amount
Shares
Amount
MSCI Emerging Markets Min Vol Factor
Shares sold
—
$452,684
43,000,000
$2,217,098,360
Shares redeemed
(4,500,000
)
(239,742,889
)
(73,100,000
)
(3,985,850,162
)
 
(4,500,000
)
$(239,290,205
)
(30,100,000
)
$(1,768,751,802
)
MSCI Global Min Vol Factor
Shares sold
—
$231,379
4,400,000
$432,126,269
Shares redeemed
(9,100,000
)
(893,933,427
)
(3,200,000
)
(313,433,962
)
 
(9,100,000
)
$(893,702,048
)
1,200,000
$118,692,307
The consideration for the purchase of Creation Units of a fund in the Company generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash.  Certain funds in the Company may be offered in Creation Units solely or partially for cash in U.S. dollars.  Authorized Participants purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Company’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash.  Authorized Participants transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.
To the extent applicable, to facilitate the timely settlement of orders for Funds using a clearing facility outside of the continuous net settlement process, the Funds, at their sole discretion, may permit an Authorized Participant to post cash as collateral in anticipation of the delivery of all or a portion of the applicable Deposit Securities or Fund Securities, as further described in the applicable Authorized Participant Agreement. The collateral process is subject to a Control Agreement among the Authorized Participant, each Funds’ custodian, and the Funds. In the event that the Authorized Participant fails to deliver all or a portion of the applicable Deposit Securities or Fund Securities, the Funds may exercise control over such collateral pursuant to the terms of the Control Agreement in order to purchase the applicable Deposit Securities or Fund Securities.
From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.
12. FOREIGN WITHHOLDING TAX CLAIMS
Certain of the outstanding foreign tax reclaims are not deemed by the Funds to meet the recognition criteria under U.S. GAAP as of August 31, 2024 and have not been recorded in the applicable Fund’s net asset value. The recognition by the Funds of these amounts would have a positive impact on the applicable Fund's performance. If a Fund receives a tax refund that has not been previously recorded, investors in the Fund at the time the claim is successful will benefit from any resulting increase in the Fund’s NAV. Investors who sold their shares prior to such time will not benefit from such NAV increase.
The Internal Revenue Service (“IRS”) has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which iShares Emerging Markets Equity Factor ETF, iShares ESG Aware MSCI EM ETF, iShares MSCI Emerging Markets ex China ETF and iShares MSCI Emerging Markets Min Vol Factor ETF are able to pass through to shareholders as a foreign tax credit in the current year, the Funds will be able to offset the prior years’ withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Funds.
13. SUBSEQUENT EVENTS
Management’s evaluation of the impact of all subsequent events on the Funds’ financial statements was completed through the date the financial statements were available to be issued and the following item was noted:
Effective October 16, 2024, the Syndicated Credit Agreement to which the Participating Funds are party was amended to extend the maturity date to October 15, 2025 under the same terms.
59
2024 iShares Annual Financial Statements
Report of Independent Registered Public Accounting Firm
To the Board of Directors of
iShares, Inc. and Shareholders of each of the five funds listed in the table below
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (five of the funds constituting iShares, Inc., hereafter collectively referred to as the "Funds") as of August 31, 2024, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”).  In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of August 31, 2024, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America. 
iShares Emerging Markets Equity Factor ETF(1)
iShares ESG Aware MSCI EM ETF(1)
iShares MSCI Emerging Markets ex China ETF(1)
iShares MSCI Emerging Markets Min Vol Factor ETF(2)
iShares MSCI Global Min Vol Factor ETF(1)
(1) Statement of operations for the year ended August 31, 2024, statement of changes in net assets for each of the two years in the period ended August 31, 2024 and the financial highlights for each of the five years in the period ended August 31, 2024
(2) Statement of operations for the year ended August 31, 2024, statement of changes in net assets for each of the two years in the period ended August 31, 2024, the financial highlights for each of the three years in the period ended August 31, 2024 and the consolidated financial highlights for each of the two years in the period ended August 31, 2021
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. 
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
October 24, 2024
We have served as the auditor of one or more BlackRock investment companies since 2000.
Report of Independent Registered Public Accounting Firm
60
Important Tax Information (unaudited)
The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended August 31, 2024: 
iShares ETF
Qualified Dividend
Income
Emerging Markets Equity Factor
$11,065,537
ESG Aware MSCI EM
61,524,137
MSCI Emerging Markets ex China
134,934,415
MSCI Emerging Markets Min Vol Factor
73,017,597
MSCI Global Min Vol Factor
85,879,194
The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended August 31, 2024: 
iShares ETF
Foreign Source
Income Earned
Foreign
Taxes Paid
Emerging Markets Equity Factor
$21,329,728
$4,934,803
ESG Aware MSCI EM
122,979,021
18,585,372
MSCI Emerging Markets ex China
339,703,586
45,287,407
MSCI Emerging Markets Min Vol Factor
154,554,521
17,682,617
The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended August 31, 2024 qualified for the dividends-received deduction for corporate shareholders: 
iShares ETF
Dividends-Received
Deduction
MSCI Global Min Vol Factor
46.25
%
61
2024 iShares Annual Financial Statements
Additional Information
Premium/Discount Information
Information on the Fund's net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.
Regulation under the Alternative Investment Fund Managers Directive
The Alternative Investment Fund Managers Directive, and its United Kingdom (“UK”) equivalent, (the “AIFMD”) impose detailed and prescriptive obligations on fund managers established in the European Union (the “EU”) and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the “Company”). However, the Company is required to comply with certain disclosure, reporting and transparency obligations of the AIFMD because it has registered the iShares MSCI Emerging Markets Min Vol Factor ETF (the “Fund”) to be marketed to investors in the EU and/or UK.
Report on Remuneration
BlackRock has a clear and well-defined pay-for-performance philosophy, and compensation programs which support that philosophy.
BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management and staff who have the ability to materially affect the risk profile of the Fund, a significant percentage of variable remuneration is deferred over time. All employees are subject to a clawback policy.
Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock’s full-year financial results and other non-financial goals and objectives.  Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities.  No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.
Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock's independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.
Each of the control functions (Enterprise Risk, Legal & Compliance, Finance, Human Resources and Internal Audit) each have their own organizational structures which are independent of the business units and therefore staff members in control functions are remunerated independently of the businesses they oversee. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock's independent remuneration committee.
The Company is required under the AIFMD to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year. BlackRock bases its proportionality approach on a combination of factors that it is entitled to take into account based on relevant guidelines.
Remuneration information at an individual Fund level is not readily available.  Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; (c) staff who have the ability to materially affect the risk profile of the Fund; and (d) staff of companies to which portfolio management and risk management has been formally delegated.
All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Fund is included in the aggregate figures disclosed.
Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Conversely, members of staff and senior management of the broader BlackRock group may provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the broader BlackRock group and of the Company.  Therefore, the figures disclosed are a sum of individuals’ portion of remuneration attributable to the Company according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company and the broader BlackRock group. Accordingly, the figures are not representative of any individual’s actual remuneration or their remuneration structure.
The amount of the total remuneration awarded to the Company’s staff in respect of the Company’s financial year ending December 31, 2023 was USD 5.43m.  This figure is comprised of fixed remuneration of USD 0.74m and variable remuneration of USD 4.68m. There was a total of 8 beneficiaries of the remuneration described above.
The amount of the aggregate remuneration awarded by the Company in respect of the Company’s financial year ending December 31, 2023, to its senior management was USD 3.66m, and to other members of its staff whose actions potentially have a material impact on the risk profile of the Company or its funds was USD 1.77m.
Additional Information
62
Additional Information (continued)
Disclosures Under the EU Sustainable Finance Disclosure Regulation
The iShares MSCI Emerging Markets Min Vol Factor ETF (the “Fund”) is registered under the Alternative Investment Fund Managers Directive to be marketed to European Union (“EU”) investors, as noted above. As a result, certain disclosures are required under the EU Sustainable Finance Disclosure Regulation (“SFDR”). 
The Fund has not been categorized under the SFDR as an “Article 8” or “Article 9” product. In addition, the Fund’s investment strategy does not take into account the criteria for environmentally sustainable economic activities under the EU sustainable investment taxonomy regulation or principal adverse impacts (“PAIs”) on sustainability factors under the SFDR. PAIs are identified under the SFDR as the material impacts of investment decisions on sustainability factors relating to environmental, social and employee matters, respect for human rights, and anti-corruption and anti-bribery matters.
Electronic Delivery
Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.
To enroll in electronic delivery:
 • Go to icsdelivery.com.
 • If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor. 
Changes in and Disagreements with Accountants
Not applicable.
Proxy Results
Not applicable.
Remuneration Paid to Directors, Officers, and Others
Because BFA has agreed in the Investment Advisory Agreements to cover all operating expenses of the Funds, subject to certain exclusions as provided for therein, BFA pays the compensation to each Independent Director for services to the Funds from BFA's investment advisory fees.
Availability of Portfolio Holdings Information
A description of the Company’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets, when available, at iShares.com.
63
2024 iShares Annual Financial Statements
Board Review and Approval of Investment Advisory Contract
iShares Emerging Markets Equity Factor ETF, iShares ESG Aware MSCI EM ETF (each the “Fund”)
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company's Board of Directors (the “Board”), including a majority of Board Members who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Company and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 6, 2024 and May 17, 2024, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meeting, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 4-5, 2024, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.
After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.
Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.
In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2023, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.
Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA’s business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA  and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA  reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the
Board Review and Approval of Investment Advisory Contract
64
Board Review and Approval of Investment Advisory Contract (continued)
May 6, 2024 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services, as well as BlackRock’s continued investments in its ETF business.
Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA  and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).
Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.
The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”).
The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.
The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.
Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue
65
2024 iShares Annual Financial Statements
Board Review and Approval of Investment Advisory Contract (continued)
received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA  (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.
Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.
iShares MSCI Emerging Markets ex China ETF (the “Fund”)
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company's Board of Directors (the “Board”), including a majority of Board Members who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Company and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 6, 2024 and May 17, 2024, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meeting, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 4-5, 2024, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.
After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.
Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.
In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2023, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.
Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA’s business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over
Board Review and Approval of Investment Advisory Contract
66
Board Review and Approval of Investment Advisory Contract (continued)
time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA  reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA  (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 6, 2024 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services, as well as BlackRock’s continued investments in its ETF business.
Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA  and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).
Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.
The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”).
The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.
The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.
Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio
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Board Review and Approval of Investment Advisory Contract (continued)
securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA  and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA  (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.
Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.
iShares MSCI Emerging Markets Min Vol Factor ETF (the “Fund”)
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company's Board of Directors (the “Board”), including a majority of Board Members who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Company and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 6, 2024 and May 17, 2024, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meeting, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 4-5, 2024, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.
After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.
Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.
In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2023, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.
Board Review and Approval of Investment Advisory Contract
68
Board Review and Approval of Investment Advisory Contract (continued)
Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA’s business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA  (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 6, 2024 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services, as well as BlackRock’s continued investments in its ETF business.
Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA  and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).
Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.
The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”).
The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that
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2024 iShares Annual Financial Statements
Board Review and Approval of Investment Advisory Contract (continued)
BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.
The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.
Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA  and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA  (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.
Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.
iShares MSCI Global Min Vol Factor ETF (the “Fund”)
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company's Board of Directors (the “Board”), including a majority of Board Members who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Company and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 6, 2024 and May 17, 2024, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meeting, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 4-5, 2024, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.
After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.
Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund
Board Review and Approval of Investment Advisory Contract
70
Board Review and Approval of Investment Advisory Contract (continued)
in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.
In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2023, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.
Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA’s business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA  reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA  (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 6, 2024 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services, as well as BlackRock’s continued investments in its ETF business.
Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA  and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).
Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.
The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
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2024 iShares Annual Financial Statements
Board Review and Approval of Investment Advisory Contract (continued)
Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”).
The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.
The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.
Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA  (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.
Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.
Board Review and Approval of Investment Advisory Contract
72
Glossary of Terms Used in this Report
 
Portfolio Abbreviation
ADR
American Depositary Receipt
GDR
Global Depositary Receipt
JSC
Joint Stock Company
NVDR
Non-Voting Depositary Receipt
NVS
Non-Voting Shares
PJSC
Public Joint Stock Company
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2024 iShares Annual Financial Statements
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August 31, 2024
 
 
2024 Annual Financial Statements
 
iShares, Inc.
• iShares MSCI Agriculture Producers ETF | VEGI | NYSE Arca
• iShares MSCI Global Energy Producers ETF | FILL | NYSE Arca
• iShares MSCI Global Gold Miners ETF | RING | NASDAQ
• iShares MSCI Global Metals & Mining Producers ETF | PICK | Cboe BZX
• iShares MSCI Global Silver and Metals Miners ETF | SLVP | Cboe BZX
Table of Contents
 
 
Page
3
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30
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46
47
49
52
2
Schedule of Investments
August 31, 2024
iShares® MSCI Agriculture Producers ETF
(Percentages shown are based on Net Assets)
 
Security
Shares
Value
Common Stocks
Australia — 0.6%
Elders Ltd.
36,834
$229,098
Inghams Group Ltd.
87,069
183,167
Nufarm Ltd./Australia
85,088
227,623
 
639,888
Brazil — 1.0%
BrasilAgro - Co. Brasileira de Propriedades Agricolas
12,355
56,799
BRF SA(a)
137,831
641,473
Jalles Machado SA
24,377
29,066
Sao Martinho SA
36,185
177,973
SLC Agricola SA
41,543
130,173
Tres Tentos Agroindustrial SA
29,184
61,983
 
1,097,467
Canada — 5.8%
Ag Growth International Inc.
4,461
185,769
Maple Leaf Foods Inc.
18,759
307,349
Nutrien Ltd.
115,774
5,607,219
Rogers Sugar Inc.
24,999
101,469
 
6,201,806
China — 2.0%
China BlueChemical Ltd., Class H
350,000
87,076
China Modern Dairy Holdings Ltd.(b)
639,000
54,062
China XLX Fertiliser Ltd.
146,000
68,490
COFCO Joycome Foods Ltd.(a)(b)
639,000
123,618
First Tractor Co. Ltd., Class H
92,000
92,970
Heilongjiang Agriculture Co. Ltd., Class A
26,400
47,932
Henan Shuanghui Investment & Development Co. Ltd.,
Class A
48,500
158,667
Inner Mongolia Yili Industrial Group Co. Ltd., Class A
89,900
286,646
Jiangsu Yangnong Chemical Co. Ltd., Class A
6,060
43,188
Muyuan Foods Co. Ltd., Class A(a)
76,266
414,200
New Hope Liuhe Co. Ltd., Class A(a)
63,900
81,162
Qinghai Salt Lake Industry Co. Ltd., Class A(a)
75,600
155,913
Shandong Hualu Hengsheng Chemical Co. Ltd.,
Class A
30,580
98,458
Sinofert Holdings Ltd.
488,000
63,363
Wens Foodstuffs Group Co. Ltd., Class A
92,920
223,362
Yunnan Yuntianhua Co. Ltd., Class A
25,700
74,761
Zangge Mining Co. Ltd., Class A
22,900
77,583
 
2,151,451
Egypt — 0.1%
Abou Kir Fertilizers & Chemical Industries
63,716
76,008
Germany — 0.6%
K+S AG, Registered
39,824
471,398
Suedzucker AG
14,354
193,259
 
664,657
Hong Kong — 1.3%
WH Group Ltd.(c)
1,952,000
1,415,728
India — 6.1%
Bajaj Hindusthan Sugar Ltd.(a)
179,389
91,222
Balrampur Chini Mills Ltd.
28,445
203,137
Bayer CropScience Ltd.
3,163
237,176
Chambal Fertilisers and Chemicals Ltd.
37,545
232,921
Coromandel International Ltd.
27,595
578,696
Deepak Fertilisers & Petrochemicals Corp. Ltd.
14,774
184,411
Dhanuka Agritech Ltd.
3,286
71,462
EID Parry India Ltd.
20,797
205,801
Gujarat Ambuja Exports Ltd.
32,272
55,099
Gujarat Narmada Valley Fertilizers & Chemicals Ltd.
18,936
154,316
Security
Shares
Value
India (continued)
Gujarat State Fertilizers & Chemicals Ltd.
51,960
$142,727
Jain Irrigation Systems Ltd.(a)
67,008
56,510
Kaveri Seed Co. Ltd.
4,072
50,970
Paradeep Phosphates Ltd., NVS(c)
74,936
74,561
PI Industries Ltd.
17,756
952,610
Rallis India Ltd.
21,183
89,011
Rashtriya Chemicals & Fertilizers Ltd.
31,759
76,268
Shree Renuka Sugars Ltd.(a)
148,608
88,623
Sumitomo Chemical India Ltd.
29,232
178,283
Tata Consumer Products Ltd.
138,960
1,989,284
Triveni Engineering & Industries Ltd.
18,329
104,164
UPL Ltd.
105,413
751,685
 
6,568,937
Indonesia — 0.7%
Astra Agro Lestari Tbk PT
117,100
45,840
Charoen Pokphand Indonesia Tbk PT
1,728,100
543,420
Inti Agri Resources Tbk PT(a)(d)
2,230,700
—
Japfa Comfeed Indonesia Tbk PT(a)
1,212,300
125,138
Sawit Sumbermas Sarana Tbk PT(a)
780,300
51,751
 
766,149
Israel — 1.0%
ICL Group Ltd.
180,189
824,659
Israel Corp Ltd.
883
199,658
 
1,024,317
Japan — 4.5%
Hokuto Corp.
4,700
60,500
Kubota Corp.
234,100
3,293,802
Kumiai Chemical Industry Co. Ltd.
17,600
94,230
Maruha Nichiro Corp.
9,700
202,938
Mitsui DM Sugar Holdings Co. Ltd.
3,400
75,191
NH Foods Ltd.
20,600
771,887
Prima Meat Packers Ltd.
5,700
90,219
Sakata Seed Corp.
6,600
156,036
Yamabiko Corp.
7,400
118,421
 
4,863,224
Malaysia — 2.3%
Farm Fresh Bhd(b)
175,700
65,902
Genting Plantations Bhd
63,000
77,830
Hextar Global Bhd
322,700
67,452
IOI Corp. Bhd
589,000
548,195
Kuala Lumpur Kepong Bhd
115,400
580,565
QL Resources Bhd
256,907
386,430
SD Guthrie Bhd
485,700
514,573
Ta Ann Holdings Bhd
46,400
42,277
United Plantations Bhd
34,000
204,881
 
2,488,105
Netherlands — 0.7%
OCI NV
24,735
784,975
Norway — 4.7%
Austevoll Seafood ASA
21,490
192,496
Bakkafrost P/F
11,799
638,784
Grieg Seafood ASA(b)
12,058
57,416
Leroy Seafood Group ASA
62,812
297,606
Mowi ASA
108,932
1,895,093
Salmar ASA
15,453
802,350
Yara International ASA
38,754
1,126,372
 
5,010,117
Poland — 0.1%
Grupa Azoty SA(a)
11,410
52,387
3
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Agriculture Producers ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Qatar — 0.1%
Baladna
154,938
$57,767
Russia — 0.0%
PhosAgro PJSC(a)(d)
7,038
1
PhosAgro PJSC, GDR(a)(d)(e)
2
—
PhosAgro PJSC, New(a)(d)
136
1
Ros Agro PLC, GDR(a)(d)(e)
5,334
1
 
3
Saudi Arabia — 2.7%
Al Jouf Agricultural Development Co.
3,487
58,308
Almarai Co. JSC
58,147
842,579
National Agriculture Development Co. (The)(a)
34,629
259,307
SABIC Agri-Nutrients Co.
54,250
1,687,238
Tanmiah Food Co.
1,337
48,282
 
2,895,714
Singapore — 1.4%
First Resources Ltd.
128,000
145,268
Golden Agri-Resources Ltd.
1,503,900
305,402
Wilmar International Ltd.
449,600
1,081,381
 
1,532,051
South Africa — 0.1%
Oceana Group Ltd.
21,660
83,159
South Korea — 0.1%
Harim Holdings Co. Ltd.
10,730
44,532
Hyundai Feed Inc.(a)(d)
20,538
15,282
 
59,814
Sweden — 0.5%
Husqvarna AB, Class B
82,160
555,419
Taiwan — 0.5%
Charoen Pokphand Enterprise
34,800
107,696
Sinon Corp.
87,000
120,541
Taiwan Fertilizer Co. Ltd.
150,000
280,776
Taiwan TEA Corp.(a)
107,000
71,028
 
580,041
Thailand — 0.7%
Betagro PCL, NVS
159,000
112,287
Charoen Pokphand Foods PCL, NVDR
886,400
642,339
GFPT PCL, NVDR
96,900
35,822
 
790,448
Turkey — 0.2%
Agrotech Yueksek Teknoloji VE Yatirim AS, NVS(a)
68,772
32,557
Gubre Fabrikalari TAS(a)
15,328
76,343
Hektas Ticaret TAS(a)
270,222
92,511
 
201,411
United Kingdom — 0.7%
Cranswick PLC
12,654
801,011
United States — 61.3%
AGCO Corp.
14,846
1,351,580
Alamo Group Inc.
2,398
444,589
Security
Shares
Value
United States (continued)
Archer-Daniels-Midland Co.
115,729
$7,058,312
Bunge Global SA
33,142
3,359,936
Cal-Maine Foods Inc.
9,837
708,657
CF Industries Holdings Inc.
42,782
3,554,756
CNH Industrial NV
206,030
2,130,350
Corteva Inc.
163,136
9,347,693
Darling Ingredients Inc.(a)
37,398
1,560,619
Deere & Co.
61,276
23,636,604
FMC Corp.
29,215
1,886,705
Fresh Del Monte Produce Inc.
8,899
260,207
Ingredion Inc.
15,366
2,063,807
Lamb Weston Holdings Inc.
33,796
2,092,648
Lindsay Corp.
2,552
316,576
Mosaic Co. (The)
75,226
2,149,207
Pilgrim's Pride Corp.(a)
11,090
516,572
Scotts Miracle-Gro Co. (The)
9,971
707,742
Titan International Inc.(a)(b)
12,044
100,327
Toro Co. (The)
24,288
2,249,069
Vital Farms Inc.(a)
6,910
217,319
 
65,713,275
Total Long-Term Investments — 99.8%
(Cost: $136,841,849)
107,075,329
Short-Term Securities
Money Market Funds — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares,
5.45%(f)(g)(h)
215,223
215,352
BlackRock Cash Funds: Treasury, SL Agency Shares,
5.25%(f)(g)
60,000
60,000
Total Short-Term Securities — 0.3%
(Cost: $275,293)
275,352
Total Investments — 100.1%
(Cost: $137,117,142)
107,350,681
Liabilities in Excess of Other Assets — (0.1)%
(75,715
)
Net Assets — 100.0%
$107,274,966
 
(a)
Non-income producing security.
(b)
All or a portion of this security is on loan.
(c)
Security exempt from registration pursuant to Rule 144A under the Securities Act of
1933, as amended. These securities may be resold in transactions exempt from
registration to qualified institutional investors.
(d)
Security is valued using significant unobservable inputs and is classified as Level 3 in the
fair value hierarchy.
(e)
This security may be resold to qualified foreign investors and foreign institutional buyers
under Regulation S of the Securities Act of 1933.
(f)
Affiliate of the Fund.
(g)
Annualized 7-day yield as of period end.
(h)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
Schedule of Investments
4
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Agriculture Producers ETF
 
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2024 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 Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
08/31/24
Shares
Held at
08/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency
Shares
$2,802,115
$—
$(2,587,537
)(a)
$952
$(178
)
$215,352
215,223
$12,436
(b)
$—
BlackRock Cash Funds: Treasury, SL Agency Shares
—
60,000
(a)
—
—
—
60,000
60,000
8,743
—
 
$952
$(178
)
$275,352
$21,179
$—
 
(a)
Represents net amount purchased (sold).
(b)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other
payments to and from borrowers of securities.
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts
Euro STOXX 50 Index
3
09/20/24
$165
$2,021
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets—Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)
$—
$—
$2,021
$—
$—
$—
$2,021
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's
variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).
For the period ended August 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from
Futures contracts
$—
$—
$37,921
$—
$—
$—
$37,921
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts
$—
$—
$(2,895
)
$—
$—
$—
$(2,895
)
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$493,953
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
5
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Agriculture Producers ETF
 
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets 
Investments 
Long-Term Investments 
Common Stocks
$77,003,222
$30,056,822
$15,285
$107,075,329
Short-Term Securities 
Money Market Funds
275,352
—
—
275,352
 
$77,278,574
$30,056,822
$15,285
$107,350,681
Derivative Financial Instruments(a) 
Assets 
Equity Contracts
$—
$2,021
$—
$2,021
 
(a)
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
See notes to financial statements.
Schedule of Investments
6
Schedule of Investments
August 31, 2024
iShares® MSCI Global Energy Producers ETF
(Percentages shown are based on Net Assets)
 
Security
Shares
Value
Common Stocks
Australia — 2.3%
Beach Energy Ltd.
58,408
$49,381
Boss Energy Ltd. (a)
14,297
27,468
Deep Yellow Ltd.(a)
30,534
22,523
Karoon Energy Ltd.(a)
28,271
33,025
New Hope Corp. Ltd.
18,490
55,945
Paladin Energy Ltd.(a)
10,276
68,144
Santos Ltd.
118,046
575,518
Strike Energy Ltd.(a)
83,566
11,148
Whitehaven Coal Ltd.
28,680
129,274
Woodside Energy Group Ltd.
69,180
1,267,326
Yancoal Australia Ltd., NVS
14,440
52,806
 
2,292,558
Austria — 0.2%
OMV AG
5,366
234,043
Brazil — 1.3%
3R Petroleum Oleo E Gas SA
11,836
55,379
Petroleo Brasileiro SA
135,644
1,033,464
Petroreconcavo SA
5,320
19,257
PRIO SA
29,208
242,746
 
1,350,846
Canada — 9.4%
Advantage Energy Ltd.(a)(b)
5,669
40,888
Africa Oil Corp.
13,279
20,298
ARC Resources Ltd.
21,808
403,585
Athabasca Oil Corp.(a)
20,157
81,068
Baytex Energy Corp.
4,083
14,535
Baytex Energy Corp.
22,499
80,136
Birchcliff Energy Ltd.
9,398
41,075
Cameco Corp.
15,824
645,688
Canadian Natural Resources Ltd.
77,444
2,803,190
Cardinal Energy Ltd.
4,687
23,824
Cenovus Energy Inc.
50,677
939,723
Crew Energy Inc.(a)
4,687
24,206
Denison Mines Corp.(a)
32,114
53,140
Energy Fuels Inc./Canada(a)(b)
5,858
28,472
Fission Uranium Corp.(a)
28,981
20,645
Freehold Royalties Ltd.
4,624
47,178
Frontera Energy Corp.
1,416
7,985
Headwater Exploration Inc.
8,596
43,693
Imperial Oil Ltd.
6,838
515,013
International Petroleum Corp.(a)
3,308
50,197
Kelt Exploration Ltd.(a)
6,368
29,486
MEG Energy Corp.(a)
9,972
198,604
NexGen Energy Ltd.(a)(b)
18,682
112,426
NuVista Energy Ltd.(a)
6,089
57,698
Obsidian Energy Ltd.(a)
2,958
20,325
Paramount Resources Ltd., Class A
2,906
59,795
Parex Resources Inc.
3,751
37,659
PetroTal Corp., NVS
23,120
12,009
Peyto Exploration & Development Corp.
6,918
74,793
PrairieSky Royalty Ltd.
7,931
164,311
Spartan Delta Corp.(a)
5,992
17,563
Suncor Energy Inc.
46,437
1,883,461
Surge Energy Inc.
3,631
17,594
Tamarack Valley Energy Ltd.
18,414
54,109
Topaz Energy Corp.
3,362
66,609
Tourmaline Oil Corp.
12,116
552,194
Veren Inc.
21,257
153,790
Vermilion Energy Inc.
5,814
59,838
Security
Shares
Value
Canada (continued)
Whitecap Resources Inc.
22,066
$167,994
 
9,624,797
China — 1.8%
CGN Mining Co. Ltd.(a)
95,000
18,800
China Coal Energy Co. Ltd., Class H
75,000
89,414
China Shenhua Energy Co. Ltd., Class A
14,200
81,111
China Shenhua Energy Co. Ltd., Class H
122,500
526,468
Guanghui Energy Co. Ltd., Class A
16,300
13,704
Inner Mongolia Dian Tou Energy Corp. Ltd., Class A 
5,800
14,121
Inner Mongolia Yitai Coal Co. Ltd., Class B
39,800
75,409
Kinetic Development Group Ltd.
110,000
16,505
PetroChina Co. Ltd., Class A
45,600
57,417
PetroChina Co. Ltd., Class H
770,000
694,476
Pingdingshan Tianan Coal Mining Co. Ltd., Class A 
5,800
7,601
Shaanxi Coal Industry Co. Ltd., Class A
20,600
71,518
Shan Xi Hua Yang Group New Energy Co. Ltd., Class A 
9,350
9,510
Shanxi Coking Coal Energy Group Co. Ltd., Class A
12,810
14,406
Shanxi Lu'an Environmental Energy Development Co.
Ltd., Class A
6,100
12,293
Yankuang Energy Group Co. Ltd., Class A
11,585
23,207
Yankuang Energy Group Co. Ltd., Class H
118,000
152,913
 
1,878,873
Finland — 0.4%
Neste OYJ
15,517
362,077
France — 5.3%
Esso SA Francaise
95
14,002
Etablissements Maurel et Prom SA
2,035
11,845
TotalEnergies SE
78,536
5,402,631
 
5,428,478
Greece — 0.1%
HELLENiQ ENERGY Holdings SA
3,253
25,672
Motor Oil Hellas Corinth Refineries SA
2,420
58,062
 
83,734
Hong Kong — 0.0%
United Energy Group Ltd.(a)
326,000
18,186
Hungary — 0.1%
MOL Hungarian Oil & Gas PLC
14,911
112,988
India — 5.6%
Bharat Petroleum Corp. Ltd.
54,953
234,154
Chennai Petroleum Corp. Ltd.
1,942
22,618
Coal India Ltd.
67,287
420,904
Gujarat Mineral Development Corp. Ltd.
3,049
13,427
Hindustan Petroleum Corp. Ltd.
34,849
174,015
Indian Oil Corp. Ltd.
103,190
217,971
Oil & Natural Gas Corp. Ltd.
115,104
454,566
Oil India Ltd.
17,760
156,947
Reliance Industries Ltd.
91,303
3,285,008
Reliance Industries Ltd., GDR(c)
9,718
686,575
 
5,666,185
Indonesia — 0.3%
Adaro Energy Indonesia Tbk PT
532,500
122,626
Bukit Asam Tbk PT
143,200
25,280
Bumi Resources Tbk PT(a)
3,989,800
23,002
Harum Energy Tbk PT(a)
86,600
7,509
Indika Energy Tbk PT
55,300
5,224
Indo Tambangraya Megah Tbk PT
14,000
24,662
Medco Energi Internasional Tbk PT
234,712
19,052
Sugih Energy Tbk PT(a)(d)
206,700
—
7
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Global Energy Producers ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Indonesia (continued)
United Tractors Tbk PT
55,400
$97,032
 
324,387
Israel — 0.1%
Delek Group Ltd.
344
41,376
Equital Ltd.(a)
925
31,189
Oil Refineries Ltd.
90,053
23,411
Paz Oil Co. Ltd.
371
40,398
 
136,374
Italy — 1.3%
Eni SpA
83,677
1,361,695
Japan — 1.5%
Cosmo Energy Holdings Co. Ltd.
2,236
124,427
ENEOS Holdings Inc.
105,200
572,263
Idemitsu Kosan Co. Ltd.
35,440
259,027
Inpex Corp.
34,500
508,572
Japan Petroleum Exploration Co. Ltd.
1,200
48,076
 
1,512,365
Malaysia — 0.0%
Hibiscus Petroleum Bhd
19,360
9,873
Norway — 1.1%
Aker BP ASA
11,489
275,230
BlueNord ASA(a)
837
37,763
BW Energy Ltd.(a)
2,308
5,832
DNO ASA
17,368
19,507
Equinor ASA
30,493
818,206
 
1,156,538
Philippines — 0.0%
Semirara Mining & Power Corp., Class A
34,200
20,667
Poland — 0.4%
ORLEN SA
21,041
350,190
Portugal — 0.3%
Galp Energia SGPS SA
16,844
349,916
Russia — 0.0%
LUKOIL PJSC(a)(d)
17,021
2
Rosneft Oil Co. PJSC(a)(d)
47,821
5
Surgutneftegas PJSC(a)(d)
285,010
32
Tatneft PJSC(a)(d)
57,983
6
 
45
Saudi Arabia — 1.2%
Saudi Arabian Oil Co.(c)
158,535
1,181,287
South Africa — 0.1%
Exxaro Resources Ltd.
9,013
80,743
Thungela Resources Ltd.
4,882
31,859
 
112,602
South Korea — 0.4%
HD Hyundai Co. Ltd.
1,567
94,989
SK Innovation Co. Ltd.(a)
2,273
187,940
S-Oil Corp.
1,633
76,413
 
359,342
Spain — 0.6%
Repsol SA
44,368
609,260
Thailand — 0.4%
Bangchak Corp. PCL, NVDR
32,000
35,277
Bangchak Sriracha PCL, NVDR
31,000
6,544
Banpu PCL, NVDR
291,600
46,905
IRPC PCL, NVDR
382,900
16,169
Security
Shares
Value
Thailand (continued)
PTT Exploration & Production PCL, NVDR
51,131
$213,852
Star Petroleum Refining PCL, NVDR
71,500
15,002
Thai Oil PCL, NVDR(b)
43,300
67,834
 
401,583
Turkey — 0.2%
Turkiye Petrol Rafinerileri AS
34,661
171,514
United Arab Emirates — 0.0%
Dana Gas PJSC(a)
198,253
36,705
United Kingdom — 11.6%
BP PLC
601,590
3,405,765
Diversified Energy Co. PLC
1,723
20,604
Energean PLC
5,804
74,128
Harbour Energy PLC
19,640
77,424
Serica Energy PLC
8,701
14,518
Shell PLC
229,338
8,126,254
Tullow Oil PLC(a)
45,744
16,148
Yellow Cake PLC(a)(c)
7,891
54,649
 
11,789,490
United States — 52.3%
Antero Resources Corp.(a)
10,509
283,638
APA Corp.
13,434
382,735
Berry Corp.
2,869
17,759
California Resources Corp.
2,272
119,212
Centrus Energy Corp., Class A(a)
456
18,058
Chesapeake Energy Corp.
4,071
303,249
Chevron Corp.
63,720
9,427,374
Chord Energy Corp.
2,267
336,491
Civitas Resources Inc.
2,732
167,554
CNX Resources Corp.(a)
5,585
154,537
Comstock Resources Inc.
3,873
41,170
ConocoPhillips
42,375
4,821,851
CONSOL Energy Inc.
1,079
110,360
Coterra Energy Inc.
27,086
659,002
Crescent Energy Co., Class A
5,584
66,617
CVR Energy Inc.
1,268
32,233
Delek U.S. Holdings Inc.
2,286
46,680
Devon Energy Corp.
22,840
1,022,775
Diamondback Energy Inc.
6,491
1,266,459
EOG Resources Inc.
20,916
2,694,399
EQT Corp.
20,503
687,055
Exxon Mobil Corp.
163,240
19,252,526
Granite Ridge Resources Inc.
2,141
13,595
Gulfport Energy Corp.(a)(b)
479
69,484
Hess Corp.
10,078
1,391,369
HF Sinclair Corp.
5,954
292,580
HighPeak Energy Inc.(b)
935
15,035
Kimbell Royalty Partners LP
2,285
36,514
Kosmos Energy Ltd.(a)
17,132
83,433
Magnolia Oil & Gas Corp., Class A
6,254
160,165
Marathon Oil Corp.
20,528
588,127
Marathon Petroleum Corp.
12,823
2,271,210
Matador Resources Co.
4,324
245,257
Murphy Oil Corp.
5,322
198,404
Northern Oil & Gas Inc.
3,343
132,985
Occidental Petroleum Corp.
24,210
1,379,486
Ovintiv Inc.
9,801
419,777
Par Pacific Holdings Inc.(a)
2,005
44,992
PBF Energy Inc., Class A
3,668
124,932
Peabody Energy Corp.
4,426
103,613
Permian Resources Corp., Class A, NVS
18,847
268,381
Schedule of Investments
8
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Global Energy Producers ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
United States (continued)
Range Resources Corp.
8,765
$261,898
Riley Exploration Permian Inc.
354
10,089
Sable Offshore Corp.(a)(b)
878
14,785
SandRidge Energy Inc.
1,223
16,241
Sitio Royalties Corp., Class A
2,993
66,534
SM Energy Co.(b)
4,185
190,962
Southwestern Energy Co.(a)
40,140
256,093
Talos Energy Inc.(a)
5,220
59,873
Tellurian Inc.(a)
24,326
22,669
Texas Pacific Land Corp.
713
619,519
Uranium Energy Corp.(a)
14,730
77,038
VAALCO Energy Inc.
4,088
26,613
Valero Energy Corp.
11,901
1,746,234
Viper Energy Inc., Class A, NVS
3,327
158,365
Vital Energy Inc.(a)
824
29,573
Vitesse Energy Inc.
919
23,765
 
53,331,324
Total Common Stocks — 98.3%
(Cost: $79,281,802)
100,267,922
Preferred Stocks
Brazil — 1.1%
Petroleo Brasileiro SA, Preference Shares, NVS
163,108
1,139,393
Russia — 0.0%
Surgutneftegas PJSC, Preference Shares, NVS(a)(d)
275,500
30
Total Preferred Stocks — 1.1%
(Cost: $735,231)
1,139,423
Total Long-Term Investments — 99.4%
(Cost: $80,017,033)
101,407,345
Security
Shares
Value
Short-Term Securities
Money Market Funds — 0.5%
BlackRock Cash Funds: Institutional, SL Agency Shares,
5.45%(e)(f)(g)
494,777
$495,074
Total Short-Term Securities — 0.5%
(Cost: $494,793)
495,074
Total Investments — 99.9%
(Cost: $80,511,826)
101,902,419
Other Assets Less Liabilities — 0.1%
70,512
Net Assets — 100.0%
$101,972,931
 
(a)
Non-income producing security.
(b)
All or a portion of this security is on loan.
(c)
Security exempt from registration pursuant to Rule 144A under the Securities Act of
1933, as amended. These securities may be resold in transactions exempt from
registration to qualified institutional investors.
(d)
Security is valued using significant unobservable inputs and is classified as Level 3 in the
fair value hierarchy.
(e)
Affiliate of the Fund.
(f)
Annualized 7-day yield as of period end.
(g)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2024 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 Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
08/31/24
Shares
Held at
08/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency Shares
$839,216
$—
$(344,260
)(a)
$(5
)
$123
$495,074
494,777
$6,688
(b)
$—
BlackRock Cash Funds: Treasury, SL Agency Shares(c)
30,000
—
(30,000
)(a)
—
—
—
—
11,194
—
 
$(5
)
$123
$495,074
$17,882
$—
 
(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.
9
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Global Energy Producers ETF
 
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts
E-Mini Energy Select Sector Index
6
09/20/24
$574
$1,062
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets—Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)
$—
$—
$1,062
$—
$—
$—
$1,062
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's
variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).
For the period ended August 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from
Futures contracts
$—
$—
$45,578
$—
$—
$—
$45,578
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts
$—
$—
$(9,776
)
$—
$—
$—
$(9,776
)
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$697,857
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
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 
Common Stocks
$64,874,449
$35,393,428
$45
$100,267,922
Preferred Stocks
1,139,393
—
30
1,139,423
Short-Term Securities 
Money Market Funds
495,074
—
—
495,074
 
$66,508,916
$35,393,428
$75
$101,902,419
Schedule of Investments
10
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Global Energy Producers ETF
 
Fair Value Hierarchy as of Period End (continued)
 
Level 1
Level 2
Level 3
Total
Derivative Financial Instruments(a) 
Assets 
Equity Contracts
$1,062
$—
$—
$1,062
 
(a)
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
The Fund may hold assets and/or liabilities in which the fair value approximates the carrying amount for financial statement purposes. As of period end, bank borrowings payable of $500,178 are categorized as Level 2 within the fair value hierarchy.
See notes to financial statements.
11
2024 iShares Annual Financial Statements
Schedule of Investments
August 31, 2024
iShares® MSCI Global Gold Miners ETF
(Percentages shown are based on Net Assets)
 
Security
Shares
Value
Common Stocks
Australia — 4.8%
De Grey Mining Ltd.(a)(b)
6,959,323
$5,693,271
Emerald Resources NL(a)
1,993,801
5,355,465
Genesis Minerals Ltd.(a)
3,778,410
5,744,094
Gold Road Resources Ltd.
4,255,542
4,634,670
West African Resources Ltd.(a)
5,140,588
4,911,490
 
26,338,990
Canada — 52.2%
Agnico Eagle Mines Ltd./Mines Agnico Eagle Limited
914,567
74,514,493
Alamos Gold Inc., Class A
1,020,585
19,674,840
B2Gold Corp.
3,561,205
10,015,187
Barrick Gold Corp.
3,170,957
64,023,849
Calibre Mining Corp.(a)(b)
3,070,505
5,194,785
Centerra Gold Inc.
800,302
5,671,268
Eldorado Gold Corp.(a)
581,489
10,040,626
Equinox Gold Corp.(a)
1,217,562
6,947,688
IAMGOLD Corp.(a)
1,846,845
9,126,990
Kinross Gold Corp.
2,688,409
24,297,719
Lundin Gold Inc.
393,610
7,906,372
New Gold Inc.(a)
2,891,358
7,294,637
SSR Mining Inc.
870,866
4,536,400
Torex Gold Resources Inc.(a)
344,455
6,645,516
Wesdome Gold Mines Ltd.(a)
617,022
5,901,691
Wheaton Precious Metals Corp.
409,327
25,297,997
 
287,090,058
China — 4.5%
Zijin Mining Group Co. Ltd., Class A
1,541,435
3,465,005
Zijin Mining Group Co. Ltd., Class H
10,564,000
21,250,153
 
24,715,158
Indonesia — 0.7%
Aneka Tambang Tbk
43,361,800
3,896,952
Peru — 1.1%
Cia. de Minas Buenaventura SAA, Class A, ADR
519,002
6,435,625
Russia — 0.0%
Polyus PJSC(a)(c)
62,547
7
South Africa — 10.9%
Anglogold Ashanti PLC, NVS
790,919
23,408,694
DRDGOLD Ltd.
3,338,467
2,786,828
Security
Shares
Value
South Africa (continued)
Gold Fields Ltd.
1,448,999
$20,086,427
Harmony Gold Mining Co. Ltd.
1,407,923
13,790,336
 
60,072,285
Turkey — 0.7%
Koza Altin Isletmeleri AS
5,158,493
3,806,190
United Kingdom — 2.0%
Centamin PLC
4,047,811
6,608,661
Hochschild Mining PLC(a)
1,906,124
4,314,978
 
10,923,639
United States — 22.7%
Coeur Mining Inc.(a)
1,274,911
7,827,953
Newmont Corp.
2,193,322
117,101,462
 
124,929,415
Total Long-Term Investments — 99.6%
(Cost: $460,953,512)
548,208,319
Short-Term Securities
Money Market Funds — 0.7%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 5.45%(d)(e)(f)
3,637,951
3,640,134
BlackRock Cash Funds: Treasury, SL Agency Shares,
5.25%(d)(e)
170,000
170,000
Total Short-Term Securities — 0.7%
(Cost: $3,808,636)
3,810,134
Total Investments — 100.3%
(Cost: $464,762,148)
552,018,453
Liabilities in Excess of Other Assets — (0.3)%
(1,812,102
)
Net Assets — 100.0%
$550,206,351
 
(a)
Non-income producing security.
(b)
All or a portion of this security is on loan.
(c)
Security is valued using significant unobservable inputs and is classified as Level 3 in the
fair value hierarchy.
(d)
Affiliate of the Fund.
(e)
Annualized 7-day yield as of period end.
(f)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
Schedule of Investments
12
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Global Gold Miners ETF
 
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2024 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 Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
08/31/24
Shares
Held at
08/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency
Shares
$3,721,998
$—
$(83,962
)(a)
$1,564
$534
$3,640,134
3,637,951
$14,471
(b)
$—
BlackRock Cash Funds: Treasury, SL Agency
Shares
110,000
60,000
(a)
—
—
—
170,000
170,000
16,251
—
 
$1,564
$534
$3,810,134
$30,722
$—
 
(a)
Represents net amount purchased (sold).
(b)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other
payments to and from borrowers of securities.
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts
S&P/TSE 60 Index
9
09/19/24
$1,872
$47,526
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets—Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)
$—
$—
$47,526
$—
$—
$—
$47,526
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's
variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).
For the period ended August 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from
Futures contracts
$—
$—
$2,721
$—
$—
$—
$2,721
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts
$—
$—
$33,442
$—
$—
$—
$33,442
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$1,874,829
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
13
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Global Gold Miners ETF
 
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets 
Investments 
Long-Term Investments 
Common Stocks
$422,261,288
$125,947,024
$7
$548,208,319
Short-Term Securities 
Money Market Funds
3,810,134
—
—
3,810,134
 
$426,071,422
$125,947,024
$7
$552,018,453
Derivative Financial Instruments(a) 
Assets 
Equity Contracts
$47,526
$—
$—
$47,526
 
(a)
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
See notes to financial statements.
Schedule of Investments
14
Schedule of Investments
August 31, 2024
iShares® MSCI Global Metals & Mining Producers ETF
(Percentages shown are based on Net Assets)
 
Security
Shares
Value
Common Stocks
Australia — 22.5%
BHP Group Ltd.
4,698,616
$129,369,878
BlueScope Steel Ltd.
409,373
5,703,361
Champion Iron Ltd.
359,732
1,516,727
Coronado Global Resources Inc.(a)
768,012
613,954
Deterra Royalties Ltd.
387,756
963,453
Fortescue Ltd.
1,566,610
19,299,822
IGO Ltd.
632,712
2,363,405
Iluka Resources Ltd.
399,504
1,654,977
Imdex Ltd.
459,054
699,458
Leo Lithium Ltd.(b)(c)(d)
1,454,959
397,855
Liontown Resources Ltd.(c)(d)
1,349,231
681,204
Lynas Rare Earths Ltd.(c)
819,284
3,871,891
Mineral Resources Ltd.
163,968
4,425,738
Nickel Industries Ltd.
1,573,190
886,975
Perenti Ltd.
766,558
537,498
Pilbara Minerals Ltd.(d)
2,642,432
5,290,351
Rio Tinto Ltd.
343,908
25,747,195
Sandfire Resources Ltd.(c)
421,296
2,434,434
Sims Ltd.
153,504
1,134,946
South32 Ltd.
4,189,757
8,823,195
Stanmore Resources Ltd.
325,512
660,006
Vulcan Steel Ltd.
63,584
318,472
WA1 Resources Ltd., NVS(c)
37,350
438,349
 
217,833,144
Austria — 0.3%
voestalpine AG
98,363
2,400,079
Belgium — 0.1%
Bekaert SA
32,480
1,343,020
Brazil — 3.6%
Cia. Brasileira de Aluminio(c)
228,146
201,593
Cia. Siderurgica Nacional SA
620,412
1,305,563
Vale SA
3,152,244
33,323,698
 
34,830,854
Canada — 6.5%
Algoma Steel Group Inc.
93,092
988,496
Altius Minerals Corp.
36,516
658,434
Capstone Copper Corp.(c)
522,101
3,746,311
ERO Copper Corp.(c)(d)
90,568
1,862,234
Filo Corp., NVS(c)
85,150
2,026,944
First Quantum Minerals Ltd.
656,328
8,264,673
Foran Mining Corp.(c)(d)
225,798
670,198
Hudbay Minerals Inc.
362,112
2,955,687
Ivanhoe Mines Ltd., Class A(c)(d)
621,360
8,285,415
Labrador Iron Ore Royalty Corp.
58,078
1,307,956
Lithium Americas Argentina Corp.(c)(d)
108,534
285,902
Lithium Americas Corp.(c)
182,335
449,191
Lundin Mining Corp.
608,211
6,309,346
Major Drilling Group International Inc.(c)
69,864
490,419
NGEx Minerals Ltd.(c)
113,324
923,309
Patriot Battery Metals Inc.(c)
121,742
383,027
Sigma Lithium Corp.(c)
56,048
596,911
Stelco Holdings Inc.
33,273
1,617,172
Taseko Mines Ltd.(c)
258,352
588,536
Teck Resources Ltd., Class B
426,080
20,402,139
 
62,812,300
Cayman Islands — 0.0%
Wanguo International Mining Group Ltd.
250,000
277,642
Security
Shares
Value
Chile — 0.0%
CAP SA(c)
56,036
$343,433
China — 2.4%
Aluminum Corp. of China Ltd., Class A
590,465
565,737
Aluminum Corp. of China Ltd., Class H
3,936,000
2,453,801
Baoshan Iron & Steel Co. Ltd., Class A
1,230,693
1,034,065
China Hongqiao Group Ltd.
2,712,000
3,698,434
China Metal Recycling Holdings Ltd.(b)
132,000
—
China Nonferrous Mining Corp Ltd.
1,255,000
881,247
China Northern Rare Earth Group High-Tech Co. Ltd.,
Class A
196,870
467,333
China Oriental Group Co. Ltd.
996,000
143,921
China Rare Earth Resources & Technology Co. Ltd.,
Class A
49,200
154,081
Citic Pacific Special Steel Group Co. Ltd., Class A
199,600
323,951
CMOC Group Ltd., Class A
934,800
983,955
CMOC Group Ltd., Class H
3,531,000
2,866,365
GEM Co. Ltd., Class A
295,917
249,209
Henan Shenhuo Coal Industry & Electricity Power Co.
Ltd., Class A
98,400
207,972
Huaibei Mining Holdings Co. Ltd., Class A
147,600
301,082
Hunan Valin Steel Co. Ltd., Class A
393,600
220,654
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A(c)
2,558,421
519,219
JCHX Mining Management Co. Ltd., Class A
45,700
262,780
Jiangxi Copper Co. Ltd., Class A
99,925
285,412
Jiangxi Copper Co. Ltd., Class H
1,044,000
1,752,329
Jinchuan Group International Resources Co. Ltd.
1,968,000
132,570
Jinduicheng Molybdenum Co. Ltd., Class A
196,800
273,279
MMG Ltd.(c)
4,015,600
1,141,496
Nanjing Iron & Steel Co. Ltd., Class A
350,000
208,852
Pangang Group Vanadium Titanium & Resources Co.
Ltd., Class A(c)
492,000
161,231
Shandong Nanshan Aluminum Co. Ltd., Class A
590,630
305,422
Shanjin International Gold Co. Ltd., Class A
148,240
335,321
Shougang Fushan Resources Group Ltd.
1,968,000
656,454
Tiangong International Co. Ltd.
984,000
216,042
Tianshan Aluminum Group Co. Ltd., Class A
246,560
235,656
Tongling Nonferrous Metals Group Co. Ltd., Class A
738,500
322,710
Western Mining Co. Ltd., Class A
147,600
325,022
Western Superconducting Technologies Co. Ltd.,
Class A
46,454
235,455
Xiamen Tungsten Co. Ltd., Class A
98,499
235,592
Yunnan Aluminium Co. Ltd., Class A
196,800
334,109
Yunnan Chihong Zinc&Germanium Co. Ltd., Class A
296,400
210,152
Yunnan Tin Co. Ltd., Class A
98,400
192,888
Zhejiang Huayou Cobalt Co. Ltd., Class A
100,650
327,536
 
23,221,334
Egypt — 0.1%
Ezz Steel Co. SAE(c)
204,215
465,889
Finland — 0.1%
Outokumpu OYJ
334,565
1,242,264
France — 1.2%
Aperam SA
38,360
1,081,607
ArcelorMittal SA
435,391
10,200,174
Eramet SA
8,007
628,909
 
11,910,690
Germany — 0.4%
Aurubis AG(d)
29,520
2,231,687
Salzgitter AG
23,124
405,558
15
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Global Metals & Mining Producers ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Germany (continued)
thyssenkrupp AG
461,004
$1,631,953
 
4,269,198
India — 6.3%
APL Apollo Tubes Ltd.
155,199
2,705,571
Godawari Power and Ispat Ltd.
42,672
483,437
Gravita India Ltd.
22,255
606,014
Hindalco Industries Ltd.
1,252,188
10,492,466
Hindustan Copper Ltd.
267,030
1,060,195
Jai Balaji Industries Ltd., NVS(c)
31,025
337,347
Jindal Saw Ltd.
107,015
870,247
Jindal Stainless Ltd.
304,029
2,878,082
Jindal Steel & Power Ltd.
330,132
3,816,361
JSW Steel Ltd.
568,239
6,374,466
Kirloskar Ferrous Industries Ltd.
61,194
502,511
Maharashtra Seamless Ltd.
37,749
302,254
Mishra Dhatu Nigam Ltd.(a)
41,532
205,459
MOIL Ltd.
58,897
281,311
National Aluminium Co. Ltd.
767,031
1,672,233
NMDC Ltd.
945,057
2,511,553
NMDC Steel Ltd., NVS(c)
650,040
416,088
Orissa Minerals Development Co. Ltd. (The)(c)
2,038
198,736
PTC Industries Ltd., NVS(c)
2,460
435,119
Ramkrishna Forgings Ltd.
76,859
887,318
Ratnamani Metals & Tubes Ltd.
25,584
1,124,305
Sandur Manganese & Iron Ores Ltd. (The)
36,405
218,743
Sarda Energy & Minerals Ltd., NVS
80,436
336,957
Shivalik Bimetal Controls Ltd., NVS
24,216
164,052
Shyam Metalics & Energy Ltd.
49,693
472,866
Surya Roshni Ltd., NVS
31,427
253,218
Tata Steel Ltd.
6,588,865
12,012,800
Tata Steel Ltd., GDR(e)
32,833
600,844
Usha Martin Ltd.
133,252
526,457
Vedanta Ltd.
1,266,900
7,068,929
Welspun Corp. Ltd.
83,640
708,007
 
60,523,946
Indonesia — 0.7%
Amman Mineral Internasional PT(c)
6,041,612
4,171,340
Bumi Resources Minerals Tbk PT(c)
51,660,000
541,301
Merdeka Copper Gold Tbk PT(c)
8,908,286
1,354,744
Vale Indonesia Tbk PT(c)
1,835,200
455,980
 
6,523,365
Japan — 5.3%
Daido Steel Co. Ltd.
111,600
1,109,493
Dowa Holdings Co. Ltd.
49,200
1,710,717
Godo Steel Ltd.
9,300
294,280
JFE Holdings Inc.
536,900
7,443,113
Kobe Steel Ltd.
349,000
4,298,787
Kyoei Steel Ltd.
21,200
257,810
Maruichi Steel Tube Ltd.
54,300
1,306,168
Mitsubishi Materials Corp.
119,100
2,118,828
Mitsui Mining & Smelting Co. Ltd.
49,200
1,591,896
Nippon Light Metal Holdings Co. Ltd.
49,240
557,514
Nippon Steel Corp.
799,305
18,240,686
Nittetsu Mining Co. Ltd.
11,200
343,508
Osaka Steel Co. Ltd.
9,700
217,111
OSAKA Titanium Technologies Co. Ltd.
22,600
402,164
Sanyo Special Steel Co. Ltd.
20,900
279,976
Sumitomo Metal Mining Co. Ltd.
231,400
6,412,848
Toho Titanium Co. Ltd.
36,400
303,405
Tokyo Steel Manufacturing Co. Ltd.
51,200
702,419
UACJ Corp.
33,138
1,143,328
Security
Shares
Value
Japan (continued)
Yamato Kogyo Co. Ltd.
38,200
$1,908,021
Yodogawa Steel Works Ltd.
19,700
780,997
 
51,423,069
Malaysia — 0.4%
PMB Technology Bhd(c)(d)
344,400
154,843
Press Metal Aluminium Holdings Bhd
3,444,000
3,966,777
 
4,121,620
Mexico — 1.5%
Grupo Mexico SAB de CV, Series B
2,902,900
14,854,806
Netherlands — 0.1%
AMG Critical Materials NV
29,520
487,830
Norway — 0.8%
Norsk Hydro ASA
1,302,872
7,270,191
Peru — 0.8%
Southern Copper Corp.
80,052
8,142,890
Poland — 0.7%
Grupa Kety SA
8,773
1,760,296
Jastrzebska Spolka Weglowa SA, Class S(c)(d)
49,200
325,832
KGHM Polska Miedz SA
129,888
4,661,821
 
6,747,949
Qatar — 0.1%
Qatar Aluminum Manufacturing Co.
2,490,504
869,930
Russia — 0.0%
Alrosa PJSC(b)(c)
2,886,002
318
GMK Norilskiy Nickel PAO(b)(c)
7,140,000
8
Novolipetsk Steel PJSC(b)(c)
1,668,000
184
Severstal PAO(b)(c)
233,400
26
United Co. RUSAL International PJSC(b)(c)
3,450,000
381
 
917
Saudi Arabia — 1.6%
Al Masane Al Kobra Mining Co.
31,981
564,180
East Pipes Integrated Co. for Industry, NVS
11,856
471,943
Saudi Arabian Mining Co.(c)
1,195,580
13,545,619
Saudi Steel Pipe Co.
19,680
355,113
 
14,936,855
South Africa — 1.3%
African Rainbow Minerals Ltd.
102,840
1,006,990
Anglo American Platinum Ltd.
61,992
2,140,526
Impala Platinum Holdings Ltd.
836,828
3,604,029
Kumba Iron Ore Ltd.
60,031
1,188,246
Northam Platinum Holdings Ltd.
328,164
1,940,592
Sibanye Stillwater Ltd.
2,618,482
2,502,304
 
12,382,687
South Korea — 2.5%
Dongkuk Steel Mill Co. Ltd/New
8,192
50,750
Hyundai Steel Co.
77,745
1,481,408
KG Dongbusteel
36,944
159,844
Korea Zinc Co. Ltd.
7,871
3,151,999
Poongsan Corp.
14,752
711,296
POSCO Holdings Inc.
66,752
17,047,916
Posco M-Tech Co. Ltd.
22,316
276,997
Sam-A Aluminum Co. Ltd., Class A
5,853
206,824
Seah Besteel Holdings Corp.
12,792
191,764
SeAH Steel Holdings Corp.
1,490
201,340
TCC Steel
15,738
394,547
 
23,874,685
Schedule of Investments
16
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Global Metals & Mining Producers ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Spain — 0.2%
Acerinox SA
170,416
$1,791,201
Sweden — 1.5%
Alleima AB, NVS
174,972
1,311,626
Boliden AB
252,958
7,727,512
Granges AB
93,524
1,159,010
SSAB AB, Class A
208,561
1,012,204
SSAB AB, Class B
590,279
2,810,811
 
14,021,163
Taiwan — 1.7%
Century Iron & Steel Industrial Co. Ltd.
175,000
1,301,475
China Metal Products
208,011
256,988
China Steel Corp.
10,974,612
7,638,155
Chun Yuan Steel Industry Co. Ltd.
151,000
86,479
Chung Hung Steel Corp.
816,000
493,785
Evergreen Steel Corp.
163,000
632,117
Feng Hsin Steel Co. Ltd.
385,918
999,450
First Copper Technology Co. Ltd.(c)
200,000
269,735
Gloria Material Technology Corp.
497,000
744,448
Hsin Kuang Steel Co. Ltd.
220,000
410,092
TA Chen Stainless Pipe
1,601,638
1,827,730
Tung Ho Steel Enterprise Corp.
492,700
1,203,683
YC INOX Co. Ltd.
370,263
274,895
Yieh Phui Enterprise Co. Ltd.
508,831
240,921
 
16,379,953
Turkey — 0.3%
Borusan Birlesik Boru Fabrikalari Sanayi ve Ticaret
A/S(c)
23,288
258,702
Eregli Demir ve Celik Fabrikalari TAS
1,279,090
1,814,722
Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S,
Class A
285,097
150,280
Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S,
Class D(c)
675,335
455,380
Kocaer Celik Sanayi Ve Ticaret A/S
176,952
233,083
Koza Anadolu Metal Madencilik Isletmeleri AS(c)
158,828
291,113
 
3,203,280
United Kingdom — 16.8%
Anglo American PLC
1,176,864
34,329,970
Antofagasta PLC
364,589
8,901,969
Atalaya Mining PLC
91,735
466,241
Central Asia Metals PLC
164,576
408,500
Glencore PLC
9,603,348
50,667,709
Hill & Smith PLC
74,292
2,105,596
Rio Tinto PLC
1,043,532
65,791,950
 
162,671,935
United States — 19.0%
Alcoa Corp.
168,790
5,418,159
Alcoa Corp., NVS(d)
49,936
1,609,748
Alpha Metallurgical Resources Inc.
10,333
2,471,137
Arch Resources Inc.
15,763
2,150,546
ATI Inc.(c)(d)
115,431
7,373,732
Carpenter Technology Corp.
43,779
6,337,886
Century Aluminum Co.(c)
52,646
755,997
Cleveland-Cliffs Inc.(c)(d)
441,669
5,768,197
Commercial Metals Co.
106,768
5,721,697
Compass Minerals International Inc.
31,488
278,039
Freeport-McMoRan Inc.
1,330,388
58,909,581
Haynes International Inc.
12,010
722,281
Ivanhoe Electric Inc.(c)(d)
68,883
486,314
Kaiser Aluminum Corp.
14,760
1,100,358
Materion Corp.
19,189
2,226,692
Security
Shares
Value
United States (continued)
Metallus Inc.(c)
36,900
$599,994
MP Materials Corp.(c)(d)
115,488
1,489,795
Nucor Corp.
221,891
33,707,462
Olympic Steel Inc.
9,348
374,855
Radius Recycling Inc.
24,108
364,995
Ramaco Resources Inc., Class A
27,580
336,200
Reliance Inc.
53,370
15,298,510
Ryerson Holding Corp.
29,048
581,541
Steel Dynamics Inc.
138,251
16,522,377
SunCoke Energy Inc.
77,736
696,515
U.S. Steel Corp.
208,116
7,889,677
Warrior Met Coal Inc.
48,260
2,958,821
Worthington Steel Inc.
30,012
1,062,425
 
183,213,531
Total Common Stocks — 98.8%
(Cost: $1,097,473,167)
954,391,650
Preferred Stocks
Brazil — 0.7%
Bradespar SA, Preference Shares, NVS
232,870
804,475
Cia. de Ferro Ligas da Bahia FERBASA, Preference
Shares, NVS
146,124
211,306
Gerdau SA, Preference Shares, NVS
1,283,632
4,167,969
Metalurgica Gerdau SA, Preference Shares, NVS
630,975
1,174,412
Usinas Siderurgicas de Minas Gerais SA Usiminas,
Class A, Preference Shares, NVS
430,447
475,818
 
6,833,980
Russia — 0.0%
Mechel PJSC, Preference Shares, NVS(b)(c)
96,000
11
Total Preferred Stocks — 0.7%
(Cost: $6,888,461)
6,833,991
Total Long-Term Investments — 99.5%
(Cost: $1,104,361,628)
961,225,641
Short-Term Securities
Money Market Funds — 2.8%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 5.45%(f)(g)(h)
26,035,461
26,051,082
BlackRock Cash Funds: Treasury, SL Agency Shares,
5.25%(f)(g)
1,100,000
1,100,000
Total Short-Term Securities — 2.8%
(Cost: $27,142,369)
27,151,082
Total Investments — 102.3%
(Cost: $1,131,503,997)
988,376,723
Liabilities in Excess of Other Assets — (2.3)%
(21,926,300
)
Net Assets — 100.0%
$966,450,423
 
(a)
Security exempt from registration pursuant to Rule 144A under the Securities Act of
1933, as amended. These securities may be resold in transactions exempt from
registration to qualified institutional investors.
(b)
Security is valued using significant unobservable inputs and is classified as Level 3 in the
fair value hierarchy.
(c)
Non-income producing security.
(d)
All or a portion of this security is on loan.
(e)
This security may be resold to qualified foreign investors and foreign institutional buyers
under Regulation S of the Securities Act of 1933.
(f)
Affiliate of the Fund.
17
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Global Metals & Mining Producers ETF
 
(g)
Annualized 7-day yield as of period end.
(h)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2024 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 Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
08/31/24
Shares
Held at
08/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency
Shares
$25,074,638
$968,172
(a)
$—
$5,546
$2,726
$26,051,082
26,035,461
$270,197
(b)
$—
BlackRock Cash Funds: Treasury, SL Agency
Shares
800,000
300,000
(a)
—
—
—
1,100,000
1,100,000
112,402
—
 
$5,546
$2,726
$27,151,082
$382,599
$—
 
(a)
Represents net amount purchased (sold).
(b)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other
payments to and from borrowers of securities.
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts
E-Mini Energy Select Sector Index
15
09/20/24
$1,434
$18,304
MSCI Emerging Markets Index
66
09/20/24
3,630
81,156
 
$99,460
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets—Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)
$—
$—
$99,460
$—
$—
$—
$99,460
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's
variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).
Schedule of Investments
18
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Global Metals & Mining Producers ETF
 
For the period ended August 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from
Futures contracts
$—
$—
$(284,804
)
$—
$—
$—
$(284,804
)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts
$—
$—
$218,834
$—
$—
$—
$218,834
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$4,509,078
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
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 
Common Stocks
$312,686,567
$641,306,311
$398,772
$954,391,650
Preferred Stocks
6,833,980
—
11
6,833,991
Short-Term Securities 
Money Market Funds
27,151,082
—
—
27,151,082
 
$346,671,629
$641,306,311
$398,783
$988,376,723
Derivative Financial Instruments(a) 
Assets 
Equity Contracts
$99,460
$—
$—
$99,460
 
(a)
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
See notes to financial statements.
19
2024 iShares Annual Financial Statements
Schedule of Investments
August 31, 2024
iShares® MSCI Global Silver and Metals Miners ETF
(Percentages shown are based on Net Assets)
 
Security
Shares
Value
Common Stocks
Canada — 67.8%
Agnico Eagle Mines Ltd./Mines Agnico Eagle Limited
130,402
$10,624,524
Aya Gold & Silver Inc.(a)
926,652
10,293,459
Calibre Mining Corp.(a)(b)
801,457
1,355,932
Dundee Precious Metals Inc.
173,803
1,693,343
Eldorado Gold Corp.(a)
139,121
2,402,215
Endeavour Silver Corp.(a)(b)
2,056,896
6,318,814
First Majestic Silver Corp.
1,854,483
10,389,453
Fortuna Mining Corp.(a)
2,198,527
10,130,859
Kinross Gold Corp.
605,774
5,474,958
Lundin Gold Inc.
97,237
1,953,182
MAG Silver Corp.(a)
778,642
10,180,442
New Gold Inc.(a)
946,098
2,386,920
Orla Mining Ltd.(a)
282,776
1,191,829
Osisko Mining Inc.(a)
377,862
1,348,656
Pan American Silver Corp.
2,464,885
49,786,050
Seabridge Gold Inc.(a)
80,087
1,409,018
Silvercorp Metals Inc.
1,747,487
6,652,030
SilverCrest Metals Inc.(a)
1,184,066
9,822,920
SSR Mining Inc.
231,836
1,207,649
Wheaton Precious Metals Corp.
173,502
10,723,097
 
155,345,350
Japan — 3.3%
ARE Holdings Inc.
592,000
7,515,254
Mexico — 6.1%
Industrias Penoles SAB de CV(a)
1,167,511
14,010,665
Peru — 0.8%
Cia. de Minas Buenaventura SAA, Class A, ADR
149,505
1,853,862
South Africa — 1.5%
Harmony Gold Mining Co. Ltd.
356,784
3,494,631
Security
Shares
Value
United Kingdom — 0.5%
Hochschild Mining PLC(a)
475,746
$1,076,967
United States — 19.9%
Coeur Mining Inc.(a)(b)
349,194
2,144,051
Gatos Silver Inc.(a)(b)
369,011
4,642,159
Hecla Mining Co.
3,712,032
22,012,350
Newmont Corp.
316,406
16,892,916
 
45,691,476
Total Long-Term Investments — 99.9%
(Cost: $217,342,492)
228,988,205
Short-Term Securities
Money Market Funds — 1.8%
BlackRock Cash Funds: Institutional, SL Agency Shares,
5.45%(c)(d)(e)
3,909,992
3,912,338
BlackRock Cash Funds: Treasury, SL Agency Shares,
5.25%(c)(d)
280,000
280,000
Total Short-Term Securities — 1.8%
(Cost: $4,191,426)
4,192,338
Total Investments — 101.7%
(Cost: $221,533,918)
233,180,543
Liabilities in Excess of Other Assets — (1.7)%
(3,856,056
)
Net Assets — 100.0%
$229,324,487
 
(a)
Non-income producing security.
(b)
All or a portion of this security is on loan.
(c)
Affiliate of the Fund.
(d)
Annualized 7-day yield as of period end.
(e)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2024 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 Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
08/31/24
Shares
Held at
08/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency
Shares
$10,566,447
$—
$(6,656,877
)(a)
$1,636
$1,132
$3,912,338
3,909,992
$210,624
(b)
$—
BlackRock Cash Funds: Treasury, SL Agency
Shares
60,000
220,000
(a)
—
—
—
280,000
280,000
6,583
—
 
$1,636
$1,132
$4,192,338
$217,207
$—
 
(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.
Schedule of Investments
20
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Global Silver and Metals Miners ETF
 
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts
S&P/TSE 60 Index
1
09/19/24
$208
$15,451
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets—Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)
$—
$—
$15,451
$—
$—
$—
$15,451
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's
variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).
For the period ended August 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from
Futures contracts
$—
$—
$7,981
$—
$—
$—
$7,981
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts
$—
$—
$9,133
$—
$—
$—
$9,133
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$479,174
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
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 
Common Stocks
$216,901,353
$12,086,852
$—
$228,988,205
Short-Term Securities 
Money Market Funds
4,192,338
—
—
4,192,338
 
$221,093,691
$12,086,852
$—
$233,180,543
21
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Global Silver and Metals Miners ETF
 
Fair Value Hierarchy as of Period End (continued)
 
Level 1
Level 2
Level 3
Total
Derivative Financial Instruments(a) 
Assets 
Equity Contracts
$15,451
$—
$—
$15,451
 
(a)
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
See notes to financial statements.
Schedule of Investments
22
Statements of Assets and Liabilities
August 31, 2024
 
 
iShares
MSCI
Agriculture
Producers
ETF
iShares
MSCI Global
Energy
Producers
ETF
iShares
MSCI Global
Gold Miners
ETF
iShares
MSCI Global
Metals & Mining
Producers ETF
ASSETS
 
 
 
 
Investments, at value—unaffiliated(a)(b)
$107,075,329
$101,407,345
$548,208,319
$961,225,641
Investments, at value—affiliated(c)
275,352
495,074
3,810,134
27,151,082
Cash
6,177
284,061
7,641
—
Cash pledged for futures contracts
—
43,000
33,000
176,000
Foreign currency collateral pledged for futures contracts(d)
12,159
—
—
—
Foreign currency, at value(e)
113,791
313,933
472,866
2,197,939
Receivables:
 
 
 
 
Investments sold
437,484
598,594
15,495,787
2,800,869
Securities lending income—affiliated
216
778
2,781
10,777
Dividends—unaffiliated
191,538
592,544
1,042,357
4,970,607
Dividends—affiliated
642
322
818
5,315
From custodian
128,231
256,894
—
355,719
Tax reclaims
17,279
16,464
—
148,528
Variation margin on futures contracts
241
2,072
4,628
7,866
Total assets
108,258,439
104,011,081
569,078,331
999,050,343
LIABILITIES
 
 
 
 
Bank overdraft
—
—
—
462,915
Bank borrowings
—
500,178
—
—
Collateral on securities loaned, at value
213,710
493,704
3,640,853
26,041,051
Payables:
 
 
 
 
Investments purchased
498,564
721,074
15,044,546
3,460,451
Capital shares redeemed
—
—
—
126,345
Deferred foreign capital gain tax
236,323
238,406
—
2,124,152
Foreign taxes
—
—
—
64,986
Investment advisory fees
34,876
33,199
186,581
317,367
IRS compliance fee for foreign withholding tax claims
—
49,167
—
—
Professional fees
—
2,422
—
2,653
Total liabilities
983,473
2,038,150
18,871,980
32,599,920
Commitments and contingent liabilities
 
 
 
 
NET ASSETS
$107,274,966
$101,972,931
$550,206,351
$966,450,423
NET ASSETS CONSIST OF
 
 
 
 
Paid-in capital
$156,005,141
$89,998,312
$575,173,229
$1,294,973,821
Accumulated earnings (loss)
(48,730,175)
11,974,619
(24,966,878)
(328,523,398)
NET ASSETS
$107,274,966
$101,972,931
$550,206,351
$966,450,423
NET ASSET VALUE
 
 
 
 
Shares outstanding
2,900,000
3,950,000
17,050,000
24,600,000
Net asset value
$36.99
$25.82
$32.27
$39.29
Shares authorized
500 million
500 million
500 million
500 million
Par value
$0.001
$0.001
$0.001
$0.001
(a) Investments, at cost—unaffiliated
$136,841,849
$80,017,033
$460,953,512
$1,104,361,628
(b) Securities loaned, at value
$202,874
$444,407
$3,416,071
$24,628,656
(c) Investments, at cost—affiliated
$275,293
$494,793
$3,808,636
$27,142,369
(d) Foreign currency collateral pledged, at cost
$11,957
$—
$—
$—
(e) Foreign currency, at cost
$113,069
$313,123
$460,813
$2,198,800
See notes to financial statements.
23
2024 iShares Annual Financial Statements
Statements of Assets and Liabilities (continued)
August 31, 2024
 
 
iShares
MSCI Global
Silver and
Metals
Miners ETF
ASSETS
 
Investments, at value—unaffiliated(a)(b)
$228,988,205
Investments, at value—affiliated(c)
4,192,338
Cash
6,251
Foreign currency collateral pledged for futures contracts(d)
11,131
Foreign currency, at value(e)
183,039
Receivables:
 
Investments sold
10,003,567
Securities lending income—affiliated
2,266
Dividends—unaffiliated
152,786
Dividends—affiliated
261
Tax reclaims
8,894
Variation margin on futures contracts
1,365
Total assets
243,550,103
LIABILITIES
 
Collateral on securities loaned, at value
3,918,939
Payables:
 
Investments purchased
10,228,269
Capital shares redeemed
3,401
Investment advisory fees
75,007
Total liabilities
14,225,616
Commitments and contingent liabilities
 
NET ASSETS
$229,324,487
NET ASSETS CONSIST OF
 
Paid-in capital
$295,308,320
Accumulated loss
(65,983,833)
NET ASSETS
$229,324,487
NET ASSET VALUE
 
Shares outstanding
18,500,000
Net asset value
$12.40
Shares authorized
500 million
Par value
$0.001
(a) Investments, at cost—unaffiliated
$217,342,492
(b) Securities loaned, at value
$3,682,537
(c) Investments, at cost—affiliated
$4,191,426
(d) Foreign currency collateral pledged, at cost
$10,908
(e) Foreign currency, at cost
$181,625
See notes to financial statements.
Statements of Assets and Liabilities
24
Statements of Operations
Year Ended August 31, 2024  
 
 
iShares
MSCI
Agriculture
Producers
ETF
iShares
MSCI Global
Energy
Producers
ETF
iShares
MSCI Global
Gold Miners
ETF
iShares
MSCI Global
Metals &
Mining
Producers
ETF
INVESTMENT INCOME
Dividends—unaffiliated
$3,390,204
$4,489,158
$10,501,077
$41,856,830
Dividends—affiliated
8,743
11,194
16,251
112,402
Interest—unaffiliated
3,849
2,503
1,089
25,110
Securities lending income—affiliated—net
12,436
6,688
14,471
270,197
Other income—unaffiliated
—
2,937
—
5,954
Foreign taxes withheld
(202,659
)
(208,653
)
(892,450
)
(1,666,082
)
Foreign withholding tax claims
—
102,378
—
19,567
IRS compliance fee for foreign withholding tax claims
—
(49,167
)
—
—
Other foreign taxes
—
—
—
(24,103
)
Total investment income
3,212,573
4,357,038
9,640,438
40,599,875
EXPENSES
Investment advisory
566,562
423,016
1,721,026
4,662,573
Commitment costs
1,043
543
—
12,162
Professional
—
10,537
—
7,414
Interest expense
—
407
757
11,204
Total expenses
567,605
434,503
1,721,783
4,693,353
Net investment income
2,644,968
3,922,535
7,918,655
35,906,522
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments—unaffiliated(a)
(4,977,043
)
239,190
(19,597,262
)
(27,707,591
)
Investments—affiliated
952
(5
)
1,564
5,546
Foreign currency transactions
(37,955
)
(10,613
)
630
(482,498
)
Futures contracts
37,921
45,578
2,721
(284,804
)
In-kind redemptions—unaffiliated(b)
(15,349,357
)
11,073,733
20,530,323
32,485,453
 
(20,325,482
)
11,347,883
937,976
4,016,106
Net change in unrealized appreciation (depreciation) on:
Investments—unaffiliated(c)
4,903,142
(8,910,366
)
170,229,243
(39,267,703
)
Investments—affiliated
(178
)
123
534
2,726
Foreign currency translations
21,097
3,796
7,165
61,570
Futures contracts
(2,895
)
(9,776
)
33,442
218,834
 
4,921,166
(8,916,223
)
170,270,384
(38,984,573
)
Net realized and unrealized gain (loss)
(15,404,316
)
2,431,660
171,208,360
(34,968,467
)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
$(12,759,348
)
$6,354,195
$179,127,015
$938,055
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable of
$(70,727
)
$(58,351
)
$—
$(1,107,117
)
(b) See Note 2 of the Notes to Financial Statements.
(c) Net of increase in deferred foreign capital gain tax of
$(203,182
)
$(167,440
)
$—
$(1,212,570
)
See notes to financial statements.
25
2024 iShares Annual Financial Statements
Statements of Operations (continued)
Year Ended August 31, 2024  
 
 
iShares
MSCI Global
Silver and
Metals
Miners ETF
INVESTMENT INCOME
Dividends—unaffiliated
$2,292,131
Dividends—affiliated
6,583
Interest—unaffiliated
337
Securities lending income—affiliated—net
210,624
Foreign taxes withheld
(260,727
)
Total investment income
2,248,948
EXPENSES
Investment advisory
727,516
Interest expense
168
Total expenses
727,684
Net investment income
1,521,264
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments—unaffiliated
(17,478,820
)
Investments—affiliated
1,636
Foreign currency transactions
(13,190
)
Futures contracts
7,981
In-kind redemptions—unaffiliated(a)
2,509,660
 
(14,972,733
)
Net change in unrealized appreciation (depreciation) on:
Investments—unaffiliated
62,019,645
Investments—affiliated
1,132
Foreign currency translations
38,182
Futures contracts
9,133
 
62,068,092
Net realized and unrealized gain
47,095,359
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
$48,616,623
(a) See Note 2 of the Notes to Financial Statements.
See notes to financial statements.
Statements of Operations
26
Statements of Changes in Net Assets
 
 
iShares
MSCI Agriculture Producers ETF
iShares
MSCI Global Energy Producers ETF
 
Year Ended
08/31/24
Year Ended
08/31/23
Year Ended
08/31/24
Year Ended
08/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$2,644,968
$5,610,919
$3,922,535
$5,325,889
Net realized gain (loss)
(20,325,482
)
759,779
11,347,883
4,873,125
Net change in unrealized appreciation (depreciation)
4,921,166
(22,265,000
)
(8,916,223
)
3,046,607
Net increase (decrease) in net assets resulting from operations
(12,759,348
)
(15,894,302
)
6,354,195
13,245,621
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders
(3,575,318
)
(5,196,045
)
(4,418,592
)
(5,942,443
)
CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions
(88,547,923
)
(58,924,507
)
(17,803,865
)
(11,821,581
)
NET ASSETS
Total decrease in net assets
(104,882,589
)
(80,014,854
)
(15,868,262
)
(4,518,403
)
Beginning of year
212,157,555
292,172,409
117,841,193
122,359,596
End of year
$107,274,966
$212,157,555
$101,972,931
$117,841,193
 
(a)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
See notes to financial statements.
27
2024 iShares Annual Financial Statements
Statements of Changes in Net Assets(continued)
 
 
iShares
MSCI Global Gold Miners ETF
iShares
MSCI Global Metals & Mining Producers ETF
 
Year Ended
08/31/24
Year Ended
08/31/23
Year Ended
08/31/24
Year Ended
08/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$7,918,655
$8,255,113
$35,906,522
$65,062,202
Net realized gain (loss)
937,976
(9,558,248
)
4,016,106
6,107,918
Net change in unrealized appreciation (depreciation)
170,270,384
81,191,443
(38,984,573
)
86,922,319
Net increase in net assets resulting from operations
179,127,015
79,888,308
938,055
158,092,439
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders
(8,152,067
)
(8,857,577
)
(45,696,582
)
(62,569,236
)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions
(6,987,051
)
(47,177,046
)
(452,237,783
)
144,932,238
NET ASSETS
Total increase (decrease) in net assets
163,987,897
23,853,685
(496,996,310
)
240,455,441
Beginning of year
386,218,454
362,364,769
1,463,446,733
1,222,991,292
End of year
$550,206,351
$386,218,454
$966,450,423
$1,463,446,733
 
(a)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
See notes to financial statements.
Statements of Changes in Net Assets
28
Statements of Changes in Net Assets(continued)
 
 
iShares
MSCI Global Silver and Metals Miners
ETF
 
Year Ended
08/31/24
Year Ended
08/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$1,521,264
$1,613,889
Net realized loss
(14,972,733
)
(16,614,124
)
Net change in unrealized appreciation (depreciation)
62,068,092
36,994,225
Net increase in net assets resulting from operations
48,616,623
21,993,990
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders
(1,586,649
)
(871,745
)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions
15,255,408
(9,878,284
)
NET ASSETS
Total increase in net assets
62,285,382
11,243,961
Beginning of year
167,039,105
155,795,144
End of year
$229,324,487
$167,039,105
 
(a)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
See notes to financial statements.
29
2024 iShares Annual Financial Statements
Financial Highlights
(For a share outstanding throughout each period)
 
 
iShares MSCI Agriculture Producers ETF
 
Year Ended
08/31/24
Year Ended
08/31/23
Year Ended
08/31/22
Year Ended
08/31/21
Year Ended
08/31/20
Net asset value, beginning of year
$40.03
$43.28
$39.82
$28.60
$26.88
Net investment income(a)
0.68
0.87
0.86
0.60
0.49
Net realized and unrealized gain (loss)(b)
(2.80
)
(3.31
)
3.25
11.11
1.73
Net increase (decrease) from investment operations
(2.12
)
(2.44
)
4.11
11.71
2.22
Distributions from net investment income(c)
(0.92
)
(0.81
)
(0.65
)
(0.49
)
(0.50
)
Net asset value, end of year
$36.99
$40.03
$43.28
$39.82
$28.60
Total Return(d)
Based on net asset value
(5.23
)%
(5.70
)%
10.43
%
41.16
%
8.41
%
Ratios to Average Net Assets(e)
Total expenses
0.39
%
0.39
%
0.39
%
0.39
%
0.39
%
Net investment income
1.82
%
2.09
%
2.00
%
1.60
%
1.84
%
Supplemental Data
Net assets, end of year (000)
$107,275
$212,158
$292,172
$85,612
$27,175
Portfolio turnover rate(f)
7
%
12
%
10
%
6
%
9
%
(a) Based on average shares outstanding.
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d) Where applicable, assumes the reinvestment of distributions.
(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
Financial Highlights
30
Financial Highlights(continued)
(For a share outstanding throughout each period)
 
 
iShares MSCI Global Energy Producers ETF
 
Year Ended
08/31/24
Year Ended
08/31/23
Year Ended
08/31/22
Year Ended
08/31/21
Year Ended
08/31/20
Net asset value, beginning of year
$25.07
$23.53
$15.86
$12.04
$17.97
Net investment income(a)
0.92
(b)
1.07
(b)
1.01
0.58
0.68
Net realized and unrealized gain (loss)(c)
0.84
1.65
7.51
3.76
(5.61
)
Net increase (decrease) from investment operations
1.76
2.72
8.52
4.34
(4.93
)
Distributions from net investment income(d)
(1.01
)
(1.18
)
(0.85
)
(0.52
)
(1.00
)
Net asset value, end of year
$25.82
$25.07
$23.53
$15.86
$12.04
Total Return(e)
Based on net asset value
7.23
%(b)
11.94
%(b)
54.58
%
36.41
%
(28.92
)%
Ratios to Average Net Assets(f)
Total expenses
0.40
%
0.39
%
0.39
%
0.39
%
0.39
%
Total expenses excluding professional fees for foreign withholding tax claims
0.39
%
0.39
%
N/A
N/A
N/A
Net investment income
3.62
%(b)
4.47
%(b)
4.85
%
4.01
%
4.62
%
Supplemental Data
Net assets, end of year (000)
$101,973
$117,841
$122,360
$80,086
$49,985
Portfolio turnover rate(g)
8
%
8
%
12
%
8
%
12
%
(a) Based on average shares outstanding.
(b) Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2024 and
August 31, 2023 respectively:
• Net investment income per share by $0.02 and $0.01, respectively.
• Total return by 0.10% and 0.03%, respectively.
• Ratio of net investment income to average net assets by 0.08% and 0.02%, respectively.
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(e) Where applicable, assumes the reinvestment of distributions.
(f) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
31
2024 iShares Annual Financial Statements
Financial Highlights(continued)
(For a share outstanding throughout each period)
 
 
iShares MSCI Global Gold Miners ETF
 
Year Ended
08/31/24
Year Ended
08/31/23
Year Ended
08/31/22
Year Ended
08/31/21
Year Ended
08/31/20
Net asset value, beginning of year
$22.65
$18.35
$26.96
$35.13
$24.01
Net investment income(a)
0.45
0.45
0.56
0.49
0.17
Net realized and unrealized gain (loss)(b)
9.64
4.34
(8.61
)
(8.20
)
11.11
Net increase (decrease) from investment operations
10.09
4.79
(8.05
)
(7.71
)
11.28
Distributions from net investment income(c)
(0.47
)
(0.49
)
(0.56
)
(0.46
)
(0.16
)
Net asset value, end of year
$32.27
$22.65
$18.35
$26.96
$35.13
Total Return(d)
Based on net asset value
45.12
%
26.12
%
(30.42
)%
(22.12
)%
47.22
%
Ratios to Average Net Assets(e)
Total expenses
0.39
%
0.39
%
0.39
%
0.39
%
0.39
%
Net investment income
1.79
%
2.00
%
2.16
%
1.63
%
0.66
%
Supplemental Data
Net assets, end of year (000)
$550,206
$386,218
$362,365
$558,142
$572,625
Portfolio turnover rate(f)
18
%
16
%
25
%
12
%
21
%
(a) Based on average shares outstanding.
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d) Where applicable, assumes the reinvestment of distributions.
(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
Financial Highlights
32
Financial Highlights(continued)
(For a share outstanding throughout each period)
 
 
iShares MSCI Global Metals & Mining Producers ETF
 
Year Ended
08/31/24
Year Ended
08/31/23
Year Ended
08/31/22
Year Ended
08/31/21
Year Ended
08/31/20
Net asset value, beginning of year
$40.26
$36.62
$45.61
$27.79
$25.60
Net investment income(a)
1.23
(b)
1.83
2.67
2.13
1.04
Net realized and unrealized gain (loss)(c)
(0.67
)
3.66
(8.08
)
16.86
2.26
Net increase (decrease) from investment operations
0.56
5.49
(5.41
)
18.99
3.30
Distributions from net investment income(d)
(1.53
)
(1.85
)
(3.58
)
(1.17
)
(1.11
)
Net asset value, end of year
$39.29
$40.26
$36.62
$45.61
$27.79
Total Return(e)
Based on net asset value
1.20
%(b)
14.96
%
(12.69
)%
68.77
%
13.00
%
Ratios to Average Net Assets(f)
Total expenses
0.39
%
0.39
%
0.39
%
0.39
%
0.39
%
Net investment income
3.00
%(b)
4.50
%
6.23
%
5.11
%
4.03
%
Supplemental Data
Net assets, end of year (000)
$966,450
$1,463,447
$1,222,991
$1,106,060
$297,394
Portfolio turnover rate(g)
11
%
13
%
19
%
17
%
11
%
(a) Based on average shares outstanding.
(b) Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2024:
• Net investment income per share by $0.00.
• Total return by 0.01%.
• Ratio of net investment income to average net assets by 0.00%.
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(e) Where applicable, assumes the reinvestment of distributions.
(f) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
33
2024 iShares Annual Financial Statements
Financial Highlights(continued)
(For a share outstanding throughout each period)
 
 
iShares MSCI Global Silver and Metals Miners ETF
 
Year Ended
08/31/24
Year Ended
08/31/23
Year Ended
08/31/22
Year Ended
08/31/21
Year Ended
08/31/20
Net asset value, beginning of year
$9.71
$8.61
$13.92
$17.29
$10.84
Net investment income(a)
0.09
0.09
0.12
0.10
0.04
Net realized and unrealized gain (loss)(b)
2.69
1.06
(5.31
)
(2.93
)
6.62
Net increase (decrease) from investment operations
2.78
1.15
(5.19
)
(2.83
)
6.66
Distributions from net investment income(c)
(0.09
)
(0.05
)
(0.12
)
(0.54
)
(0.21
)
Net asset value, end of year
$12.40
$9.71
$8.61
$13.92
$17.29
Total Return(d)
Based on net asset value
28.67
%
13.41
%
(37.54
)%
(16.69
)%
62.71
%
Ratios to Average Net Assets(e)
Total expenses
0.39
%
0.39
%
0.39
%
0.39
%
0.39
%
Net investment income
0.82
%
0.89
%
0.94
%
0.63
%
0.35
%
Supplemental Data
Net assets, end of year (000)
$229,324
$167,039
$155,795
$267,328
$250,656
Portfolio turnover rate(f)
25
%
26
%
38
%
31
%
66
%
(a) Based on average shares outstanding.
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d) Where applicable, assumes the reinvestment of distributions.
(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
Financial Highlights
34
Notes to Financial Statements
1. ORGANIZATION
iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is organized as a Maryland corporation and is authorized to have multiple series or portfolios.
These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”): 
iShares ETF
Diversification
Classification
MSCI Agriculture Producers
Non-diversified
MSCI Global Energy Producers
Non-diversified
MSCI Global Gold Miners
Non-diversified
MSCI Global Metals & Mining Producers
Non-diversified
MSCI Global Silver and Metals Miners
Non-diversified
2. SIGNIFICANT ACCOUNTING POLICIES
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period.  Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method.  Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.
Foreign Currency Translation: Each Fund's books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.
Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.  
Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions.  All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests.  These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows:  foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of August 31, 2024, if any, are disclosed in the Statements of Assets and Liabilities.
Consistent with U.S. GAAP accrual requirements, for uncertain tax positions, each Fund recognizes tax reclaims when the Fund determines that it is more likely than not that the Fund will sustain its position that it is due the reclaim. 
The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes. 
Bank Overdraft: Certain Funds had outstanding cash disbursements exceeding deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.
Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.
35
2024 iShares Annual Financial Statements
Notes to Financial Statements  (continued)
In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.
Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.
Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.
3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS
Investment  Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Directors of the Company (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.
• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.
• Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.
Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.
Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.
Fair  Value Hierarchy: 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
Notes to Financial Statements
36
Notes to Financial Statements  (continued)
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 that may not have a secondary market and/or may have 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.
4. SECURITIES AND OTHER INVESTMENTS
Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.
Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.
As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:  
iShares ETF and Counterparty
Securities Loaned
at Value
Cash Collateral
Received(a)
Non-Cash Collateral
Received, at Fair Value(a)
Net Amount
MSCI Agriculture Producers
BNP Paribas SA
$56,839
$(56,839)
$—
$—
Goldman Sachs & Co. LLC
7,022
(7,022)
—
—
State Street Bank & Trust Co.
26,116
(26,116)
—
—
UBS AG
13,578
(13,578)
—
—
Wells Fargo Securities LLC
99,319
(99,319)
—
—
 
$202,874
$(202,874)
$—
$—
MSCI Global Energy Producers
Barclays Bank PLC
$112,524
$(112,524)
$—
$—
Barclays Capital, Inc.
111,301
(111,301)
—
—
BNP Paribas SA
14,634
(14,634)
—
—
Goldman Sachs & Co. LLC
55,351
(55,351)
—
—
Morgan Stanley
122,412
(122,412)
—
—
Scotia Capital (USA), Inc.
28,185
(28,185)
—
—
 
$444,407
$(444,407)
$—
$—
MSCI Global Gold Miners
Barclays Capital, Inc.
$122,712
$(122,712)
$—
$—
BofA Securities, Inc.
2,746,479
(2,746,479)
—
—
State Street Bank & Trust Co.
546,880
(546,880)
—
—
 
$3,416,071
$(3,416,071)
$—
$—
37
2024 iShares Annual Financial Statements
Notes to Financial Statements  (continued)
iShares ETF and Counterparty
Securities Loaned
at Value
Cash Collateral
Received(a)
Non-Cash Collateral
Received, at Fair Value(a)
Net Amount
MSCI Global Metals & Mining Producers
Barclays Capital, Inc.
$707,484
$(707,484)
$—
$—
BofA Securities, Inc.
1,191,379
(1,191,379)
—
—
Citigroup Global Markets, Inc.
8,583,572
(8,583,572)
—
—
J.P. Morgan Securities LLC
6,625,548
(6,625,548)
—
—
Macquarie Bank Ltd.
272,065
(272,065)
—
—
Morgan Stanley
3,281,818
(3,281,818)
—
—
National Financial Services LLC
344,952
(344,952)
—
—
Natixis SA
484,498
(484,498)
—
—
Scotia Capital (USA), Inc.
195,058
(195,058)
—
—
State Street Bank & Trust Co.
546,525
(546,525)
—
—
UBS AG
2,330,367
(2,330,367)
—
—
Wells Fargo Bank N.A.
65,390
(65,390)
—
—
 
$24,628,656
$(24,628,656)
$—
$—
MSCI Global Silver and Metals Miners
BNP Paribas SA
$187,442
$(187,442)
$—
$—
BofA Securities, Inc.
3,181,623
(3,181,623)
—
—
Goldman Sachs & Co. LLC
313,472
(313,472)
—
—
 
$3,682,537
$(3,682,537)
$—
$—
 
(a)
Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s
Statements of Assets and Liabilities.
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.
5. DERIVATIVE FINANCIAL INSTRUMENTS
Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).
Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.
Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of  Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.
6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent directors).
For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee of 0.39%, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund. 
Notes to Financial Statements
38
Notes to Financial Statements  (continued)
Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statements of Operations does not include acquired fund fees and expenses.
For each of the iShares MSCI Agriculture Producers and iShares MSCI Global Metals & Mining Producers ETFs, BFA has contractually agreed to waive a portion of its investment advisory fee for each Fund through December 31, 2028 in an amount equal to the acquired fund fees and expenses, if any, attributable to each Fund’s investments in other iShares funds.
For year ended August 31, 2024, there were no fees waived by BFA pursuant to these arrangements.
Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.
Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions.  As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, redemption fee, distribution fee or service fee. The money market fund in which the cash collateral has been invested may impose a discretionary liquidity fee of up to 2% of the value redeemed, if such fee is determined to be in the best interests of such money market fund.
Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended August 31, 2024, the Funds paid BTC the following amounts for securities lending agent services: 
iShares ETF
Amounts
MSCI Agriculture Producers
$2,477
MSCI Global Energy Producers
1,613
MSCI Global Gold Miners
4,421
MSCI Global Metals & Mining Producers
63,180
MSCI Global Silver and Metals Miners
45,475
Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.
Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.
For the year ended August 31, 2024, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows: 
iShares ETF
Purchases
Sales
Net Realized
Gain (Loss)
MSCI Agriculture Producers
$995,585
$787,768
$(346,335)
MSCI Global Energy Producers
809,122
691,030
68,563
MSCI Global Gold Miners
6,799,565
6,286,772
(1,156,296)
MSCI Global Metals & Mining Producers
438,795
6,246,889
(494,716)
MSCI Global Silver and Metals Miners
2,668,021
844,217
(293,167)
Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate.  The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.
39
2024 iShares Annual Financial Statements
Notes to Financial Statements  (continued)
A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.
7. PURCHASES AND SALES
For the year ended August 31, 2024, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows: 
iShares ETF
Purchases
Sales
MSCI Agriculture Producers
$9,732,151
$23,108,652
MSCI Global Energy Producers
8,440,337
9,824,505
MSCI Global Gold Miners
78,151,850
77,301,807
MSCI Global Metals & Mining Producers
125,772,696
212,405,346
MSCI Global Silver and Metals Miners
46,600,530
46,174,274
For the year ended August 31, 2024, in-kind transactions were as follows: 
iShares ETF
In-kind
Purchases
In-kind
Sales
MSCI Agriculture Producers
$—
$75,912,513
MSCI Global Energy Producers
8,078,174
24,455,568
MSCI Global Gold Miners
49,890,113
58,373,904
MSCI Global Metals & Mining Producers
172,555,293
540,243,744
MSCI Global Silver and Metals Miners
24,353,520
9,141,695
8. INCOME TAX INFORMATION
Each Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes.  It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.
Management has analyzed tax laws and regulations and their application to the Funds as of August 31, 2024, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements. Management’s analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds’ NAV.
U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting.  These reclassifications have no effect on net assets or NAV per share. As of August 31, 2024, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts: 
iShares ETF
Paid-in Capital
Accumulated
Earnings (Loss)
MSCI Agriculture Producers
$(16,041,040)
$16,041,040
MSCI Global Energy Producers
11,023,916
(11,023,916)
MSCI Global Gold Miners
19,100,866
(19,100,866)
MSCI Global Metals & Mining Producers
30,920,238
(30,920,238)
MSCI Global Silver and Metals Miners
2,165,861
(2,165,861)
The tax character of distributions paid was as follows:  
iShares ETF
Year Ended
08/31/24
Year Ended
08/31/23
MSCI Agriculture Producers
Ordinary income
$3,575,318
$5,196,045
MSCI Global Energy Producers
Ordinary income
$4,418,592
$5,942,443
MSCI Global Gold Miners
Ordinary income
$8,152,067
$8,857,577
MSCI Global Metals & Mining Producers
Ordinary income
$45,696,582
$62,569,236
Notes to Financial Statements
40
Notes to Financial Statements  (continued)
iShares ETF
Year Ended
08/31/24
Year Ended
08/31/23
MSCI Global Silver and Metals Miners
Ordinary income
$1,586,649
$871,745
As of August 31, 2024, the tax components of accumulated net earnings (losses) were as follows: 
iShares ETF
Undistributed
Ordinary Income
Non-expiring
Capital Loss
Carryforwards(a)
Net Unrealized
Gains (Losses)(b)
Total
MSCI Agriculture Producers
$415,122
$(17,551,604)
$(31,593,693)
$(48,730,175)
MSCI Global Energy Producers
1,017,843
(9,040,731)
19,997,507
11,974,619
MSCI Global Gold Miners
1,952,377
(107,148,865)
80,229,610
(24,966,878)
MSCI Global Metals & Mining Producers
6,582,036
(165,971,568)
(169,133,866)
(328,523,398)
MSCI Global Silver and Metals Miners
1,466,103
(76,248,951)
8,799,015
(65,983,833)
 
(a)
Amounts available to offset future realized capital gains.
(b)
The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of
unrealized gains (losses) on certain futures contracts, the characterization of corporate actions and the realization for tax purposes of unrealized gains on investments in passive
foreign investment companies.
A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.
As of August 31, 2024, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows: 
iShares ETF
Tax Cost
Gross Unrealized
Appreciation
Gross Unrealized
Depreciation
Net Unrealized
Appreciation
(Depreciation)
MSCI Agriculture Producers
$138,712,175
$5,011,741
$(36,373,235)
$(31,361,494)
MSCI Global Energy Producers
81,665,946
25,152,180
(4,915,707)
20,236,473
MSCI Global Gold Miners
471,846,997
113,039,193
(32,820,211)
80,218,982
MSCI Global Metals & Mining Producers
1,155,413,117
100,967,308
(268,003,702)
(167,036,394)
MSCI Global Silver and Metals Miners
224,406,149
27,605,668
(18,815,823)
8,789,845
9. LINE OF CREDIT
The iShares MSCI Agriculture Producers, iShares MSCI Global Energy Producers and iShares MSCI Global Metals & Mining Producers ETFs, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on October 16, 2024. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.
For the year ended August 31, 2024, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Syndicated Credit Agreement were as follows:  
iShares ETF
Maximum
Amount
Borrowed
Average
Borrowing
Weighted
Average
Interest Rates
MSCI Agriculture Producers
$250,000
$5,519
6.44%
MSCI Global Energy Producers
500,000
2,732
6.43
MSCI Global Metals & Mining Producers
4,800,000
171,311
6.43
41
2024 iShares Annual Financial Statements
Notes to Financial Statements  (continued)
10. PRINCIPAL RISKS
In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.
BFA uses an indexing approach to try to achieve each Fund’s investment objective. The Fund is not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.
The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to discretionary liquidity fees under certain circumstances.
Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.
The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore each Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by each Fund, and each Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. Each Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.
Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.
With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.
Geographic/Asset Class Risk:  A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.
Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedule of Investments.
Certain Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed
Notes to Financial Statements
42
Notes to Financial Statements  (continued)
and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.
Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors.  When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. 
Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.
11. CAPITAL SHARE TRANSACTIONS
Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.
Transactions in capital shares were as follows: 
 
Year Ended
08/31/24
Year Ended
08/31/23
iShares ETF
Shares
Amount
Shares
Amount
MSCI Agriculture Producers
Shares sold
—
$—
850,000
$36,503,951
Shares redeemed
(2,400,000
)
(88,547,923
)
(2,300,000
)
(95,428,458
)
 
(2,400,000
)
$(88,547,923
)
(1,450,000
)
$(58,924,507
)
MSCI Global Energy Producers
Shares sold
400,000
$10,638,628
—
$—
Shares redeemed
(1,150,000
)
(28,442,493
)
(500,000
)
(11,821,581
)
 
(750,000
)
$(17,803,865
)
(500,000
)
$(11,821,581
)
MSCI Global Gold Miners
Shares sold
1,900,000
$51,706,604
3,200,000
$79,037,668
Shares redeemed
(1,900,000
)
(58,693,655
)
(5,900,000
)
(126,214,714
)
 
—
$(6,987,051
)
(2,700,000
)
$(47,177,046
)
MSCI Global Metals & Mining Producers
Shares sold
4,850,000
$215,694,745
10,250,000
$438,068,874
Shares redeemed
(16,600,000
)
(667,932,528
)
(7,300,000
)
(293,136,636
)
 
(11,750,000
)
$(452,237,783
)
2,950,000
$144,932,238
MSCI Global Silver and Metals Miners
Shares sold
2,100,000
$24,421,903
600,000
$5,690,863
Shares redeemed
(800,000
)
(9,166,495
)
(1,500,000
)
(15,569,147
)
 
1,300,000
$15,255,408
(900,000
)
$(9,878,284
)
The consideration for the purchase of Creation Units of a fund in the Company generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash.  Certain funds in the Company may be offered in Creation Units solely or partially for cash in U.S. dollars.  Authorized Participants purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Company’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash.  Authorized Participants transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.
To the extent applicable, to facilitate the timely settlement of orders for Funds using a clearing facility outside of the continuous net settlement process, the Funds, at their sole discretion, may permit an Authorized Participant to post cash as collateral in anticipation of the delivery of all or a portion of the applicable Deposit Securities or Fund Securities, as further described in the applicable Authorized Participant Agreement. The collateral process is subject to a Control Agreement among the Authorized
43
2024 iShares Annual Financial Statements
Notes to Financial Statements  (continued)
Participant, each Funds’ custodian, and the Funds. In the event that the Authorized Participant fails to deliver all or a portion of the applicable Deposit Securities or Fund Securities, the Funds may exercise control over such collateral pursuant to the terms of the Control Agreement in order to purchase the applicable Deposit Securities or Fund Securities.
From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.
12. FOREIGN WITHHOLDING TAX CLAIMS
Certain of the outstanding foreign tax reclaims are not deemed by the Funds to meet the recognition criteria under U.S. GAAP as of August 31, 2024 and have not been recorded in the applicable Fund’s net asset value. The recognition by the Funds of these amounts would have a positive impact on the applicable Fund's performance. If a Fund receives a tax refund that has not been previously recorded, investors in the Fund at the time the claim is successful will benefit from any resulting increase in the Fund’s NAV. Investors who sold their shares prior to such time will not benefit from such NAV increase.
The Internal Revenue Service (“IRS”) has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which iShares MSCI Global Metals & Mining Producers ETF is able to pass through to shareholders as a foreign tax credit in the current year, the Fund will be able to offset the prior years' withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Fund.
The iShares MSCI Global Energy Producers ETF is seeking a closing agreement with the Internal Revenue Service (“IRS”) to address any prior years' U.S. income tax liabilities attributable to Fund shareholders resulting from the recovery of foreign taxes. The closing agreement would result in the Fund paying a compliance fee to the IRS, on behalf of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by Fund shareholders on their tax returns in prior years. The Fund has accrued a liability for the estimated IRS compliance fee related to foreign withholding tax claims, which is disclosed in the Statements of Assets and Liabilities. The actual IRS compliance fee may differ from the estimate and that difference may be material.
13. SUBSEQUENT EVENTS
Management’s evaluation of the impact of all subsequent events on the Funds’ financial statements was completed through the date the financial statements were available to be issued and the following item was noted:
Effective October 16, 2024, the Syndicated Credit Agreement to which the Participating Funds are party was amended to extend the maturity date to October 15, 2025 under the same terms.
Notes to Financial Statements
44
Report of Independent Registered Public Accounting Firm
To the Board of Directors of 
iShares, Inc. and Shareholders of each of the five funds listed in the table below
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (five of the funds constituting iShares Inc., hereafter collectively referred to as the “Funds”) as of August 31, 2024, the related statements of operations for the year ended August 31, 2024, the statements of changes in net assets for each of the two years in the period ended August 31, 2024, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of August 31, 2024, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2024 and each of the financial highlights for each of the five years in the period ended August 31, 2024 in conformity with accounting principles generally accepted in the United States of America.   
iShares MSCI Agriculture Producers ETF
iShares MSCI Global Energy Producers ETF
iShares MSCI Global Gold Miners ETF
iShares MSCI Global Metals & Mining Producers ETF
iShares MSCI Global Silver and Metals Miners ETF
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. 
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
October 24, 2024
We have served as the auditor of one or more BlackRock investment companies since 2000.
45
2024 iShares Annual Financial Statements
Important Tax Information (unaudited)
The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended August 31, 2024: 
iShares ETF
Qualified Dividend
Income
MSCI Agriculture Producers
$2,846,911
MSCI Global Energy Producers
3,945,744
MSCI Global Gold Miners
10,230,079
MSCI Global Metals & Mining Producers
34,051,361
MSCI Global Silver and Metals Miners
2,280,004
The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended August 31, 2024: 
iShares ETF
Foreign Source
Income Earned
Foreign
Taxes Paid
MSCI Global Gold Miners
$7,897,065
$759,757
MSCI Global Metals & Mining Producers
38,854,636
2,726,401
MSCI Global Silver and Metals Miners
1,848,877
299,025
The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended August 31, 2024 qualified for the dividends-received deduction for corporate shareholders: 
iShares ETF
Dividends-Received
Deduction
MSCI Agriculture Producers
56.02
%
MSCI Global Energy Producers
48.45
%
MSCI Global Gold Miners
27.77
%
MSCI Global Metals & Mining Producers
8.00
%
MSCI Global Silver and Metals Miners
14.76
%
Important Tax Information
46
Additional Information
Premium/Discount Information
Information on the Fund's net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.
Regulation under the Alternative Investment Fund Managers Directive
The Alternative Investment Fund Managers Directive, and its United Kingdom (“UK”) equivalent, (the “AIFMD”) impose detailed and prescriptive obligations on fund managers established in the European Union (the “EU”) and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the “Company”). However, the Company is required to comply with certain disclosure, reporting and transparency obligations of the AIFMD because it has registered the iShares MSCI Global Metals & Mining Producers ETF (the “Fund”) to be marketed to investors in the EU and/or UK.
Report on Remuneration
BlackRock has a clear and well-defined pay-for-performance philosophy, and compensation programs which support that philosophy.
BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management and staff who have the ability to materially affect the risk profile of the Fund, a significant percentage of variable remuneration is deferred over time. All employees are subject to a clawback policy.
Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock’s full-year financial results and other non-financial goals and objectives.  Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities.  No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.
Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock's independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.
Each of the control functions (Enterprise Risk, Legal & Compliance, Finance, Human Resources and Internal Audit) each have their own organizational structures which are independent of the business units and therefore staff members in control functions are remunerated independently of the businesses they oversee. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock's independent remuneration committee.
The Company is required under the AIFMD to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year. BlackRock bases its proportionality approach on a combination of factors that it is entitled to take into account based on relevant guidelines.
Remuneration information at an individual Fund level is not readily available.  Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; (c) staff who have the ability to materially affect the risk profile of the Fund; and (d) staff of companies to which portfolio management and risk management has been formally delegated.
All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Fund is included in the aggregate figures disclosed.
Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Conversely, members of staff and senior management of the broader BlackRock group may provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the broader BlackRock group and of the Company.  Therefore, the figures disclosed are a sum of individuals’ portion of remuneration attributable to the Company according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company and the broader BlackRock group. Accordingly, the figures are not representative of any individual’s actual remuneration or their remuneration structure.
The amount of the total remuneration awarded to the Company’s staff in respect of the Company’s financial year ending December 31, 2023 was USD 5.43m.  This figure is comprised of fixed remuneration of USD 0.74m and variable remuneration of USD 4.68m. There was a total of 8 beneficiaries of the remuneration described above.
The amount of the aggregate remuneration awarded by the Company in respect of the Company’s financial year ending December 31, 2023, to its senior management was USD 3.66m, and to other members of its staff whose actions potentially have a material impact on the risk profile of the Company or its funds was USD 1.77m.
47
2024 iShares Annual Financial Statements
Additional Information (continued)
Electronic Delivery
Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.
To enroll in electronic delivery:
 • Go to icsdelivery.com.
 • If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor. 
Changes in and Disagreements with Accountants
Not applicable.
Proxy Results
Not applicable.
Remuneration Paid to Directors, Officers, and Others
Because BFA has agreed in the Investment Advisory Agreements to cover all operating expenses of the Funds, subject to certain exclusions as provided for therein, BFA pays the compensation to each Independent Director for services to the Funds from BFA's investment advisory fees.
Availability of Portfolio Holdings Information
A description of the Company’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets, when available, at iShares.com.
Additional Information
48
Board Review and Approval of Investment Advisory Contract
iShares MSCI Agriculture Producers ETF, iShares MSCI Global Energy Producers ETF, iShares MSCI Global Gold Miners ETF, iShares MSCI Global Metals & Mining Producers ETF, iShares MSCI Global Silver and Metals Miners ETF
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company's Board of Directors (the “Board”), including a majority of Board Members who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Company and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings held on May 6, 2024 and May 17, 2024, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meeting, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide. At a meeting held on June 4-5, 2024, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.
After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.
Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.
In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2023, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.
Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA’s business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 6, 2024
49
2024 iShares Annual Financial Statements
Board Review and Approval of Investment Advisory Contract (continued)
meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services, as well as BlackRock’s continued investments in its ETF business.
Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).
Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.
The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”).
The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.
The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.
Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue
Board Review and Approval of Investment Advisory Contract
50
Board Review and Approval of Investment Advisory Contract (continued)
received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.
Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.
51
2024 iShares Annual Financial Statements
Glossary of Terms Used in this Report
 
Portfolio Abbreviation
ADR
American Depositary Receipt
GDR
Global Depositary Receipt
JSC
Joint Stock Company
NVDR
Non-Voting Depositary Receipt
NVS
Non-Voting Shares
PJSC
Public Joint Stock Company
Glossary of Terms Used in this Report
52
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Want to know more?
iShares.com | 1-800-474-2737
This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.
Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc.,  nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
 
 

August 31, 2024
 
 
2024 Annual Financial Statements
 
iShares, Inc.
• iShares MSCI Russia ETF | ERUS |
Table of Contents
 
 
Page
3
5
6
7
8
9
10
15
16
17
20
2
Schedule of Investments
August 31, 2024
iShares® MSCI Russia ETF
(Percentages shown are based on Net Assets)
 
Security
Shares
Value
Common Stocks
Banks — 0.4%
Sberbank of Russia PJSC(a)(b)
18,835,860
$2,078
TCS Group Holding PLC, GDR(a)(b)
289,152
32
VTB Bank PJSC(a)(b)
1,661,569
—
 
2,110
Broadline Retail — 0.0%
Ozon Holdings PLC, ADR(a)(b)
106,824
12
Capital Markets — 0.1%
Moscow Exchange MICEX-RTS PJSC(a)(b)
4,737,800
523
Chemicals — 0.0%
PhosAgro PJSC(a)(b)
148,802
16
PhosAgro PJSC, New(a)(b)
2,875
29
PhosAgro PJSC, GDR(a)(b)
2
—
 
45
Consumer Staples Distribution & Retail — 0.0%
X5 Retail Group NV, GDR(a)(b)
374,475
42
Electric Utilities — 2.9%
Inter RAO UES PJSC(a)(b)
136,938,300
15,106
Interactive Media & Services — 0.0%
VK Co. Ltd.(a)(b)
393,252
43
Yandex NV(a)(b)
361,376
40
 
83
Metals & Mining — 0.4%
Alrosa PJSC(a)(b)
7,486,250
826
GMK Norilskiy Nickel PAO(a)(b)
9,643,700
11
Novolipetsk Steel PJSC(a)(b)
4,388,590
484
Polyus PJSC(a)(b)
89,129
10
Severstal PAO(a)(b)
604,068
66
United Co. RUSAL International PJSC(a)(b)
5,811,330
641
 
2,038
Oil, Gas & Consumable Fuels — 1.1%
Gazprom PJSC(a)(b)
24,553,290
2,709
LUKOIL PJSC(a)(b)
856,438
94
Novatek PJSC(a)(b)
1,250,860
138
Security
Shares
Value
Oil, Gas & Consumable Fuels (continued)
Rosneft Oil Co. PJSC(a)(b)
2,566,222
$283
Surgutneftegas PJSC(a)(b)
21,799,946
2,405
Tatneft PJSC(a)(b)
3,516,781
388
 
6,017
Wireless Telecommunication Services — 0.1%
Mobile TeleSystems PJSC(a)(b)
2,776,444
306
Total Common Stocks — 5.0%
(Cost: $429,809,826)
26,282
Preferred Stocks
Oil, Gas & Consumable Fuels — 0.4%
Surgutneftegas PJSC, Preference Shares, NVS(a)(b)
21,745,700
2,399
Total Preferred Stocks — 0.4%
(Cost: $11,913,762)
2,399
Total Long-Term Investments — 5.4%
(Cost: $441,723,588)
28,681
Short-Term Securities
Money Market Funds — 92.5%
BlackRock Cash Funds: Treasury, SL Agency Shares,
5.25%(c)(d)
490,000
490,000
Total Short-Term Securities — 92.5%
(Cost: $490,000)
490,000
Total Investments — 97.9%
(Cost: $442,213,588)
518,681
Other Assets Less Liabilities — 2.1%
11,221
Net Assets — 100.0%
$529,902
 
(a)
Security is valued using significant unobservable inputs and is classified as Level 3 in the
fair value hierarchy.
(b)
Non-income producing security.
(c)
Affiliate of the Fund.
(d)
Annualized 7-day yield as of period end.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2024 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 Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
08/31/24
Shares
Held at
08/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Treasury, SL Agency Shares
$450,000
$40,000
(a)
$—
$—
$—
$490,000
490,000
$89,678
$—
 
(a)
Represents net amount purchased (sold).
3
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI Russia ETF
 
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets 
Investments 
Long-Term Investments 
Common Stocks
$—
$—
$26,282
$26,282
Preferred Stocks
—
—
2,399
2,399
Short-Term Securities 
Money Market Funds
490,000
—
—
490,000
 
$490,000
$—
$28,681
$518,681
A reconciliation of Level 3 financial instruments is presented when the Fund had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the year in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value: 
 
Common
Stocks
Preferred
Stocks
Total
Assets:
Opening balance, as of August 31, 2023
$25,825
$2,268
$28,093
Transfers into Level 3
—
—
—
Transfers out of Level 3
—
—
—
Accrued discounts/premiums
—
—
—
Net realized gain (loss)
(15,739,747
)
—
(15,739,747
)
Net change in unrealized appreciation (depreciation)(a)(b)
23,728,445
131
23,728,576
Purchases
—
—
—
Sales
(7,988,241
)
—
(7,988,241
)
Closing balance, as of August 31, 2024
$26,282
$2,399
$28,681
Net change in unrealized appreciation (depreciation) on investment still held at August 31, 2024
$565
$131
$696
(a) Included in the related net change in unrealized appreciation (depreciation) in the Statement of Operations.
(b) Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at August 31, 2024 is gen-
erally due to investments no longer held or categorized as Level 3 at period end.
 
See notes to financial statements.
Schedule of Investments
4
Statement of Assets and Liabilities
August 31, 2024
 
 
iShares
MSCI Russia
ETF
ASSETS
 
Investments, at value—unaffiliated(a)
$28,681
Investments, at value—affiliated(b)
490,000
Cash
8,733
Foreign currency, at value(c)
296
Receivables:
 
Dividends—affiliated
2,192
Total assets
529,902
Commitments and contingent liabilities
 
NET ASSETS
$529,902
NET ASSETS CONSIST OF
 
Paid-in capital
$606,656,063
Accumulated loss
(606,126,161)
NET ASSETS
$529,902
NET ASSET VALUE
 
Shares outstanding
13,750,000
Net asset value
$0.04
Shares authorized
1 billion
Par value
$0.001
(a) Investments, at cost—unaffiliated
$441,723,588
(b) Investments, at cost—affiliated
$490,000
(c) Foreign currency, at cost
$272
See notes to financial statements.
5
2024 iShares Annual Financial Statements
Statement of Operations
Year Ended August 31, 2024  
 
 
iShares
MSCI Russia
ETF
INVESTMENT INCOME
Dividends—affiliated
$89,678
Interest—unaffiliated
792
Total investment income
90,470
EXPENSES
Investment advisory
10,049
Total expenses
10,049
Less:
Investment advisory fees waived
(10,049
)
Total expenses after fees waived
—
Net investment income
90,470
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments—unaffiliated
(15,739,747
)
 
(15,739,747
)
Net change in unrealized appreciation (depreciation) on:
Investments—unaffiliated
23,728,576
Foreign currency translations
6
 
23,728,582
Net realized and unrealized gain
7,988,835
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
$8,079,305
See notes to financial statements.
Statement of Operations
6
Statements of Changes in Net Assets
 
 
iShares
MSCI Russia ETF
 
Year Ended
08/31/24
Year
Ended
08/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$90,470
$19,157
Net realized loss
(15,739,747
)
—
Net change in unrealized appreciation (depreciation)
23,728,582
(16,024
)
Net increase in net assets resulting from operations
8,079,305
3,133
DISTRIBUTIONS TO SHAREHOLDERS(a)
From net investment income
(90,470
)
—
Liquidating distribution
(7,947,037
)
—
Decrease in net assets resulting from distributions to shareholders
(8,037,507
)
—
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions
—
—
NET ASSETS
Total increase in net assets
41,798
3,133
Beginning of year
488,104
484,971
End of year
$529,902
$488,104
 
(a)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
See notes to financial statements.
7
2024 iShares Annual Financial Statements
Statement of Cash Flows
Year Ended August 31, 2024
 
 
iShares
MSCI Russia ETF
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES
Net increase in net assets resulting from operations
$8,079,305
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities:
Proceeds from sales of long-term investments(a)
7,988,241
Net purchases of short-term securities
(40,000
)
Net realized (gain) loss on investments
15,739,747
Net change in unrealized (appreciation) depreciation on investments
(23,728,576
)
(Increase) decrease in assets:
Receivables:
Dividends—affiliated
(136
)
Net cash provided by operating activities
8,038,581
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES
Cash dividends paid to shareholders
(8,037,507
)
Net cash used for financing activities
(8,037,507
)
CASH AND FOREIGN CURRENCY
Net increase in restricted and unrestricted cash and foreign currency
$1,074
Restricted and unrestricted cash and foreign currency at beginning of year
7,955
Restricted and unrestricted cash and foreign currency at end of year
$9,029
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF YEAR TO THE STATEMENT OF
ASSETS AND LIABILITIES
Cash
$8,733
Foreign currency, at value
296
 
$9,029
 
(a)
Excludes in-kind transactions, if any.
See notes to financial statements.
Statements of Changes in Net Assets
8
Financial Highlights
(For a share outstanding throughout each period)
 
 
iShares MSCI Russia ETF
 
Year Ended
08/31/24
Year Ended
08/31/23
Year Ended
08/31/22
Year Ended
08/31/21
Year Ended
08/31/20
Net asset value, beginning of year
$0.04
$0.04
$45.29
$34.87
$37.81
Net investment income(a)
0.01
0.00
(b)
0.86
2.05
1.87
Net realized and unrealized gain (loss)
0.57
(0.00
)(b)
(44.38
)(c)
10.24
(c)
(1.99
)(c)
Net increase (decrease) from investment operations
0.58
0.00
(b)
(43.52
)
12.29
(0.12
)
Distributions(d)
From net investment income
(0.01
)
—
(1.70
)
(1.87
)
(2.82
)
Liquidating distribution
(0.57
)
—
(0.03
)
—
—
Total distributions
(0.58
)
—
(1.73
)
(1.87
)
(2.82
)
Net asset value, end of year
$0.04
$0.04
$0.04
$45.29
$34.87
Total Return(e)
Based on net asset value
8,908.28
%(f)
0.64
%
(99.85
)%
36.07
%
(1.28
)%
Ratios to Average Net Assets(g)
Total expenses
0.59
%
0.59
%
0.58
%
0.57
%
0.59
%
Total expenses after fees waived(h)
0.00
%
0.00
%
0.50
%
0.57
%
0.59
%
Net investment income
5.33
%
3.94
%
4.01
%
5.26
%
4.97
%
Supplemental Data
Net assets, end of year (000)
$530
$488
$485
$586,497
$467,203
Portfolio turnover rate(i)
0
%
0
%
7
%
25
%
30
%
(a) Based on average shares outstanding.
(b) Rounds to less than $0.01.
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(e) Where applicable, assumes the reinvestment of distributions.
(f) Total Return includes the impact of proceeds from the sale of certain investments, which were previously being fair valued at a nominal value with all other local Russian equities and
Russian exposed ADR and GDR securities. See Plan of Liquidation section in the Notes to the Financial Statements for more information.
(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(h) Effective March 3, 2022, BFA implemented a voluntary waiver of its investment advisory fee for the Fund which was applied to management fees starting with February 1, 2022 for the
year ended August 31, 2022,  August 31, 2023 and August 31, 2024.
(i) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
9
2024 iShares Annual Financial Statements
Notes to Financial Statements
1. ORGANIZATION
iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is organized as a Maryland corporation and is authorized to have multiple series or portfolios.
These financial statements relate only to the following fund (the “Fund”):  
iShares ETF
Diversification
Classification
MSCI Russia
Non-diversified
2. PLAN OF LIQUIDATION 
Russia launched a large-scale invasion of Ukraine on February 24, 2022, creating circumstances that have significantly impacted the Fund's operations. The United States, and many other countries, imposed economic sanctions on certain Russian individuals and Russian corporate and banking entities, including banning Russia from global payment systems that facilitate cross-border payments. In response, the Russian government imposed capital controls to restrict movements of capital from entering and exiting the country and has closed trading sessions for local Russian equities to non-residents. In addition, trading of depository receipts for Russian-based companies halted on primary trading platforms subsequent to Russia’s invasion.
The consequences of Russia's invasion and unprecedented market and policy responses of various governments and regulators precipitated the absence of a functioning or orderly market to facilitate the liquidation and repatriation of securities for any Russian-based company held by the Fund. As a result, the fair value of Russian securities and currency experienced significant declines.
Additionally, since February 24, 2022, the following events occurred: (i) the Fund suspended new creations of its shares; (ii) NYSE Arca, Inc. announced a trading halt of the Fund; (iii) BFA wrote down the value of all Russian equity securities to a nominal investment value; (iv) BFA implemented a voluntary waiver of its investment advisory fee for the Fund; (v) Russia signed into law a requirement of Russian issuers to terminate deposit agreements related to their depository receipt program, with holders receiving local shares of most Russian issuers in place of the depository receipts; (vi) the Fund was removed as a borrower from the line of credit facility as the trading halt by NYSE Arca, Inc. resulted in technical default under the Syndicated Credit Agreement; (vii) the Fund’s underlying index, the MSCI Russia 25/50 Index, was discontinued by the index provider, (viii) the Fund suspended redemptions pursuant to an order of the SEC; (ix) NYSE Arca, Inc. delisted the Fund.
On June 15, 2022, the Board unanimously voted to close and liquidate the Fund, contingent on receiving any necessary relief from the SEC, due to the discontinuation of the MSCI Russia 25/50 Index and ongoing restrictions relating to Russian securities. On August 3, 2022, the SEC granted exemptive relief to the Fund permitting the Fund to suspend the right of redemption with respect to shares of the Fund.  On August 17, 2022, the Fund made an initial liquidating distribution to shareholders of available cash, less a reserve estimated to meet the Fund’s expected transaction costs associated with the liquidation.
The Fund participated in a tender offer on Magnit PJSC, in which proceeds from the shares tendered were booked into the Fund's net asset value ("NAV") on November 20, 2023. On March 4, 2024 and March 13, 2024, the Fund sold all shares of Polymetal International PLC.  On December 21, 2023 and June 11, 2024, the Fund made a liquidating distribution to shareholders of available cash, less a reserve estimated to the meet the Fund's expected transaction costs associated with the liquidation.
BFA intends to recommend to the Board that the Fund remain in liquidation through December 31, 2025, to allow the Fund to sell its securities, if conditions permit. There are no assurances that the securities will become liquid during that time. If the Fund's Russian securities have not been sold or are unable to be converted as of the date the Fund is terminated, the Fund's remaining portfolio assets will be permanently written off, in each case as determined by BFA and approved by the Board. The Fund may be terminated sooner if all of the Russian securities have been sold before that date (or they cease to represent valid interests in their issuers). While the Fund is in the process of liquidating its portfolio, the Fund will hold cash and securities that may not be consistent with the Fund's investment objective and prior investment strategies. As a result of the delisting by NYSE Arca, Inc. the Fund is no longer considered an exchange-traded fund.
3. SIGNIFICANT ACCOUNTING POLICIES
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period.  Actual results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method.  Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Fund is informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Interest income, including amortization and accretion of premiums and discounts on debt securities, is
Notes to Financial Statements
10
Notes to Financial Statements  (continued)
recognized daily on an accrual basis. Certain Russian securities held by the Fund declared dividends during the period, however there is no assurance these dividends can be collected by the Fund due to restrictions imposed by the Russian government. As a result, the Fund has not accrued any investment income associated with these Russian securities.
Foreign Currency Translation: The Fund's books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.
The Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statement of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. The Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.  
Distributions: Dividends and distributions paid by the Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Fund. On December 21, 2023 and June 11, 2024, the Fund made a liquidating distribution to shareholders of available cash, less a reserve estimated to the meet the Fund's expected transaction costs associated with the liquidation.
Indemnifications: In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnification. The Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against the Fund, which cannot be predicted with any certainty.
4. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS
Investment  Valuation Policies: The Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Directors of the Company (the “Board”) of the Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Fund’s investment adviser, as the valuation designee for the Fund. The Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of the Fund’s assets and liabilities:
• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.
• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.
Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Fund uses current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.
If events (e.g., market volatility, company announcement, war or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that the Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.
Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.
During the period, the Valuation Committee determined that the local Russian equities and Russian exposed ADR and GDR securities did not have a market for which the Fund could transact and deemed them illiquid.  As of August 31, 2024, the securities are being fair valued at a nominal value using a discount of 99% or higher due to illiquidity and uncertainty measures.
Fair  Value Hierarchy: 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:
11
2024 iShares Annual Financial Statements
Notes to Financial Statements  (continued)
• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the 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 that may not have a secondary market and/or may have 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.
5. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Company, BlackRock Fund Advisors (“BFA”) manages the investment of the Fund’s assets. BFA is a California corporation indirectly owned by BlackRock, Inc. (“BlackRock”). Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Fund, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent directors).
For its investment advisory services to the Fund, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows: 
Aggregate Average Daily Net Assets
Investment Advisory Fees
First $2 billion
0.7400%
Over $2 billion, up to and including $4 billion
0.6900
Over $4 billion, up to and including $8 billion
0.6400
Over $8 billion, up to and including $16 billion
0.5700
Over $16 billion, up to and including $24 billion
0.5100
Over $24 billion, up to and including $32 billion
0.4800
Over $32 billion, up to and including $40 billion
0.4500
Over $40 billion
0.4275
Expense Waivers: Effective March 3, 2022, BFA implemented a voluntary waiver of its investment advisory fee for the Fund, which was applied to management fees for the year ended August 31, 2024.
This amount is included in investment advisory fees waived in the Statement of Operations. For the year ended August 31, 2024, the amount waived in investment advisory fees pursuant to this arrangement were as follows: 
iShares ETF
Amounts Waived
MSCI Russia
$10,049
Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for the Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Fund.
Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.
Other Transactions:  The Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate.  The income earned on these temporary cash investments is shown as dividends – affiliated in the Statement of Operations.
6. PURCHASES AND SALES
For the year ended August 31, 2024, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows: 
iShares ETF
Sales
MSCI Russia
$7,988,241
Notes to Financial Statements
12
Notes to Financial Statements  (continued)
There were no in-kind transactions for the year ended August 31, 2024.
7. INCOME TAX INFORMATION
The Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes.  It is the Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.
Management has analyzed tax laws and regulations and their application to the Fund as of August 31, 2024, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund’s financial statements. Management’s analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Fund’s NAV.
The tax character of distributions paid was as follows:  
iShares ETF
Year Ended
08/31/24
Year Ended
08/31/23
MSCI Russia
Ordinary income
$90,470
$—
Liquidating distribution
7,947,037
—
 
$8,037,507
$—
As of August 31, 2024, the tax components of accumulated net earnings (losses) were as follows: 
iShares ETF
Non-expiring
Capital Loss
Carryforwards(a)
Net Unrealized
Gains (Losses)(b)
Total
MSCI Russia
$(151,792,207)
$(454,333,954)
$(606,126,161)
 
(a)
Amounts available to offset future realized capital gains.
(b)
The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales.
A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.
As of August 31, 2024, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows: 
iShares ETF
Tax Cost
Gross Unrealized
Appreciation
Gross Unrealized
Depreciation
Net Unrealized
Appreciation
(Depreciation)
MSCI Russia
$454,852,659
$—
$(454,333,978)
$(454,333,978)
8. PRINCIPAL RISKS
In the normal course of business, the Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments. The Fund’s prospectus provides details of the risks to which the Fund is subject.
BFA uses an indexing approach to try to achieve the Fund’s investment objective. The Fund is not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.
Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience
13
2024 iShares Annual Financial Statements
Notes to Financial Statements  (continued)
significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.
The price the Fund could receive upon the sale of any particular portfolio investment may differ from the Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by the Fund, and the Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. The Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.
Geographic/Asset Class Risk:  A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within the Fund’s portfolio are disclosed in its Schedule of Investments.
The Fund invests a significant portion of its assets in issuers located in a single country or a limited number of countries. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund's investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities.
The Fund invests a significant portion of its assets in securities of issuers located in Russia or with significant exposure to Russian issuers or countries. Russia launched a large-scale invasion of Ukraine on February 24, 2022. Governments in the U.S. and many other countries have imposed economic sanctions on certain Russian individuals and Russian corporate and banking entities. Jurisdictions have instituted broader sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border payments. The extent and duration of the military action, resulting sanctions and resulting future market disruptions, including declines in Russia's stock markets and the value of the ruble against the U.S. dollar, are impossible to predict, but have been, and may continue to be, significant. Any such disruptions caused by the Russian military action or any response to such activity from the international community may negatively impact Russia's economy and Russian issuers of securities in which the Fund invests.
The Fund invests a significant portion of its assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.
9. CAPITAL SHARE TRANSACTIONS
On March 1, 2022, the Fund suspended new creations of its shares. On August 3, 2022, the SEC granted exemptive relief to the Fund permitting the Fund to suspend the right of redemption with respect to shares of the Fund. Refer to Note 2 for more information.
10. SUBSEQUENT EVENTS
Management’s evaluation of the impact of all subsequent events on the Fund’s financial statements was completed through the date the financial statements were available to be issued and the following item was noted:
The Fund was able to dispose of certain Russian investments in accordance with applicable sanctions laws after the period ended, resulting in proceeds of $38,294,776  and a realized loss from investments - unaffiliated of $(208,036,138). This transaction involved a limited number of securities and does not affect the reported value of the remaining holdings.
Notes to Financial Statements
14
Report of Independent Registered Public Accounting Firm
To the Board of Directors of
iShares, Inc. and Shareholders of iShares MSCI Russia ETF
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of iShares MSCI Russia ETF (one of the funds constituting iShares, Inc., referred to hereafter as the "Fund") as of August 31, 2024, the related statements of operations and cash flows for the year ended August 31, 2024, the statement of changes in net assets for each of the two years in the period ended August 31, 2024, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2024, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2024 and the financial highlights for each of the five years in the period ended August 31, 2024 in conformity with accounting principles generally accepted in the United States of America. 
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2024 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.
Emphasis of Matter
As discussed in Note 2 to the financial statements, due to the Russia invasion of Ukraine, the Board unanimously voted to close and liquidate the Fund, and management is in process of executing its liquidation plan.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
October 24, 2024
We have served as the auditor of one or more BlackRock investment companies since 2000.
15
2024 iShares Annual Financial Statements
Additional Information
Electronic Delivery
Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.
To enroll in electronic delivery:
 • Go to icsdelivery.com.
 • If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor. 
Changes in and Disagreements with Accountants
Not applicable.
Proxy Results
Not applicable.
Remuneration Paid to Directors, Officers, and Others
Because BFA has agreed in the Investment Advisory Agreements to cover all operating expenses of the Fund, subject to certain exclusions as provided for therein, BFA pays the compensation to each Independent Director for services to the Fund from BFA's investment advisory fees.
Availability of Portfolio Holdings Information
A description of the Company’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets, when available, at iShares.com.
Additional Information
16
Board Review and Approval of Investment Advisory Contract
iShares MSCI Russia ETF (the “Fund”)
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company's Board of Directors (the “Board”), including a majority of Board Members who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Company and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements.  The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement.  At meetings held on May 6, 2024 and May 17, 2024, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meeting, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide.  At a meeting held on June 4-5, 2024, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.
After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members.  The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates.  The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The Independent Board Members additionally considered factors unique to the Fund, including:  (i) that the Fund is currently in the process of liquidation, subject to a Board-approved Plan of Liquidation, SEC exemptive relief and other relevant law and regulation; and (ii) BFA began voluntarily waiving management fees paid pursuant to Advisory Agreement beginning on March 3, 2022, which was applied to management fees from February 1, 2022 to present. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.
Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”).  The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.
In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2023, to that of such relevant comparison fund(s) for the same periods.  The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index.  Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered.  The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.
Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA’s business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years.  In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters.  The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 6, 2024
17
2024 iShares Annual Financial Statements
Board Review and Approval of Investment Advisory Contract (continued)
meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services, as well as BlackRock’s continued investments in its ETF business.
Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year.  The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix.  The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).
Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time.  The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase.  The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.
The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”).
The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.  The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.
The Board considered the nature of the Fund’s advisory fee structure, and the Fund’s expenses generally borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.
Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community.  The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by
Board Review and Approval of Investment Advisory Contract
18
Board Review and Approval of Investment Advisory Contract (continued)
BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.
Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.
19
2024 iShares Annual Financial Statements
Glossary of Terms Used in this Report
 
Portfolio Abbreviation
ADR
American Depositary Receipt
GDR
Global Depositary Receipt
NVS
Non-Voting Shares
PJSC
Public Joint Stock Company
Glossary of Terms Used in this Report
20
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Want to know more?
iShares.com | 1-800-474-2737
This report is intended for the Fund’s shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.
Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc.,  nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
 
 

August 31, 2024
 
 
2024 Annual Financial Statements
 
iShares, Inc.
• iShares Frontier and Select EM ETF | FM | NYSE Arca
• iShares MSCI World ETF | URTH | NYSE Arca
Table of Contents
 
 
Page
3
22
23
24
25
27
37
38
39
41
46
2
Schedule of Investments
August 31, 2024
iShares® Frontier and Select EM ETF
(Percentages shown are based on Net Assets)
 
Security
Shares
Value
Common Stocks
Bangladesh — 0.5%
Bangladesh Export Import Co. Ltd.(a)
2,818,819
$1,205,782
Nigeria — 1.3%
Afriland Properties PLC(b)
8,020
10
Dangote Cement PLC(a)
11,858,887
2,912,957
 
2,912,967
Oman — 0.0%
Nizwa Sukuk Co., NVS(a)(b)
146,530
4
Vietnam — 0.1%
Vndirect Securities Corp.(b)
161,747
100,878
Total Long-Term Investments — 1.9%
(Cost: $7,673,921)
4,219,631
Short-Term Securities
Money Market Funds — 95.9%
BlackRock Cash Funds: Treasury, SL Agency Shares,
5.25%(c)(d)
212,570,000
212,570,000
Total Short-Term Securities — 95.9%
(Cost: $212,570,000)
212,570,000
Total Investments — 97.8%
(Cost: $220,243,921)
216,789,631
Other Assets Less Liabilities — 2.2%
4,828,699
Net Assets — 100.0%
$221,618,330
 
(a)
Security is valued using significant unobservable inputs and is classified as Level 3 in the
fair value hierarchy.
(b)
Non-income producing security.
(c)
Affiliate of the Fund.
(d)
Annualized 7-day yield as of period end.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2024 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 Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
08/31/24
Shares
Held at
08/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL
Agency Shares(a)
$—
$1,598
(b)
$—
$(1,598
)
$—
$—
—
$3,724
(c)
$—
BlackRock Cash Funds: Treasury, SL
Agency Shares
—
212,570,000
(b)
—
—
—
212,570,000
212,570,000
3,055,462
—
 
$(1,598
)
$—
$212,570,000
$3,059,186
$—
 
(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.
3
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® Frontier and Select EM ETF
 
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts
MSCI Emerging Markets Index
357
09/20/24
$19,635
$259,407
Forward Foreign Currency Exchange Contracts 
Currency Purchased
Currency Sold
Counterparty
Settlement Date
Unrealized
Appreciation
(Depreciation)
EGP
284,000,000
USD
5,163,636
Bank of America N.A.
01/27/25
$368,113
USD
4,939,130
EGP
284,000,000
Citibank N.A.
01/27/25
(592,619
)
 
 
 
 
$(224,506
)
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets—Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)
$—
$—
$259,407
$—
$—
$—
$259,407
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts
$—
$—
$—
$368,113
$—
$—
$368,113
 
$—
$—
$259,407
$368,113
$—
$—
$627,520
Liabilities—Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts
$—
$—
$—
$592,619
$—
$—
$592,619
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's
variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).
For the period ended August 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from
Futures contracts
$—
$—
$446,228
$—
$—
$—
$446,228
Forward foreign currency exchange contracts
—
—
—
(1,996,059
)
—
—
(1,996,059
)
 
$—
$—
$446,228
$(1,996,059
)
$—
$—
$(1,549,831
)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts
$—
$—
$959,483
$—
$—
$—
$959,483
Forward foreign currency exchange contracts
—
—
—
(3,423,252
)
—
—
(3,423,252
)
 
$—
$—
$959,483
$(3,423,252
)
$—
$—
$(2,463,769
)
Schedule of Investments
4
Schedule of Investments (continued)
August 31, 2024
iShares® Frontier and Select EM ETF
 
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$16,310,371
Forward foreign currency exchange contracts:
Average amounts purchased — in USD
$2,581,818
Average amounts sold — in USD
$3,704,348
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Derivative Financial Instruments - Offsetting as of Period End
The Fund's derivative assets and liabilities (by type) were as follows: 
 
Assets
Liabilities
Derivative Financial Instruments:
Futures contracts
$259,407
$—
Forward foreign currency exchange contracts
368,113
592,619
Total derivative assets and liabilities in the Statement of Assets and Liabilities
627,520
592,619
Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA")
(259,407
)
—
Total derivative assets and liabilities subject to an MNA
$368,113
$592,619
The following tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:  
Counterparty
Derivative
Assets
Subject to
an MNA by
Counterparty
Derivatives
Available
for Offset(a)
Non-Cash
Collateral
Received(b)
Cash
Collateral
Received
Net Amount
of Derivative
Assets(c)(d)
Bank of America N.A.
$368,113
$—
$(368,113
)
$—
$—
 
Counterparty
Derivative
Liabilities
Subject to
an MNA by
Counterparty
Derivatives
Available
for Offset(a)
Non-Cash
Collateral
Pledged
Cash
Collateral
Pledged(b)
Net Amount
of Derivative
Liabilities(d)(e)
Citibank N.A.
$592,619
$—
$—
$(510,000
)
$82,619
 
(a)
The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.
(b)
Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.
(c)
Net amount represents the net amount receivable from the counterparty in the event of default.
(d)
Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.
(e)
Net amount represents the net amount payable due to the counterparty in the event of default.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets 
Investments 
Long-Term Investments 
Common Stocks
$—
$100,888
$4,118,743
$4,219,631
Short-Term Securities 
Money Market Funds
212,570,000
—
—
212,570,000
 
$212,570,000
$100,888
$4,118,743
$216,789,631
5
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® Frontier and Select EM ETF
 
Fair Value Hierarchy as of Period End (continued)
 
Level 1
Level 2
Level 3
Total
Derivative Financial Instruments(a) 
Assets 
Equity Contracts
$259,407
$—
$—
$259,407
Foreign Currency Exchange Contracts
—
368,113
—
368,113
Liabilities 
Foreign Currency Exchange Contracts
—
(592,619
)
—
(592,619
)
 
$259,407
$(224,506
)
$—
$34,901
 
(a)
Derivative financial instruments are futures contracts and forward foreign currency exchange contracts. Futures contracts and forward foreign currency exchange contracts are
valued at the unrealized appreciation (depreciation) on the instrument.
A reconciliation of Level 3 financial instruments is presented when the Fund had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the year in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value: 
Assets
Common Stocks
Opening balance, as of August 31, 2023
$        —
Transfers into Level 3(a)
7,733,655
Transfers out of Level 3
—
Accrued discounts/premiums
—
Net realized gain (loss)
(10,829
)
Net change in unrealized appreciation (depreciation)(a)(b)
(3,573,294
)
Purchases
—
Sales
(30,789
)
Closing balance, as of August 31, 2024
$4,118,743
Net change in unrealized appreciation (depreciation) on investments still held at August 31, 2024(b)
$(3,573,294
)
(a) Included in the related net change in unrealized appreciation (depreciation) in the Statements of Operations.
(b) Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still
held at August 31, 2024 is generally due to investments no longer held or categorized as Level 3 at period end.
The Fund's financial instruments that are categorized as Level 3 were valued utilizing third-party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 financial investments.
The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) to determine the value of certain of the Fund’s Level 3 instruments as of period end. The table does not include Level 3 instruments with values based upon unadjusted third party pricing information in the amount of $4. A significant change in the third party information could result in a significantly lower or higher value of such Level 3 instruments. 
 
Value
Valuation
Approach
Unobservable
Inputs
Range of
Unobservable
Inputs Utilized(a)
Weighted Average of
Unobservable Inputs
Based on Fair Value
 
Assets
 
 
 
 
 
Common Stocks
$4,118,739
Income
Discount Rate
30%
-
 
 
Market
Revenue Multiple
4.00x
-
 
 
 
EBITDA Multiple
7.03x
-
 
 
$4,118,739
 
 
 
 
 
(a) A significant change in unobservable input would have resulted in a correlated (inverse) significant change to value.
See notes to financial statements.
Schedule of Investments
6
Schedule of Investments
August 31, 2024
iShares® MSCI World ETF
(Percentages shown are based on Net Assets)
 
Security
Shares
Value
Common Stocks
Australia — 1.9%
Ampol Ltd.
12,375
$242,122
ANZ Group Holdings Ltd.
160,666
3,297,724
APA Group
62,793
321,789
Aristocrat Leisure Ltd.
30,756
1,135,246
ASX Ltd.
9,873
408,750
BHP Group Ltd.
274,722
7,564,089
BlueScope Steel Ltd.
26,023
362,551
Brambles Ltd.
73,772
909,408
CAR Group Ltd.
18,816
482,911
Cochlear Ltd.
3,776
766,617
Coles Group Ltd.
68,045
863,897
Commonwealth Bank of Australia
89,880
8,465,103
Computershare Ltd.
27,944
537,232
CSL Ltd.
26,163
5,433,387
Dexus
53,639
260,698
Endeavour Group Ltd./Australia
95,094
342,881
Fortescue Ltd.
93,198
1,148,151
Goodman Group
91,422
2,062,466
GPT Group (The)
96,816
320,416
Insurance Australia Group Ltd.
131,203
670,492
James Hardie Industries PLC(a)
22,919
854,948
Lottery Corp. Ltd. (The)
114,516
385,663
Macquarie Group Ltd.
20,000
2,911,066
Medibank Pvt Ltd.
142,696
372,534
Mineral Resources Ltd.
8,724
235,474
Mirvac Group
199,066
273,349
National Australia Bank Ltd.
166,762
4,297,811
Northern Star Resources Ltd.
58,029
592,515
Orica Ltd.
30,559
366,558
Origin Energy Ltd.
90,701
611,521
Pilbara Minerals Ltd.(b)
169,838
340,029
Pro Medicus Ltd.(b)
3,069
314,049
Qantas Airways Ltd.(a)
48,779
220,690
QBE Insurance Group Ltd.
76,418
814,920
Ramsay Health Care Ltd.
10,012
281,055
REA Group Ltd.
2,699
399,778
Reece Ltd.
15,274
281,956
Rio Tinto Ltd.
20,234
1,514,849
Santos Ltd.
160,322
781,630
Scentre Group
259,427
601,118
SEEK Ltd.
17,382
270,658
Seven Group Holdings Ltd.
10,578
293,851
Sonic Healthcare Ltd.
23,294
435,876
South32 Ltd.
239,119
503,560
Stockland
128,990
435,612
Suncorp Group Ltd.
65,789
785,692
Telstra Group Ltd.
213,134
566,109
Transurban Group
166,009
1,517,206
Treasury Wine Estates Ltd.
42,756
329,852
Vicinity Ltd.
201,528
301,552
Washington H Soul Pattinson & Co. Ltd.
11,285
263,154
Wesfarmers Ltd.
60,905
2,987,790
Westpac Banking Corp.
186,506
3,932,132
WiseTech Global Ltd.
10,054
810,143
Woodside Energy Group Ltd.
100,933
1,849,017
Woolworths Group Ltd.
64,315
1,551,475
Xero Ltd.(a)
7,953
771,349
 
69,652,471
Austria — 0.1%
Erste Group Bank AG
17,567
961,525
Security
Shares
Value
Austria (continued)
OMV AG
7,536
$328,689
Verbund AG
3,484
296,148
voestalpine AG
6,077
148,280
 
1,734,642
Belgium — 0.2%
Ageas SA/NV
8,847
454,760
Anheuser-Busch InBev SA/NV
48,007
2,946,290
Argenx SE(a)
3,296
1,703,247
D'ieteren Group
1,194
289,860
Elia Group SA/NV
1,696
185,940
Groupe Bruxelles Lambert NV
5,768
445,375
KBC Group NV
12,853
1,000,825
Lotus Bakeries NV
19
239,021
Sofina SA
754
183,744
Syensqo SA
3,793
312,328
UCB SA
6,430
1,164,556
Warehouses De Pauw CVA
7,820
209,298
 
9,135,244
Canada — 3.0%
Agnico Eagle Mines Ltd./Mines Agnico Eagle Limited
27,165
2,213,273
Air Canada(a)
9,412
107,833
Alimentation Couche-Tard Inc.
41,482
2,367,982
AltaGas Ltd.
14,635
374,875
ARC Resources Ltd.
35,578
658,417
Bank of Montreal
38,028
3,180,452
Bank of Nova Scotia (The)
63,944
3,191,862
Barrick Gold Corp.
95,244
1,923,043
BCE Inc.
3,897
136,517
Brookfield Asset Management Ltd., Class A
17,902
729,816
Brookfield Corp., Class A
73,948
3,720,309
Brookfield Renewable Corp., Class A
7,184
204,914
BRP Inc.
1,786
129,532
CAE Inc.(a)
16,458
294,440
Cameco Corp.
24,683
1,007,174
Canadian Apartment Properties REIT
4,489
174,477
Canadian Imperial Bank of Commerce
50,159
2,931,416
Canadian National Railway Co.
29,336
3,456,583
Canadian Natural Resources Ltd.
114,814
4,155,847
Canadian Pacific Kansas City Ltd.
49,180
4,082,489
Canadian Tire Corp. Ltd., Class A, NVS
2,972
338,825
Canadian Utilities Ltd., Class A, NVS
6,763
170,624
CCL Industries Inc., Class B, NVS
7,860
449,384
Cenovus Energy Inc.
73,501
1,362,958
CGI Inc.(a)
11,154
1,256,641
Constellation Software Inc./Canada
1,094
3,572,407
Descartes Systems Group Inc. (The)(a)
5,016
505,787
Dollarama Inc.
14,791
1,498,142
Element Fleet Management Corp.
23,946
496,635
Emera Inc.
15,726
592,212
Empire Co. Ltd., NVS
8,762
244,333
Enbridge Inc.
117,177
4,714,382
Fairfax Financial Holdings Ltd.
1,176
1,419,734
First Quantum Minerals Ltd.
39,643
499,196
FirstService Corp.
2,056
370,619
Fortis Inc./Canada
26,560
1,168,707
Franco-Nevada Corp.
10,297
1,257,355
George Weston Ltd.
3,005
488,752
GFL Environmental Inc.
11,164
483,789
Gildan Activewear Inc.
11,049
503,565
Great-West Lifeco Inc.
15,498
509,451
Hydro One Ltd.(c)
17,226
585,555
7
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI World ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Canada (continued)
iA Financial Corp. Inc.
5,543
$426,033
IGM Financial Inc.
4,484
132,026
Imperial Oil Ltd.
10,385
782,160
Intact Financial Corp.
9,533
1,794,127
Ivanhoe Mines Ltd., Class A(a)(b)
31,842
424,592
Keyera Corp.
11,577
346,799
Kinross Gold Corp.
65,803
594,725
Loblaw Companies Ltd.
8,872
1,157,873
Lundin Mining Corp.
34,835
361,365
Magna International Inc.
14,674
616,729
Manulife Financial Corp.
97,626
2,695,554
MEG Energy Corp.(a)
15,006
298,862
Metro Inc./CN
12,516
786,261
National Bank of Canada
17,158
1,572,249
Northland Power Inc.
787
12,048
Nutrien Ltd.
26,761
1,296,101
Onex Corp.
3,953
279,304
Open Text Corp.
13,784
438,584
Pan American Silver Corp.
19,011
383,987
Parkland Corp.
8,006
216,658
Pembina Pipeline Corp.
30,995
1,248,632
Power Corp. of Canada
31,302
960,905
Quebecor Inc., Class B
8,866
220,194
RB Global Inc.
9,472
816,012
Restaurant Brands International Inc.
15,937
1,107,247
RioCan REIT
575
7,957
Rogers Communications Inc., Class B, NVS
18,112
734,210
Royal Bank of Canada
75,475
9,127,678
Saputo Inc.
12,911
287,124
Shopify Inc., Class A(a)
65,344
4,839,524
Stantec Inc.
5,781
473,453
Sun Life Financial Inc.
30,015
1,636,109
Suncor Energy Inc.
70,175
2,846,262
TC Energy Corp.
55,424
2,567,110
Teck Resources Ltd., Class B
24,176
1,157,628
TELUS Corp.
22,406
361,948
TFI International Inc.
4,259
630,325
Thomson Reuters Corp.
8,825
1,511,510
TMX Group Ltd.
14,099
449,758
Toromont Industries Ltd.
4,222
378,042
Toronto-Dominion Bank (The)
95,904
5,746,483
Tourmaline Oil Corp.
18,056
822,914
West Fraser Timber Co. Ltd.
3,148
278,558
Wheaton Precious Metals Corp.
24,893
1,538,484
WSP Global Inc.
6,725
1,121,091
 
113,015,499
Denmark — 1.0%
AP Moller - Maersk A/S, Class A
184
267,617
AP Moller - Maersk A/S, Class B, NVS
259
387,280
Carlsberg A/S, Class B
5,105
599,722
Coloplast A/S, Class B
7,114
968,613
Danske Bank A/S
34,464
1,075,699
Demant A/S(a)
5,585
236,147
DSV A/S
9,626
1,720,227
Genmab A/S(a)
3,635
1,010,939
Novo Nordisk A/S, Class B
173,317
24,075,489
Novonesis (Novozymes) B, Class B
19,307
1,340,435
Orsted A/S(a)(c)
9,691
560,047
Pandora A/S
5,067
887,502
Rockwool A/S, Class B
444
192,651
Tryg A/S
18,444
411,369
Vestas Wind Systems A/S(a)
55,419
1,266,211
Security
Shares
Value
Denmark (continued)
Zealand Pharma A/S(a)
3,153
$415,404
 
35,415,352
Finland — 0.3%
Elisa OYJ
7,258
363,453
Fortum OYJ
22,847
364,296
Kesko OYJ, Class B
13,708
277,725
Kone OYJ, Class B
17,286
932,381
Metso OYJ
34,462
349,651
Neste OYJ
21,546
502,759
Nokia OYJ
307,912
1,357,368
Nordea Bank Abp
167,172
1,975,224
Orion OYJ, Class B
5,473
290,212
Sampo OYJ, Class A
25,347
1,130,002
Stora Enso OYJ, Class R
29,866
385,798
UPM-Kymmene OYJ
29,866
1,006,688
Wartsila OYJ Abp
25,052
552,535
 
9,488,092
France — 2.9%
Accor SA
8,847
373,032
Aeroports de Paris SA
1,468
192,222
Air Liquide SA
31,206
5,824,537
Airbus SE
31,782
4,882,174
Alstom SA(a)
19,577
399,164
Amundi SA(c)
3,164
237,604
ArcelorMittal SA
27,288
639,293
Arkema SA
3,088
286,498
AXA SA
97,181
3,698,622
BioMerieux
2,110
244,182
BNP Paribas SA
54,550
3,773,090
Bollore SE
46,275
304,912
Bouygues SA
11,768
420,771
Bureau Veritas SA
15,111
497,467
Capgemini SE
8,746
1,811,853
Carrefour SA
32,045
516,253
Cie de Saint-Gobain SA
25,704
2,246,165
Cie Generale des Etablissements Michelin SCA
37,053
1,454,864
Covivio SA/France
2,712
150,958
Credit Agricole SA
63,495
994,646
Danone SA
34,813
2,419,049
Dassault Aviation SA
1,248
268,885
Dassault Systemes SE
36,465
1,425,044
Edenred SE
12,744
536,386
Eiffage SA
4,226
443,583
Engie SA
99,394
1,750,553
EssilorLuxottica SA
15,758
3,736,753
Eurazeo SE
2,054
161,804
Eurofins Scientific SE
6,985
398,706
Euronext NV(c)
4,483
478,759
Gecina SA
2,337
256,811
Getlink SE
22,743
410,159
Hermes International SCA
1,678
4,016,225
Ipsen SA
1,899
230,282
Kering SA
3,779
1,083,646
Klepierre SA
11,001
328,395
La Francaise des Jeux SAEM(c)
4,989
203,390
Legrand SA
13,588
1,521,904
L'Oreal SA
12,878
5,650,281
LVMH Moet Hennessy Louis Vuitton SE
14,827
11,035,980
Orange SA
101,626
1,159,139
Pernod Ricard SA
11,092
1,579,259
Publicis Groupe SA
11,651
1,285,028
Schedule of Investments
8
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI World ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
France (continued)
Renault SA
10,018
$475,176
Rexel SA
11,966
301,929
Safran SA
18,574
4,070,228
Sanofi SA
61,336
6,884,235
Sartorius Stedim Biotech
1,408
286,073
Schneider Electric SE
29,324
7,480,550
SEB SA
1,410
146,823
Societe Generale SA
36,789
889,298
Sodexo SA
4,480
398,651
STMicroelectronics NV
35,546
1,146,218
Teleperformance SE
3,008
327,763
Thales SA
5,394
906,251
TotalEnergies SE
115,031
7,913,186
Unibail-Rodamco-Westfield, New
6,475
517,767
Veolia Environnement SA
36,943
1,223,848
Vinci SA
27,382
3,272,554
Vivendi SE
40,253
451,553
 
106,020,431
Germany — 2.1%
adidas AG
8,804
2,258,783
Allianz SE, Registered
21,312
6,620,704
BASF SE
48,134
2,446,586
Bayer AG, Registered
53,038
1,637,643
Bayerische Motoren Werke AG
16,914
1,569,688
Bechtle AG
4,232
182,361
Beiersdorf AG
5,123
740,786
Brenntag SE
7,869
585,165
Carl Zeiss Meditec AG, Bearer
2,072
152,108
Commerzbank AG
60,862
902,387
Continental AG
5,524
373,514
Covestro AG(a)(c)
9,494
581,994
CTS Eventim AG & Co. KGaA
3,334
314,049
Daimler Truck Holding AG
29,637
1,139,320
Delivery Hero SE, Class A(a)(b)(c)
8,308
261,642
Deutsche Bank AG, Registered
106,220
1,737,887
Deutsche Boerse AG
10,142
2,280,137
Deutsche Lufthansa AG, Registered
33,866
219,998
Deutsche Post AG, Registered
54,892
2,382,618
Deutsche Telekom AG, Registered
187,841
5,344,639
E.ON SE
122,167
1,731,859
Evonik Industries AG
13,653
302,954
Fresenius Medical Care AG & Co. KGaA
10,482
404,640
Fresenius SE & Co. KGaA(a)
24,073
888,943
GEA Group AG
7,874
370,439
Hannover Rueck SE
3,056
867,031
Heidelberg Materials AG
7,366
782,394
Henkel AG & Co. KGaA
5,307
441,301
Infineon Technologies AG
68,909
2,528,904
Knorr-Bremse AG
3,707
304,827
LEG Immobilien SE
3,716
358,854
Mercedes-Benz Group AG
40,301
2,777,748
Merck KGaA
7,114
1,388,357
MTU Aero Engines AG
2,775
830,850
Muenchener Rueckversicherungs-Gesellschaft AG in
Muenchen, Registered
7,290
3,944,204
Nemetschek SE
2,945
308,380
Puma SE
5,392
232,708
Qiagen NV, NVS
11,615
534,266
Rational AG
249
251,339
Rheinmetall AG
2,358
1,416,569
RWE AG
32,643
1,177,513
SAP SE
55,957
12,279,389
Security
Shares
Value
Germany (continued)
Scout24 SE(c)
4,673
$356,479
Siemens AG, Registered
40,611
7,639,151
Siemens Energy AG(a)
33,459
966,333
Siemens Healthineers AG(c)
15,608
909,641
Symrise AG, Class A
7,432
980,714
Talanx AG(a)
3,312
285,353
Vonovia SE
40,313
1,393,425
Zalando SE(a)(c)
11,377
294,974
 
78,681,548
Hong Kong — 0.4%
AIA Group Ltd.
608,200
4,283,357
BOC Hong Kong Holdings Ltd.
206,500
648,187
CK Asset Holdings Ltd.
111,000
446,703
CK Hutchison Holdings Ltd.
146,500
803,077
CK Infrastructure Holdings Ltd.
42,500
314,411
CLP Holdings Ltd.
84,000
749,480
Futu Holdings Ltd., ADR(a)
2,947
187,311
Galaxy Entertainment Group Ltd.
102,000
393,481
Hang Seng Bank Ltd.
42,300
509,351
Henderson Land Development Co. Ltd.
83,000
257,872
HKT Trust & HKT Ltd., Class SS
210,000
266,638
Hong Kong & China Gas Co. Ltd.
664,589
539,582
Hong Kong Exchanges & Clearing Ltd.
59,900
1,827,741
Hongkong Land Holdings Ltd.(b)
64,000
240,141
Jardine Matheson Holdings Ltd.
9,000
324,360
Link REIT
140,360
659,624
MTR Corp. Ltd.
95,000
333,990
Power Assets Holdings Ltd.
71,500
497,634
Sands China Ltd.(a)
110,800
200,767
Sino Land Co. Ltd.
118,000
126,192
SITC International Holdings Co. Ltd.
42,000
98,924
Sun Hung Kai Properties Ltd.
77,500
752,946
Swire Pacific Ltd., Class A
28,500
241,914
Techtronic Industries Co. Ltd.
81,500
1,092,002
WH Group Ltd.(c)
464,500
336,888
Wharf Holdings Ltd. (The)
52,000
136,115
Wharf Real Estate Investment Co. Ltd.
75,000
217,787
 
16,486,475
Ireland — 0.2%
AIB Group PLC
94,628
569,840
Bank of Ireland Group PLC
55,447
636,948
CRH PLC
37,126
3,369,927
Kerry Group PLC, Class A
8,169
820,360
Kingspan Group PLC
7,958
692,917
Smurfit WestRock PLC
12,532
591,016
Smurfit WestRock PLC
14,340
680,003
 
7,361,011
Israel — 0.2%
Azrieli Group Ltd.
2,147
146,354
Bank Hapoalim BM
60,307
601,210
Bank Leumi Le-Israel BM
79,957
773,146
Check Point Software Technologies Ltd.(a)
5,392
1,037,960
CyberArk Software Ltd.(a)(b)
2,477
710,255
Elbit Systems Ltd.
1,373
282,743
Global-e Online Ltd.(a)(b)
4,727
162,703
ICL Group Ltd.
36,510
167,093
Isracard Ltd.
1
3
Israel Discount Bank Ltd., Class A
60,101
333,520
Mizrahi Tefahot Bank Ltd.
7,261
278,075
Monday.com Ltd.(a)
2,012
534,971
Nice Ltd.(a)
3,236
563,938
9
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI World ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Israel (continued)
Teva Pharmaceutical Industries Ltd., ADR(a)
58,640
$1,106,537
Wix.com Ltd.(a)
2,783
463,703
 
7,162,211
Italy — 0.7%
Amplifon SpA
6,451
208,607
Banco BPM SpA
63,710
434,365
Davide Campari-Milano NV
37,067
342,713
DiaSorin SpA
1,235
142,481
Enel SpA
443,593
3,371,616
Eni SpA
120,053
1,953,650
Ferrari NV
6,864
3,410,769
FinecoBank Banca Fineco SpA
35,490
608,884
Generali
56,279
1,553,267
Infrastrutture Wireless Italiane SpA(c)
17,671
211,668
Intesa Sanpaolo SpA
766,210
3,202,282
Leonardo SpA
13,419
342,322
Mediobanca Banca di Credito Finanziario SpA
32,116
543,982
Moncler SpA
12,092
741,842
Nexi SpA(a)(c)
38,434
268,940
Poste Italiane SpA(c)
27,093
377,236
Prysmian SpA
14,548
1,024,665
Recordati Industria Chimica e Farmaceutica SpA
5,369
315,234
Snam SpA
103,309
513,169
Stellantis NV
118,734
1,998,104
Telecom Italia SpA/Milano(a)
518,991
137,360
Tenaris SA, NVS
24,310
357,764
Terna - Rete Elettrica Nazionale
72,032
627,180
UniCredit SpA
79,284
3,295,449
 
25,983,549
Japan — 5.8%
Advantest Corp.
41,000
1,887,621
Aeon Co. Ltd.
34,100
854,207
AGC Inc.
8,300
261,868
Aisin Corp.
7,100
249,504
Ajinomoto Co. Inc.
23,600
908,423
ANA Holdings Inc.
4,800
97,027
Asahi Group Holdings Ltd.
26,100
974,199
Asahi Kasei Corp.
76,500
541,776
Asics Corp.
34,300
680,572
Astellas Pharma Inc.
96,400
1,197,958
Bandai Namco Holdings Inc.
29,300
629,463
Bridgestone Corp.
30,400
1,188,351
Brother Industries Ltd.
16,900
315,967
Canon Inc.
49,100
1,686,307
Capcom Co. Ltd.
18,600
406,620
Central Japan Railway Co.
40,700
942,152
Chiba Bank Ltd. (The)
25,400
215,150
Chubu Electric Power Co. Inc.
37,600
469,773
Chugai Pharmaceutical Co. Ltd.
37,900
1,913,286
Concordia Financial Group Ltd.
50,700
287,705
Dai Nippon Printing Co. Ltd.
12,900
465,936
Daifuku Co. Ltd.
16,500
318,556
Dai-ichi Life Holdings Inc.
49,100
1,417,850
Daiichi Sankyo Co. Ltd.
98,100
4,118,004
Daikin Industries Ltd.
14,600
1,865,311
Daito Trust Construction Co. Ltd.
3,100
382,608
Daiwa House Industry Co. Ltd.
30,800
948,595
Daiwa Securities Group Inc.
82,100
610,471
Denso Corp.
100,600
1,561,704
Dentsu Group Inc.
9,600
295,234
Disco Corp.
4,800
1,391,589
Security
Shares
Value
Japan (continued)
East Japan Railway Co.
48,600
$931,755
Eisai Co. Ltd.
14,700
617,001
ENEOS Holdings Inc.
178,500
970,998
FANUC Corp.
49,000
1,446,449
Fast Retailing Co. Ltd.
10,100
3,250,349
Fuji Electric Co. Ltd.
6,900
416,489
FUJIFILM Holdings Corp.
62,100
1,674,811
Fujitsu Ltd.
87,000
1,608,183
Hamamatsu Photonics KK
7,200
192,128
Hankyu Hanshin Holdings Inc.
16,700
513,167
Hikari Tsushin Inc.
1,200
253,439
Hitachi Construction Machinery Co. Ltd.
6,600
162,592
Hitachi Ltd.
248,500
6,130,498
Honda Motor Co. Ltd.
244,800
2,701,429
Hoshizaki Corp.
6,100
197,307
Hoya Corp.
18,800
2,668,222
Hulic Co. Ltd.
21,100
218,610
Ibiden Co. Ltd.
5,300
184,765
Idemitsu Kosan Co. Ltd.
51,200
374,215
Inpex Corp.
49,800
734,113
Isuzu Motors Ltd.
27,000
409,926
ITOCHU Corp.
64,300
3,423,598
Japan Airlines Co. Ltd.
4,200
70,518
Japan Exchange Group Inc.
24,900
577,806
Japan Post Bank Co. Ltd.
78,300
735,901
Japan Post Holdings Co. Ltd.
103,700
1,013,268
Japan Post Insurance Co. Ltd.
11,000
208,412
Japan Real Estate Investment Corp.
56
224,990
Japan Tobacco Inc.
64,600
1,865,017
JFE Holdings Inc.
31,100
431,143
Kajima Corp.
23,100
422,988
Kansai Electric Power Co. Inc. (The)
40,500
719,848
Kao Corp.
23,800
1,066,517
Kawasaki Kisen Kaisha Ltd.
20,400
301,347
KDDI Corp.
82,700
2,790,059
Keisei Electric Railway Co. Ltd.
6,500
205,641
Keyence Corp.
10,200
4,900,279
Kikkoman Corp.
32,600
368,947
Kirin Holdings Co. Ltd.
44,000
664,240
Kobe Bussan Co. Ltd.
7,600
219,362
Kokusai Electric Corp., NVS
7,500
205,803
Komatsu Ltd.
49,300
1,379,534
Konami Group Corp.
4,400
398,840
Kubota Corp.
49,900
702,096
Kyocera Corp.
77,600
961,277
Kyowa Kirin Co. Ltd.
17,900
408,708
Lasertec Corp.
4,200
819,072
LY Corp.
155,700
426,696
M3 Inc.
22,900
222,683
Makita Corp.
11,200
375,340
Marubeni Corp.
80,400
1,386,863
MatsukiyoCocokara & Co.
18,900
305,888
Mazda Motor Corp.
26,600
224,669
McDonald's Holdings Co. Japan Ltd.(b)
4,700
206,441
MEIJI Holdings Co. Ltd.
13,000
322,830
Minebea Mitsumi Inc.
20,600
436,043
Mitsubishi Chemical Group Corp.
77,300
451,758
Mitsubishi Corp.
182,400
3,797,259
Mitsubishi Electric Corp.
103,200
1,738,511
Mitsubishi Estate Co. Ltd.
57,800
994,445
Mitsubishi HC Capital Inc.
44,700
322,870
Mitsubishi Heavy Industries Ltd.
172,400
2,324,357
Schedule of Investments
10
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI World ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Japan (continued)
Mitsubishi UFJ Financial Group Inc.
601,800
$6,349,125
Mitsui & Co. Ltd.
137,900
2,980,604
Mitsui Chemicals Inc.
9,700
259,983
Mitsui Fudosan Co. Ltd.
141,300
1,530,561
Mitsui OSK Lines Ltd.
19,200
692,649
Mizuho Financial Group Inc.
130,290
2,705,598
MonotaRO Co. Ltd.
17,300
273,637
MS&AD Insurance Group Holdings Inc.
69,600
1,604,320
Murata Manufacturing Co. Ltd.
93,700
1,964,001
NEC Corp.
12,300
1,090,097
Nexon Co. Ltd.
24,400
482,169
Nidec Corp.
23,000
937,797
Nintendo Co. Ltd.
55,800
3,034,637
Nippon Building Fund Inc.
82
367,967
Nippon Paint Holdings Co. Ltd.
53,200
337,107
Nippon Prologis REIT Inc.
163
287,145
Nippon Sanso Holdings Corp.
10,000
344,583
Nippon Steel Corp.
46,347
1,057,670
Nippon Telegraph & Telephone Corp.
1,586,600
1,695,752
Nippon Yusen KK
24,000
870,693
Nissan Motor Co. Ltd.
127,600
377,233
Nissin Foods Holdings Co. Ltd.
10,200
266,551
Nitori Holdings Co. Ltd.
3,600
527,506
Nitto Denko Corp.
7,500
628,938
Nomura Holdings Inc.
178,700
1,049,223
Nomura Real Estate Holdings Inc.
3,500
100,821
Nomura Research Institute Ltd.
19,800
666,017
NTT Data Group Corp.
28,400
433,110
Obayashi Corp.
28,900
371,661
Obic Co. Ltd.
3,800
657,679
Olympus Corp.
70,100
1,281,962
Omron Corp.
7,000
290,310
Ono Pharmaceutical Co. Ltd.
20,800
307,493
Oracle Corp./Japan
1,100
99,617
Oriental Land Co. Ltd./Japan
56,200
1,536,932
ORIX Corp.
67,500
1,697,010
Osaka Gas Co. Ltd.
20,900
516,225
Otsuka Corp.
12,400
294,999
Otsuka Holdings Co. Ltd.
21,400
1,261,630
Pan Pacific International Holdings Corp.
22,000
563,171
Panasonic Holdings Corp.
124,300
1,044,360
Rakuten Group Inc.(a)
79,500
565,050
Recruit Holdings Co. Ltd.
79,300
4,945,300
Renesas Electronics Corp.
91,000
1,584,262
Resona Holdings Inc.
119,500
849,828
Ricoh Co. Ltd.
29,500
310,259
Rohm Co. Ltd.
18,900
238,722
SBI Holdings Inc.
17,100
420,835
SCREEN Holdings Co. Ltd.
4,200
318,472
SCSK Corp.
4,600
92,505
Secom Co. Ltd.
10,500
766,160
Seiko Epson Corp.
18,100
338,424
Sekisui Chemical Co. Ltd.
21,000
320,465
Sekisui House Ltd.
28,000
723,714
Seven & i Holdings Co. Ltd.
118,800
1,711,173
SG Holdings Co. Ltd.
19,300
208,907
Shimadzu Corp.
16,900
564,636
Shimano Inc.
4,100
774,617
Shin-Etsu Chemical Co. Ltd.
94,865
4,199,501
Shionogi & Co. Ltd.
14,200
661,465
Shiseido Co. Ltd.
21,700
483,593
Shizuoka Financial Group Inc., NVS
23,000
205,319
Security
Shares
Value
Japan (continued)
SMC Corp.
2,900
$1,344,927
SoftBank Corp.
151,100
2,114,136
SoftBank Group Corp.
55,100
3,198,975
Sompo Holdings Inc.
49,800
1,175,884
Sony Group Corp.
65,600
6,389,052
Subaru Corp.
32,400
621,451
SUMCO Corp.
19,700
227,579
Sumitomo Corp.
52,800
1,255,499
Sumitomo Electric Industries Ltd.
42,000
700,129
Sumitomo Metal Mining Co. Ltd.
13,400
371,358
Sumitomo Mitsui Financial Group Inc.
69,200
4,566,728
Sumitomo Mitsui Trust Holdings Inc.
39,600
986,827
Sumitomo Realty & Development Co. Ltd.
19,000
650,828
Suntory Beverage & Food Ltd.
6,900
253,736
Suzuki Motor Corp.
82,800
973,530
Sysmex Corp.
25,500
494,510
T&D Holdings Inc.
25,700
435,438
Taisei Corp.
9,400
427,109
Takeda Pharmaceutical Co. Ltd.
83,426
2,483,759
TDK Corp.
21,300
1,451,845
Terumo Corp.
70,600
1,312,769
TIS Inc.
14,300
358,373
Toho Co. Ltd./Tokyo
6,100
234,494
Tokio Marine Holdings Inc.
100,600
3,828,281
Tokyo Electric Power Co. Holdings Inc.(a)
96,900
462,189
Tokyo Electron Ltd.
25,000
4,499,507
Tokyo Gas Co. Ltd.
20,900
522,828
Tokyu Corp.
24,600
300,920
Toppan Holdings Inc.
17,600
531,392
Toray Industries Inc.
80,400
415,573
TOTO Ltd.
7,100
246,425
Toyota Industries Corp.
7,500
594,264
Toyota Motor Corp.
553,100
10,560,300
Toyota Tsusho Corp.
33,000
637,699
Trend Micro Inc./Japan
5,700
342,701
Unicharm Corp.
21,800
756,365
West Japan Railway Co.
28,400
541,583
Yakult Honsha Co. Ltd.
14,300
302,123
Yamaha Motor Co. Ltd.
55,000
481,959
Yaskawa Electric Corp.
13,000
433,152
Yokogawa Electric Corp.
16,700
471,038
Zensho Holdings Co. Ltd.
4,400
229,763
ZOZO Inc.
3,600
114,623
 
214,785,468
Netherlands — 1.2%
ABN AMRO Bank NV, CVA(c)
22,740
390,835
Adyen NV(a)(c)
1,154
1,703,077
Aegon Ltd.
77,217
472,912
AerCap Holdings NV
10,475
1,020,475
Akzo Nobel NV
9,581
612,931
ASM International NV
2,189
1,490,442
ASML Holding NV
21,513
19,401,152
ASR Nederland NV
8,332
408,335
BE Semiconductor Industries NV
4,011
528,949
Coca-Cola Europacific Partners PLC
10,477
843,294
DSM-Firmenich AG
10,007
1,366,168
EXOR NV, NVS
5,696
635,572
Heineken Holding NV
7,040
530,921
Heineken NV
14,977
1,351,286
IMCD NV
2,979
487,833
ING Groep NV
176,094
3,201,763
InPost SA(a)
10,692
197,546
11
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI World ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Netherlands (continued)
JDE Peet's NV
5,484
$125,462
Koninklijke Ahold Delhaize NV
50,914
1,748,067
Koninklijke KPN NV
211,165
862,437
Koninklijke Philips NV(a)
42,857
1,290,883
NN Group NV
13,970
685,177
OCI NV
4,622
146,681
Prosus NV
79,481
2,946,165
Randstad NV
6,470
312,111
Universal Music Group NV
43,206
1,130,422
Wolters Kluwer NV
13,870
2,371,868
 
46,262,764
New Zealand — 0.0%
Auckland International Airport Ltd.
64,687
306,730
Fisher & Paykel Healthcare Corp. Ltd.
31,069
693,486
Mercury NZ Ltd.
36,293
142,161
Meridian Energy Ltd.
67,007
265,579
Spark New Zealand Ltd.
96,722
216,537
 
1,624,493
Norway — 0.1%
Aker BP ASA
16,116
386,075
DNB Bank ASA
47,343
1,000,086
Equinor ASA
46,862
1,257,428
Gjensidige Forsikring ASA
10,398
184,143
Kongsberg Gruppen ASA
4,610
487,177
Mowi ASA
25,933
451,157
Norsk Hydro ASA
75,752
422,706
Orkla ASA
38,804
344,971
Salmar ASA
3,611
187,490
Telenor ASA
35,911
445,262
Yara International ASA
8,490
246,759
 
5,413,254
Portugal — 0.1%
EDP Renovaveis SA
14,584
233,300
EDP SA
164,410
691,274
Galp Energia SGPS SA
25,923
538,522
Jeronimo Martins SGPS SA
14,599
270,146
 
1,733,242
Singapore — 0.3%
CapitaLand Ascendas REIT
223,316
492,342
CapitaLand Integrated Commercial Trust(b)
330,076
536,311
CapitaLand Investment Ltd./Singapore
139,500
289,787
DBS Group Holdings Ltd.(b)
106,400
2,971,145
Genting Singapore Ltd.
313,100
193,228
Grab Holdings Ltd., Class A(a)
97,174
312,900
Keppel Ltd.(b)
73,100
345,625
Oversea-Chinese Banking Corp. Ltd.(b)
181,300
2,020,856
Sea Ltd., ADR(a)
19,264
1,508,564
Sembcorp Industries Ltd.
46,600
176,242
Singapore Airlines Ltd.(b)
93,700
450,989
Singapore Exchange Ltd.
29,800
247,220
Singapore Technologies Engineering Ltd.
114,800
391,441
Singapore Telecommunications Ltd.
429,700
1,030,521
United Overseas Bank Ltd.(b)
65,300
1,569,746
Wilmar International Ltd.(b)
97,300
234,027
 
12,770,944
Spain — 0.7%
Acciona SA
1,335
180,001
ACS Actividades de Construccion y Servicios SA
11,809
536,251
Aena SME SA(c)
3,789
762,521
Amadeus IT Group SA
24,326
1,641,420
Banco Bilbao Vizcaya Argentaria SA
315,283
3,349,373
Security
Shares
Value
Spain (continued)
Banco de Sabadell SA
290,678
$623,769
Banco Santander SA
850,351
4,228,384
CaixaBank SA
226,021
1,361,358
Cellnex Telecom SA(c)
28,802
1,112,191
Endesa SA
16,379
345,825
Ferrovial SE
28,280
1,182,483
Grifols SA(a)
15,339
169,024
Iberdrola SA
328,674
4,663,442
Industria de Diseno Textil SA
58,361
3,161,737
Redeia Corp. SA
5,764
109,479
Repsol SA
73,790
1,013,282
Telefonica SA
210,939
954,304
 
25,394,844
Sweden — 0.8%
AddTech AB, Class B
13,990
442,217
Alfa Laval AB
16,092
722,001
Assa Abloy AB, Class B
53,939
1,742,665
Atlas Copco AB, Class A
143,662
2,613,663
Atlas Copco AB, Class B
85,695
1,366,558
Beijer Ref AB, Class B
24,089
415,625
Boliden AB
13,718
419,066
Epiroc AB, Class A
33,690
649,749
Epiroc AB, Class B
20,123
357,271
EQT AB
20,129
674,779
Essity AB, Class B
31,853
967,317
Evolution AB(c)
10,241
1,064,558
Fastighets AB Balder, Class B(a)
32,742
256,467
Getinge AB, Class B
11,789
245,358
H & M Hennes & Mauritz AB, Class B
39,175
619,611
Hexagon AB, Class B
109,776
1,123,728
Holmen AB, Class B
3,971
162,447
Husqvarna AB, Class B
21,978
148,576
Industrivarden AB, Class A
5,950
213,856
Industrivarden AB, Class C
8,287
297,657
Indutrade AB
13,636
428,573
Investment AB Latour, Class B
7,746
233,253
Investor AB, Class B
92,418
2,751,787
L E Lundbergforetagen AB, Class B
3,938
215,932
Lifco AB, Class B
12,085
404,355
Nibe Industrier AB, Class B(b)
73,532
363,477
Saab AB, Class B
16,769
396,800
Sagax AB, Class B
13,049
343,283
Sandvik AB
57,400
1,222,814
Securitas AB, Class B
25,548
298,692
Skandinaviska Enskilda Banken AB, Class A
82,848
1,275,842
Skanska AB, Class B
17,568
354,579
SKF AB, Class B
19,707
373,422
Svenska Cellulosa AB SCA, Class B
30,429
422,436
Svenska Handelsbanken AB, Class A
73,666
759,943
Swedbank AB, Class A
46,194
988,134
Swedish Orphan Biovitrum AB(a)
10,070
313,823
Tele2 AB, Class B
26,005
295,045
Telefonaktiebolaget LM Ericsson, Class B
164,582
1,227,815
Telia Co. AB
138,328
428,932
Trelleborg AB, Class B
11,505
449,311
Volvo AB, Class A
10,463
281,649
Volvo AB, Class B
84,927
2,258,248
Volvo Car AB, Class B(a)
30,470
87,265
 
30,678,579
Switzerland — 2.6%
ABB Ltd., Registered
84,616
4,865,995
Schedule of Investments
12
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI World ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Switzerland (continued)
Adecco Group AG, Registered
9,282
$316,466
Alcon Inc.
26,070
2,540,195
Avolta AG, Registered
5,251
204,044
Bachem Holding AG
1,621
155,483
Baloise Holding AG, Registered
2,705
523,214
Banque Cantonale Vaudoise, Registered
1,477
158,203
Barry Callebaut AG, Registered
204
330,221
BKW AG
1,504
282,715
Chocoladefabriken Lindt & Spruengli AG,
Participation Certificates, NVS
48
634,315
Chocoladefabriken Lindt & Spruengli AG, Registered
6
783,870
Cie Financiere Richemont SA, Class A, Registered
28,533
4,505,460
Clariant AG, Registered
13,031
204,970
EMS-Chemie Holding AG, Registered
404
339,066
Galderma Group AG(a)
2,571
248,919
Geberit AG, Registered
1,814
1,160,366
Givaudan SA, Registered
492
2,527,084
Helvetia Holding AG, Registered
1,974
313,040
Holcim AG
29,530
2,860,659
Julius Baer Group Ltd.
11,011
644,346
Kuehne + Nagel International AG, Registered
2,683
832,558
Logitech International SA, Registered
8,539
775,610
Lonza Group AG, Registered
3,999
2,630,551
Nestle SA, Registered
141,004
15,121,282
Novartis AG, Registered
105,299
12,722,031
Partners Group Holding AG
1,250
1,808,415
Roche Holding AG, Bearer
1,779
646,100
Roche Holding AG, NVS
37,812
12,800,142
Sandoz Group AG
21,961
960,547
Schindler Holding AG, Participation Certificates, NVS
2,438
678,334
Schindler Holding AG, Registered
1,146
309,983
SGS SA
8,183
913,909
SIG Group AG
15,340
324,006
Sika AG, Registered
7,833
2,521,702
Sonova Holding AG, Registered
2,834
990,880
Straumann Holding AG
5,893
873,151
Swatch Group AG (The), Bearer
1,703
356,781
Swatch Group AG (The), Registered
3,159
131,680
Swiss Life Holding AG, Registered
1,561
1,265,444
Swiss Prime Site AG, Registered
4,533
510,406
Swiss Re AG
16,139
2,204,988
Swisscom AG, Registered
1,243
785,788
Temenos AG, Registered
4,028
280,508
UBS Group AG, Registered
176,192
5,429,456
VAT Group AG(c)
1,597
828,529
Zurich Insurance Group AG
7,933
4,604,914
 
94,906,326
United Kingdom — 3.8%
3i Group PLC
53,019
2,227,043
Admiral Group PLC
13,687
525,673
Anglo American PLC
65,956
1,923,984
Antofagasta PLC
19,980
487,841
Ashtead Group PLC
22,674
1,614,480
Associated British Foods PLC
18,018
591,075
AstraZeneca PLC
83,286
14,597,155
Auto Trader Group PLC(c)
48,570
545,534
Aviva PLC
145,794
969,639
BAE Systems PLC
162,363
2,919,249
Barclays PLC
801,194
2,422,470
Barratt Developments PLC
73,818
493,944
Berkeley Group Holdings PLC
5,674
373,038
BP PLC
897,777
5,082,560
Security
Shares
Value
United Kingdom (continued)
British American Tobacco PLC
110,955
$4,153,213
BT Group PLC
359,760
661,026
Bunzl PLC
17,066
796,741
Centrica PLC
296,676
503,749
Coca-Cola HBC AG, Class DI
13,733
509,914
Compass Group PLC
91,063
2,878,070
Croda International PLC
7,062
382,613
DCC PLC
4,972
351,293
Diageo PLC
120,320
3,927,751
Endeavour Mining PLC
9,690
205,930
Entain PLC
30,735
261,832
Experian PLC
49,523
2,406,231
Flutter Entertainment PLC(a)
9,586
2,047,678
Glencore PLC
553,272
2,919,089
GSK PLC
221,426
4,822,557
Haleon PLC
363,762
1,832,176
Halma PLC
19,243
661,737
Hargreaves Lansdown PLC
18,003
263,684
Hikma Pharmaceuticals PLC
8,763
229,050
HSBC Holdings PLC
1,015,050
8,922,922
Imperial Brands PLC
46,476
1,333,985
Informa PLC
76,132
838,197
InterContinental Hotels Group PLC
9,335
934,286
Intertek Group PLC
8,193
535,335
J Sainsbury PLC
88,495
341,216
JD Sports Fashion PLC
130,616
238,080
Kingfisher PLC
106,470
400,084
Land Securities Group PLC
35,672
296,150
Legal & General Group PLC
292,876
864,969
Lloyds Banking Group PLC
3,396,402
2,623,827
London Stock Exchange Group PLC
25,732
3,473,368
M&G PLC
131,611
371,938
Melrose Industries PLC
70,263
446,327
Mondi PLC, NVS
22,429
435,126
National Grid PLC
258,769
3,408,576
NatWest Group PLC, NVS
350,453
1,596,552
Next PLC
6,763
906,899
Pearson PLC
38,189
532,204
Persimmon PLC
16,329
353,790
Phoenix Group Holdings PLC
35,466
264,293
Prudential PLC
143,647
1,236,639
Reckitt Benckiser Group PLC
37,489
2,156,800
RELX PLC
100,351
4,684,397
Rentokil Initial PLC
129,035
823,823
Rio Tinto PLC
59,901
3,776,601
Rolls-Royce Holdings PLC(a)
451,011
2,957,004
Sage Group PLC (The)
55,866
743,872
Schroders PLC
37,260
168,661
Segro PLC
70,296
809,320
Severn Trent PLC
15,886
537,854
Shell PLC
342,074
12,120,887
Smith & Nephew PLC
44,525
685,653
Smiths Group PLC
20,093
478,014
Spirax Group PLC
3,690
375,389
SSE PLC
58,419
1,453,011
Standard Chartered PLC
120,061
1,235,354
Taylor Wimpey PLC
199,638
424,155
Tesco PLC
397,332
1,852,499
Unilever PLC
134,479
8,717,762
United Utilities Group PLC
34,511
463,771
Vodafone Group PLC
1,197,119
1,173,420
Whitbread PLC
10,233
389,054
13
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI World ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
United Kingdom (continued)
Wise PLC, Class A(a)
32,072
$297,968
WPP PLC
50,403
482,807
 
141,750,858
United States — 71.2%
3M Co.
29,864
4,022,382
A O Smith Corp.
7,100
594,412
Abbott Laboratories
93,687
10,611,927
AbbVie Inc.
95,105
18,670,063
Accenture PLC, Class A
33,550
11,472,423
Adobe Inc.(a)
24,064
13,822,602
Advanced Micro Devices Inc.(a)
86,994
12,923,829
AECOM
6,842
685,158
AES Corp. (The)
40,241
689,328
Aflac Inc.
30,756
3,394,232
Agilent Technologies Inc.
15,471
2,211,115
Air Products and Chemicals Inc.
11,997
3,345,363
Airbnb Inc.(a)
23,818
2,794,090
Akamai Technologies Inc.(a)
8,546
870,325
Albemarle Corp.
6,079
548,630
Albertsons Companies Inc., Class A
19,794
388,358
Alexandria Real Estate Equities Inc.
9,039
1,080,793
Align Technology Inc.(a)
3,822
906,655
Allegion PLC
4,623
641,857
Alliant Energy Corp.
13,431
782,624
Allstate Corp. (The)
13,887
2,623,810
Ally Financial Inc.
13,420
579,610
Alnylam Pharmaceuticals Inc.(a)
6,630
1,741,635
Alphabet Inc., Class A
316,239
51,667,128
Alphabet Inc., Class C, NVS
272,054
44,918,836
Altria Group Inc.
94,408
5,076,318
Amazon.com Inc.(a)
504,031
89,969,534
Amcor PLC
80,442
920,256
Ameren Corp.
14,718
1,214,382
American Electric Power Co. Inc.
27,962
2,804,029
American Express Co.
30,896
7,991,250
American Financial Group Inc./OH
4,167
556,795
American Homes 4 Rent, Class A
16,788
667,659
American International Group Inc.
36,016
2,775,033
American Tower Corp.
25,107
5,625,474
American Water Works Co. Inc.
10,051
1,438,499
Ameriprise Financial Inc.
5,441
2,445,403
AMETEK Inc.
12,489
2,136,243
Amgen Inc.
28,738
9,593,607
Amphenol Corp., Class A
64,844
4,373,728
Analog Devices Inc.
26,538
6,232,184
Annaly Capital Management Inc.
23,758
478,961
Ansys Inc.(a)
4,758
1,529,316
Aon PLC, Class A
10,594
3,641,370
APA Corp.
20,202
575,555
Apollo Global Management Inc.
21,502
2,488,426
Apple Inc.
783,943
179,522,947
Applied Materials Inc.
44,439
8,766,037
AppLovin Corp., Class A(a)
11,067
1,027,792
Aptiv PLC(a)
14,897
1,065,582
Arch Capital Group Ltd.(a)
19,495
2,204,690
Archer-Daniels-Midland Co.
28,898
1,762,489
Ares Management Corp., Class A
9,639
1,411,150
Arista Networks Inc.(a)
14,282
5,046,973
Arthur J Gallagher & Co.
11,867
3,471,928
Aspen Technology Inc.(a)
1,503
351,912
Assurant Inc.
2,687
527,592
AT&T Inc.
387,688
7,714,991
Security
Shares
Value
United States (continued)
Atlassian Corp., NVS(a)
8,317
$1,377,295
Atmos Energy Corp.
7,809
1,020,949
Autodesk Inc.(a)
11,689
3,020,438
Automatic Data Processing Inc.
21,885
6,038,290
AutoZone Inc.(a)(b)
941
2,993,773
AvalonBay Communities Inc.
7,717
1,741,958
Avantor Inc.(a)
37,148
959,904
Avery Dennison Corp.
4,263
945,747
Axon Enterprise Inc.(a)
3,879
1,415,719
Baker Hughes Co., Class A
53,417
1,878,676
Ball Corp.
17,066
1,088,981
Bank of America Corp.
381,741
15,555,946
Bank of New York Mellon Corp. (The)
41,692
2,844,228
Bath & Body Works Inc.
11,010
338,668
Baxter International Inc.
25,722
975,893
Becton Dickinson & Co.
15,456
3,746,689
Bentley Systems Inc., Class B
11,665
600,398
Berkshire Hathaway Inc., Class B(a)
71,273
33,920,246
Best Buy Co. Inc.
10,904
1,094,762
Biogen Inc.(a)
7,992
1,636,441
BioMarin Pharmaceutical Inc.(a)
9,773
891,395
Bio-Rad Laboratories Inc., Class A(a)
1,170
394,664
Bio-Techne Corp.
7,983
590,662
BlackRock Inc.(d)
7,986
7,201,855
Blackstone Inc., NVS
38,084
5,421,638
Block Inc.(a)
29,077
1,921,408
Boeing Co. (The)(a)
31,467
5,467,077
Booking Holdings Inc.
1,827
7,142,163
Booz Allen Hamilton Holding Corp., Class A
7,417
1,177,671
Boston Scientific Corp.(a)
78,472
6,418,225
Bristol-Myers Squibb Co.
110,752
5,532,062
Broadcom Inc.
237,979
38,747,741
Broadridge Financial Solutions Inc.
6,072
1,292,486
Brown & Brown Inc.
12,459
1,309,815
Brown-Forman Corp., Class B 
9,739
444,001
Builders FirstSource Inc.(a)
7,217
1,255,758
Bunge Global SA
7,506
760,958
Burlington Stores Inc.(a)
3,482
934,012
BXP Inc.
7,719
580,623
Cadence Design Systems Inc.(a)
14,444
3,884,425
Camden Property Trust
6,067
759,588
Campbell Soup Co.
10,823
538,120
Capital One Financial Corp.
20,037
2,944,036
Cardinal Health Inc.
13,419
1,512,590
Carlisle Companies Inc.
2,447
1,037,039
Carlyle Group Inc. (The)
12,478
500,742
CarMax Inc.(a)
8,441
713,687
Carnival Corp.(a)
55,308
912,582
Carrier Global Corp.
44,346
3,227,502
Catalent Inc.(a)
10,468
638,129
Caterpillar Inc.
26,318
9,371,840
Cboe Global Markets Inc.
5,781
1,187,417
CBRE Group Inc., Class A(a)
16,689
1,921,571
CDW Corp./DE
7,050
1,590,762
Celanese Corp., Class A
5,735
748,991
Celsius Holdings Inc.(a)
7,904
300,589
Cencora Inc.
9,592
2,297,955
Centene Corp.(a)
28,394
2,238,299
CenterPoint Energy Inc.
34,688
946,982
CF Industries Holdings Inc.
9,803
814,531
CH Robinson Worldwide Inc.
5,763
596,528
Charles River Laboratories International Inc.(a)
2,969
587,120
Schedule of Investments
14
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI World ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
United States (continued)
Charles Schwab Corp. (The)
81,620
$5,313,462
Charter Communications Inc., Class A(a)
5,133
1,783,923
Cheniere Energy Inc.
12,715
2,355,581
Chesapeake Energy Corp.
6,379
475,172
Chevron Corp.
93,755
13,871,052
Chipotle Mexican Grill Inc., Class A(a)
73,168
4,103,261
Chord Energy Corp.
3,322
493,084
Chubb Ltd.
20,762
5,900,145
Church & Dwight Co. Inc.
12,660
1,289,801
Cigna Group (The)
15,659
5,665,583
Cincinnati Financial Corp.
8,064
1,105,010
Cintas Corp.
4,865
3,916,909
Cisco Systems Inc.
215,963
10,914,770
Citigroup Inc.
102,858
6,443,025
Citizens Financial Group Inc.
25,815
1,111,336
Clorox Co. (The)
6,337
1,003,210
Cloudflare Inc., Class A(a)
15,709
1,290,337
CME Group Inc.
19,438
4,193,554
CMS Energy Corp.
15,255
1,035,204
CNH Industrial NV
52,211
539,862
Coca-Cola Co. (The)
219,273
15,890,714
Cognizant Technology Solutions Corp., Class A
26,920
2,093,568
Coinbase Global Inc., Class A(a)
9,926
1,820,031
Colgate-Palmolive Co.
41,983
4,471,190
Comcast Corp., Class A
212,796
8,420,338
Conagra Brands Inc.
25,608
798,970
ConocoPhillips
63,260
7,198,355
Consolidated Edison Inc.
18,123
1,840,572
Constellation Brands Inc., Class A
8,582
2,065,773
Constellation Energy Corp.
16,954
3,334,852
Cooper Companies Inc. (The)
10,196
1,078,023
Copart Inc.(a)
45,873
2,429,434
Corning Inc.
44,019
1,842,195
Corpay Inc.(a)
3,905
1,232,223
Corteva Inc.
37,533
2,150,641
CoStar Group Inc.(a)
21,866
1,690,242
Costco Wholesale Corp.
23,770
21,211,873
Coterra Energy Inc.
38,910
946,680
Crowdstrike Holdings Inc., Class A(a)
12,255
3,398,066
Crown Castle Inc.
23,243
2,603,681
Crown Holdings Inc.
6,856
619,851
CSX Corp.
108,880
3,731,318
Cummins Inc.
7,650
2,393,303
CVS Health Corp.
67,939
3,888,828
Danaher Corp.
35,874
9,661,227
Darden Restaurants Inc.
6,052
957,124
Datadog Inc., Class A(a)
14,541
1,690,537
DaVita Inc.(a)
2,671
403,107
Dayforce Inc.(a)(b)
7,358
420,657
Deckers Outdoor Corp.(a)
1,380
1,323,820
Deere & Co.
14,095
5,437,005
Dell Technologies Inc., Class C
14,550
1,681,107
Delta Air Lines Inc.
8,737
371,235
Devon Energy Corp.
32,983
1,476,979
Dexcom Inc.(a)
20,776
1,440,608
Diamondback Energy Inc.
9,598
1,872,666
Dick's Sporting Goods Inc.
3,249
769,883
Digital Realty Trust Inc.
17,021
2,580,554
Discover Financial Services
14,019
1,944,576
DocuSign Inc., Class A(a)
10,120
599,205
Dollar General Corp.
12,037
998,710
Dollar Tree Inc.(a)
11,515
972,902
Security
Shares
Value
United States (continued)
Dominion Energy Inc.
45,094
$2,520,755
Domino's Pizza Inc.
1,868
773,744
DoorDash Inc., Class A(a)
16,435
2,115,349
Dover Corp.
7,526
1,400,062
Dow Inc.
36,682
1,965,422
DR Horton Inc.
16,141
3,046,775
DraftKings Inc., Class A (a)
21,735
749,858
DTE Energy Co.
10,870
1,358,967
Duke Energy Corp.
41,397
4,717,188
DuPont de Nemours Inc.
24,002
2,022,169
Dynatrace Inc.(a)
14,707
744,468
Eastman Chemical Co.
6,079
622,307
Eaton Corp. PLC
21,586
6,625,391
eBay Inc.
27,254
1,610,711
Ecolab Inc.
13,688
3,465,528
Edison International
21,044
1,831,459
Edwards Lifesciences Corp.(a)
31,770
2,222,629
Electronic Arts Inc.
14,543
2,207,918
Elevance Health Inc.
12,499
6,960,568
Eli Lilly & Co.
43,473
41,734,949
EMCOR Group Inc.
2,513
987,760
Emerson Electric Co.
30,268
3,189,945
Enphase Energy Inc.(a)
7,017
849,338
Entegris Inc.
8,351
967,630
Entergy Corp.
11,499
1,387,814
EOG Resources Inc.
30,689
3,953,357
EPAM Systems Inc.(a)
2,851
572,367
EQT Corp.
30,172
1,011,064
Equifax Inc.
6,658
2,044,872
Equinix Inc.
5,114
4,266,917
Equitable Holdings Inc.
18,626
791,978
Equity LifeStyle Properties Inc.
9,316
677,366
Equity Residential
18,486
1,384,232
Erie Indemnity Co., Class A, NVS
1,368
695,259
Essential Utilities Inc.
14,906
581,185
Essex Property Trust Inc.
3,302
996,511
Estee Lauder Companies Inc. (The), Class A
12,607
1,155,558
Everest Group Ltd.
2,227
873,518
Evergy Inc.
12,193
721,094
Eversource Energy
19,373
1,308,259
Exact Sciences Corp.(a)
9,200
567,548
Exelon Corp.
53,184
2,025,779
Expedia Group Inc.(a)
7,502
1,043,453
Expeditors International of Washington Inc.
7,817
964,696
Extra Space Storage Inc.
11,531
2,040,987
Exxon Mobil Corp.
241,414
28,472,367
F5 Inc.(a)
3,141
638,094
FactSet Research Systems Inc.
1,908
806,779
Fair Isaac Corp.(a)
1,359
2,351,437
Fastenal Co.
31,114
2,124,464
FedEx Corp.
12,425
3,712,217
Ferguson Enterprises Inc.
10,840
2,229,896
Fidelity National Financial Inc.
12,821
755,926
Fidelity National Information Services Inc.
31,515
2,598,412
Fifth Third Bancorp
35,499
1,515,452
First Citizens BancShares Inc./NC, Class A
543
1,102,670
First Solar Inc.(a)(b)
5,624
1,278,729
FirstEnergy Corp.
28,602
1,256,200
Fiserv Inc.(a)
31,488
5,497,805
Ford Motor Co.
210,601
2,356,625
Fortinet Inc.(a)
35,957
2,758,261
Fortive Corp.
19,059
1,417,990
15
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI World ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
United States (continued)
Fortune Brands Innovations Inc., NVS
7,271
$577,390
Fox Corp., Class A, NVS
16,032
663,244
Fox Corp., Class B
8,373
321,774
Franklin Resources Inc.
16,205
327,989
Freeport-McMoRan Inc.
77,505
3,431,921
Gaming and Leisure Properties Inc.
14,672
763,237
Garmin Ltd.
8,769
1,607,270
Gartner Inc.(a)
4,268
2,099,685
GE HealthCare Technologies Inc., NVS(a)
23,543
1,996,917
GE Vernova Inc.(a)
14,412
2,896,812
Gen Digital Inc.
31,139
823,938
General Dynamics Corp.
12,430
3,721,045
General Electric Co.
59,000
10,302,580
General Mills Inc.
30,970
2,238,821
General Motors Co.
61,684
3,070,630
Genuine Parts Co.
7,382
1,057,545
Gilead Sciences Inc.
66,261
5,234,619
Global Payments Inc.
13,984
1,552,364
GoDaddy Inc., Class A(a)
7,365
1,232,975
Goldman Sachs Group Inc. (The)
17,260
8,806,915
Graco Inc.
8,744
728,812
Halliburton Co.
48,370
1,503,823
Hartford Financial Services Group Inc. (The)
15,627
1,814,295
HCA Healthcare Inc.
10,597
4,192,067
Healthpeak Properties Inc.
36,821
820,372
HEICO Corp.
2,297
589,318
HEICO Corp., Class A
3,853
770,947
Henry Schein Inc.(a)(b)
7,319
516,355
Hershey Co. (The)
7,857
1,516,872
Hess Corp.
14,927
2,060,822
Hewlett Packard Enterprise Co.
67,608
1,309,567
HF Sinclair Corp.
7,949
390,614
Hilton Worldwide Holdings Inc.
14,206
3,120,206
Hologic Inc.(a)
13,122
1,066,031
Home Depot Inc. (The)
53,233
19,616,361
Honeywell International Inc.
35,022
7,281,424
Hormel Foods Corp.
15,610
508,106
Host Hotels & Resorts Inc.
38,193
676,016
Howmet Aerospace Inc.
20,984
2,028,313
HP Inc.
52,738
1,908,061
Hubbell Inc., Class B
2,994
1,197,360
HubSpot Inc.(a)(b)
2,502
1,248,673
Humana Inc.
6,532
2,315,398
Huntington Bancshares Inc./Ohio
76,411
1,143,873
Huntington Ingalls Industries Inc.
2,094
592,120
Hyatt Hotels Corp., Class A
2,492
378,585
IDEX Corp.
3,970
819,726
IDEXX Laboratories Inc.(a)
4,469
2,151,064
Illinois Tool Works Inc.
16,001
4,051,133
Illumina Inc.(a)
8,089
1,062,895
Incyte Corp.(a)
10,004
656,863
Ingersoll Rand Inc.(b)
22,040
2,015,558
Insulet Corp.(a)
3,539
717,603
Intel Corp.
227,433
5,012,623
Intercontinental Exchange Inc.
30,530
4,932,122
International Business Machines Corp.
49,705
10,046,872
International Flavors & Fragrances Inc.
14,042
1,460,228
International Paper Co.
19,389
938,815
Interpublic Group of Companies Inc. (The)
20,649
673,364
Intuit Inc.
14,970
9,434,992
Intuitive Surgical Inc.(a)
19,145
9,431,401
Invitation Homes Inc.
33,207
1,223,346
Security
Shares
Value
United States (continued)
IQVIA Holdings Inc.(a)
9,856
$2,479,277
Iron Mountain Inc.
15,953
1,806,837
J.M. Smucker Co. (The)
5,571
638,882
Jabil Inc.
6,831
746,492
Jack Henry & Associates Inc.
3,960
685,199
Jacobs Solutions Inc., NVS
6,814
1,028,096
JB Hunt Transport Services Inc.
4,336
750,995
Johnson & Johnson
129,532
21,484,178
Johnson Controls International PLC
35,873
2,613,348
JPMorgan Chase & Co.
154,541
34,740,817
Juniper Networks Inc.
17,186
668,192
Kellanova
15,187
1,224,224
Kenvue Inc.
101,968
2,238,198
Keurig Dr Pepper Inc.
58,532
2,142,857
KeyCorp
49,707
848,001
Keysight Technologies Inc.(a)
9,402
1,449,036
Kimberly-Clark Corp.
17,929
2,593,609
Kimco Realty Corp.
36,857
857,294
Kinder Morgan Inc.
104,577
2,255,726
KKR & Co. Inc.
33,100
4,096,787
KLA Corp.
7,262
5,950,701
Knight-Swift Transportation Holdings Inc.
8,429
441,511
Kraft Heinz Co. (The)
48,617
1,722,500
Kroger Co. (The)
36,358
1,934,609
L3Harris Technologies Inc.
10,166
2,405,987
Labcorp Holdings Inc.
4,404
1,012,436
Lam Research Corp.
7,077
5,810,288
Lamb Weston Holdings Inc.
8,137
503,843
Las Vegas Sands Corp.
20,611
803,623
Leidos Holdings Inc.
7,150
1,133,347
Lennar Corp., Class A
13,630
2,481,478
Lennox International Inc.
1,698
1,002,143
Liberty Media Corp.-Liberty Formula One,
Class C, NVS(a)
11,283
880,638
Linde PLC
25,867
12,370,893
Live Nation Entertainment Inc.(a)
8,534
833,516
LKQ Corp.
14,594
606,964
Lockheed Martin Corp.
11,891
6,755,277
Loews Corp.
9,540
781,708
Lowe's Companies Inc.
30,840
7,663,740
LPL Financial Holdings Inc.
3,978
892,425
Lululemon Athletica Inc.(a)
6,026
1,563,566
LyondellBasell Industries NV, Class A
13,526
1,335,016
M&T Bank Corp.
9,183
1,580,486
Manhattan Associates Inc.(a)
3,234
855,167
Marathon Oil Corp.
30,656
878,294
Marathon Petroleum Corp.
19,253
3,410,091
Markel Group Inc.(a)
700
1,120,476
MarketAxess Holdings Inc.
2,043
495,203
Marriott International Inc./MD, Class A
13,480
3,163,621
Marsh & McLennan Companies Inc.
26,287
5,980,555
Martin Marietta Materials Inc.
3,206
1,712,517
Marvell Technology Inc.
45,908
3,500,026
Masco Corp.
12,921
1,027,995
Mastercard Inc., Class A
44,729
21,619,315
Match Group Inc.(a)
13,629
507,135
McCormick & Co. Inc./MD, NVS
12,828
1,026,625
McDonald's Corp.
38,836
11,210,400
McKesson Corp.
7,145
4,008,917
Medtronic PLC
70,820
6,273,236
MercadoLibre Inc.(a)
2,446
5,042,820
Merck & Co. Inc.
136,554
16,174,821
Schedule of Investments
16
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI World ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
United States (continued)
Meta Platforms Inc., Class A
117,931
$61,478,610
MetLife Inc.
33,856
2,623,163
Mettler-Toledo International Inc.(a)
1,170
1,683,724
MGM Resorts International(a)
15,257
573,511
Microchip Technology Inc.
29,320
2,408,931
Micron Technology Inc.
59,491
5,725,414
Microsoft Corp.
379,972
158,501,520
MicroStrategy Inc., Class A(a)(b)
8,418
1,114,712
Mid-America Apartment Communities Inc.
6,005
975,032
Moderna Inc.(a)
17,648
1,365,955
Molina Healthcare Inc.(a)
3,001
1,049,720
Molson Coors Beverage Co., Class B
10,085
544,287
Mondelez International Inc., Class A
72,831
5,229,994
MongoDB Inc., Class A(a)
3,817
1,109,945
Monolithic Power Systems Inc.
2,664
2,489,988
Monster Beverage Corp.(a)
40,591
1,913,054
Moody's Corp.
8,824
4,303,818
Morgan Stanley
65,935
6,831,525
Mosaic Co. (The)
19,246
549,858
Motorola Solutions Inc.
8,894
3,931,504
MSCI Inc., Class A
4,198
2,437,317
Nasdaq Inc.
23,165
1,669,733
NetApp Inc.
11,792
1,423,530
Netflix Inc.(a)
23,268
16,319,012
Neurocrine Biosciences Inc.(a)
5,090
646,735
Newmont Corp.
62,461
3,334,793
News Corp., Class A, NVS
21,011
595,242
NextEra Energy Inc.
110,638
8,907,465
Nike Inc., Class B
64,425
5,367,891
NiSource Inc.
24,703
816,681
Nordson Corp.
3,013
773,015
Norfolk Southern Corp.
11,890
3,045,742
Northern Trust Corp.
11,472
1,046,361
Northrop Grumman Corp.
7,689
4,022,962
NRG Energy Inc.
12,941
1,100,114
Nucor Corp.
12,960
1,968,754
Nvidia Corp.
1,323,850
158,027,975
NVR Inc.(a)
170
1,559,318
NXP Semiconductors NV
13,639
3,496,494
Occidental Petroleum Corp.
34,832
1,984,727
Okta Inc.(a)
8,679
683,298
Old Dominion Freight Line Inc.
10,559
2,035,775
Omnicom Group Inc.
11,009
1,105,634
ON Semiconductor Corp.(a)
23,522
1,831,658
ONEOK Inc.
31,591
2,917,745
Oracle Corp.
89,084
12,586,678
O'Reilly Automotive Inc.(a)
3,180
3,593,305
Otis Worldwide Corp.
21,259
2,013,015
Ovintiv Inc.
14,306
612,726
Owens Corning
4,489
757,429
PACCAR Inc.
27,796
2,673,419
Packaging Corp. of America
4,943
1,035,756
Palantir Technologies Inc., Class A(a)
108,998
3,431,257
Palo Alto Networks Inc.(a)
17,262
6,261,273
Paramount Global, Class B, NVS
24,848
260,159
Parker-Hannifin Corp.
6,837
4,103,567
Paychex Inc.
17,572
2,305,446
Paycom Software Inc.
2,666
433,971
PayPal Holdings Inc.(a)
55,011
3,984,447
Pentair PLC
8,487
752,712
PepsiCo Inc.
73,691
12,739,700
Pfizer Inc.
303,348
8,800,125
Security
Shares
Value
United States (continued)
PG&E Corp.
111,780
$2,202,066
Philip Morris International Inc.
83,661
10,314,565
Phillips 66
22,858
3,207,206
Pinterest Inc., Class A(a)
31,928
1,022,973
PNC Financial Services Group Inc. (The)
21,388
3,958,705
Pool Corp.
2,086
733,479
PPG Industries Inc.
12,267
1,591,398
PPL Corp.
40,230
1,283,739
Principal Financial Group Inc.
13,233
1,077,431
Procter & Gamble Co. (The)
127,022
21,789,354
Progressive Corp. (The)
31,510
7,946,822
Prologis Inc.
49,737
6,357,383
Prudential Financial Inc.
19,246
2,331,845
PTC Inc.(a)
6,480
1,160,503
Public Service Enterprise Group Inc.
25,902
2,091,587
Public Storage
8,496
2,920,245
PulteGroup Inc.
11,954
1,573,744
Pure Storage Inc., Class A(a)
16,500
846,285
Qorvo Inc.(a)
5,799
672,046
Qualcomm Inc.
60,266
10,564,630
Quanta Services Inc.
7,692
2,116,300
Quest Diagnostics Inc.
6,306
989,853
Raymond James Financial Inc.
10,862
1,298,769
Realty Income Corp.
46,010
2,857,681
Regency Centers Corp.
9,769
710,109
Regeneron Pharmaceuticals Inc.(a)
5,834
6,911,481
Regions Financial Corp.
49,479
1,158,798
Reliance Inc.
3,047
873,423
Republic Services Inc., Class A
11,931
2,484,154
ResMed Inc.
7,967
1,952,074
Revvity Inc.
6,546
802,147
Rivian Automotive Inc., Class A(a)(b)
41,402
585,010
Robinhood Markets Inc.(a)
28,068
564,728
ROBLOX Corp., Class A(a)
25,278
1,111,979
Rockwell Automation Inc.
6,270
1,705,628
Roku Inc.(a)
6,077
411,838
Rollins Inc.
15,213
763,388
Roper Technologies Inc.
5,607
3,108,577
Ross Stores Inc.
18,268
2,751,343
Royal Caribbean Cruises Ltd.(a)
12,971
2,135,286
Royalty Pharma PLC, Class A
21,709
630,212
RPM International Inc.
6,710
780,038
RTX Corp.
71,035
8,761,457
S&P Global Inc.
17,259
8,858,009
Salesforce Inc.
52,204
13,202,392
Samsara Inc.(a)(b)
11,599
476,371
SBA Communications Corp., Class A
5,591
1,267,256
Schlumberger NV
76,061
3,345,923
Seagate Technology Holdings PLC
10,502
1,045,474
SEI Investments Co.
6,454
436,484
Sempra Energy
34,016
2,795,435
ServiceNow Inc.(a)
10,994
9,399,870
Sherwin-Williams Co. (The)
13,025
4,811,044
Simon Property Group Inc.
17,633
2,950,883
Skyworks Solutions Inc.
8,537
935,570
Snap Inc., Class A, NVS(a)
54,988
513,588
Snap-on Inc.
2,849
808,375
Snowflake Inc., Class A(a)
16,072
1,835,905
Solventum Corp.(a)
7,222
463,002
Southern Co. (The)
58,380
5,044,032
Southwest Airlines Co.
8,080
233,674
SS&C Technologies Holdings Inc.
12,342
926,761
17
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI World ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
United States (continued)
Stanley Black & Decker Inc.
8,418
$861,666
Starbucks Corp.
60,962
5,765,176
State Street Corp.
17,095
1,488,975
Steel Dynamics Inc.
8,326
995,040
STERIS PLC
5,633
1,358,116
Stryker Corp.
18,352
6,614,428
Sun Communities Inc.
6,888
931,533
Super Micro Computer Inc.(a)
2,816
1,232,563
Synchrony Financial
22,253
1,118,436
Synopsys Inc.(a)
8,258
4,290,692
Sysco Corp.
26,439
2,061,449
T Rowe Price Group Inc.
11,782
1,249,363
Take-Two Interactive Software Inc.(a)
9,062
1,465,416
Targa Resources Corp.
11,481
1,686,559
Target Corp.
24,483
3,761,078
TE Connectivity Ltd.
16,453
2,527,181
Teledyne Technologies Inc.(a)
2,356
1,019,677
Teleflex Inc.
2,427
595,028
Teradyne Inc.
8,395
1,147,848
Tesla Inc.(a)
154,464
33,072,287
Texas Instruments Inc.
48,786
10,456,791
Texas Pacific Land Corp.
1,072
931,450
Textron Inc.
11,556
1,053,907
Thermo Fisher Scientific Inc.
20,506
12,612,625
TJX Companies Inc. (The)
60,723
7,120,986
T-Mobile U.S. Inc.
28,693
5,701,873
Toast Inc.(a)(b)
19,239
478,282
Toro Co. (The)
5,413
501,244
Tractor Supply Co.
5,826
1,558,746
Trade Desk Inc. (The), Class A(a)
23,498
2,456,246
Tradeweb Markets Inc., Class A
6,461
763,949
Trane Technologies PLC
12,038
4,353,663
TransDigm Group Inc.
2,962
4,067,448
TransUnion
9,959
964,131
Travelers Companies Inc. (The)
12,066
2,751,893
Trimble Inc.(a)
13,078
741,392
Truist Financial Corp.
70,780
3,146,879
Twilio Inc., Class A(a)
8,699
545,949
Tyler Technologies Inc.(a)
2,322
1,365,034
Tyson Foods Inc., Class A
15,224
979,055
U.S. Bancorp
82,581
3,900,301
Uber Technologies Inc.(a)
101,480
7,421,232
UDR Inc.
15,857
705,795
U-Haul Holding Co.(b)
4,474
305,798
Ulta Beauty Inc.(a)
2,608
920,207
Union Pacific Corp.
32,751
8,387,204
United Parcel Service Inc., Class B
39,110
5,027,591
United Rentals Inc.
3,698
2,741,179
United Therapeutics Corp.(a)
2,357
856,887
UnitedHealth Group Inc.
49,442
29,180,668
Universal Health Services Inc., Class B
3,146
748,654
Valero Energy Corp.
17,603
2,582,888
Veeva Systems Inc., Class A(a)
8,187
1,771,994
Ventas Inc.
22,057
1,369,960
Veralto Corp.
13,182
1,482,052
VeriSign Inc.(a)
5,174
951,499
Verisk Analytics Inc., Class A
7,545
2,058,427
Verizon Communications Inc.
225,290
9,412,616
Vertex Pharmaceuticals Inc.(a)
13,938
6,911,715
Vertiv Holdings Co., Class A
19,645
1,631,124
Viatris Inc.
63,485
766,899
VICI Properties Inc., Class A
56,449
1,889,913
Security
Shares
Value
United States (continued)
Visa Inc., Class A
84,612
$23,384,218
Vistra Corp.
18,442
1,575,500
Vulcan Materials Co.
6,810
1,669,880
W R Berkley Corp.
16,662
994,721
Walgreens Boots Alliance Inc.
38,274
354,035
Walmart Inc.
237,179
18,317,334
Walt Disney Co. (The)
97,807
8,839,797
Warner Bros Discovery Inc.(a)
123,345
967,025
Waste Connections Inc.
13,804
2,574,446
Waste Management Inc.
21,434
4,544,865
Waters Corp.(a)
3,134
1,085,461
Watsco Inc.
1,731
822,952
WEC Energy Group Inc.
17,328
1,612,024
Wells Fargo & Co.
189,140
11,059,016
Welltower Inc.
32,181
3,883,603
West Pharmaceutical Services Inc.
4,046
1,268,947
Western Digital Corp.(a)
17,309
1,135,297
Westinghouse Air Brake Technologies Corp.
9,281
1,573,779
Westlake Corp.
2,551
371,017
Weyerhaeuser Co.
38,543
1,175,176
Williams Companies Inc. (The)
65,325
2,989,925
Williams-Sonoma Inc.
6,466
868,578
Willis Towers Watson PLC
5,354
1,563,957
Workday Inc., Class A(a)
11,394
2,998,787
WP Carey Inc.
11,179
670,964
WW Grainger Inc.
2,314
2,279,105
Wynn Resorts Ltd.
5,695
437,832
Xcel Energy Inc.
29,695
1,818,225
Xylem Inc./New York
13,255
1,822,960
Yum! Brands Inc.
15,052
2,030,816
Zebra Technologies Corp., Class A(a)
2,777
959,120
Zillow Group Inc., Class C (a)
8,983
496,760
Zimmer Biomet Holdings Inc.
11,342
1,309,547
Zoetis Inc.
24,654
4,523,762
Zoom Video Communications Inc., Class A(a)
12,699
877,247
Zscaler Inc.(a)
4,906
981,102
 
2,643,987,068
Total Common Stocks — 99.6%
(Cost: $2,786,480,426)
3,699,444,365
Preferred Stocks
Germany — 0.1%
Bayerische Motoren Werke AG, Preference
Shares, NVS
2,966
256,701
Dr Ing hc F Porsche AG, Preference Shares, NVS(c)
5,863
459,832
Henkel AG & Co. KGaA, Preference Shares, NVS
9,075
831,273
Porsche Automobil Holding SE, Preference
Shares, NVS
7,783
350,225
Sartorius AG, Preference Shares, NVS
1,364
376,870
Volkswagen AG, Preference Shares, NVS
10,761
1,145,290
 
3,420,191
Total Preferred Stocks — 0.1%
(Cost: $4,480,122)
3,420,191
Schedule of Investments
18
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI World ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Warrants
Canada — 0.0%
Constellation Software Inc., (Issued 08/29/23,
1 Share for 1 Warrant, Expires 03/31/40, Strike
Price CAD 11.50)(e)
989
$—
Total Warrants — 0.0%
(Cost: $—)
—
Total Long-Term Investments — 99.7%
(Cost: $2,790,960,548)
3,702,864,556
Short-Term Securities
Money Market Funds — 0.5%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 5.45%(d)(f)(g)
16,092,883
16,102,539
BlackRock Cash Funds: Treasury, SL Agency Shares,
5.25%(d)(f)
2,440,000
2,440,000
Total Short-Term Securities — 0.5%
(Cost: $18,527,822)
18,542,539
Total Investments — 100.2%
(Cost: $2,809,488,370)
3,721,407,095
Liabilities in Excess of Other Assets — (0.2)%
(7,825,374
)
Net Assets — 100.0%
$3,713,581,721
 
(a)
Non-income producing security.
(b)
All or a portion of this security is on loan.
(c)
Security exempt from registration pursuant to Rule 144A under the Securities Act of
1933, as amended. These securities may be resold in transactions exempt from
registration to qualified institutional investors.
(d)
Affiliate of the Fund.
(e)
Security is valued using significant unobservable inputs and is classified as Level 3 in the
fair value hierarchy.
(f)
Annualized 7-day yield as of period end.
(g)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2024 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 Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
08/31/24
Shares
Held at
08/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL
Agency Shares
$23,463,227
$—
$(7,371,953
)(a)
$6,728
$4,537
$16,102,539
16,092,883
$122,437
(b)
$—
BlackRock Cash Funds: Treasury, SL Agency
Shares
3,120,000
—
(680,000
)(a)
—
—
2,440,000
2,440,000
250,826
—
BlackRock Inc.
4,932,502
741,059
—
—
1,528,294
7,201,855
7,986
150,381
—
 
$6,728
$1,532,831
$25,744,394
$523,644
$—
 
(a)
Represents net amount purchased (sold).
(b)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other
payments to and from borrowers of securities.
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts
TOPIX Index
3
09/12/24
$562
$11,265
Euro STOXX 50 Index
18
09/20/24
991
21,895
FTSE 100 Index
9
09/20/24
996
22,866
19
2024 iShares Annual Financial Statements
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI World ETF
 
Futures Contracts (continued)
Description
Number of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
S&P 500 E-Mini Index
25
09/20/24
$7,076
$170,617
 
$226,643
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets—Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)
$—
$—
$226,643
$—
$—
$—
$226,643
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's
variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).
For the period ended August 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from
Futures contracts
$—
$—
$1,645,496
$—
$—
$—
$1,645,496
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts
$—
$—
$82,924
$—
$—
$—
$82,924
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$9,515,994
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
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 
Common Stocks
$2,775,882,206
$923,562,159
$—
$3,699,444,365
Preferred Stocks
—
3,420,191
—
3,420,191
Warrants
—
—
—
—
Short-Term Securities 
Money Market Funds
18,542,539
—
—
18,542,539
 
$2,794,424,745
$926,982,350
$—
$3,721,407,095
Schedule of Investments
20
Schedule of Investments (continued)
August 31, 2024
iShares® MSCI World ETF
 
Fair Value Hierarchy as of Period End (continued)
 
Level 1
Level 2
Level 3
Total
Derivative Financial Instruments(a) 
Assets 
Equity Contracts
$170,617
$56,026
$—
$226,643
 
(a)
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
See notes to financial statements.
21
2024 iShares Annual Financial Statements
Statements of Assets and Liabilities
August 31, 2024
 
 
iShares
Frontier and
Select EM
ETF
iShares
MSCI World ETF
ASSETS
 
 
Investments, at value—unaffiliated(a)(b)
$4,219,631
$3,695,662,701
Investments, at value—affiliated(c)
212,570,000
25,744,394
Cash
3,119,430
5,445
Cash pledged:
 
 
Collateral — OTC derivatives
510,000
—
Futures contracts
665,000
384,000
Foreign currency collateral pledged for futures contracts
—
171,033
Foreign currency, at value(d)
256,377
2,678,431
Receivables:
 
 
Investments sold
—
10,777,486
Securities lending income—affiliated
—
4,249
Capital shares sold
—
41,484
Dividends—unaffiliated
—
5,006,976
Dividends—affiliated
1,017,320
22,081
Tax reclaims
—
979,249
Variation margin on futures contracts
28,609
77,065
Unrealized appreciation on forward foreign currency exchange contracts
368,113
—
Total assets
222,754,480
3,741,554,594
LIABILITIES
 
 
Collateral on securities loaned, at value
—
16,104,527
Payables:
 
 
Investments purchased
—
11,148,293
Investment advisory fees
543,531
720,053
Unrealized depreciation on forward foreign currency exchange contracts
592,619
—
Total liabilities
1,136,150
27,972,873
Commitments and contingent liabilities
 
 
NET ASSETS
$221,618,330
$3,713,581,721
NET ASSETS CONSIST OF
 
 
Paid-in capital
$362,967,824
$2,888,571,466
Accumulated earnings (loss)
(141,349,494)
825,010,255
NET ASSETS
$221,618,330
$3,713,581,721
NET ASSET VALUE
 
 
Shares outstanding
8,050,000
24,100,000
Net asset value
$27.53
$154.09
Shares authorized
500 million
500 million
Par value
$0.001
$0.001
(a) Investments, at cost—unaffiliated
$7,673,921
$2,785,355,298
(b) Securities loaned, at value
$—
$15,570,736
(c) Investments, at cost—affiliated
$212,570,000
$24,133,072
(d) Foreign currency, at cost
$255,750
$2,646,158
See notes to financial statements.
Statements of Assets and Liabilities
22
Statements of Operations
Year Ended August 31, 2024  
 
 
iShares
Frontier and
Select EM
ETF
iShares
MSCI World
ETF
INVESTMENT INCOME
Dividends—unaffiliated
$17,208,077
$60,879,078
Dividends—affiliated
3,055,462
401,207
Interest—unaffiliated
33,976
31,319
Securities lending income—affiliated—net
3,724
122,437
Other income—unaffiliated
11,149
2,574
Foreign taxes withheld
(1,183,331
)
(3,021,097
)
Total investment income
19,129,057
58,415,518
EXPENSES
Investment advisory
3,587,194
7,556,556
Interest expense
38,219
—
Commitment costs
4,563
—
Professional
—
3,782
Total expenses
3,629,976
7,560,338
Less:
Investment advisory fees waived
(54,933
)
—
Total expenses after fees waived
3,575,043
7,560,338
Net investment income
15,554,014
50,855,180
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments—unaffiliated(a)
45,938,750
(17,865,270
)
Investments—affiliated
(1,598
)
6,728
Forward foreign currency exchange contracts
(1,996,059
)
—
Foreign currency transactions
(1,523,965
)
(145,695
)
Futures contracts
446,228
1,645,496
In-kind redemptions—unaffiliated(b)
13,234,623
5,983
 
56,097,979
(16,352,758
)
Net change in unrealized appreciation (depreciation) on:
Investments—unaffiliated(c)
(53,361,292
)
678,557,126
Investments—affiliated
—
1,532,831
Forward foreign currency exchange contracts
(3,423,252
)
—
Foreign currency translations
4,223,472
162,212
Futures contracts
959,483
82,924
 
(51,601,589
)
680,335,093
Net realized and unrealized gain
4,496,390
663,982,335
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
$20,050,404
$714,837,515
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable of
$(1,795,813
)
$—
(b) See Note 2 of the Notes to Financial Statements.
(c) Net of reduction in deferred foreign capital gain tax of
$9,432
$—
See notes to financial statements.
23
2024 iShares Annual Financial Statements
Statements of Changes in Net Assets
 
 
iShares
Frontier and Select EM ETF
iShares
MSCI World ETF
 
Year Ended
08/31/24
Year Ended
08/31/23
Year Ended
08/31/24
Year Ended
08/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$15,554,014
$19,279,570
$50,855,180
$46,248,103
Net realized gain (loss)
56,097,979
(32,192,171
)
(16,352,758
)
91,655,742
Net change in unrealized appreciation (depreciation)
(51,601,589
)
38,254,043
680,335,093
255,310,596
Net increase in net assets resulting from operations
20,050,404
25,341,442
714,837,515
393,214,441
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders
(19,265,925
)
(12,604,554
)
(52,687,627
)
(43,129,363
)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions
(420,600,461
)
278,055,792
339,125,750
235,520,737
NET ASSETS
Total increase (decrease) in net assets
(419,815,982
)
290,792,680
1,001,275,638
585,605,815
Beginning of year
641,434,312
350,641,632
2,712,306,083
2,126,700,268
End of year
$221,618,330
$641,434,312
$3,713,581,721
$2,712,306,083
 
(a)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
See notes to financial statements.
Statements of Changes in Net Assets
24
Financial Highlights
(For a share outstanding throughout each period)
 
 
iShares Frontier and Select EM ETF
 
Year Ended
08/31/24
Year Ended
08/31/23
Year Ended
08/31/22
Year Ended
08/31/21
Year Ended
08/31/20
Net asset value, beginning of year
$27.18
$27.29
$33.86
$25.69
$28.97
Net investment income(a)
0.92
0.86
0.88
0.65
0.87
Net realized and unrealized gain (loss)(b)
0.58
(0.46
)
(6.63
)
8.20
(3.36
)
Net increase (decrease) from investment operations
1.50
0.40
(5.75
)
8.85
(2.49
)
Distributions from net investment income(c)
(1.15
)
(0.51
)
(0.82
)
(0.68
)
(0.79
)
Net asset value, end of year
$27.53
$27.18
$27.29
$33.86
$25.69
Total Return(d)
Based on net asset value
5.60
%
1.59
%
(17.26
)%
34.77
%
(8.44
)%
Ratios to Average Net Assets(e)
Total expenses
0.80
%
0.80
%
0.80
%
0.79
%
0.79
%
Total expenses after fees waived
0.79
%
0.80
%
0.80
%
0.79
%
0.79
%
Net investment income
3.43
%
3.34
%
2.73
%
2.17
%
3.27
%
Supplemental Data
Net assets, end of year (000)
$221,618
$641,434
$350,642
$496,099
$373,769
Portfolio turnover rate(f)
29
%
53
%
34
%
36
%
25
%
(a) Based on average shares outstanding.
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d) Where applicable, assumes the reinvestment of distributions.
(e) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
25
2024 iShares Annual Financial Statements
Financial Highlights(continued)
(For a share outstanding throughout each period)
 
 
iShares MSCI World ETF
 
Year Ended
08/31/24
Year Ended
08/31/23
Year Ended
08/31/22
Year Ended
08/31/21
Year Ended
08/31/20
Net asset value, beginning of year
$125.57
$110.19
$131.92
$103.07
$89.79
Net investment income(a)
2.22
2.16
2.19
1.84
1.76
Net realized and unrealized gain (loss)(b)
28.58
15.22
(21.88
)
28.80
13.35
Net increase (decrease) from investment operations
30.80
17.38
(19.69
)
30.64
15.11
Distributions from net investment income(c)
(2.28
)
(2.00
)
(2.04
)
(1.79
)
(1.83
)
Net asset value, end of year
$154.09
$125.57
$110.19
$131.92
$103.07
Total Return(d)
Based on net asset value
24.75
%
15.90
%
(15.07
)%(e)
29.94
%
17.04
%
Ratios to Average Net Assets(f)
Total expenses
0.24
%
0.24
%
0.24
%
0.24
%
0.24
%
Net investment income
1.62
%
1.87
%
1.78
%
1.58
%
1.90
%
Supplemental Data
Net assets, end of year (000)
$3,713,582
$2,712,306
$2,126,700
$1,569,839
$948,247
Portfolio turnover rate(g)
2
%
3
%
5
%
5
%
7
%
(a) Based on average shares outstanding.
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d) Where applicable, assumes the reinvestment of distributions.
(e) Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31,
2022:
•  Total return by 0.01%.
(f) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
Financial Highlights
26
Notes to Financial Statements
1. ORGANIZATION
iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is organized as a Maryland corporation and is authorized to have multiple series or portfolios.
These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”): 
iShares ETF
Diversification
Classification
Frontier and Select EM
Diversified
MSCI World
Diversified
As announced on June 7, 2024, the Board approved a proposal to close and liquidate the iShares Frontier and Select EM ETF and the Fund has entered into an extended liquidation period. During the extended liquidation period, the Fund is not managed in accordance with its investment objective and policies. Instead, the Fund currently holds a substantial majority of its assets in cash and cash equivalents from the proceeds of the Fund's liquidation of assets, as determined by BlackRock Fund Advisors. The Fund will cease trading and the creation and redemption of Creation Units as soon as practicable (referred to as the “Last Trading Date”). Currently, the Fund expects the Last Trading Date to be on or around March 31, 2025. The Last Trading Date may be earlier or later than March 31, 2025 and the Fund's website will be updated upon the determination of the Last Trading Date.
2. SIGNIFICANT ACCOUNTING POLICIES
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period.  Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method.  Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.  Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.
Foreign Currency Translation: Each Fund's books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.
Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.  
Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions.  All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests.  These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows:  foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of August 31, 2024, if any, are disclosed in the Statements of Assets and Liabilities.
Consistent with U.S. GAAP accrual requirements, for uncertain tax positions, each Fund recognizes tax reclaims when the Fund determines that it is more likely than not that the Fund will sustain its position that it is due the reclaim. 
The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes. 
27
2024 iShares Annual Financial Statements
Notes to Financial Statements  (continued)
Bank Overdraft: Certain Funds had outstanding cash disbursements exceeding deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.
Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.
In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.
Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.
Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.
3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS
Investment  Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Directors of the Company (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.
• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.
• Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.
• Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the New York Stock Exchange (“NYSE”) based on that day’s prevailing forward exchange rate for the underlying currencies.
Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.
Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.
Fair  Value Hierarchy: 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;
Notes to Financial Statements
28
Notes to Financial Statements  (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 that may not have a secondary market and/or may have 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.
4. SECURITIES AND OTHER INVESTMENTS
Warrants: Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.
Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.
Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.
29
2024 iShares Annual Financial Statements
Notes to Financial Statements  (continued)
As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:  
iShares ETF and Counterparty
Securities Loaned
at Value
Cash Collateral
Received(a)
Non-Cash Collateral
Received, at Fair Value(a)
Net Amount
MSCI World
Barclays Bank PLC
$2,602,459
$(2,602,459)
$—
$—
BNP Paribas SA
1,095,260
(1,095,260)
—
—
BofA Securities, Inc.
4,704,107
(4,704,107)
—
—
Citigroup Global Markets, Inc.
881,946
(881,946)
—
—
Goldman Sachs & Co. LLC
238,545
(238,545)
—
—
J.P. Morgan Securities LLC
407,321
(407,321)
—
—
Morgan Stanley
564,174
(564,174)
—
—
National Financial Services LLC
158,332
(158,332)
—
—
Nomura Securities International, Inc.
106,370
(106,370)
—
—
SG Americas Securities LLC
499,070
(499,070)
—
—
State Street Bank & Trust Co.
1,569,016
(1,569,016)
—
—
Toronto-Dominion Bank
424,596
(424,596)
—
—
UBS AG
410,652
(410,652)
—
—
Wells Fargo Bank N.A.
1,908,888
(1,908,888)
—
—
 
$15,570,736
$(15,570,736)
$—
$—
 
(a)
Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s
Statements of Assets and Liabilities.
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.
5. DERIVATIVE FINANCIAL INSTRUMENTS
Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).
Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.
Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of  Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.
Forward Foreign Currency Exchange Contracts: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).
A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Funds are denominated and in some cases, may be used to obtain exposure to a particular market.The contracts are traded over-the-counter (“OTC”) and not on an organized exchange.
The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of  Assets and Liabilities.  A fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.
Notes to Financial Statements
30
Notes to Financial Statements  (continued)
Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.
For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a fund and the counterparty.
Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.
For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.
6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent directors).
For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows: 
iShares ETF
Investment Advisory Fees
Frontier and Select EM
0.79%
MSCI World
0.24
The investment advisory fee has not been fully paid for Frontier and Select EM because it is in an extended liquidation period. The amount of the unpaid investment advisory agreement appears as a payable for investment advisory fees in the Statements of Assets and Liabilities. Frontier and Select EM may pay all or a portion of the investment advisory fee during the extended liquidation period (no more frequently than under the Investment Advisory Agreement) or in connection with the final liquidation.
Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statements of Operations does not include acquired fund fees and expenses.
Effective August 19, 2024, for the iShares Frontier and Select EM ETF, BFA has contractually agreed to waive a portion of its investment advisory fee through August 18, 2025 in order to limit the Fund’s total annual operating expenses after fee waiver to 0.20% of average daily net assets.
This amount is included in investment advisory fees waived in the Statements of Operations. For the year ended August 31, 2024, the amount waived in investment advisory fees pursuant to this arrangement was as follows: 
iShares ETF
Amounts Waived
Frontier and Select EM
$54,933
Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.
Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions.  As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for
31
2024 iShares Annual Financial Statements
Notes to Financial Statements  (continued)
securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, redemption fee, distribution fee or service fee. The money market fund in which the cash collateral has been invested may impose a discretionary liquidity fee of up to 2% of the value redeemed, if such fee is determined to be in the best interests of such money market fund.
Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, the iShares MSCI World ETF (the “Group 1 Fund”), retains 81% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
Pursuant to the current securities lending agreement, the iShares Frontier and Select EM ETF (the “Group 2 Fund”), retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds a specified threshold: (1) the Group 1 Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees, and (2) the Group 2 Fund will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended August 31, 2024, the Funds paid BTC the following amounts for securities lending agent services: 
iShares ETF
Amounts
Frontier and Select EM
$1,195
MSCI World
40,343
Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.
Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.
For the year ended August 31, 2024, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows: 
iShares ETF
Purchases
Sales
Net Realized
Gain (Loss)
Frontier and Select EM
$462,229
$1,082,200
$61,246
MSCI World
22,992,108
10,840,439
(6,321,127)
Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate.  The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.
A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.
7. PURCHASES AND SALES
For the year ended August 31, 2024, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows: 
iShares ETF
Purchases
Sales
Frontier and Select EM
$109,340,848
$683,111,122
MSCI World
115,765,749
59,328,144
Notes to Financial Statements
32
Notes to Financial Statements  (continued)
For the year ended August 31, 2024, in-kind transactions were as follows: 
iShares ETF
In-kind
Purchases
In-kind
Sales
Frontier and Select EM
$5,171,098
$62,588,031
MSCI World
282,229,272
—
8. INCOME TAX INFORMATION
Each Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes.  It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.
Management has analyzed tax laws and regulations and their application to the Funds as of August 31, 2024, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements. Management’s analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds’ NAV.
U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting.  These reclassifications have no effect on net assets or NAV per share. As of August 31, 2024, permanent differences attributable to distributions paid in excess of taxable income and realized gains (losses) from in-kind redemptions were reclassified to the following accounts: 
iShares ETF
Paid-in Capital
Accumulated
Earnings (Loss)
Frontier and Select EM
$10,240,686
$ (10,240,686)
MSCI World
5,985
(5,985)
The tax character of distributions paid was as follows:  
iShares ETF
Year Ended
08/31/24
Year Ended
08/31/23
Frontier and Select EM
Ordinary income
$19,265,925
$12,604,554
MSCI World
Ordinary income
$52,687,627
$43,129,363
As of August 31, 2024, the tax components of accumulated net earnings (losses) were as follows: 
iShares ETF
Undistributed
Ordinary Income
Non-expiring
Capital Loss
Carryforwards(a)
Net Unrealized
Gains (Losses)(b)
Total
Frontier and Select EM
$—
$(137,417,829)
$(3,931,665)
$(141,349,494)
MSCI World
13,596,900
(90,134,265)
901,547,620
825,010,255
 
(a)
Amounts available to offset future realized capital gains.
(b)
The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of
unrealized gains (losses) on certain futures contracts, the timing and recognition of partnership income, the characterization of corporate actions, the realization for tax purposes of
unrealized gains on investments in passive foreign investment companies and the undistributed capital gains from underlying REIT investments.
For the year ended August 31, 2024, the iShares Frontier and Select EM ETF utilized $26,351,768 of its capital loss carryforwards.
A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.
As of August 31, 2024, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows: 
iShares ETF
Tax Cost
Gross Unrealized
Appreciation
Gross Unrealized
Depreciation
Net Unrealized
Appreciation
(Depreciation)
Frontier and Select EM
$220,497,418
$664,576
$(4,596,869)
$(3,932,293)
MSCI World
2,819,962,198
1,038,250,573
(136,794,411)
901,456,162
33
2024 iShares Annual Financial Statements
Notes to Financial Statements  (continued)
9. LINE OF CREDIT
The iShares Frontier and Select EM ETF, along with certain other iShares funds (“Participating Funds”), is a party to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on October 16, 2024. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.
For the year ended August 31, 2024, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Syndicated Credit Agreement were as follows:  
iShares ETF
Maximum
Amount
Borrowed
Average
Borrowing
Weighted
Average
Interest Rates
Frontier and Select EM
$17,000,000
$478,142
6.44%
10. PRINCIPAL RISKS
In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.
BFA uses an indexing approach to try to achieve each Fund’s investment objective. The Fund is not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.
The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to discretionary liquidity fees under certain circumstances.
Market Risk:  Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) lack of reliable settlement procedures and significant delays in registering the transfer of securities; (iii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iv) lack of publicly available or reliable information about issuers as a result of not being subject to the same degree of regulatory requirements and accounting, auditing and financial reporting standards; and (v) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments.
Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.
The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore each Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by each Fund, and each Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. Each Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.
Illiquid Investments Risk: An illiquid investment is any investment that a fund expects cannot be sold or disposed of in seven calendar days or less without significantly changing the market value of the investment. Each Fund may not acquire any illiquid investment if, immediately after acquisition, each Fund would have invested more than 15% of their net assets in illiquid investments. An investment may be illiquid due to, among other things, the reduced number and capacity of traditional market participants to make a market in securities or instruments, the lack of an active market for such securities or instruments, capital controls, delays or limits on repatriation of local currency,
Notes to Financial Statements
34
Notes to Financial Statements  (continued)
or insolvency of local governments. In particular, certain frontier markets in which each Fund may invest are experiencing a shortage of U.S. dollar reserves (including Nigeria) and have restricted or delayed repatriation of local currency, and these issues are likely to persist. Illiquid investments may reduce the returns of each Fund as each Fund may be unable to transact at advantageous times or prices. In addition, if each Fund is limited in its ability to sell illiquid investments during periods when shareholders are redeeming their shares, each Fund will need to sell liquid securities to meet redemption requests and illiquid securities will become a larger portion of each Fund's holdings.
Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.
With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.
Geographic/Asset Class Risk:  A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.
Certain Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.
Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors.  When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. 
Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.
11. CAPITAL SHARE TRANSACTIONS
Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.
Transactions in capital shares were as follows: 
 
Year Ended
08/31/24
Year Ended
08/31/23
iShares ETF
Shares
Amount
Shares
Amount
Frontier and Select EM
Shares sold
1,050,000
$29,106,834
16,650,000
$430,165,788
Shares redeemed
(16,600,000
)
(449,707,295
)
(5,900,000
)
(152,109,996
)
 
(15,550,000
)
$(420,600,461
)
10,750,000
$278,055,792
35
2024 iShares Annual Financial Statements
Notes to Financial Statements  (continued)
 
Year Ended
08/31/24
Year Ended
08/31/23
iShares ETF
Shares
Amount
Shares
Amount
MSCI World
Shares sold
2,500,000
$339,125,750
5,200,000
$574,807,989
Shares redeemed
—
—
(2,900,000
)
(339,287,252
)
 
2,500,000
$339,125,750
2,300,000
$235,520,737
The consideration for the purchase of Creation Units of a fund in the Company generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash.  Certain funds in the Company may be offered in Creation Units solely or partially for cash in U.S. dollars.  Authorized Participants purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Company’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash.  Authorized Participants transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.
To the extent applicable, to facilitate the timely settlement of orders for Funds using a clearing facility outside of the continuous net settlement process, the Funds, at their sole discretion, may permit an Authorized Participant to post cash as collateral in anticipation of the delivery of all or a portion of the applicable Deposit Securities or Fund Securities, as further described in the applicable Authorized Participant Agreement. The collateral process is subject to a Control Agreement among the Authorized Participant, each Funds’ custodian, and the Funds. In the event that the Authorized Participant fails to deliver all or a portion of the applicable Deposit Securities or Fund Securities, the Funds may exercise control over such collateral pursuant to the terms of the Control Agreement in order to purchase the applicable Deposit Securities or Fund Securities.
From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.
12. SUBSEQUENT EVENTS
Management’s evaluation of the impact of all subsequent events on the Funds’ financial statements was completed through the date the financial statements were available to be issued and the following item was noted:
Effective October 16, 2024, the Syndicated Credit Agreement to which the Participating Funds are party was amended to extend the maturity date to October 15, 2025 under the same terms.
Notes to Financial Statements
36
Report of Independent Registered Public Accounting Firm
To the Board of Directors of
iShares, Inc. and Shareholders of each of the two funds listed in the table below
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (two of the funds constituting iShares Inc., hereafter collectively referred to as the "Funds") as of August 31, 2024, the related statements of operations for the year ended August 31, 2024, the statements of changes in net assets for each of the two years in the period ended August 31, 2024, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of August 31, 2024, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2024 and each of the financial highlights for each of the five years in the period ended August 31, 2024 in conformity with accounting principles generally accepted in the United States of America.   
iShares Frontier and Select EM ETF
iShares MSCI World ETF
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
October 24, 2024
We have served as the auditor of one or more BlackRock investment companies since 2000.
37
2024 iShares Annual Financial Statements
Important Tax Information (unaudited)
The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended August 31, 2024: 
iShares ETF
Qualified Dividend
Income
Frontier and Select EM
$11,756,010
MSCI World
58,531,432
The following amount, or maximum amount allowable by law, is hereby designated as qualified business income for individuals for the fiscal year ended August 31, 2024: 
iShares ETF
Qualified Business
Income
MSCI World
$1,365,052
The following percentages, or maximum percentages allowable by law, of ordinary income distributions paid during the fiscal year ended August 31, 2024 qualified for the dividends-received deduction for corporate shareholders: 
iShares ETF
Dividends-Received
Deduction
Frontier and Select EM
1.44
%
MSCI World
53.25
%
Important Tax Information
38
Additional Information
Premium/Discount Information
Information on the Fund's net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.
Regulation under the Alternative Investment Fund Managers Directive
The Alternative Investment Fund Managers Directive, and its United Kingdom (“UK”) equivalent, (the “AIFMD”) impose detailed and prescriptive obligations on fund managers established in the European Union (the “EU”) and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the “Company”). However, the Company is required to comply with certain disclosure, reporting and transparency obligations of the AIFMD because it has registered the iShares Frontier and Select EM ETF (the “Fund”) to be marketed to investors in the EU and/or UK.
Report on Remuneration
BlackRock has a clear and well-defined pay-for-performance philosophy, and compensation programs which support that philosophy.
BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management and staff who have the ability to materially affect the risk profile of the Fund, a significant percentage of variable remuneration is deferred over time. All employees are subject to a clawback policy.
Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock’s full-year financial results and other non-financial goals and objectives.  Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities.  No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.
Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock's independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.
Each of the control functions (Enterprise Risk, Legal & Compliance, Finance, Human Resources and Internal Audit) each have their own organizational structures which are independent of the business units and therefore staff members in control functions are remunerated independently of the businesses they oversee. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock's independent remuneration committee.
The Company is required under the AIFMD to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year. BlackRock bases its proportionality approach on a combination of factors that it is entitled to take into account based on relevant guidelines.
Remuneration information at an individual Fund level is not readily available.  Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; (c) staff who have the ability to materially affect the risk profile of the Fund; and (d) staff of companies to which portfolio management and risk management has been formally delegated.
All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Fund is included in the aggregate figures disclosed.
Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Conversely, members of staff and senior management of the broader BlackRock group may provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the broader BlackRock group and of the Company.  Therefore, the figures disclosed are a sum of individuals’ portion of remuneration attributable to the Company according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company and the broader BlackRock group. Accordingly, the figures are not representative of any individual’s actual remuneration or their remuneration structure.
The amount of the total remuneration awarded to the Company’s staff in respect of the Company’s financial year ending December 31, 2023 was USD 5.43m.  This figure is comprised of fixed remuneration of USD 0.74m and variable remuneration of USD 4.68m. There was a total of 8 beneficiaries of the remuneration described above.
The amount of the aggregate remuneration awarded by the Company in respect of the Company’s financial year ending December 31, 2023, to its senior management was USD 3.66m, and to other members of its staff whose actions potentially have a material impact on the risk profile of the Company or its funds was USD 1.77m.
39
2024 iShares Annual Financial Statements
Additional Information (continued)
Disclosures Under the EU Sustainable Finance Disclosure Regulation
The iShares Frontier and Select EM ETF (the “Fund”) is registered under the Alternative Investment Fund Managers Directive to be marketed to European Union (“EU”) investors, as noted above. As a result, certain disclosures are required under the EU Sustainable Finance Disclosure Regulation (“SFDR”). 
The Fund has not been categorized under the SFDR as an “Article 8” or “Article 9” product. In addition, the Fund’s investment strategy does not take into account the criteria for environmentally sustainable economic activities under the EU sustainable investment taxonomy regulation or principal adverse impacts (“PAIs”) on sustainability factors under the SFDR. PAIs are identified under the SFDR as the material impacts of investment decisions on sustainability factors relating to environmental, social and employee matters, respect for human rights, and anti-corruption and anti-bribery matters.
Electronic Delivery
Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.
To enroll in electronic delivery:
 • Go to icsdelivery.com.
 • If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor. 
Changes in and Disagreements with Accountants
Not applicable.
Proxy Results
Not applicable.
Remuneration Paid to Directors, Officers, and Others
Because BFA has agreed in the Investment Advisory Agreements to cover all operating expenses of the Funds, subject to certain exclusions as provided for therein, BFA pays the compensation to each Independent Director for services to the Funds from BFA's investment advisory fees.
Availability of Portfolio Holdings Information
A description of the Company’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets, when available, at iShares.com.
Additional Information
40
Board Review and Approval of Investment Advisory Contract
iShares Frontier and Select EM ETF (the “Fund”)
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company's Board of Directors (the “Board”), including a majority of Board Members who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Company and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements.  The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement.  At meetings held on May 6, 2024 and May 17, 2024, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meeting, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide.  At a meeting held on June 4-5, 2024, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.
After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members.  The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates.  The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.
Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”).  The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.   
The Board noted that the Fund is an actively managed ETF that does not seek to track the performance of a specified index and that the management team for the Fund manages the Fund’s portfolio in accordance with its investment objective.  The Board further noted that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its reference benchmark.  Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered.  The Board noted that the Fund generally performed in line with expectations relative to the Fund’s peer group (where applicable) and reference benchmark or stated investment objective.
Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA’s business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years.  In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters.  The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 6, 2024 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services, as well as BlackRock’s continued investments in its ETF business.
Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
41
2024 iShares Annual Financial Statements
Board Review and Approval of Investment Advisory Contract (continued)
Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year.  The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix.  The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).
Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time.  The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase.  However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.
The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”).
The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates do not manage Other Accounts with a similar investment strategy or investment mandate as the Fund.  The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.
The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.
Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community.  The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.
Board Review and Approval of Investment Advisory Contract
42
Board Review and Approval of Investment Advisory Contract (continued)
Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.
iShares MSCI World ETF (the “Fund”)
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company's Board of Directors (the “Board”), including a majority of Board Members who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Company and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; and legal and compliance services; including the ability to meet applicable legal and regulatory requirements.  The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement.  At meetings held on May 6, 2024 and May 17, 2024, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel. Prior to and in preparation for the meeting, the Board received and reviewed materials specifically relating to matters relevant to the renewal of the Advisory Agreement. Following discussion, the 15(c) Committee subsequently requested certain additional information, which management agreed to provide.  At a meeting held on June 4-5, 2024, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.
After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members.  The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates.  The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various matters and factors considered. The material factors, considerations and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.
Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”).  The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.
In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2023, to that of such relevant comparison fund(s) for the same periods.  The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index.  Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered.  The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.
Based on this review, the other relevant factors and information considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares product line and BFA’s business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years.  In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters.  The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and
43
2024 iShares Annual Financial Statements
Board Review and Approval of Investment Advisory Contract (continued)
considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 6, 2024 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services, as well as BlackRock’s continued investments in its ETF business.
Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year.  The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix.  The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).
Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, and related costs of the services provided as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business, including enhancements to or the provision of additional infrastructure and services to the iShares funds and their shareholders and, with respect to New Funds, set management fees at levels that anticipate scale over time.  The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase.  However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.
The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”).
The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive character and scope of services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts in its consideration of relevant qualitative and quantitative comparative information provided. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund.  The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.
The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.
Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds (including cash sweep vehicles) for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community.  The Board further considered other direct benefits that might accrue to BFA, including actual and potential reductions in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by
Board Review and Approval of Investment Advisory Contract
44
Board Review and Approval of Investment Advisory Contract (continued)
BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.
Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.
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2024 iShares Annual Financial Statements
Glossary of Terms Used in this Report
 
Currency Abbreviation
EGP
Egyptian Pound
USD
United States Dollar
 
Portfolio Abbreviation
ADR
American Depositary Receipt
NVS
Non-Voting Shares
REIT
Real Estate Investment Trust
Glossary of Terms Used in this Report
46
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iShares.com | 1-800-474-2737
This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.
Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc.,  nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.
©2024 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
 
 

Item 8 –

   Changes in and Disagreements with Accountants for Open-End Management Investment Companies – See Item 7

Item 9 –

   Proxy Disclosures for Open-End Management Investment Companies – See Item 7

Item 10 –

   Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – See Item 7

Item 11 –

   Statement Regarding Basis for Approval of Investment Advisory Contract – See Item 7

Item 12 –

   Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 13 –

   Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 14 –

   Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

Item 15 –

   Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 16 –

   Controls and Procedures
 

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.

 

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17 –

   Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable

Item 18 –

   Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 –

   Exhibits attached hereto
  (a)(1) Code of Ethics – See Item 2
  (a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed – Not Applicable
  (a)(3) Section 302 Certifications are attached
  (a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable
  (a)(5) Change in registrant’s independent public accountant – Not Applicable
  (b) Section 906 Certifications are attached

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

iShares, Inc.

 

By:   /s/ Jessica Tan 
  Jessica Tan
  President (principal executive officer) of
  iShares, Inc.

 

Date: October 24, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By:   /s/ Jessica Tan 
  Jessica Tan
  President (principal executive officer) of
  iShares, Inc.

 

Date: October 24, 2024

 

By:   /s/ Trent Walker   
  Trent Walker
  Treasurer and Chief Financial Officer (principal financial officer) of
  iShares, Inc.

 

Date: October 24, 2024