| Schedule of Investments (unaudited) | iShares® Currency Hedged MSCI Emerging Markets ETF |
| May 31, 2024 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Investment Companies | ||||||||
| Exchange-Traded Funds — 100.0% | ||||||||
| iShares MSCI Emerging Markets ETF(a) | 3,801,262 | $ | 158,854,739 | |||||
| Total Investments in Securities — 100.0% | ||||||||
| (Cost: $167,554,599) | 158,854,739 | |||||||
| Liabilities in Excess of Other Assets — 0.0% | (22,787 | ) | ||||||
| Net Assets — 100.0% | $ | 158,831,952 | ||||||
| (a) | Affiliate of the Fund. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended May 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Issuer | Value at 08/31/23 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 05/31/24 | Shares Held at 05/31/24 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares(a) | $ | — | $ | — |
|
$ | (23,009 | )(b) | $ | 23,009 | $ | — | $ | — | — | $ | 31,260 | (c) | $ | — | ||||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares(a) | 1,240,000 | — | (1,240,000 | )(b) | — | — | — | — | 17,191 | — | ||||||||||||||||||||
| iShares MSCI Emerging Markets ETF | 134,168,374 | 43,273,065 | (27,799,389 | ) | (1,853,627 | ) | 11,066,316 | 158,854,739 | 3,801,262 | 2,417,856 | — | |||||||||||||||||||
| $ | (1,830,618 | ) | $ | 11,066,316 | $ | 158,854,739 | $ | 2,466,307 | $ | — |
| (a) | As of period end, the entity is no longer held. |
| (b) | Represents net amount purchased (sold). |
| (c) | 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. |
Derivative Financial Instruments Outstanding as of Period End
Forward Foreign Currency Exchange Contracts
| Unrealized | ||||||||||||||||
| Appreciation | ||||||||||||||||
| Currency Purchased | Currency Sold | Counterparty | Settlement Date | (Depreciation) | ||||||||||||
| CLP | 44,300,000 | USD | 46,313 | Citibank N.A. | 06/05/24 | $ | 1,942 | |||||||||
| CNH | 49,918,320 | USD | 6,869,037 | Citibank N.A. | 06/05/24 | 2,762 | ||||||||||
| HKD | 248,061,000 | USD | 31,707,772 | Citibank N.A. | 06/05/24 | 13,196 | ||||||||||
| IDR | 3,885,171,000 | USD | 238,882 | JPMorgan Chase Bank N.A. | 06/05/24 | 174 | ||||||||||
| MXN | 71,231,000 | USD | 4,176,253 | Citibank N.A. | 06/05/24 | 21,415 | ||||||||||
| THB | 86,470,000 | USD | 2,349,728 | Citibank N.A. | 06/05/24 | 639 | ||||||||||
| TRY | 41,011,000 | USD | 1,271,058 | Citibank N.A. | 06/05/24 | 529 | ||||||||||
| TRY | 407,000 | USD | 12,500 | UBS AG | 06/05/24 | 120 | ||||||||||
| TWD | 444,289,500 | USD | 13,668,366 | Morgan Stanley & Co. International | 06/05/24 | 40,042 | ||||||||||
| PLC | ||||||||||||||||
| TWD | 442,581,500 | USD | 13,613,703 | State Street Bank & Trust Company | 06/05/24 | 42,005 | ||||||||||
| USD | 7,811,998 | BRL | 40,577,000 | Citibank N.A. | 06/05/24 | 85,106 | ||||||||||
| USD | 51,132 | BRL | 266,000 | Morgan Stanley & Co. International | 06/05/24 | 479 | ||||||||||
| PLC | ||||||||||||||||
| USD | 118,410 | BRL | 612,000 | State Street Bank & Trust Company | 06/05/24 | 1,869 | ||||||||||
| USD | 14,467 | CLP | 13,097,000 | State Street Bank & Trust Company | 06/05/24 | 201 | ||||||||||
| USD | 102,520 | CNH | 744,000 | BNP Paribas SA | 06/05/24 | 101 | ||||||||||
| USD | 6,764,448 | CNH | 48,999,320 | Citibank N.A. | 06/05/24 | 19,159 | ||||||||||
| USD | 92,618 | CNH | 671,000 | HSBC Bank PLC | 06/05/24 | 247 | ||||||||||
1
| Schedule of Investments (unaudited) (continued) | iShares® Currency Hedged MSCI Emerging Markets ETF |
| May 31, 2024 |
Forward Foreign Currency Exchange Contracts (continued)
| Unrealized | ||||||||||||||||
| Appreciation | ||||||||||||||||
| Currency Purchased | Currency Sold | Counterparty | Settlement Date | (Depreciation) | ||||||||||||
| USD | 45,582 | EUR | 42,000 | JPMorgan Chase Bank N.A. | 06/05/24 | $ | 8 | |||||||||
| USD | 2,894,939 | HKD | 22,618,000 | Bank of America N.A. | 06/05/24 | 2,647 | ||||||||||
| USD | 473,151 | HKD | 3,696,000 | Barclays Bank PLC | 06/05/24 | 522 | ||||||||||
| USD | 28,612,618 | HKD | 223,541,000 | HSBC Bank PLC | 06/05/24 | 27,162 | ||||||||||
| USD | 85,751 | HKD | 670,000 | JPMorgan Chase Bank N.A. | 06/05/24 | 74 | ||||||||||
| USD | 39,777 | IDR | 637,624,000 | State Street Bank & Trust Company | 06/05/24 | 544 | ||||||||||
| USD | 425,734 | INR | 35,370,000 | State Street Bank & Trust Company | 06/05/24 | 1,976 | ||||||||||
| USD | 167,566 | KRW | 231,806,000 | Morgan Stanley & Co. International | 06/05/24 | 106 | ||||||||||
| PLC | ||||||||||||||||
| USD | 20,483,148 | KRW | 28,316,993,000 | State Street Bank & Trust Company | 06/05/24 | 26,482 | ||||||||||
| USD | 63,496 | MXN | 1,061,000 | Goldman Sachs & Co. | 06/05/24 | 971 | ||||||||||
| USD | 35,143 | THB | 1,288,000 | Barclays Bank PLC | 06/05/24 | 133 | ||||||||||
| USD | 409,145 | TWD | 13,190,000 | State Street Bank & Trust Company | 06/05/24 | 2,171 | ||||||||||
| USD | 68,632 | ZAR | 1,265,000 | Barclays Bank PLC | 06/05/24 | 1,297 | ||||||||||
| ZAR | 84,877,000 | USD | 4,507,781 | Citibank N.A. | 06/05/24 | 10,198 | ||||||||||
| MYR | 10,402,000 | USD | 2,209,093 | Morgan Stanley & Co. International | 06/06/24 | 1,626 | ||||||||||
| PLC | ||||||||||||||||
| USD | 32,947 | MYR | 155,000 | State Street Bank & Trust Company | 06/06/24 | 5 | ||||||||||
| BRL | 2,405,000 | USD | 456,443 | State Street Bank & Trust Company | 07/03/24 | 169 | ||||||||||
| CLP | 9,689,000 | USD | 10,539 | State Street Bank & Trust Company | 07/03/24 | 9 | ||||||||||
| CNH | 642,000 | USD | 88,539 | Goldman Sachs & Co. | 07/03/24 | 39 | ||||||||||
| KRW | 736,657,000 | USD | 533,069 | State Street Bank & Trust Company | 07/03/24 | 450 | ||||||||||
| MXN | 3,755,000 | USD | 219,186 | Goldman Sachs & Co. | 07/03/24 | 1,121 | ||||||||||
| THB | 1,727,000 | USD | 46,987 | Bank of America N.A. | 07/03/24 | 62 | ||||||||||
| TWD | 7,106,000 | USD | 218,455 | State Street Bank & Trust Company | 07/03/24 | 244 | ||||||||||
| USD | 7,798,527 | BRL | 41,047,000 | JPMorgan Chase Bank N.A. | 07/03/24 | 5,360 | ||||||||||
| USD | 105,631 | BRL | 556,000 | Morgan Stanley & Co. International | 07/03/24 | 69 | ||||||||||
| PLC | ||||||||||||||||
| USD | 957,266 | CLP | 878,942,000 | JPMorgan Chase Bank N.A. | 07/03/24 | 341 | ||||||||||
| USD | 3,066,368 | EUR | 2,821,000 | Citibank N.A. | 07/03/24 | 1,541 | ||||||||||
| USD | 87,419 | HKD | 683,000 | JPMorgan Chase Bank N.A. | 07/03/24 | 12 | ||||||||||
| USD | 2,631,874 | IDR | 42,791,633,000 | JPMorgan Chase Bank N.A. | 07/03/24 | 2,369 | ||||||||||
| USD | 61,536 | INR | 5,138,000 | JPMorgan Chase Bank N.A. | 07/03/24 | 10 | ||||||||||
| ZAR | 834,000 | USD | 44,228 | Barclays Bank PLC | 07/03/24 | 64 | ||||||||||
| 317,768 | ||||||||||||||||
| BRL | 408,000 | USD | 79,655 | Goldman Sachs & Co. | 06/05/24 | (1,962 | ) | |||||||||
| BRL | 41,047,000 | USD | 7,818,938 | JPMorgan Chase Bank N.A. | 06/05/24 | (2,546 | ) | |||||||||
| CLP | 878,942,000 | USD | 957,693 | JPMorgan Chase Bank N.A. | 06/05/24 | (271 | ) | |||||||||
| CLP | 8,731,000 | USD | 9,831 | State Street Bank & Trust Company | 06/05/24 | (321 | ) | |||||||||
| CNH | 496,000 | USD | 68,514 | State Street Bank & Trust Company | 06/05/24 | (234 | ) | |||||||||
| EUR | 2,821,000 | USD | 3,062,588 | Citibank N.A. | 06/05/24 | (1,547 | ) | |||||||||
| EUR | 28,000 | USD | 30,412 | HSBC Bank PLC | 06/05/24 | (29 | ) | |||||||||
| HKD | 2,464,000 | USD | 315,805 | HSBC Bank PLC | 06/05/24 | (719 | ) | |||||||||
| IDR | 42,791,633,000 | USD | 2,633,980 | JPMorgan Chase Bank N.A. | 06/05/24 | (1,004 | ) | |||||||||
| IDR | 425,082,000 | USD | 26,583 | State Street Bank & Trust Company | 06/05/24 | (427 | ) | |||||||||
| INR | 2,397,295,000 | USD | 28,724,616 | JPMorgan Chase Bank N.A. | 06/05/24 | (3,318 | ) | |||||||||
| KRW | 924,795,000 | USD | 669,171 | Citibank N.A. | 06/05/24 | (1,084 | ) | |||||||||
| KRW | 27,352,292,000 | USD | 19,768,645 | JPMorgan Chase Bank N.A. | 06/05/24 | (8,895 | ) | |||||||||
| KRW | 271,712,000 | USD | 199,400 | State Street Bank & Trust Company | 06/05/24 | (3,110 | ) | |||||||||
| MXN | 708,000 | USD | 42,474 | State Street Bank & Trust Company | 06/05/24 | (752 | ) | |||||||||
| THB | 859,000 | USD | 23,592 | Barclays Bank PLC | 06/05/24 | (243 | ) | |||||||||
| TWD | 8,793,000 | USD | 272,347 | State Street Bank & Trust Company | 06/05/24 | (1,042 | ) | |||||||||
2
| Schedule of Investments (unaudited) (continued) | iShares® Currency Hedged MSCI Emerging Markets ETF |
| May 31, 2024 |
Forward Foreign Currency Exchange Contracts (continued)
| Unrealized | ||||||||||||||||
| Appreciation | ||||||||||||||||
| Currency Purchased | Currency Sold | Counterparty | Settlement Date | (Depreciation) | ||||||||||||
| USD | 933,505 | CLP | 893,056,000 | Citibank N.A. | 06/05/24 | $ | (39,291 | ) | ||||||||
| USD | 26,903 | CLP | 25,820,000 | Morgan Stanley & Co. International | 06/05/24 | (1,222 | ) | |||||||||
| PLC | ||||||||||||||||
| USD | 26,732 | EUR | 25,000 | JPMorgan Chase Bank N.A. | 06/05/24 | (395 | ) | |||||||||
| USD | 148,819 | EUR | 139,000 | Morgan Stanley & Co. International | 06/05/24 | (2,008 | ) | |||||||||
| PLC | ||||||||||||||||
| USD | 2,829,741 | EUR | 2,643,000 | UBS AG | 06/05/24 | (38,154 | ) | |||||||||
| USD | 38,594 | IDR | 628,340,000 | Morgan Stanley & Co. International | 06/05/24 | (68 | ) | |||||||||
| PLC | ||||||||||||||||
| USD | 2,817,551 | IDR | 45,835,922,000 | State Street Bank & Trust Company | 06/05/24 | (2,740 | ) | |||||||||
| USD | 988,673 | INR | 82,621,000 | Citibank N.A. | 06/05/24 | (1,186 | ) | |||||||||
| USD | 243,883 | INR | 20,384,000 | Morgan Stanley & Co. International | 06/05/24 | (332 | ) | |||||||||
| PLC | ||||||||||||||||
| USD | 27,031,891 | INR | 2,258,920,000 | State Street Bank & Trust Company | 06/05/24 | (31,577 | ) | |||||||||
| USD | 4,069,506 | MXN | 69,703,000 | Citibank N.A. | 06/05/24 | (38,116 | ) | |||||||||
| USD | 233 | MXN | 4,000 | State Street Bank & Trust Company | 06/05/24 | (3 | ) | |||||||||
| USD | 68,367 | MXN | 1,171,000 | UBS AG | 06/05/24 | (640 | ) | |||||||||
| USD | 2,307,456 | THB | 85,647,000 | Citibank N.A. | 06/05/24 | (20,541 | ) | |||||||||
| USD | 2,262 | THB | 84,000 | HSBC Bank PLC | 06/05/24 | (22 | ) | |||||||||
| USD | 8,353 | THB | 310,000 | JPMorgan Chase Bank N.A. | 06/05/24 | (73 | ) | |||||||||
| USD | 44,394 | TRY | 1,468,000 | BNP Paribas SA | 06/05/24 | (1,123 | ) | |||||||||
| USD | 161,962 | TRY | 5,426,000 | State Street Bank & Trust Company | 06/05/24 | (6,277 | ) | |||||||||
| USD | 1,030,060 | TRY | 34,524,000 | UBS AG | 06/05/24 | (40,391 | ) | |||||||||
| USD | 501,707 | TWD | 16,368,000 | Morgan Stanley & Co. International | 06/05/24 | (3,322 | ) | |||||||||
| PLC | ||||||||||||||||
| USD | 26,555,450 | TWD | 866,106,000 | State Street Bank & Trust Company | 06/05/24 | (167,969 | ) | |||||||||
| USD | 84,175 | ZAR | 1,587,000 | Barclays Bank PLC | 06/05/24 | (300 | ) | |||||||||
| USD | 108,864 | ZAR | 2,056,000 | State Street Bank & Trust Company | 06/05/24 | (576 | ) | |||||||||
| USD | 4,278,946 | ZAR | 80,812,000 | UBS AG | 06/05/24 | (22,654 | ) | |||||||||
| ZAR | 843,000 | USD | 46,597 | State Street Bank & Trust Company | 06/05/24 | (1,725 | ) | |||||||||
| MYR | 103,000 | USD | 21,948 | Goldman Sachs & Co. | 06/06/24 | (57 | ) | |||||||||
| USD | 6,897 | MYR | 33,000 | Morgan Stanley & Co. International | 06/06/24 | (116 | ) | |||||||||
| PLC | ||||||||||||||||
| USD | 2,166,982 | MYR | 10,317,000 | State Street Bank & Trust Company | 06/06/24 | (25,672 | ) | |||||||||
| EUR | 51,000 | USD | 55,436 | Bank of America N.A. | 07/03/24 | (28 | ) | |||||||||
| IDR | 2,551,768,000 | USD | 156,969 | State Street Bank & Trust Company | 07/03/24 | (165 | ) | |||||||||
| USD | 12,519 | CLP | 11,504,000 | Morgan Stanley & Co. International | 07/03/24 | (6 | ) | |||||||||
| PLC | ||||||||||||||||
| USD | 6,883,956 | CNH | 49,918,320 | Citibank N.A. | 07/03/24 | (3,396 | ) | |||||||||
| USD | 57,529 | CNH | 417,000 | HSBC Bank PLC | 07/03/24 | (6 | ) | |||||||||
| USD | 35,826 | EUR | 33,000 | HSBC Bank PLC | 07/03/24 | (26 | ) | |||||||||
| USD | 31,731,804 | HKD | 248,061,000 | Citibank N.A. | 07/03/24 | (14,013 | ) | |||||||||
| USD | 1,133,155 | HKD | 8,858,000 | Morgan Stanley & Co. International | 07/03/24 | (455 | ) | |||||||||
| PLC | ||||||||||||||||
| USD | 28,416,494 | INR | 2,373,715,000 | JPMorgan Chase Bank N.A. | 07/03/24 | (8,110 | ) | |||||||||
| USD | 322,502 | INR | 26,937,000 | State Street Bank & Trust Company | 07/03/24 | (61 | ) | |||||||||
| USD | 19,796,545 | KRW | 27,352,292,000 | JPMorgan Chase Bank N.A. | 07/03/24 | (13,191 | ) | |||||||||
| USD | 60,834 | MXN | 1,037,000 | Barclays Bank PLC | 07/03/24 | (7 | ) | |||||||||
| USD | 4,157,751 | MXN | 71,231,000 | Citibank N.A. | 07/03/24 | (21,387 | ) | |||||||||
| USD | 2,249,646 | MYR | 10,583,000 | Morgan Stanley & Co. International | 07/03/24 | (5,428 | ) | |||||||||
| PLC | ||||||||||||||||
| USD | 13,384 | MYR | 63,000 | State Street Bank & Trust Company | 07/03/24 | (40 | ) | |||||||||
3
| Schedule of Investments (unaudited) (continued) | iShares® Currency Hedged MSCI Emerging Markets ETF |
| May 31, 2024 |
Forward Foreign Currency Exchange Contracts (continued)
| Unrealized | ||||||||||||||||
| Appreciation | ||||||||||||||||
| Currency Purchased | Currency Sold | Counterparty | Settlement Date | (Depreciation) | ||||||||||||
| USD | 2,351,965 | THB | 86,470,000 | Citibank N.A. | 07/03/24 | $ | (3,751 | ) | ||||||||
| USD | 23,014 | THB | 847,000 | HSBC Bank PLC | 07/03/24 | (61 | ) | |||||||||
| USD | 56,661 | TRY | 1,876,000 | Bank of America N.A. | 07/03/24 | (98 | ) | |||||||||
| USD | 23,939 | TRY | 793,000 | BNP Paribas SA | 07/03/24 | (53 | ) | |||||||||
| USD | 1,238,807 | TRY | 41,011,000 | Citibank N.A. | 07/03/24 | (1,993 | ) | |||||||||
| USD | 13,604,372 | TWD | 442,581,500 | Morgan Stanley & Co. International | 07/03/24 | (16,769 | ) | |||||||||
| PLC | ||||||||||||||||
| USD | 15,529,529 | TWD | 505,043,500 | State Street Bank & Trust Company | 07/03/24 | (13,977 | ) | |||||||||
| USD | 80,645 | ZAR | 1,522,000 | Bank of America N.A. | 07/03/24 | (184 | ) | |||||||||
| USD | 4,497,390 | ZAR | 84,877,000 | Citibank N.A. | 07/03/24 | (10,199 | ) | |||||||||
| (587,458 | ) | |||||||||||||||
| $ | (269,690 | ) | ||||||||||||||
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 | ||||||||||||||||
| Investment Companies | $ | 158,854,739 | $ | — | $ | — | $ | 158,854,739 | ||||||||
| Derivative Financial Instruments(a) | ||||||||||||||||
| Assets | ||||||||||||||||
| Foreign Currency Exchange Contracts | $ | — | $ | 317,768 | $ | — | $ | 317,768 | ||||||||
| Liabilities | ||||||||||||||||
| Foreign Currency Exchange Contracts | — | (587,458 | ) | — | (587,458 | ) | ||||||||||
| $ | — | $ | (269,690 | ) | $ | — | $ | (269,690 | ) | |||||||
| (a) | Derivative financial instruments are forward foreign currency exchange contracts. Forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
4
| Schedule of Investments (unaudited) (continued) | iShares® Currency Hedged MSCI Emerging Markets ETF |
| May 31, 2024 |
| Currency Abbreviation | |||
| BRL | Brazilian Real | MXN | Mexican Peso |
| CLP | Chilean Peso | MYR | Malaysian Ringgit |
| CNH | Chinese Yuan | THB | Thai Baht |
| EUR | Euro | TRY | Turkish Lira |
| HKD | Hong Kong Dollar | TWD | New Taiwan Dollar |
| IDR | Indonesian Rupiah | USD | United States Dollar |
| INR | Indian Rupee | ZAR | South African Rand |
| KRW | South Korean Won | ||
5