Schedule of Investments (unaudited)
May 31, 2025
iShares® MSCI Global Energy Producers ETF
(Percentages shown are based on Net Assets)
 
Security
Shares
Value
Common Stocks
Australia — 2.2%
Beach Energy Ltd.
49,623
$43,008
Boss Energy Ltd. (a)
13,350
34,262
Deep Yellow Ltd.(a)(b)
29,329
25,449
Karoon Energy Ltd.(b)
23,987
25,737
New Hope Corp. Ltd.
15,682
37,592
Paladin Energy Ltd.(a)
10,028
40,328
Paladin Energy Ltd., NVS(a)(b)
2,648
10,477
Santos Ltd.
103,090
437,863
Whitehaven Coal Ltd.(b)
26,390
94,555
Woodside Energy Group Ltd.
60,270
865,431
Yancoal Australia Ltd., NVS
12,256
41,319
 
1,656,021
Austria — 0.3%
OMV AG
4,675
250,059
Brazil — 1.2%
Brava Energia
11,539
38,130
Petroleo Brasileiro SA - Petrobras
118,114
679,628
Petroreconcavo SA
4,516
11,425
PRIO SA(a)
27,029
184,069
 
913,252
Canada — 10.2%
Advantage Energy Ltd.(a)
5,297
43,153
ARC Resources Ltd.
18,560
387,875
Athabasca Oil Corp.(a)
16,197
60,900
Baytex Energy Corp.
21,295
34,603
Birchcliff Energy Ltd.
8,710
41,127
Cameco Corp.
13,818
808,932
Canadian Natural Resources Ltd.
66,634
2,023,273
Cardinal Energy Ltd.(b)
3,979
17,831
Cenovus Energy Inc.
43,414
571,957
Denison Mines Corp.(a)
27,242
42,679
Energy Fuels Inc./Canada(a)(b)
6,340
31,045
Freehold Royalties Ltd.
4,424
38,813
Headwater Exploration Inc.
7,300
33,193
Imperial Oil Ltd.
5,655
403,743
International Petroleum Corp.(a)
2,414
35,057
Kelt Exploration Ltd.(a)
5,408
26,324
MEG Energy Corp.
8,189
143,331
Meren Energy Inc.
13,437
17,624
NexGen Energy Ltd.(a)(b)
17,161
105,791
NuVista Energy Ltd.(a)
5,165
52,013
Ovintiv Inc.
8,283
296,697
Paramount Resources Ltd., Class A
2,474
34,342
Parex Resources Inc.
3,187
31,514
Peyto Exploration & Development Corp.
6,166
83,121
PrairieSky Royalty Ltd.
6,745
113,732
Suncor Energy Inc.
39,366
1,399,546
Tamarack Valley Energy Ltd.
16,754
53,350
Topaz Energy Corp.
3,576
65,535
Tourmaline Oil Corp.
11,286
508,892
Vermilion Energy Inc.
4,938
32,240
Whitecap Resources Inc.
39,163
244,278
 
7,782,511
China — 2.0%
CGN Mining Co. Ltd.(b)
95,000
20,753
China Coal Energy Co. Ltd., Class H
64,000
71,636
China Shenhua Energy Co. Ltd., Class A
13,000
71,228
China Shenhua Energy Co. Ltd., Class H
107,000
450,971
Guanghui Energy Co. Ltd., Class A
10,900
8,950
Security
Shares
Value
China (continued)
Inner Mongolia Dian Tou Energy Corp. Ltd., Class A 
4,500
$12,324
Inner Mongolia Yitai Coal Co. Ltd., Class B
30,900
62,814
Kinetic Development Group Ltd.
84,000
12,395
PetroChina Co. Ltd., Class A
39,600
45,491
PetroChina Co. Ltd., Class H
668,000
559,045
Shaanxi Coal Industry Co. Ltd., Class A
18,200
52,579
Shanxi Coking Coal Energy Group Co. Ltd., Class A
11,610
9,671
Shanxi Lu'an Environmental Energy Development Co.
Ltd., Class A
6,100
9,074
United Energy Group Ltd.
214,000
12,803
Yankuang Energy Group Co. Ltd., Class A
11,320
20,180
Yankuang Energy Group Co. Ltd., Class H
106,000
125,773
 
1,545,687
Finland — 0.2%
Neste OYJ
13,456
144,348
France — 5.0%
Esso SA Francaise
83
12,758
Etablissements Maurel et Prom SA
1,735
9,427
TotalEnergies SE
64,850
3,817,601
 
3,839,786
Greece — 0.1%
HELLENiQ ENERGY Holdings SA
3,253
27,929
Motor Oil Hellas Corinth Refineries SA
2,081
55,508
 
83,437
Hungary — 0.1%
MOL Hungarian Oil & Gas PLC
13,005
112,456
India — 5.7%
Bharat Petroleum Corp. Ltd.
48,463
180,641
Chennai Petroleum Corp. Ltd.
1,654
13,084
Coal India Ltd.
58,685
272,840
Gujarat Mineral Development Corp. Ltd.
2,593
10,848
Hindustan Petroleum Corp. Ltd.
30,231
145,456
Indian Oil Corp. Ltd.
89,646
148,934
Oil & Natural Gas Corp. Ltd.
98,947
277,187
Oil India Ltd.
15,684
78,330
Reliance Industries Ltd.
164,897
2,742,588
Reliance Industries Ltd., GDR(c)
7,244
476,669
 
4,346,577
Indonesia — 0.3%
Alamtri Resources Indonesia Tbk PT
426,000
57,535
Bukit Asam Tbk PT
121,600
21,564
Bumi Resources Tbk PT(a)
3,383,800
24,401
Indo Tambangraya Megah Tbk PT
12,800
17,752
Medco Energi Internasional Tbk PT
249,012
18,707
Sugih Energy Tbk PT(a)(d)
206,700
—
United Tractors Tbk PT
47,500
65,398
 
205,357
Israel — 0.2%
Delek Group Ltd.
296
52,214
Equital Ltd.(a)
718
26,913
Oil Refineries Ltd.
76,381
19,673
Paz Retail & Energy Ltd.
280
44,211
 
143,011
Italy — 1.4%
Eni SpA
69,919
1,031,098
Japan — 1.4%
Cosmo Energy Holdings Co. Ltd.
1,636
69,005
ENEOS Holdings Inc.
86,600
410,319
 
1
Schedule of Investments (unaudited)(continued)
May 31, 2025
iShares® MSCI Global Energy Producers ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Japan (continued)
Idemitsu Kosan Co. Ltd.
25,840
$157,393
Inpex Corp.
28,000
374,410
Japan Petroleum Exploration Co. Ltd.
4,900
33,944
 
1,045,071
Norway — 1.2%
Aker BP ASA
10,031
230,818
BlueNord ASA(a)(b)
770
44,431
DNO ASA
14,740
17,554
Equinor ASA
26,594
622,587
 
915,390
Philippines — 0.0%
Semirara Mining & Power Corp., Class A
29,200
17,009
Poland — 0.5%
ORLEN SA
18,425
362,044
Portugal — 0.3%
Galp Energia SGPS SA
13,244
212,027
Russia — 0.0%
Rosneft Oil Co. PJSC(a)(d)
47,821
6
Saudi Arabia — 1.7%
Saudi Arabian Oil Co.(c)
192,037
1,278,410
South Africa — 0.1%
Exxaro Resources Ltd.
7,645
62,495
Thungela Resources Ltd.
4,150
21,104
 
83,599
South Korea — 0.4%
HD Hyundai Co. Ltd.
1,388
112,135
SK Innovation Co. Ltd.
2,165
140,274
S-Oil Corp.
1,393
54,835
 
307,244
Spain — 0.6%
Repsol SA
36,738
494,969
Thailand — 0.3%
Bangchak Corp. PCL, NVDR(b)
17,500
19,291
Banpu PCL, NVDR
272,700
38,500
IRPC PCL, NVDR
325,300
8,122
PTT Exploration & Production PCL, NVDR
44,031
131,201
Star Petroleum Refining PCL, NVDR
60,700
10,536
Thai Oil PCL, NVDR
40,200
36,347
 
243,997
Turkey — 0.1%
Turkiye Petrol Rafinerileri AS
30,287
95,798
United Arab Emirates — 0.0%
Dana Gas PJSC
168,145
32,954
United Kingdom — 11.7%
BP PLC
508,413
2,471,952
Diversified Energy Co. PLC
1,766
24,911
Energean PLC
4,387
54,291
Harbour Energy PLC
18,077
43,370
Serica Energy PLC
9,022
18,652
Shell PLC
190,005
6,269,197
Yellow Cake PLC(a)(c)
6,703
43,580
 
8,925,953
United States — 51.5%
Antero Resources Corp.(a)
9,384
351,431
APA Corp.
11,522
195,989
Security
Shares
Value
United States (continued)
BKV Corp.(a)
529
$11,374
California Resources Corp.
2,001
88,384
Calumet Inc.(a)(b)
2,391
33,426
Centrus Energy Corp., Class A(a)
510
64,729
Chevron Corp.
52,672
7,200,262
Chord Energy Corp.
1,905
171,450
Civitas Resources Inc.
2,558
70,012
CNX Resources Corp.(a)
4,653
150,199
Comstock Resources Inc.(a)
2,751
64,098
ConocoPhillips
40,127
3,424,839
Core Natural Resources Inc.
1,693
117,325
Coterra Energy Inc.
24,254
589,615
Crescent Energy Co., Class A
6,083
51,036
CVR Energy Inc.
1,076
25,168
Delek U.S. Holdings Inc.
1,944
37,422
Devon Energy Corp.
19,576
592,370
Diamondback Energy Inc.
6,068
816,449
EOG Resources Inc.
17,507
1,900,735
EQT Corp.
18,016
993,222
Expand Energy Corp.
6,648
772,032
Exxon Mobil Corp.
137,292
14,044,972
Granite Ridge Resources Inc.
1,817
10,212
Gulfport Energy Corp.(a)(b)
475
90,962
Hess Corp.
9,327
1,232,936
HF Sinclair Corp.
5,083
183,649
HighPeak Energy Inc.(b)
803
7,942
Kimbell Royalty Partners LP
2,643
34,623
Kosmos Energy Ltd.(a)
14,540
24,136
Magnolia Oil & Gas Corp., Class A
5,640
121,260
Marathon Petroleum Corp.
9,889
1,589,558
Matador Resources Co.
3,790
163,008
Murphy Oil Corp.
4,413
92,364
Northern Oil & Gas Inc.
3,021
80,298
Occidental Petroleum Corp.
22,358
911,759
Par Pacific Holdings Inc.(a)
1,681
36,293
PBF Energy Inc., Class A
2,683
51,111
Peabody Energy Corp.
3,910
51,456
Permian Resources Corp., Class A, NVS
19,159
241,595
Range Resources Corp.
7,622
289,941
Riley Exploration Permian Inc.
306
7,852
Sable Offshore Corp.(a)(b)
1,387
39,918
Sitio Royalties Corp., Class A
2,549
43,511
SM Energy Co.
3,552
83,188
Talos Energy Inc.(a)
4,241
34,098
Texas Pacific Land Corp.(b)
620
690,699
Uranium Energy Corp.(a)(b)
13,624
80,790
Valero Energy Corp.
9,982
1,287,379
Viper Energy Inc., Class A, NVS
4,168
165,428
Vital Energy Inc.(a)
890
13,243
Vitesse Energy Inc.
919
19,235
 
39,444,983
Total Common Stocks — 98.7%
(Cost: $67,780,908)
75,513,054
2 
Schedule of Investments (unaudited)(continued)
May 31, 2025
iShares® MSCI Global Energy Producers ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Preferred Stocks
Brazil — 1.0%
Petroleo Brasileiro SA - Petrobras, Preference
Shares, NVS
146,949
$793,902
Total Preferred Stocks — 1.0%
(Cost: $503,763)
793,902
Total Long-Term Investments — 99.7%
(Cost: $68,284,671)
76,306,956
Short-Term Securities
Money Market Funds — 1.8%
BlackRock Cash Funds: Institutional, SL Agency Shares,
4.46%(e)(f)(g)
1,361,956
1,362,501
BlackRock Cash Funds: Treasury, SL Agency Shares,
4.30%(e)(f)
10,000
10,000
Total Short-Term Securities — 1.8%
(Cost: $1,372,559)
1,372,501
Total Investments — 101.5%
(Cost: $69,657,230)
77,679,457
Liabilities in Excess of Other Assets — (1.5)%
(1,149,041
)
Net Assets — 100.0%
$76,530,416
 
(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, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
08/31/24
Purchases
at Cost
Proceeds
from Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
05/31/25
Shares
Held at
05/31/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency
Shares
$495,074
$867,667
(a)
$—
$99
$(339
)
$1,362,501
1,361,956
$5,536
(b)
$—
BlackRock Cash Funds: Treasury, SL Agency Shares
—
10,000
(a)
—
—
—
10,000
10,000
5,403
—
 
 
 
 
$99
$(339)
$1,372,501
 
$10,939
$—
 
(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 collateral investment fees, and other payments to
and from borrowers of securities.
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts
 
 
 
E-Mini Energy Select Sector Index
3
06/20/25
$256
$(12,051)
 
3
Schedule of Investments (unaudited)(continued)
May 31, 2025
iShares® MSCI Global Energy Producers ETF
 
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. 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 that the Fund has the ability to access for identical assets or liabilities;
• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
• Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (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 that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.  
 
Level 1
Level 2
Level 3
Total
Assets 
Investments 
Long-Term Investments 
Common Stocks
$48,285,018
$27,228,030
$6
$75,513,054
Preferred Stocks
793,902
—
—
793,902
Short-Term Securities 
Money Market Funds
1,372,501
—
—
1,372,501
 
$50,451,421
$27,228,030
$6
$77,679,457
Derivative Financial Instruments(a) 
Liabilities 
Equity Contracts
$(12,051
)
$—
$—
$(12,051
)
 
(a)
Derivative financial instruments are futures contracts.  Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.   
 
Portfolio Abbreviation
GDR
Global Depositary Receipt
NVDR
Non-Voting Depositary Receipt
NVS
Non-Voting Shares
PJSC
Public Joint Stock Company
4