| Schedule of Investments (unaudited) | iShares® MSCI Global Min Vol Factor ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Common Stocks | ||||||||
| Canada — 1.6% | ||||||||
| BCE Inc. | 109,132 | $ | 4,923,200 | |||||
| CGI Inc.(a) | 219,216 | 22,704,803 | ||||||
| Franco-Nevada Corp. | 225,940 | 32,834,949 | ||||||
| Loblaw Companies Ltd. | 88,649 | 7,750,829 | ||||||
| TELUS Corp. | 274,770 | 5,205,955 | ||||||
| Thomson Reuters Corp. | 26,866 | 3,416,286 | ||||||
| 76,836,022 | ||||||||
| China — 8.0% | ||||||||
| Agricultural Bank of China Ltd., Class A | 8,238,299 | 4,074,669 | ||||||
| Agricultural Bank of China Ltd., Class H | 45,999,000 | 17,334,394 | ||||||
| Anhui Gujing Distillery Co. Ltd., Class B | 172,656 | 2,829,073 | ||||||
| Bank of China Ltd., Class H | 125,135,000 | 48,985,012 | ||||||
| Bank of Communications Co. Ltd., Class A | 3,785,600 | 3,111,882 | ||||||
| Bank of Communications Co. Ltd., Class H | 14,191,000 | 9,149,644 | ||||||
| Beijing Enterprises Holdings Ltd. | 831,000 | 3,211,184 | ||||||
| Beijing Kingsoft Office Software Inc., Class A | 43,600 | 2,646,415 | ||||||
| Beijing-Shanghai High Speed Railway Co. Ltd., Class A | 3,094,100 | 2,508,407 | ||||||
| BYD Co. Ltd., Class A | 136,100 | 4,850,627 | ||||||
| CGN Power Co. Ltd., Class H(b) | 17,091,000 | 4,107,543 | ||||||
| China CITIC Bank Corp. Ltd., Class H | 14,322,000 | 7,538,964 | ||||||
| China Coal Energy Co. Ltd., Class H | 3,425,000 | 2,589,591 | ||||||
| China Conch Venture Holdings Ltd. | 2,296,000 | 2,884,158 | ||||||
| China Construction Bank Corp., Class H | 55,418,000 | 35,449,820 | ||||||
| China Galaxy Securities Co. Ltd., Class H | 5,664,500 | 3,053,134 | ||||||
| China Merchants Port Holdings Co. Ltd. | 2,268,000 | 3,289,958 | ||||||
| China Minsheng Banking Corp. Ltd., Class H | 10,070,500 | 3,985,275 | ||||||
| China Shenhua Energy Co. Ltd., Class A | 584,200 | 2,317,205 | ||||||
| China Shenhua Energy Co. Ltd., Class H | 3,914,000 | 12,373,379 | ||||||
| China State Construction Engineering Corp. Ltd., Class A | 3,717,700 | 3,081,986 | ||||||
| China Tourism Group Duty Free Corp. Ltd., Class A | 172,600 | 2,986,786 | ||||||
| China Tower Corp. Ltd., Class H(b) | 69,830,000 | 7,669,551 | ||||||
| China Yangtze Power Co. Ltd., Class A | 2,189,100 | 6,921,446 | ||||||
| Chow Tai Fook Jewellery Group Ltd. | 3,208,000 | 5,678,327 | ||||||
| CITIC Securities Co. Ltd., Class A | 981,508 | 2,764,516 | ||||||
| COSCO SHIPPING Holdings Co. Ltd., Class H | 5,104,000 | 4,497,519 | ||||||
| East Money Information Co. Ltd., Class A | 1,364,012 | 2,690,715 | ||||||
| GCL-Poly Energy Holdings Ltd.(a) | 13,720,000 | 2,978,628 | ||||||
| Guangdong Investment Ltd. | 2,449,147 | 2,087,125 | ||||||
| Industrial & Commercial Bank of China Ltd., Class A | 6,066,351 | 4,116,084 | ||||||
| Industrial & Commercial Bank of China Ltd., Class H | 51,601,000 | 27,557,008 | ||||||
| Industrial Bank Co. Ltd., Class A | 2,003,900 | 4,662,091 | ||||||
| Inner Mongolia Yitai Coal Co. Ltd., Class B | 1,785,539 | 2,303,506 | ||||||
| Kingboard Holdings Ltd. | 1,064,000 | 2,866,869 | ||||||
| Kunlun Energy Co. Ltd. | 6,268,000 | 4,999,640 | ||||||
| Lenovo Group Ltd. | 4,158,000 | 3,908,767 | ||||||
| LONGi Green Energy Technology Co. Ltd., Class A | 730,892 | 2,958,414 | ||||||
| Luxshare Precision Industry Co. Ltd., Class A | 518,100 | 1,987,857 | ||||||
| Muyuan Foods Co. Ltd., Class A | 517,120 | 2,909,924 | ||||||
| NARI Technology Co. Ltd., Class A | 617,400 | 2,378,428 | ||||||
| Nongfu Spring Co. Ltd., Class H(b) | 445,200 | 2,387,909 | ||||||
| People’s Insurance Co. Group of China Ltd. (The), Class H | 13,349,000 | 5,047,422 | ||||||
| PetroChina Co. Ltd., Class H | 26,910,000 | 17,394,332 | ||||||
| PICC Property & Casualty Co. Ltd., Class H | 11,136,000 | 13,284,254 | ||||||
| Ping An Bank Co. Ltd., Class A | 1,803,000 | 2,942,154 | ||||||
| Postal Savings Bank of China Co. Ltd., Class H(b) | 12,873,000 | 8,088,212 | ||||||
| Sany Heavy Equipment International Holdings Co. Ltd. | 1,749,000 | 2,309,530 | ||||||
| Security | Shares | Value | ||||||
| China (continued) | ||||||||
| SF Holding Co. Ltd., Class A | 382,700 | $ | 2,548,322 | |||||
| Shaanxi Coal Industry Co. Ltd., Class A | 975,500 | 2,297,541 | ||||||
| Shanghai Baosight Software Co. Ltd., Class B | 804,580 | 2,674,995 | ||||||
| Shanghai Pudong Development Bank Co. Ltd., Class A | 2,843,800 | 2,937,219 | ||||||
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 109,800 | 4,643,196 | ||||||
| Sinopharm Group Co. Ltd., Class H | 2,148,800 | 7,043,906 | ||||||
| Tingyi Cayman Islands Holding Corp. | 2,116,000 | 3,169,735 | ||||||
| Topsports International Holdings Ltd.(b) | 2,760,000 | 2,143,019 | ||||||
| TravelSky Technology Ltd., Class H | 1,493,000 | 2,723,681 | ||||||
| Wanhua Chemical Group Co. Ltd., Class A | 303,600 | 3,509,839 | ||||||
| Xiaomi Corp., Class B(a)(b) | 4,577,800 | 6,045,562 | ||||||
| ZTE Corp., Class H | 1,209,200 | 3,712,802 | ||||||
| ZTO Express Cayman Inc., ADR | 120,303 | 3,036,448 | ||||||
| 376,235,599 | ||||||||
| Denmark — 0.1% | ||||||||
| Novo Nordisk A/S, Class B | 44,783 | 7,206,968 | ||||||
| Finland — 0.3% | ||||||||
| Elisa OYJ | 228,749 | 12,813,534 | ||||||
| France — 0.6% | ||||||||
| Bollore SE | 1,184,756 | 7,585,652 | ||||||
| Orange SA | 1,791,838 | 21,400,448 | ||||||
| 28,986,100 | ||||||||
| Germany — 0.9% | ||||||||
| Deutsche Telekom AG, Registered | 1,689,029 | 37,472,045 | ||||||
| Telefonica Deutschland Holding AG | 1,544,141 | 4,353,668 | ||||||
| 41,825,713 | ||||||||
| Greece — 0.1% | ||||||||
| Hellenic Telecommunications Organization SA | 218,959 | 3,353,982 | ||||||
| Hong Kong — 1.9% | ||||||||
| BOC Hong Kong Holdings Ltd. | 1,708,000 | 5,068,749 | ||||||
| CLP Holdings Ltd. | 1,528,754 | 11,138,072 | ||||||
| Galaxy Entertainment Group Ltd.(a) | 1,494,000 | 9,263,031 | ||||||
| Hang Seng Bank Ltd. | 1,237,000 | 16,561,180 | ||||||
| HKT Trust & HKT Ltd., Class SS | 5,673,000 | 7,249,286 | ||||||
| Hong Kong & China Gas Co. Ltd. | 12,888,579 | 11,629,050 | ||||||
| Jardine Matheson Holdings Ltd. | 210,400 | 10,088,900 | ||||||
| MTR Corp. Ltd. | 2,524,500 | 11,620,548 | ||||||
| Power Assets Holdings Ltd. | 1,312,500 | 7,067,574 | ||||||
| 89,686,390 | ||||||||
| India — 4.8% | ||||||||
| Adani Green Energy Ltd.(a) | 202,883 | 2,390,185 | ||||||
| Asian Paints Ltd. | 434,034 | 16,722,254 | ||||||
| Bajaj Auto Ltd. | 71,265 | 3,929,656 | ||||||
| Bajaj Holdings & Investment Ltd. | 28,790 | 2,526,329 | ||||||
| Berger Paints India Ltd. | 391,743 | 3,075,516 | ||||||
| Bharat Petroleum Corp. Ltd. | 677,001 | 2,972,613 | ||||||
| Bharti Airtel Ltd. | 1,522,411 | 15,639,640 | ||||||
| Cipla Ltd. | 369,506 | 4,254,004 | ||||||
| Divi’s Laboratories Ltd. | 141,470 | 5,883,881 | ||||||
| Dr. Reddy’s Laboratories Ltd. | 64,182 | 3,498,123 | ||||||
| Eicher Motors Ltd. | 182,677 | 8,099,170 | ||||||
| Havells India Ltd. | 155,035 | 2,447,575 | ||||||
| HCL Technologies Ltd. | 1,167,008 | 16,122,494 | ||||||
| Hero MotoCorp Ltd. | 78,595 | 2,619,118 | ||||||
| Hindustan Petroleum Corp. Ltd. | 967,245 | 3,048,654 | ||||||
| Hindustan Unilever Ltd. | 162,701 | 5,243,259 | ||||||
1
| Schedule of Investments (unaudited) (continued) | iShares® MSCI Global Min Vol Factor ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| India (continued) | ||||||||
| Indian Hotels Co. Ltd. (The) | 1,005,237 | $ | 4,735,064 | |||||
| Indian Oil Corp. Ltd. | 4,602,677 | 5,004,039 | ||||||
| Infosys Ltd. | 526,830 | 8,375,032 | ||||||
| Larsen & Toubro Infotech Ltd.(b) | 50,711 | 3,055,839 | ||||||
| Larsen & Toubro Ltd. | 207,058 | 5,510,771 | ||||||
| Maruti Suzuki India Ltd. | 39,922 | 4,515,583 | ||||||
| MRF Ltd. | 2,505 | 2,940,766 | ||||||
| Nestle India Ltd. | 33,298 | 8,718,531 | ||||||
| Petronet LNG Ltd. | 1,231,956 | 3,358,475 | ||||||
| PI Industries Ltd. | 123,621 | 5,401,451 | ||||||
| Pidilite Industries Ltd. | 247,969 | 7,809,440 | ||||||
| Shree Cement Ltd. | 10,855 | 3,298,514 | ||||||
| Sun Pharmaceutical Industries Ltd. | 423,556 | 4,994,062 | ||||||
| Tata Consultancy Services Ltd. | 780,479 | 30,984,248 | ||||||
| Tech Mahindra Ltd. | 379,767 | 5,110,413 | ||||||
| Torrent Pharmaceuticals Ltd. | 168,669 | 3,738,463 | ||||||
| UltraTech Cement Ltd. | 75,772 | 7,195,620 | ||||||
| Wipro Ltd. | 644,923 | 3,148,309 | ||||||
| Wipro Ltd., ADR | 968,971 | 4,728,578 | ||||||
| Yes Bank Ltd.(a) | 14,890,249 | 2,912,369 | ||||||
| 224,008,038 | ||||||||
| Indonesia — 0.7% | ||||||||
| Bank Central Asia Tbk PT | 33,350,400 | 20,124,543 | ||||||
| Telkom Indonesia Persero Tbk PT | 39,890,900 | 10,769,963 | ||||||
| 30,894,506 | ||||||||
| Israel — 0.4% | ||||||||
| Azrieli Group Ltd. | 3,537 | 185,993 | ||||||
| Bank Hapoalim BM | 433,559 | 3,490,125 | ||||||
| Check Point Software Technologies Ltd.(a)(c) | 83,294 | 10,395,924 | ||||||
| Isracard Ltd. | — | 1 | ||||||
| Tower Semiconductor Ltd.(a) | 172,771 | 7,148,730 | ||||||
| 21,220,773 | ||||||||
| Italy — 0.2% | ||||||||
| Infrastrutture Wireless Italiane SpA(b) | 504,375 | 6,430,779 | ||||||
| Recordati Industria Chimica e Farmaceutica SpA | 58,548 | 2,553,427 | ||||||
| 8,984,206 | ||||||||
| Japan — 10.6% | ||||||||
| Brother Industries Ltd. | 246,400 | 3,579,498 | ||||||
| Canon Inc. | 1,002,300 | 24,843,906 | ||||||
| Capcom Co. Ltd. | 84,100 | 3,278,356 | ||||||
| Central Japan Railway Co. | 223,000 | 27,123,253 | ||||||
| Chiba Bank Ltd. (The) | 437,500 | 2,729,611 | ||||||
| Chubu Electric Power Co. Inc. | 677,700 | 8,095,459 | ||||||
| East Japan Railway Co. | 385,400 | 21,245,872 | ||||||
| ENEOS Holdings Inc. | 2,841,200 | 9,436,413 | ||||||
| FUJIFILM Holdings Corp. | 176,900 | 10,811,106 | ||||||
| Hamamatsu Photonics KK | 209,000 | 10,623,818 | ||||||
| Hankyu Hanshin Holdings Inc. | 88,300 | 2,805,530 | ||||||
| Hirose Electric Co. Ltd. | 48,700 | 6,592,676 | ||||||
| ITOCHU Corp. | 186,000 | 6,278,983 | ||||||
| Itochu Techno-Solutions Corp. | 151,200 | 3,932,078 | ||||||
| Japan Post Bank Co. Ltd. | 661,300 | 4,936,989 | ||||||
| KDDI Corp. | 711,700 | 21,942,785 | ||||||
| Keio Corp. | 122,300 | 4,303,758 | ||||||
| Keisei Electric Railway Co. Ltd. | 63,500 | 2,438,364 | ||||||
| Keyence Corp. | 8,300 | 4,023,657 | ||||||
| Kintetsu Group Holdings Co. Ltd. | 276,600 | 9,149,525 | ||||||
| Kirin Holdings Co. Ltd. | 159,100 | 2,374,574 | ||||||
| Koei Tecmo Holdings Co. Ltd. | 174,200 | 2,929,085 | ||||||
| Security | Shares | Value | ||||||
| Japan (continued) | ||||||||
| Kyocera Corp. | 48,900 | $ | 2,781,851 | |||||
| McDonald’s Holdings Co. Japan Ltd.(c) | 138,100 | 5,679,620 | ||||||
| MEIJI Holdings Co. Ltd. | 149,100 | 3,345,744 | ||||||
| Mizuho Financial Group Inc. | 499,700 | 7,345,529 | ||||||
| NEC Corp. | 222,100 | 10,423,313 | ||||||
| Nintendo Co. Ltd. | 367,800 | 15,618,248 | ||||||
| Nippon Prologis REIT Inc. | 44 | 92,194 | ||||||
| Nippon Telegraph & Telephone Corp. | 1,436,300 | 40,806,303 | ||||||
| Nissin Foods Holdings Co. Ltd. | 35,500 | 3,029,195 | ||||||
| Nitori Holdings Co. Ltd. | 63,100 | 7,688,210 | ||||||
| Nomura Research Institute Ltd. | 140,390 | 3,532,038 | ||||||
| NTT Data Corp. | 667,200 | 9,537,582 | ||||||
| Obic Co. Ltd. | 90,900 | 14,703,671 | ||||||
| Odakyu Electric Railway Co. Ltd. | 182,600 | 2,658,459 | ||||||
| Ono Pharmaceutical Co. Ltd. | 486,100 | 9,089,624 | ||||||
| Oracle Corp. Japan(a) | 63,000 | 4,820,041 | ||||||
| Oriental Land Co. Ltd./Japan | 244,500 | 9,157,187 | ||||||
| Osaka Gas Co. Ltd. | 609,200 | 9,658,103 | ||||||
| Otsuka Corp. | 81,300 | 3,062,023 | ||||||
| Otsuka Holdings Co. Ltd. | 414,500 | 15,378,665 | ||||||
| Pan Pacific International Holdings Corp. | 370,900 | 6,321,989 | ||||||
| SCSK Corp. | 177,700 | 2,816,161 | ||||||
| Secom Co. Ltd. | 285,800 | 18,717,479 | ||||||
| SG Holdings Co. Ltd. | 153,000 | 2,244,596 | ||||||
| Shizuoka Financial Group Inc., NVS | 717,900 | 5,273,507 | ||||||
| SoftBank Corp. | 3,953,100 | 42,125,249 | ||||||
| Suntory Beverage & Food Ltd. | 207,400 | 7,628,514 | ||||||
| TIS Inc. | 365,400 | 10,225,870 | ||||||
| Tobu Railway Co. Ltd. | 278,200 | 7,277,526 | ||||||
| Toho Co.Ltd./Tokyo. | 151,200 | 5,946,504 | ||||||
| Tokyu Corp. | 171,200 | 2,214,264 | ||||||
| USS Co. Ltd. | 291,600 | 4,738,651 | ||||||
| Welcia Holdings Co. Ltd. | 152,000 | 3,210,223 | ||||||
| West Japan Railway Co. | 109,400 | 4,586,437 | ||||||
| 495,209,866 | ||||||||
| Kuwait — 0.3% | ||||||||
| Mobile Telecommunications Co. KSCP | 3,253,966 | 5,498,584 | ||||||
| National Bank of Kuwait SAKP | 2,488,815 | 7,442,143 | ||||||
| 12,940,727 | ||||||||
| Malaysia — 0.5% | ||||||||
| DiGi.Com Bhd | 3,020,800 | 2,925,477 | ||||||
| Hong Leong Bank Bhd | 948,000 | 3,977,133 | ||||||
| IHH Healthcare Bhd | 2,750,000 | 3,437,635 | ||||||
| Malayan Banking Bhd | 2,868,500 | 5,374,434 | ||||||
| Petronas Chemicals Group Bhd | 1,437,100 | 2,039,969 | ||||||
| Petronas Gas Bhd | 1,144,600 | 4,151,360 | ||||||
| 21,906,008 | ||||||||
| Netherlands — 0.5% | ||||||||
| Koninklijke Ahold Delhaize NV | 508,531 | 16,121,625 | ||||||
| Koninklijke KPN NV | 1,637,628 | 5,633,845 | ||||||
| 21,755,470 | ||||||||
| New Zealand — 0.1% | ||||||||
| Spark New Zealand Ltd. | 1,716,074 | 5,326,355 | ||||||
| Philippines — 0.2% | ||||||||
| BDO Unibank Inc. | 3,077,738 | 7,457,378 | ||||||
| Jollibee Foods Corp. | 639,890 | 2,684,439 | ||||||
| 10,141,817 | ||||||||
2
| Schedule of Investments (unaudited) (continued) | iShares® MSCI Global Min Vol Factor ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Qatar — 0.2% | ||||||||
| Industries Qatar QSC | 803,506 | $ | 2,642,476 | |||||
| Qatar National Bank QPSC | 1,908,580 | 8,382,115 | ||||||
| 11,024,591 | ||||||||
| Russia — 0.0% | ||||||||
| PhosAgro PJSC(d) | 41,863 | 5 | ||||||
| PhosAgro PJSC, GDR(a)(d)(e) | 2 | — | ||||||
| PhosAgro PJSC, New(d) | 809 | 8 | ||||||
| Polymetal International PLC(a)(d) | 250,942 | 31 | ||||||
| Polyus PJSC(a)(d) | 53,523 | 7 | ||||||
| 51 | ||||||||
| Saudi Arabia — 1.4% | ||||||||
| Arabian Internet & Communications Services Co. | 30,524 | 2,392,571 | ||||||
| Bupa Arabia for Cooperative Insurance Co. | 48,673 | 2,180,085 | ||||||
| Jarir Marketing Co. | 970,910 | 4,555,131 | ||||||
| SABIC Agri-Nutrients Co. | 295,005 | 9,817,540 | ||||||
| Saudi Arabian Oil Co.(b) | 2,010,423 | 16,874,969 | ||||||
| Saudi Basic Industries Corp. | 297,966 | 7,001,285 | ||||||
| Saudi Telecom Co. | 1,994,750 | 23,006,960 | ||||||
| 65,828,541 | ||||||||
| Singapore — 1.1% | ||||||||
| DBS Group Holdings Ltd. | 89,100 | 1,994,955 | ||||||
| Genting Singapore Ltd. | 6,817,700 | 5,091,974 | ||||||
| Singapore Exchange Ltd. | 1,264,000 | 8,667,910 | ||||||
| Singapore Technologies Engineering Ltd. | 1,762,400 | 4,769,730 | ||||||
| Singapore Telecommunications Ltd. | 11,742,800 | 21,600,760 | ||||||
| UOL Group Ltd. | 684,300 | 3,213,954 | ||||||
| Venture Corp. Ltd. | 453,700 | 5,090,041 | ||||||
| 50,429,324 | ||||||||
| Switzerland — 3.5% | ||||||||
| BKW AG | 33,268 | 5,965,044 | ||||||
| Kuehne + Nagel International AG, Registered | 21,881 | 6,238,078 | ||||||
| Nestle SA, Registered | 187,094 | 22,177,416 | ||||||
| Novartis AG, Registered | 449,408 | 43,074,281 | ||||||
| Roche Holding AG, NVS | 154,343 | 49,159,613 | ||||||
| Swiss Prime Site AG, Registered | 111,396 | 9,421,777 | ||||||
| Swisscom AG, Registered | 40,799 | 25,846,021 | ||||||
| 161,882,230 | ||||||||
| Taiwan — 5.1% | ||||||||
| Acer Inc. | 4,115,000 | 4,124,485 | ||||||
| Advantech Co. Ltd. | 575,482 | 7,606,191 | ||||||
| Asia Cement Corp. | 3,297,000 | 4,711,447 | ||||||
| Asustek Computer Inc. | 1,111,000 | 11,013,573 | ||||||
| Catcher Technology Co. Ltd. | 1,013,000 | 6,106,563 | ||||||
| Chang Hwa Commercial Bank Ltd. | 6,274,488 | 3,672,278 | ||||||
| Cheng Shin Rubber Industry Co. Ltd. | 1,835,000 | 2,329,021 | ||||||
| China Steel Corp. | 7,595,000 | 7,162,067 | ||||||
| Chunghwa Telecom Co. Ltd. | 5,988,000 | 24,564,253 | ||||||
| Compal Electronics Inc. | 6,707,000 | 6,070,334 | ||||||
| E.Sun Financial Holding Co. Ltd. | 10,102,688 | 8,504,050 | ||||||
| Far EasTone Telecommunications Co. Ltd. | 2,593,000 | 6,474,725 | ||||||
| First Financial Holding Co. Ltd. | 15,590,736 | 14,245,856 | ||||||
| Formosa Chemicals & Fibre Corp. | 5,465,000 | 12,156,520 | ||||||
| Formosa Petrochemical Corp. | 1,946,000 | 5,454,881 | ||||||
| Hua Nan Financial Holdings Co. Ltd. | 13,217,905 | 9,559,731 | ||||||
| Inventec Corp. | 4,044,000 | 4,846,902 | ||||||
| Lite-On Technology Corp. | 3,246,000 | 9,391,521 | ||||||
| Mega Financial Holding Co. Ltd. | 6,390,725 | 7,434,330 | ||||||
| Nan Ya Plastics Corp. | 1,059,000 | 2,676,343 | ||||||
| Pegatron Corp. | 3,238,000 | 7,928,832 | ||||||
| Security | Shares | Value | ||||||
| Taiwan (continued) | ||||||||
| Powerchip Semiconductor Manufacturing Corp. | 2,144,000 | $ | 2,147,168 | |||||
| President Chain Store Corp. | 608,000 | 5,527,971 | ||||||
| Quanta Computer Inc. | 4,379,000 | 16,559,256 | ||||||
| Synnex Technology International Corp. | 1,972,250 | 4,097,643 | ||||||
| Taishin Financial Holding Co. Ltd. | 9,805,752 | 5,850,120 | ||||||
| Taiwan Cooperative Financial Holding Co. Ltd. | 14,440,920 | 13,126,798 | ||||||
| Taiwan High Speed Rail Corp. | 3,177,000 | 3,361,721 | ||||||
| Taiwan Mobile Co. Ltd. | 2,728,000 | 9,185,336 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 542,000 | 9,809,025 | ||||||
| WPG Holdings Ltd. | 2,620,760 | 4,530,261 | ||||||
| 240,229,202 | ||||||||
| Thailand — 0.7% | ||||||||
| Advanced Info Service PCL, NVDR | 1,772,000 | 10,742,562 | ||||||
| Airports of Thailand PCL, NVDR(a) | 6,538,300 | 13,286,975 | ||||||
| Bangkok Expressway & Metro PCL, NVDR | 9,806,600 | 2,268,682 | ||||||
| Bumrungrad Hospital PCL, NVDR | 352,800 | 2,258,844 | ||||||
| Home Product Center PCL, NVDR | 7,395,200 | 2,930,330 | ||||||
| 31,487,393 | ||||||||
| United Arab Emirates — 0.4% | ||||||||
| Abu Dhabi National Oil Co. for Distribution PJSC | 5,115,771 | 5,766,289 | ||||||
| Emirates Telecommunications Group Co. PJSC | 2,036,590 | 12,785,333 | ||||||
| Multiply Group(a) | 2,835,109 | 2,554,952 | ||||||
| 21,106,574 | ||||||||
| United States — 55.6% | ||||||||
| Abbott Laboratories | 91,206 | 9,303,012 | ||||||
| AbbVie Inc. | 153,673 | 21,200,727 | ||||||
| Accenture PLC, Class A | 38,014 | 11,629,243 | ||||||
| Activision Blizzard Inc. | 329,723 | 26,443,785 | ||||||
| Akamai Technologies Inc.(a) | 160,394 | 14,775,495 | ||||||
| Ameren Corp. | 64,022 | 5,190,264 | ||||||
| American Electric Power Co. Inc. | 181,583 | 15,093,179 | ||||||
| American Water Works Co. Inc. | 94,422 | 13,639,258 | ||||||
| AmerisourceBergen Corp. | 133,985 | 22,797,548 | ||||||
| Amgen Inc. | 86,820 | 19,156,833 | ||||||
| Amphenol Corp., Class A | 198,164 | 14,951,474 | ||||||
| Aon PLC, Class A | 49,708 | 15,324,479 | ||||||
| Arrow Electronics Inc.(a) | 75,906 | 9,612,736 | ||||||
| Arthur J Gallagher & Co. | 59,458 | 11,911,221 | ||||||
| AT&T Inc. | 618,585 | 9,730,342 | ||||||
| AutoZone Inc.(a) | 12,996 | 31,019,373 | ||||||
| Becton Dickinson & Co. | 58,893 | 14,237,972 | ||||||
| Berkshire Hathaway Inc., Class B(a) | 92,188 | 29,599,723 | ||||||
| BioMarin Pharmaceutical Inc.(a) | 153,259 | 13,324,337 | ||||||
| Black Knight Inc.(a) | 246,978 | 14,270,389 | ||||||
| Booz Allen Hamilton Holding Corp. | 128,645 | 12,939,114 | ||||||
| Bristol-Myers Squibb Co. | 538,398 | 34,694,367 | ||||||
| Brown & Brown Inc. | 143,772 | 8,961,309 | ||||||
| Campbell Soup Co. | 306,626 | 15,499,944 | ||||||
| Cboe Global Markets Inc. | 166,564 | 22,056,405 | ||||||
| CF Industries Holdings Inc. | 157,143 | 9,665,866 | ||||||
| CH Robinson Worldwide Inc.(c) | 183,489 | 17,347,050 | ||||||
| Cheniere Energy Inc. | 17,007 | 2,377,068 | ||||||
| Church & Dwight Co. Inc. | 206,200 | 19,063,190 | ||||||
| Cigna Group (The) | 22,511 | 5,569,447 | ||||||
| Cisco Systems Inc. | 1,081,171 | 53,701,764 | ||||||
| Clorox Co. (The) | 23,373 | 3,697,141 | ||||||
| CME Group Inc. | 55,687 | 9,954,051 | ||||||
| CMS Energy Corp. | 128,645 | 7,458,837 | ||||||
| Cognizant Technology Solutions Corp., Class A | 42,090 | 2,630,204 | ||||||
3
| Schedule of Investments (unaudited) (continued) | iShares® MSCI Global Min Vol Factor ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| United States (continued) | ||||||||
| Colgate-Palmolive Co. | 166,335 | $ | 12,371,997 | |||||
| Conagra Brands Inc. | 85,488 | 2,980,967 | ||||||
| Consolidated Edison Inc. | 526,206 | 49,095,020 | ||||||
| Corteva Inc. | 109,737 | 5,869,832 | ||||||
| Dollar General Corp. | 121,014 | 24,334,705 | ||||||
| Dominion Energy Inc. | 327,436 | 16,463,482 | ||||||
| Domino’s Pizza Inc. | 42,894 | 12,432,826 | ||||||
| Duke Energy Corp. | 387,082 | 34,562,552 | ||||||
| Electronic Arts Inc. | 203,604 | 26,061,312 | ||||||
| Eli Lilly & Co. | 120,490 | 51,745,635 | ||||||
| Erie Indemnity Co., Class A, NVS | 37,959 | 8,127,022 | ||||||
| Evergy Inc. | 56,079 | 3,244,170 | ||||||
| Eversource Energy | 91,752 | 6,351,991 | ||||||
| Expeditors International of Washington Inc. | 243,298 | 26,838,202 | ||||||
| F5 Inc.(a) | 37,692 | 5,562,585 | ||||||
| First Horizon Corp. | 865,007 | 8,918,222 | ||||||
| Fiserv Inc.(a) | 120,571 | 13,526,861 | ||||||
| Gen Digital, Inc. | 638,056 | 11,191,502 | ||||||
| General Mills Inc. | 503,864 | 42,405,194 | ||||||
| Genuine Parts Co. | 19,166 | 2,854,392 | ||||||
| Gilead Sciences Inc. | 719,949 | 55,392,876 | ||||||
| GoDaddy Inc., Class A(a) | 47,743 | 3,503,381 | ||||||
| Henry Schein Inc.(a)(c) | 45,531 | 3,364,741 | ||||||
| Hershey Co. (The) | 192,573 | 50,011,208 | ||||||
| Hologic Inc.(a)(c) | 32,463 | 2,561,006 | ||||||
| Home Depot Inc. (The) | 61,701 | 17,489,148 | ||||||
| Horizon Therapeutics PLC(a) | 85,551 | 8,557,667 | ||||||
| Hormel Foods Corp. | 442,000 | 16,906,500 | ||||||
| Humana Inc. | 45,032 | 22,600,210 | ||||||
| Incyte Corp.(a) | 305,650 | 18,812,758 | ||||||
| International Business Machines Corp. | 134,836 | 17,338,561 | ||||||
| Jack Henry & Associates Inc. | 74,175 | 11,340,616 | ||||||
| JM Smucker Co. (The) | 167,972 | 24,623,016 | ||||||
| Johnson & Johnson | 394,628 | 61,191,018 | ||||||
| Juniper Networks Inc. | 331,179 | 10,057,906 | ||||||
| Kellogg Co. | 413,471 | 27,607,459 | ||||||
| Keurig Dr Pepper Inc. | 567,126 | 17,648,961 | ||||||
| Keysight Technologies Inc.(a) | 273,714 | 44,286,925 | ||||||
| Kimberly-Clark Corp. | 121,238 | 16,279,839 | ||||||
| Kraft Heinz Co. (The) | 165,901 | 6,340,736 | ||||||
| Kroger Co. (The) | 750,968 | 34,041,379 | ||||||
| Lockheed Martin Corp. | 9,006 | 3,998,754 | ||||||
| Marsh & McLennan Companies Inc. | 212,027 | 36,718,836 | ||||||
| Mastercard Inc., Class A | 19,269 | 7,033,570 | ||||||
| McCormick & Co. Inc./MD, NVS | 102,471 | 8,784,839 | ||||||
| McDonald’s Corp. | 181,408 | 51,721,235 | ||||||
| McKesson Corp. | 112,882 | 44,118,801 | ||||||
| Merck & Co. Inc. | 623,690 | 68,861,613 | ||||||
| Microsoft Corp. | 71,301 | 23,414,535 | ||||||
| Mondelez International Inc., Class A | 88,576 | 6,502,364 | ||||||
| Motorola Solutions Inc. | 204,925 | 57,772,456 | ||||||
| Neurocrine Biosciences Inc.(a) | 153,622 | 13,753,778 | ||||||
| Newmont Corp. | 424,124 | 17,198,228 | ||||||
| NextEra Energy Inc. | 141,624 | 10,403,699 | ||||||
| Northrop Grumman Corp. | 31,748 | 13,825,937 | ||||||
| Old Dominion Freight Line Inc. | 10,869 | 3,374,172 | ||||||
| Oracle Corp. | 169,899 | 17,999,100 | ||||||
| O’Reilly Automotive Inc.(a) | 26,337 | 23,790,475 | ||||||
| PepsiCo Inc. | 347,041 | 63,282,926 | ||||||
| Security | Shares | Value | ||||||
| United States (continued) | ||||||||
| Pfizer Inc. | 438,005 | $ | 16,652,950 | |||||
| PG&E Corp.(a) | 264,671 | 4,483,527 | ||||||
| Procter & Gamble Co. (The) | 260,266 | 37,087,905 | ||||||
| Progressive Corp. (The) | 165,515 | 21,171,024 | ||||||
| PTC Inc.(a) | 38,087 | 5,118,893 | ||||||
| Quest Diagnostics Inc. | 50,695 | 6,724,692 | ||||||
| Regeneron Pharmaceuticals Inc.(a) | 41,737 | 30,700,068 | ||||||
| Republic Services Inc. | 331,969 | 47,016,769 | ||||||
| Rollins Inc. | 225,744 | 8,876,254 | ||||||
| Roper Technologies Inc. | 84,101 | 38,200,356 | ||||||
| Seagen Inc.(a) | 131,712 | 25,776,038 | ||||||
| Southern Co. (The) | 490,090 | 34,183,778 | ||||||
| T-Mobile U.S. Inc.(a) | 284,258 | 39,014,411 | ||||||
| Ulta Beauty Inc.(a) | 22,604 | 9,263,797 | ||||||
| United Parcel Service Inc., Class B | 13,952 | 2,329,984 | ||||||
| United Therapeutics Corp.(a) | 47,720 | 10,008,793 | ||||||
| UnitedHealth Group Inc. | 49,629 | 24,181,234 | ||||||
| VeriSign Inc.(a) | 56,430 | 12,601,948 | ||||||
| Verizon Communications Inc. | 1,435,869 | 51,160,012 | ||||||
| Vertex Pharmaceuticals Inc.(a) | 131,358 | 42,503,508 | ||||||
| Visa Inc., Class A | 101,837 | 22,509,032 | ||||||
| VMware Inc., Class A(a) | 230,825 | 31,459,139 | ||||||
| Walmart Inc. | 382,992 | 56,250,035 | ||||||
| Waste Connections Inc. | 113,055 | 15,448,966 | ||||||
| Waste Management Inc. | 431,270 | 69,831,238 | ||||||
| WEC Energy Group Inc. | 400,714 | 35,002,368 | ||||||
| Xcel Energy Inc. | 558,754 | 36,481,049 | ||||||
| Yum! Brands Inc. | 92,892 | 11,954,272 | ||||||
| 2,602,268,885 | ||||||||
| Total Long-Term Investments — 99.8% | ||||||||
| (Cost: $4,262,053,205) | 4,673,588,865 | |||||||
| Short-Term Securities | ||||||||
| Money Market Funds — 0.7% | ||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares, 5.29%(f)(g)(h) | 31,914,229 | 31,920,612 | ||||||
| Total Short-Term Securities — 0.7% | ||||||||
| (Cost: $31,913,469) | 31,920,612 | |||||||
| Total Investments — 100.5% | ||||||||
| (Cost: $4,293,966,674) | 4,705,509,477 | |||||||
| Liabilities in Excess of Other Assets — (0.5)% | (21,335,663 | ) | ||||||
| Net Assets — 100.0% | $ | 4,684,173,814 | ||||||
| (a) | Non-income producing security. |
| (b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
| (c) | All or a portion of this security is on loan. |
| (d) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| (e) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
| (f) | Affiliate of the Fund. |
| (g) | Annualized 7-day yield as of period end. |
| (h) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
4
| Schedule of Investments (unaudited) (continued) | iShares® MSCI Global Min Vol Factor ETF |
| May 31, 2023 |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended May 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Issuer | Value at 08/31/22 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change
in Unrealized Appreciation (Depreciation) | Value at 05/31/23 | Shares Held at 05/31/23 | Income | Capital Gain Distributions from Underlying Funds | ||||||||||||||||||||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 11,312,019 | $ | 20,598,854 | (a) | $ | — | $ | 8,951 | $ | 788 | $ | 31,920,612 | 31,914,229 | $ | 122,973 | (b) | $ | — | ||||||||||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares(c) | 6,260,000 | — | (6,260,000 | )(a) | — | — | — | — | 204,025 | 3 | |||||||||||||||||||||||||
| $ | 8,951 | $ | 788 | $ | 31,920,612 | $ | 326,998 | $ | 3 | ||||||||||||||||||||||||||
| (a) | Represents net amount purchased (sold). |
| (b) | All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
| (c) | As of period end, the entity is no longer held. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||
| Long Contracts | ||||||||||||||
| MSCI EAFE Index | 35 | 06/16/23 | $ | 3,593 | $ | (153,657 | ) | |||||||
| MSCI Emerging Markets Index | 38 | 06/16/23 | 1,818 | (42,570 | ) | |||||||||
| S&P 500 E-Mini Index | 33 | 06/16/23 | 6,914 | (16,657 | ) | |||||||||
| 2-Year U.S. Treasury Note | 8 | 09/29/23 | 1,647 | (5,233 | ) | |||||||||
| $ | (218,117 | ) | ||||||||||||
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 Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. 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 | |||||||||||||
| Assets | ||||||||||||||||
| Investments | ||||||||||||||||
| Long-Term Investments | ||||||||||||||||
| Common Stocks | $ | 2,717,551,618 | $ | 1,956,037,196 | $ | 51 | $ | 4,673,588,865 | ||||||||
5
| Schedule of Investments (unaudited) (continued) | iShares® MSCI Global Min Vol Factor ETF |
| May 31, 2023 |
Fair Value Hierarchy as of Period End (continued)
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Short-Term Securities | ||||||||||||||||
| Money Market Funds | $ | 31,920,612 | $ | — | $ | — | $ | 31,920,612 | ||||||||
| $ | 2,749,472,230 | $ | 1,956,037,196 | $ | 51 | $ | 4,705,509,477 | |||||||||
| Derivative Financial Instruments(a) | ||||||||||||||||
| Liabilities | ||||||||||||||||
| Equity Contracts | $ | (212,884 | ) | $ | — | $ | — | $ | (212,884 | ) | ||||||
| Interest Rate Contracts | (5,233 | ) | — | — | (5,233 | ) | ||||||||||
| $ | (218,117 | ) | $ | — | $ | — | (218,117 | ) | ||||||||
| (a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
Portfolio Abbreviation
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
| NVDR | Non-Voting Depositary Receipt |
| NVS | Non-Voting Shares |
| PJSC | Public Joint Stock Company |
| REIT | Real Estate Investment Trust |
6