| Schedule of Investments (unaudited) | iShares® Currency Hedged MSCI Emerging Markets ETF |
| May 31, 2021 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Investment Companies | ||||||||
| Exchange-Traded Funds — 100.4% | ||||||||
| iShares MSCI Emerging Markets ETF(a) | 3,986,738 | $ | 218,752,314 | |||||
| Total Investment Companies — 100.4% | ||||||||
| (Cost: $177,684,559) | 218,752,314 | |||||||
| Total Investments in Securities — 100.4% | ||||||||
| (Cost: $177,684,559) | 218,752,314 | |||||||
| Other Assets, Less Liabilities — (0.4)% | (811,762 | ) | ||||||
| Net Assets — 100.0% | $ | 217,940,552 | ||||||
| (a) | Affiliate of the Fund. |
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:
| Capital | ||||||||||||||||||||||||||||||||||||
| Gain | ||||||||||||||||||||||||||||||||||||
| Change in | Distributions | |||||||||||||||||||||||||||||||||||
| Unrealized | Shares | from | ||||||||||||||||||||||||||||||||||
| Value at | Purchases | Proceeds | Net Realized | Appreciation | Value at | Held at | Underlying | |||||||||||||||||||||||||||||
| Affiliated Issuer | 08/31/20 | at Cost | from Sales | Gain (Loss) | (Depreciation) | 05/31/21 | 05/31/21 | Income | Funds | |||||||||||||||||||||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares(a) | $ | — | $ | 0 | (b) | $ | — | $ | — | $ | — | $ | — | — | $ | 27 | $ | — | ||||||||||||||||||
| iShares MSCI Emerging Markets ETF | 183,522,705 | 42,922,898 | (47,051,052 | ) | 4,166,536 | 35,191,227 | 218,752,314 | 3,986,738 | 1,908,015 | — | ||||||||||||||||||||||||||
| $ | 4,166,536 | $ | 35,191,227 | $ | 218,752,314 | $ | 1,908,042 | $ | — | |||||||||||||||||||||||||||
| (a) | As of period end, the entity is no longer held. |
| (b) | Represents net amount purchased (sold). |
Forward Foreign Currency Exchange Contracts
| Unrealized | |||||||||||||||
| Appreciation | |||||||||||||||
| Currency Purchased | Currency Sold | Counterparty | Settlement Date | (Depreciation) | |||||||||||
| CNY | 557,000 | USD | 86,517 | MS | 06/03/21 | $ | 867 | ||||||||
| EUR | 1,998,000 | USD | 2,442,744 | MS | 06/03/21 | 555 | |||||||||
| HKD | 3,117,000 | USD | 401,240 | MS | 06/03/21 | 361 | |||||||||
| INR | 14,947,000 | USD | 202,906 | MS | 06/03/21 | 2,909 | |||||||||
| KRW | 404,458,000 | USD | 361,551 | MS | 06/03/21 | 2,596 | |||||||||
| MXN | 703,000 | USD | 35,128 | MS | 06/03/21 | 152 | |||||||||
| MYR | 12,394,000 | USD | 3,004,970 | MS | 06/03/21 | 947 | |||||||||
| RUB | 5,503,000 | USD | 73,747 | MS | 06/03/21 | 1,175 | |||||||||
| TWD | 9,656,000 | USD | 346,614 | MS | 06/03/21 | 3,295 | |||||||||
| USD | 1,596,800 | CLP | 1,141,107,000 | MS | 06/03/21 | 17,118 | |||||||||
| USD | 47,073 | CNY | 300,000 | MS | 06/03/21 | 8 | |||||||||
| USD | 210,671 | HKD | 1,635,000 | MS | 06/03/21 | 14 | |||||||||
| USD | 3,043,192 | MYR | 12,471,000 | MS | 06/03/21 | 18,599 | |||||||||
| USD | 630,130 | TRY | 5,308,000 | MS | 06/03/21 | 5,347 | |||||||||
| ZAR | 4,346,000 | USD | 301,159 | MS | 06/03/21 | 14,958 | |||||||||
| BRL | 55,792,000 | USD | 10,629,967 | MS | 06/04/21 | 16,346 | |||||||||
| USD | 4,099,161 | THB | 127,877,000 | MS | 06/04/21 | 5,192 | |||||||||
| KRW | 1,361,868,000 | USD | 1,228,568 | MS | 07/06/21 | 7 | |||||||||
| MYR | 647,000 | USD | 157,039 | MS | 07/06/21 | 103 | |||||||||
1
| Schedule of Investments (unaudited) (continued) | iShares® Currency Hedged MSCI Emerging Markets ETF |
| May 31, 2021 |
Forward Foreign Currency Exchange Contracts (continued)
| Unrealized | |||||||||||||||
| Appreciation | |||||||||||||||
| Currency Purchased | Currency Sold | Counterparty | Settlement Date | (Depreciation) | |||||||||||
| USD | 101,259 | BRL | 531,000 | MS | 07/06/21 | $ | 230 | ||||||||
| USD | 1,403,671 | CLP | 1,013,787,000 | MS | 07/06/21 | 734 | |||||||||
| USD | 10,791,226 | CNY | 68,932,320 | MS | 07/06/21 | 4,441 | |||||||||
| USD | 47,329,941 | HKD | 367,320,000 | MS | 07/06/21 | 107 | |||||||||
| USD | 594,518 | INR | 43,162,000 | MS | 07/06/21 | 2,423 | |||||||||
| USD | 33,594,207 | KRW | 37,224,901,000 | MS | 07/06/21 | 12,685 | |||||||||
| USD | 3,924,338 | MXN | 78,440,000 | MS | 07/06/21 | 2,756 | |||||||||
| USD | 6,352,492 | RUB | 468,328,000 | MS | 07/06/21 | 3,795 | |||||||||
| USD | 603,704 | TRY | 5,214,000 | MS | 07/06/21 | 884 | |||||||||
| USD | 8,718,337 | ZAR | 120,157,000 | MS | 07/06/21 | 16,806 | |||||||||
| 135,410 | |||||||||||||||
| CLP | 1,145,245,000 | USD | 1,588,397 | MS | 06/03/21 | (2,986 | ) | ||||||||
| CNY | 65,477,320 | USD | 10,272,386 | MS | 06/03/21 | (76 | ) | ||||||||
| HKD | 367,320,000 | USD | 47,327,502 | MS | 06/03/21 | (1,198 | ) | ||||||||
| INR | 1,543,520,000 | USD | 21,280,832 | MS | 06/03/21 | (27,126 | ) | ||||||||
| KRW | 37,224,901,000 | USD | 33,591,176 | MS | 06/03/21 | (76,364 | ) | ||||||||
| MXN | 78,440,000 | USD | 3,939,612 | MS | 06/03/21 | (3,137 | ) | ||||||||
| MYR | 185,000 | USD | 45,025 | MS | 06/03/21 | (157 | ) | ||||||||
| RUB | 446,716,000 | USD | 6,087,774 | MS | 06/03/21 | (5,827 | ) | ||||||||
| TRY | 5,355,000 | USD | 631,884 | MS | 06/03/21 | (1,569 | ) | ||||||||
| TWD | 881,093,000 | USD | 31,967,673 | MS | 06/03/21 | (39,056 | ) | ||||||||
| USD | 5,676 | CLP | 4,138,000 | MS | 06/03/21 | (52 | ) | ||||||||
| USD | 10,142,680 | CNY | 65,734,320 | MS | 06/03/21 | (169,949 | ) | ||||||||
| USD | 2,406,619 | EUR | 1,998,000 | MS | 06/03/21 | (36,680 | ) | ||||||||
| USD | 47,487,636 | HKD | 368,802,000 | MS | 06/03/21 | (29,612 | ) | ||||||||
| USD | 20,932,771 | INR | 1,558,467,000 | MS | 06/03/21 | (526,750 | ) | ||||||||
| USD | 33,731,424 | KRW | 37,629,359,000 | MS | 06/03/21 | (147,534 | ) | ||||||||
| USD | 3,909,877 | MXN | 79,143,000 | MS | 06/03/21 | (61,878 | ) | ||||||||
| USD | 26,040 | MYR | 108,000 | MS | 06/03/21 | (153 | ) | ||||||||
| USD | 5,999,903 | RUB | 452,219,000 | MS | 06/03/21 | (156,967 | ) | ||||||||
| USD | 5,512 | TRY | 47,000 | MS | 06/03/21 | (20 | ) | ||||||||
| USD | 31,976,027 | TWD | 890,749,000 | MS | 06/03/21 | (302,499 | ) | ||||||||
| USD | 8,466,559 | ZAR | 123,308,000 | MS | 06/03/21 | (502,535 | ) | ||||||||
| ZAR | 118,962,000 | USD | 8,670,769 | MS | 06/03/21 | (17,792 | ) | ||||||||
| BRL | 494,000 | USD | 94,464 | MS | 06/04/21 | (198 | ) | ||||||||
| THB | 128,958,000 | USD | 4,133,338 | MS | 06/04/21 | (4,761 | ) | ||||||||
| USD | 10,342,737 | BRL | 56,286,000 | MS | 06/04/21 | (397,842 | ) | ||||||||
| USD | 34,512 | THB | 1,081,000 | MS | 06/04/21 | (96 | ) | ||||||||
| CLP | 116,108,000 | USD | 160,725 | MS | 07/06/21 | (48 | ) | ||||||||
| CNY | 256,000 | USD | 40,086 | MS | 07/06/21 | (27 | ) | ||||||||
| HKD | 3,649,000 | USD | 470,218 | MS | 07/06/21 | (37 | ) | ||||||||
| MXN | 2,345,000 | USD | 117,335 | MS | 07/06/21 | (97 | ) | ||||||||
| MYR | 17,000 | USD | 4,137 | MS | 07/06/21 | (8 | ) | ||||||||
| RUB | 2,290,000 | USD | 31,052 | MS | 07/06/21 | (8 | ) | ||||||||
| THB | 9,925,000 | USD | 317,904 | MS | 07/06/21 | (187 | ) | ||||||||
| TRY | 652,000 | USD | 75,509 | MS | 07/06/21 | (128 | ) | ||||||||
| TWD | 61,991,000 | USD | 2,261,290 | MS | 07/06/21 | (1,597 | ) | ||||||||
| USD | 10,772,300 | BRL | 56,700,000 | MS | 07/06/21 | (15,514 | ) | ||||||||
| USD | 17,851 | CLP | 12,902,000 | MS | 07/06/21 | (3 | ) | ||||||||
2
| Schedule of Investments (unaudited) (continued) | iShares® Currency Hedged MSCI Emerging Markets ETF |
| May 31, 2021 |
Forward Foreign Currency Exchange Contracts (continued)
| Unrealized | |||||||||||||||
| Appreciation | |||||||||||||||
| Currency Purchased | Currency Sold | Counterparty | Settlement Date | (Depreciation) | |||||||||||
| USD | 2,640,126 | EUR | 2,158,000 | MS | 07/06/21 | $ | (516 | ) | |||||||
| USD | 10,027,361 | HKD | 77,821,000 | MS | 07/06/21 | (12 | ) | ||||||||
| USD | 21,235,596 | INR | 1,548,733,000 | MS | 07/06/21 | (9,872 | ) | ||||||||
| USD | 163,942 | KRW | 181,762,000 | MS | 07/06/21 | (31 | ) | ||||||||
| USD | 30,215 | MXN | 605,000 | MS | 07/06/21 | (32 | ) | ||||||||
| USD | 3,000,968 | MYR | 12,394,000 | MS | 07/06/21 | (9,266 | ) | ||||||||
| USD | 3,972,666 | THB | 124,236,000 | MS | 07/06/21 | (4,355 | ) | ||||||||
| USD | 7,853 | TRY | 68,000 | MS | 07/06/21 | (9 | ) | ||||||||
| USD | 32,364,278 | TWD | 889,458,000 | MS | 07/06/21 | (58,205 | ) | ||||||||
| ZAR | 4,790,000 | USD | 347,546 | MS | 07/06/21 | (664 | ) | ||||||||
| (2,613,430 | ) | ||||||||||||||
| Net unrealized depreciation | $ | (2,478,020 | ) | ||||||||||||
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 | ||||||||||||||||
| Investment Companies | $ | 218,752,314 | $ | — | $ | — | $ | 218,752,314 | ||||||||
| Derivative financial instruments(a) | ||||||||||||||||
| Assets | ||||||||||||||||
| Forward Foreign Currency Exchange Contracts | $ | — | $ | 135,410 | $ | — | $ | 135,410 | ||||||||
| Liabilities | ||||||||||||||||
| Forward Foreign Currency Exchange Contracts | — | (2,613,430 | ) | — | (2,613,430 | ) | ||||||||||
| $ | — | $ | (2,478,020 | ) | $ | — | $ | (2,478,020 | ) | |||||||
| (a) | Shown at the unrealized appreciation (depreciation) on the contracts. |
Counterparty Abbreviations
| MS. | Morgan Stanley & Co. International PLC |
Currency Abbreviations
| BRL | Brazilian Real |
| CLP | Chilean Peso |
| CNY | Chinese Yuan |
| EUR | Euro |
| HKD | Hong Kong Dollar |
| INR | Indian Rupee |
| KRW | South Korean Won |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| RUB | New Russian Ruble |
| THB | Thai Baht |
| TRY | Turkish Lira |
| TWD | New Taiwan Dollar |
| USD | United States Dollar |
| ZAR | South African Rand |
3