UNITED STATES
 SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM N-CSR
 
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
 
 
Investment Company Act file number: 811-09102
 
Name of Fund:  iShares, Inc.
 
Fund Address:   c/o BlackRock Fund Advisors, 400 Howard Street, San Francisco, CA 94105
 
Name and address of agent for service:  The Corporation Trust Incorporated, 2405 York Road, Suite 201, Lutherville-Timonium, Maryland 21093
 
Registrant’s telephone number, including area code: (415) 670-2000
 
Date of fiscal year end: 4/30/2026
 
Date of reporting period: 10/31/2025
 
Item 1 – Reports to Stockholders
(a)    The Reports to Shareholders are attached herewith.
0000930667falseN-CSRSiShares IncN-1A2025-10-310000930667blk:C000110341Member2025-05-012025-10-3100009306672025-05-012025-10-310000930667blk:C000110341Member2025-10-310000930667blk:C000110341Memberblk:FinancialsSectorMember2025-10-310000930667blk:C000110341Memberus-gaap:EnergySectorMember2025-10-310000930667blk:C000110341Memberoef:MaterialsSectorMember2025-10-310000930667blk:C000110341Memberoef:UtilitiesSectorMember2025-10-310000930667blk:C000110341Memberblk:IndustrialsSectorMember2025-10-310000930667blk:C000110341Memberoef:InformationTechnologySectorMember2025-10-310000930667blk:C000110341Memberoef:ConsumerDiscretionarySectorMember2025-10-310000930667blk:C000110341Memberoef:ConsumerStaplesSectorMember2025-10-310000930667blk:C000110341Memberus-gaap:RealEstateSectorMember2025-10-310000930667blk:C000110341Memberblk:CommunicationServicesSectorMember2025-10-310000930667blk:C000110341Membercountry:BR2025-10-310000930667blk:C000110341Membercountry:CN2025-10-310000930667blk:C000110341Membercountry:ID2025-10-310000930667blk:C000110341Membercountry:PL2025-10-310000930667blk:C000110341Membercountry:TW2025-10-310000930667blk:C000110341Membercountry:IN2025-10-310000930667blk:C000110341Membercountry:ZA2025-10-310000930667blk:C000110341Membercountry:TH2025-10-310000930667blk:C000110341Membercountry:CZ2025-10-310000930667blk:C000110341Membercountry:CO2025-10-310000930667blk:C000110341Memberblk:OtherRowMaterialsCTIMember2025-10-31iso4217:USDxbrli:sharesiso4217:USDxbrli:sharesxbrli:pureutr:Dblk:Holding

iShares Emerging Markets Dividend ETF

DVYE |NYSE Arca 

Semi-Annual Shareholder Report — October 31, 2025

Image

This semi-annual shareholder report contains important information about iShares Emerging Markets Dividend ETF (the “Fund”) for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

 

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Fund name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
iShares Emerging Markets Dividend ETF
$27
0.49%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$970,367,279
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
103
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
9%

What did the Fund invest in?

(as of October 31, 2025) 

Sector allocation 

Geographic allocation 

Sector
Percent of Total InvestmentsFootnote Reference(a)
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
31.4%
Energy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
22.7
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
17.0
Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
9.8
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
8.2
Information Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.8
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.1
Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1.7
Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1.4
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.9
Country/Geographic Region
Percent of Total InvestmentsFootnote Reference(a)
Brazil........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
24.6%
China........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
23.8
Indonesia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
9.9
Poland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
7.8
Taiwan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
6.2
India........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.8
South Africa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.9
Thailand........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.9
Czech Republic........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.7
Colombia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1.8
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
11.6
FootnoteDescription
Footnote(a)
Excludes money market funds.
Footnote(b)
Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.

Additional information 

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports.  For proxy voting records, visit blackrock.com/proxyrecords.

Image

©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

 

iShares Emerging Markets Dividend ETF

Semi-Annual Shareholder Report — October 31, 2025

DVYE-10/25-SAR

 

(b)     Not Applicable
Item 2 – Code of Ethics – Not Applicable to this semi-annual report
Item 3 – Audit Committee Financial Expert – Not Applicable to this semi-annual report
Item 4 – Principal Accountant Fees and Services – Not Applicable to this semi-annual report
Item 5 –  Audit Committee of Listed Registrant – 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.
October
31,
2025
2025
Semi-Annual
Financial
Statements
and
Additional
Information
(Unaudited)
iShares,
Inc.
iShares
Emerging
Markets
Dividend
ETF
|
DVYE
|
NYSE
Arca
Table
of
Contents
Page
2
Schedule
of
Investments
..................................................................................................
3
Statement
of
Assets
and
Liabilities
............................................................................................
7
Statement
of
Operations
..................................................................................................
8
Statements
of
Changes
in
Net
Assets
..........................................................................................
9
Financial
Highlights
.....................................................................................................
10
Notes
to
Financial
Statements
...............................................................................................
11
Additional
Information
...................................................................................................
19
Board
Review
and
Approval
of
Investment
Advisory
Contract
...........................................................................
20
Glossary
of
Terms
Used
in
these
Financial
Statements
................................................................................
23
iShares
®
Emerging
Markets
Dividend
ETF
Schedule
of
Investments
(unaudited)
October
31,
2025
(Percentages
shown
are
based
on
Net
Assets)
3
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Brazil
 — 
15
.3
%
Banco
Santander
Brasil
SA
..................
951,990
$
5,510,268
BB
Seguridade
Participacoes
SA
..............
2,204,990
13,463,679
Cia
de
Saneamento
de
Minas
Gerais
Copasa
MG
...
1,293,705
9,087,280
Cia
Siderurgica
Nacional
SA
.................
6,662,643
11,690,694
CPFL
Energia
SA
.........................
970,856
7,507,060
CSN
Mineracao
SA
.......................
7,551,412
8,519,981
Engie
Brasil
Energia
SA
....................
1,026,194
7,629,766
JBS
N.V.
(a)
.............................
1,210,078
16,079,792
Petroreconcavo
SA
.......................
2,417,066
5,579,970
Telefonica
Brasil
SA
.......................
1,457,932
8,682,635
Transmissora
Alianca
de
Energia
Eletrica
SA
......
1,485,991
10,523,566
Vale
SA
...............................
3,542,845
42,975,504
147,250,195
a
Chile
 — 
1
.3
%
Empresas
CMPC
SA
......................
3,443,647
4,973,201
Enel
Chile
SA
...........................
103,073,283
7,873,616
12,846,817
a
China
 — 
23
.6
%
Agricultural
Bank
of
China
Ltd.
,
Class
H
..........
19,034,000
14,520,602
Anhui
Conch
Cement
Co.
Ltd.
,
Class
H
..........
1,666,500
4,968,608
Bank
of
China
Ltd.
,
Class
H
..................
34,665,000
19,628,825
Beijing
Enterprises
Water
Group
Ltd.
............
13,252,000
4,259,325
China
Cinda
Asset
Management
Co.
Ltd.
,
Class
H
..
15,673,000
2,540,508
China
CITIC
Bank
Corp.
Ltd.
,
Class
H
...........
10,499,000
10,017,157
China
Construction
Bank
Corp.
,
Class
H
.........
33,647,000
33,311,907
China
Education
Group
Holdings
Ltd.
(b)
..........
11,232,000
4,309,871
China
Merchants
Port
Holdings
Co.
Ltd.
.........
2,348,000
4,544,584
China
Minsheng
Banking
Corp.
Ltd.
,
Class
H
......
11,314,000
5,796,323
China
National
Building
Material
Co.
Ltd.
,
Class
H
...
9,130,000
6,470,046
China
Petroleum
&
Chemical
Corp.
,
Class
H
......
29,170,000
15,515,646
China
Shenhua
Energy
Co.
Ltd.
,
Class
H
.........
3,943,000
20,531,920
Chongqing
Rural
Commercial
Bank
Co.
Ltd.
,
Class
H
5,739,000
4,719,384
Guangdong
Investment
Ltd.
..................
5,564,000
5,285,702
Huadian
Power
International
Corp.
Ltd.
,
Class
H
....
3,384,000
1,994,861
Industrial
&
Commercial
Bank
of
China
Ltd.
,
Class
H
.
43,113,000
33,403,908
Orient
Overseas
International
Ltd.
(b)
............
266,500
4,612,030
PICC
Property
&
Casualty
Co.
Ltd.
,
Class
H
.......
3,958,000
9,350,869
Yankuang
Energy
Group
Co.
Ltd.
,
Class
H
........
12,030,900
16,516,559
Yuexiu
Property
Co.
Ltd.
....................
4,772,000
2,747,432
Zhejiang
Expressway
Co.
Ltd.
,
Class
H
..........
4,428,000
4,322,643
229,368,710
a
Czech
Republic
 — 
2
.7
%
CEZ
A.S.
..............................
219,720
13,457,661
Komercni
Banka
A.S.
......................
252,791
12,931,802
26,389,463
a
Greece
 — 
1
.3
%
OPAP
SA
..............................
602,426
12,464,235
a
Hong
Kong
 — 
1
.7
%
SITC
International
Holdings
Co.
Ltd.
............
2,492,000
9,178,377
Xinyi
Glass
Holdings
Ltd.
(b)
..................
6,882,000
8,048,697
17,227,074
a
India
 — 
4
.7
%
Coal
India
Ltd.
...........................
3,689,218
16,138,545
Hindustan
Zinc
Ltd.
.......................
1,337,163
7,173,624
Vedanta
Ltd.
............................
4,089,672
22,703,975
46,016,144
a
Security
Shares
Value
a
Indonesia
 — 
9
.8
%
Alamtri
Resources
Indonesia
Tbk
PT
............
110,429,500
$
12,501,330
Astra
International
Tbk
PT
...................
63,282,800
23,399,657
Bank
Rakyat
Indonesia
Persero
Tbk
PT
..........
116,738,300
27,926,166
Bukit
Asam
Tbk
PT
........................
52,383,700
7,555,039
Indo
Tambangraya
Megah
Tbk
PT
.............
4,367,300
6,167,527
Perusahaan
Gas
Negara
Tbk
PT
..............
66,903,700
6,995,205
United
Tractors
Tbk
PT
.....................
6,518,100
10,538,970
95,083,894
a
Kuwait
 — 
0
.3
%
National
Investments
Co.
KSCP
...............
2,777,630
3,074,609
a
Luxembourg
 — 
1
.1
%
Ternium
SA
,
ADR
.........................
282,270
10,170,188
a
Malaysia
 — 
1
.8
%
Malayan
Banking
Bhd
......................
7,192,700
16,951,633
a
Mexico
 — 
1
.3
%
Banco
del
Bajio
SA
(c)
......................
5,014,893
12,840,566
a
Poland
 — 
7
.7
%
Bank
Polska
Kasa
Opieki
SA
.................
488,592
25,016,777
Grupa
Kety
SA
..........................
32,529
8,186,680
ORLEN
SA
.............................
1,319,639
35,767,299
XTB
SA
(c)
..............................
303,552
5,727,693
74,698,449
a
Qatar
 — 
0
.5
%
Barwa
Real
Estate
Co.
.....................
7,203,913
5,196,588
a
Russia
 — 
0
.0
%
Federal
Grid
Co.
-
Rosseti
PJSC
(a)
(d)
............
4,402,974,828
545
Magnitogorsk
Iron
&
Steel
Works
PJSC
(a)
(d)
........
14,721,471
1,822
Mobile
TeleSystems
PJSC
(a)
(d)
................
2,744,644
340
Moscow
Exchange
MICEX-RTS
PJSC
(a)
(d)
........
2,788,700
345
PhosAgro
PJSC
,
GDR
(a)
(d)
...................
3,484
35
Sberbank
of
Russia
PJSC
(a)
(d)
.................
2,500,255
309
Severstal
PAO
(a)
(d)
........................
695,941
86
3,482
a
South
Africa
 — 
3
.8
%
African
Rainbow
Minerals
Ltd.
................
764,918
7,596,405
Exxaro
Resources
Ltd.
.....................
1,285,357
13,111,197
Kumba
Iron
Ore
Ltd.
.......................
377,200
7,511,365
Thungela
Resources
Ltd.
...................
1,123,082
4,958,727
Truworths
International
Ltd.
..................
1,389,245
4,154,714
37,332,408
a
Taiwan
 — 
6
.2
%
Evergreen
Marine
Corp.
Taiwan
Ltd.
............
1,325,000
8,311,881
Merry
Electronics
Co.
Ltd.
...................
626,693
2,082,225
Novatek
Microelectronics
Corp.
...............
791,000
10,078,237
Radiant
Opto-Electronics
Corp.
...............
1,020,000
4,369,311
Simplo
Technology
Co.
Ltd.
..................
477,600
5,436,668
Sitronix
Technology
Corp.
...................
495,000
3,216,241
Supreme
Electronics
Co.
Ltd.
.................
2,225,685
4,768,195
Systex
Corp.
............................
629,000
2,643,444
United
Integrated
Services
Co.
Ltd.
.............
374,000
10,410,193
Wisdom
Marine
Lines
Co.
Ltd.
................
1,082,000
2,216,728
WPG
Holdings
Ltd.
.......................
3,172,280
6,204,260
59,737,383
a
Thailand
 — 
2
.8
%
Banpu
PCL,
NVDR
(b)
......................
26,332,200
4,107,990
Kiatnakin
Phatra
Bank
PCL,
NVDR
(b)
............
2,306,700
4,688,714
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2025
iShares
®
Emerging
Markets
Dividend
ETF
(Percentages
shown
are
based
on
Net
Assets)
4
2025
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
Thailand
(continued)
Land
&
Houses
PCL,
NVDR
.................
25,359,500
$
3,052,903
Sansiri
PCL,
NVDR
.......................
71,271,300
3,085,815
Sri
Trang
Agro-Industry
PCL,
NVDR
............
5,305,000
1,949,719
Thanachart
Capital
PCL,
NVDR
...............
2,705,700
4,267,956
Tisco
Financial
Group
PCL,
NVDR
.............
2,026,800
6,737,021
27,890,118
a
Turkey
 — 
1
.0
%
Dogus
Otomotiv
Servis
ve
Ticaret
A.S.
..........
1,211,379
5,193,599
Turk
Traktor
ve
Ziraat
Makineleri
A.S.
...........
292,829
3,808,852
9,002,451
a
United
Arab
Emirates
 — 
1
.3
%
Dubai
Islamic
Bank
PJSC
...................
4,894,770
12,661,868
a
Total
Common
Stocks — 88.2%
(Cost:
$
789,619,243
)
................................
856,206,275
a
Preferred
Stocks
Brazil
 — 
9
.3
%
Bradespar
SA
,
Preference
Shares
,
NVS
.........
2,218,643
7,645,729
Cia
Energetica
de
Minas
Gerais
,
Preference
Shares
,
NVS
................................
5,223,375
11,009,967
Gerdau
SA
,
Preference
Shares
,
NVS
...........
2,382,561
8,387,756
Isa
Energia
Brasil
SA,
Preference
Shares
,
NVS
....
1,846,193
8,616,791
Metalurgica
Gerdau
SA
,
Preference
Shares
,
NVS
...
2,248,870
4,635,725
Petroleo
Brasileiro
SA
-
Petrobras
,
Preference
Shares
,
NVS
................................
9,020,490
49,881,426
90,177,394
a
Security
Shares
Value
a
Colombia
 — 
1
.8
%
Grupo
Cibest
SA
,
Preference
Shares
...........
1,181,138
$
17,251,300
a
Total
Preferred
Stocks — 11.1%
(Cost:
$
105,290,513
)
................................
107,428,694
a
Total
Long-Term
Investments — 99.3%
(Cost:
$
894,909,756
)
................................
963,634,969
a
Short-Term
Securities
Money
Market
Funds
 — 
1
.5
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
4.27
%
(e)
(f)
(g)
......................
10,580,539
10,585,829
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.05
%
(e)
(f)
.............................
4,144,675
4,144,675
a
Total
Short-Term
Securities — 1.5%
(Cost:
$
14,729,543
)
.................................
14,730,504
Total
Investments
—  100.8%
(Cost:
$
909,639,299
)
................................
978,365,473
Liabilities
in
Excess
of
Other
Assets
—
(
0
.8
)
%
...............
(
7,998,194
)
Net
Assets
—
100.0%
.................................
$
970,367,279
(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
six
months
ended
October
31,
2025
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
04/30/25
Purchases
at
Cost
Proceeds
from
Sale
s
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
10/31/25
  Shares
Held
at
10/31/25
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
...
$
6,746,026
$
3,837,879
(a)
$
—
$
832
$
1,092
$
10,585,829
10,580,539
$
154,616
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
.........
—
4,144,675
(a)
—
—
—
4,144,675
4,144,675
31,953
—
$
832
$
1,092
$
14,730,504
$
186,569
$
—
(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
collateral
investment
fees,
and
other
payments
to
and
from
borrowers
of
securities.
iShares
®
Emerging
Markets
Dividend
ETF
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2025
5
Schedule
of
Investments
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure 
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statement
of
Assets
and
Liabilities
were
as
follows: 
For
the
period
ended
October
31,
2025,
the
effect
of
derivative
financial
instruments
in
the
Statement
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
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
at
the
measurement
date.
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.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
MSCI
Emerging
Markets
Index
.............................................................
89
12/19/25
$
6,264
$
183,808
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)
.............
$
—
$
—
$
183,808
$
—
$
—
$
—
$
183,808
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statement
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).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
1,991,155
$
—
$
—
$
—
$
1,991,155
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
66,484
$
—
$
—
$
—
$
66,484
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
7,280,215
a
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
264,323,075
$
591,879,718
$
3,482
$
856,206,275
Preferred
Stocks
.........................................
107,428,694
—
—
107,428,694
Short-Term
Securities
Money
Market
Funds
......................................
14,730,504
—
—
14,730,504
$
386,482,273
$
591,879,718
$
3,482
$
978,365,473
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2025
iShares
®
Emerging
Markets
Dividend
ETF
6
2025
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
183,808
$
—
$
—
$
183,808
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Fair
Value
Hierarchy
as
of
Period
End 
(continued)
7
Statement
of
Assets
and
Liabilities
Statement
of
Assets
and
Liabilities
(unaudited)
October
31,
2025
See
notes
to
financial
statements.
iShares
Emerging
Markets
Dividend
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
....................................................................................
$
963,634,969
‌
Investments,
at
value
—
affiliated
(c)
.......................................................................................
14,730,504
‌
Cash
...........................................................................................................
354,485
‌
Cash
pledged:
Futures
contracts
.................................................................................................
189,000
‌
Foreign
currency,
at
value
(d)
............................................................................................
837,938
‌
Receivables:
Investments
sold
.................................................................................................
149
‌
Securities
lending
income
—
affiliated
...................................................................................
4,949
‌
Capital
shares
sold
................................................................................................
2,208
‌
Dividends
—
unaffiliated
............................................................................................
3,980,430
‌
Dividends
—
affiliated
..............................................................................................
6,319
‌
Tax
reclaims
....................................................................................................
42,664
‌
Foreign
withholding
tax
claims
........................................................................................
893,599
‌
Total
assets
......................................................................................................
984,677,214
‌
LIABILITIES
Collateral
on
securities
loaned
..........................................................................................
10,569,018
‌
Payables:
Investments
purchased
.............................................................................................
1,800,357
‌
Deferred
foreign
capital
gain
tax
.......................................................................................
1,532,319
‌
Investment
advisory
fees
............................................................................................
393,500
‌
Variation
margin
on
futures
contracts
....................................................................................
14,741
‌
Total
liabilities
.....................................................................................................
14,309,935
‌
Commitments
and
contingent
liabilities
NET
ASSETS
.....................................................................................................
$
970,367,279
‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
.....................................................................................................
$
1,270,375,774
‌
Accumulated
loss
..................................................................................................
(
300,008,495
)
NET
ASSETS
.....................................................................................................
$
970,367,279
‌
NET
ASSET
VALUE
Shares
outstanding
.................................................................................................
32,000,000
‌
Net
asset
value
....................................................................................................
$
30.32
‌
Shares
authorized
..................................................................................................
500
million
Par
value
........................................................................................................
$                    0.001
(a)
Securities
loaned,
at
value
..........................................................................................
$
9,907,712
‌
(b)
Investments,
at
cost
—
unaffiliated
.....................................................................................
$
894,909,756
‌
(c)
Investments,
at
cost
—
affiliated
.......................................................................................
$
14,729,543
‌
(d)
Foreign
currency,
at
cost
............................................................................................
$
837,903
‌
8
2025
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Statement
of
Operations
(unaudited)
Six
Months
Ended
October
31,
2025
See
notes
to
financial
statements.
iShares
Emerging
Markets
Dividend
ETF
INVESTMENT
INCOME
Dividends
—
unaffiliated
............................................................................................
$
38,706,955
‌
Dividends
—
affiliated
..............................................................................................
31,953
‌
Interest
—
unaffiliated
..............................................................................................
7,701
‌
Securities
lending
income
—
affiliated
—
net
...............................................................................
154,616
‌
Foreign
taxes
withheld
.............................................................................................
(
3,907,918
)
Foreign
withholding
tax
claims
........................................................................................
41,951
‌
Total
investment
income
..............................................................................................
35,035,258
‌
EXPENSES
Investment
advisory
...............................................................................................
2,156,517
‌
Commitment
costs
................................................................................................
7,100
‌
Interest
expense
.................................................................................................
1,709
‌
Total
expenses
....................................................................................................
2,165,326
‌
Net
investment
income
...............................................................................................
32,869,932
‌
—
‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
(a)
........................................................................................
7,683,458
‌
Investments
—
affiliated
...........................................................................................
832
‌
Foreign
currency
transactions
.......................................................................................
172,467
‌
Futures
contracts
...............................................................................................
1,991,155
‌
9,847,912
‌
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
(b)
........................................................................................
92,801,887
‌
Investments
—
affiliated
...........................................................................................
1,092
‌
Foreign
currency
translations
.......................................................................................
23,733
‌
Futures
contracts
...............................................................................................
66,484
‌
92,893,196
‌
Net
realized
and
unrealized
gain
........................................................................................
102,741,108
‌
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
...............................................................
$
135,611,040
‌
(a)
Net
of
foreign
capital
gain
tax
and
capital
gain
tax
refund,
if
applicable
of
...........................................................
$
(
418,131
)
(b)
Net
of
increase
in
deferred
foreign
capital
gain
tax
of
.........................................................................
$
(
356,976
)
9
Statements
of
Changes
in
Net
Assets
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
iShares
Emerging
Markets
Dividend
ETF
Six
Months
Ended
10/31/25
(unaudited)
Year
Ended
04/30/25
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
...........................................................................
$
32,869,932
‌
$
61,385,611
‌
Net
realized
gain
(loss)
...........................................................................
9,847,912
‌
(
53,897,931
)
Net
change
in
unrealized
appreciation
(depreciation)
.......................................................
92,893,196
‌
65,948,033
‌
Net
increase
in
net
assets
resulting
from
operations
..........................................................
135,611,040
‌
73,435,713
‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
................................................
(
36,925,997
)
(b)
(
77,174,357
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
in
net
assets
derived
from
capital
share
transactions
................................................
140,953,913
‌
50,385,429
‌
NET
ASSETS
Total
increase
in
net
assets
..........................................................................
239,638,956
‌
46,646,785
‌
Beginning
of
period
...............................................................................
730,728,323
‌
684,081,538
‌
End
of
period
...................................................................................
$
970,367,279
‌
$
730,728,323
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(b)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
10
2025
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
Emerging
Markets
Dividend
ETF
Six
Months
Ended
10/31/25
(unaudited)
Year
Ended
04/30/25
Year
Ended
04/30/24
Year
Ended
04/30/23
Year
Ended
04/30/22
Year
Ended
04/30/21
Net
asset
value,
beginning
of
period
.
$
26.96
‌
$
27.15
‌
$
25.17
‌
$
30.59
‌
$
39.62
‌
$
30.97
‌
Net
investment
income
(a)
.........
1
.09
(b)
2
.44
(b)
1
.91
‌
2
.23
‌
2
.66
(b)
1
.94
(b)
Net
realized
and
unrealized
gain
(loss)
(c)
...................
3
.51
‌
0
.49
‌
2
.48
‌
(
5
.42
)
(
8
.93
)
8
.62
‌
Net
increase
(decrease)
from
investment
operations
...................
4
.60
‌
2
.93
‌
4
.39
‌
(
3
.19
)
(
6
.27
)
10.56
‌
Distributions
from
net
investment
income
(d)
(
1
.24
)
(e)
(
3
.12
)
(
2
.41
)
(
2
.23
)
(
2
.76
)
(
1
.91
)
Net
asset
value,
end
of
period
......
$
30.32
‌
$
26.96
‌
$
27.15
‌
$
25.17
‌
$
30.59
‌
$
39.62
‌
Total
Return
(f)
–
–
–
–
–
–
Based
on
net
asset
value
..........
17.29
%
(b)
(g)
11.31
%
(b)
18.79
%
(
10.01
)
%
(
17.19
)
%
(b)
(h)
35.51
%
(b)
Ratios
to
Average
Net
Assets
(i)
–
–
–
–
–
–
Total
expenses
.................
0
.49
%
(j)
0
.50
%
0
.49
%
0
.49
%
0
.49
%
0
.49
%
Total
expenses
excluding
professional
fees
for
foreign
withholding
tax
claims
N/A
‌
0
.49
%
N/A
‌
N/A
‌
0
.49
%
0
.49
%
Net
investment
income
............
7
.47
%
(b)
(j)
8
.96
%
(b)
7
.53
%
8
.78
%
7
.03
%
(b)
5
.62
%
(b)
Supplemental
Data
Net
assets,
end
of
period
(000)
......
$
970,367
‌
$
730,728
‌
$
684,082
‌
$
645,719
‌
$
678,989
‌
$
841,985
‌
Portfolio
turnover
rate
(k)
............
9
%
43
%
67
%
55
%
66
%
107
%
(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
six
months
ended
October
31,
2025
and
the
years
ended
April
30,
2025,
April
30,
2022
and
April
30,
2021,
respectively:
•
Net
investment
income
per
share
by
$0.00,
$0.01,
$0.00
and
$0.00.
•
Total
return
by
0.00%,
0.03%,
0.00%
and
0.00%.
•
Ratio
of
net
investment
income
to
average
net
assets
by
0.01%,
0.03%,
0.01%
and
0.02%.
(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)
Not
annualized.
(h)
Includes
payment
received
from
an
affiliate,
which
impacted
the
Fund's
total
return,
Excluding
the
payment
from
an
affiliate,
the
Fund's
total
return
would
have
been
(17.17)%.
(i)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(j)
Annualized.
(k)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
Notes
to
Financial
Statements
(unaudited)
11
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”):
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. 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
recognized
daily
on
an
accrual
basis.
Certain
Russian
securities
held
by
iShares
Emerging
Markets
Dividend
ETF
declared
dividends
during
the
period.
However,
there
is
no
assurance
these
dividends
can
be
collected
by
iShares
Emerging
Markets
Dividend
ETF
due
to
restrictions
imposed
by
the
Russian
government.
As
a
result,
iShares
Emerging
Markets
Dividend
ETF
has
not
recognized
investment
income
associated
with
these
Russian
securities.
Any
future
recognition
of
these
dividend
payments,
or
other
dividends
of
Russian
securities
declared
in
prior
periods
subject
to
the
same
or
similar
restrictions
imposed
by
Russia
or
other
government
agencies,
could
have
a
material
accretive
effect
on
iShares
Emerging
Markets
Dividend
ETF’s
net
asset
value
per
share. 
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
exchange
rates
determined
as
of
the
close
of
trading
on
the
New
York
Stock
Exchange
(“NYSE”).
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.
Foreign
Taxes:
The
Fund
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
the
Fund
invests.
These
foreign
taxes,
if
any,
are
paid
by
the
Fund
and
are
reflected
in
its
Statement
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
“Foreign
taxes
withheld”,
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
October
31,
2025,
if
any,
are
disclosed
in
the
Statement
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
Fund
files
withholding
tax
reclaims
in
certain
jurisdictions
to
recover
a
portion
of
amounts
previously
withheld.
The
Fund
may
record
a
reclaim
receivable
based
on
collectability,
which
includes
factors
such
as
the
jurisdiction’s
applicable
laws,
payment
history
and
market
convention.
The
Statement
of
Operations
includes
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes.
Cash:
The
Fund
may
maintain
cash
at
its
custodian
which,
at
times
may
exceed
United
States
federally
insured
limits.
The
Fund
may,
at
times,
have
outstanding
cash
disbursements
that
exceed
deposited
cash
amounts
at
the
custodian
during
the
reporting
period.
The
Fund
is
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
Statement
of
Operations. 
iShares
ETF
Diversification
Classification
Emerging
Markets
Dividend
(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.
Notes
to
Financial
Statements
(unaudited)
(continued)
12
2025
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Collateralization:
If
required
by
an
exchange
or
counterparty
agreement,
the
Fund
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
Fund.
Because
such
gains
or
losses
are
not
taxable
to
the
Fund
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 Fund’s
tax
year.
These
reclassifications
have
no
effect
on
net
assets
or
net
asset
value
(“NAV”)
per
share.
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.
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.
Segment
Reporting:
The
Chief
Financial
Officer
acts
as
the
Fund’s
Chief
Operating
Decision
Maker
(“CODM”)
and
is
responsible
for
assessing
performance
and
allocating
resources
with
respect
to
the
Fund.
The
CODM
has
concluded
that
the
Fund
operates
as
a
single
operating
segment
since
the
Fund
has
a
single
investment
strategy
as
disclosed
in
its
prospectus,
against
which
the
CODM
assesses
performance.
The
financial
information
provided
to
and
reviewed
by
the
CODM
is
presented
within
the
Fund’s
financial
statements.
3.
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
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
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
occurs
after
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 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
as
of
the
measurement
date.
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
at
the
measurement
date.
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
that the
Fund
has
the
ability
to
access
for
identical
assets
or
liabilities;
Level
2
– Inputs
other
than
quoted
prices
included
within
Level
1
that
are
observable
for
the
asset
or
liability,
either
directly
or
indirectly;
and
Level
3
– Inputs
that
are
unobservable
and
significant
to
the
entire
fair
value
measurement
for
the
asset
or
liability (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.
Notes
to
Financial
Statements
(unaudited)
(
continued)
13
Notes
to
Financial
Statements
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:
The
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
the
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
market 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,
the
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
the
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
Statement
of
Assets
and
Liabilities.
Securities
lending
transactions
are
entered
into
by
the
Fund
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
Fund,
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 Fund
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: 
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,
the
Fund
benefits
from
a
borrower
default
indemnity
provided
by
BlackRock
Finance,
Inc.
BlackRock
Finance,
Inc.’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.
The
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
the
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
Fund
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
Fund
is
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
Statement
of
Assets
and
Liabilities.
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
Emerging
Markets
Dividend
BofA
Securities,
Inc.
..............................................
$
157,886‌
$
(
157,886‌
)
$
—‌
$
—‌
Citigroup
Global
Markets,
Inc.
........................................
683,584‌
(
683,584‌
)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
.........................................
7,760,809‌
(
7,760,809‌
)
—‌
—‌
Morgan
Stanley
.................................................
1,305,433‌
(
1,305,433‌
)
—‌
—‌
$
9,907,712‌
$
(
9,907,712‌
)
$
—‌
$
—‌
a
(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
the
Fund
is
disclosed
in
the
Fund’s
Statement
of
Assets
and
Liabilities.
Notes
to
Financial
Statements
(unaudited)
(continued)
14
2025
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
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
Statement
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the
Fund
agrees
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
Statement
of
Assets
and
Liabilities.
When
the
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statement
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
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
of
0.49%,
accrued
daily
and
paid
monthly
by
the
Fund,
based
on
the
average
daily
net
assets
of
the Fund.
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
Statement
of
Operations
does
not
include
acquired
fund
fees
and
expenses.
For
the
iShares
Emerging
Markets
Dividend
ETF,
BFA
has
contractually
agreed
to
waive
a
portion
of
its
investment
advisory
fee
for
the
Fund
through
August
31,
2027
in
an
amount
equal
to
the
acquired
fund
fees
and
expenses,
if
any,
attributable
to
the
Fund’s
investments
in
other
iShares
funds.
For
the six
months
ended
October
31,
2025,
there
were
no
fees
waived
by
BFA
pursuant
to
these
arrangements.
Distributor:
BlackRock
Investments,
LLC
(“BRIL”),
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. 
ETF
Servicing
Fees:
The
Fund
has
entered
into
an
ETF
Services
Agreement
with
BRIL
to
perform
certain
order
processing,
Authorized
Participant
communications,
and
related
services
in
connection
with
the
issuance
and
redemption
of
Creation
Units
(“ETF
Services”).
BRIL
is
entitled
to
a
transaction
fee
from
Authorized
Participants
on
each
creation
or
redemption
order
for
the
ETF
Services
provided.
The
Fund
does
not
pay
BRIL
for
ETF
Services. 
Prior
to
September
8,
2025,
ETF
Services
were
performed
by
State
Street
Bank
and
Trust
Company. 
Securities
Lending:
The
U.S.
Securities
and
Exchange
Commission
(“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
Fund,
subject
to
applicable
conditions.
As
securities
lending
agent,
BTC
bears
all
operational
costs
directly
related
to
securities
lending,
including
any
custodial
costs.
The
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
the
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,
distribution
fee
or
service
fee.
BlackRock
Cash
Funds:
Institutional
may
impose
a
discretionary
liquidity
fee
of
up
to
2%
on
all
redemptions.
Discretionary
liquidity
fees
may
be
imposed
or
terminated
at
any
time
at
the
discretion
of
the
board
of
directors
of
the
money
market
fund,
or
its
delegate,
if
it
is
determined
that
such
fee
would
be,
or
would
not
be,
respectively,
in
the
best
interest
of
the
money
market
fund.
Additionally,
BlackRock
Cash
Funds:
Institutional
will
impose
a
mandatory
liquidity
fee
if
the
money
market
fund's
total
net
redemptions
on
a
single
day
exceed
5%
of
the
money
market
fund's
net
assets,
unless
the
amount
of
the
fee
is
less
than
0.01%
of
the
value
of
the
shares
redeemed.
BlackRock
Cash
Funds:
Institutional
will
determine
the
size
of
the
mandatory
liquidity
fee
by
making
a
good
faith
estimate
of
certain
costs
the
money
market
fund
would
incur
if
it
were
to
sell
a
pro
rata
amount
of
each
security
in
the
portfolio
to
satisfy
the
amount
of
net
redemptions
on
that
day.
There
is
no
limit
to
the
size
of
a
mandatory
liquidity
fee.
If
BlackRock
Cash
Funds:
Institutional
cannot
estimate
the
costs
of
selling
a
pro
rata
amount
of
each
portfolio
security
in
good
faith
and
supported
by
data,
it
is
required
to
apply
a
default
liquidity
fee
of
1%
on
the
value
of
shares
redeemed
on
that
day.
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.
The
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
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
the
iShares
ETF
Complex
in
that
calendar
year
exceeds
a
specified
threshold, the
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
the
Fund
is
shown
as
securities
lending
income
–
affiliated
–
net
in
its
Statement
of
Operations.
For
the six
months
ended
October
31,
2025
,
the
Fund
paid
BTC
$37,124 for
securities
lending
agent
services.
Directors and
Officers:
Certain
directors
and/or
officers
of
the
Company
are
directors
and/or
officers of
BlackRock
or
its
affiliates.
Notes
to
Financial
Statements
(unaudited)
(
continued)
15
Notes
to
Financial
Statements
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
six
months
ended
October
31,
2025
,
transactions
executed
by
the
Fund
pursuant
to
Rule
17a-7
under
the
1940
Act
were
as
follows:
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.
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 six
months
ended
October
31,
2025
,
purchases
and
sales
of
investments,
excluding
short-term
securities
and
in-kind
transactions,
were
as
follows:
For
the six
months ended
October
31,
2025
,
in-kind
transactions
were
as
follows:
8.
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
October
31,
2025,
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.
As
of April
30,
2025,
the
Fund
had
non-expiring
capital
loss
carryforwards of
$363,076,102 available
to
offset
future
realized
capital
gains.
As
of
October
31,
2025,
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:
9.
Line
of
Credit
The
Fund,
along
with
certain
other
iShares
funds
(“Participating
Funds”),
is
a
party
to
a
$900
million
credit
agreement
(“Syndicated
Credit
Agreement”)
with
a
group
of
lenders,
which
expires
on
October
14,
2026.
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
iShares
ETF
Purchases
Sales
Net
Realized
Gain
(Loss)
Emerging
Markets
Dividend
............................................................
$
6,907,502‌
$
—‌
$
—‌
iShares
ETF
Purchases
Sales
Emerging
Markets
Dividend
...........................................................................
$
184,380,973
$
81,461,186
iShares
ETF
In-kind
Purchases
In-kind
Sales
Emerging
Markets
Dividend
.............................................................................
$
35,899,634‌
$
—‌
iShares
ETF
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Emerging
Markets
Dividend
.......................................
$
921,771,495
‌
$
161,076,349
‌
$
(
104,298,563
)
$
56,777,786
‌
Notes
to
Financial
Statements
(unaudited)
(continued)
16
2025
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
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 six
months
ended
October
31,
2025,
the
maximum
amount
borrowed,
the
average
daily
borrowing
and
the
weighted
average
interest
rate,
if
any,
under
the
Syndicated
Credit
Agreement
were
as
follows:
10.
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,
tariffs 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.
The
Fund
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
mandatory
and
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. The
Fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that the
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. The
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 the
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 the
Fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which
the
Fund
invests. 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.
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.
Counterparty
Credit
Risk:
The
Fund
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
Fund
manages
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
Fund
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Fund’s
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statement
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Fund.
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
Fund
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, the
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
iShares
ETF
Maximum
Amount
Borrowed
Average
Borrowing
Weighted
Average
Interest
Rate
Emerging
Markets
Dividend
...............................................................
$
1,150,000‌
$
25,000‌
5.44%
Notes
to
Financial
Statements
(unaudited)
(
continued)
17
Notes
to
Financial
Statements
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
Fund.
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
securities
of
issuers
located
in
Asia
or
with
significant
exposure
to
Asian
issuers
or
countries.
Certain
Asian
countries
have
developed
increasingly
strained
relationships
with
the
U.S.
or
China;
if
these
relations
were
to
worsen,
they
could
adversely
affect
Asian
issuers
that
rely
on
the
U.S.
or
China
for
trade
and
the
region
as
a
whole. The
Asian
financial
markets
have
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
Fund’s
investments.
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.
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 the
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
the
Fund
are
not
redeemable.
Transactions
in
capital
shares
were
as
follows:
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
BRIL,
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
the
Fund
using
a
clearing
facility
outside
of
the
continuous
net
settlement
process,
the
Fund,
at
its
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,
the
Fund’s
custodian,
and
the
Fund.
In
the
event
that
the
Authorized
Participant
fails
to
deliver
all
or
a
portion
of
the
applicable
Deposit
Securities
or
Fund
Securities,
the
Fund
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
Statement
of
Assets
and
Liabilities.
12.
Foreign
Withholding
Tax
Claims
The iShares
Emerging
Markets
Dividend
ETF has
filed
European
Union
Discrimination
Claims
(“ECJ
Claims”)
to
recover
taxes
withheld
by
either
Finland
or
Poland
(the
“ECJ
Paying
Countries”)
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
the
ECJ
Paying
Countries
based
upon
previous
determinations
made
by
the
local
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
ECJ
Claims,
ECJ
Paying
Countries’
tax
claim
receivables
and
related
liabilities
are
disclosed
in
the
Statement
of
Assets
and
Liabilities.
The
collection
of
these
receivables,
and
any
payment
of
associated
liabilities,
depends
upon
future
determinations
made
by
the
local
tax
authorities,
the
outcome
of
which
is
uncertain.
If
such
future
determinations
are
unfavorable,
the
potential
negative
impact
to
the
Fund,
as
of October
31,
2025,
is
$893,599
or
$0.03
per
share. 
Six
Months
Ended
10/31/25
Year
Ended
04/30/25
iShares
ETF
Shares
Amount
Shares
Amount
Emerging
Markets
Dividend
Shares
sold
..............................................................
4,900,000‌
$
140,953,913‌
2,750,000‌
$
73,797,560‌
Shares
redeemed
..........................................................
—‌
—‌
(
850,000‌
)
(
23,412,131‌
)
4,900,000‌
$
140,953,913‌
1,900,000‌
$
50,385,429‌
Notes
to
Financial
Statements
(unaudited)
(continued)
18
2025
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
13.
Subsequent
Events
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Fund
through
the
date
the
financial
statements
were
available
to
be
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
Additional
Information
19
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
.
Board
Review
and
Approval
of
Investment
Advisory
Contract
20
2025
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
iShares
Emerging
Markets
Dividend
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
9,
2025
and
May
23,
2025,
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
meetings,
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
10-11,
2025,
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
if
any;
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,
2024,
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
the
investment
performance
of
iShares
funds,
investment
and
risk
management
processes
and
strategies
provided
at
the
May
9,
2025
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.
Board
Review
and
Approval
of
Investment
Advisory
Contract
(
continued)
21
Board
Review
and
Approval
of
Investment
Advisory
Contract
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,
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
also
considered
other
indirect
and
intangible
benefits
to
BlackRock
as
a
result
of
its
advisory
relationships
with
the
Fund,
including
without
limitation,
BlackRock’s
potential
benefits
to
its
profile
and
standing
in
the
investment
community
as
a
result
of
providing
investment
advisory
services
to
the
iShares
funds.
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
(continued)
22
2025
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
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.
Glossary
of
Terms
Used
in
these
Financial
Statements
23
Glossary
of
Terms
Used
in
these
Financial
Statements
Portfolio
Abbreviation
ADR
American
Depositary
Receipt
GDR
Global
Depositary
Receipt
NVDR
Non-Voting
Depository
Receipt
NVS
Non-Voting
Shares
PCL
Public
Company
Limited
PJSC
Public
Joint
Stock
Company
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
S&P
Dow
Jones
Indices
LLC,
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.
©
2025
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 – Not Applicable
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 – Not Applicable to this semi-annual report
              (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: December 22, 2025
 
 
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: December 22, 2025
 
By:     /s/ Trent Walker___________________
          Trent Walker
Treasurer and Chief Financial Officer (principal financial officer) of
iShares, Inc.
 
Date: December 22, 2025