2020 Annual Report

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AUGUST 31, 2020

2020 Annual Report

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future reports in paper free of charge. Ifyou hold accounts throughafinancial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies ofyour shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by contactingyour financial intermediary. Please note that not all financial intermediaries may offer this service. The Markets in Review

Dear Shareholder, The 12-month reporting period as of August 31, 2020 has been a time of sudden changeinglobal financial markets, as the emergence and spread of the coronavirus led to a vast disruption in the global economy and financial markets. For most of the first half of the reporting period, U.S. equities and bonds both delivered impressive returns, despite fears and doubts about the economy that were ultimately laid to rest with unprecedented monetary stimulus and a sluggish yet resolute performance from the U.S. economy. But as the threat from the coronavirus became more apparent throughout February and March 2020, countries around the world took economically disruptive countermeasures. Stay-at-home orders and closures of non-essential businesses became widespread, many workers were laid off,and unemployment claims spiked, causing a global recession and a sharp fall in equity prices. Rob Kapito After markets hit their lowest point during the reporting period in late March 2020, a steady recovery President, BlackRock, Inc. ensued, as businesses began to re-open and governments learned to adapt to life with the virus. Equity prices continued to rise throughout the summer, fed by strongfiscal and monetary support and improving economic indicators. By the end of the reporting period, all major investment categories posted positive Total Returns as of August 31, 2020 returns, and many equity indices were near all-time highs. In the United States, large-capitalization stocks advanced significantly, outperforming small-capitalization stocks, which also gained for the reporting 6-Month 12-Month period. International equities from developed economies also turned in a positive performance while U.S. large cap equities 19.63% 21.94% lagging emerging market stocks, which rebounded sharply. (S&P500 Index)

During the market downturn, the performance of different types offixed-income securities initially U.S. small cap equities 6.57 6.02 diverged due to a reduced investor appetite for risk. U.S. Treasuries benefited from the risk-off environ- (Russell 2000 Index) ment, and posted solid returns, as the 10-year U.S. Treasuryyield (which is inversely related to bond prices) touched an all-time low. In the corporate bond market, support from the U.S. Federal Reserve (the International equities “Fed”) assuaged credit concerns and both investment-grade and high-yield bonds recovered to post (MSCI Europe, Australasia, 7.10 6.13 positive returns. Far East Index) The Fed reduced interest rates twice in late 2019 to support slowing economic growth. After the Emerging market equities coronavirus outbreak, the Fed instituted two emergency rate cuts, pushing short-term interest rates close (MSCI Emerging Markets 11.23 14.49 to zero. To stabilize credit markets, the Fed also implemented a new bond-buying program, as did several Index) other central banks around the world, including the European Central Bank and the Bank of Japan. 3-month Treasury bills Looking ahead, while coronavirus-related disruptions have clearly hindered worldwide economic growth, (ICEBofA 3-Month 0.34 1.26 we believe that the global expansion is likely to continue as economic activity resumes. Several risks U.S. Treasury Bill Index) remain, however, including a potential resurgence of the coronavirus amid loosened restrictions, policy fatigue amonggovernments already deep into deficit spending, and structural damagetothefinancial U.S. Treasury securities (ICEBofA 10-Year 4.67 8.93 system from lengthy economic interruptions. U.S. Treasury Index) Overall, we favor a moderately positive stance toward risk, and in particular toward credit given the extraordinary central bank measures taken in recent months. This support extends beyond investment- U.S. investment grade bonds grade corporates and into high-yield, leading to attractive opportunities in that end of the market. We (Bloomberg Barclays 2.98 6.47 believe that international diversification and sustainable investments can help provide portfolio resilience, U.S.Aggregate Bond Index) and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable Tax-exempt municipal bonds 0.29 3.15 investments. We remain neutral on equities overall while favoring European stocks, which are poised for (S&P Municipal Bond Index) cyclical upside as re-openings continue. U.S.high yield bonds In this environment, our view is that investors need to think globally, extend their scope across a broad (Bloomberg Barclays 3.04 4.65 array of asset classes, and be nimble as market conditions change. We encourage you to talk with your U.S. Corporate High Yield 2% financial advisor and visit ishares.com for further insight about investing in today’s markets. Issuer Capped Index)

Sincerely, Past performance is no guarantee offuture results. Index performance is shown for illustrative purposes only.You cannot invest directly in an index.

Rob Kapito President, BlackRock, Inc.

2 T H I S P A G EIS N O T P ART O F Y OUR F U ND R E P O RT Table ofContents

Page The Markets in Review...... 2 Market Overview ...... 4 Fund Summary ...... 5 About Fund Performance ...... 15 Shareholder Expenses...... 15 Schedules of Investments...... 16 Financial Statements Statements of Assets and Liabilities...... 46 Statements ofOperations ...... 48 Statements ofChanges in Net Assets ...... 50 Financial Highlights...... 53 Notes to Financial Statements...... 58 Report of Independent Registered Public Accounting Firm ...... 69 Important Tax Information (Unaudited) ...... 70 Board Review and Approval of Investment AdvisoryContract ...... 71 Supplemental Information ...... 79 Director and Officer Information ...... 81 General Information ...... 83 Glossary of Terms Used in this Report ...... 84 Market Overview iShares, Inc.

Global Market Overview

Global equity markets advanced strongly during the 12 months ended August 31, 2020 (“reporting period”).TheMSCIACWI, a broad global equity index that includes both developed and emerging markets, returned 16.52% in U.S. dollar terms for the reporting period.

Global stocks gained steadily for much of the first half of the reporting period, supported by slowing but resilient growth and accommodative monetary policy from major central banks. Equity markets ended 2019 on a positive note, as a trade agreement between the U.S. and China helped alleviate one of the world economy’s most significant risks.

However, the spread of the coronavirus upended global equity markets in early 2020.As the extent of the outbreak became apparent in February 2020, restrictions on travel and work disrupted the global economy and precipitated a sharp decline in equity prices. Beginning in late March 2020, equity prices posted a strong recovery, buoyed by massive stimulus from the world’s largest central banks and governments, the phased reopening of countries’ economies, and optimism surrounding prospective vaccines. By the end of the reporting period, equities posted positive returns in all of the world’s major regions despite the onset of a significant global recession.

In the U.S., following the issuance of stay-at-home orders, nonessential business closures, and other coronavirus-related restrictions on public gatherings, whole portions of the economy shut down. Businesses associated with travel and leisure were particularly affected, as air traffic declined, and conferences and events were postponed. The disruption created by these sudden changes led to an annualized economic contraction of 31.7% in the second quarter of 2020.

In response to the pandemic, the federal government enacted over U.S. $2 trillion in stimulus spending. The U.S. Federal Reserve Bank (“Fed”) also acted to stabilize markets by implementing two emergency interest rate reductions and launching a bond-buying program that included U.S. Treasuries, corporate and municipal bonds, and securities backed by mortgages and auto loans. The unprecedented level of Fed intervention and support from government stimulus led to a significant recovery in U.S. stock prices, many of which reached record highs by the end of the reporting period.

Europe was similarly affected by the coronavirus, as many of the area’s largest economies instituted social distancing policies that significantly limited economic activity, leading to a rapid decline in stock prices. To mitigate the economic impact of this disruption, many countries individually implemented fiscal stimulus plans. In July 2020, Eurozone countries reached a historic deal for a collective €750 billion in stimulus spending, in addition to a large European Central Bank (“ECB”) bond-buying plan. European stocks recovered late in the reporting period to post positive returns overall but trailed most other regions of the globe.

Asia-Pacific stocks posted strong returns despite a sharp decline during the first quarter of 2020 as the coronavirus outbreaks worsened. Althoughwidespread business and factory closures led to economic weakness initially, the Chinese economy showed signs of recovery late in the reporting period, leading toasignificant risein Asia-Pacific equity markets, which are highly sensitive to economic conditions in China.

Emerging market stocks outside ofAsia declined, driven by sharply weaker currencies and lower commodities prices, which weighed on economies reliant on these exports. Latin America drove emerging markets declines, hindered by mass business closures and bankruptcies, political and social unrest, and among the world’s highest level of coronavirus cases.

M ARKET O V ERVIEW 4 Fund Summary as of August 31, 2020 iShares ESG Aware MSCIEMETF

Investment Objective

The iShares ESG Aware MSCIEMETF(the “Fund”)(formerly the iShares ESG MSCIEMETF) seeks to track the investment results of an index composed of large- and mid-capitalization emerging market equities that have positive environmental, social and governance characteristics, as represented by the MSCI Emerging Markets Extended ESG Focus Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

Average Annual Total Returns Cumulative Total Returns Since Since 1 Year Inception 1 Year Inception Fund NAV ...... 15.11% 10.91% 15.11% 54.14% Fund Market...... 15.50 10.93 15.50 54.26 Index...... 15.50 11.46 15.50 57.25

GROWTH OF $10,000 INVESTMENT (SINCE INCEPTION AT NET ASSETVALUE)

$17,000

16,000 $15,725 $15,414 15,000

14,000

13,000

12,000

11,000

10,000

9,000 Aug 16 Feb 17 Aug 17 Feb 18 Aug 18 Feb 19 Aug 19 Feb 20 Aug 20

Fund Index

The inception date of the Fund was 6/28/16. The first day of secondary market trading was 6/30/16.

Index performance throughMay 31, 2018 reflects the performance of the MSCI Emerging Markets ESG Focus Index. Index performance beginning on June 1, 2018 reflects the performance of the MSCI Emerging Markets Extended ESG Focus Index.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 15 for more information.

Expense Example

Actual Hypothetical 5% Return Beginning Ending Expenses Beginning Ending Expenses Annualized Account Value Account Value Paid During Account Value Account Value Paid During Expense (03/01/20) (08/31/20) the Period (a) (03/01/20) (08/31/20) the Period (a) Ratio $ 1,000.00 $ 1,114.10 $ 1.33 $ 1,000.00 $ 1,023.90 $ 1.27 0.25%

(a) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of daysintheyear (366 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page15for more information.

5 202 0 I S H ARES A NNU AL R E P O RT TO S H AREHO LDERS Fund Summary as of August 31, 2020 (continued) iShares ESG Aware MSCIEMETF

Portfolio Management Commentary

Investor interest in the environmental, social, and governance (“ESG”) attributes of companies continued to grow during the reporting period, even as the coronavirus pandemic disrupted financial markets. For many investors, the threat to public health from the virus underscored the importance of a financial reporting system that accounts for the larger effects of company behavior on global social and environmental well-being. Emerging market investors increasingly sought out ESG-oriented stocks, and growing efforts to address environmental problems in these countries led to more investment opportunities.

In this environment, emerging market stocks with positive ESG characteristics posted significant gains for the reporting period. Stocks in China, where new regulations were proposed to mandate environmental disclosures, contributed the majority of the Index’s return. The consumer discretionary sector drove performance, particularly stocks in the internet and direct marketing retail industry. Coronavirus-related restrictions closed brick-and-mortar retail stores, leading customers and merchants to migrate to online platforms, driving sharply higher e-commerce sales. Changing consumer behavior also benefited the communication services sector, as increased useofsocial media led to higher digital advertising revenues in the interactive media and services industry.

Taiwanese and South Korean information technology stocks also advanced. In Taiwan, semiconductor companies benefited from increased demand for semiconductors to power data centers and 5G equipment. Higher computer memory sales to data centers also drove contribution in the South Korean technology hardware and equipment industry.

In terms of relative performance, the Index outperformed the broader market, as represented by the MSCI Emerging Markets Index, while tracking it relatively closely. Relative to the broader market, the ESG selection process leads to overweight stocks with higher ESG ratings and underweight stocks with lower ESG characteristics. Consequently, the Index achieved an ESG quality score that was 63.1% higher than the broader market. The Index held an overweight position in the financials and information technology sectors and an underweight in materials. Stock selection in the industrials and materials sectors were the largest contributors to the Index’s relative performance, while the overweight position in financials detracted.

Portfolio Information

ALLOCATIONBYSECTOR TEN LARGEST GEOGRAPHIC ALLOCATION Percent of Percent of Sector Total Investments(a) Country/Geographic Region Total Investments(a) Financials ...... 20.6% China ...... 40.7% Consumer Discretionary ...... 19.8 Taiwan ...... 13.1 Information Technology ...... 18.9 SouthKorea...... 11.7 Communication Services...... 12.4 India ...... 8.3 Energy ...... 6.0 Brazil...... 4.6 Consumer Staples ...... 5.8 South Africa ...... 3.9 Materials ...... 5.5 Russia...... 3.0 Industrials ...... 3.9 Saudi Arabia ...... 2.5 Health Care ...... 3.9 Thailand ...... 2.5 Real Estate...... 1.6 Malaysia ...... 2.4 Utilities...... 1.6

(a) Excludes money market funds.

F U ND S U MMARY 6 Fund Summary as of August 31, 2020 iShares MSCI Emerging Markets ex China ETF

Investment Objective

The iShares MSCI Emerging Markets ex China ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization emerging market equities, excluding China, as represented by the MSCI Emerging Markets ex China Index (the "Index"). The Fund invests in a representative sampleofsecurities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

Average Annual Total Returns Cumulative Total Returns Since Since 1 Year Inception 1 Year Inception Fund NAV ...... 2.87%(0.41)% 2.87%(1.29)% Fund Market...... 3.60 (0.20) 3.60 (0.62) Index...... 2.43 (0.19) 2.43 (0.58)

GROWTH OF $10,000 INVESTMENT (SINCE INCEPTION AT NET ASSETVALUE)

$12,000 11,500 11,000 10,500 $9,942 10,000 $9,871 9,500 9,000 8,500 8,000 7,500 Aug 17 Feb 18 Aug 18 Feb 19 Aug 19 Feb 20 Aug 20

Fund Index

The inception date of the Fund was 7/18/17. The first day of secondary market trading was 7/20/17.

Expense Example

7 202 0 I S HARES A NNU AL R E P O RT TO S HAREHO LDERS Fund Summary as of August 31, 2020 (continued) iShares MSCI Emerging Markets ex China ETF

Portfolio Management Commentary

Emerging market stocks outside ofChina advanced modestly during the reporting period, despite a worldwide recession. Taiwanese equities in the information technology sector contributed the most to the Index’s return, as pandemic-related closures and restrictions increased global demand for semiconductors. The semiconductor industry posted substantial earnings growth from high-performance computing, including data center hardware and 5G equipment. High bandwidth usage increased as remote work and distance learning utilized video and streaming services, resulting in higher demand for data center hardware. Continued rollouts of 5G products benefited chipmakers. Toward the end of the reporting period, U.S. restrictions on the sale of semiconductors to a Chinese telecommunications giant helped increase Taiwan’s exports as the company stockpiled chips before a September 2020 deadline. Technology hardware and equipment stocks benefited from increased personal computer purchases, despite pandemic-related supply chain disruptions. Expectations for a rebound in smartphone sales from new models also supported the industry’s gains.

The technology hardware and equipment industry also bolstered returns in South Korea. Profits from computer memory strengthened amid higher prices and substantial demand from data centers. While smartphone sales slowed during the pandemic, expanded online sales channels and cost reductions served as tailwinds for hardware manufacturers. The communication services sector was supported by the interactive media and services industry, which benefited from robust demand for cloud computing services for remote learning and increased video game use.

On the downside, Brazilian equities detracted from the Index’s return, primarily due to the financials sector. Declining economic activity reduced income from interest, fees, and insurance, pressuring banks’ profits. Deteriorating demand for consumer credit and sharply rising loan default provisions also weighed on the banking industry. Brazilian consumer staples stocks declined as restaurant and bar closures reduced demand for beer, constraining returns in the food, beverage, and tobacco industry. Thai stocks also retreated, weighed down by the financials and energy sectors. Banks increased provisions for loan defaults amid persistently low interest rates, and slower growth in fee revenue, while declining oil prices and sales volumes weighed on energy stocks.

Portfolio Information

ALLOCATIONBYSECTOR TEN LARGEST GEOGRAPHIC ALLOCATION Percent of Percent of Sector Total Investments(a) Country/Geographic Region Total Investments(a) Information Technology ...... 24.0% Taiwan ...... 21.4% Financials ...... 17.4 SouthKorea...... 20.0 Exchanged-Traded Funds...... 14.0 India ...... 14.0 Materials ...... 9.9 Brazil...... 8.4 Consumer Discretionary ...... 6.6 South Africa...... 6.2 Communication Services...... 6.5 Russia...... 5.4 Consumer Staples ...... 6.0 Saudi Arabia ...... 4.7 Energy ...... 5.9 Thailand ...... 3.4 Industrials ...... 3.8 Malaysia ...... 3.0 Health Care ...... 3.0 Mexico ...... 2.8 Utilities...... 1.9 Real Estate...... 1.0

(a) Excludes money market funds.

F U ND S U MMARY 8 Fund Summary as of August 31, 2020 iShares MSCI Emerging Markets Min Vol Factor ETF

Investment Objective

The iShares MSCI Emerging Markets Min Vol Factor ETF (the “Fund”)(formerly the iShares EdgeMSCI Min Vol Emerging Markets ETF) seeks to track the investment results of an index composed of emerging market equities that, in the aggregate, have lower volatility characteristics relative to the broader emerging equity markets, as represented by the MSCI Emerging Markets Minimum Volatility(USD) Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

Average Annual Total Returns Cumulative Total Returns Since Since 1 Year 5 Years Inception 1 Year 5 Years Inception Fund NAV...... 1.07% 4.49% 4.00% 1.07% 24.55% 41.63% Fund Market ...... 0.624.433.93 0.62 24.21 40.83 Index ...... 1.21 4.74 4.22 1.21 26.08 44.34

GROWTH OF $10,000 INVESTMENT (SINCEINCEPTIONATNETASSETVALUE)

$16,000

15,000 $14,434 14,000 $14,163

13,000

12,000

11,000

10,000

9,000 Aug 12 Aug 13 Aug 14 Aug 15 Aug 16 Aug 17 Aug 18 Aug 19 Aug 20

Fund Index

The inception date of the Fund was 10/18/11. The first day of secondary market trading was 10/20/11. Past performance is no guarantee offuture results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale offund shares. See “About Fund Performance” on page15for more information.

Expense Example

9 202 0 I S H ARES A NNU AL R E P O RT TO S H AREHO LDERS Fund Summary as of August 31, 2020 (continued) iShares MSCI Emerging Markets Min Vol Factor ETF

Portfolio Management Commentary

Lower volatility emerging market stocks advanced modestlyfor the reporting period amid the global recession that followed significant pandemic-related economic disruption. Chinese stocks were the leading contributors to the Index’s return, as the Chinese economy returned to growth in the second quarter of 2020,evenasglobal economic contraction continued. The consumer discretionary sector was China’s principal source of strength. Internet and direct marketing retailers advanced amid a shift toward online shopping following the implementation of lockdowns. The Chinese consumer staples sector was another solid contributor, driven by strength in the packaged food and meats industry, where higher prices for meat boosted profits.

Taiwanese stocks also contributed notably to the Index’s return. The information technology sector led the advance as the semiconductor industry posted substantial growth in revenue from high-performance computing, including data center hardware and 5G equipment. The technology hardware and equipment industry benefited from increased sales of laptop and desktop personal computers during the pandemic. In the financials sector, improved demand for loans, particularly mortgage and smaller business loans, bolstered the diversified banking industry. The materials sector drove gains in Russia as record-high gold prices drove profit growth in the metals and mining industry.

On the downside, Thai stocks detracted from the Index’s return. The industrials sector led the decline as revenue for airport services companies decreased due to the substantial pandemic-driven reduction in travel. Bank stocks retreated in Chile, where higher provisions for bad loans weighed on profits, and in the Philippines, where store closures led to an increase in loan delinquencies.

In terms of relative performance, the Index significantly underperformed the broader market, as measured by the MSCI Emerging Markets Index. Stocks with low-volatility characteristics trailed the broader market during the stock market rebound that followed the pandemic-related downturn. Looking at countries, stock selection in China and Taiwan drove the majority of underperformance. Positioning in South Korea, Malaysia, and the Philippines also weighed on relative performance, while underweight positions in Brazilian and South African stocks bolstered relative returns. Turning to sectors, positioning in the consumer discretionary and information technology sectors detracted from the Index’s relative return, as did stock selection in the communication services sector. An underweight position in the energy sector, which was pressured by low oil prices, contributed modestly to relative performance.

Portfolio Information

ALLOCATIONBYSECTOR TEN LARGEST GEOGRAPHIC ALLOCATION Percent of Percent of Sector Total Investments(a) Country/Geographic Region Total Investments(a) Financials ...... 22.5% China ...... 37.3% Consumer Discretionary ...... 14.7 Taiwan ...... 16.4 Communication Services...... 14.0 India ...... 9.3 Information Technology ...... 13.1 SouthKorea...... 6.7 Consumer Staples ...... 11.4 Saudi Arabia ...... 6.4 Industrials ...... 6.2 Thailand ...... 6.0 Utilities...... 5.9 Malaysia ...... 5.0 Materials ...... 4.7 Qatar...... 2.6 Health Care ...... 4.3 Philippines ...... 2.0 Energy ...... 2.5 United Arab Emirates ...... 1.7 Real Estate...... 0.7

(a) Excludes money market funds.

F U ND S U MMARY 10 Fund Summary as of August 31, 2020 iShares MSCI Emerging Markets Multifactor ETF

Investment Objective

The iShares MSCI Emerging Markets Multifactor ETF (the “Fund”)(formerly the iShares EdgeMSCI Multifactor Emerging Markets ETF) seeks to track the investment results of an index composed of stocks of large- and mid-capitalization companies in emerging markets that have favorable exposure to target style factors subject to constraints, as represented by the MSCI Emerging Markets Diversified Multiple-Factor Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

Average Annual Total Returns Cumulative Total Returns Since Since 1 Year Inception 1 Year Inception Fund NAV ...... 12.17% 8.11% 12.17% 44.68% Fund Market...... 13.09 8.24 13.09 45.46 Index...... 12.94 8.43 12.9446.59

GROWTH OF $10,000 INVESTMENT (SINCEINCEPTIONATNETASSETVALUE)

$17,000

16,000

15,000 $14,659 $14,468 14,000

13,000

12,000

11,000

10,000

9,000 Feb 16 Aug 16 Feb 17 Aug 17 Feb 18 Aug 18 Feb 19 Aug 19 Feb 20

Fund Index

The inception date of the Fund was 12/8/15. The first day of secondary market trading was 12/10/15. Past performance is no guarantee offuture results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale offund shares. See “About Fund Performance” on page15for more information.

Expense Example

11 202 0 I S H ARES A NNU AL R E P O RT TO S H AREHO LDERS Fund Summary as of August 31, 2020 (continued) iShares MSCI Emerging Markets Multifactor ETF

Portfolio Management Commentary

Emerging market stocks with exposure to target factors advanced significantlyfor the reporting period, despite the onset of a global coronavirus-related recession. Chinese stocks were the leading contributors to the Index’s return, as the Chinese economy returned to growth in the second quarter of 2020, even as most of the rest of the world’s economies continued to contract. The consumer discretionary sector was China’s principal source of strength. The internet and direct marketing retail industry posted solid gains amid a shift toward online shopping following the implementation of lockdowns to slow the spread of the coronavirus.

The Chinese communication services sector was another solid contributor, driven by strength in the interactive media and services industry. Homebound consumers supported demand growth for video games, while increased social media use drove stronger revenues for digital content and online advertising. Healthcare stocks also advanced due to gains in the pharmaceuticals industry, where strong sales of finished drugs helped to offset lower vitamin sales.

Taiwanese and Indian stocks also contributed to the Index’s performance, boosted bygains of information technology stocks. High demand for semiconductors used in 5G and data centers drove returns in Taiwan. Information technology services stocks in India benefited from the increase in work-from-home arrangements. On the downside, Brazilian equities weighed on performance, particularly in the financials sector, where an insurance company stock declined sharply after reports of an ownership stake by a prominent investor were revealed to be false.

For the reporting period, the Index underperformed compared with the broader market, as represented by the MSCI Emerging Markets Index. The Index’s research-based selection process focuses on four investment factors: value, quality, momentum, and size. Of the four target style factors, size and value detracted from the Index’s performance, while quality and momentum contributed to relative performance.

From a country perspective, an overweight position in Brazil and stock selection in China and South Korea were the largest drivers of underperformance. In contrast, stock selection in India and no exposure in Thailand benefited relative return. Turning to sectors, stock selection in the consumer discretionary and communication services sectors detracted from the Index’s relative return. Stock selection in the materials and industrials sectors benefited relative performance. An overweight position in the information technology sector, which advanced significantly in the latter part of the reporting period, was another notable contributor.

Portfolio Information

ALLOCATIONBYSECTOR TEN LARGEST GEOGRAPHIC ALLOCATION Percent of Percent of Sector Total Investments(a) Country/Geographic Region Total Investments(a) Information Technology ...... 22.2% China ...... 46.1% Consumer Discretionary ...... 17.2 Taiwan ...... 15.4 Financials ...... 13.2 South Africa...... 8.2 Communication Services...... 11.0 India ...... 7.3 Materials ...... 9.4 SouthKorea...... 7.1 Health Care ...... 7.7 Brazil...... 5.3 Industrials ...... 5.9 Saudi Arabia ...... 3.0 Consumer Staples ...... 5.5 Qatar...... 2.5 Real Estate...... 3.4 Russia...... 1.1 Utilities...... 2.4 Indonesia ...... 0.8 Energy ...... 2.1

(a) Excludes money market funds.

F U ND S U MMARY 12 Fund Summary as of August 31, 2020 iShares MSCI Global Min Vol Factor ETF

Investment Objective

The iShares MSCI Global Min Vol Factor ETF (the “Fund”)(formerly the iShares EdgeMSCI Min Vol Global ETF) seeks to track the investment results of an index composed of developed and emerging market equities that, in the aggregate, have lower volatility characteristics relative to the broader developed and emerging equity markets, as represented by the MSCIACWI Minimum Volatility(USD) Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

Average Annual Total Returns Cumulative Total Returns Since Since 1 Year 5 Years Inception 1 Year 5 Years Inception Fund NAV...... 2.13% 9.16% 9.72% 2.13% 55.03% 127.69% Fund Market ...... 1.95 9.189.70 1.95 55.12 127.36 Index ...... 1.88 8.91 9.45 1.88 53.26 122.76

GROWTH OF $10,000 INVESTMENT (SINCEINCEPTIONATNETASSETVALUE)

$24,000 $22,769 22,000 $22,276 20,000

18,000

16,000

14,000

12,000

10,000

8,000 Aug 12 Aug 13 Aug 14 Aug 15 Aug 16 Aug 17 Aug 18 Aug 19 Aug 20

Fund Index

Expense Example

13 202 0 I S H ARES A NNU AL R E P O RT TO S H AREHO LDERS Fund Summary as of August 31, 2020 (continued) iShares MSCI Global Min Vol Factor ETF

Portfolio Management Commentary

Lower volatilityglobal stocks advanced modestly during the reporting period, as countries around the world experienced significant pandemic-related economic disruption. Stocks in the U.S., which represented approximately 52% of the Index on average, contributed the most to the Index’s return.

The U.S. consumer staples sector was the leading source of strength, helped by brisk sales of household goods as consumers stocked up on cleaning and personal care products. The packaged foods and meats industrygained due to changing purchasing patterns, as strength in consumer sales outweighed the effect of reduced sales to restaurants. The materials sector also advanced, supported by increasinggold prices, which benefited the metals and mining industry.

The materials sector also drove contribution in Canada. Monetary policy easing to mitigate the economic impact of the pandemic led to ultra-low bond yields, makinggold more attractive as a store of value. In this environment, investor demand drove the metal’s price sharply higher, bolstering profitability of the metals and mining industry.

Taiwanese stocks were modest contributors, driven by strength in the information technology sector, where increased demand from at-home workers boosted computer sales. Swiss stocks also gained as the pharmaceuticals industry benefited from emergency approval of coronavirus tests by the U.S. Food and Drug Administration.

On the downside, Japanese stocks faltered due to weakness in the real estate sector as cancelled office leases and missed rent payments by retailers and hotel operators weighed on equity real estate investment trusts. Hong Kong industrials stocks also detracted from the Index’s return, as economic disruption and lower auto sales weighed on the profits of industrial conglomerates.

In terms of relative performance, the Index significantly underperformed the broader market, as measured by the MSCI ACWI Index. Stocks with low-volatility characteristics trailed the broader market during the rebound that followed the pandemic-related downturn. Looking at countries, stock selection in the U.S. drove themajority of underperformance. Stock selection in Japan and China also negatively affected relative performance, while an underweight position in U.K. stocks was beneficial. Turning to sectors, stock selection and an underweight allocation to the information technology sector detracted from the Index’s relative performance, as did stock selection in the consumer discretionary and communication services sectors. A significant underweight to the energy sector, which was pressured by low oil prices, contributed to relative performance.

Portfolio Information

ALLOCATIONBYSECTOR TEN LARGEST GEOGRAPHIC ALLOCATION Percent of Percent of Sector Total Investments(a) Country/Geographic Region Total Investments(a) Information Technology ...... 15.4% United States...... 52.8% Financials ...... 13.9 Japan ...... 11.6 Consumer Staples ...... 13.8 Canada ...... 5.8 Communication Services...... 12.5 Switzerland...... 5.1 Health Care ...... 11.5 Taiwan ...... 4.2 Utilities...... 7.9 China ...... 2.8 Industrials ...... 7.7 India ...... 2.6 Consumer Discretionary ...... 7.0 Hong Kong ...... 2.6 Materials ...... 6.3 Germany ...... 1.1 Real Estate...... 3.5 Saudi Arabia ...... 0.9 Energy ...... 0.5

(a) Excludes money market funds.

F U ND S U MMARY 14 About Fund Performance

Past performance is no guarantee offuture results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of the fund's investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisoryfees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest ask on the primary stock exchangeonwhichshares of a fund are listed for trading,asof the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Shareholder Expenses

As a shareholder ofyour Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales offund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses – The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntaryfee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes – The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions and other fees paid on purchases and sales offund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

15 202 0 I S HARES A NNU AL R E P O RT TO S HAREHO LDERS Schedule of Investments iShares ESG Aware MSCIEMETF August 31, 2020 (Percentages shown are based on Net Assets)

Security Shares Value SecurityShares Value Common Stocks China (continued) China Gas HoldingsLtd...... 1,308,400 $ 3,587,479 Argentina — 0.1% China International Capital Corp. Ltd., Class H(a)(b) ...... 3,139,200 7,461,025 Globant SA(a) ...... 28,187 $ 5,005,447 China Lesso Group HoldingsLtd...... 3,258,000 6,078,680 Brazil — 3.5% China Life Insurance Co. Ltd., ClassH...... 3,734,000 9,096,330 (a) Atacadao SA ...... 1,547,800 5,515,866 China Mengniu DairyCo. Ltd...... 1,103,000 5,422,385 B2W Cia. Digital(a) ...... 176,000 3,596,099 China Merchants Bank Co. Ltd., Class H ...... 3,909,500 18,664,349 B3 SA - Brasil, Bolsa, Balcao ...... 2,177,900 23,343,575 China Merchants Shekou Industrial Zone Holdings Co. Banco Bradesco SA...... 1,032,546 3,581,792 Ltd., Class A ...... 3,399,357 8,288,512 Banco do Brasil SA ...... 1,178,500 7,013,986 China Minsheng Banking Corp. Ltd., Class H...... 12,666,000 7,713,853 Banco Santander Brasil SA...... 1,455,400 7,502,636 China Mobile Ltd...... 3,233,500 22,592,340 Cia Brasileira de Distribuicao ...... 373,900 4,328,622 China Molybdenum Co. Ltd., Class A ...... 5,555,100 3,471,355 Cosan SA ...... 457,100 6,936,615 China Molybdenum Co. Ltd., Class H ...... 10,563,000 4,293,265 CPFL Energia SA ...... 608,200 3,186,290 China National Software & Service Co. Ltd., Class A..... 232,200 3,350,875 Energisa SA ...... 446,500 3,536,416 China Overseas Land & Investment Ltd...... 1,387,000 4,017,748 Equatorial Energia SA...... 964,700 4,079,739 China Overseas Property HoldingsLtd...... 3,410,000 3,075,541 Klabin SA ...... 778,700 3,648,005 China Pacific Insurance Group Co. Ltd., Class H ...... 1,686,400 4,689,189 Localiza Rent a Car SA ...... 1,266,221 11,132,146 China Resources Land Ltd...... 1,108,000 5,125,294 Lojas Renner SA...... 735,310 5,826,560 China TransInfo Technology Co.Ltd.,ClassA...... 974,509 3,480,211 Natura & Co. Holding SA ...... 1,243,756 11,186,300 China Vanke Co. Ltd., Class H...... 1,164,100 3,619,905 Petrobras Distribuidora SA ...... 973,800 3,788,055 CNOOC Ltd...... 5,956,000 6,778,181 Ultrapar Participacoes SA ...... 2,616,600 9,272,262 Country Garden Services Holdings Co. Ltd...... 1,936,000 13,501,777 Via Varejo SA(a)...... 996,500 3,723,774 CSPC Pharmaceutical Group Ltd...... 3,085,200 6,854,983 WEGSA ...... 463,300 5,457,344 ENN Energy Holdings Ltd...... 331,200 3,675,181 Eve Energy Co. Ltd., Class A ...... 499,125 3,571,555 126,656,082 Everbright Securities Co. Ltd., ClassA...... 1,134,797 3,631,801 Chile — 0.7% Fosun International Ltd...... 8,738,500 9,730,554 Cia. CerveceriasUnidasSA...... 891,376 5,874,276 Founder Securities Co. Ltd., Class A(a) ...... 2,896,637 3,709,001 Empresas COPECSA...... 985,392 7,243,343 Geely Automobile HoldingsLtd...... 7,915,000 16,728,412 Enel AmericasSA...... 64,168,456 9,255,806 Genscript Biotech Corp.(a) ...... 1,750,000 3,382,515 Enel Chile SA...... 37,138,937 2,863,582 Glodon Co. Ltd., Class A ...... 388,085 3,948,193 25,237,007 GoerTek Inc., Class A ...... 958,400 5,749,714 China — 40.5% Greentown Service Group Co. Ltd...... 3,752,000 5,044,527 360 Security Technology Inc., Class A...... 1,633,200 4,454,301 GSX Techedu Inc., ADR(a) ...... 29,317 2,503,672 (a)(b) 3SBio Inc...... 2,932,000 3,442,669 Guangzhou Automobile Group Co. Ltd., Class H...... 3,785,200 3,252,767 (c) AAC Technologies HoldingsInc...... 913,000 5,760,624 HaitongSecurities Co. Ltd., Class A(a) ...... 1,591,300 3,524,528 Agricultural Bank ofChina Ltd., Class H...... 15,219,000 5,085,993 HaitongSecurities Co. Ltd., Class H(a) ...... 3,695,200 3,356,607 (a) Alibaba Group Holding Ltd., ADR ...... 1,069,375 306,942,706 Hangzhou Robam Appliances Co. Ltd., Class A ...... 604,482 3,442,004 (a) Alibaba Health Information Technology Ltd...... 3,590,000 8,671,419 Huadong Medicine Co. Ltd., Class A ...... 1,073,893 4,383,909 (b) A-LivingServices Co. Ltd., Class H ...... 957,000 4,939,259 Huaxia Bank Co. Ltd., Class A...... 8,496,232 7,976,285 ANTA Sports Products Ltd...... 446,000 4,405,244 Hutchison China MediTech Ltd., ADR(a) ...... 112,957 3,752,432 (b) BAIC Motor Corp. Ltd., Class H ...... 17,304,000 8,283,432 Industrial &Commercial Bank ofChina Ltd., Class H .... 23,138,000 12,957,029 (a) Baidu Inc., ADR ...... 117,272 14,608,573 Industrial Bank Co. Ltd., Class A...... 1,895,868 4,473,143 Bank ofChina Ltd., Class H ...... 13,566,000 4,446,061 JD.com Inc., ADR(a) ...... 459,592 36,142,315 (a) Baozun Inc., ADR ...... 80,529 3,337,122 Kingboard Laminates HoldingsLtd...... 3,356,000 4,230,643 BeijingOriental Yuhong Waterproof Technology Co. Ltd., Kingdee International Software Group Co. Ltd.(a) ...... 4,146,000 10,570,758 Class A ...... 876,812 7,673,377 Kingsoft Corp. Ltd...... 774,000 4,144,565 (b) BOC Aviation Ltd...... 607,000 4,515,209 Koolearn Technology Holding Ltd.(a)(b) ...... 813,000 3,891,834 BOE Technology Group Co. Ltd., Class A ...... 7,001,600 5,622,420 Kweichow Moutai Co. Ltd., Class A ...... 16,000 4,173,365 Brilliance China Automotive Holdings Ltd...... 3,752,000 3,359,791 Legend Holdings Corp., Class H(b) ...... 4,647,500 6,848,184 BYD Co. Ltd., Class A...... 372,616 4,624,276 Lenovo Group Ltd...... 12,820,000 8,568,557 (c) BYD Co. Ltd., Class H ...... 785,500 7,804,172 LiNing Co.Ltd...... 925,500 3,916,879 (c) BYD Electronic International Co. Ltd...... 1,089,000 4,615,866 Meituan Dianping, Class B(a) ...... 2,155,700 71,095,001 CaitongSecurities Co. Ltd., Class A ...... 1,630,787 3,466,745 NetEaseInc.,ADR...... 43,707 21,294,488 (a)(b) CanSino Biologics Inc., Class H ...... 133,800 2,836,505 New Oriental Education & Technology China CITIC Bank Corp. Ltd., Class H ...... 7,979,000 3,335,672 Group Inc., ADR(a)...... 53,825 7,892,360 China Construction Bank Corp., Class H ...... 52,725,000 37,348,987 NIO Inc., ADR(a)(c) ...... 669,435 12,739,348 China Eastern Airlines Corp. Ltd., Class A...... 5,812,200 4,285,438 Orient Securities Co. Ltd., Class A ...... 2,479,132 4,274,771 China Eastern Airlines Corp. Ltd., Class H...... 8,012,000 3,308,117 Pinduoduo Inc., ADR(a)(c) ...... 156,191 13,891,628 China Everbright Bank Co. Ltd., Class H ...... 12,757,000 4,575,971 Ping An Healthcare and Technology Co. Ltd.(a)(b)(c) ...... 353,600 5,155,616 China Everbright International Ltd...... 5,627,666 3,398,318 Ping An Insurance Group Co. ofChina Ltd., ClassA..... 362,901 4,059,697

S C HEDU LE O F I NVES TMENTS 16 Schedule of Investments (continued) iShares ESG Aware MSCIEMETF August 31, 2020 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

China (continued) India (continued) Ping An Insurance Group Co. ofChina Ltd., Class H..... 4,615,500 $ 49,161,568 Bandhan Bank Ltd.(a)(b) ...... 934,979 $ 3,884,340 Semiconductor Manufacturing International Corp.(a) ..... 1,801,500 5,787,933 Bharat Petroleum Corp. Ltd...... 801,628 4,441,177 Shanghai Pharmaceuticals HoldingCo. Ltd., Class A .... 1,239,679 4,018,144 Bharti Airtel Ltd...... 1,040,782 7,255,039 Shanghai Pharmaceuticals HoldingCo. Ltd., Class H .... 5,042,300 8,991,386 Dabur India Ltd...... 2,033,132 13,109,051 Shanghai Pudong Development Bank Co. Ltd., Class A. . 2,232,264 3,376,515 Eicher Motors Ltd...... 174,736 4,966,175 Shenzhen Inovance Technology Co. Ltd., Class A ...... 918,500 7,483,016 HCL Technologies Ltd...... 1,102,968 10,405,203 Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Hero MotoCorp Ltd...... 117,726 4,807,802 Class A ...... 77,500 3,874,915 Hindalco Industries Ltd...... 1,428,628 3,595,467 Shenzhou International Group Holdings Ltd...... 687,400 11,086,882 Hindustan Unilever Ltd...... 684,079 19,677,814 Sino Biopharmaceutical Ltd...... 5,543,000 6,401,147 Housing Development Finance Corp. Ltd...... 1,257,935 31,318,706 Sinopharm Group Co. Ltd., Class H...... 1,666,000 4,101,505 ICICI Bank Ltd.(a) ...... 1,810,087 9,703,635 SOHOChina Ltd.(a) ...... 13,820,000 4,261,827 Indian Oil Corp. Ltd...... 3,291,958 3,837,245 Sunac China Holdings Ltd...... 1,294,000 5,443,043 Info Edge India Ltd...... 78,281 3,470,866 Suning.com Co. Ltd., Class A...... 6,270,238 9,017,447 InfosysLtd...... 2,564,522 32,352,887 SunnyOptical Technology Group Co. Ltd...... 492,000 7,294,156 Mahindra & Mahindra Ltd...... 122,540 1,010,353 TAL Education Group, ADR(a)...... 167,930 12,394,913 Mahindra & Mahindra Ltd., GDR ...... 884,601 7,412,956 TCL Technology Group Corp., Class A ...... 5,603,962 5,792,843 Marico Ltd...... 1,771,514 8,878,328 Tencent Holdings Ltd...... 3,439,500 235,434,766 Nestle India Ltd...... 58,146 12,599,294 Tencent Music Entertainment Group, ADR(a)(c)...... 255,743 3,997,263 Power Grid Corp. of India Ltd...... 1,752,641 4,260,912 Tongcheng-Elong Holdings Ltd.(a)...... 2,041,200 4,003,308 Reliance Industries Ltd...... 1,263,189 35,707,195 TravelSky Technology Ltd., Class H...... 1,764,000 3,669,049 Reliance Industries Ltd., GDR(b) ...... 127,416 7,377,386 Trip.com Group Ltd., ADR(a) ...... 271,263 8,202,993 Tata ConsultancyServices Ltd...... 761,131 23,340,868 Unisplendour Corp. Ltd., Class A ...... 1,269,302 6,078,580 Tata Steel Ltd...... 21,587 121,121 Vipshop Holdings Ltd., ADR(a) ...... 340,739 5,625,601 Titan Co. Ltd...... 523,797 7,831,248 Wanda Film HoldingCo. Ltd., Class A(a)...... 1,407,560 3,808,077 UPL Ltd...... 570,136 3,918,898 Wuliangye Yibin Co. Ltd., Class A...... 118,360 4,147,434 WiproLtd...... 1,420,161 5,234,381 WuXi AppTec Co. Ltd., Class A ...... 367,229 5,893,014 302,951,167 (b) WuXi AppTec Co. Ltd., Class H ...... 423,200 6,268,699 Indonesia — 1.4% (a)(b) Wuxi Biologics Cayman Inc...... 928,500 24,128,552 Bank Central Asia Tbk PT ...... 9,112,900 19,633,802 (a)(b) Xiaomi Corp., Class B ...... 5,019,800 15,221,034 Bank Negara Indonesia Persero Tbk PT ...... 13,885,500 4,862,905 XinjiangGoldwind Science & Technology Co. Ltd., Bank Rakyat Indonesia Persero Tbk PT...... 50,220,900 12,104,745 Class A ...... 2,306,120 3,676,782 Kalbe Farma Tbk PT ...... 35,597,200 3,862,220 XinjiangGoldwind Science & Technology Co. Ltd., Telekomunikasi Indonesia Persero Tbk PT ...... 24,951,800 4,900,405 Class H...... 4,507,536 3,879,314 Unilever Indonesia Tbk PT ...... 7,324,900 4,137,154 Xinyi Solar Holdings Ltd...... 5,254,000 6,636,860 49,501,231 Yihai International Holding Ltd.(a) ...... 285,000 4,479,010 Malaysia — 2.4% Yum China HoldingsInc.(a) ...... 174,717 10,082,918 AMMB HoldingsBhd...... 4,873,900 3,416,586 Yuzhou Group Holdings Co. Ltd...... 20,656,000 9,648,164 Axiata Group Bhd...... 4,817,400 3,481,064 Zai Lab Ltd., ADR(a)(c) ...... 45,333 3,598,080 Hartalega HoldingsBhd ...... 1,191,100 4,723,796 Zoomlion Heavy IndustryScience and Technology Co. Malayan Banking Bhd...... 4,537,500 7,984,606 Ltd., Class H(a) ...... 5,010,400 5,016,768 Maxis Bhd...... 6,080,800 7,299,004 1,479,978,888 Nestle Malaysia Bhd ...... 498,800 16,668,578 Colombia — 0.2% Petronas Dagangan Bhd ...... 1,061,600 5,250,020 Ecopetrol SA ...... 6,685,228 3,904,194 Public Bank Bhd ...... 4,136,600 16,306,079 Interconexion Electrica SAESP...... 662,776 3,700,961 RHBBankBhd...... 5,552,200 6,104,687 7,605,155 Sime Darby Plantation Bhd ...... 4,901,900 6,001,606 Czech Republic — 0.1% Supermax Corp. Bhd(a)...... 686,800 3,650,403 Komercni Banka AS(a)...... 204,417 4,931,125 Telekom Malaysia Bhd(c) ...... 3,983,000 3,968,179 Top Glove Corp. Bhd...... 548,800 3,462,361 Greece — 0.1% OPAP SA...... 489,155 4,492,840 88,316,969 Mexico — 1.4% Hungary —0.4% Arca Continental SAB de CV ...... 728,500 3,322,953 MOLHungarian Oil &Gas PLC(a) ...... 2,452,404 13,850,352 Cemex SAB de CV, CPO,NVS ...... 17,453,600 5,598,294 Coca-Cola Femsa SAB de CV...... 1,577,283 6,615,854 India — 8.3% Fomento Economico Mexicano SAB de CV ...... 595,200 3,463,615 Asian Paints Ltd...... 668,857 17,256,751 Grupo Financiero Banorte SAB de CV, Class O(a)...... 2,315,200 8,004,715 (a) Axis Bank Ltd...... 920,204 6,210,119 Infraestructura Energetica Nova SAB de CV...... 3,910,329 11,450,836 (d) Axis Bank Ltd., GDR ...... 99,425 3,499,760 Wal-Mart de Mexico SAB de CV...... 5,127,200 12,306,123 Bajaj Finance Ltd...... 115,360 5,466,190 50,762,390

17 202 0 I S H ARES A NNU AL R E P O RT TO S H AREHO LDERS Schedule of Investments (continued) iShares ESG Aware MSCIEMETF August 31, 2020 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Peru — 0.1% South Africa (continued) Credicorp Ltd...... 28,206 $ 3,680,319 Nedbank GroupLtd...... 598,984 $ 3,393,874 NEPI Rockcastle PLC...... 1,074,122 5,027,205 Philippines — 0.4% OldMutualLtd...... 14,109,401 9,319,513 BDOUnibank Inc...... 4,812,920 8,536,890 Sibanye Stillwater Ltd.(a) ...... 1,222,722 3,701,817 Globe Telecom Inc...... 86,745 3,735,662 Standard Bank GroupLtd...... 1,368,882 8,531,853 SM Prime HoldingsInc...... 5,762,300 3,470,334 Vodacom Group Ltd...... 1,388,474 10,479,992 15,742,886 Woolworths HoldingsLtd...... 2,274,836 4,268,695 Poland — 0.8% 142,826,388 (a) Bank Polska Kasa Opieki SA ...... 246,488 3,514,010 South Korea — 11.0% (a) CD Projekt SA ...... 32,684 3,906,703 Amorepacific Corp...... 38,369 5,426,376 (a) KGHM Polska Miedz SA ...... 332,299 12,395,938 AMOREPACIFICGroup ...... 119,450 5,128,336 Polski Koncern NaftowyORLEN SA ...... 438,441 6,052,160 BNK Financial GroupInc...... 777,087 3,323,177 (a) Santander Bank Polska SA ...... 83,527 3,449,412 Celltrion Inc.(a) ...... 33,649 8,412,958 29,318,223 CJ CheilJedangCorp...... 10,089 3,456,708 Qatar—0.7% GS Holdings Corp...... 137,427 3,759,893 Commercial Bank PSQC (The) ...... 5,368,388 6,072,235 Hana Financial GroupInc...... 141,265 3,353,542 Qatar Fuel QSC ...... 147,828 740,650 Hankook Tire & Technology Co. Ltd...... 167,338 4,155,628 Qatar National Bank QPSC...... 3,874,492 18,990,022 Hyundai Marine & Fire Insurance Co. Ltd...... 177,184 3,296,377 25,802,907 Hyundai Motor Co.(a) ...... 29,664 4,407,523 Russia — 3.0% Kakao Corp...... 24,799 8,496,669 Gazprom PJSC ...... 5,984,710 14,601,692 KB Financial Group Inc...... 380,662 11,808,565 Gazprom PJSC,ADR ...... 521,356 2,536,918 LG Chem Ltd...... 33,676 20,978,399 LUKOIL PJSC ...... 431,665 28,963,902 LG Corp...... 153,286 10,671,565 Novatek PJSC, GDR(d) ...... 92,056 13,633,493 LG DisplayCo. Ltd.(a) ...... 563,014 6,919,778 Novolipetsk Steel PJSC ...... 3,259,410 6,788,068 LG Electronics Inc...... 224,475 15,911,099 Polymetal International PLC ...... 369,744 9,873,730 LG Household & Health Care Ltd...... 7,321 9,078,065 Polyus PJSC ...... 50,566 12,282,645 LG Innotek Co. Ltd...... 36,531 4,459,125 Rosneft Oil Co. PJSC ...... 211,930 1,063,932 NAVER Corp...... 91,974 24,969,791 Rosneft Oil Co. PJSC, GDR(d) ...... 344,670 1,750,924 NCSoft Corp...... 10,874 7,552,025 Sberbank of Russia PJSC(a) ...... 5,886,140 17,879,977 POSCO ...... 82,842 12,866,697 Surgutneftegas PJSC ...... 1,348,000 664,713 Samsung Biologics Co. Ltd.(a)(b) ...... 6,177 4,045,548 110,039,994 SamsungCard Co. Ltd...... 140,143 3,391,793 Saudi Arabia — 2.5% Samsung Electro-Mechanics Co. Ltd...... 35,598 3,730,913 Al Rajhi Bank ...... 530,353 9,177,541 Samsung Electronics Co. Ltd...... 2,803,969 127,463,866 Almarai Co. JSC ...... 408,120 5,843,577 Samsung Fire & Marine Insurance Co. Ltd...... 27,706 4,361,497 Arab National Bank ...... 632,162 3,499,229 SamsungSDI Co. Ltd...... 49,156 18,724,716 Bank AlBilad...... 550,374 3,524,906 Shinhan Financial Group Co. Ltd...... 577,461 14,413,434 Banque Saudi Fransi...... 910,790 7,759,000 SK Holdings Co. Ltd...... 46,391 8,357,331 National Commercial Bank(a) ...... 739,595 7,335,902 SKHynix Inc...... 262,304 16,583,071 Samba Financial Group ...... 720,128 5,289,906 SK Innovation Co. Ltd...... 52,811 6,446,330 Saudi Arabian Mining Co.(a) ...... 651,505 6,844,325 SK Telecom Co. Ltd...... 46,924 9,796,407 Saudi Arabian Oil Co.(b) ...... 1,178,441 11,170,280 S-Oil Corp...... 83,700 3,981,017 Saudi Basic Industries Corp...... 1,017,000 23,862,736 399,728,219 Saudi British Bank (The) ...... 543,756 3,892,826 Taiwan — 13.0% Savola Group (The) ...... 313,269 4,059,479 Acer Inc.(a) ...... 10,773,000 8,573,166 92,259,707 ASE Technology Holding Co. Ltd...... 1,623,186 3,385,614 South Africa — 3.9% Cathay Financial Holding Co.Ltd...... 12,612,110 17,129,069 Absa Group Ltd...... 769,789 3,510,142 Chailease Holding Co. Ltd...... 1,290,352 5,695,025 AngloGold Ashanti Ltd...... 160,382 4,682,922 China Steel Corp...... 4,994,000 3,387,032 Bidvest Group Ltd. (The) ...... 410,036 3,294,326 Chunghwa Telecom Co. Ltd...... 3,969,000 14,676,704 Clicks Group Ltd...... 425,241 5,773,212 CTBC Financial HoldingCo.Ltd...... 16,759,000 10,823,681 FirstRand Ltd...... 1,580,069 3,530,177 Delta Electronics Inc...... 2,304,000 14,840,959 Gold Fields Ltd...... 579,906 7,498,857 E.Sun Financial Holding Co. Ltd...... 18,702,509 17,337,500 Growthpoint Properties Ltd...... 5,421,630 3,907,510 Eva Airways Corp...... 9,763,000 3,826,474 (a) ...... 6,768,000 4,013,537 Impala Platinum Holdings Ltd...... 434,372 4,009,312 Evergreen Marine Corp. Taiwan Ltd. Far Eastern New CenturyCorp...... 6,352,000 5,726,033 Kumba Iron Ore Ltd...... 214,959 6,737,592 Far EasTone TelecommunicationsCo.Ltd...... 1,927,000 4,025,871 MTN Group Ltd...... 900,690 3,246,817 First Financial HoldingCo.Ltd...... 25,749,960 18,648,898 MultiChoice Group Ltd.(a)...... 640,098 3,660,834 Naspers Ltd., Class N...... 264,310 48,251,738 Fubon Financial HoldingCo.Ltd...... 12,742,000 18,586,562

S C HEDU LE O F I NVES TMENTS 18 Schedule of Investments (continued) iShares ESG Aware MSCIEMETF August 31, 2020 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Taiwan (continued) Brazil (continued) Hiwin Technologies Corp...... 320,551 $ 3,517,796 Itausa SA, Preference Shares, NVS ...... 2,445,131 $ 4,203,063 Hon Hai Precision IndustryCo. Ltd...... 2,905,000 7,613,602 Telefonica Brasil SA, Preference Shares, NVS...... 695,800 6,067,751 Hotai Motor Co. Ltd...... 320,000 6,510,915 38,938,266 Inventec Corp...... 6,376,000 4,943,646 Colombia — 0.1% Lite-On Technology Corp...... 4,463,039 7,057,751 Bancolombia SA, Preference Shares, NVS...... 510,068 3,634,424 MediaTek Inc...... 699,000 13,245,540 President Chain Store Corp...... 1,306,000 12,017,791 South Korea — 0.7% Taishin Financial HoldingCo. Ltd...... 38,293,224 17,292,409 LG Household & Health Care Ltd., Preference Taiwan Business Bank ...... 23,520,875 8,016,248 Shares, NVS...... 5,589 3,298,164 Taiwan Mobile Co. Ltd...... 1,066,000 3,687,576 Samsung Electronics Co. Ltd., Preference Shares, NVS . 528,545 21,134,681 Taiwan Semiconductor ManufacturingCo. Ltd...... 14,987,000 217,846,923 24,432,845 United Microelectronics Corp...... 5,782,000 4,177,646 Win Semiconductors Corp...... 369,000 3,596,749 Total Preferred Stocks — 1.8% Wistron Corp...... 8,946,768 9,726,902 (Cost: $79,081,771)...... 67,005,535 Yuanta Financial HoldingCo. Ltd...... 8,373,040 5,250,718 475,178,337 Rights Thailand — 2.4% China — 0.0% Advanced Info Service PCL, NVDR ...... 612,400 3,600,906 Legend Holdings Corp. Class H, (Expires 05/19/23)(a)(e) . 29,546 0(f) Airports of Thailand PCL, NVDR ...... 2,141,400 3,853,110 Bangkok Dusit Medical Services PCL, NVDR...... 10,488,100 7,009,478 Total Rights — 0.0% (f) BTSGroup HoldingsPCL, NVDR...... 14,863,900 4,966,971 (Cost: $0) ...... 0 Central Pattana PCL, NVDR...... 2,320,000 3,503,575 Home Product Center PCL, NVDR...... 8,905,300 4,263,442 Short-Term Investments Intouch HoldingsPCL, NVDR...... 2,028,900 3,552,897 Money Market Funds — 0.6% Kasikornbank PCL, Foreign ...... 1,184,600 3,206,765 BlackRock Cash Funds: Institutional, SLAgencyShares, Kasikornbank PCL, NVDR...... 1,772,000 4,796,883 0.37%(g)(h)(i) ...... 16,661,989 16,678,651 (a) Minor International PCL, NVDR ...... 9,326,300 6,712,479 BlackRock Cash Funds: Treasury, SLAgencyShares, PTT Exploration & Production PCL, NVDR ...... 1,898,400 5,428,793 0.07%(g)(h) ...... 3,950,000 3,950,000 PTT PCL, NVDR...... 10,742,200 12,425,711 Siam Cement PCL (The),NVDR...... 1,250,800 14,227,109 20,628,651 Siam Commercial Bank PCL (The),NVDR ...... 3,304,300 7,697,381 Total Short-Term Investments — 0.6% Total Access Communication PCL, NVDR ...... 3,178,400 3,650,986 (Cost: $20,616,633)...... 20,628,651 88,896,486 Turkey — 0.2% Total Investments in Securities — 100.1% Anadolu Efes Biracilik Ve Malt Sanayii AS ...... 1,331,891 3,516,598 (Cost: $3,217,085,731)...... 3,659,120,838 Turkcell Iletisim Hizmetleri AS ...... 2,389,642 4,650,044 Other Assets, Less Liabilities — (0.1)%...... (4,640,747) 8,166,642 Net Assets — 100.0% ...... $ 3,654,480,091 United Arab Emirates — 0.6% Abu Dhabi Commercial Bank PJSC...... 5,208,247 7,855,298 (a) Non-income producing security. First Abu Dhabi Bank PJSC ...... 4,071,425 12,702,593 (b) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from 20,557,891 registration to qualified institutional investors. (c) Total Common Stocks — 97.7% All or a portion of this security is on loan. (d) (Cost: $3,117,387,327)...... 3,571,486,652 This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. (e) Security is valued using significant unobservable inputs and is classified as Level 3 in the Preferred Stocks fair value hierarchy. (f) Brazil — 1.0% Rounds to less than $1. (g) Affiliate of the Fund. Banco Bradesco SA, Preference Shares, NVS ...... 2,784,070 10,525,458 (h) Annualized 7-dayyield as of period-end. Cia. Energetica de Minas Gerais, Preference (i) All or a portion of this security was purchased with cash collateral received from loaned Shares, NVS...... 4,256,023 8,169,293 securities. Itau Unibanco HoldingSA, Preference Shares, NVS ..... 2,323,110 9,972,701

19 202 0 I S H ARES A N N U AL R E P O RT TO S H AREHO LDERS Schedule of Investments (continued) iShares ESG Aware MSCIEMETF August 31, 2020

Affiliates Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2020, for purposes ofSection 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Change in Unrealized Shares Capital Gain Value at Purchases Proceeds NetRealized Appreciation Value at Heldat Distributionsfrom Affiliated Issuer 08/31/19 at Cost from Sales Gain (Loss) (Depreciation) 08/31/20 08/31/20 Income Underlying Funds BlackRock Cash Funds:Institu- tional, SLAgencyShares ...... $5,715,338 $10,965,034(a) $ —$(12,034) $ 10,313 $16,678,651 16,661,989 $315,587(b) $ — BlackRock Cash Funds: Treasury, SLAgencyShares...... 1,431,000 2,519,000(a) — — — 3,950,000 3,950,000 20,408 — $(12,034) $ 10,313 $20,628,651 $335,995 $ —

(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 fees and collateral investment expenses, and other payments to and from borrowers of securities.

Futures Contracts

Value/ Notional Unrealized Number of Expiration Amount Appreciation Description Contracts Date (000) (Depreciation) Long Contracts MSCI Emerging Markets E-Mini Index ...... 159 09/18/20 $ 8,748 $ 184,117

Derivative Financial Instruments Categorized by Risk Exposure As of August 31, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

Equity Contracts Assets — Derivative Financial Instruments Futures contracts Unrealized appreciation on futures contracts(a) ...... $184,117

(a) Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the year ended August 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

Equity Contracts Net Realized Gain (Loss)from: Futures contracts ...... $3,099,320 Net Change in Unrealized Appreciation (Depreciation) on: Futures contracts ...... $ 208,615

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts: Average notional value of contracts — long ...... $6,485,688 For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

S C HEDU LE O F I NVES TMENTS 20 Schedule of Investments (continued) iShares ESG Aware MSCIEMETF August 31, 2020

Fair Value Measurements (continued)

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of August 31, 2020. The breakdown of the Fund's investments into major categories is disclosed in the Schedule of Investments above.

Level 1 Level 2 Level 3 Total Investments Assets Common Stocks ...... $3,571,486,652 $ — $ — $3,571,486,652 Preferred Stocks ...... 67,005,535 — — 67,005,535 Rights ...... — — 0(a) 0(a) Money Market Funds...... 20,628,651 — — 20,628,651 $3,659,120,838 $ — $ 0(a) $3,659,120,838 Derivative financial instruments(b) Assets FuturesContracts ...... $ 184,117 $ — $ — $ 184,117

(a) Rounds to less than $1. (b) Shown at the unrealized appreciation (depreciation) on the contracts. See notes to financial statements.

21 202 0 I S H ARES A NNU AL R E P O RT TO S HAREHO LDERS Schedule of Investments iShares MSCI Emerging Markets ex China ETF August 31, 2020 (Percentages shown are based on Net Assets)

Security Shares Value SecurityShares Value Common Stocks Chile (continued) Empresas COPECSA...... 9,520 $ 69,979 Argentina — 0.2% Enel AmericasSA...... 776,288 111,973 Globant SA(a) ...... 708 $ 125,727 Enel Chile SA...... 572,592 44,149 Telecom Argentina SA, ADR ...... 1,746 11,803 Falabella SA...... 18,304 57,822 YPF SA, ADR(a) ...... 2,864 15,981 550,368 153,511 China — 0.1% Brazil — 6.3% Silergy Corp...... 1,000 63,562 Ambev SA ...... 92,800 208,237 Atacadao SA...... 8,000 28,509 Colombia — 0.3% B2W Cia. Digital(a) ...... 4,868 99,465 Bancolombia SA...... 6,320 43,819 B3 SA - Brasil, Bolsa, Balcao ...... 41,600 445,885 Ecopetrol SA...... 94,272 55,055 Banco Bradesco SA...... 22,628 78,494 Grupo de Inversiones Suramericana SA...... 6,464 36,199 Banco BTG Pactual SA...... 4,800 70,286 Interconexion Electrica SAESP ...... 11,008 61,469 BancodoBrasil SA...... 17,600 104,749 196,542 Banco Santander Brasil SA ...... 8,000 41,240 Czech Republic — 0.2% BB Seguridade Participacoes SA ...... 14,400 69,245 CEZ AS...... 2,912 60,107 (a) BRF SA ...... 8,321 29,714 Komercni Banka AS(a) ...... 1,632 39,368 CCR SA...... 24,000 58,317 Moneta Money Bank AS(b) ...... 14,432 36,456 Centrais Eletricas BrasileirasSA...... 6,491 42,016 135,931 Cia Brasileira de Distribuicao ...... 3,200 37,046 Egypt — 0.1% Cia. de Saneamento BasicodoEstado de Sao Paulo ...... 6,400 55,706 Commercial International Bank Egypt SAE...... 20,088 85,637 Cia. Siderurgica Nacional SA ...... 14,400 39,925 Eastern Co. SAE...... 19,938 16,001 Cielo SA...... 24,000 19,949 Cogna Educacao...... 32,000 33,249 101,638 Cosan SA...... 4,800 72,841 Greece — 0.2% Energisa SA ...... 3,200 25,345 Hellenic Telecommunications Organization SA...... 3,923 64,276 Engie Brasil Energia SA ...... 4,800 37,300 JUMBOSA...... 1,893 32,940 Equatorial Energia SA ...... 19,200 81,197 Motor Oil HellasCorinth RefineriesSA...... 55 773 Hapvida Participacoes e Investimentos SA(b) ...... 4,800 56,637 OPAP SA...... 3,493 32,083 Hypera SA...... 8,000 46,155 130,072 IRB Brasil Resseguros S/A ...... 14,400 18,716 Hungary —0.4% IRB Brasil Resseguros S/A(a) ...... 4,204 5,303 MOLHungarian Oil &Gas PLC(a) ...... 9,504 53,676 JBSSA...... 22,400 91,627 OTP Bank Nyrt(a)...... 4,720 159,687 Klabin SA...... 12,800 59,965 Richter Gedeon Nyrt ...... 2,864 70,162 Localiza Rent a Car SA...... 13,040 114,643 283,525 Lojas Renner SA...... 17,630 139,699 Indonesia — 2.4% Magazine Luiza SA...... 14,400 244,694 Adaro Energy Tbk PT ...... 299,200 22,292 Multiplan Empreendimentos Imobiliarios SA ...... 9,600 36,434 Astra International Tbk PT ...... 425,600 149,051 Natura &Co. HoldingSA...... 14,694 132,157 Bank Central AsiaTbkPT...... 193,600 417,113 Notre Dame Intermedica Participacoes SA ...... 9,600 129,671 Bank Mandiri PerseroTbkPT...... 374,400 152,974 Petrobras Distribuidora SA ...... 12,800 49,792 Bank Negara Indonesia Persero Tbk PT...... 155,200 54,353 Petroleo Brasileiro SA ...... 74,600 303,519 Bank Rakyat Indonesia Persero Tbk PT ...... 1,110,400 267,640 Raia Drogasil SA...... 4,800 94,322 Barito Pacific Tbk PT(a) ...... 566,400 32,671 (a) Rumo SA ...... 24,000 98,872 Charoen Pokphand Indonesia Tbk PT(a) ...... 152,000 65,758 Sul America SA ...... 4,800 37,781 GudangGaram Tbk PT(a)...... 11,200 36,532 (a) Suzano SA ...... 11,200 102,488 Hanjaya Mandala Sampoerna Tbk PT...... 142,400 16,135 TIM Participacoes SA ...... 9,628 25,132 Indah Kiat Pulp & Paper Corp. Tbk PT ...... 48,000 30,654 Ultrapar Participacoes SA ...... 14,400 51,028 Indocement TunggalPrakarsaTbkPT...... 40,000 32,618 Vale SA...... 72,071 784,046 Indofood CBP Sukses Makmur Tbk PT ...... 45,700 32,088 (a) Via VarejoSA ...... 27,200 101,642 Indofood Sukses Makmur Tbk PT ...... 76,800 40,213 WEGSA...... 17,640 207,787 Kalbe Farma Tbk PT ...... 456,000 49,475 4,610,825 Perusahaan Gas Negara Tbk PT...... 248,000 21,373 Chile — 0.7% Semen Indonesia Persero Tbk PT ...... 72,000 52,161 Banco de Chile...... 682,042 57,153 Telekomunikasi Indonesia PerseroTbkPT...... 882,000 173,220 Banco de Credito e InversionesSA...... 1,295 40,909 Unilever Indonesia Tbk PT...... 151,000 85,286 Banco Santander Chile ...... 876,161 33,778 United Tractors TbkPT...... 36,800 58,122 Cencosud SA ...... 30,320 44,958 XL Axiata Tbk PT...... 28,800 4,826 Cia. CerveceriasUnidasSA...... 4,384 28,891 1,794,555 Empresa Nacional de Telecomunicaciones SA...... 272 1,651 Empresas CMPCSA...... 28,384 59,105

S C HEDU LE O F I NVES TMENTS 22 Schedule of Investments (continued) iShares MSCI Emerging Markets ex China ETF August 31, 2020 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Malaysia — 3.0% Peru — 0.4% Axiata Group Bhd ...... 62,400 $ 45,090 Cia. de Minas Buenaventura SAA, ADR ...... 4,496 $ 63,304 CIMB Group HoldingsBhd...... 110,400 87,461 Credicorp Ltd...... 1,376 179,540 DialogGroup Bhd ...... 70,400 60,674 Southern Copper Corp...... 1,776 85,426 DiGi.Com Bhd ...... 81,600 77,379 328,270 Gamuda Bhd ...... 51,200 41,791 Philippines — 1.2% Genting Bhd ...... 54,400 45,839 Aboitiz Equity VenturesInc...... 45,050 44,599 Genting Malaysia Bhd ...... 64,000 35,031 Ayala Corp...... 5,920 89,560 Hartalega HoldingsBhd ...... 36,800 145,946 Ayala Land Inc...... 160,200 95,159 Hong Leong Bank Bhd ...... 19,200 64,530 BDOUnibank Inc...... 39,680 70,382 IHH Healthcare Bhd ...... 48,000 61,765 Globe Telecom Inc...... 400 17,226 IOI Corp. Bhd ...... 33,600 35,976 GT Capital Holdings Inc...... 2,724 22,473 Kossan Rubber Industries ...... 12,800 49,104 International Container Terminal Services Inc...... 20,480 44,352 Kuala Lumpur Kepong Bhd ...... 11,200 60,927 JG Summit HoldingsInc...... 64,360 85,353 Malayan Banking Bhd ...... 86,400 152,037 Jollibee Foods Corp...... 11,040 30,762 Malaysia Airports HoldingsBhd...... 22,544 27,602 Metro Pacific Investments Corp...... 416,600 28,870 Maxis Bhd ...... 54,400 65,298 Metropolitan Bank & Trust Co...... 25,647 17,721 MISC Bhd ...... 28,800 52,615 PLDT Inc...... 1,600 48,807 Petronas Chemicals Group Bhd...... 44,800 58,722 SM Investments Corp...... 5,925 103,872 Petronas Dagangan Bhd ...... 3,200 15,825 SM Prime HoldingsInc...... 228,800 137,795 PetronasGas Bhd ...... 16,000 63,378 Universal Robina Corp...... 20,640 58,661 PPB Group Bhd...... 14,440 62,398 895,592 Press Metal Aluminium HoldingsBhd...... 38,400 48,029 Poland — 1.3% Public Bank Bhd ...... 59,200 233,361 Bank Polska Kasa Opieki SA(a) ...... 3,536 50,410 RHB Bank Bhd...... 32,000 35,184 CDProjekt SA(a) ...... 1,392 166,385 Sime Darby Bhd ...... 73,600 38,695 Dino Polska SA(a)(b) ...... 78447,785 Sime Darby Plantation Bhd ...... 49,600 60,727 Grupa Lotos SA...... 2,048 22,587 Supermax Corp. Bhd(a) ...... 15,400 81,852 KGHM Polska Miedz SA(a)...... 2,704 100,869 Telekom Malaysia Bhd ...... 9,600 9,564 LPP SA(a)...... 41 80,300 Tenaga Nasional Bhd...... 52,800 137,657 mBank SA(a) ...... 43222,150 Top Glove Corp. Bhd ...... 32,000 201,887 Orange Polska SA(a) ...... 13,920 27,415 YTL Corp. Bhd(a) ...... 97,640 15,705 PGE Polska Grupa Energetyczna SA(a) ...... 18,560 30,548 2,172,049 Polski Koncern NaftowyORLEN SA...... 6,368 87,903 Mexico — 2.8% Polskie Gornictwo Naftowe i Gazownictwo SA...... 39,584 55,353 Alfa SAB de CV, Class A ...... 36,400 23,401 Powszechna Kasa Oszczednosci Bank Polski SA(a)...... 18,080 106,305 America Movil SAB de CV, Series L, NVS ...... 645,200 391,790 Powszechny Zaklad Ubezpieczen SA(a) ...... 12,016 88,993 Arca Continental SAB de CV...... 9,600 43,789 Santander Bank Polska SA(a) ...... 784 32,377 Cemex SAB de CV, CPO,NVS ...... 294,400 94,430 919,380 Coca-Cola Femsa SAB de CV ...... 11,200 46,978 Qatar—1.4% Fibra Uno Administracion SAdeCV ...... 68,800 53,692 Commercial Bank PSQC (The) ...... 37,600 42,530 Fomento Economico Mexicano SAB de CV...... 38,400 223,459 Industries Qatar QSC...... 34,176 91,756 Gruma SAB de CV, Class B ...... 4,160 49,194 Masraf Al Rayan QSC ...... 89,280 101,374 Grupo Aeroportuario del Pacifico SAB de CV, Class B...... 8,000 62,206 Mesaieed Petrochemical Holding Co...... 87,680 50,615 Grupo Aeroportuario del Sureste SAB de CV, Class B(a)...... 4,115 46,625 Ooredoo QPSC ...... 25,200 45,295 Grupo Bimbo SAB de CV, Series A...... 33,602 62,058 Qatar Electricity & Water Co. QSC ...... 14,080 65,943 Grupo Financiero Banorte SAB de CV, Class O(a)...... 52,800 182,554 Qatar Fuel QSC...... 2,576 12,906 Grupo Financiero Inbursa SAB de CV, Class O(a) ...... 56,000 40,965 Qatar International Islamic Bank QSC ...... 11,472 26,739 Grupo Mexico SAB de CV, Series B...... 62,400 166,506 Qatar Islamic Bank SAQ...... 23,680 103,167 Grupo Televisa SAB, CPO(a) ...... 53,700 66,297 Qatar National Bank QPSC ...... 92,608 453,899 Industrias PenolesSAB de CV...... 2,887 48,154 Infraestructura Energetica Nova SAB de CV...... 6,400 18,741 994,224 Kimberly-Clark de Mexico SAB de CV, Class A ...... 30,400 48,838 Russia — 5.3% Megacable Holdings SAB de CV, CPO ...... 8,000 23,025 AlrosaPJSC ...... 49,923 44,248 Orbia Advance Corp. SAB de CV ...... 20,800 33,415 Gazprom PJSC ...... 228,480 557,453 Promotora yOperadora de Infraestructura SAB de CV(a) ..... 6,880 51,139 Inter RAOUES PJSC ...... 944,000 66,272 Wal-Mart de Mexico SAB de CV ...... 105,600 253,457 LUKOIL PJSC ...... 8,544 573,286 Magnit PJSC, GDR(c)...... 5,630 82,592 2,030,713 Magnitogorsk Iron &Steel Works PJSC ...... 40,000 20,278 Pakistan — 0.0% MMC Norilsk Nickel PJSC ...... 1,344 349,288 MCB Bank Ltd.(a)...... 30,192 31,184 Mobile TeleSystems PJSC,ADR...... 12,528 116,761 Novatek PJSC, GDR(c) ...... 1,792 265,395

23 202 0 I S H ARES A NNU AL R E P O RT TO S H AREHO LDERS Schedule of Investments (continued) iShares MSCI Emerging Markets ex China ETF August 31, 2020 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Russia (continued) South Africa (continued) Novolipetsk Steel PJSC ...... 22,080 $ 45,984 Exxaro Resources Ltd...... 5,616 $ 45,475 PhosAgro PJSC, GDR, Registered Shares(c) ...... 2,752 32,804 FirstRandLtd...... 96,008 214,500 Polymetal International PLC ...... 4,565 121,905 Gold Fields Ltd...... 17,840 230,692 Polyus PJSC...... 621 150,843 Growthpoint Properties Ltd...... 61,008 43,970 Rosneft Oil Co. PJSC, GDR(c) ...... 23,639 120,086 HarmonyGold MiningCo. Ltd.(a) ...... 10,304 67,275 Sberbank of Russia PJSC(a) ...... 202,900 616,337 Impala Platinum HoldingsLtd...... 15,936 147,091 Severstal PAO ...... 4,119 51,672 Kumba Iron Ore Ltd...... 816 25,576 Surgutneftegas PJSC ...... 140,100 69,085 Life Healthcare Group HoldingsLtd...... 33,360 32,570 Tatneft PJSC...... 30,720 225,825 Mr.PriceGroupLtd...... 5,109 34,946 VTB Bank PJSC, GDR(a)(c) ...... 33,344 30,476 MTN Group Ltd...... 33,648 121,295 X5 Retail Group NV, GDR(c) ...... 2,848 102,526 MultiChoice Group Ltd.(a) ...... 10,240 58,564 Yandex NV, Class A(a) ...... 3,900 271,950 Naspers Ltd., Class N ...... 8,592 1,568,533 3,915,066 Nedbank Group Ltd...... 7,537 42,705 Saudi Arabia — 4.7% NEPI Rockcastle PLC ...... 8,832 41,336 (a) Abdullah Al Othaim MarketsCo...... 1,216 40,464 Northam Platinum Ltd...... 6,432 60,765 Advanced Petrochemical Co...... 3,776 55,475 OldMutualLtd...... 99,632 65,809 Al Rajhi Bank ...... 25,248 436,906 Pick n PayStores Ltd...... 386 951 Alinma Bank(a) ...... 15,811 65,344 Rand Merchant Investment HoldingsLtd...... 15,072 26,752 Almarai Co. JSC ...... 5,136 73,539 Reinet InvestmentsSCA...... 3,264 62,254 Arab National Bank...... 9,456 52,342 Remgro Ltd...... 9,905 51,404 Bank AlBilad ...... 9,392 60,152 Sanlam Ltd...... 39,696 128,827 (a) Bank Al-Jazira ...... 13,408 46,690 Sasol Ltd...... 11,056 90,432 Banque Saudi Fransi ...... 11,136 94,867 Shoprite HoldingsLtd...... 9,184 59,903 (a) Bupa Arabia for Cooperative Insurance Co.(a)...... 1,376 45,494 Sibanye Stillwater Ltd...... 44,757 135,503 Co for Cooperative Insurance (The)(a) ...... 2,176 45,836 SPAR Group Ltd. (The)...... 3,760 35,879 Dar Al Arkan Real Estate Development Co.(a) ...... 8,160 17,645 Standard Bank Group Ltd...... 26,384 164,444 Emaar Economic City(a) ...... 7,650 16,461 Tiger Brands Ltd...... 3,088 31,430 Etihad Etisalat Co.(a) ...... 6,960 49,735 Vodacom Group Ltd...... 12,336 93,110 Jarir MarketingCo...... 1,408 61,344 Woolworths Holdings Ltd...... 19,904 37,350 National Commercial Bank(a) ...... 26,352 261,381 4,530,444 National Industrialization Co.(a)...... 6,552 20,649 South Korea — 18.9% RabighRefining&Petrochemical Co.(a) ...... 3,408 12,976 Alteogen Inc.(a)...... 366 64,394 Riyad Bank ...... 25,232 129,038 Amorepacific Corp...... 720 101,827 Sahara International Petrochemical Co...... 10,384 44,078 AMOREPACIFICGroup ...... 576 24,729 Samba Financial Group ...... 20,112 147,739 BGF retail Co. Ltd...... 225 24,150 Saudi Airlines CateringCo...... 1,344 28,704 BNK Financial GroupInc...... 3,136 13,411 Saudi Arabian Fertilizer Co...... 3,552 78,514 Celltrion Healthcare Co. Ltd.(a) ...... 1,171 98,676 Saudi Arabian MiningCo.(a)...... 6,864 72,109 Celltrion Inc.(a) ...... 1,908 477,040 Saudi Arabian Oil Co.(b) ...... 39,152 371,117 Celltrion Pharm Inc.(a) ...... 200 18,705 Saudi Basic Industries Corp...... 16,848 395,319 CJ CheilJedangCorp...... 208 71,265 Saudi British Bank (The)...... 12,928 92,553 CJ ENM Co.Ltd...... 288 28,778 Saudi Cement Co...... 2,144 32,185 CowayCo. Ltd.(a) ...... 1,120 75,239 Saudi ElectricityCo...... 17,408 73,894 Daelim Industrial Co. Ltd...... 72052,671 Saudi Industrial Investment Group ...... 7,584 44,285 Daewoo Shipbuilding&Marine EngineeringCo. Ltd.(a) ...... 1,888 35,204 Saudi Kayan Petrochemical Co.(a) ...... 19,584 47,414 DBInsurance Co. Ltd...... 1,024 37,627 Saudi Telecom Co...... 11,600 296,924 Douzone Bizon Co. Ltd...... 384 32,649 Savola Group (The) ...... 4,976 64,481 E-MART Inc...... 46446,873 Yanbu National Petrochemical Co...... 4,576 65,276 Fila Holdings Corp...... 976 28,510 3,440,930 GS Engineering&Construction Corp...... 1,632 33,934 South Africa — 6.2% GS Holdings Corp...... 1,232 33,707 Absa Group Ltd...... 14,896 67,924 Hana Financial GroupInc...... 5,472 129,902 Anglo American Platinum Ltd...... 848 63,279 Hankook Tire & Technology Co. Ltd...... 1,477 36,679 AngloGold Ashanti Ltd...... 8,624 251,808 Hanmi Pharm Co. Ltd...... 16141,541 Aspen Pharmacare Holdings Ltd.(a) ...... 7,840 62,877 Hanon Systems ...... 4,896 53,168 Bid Corp. Ltd...... 6,816 112,617 Hanwha Corp...... 1,248 28,891 Bidvest Group Ltd. (The) ...... 6,528 52,448 Hanwha Solutions Corp...... 2,336 78,562 (a) Capitec Bank Holdings Ltd...... 1,455 71,714 HLB Inc...... 914 66,786 Clicks Group Ltd...... 5,200 70,597 Hotel Shilla Co. Ltd...... 736 43,557 Discovery Ltd...... 8,096 57,839 Hyundai Engineering &ConstructionCo.Ltd...... 1,664 45,176 Hyundai Glovis Co. Ltd...... 432 52,914

S C HEDU LE O F I NVES TMENTS 24 Schedule of Investments (continued) iShares MSCI Emerging Markets ex China ETF August 31, 2020 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

South Korea (continued) Taiwan — 21.3% Hyundai Heavy Industries Holdings Co. Ltd...... 187 $ 35,577 Accton Technology Corp...... 10,000 $ 79,750 Hyundai Marine & Fire Insurance Co. Ltd...... 1,312 24,409 Acer Inc.(a)...... 64,000 50,931 Hyundai Mobis Co. Ltd.(a)...... 1,344 253,435 Advantech Co. Ltd...... 4,299 44,468 Hyundai Motor Co.(a) ...... 3,056 454,065 ASE Technology HoldingCo. Ltd...... 64,000 133,490 Hyundai Steel Co...... 1,536 32,455 Asia Cement Corp...... 48,000 69,526 Industrial Bank of Korea ...... 1,664 11,332 Asustek Computer Inc...... 16,000 132,509 Kakao Corp...... 1,120 383,736 AU Optronics Corp.(a) ...... 176,000 62,683 Kangwon Land Inc...... 1,936 33,655 Catcher Technology Co. Ltd...... 16,000 109,333 KB Financial Group Inc...... 7,680 238,242 Cathay Financial Holding Co. Ltd...... 160,063 217,389 Kia Motors Corp...... 5,104 182,393 Chailease Holding Co. Ltd...... 33,419 147,496 KMW Co. Ltd.(a)...... 368 23,668 Chang Hwa Commercial Bank Ltd...... 133,599 83,097 Korea Aerospace Industries Ltd...... 1,856 35,076 Cheng Shin Rubber Industry Co.Ltd...... 32,000 39,262 Korea Electric Power Corp.(a) ...... 5,072 87,529 China Development Financial Holding Corp...... 336,000 97,795 Korea Investment Holdings Co. Ltd...... 912 46,755 China LifeInsurance Co.Ltd...... 64,507 45,179 Korea Shipbuilding&Offshore EngineeringCo. Ltd.(a) ...... 1,216 88,239 China Steel Corp...... 224,000 151,921 Korea Zinc Co. Ltd...... 160 53,675 Chunghwa Telecom Co. Ltd...... 68,000 251,453 KT&G Corp...... 2,336 163,416 Compal Electronics Inc...... 80,000 50,440 Kumho Petrochemical Co. Ltd...... 128 10,829 CTBC Financial Holding Co. Ltd...... 352,000 227,337 LG Chem Ltd...... 976 607,997 Delta Electronics Inc...... 39,000 251,214 LG Corp...... 1,872 130,326 E.Sun Financial Holding Co. Ltd...... 259,286 240,362 LG DisplayCo. Ltd.(a) ...... 4,480 55,062 Eva Airways Corp...... 48,000 18,813 LG Electronics Inc...... 2,304 163,311 Evergreen Marine Corp. Taiwan Ltd.(a) ...... 48,000 28,465 LG Household & Health Care Ltd...... 208 257,921 Far Eastern New CenturyCorp...... 64,000 57,693 LG Innotek Co. Ltd...... 272 33,201 Far EasTone TelecommunicationsCo. Ltd...... 34,000 71,032 LG Uplus Corp...... 2,752 27,685 First Financial HoldingCo. Ltd...... 215,859 156,332 Lotte Chemical Corp...... 352 56,153 Formosa Chemicals & Fibre Corp...... 80,000 184,858 Lotte Corp...... 624 15,759 Formosa Petrochemical Corp...... 16,000 44,715 Lotte ShoppingCo. Ltd...... 273 17,466 Formosa Plastics Corp...... 80,000 213,213 Mirae Asset Daewoo Co. Ltd...... 7,360 57,621 Foxconn Technology Co. Ltd...... 32,000 56,930 NAVER Corp...... 2,496 677,633 Fubon Financial HoldingCo.Ltd...... 128,000 186,712 NCSoft Corp...... 336 233,353 GlobalwafersCo.Ltd...... 2,000 26,856 Netmarble Corp.(a)(b) ...... 544 76,249 Highwealth Construction Corp...... 32,000 50,604 NH Investment &Securities Co. Ltd...... 3,152 23,775 Hon Hai Precision IndustryCo. Ltd...... 256,200 671,465 Orion Corp./Republic of Korea ...... 544 64,342 Hotai Motor Co.Ltd...... 5,600 113,941 Pearl Abyss Corp.(a) ...... 128 19,611 Hua Nan Financial Holdings Co.Ltd...... 202,831 124,775 POSCO ...... 1,472 228,625 Innolux Corp.(a) ...... 144,000 44,758 POSCO Chemical Co. Ltd...... 544 40,758 Inventec Corp...... 64,000 49,623 S-1 Corp...... 240 17,618 Largan Precision Co. Ltd...... 2,000 230,731 Samsung Biologics Co. Ltd.(a)(b) ...... 336 220,059 Lite-On Technology Corp...... 48,000 75,906 SamsungC&T Corp...... 1,584 144,012 MediaTek Inc...... 32,000 606,377 Samsung Electro-Mechanics Co. Ltd...... 1,216 127,445 Mega Financial HoldingCo. Ltd...... 208,000 207,351 Samsung Electronics Co. Ltd...... 93,456 4,248,358 Micro-Star International Co. Ltd...... 16,000 73,888 Samsung EngineeringCo. Ltd.(a)...... 3,120 29,679 Nan Ya Plastics Corp...... 96,000 201,217 Samsung Fire & Marine Insurance Co. Ltd...... 656 103,268 Nanya Technology Corp...... 32,000 56,602 Samsung Heavy Industries Co. Ltd.(a) ...... 12,512 54,350 Novatek Microelectronics Corp...... 16,000 130,873 Samsung Life Insurance Co. Ltd...... 1,408 72,539 Pegatron Corp...... 48,000 102,244 SamsungSDI Co. Ltd...... 1,088 414,446 Pou Chen Corp...... 85,000 80,245 SamsungSDSCo. Ltd...... 688 91,220 Powertech Technology Inc...... 16,000 47,114 SamsungSecurities Co. Ltd...... 944 23,960 President Chain Store Corp...... 16,000 147,232 Seegene Inc...... 352 77,933 Quanta Computer Inc...... 64,000 167,953 Shinhan Financial Group Co. Ltd...... 8,592 214,456 Realtek Semiconductor Corp...... 7,000 90,657 Shinsegae Inc...... 160 27,342 Shanghai Commercial &Savings Bank Ltd. (The)...... 80,437 114,591 SK Holdings Co. Ltd...... 720 129,708 Shin Kong Financial HoldingCo.Ltd...... 212,930 60,233 SKHynix Inc...... 10,976 693,912 SinoPac Financial Holdings Co. Ltd...... 224,259 82,545 SK Innovation Co. Ltd...... 1,088 132,806 Synnex Technology International Corp...... 32,000 47,659 SK Telecom Co. Ltd...... 608 126,933 Taishin Financial HoldingCo. Ltd...... 231,130 104,373 S-Oil Corp...... 992 47,182 Taiwan Business Bank ...... 118,755 40,473 Woori Financial Group Inc...... 8,056 57,373 Taiwan Cement Corp...... 100,983 147,646 Yuhan Corp...... 1,170 65,990 Taiwan Cooperative Financial HoldingCo. Ltd...... 198,443 135,602 13,942,488 Taiwan High Speed Rail Corp...... 48,000 53,167

25 202 0 I S HARES A NNU AL R E P O RT TO S HAREHO LDERS Schedule of Investments (continued) iShares MSCI Emerging Markets ex China ETF August 31, 2020 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Taiwan (continued) Turkey(continued) Taiwan Mobile Co. Ltd...... 33,000 $ 114,156 Eregli Demir ve Celik Fabrikalari TAS ...... 30,832 $ 36,534 Taiwan Semiconductor ManufacturingCo. Ltd...... 488,000 7,093,434 Haci Omer Sabanci Holding AS ...... 18,245 19,165 Uni-President Enterprises Corp...... 96,000 217,903 KOC Holding AS ...... 19,440 39,361 United Microelectronics Corp...... 240,000 173,406 Tupras TurkiyePetrolRafinerileri AS(a) ...... 2,848 30,961 Vanguard International Semiconductor Corp...... 19,000 60,546 Turk Hava Yollari AO(a) ...... 14,832 21,284 Win Semiconductors Corp...... 5,000 48,736 Turkcell Iletisim Hizmetleri AS...... 17,872 34,777 Winbond Electronics Corp...... 64,000 26,502 Turkiye Garanti Bankasi AS(a)...... 52,048 47,811 Wistron Corp...... 64,598 70,231 Turkiye Is Bankasi AS, Class C(a) ...... 19,104 12,746 WPG Holdings Ltd...... 33,520 46,953 403,681 Yageo Corp...... 7,000 79,444 United Arab Emirates — 1.0% Yuanta Financial HoldingCo. Ltd...... 216,320 135,654 Abu Dhabi Commercial Bank PJSC ...... 50,400 76,015 Zhen Ding Technology Holding Ltd...... 8,000 33,536 Aldar Properties PJSC ...... 106,576 58,900 15,691,600 Dubai Islamic Bank PJSC ...... 34,128 38,094 Thailand — 3.3% Emaar Malls PJSC(a) ...... 48,848 18,485 Advanced Info Service PCL, NVDR ...... 25,600 150,528 Emaar Properties PJSC(a) ...... 77,504 60,769 Airports of Thailand PCL, NVDR ...... 91,200 164,100 Emirates NBD Bank PJSC...... 49,632 145,931 Asset World Corp. PCL, NVDR ...... 52,800 6,718 Emirates Telecommunications Group Co. PJSC ...... 33,984 153,213 BGrimm Power PCL, NVDR...... 19,200 28,532 First Abu Dhabi Bank PJSC...... 54,592 170,324 Bangkok Bank PCL, Foreign...... 11,200 38,326 721,731 Bangkok Commercial Asset Management PCL, NVDR ...... 14,400 10,781 Bangkok Dusit Medical Services PCL, NVDR ...... 195,200 130,457 Total Common Stocks — 82.2% Bangkok Expressway&Metro PCL, NVDR ...... 150,400 43,734 (Cost: $57,324,253)...... 60,494,117 Berli Jucker PCL, NVDR...... 30,400 36,141 BTSGroup HoldingsPCL, NVDR ...... 136,000 45,446 Investment Companies Bumrungrad Hospital PCL, NVDR...... 9,600 34,085 India — 14.0% Central Pattana PCL, NVDR ...... 48,000 72,488 iShares MSCI India ETF(d) ...... 308,360 10,289,973 Charoen Pokphand Foods PCL, NVDR...... 46,400 48,081 CPALLPCL, NVDR(a) ...... 118,400 241,575 Total Investment Companies — 14.0% ElectricityGenerating PCL, NVDR ...... 6,400 45,652 (Cost: $9,541,904)...... 10,289,973 Energy Absolute PCL, NVDR ...... 33,600 45,343 Global Power Synergy PCL, NVDR ...... 16,000 32,902 Preferred Stocks Gulf Energy Development PCL, NVDR ...... 40,500 40,991 Home Product Center PCL, NVDR ...... 102,400 49,024 Brazil — 2.1% Indorama Ventures PCL, NVDR...... 40,000 30,460 Banco Bradesco SA, Preference Shares, NVS...... 91,403 345,558 Intouch HoldingsPCL, NVDR...... 36,800 64,442 Braskem SA, Class A, Preference Shares, NVS ...... 1,811 7,028 Kasikornbank PCL, Foreign...... 24,000 64,969 Centrais Eletricas Brasileiras SA, Class B, Preference Kasikornbank PCL, NVDR...... 12,800 34,650 Shares, NVS ...... 3,200 20,935 Krung Thai Bank PCL, NVDR ...... 72,000 22,093 Cia. Energetica de Minas Gerais, Preference Shares, NVS. . . 13,269 25,469 Krungthai Card PCL, NVDR ...... 8,000 7,904 Gerdau SA, Preference Shares, NVS ...... 24,000 83,516 Land & Houses PCL, NVDR ...... 182,400 43,369 Itau Unibanco HoldingSA, Preference Shares, NVS ...... 96,000 412,111 Minor International PCL, NVDR(a) ...... 65,600 47,215 Itausa SA, Preference Shares, NVS...... 91,234 156,827 Muangthai Capital PCL, NVDR(a) ...... 16,000 25,576 Lojas Americanas SA, Preference Shares, NVS ...... 17,657 103,865 Osotspa PCL, NVDR ...... 19,200 23,906 Petroleo Brasileiro SA, Preference Shares, NVS...... 89,600 357,525 PTT Exploration & Production PCL, NVDR ...... 30,400 86,934 Telefonica Brasil SA, Preference Shares, NVS...... 8,000 69,764 PTT Global Chemical PCL, NVDR ...... 49,600 73,709 1,582,598 PTT PCL, NVDR ...... 240,000 277,613 Chile — 0.2% Ratch Group PCL, NVDR...... 22,400 40,305 Embotelladora Andina SA, Class B, Preference Shares...... 17,184 36,691 Siam Cement PCL (The),NVDR ...... 14,400 163,792 Sociedad Quimica y Minera de Chile SA, Class B, Siam Commercial Bank PCL (The),NVDR...... 19,200 44,727 Preference Shares ...... 2,464 77,211 Srisawad Corp PCL, NVDR...... 22,400 32,928 113,902 Thai Oil PCL, NVDR...... 36,800 49,071 Colombia — 0.1% Thai Union Group PCL, NVDR...... 64,000 28,995 Bancolombia SA, Preference Shares, NVS ...... 7,376 52,557 True Corp. PCL, NVDR...... 268,800 28,674 2,456,236 Russia — 0.1% Turkey —0.5% Surgutneftegas PJSC,Preference Shares, NVS ...... 150,400 75,342 (a) Akbank T.A.S...... 59,696 39,668 South Korea — 1.0% Anadolu Efes Biracilik Ve Malt Sanayii AS ...... 5,808 15,335 Hyundai Motor Co. Aselsan Elektronik Sanayi Ve Ticaret AS ...... 7,140 15,757 PreferenceShares,NVS...... 448 32,811 BIM Birlesik Magazalar AS...... 9,792 90,282 Series 2, Preference Shares, NVS...... 72353,803

S C HEDU LE O F I NVES TMENTS 26 Schedule of Investments (continued) iShares MSCI Emerging Markets ex China ETF August 31, 2020 (Percentages shown are based on Net Assets)

SecurityShares Value

South Korea (continued) (a) Non-income producing security. Samsung Electronics Co. Ltd., Preference Shares, NVS ..... 16,656 $ 666,016 (b) Security exempt from registration pursuant to Rule 144A under the Securities Act of 752,630 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. (c) Total Preferred Stocks — 3.5% This security may be resold to qualified foreign investors and foreign institutional buyers (Cost: $2,890,260)...... 2,577,029 under Regulation S of the Securities Act of 1933. (d) Affiliate of the Fund. (e) Security is valued using significant unobservable inputs and is classified as Level 3 in the Rights fair value hierarchy. (f) Thailand — 0.0% Rounds to less than $1. (g) Annualized 7-dayyield as of period-end. Gulf Energy Development PCL, (Expires 09/16/20)(a) ...... 4,050 195

Total Rights — 0.0% (Cost: $0) ...... 195

Warrants Thailand — 0.0% Srisawad Corp. PCL (Expires 08/17/21)(a)(e) ...... 896 0(f)

Total Warrants — 0.0% (Cost: $0) ...... 0(f)

Short-Term Investments Money Market Funds — 0.1% BlackRock Cash Funds: Treasury, SLAgencyShares, 0.07%(d)(g) ...... 110,000 110,000

Total Short-Term Investments — 0.1% (Cost: $110,000)...... 110,000

Total Investments in Securities — 99.8% (Cost: $69,866,417)...... 73,471,314 Other Assets, Less Liabilities — 0.2% ...... 134,478

Net Assets — 100.0% ...... $ 73,605,792

Change in Unrealized Shares Capital Gain Value at Purchases Proceeds NetRealized Appreciation Value at Heldat Distributions from Affiliated Issuer 08/31/19 at Cost from Sales Gain (Loss) (Depreciation) 08/31/20 08/31/20 Income Underlying Funds BlackRock Cash Funds: Treasury, SL AgencyShares...... $ 73,000 $ 37,000(a) $ — $ — $ — $ 110,000 110,000 $ 476 $ — iShares MSCI India ETF...... 3,534,716 6,811,336 (952,556)(97,875) 994,352 10,289,973 308,360 20,283 — $(97,875) $ 994,352 $10,399,973 $20,759 $ —

(a) Represents net amount purchased (sold).

27 202 0 I S H ARES A NNU AL R E P O RT TO S HAREHO LDERS Schedule of Investments (continued) iShares MSCI Emerging Markets ex China ETF August 31, 2020

Fair Value Measurements (continued)

Level 1 Level 2 Level 3 Total Investments Assets Common Stocks ...... $60,494,117 $ — $ — $60,494,117 Investment Companies ...... 10,289,973 — — 10,289,973 Preferred Stocks ...... 2,577,029 — — 2,577,029 Rights ...... — 195 —195 Warrants ...... — — 0(a) 0(a) Money Market Funds...... 110,000 — — 110,000 $73,471,119 $ 195 $ 0(a) $73,471,314

(a) Rounds to less than $1. See notes to financial statements.

S C HEDU LE O F I NVES TMENTS 28 Consolidated Schedule of Investments iShares MSCI Emerging Markets Min Vol Factor ETF August 31, 2020 (Percentages shown are based on Net Assets)

Security Shares Value SecurityShares Value Common Stocks China (continued) COSCO SHIPPING Ports Ltd...... 11,468,000 $ 6,495,941 Brazil — 0.1% CRRCCorp. Ltd., Class H ...... 8,631,000 3,897,796 Raia Drogasil SA ...... 136,200 $ 2,676,381 Dali Foods Group Co. Ltd.(c)...... 4,618,500 2,830,639 Rumo SA(a)...... 743,700 3,063,786 Daqin RailwayCo. Ltd., Class A ...... 12,806,233 12,377,779 5,740,167 Dongfeng Motor Group Co. Ltd., Class H ...... 6,366,000 4,419,151 Chile — 0.7% ENN Energy HoldingsLtd...... 947,900 10,518,429 Banco de Chile ...... 314,942,617 26,391,068 Fiberhome Telecommunication Technologies Co. Ltd., Cia. CerveceriasUnidasSA...... 289,939 1,910,733 Class A...... 1,002,582 3,849,807 28,301,801 Foshan Haitian Flavouring&Food Co. Ltd., ClassA.... 191,194 5,114,027 China — 37.2% Fuyao Glass IndustryGroup Co. Ltd., Class A...... 987,303 4,177,459 Agricultural Bank ofChina Ltd., Class A...... 24,218,798 11,350,655 GD Power Development Co. Ltd., ClassA ...... 9,686,300 2,899,179 Agricultural Bank ofChina Ltd., Class H ...... 71,554,000 23,912,422 Giant Network Group Co. Ltd., Class A ...... 1,226,853 3,706,093 Alibaba Group Holding Ltd., ADR(a) ...... 265,878 76,314,962 Glodon Co. Ltd., Class A ...... 789,588 8,032,893 ANTA Sports Products Ltd.(b) ...... 2,176,000 21,492,849 GOME Retail Holdings Ltd.(a)(b)...... 123,896,000 17,744,761 AVIC Jonhon Optronic Technology Co. Ltd., Class A.... 948,386 6,687,990 Gree Electric Appliances Inc. of Zhuhai, Class A...... 295,695 2,352,902 Bank of BeijingCo. Ltd., Class A ...... 9,057,424 6,440,165 Guangdong Haid Group Co. Ltd., ClassA...... 1,361,288 14,065,738 Bank ofChina Ltd., Class A ...... 29,952,300 14,343,903 Guangdong Investment Ltd...... 28,546,000 44,567,731 Bank of China Ltd., Class H ...... 94,921,000 31,108,990 Haidilao International Holding Ltd.(b)(c) ...... 3,211,000 20,715,728 Bank of Communications Co. Ltd., Class A...... 16,887,474 11,662,433 Haier Electronics Group Co. Ltd...... 3,608,000 12,360,070 Bank of Communications Co. Ltd., Class H ...... 10,526,000 5,500,577 Hangzhou Hikvision Digital Technology Co. Ltd., Bank of Hangzhou Co. Ltd., Class A ...... 4,661,593 8,813,886 Class A...... 1,162,583 6,351,716 Bank of Jiangsu Co. Ltd., Class A ...... 9,970,014 9,345,319 Hansoh Pharmaceutical Group Co. Ltd.(a)(c) ...... 1,048,000 4,969,452 Bank of NanjingCo. Ltd., Class A...... 2,077,621 2,605,690 Henan Shuanghui Investment & Development Co. Ltd., Bank of Ningbo Co. Ltd., Class A ...... 562,796 2,917,042 Class A...... 1,263,994 11,718,771 Bank ofShanghai Co. Ltd., Class A...... 11,187,332 13,753,142 Hengan International Group Co. Ltd...... 2,286,500 18,026,122 Beijing Capital International Airport Co. Ltd., Class H(a) . 7,042,000 4,979,279 HengtongOptic-Electric Co. Ltd., ClassA...... 818,300 1,953,411 BeijingSinnet Technology Co. Ltd., Class A ...... 1,323,273 5,092,818 Hualan Biological Engineering Inc., Class A ...... 537,980 4,524,306 Beijing Tiantan Biological Products Corp. Ltd., Class A . 1,081,895 6,686,467 Huaneng Power International Inc., Class H...... 28,110,000 11,715,296 BOE Technology Group Co. Ltd., Class A ...... 5,256,400 4,220,991 Huaxia Bank Co. Ltd., ClassA...... 6,556,020 6,154,809 BYD Co. Ltd., Class H ...... 331,500 3,293,549 Industrial &Commercial Bank ofChina Ltd., Class A . . . 2,918,500 2,113,512 CGN Power Co. Ltd., Class H(c) ...... 56,889,000 12,331,828 Industrial &Commercial Bank ofChina Ltd., Class H . . . 63,468,000 35,541,392 China CITIC Bank Corp. Ltd., Class H ...... 17,952,000 7,504,949 Industrial Bank Co. Ltd., ClassA...... 5,497,612 12,971,158 China Construction Bank Corp., Class A ...... 2,813,784 2,547,099 Inner Mongolia Yitai Coal Co. Ltd., Class B...... 10,238,927 7,167,249 China Construction Bank Corp., Class H ...... 7,581,000 5,370,179 JD.com Inc., ADR(a)...... 528,692 41,576,339 China Everbright Bank Co. Ltd., Class H ...... 15,695,000 5,629,839 Jiangsu ExpresswayCo. Ltd., Class H...... 17,512,000 17,534,257 China Gas Holdings Ltd...... 1,938,600 5,315,413 Jiangsu Hengrui Medicine Co. Ltd., Class A...... 667,931 9,251,749 China Huishan Dairy Holdings Co. Ltd.(a)(d) ...... 22,241,266 29 Jinyu Bio-Technology Co. Ltd., Class A ...... 978,104 4,112,831 China Life Insurance Co. Ltd., Class H...... 1,520,000 3,702,844 Jointown Pharmaceutical Group Co. Ltd., Class A(a) . . . . 1,613,778 4,175,138 China Mengniu DairyCo. Ltd.(a)(b) ...... 2,611,000 12,835,765 Kingdee International Software Group Co. Ltd.(a)(b) . .... 2,547,000 6,493,903 China Merchants Port Holdings Co. Ltd...... 1,500,000 1,716,741 Kweichow Moutai Co. Ltd., Class A ...... 26,890 7,013,861 China Minsheng BankingCorp. Ltd., Class A...... 16,015,554 12,977,716 Laobaixing PharmacyChain JSC, Class A ...... 293,142 3,805,755 China Mobile Ltd...... 7,194,000 50,264,201 Lenovo Group Ltd...... 20,872,000 13,950,306 China National Medicines Corp. Ltd., Class A ...... 649,900 4,253,815 Meituan Dianping, Class B(a) ...... 1,746,400 57,596,284 China Petroleum &Chemical Corp., Class H ...... 43,618,000 20,148,312 NetEaseInc.,ADR...... 26,773 13,044,073 China RailwaySignal &Communication Corp. Ltd., New Oriental Education & Technology Class H(c)...... 22,367,000 9,062,067 Group Inc., ADR(a) ...... 165,959 24,334,568 China Reinsurance Group Corp., Class H...... 81,610,000 8,739,999 PetroChina Co. Ltd., Class A ...... 3,111,900 2,012,763 China Resources Beer Holdings Co. Ltd...... 3,990,000 25,947,369 PetroChina Co. Ltd., ClassH...... 41,430,000 14,326,484 China Resources Gas Group Ltd...... 2,152,000 10,107,262 Pinduoduo Inc., ADR(a)(b)...... 203,436 18,093,598 China Resources Power Holdings Co. Ltd...... 3,190,000 3,786,765 Ping An Insurance Group Co. ofChina Ltd., Class H.... 841,000 8,957,833 China Shenhua Energy Co. Ltd., Class A ...... 2,242,413 5,290,787 Postal Savings Bank of China Co. Ltd., Class H(c) ...... 43,790,000 20,736,283 China Shenhua Energy Co. Ltd., Class H ...... 1,167,000 1,948,476 SAIC Motor Corp. Ltd., Class A...... 1,264,444 3,444,884 China South Publishing&Media Group Co. Ltd., Sangfor Technologies Inc., Class A ...... 121,800 3,911,955 Class A...... 1,547,024 2,529,755 SDIC Power Holdings Co. Ltd., Class A ...... 5,298,572 7,008,908 China Telecom Corp. Ltd., Class H ...... 88,730,000 29,079,979 Shandong Gold Mining Co. Ltd., Class A...... 3,135,468 13,271,314 China Tourism Group Duty Free Corp. Ltd., Class A .... 816,381 24,792,456 Shandong Weigao Group Medical Polymer Co. Ltd., China Tower Corp. Ltd., Class H(c) ...... 63,668,000 12,158,299 Class H...... 3,256,000 7,604,188 China Unicom Hong Kong Ltd...... 3,042,000 2,154,872 Shanghai Jahwa United Co. Ltd., Class A ...... 577,400 3,503,609 China Yangtze Power Co. Ltd., Class A ...... 16,675,805 46,990,216 Shanghai Lujiazui Finance & Trade Zone Development CITIC Ltd...... 13,219,000 12,058,906 Co. Ltd., Class B...... 15,802,822 13,574,624

29 202 0 I S HARES A NNU AL R E P O RT TO S HAREHO LDERS Consolidated Schedule of Investments (continued) iShares MSCI Emerging Markets Min Vol Factor ETF August 31, 2020 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

China (continued) India (continued) Shanghai M&G Stationery Inc., Class A ...... 399,200 $ 4,050,780 Bajaj Auto Ltd...... 230,802 $ 9,303,258 Shanghai Pharmaceuticals HoldingCo. Ltd., Class H. . . 3,269,700 5,830,501 Bharat Petroleum Corp. Ltd...... 621,112 3,441,082 Shanghai Pudong Development Bank Co. Ltd., Class A. 7,767,368 11,748,893 Bharti Infratel Ltd...... 888,169 2,395,761 Shenzhen Airport Co. Ltd., Class A ...... 1,741,600 2,341,916 Britannia Industries Ltd...... 388,463 19,664,199 Shenzhen ExpresswayCo. Ltd., Class H(b)...... 10,200,000 9,239,047 Cipla Ltd...... 350,496 3,397,703 Shenzhen International Holdings Ltd...... 2,160,500 3,467,884 Coal India Ltd...... 1,179,355 2,152,584 Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Colgate-Palmolive India Ltd...... 149,883 2,775,913 Class A...... 103,200 5,159,887 Dabur India Ltd...... 3,306,045 21,316,428 Shenzhou International Group Holdings Ltd...... 2,216,200 35,744,469 Dr. Reddy's Laboratories Ltd...... 60,579 3,509,850 Sichuan Chuantou Energy Co. Ltd., Class A ...... 3,769,957 5,515,278 Eicher Motors Ltd...... 503,090 14,298,329 Sinopec Shanghai Petrochemical Co. Ltd., Class A..... 4,120,064 2,099,388 HCL Technologies Ltd...... 3,393,504 32,013,710 Sinopec Shanghai Petrochemical Co. Ltd., Class H..... 8,302,000 1,713,928 Hindustan Petroleum Corp.Ltd...... 918,726 2,515,630 Sinopharm Group Co. Ltd., Class H ...... 2,164,800 5,329,495 Hindustan Unilever Ltd...... 1,114,153 32,049,069 Songcheng Performance Development Co. Ltd., Housing Development Finance Corp. Ltd...... 353,127 8,791,774 Class A...... 1,951,959 5,095,673 InfosysLtd...... 3,809,601 48,060,259 Sun Art Retail Group Ltd...... 6,405,500 8,347,651 ITC Ltd...... 847,650 2,200,671 Suning.com Co. Ltd., Class A ...... 2,759,179 3,968,071 Lupin Ltd...... 215,445 2,714,886 TAL Education Group, ADR(a)(b) ...... 269,470 19,889,581 MaricoLtd...... 3,250,744 16,291,811 Tencent Holdings Ltd...... 487,200 33,348,980 Maruti Suzuki India Ltd...... 30,029 2,790,434 Topchoice Medical Corp., Class A(a) ...... 276,999 9,151,808 Nestle India Ltd...... 35,049 7,594,549 TravelSky Technology Ltd., Class H ...... 1,565,000 3,255,137 Page Industries Ltd...... 42,587 10,985,690 Uni-President China Holdings Ltd.(b) ...... 2,278,000 2,075,144 Petronet LNG Ltd...... 2,756,707 9,001,454 Vipshop Holdings Ltd., ADR(a) ...... 125,648 2,074,449 Pidilite Industries Ltd...... 178,601 3,403,749 Visionox Technology Inc., Class A(a) ...... 1,064,070 2,485,727 Power Grid Corp. of India Ltd...... 2,199,364 5,346,958 Want Want China Holdings Ltd.(b)...... 3,982,000 2,733,397 Reliance Industries Ltd...... 465,146 13,148,514 Wens Foodstuffs Group Co. Ltd., Class A ...... 2,186,489 7,878,722 Sun Pharmaceutical Industries Ltd...... 727,982 5,145,300 WuXi AppTec Co. Ltd., Class H(c) ...... 244,220 3,617,537 Tata ConsultancyServices Ltd...... 1,160,004 35,572,721 Xiaomi Corp., Class B(a)(c)...... 7,342,600 22,264,227 Tech Mahindra Ltd...... 1,711,763 17,232,162 Yum China HoldingsInc.(a) ...... 893,793 51,580,794 Titan Co. Ltd...... 593,841 8,878,471 Yunnan Baiyao Group Co. Ltd., Class A...... 431,867 7,295,990 WiproLtd...... 6,887,995 25,387,536 (b) Zhaojin Mining Industry Co. Ltd., Class H ...... 15,030,000 16,833,274 396,198,621 ZhejiangSupor Co. Ltd., Class A ...... 197,585 2,444,877 Indonesia — 0.5% Zhongjin Gold Corp. Ltd., Class A ...... 2,974,168 4,733,205 Bank Central AsiaTbkPT...... 7,143,200 15,390,071 (b) ZhongshengGroup Holdings Ltd...... 1,036,500 6,472,984 Telekomunikasi Indonesia Persero Tbk PT ...... 33,143,100 6,509,134 Zhuzhou CRRC Times Electric Co. Ltd., Class H ...... 632,000 2,030,516 21,899,205 Zijin MiningGroup Co. Ltd., Class A ...... 9,947,500 10,442,540 Malaysia — 5.0% Zoomlion Heavy IndustryScience and Technology Co. DiGi.Com Bhd ...... 3,691,800 3,500,807 Ltd., Class A(a) ...... 2,644,200 3,289,253 Fraser & Neave HoldingsBhd...... 1,233,200 9,065,078 ZTE Corp., Class H ...... 1,531,000 4,454,630 HAP SengConsolidated Bhd...... 6,841,300 11,825,078 ZTO Express Cayman Inc., ADR ...... 585,635 19,636,342 Hong Leong BankBhd...... 4,125,300 13,864,890 1,580,079,866 IHH Healthcare Bhd ...... 14,632,200 18,828,134 Czech Republic — 0.2% IOI Corp.Bhd...... 2,119,200 2,269,027 CEZ AS ...... 115,966 2,393,653 Kuala Lumpur Kepong Bhd...... 2,380,400 12,949,193 (a) Komercni Banka AS ...... 249,605 6,021,189 Malayan Banking Bhd...... 22,680,000 39,909,831 8,414,842 Maxis Bhd(b)...... 7,609,200 9,133,597 Egypt — 0.4% Nestle MalaysiaBhd...... 232,400 7,766,194 Commercial International Bank Egypt SAE...... 3,673,717 15,661,392 Petronas Chemicals Group Bhd ...... 4,929,400 6,461,295 Petronas Dagangan Bhd ...... 1,249,300 6,178,269 Greece — 0.3% PPB Group Bhd ...... 3,118,300 13,474,829 Hellenic Telecommunications Organization SA ...... 331,511 5,431,649 Public Bank Bhd...... 10,489,880 41,350,097 JUMBOSA...... 162,673 2,830,686 Tenaga Nasional Bhd ...... 5,272,400 13,745,832 OPAP SA ...... 398,858 3,663,471 Westports HoldingsBhd ...... 3,504,100 3,070,451 11,925,806 213,392,602 Hungary —0.7% Mexico — 1.0% (a) OTP Bank Nyrt ...... 174,672 5,909,514 Arca Continental SAB de CV ...... 2,223,600 10,142,648 Richter Gedeon Nyrt ...... 911,496 22,329,755 Coca-Cola Femsa SAB de CV...... 636,200 2,668,517 28,239,269 Gruma SAB de CV, Class B ...... 734,440 8,685,023 India — 9.3% Wal-Mart de Mexico SAB de CV ...... 9,131,300 21,916,622 Asian Paints Ltd...... 961,931 24,818,166 43,412,810

S C HEDU LE O F I NVES TMENTS 30 Consolidated Schedule of Investments (continued) iShares MSCI Emerging Markets Min Vol Factor ETF August 31, 2020 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Pakistan — 0.1% South Korea (continued) MCB Bank Ltd.(a) ...... 2,776,846 $ 2,868,136 Hyundai Marine & Fire Insurance Co. Ltd...... 215,807 $ 4,014,929 Hyundai Mobis Co. Ltd.(a) ...... 13,073 2,465,150 Peru — 0.7% Kangwon Land Inc...... 797,191 13,858,064 Cia. de Minas Buenaventura SAA, ADR...... 398,354 5,608,825 Kia Motors Corp...... 249,766 8,925,471 Credicorp Ltd...... 195,411 25,497,227 KMW Co. Ltd.(a)(b) ...... 62,234 4,002,591 31,106,052 Korea Electric Power Corp.(a)...... 246,048 4,246,135 Philippines — 2.0% KT&G Corp...... 443,173 31,002,337 Aboitiz Power Corp...... 17,136,100 9,418,935 LG Uplus Corp...... 393,950 3,963,046 Bank of the Philippine Islands ...... 12,887,988 17,809,533 Lotte Shopping Co. Ltd...... 27,193 1,739,766 BDOUnibank Inc...... 9,953,543 17,655,042 NAVER Corp...... 98,263 26,677,176 Globe Telecom Inc...... 219,725 9,462,428 NCSoft Corp...... 35,151 24,412,472 International Container Terminal Services Inc...... 4,124,510 8,932,114 Netmarble Corp.(a)(c) ...... 64,932 9,101,084 Manila Electric Co...... 1,587,490 8,807,565 Pearl Abyss Corp.(a)(b) ...... 12,922 1,979,800 Metropolitan Bank & Trust Co...... 4,861,803 3,359,191 S-1 Corp...... 236,729 17,377,531 SM Investments Corp...... 128,335 2,249,866 Samsung Biologics Co. Ltd.(a)(c) ...... 9,366 6,134,143 Universal Robina Corp...... 2,583,100 7,341,470 Samsung Electronics Co. Ltd...... 517,541 23,526,571 85,036,144 Samsung Fire & Marine Insurance Co. Ltd...... 98,382 15,487,359 Poland — 0.1% SamsungSDSCo. Ltd...... 29,222 3,874,455 Cyfrowy Polsat SA(a) ...... 587,941 4,609,228 SKHynix Inc...... 178,044 11,256,086 SK Telecom Co.Ltd...... 172,187 35,947,787 Qatar—2.6% 282,082,623 Barwa Real Estate Co...... 13,478,483 12,518,749 Taiwan — 16.4% Masraf Al Rayan QSC ...... 25,816,002 29,313,200 Accton Technology Corp...... 589,000 4,697,306 Qatar Electricity&Water Co. QSC...... 4,792,293 22,444,504 Advantech Co. Ltd...... 3,265,855 33,781,061 Qatar Fuel QSC ...... 830,158 4,159,267 Asustek Computer Inc...... 2,460,000 20,373,192 Qatar Islamic Bank SAQ ...... 3,995,773 17,408,405 AU Optronics Corp.(a) ...... 19,641,000 6,995,159 Qatar National Bank QPSC ...... 5,041,719 24,710,944 Cathay Financial HoldingCo. Ltd...... 4,059,034 5,512,755 110,555,069 Chicony Electronics Co.Ltd...... 8,399,455 25,334,484 Russia — 1.2% China Development Financial HoldingCorp...... 14,163,000 4,122,217 Polymetal International PLC...... 441,074 11,778,543 Chunghwa Telecom Co. Ltd...... 15,567,000 57,564,184 Polyus PJSC ...... 136,611 33,183,253 Compal Electronics Inc...... 30,801,000 19,420,224 Rosneft Oil Co. PJSC ...... 1,128,670 5,666,157 E.Sun Financial HoldingCo. Ltd...... 22,226,335 20,604,138 50,627,953 Far EasTone TelecommunicationsCo. Ltd...... 22,923,000 47,890,527 Saudi Arabia — 6.4% First Financial HoldingCo. Ltd...... 80,533,900 58,325,081 Abdullah Al Othaim MarketsCo...... 448,654 14,929,413 Formosa Petrochemical Corp...... 3,005,000 8,398,003 Al Rajhi Bank...... 765,076 13,239,327 Formosa Plastics Corp...... 2,786,840 7,427,394 Alinma Bank(a)...... 5,643,658 23,324,321 Hua Nan Financial Holdings Co. Ltd...... 66,789,563 41,086,911 Bank AlBilad...... 1,146,749 7,344,428 Lite-On Technology Corp...... 9,397,752 14,861,397 Bank Al-Jazira ...... 1,294,995 4,509,495 Mega Financial HoldingCo. Ltd...... 14,668,000 14,622,259 Bupa Arabia for Cooperative Insurance Co.(a) ...... 416,902 13,783,905 Pou Chen Corp...... 3,734,000 3,525,103 Co for Cooperative Insurance (The)(a)...... 483,919 10,193,337 Powertech Technology Inc...... 1,106,000 3,256,766 Emaar Economic City(a) ...... 1,053,709 2,267,310 President Chain Store Corp...... 3,019,000 27,780,788 Etihad Etisalat Co.(a) ...... 1,717,430 12,272,427 Quanta Computer Inc...... 3,212,000 8,429,153 Jarir MarketingCo...... 844,170 36,778,887 Standard Foods Corp...... 1,930,476 4,191,037 Saudi Airlines CateringCo...... 574,717 12,274,482 Synnex Technology International Corp...... 13,714,000 20,425,057 Saudi Arabian Fertilizer Co...... 873,167 19,300,496 Taiwan Business Bank ...... 38,010,704 12,954,588 Saudi Basic Industries Corp...... 1,110,022 26,045,391 Taiwan Cooperative Financial HoldingCo.Ltd...... 88,546,599 60,506,767 Saudi ElectricityCo...... 1,828,079 7,759,873 Taiwan High Speed Rail Corp...... 8,739,000 9,679,720 Saudi Telecom Co...... 2,182,277 55,859,588 Taiwan Mobile Co. Ltd...... 16,000,000 55,348,227 Savola Group (The)...... 302,234 3,916,483 Taiwan Semiconductor ManufacturingCo. Ltd...... 4,870,000 70,788,985 Yanbu National Petrochemical Co...... 486,010 6,932,911 Uni-President Enterprises Corp...... 3,487,000 7,914,871 270,732,074 United Microelectronics Corp...... 5,911,000 4,270,852 South Korea — 6.6% WPG Holdings Ltd...... 12,378,440 17,339,055 BGF retail Co. Ltd...... 23,792 2,553,649 697,427,261 CJLogistics Corp.(a) ...... 51,613 6,582,515 Thailand — 6.0% CowayCo. Ltd.(a) ...... 104,678 7,031,993 Advanced Info Service PCL, NVDR...... 4,096,000 24,084,440 GS Retail Co. Ltd...... 91,775 2,545,657 Airports of Thailand PCL, NVDR...... 20,631,100 37,122,390 Hanon Systems ...... 832,397 9,039,415 Bangkok Dusit Medical Services PCL, NVDR ...... 42,755,200 28,574,445 Hyundai Glovis Co. Ltd...... 35,412 4,337,441 Bangkok Expressway&Metro PCL,NVDR ...... 79,064,200 22,990,795

31 202 0 I S HARES A NNU AL R E P O RT TO S HAREHO LDERS Consolidated Schedule of Investments (continued) iShares MSCI Emerging Markets Min Vol Factor ETF August 31, 2020 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value Thailand (continued) Short-Term Investments BTSGroup HoldingsPCL, NVDR(b)...... 98,078,700 $ 32,774,311 Money Market Funds — 1.4% Bumrungrad Hospital PCL, NVDR ...... 3,133,400 11,125,093 BlackRock Cash Funds: Institutional, SLAgency CPALLPCL, NVDR(a) ...... 17,169,500 35,031,352 Shares, 0.37%(e)(f)(g) ...... 54,383,689 $ 54,438,073 Electricity Generating PCL, NVDR ...... 2,072,300 14,781,929 BlackRock Cash Funds: Treasury,SLAgency Shares, Home Product Center PCL, NVDR ...... 29,669,700 14,204,467 0.07%(e)(f) ...... 7,040,000 7,040,000 Intouch HoldingsPCL, NVDR ...... 7,714,500 13,509,206 Krung Thai Bank PCL, NVDR ...... 32,571,800 9,994,720 61,478,073 Siam Cement PCL (The),NVDR...... 525,600 5,978,389 Total Short-Term Investments — 1.4% Thai Union Group PCL, NVDR ...... 8,854,900 4,011,699 (Cost: $61,446,291)...... 61,478,073 254,183,236 Turkey —0.5% Total Investments in Securities — 101.2% BIM Birlesik Magazalar AS ...... 2,223,239 20,498,270 (Cost: $3,851,517,786)...... 4,300,704,241

United Arab Emirates — 1.7% Other Assets, Less Liabilities — (1.2)%...... (52,445,928) Dubai Islamic Bank PJSC ...... 4,236,900 4,729,262 Net Assets — 100.0% ...... $ 4,248,258,313 Emirates Telecommunications Group Co. PJSC ...... 7,835,535 35,325,663 First Abu Dhabi Bank PJSC ...... 9,944,091 31,024,947 (a) Non-income producing security. (b) All or a portion of this security is on loan. 71,079,872 (c) Security exempt from registration pursuant to Rule 144A under the Securities Act of Total Common Stocks — 99.7% 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. (Cost: $3,783,476,752)...... 4,234,072,299 (d) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. Preferred Stocks (e) Affiliate of the Fund. (f) Annualized 7-dayyield as of period-end. Brazil — 0.1% (g) All or a portion of this security was purchased with cash collateral received from loaned Telefonica Brasil SA, Preference Shares, NVS ...... 374,900 3,269,330 securities. Russia — 0.0% Surgutneftegas PJSC,Preference Shares, NVS...... 3,762,000 1,884,539

Total Preferred Stocks — 0.1% (Cost: $6,594,743)...... 5,153,869

Affiliates Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2020, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Change in Unrealized Shares Capital Gain Value at Purchases Proceeds NetRealized Appreciation Value at Heldat Distributionsfrom Affiliated Issuer 08/31/19 at Cost from Sales Gain (Loss) (Depreciation) 08/31/20 08/31/20 Income Underlying Funds BlackRock Cash Funds:Institu- tional, SLAgencyShares...... $34,288,990 $20,157,567(a) $ —$(28,974) $ 20,490 $54,438,073 54,383,689 $764,334(b) $ — BlackRock Cash Funds: Trea- sury, SLAgencyShares ...... 16,273,000 — (9,233,000)(a) — — 7,040,000 7,040,000 95,154 — $(28,974) $ 20,490 $61,478,073 $859,488 $ —

(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 offees and collateral investment expenses, and other payments to and from borrowers of securities.

Futures Contracts

Value/ Notional Unrealized Number of Expiration Amount Appreciation Description Contracts Date (000) (Depreciation) LongContracts 2-Year U.S. Treasury Note ...... 5 12/31/20 $ 1,105 $ 348

S C HEDU LE O F I NVES TMENTS 32 Consolidated Schedule of Investments (continued) iShares MSCI Emerging Markets Min Vol Factor ETF August 31, 2020

Futures Contracts (continued)

Value/ Notional Unrealized Number of Expiration Amount Appreciation Description Contracts Date (000) (Depreciation) MSCI Emerging Markets E-Mini Index ...... 95 09/18/20 $ 5,227 $ 146,799 $ 147,147

Derivative Financial Instruments Categorized by Risk Exposure As of August 31, 2020, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:

Interest Equity Rate Contracts Contracts Total Assets — Derivative Financial Instruments Futures contracts Unrealized appreciation on futures contracts(a) ...... $146,799 $ 348 $147,147

(a) Net cumulative appreciation (depreciation) on futures contracts are reported in the Consolidated Schedule of Investments. In the Consolidated Statements of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the year ended August 31, 2020, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:

Interest Equity Rate Contracts Contracts Total Net Realized Gain (Loss)from: Futures contracts ...... $3,342,633 $ 2,568 $3,345,201 Net Change in Unrealized Appreciation (Depreciation) on: Futures contracts ...... $ 332,669 $ 348 $ 333,017

Average Quarterly Balances ofOutstanding Derivative Financial Instruments

Futures contracts: Average notional value of contracts — long ...... $7,764,533 For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Consolidated Financial Statements.

Fair Value Measurements Various inputs are used in determining the fair value offinancial instruments. For description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Consolidated Financial Statements. The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of August 31, 2020. The breakdown of the Fund's investments into major categories is disclosed in the Consolidated Schedule of Investments above.

Level 1 Level 2 Level 3 Total Investments Assets Common Stocks ...... $4,234,072,270 $ — $ 29 $4,234,072,299 Preferred Stocks ...... 5,153,869 — — 5,153,869 Money Market Funds...... 61,478,073 — — 61,478,073 $4,300,704,212 $ — $ 29 $4,300,704,241 Derivative financial instruments(a) Assets FuturesContracts ...... $ 147,147 $ — $ — $ 147,147

33 202 0 I S HARES A NNU AL R E P O RT TO S HAREHO LDERS Consolidated Schedule of Investments (continued) iShares MSCI Emerging Markets Min Vol Factor ETF August 31, 2020

(a) Shown at the unrealized appreciation (depreciation) on the contracts. See notes to financial statements.

S C HEDU LE O F I NVES TMENTS 34 Schedule of Investments iShares MSCI Emerging Markets Multifactor ETF August 31, 2020 (Percentages shown are based on Net Assets)

Security Shares Value SecurityShares Value Common Stocks China (continued) CSPC Pharmaceutical Group Ltd...... 4,262,400 $ 9,470,595 Brazil — 3.3% Dali Foods Group Co. Ltd.(a)...... 1,722,000 1,055,399 Banco BTG Pactual SA ...... 196,800 $ 2,881,741 Daqin RailwayCo. Ltd., Class A ...... 774,928 749,001 BB Seguridade Participacoes SA ...... 602,700 2,898,198 Dongfeng Motor Group Co. Ltd., Class H ...... 2,214,000 1,536,915 Cia. de Saneamento BasicodoEstado de Sao Paulo...... 73,800 642,365 Fujian Star-Net Communication Co. Ltd., Class A...... 36,813 158,342 Hypera SA ...... 332,100 1,915,997 Fujian Sunner Development Co. Ltd., Class A(b) ...... 61,500 241,361 IRB Brasil Resseguros S/A...... 615,068 799,401 G-Bits Network Technology Xiamen Co. Ltd., ClassA...... 3,700 334,516 JBSSA ...... 947,104 3,874,116 GSX Techedu Inc., ADR(b)(c)...... 64,862 5,539,215 Porto Seguro SA...... 86,100 829,626 GuangzhouR&FPropertiesCo.Ltd.,ClassH...... 836,400 1,064,096 Sul America SA...... 246,078 1,936,902 Guocheng Mining Co. Ltd., Class A(b) ...... 61,500 205,983 TIM Participacoes SA ...... 738,000 1,926,422 Haitian International Holdings Ltd...... 615,000 1,488,668 17,704,768 Hefei Meiya Optoelectronic Technology Inc., ClassA ...... 36,900 314,362 Chile — 0.2% Heilongjiang Agriculture Co. Ltd., Class A ...... 98,400 289,634 Cia. CerveceriasUnidasSA...... 133,209 877,863 Henan Shuanghui Investment & Development Co. Ltd., Class A...... 147,670 1,369,082 China — 45.9% Hithink RoyalFlush Information Network Co. Ltd., Class A. . 24,600 603,116 AK Medical Holdings Ltd.(a) ...... 246,000 629,113 Hua HongSemiconductor Ltd.(a)(b)(c)...... 369,000 1,333,136 Alibaba Group Holding Ltd., ADR(b) ...... 119,802 34,386,768 Hualan Biological Engineering Inc., ClassA...... 98,400 827,525 Angang Steel Co. Ltd., Class A ...... 211,800 83,184 Huaxin Cement Co. Ltd., Class A ...... 73,800 301,271 Anhui Conch Cement Co. Ltd., Class A ...... 61,539 547,271 Hubei Jumpcan Pharmaceutical Co. Ltd., Class A ...... 49,200 173,838 Anhui Conch Cement Co. Ltd., Class H ...... 1,063,000 7,708,315 Hunan Valin Steel Co. Ltd., Class A...... 295,220 209,912 Apeloa Pharmaceutical Co. Ltd., Class A...... 61,500 255,459 Hundsun Technologies Inc., ClassA...... 24,680 401,559 BAIC Motor Corp. Ltd., Class H(a)...... 1,476,000 706,562 Inner Mongolia MengDian HuaNeng Thermal Power Corp. Bank ofChengdu Co. Ltd., Class A ...... 196,800 291,932 Ltd., Class A ...... 344,400 131,743 Bank ofCommunications Co. Ltd., Class H ...... 3,075,000 1,606,904 Inner Mongolia Yitai Coal Co. Ltd., Class B...... 959,400 671,580 BeijingCapital International Airport Co. Ltd., Class H(b) .... 1,722,000 1,217,597 Jafron Biomedical Co. Ltd., ClassA...... 36,987 411,552 Beijing Enterprises Holdings Ltd...... 430,500 1,369,241 Jiangsu Yuyue Medical Equipment &SupplyCo. Ltd., Beijing Tiantan Biological Products Corp. Ltd., Class A..... 71,181 439,922 Class A...... 49,200 264,420 Bosideng International Holdings Ltd...... 2,706,000 775,123 Jiangxi Zhengbang Technology Co. Ltd., ClassA...... 135,300 490,894 BYD Electronic International Co. Ltd.(c) ...... 553,500 2,346,080 Jilin Aodong Pharmaceutical Group Co. Ltd., ClassA...... 86,100 218,231 Centre Testing International Group Co. Ltd., Class A...... 49,200 196,537 Joincare Pharmaceutical Group IndustryCo. Ltd., Class A . 98,400 280,008 Chacha Food Co. Ltd., Class A ...... 24,600 248,724 JoyoungCo. Ltd., ClassA...... 36,900 237,590 ChangjiangSecurities Co. Ltd., Class A...... 295,200 367,645 Kingboard Holdings Ltd...... 582,000 1,873,628 Chengdu Xingrong Environment Co. Ltd., Class A ...... 194,399 149,862 Kingboard Laminates HoldingsLtd...... 922,500 1,162,923 China Cinda Asset Management Co. Ltd., Class H ...... 7,626,000 1,456,292 Kingdee International Software Group Co. Ltd.(b)(c) ...... 1,968,000 5,017,668 China CITIC Bank Corp. Ltd., Class H ...... 7,503,000 3,136,677 Lee & Man Paper Manufacturing Ltd...... 1,107,000 662,759 China Communications Services Corp. Ltd., Class H ...... 2,214,000 1,454,070 Legend Holdings Corp., Class H(a)...... 369,000 543,729 China Conch Venture Holdings Ltd...... 1,414,500 6,132,423 LiNingCo. Ltd...... 1,845,000 7,808,365 China Everbright Ltd...... 828,000 1,275,630 Luye Pharma Group Ltd.(a) ...... 1,537,500 833,210 China Lesso Group Holdings Ltd...... 984,000 1,835,918 New Hope Liuhe Co. Ltd., Class A ...... 123,000 682,420 China Longyuan Power Group Corp. Ltd., Class H ...... 2,706,000 1,707,366 Nine Dragons Paper Holdings Ltd...... 1,476,000 1,637,852 China Medical System Holdings Ltd...... 1,230,000 1,388,683 Noah Holdings Ltd.(b)(c) ...... 28,905 809,340 China Minsheng BankingCorp. Ltd., Class H...... 5,043,000 3,071,290 Northeast Securities Co. Ltd., Class A ...... 123,000 192,514 China Mobile Ltd...... 1,783,500 12,461,246 PICC Property&CasualtyCo. Ltd., Class H...... 5,905,000 4,563,905 China Overseas Property Holdings Ltd...... 1,230,000 1,109,359 Shandong Buchang Pharmaceuticals Co. Ltd., ClassA.... 61,500 249,263 China Power International Development Ltd...... 3,690,000 714,180 Shandong Hualu HengshengChemical Co. Ltd., Class A . . 85,950 337,317 China Reinsurance Group Corp., Class H...... 5,043,000 540,079 ShandongSun Paper Industry JSC Ltd., Class A ...... 135,300 275,770 China Resources Cement Holdings Ltd...... 2,214,000 3,228,092 Shandong Weigao Group Medical Polymer Co. Ltd., China Resources Power Holdings Co. Ltd...... 1,722,000 2,044,141 Class H...... 1,968,000 4,596,143 China Resources Sanjiu Medical & Pharmaceutical Co. Shanghai Industrial Holdings Ltd...... 429,000 644,318 Ltd., Class A ...... 49,200 204,726 Shanghai Pharmaceuticals HoldingCo. Ltd., ClassH...... 664,200 1,184,396 China Telecom Corp. Ltd., Class H ...... 11,316,000 3,708,656 Shanxi TaigangStainless Steel Co. Ltd., Class A ...... 344,400 184,038 China Traditional Chinese Medicine Holdings Co. Ltd.(b) . . . 2,460,000 1,050,638 Shenzhen ExpresswayCo. Ltd., ClassH...... 492,000 445,648 China Unicom Hong Kong Ltd...... 5,412,000 3,833,717 Shenzhen International HoldingsLtd...... 861,000 1,382,017 Chinese Universe Publishing and Media Group Co. Ltd., Shenzhen Investment Ltd...... 2,460,000 834,797 Class A...... 73,800 142,339 Shijiazhuang Yiling Pharmaceutical Co. Ltd., ClassA...... 61,500 256,626 Chongqing BreweryCo. Ltd., Class A...... 22,197 295,079 Shimao Group Holdings Ltd...... 1,045,500 4,708,031 Chongqing Rural Commercial Bank Co. Ltd., Class H...... 1,968,000 802,421 Sinolink Securities Co. Ltd., Class A ...... 159,900 363,263 COSCO SHIPPING Ports Ltd...... 1,476,000 836,066 Sinopec EngineeringGroup Co. Ltd., Class H ...... 1,291,500 573,248 CountryGarden Services Holdings Co. Ltd...... 1,107,000 7,720,283 Sinotruk Hong Kong Ltd...... 615,000 1,598,969

35 202 0 I S HARES A NNU AL R E P O RT TO S HAREHO LDERS Schedule of Investments (continued) iShares MSCI Emerging Markets Multifactor ETF August 31, 2020 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

China (continued) Philippines (continued) SSY Group Ltd...... 1,230,000 $ 784,011 PLDT Inc...... 74,415 $ 2,269,976 Sun Art Retail Group Ltd...... 2,029,500 2,644,846 4,090,620 Tangshan JidongCement Co. Ltd., Class A ...... 73,800 193,089 Qatar—2.5% Tencent Holdings Ltd...... 325,800 22,301,104 Barwa Real Estate Co...... 1,720,893 1,598,357 Tianjin Chase Sun Pharmaceutical Co. Ltd., Class A...... 147,600 122,189 Commercial Bank PSQC (The) ...... 1,781,040 2,014,551 Tingyi Cayman Islands HoldingCorp...... 1,722,000 3,235,075 Masraf Al Rayan QSC...... 2,818,791 3,200,642 (b) Topchoice Medical Corp., Class A ...... 12,300 406,381 Ooredoo QPSC...... 730,251 1,312,563 Uni-President China Holdings Ltd...... 1,107,000 1,008,422 Qatar Electricity & Water Co. QSC...... 472,689 2,213,819 Vinda International Holdings Ltd...... 369,000 1,261,718 Qatar Fuel QSC ...... 323,327 1,619,937 (b)(c) Vipshop Holdings Ltd., ADR ...... 381,546 6,299,324 Qatar International Islamic Bank QSC ...... 668,382 1,557,890 WeifuHigh-Technology Group Co. Ltd., Class A ...... 36,900 134,257 13,517,759 Wens Foodstuffs Group Co. Ltd., Class A ...... 324,720 1,170,085 Russia — 0.6% Wharf Holdings Ltd. (The) ...... 738,000 1,439,786 Inter RAOUES PJSC ...... 31,119,000 2,184,655 Wuhan Guide Infrared Co. Ltd., Class A...... 79,643 446,172 Magnitogorsk Iron &Steel Works PJSC...... 1,943,400 985,203 Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A...... 110,700 736,852 3,169,858 Yuexiu PropertyCo. Ltd...... 5,658,000 1,080,475 Saudi Arabia — 3.0% Yum China HoldingsInc.(b)(c) ...... 221,031 12,755,699 Abdullah Al Othaim MarketsCo...... 38,007 1,264,721 Zhejiang ExpresswayCo. Ltd., Class H ...... 1,230,000 830,036 Advanced Petrochemical Co...... 89,790 1,319,156 ZhejiangSemir Garment Co. Ltd., Class A ...... 98,400 110,480 Arab National Bank ...... 519,798 2,877,257 Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A ..... 24,600 214,639 Bank Al-Jazira ...... 194,709 678,025 (b) ZhongshengGroup Holdings Ltd...... 499,500 3,119,398 Bupa Arabia for Cooperative Insurance Co...... 53,628 1,773,086 (b) Zoomlion Heavy IndustryScience and Technology Co. Co for Cooperative Insurance (The) ...... 51,660 1,088,173 (b) Ltd., Class H(b)...... 1,147,000 1,148,458 Dar Al Arkan Real Estate Development Co...... 244,647 529,026 Jarir MarketingCo...... 27,183 1,184,312 248,713,807 RiyadBank...... 567,276 2,901,080 Czech Republic — 0.2% Saudi Airlines CateringCo...... 36,285 774,955 Moneta Money Bank AS(a) ...... 447,597 1,130,663 Saudi Cement Co...... 64,698 971,216 Hungary —0.5% Saudi Industrial Investment Group...... 192,495 1,124,036 Richter Gedeon Nyrt ...... 120,294 2,946,953 16,485,043 South Africa — 8.1% India — 7.2% AngloGold Ashanti Ltd...... 360,144 10,515,684 Bharti Infratel Ltd...... 291,633 786,655 Aspen Pharmacare Holdings Ltd.(b) ...... 334,806 2,685,167 Colgate-Palmolive India Ltd...... 54,981 1,018,278 Exxaro Resources Ltd...... 220,047 1,781,808 Divi's Laboratories Ltd...... 68,634 2,911,799 Gold Fields Ltd...... 764,691 9,888,341 Dr. Reddy's Laboratories Ltd...... 98,892 5,729,643 Impala Platinum Holdings Ltd...... 690,768 6,375,881 HDFC Asset Management Co. Ltd.(a) ...... 37,023 1,212,631 Kumba Iron Ore Ltd...... 55,596 1,742,579 Hindustan Petroleum Corp. Ltd...... 530,745 1,453,271 Life Healthcare Group HoldingsLtd...... 1,190,271 1,162,080 Indraprastha Gas Ltd.(b) ...... 180,318 966,293 Momentum Metropolitan Holdings...... 850,053 760,676 Infosys Ltd...... 1,176,618 14,843,698 Mr. Price Group Ltd...... 224,721 1,537,116 Petronet LNG Ltd...... 555,837 1,814,970 Old Mutual Ltd...... 4,060,230 2,681,855 REC Ltd...... 590,523 851,598 Rand Merchant Investment HoldingsLtd...... 643,536 1,142,249 Tech Mahindra Ltd...... 400,611 4,032,915 Reinet InvestmentsSCA...... 127,674 2,435,123 Wipro Ltd...... 987,690 3,640,394 Tiger Brands Ltd...... 140,097 1,425,923 39,262,145 44,134,482 Indonesia — 0.8% South Korea — 7.1% Adaro Energy Tbk PT ...... 12,546,000 934,758 BNK Financial Group Inc...... 243,663 1,042,014 Gudang Garam Tbk PT(b) ...... 418,200 1,364,086 CowayCo. Ltd.(b) ...... 41,205 2,768,044 Indofood Sukses Makmur Tbk PT...... 3,788,400 1,983,625 Daelim Industrial Co.Ltd...... 24,231 1,772,602 4,282,469 DBInsurance Co.Ltd...... 42,435 1,559,296 Malaysia — 0.3% E-MART Inc...... 16,728 1,689,839 AMMB HoldingsBhd...... 1,402,200 982,937 Hana Financial Group Inc...... 120,048 2,849,864 Carlsberg Brewery Malaysia Bhd ...... 135,300 708,738 Hankook Tire & Technology Co.Ltd...... 64,329 1,597,530 1,691,675 Hyundai Department Store Co.Ltd...... 226 10,217 Mexico — 0.1% Hyundai Marine & Fire Insurance Co. Ltd...... 54,489 1,013,728 Megacable Holdings SAB de CV, CPO...... 258,300 743,412 Kia Motors Corp...... 227,427 8,127,179 LG Innotek Co. Ltd...... 12,177 1,486,375 Philippines — 0.8% LG Uplus Corp...... 188,682 1,898,097 Globe Telecom Inc...... 28,905 1,244,790 Posco International Corp...... 43,911 502,727 (b) Megaworld Corp...... 9,594,600 575,854 S-1 Corp...... 14,391 1,056,398

S C HEDU LE O F I NVES TMENTS 36 Schedule of Investments (continued) iShares MSCI Emerging Markets Multifactor ETF August 31, 2020 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value South Korea (continued) Preferred Stocks Samsung Electronics Co. Ltd...... 186,591 $ 8,482,123 Brazil — 2.0% SK Telecom Co. Ltd...... 11,316 2,362,461 Cia. Paranaense de Energia,PreferenceShares,NVS.... 86,100 $ 969,624 38,218,494 ItausaSA,PreferenceShares,NVS...... 3,825,338 6,575,573 Taiwan — 15.4% Telefonica Brasil SA, Preference Shares, NVS ...... 381,300 3,325,141 Accton Technology Corp...... 431,000 3,437,248 10,870,338 Asia Cement Corp...... 1,845,000 2,672,409 Chile — 0.1% Asustek Computer Inc...... 615,000 5,093,298 Embotelladora Andina SA, Class B, Preference Shares.... 314,142 670,757 Chicony Electronics Co. Ltd...... 492,169 1,484,483 Compal Electronics Inc...... 3,567,000 2,249,016 Russia — 0.6% Formosa Taffeta Co. Ltd...... 615,000 663,386 Surgutneftegas PJSC,Preference Shares, NVS...... 6,014,700 3,013,008 Foxconn Technology Co. Ltd...... 861,000 1,531,762 Inventec Corp...... 2,214,000 1,716,630 Total Preferred Stocks — 2.7% Lite-On Technology Corp...... 1,845,718 2,918,778 (Cost: $19,842,181) ...... 14,554,103 Micro-Star International Co. Ltd...... 615,000 2,840,090 Nien Made Enterprise Co. Ltd...... 69,000 794,847 Short-Term Investments Novatek Microelectronics Corp...... 517,000 4,228,823 Money Market Funds — 1.6% Pegatron Corp...... 1,722,000 3,668,013 BlackRock Cash Funds: Institutional, SLAgencyShares, Phison Electronics Corp...... 123,000 1,161,188 0.37%(d)(e)(f)...... 7,379,288 7,386,667 Pou Chen Corp...... 1,968,000 1,857,901 BlackRock Cash Funds: Treasury, SLAgencyShares, Powertech Technology Inc...... 660,000 1,943,459 0.07%(d)(e) ...... 1,110,000 1,110,000 Realtek Semiconductor Corp...... 410,000 5,309,885 Ruentex Development Co. Ltd...... 738,000 1,086,570 8,496,667 Standard Foods Corp...... 369,000 801,094 Total Short-Term Investments — 1.6% Synnex Technology International Corp...... 1,107,000 1,648,719 (Cost: $8,494,578)...... 8,496,667 Taiwan Business Bank ...... 3,745,459 1,276,506 Taiwan Semiconductor Manufacturing Co. Ltd...... 1,177,000 17,108,549 Total Investments in Securities — 101.3% United Microelectronics Corp...... 9,594,000 6,931,916 (Cost: $495,004,965) ...... 548,391,671 Win Semiconductors Corp...... 300,000 2,924,186 Other Assets, Less Liabilities — (1.3)%...... (6,783,932) Winbond Electronics Corp...... 2,583,000 1,069,593 Wistron Corp...... 2,583,063 2,808,299 Net Assets — 100.0%...... $ 541,607,739 WPG Holdings Ltd...... 1,353,160 1,895,434 (a) Security exempt from registration pursuant to Rule 144A under the Securities Act of Zhen Ding Technology Holding Ltd...... 492,000 2,062,471 1933, as amended. These securities may be resold in transactions exempt from 83,184,553 registration to qualified institutional investors. Thailand — 0.2% (b) Non-income producing security. Krung Thai Bank PCL, NVDR ...... 3,087,300 947,344 (c) All or a portion of this security is on loan. (d) Affiliate of the Fund. United Arab Emirates — 0.8% (e) Annualized 7-dayyield as of period-end. Aldar Properties PJSC ...... 3,300,459 1,824,029 (f) All or a portion of this security was purchased with cash collateral received from loaned Emaar Properties PJSC(b)...... 3,080,043 2,414,964 securities. 4,238,993

Total Common Stocks — 97.0% (Cost: $466,668,206) ...... 525,340,901

37 202 0 I S H ARES A NNU AL R E P O RT TO S H AREHO LDERS Schedule of Investments (continued) iShares MSCI Emerging Markets Multifactor ETF August 31, 2020

Change in Unrealized Shares Capital Gain Value at Purchases Proceeds NetRealized Appreciation Value at Heldat Distributionsfrom Affiliated Issuer 08/31/19 at Cost from Sales Gain (Loss) (Depreciation) 08/31/20 08/31/20 Income Underlying Funds BlackRock Cash Funds: Institutional, SL AgencyShares ...... $3,213,781 $4,174,049(a) $ —$(3,093) $ 1,930 $7,386,667 7,379,288 $75,016(b) $ — BlackRock Cash Funds: Treasury, SL AgencyShares ...... 300,000 810,000(a) — — — 1,110,000 1,110,000 7,393 — $(3,093) $ 1,930 $8,496,667 $82,409 $ —

Futures Contracts

Value/ Notional Unrealized Number of Expiration Amount Appreciation Description Contracts Date (000) (Depreciation) Long Contracts MSCI Emerging Markets E-Mini Index ...... 18 09/18/20 $ 990 $ 71,675

Equity Contracts Assets — Derivative Financial Instruments Futures contracts Unrealized appreciation on futures contracts(a) ...... $ 71,675

For the year ended August 31, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

Equity Contracts Net Realized Gain (Loss)from: Futures contracts ...... $ 497,411 Net Change in Unrealized Appreciation (Depreciation) on: Futures contracts ...... $140,472

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts: Average notional value of contracts — long ...... $2,500,560 For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Measurements Various inputs are used in determining the fair value offinancial instruments. For description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements. The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of August 31, 2020. The breakdown of the Fund's investments into major categories is disclosed in the Schedule of Investments above.

S C HEDU LE O F I NVES TMENTS 38 Schedule of Investments (continued) iShares MSCI Emerging Markets Multifactor ETF August 31, 2020

Fair Value Measurements (continued)

Level 1 Level 2 Level 3 Total Investments Assets Common Stocks ...... $525,340,901 $ — $ — $525,340,901 Preferred Stocks...... 14,554,103 — — 14,554,103 Money Market Funds ...... 8,496,667 — — 8,496,667 $548,391,671 $ — $ — $548,391,671 Derivative financial instruments(a) Assets FuturesContracts...... $ 71,675 $ — $ — $ 71,675

(a) Shown at the unrealized appreciation (depreciation) on the contracts. See notes to financial statements.

39 202 0 I S H ARES A NNU AL R E P O RT TO S HAREHO LDERS Schedule of Investments iShares MSCI Global Min Vol Factor ETF August 31, 2020 (Percentages shown are based on Net Assets)

Security Shares Value SecurityShares Value Common Stocks Denmark (continued) Coloplast A/S, Class B ...... 117,876 $ 20,044,781 Australia — 0.4% Novo Nordisk A/S, Class B ...... 193,959 12,873,681 Newcrest Mining Ltd...... 218,367 $ 5,161,325 Tryg A/S...... 296,677 9,127,203 Woolworths Group Ltd...... 673,369 19,854,857 48,308,955 25,016,182 Finland — 0.6% Belgium — 0.5% Elisa OYJ ...... 347,960 20,511,685 Colruyt SA ...... 135,490 8,588,085 Nokia OYJ ...... 2,943,870 14,338,144 ProximusSADP ...... 370,326 7,347,571 Telenet Group Holding NV ...... 98,088 3,821,907 34,849,829 UCB SA...... 84,858 10,099,884 France — 0.8% Eurazeo SE(a) ...... 59,158 3,128,567 29,857,447 Hermes International...... 27,471 23,635,136 Canada — 5.8% Orange SA ...... 1,806,703 20,159,587 Agnico Eagle Mines Ltd...... 579,964 47,867,784 Barrick Gold Corp...... 2,378,245 70,528,713 46,923,290 BCEInc...... 375,747 16,166,681 Germany —1.1% CGIInc.(a) ...... 212,151 14,917,898 Deutsche Telekom AG,Registered ...... 3,217,239 56,752,965 Empire Co. Ltd., Class A, NVS ...... 351,041 9,146,814 Telefonica Deutschland Holding AG...... 2,191,294 6,069,493 Fairfax Financial Holdings Ltd...... 20,197 6,232,788 62,822,458 Franco-Nevada Corp...... 450,874 67,882,845 Hong Kong —2.6% Intact Financial Corp...... 327,252 35,089,894 BeiGene Ltd., ADR(a) ...... 43,531 10,515,784 Kirkland Lake Gold Ltd...... 88,257 4,707,672 CLP Holdings Ltd...... 1,921,254 18,877,505 Loblaw Companies Ltd...... 179,840 9,304,282 Dairy Farm International Holdings Ltd...... 577,500 2,413,950 Metro Inc...... 138,509 6,263,441 HangSeng Bank Ltd.(b) ...... 1,387,500 21,823,610 Rogers Communications Inc., Class B, NVS ...... 138,322 5,760,276 HK Electric Investments & HK Electric Investments Ltd.. 6,513,500 6,631,035 Shaw Communications Inc., Class B, NVS ...... 277,396 5,192,592 HKT Trust & HKTLtd...... 9,262,000 13,241,416 TELUS Corp...... 975,658 17,986,343 Hong Kong&China Gas Co. Ltd.(b)...... 12,234,886 17,807,335 Thomson Reuters Corp...... 174,646 13,365,020 Jardine Matheson HoldingsLtd...... 228,800 9,609,600 Waste Connections Inc.(b) ...... 141,452 14,149,444 Jardine Strategic HoldingsLtd...... 189,100 3,793,346 344,562,487 Link REIT ...... 1,749,900 13,931,192 (b) Chile — 0.1% MTR Corp. Ltd...... 3,544,000 18,451,307 Banco de Chile ...... 94,113,950 7,886,413 PCCWLtd...... 10,432,000 6,541,747 Power Assets HoldingsLtd...... 1,310,500 7,507,751 China — 2.8% 151,145,578 Agricultural Bank ofChina Ltd., Class A...... 10,933,899 5,124,405 Hungary —0.1% Agricultural Bank ofChina Ltd., Class H ...... 7,575,000 2,531,467 OTP Bank Nyrt(a) ...... 136,270 4,610,295 Alibaba Group Holding Ltd., ADR(a) ...... 24,805 7,119,779 Alibaba Pictures Group Ltd.(a) ...... 29,450,000 4,179,919 India — 2.6% Bank ofCommunications Co. Ltd., Class A...... 5,173,500 3,572,802 Asian Paints Ltd...... 368,316 9,502,685 Bank of Communications Co. Ltd., Class H(b) ...... 6,835,000 3,571,770 Avenue Supermarts Ltd.(a)(d) ...... 158,113 4,835,810 China Huishan Dairy Holdings Co. Ltd.(a)(c)...... 2,093,055 3 Bajaj Auto Ltd...... 82,349 3,319,356 China Minsheng Banking Corp. Ltd., Class A...... 3,524,499 2,855,970 Bajaj Finserv Ltd...... 92,999 7,821,164 China Mobile Ltd...... 3,590,000 25,083,192 Bharat Petroleum Corp. Ltd...... 819,812 4,541,919 China Telecom Corp. Ltd., Class H ...... 32,104,000 10,521,623 Coal India Ltd...... 3,018,297 5,509,061 China Tourism Group Duty Free Corp. Ltd., Class A .... 286,200 8,691,531 Dabur India Ltd...... 1,045,617 6,741,838 China Unicom Hong Kong Ltd...... 4,294,000 3,041,755 Dr. Reddy's Laboratories Ltd...... 78,715 4,560,620 China United Network Communications Ltd., Class A . . . 3,787,947 2,870,348 Eicher Motors Ltd...... 231,260 6,572,644 CRRC Corp. Ltd., Class A...... 3,586,497 3,068,537 HCL Technologies Ltd...... 1,150,898 10,857,366 Guangdong Investment Ltd...... 4,253,147 6,640,269 Hero MotoCorpLtd...... 98,916 4,039,622 Industrial & Commercial Bank of China Ltd., Class A . . . 5,778,051 4,184,334 Hindustan Petroleum Corp.Ltd...... 1,486,858 4,071,273 Jiangsu Expressway Co. Ltd., Class H...... 2,990,000 2,993,800 Hindustan Unilever Ltd...... 206,248 5,932,809 Lenovo Group Ltd...... 4,834,000 3,230,921 Housing Development Finance Corp. Ltd...... 194,165 4,834,110 Postal Savings Bank of China Co. Ltd., Class H(d) ...... 24,292,000 11,503,215 Indian Oil Corp.Ltd...... 3,879,319 4,521,898 SF HoldingCo. Ltd., Class A ...... 431,500 5,361,344 InfosysLtd...... 664,064 8,377,541 Shenzhen International Holdings Ltd...... 2,151,500 3,453,438 InterGlobe Aviation Ltd.(a)(d) ...... 223,465 3,640,499 Xiaomi Corp., Class B(a)(d)...... 8,276,400 25,095,695 ITC Ltd...... 1,210,174 3,141,857 ZTE Corp., Class A ...... 564,900 3,216,618 Larsen & Toubro Ltd...... 259,480 3,331,123 ZTO Express Cayman Inc., ADR ...... 488,800 16,389,464 Maruti Suzuki India Ltd...... 87,563 8,136,760 164,302,199 Petronet LNG Ltd...... 1,460,966 4,770,481 Denmark — 0.8% Pidilite Industries Ltd...... 298,269 5,684,363 Carlsberg AS, Class B ...... 44,475 6,263,290 Sun Pharmaceutical Industries Ltd...... 527,201 3,726,201

S C HEDU LE O F I NVES TMENTS 40 Schedule of Investments (continued) iShares MSCI Global Min Vol Factor ETF August 31, 2020 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

India (continued) Japan (continued) Tata ConsultancyServices Ltd...... 301,335 $ 9,240,749 Nomura Research Institute Ltd...... 168,690 $ 4,484,295 Tech Mahindra Ltd...... 468,589 4,717,243 NTT Data Corp...... 831,400 9,502,162 United Spirits Ltd.(a)...... 364,916 2,710,068 NTT DOCOMO Inc...... 2,855,700 79,683,307 Wipro Ltd...... 430,096 1,585,233 Ono Pharmaceutical Co.Ltd...... 149,200 4,500,833 Wipro Ltd., ADR ...... 1,425,832 6,131,078 Oracle Corp. Japan ...... 71,000 8,328,917 152,855,371 Oriental Land Co. Ltd...... 220,200 29,880,504 Indonesia — 0.6% Pan Pacific International Holdings Corp...... 554,900 13,034,616 Bank Central Asia Tbk PT ...... 13,639,500 29,386,391 Secom Co. Ltd...... 357,900 33,834,198 Kalbe Farma Tbk PT...... 31,394,300 3,406,214 Seibu HoldingsInc...... 220,700 2,426,670 Seven & i Holdings Co. Ltd...... 83,900 2,716,099 32,792,605 Shimamura Co. Ltd...... 52,400 4,323,636 Ireland — 0.5% Shionogi &Co. Ltd...... 57,729 3,202,600 KerryGroup PLC, Class A ...... 204,560 26,910,800 Softbank Corp...... 598,000 7,852,468 Israel — 0.5% Suntory Beverage & Food Ltd...... 327,600 12,635,051 Azrieli Group Ltd...... 61,631 3,328,175 Takeda Pharmaceutical Co.Ltd...... 141,800 5,293,849 Bank Hapoalim BM ...... 552,466 3,352,624 Tobu RailwayCo.Ltd...... 441,500 13,780,612 Bank Leumi Le-Israel BM ...... 788,421 4,045,899 Toho Co. Ltd...... 191,700 7,285,124 Check Point Software Technologies Ltd.(a)(b) ...... 30,423 3,841,208 Toyo Suisan Kaisha Ltd...... 209,300 11,881,616 Mizrahi Tefahot Bank Ltd...... 329,600 6,727,213 USS Co. Ltd...... 168,000 2,837,361 Nice Ltd.(a) ...... 26,383 6,045,243 West Japan RailwayCo...... 225,200 11,830,725 27,340,362 Yamada Denki Co. Ltd...... 1,544,100 8,285,095 Italy —0.3% Yamazaki BakingCo. Ltd...... 243,400 3,961,605 Assicurazioni Generali SpA ...... 943,902 14,680,825 680,593,485 Intesa Sanpaolo SpA(a) ...... 2,284,300 4,931,644 Malaysia — 0.6% 19,612,469 Hong Leong BankBhd...... 1,534,500 5,157,364 Japan — 11.5% IHH Healthcare Bhd ...... 2,366,500 3,045,118 Malayan Banking Bhd...... 3,572,700 6,286,854 ABC-Mart Inc...... 81,200 4,272,677 (b) Ajinomoto Co. Inc...... 274,700 5,118,650 Maxis Bhd ...... 3,791,200 4,550,714 ANA HoldingsInc.(a) ...... 280,000 6,990,429 Petronas Chemicals Group Bhd ...... 2,033,600 2,665,576 Canon Inc...... 1,254,400 21,670,619 Petronas Dagangan Bhd ...... 586,800 2,901,952 Chugai Pharmaceutical Co. Ltd...... 637,700 28,389,662 Public Bank Bhd...... 2,643,160 10,419,082 Daiwa House REIT Investment Corp...... 4,401 11,495,846 35,026,660 East Japan RailwayCo...... 89,800 5,840,451 Netherlands — 0.6% FUJIFILM Holdings Corp...... 222,600 10,592,103 Koninklijke Ahold Delhaize NV...... 737,028 22,230,144 Hamamatsu Photonics KK ...... 200,600 9,136,668 KoninklijkeKPNNV...... 2,053,602 5,395,846 Hankyu Hanshin HoldingsInc...... 79,400 2,579,405 Unilever NV ...... 173,272 10,052,472 Japan Airlines Co. Ltd...... 275,900 5,500,048 37,678,462 Japan Post Bank Co. Ltd...... 989,700 7,960,904 New Zealand — 0.2% Japan Post Holdings Co. Ltd...... 3,432,500 25,367,064 Fisher & Paykel Healthcare Corp.Ltd...... 222,601 5,544,303 Japan Tobacco Inc...... 144,900 2,708,890 Spark New Zealand Ltd...... 2,540,054 8,292,252 KDDI Corp...... 693,100 20,117,514 13,836,555 Keikyu Corp...... 175,700 2,621,127 Norway — 0.2% Keio Corp...... 151,600 9,163,619 Telenor ASA...... 868,970 14,229,158 Keyence Corp...... 67,400 27,762,101 Kintetsu Group Holdings Co. Ltd...... 214,400 9,421,510 Peru — 0.0% Kirin Holdings Co. Ltd...... 142,400 2,799,793 Credicorp Ltd...... 20,553 2,681,755 Kyushu RailwayCo...... 367,200 8,095,748 Lawson Inc...... 123,200 6,076,062 Philippines — 0.2% McDonald's Holdings Co. Japan Ltd...... 162,000 7,943,797 BDOUnibank Inc...... 3,216,229 5,704,768 MEIJI Holdings Co. Ltd...... 124,200 10,025,480 PLDT Inc...... 164,535 5,019,022 Mizuho Financial Group Inc...... 12,312,000 16,695,418 10,723,790 Nagoya Railroad Co. Ltd...... 421,400 11,758,429 Qatar—0.3% NECCorp...... 553,200 29,161,092 Qatar Islamic Bank SAQ ...... 868,491 3,783,759 Nippon Building Fund Inc...... 3,109 18,734,037 Qatar National Bank QPSC ...... 2,920,233 14,312,919 Nippon Prologis REIT Inc...... 4,336 14,188,241 18,096,678 Nippon Telegraph & Telephone Corp...... 1,346,900 30,628,972 Russia — 0.5% Nissan Motor Co. Ltd...... 766,000 3,116,875 Polymetal International PLC...... 520,629 13,902,999 Nissin Foods Holdings Co. Ltd...... 39,000 3,898,345 Polyus PJSC ...... 65,892 16,005,379 Nitori Holdings Co. Ltd...... 91,800 19,200,566 29,908,378

41 202 0 I S H ARES A NNU AL R E P O RT TO S H AREHO LDERS Schedule of Investments (continued) iShares MSCI Global Min Vol Factor ETF August 31, 2020 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Saudi Arabia — 0.9% Taiwan (continued) Alinma Bank(a)...... 2,417,120 $ 9,989,564 Nan Ya Plastics Corp...... 1,281,000 $ 2,684,986 Arab National Bank ...... 538,539 2,980,994 Quanta Computer Inc...... 4,896,000 12,848,423 Bank AlBilad...... 464,412 2,974,357 Synnex Technology International Corp...... 3,249,250 4,839,297 Bank Al-Jazira ...... 978,361 3,406,896 Taishin Financial HoldingCo. Ltd...... 11,281,084 5,094,299 Jarir MarketingCo...... 144,105 6,278,382 Taiwan Cooperative Financial HoldingCo.Ltd...... 22,798,252 15,578,786 Saudi Arabian Fertilizer Co...... 369,122 8,159,078 Taiwan Mobile Co. Ltd...... 4,002,000 13,843,975 Saudi Basic Industries Corp...... 147,897 3,470,233 WPG Holdings Ltd...... 3,696,760 5,178,223 Saudi Telecom Co...... 550,271 14,085,247 247,474,403 Yanbu National Petrochemical Co...... 225,108 3,211,156 Thailand — 0.7% 54,555,907 Advanced Info Service PCL, NVDR...... 826,300 4,858,636 Singapore — 0.7% Airports of Thailand PCL, NVDR(b)...... 6,479,500 11,658,832 CapitaLand Commercial Trust ...... 3,504,900 4,330,856 Bangkok Dusit Medical Services PCL, NVDR ...... 9,111,700 6,089,593 CapitaLand Mall Trust...... 5,854,400 8,439,706 Bangkok Expressway&Metro PCL,NVDR ...... 15,614,700 4,540,543 Oversea-Chinese BankingCorp. Ltd.(b) ...... 618,100 3,941,547 BTSGroup HoldingsPCL, NVDR(b)...... 13,740,800 4,591,672 Singapore Airlines Ltd.(b) ...... 1,339,600 3,596,308 Bumrungrad Hospital PCL, NVDR ...... 845,700 3,002,646 Singapore Exchange Ltd...... 500,400 3,168,906 CPALLPCL, NVDR(a) ...... 1,293,000 2,638,140 Singapore Telecommunications Ltd.(b) ...... 12,324,500 20,849,036 Home Product Center PCL, NVDR ...... 9,309,300 4,456,858 44,326,359 41,836,920 South Korea — 0.3% United Arab Emirates — 0.2% Hyundai Marine & Fire Insurance Co. Ltd...... 133,395 2,481,715 Emirates Telecommunications Group Co. PJSC ...... 2,066,128 9,314,915 S-1 Corp...... 42,680 3,133,005 First Abu Dhabi Bank PJSC ...... 900,681 2,810,069 SK Telecom Co. Ltd...... 49,683 10,372,408 12,124,984 15,987,128 United Kingdom — 0.4% Sweden — 0.3% Admiral Group PLC ...... 114,597 4,046,203 Telefonaktiebolaget LM Ericsson, Class B...... 1,082,049 12,576,932 AstraZeneca PLC...... 41,992 4,689,180 Telia Co. AB ...... 836,043 3,228,841 GlaxoSmithKline PLC ...... 797,080 15,709,921 15,805,773 24,445,304 Switzerland — 5.0% United States — 52.5% Chocoladefabriken Lindt &Spruengli AG,Registered . . . 242 21,446,610 Accenture PLC, Class A...... 47,741 11,454,498 Givaudan SA, Registered ...... 3,232 13,603,509 AlleghanyCorp...... 31,904 17,692,682 Kuehne & Nagel International AG,Registered(a) ...... 75,453 14,668,274 Allstate Corp. (The) ...... 271,448 25,244,664 Nestle SA, Registered ...... 656,567 79,156,992 Altria Group Inc...... 230,914 10,100,178 Novartis AG,Registered ...... 335,811 29,103,993 Ameren Corp...... 80,335 6,355,302 Partners Group Holding AG ...... 9,270 9,448,616 American Electric Power Co. Inc...... 228,467 18,010,054 Roche Holding AG,NVS ...... 125,787 44,101,234 American Tower Corp...... 68,112 16,970,105 Sonova Holding AG,Registered(a) ...... 37,348 8,755,803 American Water WorksCo. Inc...... 118,475 16,745,257 Swiss Prime Site AG,Registered ...... 100,093 9,042,774 Amphenol Corp., Class A ...... 124,557 13,676,359 Swisscom AG,Registered...... 63,363 35,184,075 Anthem Inc...... 27,358 7,701,824 Zurich Insurance Group AG ...... 90,755 33,663,357 Aon PLC, Class A...... 102,968 20,592,570 298,175,237 Arthur J Gallagher &Co...... 74,567 7,851,905 Taiwan — 4.2% AT&TInc...... 776,570 23,149,552 Advantech Co. Ltd...... 941,482 9,738,418 Automatic Data Processing Inc...... 117,842 16,390,644 (a) Asustek Computer Inc...... 1,637,000 13,557,282 AutoZone Inc...... 16,290 19,487,890 AU Optronics Corp.(a) ...... 15,000,000 5,342,263 Baxter International Inc...... 196,757 17,131,632 (a) Chang Hwa Commercial Bank Ltd...... 12,863,481 8,000,904 Berkshire Hathaway Inc., Class B ...... 115,461 25,175,116 (a) Chicony Electronics Co. Ltd...... 1,451,020 4,376,575 Black Knight Inc...... 333,896 28,080,654 China Development Financial HoldingCorp...... 31,071,000 9,043,380 Booz Allen Hamilton HoldingCorp...... 161,444 14,216,759 China Steel Corp...... 10,357,000 7,024,327 Bristol-Myers Squibb Co...... 121,388 7,550,334 Chunghwa Telecom Co. Ltd...... 9,299,000 34,386,160 Broadridge Financial Solutions Inc...... 147,553 20,273,782 Compal Electronics Inc...... 10,449,000 6,588,160 Brown&BrownInc...... 272,623 12,649,707 CTBC Financial HoldingCo. Ltd...... 4,570,000 2,951,502 Campbell Soup Co...... 188,511 9,917,564 E.Sun Financial HoldingCo. Ltd...... 10,864,490 10,071,541 Cboe Global Markets Inc...... 98,636 9,053,798 Far EasTone TelecommunicationsCo. Ltd...... 3,900,000 8,147,845 CH Robinson Worldwide Inc...... 319,471 31,403,999 First Financial HoldingCo. Ltd...... 25,078,034 18,162,269 Chubb Ltd...... 184,937 23,117,125 Formosa Petrochemical Corp...... 1,012,000 2,828,213 Church & DwightCo.Inc...... 258,148 24,738,323 Hua Nan Financial Holdings Co. Ltd...... 20,407,074 12,553,812 Cincinnati Financial Corp...... 156,019 12,389,469 Inventec Corp...... 4,045,000 3,136,300 Cisco Systems Inc...... 843,331 35,605,435 (b) Lite-On Technology Corp...... 5,207,000 8,234,235 Citrix Systems Inc...... 244,220 35,460,744 Mega Financial HoldingCo. Ltd...... 23,336,000 23,263,228 Clorox Co. (The)...... 166,680 37,252,980

S C HEDU LE O F I NVES TMENTS 42 Schedule of Investments (continued) iShares MSCI Global Min Vol Factor ETF August 31, 2020 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

United States (continued) United States (continued) CME Group Inc...... 92,989 $ 16,353,975 NextEra Energy Inc...... 225,651 $ 62,994,990 CMS Energy Corp...... 160,087 9,683,663 Oracle Corp...... 103,986 5,950,079 Coca-Cola Co. (The)...... 947,795 46,944,286 O'Reilly Automotive Inc.(a) ...... 30,592 14,244,553 Cognizant Technology Solutions Corp., Class A ...... 53,063 3,547,792 Palo Alto Networks Inc.(a) ...... 21,129 5,438,816 Colgate-Palmolive Co...... 208,444 16,521,271 Paychex Inc...... 455,999 34,870,244 Comcast Corp., Class A...... 359,292 16,099,875 PepsiCoInc...... 434,850 60,905,091 Consolidated Edison Inc...... 732,399 52,249,345 Pfizer Inc...... 548,294 20,720,030 Cooper Companies Inc. (The)(b) ...... 13,995 4,399,748 Philip Morris International Inc...... 39,873 3,181,467 Costco Wholesale Corp...... 32,272 11,219,684 Procter &Gamble Co. (The)...... 325,848 45,074,554 Crown Castle International Corp...... 174,986 28,566,464 Progressive Corp. (The)(b)...... 207,573 19,727,738 Danaher Corp...... 91,140 18,817,676 Public Storage...... 172,869 36,717,376 Dollar General Corp...... 241,952 48,845,270 Regeneron Pharmaceuticals Inc.(a) ...... 132,718 82,275,870 Dominion Energy Inc...... 409,992 32,159,772 RenaissanceRe HoldingsLtd...... 108,003 19,844,471 Duke Energy Corp...... 484,640 38,935,978 Republic Services Inc...... 546,383 50,660,632 Duke Realty Corp...... 266,484 10,272,958 Ross Stores Inc...... 138,608 12,624,417 Ecolab Inc...... 36,416 7,176,865 Southern Co. (The) ...... 762,546 39,789,650 Eli Lilly &Co...... 293,320 43,525,755 Starbucks Corp...... 307,985 26,015,493 Entergy Corp...... 123,199 12,213,949 Stryker Corp...... 27,216 5,393,123 Equity Residential ...... 255,155 14,403,500 Target Corp...... 84,497 12,776,791 Erie Indemnity Co., Class A, NVS...... 20,994 4,480,959 TJX Companies Inc. (The) ...... 432,887 23,717,879 Everest Re Group Ltd...... 67,883 14,939,691 TransUnion...... 34,799 3,017,769 Evergy Inc...... 285,768 15,208,573 Travelers Companies Inc. (The) ...... 170,007 19,727,612 Eversource Energy ...... 114,297 9,796,396 Tyler Technologies Inc.(a)(b)...... 96,377 33,279,942 Extra Space StorageInc...... 157,140 16,743,267 UnitedHealth GroupInc...... 37,452 11,705,623 F5 Networks Inc.(a)(b) ...... 46,765 6,188,412 Universal Health Services Inc., Class B ...... 37,237 4,109,103 Fidelity National Information Services Inc...... 205,693 31,028,789 VeriSignInc.(a)...... 47,874 10,283,335 Fiserv Inc.(a)(b) ...... 263,388 26,228,177 Verizon Communications Inc...... 1,500,436 88,930,842 General Mills Inc...... 163,300 10,443,035 Visa Inc., Class A(b) ...... 290,545 61,592,635 Genuine PartsCo...... 56,247 5,311,967 Walmart Inc...... 410,348 56,976,820 Gilead Sciences Inc...... 901,677 60,186,940 Walt Disney Co. (The) ...... 66,397 8,755,772 Henry Schein Inc.(a)...... 55,826 3,709,079 Waste Management Inc...... 585,272 66,721,008 HersheyCo. (The) ...... 241,374 35,877,831 WEC Energy Group Inc...... 501,549 47,185,730 Home Depot Inc. (The)...... 77,258 22,021,620 Western Union Co. (The)...... 999,031 23,567,141 Hormel Foods Corp...... 688,907 35,120,479 WR Berkley Corp...... 344,142 21,354,011 Humana Inc...... 19,612 8,142,314 Xcel Energy Inc...... 699,577 48,603,112 Intel Corp...... 57,133 2,910,926 3,112,591,724 Intercontinental ExchangeInc...... 83,896 8,912,272 International Business Machines Corp...... 106,559 13,139,790 Total Common Stocks — 99.4% Intuit Inc...... 25,637 8,854,763 (Cost: $5,057,989,287)...... 5,889,895,400 Jack Henry&Associates Inc...... 182,303 30,156,562 JM Smucker Co. (The) ...... 102,185 12,280,593 Warrants Johnson & Johnson...... 369,110 56,625,165 Thailand — 0.0% Juniper Networks Inc...... 138,185 3,454,625 BTSGroup HoldingsPCL (Expires 02/16/21)(a)...... 1 0(e) Kellogg Co...... 358,749 25,438,892 Keysight Technologies Inc.(a) ...... 459,429 45,262,945 Total Warrants — 0.0% Kimberly-Clark Corp...... 152,425 24,046,568 (Cost: $0) ...... 0(e) L3Harris Technologies Inc...... 104,465 18,881,004 Liberty Broadband Corp., Class C,NVS(a)(b)...... 261,934 36,694,334 Short-Term Investments Lockheed Martin Corp...... 44,114 17,215,930 Markel Corp.(a) ...... 26,112 28,379,305 Money Market Funds — 2.0% Marsh & McLennan Companies Inc...... 265,397 30,496,769 BlackRock Cash Funds: Institutional, SLAgency (f)(g)(h) Mastercard Inc., Class A(b) ...... 51,576 18,474,007 Shares, 0.37% ...... 105,421,740 105,527,162 McCormick &Co. Inc./MD, NVS ...... 150,320 30,995,984 McDonald's Corp...... 291,191 62,175,102 Medtronic PLC ...... 250,545 26,926,071 Merck &Co. Inc...... 836,730 71,347,967 Microsoft Corp...... 47,296 10,666,667 Mondelez International Inc., Class A ...... 110,505 6,455,702 Motorola Solutions Inc...... 257,106 39,787,153 Newmont Corp...... 1,210,949 81,472,649

43 202 0 I S H ARES A NNU AL R E P O RT TO S H AREHO LDERS Schedule of Investments (continued) iShares MSCI Global Min Vol Factor ETF August 31, 2020 (Percentages shown are based on Net Assets)

SecurityShares Value

Money Market Funds (continued) (c) Security is valued using significant unobservable inputs and is classified as Level 3 in the BlackRock Cash Funds: Treasury, SLAgencyShares, fair value hierarchy. (d) 0.07%(f)(g) ...... 13,570,000 $ 13,570,000 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 119,097,162 registration to qualified institutional investors. (e) Total Short-Term Investments — 2.0% Rounds to less than $1. (f) Affiliate of the Fund. (Cost: $118,974,360) ...... 119,097,162 (g) Annualized 7-dayyield as of period-end. (h) Total Investments in Securities — 101.4% All or a portion of this security was purchased with cash collateral received from loaned securities. (Cost: $5,176,963,647)...... 6,008,992,562 Other Assets, Less Liabilities — (1.4)%...... (84,174,829)

Net Assets — 100.0% ...... $ 5,924,817,733 (a) Non-income producing security. (b) All or a portion of this security is on loan.

Change in Unrealized Shares Capital Gain Value at Purchases Proceeds NetRealized Appreciation Value at Heldat Distributionsfrom Affiliated Issuer 08/31/19 at Cost from Sales Gain (Loss) (Depreciation) 08/31/20 08/31/20 Income Underlying Funds BlackRock Cash Funds:Institu- tional, SLAgencyShares .... $25,427,517 $80,007,329(a) $ —$(23,404) $ 115,720 $105,527,162 105,421,740 $498,352(b) $ — BlackRock Cash Funds: Trea- sury, SLAgencyShares...... 10,157,000 3,413,000(a) — — — 13,570,000 13,570,000 109,940 — $(23,404) $ 115,720 $119,097,162 $608,292 $ —

Futures Contracts

Value/ Notional Unrealized Number of Expiration Amount Appreciation Description Contracts Date (000) (Depreciation) LongContracts 2-Year U.S. Treasury Note ...... 15 12/31/20 $ 3,314 $ 1,040 MSCI EAFE E-Mini Index ...... 75 09/18/20 7,125 299,726 MSCI Emerging Markets E-Mini Index ...... 65 09/18/20 3,576 275,843 S&P 500 E-Mini Index ...... 81 09/18/20 14,171 1,487,497 $ 2,064,106

S C HEDU LE O F I NVES TMENTS 44 Schedule of Investments (continued) iShares MSCI Global Min Vol Factor ETF August 31, 2020

Interest Equity Rate Contracts Contracts Total Assets — Derivative Financial Instruments Futures contracts Unrealized appreciation on futures contracts(a)...... $2,063,066 $ 1,040 $2,064,106

For the year ended August 31, 2020, the effect of derivative financial instruments in the Statements ofOperations was as follows:

Interest Equity Rate Contracts Contracts Total Net Realized Gain (Loss) from: Futures contracts ...... $1,701,837 $ (721) $1,701,116 Net Change in Unrealized Appreciation (Depreciation) on: Futures contracts ...... $2,395,035 $ 1,040 $2,396,075

Average Quarterly Balances ofOutstanding Derivative Financial Instruments

Futures contracts: Average notional value of contracts — long ...... $24,605,283 For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Measurements Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements. The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of August 31, 2020. The breakdown of the Fund's investments into major categories is disclosed in the Schedule of Investments above.

Level 1 Level 2 Level 3 Total Investments Assets Common Stocks ...... $5,889,895,397 $ — $ 3 $5,889,895,400 Warrants...... 0(a) —— 0(a) Money Market Funds...... 119,097,162 — — 119,097,162 $6,008,992,559 $ — $ 3 $6,008,992,562 Derivative financial instruments(b) Assets FuturesContracts ...... $ 2,064,106 $ — $ — $ 2,064,106

(a) Rounds to less than $1. (b) Shown at the unrealized appreciation (depreciation) on the contracts. See notes to financial statements.

45 202 0 I S H ARES A NNU AL R E P O RT TO S HAREHO LDERS Statements of Assets and Liabilities August 31, 2020

iShares iShares iShares MSCI MSCI MSCI Emerging Emerging iShares Emerging Markets Min Vol Markets ESG Aware MSCI Markets ex Factor ETF Multifactor EMETF China ETF (Consolidated) ETF

ASSETS Investments in securities, at value (including securities on loan)(a): Unaffiliated(b) ...... $3,638,492,187 $63,071,341 $4,239,226,168 $539,895,004 Affiliated(c) ...... 20,628,651 10,399,973 61,478,073 8,496,667 Cash...... 13,032,667 8,265 1,013,975 193,467 Foreign currency, at value(d)...... 26,324,403 88,376 7,540,731 1,111,486 Cash pledged: Futures contracts ...... 937,000 — 952,000 201,000 Receivables: Investmentssold...... 139,061,545 1,054,844 699,925 761,638 Securities lending income — Affiliated ...... 17,647 — 129,780 7,918 Capital shares sold ...... 48,810,038 — — — Dividends ...... 3,654,645 80,069 9,377,742 1,100,693 Tax reclaims ...... 13,307 — 40,596 768 Total assets ...... 3,890,972,090 74,702,868 4,320,458,990 551,768,641

LIABILITIES Collateral on securities loaned, at value...... 16,676,159 — 54,408,578 7,386,997 Deferred foreign capital gain tax...... 3,882,401 — 9,370,177 791,432 Payables: Investments purchased ...... 209,793,002 1,087,247 7,373,010 1,729,966 Variation margin on futures contracts ...... 197,140 — 199,689 42,983 Bank borrowings...... 5,192,727 — — — Investment advisoryfees ...... 750,552 9,811 849,223 207,830 Foreigntaxes...... 18 18 — 1,694 Total liabilities ...... 236,491,999 1,097,076 72,200,677 10,160,902

NET ASSETS ...... $3,654,480,091 $73,605,792 $4,248,258,313 $541,607,739

NET ASSETSCONSIST OF: Paid-in capital ...... $3,381,733,354 $71,811,148 $4,744,615,625 $560,615,402 Accumulated earnings (loss) ...... 272,746,737 1,794,644 (496,357,312)(19,007,663) NET ASSETS ...... $3,654,480,091 $73,605,792 $4,248,258,313 $541,607,739

Shares outstanding ...... 101,700,000 1,600,000 75,900,000 12,300,000 Net asset value...... $ 35.93 $ 46.00 $ 55.97 $ 44.03 Shares authorized ...... 600 million 50 million 500 million 525 million Par value ...... $ 0.001 $ 0.001 $ 0.001 $ 0.001

(a) Securities loaned, at value ...... $ 16,061,457 $ — $ 51,067,826 $ 7,444,520 (b) Investments, at cost — Unaffiliated ...... $3,196,469,098 $60,214,513 $3,790,071,495 $486,510,387 (c) Investments, at cost — Affiliated...... $ 20,616,633 $ 9,651,904 $ 61,446,291 $ 8,494,578 (d) Foreign currency,atcost...... $ 26,325,335 $ 88,934 $ 7,507,238 $ 1,104,460

See notes to financial statements.

F INANC IAL S T ATEMENTS 46 Statements of Assets and Liabilities (continued) August 31, 2020

iShares MSCI Global Min Vol Factor ETF

ASSETS Investments in securities, at value (including securities on loan)(a): Unaffiliated(b) ...... $5,889,895,400 Affiliated(c)...... 119,097,162 Cash ...... 5,068 Foreign currency, at value(d) ...... 4,092,497 Cash pledged: Futures contracts ...... 1,994,000 Receivables: Securities lending income — Affiliated ...... 39,996 Dividends ...... 11,847,624 Tax reclaims...... 4,397,599 Total assets ...... 6,031,369,346

LIABILITIES Collateral on securities loaned, at value ...... 105,400,760 Payables: Variation margin on futures contracts ...... 156,487 Investment advisoryfees...... 994,366 Total liabilities ...... 106,551,613

NET ASSETS ...... $5,924,817,733

NET ASSETSCONSIST OF: Paid-in capital...... $5,424,531,661 Accumulated earnings...... 500,286,072 NET ASSETS ...... $5,924,817,733

Shares outstanding...... 63,600,000 Net asset value ...... $ 93.16 Shares authorized...... 500 million Par value ...... $0.001

(a) Securities loaned, at value ...... $ 101,612,588 (b) Investments, at cost — Unaffiliated ...... $5,057,989,287 (c) Investments, at cost — Affiliated ...... $ 118,974,360 (d) Foreign currency,atcost...... $ 4,024,481

See notes to financial statements.

47 202 0 I S HARES A NNU AL R E P O RT TO S H AREHO LDERS Statements ofOperations Year Ended August 31, 2020

iShares MSCI iShares iShares Emerging MSCI iShares MSCI Markets Min Emerging ESG Aware Emerging Vol Factor Markets MSCIEM Markets ex ETF Multifactor ETF China ETF (Consolidated) ETF

INVESTMENT INCOME Dividends — Unaffiliated...... $ 59,438,761 $ 1,056,983 $ 152,427,712 $ 16,171,909 Dividends —Affiliated ...... 20,408 20,759 95,154 7,393 Non-cash dividends — Unaffiliated ...... 6,965,467 337,693 — — Interest—Unaffiliated ...... 1,588 — 4,652 911 Securities lending income — Affiliated — net ...... 315,587 — 764,334 75,016 Foreign taxes withheld...... (6,911,226)(149,450)(16,168,681)(1,724,105) Other foreigntaxes ...... (13,120)(50)(63,659) — Total investment income...... 59,817,465 1,265,935 137,059,512 14,531,124

EXPENSES Investment advisoryfees ...... 4,984,228 133,790 33,670,285 2,070,774 Commitment fees ...... 9,050 — 28,840 1,568 Miscellaneous...... 264264264264 Mauritius income taxes ...... — — 251,670 — Interest expense ...... 6,985 — 17,034 7,462 Total expenses...... 5,000,527 134,054 33,968,093 2,080,068

Less: Investment advisoryfees waived ...... — (74,549)(21,891,681) — Total expenses after fees waived...... 5,000,527 59,505 12,076,412 2,080,068 Net investment income ...... 54,816,938 1,206,430 124,983,100 12,451,056

REALIZED AND UNREALIZED GAIN (LOSS) Net realized gain (loss)from: Investments — Unaffiliated(a)...... (159,150,447)(1,630,476)(237,463,027)(29,064,260) Investments —Affiliated ...... (12,034)(25,632)(28,974)(3,093) In-kind redemptions — Unaffiliated ...... 49,253,026 (47,161) 36,412,595 924,038 In-kind redemptions — Affiliated...... — (72,243) —— Futures contracts ...... 3,099,320 — 3,345,201 497,411 Foreign currency transactions ...... (1,399,166)(19,107)(963,269)(214,857) Net realized loss ...... (108,209,301)(1,794,619)(198,697,474)(27,860,761) Net change in unrealized appreciation (depreciation) on: Investments — Unaffiliated(b)...... 455,572,331 3,636,014 20,961,403 73,556,154 Investments —Affiliated ...... 10,313 994,352 20,490 1,930 Futures contracts ...... 208,615 — 333,017 140,472 Foreign currency translations...... (50,875)(1,152) 128,153 6,450 Net change in unrealized appreciation (depreciation) ...... 455,740,384 4,629,214 21,443,063 73,705,006 Net realized and unrealized gain (loss) ...... 347,531,083 2,834,595 (177,254,411) 45,844,245 NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ...... $402,348,021 $ 4,041,025 $ (52,271,311) $ 58,295,301

(a) Net offoreign capital gain tax of...... $ — $ — $ 98,006 $ 7,266 (b) Net of deferred foreign capital gain tax of ...... $ 3,815,567 $ — $ (1,597,792) $ 791,432

See notes to financial statements.

F INANC IAL S T ATEMENTS 48 Statements ofOperations (continued) Year Ended August 31, 2020

iShares MSCI Global Min Vol Factor ETF

INVESTMENT INCOME Dividends — Unaffiliated...... $ 149,902,287 Dividends — Affiliated ...... 109,940 Securities lending income — Affiliated — net ...... 498,352 Foreign taxes withheld...... (9,643,781) Other foreigntaxes ...... (8,970) Total investment income...... 140,857,828

EXPENSES Investment advisory fees ...... 17,683,512 Commitment fees ...... 10,143 Miscellaneous...... 264 Interest expense ...... 10,256 Total expenses...... 17,704,175

Less: Investment advisoryfees waived ...... (6,584,070) Total expenses after fees waived...... 11,120,105 Net investment income ...... 129,737,723

REALIZED AND UNREALIZED GAIN (LOSS) Net realized gain (loss)from: Investments — Unaffiliated...... (202,242,581) Investments —Affiliated ...... (23,404) In-kind redemptions — Unaffiliated ...... 155,834,979 Futures contracts ...... 1,701,116 Foreign currency transactions ...... (20,779) Net realized loss ...... (44,750,669) Net change in unrealized appreciation (depreciation) on: Investments — Unaffiliated...... 78,383,576 Investments —Affiliated ...... 115,720 Futures contracts ...... 2,396,075 Foreign currency translations...... 508,319 Net change in unrealized appreciation (depreciation) ...... 81,403,690 Net realized and unrealized gain ...... 36,653,021 NET INCREASEINNETASSETS RESULTING FROM OPERATIONS...... $166,390,744

See notes to financial statements.

49 202 0 I S HARES A NNU AL R E P O RT TO S HAREHO LDERS Statements ofChanges in Net Assets

iShares iShares ESG Aware MSCIEMETF MSCI Emerging Markets ex China ETF Year Ended Year Ended Year Ended Year Ended 08/31/20 08/31/19 08/31/20 08/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS Net investment income ...... $ 54,816,938 $ 13,880,674 $ 1,206,430 $ 538,662 Net realized loss ...... (108,209,301)(21,353,323)(1,794,619)(406,140) Net change in unrealized appreciation (depreciation)...... 455,740,384 (6,895,209) 4,629,214 (947,735) Net increase (decrease) in net assets resultingfrom operations ...... 402,348,021 (14,367,858) 4,041,025 (815,213)

DISTRIBUTIONS TOSHAREHOLDERS(a) Decrease in net assets resulting from distributions to shareholders ...... (36,825,677)(10,952,741)(1,107,668)(321,357)

CAPITAL SHARE TRANSACTIONS Net increase in net assets derived from capital share transactions...... 2,616,414,670 368,110,977 42,923,974 18,966,426

NET ASSETS Total increaseinnetassets...... 2,981,937,014 342,790,378 45,857,331 17,829,856 Beginning ofyear ...... 672,543,077 329,752,699 27,748,461 9,918,605 End of year ...... $3,654,480,091 $672,543,077 $73,605,792 $27,748,461

(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

F INANC IAL S T ATEMENTS 50 Statements ofChanges in Net Assets (continued)

iShares MSCI Emerging Markets Min Vol Factor ETF iShares (Consolidated) MSCI Emerging Markets Multifactor ETF Year Ended Year Ended Year Ended Year Ended 08/31/20 08/31/19 08/31/20 08/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS Net investment income...... $ 124,983,100 $ 142,041,168 $ 12,451,056 $ 11,186,154 Net realized loss...... (198,697,474)(100,762,003)(27,860,761)(36,746,895) Net change in unrealized appreciation (depreciation) ...... 21,443,063 (100,503,198) 73,705,006 (4,230,105) Net increase (decrease) in net assets resultingfrom operations...... (52,271,311)(59,224,033) 58,295,301 (29,790,846)

DISTRIBUTIONS TOSHAREHOLDERS(a) Decrease in net assets resultingfrom distributions to shareholders...... (130,476,146)(130,514,441)(12,464,595)(9,249,430)

CAPITAL SHARE TRANSACTIONS Net increase (decrease) in net assets derived from capital share transactions ...... (986,258,750) 940,306,068 84,202,522 159,543,885

NET ASSETS Total increase (decrease) in net assets ...... (1,169,006,207) 750,567,594 130,033,228 120,503,609 Beginning ofyear...... 5,417,264,520 4,666,696,926 411,574,511 291,070,902 End of year ...... $ 4,248,258,313 $5,417,264,520 $541,607,739 $411,574,511

(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

51 202 0 I S HARES A NNU AL R E P O RT TO S HAREHO LDERS Statements ofChanges in Net Assets (continued)

iShares MSCI Global Min Vol Factor ETF Year Ended Year Ended 08/31/20 08/31/19

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS Net investment income ...... $ 129,737,723 $ 98,989,651 Net realized gain (loss) ...... (44,750,669) 52,580,087 Net change in unrealized appreciation (depreciation)...... 81,403,690 301,773,485 Net increase in net assets resultingfrom operations ...... 166,390,744 453,343,223

DISTRIBUTIONS TOSHAREHOLDERS(a) Decrease in net assets resulting from distributions to shareholders ...... (142,389,395)(93,156,234)

CAPITAL SHARE TRANSACTIONS Net increase in net assets derived from capital share transactions...... 625,095,917 1,573,133,776

NET ASSETS Total increaseinnetassets...... 649,097,266 1,933,320,765 Beginning ofyear ...... 5,275,720,467 3,342,399,702 End of year ...... $5,924,817,733 $5,275,720,467

(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

F INANC IAL S T ATEMENTS 52 Financial Highlights (For a share outstanding throughout each period)

iShares ESG Aware MSCIEMETF Period From Year Ended Year Ended Year Ended Year Ended 06/28/16(a)(b) 08/31/20 08/31/19 08/31/18(a) 08/31/17(a) to 08/31/16

Net asset value, beginning of period ...... $ 32.03 $ 33.65 $ 34.58 $ 28.23 $25.19 Net investment income(c) ...... 0.89 0.91 0.94 0.85 0.16 Net realized and unrealized gain (loss)(d)...... 3.89 (1.85)(1.17) 5.81 2.88 Net increase (decrease)from investment operations ...... 4.78 (0.94)(0.23) 6.66 3.04

Distributions(e) From net investment income ...... (0.88)(0.68)(0.70)(0.31) — Total distributions...... (0.88)(0.68)(0.70)(0.31) —

Net asset value, end ofperiod...... $ 35.93 $ 32.03 $ 33.65 $ 34.58 $28.23

Total Return Based on net asset value ...... 15.11%(2.76)% (0.72)% 23.75% 12.09%(f)

Ratios to Average Net Assets Total expenses ...... 0.25% 0.25% 0.25% 0.42% 0.45%(g) Net investment income ...... 2.75% 2.76% 2.63% 2.73% 3.26%(g)

Supplemental Data Net assets, end of period (000)...... $3,654,480 $672,543 $329,753 $96,812 $5,645 Portfolio turnover rate(h)...... 46% 34% 45% 29% 9%(f)

(a) Per share amounts reflect a two-for-one stock split effective after the close of trading on May 24, 2018. (b) Commencement of operations. (c) Based on average shares outstanding. (d) The amounts reported for a share outstanding may not accord with the changeinaggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. (e) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. (f) Not annualized. (g) Annualized. (h) Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

53 202 0 I S HARES A NNU AL R E P O RT TO S HAREHO LDERS Financial Highlights (continued) (For a share outstanding throughout each period)

iShares MSCI Emerging Markets ex China ETF Period From Year Ended Year Ended Year Ended 07/18/17(a) 08/31/20 08/31/19 08/31/18 to 08/31/17

Net asset value, beginning of period ...... $ 46.25 $ 49.59 $51.14 $ 50.22 Net investment income(b)...... 1.46 1.621.100.13 Net realized and unrealized gain (loss)(c) ...... (0.05)(3.83)(1.80) 0.79 Net increase (decrease)from investment operations ...... 1.41 (2.21)(0.70) 0.92

Distributions(d) From net investment income ...... (1.66)(1.13)(0.85) — Total distributions...... (1.66)(1.13)(0.85) —

Net asset value, end ofperiod...... $ 46.00 $ 46.25 $49.59 $ 51.14

Total Return Based on net asset value ...... 2.87%(4.42)% (1.41)% 1.83%(e)

Ratios to Average Net Assets Total expenses(f) ...... 0.36% 0.49% 0.49% 0.49%(g) Total expenses after fees waived(f) ...... 0.16% 0.26% 0.41% 0.41%(g) Net investment income ...... 3.24% 3.38% 2.09% 2.07%(g)

Supplemental Data Net assets, end of period (000)...... $73,606 $27,748 $9,919 $10,227 Portfolio turnover rate(h)(i) ...... 18% 10% 9% 0%(e)(j)

(a) Commencement of operations. (b) Based on average shares outstanding. (c) The amounts reported for a share outstanding may not accord with the changeinaggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. (d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. (e) Not annualized. (f) The Fund indirectly bears its proportionate share offees and expenses incurred by the underlyingfund in which the Fund is invested. This ratio does not include these indirect fees and expenses. (g) Annualized. (h) Portfolio turnover rate excludes in-kind transactions. (i) Portfolio turnover rate excludes the portfolio activity of the underlyingfund in which the Fund is invested. See the underlyingfund's financial highlights for its respective portfolio turnover rates. (j) Rounds to less than 1%.

See notes to financial statements.

F INANC IAL H I G HLIG HTS 54 Financial Highlights (continued) (For a share outstanding throughout each period)

iShares MSCI Emerging Markets Min Vol Factor ETF (Consolidated) Year Ended Year Ended Year Ended Year Ended Year Ended 08/31/20 08/31/19 08/31/18 08/31/17 08/31/16

Net asset value, beginning ofyear ...... $ 56.84 $ 59.22 $ 58.01 $ 53.40 $ 50.98 Net investment income(a) ...... 1.42 1.571.49 1.28 1.57 Net realized and unrealized gain (loss)(b) ...... (0.82)(2.46) 1.23 4.48 2.13 Net increase (decrease)from investment operations ...... 0.60 (0.89) 2.72 5.76 3.70

Distributions(c) From net investment income ...... (1.47)(1.49)(1.51)(1.15)(1.28) Total distributions ...... (1.47)(1.49)(1.51)(1.15)(1.28)

Net asset value, end ofyear...... $ 55.97 $ 56.84 $ 59.22 $ 58.01 $ 53.40

Total Return Based on net asset value...... 1.07% (1.44)%(d) 4.70% 11.11% 7.48%

Ratios to Average Net Assets Total expenses...... 0.70% 0.68% 0.67% 0.69% 0.71% Total expenses after fees waived ...... 0.25% 0.25% 0.25% 0.25% 0.25% Net investment income ...... 2.59% 2.71% 2.47% 2.40% 3.12%

Supplemental Data Net assets, end of year (000) ...... $4,248,258 $5,417,265 $4,666,697 $4,037,428 $4,379,041 Portfolio turnover rate(e) ...... 23% 24% 22% 23% 23%

(a) Based on average shares outstanding. (b) The amounts reported for a share outstanding may not accord with the changeinaggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. (c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. (d) Includes payment received from an affiliate, which had no impact on the Fund’s total return. (e) Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

55 202 0 I S H ARES A N N U AL R E P O RT TO S H AREHO LDERS Financial Highlights (continued) (For a share outstanding throughout each period)

iShares MSCI Emerging Markets Multifactor ETF Period From Year Ended Year Ended Year Ended Year Ended 12/08/15(a) 08/31/20 08/31/19 08/31/18 08/31/17 to 08/31/16

Net asset value, beginning of period ...... $ 40.35 $ 44.78 $ 46.04 $ 37.46 $ 33.82 Net investment income(b) ...... 1.11 1.47 1.39 0.911.27 Net realized and unrealized gain (loss)(c) ...... 3.73 (4.72)(1.63) 8.53 2.50 Net increase (decrease)from investment operations ...... 4.84 (3.25)(0.24) 9.44 3.77

Distributions(d) From net investment income ...... (1.16)(1.18)(1.02)(0.86)(0.13) Total distributions...... (1.16)(1.18)(1.02)(0.86)(0.13)

Net asset value, end ofperiod...... $ 44.03 $ 40.35 $ 44.78 $ 46.04 $ 37.46

Total Return Based on net asset value ...... 12.17%(7.16)% (0.65)% 25.80% 11.16%(e)

Ratios to Average Net Assets Total expenses ...... 0.45% 0.45% 0.45%(f) 0.50%(f) 0.65%(f)(g) Total expenses after fees waived ...... 0.45% 0.45% 0.42%(f) 0.42%(f) 0.49%(f)(g) Net investment income ...... 2.71% 3.55% 2.87% 2.24% 4.91%(g)

Supplemental Data Net assets, end of period (000)...... $541,608 $411,575 $291,071 $82,873 $29,969 Portfolio turnover rate(h)...... 45% 53% 39%(i) 36%(i) 11%(e)(i)

See notes to financial statements.

F INANC IAL H I G HLIG HTS 56 Financial Highlights (continued) (For a share outstanding throughout each period)

iShares MSCI Global Min Vol Factor ETF Year Ended Year Ended Year Ended Year Ended Year Ended 08/31/20 08/31/19 08/31/18 08/31/17 08/31/16

Net asset value, beginning ofyear ...... $ 93.54 $ 87.04 $ 81.13 $ 75.82 $ 67.59 Net investment income(a) ...... 2.13 2.16 1.821.841.79 Net realized and unrealized gain (loss)(b) ...... (0.18) 6.36 5.85 5.40 8.07 Net increase from investment operations ...... 1.95 8.527.67 7.24 9.86

Distributions(c) From net investment income ...... (2.33)(2.02)(1.76)(1.93)(1.63) Total distributions ...... (2.33)(2.02)(1.76)(1.93)(1.63)

Net asset value, end ofyear...... $ 93.16 $ 93.54 $ 87.04 $ 81.13 $ 75.82

Total Return Based on net asset value...... 2.13% 9.99% 9.56% 9.75% 14.76%

Ratios to Average Net Assets Total expenses...... 0.32% 0.32% 0.31% 0.32% 0.32% Total expenses after fees waived ...... 0.20% 0.20% 0.20% 0.20% 0.20% Net investment income ...... 2.33% 2.45% 2.17% 2.40% 2.49%

Supplemental Data Net assets, end ofyear (000) ...... $5,924,818 $5,275,720 $3,342,400 $3,675,374 $3,267,688 Portfolio turnover rate(d) ...... 22% 21% 23% 24% 24%

(a) Based on average shares outstanding. (b) The amounts reported for a share outstanding may not accord with the changeinaggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. (c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. (d) Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

57 202 0 I S H ARES A N N U AL R E P O RT TO S H AREHO LDERS Notes to Financial Statements

1. ORGANIZATION iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is organized as a Maryland corporation and is authorized to have multiple series or portfolios.

These financial statements relate only to the followingfunds (each, a “Fund,” and collectively, the “Funds”):

Diversification iShares ETF Classification ESG Aware MSCIEM(a) ...... Diversified MSCI Emerging Markets ex China(b)...... Diversified MSCI Emerging Markets Min Vol Factor(c) ...... Diversified MSCI Emerging Markets Multifactor(d) ...... Diversified MSCI Global Min Vol Factor(e)...... Diversified

(a) Formerly the iShares ESG MSCI EM ETF. (b) The Fund's classification changed from non-diversified to diversified during the reporting period. (c) Formerly the iShares EdgeMSCI Min Vol Emerging Markets ETF. (d) Formerly the iShares EdgeMSCI Multifactor Emerging Markets ETF. (e) Formerly the iShares EdgeMSCI Min Vol Global ETF.

Basis of Consolidation: The accompanying consolidated financial statements for the iShares MSCI Emerging Markets Min Vol Factor ETF includes the accounts of its subsidiary in the Republic of Mauritius, which is a wholly-owned subsidiary(the “Subsidiary”) of the Fund that invests in Indian securities. Through this investment structure, the Fund expects to obtain certain benefits under a current tax treaty between Mauritius and India. Intercompany accounts and transactions, if any, have been eliminated.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies are consistentlyfollowed by each Fund in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differfrom thoseestimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reportingguidance applicable to investment companies.

Investment Transactions and Income Recognition: Investment transactions are accounted for on trade date. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, net of anyforeign taxes withheld at source. Any taxes withheld that are reclaimable from foreign tax authorities are reflected in tax reclaims receivable. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains. Upon notification from issuers, some of the dividend income received from a real estate investment trust may be re-designated as a return of capital or capital gain. Non-cash dividends, if any, are recognized on the ex-dividend date and recorded as non-cash dividend income at fair value. Interest income is accrued daily.

Foreign CurrencyTranslation: The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies, as well as investment securities and other assets and liabilities denominated in non-U.S. currencies are translated to U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments, income receipts and expense payments are translated into U.S. dollars on the respective dates of such transactions.

Each Fund does not isolate the effect offluctuations in foreign exchange rates from the effect offluctuations in the market prices of investments. Such fluctuations are reflected by the Funds as a component of net realized and unrealized gain (loss) from investments for financial reporting purposes. Each Fund reports realized currency gain (loss) on foreign currency related transactions as components of net realized gain (loss)for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreigntaxregulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its statement of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreigntaxes on stock dividends are presented as “other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of August 31, 2020, if any, are disclosed in the statement of assets and liabilities.

The iShares MSCI Emerging Markets Min Vol Factor ETF conducts its investment activities in India throughitsSubsidiary and expects to obtain benefits under the Double TaxAvoidance Agreement (“DTAA”) between India and Mauritius. In order to be eligible to claim benefits under the DTAA, the Subsidiary must have commercial substance, on an annual basis, to satisfy certain tests and conditions, including the establishment and maintenance of valid tax residence in Mauritius, have the place of effective management outside of India, and related requirements. The Fund has obtained a current tax residence certificate issued by the Mauritian Revenue Authorities.

Based upon current interpretation and practice of the current tax laws in India and Mauritius and the DTAA, the Subsidiary is subject to tax in Mauritius on its net income at the rate of 15%. However, the Subsidiary is entitled to a tax credit equivalent to the higher of the actual foreign tax incurred or 80% of the Mauritius tax on its foreign source

N O TES T O F INANC IAL S T ATEMENTS 58 Notes to Financial Statements (continued) income, thus reducing its maximum effective tax rate to 3% up to June 30, 2021. After June 30, 2021, under the new tax regime and subject to meeting the necessary substance requirements as required under the Financial Services Act 2007 (as amended by the Finance Act 2018) and such guidelines issued by the FSC,theSubsidiary is entitled to either (a) a foreign tax credit equivalent to the actual foreigntaxsuffered on its foreign income against the Subsidiary’s tax liability computed at 15% on such income, or (b) a partial exemption of 80% of some of the income derived, including interest income or foreign source dividends. Taxes on income, if any, are paid by the Subsidiary and are disclosed in its consolidated statement of operations. Any dividends paid by the Subsidiary to its Fund are not subject to tax in Mauritius. The Subsidiary is currently exempt from tax in Mauritius on anygains from the sale of securities.

The DTAA provides that capital gains will be taxable in India with respect to the sale of shares acquired on or after April 1, 2017. Capital gains arising from shares acquired before April 1, 2017, regardless of when they are sold, will continue to be exempt from taxation under the amended DTAA, assuming requirements for eligibility under the DTAA are satisfied. There can be no assurance, however, that the DTAA will remain in effect during the Subsidiary’s existence or that it will continue to enjoy its benefits on the shares acquired prior to April 1, 2017.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds' tax year. These reclassifications have no effect on net assets or net asset value ("NAV") per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds' maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3. INVESTMENT VALUATION AND FAIR VALUEMEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the Fund’s listing exchange is not open. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. A fund determines the fair value of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Directors of the Company(the “Board”).If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities: • Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchangewherethe stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price. • Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price. • Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV. • Futures contracts are valued based on that day’s last reported settlement price on the exchange where the contract is traded.

If events (e.g., a company announcement, market volatility or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if aprice is not available, the investment will be valued by the Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”).Thefair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and the cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typicallyused in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. 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 for identical assets or liabilities that each Fund has the ability to access;

59 202 0 I S HARES A NNU AL R E P O RT TO S HAREHO LDERS Notes to Financial Statements (continued)

• Level 2–Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs);and • Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchygives 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 ofjudgement exercised in determiningfair 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 Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are 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.

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105%for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As ofAugust 31, 2020, any securities on loan were collateralized by cash and/or U.S. government obligations. Cash collateral received was invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds' investment adviser, or its affiliates and is disclosed in the schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan for each Fund, if any,arealsodisclosed in its schedule of investments. The market value of any securities on loan as of August 31, 2020 and the value of the related cash collateral are disclosed in the statements of assets and liabilities.

Securities lending transactions are entered into by a fund under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting partyor request additional collateral. In the event that a borrower defaults, the fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. The value of the collateral is typicallygreater than the market value of the securities loaned, leaving the lender with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the fund can reinvest cash collateral received in connection with loaned securities.

The following table is a summary of the securities lending agreements by counterparty which are subject to offset under an MSLA as of August 31, 2020:

MarketValue of Cash Collateral Non-Cash Collateral iShares ETF and Counterparty Securities on Loan Received(a) Received NetAmount ESG Aware MSCIEM Barclays Bank PLC ...... $ 393,560 $ 393,560 $ — $ — BNP Paribas Prime Brokerage International Ltd...... 2,224 2,224 — — Citigroup Global Markets Inc...... 3,756,173 3,756,173 — — HSBC Bank PLC...... 394,192 394,192 — — Jefferies LLC ...... 4,036,548 4,030,787 — (5,761)(b) JPMorgan Securities LLC ...... 3,963,067 3,963,067 — — Macquarie Bank Limited...... 1,981,135 1,981,135 — — Morgan Stanley&Co. International PLC ...... 1,513,746 1,513,746 — — State Street Bank & Trust Company...... 20,812 20,812 — — $ 16,061,457 $ 16,055,696 $ — $ (5,761)

N O TES T O F INANC IAL S T ATEMENTS 60 Notes to Financial Statements (continued)

MarketValue of Cash Collateral Non-Cash Collateral iShares ETF and Counterparty Securities on Loan Received(a) Received NetAmount MSCI Emerging Markets Min Vol Factor Barclays Bank PLC ...... $ 8,778,467 $ 8,778,467 $ — $ — BofA Securities, Inc...... 16,464,952 16,464,952 — — Citigroup Global Markets Inc...... 2,204,708 2,204,708 — — Credit Suisse Securities (USA) LLC...... 1,357,809 1,357,809 — — JPMorgan Securities LLC ...... 11,237,293 11,237,293 — — Macquarie Bank Limited...... 6,330,653 6,330,653 — — Morgan Stanley&Co. International PLC ...... 106,914 106,914 — — Morgan Stanley&Co. LLC ...... 4,587,030 4,587,030 — — $ 51,067,826 $ 51,067,826 $ — $ — MSCI Emerging Markets Multifactor HSBC Bank PLC...... $ 3,450,299 $ 3,381,688 $ — $ (68,611)(b) Jefferies LLC ...... 145,180 141,519 — (3,661)(b) JPMorgan Securities LLC ...... 1,292,565 1,292,565 — — Morgan Stanley & Co. LLC ...... 152,595 152,595 — — TD Prime Services LLC ...... 2,100,242 2,047,276 — (52,966)(b) Wells Fargo Bank, National Association ...... 303,639 303,639 — — $ 7,444,520 $ 7,319,282 $ — $ (125,238)

MSCI Global Min Vol Factor BNP Paribas Prime Brokerage International Ltd...... $ 3,124,639 $ 3,124,639 $ — $ — BofA Securities, Inc...... 60,103,684 60,103,684 — — Citigroup Global Markets Inc...... 4,818,812 4,818,812 — — Credit Suisse Securities (USA) LLC...... 2,283,467 2,283,467 — — Goldman Sachs &Co...... 3,036,038 3,036,038 — — HSBC Bank PLC...... 3,395,792 3,395,792 — — JPMorgan Securities LLC ...... 4,693,238 4,430,035 — (263,203)(b) Morgan Stanley&Co. International PLC ...... 1,818,329 1,818,329 — — Morgan Stanley&Co. LLC ...... 17,415,437 17,415,437 — — SG AmericasSecurities LLC...... 370,656 370,656 — — Wells Fargo Bank, National Association ...... 552,496 551,861 — (635)(b) $ 101,612,588 $ 101,348,750 $ — $ (263,838)

(a) Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund'sstatement of assets and liabilities. (b) Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty. The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5. DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Each Fund’s use of futures contracts is generally limited to cash equitization. This involves the use of available cash to invest in index futures contracts in order to gain exposure to the equity markets represented in or by the Fund’s underlying index and is intended to allow the Fund to better track its underlying index. Futures contracts are standardized, exchange-traded agreements to buy or sell a specific quantity of an underlying instrument at a set price on a future date. Depending on the terms of a contract, a futures contract is settled either throughphysical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date.

Upon entering into a futures contract, a fund is required to pledge to the executing broker which holds segregated from its own assets, an amount of cash, U.S. government securities or other high-quality debt and equity securities equal to the minimum initial margin requirements of the exchange on which the contract is traded. Securities deposited as initial margin, if any, are designated in the schedule of investments and cash deposited, if any, is shown as cash pledged for futures contracts in the statement of assets and liabilities.

Pursuant to the contract, a fund agrees to receive from or pay to the broker an amount of cash equal to the dailyfluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation or depreciation and, if any, shown as variation margin receivable or payable on futures contracts in the statement of assets and liabilities. When the contract is closed, a realized gain or loss is recorded in the statement of operations equal to the difference between the notional

61 202 0 I S H ARES A NNU AL R E P O RT TO S HAREHO LDERS Notes to Financial Statements (continued) amount of the contract at the time it was opened and the notional amount at the time it was closed. Losses may arise if the notional value of a futures contract decreases due to an unfavorable change in the market rates or values of the underlying instrument during thetermof the contract or if the counterparty does not perform under the contract. The use offutures contracts involves the risk of an imperfect correlation in the movements in the price offutures contracts and the assets underlying such contracts.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by amajority of the independent directors).

For its investment advisory services to each Fund, BFA is entitled to an annual investment advisoryfee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

iShares ETF Investment Advisory Fee ESG Aware MSCIEM ...... 0.25% MSCI Emerging Markets ex China ...... 0.25 MSCI Emerging Markets Multifactor...... 0.45

Prior to March 27, 2020, for its investment advisory services to the iShares MSCI Emerging Markets ex China ETF, BFA was entitled to an annual investment advisory fee of 0.49%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

For its investment advisory services to the iShares MSCI Emerging Markets Min Vol Factor ETF, BFAis entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, asfollows:

Aggregate Average Daily Net Assets Investment Advisory Fee First $14 billion...... 0.75% Over $14 billion, up to and including $28 billion ...... 0.68 Over $28 billion, up to and including $42 billion ...... 0.61 Over $42 billion, up to and including $56 billion ...... 0.54 Over $56 billion, up to and including $70 billion ...... 0.47 Over $70 billion, up to and including $84 billion ...... 0.41 Over $84 billion ...... 0.35

For its investment advisory services to the iShares MSCI Global Min Vol Factor ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets Investment Advisory Fee First $30 billion...... 0.350% Over $30 billion, up to and including $60 billion ...... 0.320 Over $60 billion, up to and including $90 billion ...... 0.280 Over $90 billion, up to and including $120 billion ...... 0.252 Over $120 billion, up to and including $150 billion...... 0.227 Over $150 billion ...... 0.204

The Subsidiary has entered into a separate contract with BFA under which BFA provides investment advisory services to the Subsidiary but does not receive separate compensation from the Subsidiaryfor providing it with such services. The Subsidiary has also entered into separate arrangements that provide for the provision of other services to the Subsidiary(including administrative, custody, transfer agency and other services), and BFA pays the costs and expenses related to the provision of those services.

Expense Waivers: A fund may incur its pro rata share offees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisoryfee and any other fund expenses are a fund’s total annual operating expenses.

For each of the iShares MSCI Emerging Markets Min Vol Factor and iShares MSCI Global Min Vol Factor ETFs, BFA has contractually agreed to waive a portion of its investment advisory fee for each Fund through December 31, 2023 in order to limit each Fund’s total annual operating expenses after fee waiver to 0.25% and 0.20%, respectively,of average daily net assets.

For each of the iShares MSCI Emerging Markets ex China and iShares MSCI Emerging Markets Multifactor ETFs, BFA has contractually agreed to waive a portion of its investment advisoryfee for each Fund through December 31, 2021 and December 31, 2022, respectively, in an amount equal to the acquired fund fees and expenses, if any, attributable to each Fund’s investments in other iShares funds.

For the year ended August 31, 2020, BFAhas voluntarily waived a portion of its investment advisory fee for the iShares MSCI Emerging Markets ex China ETF in the amount of $42,398.

N O TES T O F INANC IAL S T ATEMENTS 62 Notes to Financial Statements (continued)

Distributor: BlackRock Investments, LLC,anaffiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a90day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net offees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for itsservices as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business dayfollowing the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its statement of operations. For the year ended August 31, 2020, the Funds paid BTC the following amounts for securities lending agent services:

Fees Paid iShares ETF to BTC ESG Aware MSCIEM ...... $ 74,045 MSCI Emerging Markets Min Vol Factor ...... 182,619 MSCI Emerging Markets Multifactor ...... 18,525 MSCI Global Min Vol Factor ...... 134,574

Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictionsset forth by Rule 17a-7.

For the year ended August 31, 2020, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

NetRealized iShares ETF Purchases Sales Gain (Loss) ESG Aware MSCIEM ...... $ 8,799,933 $ 5,450,915 $ 1,175,313 MSCI Emerging Markets ex China...... 21,226 78,596 (5,461) MSCI Emerging Markets Min Vol Factor ...... 82,209,708 59,648,494 4,670,904 MSCI Emerging Markets Multifactor ...... 12,634,861 7,366,991 (2,683,521) MSCI Global Min Vol Factor...... 192,987,657 124,201,786 (17,478,737)

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the statement of operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that investinsecurities in the fund’s underlying index.

7. PURCHASES AND SALES

For the year ended August 31, 2020, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

63 202 0 I S HARES A NNU AL R E P O RT TO S HAREHO LDERS Notes to Financial Statements (continued)

iShares ETF Purchases Sales ESG Aware MSCIEM...... $ 2,842,572,857 $ 923,529,826 MSCI Emerging Markets ex China...... 33,690,616 6,891,972 MSCI Emerging Markets Min Vol Factor ...... 1,117,444,563 1,747,560,563 MSCI Emerging Markets Multifactor ...... 274,413,948 202,143,592 MSCI Global Min Vol Factor ...... 1,607,101,757 1,220,289,617

For the year ended August 31, 2020, purchases and sales related to in-kind transactions were as follows:

In-kind In-kind iShares ETF Purchases Sales ESG Aware MSCIEM ...... $ 891,913,924 $ 193,424,618 MSCI Emerging Markets ex China ...... 17,740,373 1,613,368 MSCI Emerging Markets Min Vol Factor ...... 5,614,503 351,895,860 MSCI Emerging Markets Multifactor ...... 18,866,178 6,332,542 MSCI Global Min Vol Factor...... 704,566,636 480,876,037

8. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Company's other funds for federal income tax purposes. It is the policy of each Fund to qualify as a regulated investment company by complying with the provisions applicable to regulated investment companies, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, and to annually distribute substantially all of its ordinary income and any net capital gains (taking into account any capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income and excise taxes. Accordingly, no provision for federal income taxes is required.

Management has analyzed tax laws and regulations and their application to the Funds as of August 31, 2020, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds' financial statements.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have noeffect on net assets or NAV per share. As of August 31, 2020, the following permanent differences attributable to realized gains (losses)from in-kind redemptions, were reclassified to the following accounts:

Accumulated iShares ETF Paid-in Capital Earnings (Loss) ESG Aware MSCIEM...... $ 47,905,923 $ (47,905,923) MSCI Emerging Markets ex China...... (125,711) 125,711 MSCI Emerging Markets Min Vol Factor ...... 31,553,380 (31,553,380) MSCI Emerging Markets Multifactor ...... 678,293 (678,293) MSCI Global Min Vol Factor...... 152,399,194 (152,399,194)

The tax character of distributions paid was as follows:

YearEnded YearEnded iShares ETF 08/31/20 08/31/19 ESG Aware MSCIEM Ordinary income ...... $ 36,825,677 $ 10,952,741 MSCI Emerging Markets ex China Ordinary income ...... $ 1,107,668 $ 321,357 MSCI Emerging Markets Min Vol Factor Ordinary income ...... $130,476,146 $130,514,441 MSCI Emerging Markets Multifactor Ordinary income ...... $ 12,464,595 $ 9,249,430 MSCI Global Min Vol Factor Ordinary income ...... $142,389,395 $ 93,156,234

N O TES T O F INANC IAL S T ATEMENTS 64 Notes to Financial Statements (continued)

As of August 31, 2020, the tax components of accumulated net earnings (losses) were as follows:

Non-expiring Undistributed Capital Loss Net Unrealized iShares ETF Ordinary Income Carryforwards(a) Gains (Losses)(b) Total ESG Aware MSCIEM ...... $ 27,022,607 $ (118,176,694) $ 363,900,824 $ 272,746,737 MSCI Emerging Markets ex China ...... 562,062 (1,902,762) 3,135,344 1,794,644 MSCI Emerging Markets Min Vol Factor...... 51,719,001 (939,409,730) 391,333,417 (496,357,312) MSCI Emerging Markets Multifactor...... 4,978,718 (68,592,107) 44,605,726 (19,007,663) MSCI Global Min Vol Factor ...... 13,045,587 (308,064,673) 795,305,158 500,286,072

(a) Amounts available to offset future realized capital gains. (b) The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain futures contracts, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies, the timing and recognition of partnership income and the characterization of corporate actions.

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of August 31, 2020, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

Net Unrealized Gross Unrealized Gross Unrealized Appreciation iShares ETF Tax Cost Appreciation Depreciation (Depreciation) ESG Aware MSCIEM...... $ 3,291,270,539 $ 523,366,403 $ (155,525,137) $ 367,841,266 MSCI Emerging Markets ex China...... 70,334,464 6,843,702 (3,707,020) 3,136,682 MSCI Emerging Markets Min Vol Factor ...... 3,900,025,106 815,147,727 (414,468,592) 400,679,135 MSCI Emerging Markets Multifactor ...... 502,984,844 96,945,088 (51,538,091) 45,406,997 MSCI Global Min Vol Factor ...... 5,214,134,666 1,032,990,293 (238,132,397) 794,857,896

9. LINE OF CREDIT

The Funds, along with certain other iShares funds (“Participating Funds”), are parties to a $300 million credit agreement (“Credit Agreement”) with State Street Bank and Trust Company, which expires on July 15, 2021. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Credit Agreement sets specific sub limits on aggregate borrowings based on two tiers of Participating Funds: $300 million with respect to the funds within Tier 1, including the Funds, and $200 million with respect to Tier 2. The Funds may borrowuptotheaggregate commitment amount subject to asset coverage and other limitations as specified in the Credit Agreement. The Credit Agreement has the following terms: a commitment fee of 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBORrate(not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Credit Agreement.

The iShares MSCI Emerging Markets ex China ETF did not borrow under the credit agreement during the year ended August 31, 2020.

For the year endedAugust 31, 2020, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the credit agreement were asfollows:

Maximum Weighted Amount Average Average iShares ETF Borrowed Borrowing InterestRates ESG Aware MSCIEM ...... $ 18,600,000 $ 435,712 1.58% MSCI Emerging Markets Min Vol Factor ...... 33,720,000 932,451 1.80 MSCI Emerging Markets Multifactor ...... 12,771,000 308,287 2.30 MSCI Global Min Vol Factor...... 18,166,000 408,667 2.44

10. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may alsobeaffectedby various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events

65 202 0 I S HARES A NNU AL R E P O RT TO S HAREHO LDERS Notes to Financial Statements (continued) such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; and (iii) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreignorU.S. governmental laws or restrictions applicable to such investments.

An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund's investments. The duration of this pandemic andits effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company.They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices mayfluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularlyfor securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honor its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally offinancial instruments and receivables due from counterparties. The extent of the Funds' exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the statement of assets and liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency).Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolventorgoes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its schedule of investments.

Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Foreignissuersmay not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the schedule of investments.

N O TES T O F INANC IAL S T ATEMENTS 66 Notes to Financial Statements (continued)

Investments in Chinese securities, including certain Hong Kong-listed securities, involves risks specific to China. China may be subject to considerable degrees of economic, political and social instability and demonstrates significantly higher volatilityfrom time to time in comparison to developed markets. Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resultingfrom governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries may disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation. Incidents involving China’s or the region’s security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and a fund’s investments. Reduction in spending on Chinese products and services, institution of tariffs or other trade barriers, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy.

Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries.TheAsian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, risinggovernment debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds' investments.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”) by the end of 2021, and it is expected that LIBOR will cease to be published after that time. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process awayfrom LIBORmight lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

11. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof(“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

YearEnded YearEnded 08/31/20 08/31/19 iShares ETF Shares Amount Shares Amount ESG Aware MSCIEM Sharessold ...... 93,500,000 $ 3,029,376,010 11,200,000 $ 368,110,977 Shares redeemed ...... (12,800,000)(412,961,340) —— Net increase...... 80,700,000 $ 2,616,414,670 11,200,000 $ 368,110,977 MSCI Emerging Markets ex China Sharessold ...... 1,100,000 $ 47,047,530 400,000 $ 18,966,426 Shares redeemed ...... (100,000)(4,123,556) —— Net increase...... 1,000,000 $ 42,923,974 400,000 $ 18,966,426 MSCI Emerging Markets Min Vol Factor Sharessold ...... 400,000 $ 28,787,517 19,800,000 $ 1,132,727,160 Shares redeemed ...... (19,800,000)(1,015,046,267)(3,300,000)(192,421,092) Net increase (decrease)...... (19,400,000) $ (986,258,750) 16,500,000 $ 940,306,068 MSCI Emerging Markets Multifactor Sharessold ...... 2,400,000 $ 97,057,223 5,100,000 $ 215,590,994 Shares redeemed ...... (300,000)(12,854,701)(1,400,000)(56,047,109) Net increase...... 2,100,000 $ 84,202,522 3,700,000 $ 159,543,885 MSCI Global Min Vol Factor Sharessold ...... 12,600,000 $ 1,142,022,589 20,500,000 $ 1,789,740,435 Shares redeemed ...... (5,400,000)(516,926,672)(2,500,000)(216,606,659) Net increase...... 7,200,000 $ 625,095,917 18,000,000 $ 1,573,133,776

The consideration for the purchase of Creation Units of a fund in the Companygenerally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Company may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company,theCompany's administrator,tooffset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or otherfinancial transactions, and brokeragecosts) and market impact expenses relating to investing in portfolio securities. Such variable charges,ifany, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the statement of assets and liabilities.

67 202 0 I S H ARES A NNU AL R E P O RT TO S HAREHO LDERS Notes to Financial Statements (continued)

12. LEGAL PROCEEDINGS

On June 16, 2016, investors in certain iShares funds (iShares Core S&P Small-Cap ETF, iShares Russell 1000 Growth ETF, iShares Core S&P 500 ETF, iShares Russell Mid-Cap Growth ETF, iShares Russell Mid-Cap ETF, iShares Russell Mid-Cap Value ETF, iShares Select Dividend ETF, iShares Morningstar Mid-Cap ETF, iShares Morningstar Large-Cap ETF, iShares U.S. Aerospace & Defense ETF and iShares Preferred and Income Securities ETF) filed a class action lawsuit against iShares Trust, BlackRock, Inc. and certain of its advisory affiliates, and certain directors/trustees and officers of the Funds (collectively, “Defendants”) in California State Court. The lawsuit alleges the Defendants violated federal securities laws byfailing to adequately disclose in the prospectuses issued by the funds noted above the risksof using stop-loss orders in the event of a ‘flash crash’, such as the one that occurred on May 6, 2010. On September 18, 2017, the court issued a Statement of Decision holding that the Plaintiffs lack standing to assert their claims. On October 11, 2017, the court entered final judgment dismissing all of the Plaintiffs’ claims with prejudice. In an opinion dated January 23, 2020, the California Court of Appeal affirmed the dismissal of Plaintiffs’ claims. On March 3, 2020, plaintiffs filed a petition for review by the California Supreme Court. OnMay 27, 2020, the California Supreme Court denied Plaintiff’s petition for review. The case is now closed.

13. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

N O TES T O F INANC IAL S T ATEMENTS 68 Report of Independent Registered Public Accounting Firm

To the Board of Directors of iShares, Inc. and Shareholders of iShares ESG Aware MSCIEMETF, iShares MSCI Emerging Markets ex China ETF, iShares MSCI Emerging Markets Min Vol Factor ETF, iShares MSCI Emerging Markets Multifactor ETF and iShares MSCI Global Min Vol Factor ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares ESG Aware MSCIEMETF,iShares MSCI Emerging Markets ex China ETF, iShares MSCI Emerging Markets Min Vol Factor ETF, iShares MSCI Emerging Markets Multifactor ETF and iShares MSCI Global Min Vol Factor ETF (five of the funds constituting iShares, Inc., hereafter collectively referred to as the "Funds") as of August 31, 2020, the related statements of operations for the year ended August 31, 2020, the statements of changes in net assets for each of the two years in the period ended August 31, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly,in all material respects, the financial position of each of the Funds as of August 31, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2020 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America. Basis for Opinions

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accountingfirm registered with the Public Company AccountingOversight Board (United States)(PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2020 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP Philadelphia, Pennsylvania October 21, 2020

We have served as the auditor of one or more BlackRock investment companies since 2000.

69 202 0 I S HARES A NNU AL R E P O RT TO S HAREHO LDERS Important Tax Information (unaudited)

For corporate shareholders, the percentageof ordinary income distributions paid during the fiscal year ended August 31, 2020 that qualified for the dividends-received deduction were asfollows:

Dividends-Received iShares ETF Deduction MSCI Emerging Markets ex China...... 0.10% MSCI Emerging Markets Min Vol Factor ...... 0.15% MSCI Emerging Markets Multifactor ...... 0.40% MSCI Global Min Vol Factor...... 46.92%

The following maximum amounts are hereby designated as qualified dividend income for individuals for the fiscal year ended August 31, 2020:

Qualified Dividend iShares ETF Income ESG Aware MSCIEM ...... $ 34,127,488 MSCI Emerging Markets ex China ...... 533,517 MSCI Emerging Markets Min Vol Factor ...... 74,461,106 MSCI Emerging Markets Multifactor ...... 7,419,812 MSCI Global Min Vol Factor...... 110,352,181

The following maximum amounts are hereby designated as qualified business income for individuals for the fiscal year ended August 31, 2020:

Qualified Business iShares ETF Income MSCI Global Min Vol Factor ...... $ 3,267,859

For the fiscal year ended August 31, 2020, the Funds earned foreign source income and paid foreign taxes which they intend to pass through to their shareholders:

Foreign Source Foreign iShares ETF Income Earned Taxes Paid ESG Aware MSCIEM ...... $ 66,391,597 $ 6,468,613 MSCI Emerging Markets ex China ...... 1,461,971 141,445 MSCI Emerging Markets Min Vol Factor...... 152,212,670 17,008,459 MSCI Emerging Markets Multifactor...... 16,115,727 1,572,047

I MPO RTANT T AX I N F O RMATION 70 Board Review and Approval of Investment AdvisoryContract iShares ESG Aware MSCIEMETF,iShares MSCI Emerging Markets ex China ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”),theCompany's Board of Directors (the “Board”), including amajority of Board Members who are not “interested persons” of the Company(as that term is defined in the 1940 Act)(the “Independent Board Members), is required annually to consider and approve the Investment Advisory Contract between the Company and BFA (the “Advisory Contract”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the AdvisoryContract. At meetings on April 17, 2020 and May 19, 2020, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 8-10, 2020, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the AdvisoryContract for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Contract are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, includinggross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider),objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may ormay not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that overall fund expenses (net of waivers and reimbursements)for the Fund were lower than the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2019, to that of relevant comparison fund(s)for the same periods.

The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the AdvisoryContract for the coming year.

Nature, Extent and Quality ofServices Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality,compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the AdvisoryContract for the comingyear as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the June 8-10, 2020 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Contract supported the Board’s approval of the continuance of the Advisory Contract for the comingyear.

71 202 0 I S H ARES A NNU AL R E P O RT TO S H AREHO LDERS Board Review and Approval of Investment AdvisoryContract (continued) funds, noting that the 15(c)Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers by BFA, the types offunds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Contract and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable rangeinlight of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including,asapplicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund did not provide for breakpoints in the Fund’s investment advisoryfee rate as the assets of the Fund increase. However, the Board would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Contract for the comingyear.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA(or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively,the“Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisoryfee rate. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, such as payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology),payment of advisoryfees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA(or its affiliates) provides investment advisory services or other services and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFAand/or its affiliates, including the iShares funds. The Board noted that BFAgenerally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed throughaBFAaffiliate or purchased from an underwriting syndicate in which a BFAaffiliate participates (including associated commissions) are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the AdvisoryContract for the comingyear.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the AdvisoryContract for the comingyear. iShares MSCI Emerging Markets Min Vol Factor ETF (the “Fund”)

B O ARD R E VIEW AND A PPRO VAL O F I NVES TMENT A D VISORY C O NTRAC T 72 Board Review and Approval of Investment AdvisoryContract (continued) service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the AdvisoryContract. At meetings on April 17, 2020 and May 19, 2020, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c)Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 8-10, 2020, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Contract for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the AdvisoryContract are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, includinggross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider),objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may ormay not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that overall fund expenses (net of waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.

Based on this review, the other factors considered at the meeting, and their general knowledgeof ETF pricing, the Board concluded that the investment advisoryfee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality,compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the comingyear as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetingsof the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the June 8-10, 2020 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the AdvisoryContract supported the Board’s approval of the continuance of the AdvisoryContract for the comingyear.

Costs ofServices Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue,

73 202 0 I S HARES A NNU AL R E P O RT TO S HAREHO LDERS Board Review and Approval of Investment AdvisoryContract (continued) including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the AdvisoryContract and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable rangeinlight of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting thattheissueof potential economies of scale had been focused on by the 15(c)Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including,asapplicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund already provided for breakpoints in the Fund’s investment advisoryfee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board further noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA(or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively,the“Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board further noted that BFA provided the Board with detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number offactors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board also considered the “all-inclusive” nature of the Fund’s advisoryfee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, such as payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology),payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA(or its affiliates) provides investment advisory services or other services and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFAand/or its affiliates, including the iShares funds. The Board noted that BFAgenerally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which aBFAaffiliate participates (including associated commissions) are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the AdvisoryContract for the comingyear.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisoryfee rate under the AdvisoryContract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the AdvisoryContract for the comingyear. iShares MSCI Emerging Markets Multifactor ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company's Board of Directors (the “Board”), including amajority of Board Members who are not “interested persons” of the Company(as that term is defined in the 1940 Act)(the “Independent Board Members), is required annually to consider and approve the Investment Advisory Contract between the Company and BFA (the “Advisory Contract”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the AdvisoryContract. At meetings on April 17, 2020 and May 19, 2020, a committee composed of all of the Independent Board Members (the “15(c) Committee”),

B O ARD R E VIEW AND A PPRO VAL O F I NVES TMENT A D VISORY C O NTRAC T 74 Board Review and Approval of Investment AdvisoryContract (continued) with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c)Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 8-10, 2020, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Contract for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the AdvisoryContract are discussed below.

Based on this review, the other factors considered at the meeting, and their general knowledgeof ETF pricing, the Board concluded that the investment advisoryfee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Contract for the coming year.

Nature, Extent and Quality ofServices Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality,compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Contract for the comingyear as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetingsof the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the June 8-10, 2020 meeting and throughout the year.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the AdvisoryContract supported the Board’s approval of the continuance of the AdvisoryContract for the comingyear.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (includingfees under the AdvisoryContract), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c)Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

75 202 0 I S HARES A NNU AL R E P O RT TO S HAREHO LDERS Board Review and Approval of Investment AdvisoryContract (continued)

Economies ofScale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting thattheissueof potential economies of scale had been focused on by the 15(c)Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including,asapplicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the AdvisoryContract for the Fund did not provide for breakpoints in the Fund’s investment advisoryfee rate as the assets of the Fund increase. However, the Board would continue to assess the appropriateness of adding breakpoints in the future.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA(or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively,the“Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board further noted that BFAprovided the Board with detailed information regarding how the OtherAccounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisoryfee rate. The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisoryfee rate under the AdvisoryContract for the Fund was generally higher than the investment advisory/management fee ratesfor certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Contract for the comingyear. iShares MSCI Global Min Vol Factor ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”),theCompany's Board of Directors (the “Board”), including amajority of Board Members who are not “interested persons” of the Company(as that term is defined in the 1940 Act)(the “Independent Board Members), is required annually to consider and approve the Investment AdvisoryContract between the Company and BFA (the “AdvisoryContract”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Contract. At meetings on April 17, 2020 and May 19, 2020, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c)Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 8-10, 2020, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

B O ARD R E VIEW AND A PPRO VAL O F I N VES TMENT A D VISORY C O NTRAC T 76 Board Review and Approval of Investment AdvisoryContract (continued) extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the AdvisoryContract for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Contract are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, includinggross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider),objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may ormay not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that overall fund expenses (net of waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality,compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the AdvisoryContract for the comingyear as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the June 8-10, 2020 meeting and throughout the year.

Costs ofServices Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Contract), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types offunds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the AdvisoryContract and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable rangeinlight of the factors and other information considered.

77 202 0 I S H ARES A NNU AL R E P O RT TO S H AREHO LDERS Board Review and Approval of Investment AdvisoryContract (continued) relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the AdvisoryContract for the Fund already provided for breakpoints in the Fund’s investment advisoryfee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board further noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA(or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively,the“Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board further noted that BFAprovided the Board with detailed information regarding how the OtherAccounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number offactors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate. The Board also considered the “all-inclusive” nature of the Fund’s advisoryfee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Contract for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, such as payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology),payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA(or its affiliates) provides investment advisory services or other services and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFAand/or its affiliates, including the iShares funds. The Board noted that BFAgenerally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which aBFAaffiliate participates (including associated commissions) are reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the AdvisoryContract for the comingyear.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisoryfee rate under the AdvisoryContract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the AdvisoryContract for the comingyear.

B O ARD R E VIEW AND A PPRO VAL O F I N VES TMENT A D VISORY C O NTRAC T 78 Supplemental Information (unaudited)

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being providedfor tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each fund's investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

August 31, 2020

Total Cumulative Distributions % Breakdown of the Total Cumulative forthe FiscalYear Distributionsforthe FiscalYear Net Net Investment NetRealized Return of TotalPer Investment NetRealized Return of TotalPer iShares ETF Income Capital Gains Capital Share Income Capital Gains Capital Share ESG Aware MSCIEM ...... $ 0.882674 $ — $ — $ 0.882674 100% —% —% 100% MSCI Emerging Markets ex China...... 1.655326 ——1.655326 100 ——100 MSCI Emerging Markets Min Vol Factor(a) ...... 1.463636 — 0.004183 1.467819 100 — 0(b) 100 MSCI Emerging Markets Multifactor ...... 1.159873 ——1.159873 100 ——100 MSCI Global Min Vol Factor(a)...... 2.323896 — 0.0090942.332990 100 — 0(b) 100

(a) The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital.Areturn of capital may occur, for example, when some or all of the shareholder's investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund's investment performance and should not be confused with "yield" or "income". When distributions exceed total return performance, the difference will incrementally reduce the Fund's net asset value per share. (b) Rounds to less than 1%. Premium/Discount Information

Information on the Fund's net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com. Regulation under the Alternative Investment Fund Managers Directive

The Alternative Investment Fund Managers Directive (the “Directive”) imposes detailed and prescriptive obligations on fund managers established in the European Union (the “EU”). These do not currently apply to managers established outside of the EU, such as BFA (the “Company”). Rather, non-EU managers are only required to comply with certain disclosure, reporting and transparency obligations of the Directive if such managers market a fund to EU investors.

The Company has registered the iShares MSCI Emerging Markets Min Vol Factor ETF ( the “Fund”) to be marketed to EU investors in the United Kingdom, the Netherlands, Finland, Sweden, and Luxembourg. Report on Remuneration

The Company is required under the Directive to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatoryguidance on quantitative remuneration disclosures.As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.

Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Fund.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area.As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Fund is included intheaggregate figures disclosed.

BlackRock has a clear and well defined pay-for-performance philosophy, and compensation programmes which support that philosophy.

BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management, asignificant percentageof variable remuneration is deferred over time. All employees are subject to a claw-back policy.

Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock’s full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.

79 202 0 I S HARES A NNU AL R E P O RT TO S HAREHO LDERS Supplemental Information (unaudited)(continued)

Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock's independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and RegulatoryCompliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.

Each of the control functions (Enterprise Risk, Legal & Compliance, and InternalAudit) each have their own organisational structures which are independent of the business units. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock's independent remuneration committee.

Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Therefore, the figures disclosed are a sum of each individual’s portion of remuneration attributable to the Fund according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company. Accordingly the figures are not representative of any individual’s actual remuneration or their remuneration structure.

The amount of the total remuneration awarded by the Company to its staff which has been attributed to the Fund in respect of the Company's financial year ending December 31, 2019 was USD 463.03 thousand. This figure is comprised offixed remuneration of USD 214.07 thousand and variable remuneration of USD 248.96 thousand. There were a total of 448 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company, which has been attributed to the Fund in respect of the Company's financial year ending December 31, 2019, to its senior management was USD 59.04 thousand, and to members of its staff whose actions have a material impact on the risk profile of the Fund wasUSD 6.94 thousand.

S U PPLEMENTAL I NFO RMATION 80 Director and Officer Information

The Board of Directors has responsibilityfor the overall management and operations of the Funds, includinggeneral supervision of the duties performed by BFA and other service providers. Each Director serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Directors who are not “interested persons” (as defined in the 1940 Act) of the Company are referred to as independent directors (“Independent Directors”).

The registered investment companies advised by BFAor its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (the “BlackRock Fixed-Income Complex”) and one complex of ETFs ("Exchange-Traded Fund Complex")(each, a "BlackRock Fund Complex"). Each Fund is included in the BlackRock Fund Complex referred to as the Exchange-Traded Fund Complex. Each Director also serves as a Trustee of iShares Trust and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 368 funds as ofAugust 31, 2020. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Director and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., ParkAvenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated Cecilia H. Herbert as its Independent Board Chair. Additional information about the Funds’ Directors and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Directors

Principal Occupation(s) Name (Age) Position(s) During the Past 5 Years Other Directorships Held by Director

Robert S. Director (since President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head Director of BlackRock, Inc. (since 2006);Trustee Kapito(a) (63) 2009). of BlackRock’s Portfolio Management Group (since its formation in 1998) and of iShares Trust (since 2009); Trustee of iShares BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of U.S. ETF Trust (since 2011). Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).

Salim Ramji(b) Director (since Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s Trustee of iShares Trust (since 2019); Trustee of (50) 2019). ETF and Index Investments Business (since 2019); Head of BlackRock’s iShares U.S. ETF Trust (since 2019). U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company(2010-2014).

(a) Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc. and its afffiliates. (b) Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc. and its affiliates.

Independent Directors

Principal Occupation(s) Name (Age) Position(s) During the Past 5 Years Other Directorships Held by Director

Cecilia H. Director (since Chair of the Finance Committee (since 2019) and Trustee and Member of the Trustee of iShares Trust (since 2005); Trustee of Herbert (71) 2005); Finance, Audit and QualityCommittees ofStanford Health Care (since 2016); iShares U.S. ETF Trust (since 2011); Independent Trustee of WNET, New York's public media company(since 2011) and Member of Independent Board Chair of iShares Trust and Board Chair the Audit Committee (since 2018) and Investment Committee (since 2011); Chair iShares U.S. ETF Trust (since 2016); Trustee of (since 2016). (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of Thrivent Church Loan and Income Fund (since San Francisco; Trustee of Forward Funds (14 portfolios)(2009-2018); Trustee of 2019). Salient MF Trust (4 portfolios)(2015-2018); Director (1998-2013) and President (2007-2011) of theBoardof Directors, Catholic Charities CYO;Trustee(2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School.

Jane D. Director (since Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Trustee of iShares Trust (since 2015); Trustee of Carlin (64) 2015);Risk Nominating and Governance Committee (2017-2018) and Director of PHH iShares U.S. ETF Trust (since 2015); Member of Committee Chair Corporation (mortgage solutions)(2012-2018); Managing Director and Global Head the Audit Committee (since 2016) and Director of (since 2016). of Financial HoldingCompanyGovernance & Assurance and the Global Head of The Hanover Insurance Group, Inc. (since 2016). Operational Risk Management of Morgan Stanley(2006-2012).

Richard L. Director (since Partner, KPMG LLP (2002-2016). Trustee of iShares Trust (since 2017); Trustee of Fagnani (65) 2017); Audit iShares U.S. ETF Trust (since 2017). Committee Chair (since 2019).

81 202 0 I S HARES A NNU AL R E P O RT TO S HAREHO LDERS Director and Officer Information (continued)

Independent Directors (continued)

Principal Occupation(s) Name (Age) Position(s) During the Past 5 Years Other Directorships Held by Director

John E. Director (since Chief Investment Officer, Santa Clara University(since 2002). Trustee of iShares Trust (since 2005); Trustee of Kerrigan (65) 2005); Nominating iShares U.S. ETF Trust (since 2011). and Governance and Equity Plus Committee Chairs (since 2019).

Drew E. Director (since Senior Managing Director of New York Life Insurance Company(2010-2015). Trustee of iShares Trust (since 2017); Trustee of Lawton (61) 2017);15(c) iShares U.S. ETF Trust (since 2017). Committee Chair (since 2017).

John E. Director (since Director of Real Estate Equity Exchange, Inc. (since 2005); Director ofCloudera Trustee of iShares Trust (since 2003); Trustee of Martinez (59) 2003); Securities Foundation (since 2017); and Director of Reading Partners (2012-2016). iShares U.S. ETF Trust (since 2011); Director of Lending Cloudera Foundation (since 2017); and Director Committee Chair of Reading Partners (2012-2016). (since 2019).

Madhav V. Director (since Dean, and George Pratt Shultz Professor of Accounting, University ofChicago Booth Trustee of iShares Trust (since 2011);Trusteeof Rajan (56) 2011);Fixed School of Business (since 2017); Chair of the Board for the Center for Research in iShares U.S. ETF Trust (since 2011). Income Plus Security Prices, LLC(since 2020); Robert K. Jaedicke Professor of Accounting, Committee Chair Stanford UniversityGraduate School of Business (2001-2017);Professor of Law (by (since 2019). courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford UniversityGraduate School of Business (2010-2016).

Officers

Principal Occupation(s) Name (Age) Position(s) During the Past 5 Years

Armando President (since Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin Senra (49) 2019). America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).

Trent Treasurer and Managing Director, BlackRock, Inc. (since September 2019); Executive Vice President of PIMCO(2016-2019); Senior Vice President of Walker (46) Chief Financial PIMCO(2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, Officer (since PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds 2020). and 21 PIMCO-sponsored closed-end funds.

Charles ChiefCompliance ChiefCompliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the Park (53) Officer (since BlackRock Fixed-Income Complex (since 2014); ChiefCompliance Officer of BFA (since 2006). 2006).

Deepa Secretary(since Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013). Damre (45) 2019).

Scott Executive Vice Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009). Radell (51) President (since 2012).

Alan Executive Vice Managing Director, BlackRock, Inc. (since 2009). Mason (59) President (since 2016).

Marybeth Executive Vice Managing Director, BlackRock, Inc. (since 2017); ChiefOperatingOfficer of Americas iShares (since 2017);Portfolio Manager, Municipal Leithead (57) President (since Institutional & Wealth Management (2009-2016). 2019).

D IREC T O RANDO F FIC E R I N F O RMATION 82 General Information

Electronic Delivery

Shareholders can signupfor email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to icsdelivery.com. • Ifyour brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving asingle copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The iShares Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q.TheiShares Funds' Forms N-Q are available on the SEC’s website at sec.gov. The iShares Funds also disclose their complete schedule of portfolio holdings on a daily basis on the iShares website at iShares.com.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Company's policies and procedures with respect to the disclosure of the Fund's portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

83 202 0 I S HARES A NNU AL R E P O RT TO S HAREHO LDERS Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity

ADR American Depositary Receipt CPO Certificates of Participation (Ordinary) GDR Global Depositary Receipt JSC Joint Stock Company NVDR Non-Voting Depositary Receipt NVS Non-Voting Shares PJSC Public Joint Stock Company

G LOSSARY O F T E RMS U S ED IN THIS R E P O RT 84 THIS PAGEINTENTIONALLY LEFT BLANK. THIS PAGEINTENTIONALLY LEFT BLANK. THIS PAGEINTENTIONALLY LEFT BLANK. Wanttoknowmore? iShares.com | 1-800-474-2737

This report is intended for the Funds' shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus. Investing involves risk, including possible loss of principal. The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”). The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above. ©2020 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners. iS-AR-816-0820