Schedule of Investments (unaudited)
November 30, 2025
iShares® MSCI Emerging Markets Quality Factor ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Common Stocks
Brazil — 5.8%
Ambev SA
6,652
$17,310
Axia Energia
1,584
18,657
B3 SA - Brasil Bolsa Balcao
20,131
56,797
BB Seguridade Participacoes SA
2,337
14,925
Cia de Saneamento Basico do Estado de Sao
Paulo SABESP
1,699
44,882
Engie Brasil Energia SA
1,097
6,354
Equatorial Energia SA
1,749
13,077
Localiza Rent a Car SA
2,844
24,168
NU Holdings Ltd./Cayman Islands, Class A(a)
10,113
175,865
PRIO SA(a)
2,881
20,332
Raia Drogasil SA
1,408
6,288
Telefonica Brasil SA
1,040
6,874
Ultrapar Participacoes SA
1,444
5,965
Vale SA
7,549
95,192
Vibra Energia SA
1,412
6,591
WEG SA
5,857
48,191
 
561,468
Chile — 0.4%
Banco de Chile
55,091
10,446
Empresas Copec SA
796
5,665
Enel Americas SA
59,279
5,747
Enel Chile SA
132,454
10,275
Falabella SA
1,665
10,803
 
42,936
China — 25.5%
AAC Technologies Holdings Inc.
1,500
7,098
Alibaba Group Holding Ltd.
24,300
478,097
Anhui Conch Cement Co. Ltd., Class A
800
2,589
Anhui Conch Cement Co. Ltd., Class H
3,000
9,044
ANTA Sports Products Ltd.
3,600
39,436
Autohome Inc., ADR
244
5,797
Changchun High-Tech Industry Group Co. Ltd., Class A
200
2,815
China Hongqiao Group Ltd.
6,500
25,909
China Life Insurance Co. Ltd., Class H
25,000
86,751
China Merchants Bank Co. Ltd., Class A
1,100
6,695
China Merchants Bank Co. Ltd., Class H
6,500
43,828
China Merchants Port Holdings Co. Ltd.
4,000
8,061
China Overseas Land & Investment Ltd.
4,000
6,858
China Pacific Insurance Group Co. Ltd., Class A
1,600
7,894
China Pacific Insurance Group Co. Ltd., Class H
6,800
27,075
China Resources Beer Holdings Co. Ltd.
1,500
5,378
China Resources Gas Group Ltd.
3,100
9,094
China Resources Mixc Lifestyle Services Ltd.(b)
1,600
9,143
China Shenhua Energy Co. Ltd., Class H
7,000
35,875
China Yangtze Power Co. Ltd., Class A
3,200
12,666
Chow Tai Fook Jewellery Group Ltd.(c)
5,200
9,153
CMOC Group Ltd., Class H
12,000
25,047
Contemporary Amperex Technology Co. Ltd., Class A
700
37,153
Contemporary Amperex Technology Co. Ltd., Class H
100
6,109
CSPC Pharmaceutical Group Ltd.
12,000
12,247
East Money Information Co. Ltd., Class A
2,800
9,304
ENN Energy Holdings Ltd.
2,000
18,283
Foshan Haitian Flavouring & Food Co. Ltd., Class A
1,200
6,293
Foxconn Industrial Internet Co. Ltd., Class A
1,800
15,593
Fuyao Glass Industry Group Co. Ltd., Class H(b)
2,000
17,318
Geely Automobile Holdings Ltd.
12,000
26,229
Giant Biogene Holding Co. Ltd.(b)
1,200
5,596
Guangdong Investment Ltd.
6,000
5,770
Haier Smart Home Co. Ltd., Class A
2,400
8,231
Security
Shares
Value
China (continued)
Haitian International Holdings Ltd.
3,000
$8,426
Hansoh Pharmaceutical Group Co. Ltd.(b)
4,000
20,738
Inner Mongolia Yili Industrial Group Co. Ltd., Class A
400
1,666
Jiangsu Expressway Co. Ltd., Class H
8,000
10,286
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A
600
5,289
Kuaishou Technology(b)
6,900
60,571
Kunlun Energy Co. Ltd.
8,000
7,641
Kweichow Moutai Co. Ltd., Class A
300
61,681
Lenovo Group Ltd.
24,000
30,055
Li Ning Co. Ltd.
3,000
6,724
Longfor Group Holdings Ltd.(b)
3,000
3,763
LONGi Green Energy Technology Co. Ltd., Class A(a)
800
2,107
Luzhou Laojiao Co. Ltd., Class A
400
7,711
Midea Group Co. Ltd., Class H
400
4,562
NetEase Inc.
4,500
124,483
New China Life Insurance Co. Ltd., Class H
1,300
7,774
Nongfu Spring Co. Ltd., Class H(b)
6,800
42,809
PDD Holdings Inc., ADR(a)
1,642
190,603
People's Insurance Co. Group of China Ltd. (The), Class H
15,000
13,622
PICC Property & Casualty Co. Ltd., Class H
18,000
40,941
Pop Mart International Group Ltd.(b)
2,000
58,041
Qfin Holdings, Inc.
414
8,085
SF Holding Co. Ltd., Class A
600
3,263
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A
400
11,021
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A
400
11,584
Shenzhou International Group Holdings Ltd.
1,000
8,957
Smoore International Holdings Ltd.(b)
3,000
5,136
Sungrow Power Supply Co. Ltd., Class A
400
10,416
Tencent Holdings Ltd.
5,800
458,267
Vipshop Holdings Ltd., ADR
862
16,930
Wanhua Chemical Group Co. Ltd., Class A
700
6,663
Want Want China Holdings Ltd.
16,000
9,589
Wuliangye Yibin Co. Ltd., Class A
600
10,021
WuXi AppTec Co. Ltd., Class H(b)
1,000
13,066
Xinyi Solar Holdings Ltd.
8,000
3,323
Yadea Group Holdings Ltd.(b)
4,000
6,348
Yum China Holdings Inc.
515
24,900
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A
200
4,862
Zhejiang Expressway Co. Ltd., Class H
6,000
5,823
Zhongji Innolight Co. Ltd., Class A
200
14,664
Zhuzhou CRRC Times Electric Co. Ltd., Class H
800
3,971
Zijin Gold International Co. Ltd.(a)
100
1,788
Zijin Mining Group Co. Ltd., Class A
1,700
6,907
Zijin Mining Group Co. Ltd., Class H
14,000
55,672
ZTO Express Cayman Inc.
1,050
21,596
 
2,464,774
Greece — 0.7%
Hellenic Telecommunications Organization SA
572
11,369
Jumbo SA
498
15,810
National Bank of Greece SA
1,868
29,271
OPAP SA
409
8,359
 
64,809
India — 18.1%
ABB India Ltd.
175
10,144
Adani Power Ltd.(a)
5,955
9,845
Ambuja Cements Ltd.
650
4,008
APL Apollo Tubes Ltd.
472
9,092
Asian Paints Ltd.
1,265
40,756
Astral Ltd.
400
6,457
AU Small Finance Bank Ltd.(b)
1,120
11,989
Bajaj Auto Ltd.
149
15,149
1

Schedule of Investments (unaudited)(continued)
November 30, 2025
iShares® MSCI Emerging Markets Quality Factor ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
India (continued)
Bajaj Holdings & Investment Ltd.
88
$11,340
Balkrishna Industries Ltd.
72
1,864
Bharat Electronics Ltd.
10,678
49,361
Britannia Industries Ltd.
228
14,901
CG Power & Industrial Solutions Ltd.
2,162
16,300
Cipla Ltd.
986
16,906
Coal India Ltd.
4,588
19,343
Colgate-Palmolive India Ltd.
360
8,741
Cummins India Ltd.
400
20,082
Dabur India Ltd.
1,055
6,110
Divi's Laboratories Ltd.
240
17,398
Dixon Technologies India Ltd.
92
15,080
DLF Ltd.
1,320
10,714
Dr Reddy's Laboratories Ltd.
1,409
19,884
Eicher Motors Ltd.
416
32,871
GAIL India Ltd.
7,512
14,846
Havells India Ltd.
606
9,778
HCL Technologies Ltd.
2,464
44,898
HDFC Asset Management Co. Ltd.(b)
456
13,651
HDFC Life Insurance Co. Ltd.(b)
1,893
16,223
Hero MotoCorp Ltd.
412
28,508
Hindustan Aeronautics Ltd.
556
28,312
Hindustan Unilever Ltd.
1,189
32,836
Hyundai Motor India Ltd.
503
13,080
ICICI Bank Ltd.
11,819
184,049
ICICI Lombard General Insurance Co. Ltd.(b)
680
15,019
ICICI Prudential Life Insurance Co. Ltd.(b)
1,421
9,864
Indian Railway Catering & Tourism Corp. Ltd.
1,047
8,062
Indus Towers Ltd.(a)
2,675
12,035
IndusInd Bank Ltd.(a)
608
5,852
Infosys Ltd.
8,253
144,806
ITC Ltd.
5,523
25,027
Kotak Mahindra Bank Ltd.
2,374
56,540
LTIMindtree Ltd.(b)
283
19,373
Mankind Pharma Ltd.
312
7,879
Marico Ltd.
1,952
15,672
Maruti Suzuki India Ltd.
237
42,245
Nestle India Ltd.
2,234
31,527
NMDC Ltd.
10,270
8,517
Oracle Financial Services Software Ltd.
58
5,282
Page Industries Ltd.
27
11,596
Persistent Systems Ltd., NVS
309
22,047
Petronet LNG Ltd.
2,049
6,239
PI Industries Ltd.
255
9,699
Pidilite Industries Ltd.
1,000
16,454
Polycab India Ltd.
146
12,227
Power Grid Corp. of India Ltd.
9,124
27,615
Reliance Industries Ltd.
8,793
154,694
SBI Life Insurance Co. Ltd.(b)
1,541
33,977
Siemens Ltd.
194
7,172
Solar Industries India Ltd.
80
11,898
SRF Ltd.
117
3,840
Sun Pharmaceutical Industries Ltd.
2,183
44,780
Supreme Industries Ltd.
176
6,697
Suzlon Energy Ltd.(a)
17,762
10,774
Tata Consultancy Services Ltd.
2,336
82,283
Tech Mahindra Ltd.
548
9,335
Titan Co. Ltd.
582
25,500
Torrent Pharmaceuticals Ltd.
233
9,694
Trent Ltd.
284
13,549
Tube Investments of India Ltd.
122
3,805
UltraTech Cement Ltd.
187
24,314
Security
Shares
Value
India (continued)
Vedanta Ltd.
3,213
$18,962
Wipro Ltd.
3,100
8,686
Zydus Lifesciences Ltd.
695
7,346
 
1,745,399
Indonesia — 1.7%
Astra International Tbk PT
12,500
4,924
Bank Central Asia Tbk PT
173,000
86,147
Bank Mandiri Persero Tbk PT
87,100
25,299
Bank Rakyat Indonesia Persero Tbk PT
196,700
43,570
 
159,940
Kuwait — 0.4%
Kuwait Finance House KSCP
14,855
38,523
Malaysia — 1.4%
AMMB Holdings Bhd
6,400
9,223
CELCOMDIGI Bhd
3,900
3,095
Hong Leong Bank Bhd
2,200
11,259
Malayan Banking Bhd
6,300
15,115
Maxis Bhd
7,200
6,959
MISC Bhd
2,100
3,820
Nestle Malaysia Bhd
300
7,765
Petronas Chemicals Group Bhd
4,800
3,488
Petronas Dagangan Bhd
1,600
7,682
Petronas Gas Bhd
2,900
12,295
Press Metal Aluminium Holdings Bhd
10,700
17,388
Public Bank Bhd
35,900
37,810
 
135,899
Mexico — 2.3%
Grupo Aeroportuario del Centro Norte SAB de CV, Class B
1,098
14,719
Grupo Aeroportuario del Pacifico SAB de CV, Class B
1,147
27,378
Grupo Aeroportuario del Sureste SAB de CV, Class B
569
17,194
Grupo Carso SAB de CV, Series A1, Class A
949
6,519
Grupo Financiero Banorte SAB de CV, Class O
3,221
31,006
Grupo Financiero Inbursa SAB de CV, Class O
4,276
10,213
Grupo Mexico SAB de CV, Series B, Class B
6,567
57,008
Kimberly-Clark de Mexico SAB de CV, Class A
984
2,017
Promotora y Operadora de Infraestructura SAB de CV
737
10,064
Wal-Mart de Mexico SAB de CV
13,672
45,795
 
221,913
Peru — 0.6%
Cia. de Minas Buenaventura SAA, ADR
330
8,178
Southern Copper Corp.
349
47,030
 
55,208
Philippines — 0.5%
Bank of the Philippine Islands
4,800
9,535
BDO Unibank Inc.
5,591
12,498
Jollibee Foods Corp.
1,360
4,383
Manila Electric Co.
1,300
13,112
PLDT Inc.
55
1,214
SM Prime Holdings Inc.
17,000
6,674
 
47,416
Poland — 1.3%
Bank Polska Kasa Opieki SA
440
24,142
CD Projekt SA
76
5,341
mBank SA(a)
52
14,562
Powszechna Kasa Oszczednosci Bank Polski SA
2,055
43,573
Powszechny Zaklad Ubezpieczen SA
1,279
22,054
Santander Bank Polska SA
88
12,419
 
122,091
2

Schedule of Investments (unaudited)(continued)
November 30, 2025
iShares® MSCI Emerging Markets Quality Factor ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Qatar — 0.5%
Barwa Real Estate Co.
3,311
$2,332
Industries Qatar QSC
2,057
6,857
Qatar Electricity & Water Co. QSC
1,546
6,286
Qatar Fuel QSC
1,677
6,883
Qatar Islamic Bank QPSC
3,660
23,351
 
45,709
Saudi Arabia — 4.1%
Al Rajhi Bank
3,408
87,170
Arab National Bank
1,977
11,692
Arabian Internet & Communications Services Co.
88
5,273
Bank AlBilad
1,782
12,456
Bupa Arabia for Cooperative Insurance Co.
332
13,012
Co. for Cooperative Insurance (The)
248
7,966
Dr Sulaiman Al Habib Medical Services Group Co.
286
18,434
Elm Co.
89
18,187
Jarir Marketing Co.
1,638
5,546
Mouwasat Medical Services Co.
312
5,773
Riyad Bank
3,391
23,325
SABIC Agri-Nutrients Co.
503
15,638
Saudi Arabian Oil Co.(b)
13,887
91,206
Saudi Awwal Bank
2,343
19,144
Saudi Tadawul Group Holding Co.
159
7,137
Saudi Telecom Co.
4,483
51,020
 
392,979
South Africa — 4.7%
Capitec Bank Holdings Ltd.
311
70,547
Clicks Group Ltd.
678
13,788
Discovery Ltd.
647
8,300
FirstRand Ltd.
13,184
62,916
Gold Fields Ltd.
2,420
102,321
Harmony Gold Mining Co. Ltd.
1,396
27,287
Impala Platinum Holdings Ltd.
1,060
13,340
Nedbank Group Ltd.
1,022
15,270
NEPI Rockcastle NV
680
5,826
OUTsurance Group Ltd.
2,771
11,741
Remgro Ltd.
1,540
15,652
Sanlam Ltd.
5,777
30,976
Standard Bank Group Ltd.
3,011
46,546
Valterra Platinum Ltd.
212
14,723
Vodacom Group Ltd.
1,760
13,801
 
453,034
South Korea — 11.9%
Coway Co. Ltd.
130
7,623
DB Insurance Co. Ltd.
113
9,597
Hanmi Semiconductor Co. Ltd.
178
15,027
Hanwha Aerospace Co. Ltd.
39
22,639
HD Hyundai Electric Co. Ltd.
51
27,018
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.
51
14,246
Hyundai Glovis Co. Ltd.
116
12,995
Hyundai Mobis Co. Ltd.
116
24,460
Hyundai Rotem Co. Ltd.
176
21,077
Kia Corp.
264
20,513
Korea Zinc Co. Ltd.
10
9,163
Krafton Inc.(a)
85
14,928
LG Corp.
120
6,447
LG H&H Co. Ltd.
3
565
Samsung Biologics Co. Ltd.(a)(b)
19
20,826
Samsung C&T Corp.
71
10,903
Samsung Electronics Co. Ltd.
6,579
451,865
Samsung Fire & Marine Insurance Co. Ltd.
90
29,467
Samsung Life Insurance Co. Ltd.
164
17,103
Security
Shares
Value
South Korea (continued)
Samsung SDS Co. Ltd.
37
$4,248
SK Hynix, Inc.
1,139
412,568
 
1,153,278
Taiwan — 15.3%
Accton Technology Corp.
9,000
294,856
Asia Vital Components Co. Ltd.
5,000
220,119
ASPEED Technology Inc.
1,000
234,436
Catcher Technology Co. Ltd.
1,000
6,406
Compal Electronics Inc.
6,000
5,624
eMemory Technology Inc.
1,000
65,483
Fortune Electric Co. Ltd.
2,200
49,239
Global Unichip Corp.
1,000
72,446
International Games System Co. Ltd.
4,000
94,824
Nien Made Enterprise Co. Ltd.
2,000
23,784
Realtek Semiconductor Corp.
7,000
116,488
Wiwynn Corp.
2,000
292,219
 
1,475,924
Thailand — 1.3%
Advanced Info Service PCL, NVDR
2,200
21,028
Bangkok Dusit Medical Services PCL, NVDR
14,400
8,514
Bumrungrad Hospital PCL, NVDR
2,200
11,607
Delta Electronics Thailand PCL, NVDR
6,900
43,446
Gulf Development PCL, NVDR(a)
10,200
12,943
PTT Exploration & Production PCL, NVDR
3,200
10,595
SCB X PCL, NVDR
3,100
12,532
Siam Cement PCL (The), NVDR
1,200
6,969
 
127,634
Turkey — 0.3%
Akbank TAS
3,673
5,604
Aselsan Elektronik Sanayi Ve Ticaret A/S
1,865
8,057
BIM Birlesik Magazalar A/S
469
5,930
Ford Otomotiv Sanayi AS
2,389
5,322
Turkcell Iletisim Hizmetleri AS
2,229
4,915
Turkiye Is Bankasi AS, Class C
10,191
3,259
 
33,087
United Arab Emirates — 2.1%
Abu Dhabi Islamic Bank PJSC
5,735
31,085
ADNOC Drilling Co. PJSC
9,477
13,495
Adnoc Gas PLC
12,303
10,921
Aldar Properties PJSC
9,359
20,778
Americana Restaurants International PLC - Foreign Co.
9,564
4,505
Dubai Islamic Bank PJSC
4,963
12,396
Emaar Development PJSC
2,994
11,987
Emaar Properties PJSC
17,645
63,930
Emirates NBD Bank PJSC
5,679
37,728
 
206,825
Total Common Stocks — 98.9%
(Cost: $7,963,942)
9,548,846
Preferred Stocks
Brazil — 0.7%
Cia Energetica de Minas Gerais, Preference Shares, NVS
6,584
14,148
Gerdau SA, Preference Shares, NVS
1,886
6,773
Itausa SA, Preference Shares, NVS
21,126
48,681
 
69,602
3

Schedule of Investments (unaudited)(continued)
November 30, 2025
iShares® MSCI Emerging Markets Quality Factor ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Chile — 0.1%
Sociedad Quimica y Minera de Chile SA, Class B,
Preference Shares
147
$9,437
Total Preferred Stocks — 0.8%
(Cost: $65,136)
79,039
Total Long-Term Investments — 99.7%
(Cost: $8,029,078)
9,627,885
Short-Term Securities
Money Market Funds — 0.1%
BlackRock Cash Funds: Institutional, SL Agency Shares,
4.11%(d)(e)(f)
8,876
8,880
Total Short-Term Securities — 0.1%
(Cost: $8,880)
8,880
Total Investments — 99.8%
(Cost: $8,037,958)
9,636,765
Other Assets Less Liabilities — 0.2%
17,338
Net Assets — 100.0%
$9,654,103
(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)
Affiliate of the Fund.
(e)
Annualized 7-day yield as of period end.
(f)
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 November 30, 2025 for purposes of Section 2(a)(3) of the Investment CompanyAct of 1940, as amended, were as follows:
Affiliated Issuer
Value at
09/04/24
Purchases
at Cost
Proceeds
from Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
11/30/25
Shares
Held at
11/30/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency Shares
$9,600
$
$(720
)(a)
$
$
$8,880
8,876
$14
(b)
$
BlackRock Cash Funds: Treasury, SL Agency Shares(c)
0
(a)
107
 
 
 
 
$
$
$8,880
 
$121
$
(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.
(c)
As of period end, the entity is no longer held.
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
4

Schedule of Investments (unaudited)(continued)
November 30, 2025
iShares® MSCI Emerging Markets Quality Factor ETF
Fair Value Hierarchy as of Period End (continued)
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
$1,477,565
$8,071,281
$
$9,548,846
Preferred Stocks
79,039
79,039
Short-Term Securities
Money Market Funds
8,880
8,880
 
$1,565,484
$8,071,281
$
$9,636,765
Portfolio Abbreviation
ADR
American Depositary Receipt
NVDR
Non-Voting Depositary Receipt
NVS
Non-Voting Shares
PJSC
Public Joint Stock Company
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