iShares

®

ESG

Aware

MSCI

USA

Value

ETF

Schedule

of

Investments

(unaudited)

May

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

1

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 

2

.1

%

Huntington

Ingalls

Industries,

Inc.

..............

73

$

14,701

L3Harris

Technologies,

Inc.

..................

87

15,305

Raytheon

Technologies

Corp.

................

488

44,964

Textron,

Inc.

............................

72

4,455

79,425

a

Air

Freight

&

Logistics

 — 

1

.6

%

CH

Robinson

Worldwide,

Inc.

................

117

11,061

Expeditors

International

of

Washington,

Inc.

.......

170

18,753

FedEx

Corp.

............................

38

8,283

United

Parcel

Service,

Inc.

,

Class

B

............

138

23,046

61,143

a

Automobiles

 — 

0

.2

%

Ford

Motor

Co.

..........................

329

3,948

Rivian

Automotive,

Inc.

,

Class

A

(a)

..............

282

4,154

8,102

a

Banks

 — 

6

.0

%

Bank

of

America

Corp.

.....................

1,726

47,966

Citigroup,

Inc.

...........................

479

21,229

Huntington

Bancshares,

Inc.

.................

871

8,980

JPMorgan

Chase

&

Co.

....................

614

83,326

PNC

Financial

Services

Group,

Inc.

(The)

........

166

19,228

Regions

Financial

Corp.

....................

1,081

18,669

Truist

Financial

Corp.

......................

160

4,875

U.S.

Bancorp

...........................

185

5,531

Wells

Fargo

&

Co.

........................

383

15,247

225,051

a

Beverages

 — 

4

.7

%

Coca-Cola

Co.

(The)

......................

1,463

87,283

Keurig

Dr

Pepper,

Inc.

.....................

342

10,643

Molson

Coors

Beverage

Co.

,

Class

B

...........

166

10,267

PepsiCo,

Inc.

...........................

372

67,834

176,027

a

Biotechnology

 — 

3

.4

%

AbbVie,

Inc.

............................

326

44,975

Amgen,

Inc.

............................

137

30,229

Biogen,

Inc.

(a)

...........................

41

12,153

Gilead

Sciences,

Inc.

......................

399

30,699

Regeneron

Pharmaceuticals,

Inc.

(a)

.............

14

10,298

128,354

a

Building

Products

 — 

2

.2

%

Allegion

PLC

............................

41

4,294

Carrier

Global

Corp.

.......................

329

13,456

Fortune

Brands

Innovations,

Inc.

..............

187

11,304

Johnson

Controls

International

PLC

............

391

23,343

Owens

Corning

..........................

60

6,380

Trane

Technologies

PLC

....................

148

24,158

82,935

a

Capital

Markets

 — 

4

.4

%

Bank

of

New

York

Mellon

Corp.

(The)

...........

368

14,794

BlackRock,

Inc.

(b)

.........................

26

17,096

Charles

Schwab

Corp.

(The)

.................

161

8,483

CME

Group,

Inc.

,

Class

A

...................

21

3,754

Goldman

Sachs

Group,

Inc.

(The)

.............

89

28,827

Intercontinental

Exchange,

Inc.

...............

71

7,522

Invesco

Ltd.

............................

349

5,019

Moody's

Corp.

...........................

27

8,556

Morgan

Stanley

..........................

491

40,144

Security

Shares

Value

a

Capital

Markets

(continued)

Nasdaq,

Inc.

............................

262

$

14,502

Northern

Trust

Corp.

.......................

83

5,969

State

Street

Corp.

........................

160

10,883

165,549

a

Chemicals

 — 

2

.8

%

Air

Products

and

Chemicals,

Inc.

..............

14

3,768

Dow,

Inc.

..............................

273

13,317

DuPont

de

Nemours,

Inc.

...................

57

3,830

Ecolab,

Inc.

............................

133

21,951

International

Flavors

&

Fragrances,

Inc.

..........

123

9,507

Linde

PLC

.............................

96

33,951

Mosaic

Co.

(The)

.........................

106

3,388

PPG

Industries,

Inc.

.......................

97

12,735

102,447

a

Communications

Equipment

 — 

1

.3

%

Cisco

Systems,

Inc.

.......................

936

46,491

a

Construction

Materials

 — 

0

.1

%

Martin

Marietta

Materials,

Inc.

................

11

4,378

a

Consumer

Finance

 — 

1

.3

%

American

Express

Co.

.....................

178

28,224

Discover

Financial

Services

..................

89

9,144

Synchrony

Financial

.......................

371

11,486

48,854

a

Consumer

Staples

Distribution

&

Retail

 — 

0

.9

%

Kroger

Co.

(The)

.........................

278

12,601

Target

Corp.

............................

146

19,116

31,717

a

Containers

&

Packaging

 — 

0

.7

%

Amcor

PLC

.............................

760

7,326

Avery

Dennison

Corp.

......................

42

6,767

Ball

Corp.

..............................

119

6,088

International

Paper

Co.

.....................

158

4,652

24,833

a

Distributors

 — 

0

.6

%

LKQ

Corp.

.............................

404

21,311

a

Diversified

Telecommunication

Services

 — 

1

.5

%

AT&T,

Inc.

..............................

1,258

19,788

Verizon

Communications,

Inc.

................

971

34,597

54,385

a

Electric

Utilities

 — 

2

.1

%

Eversource

Energy

.......................

339

23,469

Exelon

Corp.

............................

366

14,512

NextEra

Energy,

Inc.

......................

559

41,064

79,045

a

Electrical

Equipment

 — 

0

.4

%

Eaton

Corp.

PLC

.........................

50

8,795

Emerson

Electric

Co.

......................

50

3,884

Rockwell

Automation,

Inc.

...................

13

3,622

16,301

a

Electronic

Equipment,

Instruments

&

Components

 — 

0

.3

%

TE

Connectivity

Ltd.

.......................

30

3,675

Trimble,

Inc.

(a)

...........................

145

6,767

10,442

a

Schedule

of

Investments

(unaudited)

(continued)

May

31,

2023

iShares

®

ESG

Aware

MSCI

USA

Value

ETF

(Percentages

shown

are

based

on

Net

Assets)

2

Security

Shares

Value

a

Energy

Equipment

&

Services

 — 

0

.2

%

Baker

Hughes

Co.

,

Class

A

..................

322

$

8,774

a

Entertainment

 — 

0

.3

%

Electronic

Arts,

Inc.

.......................

100

12,800

a

Financial

Services

 — 

1

.8

%

Berkshire

Hathaway,

Inc.

,

Class

B

(a)

............

123

39,493

Fidelity

National

Information

Services,

Inc.

........

213

11,623

Fiserv,

Inc.

(a)

............................

142

15,931

67,047

a

Food

Products

 — 

3

.4

%

Archer-Daniels-Midland

Co.

..................

189

13,353

Bunge

Ltd.

(a)

............................

156

14,452

Campbell

Soup

Co.

.......................

77

3,892

Conagra

Brands,

Inc.

......................

184

6,416

General

Mills,

Inc.

........................

421

35,431

Hormel

Foods

Corp.

.......................

97

3,710

Kellogg

Co.

.............................

414

27,643

McCormick

&

Co.,

Inc.

,

NVS

.................

78

6,687

Mondelez

International,

Inc.

,

Class

A

............

201

14,756

126,340

a

Gas

Utilities

 — 

0

.3

%

UGI

Corp.

..............................

379

10,601

a

Ground

Transportation

 — 

0

.3

%

CSX

Corp.

.............................

211

6,471

Norfolk

Southern

Corp.

.....................

22

4,580

11,051

a

Health

Care

Equipment

&

Supplies

 — 

2

.6

%

Abbott

Laboratories

.......................

378

38,556

Baxter

International,

Inc.

....................

89

3,624

Becton

Dickinson

&

Co.

....................

45

10,879

Medtronic

PLC

..........................

146

12,083

STERIS

PLC

............................

48

9,599

Teleflex,

Inc.

............................

16

3,756

Zimmer

Biomet

Holdings,

Inc.

................

147

18,719

97,216

a

Health

Care

Providers

&

Services

 — 

5

.3

%

Centene

Corp.

(a)

.........................

59

3,682

Cigna

Group

(The)

........................

82

20,288

CVS

Health

Corp.

........................

208

14,150

HCA

Healthcare,

Inc.

......................

37

9,775

Humana,

Inc.

...........................

24

12,045

Laboratory

Corp.

of

America

Holdings

...........

50

10,626

Quest

Diagnostics,

Inc.

.....................

105

13,928

UnitedHealth

Group,

Inc.

....................

228

111,091

195,585

a

Health

Care

REITs

 — 

0

.8

%

Healthpeak

Properties,

Inc.

..................

193

3,852

Ventas,

Inc.

............................

86

3,710

Welltower,

Inc.

...........................

309

23,055

30,617

a

Hotel

&

Resort

REITs

 — 

0

.1

%

Host

Hotels

&

Resorts,

Inc.

..................

223

3,702

a

Hotels,

Restaurants

&

Leisure

 — 

0

.4

%

Aramark

...............................

96

3,790

MGM

Resorts

International

..................

90

3,536

Vail

Resorts,

Inc.

.........................

35

8,512

15,838

a

Security

Shares

Value

a

Household

Products

 — 

2

.7

%

Clorox

Co.

(The)

.........................

38

$

6,011

Colgate-Palmolive

Co.

.....................

133

9,892

Kimberly-Clark

Corp.

......................

127

17,054

Procter

&

Gamble

Co.

(The)

.................

481

68,542

101,499

a

Industrial

Conglomerates

 — 

1

.5

%

3M

Co.

................................

233

21,741

General

Electric

Co.

.......................

69

7,006

Honeywell

International,

Inc.

.................

144

27,590

56,337

a

Industrial

REITs

 — 

1

.0

%

Prologis,

Inc.

............................

309

38,486

a

Insurance

 — 

2

.4

%

Allstate

Corp.

(The)

.......................

32

3,470

Chubb

Ltd.

.............................

72

13,378

Hartford

Financial

Services

Group,

Inc.

(The)

......

110

7,537

Marsh

&

McLennan

Companies,

Inc.

............

63

10,910

MetLife,

Inc.

............................

74

3,667

Prudential

Financial,

Inc.

....................

381

29,981

Travelers

Companies,

Inc.

(The)

...............

123

20,817

89,760

a

IT

Services

 — 

2

.1

%

Accenture

PLC

,

Class

A

....................

98

29,980

Akamai

Technologies,

Inc.

(a)

..................

90

8,291

International

Business

Machines

Corp.

..........

269

34,591

Twilio,

Inc.

,

Class

A

(a)

......................

89

6,196

79,058

a

Leisure

Products

 — 

0

.3

%

Hasbro,

Inc.

............................

165

9,793

a

Life

Sciences

Tools

&

Services

 — 

1

.0

%

Avantor,

Inc.

(a)

...........................

285

5,683

Danaher

Corp.

..........................

106

24,340

Illumina,

Inc.

(a)

...........................

27

5,309

35,332

a

Machinery

 — 

3

.0

%

Caterpillar,

Inc.

..........................

95

19,546

Cummins,

Inc.

...........................

123

25,143

Dover

Corp.

............................

75

10,000

Fortive

Corp.

............................

99

6,446

Graco,

Inc.

.............................

58

4,436

IDEX

Corp.

.............................

44

8,763

Ingersoll

Rand,

Inc.

.......................

138

7,819

Pentair

PLC

............................

331

18,361

Xylem,

Inc.

.............................

126

12,625

113,139

a

Media

 — 

1

.2

%

Comcast

Corp.

,

Class

A

....................

720

28,332

Fox

Corp.

,

Class

B

........................

138

4,031

Interpublic

Group

of

Companies,

Inc.

(The)

.......

252

9,372

Paramount

Global

,

Class

B

,

NVS

..............

252

3,833

45,568

a

Metals

&

Mining

 — 

0

.8

%

Freeport-McMoRan,

Inc.

....................

217

7,452

Newmont

Corp.

..........................

238

9,651

Nucor

Corp.

............................

35

4,622

Reliance

Steel

&

Aluminum

Co.

...............

16

3,755

iShares

®

ESG

Aware

MSCI

USA

Value

ETF

Schedule

of

Investments

(unaudited)

(continued)

May

31,

2023

(Percentages

shown

are

based

on

Net

Assets)

3

Schedule

of

Investments

Security

Shares

Value

a

Metals

&

Mining

(continued)

Steel

Dynamics,

Inc.

.......................

41

$

3,768

29,248

a

Multi-Utilities

 — 

2

.5

%

CMS

Energy

Corp.

........................

270

15,655

Consolidated

Edison,

Inc.

...................

279

26,031

Public

Service

Enterprise

Group,

Inc.

...........

650

38,837

Sempra

Energy

..........................

77

11,052

91,575

a

Office

REITs

 — 

0

.2

%

Alexandria

Real

Estate

Equities,

Inc.

............

36

4,085

Boston

Properties,

Inc.

.....................

78

3,796

7,881

a

Oil,

Gas

&

Consumable

Fuels

 — 

6

.6

%

Chevron

Corp.

...........................

367

55,278

ConocoPhillips

..........................

336

33,365

Devon

Energy

Corp.

.......................

81

3,734

EOG

Resources,

Inc.

......................

143

15,342

EQT

Corp.

.............................

126

4,381

Exxon

Mobil

Corp.

........................

476

48,638

Kinder

Morgan,

Inc.

,

Class

P

.................

233

3,754

Marathon

Petroleum

Corp.

..................

67

7,029

Occidental

Petroleum

Corp.

..................

108

6,227

ONEOK,

Inc.

............................

493

27,933

Ovintiv,

Inc.

(a)

............................

314

10,384

Phillips

66

..............................

128

11,726

Pioneer

Natural

Resources

Co.

...............

51

10,171

Valero

Energy

Corp.

.......................

67

7,172

245,134

a

Pharmaceuticals

 — 

5

.8

%

Bristol-Myers

Squibb

Co.

....................

497

32,027

Johnson

&

Johnson

.......................

471

73,033

Merck

&

Co.,

Inc.

.........................

632

69,779

Pfizer,

Inc.

.............................

1,131

43,001

217,840

a

Professional

Services

 — 

0

.5

%

Broadridge

Financial

Solutions,

Inc.

(a)

...........

82

12,031

Leidos

Holdings,

Inc.

......................

79

6,167

18,198

a

Residential

REITs

 — 

0

.2

%

AvalonBay

Communities,

Inc.

................

31

5,393

a

Retail

REITs

 — 

0

.1

%

Regency

Centers

Corp.

....................

66

3,714

a

Semiconductors

&

Semiconductor

Equipment

 — 

7

.0

%

Analog

Devices,

Inc.

.......................

39

6,930

Applied

Materials,

Inc.

.....................

93

12,397

Broadcom,

Inc.

..........................

68

54,941

First

Solar,

Inc.

(a)

.........................

29

5,886

Intel

Corp.

.............................

1,018

32,006

Lam

Research

Corp.

......................

44

27,135

Marvell

Technology,

Inc.

....................

216

12,634

Micron

Technology,

Inc.

.....................

201

13,708

NXP

Semiconductors

NV

...................

97

17,373

QUALCOMM,

Inc.

........................

189

21,434

Texas

Instruments,

Inc.

.....................

330

57,380

261,824

a

Software

 — 

1

.2

%

Black

Knight,

Inc.

(a)

........................

66

3,814

Gen

Digital,

Inc.

..........................

323

5,665

Security

Shares

Value

a

Software

(continued)

Oracle

Corp.

............................

232

$

24,578

Roper

Technologies,

Inc.

....................

23

10,447

44,504

a

Specialized

REITs

 — 

1

.9

%

American

Tower

Corp.

.....................

117

21,579

Crown

Castle,

Inc.

........................

158

17,887

Digital

Realty

Trust,

Inc.

....................

104

10,656

Iron

Mountain,

Inc.

........................

185

9,883

Weyerhaeuser

Co.

........................

398

11,407

71,412

a

Specialty

Retail

 — 

3

.4

%

Best

Buy

Co.,

Inc.

........................

166

12,063

Home

Depot,

Inc.

(The)

....................

249

70,579

Lowe's

Companies,

Inc.

....................

150

30,169

TJX

Companies,

Inc.

(The)

..................

164

12,594

125,405

a

Technology

Hardware,

Storage

&

Peripherals

 — 

1

.0

%

Hewlett

Packard

Enterprise

Co.

...............

1,310

18,890

HP,

Inc.

...............................

309

8,980

Seagate

Technology

Holdings

PLC

.............

62

3,726

Western

Digital

Corp.

(a)

.....................

100

3,873

35,469

a

Trading

Companies

&

Distributors

 — 

0

.8

%

Fastenal

Co.

............................

71

3,823

Ferguson

PLC

(a)

..........................

133

19,273

United

Rentals,

Inc.

.......................

17

5,675

28,771

a

Water

Utilities

 — 

0

.5

%

American

Water

Works

Co.,

Inc.

...............

27

3,900

Essential

Utilities,

Inc.

......................

326

13,281

17,181

a

Total

Long-Term

Investments — 99.8%

(Cost:

$

3,994,280

)

..................................

3,718,882

a

Short-Term

Securities

Money

Market

Funds

 — 

0

.0

%

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

5.07

%

(b)

(c)

............................

1,620

1,620

a

Total

Short-Term

Securities — 0.0%

(Cost:

$

1,620

)

.....................................

1,620

Total

Investments

—

99.8%

(Cost:

$

3,995,900

)

..................................

3,720,502

Other

Assets

Less

Liabilities

—

0

.2

%

.....................

8,679

Net

Assets

—

100.0%

.................................

$

3,729,181

(a)

Non-income

producing

security.

(b)

Affiliate

of

the

Fund.

(c)

Annualized

7-day

yield

as

of

period

end.

Schedule

of

Investments

(unaudited)

(continued)

May

31,

2023

iShares

®

ESG

Aware

MSCI

USA

Value

ETF

4

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. 

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

period

ended

May

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

01/31/23

(a)

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

05/31/23

  Shares

Held

at

05/31/23

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

..

$

—

‌

$

1,620

(b)

$

—

‌

$

—

‌

$

—

‌

$

1,620

‌

1,620

‌

$

73

‌

$

—

‌

BlackRock,

Inc.

....

—

‌

43,278

‌

(

21,181

)

(

2,358

)

(

2,643

)

17,096

‌

26

‌

160

‌

—

‌

$

(

2,358

)

$

(

2,643

)

$

18,716

‌

$

233

‌

$

—

‌

(a)

Commencement

of

operations.

(b)

Represents

net

amount

purchased

(sold).

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

3,718,882

$

—

$

—

$

3,718,882

Short-Term

Securities

Money

Market

Funds

......................................

1,620

—

—

1,620

$

3,720,502

$

—

$

—

$

3,720,502

Portfolio

Abbreviation

NVS

Non-Voting

Shares