| Schedule of Investments (unaudited) | iShares® MSCI Emerging Markets Min Vol Factor ETF |
| May 31, 2022 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Common Stocks | ||||||||
| Brazil — 0.5% | ||||||||
| Klabin SA | 2,126,203 | $ | 9,994,503 | |||||
| Raia Drogasil SA | 1,165,797 | 5,065,430 | ||||||
| Suzano SA | 1,130,685 | 12,728,251 | ||||||
| Vale SA | 177,988 | 3,228,655 | ||||||
| 31,016,839 | ||||||||
| China — 25.9% | ||||||||
| 360 Security Technology Inc., Class A(a) | 6,918,000 | 8,554,734 | ||||||
| Agricultural Bank of China Ltd., Class A | 33,346,798 | 15,129,490 | ||||||
| Agricultural Bank of China Ltd., Class H | 145,732,000 | 55,494,601 | ||||||
| Alibaba Group Holding Ltd.(a) | 703,768 | 8,452,413 | ||||||
| Anhui Conch Cement Co. Ltd., Class H | 565,500 | 2,868,144 | ||||||
| Anhui Gujing Distillery Co. Ltd., Class B | 1,884,189 | 27,618,135 | ||||||
| ANTA Sports Products Ltd. | 985,000 | 11,169,485 | ||||||
| Apeloa Pharmaceutical Co. Ltd., Class A | 1,105,497 | 3,434,650 | ||||||
| Bank of China Ltd., Class A | 33,373,700 | 15,944,180 | ||||||
| Bank of China Ltd., Class H | 224,474,000 | 89,738,253 | ||||||
| Bank of Communications Co. Ltd., Class A | 23,231,974 | 17,074,960 | ||||||
| Bank of Communications Co. Ltd., Class H | 14,562,000 | 9,917,685 | ||||||
| Bank of Ningbo Co. Ltd., Class A | 806,665 | 3,949,571 | ||||||
| Bank of Shanghai Co. Ltd., Class A | 5,654,084 | 5,426,064 | ||||||
| BeiGene Ltd., ADR(a)(b) | 69,540 | 9,542,279 | ||||||
| Beijing Capital International Airport Co. Ltd., Class H(a) | 12,756,000 | 7,473,167 | ||||||
| Beijing Tiantan Biological Products Corp. Ltd., Class A | 1,272,895 | 4,292,230 | ||||||
| Beijing Yuanliu Hongyuan Electronic Technology Co. Ltd., Class A | 195,100 | 3,691,279 | ||||||
| Beijing-Shanghai High Speed Railway Co. Ltd., Class A | 33,213,935 | 24,191,248 | ||||||
| BOE Technology Group Co. Ltd., Class A | 32,570,300 | 18,449,939 | ||||||
| CanSino Biologics Inc., Class H(a)(c) | 318,000 | 3,203,423 | ||||||
| CGN Power Co. Ltd., Class H(c) | 78,428,000 | 20,573,088 | ||||||
| Changchun High & New Technology Industry Group Inc., Class A | 174,900 | 4,338,763 | ||||||
| Chifeng Jilong Gold Mining Co. Ltd., Class A(a) | 1,741,900 | 4,117,368 | ||||||
| China CITIC Bank Corp. Ltd., Class H | 24,678,000 | 11,944,706 | ||||||
| China Conch Venture Holdings Ltd. | 12,370,000 | 32,177,972 | ||||||
| China Construction Bank Corp., Class A | 9,270,584 | 8,299,901 | ||||||
| China Construction Bank Corp., Class H | 56,894,000 | 42,176,419 | ||||||
| China Feihe Ltd.(c) | 5,016,000 | 5,062,548 | ||||||
| China Gas Holdings Ltd. | 2,671,800 | 3,980,837 | ||||||
| China Huishan Dairy Holdings Co. Ltd.(a)(d) | 5,944,807 | 8 | ||||||
| China Life Insurance Co. Ltd., Class H | 2,075,000 | 3,183,349 | ||||||
| China Meidong Auto Holdings Ltd. | 2,800,000 | 10,062,188 | ||||||
| China Mengniu Dairy Co. Ltd. | 4,999,000 | 25,594,870 | ||||||
| China Merchants Bank Co. Ltd., Class H | 2,638,500 | 16,688,449 | ||||||
| China Minsheng Banking Corp. Ltd., Class A | 20,415,954 | 11,650,563 | ||||||
| China National Medicines Corp. Ltd., Class A | 718,200 | 3,006,089 | ||||||
| China Petroleum & Chemical Corp., Class H | 12,778,000 | 6,120,185 | ||||||
| China Resources Beer Holdings Co. Ltd. | 5,484,000 | 34,179,957 | ||||||
| China Resources Gas Group Ltd. | 3,758,000 | 15,723,159 | ||||||
| China Shenhua Energy Co. Ltd., Class H | 2,363,500 | 7,893,198 | ||||||
| China Tourism Group Duty Free Corp. Ltd., Class A | 734,963 | 19,336,640 | ||||||
| China Tower Corp. Ltd., Class H(c) | 310,838,000 | 36,420,674 | ||||||
| China United Network Communications Ltd., Class A | 30,010,135 | 15,625,518 | ||||||
| China Yangtze Power Co. Ltd., Class A | 22,416,188 | 80,536,614 | ||||||
| China Zhenhua Group Science & Technology Co. Ltd., Class A | 216,900 | 3,873,812 | ||||||
| Chongqing Zhifei Biological Products Co. Ltd., Class A | 642,300 | 8,395,882 | ||||||
| CSPC Pharmaceutical Group Ltd. | 4,180,000 | 4,466,224 | ||||||
| Security | Shares | Value | ||||||
| China (continued) | ||||||||
| Daan Gene Co. Ltd., Class A | 1,469,220 | $ | 3,867,713 | |||||
| Dali Foods Group Co. Ltd.(c) | 6,363,000 | 3,204,606 | ||||||
| ENN Energy Holdings Ltd. | 1,307,900 | 20,010,911 | ||||||
| Foshan Haitian Flavouring & Food Co. Ltd., Class A | 443,652 | 5,076,213 | ||||||
| Founder Securities Co. Ltd., Class A | 7,974,800 | 7,470,321 | ||||||
| Fuyao Glass Industry Group Co. Ltd., Class A | 530,503 | 3,175,867 | ||||||
| Gree Electric Appliances Inc. of Zhuhai, Class A | 1,240,000 | 5,975,702 | ||||||
| Guangdong Haid Group Co. Ltd., Class A | 1,578,136 | 14,125,002 | ||||||
| Guangdong Investment Ltd. | 13,568,000 | 17,107,721 | ||||||
| Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A | 1,359,394 | 6,299,919 | ||||||
| Guangzhou Haige Communications Group Inc. Co., Class A | 2,222,000 | 3,114,466 | ||||||
| Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A | 487,400 | 5,528,564 | ||||||
| Hangzhou Tigermed Consulting Co. Ltd., Class H(c) | 307,900 | 2,968,510 | ||||||
| Hansoh Pharmaceutical Group Co. Ltd.(c) | 5,570,000 | 10,019,663 | ||||||
| Hengan International Group Co. Ltd. | 1,677,500 | 8,306,029 | ||||||
| Huagong Tech Co. Ltd., Class A | 1,025,115 | 3,131,335 | ||||||
| Hualan Biological Engineering Inc., Class A | 1,170,680 | 3,277,359 | ||||||
| Huaxia Bank Co. Ltd., Class A | 9,034,978 | 7,196,879 | ||||||
| Hundsun Technologies Inc., Class A | 944,709 | 5,657,358 | ||||||
| Iflytek Co. Ltd., Class A | 2,226,181 | 12,092,822 | ||||||
| Industrial & Commercial Bank of China Ltd., Class A | 4,479,100 | 3,125,894 | ||||||
| Industrial & Commercial Bank of China Ltd., Class H | 111,627,000 | 66,844,518 | ||||||
| Industrial Bank Co. Ltd., Class A | 2,432,382 | 7,146,340 | ||||||
| Inspur Electronic Information Industry Co. Ltd., Class A | 1,409,936 | 5,191,491 | ||||||
| Jiangsu Expressway Co. Ltd., Class H | 19,348,000 | 19,968,461 | ||||||
| Jiangsu Hengrui Medicine Co. Ltd., Class A | 3,761,127 | 17,026,272 | ||||||
| Joinn Laboratories China Co. Ltd., Class A | 335,433 | 5,347,934 | ||||||
| Jointown Pharmaceutical Group Co. Ltd., Class A | 1,784,678 | 3,160,955 | ||||||
| Kweichow Moutai Co. Ltd., Class A | 49,790 | 13,419,926 | ||||||
| Legend Biotech Corp., ADR(a) | 130,018 | 5,498,461 | ||||||
| Lenovo Group Ltd. | 8,716,000 | 8,587,947 | ||||||
| LONGi Green Energy Technology Co. Ltd., Class A | 257,600 | 3,056,238 | ||||||
| Muyuan Foods Co. Ltd., Class A | 572,400 | 4,388,500 | ||||||
| PetroChina Co. Ltd., Class A | 4,782,500 | 4,003,329 | ||||||
| Pharmaron Beijing Co. Ltd., Class H(c) | 267,300 | 3,223,641 | ||||||
| Ping An Insurance Group Co. of China Ltd., Class H | 3,089,500 | 19,781,535 | ||||||
| Postal Savings Bank of China Co. Ltd., Class H(c) | 60,286,000 | 44,776,122 | ||||||
| Sangfor Technologies Inc., Class A | 222,200 | 3,135,112 | ||||||
| SDIC Power Holdings Co. Ltd., Class A | 6,612,282 | 10,230,166 | ||||||
| SF Holding Co. Ltd., Class A | 1,118,000 | 8,670,174 | ||||||
| Shandong Gold Mining Co. Ltd., Class A | 3,433,868 | 9,403,873 | ||||||
| Shandong Gold Mining Co. Ltd., Class H(c) | 8,515,250 | 15,073,371 | ||||||
| Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 4,466,000 | 4,954,355 | ||||||
| Shanghai Baosight Software Co. Ltd., Class B | 6,236,377 | 24,366,311 | ||||||
| Shanghai Friendess Electronic Technology Corp. Ltd., Class A | 94,400 | 2,950,857 | ||||||
| Shanghai International Airport Co. Ltd., Class A(a) | 530,800 | 3,997,543 | ||||||
| Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B | 19,204,828 | 17,839,730 | ||||||
| Shanghai M&G Stationery Inc., Class A | 551,151 | 4,266,759 | ||||||
| Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 4,515,300 | 7,351,705 | ||||||
| Shanghai Pudong Development Bank Co. Ltd., Class A | 5,357,968 | 6,367,651 | ||||||
| Shanghai RAAS Blood Products Co. Ltd., Class A | 6,520,400 | 5,495,188 | ||||||
| Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A | 242,200 | 9,886,825 | ||||||
| Shenzhen Goodix Technology Co. Ltd., Class A | 333,000 | 2,870,568 | ||||||
1
| Schedule of Investments (unaudited) (continued) | iShares® MSCI Emerging Markets Min Vol Factor ETF |
| May 31, 2022 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| China (continued) | ||||||||
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 253,400 | $ | 11,442,724 | |||||
| Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A | 816,261 | 3,151,819 | ||||||
| Shenzhou International Group Holdings Ltd. | 1,309,600 | 17,979,281 | ||||||
| Sichuan Chuantou Energy Co. Ltd., Class A | 3,488,559 | 6,284,569 | ||||||
| Sino Biopharmaceutical Ltd. | 16,417,000 | 9,204,029 | ||||||
| Sinopec Shanghai Petrochemical Co. Ltd., Class A | 6,089,067 | 3,058,423 | ||||||
| Sinopharm Group Co. Ltd., Class H | 1,465,600 | 3,625,063 | ||||||
| Songcheng Performance Development Co. Ltd., Class A | 2,491,159 | 4,761,764 | ||||||
| TCL Technology Group Corp., Class A | 4,675,300 | 3,179,666 | ||||||
| Tencent Holdings Ltd. | 350,600 | 16,028,858 | ||||||
| Thunder Software Technology Co. Ltd., Class A | 181,400 | 2,977,561 | ||||||
| Tianjin 712 Communication & Broadcasting Co. Ltd., Class A | 748,561 | 3,073,991 | ||||||
| Tianjin Zhonghuan Semiconductor Co. Ltd., Class A | 1,171,607 | 7,617,988 | ||||||
| Tianshui Huatian Technology Co. Ltd., Class A | 2,208,000 | 2,846,841 | ||||||
| Tingyi Cayman Islands Holding Corp. | 3,796,000 | 6,723,978 | ||||||
| Topchoice Medical Corp., Class A(a) | 210,797 | 4,403,857 | ||||||
| TravelSky Technology Ltd., Class H | 2,151,000 | 3,498,577 | ||||||
| Walvax Biotechnology Co. Ltd., Class A | 830,606 | 5,775,449 | ||||||
| Want Want China Holdings Ltd. | 10,536,000 | 10,484,994 | ||||||
| Wuliangye Yibin Co. Ltd., Class A | 248,400 | 6,377,913 | ||||||
| WuXi AppTec Co. Ltd., Class H(c) | 601,064 | 7,428,603 | ||||||
| Xiaomi Corp., Class B(a)(c) | 10,107,000 | 15,596,961 | ||||||
| Yealink Network Technology Corp. Ltd., Class A | 292,594 | 3,238,053 | ||||||
| Yonyou Network Technology Co. Ltd., Class A | 1,066,900 | 3,081,482 | ||||||
| Yum China Holdings Inc. | 823,716 | 37,446,129 | ||||||
| Yunnan Baiyao Group Co. Ltd., Class A | 377,628 | 3,187,210 | ||||||
| Zhejiang Dahua Technology Co. Ltd., Class A | 1,487,900 | 3,588,098 | ||||||
| Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A | 871,563 | 6,198,808 | ||||||
| Zhejiang Supor Co. Ltd., Class A | 350,085 | 2,941,535 | ||||||
| Zhongsheng Group Holdings Ltd. | 1,649,000 | 11,694,528 | ||||||
| ZTE Corp., Class A | 3,750,020 | 13,623,920 | ||||||
| ZTO Express Cayman Inc., ADR | 278,235 | 7,495,651 | ||||||
| 1,548,077,946 | ||||||||
| Czech Republic — 0.2% | ||||||||
| CEZ AS | 296,318 | 14,438,121 | ||||||
| Egypt — 0.2% | ||||||||
| Commercial International Bank Egypt SAE | 4,619,017 | 10,246,521 | ||||||
| �� | ||||||||
| Greece — 0.6% | ||||||||
| Hellenic Telecommunications Organization SA | 1,984,576 | 37,636,815 | ||||||
| Hungary — 0.4% | ||||||||
| Richter Gedeon Nyrt | 1,255,380 | 24,559,605 | ||||||
| India — 12.7% | ||||||||
| ACC Ltd. | 470,293 | 13,248,748 | ||||||
| Adani Green Energy Ltd.(a) | 144,915 | 3,525,894 | ||||||
| Apollo Hospitals Enterprise Ltd. | 90,933 | 4,642,223 | ||||||
| Asian Paints Ltd. | 1,076,944 | 39,361,986 | ||||||
| Bajaj Auto Ltd. | 317,335 | 15,709,567 | ||||||
| Bharti Airtel Ltd.(a) | 2,130,955 | 19,155,527 | ||||||
| Britannia Industries Ltd. | 419,709 | 19,616,726 | ||||||
| Cipla Ltd. | 2,273,247 | 29,019,130 | ||||||
| Colgate-Palmolive India Ltd. | 207,791 | 4,342,372 | ||||||
| Dabur India Ltd. | 4,552,684 | 30,375,290 | ||||||
| Divi's Laboratories Ltd. | 315,061 | 14,522,669 | ||||||
| Dr. Reddy's Laboratories Ltd. | 477,174 | 26,737,759 | ||||||
| Security | Shares | Value | ||||||
| India (continued) | ||||||||
| Eicher Motors Ltd. | 123,539 | $ | 4,403,158 | |||||
| HCL Technologies Ltd. | 4,198,514 | 55,989,740 | ||||||
| Hindustan Unilever Ltd. | 1,537,450 | 46,289,064 | ||||||
| Housing Development Finance Corp. Ltd. | 104,773 | 3,084,177 | ||||||
| Infosys Ltd. | 3,574,047 | 68,968,303 | ||||||
| Lupin Ltd. | 1,227,583 | 9,764,644 | ||||||
| Marico Ltd. | 4,476,797 | 30,651,723 | ||||||
| Maruti Suzuki India Ltd. | 33,628 | 3,426,777 | ||||||
| Mindtree Ltd. | 78,653 | 3,075,698 | ||||||
| Mphasis Ltd. | 181,690 | 6,047,005 | ||||||
| MRF Ltd. | 24,852 | 24,820,333 | ||||||
| Nestle India Ltd. | 73,952 | 16,794,766 | ||||||
| Page Industries Ltd. | 40,644 | 23,575,045 | ||||||
| Pidilite Industries Ltd. | 1,349,265 | 38,845,922 | ||||||
| Reliance Industries Ltd. | 639,089 | 21,529,924 | ||||||
| Sun Pharmaceutical Industries Ltd. | 2,260,816 | 25,003,944 | ||||||
| Tata Consultancy Services Ltd. | 1,595,548 | 68,802,820 | ||||||
| Tech Mahindra Ltd. | 1,857,934 | 28,090,494 | ||||||
| Titan Co. Ltd. | 761,102 | 21,632,846 | ||||||
| UltraTech Cement Ltd. | 41,225 | 3,212,906 | ||||||
| Wipro Ltd. | 5,532,674 | 33,623,572 | ||||||
| Yes Bank Ltd.(a) | 2,885,871 | 486,942 | ||||||
| 758,377,694 | ||||||||
| Indonesia — 0.1% | ||||||||
| Bank Jago Tbk PT(a) | 4,755,200 | 3,057,403 | ||||||
| Kuwait — 2.4% | ||||||||
| Agility Public Warehousing Co. KSC | 1,749,304 | 6,558,462 | ||||||
| Kuwait Finance House KSCP | 8,396,416 | 24,622,449 | ||||||
| Mobile Telecommunications Co. KSCP | 25,173,648 | 51,771,062 | ||||||
| National Bank of Kuwait SAKP | 18,150,221 | 61,442,292 | ||||||
| 144,394,265 | ||||||||
| Malaysia — 4.5% | ||||||||
| DiGi.Com Bhd | 18,483,600 | 14,888,870 | ||||||
| Genting Malaysia Bhd | 4,186,200 | 2,868,243 | ||||||
| Hong Leong Bank Bhd | 5,702,900 | 27,413,168 | ||||||
| IHH Healthcare Bhd | 24,542,300 | 37,510,757 | ||||||
| IOI Corp. Bhd | 3,595,400 | 3,530,940 | ||||||
| Malayan Banking Bhd | 26,677,700 | 55,403,786 | ||||||
| Malaysia Airports Holdings Bhd(a) | 2,190,000 | 3,281,892 | ||||||
| Maxis Bhd | 10,484,400 | 9,076,732 | ||||||
| MISC Bhd | 2,987,700 | 4,892,500 | ||||||
| MR DIY Group M Bhd(c) | 9,288,100 | 6,894,216 | ||||||
| Nestle Malaysia Bhd | 1,178,400 | 36,279,164 | ||||||
| Petronas Chemicals Group Bhd | 5,564,800 | 13,030,182 | ||||||
| Petronas Dagangan Bhd | 1,661,400 | 8,562,497 | ||||||
| PPB Group Bhd | 4,299,200 | 16,318,991 | ||||||
| Public Bank Bhd | 5,593,100 | 6,041,507 | ||||||
| Telekom Malaysia Bhd | 4,859,300 | 5,949,773 | ||||||
| Tenaga Nasional Bhd | 7,276,300 | 15,205,697 | ||||||
| Top Glove Corp. Bhd | 8,747,700 | 2,797,026 | ||||||
| Westports Holdings Bhd | 98,800 | 77,826 | ||||||
| 270,023,767 | ||||||||
| Mexico — 0.6% | ||||||||
| Wal-Mart de Mexico SAB de CV(b) | 9,207,900 | 34,046,842 | ||||||
| Peru — 0.6% | ||||||||
| Cia. de Minas Buenaventura SAA, ADR. | 1,656,087 | 14,142,983 | ||||||
| Credicorp Ltd. | 163,021 | 22,884,888 | ||||||
| 37,027,871 | ||||||||
2
| Schedule of Investments (unaudited) (continued) | iShares® MSCI Emerging Markets Min Vol Factor ETF |
| May 31, 2022 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Philippines — 1.5% | ||||||||
| AC Energy Corp. | 22,704,600 | $ | 3,098,791 | |||||
| Bank of the Philippine Islands | 11,862,538 | 22,383,429 | ||||||
| BDO Unibank Inc. | 4,583,893 | 11,661,459 | ||||||
| Globe Telecom Inc. | 181,955 | 8,414,402 | ||||||
| International Container Terminal Services Inc. | 5,660,110 | 23,428,153 | ||||||
| Manila Electric Co. | 2,186,840 | 15,574,407 | ||||||
| PLDT Inc. | 96,505 | 3,500,062 | ||||||
| SM Investments Corp. | 206,985 | 3,387,804 | ||||||
| 91,448,507 | ||||||||
| Poland — 0.2% | ||||||||
| Dino Polska SA(a)(c) | 153,440 | 10,726,365 | ||||||
| Qatar — 3.0% | ||||||||
| Masraf Al Rayan QSC | 47,617,560 | 61,223,451 | ||||||
| Ooredoo QPSC | 2,988,078 | 6,054,289 | ||||||
| Qatar Electricity & Water Co. QSC. | 4,484,096 | 20,626,412 | ||||||
| Qatar Fuel QSC | 1,666,797 | 7,849,656 | ||||||
| Qatar Islamic Bank SAQ | 5,427,465 | 34,402,304 | ||||||
| Qatar National Bank QPSC | 8,217,527 | 48,439,433 | ||||||
| 178,595,545 | ||||||||
| Russia — 0.0% | ||||||||
| Polymetal International PLC(d) | 244,417 | 39 | ||||||
| Polyus PJSC(d) | 95,932 | 15 | ||||||
| Rosneft Oil Co. PJSC(d) | 759,070 | 121 | ||||||
| Yandex NV(a)(d) | 49,681 | 8 | ||||||
| 183 | ||||||||
| Saudi Arabia — 9.4% | ||||||||
| Abdullah Al Othaim Markets Co. | 150,701 | 4,444,082 | ||||||
| Advanced Petrochemical Co. | 784,506 | 12,235,181 | ||||||
| Al Rajhi Bank. | 3,465,659 | 91,169,552 | ||||||
| Alinma Bank. | 3,790,906 | 38,851,932 | ||||||
| Bank AlBilad(a) | 473,280 | 6,315,704 | ||||||
| Bank Al-Jazira | 1,461,539 | 11,171,124 | ||||||
| Bupa Arabia for Cooperative Insurance Co. | 142,030 | 5,967,866 | ||||||
| Co. for Cooperative Insurance (The) | 24,924 | 396,488 | ||||||
| Dar Al Arkan Real Estate Development Co.(a) | 9,233,135 | 30,280,645 | ||||||
| Dr Sulaiman Al Habib Medical Services Group Co. | 157,642 | 8,986,147 | ||||||
| Emaar Economic City(a) | 6,920,780 | 20,556,959 | ||||||
| Etihad Etisalat Co. | 4,665,052 | 48,838,365 | ||||||
| Jarir Marketing Co. | 1,025,904 | 44,321,874 | ||||||
| Mobile Telecommunications Co.(a) | 7,188,080 | 25,563,279 | ||||||
| SABIC Agri-Nutrients Co. | 934,077 | 36,583,625 | ||||||
| Saudi Arabian Oil Co.(c) | 1,986,337 | 22,182,037 | ||||||
| Saudi Basic Industries Corp. | 1,528,144 | 46,686,244 | ||||||
| Saudi Electricity Co. | 3,979,235 | 25,761,455 | ||||||
| Saudi Telecom Co. | 2,665,886 | 73,052,373 | ||||||
| Yanbu National Petrochemical Co. | 665,146 | 9,642,131 | ||||||
| 563,007,063 | ||||||||
| South Korea — 7.0% | ||||||||
| Amorepacific Corp. | 24,049 | 3,168,171 | ||||||
| Celltrion Healthcare Co. Ltd. | 67,761 | 3,373,699 | ||||||
| Celltrion Inc. | 47,028 | 6,080,894 | ||||||
| CJ Logistics Corp.(a) | 71,124 | 7,424,453 | ||||||
| Coway Co. Ltd. | 143,795 | 8,273,930 | ||||||
| Hanon Systems | 771,957 | 7,108,476 | ||||||
| HLB Inc.(a)(b) | 112,368 | 4,110,006 | ||||||
| HMM Co. Ltd. | 800,272 | 20,989,999 | ||||||
| Hotel Shilla Co. Ltd.(b) | 438,578 | 27,515,861 | ||||||
| Kakao Corp. | 153,165 | 10,461,058 | ||||||
| Security | Shares | Value | ||||||
| South Korea (continued) | ||||||||
| Kangwon Land Inc.(a) | 187,202 | $ | 4,251,840 | |||||
| Kia Corp. | 46,554 | 3,211,578 | ||||||
| KT&G Corp. | 511,999 | 35,131,216 | ||||||
| LG Electronics Inc. | 46,604 | 3,955,238 | ||||||
| LG Household & Health Care Ltd. | 5,508 | 3,252,809 | ||||||
| LG Uplus Corp. | 544,305 | 6,085,166 | ||||||
| NAVER Corp. | 189,190 | 43,806,847 | ||||||
| NCSoft Corp. | 27,973 | 10,241,048 | ||||||
| Netmarble Corp.(c) | 77,609 | 5,205,238 | ||||||
| Orion Corp./Republic of KoreA | 48,442 | 3,800,427 | ||||||
| Pan Ocean Co. Ltd. | 833,447 | 5,119,784 | ||||||
| S-1 Corp. | 270,970 | 15,705,610 | ||||||
| Samsung Biologics Co. Ltd.(a)(c) | 44,854 | 30,611,370 | ||||||
| Samsung Electronics Co. Ltd. | 1,021,944 | 55,571,210 | ||||||
| Samsung SDS Co. Ltd. | 153,550 | 18,361,114 | ||||||
| Seegene Inc. | 316,011 | 11,353,612 | ||||||
| SK Bioscience Co. Ltd.(a)(b) | 30,283 | 3,304,706 | ||||||
| SK Hynix Inc. | 245,523 | 21,280,271 | ||||||
| SK Telecom Co. Ltd. | 441,339 | 20,321,708 | ||||||
| Yuhan Corp. | 433,021 | 21,079,039 | ||||||
| 420,156,378 | ||||||||
| Taiwan — 18.9% | ||||||||
| Accton Technology Corp. | 802,000 | 6,346,728 | ||||||
| Advantech Co. Ltd. | 4,498,855 | 55,519,591 | ||||||
| Asustek Computer Inc. | 4,227,000 | 49,489,751 | ||||||
| Cathay Financial Holding Co. Ltd. | 5,641,034 | 10,759,763 | ||||||
| China Steel Corp. | 12,382,000 | 14,718,480 | ||||||
| Chunghwa Telecom Co. Ltd. | 20,654,000 | 89,764,434 | ||||||
| Compal Electronics Inc. | 42,436,000 | 33,519,105 | ||||||
| Delta Electronics Inc. | 704,000 | 5,792,652 | ||||||
| E.Sun Financial Holding Co. Ltd. | 32,368,459 | 33,921,365 | ||||||
| Evergreen Marine Corp. Taiwan Ltd. | 2,295,000 | 11,109,302 | ||||||
| Far EasTone Telecommunications Co. Ltd. | 25,760,000 | 70,521,626 | ||||||
| First Financial Holding Co. Ltd. | 99,668,899 | 93,502,191 | ||||||
| Formosa Petrochemical Corp. | 3,783,000 | 12,580,787 | ||||||
| Formosa Plastics Corp. | 3,804,840 | 13,721,101 | ||||||
| Hon Hai Precision Industry Co. Ltd. | 3,883,000 | 15,055,630 | ||||||
| Hua Nan Financial Holdings Co. Ltd. | 94,393,089 | 76,996,210 | ||||||
| Inventec Corp. | 10,630,000 | 9,448,889 | ||||||
| Lite-On Technology Corp. | 12,977,752 | 28,075,358 | ||||||
| Mega Financial Holding Co. Ltd. | 20,175,000 | 26,802,236 | ||||||
| Novatek Microelectronics Corp. | 1,356,000 | 18,967,649 | ||||||
| Pou Chen Corp. | 5,183,000 | 5,562,486 | ||||||
| President Chain Store Corp. | 9,137,000 | 86,473,580 | ||||||
| Quanta Computer Inc. | 4,409,000 | 12,031,221 | ||||||
| Realtek Semiconductor Corp. | 194,000 | 2,974,332 | ||||||
| Synnex Technology International Corp. | 16,853,000 | 40,549,567 | ||||||
| Taiwan Cooperative Financial Holding Co. Ltd. | 95,771,330 | 92,411,850 | ||||||
| Taiwan High Speed Rail Corp. | 11,939,000 | 11,359,788 | ||||||
| Taiwan Mobile Co. Ltd. | 23,810,000 | 88,476,454 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 4,452,000 | 84,191,438 | ||||||
| Uni-President Enterprises Corp. | 4,784,000 | 11,069,739 | ||||||
| United Microelectronics Corp. | 2,166,000 | 3,816,735 | ||||||
| WPG Holdings Ltd. | 9,623,440 | 17,452,917 | ||||||
| 1,132,982,955 | ||||||||
| Thailand — 5.5% | ||||||||
| Advanced Info Service PCL, NVDR. | 12,068,300 | 76,448,760 | ||||||
| Airports of Thailand PCL, NVDR(a) | 28,396,500 | 57,851,010 | ||||||
| Bangkok Dusit Medical Services PCL, NVDR | 58,838,100 | 44,263,433 | ||||||
3
| Schedule of Investments (unaudited) (continued) | iShares® MSCI Emerging Markets Min Vol Factor ETF |
| May 31, 2022 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Thailand (continued) | ||||||||
| Bangkok Expressway & Metro PCL, NVDR | 11,928,600 | $ | 3,185,731 | |||||
| Bumrungrad Hospital PCL, NVDR | 4,312,300 | 21,989,342 | ||||||
| CP ALL PCL, NVDR | 23,637,200 | 45,720,352 | ||||||
| Home Product Center PCL, NVDR | 40,865,200 | 17,736,624 | ||||||
| Intouch Holdings PCL, NVDR | 13,390,200 | 27,976,063 | ||||||
| Osotspa PCL, NVDR | 6,385,000 | 6,483,891 | ||||||
| PTT Oil & Retail Business PCL, NVDR | 20,851,300 | 16,864,527 | ||||||
| Siam Cement PCL (The), NVDR | 725,600 | 7,874,509 | ||||||
| Thai Union Group PCL, NVDR | 6,030,400 | 3,027,562 | ||||||
| 329,421,804 | ||||||||
| Turkey — 0.3% | ||||||||
| BIM Birlesik Magazalar AS | 3,591,305 | 18,062,437 | ||||||
| United Arab Emirates — 4.0% | ||||||||
| Abu Dhabi National Oil Co. for Distribution PJSC | 54,522,953 | 62,190,486 | ||||||
| Aldar Properties PJSC | 30,966,027 | 44,584,823 | ||||||
| Dubai Islamic Bank PJSC | 9,012,591 | 14,597,517 | ||||||
| Emirates Telecommunications Group Co. PJSC | 9,977,886 | 82,353,215 | ||||||
| First Abu Dhabi Bank PJSC | 6,141,982 | 35,882,002 | ||||||
| 239,608,043 | ||||||||
| Total Common Stocks — 98.5% | ||||||||
| (Cost: $5,485,265,820) | 5,896,912,969 | |||||||
| Preferred Stocks | ||||||||
| Russia — 0.0% | ||||||||
| Surgutneftegas PJSC, Preference Shares, NVS(d) | 40,815,200 | 6,504 | ||||||
| South Korea — 0.8% | ||||||||
| LG Household & Health Care Ltd., Preference Shares, NVS | 28,204 | 9,185,041 | ||||||
| Security | Shares | Value | ||||||
| South Korea (continued) | ||||||||
| Samsung Electronics Co. Ltd., Preference Shares, NVS | 748,176 | $ | 36,698,977 | |||||
| 45,884,018 | ||||||||
| Total Preferred Stocks — 0.8% | ||||||||
| (Cost: $75,785,846) | 45,890,522 | |||||||
| Short-Term Securities | ||||||||
| Money Market Funds — 0.2% | ||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares, 0.87%(e)(f)(g) | 14,965,913 | 14,965,913 | ||||||
| Total Short-Term Securities — 0.2% | ||||||||
| (Cost: $14,957,432) | 14,965,913 | |||||||
| Total Investments in Securities — 99.5% | ||||||||
| (Cost: $5,576,009,098) | 5,957,769,404 | |||||||
| Other Assets Less Liabilities — 0.5% | 27,389,079 | |||||||
| Net Assets — 100.0% | $ | 5,985,158,483 | ||||||
| (a) | Non-income producing security. |
| (b) | All or a portion of this security is on loan. |
| (c) | 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. |
| (d) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| (e) | Affiliate of the Fund. |
| (f) | Annualized 7-day yield as of period end. |
| (g) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended May 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Issuer | Value at 08/31/21 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 05/31/22 | Shares Held at 05/31/22 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 15,776,157 | $ | — | $ | (789,269 | )(a) | $ | (15,237 | ) | $ | (5,738 | ) | $ | 14,965,913 | 14,965,913 | $ | 313,367 | (b) | $ | — | |||||||||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares(c) | 7,590,000 | — | (7,590,000 | )(a) | — | — | — | — | 3,696 | — | ||||||||||||||||||||||||||
| $ | (15,237 | ) | $ | (5,738 | ) | $ | 14,965,913 | $ | 317,063 | $ | — | |||||||||||||||||||||||||
| (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. |
4
| Schedule of Investments (unaudited) (continued) | iShares® MSCI Emerging Markets Min Vol Factor ETF |
| May 31, 2022 |
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 Emerging Markets Index | 470 | 06/17/22 | $ | 24,988 | $ | 903,065 | ||||||||
| 2-Year U.S. Treasury Note | 24 | 09/30/22 | 5,066 | (4,562 | ) | |||||||||
| $ | 898,503 | |||||||||||||
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
| • | Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access; |
| • | Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and |
| • | Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Investments | ||||||||||||||||
| Assets | ||||||||||||||||
| Common Stocks | $ | 362,695,638 | $ | 5,534,217,140 | $ | 191 | $ | 5,896,912,969 | ||||||||
| Preferred Stocks | — | 45,884,018 | 6,504 | 45,890,522 | ||||||||||||
| Money Market Funds | 14,965,913 | — | — | 14,965,913 | ||||||||||||
| $ | 377,661,551 | $ | 5,580,101,158 | $ | 6,695 | $ | 5,957,769,404 | |||||||||
| Derivative financial instruments(a) | ||||||||||||||||
| Assets | ||||||||||||||||
| Futures Contracts | $ | 903,065 | $ | — | $ | — | $ | 903,065 | ||||||||
| Liabilities | ||||||||||||||||
| Futures Contracts | (4,562 | ) | — | — | (4,562 | ) | ||||||||||
| $ | 898,503 | $ | — | $ | — | $ | 898,503 | |||||||||
| (a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
| Portfolio Abbreviations - Equity | |
| ADR | American Depositary Receipt |
| NVDR | Non-Voting Depositary Receipt |
| NVS | Non-Voting Shares |
| PJSC | Public Joint Stock Company |
5