Schedule of Investments (unaudited)	iShares® Currency Hedged MSCI Canada ETF
May 31, 2023	(Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 100.1%
iShares MSCI Canada ETF(a)(b)		381,666	$	12,694,211
Total Investment Companies
(Cost: $14,110,518)				12,694,211
Short-Term Securities
Money Market Funds — 38.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.29%(a)(c)(d)		4,846,531		4,847,500
Total Short-Term Securities — 38.2%
(Cost: $4,847,500)				4,847,500
Total Investments in Securities — 138.3%
(Cost: $18,958,018)				17,541,711
Liabilities in Excess of Other Assets — (38.3)%				(4,856,812	)
Net Assets — 100.0%			$	12,684,899

^(a) Affiliate of the Fund.

^(b) All or a portion of this security is on loan.

^(c) Annualized 7-day yield as of period end.

^(d) 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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/22		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: Institutional, SL Agency Shares	$	—	$	4,850,500	(a)	$	—		$	(3,000	)	$	—		$	4,847,500		4,846,531	$	33,699	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(c)		—		0	(a)		—			—			—			—		—		436			—
iShares MSCI Canada ETF		21,141,688		3,975,752			(12,190,998	)		383,462			(615,693	)		12,694,211		381,666		208,008			—
									$	380,462		$	(615,693	)	$	17,541,711			$	242,143		$	—

^(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

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
CAD	18,029,000	USD	13,263,445	BNP Paribas SA	06/02/23	$	17,887
USD	12,297,722	CAD	16,669,000	BNP Paribas SA	06/02/23		18,255
USD	1,005,321	CAD	1,360,000	Morgan Stanley & Co. International PLC	06/02/23		3,457
CAD	457,000	USD	336,494	Citibank N.A.	07/05/23		432
							40,031
CAD	179,000	USD	131,984	BNP Paribas SA	07/05/23		(15	)

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Schedule of Investments (unaudited) (continued)	iShares® Currency Hedged MSCI Canada ETF
May 31, 2023

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	13,274,724	CAD	18,029,000	BNP Paribas SA	07/05/23	$	(17,293	)
							(17,308	)
						$	22,723

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

● Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

● Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

● Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2			Level 3		Total
Assets
Investments
Long-Term Investments
Investment Companies	$	12,694,211	$	—		$	—	$	12,694,211
Short-Term Securities
Money Market Funds		4,847,500		—			—		4,847,500
	$	17,541,711	$	—		$	—	$	17,541,711
Derivative Financial Instruments(a)
Assets
Foreign Currency Exchange Contracts	$	—	$	40,031		$	—	$	40,031
Liabilities
Foreign Currency Exchange Contracts		—		(17,308	)		—		(17,308	)
	$	—	$	22,723		$	—		22,723

^(a) Derivative financial instruments are forward foreign currency exchange contracts. Forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

Currency Abbreviations

CAD Canadian Dollar

USD United States Dollar

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