NPORT-EX 2 primary-document.htm
iShares
®
Emerging
Markets
Equity
Factor
ETF
Schedule
of
Investments
(unaudited)
November
30,
2025
(Percentages
shown
are
based
on
Net
Assets)
1
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Brazil
 — 
2
.7
%
Ambev
SA
.............................
286,976
$
747,298
B3
SA
-
Brasil
Bolsa
Balcao
..................
1,603,607
4,527,358
Banco
do
Brasil
SA
.......................
435,164
1,836,741
BB
Seguridade
Participacoes
SA
..............
206,144
1,316,532
CPFL
Energia
SA
.........................
217,715
1,985,104
CSN
Mineracao
SA
.......................
1,501,006
1,524,107
Embraer
SA
............................
205,835
3,224,890
Petroleo
Brasileiro
SA
-
Petrobras
..............
613,773
3,845,100
Raia
Drogasil
SA
.........................
66,658
297,834
Suzano
SA
.............................
208,521
1,865,335
TIM
SA
...............................
714,202
3,355,693
Vale
SA
...............................
567,068
7,150,697
Vibra
Energia
SA
.........................
217,277
1,014,775
WEG
SA
..............................
181,568
1,493,607
34,185,071
a
Chile
 — 
0
.7
%
Banco
de
Chile
..........................
5,865,984
1,110,718
Cencosud
SA
...........................
717,754
2,254,146
Colbun
SA
.............................
9,841,144
1,517,660
Empresas
CMPC
SA
......................
492,663
690,019
Enel
Chile
SA
...........................
39,757,230
3,084,014
Falabella
SA
............................
28,113
182,402
Latam
Airlines
Group
SA
....................
6,531,072
157,757
Quinenco
SA
............................
71,116
350,531
9,347,247
a
China
 — 
28
.2
%
37
Interactive
Entertainment
Network
Technology
Group
Co.
Ltd.
,
Class
A
...................
322,500
942,815
3SBio,
Inc.
(a)
(b)
...........................
597,000
2,406,207
Agricultural
Bank
of
China
Ltd.
,
Class
A
..........
2,108,000
2,397,471
Agricultural
Bank
of
China
Ltd.
,
Class
H
..........
3,472,000
2,604,531
AIMA
Technology
Group
Co.
Ltd.
,
Class
A
........
123,100
537,791
Akeso,
Inc.
(a)
(b)
...........................
118,000
1,875,390
Alibaba
Group
Holding
Ltd.
..................
2,183,248
42,954,950
Aluminum
Corp.
of
China
Ltd.
,
Class
H
..........
1,468,000
1,985,532
Anker
Innovations
Technology
Co.
Ltd.
,
Class
A
....
51,700
812,325
Atour
Lifestyle
Holdings
Ltd.
,
ADR
.............
80,005
3,069,792
Autohome,
Inc.
,
ADR
......................
3,600
85,536
Bank
of
Beijing
Co.
Ltd.
,
Class
A
..............
1,437,600
1,155,083
Bank
of
China
Ltd.
,
Class
A
..................
492,200
422,810
Bank
of
China
Ltd.
,
Class
H
..................
13,283,000
8,003,205
Bank
of
Communications
Co.
Ltd.
,
Class
A
........
638,800
686,293
Bank
of
Communications
Co.
Ltd.
,
Class
H
.......
1,842,000
1,692,349
Bank
of
Qingdao
Co.
Ltd.
,
Class
A
.............
525,300
359,649
Bank
of
Shanghai
Co.
Ltd.
,
Class
A
.............
1,064,100
1,487,189
Beijing
Aosaikang
Pharmaceutical
Co.
Ltd.
,
Class
A
..
119,400
298,890
Beijing
Compass
Technology
Development
Co.
Ltd.
,
Class
A
(b)
.............................
88,835
1,549,225
Beijing
Kingsoft
Office
Software,
Inc.
,
Class
A
......
15,536
687,035
Beijing
Teamsun
Technology
Co.
Ltd.
,
Class
A
.....
90,300
246,861
Beijing
Ultrapower
Software
Co.
Ltd.
,
Class
A
......
283,200
457,780
Bohai
Leasing
Co.
Ltd.
,
Class
A
(b)
..............
244,400
123,506
Bosideng
International
Holdings
Ltd.
............
4,270,000
2,725,578
BYD
Co.
Ltd.
,
Class
A
......................
289,800
3,924,355
BYD
Co.
Ltd.
,
Class
H
.....................
158,400
1,990,747
Chengdu
Kanghong
Pharmaceutical
Group
Co.
Ltd.
,
Class
A
..............................
98,200
438,592
China
CITIC
Bank
Corp.
Ltd.
,
Class
H
...........
293,000
270,256
China
CITIC
Financial
Asset
Management
Co.
Ltd.
,
Class
H
(a)
(b)
...........................
13,327,000
1,767,493
China
Construction
Bank
Corp.
,
Class
H
.........
14,173,000
14,931,299
Security
Shares
Value
a
China
(continued)
China
Hongqiao
Group
Ltd.
..................
384,000
$
1,530,600
China
Merchants
Bank
Co.
Ltd.
,
Class
H
.........
458,500
3,091,536
China
Merchants
Securities
Co.
Ltd.
,
Class
A
......
67,700
156,425
China
Merchants
Securities
Co.
Ltd.
,
Class
H
(a)
.....
858,600
1,623,108
China
Nonferrous
Mining
Corp.
Ltd.
(c)
...........
876,000
1,689,005
China
Pacific
Insurance
Group
Co.
Ltd.
,
Class
H
....
187,000
744,564
China
Petroleum
&
Chemical
Corp.
,
Class
H
......
5,610,000
3,183,459
China
Resources
Beverage
Holdings
Co.
Ltd.
(c)
....
944,200
1,263,362
China
Resources
Pharmaceutical
Group
Ltd.
(a)
(c)
....
1,656,500
1,020,421
China
Resources
Sanjiu
Medical
&
Pharmaceutical
Co.
Ltd.
,
Class
A
..........................
116,119
462,023
China
Shenhua
Energy
Co.
Ltd.
,
Class
H
.........
293,000
1,501,614
China
Taiping
Insurance
Holdings
Co.
Ltd.
........
334,400
749,219
China
Tower
Corp.
Ltd.
,
Class
H
(a)
..............
803,500
1,272,044
China
World
Trade
Center
Co.
Ltd.
,
Class
A
.......
74,300
210,999
China-Singapore
Suzhou
Industrial
Park
Development
Group
Co.
Ltd.
,
Class
A
...................
121,800
157,514
Chongqing
Qianli
Technology
Co.
Ltd.
,
Class
A
(b)
....
460,100
701,145
Chongqing
Rural
Commercial
Bank
Co.
Ltd.
,
Class
H
4,897,000
3,949,980
Chow
Tai
Fook
Jewellery
Group
Ltd.
(c)
...........
207,200
364,729
CITIC
Securities
Co.
Ltd.
,
Class
H
.............
284,500
980,329
CMOC
Group
Ltd.
,
Class
H
..................
1,263,000
2,636,188
CNPC
Capital
Co.
Ltd.
,
Class
A
...............
165,200
214,672
COFCO
Capital
Holdings
Co.
Ltd.
,
Class
A
........
72,500
119,185
COFCO
Sugar
Holding
Co.
Ltd.
,
Class
A
.........
323,000
784,055
COSCO
SHIPPING
Holdings
Co.
Ltd.
,
Class
H
.....
873,500
1,487,082
CSC
Financial
Co.
Ltd.
,
Class
H
(a)
..............
1,287,500
1,983,784
Dizal
Jiangsu
Pharmaceutical
Co.
Ltd.
,
Class
A
(b)
...
13,419
122,722
Dong-E-E-Jiao
Co.
Ltd.
,
Class
A
...............
97,600
653,369
East
Money
Information
Co.
Ltd.
,
Class
A
.........
124,900
415,042
Eastroc
Beverage
Group
Co.
Ltd.
,
Class
A
........
13,300
496,739
Focus
Media
Information
Technology
Co.
Ltd.
,
Class
A
408,000
424,956
Fujian
Wanchen
Biotechnology
Group
Co.
Ltd.
,
Class
A
26,600
671,918
G-bits
Network
Technology
Xiamen
Co.
Ltd.
,
Class
A
.
10,000
609,188
GD
Power
Development
Co.
Ltd.
,
Class
A
........
1,436,800
1,145,151
Giant
Biogene
Holding
Co.
Ltd.
(a)
(c)
.............
286,800
1,337,418
Goneo
Group
Co.
Ltd.
,
Class
A
...............
133,671
811,244
Great
Wall
Motor
Co.
Ltd.
,
Class
H
.............
379,000
732,098
Greentown
China
Holdings
Ltd.
(c)
..............
262,500
300,110
Guangdong
Dongfang
Precision
Science
&
Technology
Co.
Ltd.
,
Class
A
.......................
172,400
452,106
Guangdong
Provincial
Expressway
Development
Co.
Ltd.
,
Class
B
..........................
503,235
557,987
Guosen
Securities
Co.
Ltd.
,
Class
A
............
698,800
1,283,838
Guosheng
Securities,
Inc.
,
Class
A
(b)
............
228,800
586,385
H
World
Group
Ltd.
.......................
415,400
1,928,794
Haidilao
International
Holding
Ltd.
(a)
............
317,000
562,193
Hainan
Haide
Capital
Management
Co.
Ltd.
,
Class
A
(b)
238,775
261,803
Hangzhou
Binjiang
Real
Estate
Group
Co.
Ltd.
,
Class
A
142,500
203,679
Hansoh
Pharmaceutical
Group
Co.
Ltd.
(a)
.........
22,000
114,061
Hengdian
Group
DMEGC
Magnetics
Co.
Ltd.
,
Class
A
246,600
682,486
Hisense
Home
Appliances
Group
Co.
Ltd.
,
Class
A
..
120,800
454,131
Hisense
Home
Appliances
Group
Co.
Ltd.
,
Class
H
..
404,000
1,323,358
Horizon
Robotics
(b)
........................
903,600
920,244
Huatai
Securities
Co.
Ltd.
,
Class
H
(a)
............
1,421,400
3,351,570
Hubei
Jumpcan
Pharmaceutical
Co.
Ltd.
,
Class
A
...
141,900
527,521
Hytera
Communications
Corp.
Ltd.
,
Class
A
(b)
......
70,800
119,020
Industrial
&
Commercial
Bank
of
China
Ltd.
,
Class
A
.
365,100
418,986
Industrial
&
Commercial
Bank
of
China
Ltd.
,
Class
H
.
12,708,000
10,535,183
Industrial
Bank
Co.
Ltd.
,
Class
A
...............
344,500
1,029,831
Inner
Mongolia
ERDOS
Resources
Co.
Ltd.
,
Class
B
.
964,300
964,300
InnoScience
Suzhou
Technology
Holding
Co.
Ltd.
,
Class
H
(b)
(c)
...........................
38,500
342,089
Schedule
of
Investments
(unaudited)
(continued)
November
30,
2025
iShares
®
Emerging
Markets
Equity
Factor
ETF
(Percentages
shown
are
based
on
Net
Assets)
2
Security
Shares
Value
a
China
(continued)
Isoftstone
Information
Technology
Group
Co.
Ltd.
,
Class
A
..............................
16,200
$
109,704
Jack
Technology
Co.
Ltd.
,
Class
A
.............
67,800
377,399
Jafron
Biomedical
Co.
Ltd.
,
Class
A
.............
47,600
137,113
JD
Health
International,
Inc.
(a)
(b)
...............
24,700
195,408
JD.com,
Inc.
,
Class
A
......................
210,350
3,146,631
JF
SmartInvest
Holdings
Ltd.
.................
140,000
989,775
Jiangsu
Phoenix
Publishing
&
Media
Corp.
Ltd.
,
Class
A
..................................
338,800
479,438
Jiangxi
Copper
Co.
Ltd.
,
Class
H
..............
183,000
724,520
Jinduicheng
Molybdenum
Co.
Ltd.
,
Class
A
.......
431,300
852,401
Jinneng
Holding
Shanxi
Coal
Industry
Co.
Ltd.
,
Class
A
79,100
159,222
Kingboard
Holdings
Ltd.
....................
155,000
519,256
Kingnet
Network
Co.
Ltd.
,
Class
A
.............
315,600
1,001,028
Kingsoft
Corp.
Ltd.
........................
204,000
753,983
Kuaishou
Technology
,
Class
W
(a)
..............
557,900
4,897,482
Kunlun
Energy
Co.
Ltd.
.....................
1,058,000
1,010,546
Kweichow
Moutai
Co.
Ltd.
,
Class
A
.............
7,000
1,439,224
Lakala
Payment
Co.
Ltd.
,
Class
A
..............
112,500
354,012
Lao
Feng
Xiang
Co.
Ltd.
,
Class
B
..............
168,620
586,854
Laopu
Gold
Co.
Ltd.
,
Class
H
.................
12,400
1,076,509
Li
Auto,
Inc.
,
Class
A
(b)
.....................
249,100
2,299,804
Livzon
Pharmaceutical
Group,
Inc.
,
Class
A
.......
22,200
111,851
Loncin
Motor
Co.
Ltd.
,
Class
A
................
292,100
595,682
Meihua
Holdings
Group
Co.
Ltd.
,
Class
A
.........
414,500
594,901
Meitu,
Inc.
(a)
(b)
...........................
1,762,000
1,956,807
Meituan
,
Class
B
(a)
(b)
.......................
741,420
9,611,292
Midea
Group
Co.
Ltd.
,
Class
A
................
203,000
2,297,207
NetEase
Cloud
Music,
Inc.
(a)
(b)
................
89,400
2,225,164
NetEase,
Inc.
...........................
292,400
8,088,656
New
China
Life
Insurance
Co.
Ltd.
,
Class
H
.......
162,300
970,499
New
Oriental
Education
&
Technology
Group,
Inc.
...
130,700
672,252
Neway
Valve
Suzhou
Co.
Ltd.
,
Class
A
..........
108,900
760,843
Newland
Digital
Technology
Co.
Ltd.
,
Class
A
......
150,200
551,482
Nongfu
Spring
Co.
Ltd.
,
Class
H
(a)
..............
548,200
3,451,120
Northeast
Securities
Co.
Ltd.
,
Class
A
...........
349,300
455,967
Opple
Lighting
Co.
Ltd.
,
Class
A
...............
75,100
187,436
Orient
Securities
Co.
Ltd.
,
Class
H
(a)
(c)
...........
1,202,000
1,058,316
Pacific
Securities
Co.
Ltd.
(The)
,
Class
A
(b)
........
300,100
175,875
PDD
Holdings,
Inc.
,
ADR
(b)
..................
118,856
13,796,804
People's
Insurance
Co.
Group
of
China
Ltd.
(The)
,
Class
H
.............................
3,001,000
2,725,385
PetroChina
Co.
Ltd.
,
Class
A
.................
3,179,800
4,388,476
PetroChina
Co.
Ltd.
,
Class
H
.................
1,434,000
1,602,657
PICC
Property
&
Casualty
Co.
Ltd.
,
Class
H
.......
639,000
1,453,391
Ping
An
Healthcare
and
Technology
Co.
Ltd.
(a)
.....
181,100
343,601
Ping
An
Insurance
Group
Co
of
China
Ltd.
,
Class
H
..
821,500
6,012,085
Pop
Mart
International
Group
Ltd.
(a)
.............
125,800
3,650,777
Postal
Savings
Bank
of
China
Co.
Ltd.
,
Class
H
(a)
...
4,064,000
2,875,172
Qfin
Holdings,
Inc.
,
ADR
....................
29,236
570,979
Qunabox
Group
Ltd.
(b)
......................
13,700
57,635
Quzhou
Xin'an
Development
Co.
Ltd.
,
Class
A
(b)
....
673,200
395,979
Radiance
Holdings
Group
Co.
Ltd.
(b)
............
584,000
168,022
SAIC
Motor
Corp.
Ltd.
,
Class
A
...............
257,800
547,850
Sangfor
Technologies,
Inc.
,
Class
A
............
48,300
791,082
Sensteed
Hi-tech
Group
,
Class
A
(b)
.............
1,446,200
683,401
Seres
Group
Co.
Ltd.
,
Class
A
................
82,600
1,477,951
Shaanxi
Coal
Industry
Co.
Ltd.
,
Class
A
..........
216,100
694,435
Shanghai
Construction
Group
Co.
Ltd.
,
Class
A
.....
1,225,800
479,770
Shanghai
M&G
Stationery,
Inc.
,
Class
A
..........
24,900
97,694
Shanghai
Pudong
Development
Bank
Co.
Ltd.
,
Class
A
392,548
638,177
Shanghai
Rural
Commercial
Bank
Co.
Ltd.
,
Class
A
..
138,000
183,889
Shanxi
Xinghuacun
Fen
Wine
Factory
Co.
Ltd.
,
Class
A
24,000
661,271
Shenwan
Hongyuan
Group
Co.
Ltd.
,
Class
A
......
1,066,200
778,446
Security
Shares
Value
a
China
(continued)
Shenzhen
Transsion
Holdings
Co.
Ltd.
,
Class
A
....
27,798
$
253,252
Shenzhen
Zhaowei
Machinery
&
Electronic
Co.
Ltd.
,
Class
A
..............................
13,300
198,804
Sichuan
Biokin
Pharmaceutical
Co.
Ltd.
,
Class
A
(b)
..
35,770
1,920,198
Sichuan
Changhong
Electric
Co.
Ltd.
,
Class
A
.....
227,700
306,287
Sichuan
Kelun-Biotech
Biopharmaceutical
Co.
Ltd.
,
Class
H
(b)
............................
53,500
3,143,833
Sichuan
Swellfun
Co.
Ltd.
,
Class
A
.............
13,300
76,080
Simcere
Pharmaceutical
Group
Ltd.
(a)
...........
1,169,000
2,048,769
Sino
Biopharmaceutical
Ltd.
.................
631,000
573,616
Sinocelltech
Group
Ltd.
,
Class
A
(b)
.............
31,580
216,256
Sinosoft
Co.
Ltd.
,
Class
A
...................
69,040
194,864
Sinotrans
Ltd.
,
Class
H
.....................
1,142,000
764,082
Sinotruk
Hong
Kong
Ltd.
....................
584,500
2,033,932
Suzhou
Zelgen
Biopharmaceutical
Co.
Ltd.
,
Class
A
(b)
33,529
523,139
TAL
Education
Group
,
ADR
(b)
.................
21,371
235,081
Tencent
Holdings
Ltd.
......................
759,800
60,032,964
Tingyi
Cayman
Islands
Holding
Corp.
...........
1,132,000
1,737,565
Topsports
International
Holdings
Ltd.
(a)
...........
1,253,000
554,976
Uni-President
China
Holdings
Ltd.
.............
2,020,000
2,148,591
Universal
Scientific
Industrial
Shanghai
Co.
Ltd.
,
Class
A
..................................
113,300
360,066
Vantone
Neo
Development
Group
Co.
Ltd.
,
Class
A
(b)
.
217,900
398,241
Vipshop
Holdings
Ltd.
,
ADR
..................
141,044
2,770,104
Weichai
Power
Co.
Ltd.
,
Class
H
..............
772,000
1,917,702
Wuliangye
Yibin
Co.
Ltd.
,
Class
A
..............
6,800
113,573
XD,
Inc.
...............................
188,000
1,713,563
Xiamen
Bank
Co.
Ltd.
,
Class
A
................
378,100
382,419
Xiamen
Xiangyu
Co.
Ltd.
,
Class
A
..............
406,000
472,577
XPeng,
Inc.
,
Class
A
(b)
.....................
46,300
504,578
Yixintang
Pharmaceutical
Group
Co.
Ltd.
,
Class
A
...
97,500
179,494
Yonghui
Superstores
Co.
Ltd.
,
Class
A
(b)
.........
614,100
353,521
Yum
China
Holdings,
Inc.
...................
16,800
812,265
Yutong
Bus
Co.
Ltd.
,
Class
A
.................
58,700
258,324
Zhejiang
Leapmotor
Technology
Co.
Ltd.
,
Class
H
(a)
(b)
47,800
327,003
Zhejiang
Semir
Garment
Co.
Ltd.
,
Class
A
........
427,600
367,709
Zhongshan
Broad
Ocean
Motor
Co.
Ltd.
,
Class
A
...
344,800
549,924
Zhuhai
Zhumian
Group
Co.
Ltd.
(b)
..............
162,800
160,284
ZTE
Corp.
,
Class
H
(c)
......................
158,000
641,010
358,302,331
a
Colombia
 — 
0
.3
%
Grupo
Cibest
SA
.........................
120,263
2,045,932
Interconexion
Electrica
SA
ESP
...............
276,840
1,842,583
3,888,515
a
Czech
Republic
 — 
0
.5
%
CEZ
A.S.
..............................
31,208
1,909,374
Komercni
Banka
A.S.
......................
73,489
4,115,161
6,024,535
a
Egypt
 — 
0
.2
%
Abou
Kir
Fertilizers
&
Chemical
Industries
........
648,923
626,452
Eastern
Co.
SAE
.........................
690,366
667,909
ElSewedy
Electric
Co.
.....................
214,093
343,857
Talaat
Moustafa
Group
.....................
524,583
792,596
2,430,814
a
Greece
 — 
0
.8
%
Eurobank
Ergasias
Services
and
Holdings
SA
.....
48,467
191,968
Hellenic
Telecommunications
Organization
SA
.....
64,149
1,274,981
JUMBO
SA
.............................
43,958
1,395,542
National
Bank
of
Greece
SA
.................
202,736
3,176,829
OPAP
SA
..............................
97,573
1,994,212
iShares
®
Emerging
Markets
Equity
Factor
ETF
Schedule
of
Investments
(unaudited)
(continued)
November
30,
2025
(Percentages
shown
are
based
on
Net
Assets)
3
Schedule
of
Investments
Security
Shares
Value
a
Greece
(continued)
Piraeus
Financial
Holdings
SA
(b)
...............
245,377
$
2,014,305
10,047,837
a
Hong
Kong
 — 
0
.4
%
BOC
Hong
Kong
Holdings
Ltd.
................
731,000
3,529,131
Guming
Holdings
Ltd.
(b)
.....................
412,800
1,340,838
4,869,969
a
Hungary
 — 
0
.3
%
MOL
Hungarian
Oil
&
Gas
PLC
...............
119,122
1,055,262
OTP
Bank
Nyrt
..........................
22,207
2,311,576
Richter
Gedeon
Nyrt
.......................
7,036
208,414
3,575,252
a
India
 — 
16
.9
%
3M
India
Ltd.
............................
4,043
1,577,480
ABB
India
Ltd.
...........................
63,859
3,701,560
ACC
Ltd.
..............................
27,398
567,774
AIA
Engineering
Ltd.
.......................
4,008
173,256
Ajanta
Pharma
Ltd.
.......................
51,731
1,483,766
Authum
Investment
&
Infrastucture
Ltd.
..........
6,014
182,596
Axis
Bank
Ltd.
...........................
138,878
1,993,127
Bajaj
Auto
Ltd.
...........................
24,295
2,470,087
Bajaj
Finance
Ltd.
........................
59,574
693,548
Bharat
Electronics
Ltd.
.....................
946,978
4,377,554
Bharat
Petroleum
Corp.
Ltd.
.................
469,324
1,890,323
Bharti
Airtel
Ltd.
..........................
245,894
5,801,179
Britannia
Industries
Ltd.
....................
32,886
2,149,323
CG
Power
&
Industrial
Solutions
Ltd.
............
59,276
446,910
Cipla
Ltd.
..............................
114,595
1,964,809
Coal
India
Ltd.
...........................
515,300
2,172,520
Cochin
Shipyard
Ltd.
(a)
.....................
54,627
1,021,361
Colgate-Palmolive
India
Ltd.
.................
88,866
2,157,751
Coromandel
International
Ltd.
................
4,321
115,383
CRISIL
Ltd.
.............................
28,140
1,394,888
Cummins
India
Ltd.
.......................
64,677
3,247,052
Dr
Reddy's
Laboratories
Ltd.
.................
181,627
2,563,102
Elitecon
International
Ltd.
...................
57,397
55,185
Emami
Ltd.
.............................
191,887
1,140,735
GAIL
India
Ltd.
..........................
128,221
253,396
GE
Vernova
T&D
India
Ltd.
..................
121,165
3,903,126
General
Insurance
Corp.
of
India
(a)
.............
339,091
1,469,802
Gillette
India
Ltd.
.........................
19,806
1,925,314
GlaxoSmithKline
Pharmaceuticals
Ltd.
..........
102,180
2,942,238
Glenmark
Pharmaceuticals
Ltd.
...............
117,784
2,567,331
Godrej
Properties
Ltd.
(b)
....................
90,359
2,142,807
HCL
Technologies
Ltd.
.....................
204,530
3,726,864
HDFC
Asset
Management
Co.
Ltd.
(a)
............
2,764
82,746
HDFC
Bank
Ltd.
.........................
910,409
10,287,674
Hero
MotoCorp
Ltd.
.......................
25,591
1,770,744
Hexaware
Technologies
Ltd.
.................
131,655
1,116,326
Hindalco
Industries
Ltd.
....................
301,709
2,738,888
Hindustan
Aeronautics
Ltd.
..................
71,117
3,621,363
Hindustan
Petroleum
Corp.
Ltd.
...............
205,148
1,052,215
Hindustan
Unilever
Ltd.
.....................
24,512
676,933
Hindustan
Zinc
Ltd.
.......................
527,266
2,868,857
Hitachi
Energy
India
Ltd.
....................
2,633
651,461
Housing
&
Urban
Development
Corp.
Ltd.
........
520,040
1,396,129
ICICI
Bank
Ltd.
..........................
640,901
9,980,327
Indian
Hotels
Co.
Ltd.
(The)
..................
102,134
852,397
Indian
Oil
Corp.
Ltd.
.......................
744,614
1,350,487
Indian
Railway
Finance
Corp.
Ltd.
(a)
............
779,293
1,028,149
Indian
Renewable
Energy
Development
Agency
Ltd.
(b)
272,503
437,267
Info
Edge
India
Ltd.
.......................
61,888
923,605
Infosys
Ltd.
.............................
499,016
8,755,643
Security
Shares
Value
a
India
(continued)
InterGlobe
Aviation
Ltd.
(a)
...................
37,393
$
2,477,417
ITC
Hotels
Ltd.
(b)
.........................
559,230
1,309,273
Jindal
Steel
Ltd.
..........................
21,843
255,830
JSW
Steel
Ltd.
..........................
14,228
185,207
Kotak
Mahindra
Bank
Ltd.
...................
52,516
1,250,733
L&T
Technology
Services
Ltd.
(a)
...............
44,550
2,219,981
Larsen
&
Toubro
Ltd.
......................
99,306
4,527,332
LIC
Housing
Finance
Ltd.
...................
107,018
659,028
Lodha
Developers
Ltd.
(a)
....................
20,220
260,547
Lupin
Ltd.
..............................
62,089
1,449,455
Mahindra
&
Mahindra
Ltd.
...................
147,211
6,197,507
Marico
Ltd.
.............................
108,506
871,181
Maruti
Suzuki
India
Ltd.
....................
6,929
1,235,096
Mazagon
Dock
Shipbuilders
Ltd.
..............
24,696
741,917
Motilal
Oswal
Financial
Services
Ltd.
............
121,979
1,311,952
Mphasis
Ltd.
............................
17,449
550,453
Multi
Commodity
Exchange
of
India
Ltd.
.........
3,971
448,942
Muthoot
Finance
Ltd.
......................
15,882
666,029
National
Aluminium
Co.
Ltd.
..................
796,691
2,323,704
NBCC
India
Ltd.
.........................
636,289
833,408
Nestle
India
Ltd.
.........................
219,141
3,092,619
Nippon
Life
India
Asset
Management
Ltd.
(a)
.......
86,584
850,001
NMDC
Ltd.
.............................
3,586,452
2,974,131
NTPC
Green
Energy
Ltd.
(b)
..................
2,226,894
2,371,319
NTPC
Ltd.
.............................
669,708
2,452,228
Oil
&
Natural
Gas
Corp.
Ltd.
.................
638,807
1,742,834
Oil
India
Ltd.
............................
276,080
1,279,315
Page
Industries
Ltd.
.......................
3,718
1,596,746
Pidilite
Industries
Ltd.
......................
47,610
783,374
Polycab
India
Ltd.
........................
4,324
362,121
Power
Finance
Corp.
Ltd.
...................
1,046,735
4,260,039
Power
Grid
Corp.
of
India
Ltd.
................
732,010
2,215,532
Premier
Energies
Ltd.
(a)
.....................
62,075
680,275
Procter
&
Gamble
Hygiene
&
Health
Care
Ltd.
.....
5,777
825,210
REC
Ltd.
..............................
668,563
2,709,496
Reliance
Industries
Ltd.
....................
502,248
8,835,967
SBI
Life
Insurance
Co.
Ltd.
(a)
.................
34,268
755,568
Shriram
Finance
Ltd.
......................
62,283
595,258
Siemens
Energy
India
Ltd.
(b)
.................
61,873
2,188,483
Siemens
Ltd.
............................
27,958
1,033,640
Solar
Industries
India
Ltd.
...................
4,380
651,400
State
Bank
of
India
........................
66,951
734,843
Sun
Pharmaceutical
Industries
Ltd.
.............
146,070
2,996,361
Supreme
Industries
Ltd.
....................
2,564
97,558
Tata
Consultancy
Services
Ltd.
...............
243,836
8,588,813
Tata
Investment
Corp
Ltd.
...................
270,462
2,257,782
Tata
Motors
Passenger
Vehicles
Ltd.
............
245,448
982,578
Tata
Steel
Ltd.
...........................
647,896
1,220,209
Tech
Mahindra
Ltd.
.......................
38,869
662,091
Titan
Co.
Ltd.
...........................
12,236
536,117
Trent
Ltd.
..............................
34,959
1,667,800
TVS
Motor
Co.
Ltd.
.......................
44,938
1,780,081
United
Spirits
Ltd.
........................
34,355
557,531
Vedanta
Ltd.
............................
131,820
777,957
Vishal
Mega
Mart
Ltd.
(b)
.....................
1,445,076
2,200,288
WAAREE
Energies
Ltd.
....................
17,766
632,854
Wipro
Ltd.
..............................
1,280,141
3,586,838
Zydus
Lifesciences
Ltd.
....................
86,228
911,470
214,085,077
a
Indonesia
 — 
1
.3
%
Adaro
Andalan
Indonesia
PT
.................
6,217,200
2,799,700
Alamtri
Resources
Indonesia
Tbk
PT
............
24,849,800
2,703,625
Aneka
Tambang
Tbk
......................
649,100
113,440
Bank
Central
Asia
Tbk
PT
...................
5,434,600
2,706,215
Schedule
of
Investments
(unaudited)
(continued)
November
30,
2025
iShares
®
Emerging
Markets
Equity
Factor
ETF
(Percentages
shown
are
based
on
Net
Assets)
4
Security
Shares
Value
a
Indonesia
(continued)
Bank
CIMB
Niaga
Tbk
PT
...................
4,768,000
$
508,358
Bank
Mandiri
Persero
Tbk
PT
................
1,155,300
335,570
GoTo
Gojek
Tokopedia
Tbk
PT
(b)
...............
204,112,300
784,137
Hanjaya
Mandala
Sampoerna
Tbk
PT
...........
14,751,600
727,131
Pertamina
Geothermal
Energy
PT
(a)
............
10,643,400
742,122
Sumber
Alfaria
Trijaya
Tbk
PT
................
7,241,800
783,587
Telkom
Indonesia
Persero
Tbk
PT
.............
3,337,400
709,443
Unilever
Indonesia
Tbk
PT
..................
4,064,300
635,302
United
Tractors
Tbk
PT
.....................
1,735,400
2,921,540
16,470,170
a
Kuwait
 — 
0
.3
%
National
Bank
of
Kuwait
SAKP
................
742,393
2,428,833
Warba
Bank
KSCP
(b)
......................
1,895,295
1,796,846
4,225,679
a
Malaysia
 — 
0
.8
%
Fraser
&
Neave
Holdings
Bhd
................
33,700
281,343
Genting
Bhd
............................
475,400
376,573
Hong
Leong
Financial
Group
Bhd
..............
100,200
422,903
IJM
Corp.
Bhd
...........................
424,100
237,486
Nestle
Malaysia
Bhd
.......................
46,600
1,206,179
Petronas
Dagangan
Bhd
....................
349,800
1,679,587
Public
Bank
Bhd
.........................
1,361,900
1,434,346
Sime
Darby
Bhd
.........................
924,200
436,816
Telekom
Malaysia
Bhd
.....................
200,000
359,295
Westports
Holdings
Bhd
....................
377,900
490,478
YTL
Corp.
Bhd
..........................
4,580,140
2,365,808
YTL
Power
International
Bhd
.................
1,058,320
836,414
10,127,228
a
Mexico
 — 
1
.6
%
America
Movil
SAB
de
CV
,
Series
B
............
2,902,015
3,344,271
Arca
Continental
SAB
de
CV
.................
59,275
592,653
Cemex
SAB
de
CV
,
ADR
....................
140,208
1,512,844
Coca-Cola
Femsa
SAB
de
CV
................
671,332
5,877,686
Fomento
Economico
Mexicano
SAB
de
CV
.......
308,556
2,959,784
Gruma
SAB
de
CV
,
Class
B
..................
94,935
1,655,462
Grupo
Aeroportuario
del
Pacifico
SAB
de
CV
,
Class
B
63,583
1,519,759
Grupo
Financiero
Banorte
SAB
de
CV
,
Class
O
....
216,088
2,079,999
Grupo
Mexico
SAB
de
CV
,
Series
B
............
99,075
860,119
Wal-Mart
de
Mexico
SAB
de
CV
...............
139,682
467,947
20,870,524
a
Philippines
 — 
0
.4
%
Bank
of
the
Philippine
Islands
................
633,498
1,258,462
DMCI
Holdings,
Inc.
.......................
2,868,600
513,604
International
Container
Terminal
Services,
Inc.
.....
220,410
2,040,326
Manila
Electric
Co.
........................
174,700
1,762,044
5,574,436
a
Poland
 — 
1
.1
%
Asseco
Poland
SA
........................
40,902
2,182,058
Bank
Handlowy
w
Warszawie
SA
..............
2,488
70,499
Bank
Polska
Kasa
Opieki
SA
.................
8,196
449,698
Budimex
SA
............................
14,526
2,488,259
CCC
SA
(b)
(c)
.............................
33,883
1,254,022
LPP
SA
...............................
501
2,335,482
mBank
SA
(b)
............................
4,998
1,399,609
Orange
Polska
SA
........................
516,025
1,362,533
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
...
4,830
102,412
Tauron
Polska
Energia
SA
(b)
..................
953,155
2,476,914
14,121,486
a
Security
Shares
Value
a
Qatar
 — 
0
.4
%
Industries
Qatar
QSC
......................
70,597
$
235,330
Mesaieed
Petrochemical
Holding
Co.
...........
2,087,269
672,531
Ooredoo
QPSC
..........................
1,111,966
3,893,356
Qatar
National
Bank
QPSC
..................
93,832
465,955
5,267,172
a
Russia
 — 
0
.0
%
PhosAgro
PJSC
(b)
(d)
.......................
986
10
T-Tekhnologii
MKPAO
,
GDR
(b)
(d)
(e)
..............
135,475
18
United
Co.
RUSAL
International
PJSC
(b)
(d)
........
3,441,260
443
471
a
Saudi
Arabia
 — 
2
.1
%
Al
Rajhi
Bank
...........................
88,823
2,271,917
Alinma
Bank
............................
138,184
892,550
Arab
National
Bank
.......................
148,551
878,538
Arabian
Internet
&
Communications
Services
Co.
...
17,614
1,055,492
Astra
Industrial
Group
Co.
...................
35,332
1,280,998
Banque
Saudi
Fransi
......................
145,901
639,623
Dar
Al
Arkan
Real
Estate
Development
Co.
(b)
......
51,023
213,162
Elm
Co.
...............................
15,873
3,243,519
Etihad
Etisalat
Co.
........................
105,796
1,773,702
Nahdi
Medical
Co.
........................
109,682
2,905,976
Riyad
Bank
.............................
75,898
522,065
Riyadh
Cables
Group
Co.
...................
23,548
769,435
SABIC
Agri-Nutrients
Co.
...................
67,050
2,084,482
SAL
Saudi
Logistics
Services
.................
77,708
3,521,617
Saudi
Arabian
Oil
Co.
(a)
.....................
84,363
554,074
Saudi
Aramco
Base
Oil
Co.
..................
60,097
1,379,618
Saudi
Electricity
Co.
.......................
162,801
612,641
Saudi
Telecom
Co.
........................
123,894
1,410,007
26,009,416
a
South
Africa
 — 
2
.6
%
Anglogold
Ashanti
PLC
.....................
22,135
1,887,293
Bid
Corp.
Ltd.
...........................
26,044
621,738
Bidvest
Group
Ltd.
........................
56,217
754,716
Clicks
Group
Ltd.
.........................
67,194
1,366,450
Exxaro
Resources
Ltd.
.....................
415,435
4,216,976
FirstRand
Ltd.
...........................
33,574
160,220
Gold
Fields
Ltd.
..........................
43,463
1,837,679
Harmony
Gold
Mining
Co.
Ltd.
................
60,994
1,192,238
Mr
Price
Group
Ltd.
.......................
72,982
896,551
MTN
Group
Ltd.
..........................
396,417
3,663,936
Naspers
Ltd.
,
Class
N
......................
86,068
5,384,450
Nedbank
Group
Ltd.
.......................
90,189
1,347,518
NEPI
Rockcastle
N.V.
(b)
.....................
305,121
2,613,934
Sasol
Ltd.
(b)
.............................
113,542
741,097
Shoprite
Holdings
Ltd.
.....................
4,817
77,293
Standard
Bank
Group
Ltd.
...................
120,611
1,864,502
Valterra
Platinum
Ltd.
......................
14,315
994,115
Woolworths
Holdings
Ltd.
...................
926,272
3,059,018
32,679,724
a
South
Korea
 — 
12
.9
%
Alteogen,
Inc.
(b)
..........................
1,069
388,716
APR
Corp.
(b)
(c)
...........................
7,816
1,357,895
CJ
Corp.
..............................
17,499
2,096,308
CJ
Logistics
Corp.
........................
4,896
304,740
Coway
Co.
Ltd.
..........................
40,359
2,366,713
DB
Insurance
Co.
Ltd.
.....................
24,627
2,091,575
Doosan
Bobcat,
Inc.
(b)
......................
43,359
1,632,861
E-MART,
Inc.
............................
17,269
919,901
Hana
Financial
Group,
Inc.
..................
90,630
5,766,328
Hankook
Tire
&
Technology
Co.
Ltd.
............
62,584
2,619,100
iShares
®
Emerging
Markets
Equity
Factor
ETF
Schedule
of
Investments
(unaudited)
(continued)
November
30,
2025
(Percentages
shown
are
based
on
Net
Assets)
5
Schedule
of
Investments
Security
Shares
Value
a
South
Korea
(continued)
Hanmi
Pharm
Co.
Ltd.
.....................
4,368
$
1,357,100
Hanmi
Science
Co.
Ltd.
(b)
...................
58,520
1,548,510
Hanmi
Semiconductor
Co.
Ltd.
................
12,705
1,072,577
Hanwha
Aerospace
Co.
Ltd.
.................
4,093
2,375,933
HD
Hyundai
Co.
Ltd.
......................
4,852
649,970
HD
Hyundai
Electric
Co.
Ltd.
.................
3,781
2,003,048
HD
Hyundai
Heavy
Industries
Co.
Ltd.
(c)
..........
924
337,138
HD
Korea
Shipbuilding
&
Offshore
Engineering
Co.
Ltd.
4,390
1,226,284
Hyosung
Heavy
Industries
Corp.
..............
1,493
1,940,508
Hyundai
Glovis
Co.
Ltd.
....................
15,682
1,756,790
Hyundai
Marine
&
Fire
Insurance
Co.
Ltd.
(b)
.......
26,920
551,369
Hyundai
Mobis
Co.
Ltd.
.....................
15,592
3,287,789
Hyundai
Motor
Co.
........................
37,403
6,661,343
Hyundai
Rotem
Co.
Ltd.
....................
9,898
1,185,345
KB
Financial
Group,
Inc.
....................
68,450
5,839,111
KCC
Corp.
.............................
12,377
3,520,607
Kia
Corp.
..............................
67,993
5,283,021
Korea
Gas
Corp.
.........................
6,828
192,974
Korea
Investment
Holdings
Co.
Ltd.
............
17,337
1,895,542
Krafton,
Inc.
(b)
...........................
5,746
1,009,120
KT&G
Corp.
............................
23,681
2,342,900
Kumho
Petrochemical
Co.
Ltd.
................
2,912
232,004
LG
CNS
Co.
Ltd.
.........................
27,558
1,089,701
LG
Electronics,
Inc.
.......................
15,559
907,998
LG
Innotek
Co.
Ltd.
.......................
2,955
477,972
LG
Uplus
Corp.
..........................
101,808
1,042,552
LIG
Nex1
Co.
Ltd.
........................
497
129,868
LS
Corp.
..............................
7,449
909,520
LS
Electric
Co.
Ltd.
.......................
3,917
1,229,569
Meritz
Financial
Group,
Inc.
..................
5,158
382,025
Mirae
Asset
Securities
Co.
Ltd.
(c)
..............
172,114
2,565,404
NAVER
Corp.
...........................
10,301
1,715,213
Orion
Corp.
.............................
11,633
836,637
POSCO
Holdings,
Inc.
.....................
4,718
995,623
S-1
Corp.
..............................
4,050
206,998
Samsung
Biologics
Co.
Ltd.
(a)
(b)
...............
1,382
1,514,833
Samsung
C&T
Corp.
......................
16,753
2,572,575
Samsung
Card
Co.
Ltd.
....................
27,063
1,010,273
Samsung
Electro-Mechanics
Co.
Ltd.
...........
11,490
1,969,848
Samsung
Electronics
Co.
Ltd.
................
649,884
44,635,884
Samsung
Episholdings
Co.
Ltd.
(b)
..............
743
216,739
Samsung
Fire
&
Marine
Insurance
Co.
Ltd.
.......
8,324
2,725,330
Samsung
Life
Insurance
Co.
Ltd.
..............
21,312
2,222,589
Samsung
SDS
Co.
Ltd.
.....................
5,385
618,192
Samsung
Securities
Co.
Ltd.
.................
31,250
1,678,894
Samyang
Foods
Co.
Ltd.
....................
780
767,662
Shinhan
Financial
Group
Co.
Ltd.
..............
76,697
4,099,604
SK
Biopharmaceuticals
Co.
Ltd.
(b)
..............
3,373
321,687
SK
hynix,
Inc.
...........................
51,461
18,640,163
SK
Square
Co.
Ltd.
(b)
(c)
.....................
1,566
319,760
SK
Telecom
Co.
Ltd.
.......................
49,739
1,814,233
SK,
Inc.
...............................
3,864
699,348
Woori
Financial
Group,
Inc.
..................
8,199
148,531
164,278,345
a
Taiwan
 — 
20
.0
%
Accton
Technology
Corp.
...................
122,000
3,996,934
Acer,
Inc.
..............................
701,000
609,665
Advantech
Co.
Ltd.
.......................
88,291
812,029
ASE
Technology
Holding
Co.
Ltd.
..............
409,000
3,000,092
Asia
Vital
Components
Co.
Ltd.
...............
50,000
2,201,194
Asustek
Computer,
Inc.
.....................
93,000
1,784,745
AUO
Corp.
(b)
............................
2,571,800
953,127
Cathay
Financial
Holding
Co.
Ltd.
..............
1,513,000
3,097,528
Chicony
Electronics
Co.
Ltd.
.................
383,000
1,466,486
Security
Shares
Value
a
Taiwan
(continued)
China
Airlines
Ltd.
........................
267,000
$
163,609
Chroma
ATE,
Inc.
.........................
58,000
1,517,851
Chunghwa
Telecom
Co.
Ltd.
.................
188,000
782,730
Compal
Electronics,
Inc.
....................
445,000
417,098
CTBC
Financial
Holding
Co.
Ltd.
..............
3,175,000
4,399,048
Delta
Electronics,
Inc.
......................
278,000
8,287,308
Far
EasTone
Telecommunications
Co.
Ltd.
........
293,000
822,908
First
Financial
Holding
Co.
Ltd.
................
118,850
104,601
Fortune
Electric
Co.
Ltd.
....................
51,330
1,148,834
Fubon
Financial
Holding
Co.
Ltd.
..............
1,876,920
5,543,642
Global
Unichip
Corp.
......................
55,000
3,984,555
Hon
Hai
Precision
Industry
Co.
Ltd.
.............
1,350,000
9,728,011
Inventec
Corp.
...........................
449,000
625,270
King
Slide
Works
Co.
Ltd.
...................
25,000
3,049,402
Largan
Precision
Co.
Ltd.
...................
3,000
211,356
Lite-On
Technology
Corp.
...................
701,718
3,565,382
MediaTek,
Inc.
...........................
251,000
11,185,295
Mega
Financial
Holding
Co.
Ltd.
...............
679,688
869,081
Nien
Made
Enterprise
Co.
Ltd.
................
11,000
130,812
Novatek
Microelectronics
Corp.
...............
378,000
4,698,524
Pou
Chen
Corp.
..........................
682,000
666,213
Powertech
Technology,
Inc.
..................
27,000
135,466
President
Chain
Store
Corp.
.................
175,000
1,337,156
Quanta
Computer,
Inc.
.....................
331,000
2,983,536
Realtek
Semiconductor
Corp.
................
237,000
3,943,954
Shanghai
Commercial
&
Savings
Bank
Ltd.
(The)
...
912,000
1,137,098
Silicon
Motion
Technology
Corp.
,
ADR
...........
12,599
1,120,807
SinoPac
Financial
Holdings
Co.
Ltd.
............
2,466,270
2,119,700
Synnex
Technology
International
Corp.
..........
928,000
1,861,417
Taiwan
Cooperative
Financial
Holding
Co.
Ltd.
.....
5,998,799
4,561,467
Taiwan
Mobile
Co.
Ltd.
.....................
100,000
344,347
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
.....
2,935,000
135,322,231
TS
Financial
Holding
Co.
Ltd.
.................
2,991,000
1,721,411
Uni-President
Enterprises
Corp.
...............
1,397,000
3,408,803
United
Integrated
Services
Co.
Ltd.
.............
55,000
1,405,956
United
Microelectronics
Corp.
................
1,523,000
2,236,149
Voltronic
Power
Technology
Corp.
..............
35,000
1,298,486
Wistron
Corp.
...........................
360,000
1,664,153
Wiwynn
Corp.
...........................
13,000
1,899,424
Yuanta
Financial
Holding
Co.
Ltd.
..............
4,535,981
5,223,890
253,548,781
a
Thailand
 — 
0
.8
%
Advanced
Info
Service
PCL
,
NVDR
.............
167,100
1,597,173
Bumrungrad
Hospital
PCL
,
NVDR
.............
177,700
937,521
Central
Retail
Corp.
PCL
,
NVDR
(c)
.............
202,100
125,387
Delta
Electronics
Thailand
PCL
,
NVDR
..........
86,600
545,283
Krung
Thai
Bank
PCL
,
NVDR
................
3,010,200
2,575,007
PTT
Exploration
&
Production
PCL
,
NVDR
(c)
.......
682,200
2,258,803
PTT
PCL
,
NVDR
.........................
762,100
728,555
Thai
Union
Group
PCL
,
NVDR
................
2,029,100
821,052
TIDLOR
Holdings
PCL
,
NVDR
................
829,600
493,754
TMBThanachart
Bank
PCL
,
NVDR
.............
3,399,600
204,108
10,286,643
a
Turkey
 — 
0
.8
%
Akbank
TAS
............................
832,513
1,270,119
Anadolu
Efes
Biracilik
Ve
Malt
Sanayii
A.S.
.......
4,428,056
1,646,536
BIM
Birlesik
Magazalar
A.S.
..................
40,445
511,438
Ford
Otomotiv
Sanayi
A.S.
..................
234,240
521,782
KOC
Holding
A.S.
........................
372,537
1,478,440
Tofas
Turk
Otomobil
Fabrikasi
A.S.
.............
67,510
365,577
Turk
Traktor
ve
Ziraat
Makineleri
A.S.
...........
13,247
159,666
Turkcell
Iletisim
Hizmetleri
A.S.
................
483,669
1,066,589
Turkiye
Garanti
Bankasi
A.S.
(c)
................
598,851
1,960,420
Schedule
of
Investments
(unaudited)
(continued)
November
30,
2025
iShares
®
Emerging
Markets
Equity
Factor
ETF
(Percentages
shown
are
based
on
Net
Assets)
6
Security
Shares
Value
a
Turkey
(continued)
Yapi
ve
Kredi
Bankasi
A.S.
(b)
.................
1,156,199
$
961,605
9,942,172
a
United
Arab
Emirates
 — 
2
.2
%
Abu
Dhabi
Islamic
Bank
PJSC
................
944,836
5,121,159
Abu
Dhabi
National
Oil
Co.
for
Distribution
PJSC
...
2,101,370
2,202,724
Aldar
Properties
PJSC
.....................
607,558
1,348,850
Emaar
Development
PJSC
..................
1,552,375
6,215,235
Emaar
Properties
PJSC
....................
928,711
3,364,846
Emirates
Integrated
Telecommunications
Co.
PJSC
..
1,229,921
3,181,249
Emirates
NBD
Bank
PJSC
...................
588,736
3,911,175
Emirates
Telecommunications
Group
Co.
PJSC
....
306,704
1,503,103
First
Abu
Dhabi
Bank
PJSC
..................
355,975
1,535,364
28,383,705
a
Total
Common
Stocks — 98.3%
(Cost:
$
963,346,689
)
................................
1,248,542,600
a
Preferred
Stocks
Brazil
 — 
0
.9
%
Cia
Energetica
de
Minas
Gerais
,
Preference
Shares
,
NVS
................................
1,406,390
3,022,058
Gerdau
SA
,
Preference
Shares
,
NVS
...........
1,394,098
5,006,671
Itau
Unibanco
Holding
SA
,
Preference
Shares
,
NVS
.
327,364
2,552,505
Petroleo
Brasileiro
SA
-
Petrobras
,
Preference
Shares
,
NVS
................................
200,568
1,191,117
11,772,351
a
Chile
 — 
0
.1
%
Embotelladora
Andina
SA
,
Class
B
,
Preference
Shares
131,471
596,321
a
India
 — 
0
.0
%
TVS
Motor
Co.
Ltd.
,
Preference
Shares
,
NVS
(b)
.....
144,200
16,121
a
South
Korea
 — 
0
.4
%
Doosan
Co.
Ltd.
,
Preference
Shares
,
NVS
(c)
.......
4,540
1,657,989
Doosan
Co.
Ltd.
,
Preference
Shares
,
NVS
........
2,115
671,783
Hanwha
Corp.
,
Preference
Shares
,
NVS
.........
46,102
1,129,278
Security
Shares
Value
a
South
Korea
(continued)
Samsung
C&T
Corp.
,
Preference
Shares
,
NVS
.....
3,406
$
332,423
Samsung
Electronics
Co.
Ltd.
,
Preference
Shares
,
NVS
................................
35,541
1,817,675
5,609,148
a
Total
Preferred
Stocks — 1.4%
(Cost:
$
14,823,168
)
.................................
17,993,941
a
Total
Long-Term
Investments — 99.7%
(Cost:
$
978,169,857
)
................................
1,266,536,541
a
Short-Term
Securities
Money
Market
Funds
 — 
1
.7
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
4.11
%
(f)
(g)
(h)
......................
13,795,720
13,802,618
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
3.94
%
(f)
(g)
.............................
7,834,324
7,834,324
a
Total
Short-Term
Securities — 1.7%
(Cost:
$
21,635,165
)
.................................
21,636,942
Total
Investments
—  101.4%
(Cost:
$
999,805,022
)
................................
1,288,173,483
Liabilities
in
Excess
of
Other
Assets
—
(
1
.4
)
%
...............
(
17,747,130
)
Net
Assets
—
100.0%
.................................
$
1,270,426,353
(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)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(e)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(f)
Affiliate
of
the
Fund.
(g)
Annualized
7-day
yield
as
of
period
end.
(h)
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
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
08/31/25
Purchases
at
Cost
Proceeds
from
Sale
s
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
$
14,749,532
‌
$
—
‌
$
(
945,545
)
(a)
$
(
1,370
)
$
1
‌
$
13,802,618
‌
13,795,720
‌
$
132,736
(b)
$
—
‌
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
.
2,020,000
‌
5,814,324
(a)
—
‌
—
‌
—
‌
7,834,324
‌
7,834,324
‌
52,905
‌
—
‌
$
(
1,370
)
$
1
‌
$
21,636,942
‌
$
185,641
‌
$
—
‌
(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.
iShares
®
Emerging
Markets
Equity
Factor
ETF
Schedule
of
Investments
(unaudited)
(continued)
November
30,
2025
7
Schedule
of
Investments
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
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
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. 
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
MSCI
Emerging
Markets
Index
.............................................................
55
12/19/25
$
3,788
$
2,889
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
152,454,751
‌
$
1,096,087,378
‌
$
471
‌
$
1,248,542,600
‌
Preferred
Stocks
.........................................
12,368,672
‌
5,625,269
‌
—
‌
17,993,941
‌
Short-Term
Securities
Money
Market
Funds
......................................
21,636,942
‌
—
‌
—
‌
21,636,942
‌
$
186,460,365
‌
$
1,101,712,647
‌
$
471
‌
$
1,288,173,483
‌
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
2,889
‌
$
—
‌
$
—
‌
$
2,889
‌
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Portfolio
Abbreviation
ADR
American
Depositary
Receipt
GDR
Global
Depositary
Receipt
NVDR
Non-Voting
Depository
Receipt
NVS
Non-Voting
Shares
PCL
Public
Company
Limited
PJSC
Public
Joint
Stock
Company