| Schedule of Investments (unaudited) | iShares® Paris-Aligned Climate MSCI World ex USA ETF |
| May 31, 2024 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Common Stocks | ||||||||
| Australia — 6.4% | ||||||||
| ANZ Group Holdings Ltd. | 11,628 | $ | 219,466 | |||||
| Aristocrat Leisure Ltd. | 1,666 | 50,082 | ||||||
| ASX Ltd. | 816 | 33,980 | ||||||
| Brambles Ltd. | 3,536 | 33,612 | ||||||
| Cochlear Ltd. | 306 | 65,940 | ||||||
| Coles Group Ltd. | 2,856 | 31,310 | ||||||
| Commonwealth Bank of Australia | 5,236 | 418,509 | ||||||
| Computershare Ltd. | 1,870 | 33,052 | ||||||
| CSL Ltd. | 1,258 | 235,483 | ||||||
| Dexus | 18,190 | 82,527 | ||||||
| Endeavour Group Ltd./Australia | 9,588 | 31,785 | ||||||
| Goodman Group | 11,798 | 265,154 | ||||||
| GPT Group (The) | 24,616 | 69,055 | ||||||
| James Hardie Industries PLC(a) | 3,026 | 94,329 | ||||||
| Macquarie Group Ltd. | 1,156 | 147,589 | ||||||
| Medibank Pvt Ltd. | 9,588 | 23,826 | ||||||
| Mineral Resources Ltd. | 1,496 | 71,881 | ||||||
| Mirvac Group | 7,820 | 10,271 | ||||||
| National Australia Bank Ltd. | 11,356 | 257,208 | ||||||
| Northern Star Resources Ltd. | 6,766 | 64,685 | ||||||
| Pilbara Minerals Ltd. | 21,760 | 55,396 | ||||||
| QBE Insurance Group Ltd. | 7,378 | 87,718 | ||||||
| REA Group Ltd. | 272 | 34,016 | ||||||
| Scentre Group | 50,728 | 107,042 | ||||||
| Seven Group Holdings Ltd. | 918 | 23,937 | ||||||
| Stockland | 23,868 | 71,921 | ||||||
| Suncorp Group Ltd. | 13,022 | 138,310 | ||||||
| Transurban Group | 22,780 | 190,374 | ||||||
| Treasury Wine Estates Ltd. | 6,188 | 46,779 | ||||||
| Vicinity Ltd. | 98,362 | 128,577 | ||||||
| Wesfarmers Ltd. | 5,372 | 233,044 | ||||||
| Westpac Banking Corp. | 3,910 | 67,899 | ||||||
| WiseTech Global Ltd. | 442 | 28,727 | ||||||
| Woolworths Group Ltd. | 476 | 10,039 | ||||||
| Xero Ltd.(a) | 272 | 24,696 | ||||||
| 3,488,219 | ||||||||
| Austria — 0.3% | ||||||||
| Erste Group Bank AG | 884 | 43,259 | ||||||
| Verbund AG | 1,224 | 100,499 | ||||||
| 143,758 | ||||||||
| Belgium — 1.2% | ||||||||
| Anheuser-Busch InBev SA/NV | 3,366 | 212,366 | ||||||
| Argenx SE(a) | 68 | 25,150 | ||||||
| D’ieteren Group | 238 | 51,972 | ||||||
| Elia Group SA/NV | 1,462 | 148,910 | ||||||
| Groupe Bruxelles Lambert NV | 510 | 39,110 | ||||||
| KBC Group NV | 1,190 | 86,906 | ||||||
| UCB SA | 476 | 66,769 | ||||||
| Warehouses De Pauw CVA | 1,292 | 37,868 | ||||||
| 669,051 | ||||||||
| Canada — 12.3% | ||||||||
| Agnico Eagle Mines Ltd. | 2,244 | 153,036 | ||||||
| Bank of Montreal | 1,496 | 133,416 | ||||||
| Bank of Nova Scotia (The) | 1,394 | 65,990 | ||||||
| BCE Inc. | 1,360 | 46,519 | ||||||
| Brookfield Asset Management Ltd. | 884 | 34,700 | ||||||
| CAE Inc.(a) | 1,190 | 22,343 | ||||||
| Cameco Corp. | 3,838 | 212,970 | ||||||
| Canadian Imperial Bank of Commerce | 4,658 | 230,961 | ||||||
| Canadian Pacific Kansas City Ltd. | 3,420 | 272,230 | ||||||
| Security | Shares | Value | ||||||
| Canada (continued) | ||||||||
| CCL Industries Inc., Class B, NVS | 544 | $ | 28,039 | |||||
| CGI Inc.(a) | 1,156 | 114,154 | ||||||
| Constellation Software Inc./Canada | 34 | 94,572 | ||||||
| Dollarama Inc. | 2,210 | 209,171 | ||||||
| Element Fleet Management Corp. | 4,726 | 83,982 | ||||||
| Fairfax Financial Holdings Ltd. | 136 | 153,099 | ||||||
| FirstService Corp. | 170 | 24,958 | ||||||
| GFL Environmental Inc. | 1,462 | 46,028 | ||||||
| Gildan Activewear Inc. | 1,564 | 59,831 | ||||||
| Great-West Lifeco Inc. | 4,998 | 149,909 | ||||||
| Hydro One Ltd.(b) | 12,886 | 371,183 | ||||||
| iA Financial Corp. Inc. | 1,416 | 92,194 | ||||||
| IGM Financial Inc. | 1,258 | 33,606 | ||||||
| Intact Financial Corp. | 1,258 | 210,480 | ||||||
| Ivanhoe Mines Ltd., Class A(a) | 11,220 | 162,009 | ||||||
| Kinross Gold Corp. | 4,148 | 33,690 | ||||||
| Loblaw Companies Ltd. | 1,496 | 173,753 | ||||||
| Lundin Mining Corp. | 12,512 | 143,852 | ||||||
| Manulife Financial Corp. | 10,846 | 281,704 | ||||||
| Metro Inc./CN | 1,734 | 92,403 | ||||||
| National Bank of Canada | 1,360 | 116,238 | ||||||
| Northland Power Inc. | 7,854 | 134,266 | ||||||
| Nutrien Ltd. | 340 | 19,924 | ||||||
| Open Text Corp. | 408 | 11,938 | ||||||
| Pan American Silver Corp. | 2,142 | 47,164 | ||||||
| Power Corp. of Canada | 5,270 | 153,002 | ||||||
| Quebecor Inc., Class B | 2,312 | 48,769 | ||||||
| RB Global Inc. | 374 | 27,183 | ||||||
| Restaurant Brands International Inc. | 1,428 | 97,921 | ||||||
| RioCan REIT | 8,061 | 102,260 | ||||||
| Rogers Communications Inc., Class B, NVS | 1,666 | 67,315 | ||||||
| Royal Bank of Canada | 5,202 | 568,618 | ||||||
| Shopify Inc., Class A(a) | 3,060 | 181,092 | ||||||
| Stantec Inc. | 1,598 | 128,970 | ||||||
| Sun Life Financial Inc. | 3,842 | 192,558 | ||||||
| TFI International Inc. | 748 | 98,972 | ||||||
| Thomson Reuters Corp. | 1,054 | 181,375 | ||||||
| TMX Group Ltd. | 3,162 | 84,864 | ||||||
| Toromont Industries Ltd. | 782 | 68,300 | ||||||
| Toronto-Dominion Bank (The) | 6,766 | 378,275 | ||||||
| Wheaton Precious Metals Corp. | 5,474 | 299,816 | ||||||
| 6,739,602 | ||||||||
| Denmark — 3.8% | ||||||||
| Carlsberg A/S, Class B | 306 | 41,515 | ||||||
| Coloplast A/S, Class B | 204 | 24,537 | ||||||
| Danske Bank A/S | 68 | 2,084 | ||||||
| Demant A/S(a) | 238 | 11,439 | ||||||
| DSV A/S | 408 | 62,819 | ||||||
| Genmab A/S(a) | 136 | 38,387 | ||||||
| Novo Nordisk A/S, Class B | 10,166 | 1,377,369 | ||||||
| Novonesis (Novozymes), Class B | 3,131 | 186,738 | ||||||
| Pandora A/S | 340 | 55,848 | ||||||
| Rockwool A/S, Class B | 204 | 85,831 | ||||||
| Tryg A/S | 1,258 | 25,900 | ||||||
| Vestas Wind Systems A/S(a) | 6,460 | 181,257 | ||||||
| 2,093,724 | ||||||||
| Finland — 1.5% | ||||||||
| Elisa OYJ | 884 | 41,190 | ||||||
| Kesko OYJ, Class B | 8,704 | 158,336 | ||||||
| Kone OYJ, Class B | 1,360 | 69,386 | ||||||
| Nokia OYJ | 23,596 | 92,293 | ||||||
1
| Schedule of Investments (unaudited) (continued) | iShares® Paris-Aligned Climate MSCI World ex USA ETF |
| May 31, 2024 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Finland (continued) | ||||||||
| Nordea Bank Abp, New | 5,916 | $ | 72,727 | |||||
| Orion OYJ, Class B | 816 | 33,185 | ||||||
| Sampo OYJ, Class A | 3,400 | 145,536 | ||||||
| UPM-Kymmene OYJ | 2,312 | 88,381 | ||||||
| Wartsila OYJ Abp | 4,862 | 101,943 | ||||||
| 802,977 | ||||||||
| France — 10.2% | ||||||||
| Aeroports de Paris SA | 340 | 48,720 | ||||||
| Air Liquide SA | 714 | 140,568 | ||||||
| Alstom SA | 2,200 | 43,304 | ||||||
| Amundi SA(b) | 306 | 23,612 | ||||||
| AXA SA | 5,066 | 182,915 | ||||||
| BNP Paribas SA | 714 | 52,449 | ||||||
| Bouygues SA | 340 | 13,324 | ||||||
| Capgemini SE | 340 | 68,885 | ||||||
| Cie. de Saint-Gobain SA | 1,734 | 153,097 | ||||||
| Cie. Generale des Etablissements Michelin SCA | 1,020 | 41,366 | ||||||
| Covivio SA/France | 2,108 | 109,714 | ||||||
| Dassault Systemes SE | 2,856 | 116,073 | ||||||
| Edenred SE | 1,462 | 68,219 | ||||||
| Eiffage SA | 918 | 101,568 | ||||||
| EssilorLuxottica SA | 986 | 221,114 | ||||||
| Eurofins Scientific SE | 306 | 18,471 | ||||||
| Gecina SA | 1,462 | 157,804 | ||||||
| Getlink SE | 10,404 | 183,345 | ||||||
| Hermes International SCA | 136 | 322,812 | ||||||
| Ipsen SA | 204 | 26,762 | ||||||
| Kering SA | 272 | 94,035 | ||||||
| Klepierre SA | 5,780 | 167,770 | ||||||
| Legrand SA | 1,700 | 184,591 | ||||||
| L’Oreal SA | 850 | 419,560 | ||||||
| LVMH Moet Hennessy Louis Vuitton SE | 850 | 679,782 | ||||||
| Pernod Ricard SA | 1,224 | 183,298 | ||||||
| Publicis Groupe SA | 408 | 45,829 | ||||||
| Remy Cointreau SA | 204 | 19,101 | ||||||
| Sanofi SA | 3,740 | 366,153 | ||||||
| Schneider Electric SE | 2,992 | 746,445 | ||||||
| SEB SA | 170 | 21,073 | ||||||
| STMicroelectronics NV | 4,726 | 199,572 | ||||||
| Teleperformance SE | 34 | 3,851 | ||||||
| Unibail-Rodamco-Westfield, New | 238 | 20,830 | ||||||
| Vinci SA | 2,720 | 339,434 | ||||||
| Vivendi SE | 2,278 | 25,085 | ||||||
| 5,610,531 | ||||||||
| Germany — 6.0% | ||||||||
| adidas AG | 544 | 137,779 | ||||||
| Allianz SE, Registered | 1,394 | 408,076 | ||||||
| Bayerische Motoren Werke AG | 476 | 48,126 | ||||||
| Beiersdorf AG | 476 | 74,626 | ||||||
| Deutsche Bank AG, Registered | 3,298 | 54,880 | ||||||
| Deutsche Boerse AG | 578 | 115,182 | ||||||
| Deutsche Telekom AG, Registered | 7,242 | 176,084 | ||||||
| DHL Group, Registered | 3,162 | 133,121 | ||||||
| GEA Group AG | 136 | 5,693 | ||||||
| Infineon Technologies AG | 5,440 | 220,094 | ||||||
| Knorr-Bremse AG | 442 | 34,040 | ||||||
| LEG Immobilien SE | 680 | 60,475 | ||||||
| Merck KGaA | 544 | 98,872 | ||||||
| Muenchener Rueckversicherungs-Gesellschaft AG in | ||||||||
| Muenchen, Registered | 646 | 322,159 | ||||||
| Puma SE | 306 | 15,891 | ||||||
| Security | Shares | Value | ||||||
| Germany (continued) | ||||||||
| Qiagen NV, NVS | 884 | $ | 37,848 | |||||
| Rational AG | 34 | 29,014 | ||||||
| Rheinmetall AG | 170 | 97,991 | ||||||
| SAP SE | 3,264 | 595,218 | ||||||
| Scout24 SE(b) | 204 | 15,346 | ||||||
| Siemens AG, Registered | 1,870 | 360,426 | ||||||
| Siemens Healthineers AG(b) | 748 | 43,649 | ||||||
| Symrise AG, Class A | 442 | 52,797 | ||||||
| Talanx AG(a) | 306 | 24,409 | ||||||
| Vonovia SE | 3,672 | 115,432 | ||||||
| Zalando SE(a)(b) | 680 | 18,060 | ||||||
| 3,295,288 | ||||||||
| Hong Kong — 1.4% | ||||||||
| AIA Group Ltd. | 40,800 | 316,902 | ||||||
| CK Asset Holdings Ltd. | 17,000 | 67,334 | ||||||
| Futu Holdings Ltd., ADR(a) | 238 | 17,883 | ||||||
| Henderson Land Development Co. Ltd. | 34,000 | 106,385 | ||||||
| Hong Kong Exchanges & Clearing Ltd. | 4,000 | 135,305 | ||||||
| MTR Corp. Ltd. | 17,000 | 57,767 | ||||||
| Swire Properties Ltd. | 27,200 | 49,876 | ||||||
| Techtronic Industries Co. Ltd. | 3,000 | 36,905 | ||||||
| 788,357 | ||||||||
| Ireland — 0.4% | ||||||||
| Kerry Group PLC, Class A | 374 | 31,686 | ||||||
| Kingspan Group PLC | 1,802 | 173,601 | ||||||
| Smurfit Kappa Group PLC | 204 | 9,950 | ||||||
| 215,237 | ||||||||
| Israel — 0.6% | ||||||||
| Azrieli Group Ltd. | 1,122 | 67,963 | ||||||
| Bank Hapoalim BM | 6,154 | 56,612 | ||||||
| Bank Leumi Le-Israel BM | 1,462 | 12,164 | ||||||
| Check Point Software Technologies Ltd.(a) | 229 | 34,464 | ||||||
| CyberArk Software Ltd.(a) | 102 | 23,383 | ||||||
| Elbit Systems Ltd. | 102 | 19,444 | ||||||
| Global-e Online Ltd.(a) | 306 | 9,553 | ||||||
| Nice Ltd.(a) | 204 | 37,670 | ||||||
| Teva Pharmaceutical Industries Ltd., ADR(a) | 3,298 | 55,835 | ||||||
| Wix.com Ltd.(a) | 68 | 10,955 | ||||||
| 328,043 | ||||||||
| Italy — 2.5% | ||||||||
| Amplifon SpA | 646 | 23,878 | ||||||
| Banco BPM SpA | 12,784 | 92,236 | ||||||
| Davide Campari-Milano NV | 3,740 | 37,466 | ||||||
| Enel SpA | 11,220 | 81,465 | ||||||
| Ferrari NV | 612 | 252,194 | ||||||
| FinecoBank Banca Fineco SpA | 3,536 | 57,349 | ||||||
| Mediobanca Banca di Credito Finanziario SpA | 9,894 | 156,599 | ||||||
| Moncler SpA | 952 | 63,526 | ||||||
| Nexi SpA(a)(b) | 1,156 | 7,695 | ||||||
| Poste Italiane SpA(b) | 2,244 | 30,826 | ||||||
| Recordati Industria Chimica e Farmaceutica SpA | 850 | 44,865 | ||||||
| Terna - Rete Elettrica Nazionale | 32,810 | 276,145 | ||||||
| UniCredit SpA | 5,712 | 227,410 | ||||||
| 1,351,654 | ||||||||
| Japan — 19.2% | ||||||||
| Advantest Corp. | 3,400 | 113,181 | ||||||
| Asahi Group Holdings Ltd. | 3,400 | 124,734 | ||||||
| Astellas Pharma Inc. | 13,600 | 133,519 | ||||||
| Bandai Namco Holdings Inc. | 3,400 | 62,026 | ||||||
| Canon Inc. | 6,800 | 197,894 | ||||||
| Central Japan Railway Co. | 17,000 | 379,172 | ||||||
2
| Schedule of Investments (unaudited) (continued) | iShares® Paris-Aligned Climate MSCI World ex USA ETF |
| May 31, 2024 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Japan (continued) | ||||||||
| Chugai Pharmaceutical Co. Ltd. | 3,400 | $ | 103,448 | |||||
| Concordia Financial Group Ltd. | 10,200 | 61,590 | ||||||
| Daiichi Sankyo Co. Ltd. | 6,800 | 240,034 | ||||||
| Daikin Industries Ltd. | 100 | 14,613 | ||||||
| Daiwa House Industry Co. Ltd. | 3,400 | 90,463 | ||||||
| Daiwa Securities Group Inc. | 6,800 | 53,448 | ||||||
| Disco Corp. | 100 | 39,336 | ||||||
| East Japan Railway Co. | 10,200 | 176,884 | ||||||
| FANUC Corp. | 6,800 | 190,346 | ||||||
| Fast Retailing Co. Ltd. | 100 | 25,683 | ||||||
| FUJIFILM Holdings Corp. | 3,400 | 77,376 | ||||||
| Fujitsu Ltd. | 3,400 | 49,044 | ||||||
| Hoya Corp. | 3,400 | 413,892 | ||||||
| Japan Exchange Group Inc. | 3,400 | 79,917 | ||||||
| Japan Post Bank Co. Ltd. | 6,800 | 67,360 | ||||||
| Japan Real Estate Investment Corp. | 34 | 112,117 | ||||||
| KDDI Corp. | 3,400 | 93,764 | ||||||
| Keisei Electric Railway Co. Ltd. | 3,400 | 122,116 | ||||||
| Keyence Corp. | 200 | 90,152 | ||||||
| Kikkoman Corp. | 3,400 | 39,326 | ||||||
| Kintetsu Group Holdings Co. Ltd. | 3,400 | 72,285 | ||||||
| Kirin Holdings Co. Ltd. | 3,400 | 46,954 | ||||||
| Kobe Bussan Co.Ltd. | 3,400 | 75,258 | ||||||
| Komatsu Ltd. | 3,400 | 99,929 | ||||||
| Kyocera Corp. | 6,800 | 77,084 | ||||||
| Kyowa Kirin Co. Ltd. | 3,400 | 57,488 | ||||||
| Lasertec Corp. | 100 | 25,712 | ||||||
| MatsukiyoCocokara & Co. | 3,400 | 48,069 | ||||||
| McDonald’s Holdings Co. Japan Ltd. | 3,400 | 139,230 | ||||||
| Mitsubishi Corp. | 3,400 | 71,762 | ||||||
| Mitsubishi Estate Co. Ltd. | 6,800 | 114,674 | ||||||
| Mitsubishi UFJ Financial Group Inc. | 37,400 | 397,250 | ||||||
| Mizuho Financial Group Inc. | 6,800 | 139,293 | ||||||
| MonotaRO Co. Ltd. | 3,400 | 35,845 | ||||||
| MS&AD Insurance Group Holdings Inc. | 3,400 | 70,934 | ||||||
| Murata Manufacturing Co. Ltd. | 13,600 | 257,250 | ||||||
| Nidec Corp. | 3,400 | 169,484 | ||||||
| Nintendo Co. Ltd. | 3,400 | 184,894 | ||||||
| Nippon Building Fund Inc. | 68 | 253,943 | ||||||
| Nippon Paint Holdings Co. Ltd. | 3,400 | 22,890 | ||||||
| Nippon Prologis REIT Inc. | 68 | 112,076 | ||||||
| Nomura Holdings Inc. | 6,800 | 41,099 | ||||||
| Nomura Real Estate Master Fund Inc. | 102 | 95,796 | ||||||
| NTT Data Group Corp. | 3,400 | 52,284 | ||||||
| Olympus Corp. | 6,800 | 107,320 | ||||||
| Omron Corp. | 3,400 | 111,058 | ||||||
| Ono Pharmaceutical Co. Ltd. | 6,800 | 98,470 | ||||||
| Oriental Land Co. Ltd./Japan | 3,400 | 95,053 | ||||||
| ORIX Corp. | 6,800 | 148,295 | ||||||
| Otsuka Holdings Co. Ltd. | 3,400 | 140,370 | ||||||
| Pan Pacific International Holdings Corp. | 3,400 | 87,948 | ||||||
| Rakuten Group Inc.(a) | 6,800 | 35,368 | ||||||
| Recruit Holdings Co. Ltd. | 3,400 | 171,638 | ||||||
| Renesas Electronics Corp. | 10,200 | 187,951 | ||||||
| SBI Holdings Inc. | 3,400 | 88,058 | ||||||
| Shimadzu Corp. | 3,400 | 88,404 | ||||||
| Shin-Etsu Chemical Co. Ltd. | 6,800 | 253,834 | ||||||
| Shionogi & Co. Ltd. | 3,400 | 153,180 | ||||||
| Shiseido Co. Ltd. | 3,400 | 107,906 | ||||||
| Shizuoka Financial Group Inc., NVS | 13,600 | 140,465 | ||||||
| SMC Corp. | 100 | 50,503 | ||||||
| SoftBank Group Corp. | 3,400 | 196,749 | ||||||
| Security | Shares | Value | ||||||
| Japan (continued) | ||||||||
| Sompo Holdings Inc. | 3,400 | $ | 71,885 | |||||
| Sony Group Corp. | 3,400 | 279,142 | ||||||
| Sumitomo Metal Mining Co. Ltd. | 3,400 | 110,686 | ||||||
| Sumitomo Mitsui Financial Group Inc. | 3,400 | 222,527 | ||||||
| Sysmex Corp. | 3,400 | 57,930 | ||||||
| T&D Holdings Inc. | 3,400 | 61,466 | ||||||
| Takeda Pharmaceutical Co. Ltd. | 3,400 | 90,525 | ||||||
| Terumo Corp. | 6,800 | 115,831 | ||||||
| Tokio Marine Holdings Inc. | 6,800 | 235,588 | ||||||
| Toyota Motor Corp. | 27,200 | 592,489 | ||||||
| Unicharm Corp. | 3,400 | 109,723 | ||||||
| West Japan Railway Co. | 6,800 | 135,664 | ||||||
| Yaskawa Electric Corp. | 3,400 | 130,194 | ||||||
| Yokogawa Electric Corp. | 6,800 | 175,147 | ||||||
| ZOZO Inc. | 3,400 | 79,308 | ||||||
| 10,543,593 | ||||||||
| Netherlands — 4.4% | ||||||||
| Adyen NV(a)(b) | 68 | 88,181 | ||||||
| Akzo Nobel NV | 714 | 50,082 | ||||||
| ASML Holding NV | 1,360 | 1,301,207 | ||||||
| ASR Nederland NV | 952 | 46,075 | ||||||
| BE Semiconductor Industries NV | 374 | 55,639 | ||||||
| Coca-Cola Europacific Partners PLC | 1,258 | 92,727 | ||||||
| DSM-Firmenich AG | 680 | 78,712 | ||||||
| EXOR NV, NVS | 1,054 | 118,365 | ||||||
| Heineken Holding NV | 918 | 75,343 | ||||||
| IMCD NV | 204 | 31,132 | ||||||
| InPost SA(a) | 1,122 | 20,100 | ||||||
| NN Group NV | 2,482 | 115,808 | ||||||
| Prosus NV | 5,712 | 207,383 | ||||||
| Universal Music Group NV | 2,448 | 76,289 | ||||||
| Wolters Kluwer NV | 442 | 70,494 | ||||||
| 2,427,537 | ||||||||
| New Zealand — 0.4% | ||||||||
| Auckland International Airport Ltd. | 7,684 | 36,842 | ||||||
| Mercury NZ Ltd. | 21,488 | 88,234 | ||||||
| Meridian Energy Ltd. | 27,676 | 115,004 | ||||||
| 240,080 | ||||||||
| Norway — 0.7% | ||||||||
| Adevinta ASA(a)(c) | 112 | 1,219 | ||||||
| DNB Bank ASA | 9,928 | 194,090 | ||||||
| Gjensidige Forsikring ASA | 4,624 | 81,145 | ||||||
| Kongsberg Gruppen ASA | 238 | 20,463 | ||||||
| Orkla ASA | 4,080 | 32,666 | ||||||
| Salmar ASA | 544 | 33,219 | ||||||
| 362,802 | ||||||||
| Portugal — 0.5% | ||||||||
| EDP - Energias de Portugal SA | 44,166 | 179,713 | ||||||
| EDP Renovaveis SA | 6,698 | 107,639 | ||||||
| 287,352 | ||||||||
| Singapore — 1.2% | ||||||||
| CapitaLand Ascendas REIT | 105,400 | 204,243 | ||||||
| CapitaLand Integrated Commercial Trust | 210,800 | 307,043 | ||||||
| Genting Singapore Ltd. | 98,600 | 66,507 | ||||||
| Grab Holdings Ltd., Class A(a) | 10,438 | 38,307 | ||||||
| Sea Ltd., ADR(a) | 442 | 29,844 | ||||||
| Singapore Exchange Ltd. | 5,400 | 38,277 | ||||||
| 684,221 | ||||||||
| Spain — 2.8% | ||||||||
| ACS Actividades de Construccion y Servicios SA | 2,414 | 108,081 | ||||||
3
| Schedule of Investments (unaudited) (continued) | iShares® Paris-Aligned Climate MSCI World ex USA ETF |
| May 31, 2024 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Spain (continued) | ||||||||
| Aena SME SA(b) | 748 | $ | 146,281 | |||||
| Amadeus IT Group SA | 1,802 | 128,631 | ||||||
| Banco Bilbao Vizcaya Argentaria SA | 8,262 | 89,654 | ||||||
| Banco Santander SA | 31,960 | 167,652 | ||||||
| CaixaBank SA | 11,390 | 65,231 | ||||||
| Cellnex Telecom SA(b) | 238 | 8,694 | ||||||
| Ferrovial SE | 5,338 | 210,962 | ||||||
| Grifols SA(a) | 578 | 5,875 | ||||||
| Iberdrola SA | 19,074 | 251,753 | ||||||
| Industria de Diseno Textil SA | 7,174 | 341,135 | ||||||
| 1,523,949 | ||||||||
| Sweden — 2.9% | ||||||||
| Assa Abloy AB, Class B | 2,210 | 64,945 | ||||||
| Atlas Copco AB, Class A | 6,902 | 132,962 | ||||||
| Atlas Copco AB, Class B | 6,120 | 101,608 | ||||||
| Boliden AB | 2,754 | 96,536 | ||||||
| Epiroc AB | 2,958 | 62,089 | ||||||
| Epiroc AB, Class B | 2,278 | 42,786 | ||||||
| Evolution AB(b) | 442 | 47,679 | ||||||
| H & M Hennes & Mauritz AB, Class B | 4,658 | 82,364 | ||||||
| Hexagon AB, Class B | 9,758 | 107,483 | ||||||
| Holmen AB, Class B | 510 | 21,358 | ||||||
| Industrivarden AB, Class A | 1,598 | 56,888 | ||||||
| Investor AB, Class B | 5,814 | 157,765 | ||||||
| Nibe Industrier AB, Class B | 9,248 | 47,414 | ||||||
| Sandvik AB | 4,522 | 99,847 | ||||||
| Skandinaviska Enskilda Banken AB, Class A | 7,208 | 102,691 | ||||||
| Skanska AB, Class B | 2,618 | 46,241 | ||||||
| Svenska Cellulosa AB SCA, Class B | 4,896 | 75,129 | ||||||
| Svenska Handelsbanken AB, Class A | 9,282 | 87,349 | ||||||
| Swedbank AB, Class A | 1,360 | 28,317 | ||||||
| Tele2 AB, Class B | 4,488 | 43,892 | ||||||
| Telefonaktiebolaget LM Ericsson, Class B | 11,152 | 68,714 | ||||||
| Trelleborg AB, Class B | 306 | 11,892 | ||||||
| 1,585,949 | ||||||||
| Switzerland — 9.4% | ||||||||
| ABB Ltd., Registered | 11,084 | 611,121 | ||||||
| Alcon Inc. | 1,496 | 134,378 | ||||||
| Baloise Holding AG, Registered | 952 | 164,481 | ||||||
| Banque Cantonale Vaudoise, Registered | 544 | 57,406 | ||||||
| BKW AG | 646 | 101,798 | ||||||
| Chocoladefabriken Lindt & Spruengli AG, Participation | ||||||||
| Certificates, NVS | 3 | 34,916 | ||||||
| Chocoladefabriken Lindt & Spruengli AG, Registered | 1 | 118,749 | ||||||
| Geberit AG, Registered | 340 | 209,123 | ||||||
| Givaudan SA, Registered | 68 | 320,572 | ||||||
| Julius Baer Group Ltd. | 1,292 | 77,612 | ||||||
| Kuehne + Nagel International AG, Registered | 170 | 48,212 | ||||||
| Logitech International SA, Registered | 612 | 61,255 | ||||||
| Lonza Group AG, Registered | 204 | 110,742 | ||||||
| Novartis AG, Registered | 6,528 | 675,635 | ||||||
| Partners Group Holding AG | 102 | 137,274 | ||||||
| Roche Holding AG, NVS | 2,244 | 572,931 | ||||||
| Sandoz Group AG | 1,156 | 40,892 | ||||||
| Schindler Holding AG, Participation Certificates, NVS | 442 | 114,982 | ||||||
| Schindler Holding AG, Registered | 170 | 43,107 | ||||||
| SGS SA | 136 | 12,665 | ||||||
| Sika AG, Registered | 442 | 134,743 | ||||||
| Sonova Holding AG, Registered | 204 | 64,815 | ||||||
| Swiss Life Holding AG, Registered | 102 | 71,311 | ||||||
| Swiss Prime Site AG, Registered | 1,734 | 160,604 | ||||||
| Security | Shares | Value | ||||||
| Switzerland (continued) | ||||||||
| Swiss Re AG | 1,360 | $ | 173,438 | |||||
| Swisscom AG, Registered | 306 | 169,756 | ||||||
| Temenos AG, Registered | 204 | 13,172 | ||||||
| UBS Group AG, Registered | 10,302 | 327,744 | ||||||
| VAT Group AG(b) | 102 | 55,935 | ||||||
| Zurich Insurance Group AG | 612 | 322,100 | ||||||
| 5,141,469 | ||||||||
| United Kingdom — 10.3% | ||||||||
| 3i Group PLC | 6,324 | 233,020 | ||||||
| Admiral Group PLC | 1,088 | 37,748 | ||||||
| Antofagasta PLC | 8,228 | 233,393 | ||||||
| Ashtead Group PLC | 2,754 | 201,712 | ||||||
| AstraZeneca PLC | 4,590 | 713,511 | ||||||
| Auto Trader Group PLC(b) | 2,720 | 28,613 | ||||||
| Aviva PLC | 25,479 | 156,495 | ||||||
| Barclays PLC | 73,066 | 206,361 | ||||||
| Barratt Developments PLC | 8,772 | 56,882 | ||||||
| Berkeley Group Holdings PLC | 2,312 | 156,015 | ||||||
| Bunzl PLC | 2,278 | 85,642 | ||||||
| Coca-Cola HBC AG, Class DI | 374 | 12,692 | ||||||
| Compass Group PLC | 5,032 | 141,279 | ||||||
| Croda International PLC | 578 | 33,766 | ||||||
| Diageo PLC | 9,724 | 327,382 | ||||||
| Experian PLC | 2,482 | 115,011 | ||||||
| Flutter Entertainment PLC(a) | 442 | 85,056 | ||||||
| GSK PLC | 14,756 | 331,095 | ||||||
| Haleon PLC | 24,548 | 102,007 | ||||||
| Halma PLC | 2,686 | 76,888 | ||||||
| Hargreaves Lansdown PLC | 1,530 | 20,770 | ||||||
| Hikma Pharmaceuticals PLC | 408 | 10,087 | ||||||
| HSBC Holdings PLC | 52,700 | 469,709 | ||||||
| Informa PLC | 9,860 | 107,316 | ||||||
| InterContinental Hotels Group PLC | 612 | 62,148 | ||||||
| Intertek Group PLC | 170 | 10,434 | ||||||
| JD Sports Fashion PLC | 14,178 | 23,303 | ||||||
| Land Securities Group PLC | 476 | 3,958 | ||||||
| Legal & General Group PLC | 24,820 | 79,601 | ||||||
| Lloyds Banking Group PLC | 274,380 | 195,869 | ||||||
| London Stock Exchange Group PLC | 952 | 111,590 | ||||||
| Mondi PLC, NVS | 816 | 16,231 | ||||||
| NatWest Group PLC, NVS | 19,210 | 77,710 | ||||||
| Next PLC | 986 | 118,093 | ||||||
| Pearson PLC | 2,380 | 28,937 | ||||||
| Persimmon PLC | 2,720 | 50,816 | ||||||
| Prudential PLC | 7,548 | 72,300 | ||||||
| Reckitt Benckiser Group PLC | 2,278 | 130,378 | ||||||
| RELX PLC. | 5,202 | 228,195 | ||||||
| Rentokil Initial PLC | 9,520 | 50,753 | ||||||
| Rolls-Royce Holdings PLC(a) | 5,202 | 30,054 | ||||||
| Schroders PLC | 4,148 | 20,925 | ||||||
| Segro PLC | 10,302 | 120,980 | ||||||
| Smith & Nephew PLC | 2,720 | 34,418 | ||||||
| Smiths Group PLC | 3,128 | 69,215 | ||||||
| Spirax-Sarco Engineering PLC | 544 | 62,206 | ||||||
| Taylor Wimpey PLC | 44,336 | 83,937 | ||||||
| Wise PLC, Class A(a) | 748 | 7,860 | ||||||
| WPP PLC | 3,740 | 39,147 | ||||||
| 5,671,508 | ||||||||
| Total Common Stocks — 98.4% | ||||||||
| (Cost: $52,633,441) | 53,994,901 | |||||||
4
| Schedule of Investments (unaudited) (continued) | iShares® Paris-Aligned Climate MSCI World ex USA ETF |
| May 31, 2024 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Preferred Stocks | ||||||||
| Germany — 0.3% | ||||||||
| Dr Ing hc F Porsche AG, Preference Shares, NVS(b) | 680 | $ | 56,488 | |||||
| Henkel AG & Co. KGaA, Preference Shares, NVS | 952 | 86,185 | ||||||
| 142,673 | ||||||||
| Total Preferred Stocks — 0.3% | ||||||||
| (Cost: $132,880) | 142,673 | |||||||
| Rights | ||||||||
| France — 0.0% | ||||||||
| Alstom SA, (Expires 06/17/24, Strike Price EUR 13.00)(a) | 5,168 | 5,542 | ||||||
| Total Rights — 0.0% | ||||||||
| (Cost: $—) | 5,542 | |||||||
| Total Investments — 98.7% | ||||||||
| (Cost: $52,766,321) | 54,143,116 | |||||||
| Other Assets Less Liabilities — 1.3% | 697,544 | |||||||
| Net Assets — 100.0% | $ | 54,840,660 | ||||||
| (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) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
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 01/17/24 | 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) | $ | — | $ | 0 | (b) | $ | — | $ | — | $ | — | $ | — | — | $ | — | $ | — | ||||||||||||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares(a) | — | 0 | (b) | — | — | — | — | — | 150 | — | ||||||||||||||||||||||||||
| $ | — | $ | — | $ | — | $ | 150 | $ | — | |||||||||||||||||||||||||||
| (a) | As of period end, the entity is no longer held. |
| (b) | Represents net amount purchased (sold). |
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 | ||||||||||||||
| Euro STOXX 600 Index | 11 | 06/21/24 | $ | 312 | $ | 5,586 | ||||||||
OTC Total Return Swaps
| Reference Entity | Payment Frequency | Counterparty(a) | Termination Date | Net Notional | Accrued Unrealized Appreciation (Depreciation) | Net Value of Reference Entity | Gross Notional Amount Net Asset Percentage | |||||||||||||||
| Equity Securities Long | Monthly | HSBC Bank PLC(b) | 02/08/28 | $ | 109,405 | $ | 1,402 | (c) | $ | 111,499 | 0.2 | % | ||||||||||
5
| Schedule of Investments (unaudited) (continued) | iShares® Paris-Aligned Climate MSCI World ex USA ETF |
| May 31, 2024 |
OTC Total Return Swaps (continued)
| Reference Entity | Payment Frequency | Counterparty(a) | Termination Date | Net Notional | Accrued Unrealized Appreciation (Depreciation) | Net Value of Reference Entity | Gross Notional Amount Net Asset Percentage | |||||||||||||||
| Monthly | JPMorgan Chase Bank NA(d) | 02/10/25 | 239,830 | 2,689 | (e) | 242,589 | 0.4 | % | ||||||||||||||
| $ | 4,091 | $ | 354,088 | |||||||||||||||||||
| (a) | The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions. |
| (c) | Amount includes $(692) of net dividends, payable for referenced securities purchased and financing fees. |
| (e) | Amount includes $(70) of net dividends, payable for referenced securities purchased and financing fees. |
| The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest: | |
| (b) | (d) | |
| Range: | 45 basis points | 28 basis points |
| Benchmarks: | EUR - 1D Euro Short Term Rate (ESTR) | EUR - 1D Euro Short Term Rate (ESTR) |
6
| Schedule of Investments (unaudited) (continued) | iShares® Paris-Aligned Climate MSCI World ex USA ETF |
| May 31, 2024 |
The following table represents the individual long positions and related values of equity securities underlying the total return swap with HSBC Bank PLC as of period end, termination date February 08, 2028.
| Shares | Value | % of Basket Value | ||||||||||
| Reference Entity — Long | ||||||||||||
| Common Stocks | ||||||||||||
| Spain | ||||||||||||
| Redeia Corp. SA | 6,246 | $ | 111,499 | 100.0 | % | |||||||
| Net Value of Reference Entity — HSBC Bank PLC | $ | 111,499 | ||||||||||
The following table represents the individual long positions and related values of equity securities underlying the total return swap with JPMorgan Chase Bank NA as of period end, termination date February 10, 2025.
| Shares | Value | % of Basket Value | ||||||||||
| Reference Entity — Long | ||||||||||||
| Common Stocks | ||||||||||||
| Electric Utilities | ||||||||||||
| Redeia Corp. SA | 6,844 | $ | 123,016 | 50.7 | % | |||||||
| Shares | Value | % of Basket Value | ||||||||||
| Semiconductors & Semiconductor Equipment | ||||||||||||
| ASM International NV | 170 | $ | 119,573 | 49.3 | ||||||||
| Total Reference Entity — Long | 242,589 | |||||||||||
| Net Value of Reference Entity — JPMorgan Chase Bank NA | $ | 242,589 | ||||||||||
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 | $ | 7,536,139 | $ | 46,457,543 | $ | 1,219 | $ | 53,994,901 | ||||||||
| Preferred Stocks | — | 142,673 | — | 142,673 | ||||||||||||
| Rights | 5,542 | — | — | 5,542 | ||||||||||||
| $ | 7,541,681 | $ | 46,600,216 | $ | 1,219 | $ | 54,143,116 | |||||||||
7
| Schedule of Investments (unaudited) (continued) | iShares® Paris-Aligned Climate MSCI World ex USA ETF |
| May 31, 2024 |
Fair Value Hierarchy as of Period End (continued)
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Derivative Financial Instruments(a) | ||||||||||||||||
| Assets | ||||||||||||||||
| Equity Contracts | $ | — | $ | 9,677 | $ | — | $ | 9,677 | ||||||||
| (a) | Derivative financial instruments are swaps and futures contracts. Swaps and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
Portfolio Abbreviation
| ADR | American Depositary Receipt |
| NVS | Non-Voting Shares |
| REIT | Real Estate Investment Trust |
8