| Schedule of Investments (unaudited) | iShares® MSCI Emerging Markets Multifactor ETF |
| November 30, 2021 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Common Stocks | ||||||||
| Brazil — 1.2% | ||||||||
| BB Seguridade Participacoes SA | 740,638 | $ | 2,750,788 | |||||
| Telefonica Brasil SA | 536,779 | 4,801,732 | ||||||
| TIM SA | 869,083 | 2,133,345 | ||||||
| 9,685,865 | ||||||||
| Chile — 0.3% | ||||||||
| Cencosud SA | 1,496,435 | 2,387,423 | ||||||
| China — 38.8% | ||||||||
| 360 DigiTech Inc., ADR(a) | 90,663 | 2,110,635 | ||||||
| 3SBio Inc.(a)(b) | 1,360,000 | 1,163,273 | ||||||
| Alibaba Group Holding Ltd.(a) | 751,148 | 11,994,101 | ||||||
| Aluminum Corp. of China Ltd., Class H(a) | 4,122,000 | 2,024,527 | ||||||
| Anhui Conch Cement Co. Ltd., Class H | 1,305,500 | 5,943,718 | ||||||
| Apeloa Pharmaceutical Co. Ltd., Class A | 74,000 | 479,920 | ||||||
| Bank of China Ltd., Class H | 13,544,000 | 4,706,879 | ||||||
| Bank of Communications Co. Ltd., Class H | 9,260,000 | 5,391,554 | ||||||
| Baoshan Iron & Steel Co. Ltd., Class A | 1,396,700 | 1,430,375 | ||||||
| Beijing Enterprises Holdings Ltd. | 533,500 | 1,800,009 | ||||||
| Bosideng International Holdings Ltd. | 3,432,000 | 2,415,178 | ||||||
| CECEP Solar Energy Co. Ltd., Class A, NVS | 188,600 | 296,238 | ||||||
| China Cinda Asset Management Co. Ltd., Class H | 9,403,000 | 1,502,454 | ||||||
| China CITIC Bank Corp. Ltd., Class H | 9,448,000 | 4,055,117 | ||||||
| China Coal Energy Co. Ltd., Class H | 2,146,000 | 1,078,779 | ||||||
| China Communications Services Corp. Ltd., Class H | 2,548,000 | 1,212,998 | ||||||
| China Conch Venture Holdings Ltd. | 1,728,500 | 8,448,773 | ||||||
| China Construction Bank Corp., Class H | 35,755,000 | 23,298,174 | ||||||
| China Everbright Bank Co. Ltd., Class H | 3,351,000 | 1,148,906 | ||||||
| China Hongqiao Group Ltd. | 2,412,500 | 2,335,346 | ||||||
| China Lesso Group Holdings Ltd. | 1,155,000 | 1,677,320 | ||||||
| China Longyuan Power Group Corp. Ltd., Class H | 3,533,000 | 7,221,688 | ||||||
| China Medical System Holdings Ltd. | 1,436,000 | 2,351,871 | ||||||
| China Meidong Auto Holdings Ltd. | 592,000 | 2,862,209 | ||||||
| China Merchants Port Holdings Co. Ltd. | 1,558,000 | 2,397,446 | ||||||
| China National Building Material Co. Ltd., Class H | 4,336,000 | 4,658,246 | ||||||
| China Power International Development Ltd. | 4,151,000 | 2,112,189 | ||||||
| China Railway Group Ltd., Class H | 4,178,000 | 1,987,738 | ||||||
| China Resources Cement Holdings Ltd. | 2,582,000 | 1,879,422 | ||||||
| China Resources Power Holdings Co. Ltd. | 2,036,000 | 5,271,512 | ||||||
| China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A | 63,700 | 244,255 | ||||||
| China Shenhua Energy Co. Ltd., Class H | 3,543,500 | 7,341,533 | ||||||
| China State Construction International Holdings Ltd. | 2,106,000 | 2,133,547 | ||||||
| China Taiping Insurance Holdings Co. Ltd. | 1,711,000 | 2,380,193 | ||||||
| China Tower Corp. Ltd., Class H(b) | 20,440,000 | 2,594,973 | ||||||
| China Traditional Chinese Medicine Holdings Co. Ltd. | 2,950,000 | 1,422,416 | ||||||
| China Zhenhua Group Science & Technology Co. Ltd., Class A | 32,300 | 614,037 | ||||||
| Chinasoft International Ltd. | 2,726,000 | 4,572,465 | ||||||
| COSCO SHIPPING Holdings Co. Ltd., Class H(a)(c) | 3,549,000 | 6,048,653 | ||||||
| COSCO SHIPPING Ports Ltd. | 1,940,000 | 1,524,571 | ||||||
| Daan Gene Co Ltd., Class A | 88,080 | 293,854 | ||||||
| Dali Foods Group Co. Ltd.(b) | 2,168,500 | 1,140,145 | ||||||
| Daqo New Energy Corp., ADR(a) | 21,946 | 1,258,384 | ||||||
| Dongfeng Motor Group Co. Ltd., Class H | 2,868,000 | 2,662,450 | ||||||
| Dongyue Group Ltd. | 1,533,000 | 2,913,447 | ||||||
| Far East Horizon Ltd. | 1,774,000 | 1,540,136 | ||||||
| Fosun International Ltd. | 2,624,500 | 2,867,497 | ||||||
| GF Securities Co. Ltd., Class H | 1,170,200 | 2,038,761 | ||||||
| Security | Shares | Value | ||||||
| China (continued) | ||||||||
| Haitian International Holdings Ltd. | 675,000 | $ | 1,864,522 | |||||
| Haitong Securities Co. Ltd., Class H | 2,851,200 | 2,394,891 | ||||||
| Hengan International Group Co. Ltd. | 675,500 | 3,261,423 | ||||||
| Hesteel Co. Ltd., Class A | 693,700 | 252,824 | ||||||
| Hopson Development Holdings Ltd. | 760,750 | 1,840,794 | ||||||
| Huadian Power International Corp. Ltd., Class A | 425,700 | 242,722 | ||||||
| Huaxi Securities Co. Ltd., Class A | 164,600 | 239,926 | ||||||
| Huaxin Cement Co. Ltd., Class A | 88,500 | 247,180 | ||||||
| Hunan Valin Steel Co. Ltd., Class A | 385,920 | 302,582 | ||||||
| Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A | 534,600 | 444,415 | ||||||
| Inner Mongolia Yuan Xing Energy Co. Ltd., Class A, NVS(a) | 230,400 | 261,650 | ||||||
| Intco Medical Technology Co. Ltd., Class A | 33,550 | 344,063 | ||||||
| Jiangsu Expressway Co. Ltd., Class H | 1,298,000 | 1,262,244 | ||||||
| Jiangxi Copper Co. Ltd., Class H | 1,174,000 | 1,886,607 | ||||||
| Kingboard Holdings Ltd. | 703,500 | 3,531,491 | ||||||
| Kingboard Laminates Holdings Ltd. | 988,500 | 1,733,230 | ||||||
| Kunlun Energy Co. Ltd. | 4,074,000 | 3,834,722 | ||||||
| Lee & Man Paper Manufacturing Ltd. | 1,388,000 | 952,652 | ||||||
| Lenovo Group Ltd. | 7,644,000 | 7,827,525 | ||||||
| Li Ning Co. Ltd. | 1,682,500 | 19,030,066 | ||||||
| Liaoning Cheng Da Co. Ltd., Class A | 95,900 | 278,368 | ||||||
| Luxi Chemical Group Co. Ltd., Class A | 119,400 | 289,381 | ||||||
| Metallurgical Corp. of China Ltd., Class A | 1,119,700 | 666,561 | ||||||
| Nine Dragons Paper Holdings Ltd. | 1,737,000 | 1,937,520 | ||||||
| Noah Holdings Ltd., ADR(a)(c) | 36,073 | 1,314,139 | ||||||
| North Industries Group Red Arrow Co. Ltd., Class A, NVS(a) | 87,300 | 414,663 | ||||||
| Northeast Securities Co. Ltd., Class A | 146,000 | 201,123 | ||||||
| Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A(a) | 538,700 | 319,844 | ||||||
| PetroChina Co. Ltd., Class H | 22,054,000 | 9,587,466 | ||||||
| PICC Property & Casualty Co. Ltd., Class H | 7,299,000 | 6,240,222 | ||||||
| Postal Savings Bank of China Co. Ltd., Class H(b) | 8,402,000 | 5,691,841 | ||||||
| Sailun Group Co. Ltd., Class A | 199,400 | 438,300 | ||||||
| Sany Heavy Equipment International Holdings Co. Ltd. | 1,175,000 | 1,219,861 | ||||||
| Shaanxi Coal Industry Co. Ltd., Class A | 608,100 | 1,134,725 | ||||||
| Shandong Buchang Pharmaceuticals Co. Ltd., Class A | 71,500 | 210,350 | ||||||
| Shandong Hualu Hengsheng Chemical Co. Ltd., Class A | 135,375 | 627,680 | ||||||
| Shandong Sun Paper Industry JSC Ltd., Class A | 163,800 | 294,944 | ||||||
| Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 2,631,200 | 3,702,299 | ||||||
| Shanghai Baosight Software Co. Ltd., Class B | 404,141 | 1,968,571 | ||||||
| Shanghai International Port Group Co. Ltd., Class A | 584,000 | 439,387 | ||||||
| Shanghai Medicilon Inc., NVS | 3,889 | 360,068 | ||||||
| Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 831,200 | 1,515,544 | ||||||
| Shanxi Coking Coal Energy Group Co. Ltd., Class A | 256,900 | 322,008 | ||||||
| Shanxi Lu'an Environmental Energy Development Co. Ltd., Class A | 187,600 | 318,241 | ||||||
| Shanxi Taigang Stainless Steel Co. Ltd., Class A | 359,400 | 401,294 | ||||||
| Shenergy Co. Ltd., Class A | 308,100 | 298,107 | ||||||
| Shenzhen International Holdings Ltd. | 1,283,000 | 1,399,372 | ||||||
| Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A(a) | 66,800 | 296,600 | ||||||
| Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A | 105,760 | 284,895 | ||||||
| Sichuan Hebang Biotechnology Co. Ltd., Class A(a) | 553,900 | 294,068 | ||||||
| Sinopharm Group Co. Ltd., Class H | 1,419,600 | 3,085,123 | ||||||
| Sinotrans Ltd., Class A | 274,700 | 189,850 | ||||||
| Sinotruk Hong Kong Ltd. | 727,000 | 1,075,846 | ||||||
| Sun Art Retail Group Ltd. | 1,474,500 | 596,290 | ||||||
1
| Schedule of Investments (unaudited) (continued) | iShares® MSCI Emerging Markets Multifactor ETF |
| November 30, 2021 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| China (continued) | ||||||||
| Tangshan Jidong Cement Co. Ltd., Class A | 83,100 | $ | 153,654 | |||||
| Tencent Holdings Ltd. | 340,700 | 19,869,303 | ||||||
| Tibet Summit Resources Co. Ltd. | 57,300 | 342,999 | ||||||
| Tingyi Cayman Islands Holding Corp. | 2,082,000 | 4,022,243 | ||||||
| Titan Wind Energy Suzhou Co. Ltd., Class A, NVS | 113,100 | 369,331 | ||||||
| Uni-President China Holdings Ltd. | 1,378,000 | 1,351,955 | ||||||
| Vinda International Holdings Ltd.(c) | 379,000 | 1,025,507 | ||||||
| Vipshop Holdings Ltd., ADR(a) | 474,853 | 4,639,314 | ||||||
| Want Want China Holdings Ltd. | 5,065,000 | 4,275,420 | ||||||
| Westone Information Industry Inc., Class A | 53,100 | 474,493 | ||||||
| Wharf Holdings Ltd. (The) | 1,454,000 | 5,080,982 | ||||||
| Wuchan Zhongda Group Co. Ltd., Class A | 320,200 | 304,785 | ||||||
| Xiamen Faratronic Co. Ltd., NVS | 14,100 | 578,484 | ||||||
| Xinjiang Zhongtai Chemical Co. Ltd., Class A | 161,500 | 247,583 | ||||||
| Yadea Group Holdings Ltd.(b) | 1,262,000 | 2,255,452 | ||||||
| Yanzhou Coal Mining Co. Ltd., Class H | 1,604,000 | 2,511,385 | ||||||
| YongXing Special Materials Technology Co. Ltd., Class A | 25,500 | 579,773 | ||||||
| Youngor Group Co. Ltd., Class A | 291,900 | 300,337 | ||||||
| Yum China Holdings Inc. | 136,087 | 6,817,959 | ||||||
| Zhejiang Expressway Co. Ltd., Class H | 1,526,000 | 1,438,330 | ||||||
| Zhejiang Semir Garment Co. Ltd., Class A | 141,300 | 159,983 | ||||||
| Zhejiang Weixing New Building Materials Co. Ltd., Class A | 100,800 | 293,346 | ||||||
| Zhongsheng Group Holdings Ltd. | 608,500 | 4,984,116 | ||||||
| Zhuzhou CRRC Times Electric Co. Ltd. | 578,900 | 3,799,881 | ||||||
| Zhuzhou Kibing Group Co. Ltd., Class A | 169,700 | 424,778 | ||||||
| Zibo Qixiang Tengda Chemical Co. Ltd., NVS | 176,200 | 275,101 | ||||||
| 324,594,486 | ||||||||
| Egypt — 0.1% | ||||||||
| Eastern Co. SAE | 1,058,381 | 751,978 | ||||||
| Hong Kong — 0.5% | ||||||||
| Huabao International Holdings Ltd. | 974,000 | 2,804,091 | ||||||
| Yuexiu Property Co. Ltd. | 1,483,400 | 1,384,665 | ||||||
| 4,188,756 | ||||||||
| Hungary — 0.7% | ||||||||
| MOL Hungarian Oil & Gas PLC | 293,291 | 2,205,638 | ||||||
| Richter Gedeon Nyrt | 147,903 | 3,936,240 | ||||||
| 6,141,878 | ||||||||
| India — 17.0% | ||||||||
| ACC Ltd. | 79,481 | 2,413,370 | ||||||
| Adani Enterprises Ltd. | 290,949 | 6,427,524 | ||||||
| Adani Total Gas Ltd. | 290,924 | 6,193,204 | ||||||
| Ambuja Cements Ltd. | 735,334 | 3,663,635 | ||||||
| Apollo Hospitals Enterprise Ltd. | 99,237 | 7,502,075 | ||||||
| Aurobindo Pharma Ltd. | 309,985 | 2,721,536 | ||||||
| Balkrishna Industries Ltd. | 92,047 | 2,662,844 | ||||||
| Cipla Ltd. | 512,108 | 6,615,763 | ||||||
| Colgate-Palmolive India Ltd. | 128,894 | 2,458,951 | ||||||
| Container Corp. of India Ltd. | 257,529 | 2,123,609 | ||||||
| Dr. Reddy's Laboratories Ltd. | 123,225 | 7,681,284 | ||||||
| HCL Technologies Ltd. | 1,148,527 | 17,396,003 | ||||||
| HDFC Asset Management Co. Ltd.(b) | 56,224 | 1,878,467 | ||||||
| Hero MotoCorp Ltd. | 126,843 | 4,137,822 | ||||||
| Hindustan Petroleum Corp. Ltd. | 667,273 | 2,620,169 | ||||||
| Jubilant Foodworks Ltd. | 83,609 | 4,070,873 | ||||||
| Larsen & Toubro Infotech Ltd.(b) | 55,604 | 5,029,211 | ||||||
| Marico Ltd. | 539,639 | 3,865,668 | ||||||
| Mindtree Ltd. | 68,907 | 3,968,829 | ||||||
| Security | Shares | Value | ||||||
| India (continued) | ||||||||
| Mphasis Ltd. | 88,114 | $ | 3,394,474 | |||||
| MRF Ltd. | 2,013 | 1,997,265 | ||||||
| NTPC Ltd. | 3,366,113 | 5,699,582 | ||||||
| Page Industries Ltd. | 5,900 | 3,015,303 | ||||||
| SRF Ltd. | 154,825 | 4,132,341 | ||||||
| Tata Steel Ltd. | 577,232 | 8,227,683 | ||||||
| Tech Mahindra Ltd. | 665,308 | 13,626,470 | ||||||
| Vedanta Ltd. | 1,165,692 | 5,255,909 | ||||||
| Wipro Ltd. | 435,306 | 3,668,983 | ||||||
| 142,448,847 | ||||||||
| Indonesia — 0.8% | ||||||||
| Adaro Energy Tbk PT | 15,045,900 | 1,785,864 | ||||||
| Gudang Garam Tbk PT | 506,600 | 1,111,063 | ||||||
| Indofood Sukses Makmur Tbk PT | 4,589,200 | 2,018,639 | ||||||
| United Tractors Tbk PT | 1,071,000 | 1,596,499 | ||||||
| 6,512,065 | ||||||||
| Kuwait — 0.5% | ||||||||
| Mobile Telecommunications Co. KSCP | 2,267,999 | 4,268,659 | ||||||
| Malaysia — 0.2% | ||||||||
| Kossan Rubber Industries Bhd | 43,200 | 22,054 | ||||||
| Sime Darby Bhd | 2,879,100 | 1,497,145 | ||||||
| Supermax Corp. Bhd | 65,773 | 29,361 | ||||||
| 1,548,560 | ||||||||
| Philippines — 0.5% | ||||||||
| Globe Telecom Inc. | 28,485 | 1,855,468 | ||||||
| PLDT Inc. | 81,000 | 2,700,804 | ||||||
| 4,556,272 | ||||||||
| Poland — 0.7% | ||||||||
| Cyfrowy Polsat SA | 300,837 | 2,569,479 | ||||||
| Orange Polska SA(a) | 549,198 | 1,141,265 | ||||||
| PGE Polska Grupa Energetyczna SA(a) | 879,520 | 1,774,801 | ||||||
| 5,485,545 | ||||||||
| Qatar — 0.9% | ||||||||
| Barwa Real Estate Co. | 990,265 | 834,809 | ||||||
| Commercial Bank PSQC (The) | 2,098,368 | 3,748,516 | ||||||
| Ooredoo QPSC | 847,058 | 1,570,936 | ||||||
| Qatar Electricity & Water Co. QSC | 281,938 | 1,268,744 | ||||||
| 7,423,005 | ||||||||
| Russia — 2.5% | ||||||||
| Inter RAO UES PJSC | 38,664,000 | 2,231,685 | ||||||
| PhosAgro PJSC, GDR(d) | 142,137 | 3,135,542 | ||||||
| TCS Group Holding PLC, GDR(d) | 126,530 | 12,349,860 | ||||||
| United Co. RUSAL International PJSC(a) | 3,176,300 | 2,966,745 | ||||||
| 20,683,832 | ||||||||
| Saudi Arabia — 5.1% | ||||||||
| Abdullah Al Othaim Markets Co. | 46,652 | 1,328,017 | ||||||
| Advanced Petrochemical Co. | 112,114 | 2,043,368 | ||||||
| Arab National Bank | 634,877 | 3,702,716 | ||||||
| Banque Saudi Fransi | 323,613 | 3,467,652 | ||||||
| Bupa Arabia for Cooperative Insurance Co. | 63,416 | 2,282,002 | ||||||
| Co for Cooperative Insurance (The) | 64,744 | 1,333,544 | ||||||
| Dr Sulaiman Al Habib Medical Services Group Co. | 55,551 | 2,428,832 | ||||||
| Jarir Marketing Co. | 62,214 | 3,067,222 | ||||||
| Mobile Telecommunications Co.(a) | 457,217 | 1,494,157 | ||||||
| Mouwasat Medical Services Co. | 51,844 | 2,351,333 | ||||||
| National Petrochemical Co. | 126,727 | 1,351,178 | ||||||
| SABIC Agri-Nutrients Co. | 226,661 | 10,420,649 | ||||||
2
| Schedule of Investments (unaudited) (continued) | iShares® MSCI Emerging Markets Multifactor ETF |
| November 30, 2021 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Saudi Arabia (continued) | ||||||||
| Saudi Cement Co. | 79,325 | $ | 1,174,076 | |||||
| Saudi Industrial Investment Group | 233,318 | 1,881,296 | ||||||
| Yanbu National Petrochemical Co. | 267,831 | 4,547,616 | ||||||
| 42,873,658 | ||||||||
| South Africa — 2.4% | ||||||||
| Aspen Pharmacare Holdings Ltd. | 410,529 | 6,140,764 | ||||||
| Exxaro Resources Ltd. | 261,235 | 2,493,435 | ||||||
| Kumba Iron Ore Ltd. | 68,158 | 1,929,616 | ||||||
| Mr. Price Group Ltd. | 271,334 | 3,394,874 | ||||||
| Rand Merchant Investment Holdings Ltd. | 810,394 | 2,132,348 | ||||||
| Reinet Investments SCA | 145,128 | 2,403,896 | ||||||
| Tiger Brands Ltd. | 175,961 | 1,982,866 | ||||||
| 20,477,799 | ||||||||
| South Korea — 9.8% | ||||||||
| BGF retail Co. Ltd. | 8,130 | 999,226 | ||||||
| Coway Co. Ltd. | 58,110 | 3,315,532 | ||||||
| DB Insurance Co. Ltd. | 47,265 | 2,142,131 | ||||||
| E-MART Inc. | 20,499 | 2,460,955 | ||||||
| F&F Co. Ltd./New(a) | 3,604 | 2,518,158 | ||||||
| GS Holdings Corp. | 48,563 | 1,533,052 | ||||||
| Hana Financial Group Inc. | 167,825 | 5,578,043 | ||||||
| Hankook Tire & Technology Co. Ltd. | 78,071 | 2,531,298 | ||||||
| Kia Corp. | 270,600 | 17,710,587 | ||||||
| Kumho Petrochemical Co. Ltd. | 19,195 | 2,490,909 | ||||||
| LG Innotek Co. Ltd. | 14,900 | 3,803,071 | ||||||
| LG Uplus Corp. | 224,666 | 2,556,782 | ||||||
| POSCO | 78,146 | 17,157,368 | ||||||
| S-1 Corp. | 17,724 | 1,100,875 | ||||||
| Samsung Electronics Co. Ltd. | 216,492 | 12,995,194 | ||||||
| SD Biosensor Inc.(a) | 37,783 | 1,857,502 | ||||||
| SK Telecom Co. Ltd. | 29,145 | 1,334,521 | ||||||
| 82,085,204 | ||||||||
| Taiwan — 15.1% | ||||||||
| Acer Inc. | 605,000 | 601,300 | ||||||
| Asustek Computer Inc. | 746,000 | 9,431,624 | ||||||
| AU Optronics Corp. | 8,551,000 | 6,181,557 | ||||||
| Catcher Technology Co. Ltd. | 510,000 | 2,832,372 | ||||||
| Compal Electronics Inc. | 4,429,000 | 3,677,610 | ||||||
| eMemory Technology Inc. | 68,000 | 5,258,142 | ||||||
| Innolux Corp. | 9,990,000 | 6,233,535 | ||||||
| Inventec Corp. | 2,743,000 | 2,533,302 | ||||||
| Lite-On Technology Corp. | 2,237,718 | 4,838,008 | ||||||
| momo.com Inc. | 48,000 | 3,072,884 | ||||||
| Nien Made Enterprise Co. Ltd. | 170,000 | 2,315,835 | ||||||
| Pegatron Corp. | 2,118,000 | 5,061,603 | ||||||
| Pou Chen Corp. | 2,494,000 | 2,865,716 | ||||||
| Powertech Technology Inc. | 7,000 | 24,872 | ||||||
| Synnex Technology International Corp. | 1,411,000 | 2,953,073 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. | 1,826,000 | 38,836,603 | ||||||
| Security | Shares | Value | ||||||
| Taiwan (continued) | ||||||||
| United Microelectronics Corp. | 8,857,000 | $ | 20,276,194 | |||||
| Wan Hai Lines Ltd. | 644,100 | 3,618,429 | ||||||
| Wistron Corp. | 2,866,063 | 2,944,646 | ||||||
| WPG Holdings Ltd. | 1,687,160 | 3,041,271 | ||||||
| 126,598,576 | ||||||||
| Thailand — 0.4% | ||||||||
| Krung Thai Bank PCL, NVDR | 3,697,100 | 1,236,004 | ||||||
| Srisawad Corp. PCL, NVDR(c) | 404,800 | 718,861 | ||||||
| Thai Union Group PCL, NVDR | 2,988,300 | 1,746,999 | ||||||
| 3,701,864 | ||||||||
| United Arab Emirates — 0.9% | ||||||||
| Abu Dhabi Islamic Bank PJSC | 1,537,169 | 2,711,839 | ||||||
| Aldar Properties PJSC | 4,076,585 | 4,455,933 | ||||||
| 7,167,772 | ||||||||
| Total Common Stocks — 98.4% | ||||||||
| (Cost: $731,562,928) | 823,582,044 | |||||||
| Preferred Stocks | ||||||||
| Brazil — 0.5% | ||||||||
| Itausa SA, Preference Shares, NVS | 2,668,620 | 4,590,225 | ||||||
| Total Preferred Stocks — 0.5% | ||||||||
| (Cost: $5,358,680) | 4,590,225 | |||||||
| Short-Term Investments | ||||||||
| Money Market Funds — 0.9% | ||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares, 0.06%(e)(f)(g) | 7,163,017 | 7,165,882 | ||||||
| Total Short-Term Investments — 0.9% | ||||||||
| (Cost: $7,165,000) | 7,165,882 | |||||||
| Total Investments in Securities — 99.8% | ||||||||
| (Cost: $744,086,608) | 835,338,151 | |||||||
| Other Assets, Less Liabilities — 0.2% | 1,672,092 | |||||||
| Net Assets — 100.0% | $ | 837,010,243 | ||||||
| (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) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
| (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. |
3
| Schedule of Investments (unaudited) (continued) | iShares® MSCI Emerging Markets Multifactor ETF |
| November 30, 2021 |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended November 30, 2021 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 Sales |
Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value
at 11/30/21 |
Shares Held at 11/30/21 |
Income | Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 8,548,912 | $ | — | $ | (1,382,356 | )(a) | $ | (92 | ) | $ | (582 | ) | $ | 7,165,882 | 7,163,017 | $ | 23,846 | (b) | $ | — | |||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares(c) | 2,300,000 | — | (2,300,000 | )(a) | — | — | — | — | 36 | — | ||||||||||||||||||
| $ | (92 | ) | $ | (582 | ) | $ | 7,165,882 | $ | 23,882 | $ | — | |||||||||||||||||
| (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 Emerging Markets Index | 51 | 12/17/21 | $ | 3,091 | $ | (1,490 | ) | ||||||
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.
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| Schedule of Investments (unaudited) (continued) | iShares® MSCI Emerging Markets Multifactor ETF |
| November 30, 2021 |
Fair Value Measurements (continued)
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 | $ | 122,533,681 | $ | 701,048,363 | $ | — | $ | 823,582,044 | |||||
| Preferred Stocks | 4,590,225 | — | — | 4,590,225 | |||||||||
| Money Market Funds | 7,165,882 | — | — | 7,165,882 | |||||||||
| $ | 134,289,788 | $ | 701,048,363 | $ | — | $ | 835,338,151 | ||||||
| Derivative financial instruments(a) | |||||||||||||
| Liabilities | |||||||||||||
| Futures Contracts | $ | (1,490 | ) | $ | — | $ | — | $ | (1,490 | ) | |||
| (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 |
| JSC | Joint Stock Company |
| NVDR | Non-Voting Depositary Receipt |
| NVS | Non-Voting Shares |
| PJSC | Public Joint Stock Company |
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