Schedule
of
Investments
(unaudited)
June
30,
2024
iShares
®
North
American
Natural
Resources
ETF
1
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Construction
Materials
—
3.2%
Eagle
Materials,
Inc.
..................
7,242
$
1,574,845
Knife
River
Corp.
(a)
...................
11,861
831,931
Martin
Marietta
Materials,
Inc.
...........
12,933
7,007,099
Summit
Materials,
Inc.
,
Class
A
(a)
.........
25,366
928,649
Vulcan
Materials
Co.
.................
27,748
6,900,373
17,242,897
Containers
&
Packaging
—
5.7%
Amcor
plc
.........................
302,822
2,961,599
AptarGroup,
Inc.
....................
13,884
1,955,006
Avery
Dennison
Corp.
.................
16,901
3,695,404
Ball
Corp.
.........................
65,120
3,908,502
Berry
Global
Group,
Inc.
...............
24,039
1,414,695
Crown
Holdings,
Inc.
.................
24,998
1,859,601
Graphic
Packaging
Holding
Co.
..........
64,383
1,687,479
Greif,
Inc.
,
Class
A,
NVS
...............
5,404
310,568
International
Paper
Co.
................
72,885
3,144,988
O-I
Glass,
Inc.
(a)
(b)
....................
32,626
363,127
Packaging
Corp.
of
America
............
18,706
3,414,967
Pactiv
Evergreen,
Inc.
................
8,126
91,986
Sealed
Air
Corp.
....................
31,315
1,089,449
Silgan
Holdings,
Inc.
..................
17,002
719,695
Sonoco
Products
Co.
.................
20,586
1,044,122
WestRock
Co.
......................
54,087
2,718,413
30,379,601
Energy
Equipment
&
Services
—
8.1%
Archrock,
Inc.
......................
28,815
582,639
Atlas
Energy
Solutions,
Inc.
.............
12,199
243,126
Baker
Hughes
Co.
,
Class
A
.............
209,388
7,364,176
Cactus,
Inc.
,
Class
A
.................
13,766
726,019
ChampionX
Corp.
...................
39,891
1,324,780
Expro
Group
Holdings
NV
(a)
.............
19,168
439,331
Halliburton
Co.
.....................
185,743
6,274,399
Helmerich
&
Payne,
Inc.
...............
20,715
748,640
Kodiak
Gas
Services,
Inc.
..............
4,416
120,380
Liberty
Energy,
Inc.
,
Class
A
............
31,774
663,759
Noble
Corp.
plc
.....................
23,639
1,055,481
NOV,
Inc.
.........................
83,153
1,580,739
Patterson-UTI
Energy,
Inc.
.............
64,805
671,380
Schlumberger
NV
...................
299,886
14,148,621
TechnipFMC
plc
.....................
90,522
2,367,150
Tidewater,
Inc.
(a)
....................
10,170
968,286
Transocean
Ltd.
(a)
(b)
..................
151,110
808,438
Valaris
Ltd.
(a)
.......................
13,047
972,002
Weatherford
International
plc
(a)
...........
15,373
1,882,424
42,941,770
Metals
&
Mining
—
12.1%
Agnico
Eagle
Mines
Ltd.
(b)
..............
104,779
6,852,547
Alamos
Gold,
Inc.
,
Class
A
(b)
............
83,381
1,307,414
Alcoa
Corp.
........................
37,756
1,501,934
B2Gold
Corp.
......................
273,970
739,719
Barrick
Gold
Corp.
...................
368,346
6,144,011
Eldorado
Gold
Corp.
(a)
(b)
...............
42,733
632,021
First
Majestic
Silver
Corp.
(b)
.............
60,182
356,277
Franco-Nevada
Corp.
.................
40,348
4,782,045
Freeport-McMoRan,
Inc.
...............
301,387
14,647,408
Hecla
Mining
Co.
....................
120,315
583,528
Hudbay
Minerals,
Inc.
.................
81,258
735,385
Kinross
Gold
Corp.
...................
257,924
2,145,928
MP
Materials
Corp.
,
Class
A
(a)
(b)
..........
28,055
357,140
Newmont
Corp.
.....................
241,938
10,129,944
Novagold
Resources,
Inc.
(a)
.............
50,631
175,183
Security
Shares
Shares
Value
Metals
&
Mining
(continued)
Osisko
Gold
Royalties
Ltd.
(b)
............
38,963
$
607,044
Pan
American
Silver
Corp.
(b)
............
76,307
1,516,983
Royal
Gold,
Inc.
.....................
13,772
1,723,703
Teck
Resources
Ltd.
,
Class
B
(b)
..........
96,583
4,626,326
Wheaton
Precious
Metals
Corp.
..........
95,109
4,985,614
64,550,154
Oil,
Gas
&
Consumable
Fuels
—
70.2%
Antero
Midstream
Corp.
...............
71,587
1,055,192
Antero
Resources
Corp.
(a)
..............
61,373
2,002,601
APA
Corp.
........................
75,622
2,226,312
Baytex
Energy
Corp.
(b)
................
136,849
476,234
California
Resources
Corp.
.............
13,431
714,798
Cameco
Corp.
(b)
.....................
91,189
4,486,499
Canadian
Natural
Resources
Ltd.
.........
449,886
16,015,942
Cenovus
Energy,
Inc.
.................
276,675
5,439,430
Cheniere
Energy,
Inc.
.................
48,028
8,396,735
Chesapeake
Energy
Corp.
.............
23,403
1,923,493
Chevron
Corp.
......................
340,573
53,272,429
Chord
Energy
Corp.
..................
13,061
2,190,068
Civitas
Resources,
Inc.
................
19,314
1,332,666
CNX
Resources
Corp.
(a)
...............
32,107
780,200
Comstock
Resources,
Inc.
..............
20,204
209,717
ConocoPhillips
.....................
211,236
24,161,174
CONSOL
Energy,
Inc.
(a)
...............
5,557
566,981
Coterra
Energy,
Inc.
..................
156,201
4,165,881
CVR
Energy,
Inc.
....................
6,181
165,465
Devon
Energy
Corp.
..................
132,599
6,285,193
Diamondback
Energy,
Inc.
..............
37,418
7,490,709
DT
Midstream,
Inc.
...................
20,346
1,445,176
Enbridge,
Inc.
......................
446,042
15,874,635
EOG
Resources,
Inc.
.................
120,579
15,177,279
EQT
Corp.
........................
92,662
3,426,641
Equitrans
Midstream
Corp.
.............
90,860
1,179,363
Exxon
Mobil
Corp.
...................
473,039
54,456,250
Gulfport
Energy
Corp.
(a)
...............
2,033
306,983
Hess
Corp.
........................
57,987
8,554,242
HF
Sinclair
Corp.
....................
31,402
1,674,983
International
Seaways,
Inc.
.............
7,965
470,970
Kinder
Morgan,
Inc.
..................
405,110
8,049,536
Kosmos
Energy
Ltd.
(a)
.................
98,797
547,335
Magnolia
Oil
&
Gas
Corp.
,
Class
A
........
37,907
960,563
Marathon
Oil
Corp.
...................
118,361
3,393,410
Marathon
Petroleum
Corp.
.............
73,922
12,823,988
Matador
Resources
Co.
...............
24,314
1,449,114
Murphy
Oil
Corp.
....................
30,370
1,252,459
New
Fortress
Energy,
Inc.
,
Class
A
........
13,667
300,401
NexGen
Energy
Ltd.
(a)
(b)
...............
95,008
663,156
Northern
Oil
&
Gas,
Inc.
...............
19,176
712,772
Occidental
Petroleum
Corp.
.............
139,518
8,793,819
ONEOK,
Inc.
.......................
122,454
9,986,124
Ovintiv,
Inc.
........................
52,267
2,449,754
PBF
Energy,
Inc.
,
Class
A
..............
22,109
1,017,456
Peabody
Energy
Corp.
................
22,141
489,759
Pembina
Pipeline
Corp.
...............
121,579
4,508,149
Permian
Resources
Corp.
,
Class
A
........
107,948
1,743,360
Phillips
66
.........................
88,948
12,556,789
Range
Resources
Corp.
...............
50,834
1,704,464
SM
Energy
Co.
.....................
24,101
1,041,886
Southwestern
Energy
Co.
(a)
.............
231,038
1,554,886
Suncor
Energy,
Inc.
..................
269,779
10,278,580
Targa
Resources
Corp.
................
46,518
5,990,588
TC
Energy
Corp.
....................
217,673
8,249,807
Texas
Pacific
Land
Corp.
...............
3,910
2,870,996
Uranium
Energy
Corp.
(a)
...............
84,673
508,885
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2024
iShares
®
North
American
Natural
Resources
ETF
2
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the period
ended
June
30,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Shares
Shares
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Valero
Energy
Corp.
..................
68,606
$
10,754,677
Veren,
Inc.
........................
120,798
950,680
Vermilion
Energy,
Inc.
.................
33,759
371,687
Viper
Energy,
Inc.
,
Class
A
.............
19,155
718,887
Williams
Cos.,
Inc.
(The)
...............
255,704
10,867,420
World
Kinect
Corp.
...................
12,620
325,596
373,811,224
Paper
&
Forest
Products
—
0.5%
Louisiana-Pacific
Corp.
................
13,370
1,100,752
Sylvamo
Corp.
.....................
7,325
502,495
West
Fraser
Timber
Co.
Ltd.
(b)
...........
11,970
920,134
2,523,381
Total
Long-Term
Investments
—
99
.8
%
(Cost:
$
565,846,272
)
..............................
531,449,027
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
1.4%
(c)(d)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.48
%
(e)
..................
6,798,551
$
6,801,271
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
5.28
%
...................
513,588
513,588
Total
Short-Term
Securities
—
1
.4
%
(Cost:
$
7,311,508
)
...............................
7,314,859
Total
Investments
—
101
.2
%
(Cost:
$
573,157,780
)
..............................
538,763,886
Liabilities
in
Excess
of
Other
Assets
—
(
1.2
)
%
.............
(
6,147,282
)
Net
Assets
—
100.0%
...............................
$
532,616,604
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliated
Issuer
Value
at
03/31/24
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
06/30/24
Shares
Held
at
06/30/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
..............
$
11,933,058
$
—
$
(
5,129,894
)
(a)
$
(
1,481
)
$
(
412
)
$
6,801,271
6,798,551
$
6,654
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
999,492
—
(
485,904
)
(a)
—
—
513,588
513,588
12,565
—
$
(
1,481
)
$
(
412
)
$
7,314,859
$
19,219
$
—
—
—
(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.
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
E-Mini
Energy
Select
Sector
Index
..............................................
9
09/20/24
$
869
$
30,717
E-Mini
Materials
Select
Sector
Index
.............................................
2
09/20/24
190
(
2,515
)
$
28,202
Schedule
of
Investments
(unaudited)
(continued)
June
30,
2024
iShares
®
North
American
Natural
Resources
ETF
3
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
the
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
.........................................
$
531,449,027
$
—
$
—
$
531,449,027
Short-Term
Securities
Money
Market
Funds
......................................
7,314,859
—
—
7,314,859
$
538,763,886
$
—
$
—
$
538,763,886
Derivative
Financial
Instruments
(a)
Assets
Equity
contracts
...........................................
$
30,717
$
—
$
—
$
30,717
Liabilities
Equity
contracts
...........................................
(
2,515
)
—
—
(
2,515
)
$
28,202
$
—
$
—
$
28,202
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Portfolio
Abbreviation
NVS
Non-Voting
Shares