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

Security	Shares		Value
Common Stocks
Brazil — 2.4%
Banco BTG Pactual SA		198,000	$	2,912,203
BB Seguridade Participacoes SA		597,200		3,166,646
Hypera SA		316,800		1,888,631
Sul America SA		242,892		1,930,996
Telefonica Brasil SA		399,900		3,322,508
TIM SA		686,400		1,719,138
				14,940,122
China — 45.2%
3SBio Inc.(a)(b)		1,056,000		1,046,124
AECC Aero-Engine Control Co. Ltd., Class A		52,800		163,778
AK Medical Holdings Ltd.(a)		264,000		417,496
Alibaba Group Holding Ltd., ADR(b)		109,560		28,853,722
Anhui Conch Cement Co. Ltd., Class A		79,239		680,401
Anhui Conch Cement Co. Ltd., Class H		1,028,000		6,577,078
Apeloa Pharmaceutical Co. Ltd., Class A		66,000		209,135
Bank of Communications Co. Ltd., Class H		3,300,000		1,826,121
Beijing Capital International Airport Co. Ltd., Class H		1,584,000		1,187,106
Beijing Enterprises Holdings Ltd.		396,000		1,282,115
Bosideng International Holdings Ltd.		2,640,000		1,157,820
Brilliance China Automotive Holdings Ltd.		2,640,000		2,349,694
BYD Electronic International Co. Ltd.		563,000		2,785,044
C&S Paper Co. Ltd., Class A		66,000		206,327
Caitong Securities Co. Ltd., Class A		171,600		346,593
Centre Testing International Group Co. Ltd., Class A		52,800		190,017
Chacha Food Co. Ltd., Class A		26,400		216,458
Changjiang Securities Co. Ltd., Class A		264,000		354,677
China Cinda Asset Management Co. Ltd., Class H		7,392,000		1,439,783
China CITIC Bank Corp. Ltd., Class H		7,392,000		3,194,221
China Communications Services Corp. Ltd., Class H		2,112,000		1,127,853
China Conch Venture Holdings Ltd.		1,352,000		6,417,749
China Everbright Ltd.		882,000		1,271,946
China Hongqiao Group Ltd.		1,386,000		1,210,348
China Lesso Group Holdings Ltd.		924,000		1,649,553
China Longyuan Power Group Corp. Ltd., Class H		2,640,000		2,220,290
China Medical System Holdings Ltd.		1,188,000		1,213,668
China Meidong Auto Holdings Ltd.		468,000		2,028,352
China Minsheng Banking Corp. Ltd., Class H		4,818,000		2,659,921
China Mobile Ltd.		2,508,000		15,010,796
China National Building Material Co. Ltd., Class H		3,168,000		4,159,979
China Power International Development Ltd.		3,960,000		796,853
China Resources Cement Holdings Ltd.		2,112,000		2,626,208
China Resources Pharmaceutical Group Ltd.(a)		1,254,000		677,750
China Resources Power Holdings Co. Ltd.		1,584,000		1,683,607
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		52,800		217,461
China Taiping Insurance Holdings Co. Ltd.		1,346,400		2,379,320
China Telecom Corp. Ltd., Class H		10,824,000		3,267,096
China Traditional Chinese Medicine Holdings Co. Ltd.		2,376,000		1,118,658
China Unicom Hong Kong Ltd.		5,016,000		3,015,100
Chongqing Brewery Co. Ltd., Class A		23,097		368,572
Chongqing Rural Commercial Bank Co. Ltd., Class H		1,980,000		847,933
COSCO SHIPPING Ports Ltd.		1,584,000		1,046,124
Country Garden Services Holdings Co. Ltd.		1,149,000		6,432,325
Da An Gene Co. Ltd. of Sun Yat-Sen University, Class A		39,600		198,363
Dali Foods Group Co. Ltd.(a)		1,650,000		1,021,606
Daqin Railway Co. Ltd., Class A		726,028		748,101
Dongfeng Motor Group Co. Ltd., Class H		2,376,000		2,445,725
Far East Horizon Ltd.		1,716,000		1,821,694

Security	Shares		Value
China (continued)
First Capital Securities Co. Ltd., Class A		211,200	$	339,592
Fujian Sunner Development Co. Ltd., Class A		66,000		264,303
Fuyao Glass Industry Group Co. Ltd., Class H(a)		316,800		1,516,063
G-Bits Network Technology Xiamen Co. Ltd., Class A		3,700		211,323
GF Securities Co. Ltd., Class H		1,056,000		1,473,837
Great Wall Motor Co. Ltd., Class H		2,574,000		5,212,744
GSX Techedu Inc., ADR(b)(c)		63,492		4,081,901
Guangdong Kinlong Hardware Products Co. Ltd., Class A		13,200		257,562
Guangdong Xinbao Electrical Appliances Holdings Co. Ltd., Class A		39,600		253,671
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		26,400		349,060
Guoyuan Securities Co. Ltd., Class A		211,200		285,347
Haier Electronics Group Co. Ltd.		1,056,000		5,033,112
Haitian International Holdings Ltd.		528,000		1,433,654
Hangzhou First Applied Material Co. Ltd., Class A		26,400		287,433
Hebei Construction Group Corp. Ltd., Class H		288,000		817,285
Hefei Meiya Optoelectronic Technology Inc., Class A		39,600		267,212
Heilongjiang Agriculture Co. Ltd., Class A		105,600		274,915
Henan Shuanghui Investment & Development Co. Ltd., Class A		145,270		1,018,222
Hesteel Co. Ltd., Class A(b)		514,800		179,164
Hithink RoyalFlush Information Network Co. Ltd., Class A		26,400		573,984
Hopson Development Holdings Ltd.		528,000		1,379,168
Hua Hong Semiconductor Ltd.(a)(b)		396,000		1,964,037
Hualan Biological Engineering Inc., Class A		92,400		604,396
Huaxin Cement Co. Ltd., Class A		79,200		295,016
Hubei Jumpcan Pharmaceutical Co. Ltd., Class A		52,800		175,493
Hunan Valin Steel Co. Ltd., Class A		316,820		257,599
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		422,400		338,950
Intco Medical Technology Co. Ltd., Class A		13,200		262,397
Jafron Biomedical Co. Ltd., Class A		39,687		393,556
Jiangxi Zhengbang Technology Co. Ltd., Class A		145,200		411,771
Jilin Aodong Pharmaceutical Group Co. Ltd., Class A		52,800		139,544
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		105,600		224,843
Joyoung Co. Ltd., Class A		39,600		196,557
Kingboard Holdings Ltd.		528,000		2,022,780
Kingboard Laminates Holdings Ltd.		858,000		1,387,852
Kingdee International Software Group Co. Ltd.		1,980,000		6,908,610
Kingfa Sci & Tech Co. Ltd., Class A		132,000		348,659
KWG Group Holdings Ltd.		1,056,000		1,443,870
Lee & Man Paper Manufacturing Ltd.		1,056,000		858,149
Lenovo Group Ltd.		6,072,000		4,331,269
Li Ning Co. Ltd.		1,782,000		9,654,176
Luye Pharma Group Ltd.(a)		1,452,000		846,571
Nine Dragons Paper Holdings Ltd.		1,452,000		1,906,657
Noah Holdings Ltd.(b)(c)		27,456		812,698
Northeast Securities Co. Ltd., Class A		132,000		199,606
PICC Property & Casualty Co. Ltd., Class H		5,809,000		4,795,563
Sanquan Food Co. Ltd., Class A		39,600		156,054
Shandong Buchang Pharmaceuticals Co. Ltd., Class A		66,000		242,236
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		79,250		422,750
Shandong Sun Paper Industry JSC Ltd., Class A		145,200		324,385
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		2,112,000		4,369,749
Shanghai Bairun Investment Holding Group Co. Ltd., Class A		26,400		307,133
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		646,800		1,094,617
Shanxi Taigang Stainless Steel Co. Ltd., Class A		369,600		210,640
Shenzhen International Holdings Ltd.		924,000		1,518,447

1

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

Security	Shares		Value
China (continued)
Shenzhen Investment Ltd.		2,640,000	$	963,715
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A		52,800		218,504
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		66,000		252,266
Shimao Group Holdings Ltd.		1,056,000		3,936,588
Sinolink Securities Co. Ltd., Class A		145,200		396,986
Sinotruk Hong Kong Ltd.		594,000		1,474,177
SooChow Securities Co. Ltd., Class A		184,800		284,223
SSY Group Ltd.		1,320,000		807,069
Sun Art Retail Group Ltd.		1,122,000		1,178,082
Tangshan Jidong Cement Co. Ltd., Class A		79,200		191,141
Tencent Holdings Ltd.		316,800		23,006,566
Tianjin Chase Sun Pharmaceutical Co. Ltd., Class A		158,400		123,495
Tingyi Cayman Islands Holding Corp.		1,584,000		2,672,521
Topchoice Medical Corp., Class A(b)		13,200		420,658
Uni-President China Holdings Ltd.		1,056,000		952,137
Vinda International Holdings Ltd.		264,000		754,286
Vipshop Holdings Ltd., ADR(b)		369,600		9,439,584
Wangfujing Group Co. Ltd., Class A		39,600		206,668
Want Want China Holdings Ltd.		4,092,000		2,792,219
Weifu High-Technology Group Co. Ltd., Class A		39,600		155,874
Western Securities Co. Ltd., Class A		158,400		231,102
Wharf Holdings Ltd. (The)		792,000		1,959,440
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A		105,600		419,354
Yadea Group Holdings Ltd.(a)		792,000		1,432,291
Yuexiu Property Co. Ltd.		5,822,000		1,209,084
Yum China Holdings Inc.		236,016		13,306,582
Zhejiang Expressway Co. Ltd., Class H		1,056,000		751,902
Zhejiang Semir Garment Co. Ltd., Class A		105,600		142,994
Zheshang Securities Co. Ltd., Class A		184,800		463,127
Zhongsheng Group Holdings Ltd.		462,000		3,468,352
Zhuzhou CRRC Times Electric Co. Ltd., Class H		448,800		1,412,540
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		1,188,000		1,239,719
				275,366,089
Hungary — 0.5%
Richter Gedeon Nyrt		116,028		2,753,938
India — 11.6%
ACC Ltd.		63,208		1,455,283
Apollo Hospitals Enterprise Ltd.		75,768		2,402,170
Aurobindo Pharma Ltd.		244,200		2,864,038
Balkrishna Industries Ltd.		72,214		1,618,120
Bharti Infratel Ltd.		276,408		815,904
Cipla Ltd.		337,622		3,399,186
Colgate-Palmolive India Ltd.		61,364		1,254,272
Divi’s Laboratories Ltd.		74,052		3,604,893
Dr. Reddy’s Laboratories Ltd.		95,304		6,214,442
HCL Technologies Ltd.		902,484		10,018,494
HDFC Asset Management Co. Ltd.(a)		44,088		1,511,427
Hero MotoCorp Ltd.		91,354		3,835,002
Hindustan Petroleum Corp. Ltd.		14,697		41,547
Indraprastha Gas Ltd.		1,230		8,245
Infosys Ltd.		1,067,748		15,859,874
Ipca Laboratories Ltd.		47,537		1,390,845
Jubilant Foodworks Ltd.		64,015		2,161,718
Larsen & Toubro Infotech Ltd.(a)		39,456		1,705,149
Lupin Ltd.		4,092		49,277
Petronet LNG Ltd.		18,369		62,320
REC Ltd.		752,268		1,233,697

Security	Shares		Value
India (continued)
Tech Mahindra Ltd.		428,472	$	5,073,247
Wipro Ltd.		928,356		4,393,806
				70,972,956
Indonesia — 0.5%
Gudang Garam Tbk PT(b)		396,000		1,184,915
Indofood Sukses Makmur Tbk PT		3,669,600		1,845,195
				3,030,110
Kuwait — 0.1%
Gulf Bank KSCP		1,243,440		853,760
Malaysia — 1.1%
AMMB Holdings Bhd		1,346,400		1,097,214
Kossan Rubber Industries		1,069,200		1,635,031
Sime Darby Bhd		2,270,400		1,287,340
Supermax Corp. Bhd(b)		1,240,800		2,771,546
				6,791,131
Philippines — 0.6%
Globe Telecom Inc.		27,720		1,123,098
Megaworld Corp.(b)		8,976,600		715,066
PLDT Inc.		71,940		1,966,081
				3,804,245
Qatar — 1.8%
Barwa Real Estate Co.		779,592		693,648
Commercial Bank PSQC (The)		1,649,208		1,933,708
Masraf Al Rayan QSC		2,958,912		3,405,540
Ooredoo QPSC		660,000		1,202,588
Qatar Electricity & Water Co. QSC		448,272		2,173,696
Qatar International Islamic Bank QSC		617,364		1,476,681
				10,885,861
Russia — 0.3%
Inter RAO UES PJSC		30,360,000		2,038,420
Saudi Arabia — 3.7%
Abdullah Al Othaim Markets Co.		37,488		1,271,389
Advanced Petrochemical Co.		88,044		1,443,691
Arab National Bank		496,716		2,701,703
Bank Al-Jazira		326,304		1,193,647
Banque Saudi Fransi		487,872		4,312,098
Bupa Arabia for Cooperative Insurance Co.(b)		50,424		1,688,598
Co for Cooperative Insurance (The)(b)		51,480		1,154,340
Jarir Marketing Co.		48,972		2,298,051
Riyad Bank		602,580		3,344,989
Saudi Airlines Catering Co.		34,056		719,148
Saudi Cement Co.		62,700		971,277
Saudi Industrial Investment Group		182,952		1,280,459
				22,379,390
South Africa — 6.0%
African Rainbow Minerals Ltd.		92,664		1,436,041
AngloGold Ashanti Ltd.		304,392		6,418,956
Aspen Pharmacare Holdings Ltd.(b)		323,020		2,577,272
Exxaro Resources Ltd.		211,992		1,634,022
Gold Fields Ltd.		733,788		6,236,813
Harmony Gold Mining Co. Ltd.(b)		450,648		1,842,339
Impala Platinum Holdings Ltd.		663,300		6,974,052
Kumba Iron Ore Ltd.		53,988		1,838,444
Mr. Price Group Ltd.		212,124		2,230,446
Rand Merchant Investment Holdings Ltd.		640,464		1,262,202
Reinet Investments SCA		121,176		2,159,695

2

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

Security	Shares		Value
South Africa (continued)
Tiger Brands Ltd.		133,848	$	1,703,775
				36,314,057
South Korea — 9.3%
Coway Co. Ltd.(b)		40,623		2,547,771
Daelim Industrial Co. Ltd.		23,100		1,670,056
DB Insurance Co. Ltd.		41,844		1,663,853
E-MART Inc.		16,500		2,296,326
Hana Financial Group Inc.		128,330		3,925,688
Hankook Tire & Technology Co. Ltd.		61,512		1,817,760
Hyundai Marine & Fire Insurance Co. Ltd.		52,456		1,057,131
Kia Motors Corp.		218,460		11,411,132
Kumho Petrochemical Co. Ltd.		15,180		1,906,846
LG Electronics Inc.		88,572		6,843,709
LG Innotek Co. Ltd.		11,748		1,645,601
LG Uplus Corp.		177,672		1,918,739
S-1 Corp.		14,548		1,035,997
Samsung Card Co. Ltd.		24,288		726,522
Samsung Electronics Co. Ltd.		187,836		11,322,273
Seegene Inc.		15,180		2,577,671
SK Telecom Co. Ltd.		12,012		2,578,148
				56,945,223
Taiwan — 13.6%
Asia Cement Corp.		247,000		375,234
Asustek Computer Inc.		587,000		5,128,076
Chicony Electronics Co. Ltd.		528,169		1,582,515
Compal Electronics Inc.		3,432,000		2,323,922
Formosa Taffeta Co. Ltd.		2,000		2,151
Foxconn Technology Co. Ltd.		792,000		1,461,598
Inventec Corp.		2,112,000		1,726,501
Lite-On Technology Corp.		1,783,718		3,007,022
Micro-Star International Co. Ltd.		528,000		2,315,586
Nien Made Enterprise Co. Ltd.		132,000		1,558,390
Novatek Microelectronics Corp.		485,000		5,087,799
Pegatron Corp.		1,597,000		3,658,770
Phison Electronics Corp.		132,000		1,495,869
Pou Chen Corp.		1,980,000		2,170,862
Powertech Technology Inc.		617,000		1,991,545
Standard Foods Corp.		396,000		866,955
Synnex Technology International Corp.		1,188,000		1,854,785
Taiwan Semiconductor Manufacturing Co. Ltd.		1,349,000		22,741,672
Unimicron Technology Corp.		1,003,000		3,163,572
United Microelectronics Corp.		9,636,000		13,692,062
Wistron Corp.		2,244,063		2,350,155
WPG Holdings Ltd.		1,320,160		1,975,435
Zhen Ding Technology Holding Ltd.		528,000		2,287,799
				82,818,275
Thailand — 0.5%
Delta Electronics Thailand PCL, NVDR		250,800		1,915,200
Krung Thai Bank PCL, NVDR(c)		3,313,200		1,171,942
				3,087,142

Security	Shares		Value
Turkey — 0.2%
Haci Omer Sabanci Holding AS		748,572	$	922,527
United Arab Emirates — 0.7%
Abu Dhabi Islamic Bank PJSC		1,212,156		1,551,021
Emaar Properties PJSC(b)		2,862,288		2,478,003
				4,029,024
Total Common Stocks — 98.1% (Cost: $507,719,882)				597,932,270
Preferred Stocks
Brazil — 1.5%
Alpargatas SA, Preference Shares, NVS		158,400		1,180,762
Cia. Paranaense de Energia, Preference Shares, NVS		79,200		1,003,868
Itausa SA, Preference Shares, NVS		3,669,638		7,208,260
				9,392,890
Chile — 0.1%
Embotelladora Andina SA, Class B, Preference Shares, NVS		294,888		663,184
Russia — 0.0%
Surgutneftegas PJSC, Preference Shares, NVS		45		23
Total Preferred Stocks — 1.6% (Cost: $12,065,385)				10,056,097
Short-Term Investments
Money Market Funds — 1.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.19%(d)(e)(f)		5,780,192		5,783,660
Total Short-Term Investments — 1.0% (Cost: $5,782,369)				5,783,660
Total Investments in Securities — 100.7% (Cost: $525,567,636)				613,772,027
Other Assets, Less Liabilities — (0.7)%				(3,967,354	)
Net Assets — 100.0%			$	609,804,673

^(a)  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.

^(b)  Non-income producing security.

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

^(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.

3

Schedule of Investments (unaudited) (continued) November 30, 2020 iShares^® MSCI Emerging Markets Multifactor ETF     

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	$	7,386,667	$	—	$	(1,599,418	)(a)	$	(2,791	)	$	(798	)	$	5,783,660		5,780,192	$	15,752	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(c)		1,110,000		—		(1,110,000	)(a)		—			—			—		—		207			—
								$	(2,791	)	$	(798	)	$	5,783,660			$	15,959		$	—

^(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.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets E-Mini Index		1		12/18/20	$	60	$	(588	)

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 Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	597,932,270		$	—	$	—	$	597,932,270
Preferred Stocks		10,056,097			—		—		10,056,097
Money Market Funds		5,783,660			—		—		5,783,660
	$	613,772,027		$	—	$	—	$	613,772,027
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(588	)	$	—	$	—	$	(588	)

^(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

4