iShares

®

MSCI

Japan

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

.1

%

SG

Holdings

Co.

Ltd.

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

1,003,500

$

10,025,042

a

Automobile

Components

 — 

1

.9

%

Aisin

Corp.

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

1,725,300

30,725,247

Bridgestone

Corp.

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

1,990,400

93,395,235

Denso

Corp.

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

6,088,800

80,171,525

Sumitomo

Electric

Industries

Ltd.

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

2,491,000

98,156,702

302,448,709

a

Automobiles

 — 

6

.3

%

Honda

Motor

Co.

Ltd.

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

12,884,700

129,929,533

Isuzu

Motors

Ltd.

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

1,863,900

28,562,928

Nissan

Motor

Co.

Ltd.

(a)

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

7,773,000

18,950,330

Subaru

Corp.

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

2,044,400

45,659,865

Suzuki

Motor

Corp.

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

5,479,000

85,682,462

Toyota

Motor

Corp.

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

33,037,900

666,434,660

Yamaha

Motor

Co.

Ltd.

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

3,209,900

23,261,529

998,481,307

a

Banks

 — 

10

.0

%

Chiba

Bank

Ltd.

(The)

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

1,948,200

20,535,817

Japan

Post

Bank

Co.

Ltd.

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

6,233,000

75,010,426

Mitsubishi

UFJ

Financial

Group,

Inc.

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

39,965,980

626,647,686

Mizuho

Financial

Group,

Inc.

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

8,679,858

306,111,294

Resona

Holdings,

Inc.

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

7,238,700

73,691,913

Sumitomo

Mitsui

Financial

Group,

Inc.

...........

12,775,000

386,552,114

Sumitomo

Mitsui

Trust

Group,

Inc.

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

2,213,164

64,295,867

Yokohama

Financial

Group,

Inc.

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

3,589,900

28,399,964

1,581,245,081

a

Beverages

 — 

0

.7

%

Asahi

Group

Holdings

Ltd.

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

5,302,400

61,503,841

Kirin

Holdings

Co.

Ltd.

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

2,708,400

42,538,292

Suntory

Beverage

&

Food

Ltd.

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

483,100

15,286,226

119,328,359

a

Broadline

Retail

 — 

0

.7

%

Pan

Pacific

International

Holdings

Corp.

.........

6,645,800

40,278,645

Rakuten

Group,

Inc.

(a)

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

5,291,800

32,387,178

Ryohin

Keikaku

Co.

Ltd.

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

1,761,900

34,944,820

107,610,643

a

Building

Products

 — 

0

.9

%

AGC,

Inc.

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

682,200

23,605,989

Daikin

Industries

Ltd.

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

919,600

119,421,379

143,027,368

a

Capital

Markets

 — 

1

.3

%

Daiwa

Securities

Group,

Inc.

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

4,636,200

38,461,359

Japan

Exchange

Group,

Inc.

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

3,467,900

39,626,962

Nomura

Holdings,

Inc.

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

10,477,100

79,134,153

SBI

Holdings,

Inc.

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

1,962,620

41,385,486

198,607,960

a

Chemicals

 — 

2

.3

%

Asahi

Kasei

Corp.

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

4,523,100

37,778,530

Mitsubishi

Chemical

Group

Corp.

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

4,468,800

25,243,105

Nippon

Paint

Holdings

Co.

Ltd.

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

3,291,900

21,470,643

Nippon

Sanso

Holdings

Corp.

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

605,700

19,723,187

Nitto

Denko

Corp.

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

2,365,900

58,545,025

Shin-Etsu

Chemical

Co.

Ltd.

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

5,881,900

176,125,716

Toray

Industries,

Inc.

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

4,825,400

31,386,967

370,273,173

a

Security

Shares

Value

a

Commercial

Services

&

Supplies

 — 

0

.6

%

Dai

Nippon

Printing

Co.

Ltd.

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

1,373,600

$

23,231,212

Secom

Co.

Ltd.

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

1,382,600

46,730,848

TOPPAN

Holdings,

Inc.

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

821,900

26,534,855

96,496,915

a

Construction

&

Engineering

 — 

0

.9

%

Kajima

Corp.

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

1,473,600

54,934,937

Obayashi

Corp.

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

2,218,100

45,222,432

Taisei

Corp.

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

510,800

43,687,324

143,844,693

a

Consumer

Staples

Distribution

&

Retail

 — 

1

.8

%

Aeon

Co.

Ltd.

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

7,763,000

140,555,269

Kobe

Bussan

Co.

Ltd.

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

527,100

12,811,777

MatsukiyoCocokara

&

Co.

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

1,154,900

21,367,184

Seven

&

i

Holdings

Co.

Ltd.

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

7,263,840

99,951,654

Tsuruha

Holdings,

Inc.

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

916,800

16,251,844

290,937,728

a

Diversified

Telecommunication

Services

 — 

0

.7

%

NTT,

Inc.

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

104,170,800

103,816,968

a

Electric

Utilities

 — 

0

.6

%

Chubu

Electric

Power

Co.,

Inc.

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

2,388,400

37,329,787

Kansai

Electric

Power

Co.,

Inc.

(The)

...........

3,303,800

56,483,189

93,812,976

a

Electrical

Equipment

 — 

2

.2

%

Fuji

Electric

Co.

Ltd.

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

494,400

34,514,630

Fujikura

Ltd.

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

876,700

101,458,890

Mitsubishi

Electric

Corp.

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

6,630,200

179,266,903

NIDEC

CORP.

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

2,910,200

36,728,715

351,969,138

a

Electronic

Equipment,

Instruments

&

Components

 — 

3

.6

%

Keyence

Corp.

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

678,304

230,901,003

Kyocera

Corp.

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

4,475,800

61,269,363

Murata

Manufacturing

Co.

Ltd.

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

5,816,800

119,743,992

Shimadzu

Corp.

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

827,400

23,618,316

TDK

Corp.

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

6,776,500

111,230,006

Yokogawa

Electric

Corp.

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

798,300

25,533,020

572,295,700

a

Entertainment

 — 

2

.9

%

Capcom

Co.

Ltd.

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

1,205,600

29,477,681

Konami

Group

Corp.

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

350,800

53,613,549

Nexon

Co.

Ltd.

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

1,293,300

31,498,848

Nintendo

Co.

Ltd.

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

3,848,300

326,169,764

Toho

Co.

Ltd.

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

369,400

21,271,746

462,031,588

a

Financial

Services

 — 

1

.0

%

Mitsubishi

HC

Capital,

Inc.

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

3,067,900

24,548,254

ORIX

Corp.

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

4,054,200

110,820,314

Sony

Financial

Group,

Inc.

(a)

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

21,185,000

20,045,088

155,413,656

a

Food

Products

 — 

0

.6

%

Ajinomoto

Co.,

Inc.

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

3,156,000

73,229,824

Kikkoman

Corp.

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

2,360,500

21,602,950

94,832,774

a

Gas

Utilities

 — 

0

.6

%

Osaka

Gas

Co.

Ltd.

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

1,248,400

43,814,003

Tokyo

Gas

Co.

Ltd.

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

1,099,600

44,567,489

88,381,492

a

Schedule

of

Investments

(unaudited)

(continued)

November

30,

2025

iShares

®

MSCI

Japan

ETF

(Percentages

shown

are

based

on

Net

Assets)

2

Security

Shares

Value

a

Ground

Transportation

 — 

1

.7

%

Central

Japan

Railway

Co.

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

2,693,000

$

73,591,841

East

Japan

Railway

Co.

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

3,361,500

86,896,444

Hankyu

Hanshin

Holdings,

Inc.

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

841,100

21,117,541

Seibu

Holdings,

Inc.

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

733,000

22,764,148

Tokyo

Metro

Co.

Ltd.

(b)

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

1,002,700

10,310,868

Tokyu

Corp.

(b)

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

1,732,200

20,214,553

West

Japan

Railway

Co.

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

1,429,300

28,444,143

263,339,538

a

Health

Care

Equipment

&

Supplies

 — 

2

.0

%

Hoya

Corp.

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

1,196,200

179,692,164

Olympus

Corp.

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

3,968,400

53,355,889

Sysmex

Corp.

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

1,747,700

16,574,341

Terumo

Corp.

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

4,645,300

72,442,611

322,065,005

a

Health

Care

Technology

 — 

0

.2

%

M3,

Inc.

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

1,540,600

25,422,431

a

Hotels,

Restaurants

&

Leisure

 — 

0

.6

%

Oriental

Land

Co.

Ltd.

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

3,766,000

72,440,973

Zensho

Holdings

Co.

Ltd.

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

334,500

20,155,762

92,596,735

a

Household

Durables

 — 

4

.9

%

Panasonic

Holdings

Corp.

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

8,128,915

101,727,137

Sekisui

House

Ltd.

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

2,080,500

46,653,241

Sony

Group

Corp.

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

21,439,000

629,097,123

777,477,501

a

Household

Products

 — 

0

.1

%

Unicharm

Corp.

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

3,890,400

22,808,670

a

Industrial

Conglomerates

 — 

3

.5

%

Hikari

Tsushin,

Inc.

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

61,100

17,005,350

Hitachi

Ltd.

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

15,971,900

508,639,977

Sekisui

Chemical

Co.

Ltd.

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

1,316,100

22,428,826

548,074,153

a

Insurance

 — 

4

.0

%

Dai-ichi

Life

Holdings,

Inc.

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

12,256,200

95,621,103

Japan

Post

Holdings

Co.

Ltd.

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

6,218,400

61,082,840

Japan

Post

Insurance

Co.

Ltd.

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

648,100

18,027,575

MS&AD

Insurance

Group

Holdings,

Inc.

.........

4,485,620

99,526,044

Sompo

Holdings,

Inc.

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

3,093,950

97,990,684

T&D

Holdings,

Inc.

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

1,612,000

35,019,854

Tokio

Marine

Holdings,

Inc.

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

6,405,000

227,063,031

634,331,131

a

Interactive

Media

&

Services

 — 

0

.2

%

LY

Corp.

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

9,596,800

25,773,767

a

IT

Services

 — 

3

.0

%

Fujitsu

Ltd.

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

6,137,100

162,824,726

NEC

Corp.

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

4,518,100

170,705,638

Nomura

Research

Institute

Ltd.

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

1,317,112

52,610,740

Obic

Co.

Ltd.

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

1,129,500

36,337,059

Otsuka

Corp.

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

789,400

15,611,057

SCSK

Corp.

(a)

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

549,900

20,044,952

TIS,

Inc.

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

742,200

24,527,081

482,661,253

a

Leisure

Products

 — 

0

.5

%

Bandai

Namco

Holdings,

Inc.

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

2,039,394

59,844,314

Shimano,

Inc.

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

259,900

27,290,924

87,135,238

a

Security

Shares

Value

a

Machinery

 — 

5

.7

%

Daifuku

Co.

Ltd.

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

1,127,300

$

35,657,987

Ebara

Corp.

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

1,611,200

42,260,365

FANUC

Corp.

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

3,253,500

104,281,023

IHI

Corp.

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

3,594,800

64,147,655

Kawasaki

Heavy

Industries

Ltd.

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

526,900

33,372,218

Komatsu

Ltd.

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

3,315,100

108,898,928

Kubota

Corp.

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

3,410,300

49,221,410

Makita

Corp.

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

787,100

22,885,317

MINEBEA

MITSUMI,

Inc.

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

1,266,900

25,720,903

Mitsubishi

Heavy

Industries

Ltd.

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

11,172,900

283,000,626

SMC

Corp.

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

199,500

70,171,505

Toyota

Industries

Corp.

(a)

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

568,800

63,721,841

903,339,778

a

Marine

Transportation

 — 

0

.6

%

Kawasaki

Kisen

Kaisha

Ltd.

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

1,218,700

16,226,084

Mitsui

OSK

Lines

Ltd.

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

1,205,700

34,234,837

Nippon

Yusen

KK

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

1,437,700

45,534,992

95,995,913

a

Metals

&

Mining

 — 

0

.9

%

JFE

Holdings,

Inc.

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

2,001,850

24,559,044

JX

Advanced

Metals

Corp.

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

1,942,000

20,798,944

Nippon

Steel

Corp.

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

16,859,850

68,036,202

Sumitomo

Metal

Mining

Co.

Ltd.

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

859,200

28,261,522

141,655,712

a

Office

REITs

 — 

0

.2

%

Nippon

Building

Fund,

Inc.

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

27,198

26,002,037

a

Oil,

Gas

&

Consumable

Fuels

 — 

0

.9

%

ENEOS

Holdings,

Inc.

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

9,436,095

62,186,708

Idemitsu

Kosan

Co.

Ltd.

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

2,692,645

19,949,587

Inpex

Corp.

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

3,072,600

65,538,756

147,675,051

a

Passenger

Airlines

 — 

0

.1

%

ANA

Holdings,

Inc.

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

560,200

10,569,861

Japan

Airlines

Co.

Ltd.

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

501,300

9,349,510

19,919,371

a

Personal

Care

Products

 — 

0

.5

%

Kao

Corp.

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

1,624,200

65,676,800

Shiseido

Co.

Ltd.

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

1,389,900

19,785,210

85,462,010

a

Pharmaceuticals

 — 

4

.4

%

Astellas

Pharma,

Inc.

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

6,308,650

79,327,555

Chugai

Pharmaceutical

Co.

Ltd.

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

2,341,400

125,372,844

Daiichi

Sankyo

Co.

Ltd.

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

6,273,707

154,627,927

Eisai

Co.

Ltd.

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

915,100

28,700,880

Kyowa

Kirin

Co.

Ltd.

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

820,200

13,807,112

Otsuka

Holdings

Co.

Ltd.

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

1,514,300

85,762,915

Shionogi

&

Co.

Ltd.

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

2,637,700

45,239,589

Takeda

Pharmaceutical

Co.

Ltd.

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

5,546,400

159,915,223

692,754,045

a

Professional

Services

 — 

1

.6

%

Recruit

Holdings

Co.

Ltd.

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

4,906,800

250,964,404

a

Real

Estate

Management

&

Development

 — 

2

.2

%

Daito

Trust

Construction

Co.

Ltd.

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

1,017,200

19,458,680

Daiwa

House

Industry

Co.

Ltd.

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

1,954,600

66,712,776

Hulic

Co.

Ltd.

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

1,590,900

17,547,555

Mitsubishi

Estate

Co.

Ltd.

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

3,706,500

87,447,760

Mitsui

Fudosan

Co.

Ltd.

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

9,214,100

108,224,464

iShares

®

MSCI

Japan

ETF

Schedule

of

Investments

(unaudited)

(continued)

November

30,

2025

(Percentages

shown

are

based

on

Net

Assets)

3

Schedule

of

Investments

Security

Shares

Value

a

Real

Estate

Management

&

Development

(continued)

Sumitomo

Realty

&

Development

Co.

Ltd.

........

1,060,500

$

51,247,895

350,639,130

a

Semiconductors

&

Semiconductor

Equipment

 — 

5

.9

%

Advantest

Corp.

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

2,670,900

355,391,385

Disco

Corp.

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

320,700

89,433,984

Kioxia

Holdings

Corp.

(a)

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

470,300

28,545,028

Lasertec

Corp.

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

279,400

50,441,769

Renesas

Electronics

Corp.

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

6,195,100

73,056,109

SCREEN

Holdings

Co.

Ltd.

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

282,600

23,307,674

Tokyo

Electron

Ltd.

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

1,561,956

319,322,425

939,498,374

a

Software

 — 

0

.2

%

Oracle

Corp.

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

134,800

11,594,482

Trend

Micro,

Inc.

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

442,000

22,074,722

33,669,204

a

Specialty

Retail

 — 

1

.9

%

Fast

Retailing

Co.

Ltd.

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

665,600

243,179,606

Nitori

Holdings

Co.

Ltd.

(b)

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

1,396,400

24,202,763

Sanrio

Co.

Ltd.

(b)

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

624,100

22,359,188

ZOZO,

Inc.

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

1,555,400

13,398,931

303,140,488

a

Technology

Hardware,

Storage

&

Peripherals

 — 

1

.1

%

Canon,

Inc.

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

3,022,250

88,920,614

FUJIFILM

Holdings

Corp.

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

3,902,700

83,790,771

172,711,385

a

Textiles,

Apparel

&

Luxury

Goods

 — 

0

.4

%

Asics

Corp.

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

2,432,500

58,265,171

a

Tobacco

 — 

1

.0

%

Japan

Tobacco,

Inc.

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

4,183,300

157,356,789

a

Security

Shares

Value

a

Trading

Companies

&

Distributors

 — 

6

.8

%

ITOCHU

Corp.

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

4,143,800

$

248,541,317

Marubeni

Corp.

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

4,920,900

129,892,005

Mitsubishi

Corp.

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

11,236,200

266,029,569

Mitsui

&

Co.

Ltd.

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

8,610,300

228,745,525

MonotaRO

Co.

Ltd.

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

867,800

12,715,524

Sumitomo

Corp.

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

3,800,900

119,393,087

Toyota

Tsusho

Corp.

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

2,406,900

78,013,982

1,083,331,009

a

Wireless

Telecommunication

Services

 — 

4

.3

%

KDDI

Corp.

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

10,219,500

175,817,703

SoftBank

Corp.

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

100,126,800

143,253,180

SoftBank

Group

Corp.

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

3,331,000

358,285,263

677,356,146

a

Total

Long-Term

Investments — 99.1%

(Cost:

$

13,802,294,845

)

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

15,706,302,709

a

Short-Term

Securities

Money

Market

Funds

 — 

0

.2

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

4.11

%

(c)

(d)

(e)

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

26,961,877

26,975,357

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

3.94

%

(c)

(d)

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

5,448,188

5,448,188

a

Total

Short-Term

Securities — 0.2%

(Cost:

$

32,422,864

)

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

32,423,545

Total

Investments

—

99.3%

(Cost:

$

13,834,717,709

)

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

15,738,726,254

Other

Assets

Less

Liabilities

—

0

.7

%

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

110,423,088

Net

Assets

—

100.0%

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

$

15,849,149,342

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

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

..

$

31,361,067

‌

$

—

‌

$

(

4,385,669

)

(a)

$

1,086

‌

$

(

1,127

)

$

26,975,357

‌

26,961,877

‌

$

53,868

(b)

$

—

‌

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

5,730,000

‌

—

‌

(

281,812

)

(a)

—

‌

—

‌

5,448,188

‌

5,448,188

‌

38,000

‌

—

‌

$

1,086

‌

$

(

1,127

)

$

32,423,545

‌

$

91,868

‌

$

—

‌

(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.

Schedule

of

Investments

(unaudited)

(continued)

November

30,

2025

iShares

®

MSCI

Japan

ETF

4

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

TOPIX

Index

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

645

12/11/25

$

139,751

$

10,399,470

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

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

$

111,769,572

‌

$

15,594,533,137

‌

$

—

‌

$

15,706,302,709

‌

Short-Term

Securities

Money

Market

Funds

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

32,423,545

‌

—

‌

—

‌

32,423,545

‌

$

144,193,117

‌

$

15,594,533,137

‌

$

—

‌

$

15,738,726,254

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

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

$

10,399,470

‌

$

—

‌

$

—

‌

$

10,399,470

‌

(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