iShares

®

Currency

Hedged

MSCI

Emerging

Markets

ETF

Schedule

of

Investments

(unaudited)

November

30,

2025

(Percentages

shown

are

based

on

Net

Assets)

1

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Security

Shares

Value

a

Investment

Companies

(a)

Exchange-Traded

Funds

 — 

100.0%

iShares

MSCI

Emerging

Markets

ETF

(b)

..........

3,470,167

$

188,499,472

a

Total

Long-Term

Investments — 100.0%

(Cost:

$156,762,224)

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

188,499,472

a

Short-Term

Securities

Money

Market

Funds

 — 

13.1%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

4.11%

(a)(c)(d)

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

23,240,218

23,251,838

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

3.94%

(a)(c)

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

1,498,825

1,498,825

a

Total

Short-Term

Securities — 13.1%

(Cost:

$24,749,106)

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

24,750,663

Total

Investments

—

113.1%

(Cost:

$181,511,330)

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

213,250,135

Liabilities

in

Excess

of

Other

Assets

—

(13.1)%

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

(24,718,222)

Net

Assets

—

100.0%

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

$

188,531,913

(a)

Affiliate

of

the

Fund.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Annualized

7-day

yield

as

of

period

end.

(d)

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

...

$

18,300,889

‌

$

4,957,620

(a)

$

—

‌

$

(6,671

)

$

—

‌

$

23,251,838

‌

23,240,218

‌

$

31,699

(b)

$

—

‌

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

.........

130,000

‌

1,368,825

(a)

—

‌

—

‌

—

‌

1,498,825

‌

1,498,825

‌

7,740

‌

—

‌

iShares

MSCI

Emerging

Markets

ETF

.....

175,753,010

‌

2,293,325

‌

(5,029,538

)

860,705

‌

14,621,970

‌

188,499,472

‌

3,470,167

‌

—

‌

—

‌

$

854,034

‌

$

14,621,970

‌

$

213,250,135

‌

$

39,439

‌

$

—

‌

(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.

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

BRL

17,996,000

USD

3,364,896

Goldman

Sachs

&

Co.

12/03/25

$

5,621

BRL

18,169,000

USD

3,398,016

HSBC

Bank

PLC

12/03/25

4,902

BRL

132,000

USD

24,718

JPMorgan

Chase

Bank

N.A.

12/03/25

5

CLP

3,986,000

USD

4,274

Goldman

Sachs

&

Co.

12/03/25

20

CNH

193,000

USD

27,166

Barclays

Bank

PLC

12/03/25

137

CNH

52,570,320

USD

7,436,842

HSBC

Bank

PLC

12/03/25

221

CNH

622,000

USD

87,484

State

Street

Bank

&

Trust

Company

12/03/25

509

EUR

12,000

USD

13,907

BNP

Paribas

SA

12/03/25

17

Schedule

of

Investments

(unaudited)

(continued)

November

30,

2025

iShares

®

Currency

Hedged

MSCI

Emerging

Markets

ETF

2

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

EUR

3,390,000

USD

3,925,897

JPMorgan

Chase

Bank

N.A.

12/03/25

$

7,905

IDR

130,835,000

USD

7,817

JPMorgan

Chase

Bank

N.A.

12/03/25

40

MXN

247,000

USD

13,445

Barclays

Bank

PLC

12/03/25

50

MXN

771,000

USD

41,390

Deutsche

Bank

Securities

Inc.

12/03/25

734

MXN

67,149,000

USD

3,665,148

Goldman

Sachs

&

Co.

12/03/25

3,625

MYR

116,000

USD

27,756

Goldman

Sachs

&

Co.

12/03/25

316

THB

678,000

USD

20,950

HSBC

Bank

PLC

12/03/25

111

TRY

126,000

USD

2,944

Goldman

Sachs

&

Co.

12/03/25

18

TRY

35,942,000

USD

844,160

HSBC

Bank

PLC

12/03/25

740

TWD

599,744,500

USD

19,094,062

Goldman

Sachs

&

Co.

12/03/25

10,478

TWD

599,744,500

USD

19,083,309

HSBC

Bank

PLC

12/03/25

21,232

USD

46,741,391

HKD

363,074,000

Goldman

Sachs

&

Co.

12/03/25

104,909

USD

15,488,772

INR

1,377,542,500

Goldman

Sachs

&

Co.

12/03/25

86,417

USD

14,001,085

INR

1,245,074,500

HSBC

Bank

PLC

12/03/25

79,860

USD

14,766,507

KRW

21,073,402,500

Goldman

Sachs

&

Co.

12/03/25

432,189

USD

10,286,429

KRW

14,680,174,500

HSBC

Bank

PLC

12/03/25

300,842

USD

21,639,600

TWD

665,920,500

Goldman

Sachs

&

Co.

12/03/25

427,059

USD

17,522,788

TWD

538,650,500

HSBC

Bank

PLC

12/03/25

364,364

ZAR

410,000

USD

23,844

BNP

Paribas

SA

12/03/25

115

ZAR

1,142,000

USD

65,758

State

Street

Bank

&

Trust

Company

12/03/25

977

CNH

5,000

USD

709

BNP

Paribas

SA

01/06/26

—

HKD

7,815,000

USD

1,004,764

Goldman

Sachs

&

Co.

01/06/26

56

IDR

362,451,000

USD

21,766

Goldman

Sachs

&

Co.

01/06/26

3

USD

586,082

CLP

542,094,000

Goldman

Sachs

&

Co.

01/06/26

1,690

USD

586,373

CLP

542,094,000

HSBC

Bank

PLC

01/06/26

1,982

USD

45,526,355

HKD

353,979,000

JPMorgan

Chase

Bank

N.A.

01/06/26

13,222

USD

2,229,721

MYR

9,162,000

Goldman

Sachs

&

Co.

01/06/26

9,369

USD

1,956,169

THB

62,786,000

JPMorgan

Chase

Bank

N.A.

01/06/26

775

USD

783,127

TRY

34,217,000

HSBC

Bank

PLC

01/06/26

306

USD

749,745

TWD

23,542,000

Goldman

Sachs

&

Co.

01/06/26

93

USD

6,506,098

ZAR

111,558,000

State

Street

Bank

&

Trust

Company

01/06/26

3,665

ZAR

544,000

USD

31,684

Deutsche

Bank

Securities

Inc.

01/06/26

25

1,884,599

CLP

542,094,000

USD

585,850

Goldman

Sachs

&

Co.

12/03/25

(1,792

)

CLP

542,094,000

USD

586,065

HSBC

Bank

PLC

12/03/25

(2,007

)

HKD

1,301,000

USD

167,234

Goldman

Sachs

&

Co.

12/03/25

(122

)

HKD

6,451,000

USD

830,483

HSBC

Bank

PLC

12/03/25

(1,859

)

HKD

353,979,000

USD

45,482,488

JPMorgan

Chase

Bank

N.A.

12/03/25

(14,250

)

HKD

1,343,000

USD

172,903

UBS

AG

12/03/25

(396

)

IDR

17,793,512,500

USD

1,068,641

Goldman

Sachs

&

Co.

12/03/25

(123

)

IDR

17,793,512,500

USD

1,068,581

HSBC

Bank

PLC

12/03/25

(62

)

INR

1,321,769,000

USD

14,790,623

Goldman

Sachs

&

Co.

12/03/25

(11,873

)

INR

1,291,353,000

USD

14,443,049

HSBC

Bank

PLC

12/03/25

(4,382

)

INR

9,495,000

USD

107,172

JPMorgan

Chase

Bank

N.A.

12/03/25

(1,008

)

KRW

17,811,306,000

USD

12,133,042

Goldman

Sachs

&

Co.

12/03/25

(17,632

)

KRW

17,811,306,000

USD

12,129,820

HSBC

Bank

PLC

12/03/25

(14,409

)

KRW

130,965,000

USD

89,804

JPMorgan

Chase

Bank

N.A.

12/03/25

(721

)

MYR

9,035,000

USD

2,195,661

Goldman

Sachs

&

Co.

12/03/25

(9,182

)

THB

62,786,000

USD

1,952,969

JPMorgan

Chase

Bank

N.A.

12/03/25

(2,656

)

TWD

672,000

USD

21,850

Goldman

Sachs

&

Co.

12/03/25

(444

)

TWD

4,410,000

USD

141,814

JPMorgan

Chase

Bank

N.A.

12/03/25

(1,336

)

USD

3,390,132

BRL

18,377,000

Goldman

Sachs

&

Co.

12/03/25

(51,742

)

USD

3,304,444

BRL

17,920,000

HSBC

Bank

PLC

12/03/25

(51,838

)

USD

600,640

CLP

565,902,500

Goldman

Sachs

&

Co.

12/03/25

(9,069

)

USD

554,817

CLP

522,271,500

HSBC

Bank

PLC

12/03/25

(7,883

)

iShares

®

Currency

Hedged

MSCI

Emerging

Markets

ETF

Schedule

of

Investments

(unaudited)

(continued)

November

30,

2025

3

Schedule

of

Investments

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

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

USD

179,381

CNH

1,275,000

Goldman

Sachs

&

Co.

12/03/25

$

(992

)

USD

7,331,554

CNH

52,110,320

HSBC

Bank

PLC

12/03/25

(40,433

)

USD

3,933,044

EUR

3,402,000

Morgan

Stanley

&

Co.

International

PLC

12/03/25

(

14,683

)

USD

1,100,851

IDR

18,339,699,500

Goldman

Sachs

&

Co.

12/03/25

(466

)

USD

1,043,357

IDR

17,378,160,500

HSBC

Bank

PLC

12/03/25

(219

)

USD

45,462

MXN

846,000

HSBC

Bank

PLC

12/03/25

(760

)

USD

3,617,876

MXN

67,321,000

State

Street

Bank

&

Trust

Company

12/03/25

(60,294

)

USD

2,185,418

MYR

9,151,000

Goldman

Sachs

&

Co.

12/03/25

(29,133

)

USD

1,960,604

THB

63,464,000

Morgan

Stanley

&

Co.

International

PLC

12/03/25

(10,769

)

USD

837,294

TRY

36,068,000

HSBC

Bank

PLC

12/03/25

(10,568

)

USD

6,513,039

ZAR

113,110,000

Morgan

Stanley

&

Co.

International

PLC

12/03/25

(96,748

)

ZAR

111,558,000

USD

6,522,611

State

Street

Bank

&

Trust

Company

12/03/25

(3,518

)

CNH

1,474,000

USD

209,007

Goldman

Sachs

&

Co.

01/06/26

(9

)

KRW

1,610,822,000

USD

1,100,168

Goldman

Sachs

&

Co.

01/06/26

(545

)

MXN

1,070,000

USD

58,256

Morgan

Stanley

&

Co.

International

PLC

01/06/26

—

MYR

29,000

USD

7,061

Goldman

Sachs

&

Co.

01/06/26

(33

)

THB

1,168,000

USD

36,425

Barclays

Bank

PLC

01/06/26

(49

)

THB

1,106,000

USD

34,493

Morgan

Stanley

&

Co.

International

PLC

01/06/26

(48

)

TRY

179,000

USD

4,097

BNP

Paribas

SA

01/06/26

(2

)

TWD

46,642,000

USD

1,490,541

Goldman

Sachs

&

Co.

01/06/26

(5,310

)

USD

3,832,325

BRL

20,635,000

Goldman

Sachs

&

Co.

01/06/26

(3,825

)

USD

3,343,279

BRL

17,996,000

HSBC

Bank

PLC

01/06/26

(2,268

)

USD

126,352

CLP

117,302,000

Goldman

Sachs

&

Co.

01/06/26

(103

)

USD

7,453,712

CNH

52,570,320

HSBC

Bank

PLC

01/06/26

(214

)

USD

3,899,760

EUR

3,361,000

JPMorgan

Chase

Bank

N.A.

01/06/26

(7,673

)

USD

8,135

EUR

7,000

UBS

AG

01/06/26

(3

)

USD

1,242,212

IDR

20,699,789,500

Goldman

Sachs

&

Co.

01/06/26

(1,059

)

USD

1,067,745

IDR

17,793,512,500

HSBC

Bank

PLC

01/06/26

(969

)

USD

15,259,477

INR

1,366,676,000

Goldman

Sachs

&

Co.

01/06/26

(3,047

)

USD

14,413,226

INR

1,291,353,000

HSBC

Bank

PLC

01/06/26

(8,120

)

USD

12,897,244

KRW

18,901,871,000

Goldman

Sachs

&

Co.

01/06/26

(6,061

)

USD

12,150,755

KRW

17,811,306,000

HSBC

Bank

PLC

01/06/26

(8,079

)

USD

1,414

MXN

26,000

BNP

Paribas

SA

01/06/26

(2

)

USD

3,652,337

MXN

67,149,000

Goldman

Sachs

&

Co.

01/06/26

(3,599

)

USD

3,065

TRY

134,000

BNP

Paribas

SA

01/06/26

(1

)

USD

19,075,843

TWD

599,744,500

Goldman

Sachs

&

Co.

01/06/26

(21,938

)

USD

19,078,452

TWD

599,744,500

HSBC

Bank

PLC

01/06/26

(19,328

)

USD

229,907

ZAR

3,948,000

Morgan

Stanley

&

Co.

International

PLC

01/06/26

(212

)

(565,866

)

$

1,318,733

Schedule

of

Investments

(unaudited)

(continued)

November

30,

2025

iShares

®

Currency

Hedged

MSCI

Emerging

Markets

ETF

4

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

Investment

Companies

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

$

188,499,472

‌

$

—

‌

$

—

‌

$

188,499,472

‌

Short-Term

Securities

Money

Market

Funds

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

24,750,663

‌

—

‌

—

‌

24,750,663

‌

$

213,250,135

‌

$

—

‌

$

—

‌

$

213,250,135

‌

Derivative

Financial

Instruments

(a)

Assets

Foreign

Currency

Exchange

Contracts

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

$

—

‌

$

1,884,599

‌

$

—

‌

$

1,884,599

‌

Liabilities

Foreign

Currency

Exchange

Contracts

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

—

‌

(565,866

)

—

‌

(565,866

)

$

—

‌

$

1,318,733

‌

$

—

‌

$

1,318,733

‌

(a)

Derivative

financial

instruments

are

forward

foreign

currency

exchange

contracts.

Forward

foreign

currency

exchange

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Currency

Abbreviation

BRL

Brazilian

Real

CLP

Chilean

Peso

CNH

Chinese

Yuan

EUR

Euro

HKD

Hong

Kong

Dollar

IDR

Indonesian

Rupiah

INR

Indian

Rupee

KRW

South

Korean

Won

MXN

Mexican

Peso

MYR

Malaysian

Ringgit

THB

Thai

Baht

TRY

Turkish

Lira

TWD

New

Taiwan

Dollar

USD

United

States

Dollar

ZAR

South

African

Rand

Fair

Value

Hierarchy

as

of

Period

End

(continued)