Schedule of Investments  (unaudited)  November 30, 2019 iShares^® Edge MSCI Multifactor Emerging Markets  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Argentina — 0.4%
Globant SA(a)(b)		16,632	$	1,779,624
Brazil — 9.1%
Banco BTG Pactual SA		168,300		2,796,177
BB Seguridade Participacoes SA		514,800		4,194,324
Cia. de Saneamento Basico do Estado de Sao Paulo		247,500		3,359,861
Hypera SA		277,200		2,183,090
IRB Brasil Resseguros S/A		514,800		4,520,617
JBS SA		792,000		5,334,569
Lojas Renner SA		277,200		3,395,918
Notre Dame Intermedica Participacoes SA		247,500		3,318,302
Petrobras Distribuidora SA		514,800		3,462,600
Porto Seguro SA		74,300		1,054,324
Sul America SA		207,978		2,616,264
TIM Participacoes SA		633,600		2,028,935
				38,264,981
Chile — 0.2%
Cia. Cervecerias Unidas SA		105,435		968,217
China — 38.4%
51job Inc., ADR(a)		18,612		1,463,275
Agile Group Holdings Ltd.(b)		990,000		1,386,145
Alibaba Group Holding Ltd., ADR(a)		76,923		15,384,600
Angang Steel Co. Ltd., Class A		171,060		76,649
Anhui Conch Cement Co. Ltd., Class A		59,439		387,244
Anhui Conch Cement Co. Ltd., Class H		891,000		5,696,982
ANTA Sports Products Ltd.		99,000		930,842
BAIC Motor Corp. Ltd., Class H(c)		1,237,500		694,021
Bank of Chengdu Co. Ltd., Class A		158,400		192,425
Beijing Capital International Airport Co. Ltd., Class H		1,188,000		1,123,081
Beijing Enterprises Holdings Ltd.		396,000		1,750,388
Beijing Shunxin Agriculture Co. Ltd., Class A		29,700		211,450
Beijing Tiantan Biological Products Corp. Ltd., Class A		39,600		148,825
BOC Aviation Ltd.(c)		148,500		1,402,903
Bosideng International Holdings Ltd.		2,376,000		1,135,223
BYD Electronic International Co. Ltd.		495,000		885,312
Centre Testing International Group Co. Ltd., Class A		69,300		133,869
Changjiang Securities Co. Ltd., Class A		237,600		210,901
Chengdu Xingrong Environment Co. Ltd., Class A		158,399		101,619
China Agri-Industries Holdings Ltd.		1,782,000		935,648
China Aoyuan Group Ltd.		891,000		1,274,849
China Cinda Asset Management Co. Ltd., Class H		6,534,000		1,360,598
China CITIC Bank Corp. Ltd., Class H		6,534,000		3,572,613
China Communications Services Corp. Ltd., Class H		1,782,000		1,199,724
China Conch Venture Holdings Ltd.		1,188,000		4,621,328
China Education Group Holdings Ltd.		198,000		268,123
China Everbright Ltd.		684,000		1,101,006
China Lesso Group Holdings Ltd.		792,000		829,664
China Longyuan Power Group Corp. Ltd., Class H		2,277,000		1,233,366
China Medical System Holdings Ltd.		990,000		1,408,911
China Minsheng Banking Corp. Ltd., Class H		5,148,000		3,584,248
China Mobile Ltd.		1,336,500		10,073,584
China Power International Development Ltd.		3,267,000		676,125
China Reinsurance Group Corp., Class H		4,293,000		680,058
China Resources Cement Holdings Ltd.		1,782,000		2,133,096
China Resources Double Crane Pharmaceutical Co. Ltd., Class A		39,597		69,732
China Resources Power Holdings Co. Ltd.		1,386,000		1,802,495

Security	Shares		Value
China (continued)
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		39,600	$	165,555
China Telecom Corp. Ltd., Class H		10,098,000		3,818,477
China Zhongwang Holdings Ltd.		1,267,200		506,702
Chinese Universe Publishing and Media Group Co. Ltd., Class A		59,400		100,888
Chongqing Brewery Co. Ltd., Class A		19,797		137,087
Chongqing Rural Commercial Bank Co. Ltd., Class H		1,782,000		885,565
COSCO SHIPPING Ports Ltd.		1,188,000		966,761
Country Garden Services Holdings Co. Ltd.		891,000		2,879,793
CSPC Pharmaceutical Group Ltd.		2,772,000		6,310,503
Daqin Railway Co. Ltd., Class A		663,328		748,254
Dongfeng Motor Group Co. Ltd., Class H		1,980,000		1,902,156
Fujian Sunner Development Co. Ltd., Class A		49,500		167,301
Guangzhou Baiyun International Airport Co. Ltd., Class A		89,099		211,659
Guangzhou R&F Properties Co. Ltd., Class H		712,800		1,198,358
Henan Shuanghui Investment & Development Co. Ltd., Class A		69,370		305,803
Hithink RoyalFlush Information Network Co. Ltd., Class A		19,800		256,979
Hua Hong Semiconductor Ltd.(b)(c)		297,000		526,634
Huaneng Renewables Corp. Ltd., Class H		3,564,000		1,361,357
Huaxin Cement Co. Ltd., Class A		59,400		186,228
Hubei Jumpcan Pharmaceutical Co. Ltd., Class A		39,600		126,856
Hunan Valin Steel Co. Ltd., Class A(a)		198,000		127,025
Hundsun Technologies Inc., Class A		19,800		205,071
Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A		277,200		102,127
Inner Mongolia Yitai Coal Co. Ltd., Class B		821,700		592,446
Jafron Biomedical Co. Ltd., Class A		19,800		197,382
Jiangsu Expressway Co. Ltd., Class H		990,000		1,320,379
Jiangsu King’s Luck Brewery JSC Ltd., Class A		49,500		212,507
Jilin Aodong Pharmaceutical Group Co. Ltd., Class A		39,600		87,031
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		79,200		110,633
Kingboard Holdings Ltd.		474,000		1,304,934
Kingboard Laminates Holdings Ltd.		792,000		893,406
Kingdee International Software Group Co. Ltd.		198,000		196,286
Lee & Man Paper Manufacturing Ltd.		990,000		670,308
Legend Holdings Corp., Class H(a)(c)		277,200		570,141
Li Ning Co. Ltd.		1,435,500		4,602,989
Luye Pharma Group Ltd.(b)(c)		891,000		654,498
Maanshan Iron & Steel Co. Ltd., Class A		336,600		131,672
Maanshan Iron & Steel Co. Ltd., Class H(b)		594,000		225,375
Nanjing Iron & Steel Co. Ltd., Class A		237,600		111,534
New Hope Liuhe Co. Ltd., Class A		99,000		289,679
Nexteer Automotive Group Ltd.		594,000		497,798
Noah Holdings Ltd.(a)(b)		23,067		672,172
PICC Property & Casualty Co. Ltd., Class H		5,031,000		5,822,984
Qudian Inc., ADR(a)		108,603		538,671
Shandong Buchang Pharmaceuticals Co. Ltd., Class A		49,500		145,051
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		69,300		164,626
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		1,584,000		1,912,274
Shanghai Baosight Software Co. Ltd., Class A		39,600		194,565
Shanghai Industrial Holdings Ltd.		357,000		643,058
Shanghai Mechanical and Electrical Industry Co. Ltd., Class A		39,600		85,510
Shanxi Taigang Stainless Steel Co. Ltd., Class A		277,200		154,965
Shenzhen Airport Co. Ltd., Class A		89,100		119,646
Shenzhen Expressway Co. Ltd., Class H		594,000		792,228
Shenzhen International Holdings Ltd.		693,000		1,464,306

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Schedule of Investments  (unaudited) (continued) November 30, 2019 iShares^® Edge MSCI Multifactor Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Shenzhen Investment Ltd.		2,178,000	$	856,982
Shimao Property Holdings Ltd.		841,500		3,047,686
Shui On Land Ltd.		2,772,000		580,765
Sino Biopharmaceutical Ltd.		5,049,000		6,514,631
Sinolink Securities Co. Ltd., Class A		128,700		150,487
Sinopec Engineering Group Co. Ltd., Class H		1,039,500		609,537
Sinotruk Hong Kong Ltd.		495,000		835,987
SSY Group Ltd.		1,188,000		934,889
Sun Art Retail Group Ltd.		1,732,500		1,960,966
TangShan Port Group Co. Ltd., Class A		257,400		92,635
Tencent Holdings Ltd.		207,900		8,812,394
Topchoice Medical Corp., Class A(a)		9,900		145,839
Towngas China Co. Ltd.		732,000		517,129
Uni-President China Holdings Ltd.		990,000		1,005,461
Weichai Power Co. Ltd., Class H		1,386,000		2,369,095
Weifu High-Technology Group Co. Ltd., Class A		39,600		104,775
Wuhan Guide Infrared Co. Ltd., Class A		39,596		111,072
WUS Printed Circuit Kunshan Co. Ltd., Class A		79,200		253,374
Yuexiu Property Co. Ltd.		4,950,000		1,056,051
Yum China Holdings Inc.		225,621		10,044,647
Yuzhou Properties Co. Ltd.		1,287,000		591,894
Zhejiang Expressway Co. Ltd., Class H		990,000		866,341
Zhejiang Semir Garment Co. Ltd., Class A		79,200		105,676
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A		19,800		129,335
Zhongsheng Group Holdings Ltd.(b)		396,000		1,403,852
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		434,400		307,442
				162,126,057
Czech Republic — 0.3%
Moneta Money Bank AS(c)		362,835		1,205,619
India — 6.0%
Bharti Infratel Ltd.		241,857		931,522
Colgate-Palmolive India Ltd.		47,421		974,498
Divi’s Laboratories Ltd.		57,717		1,437,102
Dr. Reddy’s Laboratories Ltd.		83,358		3,385,854
HDFC Asset Management Co. Ltd.(c)		30,864		1,521,721
Hindustan Petroleum Corp. Ltd.		446,886		1,760,446
Infosys Ltd.		940,896		9,133,200
Petronet LNG Ltd.		435,006		1,646,337
REC Ltd.		516,087		992,067
Tech Mahindra Ltd.		337,689		3,584,364
				25,367,111
Indonesia — 1.2%
Adaro Energy Tbk PT		10,870,200		947,915
Bukit Asam Tbk PT		2,227,500		382,173
Indofood Sukses Makmur Tbk PT		3,138,300		1,768,840
Kalbe Farma Tbk PT		14,988,600		1,620,533
Pabrik Kertas Tjiwi Kimia Tbk PT		30,200		19,698
Pakuwon Jati Tbk PT		12,711,600		509,185
				5,248,344
Malaysia — 0.8%
AirAsia Group Bhd		1,089,000		440,658
AMMB Holdings Bhd		1,168,200		1,116,035
Nestle Malaysia Bhd		49,500		1,698,396
				3,255,089
Mexico — 0.2%
Megacable Holdings SAB de CV, CPO		227,700		808,282

Security	Shares		Value
Philippines — 0.8%
Altus San Nicolas Corp.(a)		30,439	$	3,111
Megaworld Corp.		8,346,600		727,648
PLDT Inc.		62,370		1,319,448
Robinsons Land Corp.		1,415,700		729,929
Security Bank Corp.		157,410		635,030
				3,415,166
Poland — 0.3%
PGE Polska Grupa Energetyczna SA(a)		626,868		1,397,973
Qatar — 1.9%
Barwa Real Estate Co.		1,516,779		1,411,824
Commercial Bank PSQC (The)		1,496,161		1,788,777
Mesaieed Petrochemical Holding Co.		892,386		633,330
Ooredoo QPSC		611,028		1,157,509
Qatar Fuel QSC		300,730		1,842,058
Qatar International Islamic Bank QSC		433,192		1,083,128
				7,916,626
Russia — 0.7%
Inter RAO UES PJSC		26,532,000		1,840,975
Magnitogorsk Iron & Steel Works PJSC		1,623,600		984,846
				2,825,821
Saudi Arabia — 2.6%
Advanced Petrochemical Co.		40,186		502,593
Arab National Bank		438,372		2,980,930
Bank Al-Jazira		152,064		552,296
Bupa Arabia for Cooperative Insurance Co.		19,602		527,947
Dar Al Arkan Real Estate Development Co.(a)		196,911		609,111
Jarir Marketing Co.		22,473		948,061
Riyad Bank		456,093		2,675,746
Samba Financial Group		31,880		247,814
Saudi Airlines Catering Co.		25,657		607,558
Saudi Cement Co.		54,648		990,950
Saudi Industrial Investment Group		85,338		460,143
				11,103,149
South Africa — 6.7%
Anglo American Platinum Ltd.		39,303		3,252,174
AngloGold Ashanti Ltd.		302,742		5,662,492
Exxaro Resources Ltd.		55,440		504,457
Impala Platinum Holdings Ltd.(a)		583,011		4,480,109
Investec Ltd.		213,840		1,228,927
Kumba Iron Ore Ltd.		47,124		1,208,829
Liberty Holdings Ltd.		98,109		746,413
Momentum Metropolitan Holdings		654,489		908,951
Mr. Price Group Ltd.		187,209		2,235,827
Old Mutual Ltd.		3,518,856		4,452,303
Reinet Investments SCA		106,623		2,075,412
RMB Holdings Ltd.		187,407		1,031,487
Telkom SA SOC Ltd.		213,543		683,343
				28,470,724
South Korea — 10.2%
BNK Financial Group Inc.		202,059		1,190,645
Daelim Industrial Co. Ltd.		20,394		1,552,234
DB Insurance Co. Ltd.		36,234		1,708,702
Hana Financial Group Inc.		96,129		2,909,547
Hankook Tire & Technology Co. Ltd.		54,054		1,521,649
Hyundai Department Store Co. Ltd.		9,603		676,434
Hyundai Marine & Fire Insurance Co. Ltd.		46,728		1,107,720
Kia Motors Corp.		192,456		7,047,134
LG Uplus Corp.		79,497		901,884

2

Schedule of Investments  (unaudited) (continued) November 30, 2019 iShares^® Edge MSCI Multifactor Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea (continued)
Orange Life Insurance Ltd.(c)		25,146	$	607,813
Samsung Electronics Co. Ltd.		160,182		6,821,449
SK Hynix Inc.		159,093		10,896,689
SK Telecom Co. Ltd.		14,751		3,072,214
Woongjin Coway Co. Ltd.		37,521		2,846,278
				42,860,392
Taiwan — 13.9%
Accton Technology Corp.		396,000		2,063,683
Asia Cement Corp.		1,584,000		2,359,607
Chicony Electronics Co. Ltd.		396,169		1,149,144
Compal Electronics Inc.		2,970,000		1,830,059
Feng TAY Enterprise Co. Ltd.		240,968		1,508,493
Formosa Taffeta Co. Ltd.		590,000		657,479
Foxconn Technology Co. Ltd.		693,000		1,512,719
Inventec Corp.		1,782,000		1,334,580
Lite-On Technology Corp.		1,542,718		2,447,274
Micro-Star International Co. Ltd.		495,000		1,361,187
Nanya Technology Corp.		891,000		2,079,258
Novatek Microelectronics Corp.		421,000		3,083,971
Phison Electronics Corp.		99,000		923,141
Pou Chen Corp.		1,584,000		2,063,683
Powertech Technology Inc.		540,000		1,665,460
Realtek Semiconductor Corp.		396,000		2,991,691
Ruentex Development Co. Ltd.		396,000		591,849
Ruentex Industries Ltd.		253,400		628,714
Standard Foods Corp.		297,000		645,388
Synnex Technology International Corp.		990,000		1,195,703
Taiwan Business Bank		2,927,104		1,199,220
Taiwan Semiconductor Manufacturing Co. Ltd.		936,000		9,356,779
United Microelectronics Corp.		8,118,000		3,977,781
Walsin Technology Corp.		198,000		1,103,227
Win Semiconductors Corp.		252,000		2,498,484
Winbond Electronics Corp.		2,079,000		1,189,051
Wistron Corp.		2,079,063		1,887,548
WPG Holdings Ltd.		1,089,160		1,354,734
Yageo Corp.		198,358		2,145,430
Zhen Ding Technology Holding Ltd.		396,000		1,745,694
				58,551,031
Thailand — 0.6%
Krung Thai Bank PCL, NVDR		2,405,700		1,305,650
Robinson PCL, NVDR		386,100		840,112
TMB Bank PCL, NVDR		8,300,889		439,527
				2,585,289

Security	Shares		Value
United Arab Emirates — 1.5%
Aldar Properties PJSC		2,812,590	$	1,661,604
Dubai Islamic Bank PJSC		1,160,676		1,674,743
Emaar Properties PJSC		2,564,001		2,882,900
				6,219,247
Total Common Stocks — 95.8% (Cost: $392,666,356)				404,368,742
Preferred Stocks
Brazil — 3.2%
Itausa-Investimentos Itau SA, Preference Shares, NVS		2,920,538		9,165,750
Telefonica Brasil SA, Preference Shares, NVS		326,700		4,346,161
				13,511,911
Russia — 0.7%
Surgutneftegas PJSC, Preference Shares, NVS		5,068,800		2,846,320
Total Preferred Stocks — 3.9% (Cost: $14,935,052)				16,358,231
Short-Term Investments
Money Market Funds — 1.5%
BlackRock Cash Funds: Institutional, SL Agency Shares,     1.82%(d)(e)(f)		6,113,813		6,116,258
Total Short-Term Investments — 1.5% (Cost: $6,116,497)				6,116,258
Total Investments in Securities — 101.2% (Cost: $413,717,905)				426,843,231
Other Assets, Less Liabilities — (1.2)%				(4,926,969	)
Net Assets — 100.0%			$	421,916,262

^(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)  Affiliate of the Fund.

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

^(f)  All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the three months ended November 30, 2019, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Shares Held at 08/31/19		Net Activity			Shares Held at 11/30/19		Value at 11/30/19		Income			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Institutional, SL Agency Shares		3,212,175		2,901,638			6,113,813	$	6,116,258	$	13,319	(a)	$	(405	)	$	(398	)
BlackRock Cash Funds: Treasury, SL Agency Shares		300,000		(300,000	)		—		—		3,406			—			—
								$	6,116,258	$	16,725		$	(405	)	$	(398	)

^(a)  Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent.

3

Schedule of Investments  (unaudited) (continued) November 30, 2019 iShares^® Edge MSCI Multifactor Emerging Markets  ETF

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets E-Mini		13		12/20/19	$	675	$	(8,279	)

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to a recently published shareholder report. Shareholder reports are available on the Fund’s website at iShares.com and on the U.S. Securities and Exchange Commission website at sec.gov.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of November 30, 2019. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	404,365,631		$	3,111	$	—	$	404,368,742
Preferred Stocks		16,358,231			—		—		16,358,231
Money Market Funds		6,116,258			—		—		6,116,258
	$	426,840,120		$	3,111	$	—	$	426,843,231
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(8,279	)	$	—	$	—	$	(8,279	)

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

Portfolio Abbreviations — Equity
ADR	American Depositary Receipt
CPO	Certificates of Participation (Ordinary)
NVDR	Non-Voting Depositary Receipt
NVS	Non-Voting Shares

4