| Schedule of Investments (unaudited) | iShares® MSCI Global Min Vol Factor ETF |
| May 31, 2022 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Common Stocks | ||||||||
| Belgium — 0.1% | ||||||||
| Proximus SADP | 214,516 | $ | 3,699,557 | |||||
| Canada — 2.4% | ||||||||
| Agnico Eagle Mines Ltd. | 44,609 | 2,364,381 | ||||||
| BCE Inc. | 101,879 | 5,550,446 | ||||||
| CGI Inc.(a) | 155,673 | 13,300,851 | ||||||
| Franco-Nevada Corp. | 268,738 | 38,016,595 | ||||||
| Loblaw Companies Ltd. | 136,083 | 12,554,473 | ||||||
| Metro Inc. | 102,909 | 5,683,854 | ||||||
| TELUS Corp. | 624,676 | 15,631,099 | ||||||
| Thomson Reuters Corp. | 24,778 | 2,452,431 | ||||||
| Waste Connections Inc. | 106,294 | 13,556,737 | ||||||
| 109,110,867 | ||||||||
| China — 4.4% | ||||||||
| Agricultural Bank of China Ltd., Class A | 7,853,599 | 3,563,189 | ||||||
| Agricultural Bank of China Ltd., Class H | 12,148,000 | 4,625,946 | ||||||
| Anhui Gujing Distillery Co. Ltd., Class B | 166,300 | 2,442,833 | ||||||
| Bank of China Ltd., Class H | 60,567,000 | 24,212,946 | ||||||
| Bank of Communications Co. Ltd., Class A | 3,627,400 | 2,668,045 | ||||||
| Bank of Communications Co. Ltd., Class H | 10,782,000 | 7,343,255 | ||||||
| Bank of Ningbo Co. Ltd., Class A | 610,800 | 2,996,584 | ||||||
| Beijing-Shanghai High Speed Railway Co. Ltd., Class A | 3,774,200 | 2,748,925 | ||||||
| China CITIC Bank Corp. Ltd., Class H | 13,753,000 | 6,659,879 | ||||||
| China Conch Venture Holdings Ltd. | 2,529,000 | 6,578,665 | ||||||
| China Construction Bank Corp., Class H | 19,951,000 | 14,789,991 | ||||||
| China Feihe Ltd.(b) | 2,481,000 | 2,504,024 | ||||||
| China Meidong Auto Holdings Ltd. | 692,000 | 2,483,045 | ||||||
| China Merchants Bank Co. Ltd., Class A | 1,019,000 | 6,036,426 | ||||||
| China Minsheng Banking Corp. Ltd., Class H | 9,611,500 | 3,723,489 | ||||||
| China Resources Cement Holdings Ltd. | 3,764,000 | 2,978,698 | ||||||
| China Shenhua Energy Co. Ltd., Class A | 483,100 | 2,457,655 | ||||||
| China State Construction Engineering Corp. Ltd., Class A | 3,539,400 | 2,918,907 | ||||||
| China Tourism Group Duty Free Corp. Ltd., Class A | 164,800 | 4,335,835 | ||||||
| China Tower Corp. Ltd., Class H(b) | 59,134,000 | 6,928,690 | ||||||
| China Yangtze Power Co. Ltd., Class A | 2,097,700 | 7,536,592 | ||||||
| CITIC Securities Co. Ltd., Class A | 901,908 | 2,666,835 | ||||||
| COSCO SHIPPING Holdings Co. Ltd., Class A(a) | 1,167,650 | 2,669,950 | ||||||
| East Money Information Co. Ltd., Class A | 1,069,660 | 3,614,474 | ||||||
| Guangdong Investment Ltd. | 1,883,147 | 2,374,436 | ||||||
| Hansoh Pharmaceutical Group Co. Ltd.(b) | 1,298,000 | 2,334,923 | ||||||
| Industrial & Commercial Bank of China Ltd., Class A | 5,798,751 | 4,046,858 | ||||||
| Industrial & Commercial Bank of China Ltd., Class H | 21,423,000 | 12,828,528 | ||||||
| Industrial Bank Co. Ltd., Class A | 1,871,300 | 5,508,358 | ||||||
| Jiangsu Hengrui Medicine Co. Ltd., Class A | 559,840 | 2,534,344 | ||||||
| LONGi Green Energy Technology Co. Ltd., Class A | 246,280 | 2,901,025 | ||||||
| Luxshare Precision Industry Co. Ltd., Class A | 491,700 | 2,484,801 | ||||||
| Ping An Bank Co. Ltd., Class A | 1,637,100 | 3,461,647 | ||||||
| Postal Savings Bank of China Co. Ltd., Class H(b) | 11,108,000 | 8,250,227 | ||||||
| SF Holding Co. Ltd., Class A | 370,000 | 2,869,378 | ||||||
| Shanghai Pudong Development Bank Co. Ltd., Class A | 2,707,400 | 3,217,596 | ||||||
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 102,600 | 4,633,084 | ||||||
| WuXi AppTec Co. Ltd., Class A | 168,804 | 2,402,348 | ||||||
| Xiaomi Corp., Class B(a)(b) | 4,327,800 | 6,678,592 | ||||||
| Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A | 52,200 | 2,414,254 | ||||||
| Security | Shares | Value | ||||||
| China (continued) | ||||||||
| ZTO Express Cayman Inc., ADR(c) | 114,309 | $ | 3,079,484 | |||||
| 201,504,761 | ||||||||
| Denmark — 0.4% | ||||||||
| Novo Nordisk A/S, Class B | 127,517 | 14,160,825 | ||||||
| Tryg A/S | 193,330 | 4,506,166 | ||||||
| 18,666,991 | ||||||||
| Finland — 0.3% | ||||||||
| Elisa OYJ | 218,642 | 12,373,619 | ||||||
| France — 0.4% | ||||||||
| Eurofins Scientific SE | 24,485 | 2,285,560 | ||||||
| Orange SA | 1,397,479 | 17,494,310 | ||||||
| 19,779,870 | ||||||||
| Germany — 1.0% | ||||||||
| Deutsche Telekom AG, Registered | 1,591,497 | 32,745,994 | ||||||
| QIAGEN NV(a) | 82,031 | 3,774,809 | ||||||
| Symrise AG | 44,941 | 4,966,053 | ||||||
| Telefonica Deutschland Holding AG | 1,471,720 | 4,683,999 | ||||||
| 46,170,855 | ||||||||
| Greece — 0.1% | ||||||||
| Hellenic Telecommunications Organization SA | 207,517 | 3,935,490 | ||||||
| Hong Kong — 2.2% | ||||||||
| CLP Holdings Ltd. | 1,446,754 | 14,418,806 | ||||||
| Hang Seng Bank Ltd. | 1,073,000 | 18,746,916 | ||||||
| HK Electric Investments & HK Electric Investments Ltd., Class SS | 4,075,000 | 3,899,894 | ||||||
| HKT Trust & HKT Ltd., Class SS | 5,345,000 | 7,359,138 | ||||||
| Hong Kong & China Gas Co. Ltd. | 12,098,579 | 13,679,336 | ||||||
| Jardine Matheson Holdings Ltd. | 201,000 | 11,632,757 | ||||||
| Link REIT | 1,318,200 | 11,919,627 | ||||||
| MTR Corp. Ltd. | 2,380,500 | 12,840,420 | ||||||
| Power Assets Holdings Ltd. | 1,232,000 | 8,043,969 | ||||||
| 102,540,863 | ||||||||
| India — 4.3% | ||||||||
| ACC Ltd. | 108,171 | 3,047,314 | ||||||
| Adani Green Energy Ltd.(a) | 189,722 | 4,595,500 | ||||||
| Adani Total Gas Ltd. | 83,582 | 2,582,098 | ||||||
| Adani Transmission Ltd.(a) | 17,828 | 469,796 | ||||||
| Ambuja Cements Ltd. | 915,553 | 4,336,869 | ||||||
| Asian Paints Ltd. | 414,315 | 15,143,091 | ||||||
| Avenue Supermarts Ltd.(a)(b) | 117,838 | 6,004,375 | ||||||
| Bajaj Auto Ltd. | 65,906 | 3,262,655 | ||||||
| Berger Paints India Ltd. | 372,768 | 2,931,862 | ||||||
| Bharat Petroleum Corp. Ltd. | 629,058 | 2,635,985 | ||||||
| Cipla Ltd. | 343,318 | 4,390,959 | ||||||
| Dabur India Ltd. | 769,719 | 5,135,529 | ||||||
| Dr. Reddy's Laboratories Ltd. | 59,315 | 3,323,631 | ||||||
| Eicher Motors Ltd. | 173,043 | 6,167,572 | ||||||
| HCL Technologies Ltd. | 866,819 | 11,559,559 | ||||||
| Hero MotoCorp Ltd. | 74,732 | 2,653,105 | ||||||
| Hindustan Petroleum Corp. Ltd. | 898,102 | 2,631,099 | ||||||
| Hindustan Unilever Ltd. | 152,405 | 4,588,562 | ||||||
| Indian Oil Corp. Ltd. | 2,647,297 | 3,950,381 | ||||||
| Infosys Ltd. | 496,109 | 9,573,404 | ||||||
| Larsen & Toubro Infotech Ltd.(b) | 48,240 | 2,630,090 | ||||||
| Larsen & Toubro Ltd. | 194,582 | 4,120,311 | ||||||
| Maruti Suzuki India Ltd. | 36,973 | 3,767,640 | ||||||
| MRF Ltd. | 2,381 | 2,377,966 | ||||||
1
| Schedule of Investments (unaudited) (continued) | iShares® MSCI Global Min Vol Factor ETF |
| May 31, 2022 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| India (continued) | ||||||||
| Nestle India Ltd. | 37,331 | $ | 8,506,869 | |||||
| Petronet LNG Ltd. | 1,152,875 | 3,366,546 | ||||||
| PI Industries Ltd. | 115,600 | 4,094,183 | ||||||
| Pidilite Industries Ltd. | 212,335 | 6,113,216 | ||||||
| SBI Cards & Payment Services Ltd. | 238,460 | 2,386,223 | ||||||
| Shree Cement Ltd. | 10,347 | 2,933,531 | ||||||
| Sun Pharmaceutical Industries Ltd. | 395,340 | 4,372,341 | ||||||
| Tata Consultancy Services Ltd. | 738,893 | 31,862,358 | ||||||
| Tech Mahindra Ltd. | 351,847 | 5,319,649 | ||||||
| Torrent Pharmaceuticals Ltd. | 78,194 | 2,852,950 | ||||||
| UltraTech Cement Ltd. | 71,792 | 5,595,172 | ||||||
| Wipro Ltd. | 568,336 | 3,453,933 | ||||||
| Wipro Ltd., ADR | 946,389 | 5,659,406 | ||||||
| Yes Bank Ltd.(a) | 14,905,708 | 2,515,087 | ||||||
| 200,910,817 | ||||||||
| Indonesia — 0.1% | ||||||||
| Bank Central Asia Tbk PT | 7,801,300 | 4,146,497 | ||||||
| Ireland — 0.3% | ||||||||
| Kerry Group PLC, Class A | 117,726 | 12,183,490 | ||||||
| Israel — 0.4% | ||||||||
| Azrieli Group Ltd. | 29,881 | 2,243,764 | ||||||
| Bank Hapoalim BM | 416,210 | 3,853,893 | ||||||
| Bank Leumi Le-Israel BM | 601,292 | 5,986,830 | ||||||
| Check Point Software Technologies Ltd.(a) | 67,441 | 8,435,520 | ||||||
| Isracard Ltd. | — | 1 | ||||||
| 20,520,008 | ||||||||
| Italy — 0.2% | ||||||||
| Infrastrutture Wireless Italiane SpA(b) | 482,944 | 5,382,311 | ||||||
| Recordati Industria Chimica e Farmaceutica SpA | 85,334 | 3,824,003 | ||||||
| 9,206,314 | ||||||||
| Japan — 10.1% | ||||||||
| Canon Inc. | 945,600 | 24,014,281 | ||||||
| Capcom Co. Ltd. | 78,200 | 2,201,319 | ||||||
| Chubu Electric Power Co. Inc. | 355,500 | 3,576,891 | ||||||
| Chugai Pharmaceutical Co. Ltd. | 526,100 | 14,382,604 | ||||||
| CyberAgent Inc. | 211,700 | 2,270,693 | ||||||
| East Japan Railway Co. | 69,200 | 3,547,606 | ||||||
| ENEOS Holdings Inc. | 2,680,800 | 10,853,559 | ||||||
| FUJIFILM Holdings Corp. | 167,000 | 9,198,242 | ||||||
| Hamamatsu Photonics KK | 196,300 | 9,140,983 | ||||||
| Hankyu Hanshin Holdings Inc. | 83,400 | 2,236,628 | ||||||
| Hirose Electric Co. Ltd. | 46,100 | 6,389,782 | ||||||
| Hitachi Metals Ltd.(a) | 330,300 | 5,308,507 | ||||||
| ITOCHU Corp. | 890,900 | 25,570,944 | ||||||
| Itochu Techno-Solutions Corp. | 92,800 | 2,308,232 | ||||||
| Japan Post Bank Co. Ltd.(c) | 634,100 | 4,885,181 | ||||||
| KDDI Corp. | 522,300 | 18,221,002 | ||||||
| Keio Corp. | 115,400 | 3,854,915 | ||||||
| Keyence Corp. | 35,400 | 14,074,198 | ||||||
| Kintetsu Group Holdings Co. Ltd. | 162,400 | 4,745,007 | ||||||
| Kirin Holdings Co. Ltd. | 151,700 | 2,346,568 | ||||||
| Koei Tecmo Holdings Co. Ltd. | 82,900 | 2,937,044 | ||||||
| McDonald's Holdings Co. Japan Ltd. | 132,900 | 5,172,266 | ||||||
| MEIJI Holdings Co. Ltd. | 93,700 | 4,616,731 | ||||||
| Mizuho Financial Group Inc. | 1,732,900 | 20,609,670 | ||||||
| MonotaRO Co. Ltd. | 352,500 | 5,146,524 | ||||||
| NEC Corp. | 126,500 | 5,081,238 | ||||||
| Nintendo Co. Ltd. | 34,800 | 15,537,796 |
| Security | Shares | Value | ||||||
| Japan (continued) | ||||||||
| Nippon Prologis REIT Inc. | 2,884 | $ | 7,696,313 | |||||
| Nippon Shinyaku Co. Ltd. | 37,100 | 2,296,866 | ||||||
| Nippon Telegraph & Telephone Corp. | 1,013,300 | 30,958,750 | ||||||
| Nissin Foods Holdings Co. Ltd. | 33,300 | 2,177,913 | ||||||
| Nitori Holdings Co. Ltd. | 101,300 | 10,206,125 | ||||||
| Nomura Research Institute Ltd. | 133,690 | 3,656,612 | ||||||
| NTT Data Corp. | 625,000 | 9,779,133 | ||||||
| Obic Co. Ltd. | 86,000 | 12,670,535 | ||||||
| Odakyu Electric Railway Co. Ltd. | 159,300 | 2,101,858 | ||||||
| Ono Pharmaceutical Co. Ltd. | 458,000 | 12,126,371 | ||||||
| Oracle Corp. Japan(a) | 59,200 | 3,583,978 | ||||||
| Oriental Land Co. Ltd./Japan | 45,600 | 6,776,539 | ||||||
| Osaka Gas Co. Ltd. | 577,600 | 10,795,088 | ||||||
| Otsuka Corp. | 75,500 | 2,387,734 | ||||||
| Otsuka Holdings Co. Ltd. | 392,100 | 13,063,401 | ||||||
| Pan Pacific International Holdings Corp. | 492,900 | 7,562,344 | ||||||
| Secom Co. Ltd. | 269,300 | 17,734,405 | ||||||
| SG Holdings Co. Ltd. | 265,500 | 4,787,824 | ||||||
| Shimano Inc. | 48,300 | 8,466,955 | ||||||
| SoftBank Corp. | 3,091,100 | 35,611,519 | ||||||
| Suntory Beverage & Food Ltd. | 195,200 | 7,320,058 | ||||||
| TIS Inc. | 348,200 | 9,128,636 | ||||||
| Tobu Railway Co. Ltd. | 266,000 | 5,965,001 | ||||||
| Toho Co. Ltd./Tokyo | 143,300 | 5,647,913 | ||||||
| USS Co. Ltd. | 277,000 | 5,038,398 | ||||||
| Welcia Holdings Co. Ltd. | 145,000 | 2,918,752 | ||||||
| 468,687,432 | ||||||||
| Kuwait — 0.3% | ||||||||
| Mobile Telecommunications Co. KSCP | 3,041,947 | 6,255,940 | ||||||
| National Bank of Kuwait SAKP | 1,902,987 | 6,442,009 | ||||||
| 12,697,949 | ||||||||
| Malaysia — 0.5% | ||||||||
| DiGi.Com Bhd | 2,868,900 | 2,310,950 | ||||||
| Hong Leong Bank Bhd | 880,700 | 4,233,421 | ||||||
| IHH Healthcare Bhd | 2,554,000 | 3,903,566 | ||||||
| Malayan Banking Bhd | 2,691,500 | 5,589,661 | ||||||
| Maxis Bhd | 2,868,700 | 2,483,539 | ||||||
| Petronas Chemicals Group Bhd | 1,248,200 | 2,922,706 | ||||||
| Petronas Gas Bhd | 631,300 | 2,492,398 | ||||||
| 23,936,241 | ||||||||
| Netherlands — 0.4% | ||||||||
| Koninklijke Ahold Delhaize NV | 555,104 | 15,307,170 | ||||||
| Koninklijke KPN NV | 1,564,502 | 5,694,743 | ||||||
| 21,001,913 | ||||||||
| New Zealand — 0.1% | ||||||||
| Spark New Zealand Ltd. | 1,627,898 | 5,148,908 | ||||||
| �� | ||||||||
| Peru — 0.1% | ||||||||
| Credicorp Ltd. | 20,590 | 2,890,424 | ||||||
| Philippines — 0.2% | ||||||||
| BDO Unibank Inc. | 2,422,849 | 6,163,747 | ||||||
| Globe Telecom Inc. | 1,145 | 52,950 | ||||||
| PLDT Inc. | 109,340 | 3,965,564 | ||||||
| 10,182,261 | ||||||||
| Qatar — 0.4% | ||||||||
| Industries Qatar QSC | 554,413 | 2,776,429 | ||||||
| Qatar Islamic Bank SAQ | 499,334 | 3,165,058 |
2
| Schedule of Investments (unaudited) (continued) | iShares® MSCI Global Min Vol Factor ETF |
| May 31, 2022 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Qatar (continued) | ||||||||
| Qatar National Bank QPSC | 1,825,319 | $ | 10,759,614 | |||||
| 16,701,101 | ||||||||
| Russia — 0.0% | ||||||||
| PhosAgro PJSC(d) | 809 | — | ||||||
| PhosAgro PJSC, GDR(d) | 125,591 | 1,248 | ||||||
| Polymetal International PLC(d) | 250,942 | 40 | ||||||
| Polyus PJSC(d) | 53,523 | 9 | ||||||
| 1,297 | ||||||||
| Saudi Arabia — 1.5% | ||||||||
| Alinma Bank | 475,387 | 4,872,108 | ||||||
| Bank AlBilad(a) | 419,546 | 5,598,649 | ||||||
| Jarir Marketing Co. | 90,385 | 3,904,881 | ||||||
| SABIC Agri-Nutrients Co. | 278,497 | 10,907,484 | ||||||
| Saudi Arabian Oil Co.(b) | 1,717,124 | 19,175,652 | ||||||
| Saudi Basic Industries Corp. | 304,082 | 9,289,992 | ||||||
| Saudi Telecom Co. | 574,959 | 15,755,407 | ||||||
| 69,504,173 | ||||||||
| Singapore — 1.0% | ||||||||
| Oversea-Chinese Banking Corp. Ltd.(c) | 466,000 | 4,020,174 | ||||||
| Singapore Exchange Ltd. | 1,183,200 | 8,202,956 | ||||||
| Singapore Technologies Engineering Ltd. | 1,637,200 | 4,911,421 | ||||||
| Singapore Telecommunications Ltd. | 11,044,500 | 20,815,930 | ||||||
| UOL Group Ltd. | 715,300 | 3,889,628 | ||||||
| Venture Corp. Ltd. | 367,600 | 4,808,140 | ||||||
| 46,648,249 | ||||||||
| South Korea — 0.1% | ||||||||
| HMM Co. Ltd. | 97,197 | 2,549,339 | ||||||
| Sweden — 0.2% | ||||||||
| Telefonaktiebolaget LM Ericsson, Class B | 657,027 | 5,335,475 | ||||||
| Telia Co. AB | 655,231 | 2,686,749 | ||||||
| 8,022,224 | ||||||||
| Switzerland — 6.2% | ||||||||
| EMS-Chemie Holding AG, Registered | 9,770 | 8,386,722 | ||||||
| Givaudan SA, Registered | 7,922 | 29,141,483 | ||||||
| Kuehne + Nagel International AG, Registered | 76,414 | 20,207,508 | ||||||
| Logitech International SA, Registered | 195,800 | 11,977,087 | ||||||
| Nestle SA, Registered | 494,499 | 60,485,736 | ||||||
| Novartis AG, Registered | 424,354 | 38,548,226 | ||||||
| Roche Holding AG, Bearer | 21,858 | 8,543,688 | ||||||
| Roche Holding AG, NVS | 186,462 | 63,544,559 | ||||||
| Schindler Holding AG, Registered | 28,294 | 5,677,877 | ||||||
| SGS SA, Registered | 2,769 | 6,885,165 | ||||||
| Swiss Prime Site AG, Registered | 118,006 | 11,882,830 | ||||||
| Swisscom AG, Registered | 39,816 | 23,546,153 | ||||||
| 288,827,034 | ||||||||
| Taiwan — 5.4% | ||||||||
| Acer Inc. | 3,813,000 | 3,797,813 | ||||||
| Advantech Co. Ltd. | 545,482 | 6,731,699 | ||||||
| Asia Cement Corp. | 3,090,000 | 4,711,460 | ||||||
| Asustek Computer Inc. | 1,085,000 | 12,703,189 | ||||||
| Catcher Technology Co. Ltd. | 543,000 | 3,068,114 | ||||||
| Chang Hwa Commercial Bank Ltd. | 6,070,345 | 3,778,116 | ||||||
| China Steel Corp. | 7,127,000 | 8,471,863 | ||||||
| Chunghwa Telecom Co. Ltd. | 5,844,000 | 25,398,632 | ||||||
| Compal Electronics Inc. | 5,901,000 | 4,661,048 | ||||||
| CTBC Financial Holding Co. Ltd. | 3,479,000 | 3,230,704 | ||||||
| E.Sun Financial Holding Co. Ltd. | 8,596,377 | 9,008,796 | ||||||
| Far EasTone Telecommunications Co. Ltd. | 2,455,000 | 6,720,908 |
| Security | Shares | Value | ||||||
| Taiwan (continued) | ||||||||
| First Financial Holding Co. Ltd. | 14,575,644 | $ | 13,673,821 | |||||
| Formosa Chemicals & Fibre Corp. | 5,183,000 | 14,642,756 | ||||||
| Formosa Petrochemical Corp. | 1,760,000 | 5,853,076 | ||||||
| Hua Nan Financial Holdings Co. Ltd. | 12,060,932 | 9,838,072 | ||||||
| Inventec Corp. | 3,860,000 | 3,412,734 | ||||||
| Lite-On Technology Corp. | 3,065,000 | 6,630,653 | ||||||
| Mega Financial Holding Co. Ltd. | 15,270,000 | 20,286,004 | ||||||
| Nan Ya Plastics Corp. | 975,000 | 2,851,959 | ||||||
| Novatek Microelectronics Corp. | 278,000 | 3,850,932 | ||||||
| Pegatron Corp. | 2,944,000 | 7,059,514 | ||||||
| Powerchip Semiconductor Manufacturing Corp. | 1,970,000 | 3,923,032 | ||||||
| President Chain Store Corp. | 578,000 | 5,470,256 | ||||||
| Quanta Computer Inc. | 3,703,000 | 10,104,697 | ||||||
| Synnex Technology International Corp. | 1,876,250 | 4,514,397 | ||||||
| Taishin Financial Holding Co. Ltd. | 8,853,694 | 5,444,327 | ||||||
| Taiwan Cooperative Financial Holding Co. Ltd. | 13,279,457 | 12,813,638 | ||||||
| Taiwan High Speed Rail Corp. | 3,034,000 | 2,895,497 | ||||||
| Taiwan Mobile Co. Ltd. | 2,651,000 | 9,850,948 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 514,000 | 9,720,215 | ||||||
| WPG Holdings Ltd. | 2,451,760 | 4,446,473 | ||||||
| 249,565,343 | ||||||||
| Thailand — 0.6% | ||||||||
| Advanced Info Service PCL, NVDR | 1,672,900 | 10,597,278 | ||||||
| Airports of Thailand PCL, NVDR(a) | 1,131,300 | 2,305,908 | ||||||
| Bangkok Dusit Medical Services PCL, NVDR | 6,904,200 | 5,193,975 | ||||||
| Bangkok Expressway & Metro PCL, NVDR | 9,312,000 | 2,489,912 | ||||||
| BTS Group Holdings PCL, NVDR | 12,166,000 | 3,164,155 | ||||||
| Bumrungrad Hospital PCL, NVDR | 630,200 | 3,213,525 | ||||||
| Home Product Center PCL, NVDR | 7,029,900 | 3,051,171 | ||||||
| 30,015,924 | ||||||||
| United Arab Emirates — 0.4% | ||||||||
| Abu Dhabi National Oil Co. for Distribution PJSC | 3,443,740 | 3,928,031 | ||||||
| Emirates Telecommunications Group Co. PJSC | 1,984,386 | 16,378,276 | ||||||
| 20,306,307 | ||||||||
| United Kingdom — 0.1% | ||||||||
| AstraZeneca PLC | 31,165 | 4,118,881 | ||||||
| United States — 55.2% | ||||||||
| Abbott Laboratories | 86,266 | 10,132,804 | ||||||
| Accenture PLC, Class A | 35,975 | 10,737,098 | ||||||
| Activision Blizzard Inc. | 179,539 | 13,982,497 | ||||||
| Adobe Inc.(a) | 11,848 | 4,934,455 | ||||||
| Akamai Technologies Inc.(a) | 152,046 | 15,362,728 | ||||||
| Amazon.com Inc.(a) | 4,315 | 10,374,080 | ||||||
| Ameren Corp. | 59,391 | 5,653,429 | ||||||
| American Electric Power Co. Inc. | 172,072 | 17,556,506 | ||||||
| American Tower Corp. | 20,460 | 5,240,420 | ||||||
| American Water Works Co. Inc. | 89,263 | 13,501,029 | ||||||
| Amgen Inc. | 49,430 | 12,690,658 | ||||||
| Amphenol Corp., Class A | 187,518 | 13,287,525 | ||||||
| Annaly Capital Management Inc. | 354,851 | 2,345,565 | ||||||
| Aon PLC, Class A | 47,146 | 12,996,738 | ||||||
| Arthur J Gallagher & Co. | 56,206 | 9,102,000 | ||||||
| AT&T Inc. | 586,104 | 12,478,154 | ||||||
| Automatic Data Processing Inc. | 88,754 | 19,786,817 | ||||||
| AutoZone Inc.(a) | 12,243 | 25,216,295 | ||||||
| Baxter International Inc. | 148,200 | 11,270,610 | ||||||
| Becton Dickinson and Co. | 55,733 | 14,256,501 | ||||||
| Berkshire Hathaway Inc., Class B(a) | 86,961 | 27,477,937 |
3
| Schedule of Investments (unaudited) (continued) | iShares® MSCI Global Min Vol Factor ETF |
| May 31, 2022 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| United States (continued) | ||||||||
| BioMarin Pharmaceutical Inc.(a)(c) | 144,668 | $ | 10,868,907 | |||||
| Bio-Rad Laboratories Inc., Class A(a) | 4,243 | 2,281,843 | ||||||
| Black Knight Inc.(a) | 158,256 | 10,747,165 | ||||||
| Booz Allen Hamilton Holding Corp. | 121,681 | 10,447,531 | ||||||
| Bristol-Myers Squibb Co. | 497,804 | 37,559,312 | ||||||
| Broadridge Financial Solutions Inc. | 111,131 | 16,249,575 | ||||||
| Brown & Brown Inc. | 135,215 | 8,027,715 | ||||||
| Campbell Soup Co. | 141,351 | 6,772,126 | ||||||
| Cboe Global Markets Inc. | 109,592 | 12,308,278 | ||||||
| Cerner Corp. | 234,642 | 22,255,794 | ||||||
| CH Robinson Worldwide Inc. | 185,216 | 20,097,788 | ||||||
| Charter Communications Inc., Class A(a)(c) | 18,937 | 9,599,733 | ||||||
| Church & Dwight Co. Inc.(c) | 194,427 | 17,510,096 | ||||||
| Cisco Systems Inc. | 635,162 | 28,614,048 | ||||||
| Citrix Systems Inc. | 174,699 | 17,590,442 | ||||||
| Clorox Co. (The) | 125,537 | 18,248,058 | ||||||
| CME Group Inc. | 52,457 | 10,430,025 | ||||||
| CMS Energy Corp. | 119,819 | 8,511,942 | ||||||
| Cognizant Technology Solutions Corp., Class A | 40,036 | 2,990,689 | ||||||
| Colgate-Palmolive Co. | 156,907 | 12,365,841 | ||||||
| Comcast Corp., Class A | 269,991 | 11,955,201 | ||||||
| Consolidated Edison Inc. | 496,934 | 49,325,669 | ||||||
| Cooper Companies Inc. (The) | 10,513 | 3,687,330 | ||||||
| Costco Wholesale Corp. | 24,302 | 11,330,078 | ||||||
| Crown Castle International Corp. | 88,855 | 16,851,351 | ||||||
| Danaher Corp. | 68,489 | 18,068,768 | ||||||
| Dollar General Corp. | 182,228 | 40,152,117 | ||||||
| Dominion Energy Inc. | 308,789 | 26,006,210 | ||||||
| Domino’s Pizza Inc. | 40,388 | 14,667,710 | ||||||
| Duke Energy Corp. | 365,011 | 41,071,038 | ||||||
| Electronic Arts Inc. | 191,304 | 26,524,300 | ||||||
| Eli Lilly & Co. | 113,731 | 35,647,845 | ||||||
| Erie Indemnity Co., Class A, NVS | 35,375 | 5,934,156 | ||||||
| Evergy Inc. | 51,807 | 3,623,382 | ||||||
| Eversource Energy | 85,570 | 7,899,822 | ||||||
| Expeditors International of Washington Inc. | 238,365 | 25,943,647 | ||||||
| F5 Inc.(a) | 34,919 | 5,693,194 | ||||||
| Fidelity National Information Services Inc. | 46,896 | 4,900,632 | ||||||
| Fiserv Inc.(a) | 126,515 | 12,674,273 | ||||||
| General Mills Inc. | 162,454 | 11,347,412 | ||||||
| Genuine Parts Co. | 18,219 | 2,491,084 | ||||||
| Gilead Sciences Inc. | 679,105 | 44,039,959 | ||||||
| Henry Schein Inc.(a) | 42,159 | 3,610,497 | ||||||
| Hershey Co. (The)(c) | 181,793 | 38,487,396 | ||||||
| Hologic Inc.(a) | 28,481 | 2,143,765 | ||||||
| Home Depot Inc. (The) | 58,188 | 17,616,417 | ||||||
| Horizon Therapeutics PLC(a) | 80,475 | 7,217,803 | ||||||
| Hormel Foods Corp. | 419,253 | 20,405,043 | ||||||
| Humana Inc. | 13,471 | 6,118,932 | ||||||
| Incyte Corp.(a) | 289,302 | 21,955,129 | ||||||
| Intel Corp. | 52,856 | 2,347,864 | ||||||
| Intercontinental Exchange Inc. | 63,798 | 6,532,277 | ||||||
| International Business Machines Corp. | 56,830 | 7,890,277 | ||||||
| Jack Henry & Associates Inc. | 104,080 | 19,579,530 | ||||||
| JM Smucker Co. (The) | 76,977 | 9,650,606 | ||||||
| Johnson & Johnson | 381,286 | 68,452,276 | ||||||
| Juniper Networks Inc. | 104,077 | 3,193,082 | ||||||
| Kellogg Co. | 270,195 | 18,843,399 | ||||||
| Keurig Dr Pepper Inc. | 536,148 | 18,625,781 | ||||||
| Keysight Technologies Inc.(a) | 258,745 | 37,673,272 |
| Security | Shares | Value | ||||||
| United States (continued) | ||||||||
| Kimberly-Clark Corp. | 114,801 | $ | 15,270,829 | |||||
| Kroger Co. (The) | 855,464 | 45,313,928 | ||||||
| Liberty Broadband Corp., Class C, NVS(a)(c) | 170,820 | 21,381,539 | ||||||
| MarketAxess Holdings Inc. | 11,148 | 3,140,169 | ||||||
| Marsh & McLennan Companies Inc. | 199,887 | 31,971,926 | ||||||
| Mastercard Inc., Class A | 38,759 | 13,870,683 | ||||||
| McCormick & Co. Inc./MD, NVS | 226,430 | 20,994,590 | ||||||
| McDonald’s Corp. | 171,326 | 43,210,130 | ||||||
| Medtronic PLC | 125,657 | 12,584,549 | ||||||
| Merck & Co. Inc. | 629,814 | 57,961,782 | ||||||
| Microsoft Corp. | 67,287 | 18,293,317 | ||||||
| Mondelez International Inc., Class A | 82,526 | 5,245,353 | ||||||
| Motorola Solutions Inc. | 193,642 | 42,550,893 | ||||||
| Neurocrine Biosciences Inc.(a) | 115,035 | 10,754,622 | ||||||
| Newmont Corp. | 912,036 | 61,881,643 | ||||||
| NextEra Energy Inc. | 132,701 | 10,044,139 | ||||||
| NortonLifeLock Inc. | 236,616 | 5,759,233 | ||||||
| Old Dominion Freight Line Inc. | 10,332 | 2,668,136 | ||||||
| Oracle Corp. | 161,136 | 11,588,901 | ||||||
| O’Reilly Automotive Inc.(a) | 23,040 | 14,680,397 | ||||||
| Paychex Inc. | 343,440 | 42,528,175 | ||||||
| PepsiCo Inc. | 327,511 | 54,939,970 | ||||||
| Pfizer Inc. | 412,012 | 21,853,116 | ||||||
| Pool Corp. | 8,379 | 3,340,037 | ||||||
| Procter & Gamble Co. (The) | 245,415 | 36,291,970 | ||||||
| Progressive Corp. (The) | 156,336 | 18,663,392 | ||||||
| Public Storage | 101,874 | 33,683,619 | ||||||
| Quest Diagnostics Inc. | 47,703 | 6,727,077 | ||||||
| Regeneron Pharmaceuticals Inc.(a) | 75,931 | 50,474,373 | ||||||
| Republic Services Inc. | 312,673 | 41,848,154 | ||||||
| Rollins Inc. | 212,112 | 7,521,492 | ||||||
| Roper Technologies Inc. | 5,385 | 2,382,539 | ||||||
| SBA Communications Corp. | 8,670 | 2,918,409 | ||||||
| Seagen Inc.(a) | 124,390 | 16,877,235 | ||||||
| Southern Co. (The) | 462,969 | 35,028,235 | ||||||
| Target Corp. | 122,030 | 19,754,216 | ||||||
| T-Mobile U.S. Inc.(a) | 279,046 | 37,194,041 | ||||||
| Tradeweb Markets Inc., Class A | 82,548 | 5,581,070 | ||||||
| United Parcel Service Inc., Class B | 13,267 | 2,417,911 | ||||||
| UnitedHealth Group Inc. | 28,195 | 14,006,712 | ||||||
| VeriSign Inc.(a) | 107,807 | 18,817,712 | ||||||
| Verizon Communications Inc. | 1,356,310 | 69,565,140 | ||||||
| Vertex Pharmaceuticals Inc.(a) | 163,624 | 43,957,588 | ||||||
| Visa Inc., Class A | 95,899 | 20,346,891 | ||||||
| Walmart Inc. | 361,823 | 46,541,292 | ||||||
| Waste Management Inc. | 436,341 | 69,164,412 | ||||||
| WEC Energy Group Inc. | 377,746 | 39,689,772 | ||||||
| West Pharmaceutical Services Inc. | 24,355 | 7,559,305 | ||||||
| Western Union Co. (The) | 571,551 | 10,367,935 | ||||||
| Xcel Energy Inc. | 526,892 | 39,696,043 | ||||||
| 2,550,943,870 | ||||||||
| Total Common Stocks — 99.4% | ||||||||
| (Cost: $4,041,124,050) | 4,596,498,869 |
4
| Schedule of Investments (unaudited) (continued) | iShares® MSCI Global Min Vol Factor ETF |
| May 31, 2022 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Short-Term Securities | ||||||||
| Money Market Funds — 0.6% | ||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares, 0.87%(e)(f)(g) | 30,659,705 | $ | 30,659,705 | |||||
| Total Short-Term Securities — 0.6% | ||||||||
| (Cost: $30,658,061) | 30,659,705 | |||||||
| Total Investments in Securities — 100.0% | ||||||||
| (Cost: $4,071,782,111) | 4,627,158,574 | |||||||
| Liabilities in Excess of Other Assets — (0.0)% | (2,064,133 | ) | ||||||
| Net Assets — 100.0% | $ | 4,625,094,441 | ||||||
| (a) | Non-income producing security. |
| (b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
| (c) | All or a portion of this security is on loan. |
| (d) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| (e) | 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 | $ | 8,628,779 | $ | 22,039,634 | (a) | $ | — | $ | (1,667 | ) | $ | (7,041 | ) | $ | 30,659,705 | 30,659,705 | $ | 32,923 | (b) | $ | — | |||||||||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares(c) | 9,940,000 | — | (9,940,000 | )(a) | — | — | — | — | 6,156 | — | ||||||||||||||||||||||||||
| $ | (1,667 | ) | $ | (7,041 | ) | $ | 30,659,705 | $ | 39,079 | $ | — | |||||||||||||||||||||||||
| (a) | Represents net amount purchased (sold). |
| (b) | All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
| (c) | As of period end, the entity is no longer held. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
| Long Contracts | ||||||||||||||||
| MSCI EAFE Index | 40 | 06/17/22 | $ | 4,074 | $ | (32,758 | ) | |||||||||
| MSCI Emerging Markets Index | 39 | 06/17/22 | 2,073 | (9,236 | ) | |||||||||||
| S&P 500 E-Mini Index | 37 | 06/17/22 | 7,643 | (262,982 | ) | |||||||||||
| 2-Year U.S. Treasury Note | 9 | 09/30/22 | 1,900 | 2,729 | ||||||||||||
| $ | (302,247 | ) |
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; |
5
| Schedule of Investments (unaudited) (continued) | iShares® MSCI Global Min Vol Factor ETF |
| May 31, 2022 |
Fair Value Measurements (continued)
| • | 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 | $ | 2,707,256,609 | $ | 1,889,240,963 | $ | 1,297 | $ | 4,596,498,869 | ||||||||
| Money Market Funds | 30,659,705 | — | — | 30,659,705 | ||||||||||||
| $ | 2,737,916,314 | $ | 1,889,240,963 | $ | 1,297 | $ | 4,627,158,574 | |||||||||
| Derivative financial instruments(a) | ||||||||||||||||
| Assets | ||||||||||||||||
| Futures Contracts | $ | 2,729 | $ | — | $ | — | $ | 2,729 | ||||||||
| Liabilities | ||||||||||||||||
| Futures Contracts | (304,976 | ) | — | — | (304,976 | ) | ||||||||||
| $ | (302,247 | ) | $ | — | $ | — | $ | (302,247 | ) | |||||||
| (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 |
| GDR | Global Depositary Receipt |
| NVDR | Non-Voting Depositary Receipt |
| NVS | Non-Voting Shares |
| PJSC | Public Joint Stock Company |
| REIT | Real Estate Investment Trust |
6