Consolidated Schedule of Investments (unaudited) November 30, 2020 iShares^® MSCI Emerging Markets Min Vol Factor  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Brazil — 0.1%
Raia Drogasil SA		619,400	$	2,972,715
Telefonica Brasil SA		347,500		2,887,151
				5,859,866
China — 35.6%
Agricultural Bank of China Ltd., Class A		22,068,398		11,034,283
Agricultural Bank of China Ltd., Class H		65,201,000		24,726,339
Alibaba Group Holding Ltd., ADR(a)		242,270		63,804,227
ANTA Sports Products Ltd.		1,834,000		24,934,357
AVIC Jonhon Optronic Technology Co. Ltd., Class A		743,086		6,662,980
Bank of Beijing Co. Ltd., Class A		8,249,624		6,118,309
Bank of China Ltd., Class A		23,680,500		11,876,329
Bank of China Ltd., Class H		86,493,000		30,569,599
Bank of Communications Co. Ltd., Class A		15,387,974		11,014,880
Bank of Communications Co. Ltd., Class H		9,681,000		5,357,174
Bank of Hangzhou Co. Ltd., Class A		3,641,493		8,412,023
Bank of Jiangsu Co. Ltd., Class A		7,792,914		7,378,453
Bank of Ningbo Co. Ltd., Class A		517,296		2,900,968
Bank of Shanghai Co. Ltd., Class A		9,577,032		11,745,780
BeiGene Ltd., ADR(a)		63,033		16,116,908
Beijing Capital International Airport Co. Ltd., Class H		6,422,000		4,812,876
Beijing Sinnet Technology Co. Ltd., Class A		1,040,473		3,020,241
Beijing Tiantan Biological Products Corp. Ltd., Class A		846,795		5,115,556
BOE Technology Group Co. Ltd., Class A		4,807,900		3,953,030
BYD Co. Ltd., Class H(b)		302,500		7,105,482
CGN Power Co. Ltd., Class H(c)		51,937,000		11,120,983
China CITIC Bank Corp. Ltd., Class H		16,335,000		7,058,658
China Construction Bank Corp., Class A		2,573,284		2,796,219
China Construction Bank Corp., Class H		6,883,000		5,398,083
China Everbright Bank Co. Ltd., Class H		5,339,000		2,079,817
China Gas Holdings Ltd.		1,782,600		6,564,751
China Huishan Dairy Holdings Co. Ltd.(a)(d)		22,241,266		29
China Life Insurance Co. Ltd., Class H		1,379,000		3,127,097
China Mengniu Dairy Co. Ltd.		2,381,000		12,039,368
China Minsheng Banking Corp. Ltd., Class A		14,644,054		11,795,452
China Mobile Ltd.		6,555,000		39,232,764
China National Medicines Corp. Ltd., Class A		508,800		3,456,464
China Petroleum & Chemical Corp., Class H		39,744,000		17,994,381
China Resources Beer Holdings Co. Ltd.		3,634,000		26,836,053
China Resources Gas Group Ltd.		1,964,000		9,462,161
China Shenhua Energy Co. Ltd., Class A		1,979,813		5,903,378
China Shenhua Energy Co. Ltd., Class H		971,000		1,876,244
China Telecom Corp. Ltd., Class H		80,850,000		24,403,612
China Tourism Group Duty Free Corp. Ltd., Class A		745,081		21,877,013
China Tower Corp. Ltd., Class H(c)		95,906,000		15,092,592
China Yangtze Power Co. Ltd., Class A		14,833,705		45,335,574
CRRC Corp. Ltd., Class H		7,916,000		3,175,590
Dali Foods Group Co. Ltd.(c)		4,228,500		2,618,097
Daqin Railway Co. Ltd., Class A		10,035,533		10,340,643
ENN Energy Holdings Ltd.		863,800		11,443,052
Fiberhome Telecommunication Technologies Co. Ltd., Class A		789,582		2,983,155
Foshan Haitian Flavouring & Food Co. Ltd., Class A		174,194		4,214,574
Fuyao Glass Industry Group Co. Ltd., Class A		902,803		5,501,926
GD Power Development Co. Ltd., Class A		8,860,800		2,895,268
GDS Holdings Ltd., ADR(a)		23,342		2,101,480
Giant Network Group Co. Ltd., Class A		1,122,853		3,044,354
Glodon Co. Ltd., Class A		399,788		4,076,896
GOME Retail Holdings Ltd.(a)(b)		103,775,000		12,315,124

Security	Shares		Value
China (continued)
Gree Electric Appliances Inc. of Zhuhai, Class A		270,895	$	2,743,553
Guangdong Haid Group Co. Ltd., Class A		1,066,688		9,125,277
Guangdong Investment Ltd.		26,012,000		43,216,325
Guangzhou Haige Communications Group Inc. Co., Class A		1,555,600		2,910,271
Haidilao International Holding Ltd.(b)(c)		2,931,000		19,224,940
Haier Electronics Group Co. Ltd.(b)		3,290,000		15,680,813
Hangzhou Hikvision Digital Technology Co. Ltd., Class A		1,057,283		7,338,371
Hangzhou Tigermed Consulting Co. Ltd., Class H(a)(c)		656,100		11,044,315
Hansoh Pharmaceutical Group Co. Ltd.(a)(c)		5,228,000		25,120,026
Henan Shuanghui Investment & Development Co. Ltd., Class A		1,159,994		8,130,597
Hengan International Group Co. Ltd.		2,083,500		14,378,233
Hengtong Optic-Electric Co. Ltd., Class A		1,318,200		2,966,974
Hualan Biological Engineering Inc., Class A		492,480		3,221,353
Huaxia Bank Co. Ltd., Class A		5,971,120		5,925,792
Iflytek Co. Ltd., Class A		632,900		3,676,234
Industrial & Commercial Bank of China Ltd., Class A		2,671,500		2,159,953
Industrial & Commercial Bank of China Ltd., Class H		57,833,000		36,702,787
Industrial Bank Co. Ltd., Class A		5,021,012		16,039,890
JD.com Inc., ADR(a)		481,749		41,117,277
Jiangsu Expressway Co. Ltd., Class H		13,748,000		15,463,729
Jiangsu Hengrui Medicine Co. Ltd., Class A		1,475,331		19,280,346
Jinyu Bio-Technology Co. Ltd., Class A		759,204		2,795,692
Jointown Pharmaceutical Group Co. Ltd., Class A(a)		1,266,178		3,384,839
Kingdee International Software Group Co. Ltd.		2,317,000		8,084,469
Kweichow Moutai Co. Ltd., Class A		24,290		6,326,929
Laobaixing Pharmacy Chain JSC, Class A		268,742		2,936,988
Lenovo Group Ltd.		19,078,000		13,608,686
Meituan, Class B(a)		1,059,100		39,618,059
Microport Scientific Corp.		609,000		2,627,675
NetEase Inc., ADR		121,979		11,023,242
New Oriental Education & Technology Group Inc., ADR(a)		151,223		24,929,111
PetroChina Co. Ltd., Class A		2,845,400		1,863,794
PetroChina Co. Ltd., Class H		37,754,000		12,028,685
Pinduoduo Inc., ADR(a)(b)		185,817		25,793,258
Ping An Insurance Group Co. of China Ltd., Class H		762,500		8,950,339
Postal Savings Bank of China Co. Ltd., Class H(c)		39,992,000		22,594,642
SAIC Motor Corp. Ltd., Class A		1,150,144		4,633,822
Sangfor Technologies Inc., Class A		111,000		3,402,226
SDIC Power Holdings Co. Ltd., Class A		4,576,172		6,586,121
Shandong Gold Mining Co. Ltd., Class A		2,457,068		8,902,271
Shandong Gold Mining Co. Ltd., Class H(c)		853,000		1,927,708
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		2,960,000		6,124,270
Shanghai Jahwa United Co. Ltd., Class A		452,500		2,577,482
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		14,145,042		11,004,843
Shanghai M&G Stationery Inc., Class A		364,600		4,031,687
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		2,990,200		5,060,487
Shanghai Pudong Development Bank Co. Ltd., Class A		7,104,368		10,861,776
Shenzhen International Holdings Ltd.		1,959,000		3,219,305
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		94,500		4,844,957
Shenzhou International Group Holdings Ltd.		2,019,400		34,175,463
Sichuan Chuantou Energy Co. Ltd., Class A		2,971,557		4,710,270
Sino Biopharmaceutical Ltd.		7,135,000		7,178,716
Sinopec Shanghai Petrochemical Co. Ltd., Class A		3,769,064		2,027,749

1

Consolidated Schedule of Investments (unaudited) (continued) November 30, 2020 iShares^® MSCI Emerging Markets Min Vol Factor  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Sinopharm Group Co. Ltd., Class H		1,982,800	$	4,900,412
Songcheng Performance Development Co. Ltd., Class A		1,780,759		5,217,826
Sun Art Retail Group Ltd.		9,088,500		9,542,778
Suning.com Co. Ltd., Class A		2,525,179		3,511,484
TAL Education Group, ADR(a)		245,543		17,202,743
Tencent Holdings Ltd.		459,300		33,355,163
Tencent Music Entertainment Group, ADR(a)		241,835		4,053,155
Tianjin 712 Communication & Broadcasting Co. Ltd., Class A		361,300		2,090,943
Topchoice Medical Corp., Class A(a)		216,399		6,896,208
TravelSky Technology Ltd., Class H		1,435,000		3,254,086
Uni-President China Holdings Ltd.		2,083,000		1,878,126
Vipshop Holdings Ltd., ADR(a)(b)		114,923		2,935,133
Want Want China Holdings Ltd.(b)		3,657,000		2,495,392
Wens Foodstuffs Group Co. Ltd., Class A		703,289		2,062,854
WuXi AppTec Co. Ltd., Class H(c)		485,220		7,260,306
Xiaomi Corp., Class B(a)(c)		6,690,600		22,870,158
Yum China Holdings Inc.		814,432		45,917,676
Yunnan Baiyao Group Co. Ltd., Class A		393,567		5,698,391
Zhaojin Mining Industry Co. Ltd., Class H		11,743,500		15,087,425
Zhejiang Supor Co. Ltd., Class A		180,385		1,915,988
Zhongjin Gold Corp. Ltd., Class A		2,720,668		3,940,450
Zhongsheng Group Holdings Ltd.		945,500		7,098,110
Zhuzhou CRRC Times Electric Co. Ltd., Class H		580,000		1,825,476
Zijin Mining Group Co. Ltd., Class A		9,061,900		12,794,178
ZTE Corp., Class H		1,401,000		3,614,318
ZTO Express Cayman Inc., ADR		533,635		15,069,852
				1,460,611,894
Czech Republic — 0.2%
CEZ AS		106,086		2,250,523
Komercni Banka AS(a)		228,285		6,114,578
				8,365,101
Egypt — 0.3%
Commercial International Bank Egypt SAE		2,827,814		11,213,932
Greece — 0.3%
Hellenic Telecommunications Organization SA		672,009		11,229,879
JUMBO SA		146,347		2,624,153
				13,854,032
Hungary — 0.6%
OTP Bank Nyrt(a)		159,722		6,347,631
Richter Gedeon Nyrt		830,563		19,713,511
				26,061,142
India — 10.4%
Asian Paints Ltd.		876,520		26,219,998
Bajaj Auto Ltd.		211,042		9,043,833
Britannia Industries Ltd.		353,971		17,388,523
Cipla Ltd.		320,531		3,227,113
Colgate-Palmolive India Ltd.		137,078		2,801,856
Dabur India Ltd.		3,012,496		20,331,106
Divi’s Laboratories Ltd.		64,469		3,138,387
Dr. Reddy’s Laboratories Ltd.		204,301		13,321,756
Eicher Motors Ltd.		455,890		15,603,296
HCL Technologies Ltd.		3,092,189		34,326,456
Hindustan Petroleum Corp. Ltd.		416		1,176
Hindustan Unilever Ltd.		1,018,798		29,415,396
Housing Development Finance Corp. Ltd.		321,775		9,803,424
Infosys Ltd.		3,471,341		51,561,821

Security	Shares		Value
India (continued)
Ipca Laboratories Ltd.		180,673	$	5,286,161
ITC Ltd.		775,110		2,026,838
Lupin Ltd.		367,870		4,429,963
Marico Ltd.		2,962,105		14,707,280
Maruti Suzuki India Ltd.		27,494		2,612,099
MRF Ltd.		12,961		13,605,478
Nestle India Ltd.		32,059		7,744,138
Page Industries Ltd.		38,805		11,923,448
Petronet LNG Ltd.		2,520,627		8,551,710
Pidilite Industries Ltd.		163,326		3,401,989
Power Grid Corp. of India Ltd.		2,011,059		5,224,782
Reliance Industries Ltd.		416,520		10,853,916
Sun Pharmaceutical Industries Ltd.		665,647		4,598,914
Tata Consultancy Services Ltd.		1,057,005		38,246,650
Tech Mahindra Ltd.		1,565,188		18,532,333
Titan Co. Ltd.		540,862		9,941,380
Wipro Ltd.		6,298,120		29,808,302
				427,679,522
Kuwait — 1.5%
Mobile Telecommunications Co. KSC		17,623,567		33,478,151
National Bank of Kuwait SAKP		10,747,617		29,517,732
				62,995,883
Malaysia — 4.7%
DiGi.Com Bhd		12,256,800		12,034,168
Fraser & Neave Holdings Bhd		1,129,200		8,997,013
HAP Seng Consolidated Bhd		1,783,000		3,610,641
Hong Leong Bank Bhd		3,774,300		15,916,169
IHH Healthcare Bhd		13,384,200		18,463,231
IOI Corp. Bhd		1,943,700		2,084,921
Kuala Lumpur Kepong Bhd		2,178,900		12,568,520
Malayan Banking Bhd		20,743,000		40,223,294
Maxis Bhd(b)		6,959,200		8,370,172
Nestle Malaysia Bhd		546,300		17,968,630
Petronas Chemicals Group Bhd		4,511,100		7,108,803
Petronas Dagangan Bhd		1,075,600		5,480,966
PPB Group Bhd		2,851,800		13,020,000
Public Bank Bhd		2,528,380		10,798,677
Tenaga Nasional Bhd		4,823,900		11,935,423
Westports Holdings Bhd		3,205,100		3,382,899
				191,963,527
Mexico — 0.6%
Gruma SAB de CV, Class B		299,260		3,301,488
Wal-Mart de Mexico SAB de CV		8,351,300		22,062,696
				25,364,184
Pakistan — 0.1%
MCB Bank Ltd.		2,539,076		2,820,222
Peru — 0.8%
Cia. de Minas Buenaventura SAA, ADR		364,294		4,043,663
Credicorp Ltd.		178,706		27,504,641
				31,548,304
Philippines — 2.1%
Aboitiz Power Corp.		15,673,600		8,394,243
Bank of the Philippine Islands		7,876,458		13,597,047
BDO Unibank Inc.		9,101,393		19,554,366
Globe Telecom Inc.		375,300		15,205,582
International Container Terminal Services Inc.		3,744,600		9,096,699
Manila Electric Co.		1,451,640		8,502,118
Metropolitan Bank & Trust Co.		4,445,803		4,433,782

2

Consolidated Schedule of Investments (unaudited) (continued) November 30, 2020 iShares^® MSCI Emerging Markets Min Vol Factor  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Philippines (continued)
SM Investments Corp.		117,825	$	2,377,085
Universal Robina Corp.		2,362,100		6,976,252
				88,137,174
Poland — 0.1%
Cyfrowy Polsat SA		537,631		3,829,975
Qatar — 2.2%
Masraf Al Rayan QSC		23,259,364		26,770,211
Qatar Electricity & Water Co. QSC		4,307,688		20,888,223
Qatar Fuel QSC		1,171,583		5,842,126
Qatar Islamic Bank SAQ		3,556,308		15,969,836
Qatar National Bank QPSC		4,453,511		21,271,217
				90,741,613
Russia — 0.9%
Polymetal International PLC		400,653		8,356,125
Polyus PJSC		124,481		23,632,595
Rosneft Oil Co. PJSC		889,530		5,204,381
				37,193,101
Saudi Arabia — 7.7%
Abdullah Al Othaim Markets Co.		410,239		13,913,081
Advanced Petrochemical Co.		433,363		7,106,016
Al Rajhi Bank		1,649,428		32,895,327
Alinma Bank(a)		5,142,549		22,129,990
Bank AlBilad		1,048,599		7,380,956
Bank Al-Jazira		1,184,105		4,331,552
Bupa Arabia for Cooperative Insurance Co.(a)		433,060		14,502,303
Co for Cooperative Insurance (The)(a)		442,514		9,922,526
Dr Sulaiman Al Habib Medical Services Group Co.		104,561		3,233,903
Emaar Economic City(a)		963,489		2,527,791
Etihad Etisalat Co.(a)		3,097,150		24,525,504
Jarir Marketing Co.		661,532		31,042,935
Mobile Telecommunications Co.(a)		2,013,705		7,312,607
Saudi Airlines Catering Co.		452,047		9,545,705
Saudi Arabian Fertilizer Co.		795,637		17,395,146
Saudi Basic Industries Corp.		1,011,461		26,131,971
Saudi Electricity Co.		1,651,940		9,496,034
Saudi Telecom Co.		2,152,406		61,864,600
Savola Group (The)		276,364		3,393,207
Yanbu National Petrochemical Co.		439,714		7,210,156
				315,861,310
South Korea — 7.3%
BGF retail Co. Ltd.		21,777		2,469,851
Celltrion Healthcare Co. Ltd.(a)		23,759		2,621,638
Celltrion Inc.(a)		23,951		7,359,216
CJ Logistics Corp.(a)		47,193		7,079,696
Coway Co. Ltd.(a)		95,105		5,964,744
GS Retail Co. Ltd.		84,315		2,571,625
Hanon Systems		757,232		10,298,985
Hyundai Marine & Fire Insurance Co. Ltd.		197,347		3,977,080
Hyundai Mobis Co. Ltd.		11,968		2,639,006
Kakao Corp.		6,240		2,075,207
Kangwon Land Inc.		278,716		5,654,669
Kia Motors Corp.		114,539		5,982,879
KMW Co. Ltd.(a)(b)		86,750		5,762,166
Korea Electric Power Corp.(a)		224,988		4,361,296
KT&G Corp.		404,784		30,179,097
LG Household & Health Care Ltd.		1,483		2,029,065
LG Uplus Corp.		360,215		3,890,081
NAVER Corp.		88,643		22,229,843

Security	Shares		Value
South Korea (continued)
NCSoft Corp.		32,030	$	23,446,116
Netmarble Corp.(a)(b)(c)		59,407		6,710,836
Pearl Abyss Corp.(a)		54,934		10,281,353
S-1 Corp.		194,645		13,861,123
Samsung Biologics Co. Ltd.(a)(c)		8,586		6,098,772
Samsung Electronics Co. Ltd.		583,795		35,189,667
Samsung SDS Co. Ltd.		101,899		15,931,071
SK Hynix Inc.		162,834		14,347,580
SK Telecom Co. Ltd.		156,898		33,675,184
Yuhan Corp.		260,497		15,160,641
				301,848,487
Taiwan — 16.3%
Accton Technology Corp.		531,000		4,452,557
Advantech Co. Ltd.		2,980,855		32,106,744
Asustek Computer Inc.		2,245,000		19,612,490
AU Optronics Corp.(a)		18,016,000		7,711,436
Cathay Financial Holding Co. Ltd.		3,734,034		5,292,693
Chicony Electronics Co. Ltd.		6,704,455		20,088,078
China Development Financial Holding Corp.		12,993,000		4,066,224
China Steel Corp.		4,621,000		3,696,476
Chunghwa Telecom Co. Ltd.		16,059,000		61,131,532
Compal Electronics Inc.		28,128,000		19,046,413
E.Sun Financial Holding Co. Ltd.		20,253,335		17,871,112
Far EasTone Telecommunications Co. Ltd.		17,963,000		39,073,976
First Financial Holding Co. Ltd.		73,382,900		54,839,252
Formosa Petrochemical Corp.		2,359,000		7,490,203
Formosa Plastics Corp.		2,520,840		7,535,324
Hua Nan Financial Holdings Co. Ltd.		60,859,563		38,754,533
Lite-On Technology Corp.		8,617,752		14,527,953
Mega Financial Holding Co. Ltd.		13,365,000		13,340,382
Pou Chen Corp.		3,424,000		3,754,057
Powertech Technology Inc.		1,010,000		3,260,065
President Chain Store Corp.		3,093,000		28,105,850
Quanta Computer Inc.		2,921,000		7,891,132
Standard Foods Corp.		1,775,476		3,887,017
Synnex Technology International Corp.		12,496,000		19,509,587
Taiwan Business Bank		34,760,704		12,134,690
Taiwan Cooperative Financial Holding Co. Ltd.		80,684,599		57,465,042
Taiwan High Speed Rail Corp.		7,963,000		8,786,470
Taiwan Mobile Co. Ltd.		17,719,000		60,363,649
Taiwan Semiconductor Manufacturing Co. Ltd.		3,599,000		60,672,555
Uni-President Enterprises Corp.		3,169,000		7,226,910
United Microelectronics Corp.		5,456,000		7,752,583
WPG Holdings Ltd.		11,338,440		16,966,388
				668,413,373
Thailand — 5.5%
Advanced Info Service PCL, NVDR		6,843,000		39,700,711
Airports of Thailand PCL, NVDR(b)		18,799,300		39,773,726
Bangkok Dusit Medical Services PCL, NVDR		38,958,900		27,689,797
Bangkok Expressway & Metro PCL, NVDR		72,297,700		21,868,560
BTS Group Holdings PCL, NVDR(b)		52,413,400		17,673,279
Bumrungrad Hospital PCL, NVDR		2,855,200		11,751,154
CP ALL PCL, NVDR(a)		15,645,000		31,290,000
Home Product Center PCL, NVDR(b)		27,035,300		13,137,815
Intouch Holdings PCL, NVDR		7,058,000		12,949,388
Siam Cement PCL (The), NVDR		479,400		5,927,127
Thai Union Group PCL, NVDR		8,100,900		4,043,755
				225,805,312

3

Consolidated Schedule of Investments (unaudited) (continued) November 30, 2020 iShares^® MSCI Emerging Markets Min Vol Factor  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Turkey — 0.6%
BIM Birlesik Magazalar AS		2,381,860	$	21,314,865
Turkcell Iletisim Hizmetleri AS		1,939,126		3,668,901
				24,983,766
United Arab Emirates — 1.7%
Dubai Islamic Bank PJSC		3,874,070		4,725,054
Emirates Telecommunications Group Co. PJSC		8,084,907		38,122,753
First Abu Dhabi Bank PJSC		7,538,322		25,899,738
				68,747,545
Total Common Stocks — 99.6% (Cost: $3,407,508,895)				4,093,899,265
Preferred Stocks
Russia — 0.4%
Surgutneftegas PJSC, Preference Shares, NVS		29,533,100		15,321,538
Total Preferred Stocks — 0.4% (Cost: $15,529,672)				15,321,538
Short-Term Investments
Money Market Funds — 1.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.19%(e)(f)(g)		71,970,376		72,013,558
Total Short-Term Investments — 1.8% (Cost: $71,993,781)				72,013,558
Total Investments in Securities — 101.8% (Cost: $3,495,032,348)				4,181,234,361
Other Assets, Less Liabilities — (1.8)%				(72,335,311	)
Net Assets — 100.0%			$	4,108,899,050

^(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 cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended November 30, 2020 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 11/30/20		Shares Held at 11/30/20		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	54,438,073	$	17,600,539	(a)	$	—		$	(13,049	)	$	(12,005	)	$	72,013,558		71,970,376	$	280,481	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(c)		7,040,000		—			(7,040,000	)(a)		—			—			—		—		1,202			—
									$	(13,049	)	$	(12,005	)	$	72,013,558			$	281,683		$	—

^(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.

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Consolidated Schedule of Investments (unaudited) (continued) November 30, 2020 iShares^® MSCI Emerging Markets Min Vol Factor  ETF     

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets E-Mini Index		61		12/18/20	$	3,667	$	(61,738	)

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, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Consolidated Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	4,093,899,236		$	—	$	29	$	4,093,899,265
Preferred Stocks		15,321,538			—		—		15,321,538
Money Market Funds		72,013,558			—		—		72,013,558
	$	4,181,234,332		$	—	$	29	$	4,181,234,361
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(61,738	)	$	—	$	—	$	(61,738	)

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

Portfolio Abbreviations - Equity
ADR	American Depositary Receipt
JSC	Joint Stock Company
NVDR	Non-Voting Depositary Receipt
NVS	Non-Voting Shares
PJSC	Public Joint Stock Company

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