iShares

®

MSCI

Netherlands

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

Air

Freight

&

Logistics

 — 

0

.9

%

Ferrari

Group

PLC

........................

30,788

$

332,956

InPost

SA

(a)

(b)

............................

145,867

1,712,777

PostNL

N.V.

(b)

...........................

379,708

448,184

2,493,917

Banks

 — 

10

.5

%

ABN

AMRO

Bank

N.V.,

CVA

(c)

................

193,394

6,552,583

ING

Groep

N.V.

..........................

929,129

24,091,359

30,643,942

a

Beverages

 — 

6

.0

%

Coca-Cola

Europacific

Partners

PLC

............

69,323

6,356,226

Heineken

Holding

N.V.

.....................

49,325

3,526,714

Heineken

N.V.

...........................

92,539

7,548,512

17,431,452

a

Biotechnology

 — 

0

.4

%

Pharming

Group

N.V.

(a)

.....................

761,237

1,275,429

a

Broadline

Retail

 — 

8

.6

%

Prosus

N.V.

,

Class

N

(a)

.....................

398,483

25,121,941

a

Capital

Markets

 — 

2

.2

%

Allfunds

Group

PLC

.......................

211,632

1,980,293

CVC

Capital

Partners

PLC

(c)

.................

115,896

1,914,084

Flow

Traders

Ltd.

(a)

........................

38,775

1,073,120

Van

Lanschot

Kempen

N.V.

..................

23,349

1,411,185

6,378,682

a

Chemicals

 — 

3

.7

%

Akzo

Nobel

N.V.

.........................

61,952

4,027,400

Corbion

N.V.

,

Class

C

......................

57,897

1,296,170

DSM-Firmenich

AG

.......................

60,098

4,943,241

OCI

N.V.

(a)

.............................

119,315

470,336

10,737,147

a

Construction

&

Engineering

 — 

1

.5

%

Fugro

N.V.

,

Class

C

.......................

123,370

1,246,452

Koninklijke

BAM

Groep

N.V.

.................

173,243

1,722,983

Koninklijke

Heijmans

N.V.

...................

20,959

1,464,806

4,434,241

a

Consumer

Staples

Distribution

&

Retail

 — 

4

.1

%

Koninklijke

Ahold

Delhaize

N.V.

...............

276,533

11,448,026

Sligro

Food

Group

N.V.

.....................

27,571

316,146

11,764,172

a

Diversified

Telecommunication

Services

 — 

2

.1

%

Koninklijke

KPN

N.V.

......................

1,303,234

5,970,734

a

Electrical

Equipment

 — 

1

.1

%

Signify

N.V.

(c)

............................

75,057

1,777,638

TKH

Group

N.V.

.........................

31,256

1,393,826

3,171,464

a

Energy

Equipment

&

Services

 — 

0

.7

%

SBM

Offshore

N.V.

........................

75,274

2,147,126

a

Entertainment

 — 

3

.1

%

Universal

Music

Group

N.V.

..................

346,435

8,902,581

a

Financial

Services

 — 

5

.2

%

Adyen

N.V.

(a)

(c)

...........................

7,680

12,003,535

EXOR

N.V.

.............................

36,740

3,095,224

15,098,759

a

Security

Shares

Value

a

Food

Products

 — 

1

.0

%

JDE

Peet's

N.V.

..........................

77,433

$

2,844,293

a

Health

Care

Equipment

&

Supplies

 — 

2

.5

%

Koninklijke

Philips

N.V.

.....................

259,706

7,326,275

a

Hotels,

Restaurants

&

Leisure

 — 

0

.5

%

Basic-Fit

N.V.

(a)

(b)

(c)

........................

47,413

1,562,053

a

Insurance

 — 

5

.0

%

Aegon

Ltd.

.............................

493,834

3,993,641

ASR

Nederland

N.V.

.......................

58,132

3,924,961

NN

Group

N.V.

..........................

91,126

6,612,954

14,531,556

a

Machinery

 — 

0

.6

%

Aalberts

N.V.

............................

57,062

1,840,024

a

Media

 — 

0

.4

%

Havas

N.V.

.............................

70,456

1,188,399

a

Metals

&

Mining

 — 

0

.4

%

AMG

Critical

Materials

N.V.

..................

34,948

1,076,356

a

Oil,

Gas

&

Consumable

Fuels

 — 

0

.6

%

Koninklijke

Vopak

N.V.

.....................

37,027

1,677,027

a

Pharmaceuticals

 — 

0

.2

%

Pharvaris

N.V.

(a)

(b)

.........................

25,217

715,658

a

Professional

Services

 — 

4

.1

%

Arcadis

N.V.

............................

41,464

1,835,386

Randstad

N.V.

...........................

53,461

2,080,489

Wolters

Kluwer

N.V.

.......................

74,214

7,871,394

11,787,269

a

Retail

REITs

 — 

0

.8

%

Eurocommercial

Properties

N.V.

...............

42,273

1,302,731

Wereldhave

N.V.

.........................

42,065

975,817

2,278,548

a

Semiconductors

&

Semiconductor

Equipment

 — 

27

.6

%

ASM

International

N.V.

.....................

15,007

8,301,547

ASML

Holding

N.V.

.......................

64,055

67,747,932

BE

Semiconductor

Industries

N.V.

.............

27,632

4,185,419

80,234,898

a

Software

 — 

2

.4

%

Nebius

Group

N.V.

,

Class

A

(a)

.................

69,500

6,593,465

TomTom

N.V.

(a)

..........................

65,993

409,879

7,003,344

a

Trading

Companies

&

Distributors

 — 

3

.6

%

AerCap

Holdings

N.V.

......................

59,869

8,022,446

IMCD

N.V.

.............................

26,315

2,361,900

10,384,346

a

Total

Long-Term

Investments — 99.8%

(Cost:

$

287,500,185

)

................................

290,021,633

Schedule

of

Investments

(unaudited)

(continued)

November

30,

2025

iShares

®

MSCI

Netherlands

ETF

(Percentages

shown

are

based

on

Net

Assets)

2

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

Security

Shares

Value

a

Short-Term

Securities

Money

Market

Funds

 — 

1

.3

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

4.11

%

(d)

(e)

(f)

......................

3,513,112

$

3,514,869

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

3.94

%

(d)

(e)

............................

103,560

103,560

a

Total

Short-Term

Securities — 1.3%

(Cost:

$

3,618,257

)

..................................

3,618,429

Security

Value

Total

Investments

—

101

.1

%

(Cost:

$

291,118,442

)

................................

293,640,062

Liabilities

in

Excess

of

Other

Assets

—

(

1

.1

)

%

...............

(

3,141,855

)

Net

Assets

—

100.0%

.................................

$

290,498,207

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(d)

Affiliate

of

the

Fund.

(e)

Annualized

7-day

yield

as

of

period

end.

(f)

All

or

a

portion

of

this

security

was

purchased

with

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

...

$

2,084,759

‌

$

1,430,021

(a)

$

—

‌

$

151

‌

$

(

62

)

$

3,514,869

‌

3,513,112

‌

$

3,283

(b)

$

—

‌

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

.........

93,449

‌

10,111

(a)

—

‌

—

‌

—

‌

103,560

‌

103,560

‌

1,792

‌

—

‌

$

151

‌

$

(

62

)

$

3,618,429

‌

$

5,075

‌

$

—

‌

(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.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Euro

STOXX

50

Index

..................................................................

7

12/19/25

$

461

$

10,905

iShares

®

MSCI

Netherlands

ETF

Schedule

of

Investments

(unaudited)

(continued)

November

30,

2025

3

Schedule

of

Investments

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

.........................................

$

22,020,751

‌

$

268,000,882

‌

$

—

‌

$

290,021,633

‌

Short-Term

Securities

Money

Market

Funds

......................................

3,618,429

‌

—

‌

—

‌

3,618,429

‌

$

25,639,180

‌

$

268,000,882

‌

$

—

‌

$

293,640,062

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

$

10,905

‌

$

—

‌

$

—

‌

$

10,905

‌

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Portfolio

Abbreviation

REIT

Real

Estate

Investment

Trust

Fair

Value

Hierarchy

as

of

Period

End

(continued)