| Schedule of Investments (unaudited) | iShares® Emerging Markets Dividend ETF |
| July 31, 2022 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Common Stocks | ||||||||
| Brazil — 14.6% | ||||||||
| Auren Energia SA | 2,337,501 | $ | 6,410,610 | |||||
| Banco Santander Brasil SA | 1,234,633 | 6,750,501 | ||||||
| BB Seguridade Participacoes SA | 1,020,506 | 5,717,800 | ||||||
| CPFL Energia SA. | 1,468,734 | 9,322,051 | ||||||
| Cyrela Brazil Realty SA Empreendimentos | ||||||||
| e Participacoes | 1,782,576 | 4,351,276 | ||||||
| Energisa SA. | 753,523 | 6,413,705 | ||||||
| Grendene SA. | 4,646,219 | 6,402,571 | ||||||
| JHSF Participacoes SA | 7,323,120 | 8,067,448 | ||||||
| Qualicorp Consultoria e Corretora de Seguros SA | 3,744,379 | 7,128,222 | ||||||
| Telefonica Brasil SA | 508,965 | 4,387,205 | ||||||
| Transmissora Alianca de Energia Eletrica SA | 1,017,178 | 7,954,045 | ||||||
| Vale SA | 579,510 | 7,812,146 | ||||||
| 80,717,580 | ||||||||
| Chile — 5.3% | ||||||||
| CAP SA | 844,535 | 7,728,746 | ||||||
| Colbun SA | 145,855,510 | 12,389,059 | ||||||
| Empresas CMPC SA | 5,234,727 | 8,893,982 | ||||||
| 29,011,787 | ||||||||
| China — 23.2% | ||||||||
| Agile Group Holdings Ltd.(a)(b) | 19,066,000 | 6,247,512 | ||||||
| Agricultural Bank of China Ltd., Class H | 12,176,000 | 4,015,913 | ||||||
| Bank of China Ltd., Class H | 12,184,000 | 4,332,450 | ||||||
| BBMG Corp., Class H. | 22,030,000 | 3,061,347 | ||||||
| China Construction Bank Corp., Class H | 5,467,000 | 3,491,282 | ||||||
| China Jinmao Holdings Group Ltd.(a) | 19,176,000 | 4,450,108 | ||||||
| China Merchants Port Holdings Co. Ltd. | 1,624,000 | 2,619,265 | ||||||
| China Minsheng Banking Corp. Ltd., Class H. | 13,347,000 | 4,353,063 | ||||||
| China Petroleum & Chemical Corp., Class H | 11,746,000 | 5,537,724 | ||||||
| China Shenhua Energy Co. Ltd., Class H | 2,078,500 | 5,874,546 | ||||||
| Chongqing Rural Commercial Bank Co. Ltd., Class H | 14,935,000 | 5,197,138 | ||||||
| Country Garden Holdings Co. Ltd.(b) | 7,312,000 | 2,827,692 | ||||||
| Guangzhou R&F Properties Co. Ltd., Class H(a)(b) | 21,983,600 | 5,191,632 | ||||||
| Hopson Development Holdings Ltd.(b) | 3,047,630 | 4,028,045 | ||||||
| Huadian Power International Corp. Ltd., Class H | 17,156,000 | 5,938,932 | ||||||
| Industrial & Commercial Bank of China Ltd., Class H | 6,871,000 | 3,632,613 | ||||||
| KWG Group Holdings Ltd.(a) | 23,849,500 | 4,831,879 | ||||||
| Logan Group Co. Ltd.(b)(c) | 36,592,000 | 6,992,191 | ||||||
| Lonking Holdings Ltd. | 34,173,000 | 6,778,464 | ||||||
| PICC Property & Casualty Co. Ltd., Class H | 3,314,000 | 3,401,793 | ||||||
| Poly Property Group Co. Ltd. | 14,373,000 | 3,080,587 | ||||||
| Shenzhen Investment Ltd. | 27,966,000 | 5,272,453 | ||||||
| Shimao Group Holdings Ltd.(b)(c) | 15,114,500 | 4,332,237 | ||||||
| Sinopec Engineering Group Co. Ltd., Class H | 12,035,500 | 5,168,257 | ||||||
| Sinopec Shanghai Petrochemical Co. Ltd., Class H. | 19,346,000 | 3,186,406 | ||||||
| Sunac China Holdings Ltd.(b)(c) | 11,167,000 | 2,845,132 | ||||||
| Times China Holdings Ltd.(b) | 28,949,000 | 5,755,691 | ||||||
| Yankuang Energy Group Co. Ltd., Class H(b) | 806,000 | 2,518,597 | ||||||
| Zhejiang Expressway Co. Ltd., Class H | 3,858,000 | 3,105,194 | ||||||
| 128,068,143 | ||||||||
| Czech Republic — 1.0% | ||||||||
| CEZ AS(b) | 126,147 | 5,732,522 | ||||||
| Greece — 1.8% | ||||||||
| Star Bulk Carriers Corp. | 372,179 | 9,685,959 | ||||||
| India — 7.3% | ||||||||
| Bharat Petroleum Corp. Ltd. | 1,847,996 | 7,721,651 | ||||||
| Security | Shares | Value | ||||||
| India (continued) | ||||||||
| Coal India Ltd. | 3,233,466 | $ | 8,637,791 | |||||
| Indian Oil Corp. Ltd. | 8,794,021 | 8,111,004 | ||||||
| NMDC Ltd. | 3,934,527 | 5,370,133 | ||||||
| Oil India Ltd. | 1,158,636 | 2,786,763 | ||||||
| REC Ltd. | 4,688,764 | 7,767,716 | ||||||
| 40,395,058 | ||||||||
| Indonesia — 2.0% | ||||||||
| Adaro Energy Indonesia Tbk PT | 23,276,800 | 5,111,077 | ||||||
| Hanjaya Mandala Sampoerna Tbk PT | 89,795,900 | 5,635,132 | ||||||
| 10,746,209 | ||||||||
| Malaysia — 6.1% | ||||||||
| British American Tobacco Malaysia Bhd. | 2,150,600 | 5,280,174 | ||||||
| Hartalega Holdings Bhd | 10,803,900 | 6,651,542 | ||||||
| Kossan Rubber Industries Bhd(a)(b) | 27,992,200 | 7,866,031 | ||||||
| Malayan Banking Bhd. | 3,983,300 | 7,933,599 | ||||||
| Top Glove Corp. Bhd(a) | 28,509,300 | 6,188,046 | ||||||
| 33,919,392 | ||||||||
| Philippines — 0.5% | ||||||||
| PLDT Inc. | 99,105 | 2,990,536 | ||||||
| Qatar — 0.6% | ||||||||
| Barwa Real Estate Co. | 3,455,283 | 3,388,557 | ||||||
| Russia — 0.0% | ||||||||
| Federal Grid Co. Unified Energy System PJSC(a)(c) | 4,402,974,828 | 706 | ||||||
| Globaltrans Investment PLC(a)(c) | 3,247,697 | 32,477 | ||||||
| LUKOIL PJSC(a)(c) | 124,880 | 20 | ||||||
| Magnit PJSC(c) | 163,377 | 27 | ||||||
| Magnitogorsk Iron & Steel Works PJSC(a)(c) | 14,721,471 | 2,360 | ||||||
| MMC Norilsk Nickel PJSC(c) | 23,712 | 4 | ||||||
| Mobile TeleSystems PJSC(c) | 2,744,644 | 440 | ||||||
| Moscow Exchange MICEX-Rates PJSC(a)(c) | 2,788,700 | 447 | ||||||
| Novolipetsk Steel PJSC, GDR(c) | 345,790 | 3,458 | ||||||
| PhosAgro PJSC(a)(c) | 3,484 | 35 | ||||||
| PhosAgro PJSC, GDR(c) | 540,834 | 5,408 | ||||||
| Rostelecom PJSC(c) | 4,681,247 | 750 | ||||||
| Sberbank of Russia PJSC(a)(c) | 2,500,255 | 401 | ||||||
| Severstal PAO(a)(c) | 695,941 | 111 | ||||||
| Tatneft PJSC(c) | 1,165,907 | 187 | ||||||
| Unipro PJSC(a)(c) | 299,242,000 | 47,975 | ||||||
| 94,806 | ||||||||
| Singapore — 2.0% | ||||||||
| Riverstone Holdings Ltd./Singapore | 19,507,800 | 11,014,973 | ||||||
| South Africa — 6.5% | ||||||||
| African Rainbow Minerals Ltd. | 498,420 | 7,011,768 | ||||||
| Coronation Fund Managers Ltd. | 2,708,755 | 5,541,376 | ||||||
| Exxaro Resources Ltd. | 840,837 | 10,220,562 | ||||||
| Kumba Iron Ore Ltd. | 286,538 | 8,539,032 | ||||||
| Truworths International Ltd. | 1,478,654 | 4,554,290 | ||||||
| 35,867,028 | ||||||||
| Taiwan — 8.7% | ||||||||
| Asustek Computer Inc. | 423,000 | 3,990,425 | ||||||
| Chong Hong Construction Co. Ltd. | 1,895,000 | 4,592,901 | ||||||
| Huaku Development Co. Ltd. | 1,849,000 | 5,540,300 | ||||||
| Inventec Corp. | 6,331,475 | 5,028,721 | ||||||
| Merry Electronics Co. Ltd. | 1,321,146 | 3,574,314 | ||||||
| Radiant Opto-Electronics Corp. | 1,709,000 | 5,348,645 | ||||||
| Simplo Technology Co. Ltd. | 428,600 | 3,788,228 | ||||||
| Supreme Electronics Co. Ltd. | 2,184,513 | 2,715,472 | ||||||
1
| Schedule of Investments (unaudited) (continued) | iShares® Emerging Markets Dividend ETF |
| July 31, 2022 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Taiwan (continued) | ||||||||
| Systex Corp. | 1,626,000 | $ | 3,995,985 | |||||
| United Integrated Services Co. Ltd. | 1,139,000 | 5,839,664 | ||||||
| WPG Holdings Ltd. | 2,151,280 | 3,614,509 | ||||||
| 48,029,164 | ||||||||
| Thailand — 5.4% | ||||||||
| Kiatnakin Phatra Bank PCL, NVDR | 1,622,900 | 2,934,000 | ||||||
| Land & Houses PCL, NVDR. | 14,220,900 | 3,298,856 | ||||||
| Quality Houses PCL, NVDR | 48,983,000 | 2,853,972 | ||||||
| Sri Trang Agro-Industry PCL, NVDR | 14,894,700 | 8,824,489 | ||||||
| Thanachart Capital PCL, NVDR | 4,300,500 | 4,442,630 | ||||||
| Tisco Financial Group PCL, NVDR | 1,886,500 | 4,558,296 | ||||||
| Total Access Communication PCL, NVDR. | 2,385,900 | 2,963,888 | ||||||
| 29,876,131 | ||||||||
| Turkey — 1.8% | ||||||||
| Eregli Demir ve Celik Fabrikalari TAS(b) | 4,723,785 | 7,317,237 | ||||||
| Tofas Turk Otomobil Fabrikasi AS. | 564,508 | 2,330,797 | ||||||
| 9,648,034 | ||||||||
| United Arab Emirates — 0.5% | ||||||||
| Dubai Islamic Bank PJSC | 1,856,894 | 2,975,682 | ||||||
| Total Common Stocks — 87.3% | ||||||||
| (Cost: $743,654,716) | 482,161,561 | |||||||
| Preferred Stocks | ||||||||
| Brazil — 11.0% | ||||||||
| Bradespar SA, Preference Shares, NVS | 1,604,652 | 6,971,759 | ||||||
| Cia. de Transmissao de Energia Eletrica Paulista, | ||||||||
| Preference Shares, NVS | 1,689,523 | 7,441,725 | ||||||
| Cia. Energetica de Minas Gerais, Preference | ||||||||
| Shares, NVS | 3,426,654 | 7,443,922 | ||||||
| Gerdau SA, Preference Shares, NVS | 1,553,560 | 7,344,287 | ||||||
| Metalurgica Gerdau SA, Preference Shares, NVS | 4,704,898 | 9,302,314 | ||||||
| Petroleo Brasileiro SA, Preference Shares, NVS | 1,327,526 | 8,761,913 | ||||||
| Unipar Carbocloro SA, Class B, Preference | ||||||||
| Shares, NVS | 607,534 | 9,780,941 | ||||||
| Security | Shares | Value | ||||||
| Brazil (continued) | ||||||||
| Usinas Siderurgicas de Minas Gerais SA Usiminas, | ||||||||
| Class A, Preference Shares, NVS | 2,211,185 | $ | 3,679,539 | |||||
| 60,726,400 | ||||||||
| Russia — 0.0% | ||||||||
| Transneft PJSC, Preference Shares, NVS(c) | 5,767 | 1 | ||||||
| Total Preferred Stocks — 11.0% | ||||||||
| (Cost: $81,884,428) | 60,726,401 | |||||||
| Total Long-Term Investments — 98.3% | ||||||||
| (Cost: $825,539,144) | 542,887,962 | |||||||
| Short-Term Securities | ||||||||
| Money Market Funds — 5.1% | ||||||||
| BlackRock Cash Funds: Institutional, SL Agency | ||||||||
| Shares, 1.93%(d)(e)(f) | 27,496,970 | 27,494,220 | ||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares, | ||||||||
| 1.81%(d)(e) | 350,000 | 350,000 | ||||||
| Total Short-Term Securities — 5.1% | ||||||||
| (Cost: $27,841,527) | 27,844,220 | |||||||
| Total Investments in Securities — 103.4% | ||||||||
| (Cost: $853,380,671) | 570,732,182 | |||||||
| Liabilities in Excess of Other Assets — (3.4)% | (18,622,184 | ) | ||||||
| Net Assets—100.0% | $ | 552,109,998 | ||||||
| (a) | Non-income producing security. |
| (b) | All or a portion of this security is on loan. |
| (c) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| (d) | Affiliate of the Fund. |
| (e) | Annualized 7-day yield as of period end. |
| (f) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended July 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Issuer | Value at 04/30/22 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 07/31/22 | Shares Held at 07/31/22 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 24,326,856 | $ | 3,171,206 | (a) | $ | — | $ | (1,512 | ) | $ | (2,330 | ) | $ | 27,494,220 | 27,496,970 | $ | 899,667 | (b) | $ | — | |||||||||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares | 380,000 | — | (30,000 | )(a) | — | — | 350,000 | 350,000 | 2,117 | — | ||||||||||||||||||||||||||
| $ | (1,512 | ) | $ | (2,330 | ) | $ | 27,844,220 | $ | 901,784 | $ | — | |||||||||||||||||||||||||
| (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. |
2
| Schedule of Investments (unaudited) (continued) | iShares® Emerging Markets Dividend ETF |
| July 31, 2022 |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| Value/ | ||||||||||||||||
| Notional | Unrealized | |||||||||||||||
| Number of | Expiration | Amount | Appreciation | |||||||||||||
| Description | Contracts | Date | (000) | (Depreciation) | ||||||||||||
| Long Contracts | ||||||||||||||||
| MSCI Emerging Markets Index | 165 | 09/16/22 | $ | 8,238 | $ | 39,231 | ||||||||||
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
| • | Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access; |
| • | Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and |
| • | Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Investments | ||||||||||||||||
| Assets | ||||||||||||||||
| Common Stocks | $ | 154,189,275 | $ | 313,707,920 | $ | 14,264,366 | $ | 482,161,561 | ||||||||
| Preferred Stocks | 60,726,400 | — | 1 | 60,726,401 | ||||||||||||
| Money Market Funds | 27,844,220 | — | — | 27,844,220 | ||||||||||||
| $ | 242,759,895 | $ | 313,707,920 | $ | 14,264,367 | $ | 570,732,182 | |||||||||
| Derivative financial instruments(a) | ||||||||||||||||
| Assets | ||||||||||||||||
| Futures Contracts | $ | 39,231 | $ | — | $ | — | $ | 39,231 | ||||||||
| (a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
3
| Schedule of Investments (unaudited) (continued) | iShares® Emerging Markets Dividend ETF |
July 31, 2022
Fair Value Hierarchy as of Period End (continued)
A reconciliation of Level 3 financial instruments is presented when the Fund had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the year in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:
| Common | Preferred | |||||||||||
| Stocks | Stocks | Total | ||||||||||
| Assets: | ||||||||||||
| Opening balance, as of April 30, 2022 | $ | 14,258,124 | $ | 1 | $ | 14,258,125 | ||||||
| Transfers into Level 3(a) | 11,354,786 | — | 11,354,786 | |||||||||
| Transfers out of Level 3 | — | — | — | |||||||||
| Accrued discounts/premiums. | — | — | — | |||||||||
| Net realized gain (loss) | — | — | — | |||||||||
| Net change in unrealized appreciation (depreciation)(b)(c) | (11,445,373 | ) | — | (11,445,373 | ) | |||||||
| Purchases | 11,631,000 | — | 11,631,000 | |||||||||
| Sales | (11,534,171 | ) | (— | ) | (11,534,171 | ) | ||||||
| Closing balance, as of July 31, 2022 | $ | 14,264,366 | $ | 1 | $ | 14,264,367 | ||||||
| Net change in unrealized appreciation (depreciation) on investment still held at July 31, 2022 | $ | (22,897,187 | ) | $ | — | $ | (22,897,187 | ) | ||||
| (a) | As of April 30, 2022, the Fund used observable inputs in determining the value of certain investments. As of July 31, 2022, the Fund used significant unobservable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 1 or Level 2 to Level 3 in the fair value hierarchy. |
| (b) | Included in the related net change in unrealized appreciation (depreciation) in the Statement of Operations. |
| (c) | Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at July 31, 2022 is generally due to investments no longer held or categorized as Level 3 at period end. |
The Fund's investments that are categorized as Level 3 were valued utilizing a single broker quote without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments.
The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) to determine the value of certain of the Fund’s Level 3 investments as of period end. The table does not include Level 3 investments with values based upon unadjusted third party pricing information in the amount of $7,086,998. A significant change in the third party information could result in a significantly lower or higher value of such Level 3 investments.
| Range of | |||||
| Valuation | Unobservable | Unobservable | |||
| Value | Approach | Inputs | Inputs Utilized(a) | ||
| Common Stock | $7,177,369 | Income | Discount Rate | 5% |
| (a) | A significant change in unobservable input would have resulted in a correlated (inverse) significant change to value. |
Portfolio Abbreviations
| GDR | Global Depositary Receipt |
| NVDR | Non-Voting Depositary Receipt |
| NVS | Non-Voting Shares |
| PJSC | Public Joint Stock Company |
4