| Schedule of Investments (unaudited) | iShares® MSCI Global Silver and Metals Miners ETF |
| May 31, 2021 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Common Stocks | ||||||||
| Canada — 67.2% | ||||||||
| Agnico Eagle Mines Ltd. | 105,159 | $ | 7,443,522 | |||||
| Dundee Precious Metals Inc. | 1,307,366 | 9,317,844 | ||||||
| Eldorado Gold Corp.(a) | 1,289,746 | 15,277,733 | ||||||
| Endeavour Silver Corp.(a)(b) | 1,399,670 | 10,543,435 | ||||||
| First Majestic Silver Corp. | 1,501,682 | 26,899,879 | ||||||
| Fortuna Silver Mines Inc.(a)(b) | 1,571,253 | 10,951,492 | ||||||
| Kinross Gold Corp. | 537,976 | 4,333,021 | ||||||
| Lundin Gold Inc.(a)(b) | 617,931 | 6,168,824 | ||||||
| MAG Silver Corp.(a)(b) | 717,450 | 15,387,715 | ||||||
| New Gold Inc.(a)(b) | 5,486,892 | 11,627,369 | ||||||
| Orla Mining Ltd.(a) | 924,789 | 4,363,476 | ||||||
| Pan American Silver Corp. | 1,595,608 | 53,809,917 | ||||||
| Seabridge Gold Inc.(a) | 458,671 | 8,759,190 | ||||||
| Silvercorp Metals Inc. | 1,485,871 | 9,655,302 | ||||||
| SilverCrest Metals Inc.(a)(b) | 1,162,012 | 11,484,974 | ||||||
| SSR Mining Inc. | 1,521,896 | 27,904,471 | ||||||
| Victoria Gold Corp.(a)(b) | 287,270 | 4,189,974 | ||||||
| Wheaton Precious Metals Corp. | 193,685 | 9,182,021 | ||||||
| Yamana Gold Inc. | 478,143 | 2,481,650 | ||||||
| 249,781,809 | ||||||||
| Japan — 3.6% | ||||||||
| Asahi Holdings Inc. | 613,600 | 13,307,672 | ||||||
| Mexico — 4.6% | ||||||||
| Industrias Penoles SAB de CV(a) | 1,133,104 | 17,203,634 | ||||||
| Peru — 2.6% | ||||||||
| Cia. de Minas Buenaventura SAA, ADR(a) | 128,996 | 1,486,034 | ||||||
| Hochschild Mining PLC | 2,925,619 | 8,148,584 | ||||||
| 9,634,618 | ||||||||
| Russia — 0.7% | ||||||||
| Polymetal International PLC | 109,170 | 2,588,826 | ||||||
| South Africa — 0.5% | ||||||||
| Harmony Gold Mining Co. Ltd. | 324,990 | 1,738,699 | ||||||
| Security | Shares | Value | ||||||
| United Kingdom — 1.0% | ||||||||
| SolGold PLC(a)(b) | 7,685,754 | $ | 3,782,620 | |||||
| United States — 19.4% | ||||||||
| Coeur Mining Inc.(a)(b) | 1,570,312 | 16,331,245 | ||||||
| Hecla Mining Co. | 4,036,701 | 36,330,309 | ||||||
| Newmont Corp. | 265,874 | 19,536,421 | ||||||
| 72,197,975 | ||||||||
| Total Common Stocks — 99.6% | ||||||||
| (Cost: $283,296,094) | 370,235,853 | |||||||
| Short-Term Investments | ||||||||
| Money Market Funds — 4.5% | ||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares, 0.06%(c)(d)(e) | 16,496,403 | 16,506,301 | ||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d) | 120,000 | 120,000 | ||||||
| 16,626,301 | ||||||||
| Total Short-Term Investments — 4.5% | ||||||||
| (Cost: $16,618,576) | 16,626,301 | |||||||
| Total Investments in Securities — 104.1% | ||||||||
| (Cost: $299,914,670) | 386,862,154 | |||||||
| Other Assets, Less Liabilities — (4.1)%. | (15,372,240 | ) | ||||||
| NetAssets — 100.0% | $ | 371,489,914 | ||||||
| (a) | Non-income producing security. |
| (b) | All or a portion of this security is on loan. |
| (c) | Affiliate of the Fund. |
| (d) | Annualized 7-day yield as of period-end. |
| (e) | All or a portion of this security was purchased with cash collateral received from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended May 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Issuer | Value at 08/31/20 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 05/31/21 | Shares Held at 05/31/21 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 21,943,086 | $ | — | $ | (5,426,886 | )(a) | $ | (8,623 | ) | $ | (1,276 | ) | $ | 16,506,301 | 16,496,403 | $ | 327,106 | (b) | $ | — | |||||||||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares | 140,000 | — | (20,000 | )(a) | — | — | 120,000 | 120,000 | 59 | — | ||||||||||||||||||||||||||
| $ | (8,623 | ) | $ | (1,276 | ) | $ | 16,626,301 | $ | 327,165 | $ | — | |||||||||||||||||||||||||
| (a) | Represents net amount purchased (sold). |
| (b) | All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
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| Schedule of Investments (unaudited) (continued) | iShares® MSCI Global Silver and Metals Miners ETF |
| May 31, 2021 |
Futures Contracts
| Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||
| Long Contracts | ||||||||||||||
| S&P/TSX 60 Index | 6 | 06/17/21 | $ | 1,171 | $ | 6,761 | ||||||||
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to a recently published shareholder report. Shareholder reports are available on the Fund’s website at iShares.com and on the U.S. Securities and Exchange Commission website at sec.gov.
The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of May 31, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Investments | ||||||||||||||||
| Assets | ||||||||||||||||
| Common Stocks. | $ | 340,669,452 | $ | 29,566,401 | $ | — | $ | 370,235,853 | ||||||||
| Money Market Funds | 16,626,301 | — | — | 16,626,301 | ||||||||||||
| $ | 357,295,753 | $ | 29,566,401 | $ | — | $ | 386,862,154 | |||||||||
| Derivative financial instruments(a) | ||||||||||||||||
| Assets | ||||||||||||||||
| Futures Contracts | $ | 6,761 | $ | — | $ | — | $ | 6,761 | ||||||||
| (a) | Shown at the unrealized appreciation (depreciation) on the contracts. |
Portfolio Abbreviations - Equity
| ADR | American Depositary Receipt |
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